Document:

EX-10.1

 Exhibit 10.1 
 FORM OF ADVISORY AGREEMENT 
 between 

RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. 
 and 
 RESOURCE REAL ESTATE OPPORTUNITY ADVISOR II, LLC 

                ,
         

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1—DEFINITIONS
	  	 	1	  
	 ARTICLE 2—APPOINTMENT
	  	 	8	  
	 ARTICLE 3—DUTIES OF THE ADVISOR
	  	 	8	  
	 3.01 Organizational and Offering Services
	  	 	8	  
	 3.02 Acquisition Services
	  	 	8	  
	 3.03 Asset Management Services
	  	 	9	  
	 3.04 Stockholder Services
	  	 	12	  
	 3.05 Other Services
	  	 	12	  
	 ARTICLE 4—AUTHORITY OF ADVISOR
	  	 	12	  
	 4.01 General
	  	 	12	  
	 4.02 Powers of the Advisor
	  	 	13	  
	 4.03 Approval by the Board
	  	 	13	  
	 4.04 Modification or Revocation of Authority of Advisor
	  	 	13	  
	 ARTICLE 5—BANK ACCOUNTS
	  	 	13	  
	 ARTICLE 6—RECORDS AND FINANCIAL STATEMENTS
	  	 	14	  
	 ARTICLE 7—LIMITATION ON ACTIVITIES
	  	 	14	  
	 ARTICLE 8—FEES
	  	 	15	  
	 8.01 Acquisition Fees
	  	 	15	  
	 8.02 Asset Management Fees
	  	 	15	  
	 8.03 Disposition Fees
	  	 	16	  
	 8.04 Debt Financing Fees
	  	 	16	  
	 8.05 Changes to Fee Structure
	  	 	17	  
	 8.06 Limitations on an Internalization Transaction
	  	 	17	  
	 ARTICLE 9—EXPENSES
	  	 	18	  
	 9.01 General
	  	 	18	  
	 9.02 Timing of and Limitations on Reimbursements
	  	 	20	  
	 ARTICLE 10—VOTING AGREEMENT
	  	 	21	  
	 ARTICLE 11—RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	21	  
	 11.01 Relationship
	  	 	21	  
	 11.02 Time Commitment
	  	 	21	  
	 11.03 Investment Opportunities and Allocation
	  	 	21	  
	 ARTICLE 12—THE RESOURCE REAL ESTATE OPPORTUNITY NAME
	  	 	22	  
	 ARTICLE 13—TERM AND TERMINATION OF THE AGREEMENT
	  	 	22	  
	 13.01 Term
	  	 	22	  
	 13.02 Termination by Either Party
	  	 	23	  
	 13.03 Payments on Termination
	  	 	23	  
	 13.04 Duties of Advisor Upon Termination
	  	 	23	  
	 ARTICLE 14—ASSIGNMENT
	  	 	23	  
	 ARTICLE 15—INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	24	  
	 15.01 Indemnification
	  	 	24	  
	 15.02 Limitation on Indemnification
	  	 	24	  
	 15.03 Limitation on Payment of Expenses
	  	 	24	  

  
 i 

					
	 ARTICLE 16—GUARANTEE
	  	 	25	  
	 ARTICLE 17—MISCELLANEOUS
	  	 	25	  
	 17.01 Notices
	  	 	25	  
	 17.02 Modification
	  	 	26	  
	 17.03 Severability
	  	 	26	  
	 17.04 Construction
	  	 	26	  
	 17.05 Entire Agreement
	  	 	26	  
	 17.06 Waiver
	  	 	26	  
	 17.07 Gender
	  	 	26	  
	 17.08 Titles Not to Affect Interpretation
	  	 	26	  
	 17.09 Counterparts
	  	 	26	  

  
 ii 

 ADVISORY AGREEMENT 
 This Advisory Agreement, dated as of                 ,          (the
“Agreement”), is between Resource Real Estate Opportunity REIT II, Inc., a Maryland corporation (the “Company”), and Resource Real Estate Opportunity Advisor II, LLC, a Delaware limited liability company (the
“Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the
duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and 

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in
connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications
expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by the Company or any of its
Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by the Company or any of its Subsidiaries. Included in the computation
of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development
Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

  
 1 

 “Advisor” means (i) Resource Real Estate Opportunity Advisor II, LLC, a
Delaware limited liability company, or (ii) any successor advisor to the Company. 
 “Affiliate” or
“Affiliated” means, with respect to any first Person, any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or
indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or
general partner; (iv) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or
general partner of such first Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a
majority of the board of directors (or equivalent governing body) of such program is composed of Affiliates of the entity. 

“Appraised Value” means the value according to an appraisal made by an Independent Appraiser. 

“Asset Management Fee” shall have the meaning set forth in Section 8.02. 

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such book values at the
end of each month during such period. 
 “Board” means the board of directors of the Company, as of any particular
time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 

“Charter” means the articles of incorporation of the Company, as amended from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Company” means Resource Real Estate Opportunity REIT II, Inc., a corporation organized under the laws of the State of
Maryland. 

  
 2 

 “Competitive Brokerage Commission” means a real estate or brokerage commission for
the purchase or sale of a Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

“Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 

“Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct
improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract
Sales Price” means the total consideration received by the Company or one of its Subsidiaries for the sale of a Property, Loan or other Permitted Investment. 
 “Cost of Investments” means the sum of (i) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the
amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such
Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment and (ii) with respect to the acquisition or origination of a Property,
Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the portion that is attributable to the
Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted
Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other
Permitted Investment. 
 “Dealer Manager” means (i) Resource Securities, Inc., or (ii) any successor dealer
manager to the Company. 
 “Debt Financing Fee” means the fee payable under Section 8.04. 

“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to
assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 “Director” means a member of the board of directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.03. 

  
 3 

 “Distributions” means any distributions of money or other property by the Company
to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 

“GAAP” means accounting principles generally accepted in the United States. 

“Gross Proceeds” means the aggregate purchase price of all securities sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations” shall have the meaning set forth
in Article 16. 
 “Guarantor” means Resource Real Estate, Inc., a Delaware corporation, or any successor thereto or
assignee thereof. 
 “Independent Appraiser” means a person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company or its Subsidiaries, and who is a qualified appraiser
of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of
such qualification. 
 “Independently Appraised Value of Investments” means the sum of (i) with respect to
Properties, Loans or other Permitted Investments owned by the Company or a Subsidiary, the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt encumbering such Property, Loan or other Permitted
Investment and (ii) with respect to a Property, Loan or other Permitted Investment owned through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a
Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt
encumbering such Property, Loan or other Permitted Investment. 
 “Initial Escrow Release Date” shall have the meaning
set forth in Section 8.06. 
 “Initial Public Offering” means the public offering of Shares registered on
Registration Statement No. 333-184476 on Form S-11. 
 “Internalization
Transaction” shall have the meaning set forth in Section 8.06. 
 “Joint Venture” means any joint venture,
limited liability company or other arrangement between the Company and a third party or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

“Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 

  
 4 

 “Loan Servicer” means an entity that has been retained to perform and carry out
loan servicing functions with respect to one or more Loans. 
 “Loans” means mortgage loans and other types of debt
financing investments made by the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible
mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 

“Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such
period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain included
in the Company’s consolidated accounts arising from the sale of assets. 
 “Offering” means any offering of the
Company’s securities that is registered with the SEC, excluding Shares offered under any employee benefit plan. 

“Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are
related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage,
listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate
commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such
as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties,
(ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is,
directly or indirectly, a partner. 
 “Organization and Offering Expenses” means all expenses incurred by or on behalf
of the Company in connection with or preparing the Company for the offering and distributing of its Shares in an Offering, whether incurred before or after the date of this 

  
 5 

 
Agreement, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); placement agent fees and
expenses; expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of obtaining exemption or
qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’ fees. 
 “Partnership” means RRE Opportunity OP II, LP, a Delaware limited partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 

“Permitted Investments” means all investments (other than Properties and Loans) in which the Company may acquire an interest,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term
investments acquired for purposes of cash management. 
 “Person” means an individual, corporation, partnership,
estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code,
association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes
of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “Property” means any real property or
properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an entity that has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent
contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 

“Registration Statement” means the registration statement filed by the Company with the SEC on Form S-11 (Reg.
No. 333-184476), as amended from time to time, in connection with the Initial Public Offering. 
 “REIT” means a
“real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale” means (i) any
transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of
any Property that is the subject of a ground lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a 

  
 6 

 
significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint
Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or
other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any
partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A),
(i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

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

“Settlement” means (i) the prepayment, maturity, workout or other settlement of any Loan or other Permitted Investment or
portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner, but (ii) not including any
transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one or more Properties, Loans or other Permitted
Investments within 180 days thereafter. 
 “Shares” means shares of common stock of the Company, par value $.01 per
share. 
 “Stockholders” means the registered holders of the Shares. 

“Subject Shares” shall have the meaning set forth in Section 8.06. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power
or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and
its Subsidiaries. 

  
 7 

 “Termination Date” means the date of termination of the Agreement determined in
accordance with Article 13 hereof. 
 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that,
in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period.

 ARTICLE 2 
 APPOINTMENT 
 The Company hereby appoints the Advisor to serve as its
advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its
assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and
oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by
the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate
or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all
services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would
require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii)
Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure 

  
 8 

 
and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of
Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other
Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; 

(iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such
work; 
 (iv) With respect to prospective investments presented to the Board, prepare reports regarding such
prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 
 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company and its Subsidiaries; 

(vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the
Company’s and its Subsidiaries’ investments; and 
 (vii) Negotiate and execute approved investments
and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 
 3.03 Asset Management Services. 
 (i) Real Estate and Related Services:

 (a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter
contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers,
underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services; 
 (b) Negotiate and service
the Company’s and its Subsidiaries’ debt facilities and other financings; 

  
 9 

 (c) Monitor applicable markets and obtain reports (which may be prepared by
the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries; 
 (d) Monitor and evaluate the performance of each asset of the Company and its Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services
to the Company and perform and supervise the various management and operational functions related to the Company’s and its Subsidiaries’ investments; 
 (e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition
of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
 (f) Consult with the
Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the
Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its
Subsidiaries; 
 (g) Oversee the performance by the (1) Property Managers of their duties, including
collection and proper deposits of rental payments and payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting
for Loans; 
 (h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably
necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s
overall budget; 
 (j) Coordinate and manage relationships between the Company and its Subsidiaries, on the one
hand, and any Joint Venture partners on the other; and 
 (k) Consult with the Company’s officers and the
Board and provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 

  
 10 

 (ii) Accounting and Other Administrative Services: 

(a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions
reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any
time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs
sponsored by the Advisor or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the
Company’s and its Subsidiaries’ businesses and operations; 
 (e) Provide financial and operational
planning services; 
 (f) Maintain accounting and other record-keeping functions at the Company and investment
levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service
and any other regulatory agency; 
 (g) Maintain and preserve all appropriate books and records of the Company
and its Subsidiaries; 
 (h) Provide tax and compliance services and coordinate with appropriate third parties,
including the Company’s independent auditors and other consultants, on related tax matters; 
 (i) Provide
the Company and its Subsidiaries with all necessary cash management services; 
 (j) Manage and coordinate with
the transfer agent the periodic dividend process and payments to Stockholders; 
 (k) Consult with the
Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 

  
 11 

 (l) Consult with the Company’s officers and the Board relating to the
corporate governance structure and appropriate policies and procedures related thereto; 
 (m) Perform all
reporting, record keeping, internal controls and similar matters in a manner to allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the
Company’s officers and the Board with timely updates regarding the Company’s compliance with applicable law; 
 (n) Notify the Board of all proposed material transactions before they are completed and get approval where necessary; and 

(o) Do all things necessary to assure its ability to render the services described in this Agreement. 

3.04 Stockholder Services. 
 (i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; 

(ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 

(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably
necessary for the admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall
perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4

 AUTHORITY OF ADVISOR 
 4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to
delegate all or any part of its rights and powers to manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem
appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 

  
 12 

 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement
and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the
Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform
all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
 4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the prior approval of the Board or duly authorized
committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the prior approval of the governing body of such
Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such
investment, financing or disposition. 
 4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time
upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall
not be applicable to investment transactions to which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may collect and deposit into any such account or accounts, and disburse from any such
account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary) may approve, provided that no funds shall be commingled with the funds of the
Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

  
 13 

 ARTICLE 6 
 RECORDS AND FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its
responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such
books and records are properly and accurately recorded. Such books and records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the
Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures
to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the
Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and
independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate
any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence but such action has been ordered by
the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the
Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 

  
 14 

 ARTICLE 8 
 FEES 
 8.01 Acquisition Fees. As compensation for the investigation,
selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition
or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount
actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other
Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Acquisition Fees will also include any amounts incurred or reserved for capital expenditures that
will be used to provide funds for capital improvements and repairs applied to any real property investment acquired where the Company plans to add value. With respect to the acquisition or origination of a Property, Loan or other Permitted
Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion
that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property,
Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other
Permitted Investment. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall
submit an invoice to the Company following the closing or closings of each acquisition or origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the
transaction upon receipt of the invoice by the Company. However, the Acquisition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.02
Asset Management Fees. The Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.0% of the higher of the Cost
of Investments or the Independently Appraised Value of Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period.
Generally, the Asset Management Fee payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, 

  
 15 

 
the Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.03
Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the
“Disposition Fee”) equal to the lesser of (i) (A) one-half of the aggregate brokerage commission paid, including the brokerage commission payable pursuant to this clause 8.03(i)(A) or (B) if none is paid, the Competitive
Brokerage Commission or (ii) 2.75% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or
more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided
above). The Company will not pay a disposition fee upon the maturity, prepayment or workout of a loan or other real estate related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a
loan or the Company provides substantial assistance during the course of a workout, the Company will pay a disposition fee upon the sale of such property or disposition of such loan or other real estate related debt investment. The payment of any
Disposition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the
total commissions (including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted
Investment or (ii) the Competitive Brokerage Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a
computation of the Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or
in part, as to any year in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.

 8.04 Debt Financing Fees. In the event of any debt financing obtained or assumed by or for the Company or its Subsidiaries
(and any Joint Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount
available under the financing. The Debt Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering
fee-splitting arrangements with third parties with respect to the Debt Financing Fee. All or any portion of the Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the
Advisor shall determine. In no event will the Debt Financing Fee be paid more than once in respect of the same debt. For example, upon refinancing, the Advisor would only receive 0.5% of the incremental amount of additional debt financing obtained
in the refinancing. 

  
 16 

 8.05 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall
negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 8.06 Limitations on an
Internalization Transaction. The Company may not acquire the Advisor or an Affiliate thereof in order to become self-managed, whether by means of a merger, stock acquisition, or asset purchase (an “Internalization Transaction”), unless at
least half of the consideration is payable in Shares and held in escrow and not released to the Advisor or an Affiliate thereof (or any transferee of either) until 

(i) the average closing price of the Shares over a five-trading-day period on a national securities exchange equals a
price that, when combined with prior distributions paid on the Shares issued in a public offering prior to listing and outstanding at the time of the Internalization Transaction (the “Subject Shares”), equals the amount necessary for the
holders of the Subject Shares to be deemed to have received in the aggregate the original issue price of the Subject Shares plus a 6% cumulative, non-compounded, annual return on the issue price of the Subject Shares or 

(ii) the consideration paid (or net sale proceeds distributed) to holders of the Subject Shares in an acquisition (whether
by means of a merger, stock acquisition, asset purchase, or similar transaction) or dissolution of the Company, when combined with prior distributions paid on the Subject Shares equals the amount necessary for the holders of the Subject Shares to
have received in the aggregate the original issue price of the Subject Shares plus a 6% cumulative, non-compounded, annual return on the issue price of the Subject Shares. 
 The date that one of these thresholds is met is the “Initial Escrow Release Date.” In the event a recapitalization causes some of the Subject Shares to be exchanged or converted into securities
that are not listed on a national securities exchange as of the Initial Escrow Release Date, then the shares to be released from escrow shall be reduced to reflect the percentage of Subject Shares (and their equivalents) that are then listed, with
the remaining shares in escrow to be subsequently released in proportion to and as the remaining Subject Shares (and their equivalents) become listed. 
 Shares held in escrow pursuant to the foregoing shall be entitled to dividends like all other Shares; however, such dividends shall also be placed in escrow and not released until the above thresholds are
reached. If the conditions to break escrow are not met within 10 years of the Internalization Transaction, all shares in the escrow account shall become authorized but unissued shares and all cash in the escrow account shall belong to the Company.
Shares held in escrow shall be voted on any matter in which Stockholders are entitled to vote in the same proportion as all other Shares that vote on the matter. 

  
 17 

 ARTICLE 9 
 EXPENSES 
 9.01 General. In addition to the compensation paid to the
Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the
Company pursuant to this Agreement, including, but not limited to: 
 (i) All Organization and Offering Expenses;
provided, however, that: 
 (a) the Company shall not reimburse the Advisor to the extent such reimbursement
would cause the total amount spent by the Company on Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 2.5% of Gross Proceeds raised in an Offering, as of the termination of the Offering;

 (b) within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the
Company to the extent the Company incurred Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) exceeding 2.5% of Gross Proceeds of raised in an Offering; and 

(c) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee
determines are not fair and commercially reasonable to the Company. 
 (ii) Acquisition Fees and Acquisition
Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately
acquired by the Company or any of its Subsidiaries, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the
Company’s Charter; 
 (iii) The actual out-of-pocket cost of goods and services used by the Company and its
Subsidiaries and obtained from entities not Affiliated with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of Properties, Loans or other Permitted
Investments; 
 (iv) Interest and other costs for borrowed money, including discounts, points and other similar
fees; 

  
 18 

 (v) Taxes and assessments on income or Properties, taxes as an expense of
doing business and any other taxes otherwise imposed on the Company and its Subsidiaries and their business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors or by its Subsidiaries; 

(vii) Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments
owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts and other settlements of
Loans and other Permitted Investments; 
 (viii) All out-of-pocket expenses in connection with payments to the
Board and meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by the
Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided
that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Disposition Fees or Debt Financing Fees; 

(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost
of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and its Subsidiaries and all such fees incurred at the request, or on behalf of,
the Board, the Conflicts Committee or any other committee of the Board; 
 (xii) Out-of-pocket costs for the
Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances; 
 (xiii) Expenses
connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
 (xiv)
Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

  
 19 

 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) The Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount
spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the termination of the Offering and provided further that within 60 days after the end of the month in which an Offering terminates, the
Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the Advisor for any Organization and
Offering Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
 (iii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2
million in the Initial Public Offering. 
 (iv) Commencing four fiscal quarters after the earlier to occur of
(i) the Company’s acquisition of an asset or, (ii) the date that is six months after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the
Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net
Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee
does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of
any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in
writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors
the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation
shall be determined in accordance with GAAP applied on a consistent basis. 

  
 20 

 ARTICLE 10 
 VOTING AGREEMENT 
 The Advisor agrees that, with respect to any Shares now
or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company
or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 

ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
 11.01 Relationship. The Company and the
Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities,
including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the
right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the
Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has
knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 

11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote
to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their
respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a
continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated

  
 21 

 
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an
investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration Statement shall
govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 ARTICLE 12 

THE RESOURCE REAL ESTATE OPPORTUNITY NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “RESOURCE REAL ESTATE OPPORTUNITY.” The Advisor hereby grants to the Company a non-transferable, non-assignable,
non-exclusive royalty-free right and license to use the name “RESOURCE REAL ESTATE OPPORTUNITY” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or
one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “RESOURCE REAL ESTATE OPPORTUNITY” or any
derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE REAL ESTATE OPPORTUNITY” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks
necessary to remove any references to the word “RESOURCE REAL ESTATE OPPORTUNITY.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future
organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “RESOURCE REAL ESTATE OPPORTUNITY” as a part of their name, all
without the need for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13 

TERM AND TERMINATION OF THE AGREEMENT 
 13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The
Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the
Conflicts Committee. 

  
 22 

 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written
notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 17 shall survive termination of this Agreement. 

13.03 Payments on Termination . Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to
the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination
all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 

(iv) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 14 

ASSIGNMENT 

This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any
rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to
a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the
Company is bound by this Agreement. 

  
 23 

 ARTICLE 15 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
 15.01 Indemnification. Except
as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors,
equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims,
damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 

Notwithstanding the foregoing, the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising
from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material
securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction
approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of
the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 

15.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not provide for indemnification of the Advisor or
its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 

(i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Company. 
 (ii) The Advisor or its Affiliates were acting on behalf
of or performing services for the Company. 
 (iii) Such liability or loss was not the result of negligence or
misconduct by the Advisor or its Affiliates. 
 15.03 Limitation on Payment of Expenses. The Company shall pay or reimburse
reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to
time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a
stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company,
together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

  
 24 

 ARTICLE 16 
 GUARANTEE 
 Resource Real Estate, Inc., the ultimate parent company of the
Advisor (the “Guarantor”) will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall extend to include any renewal or amendment to this Agreement,
provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld. If the Advisor fails to perform all or any of its obligations,
duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance of any part of this Agreement by statute, by the decision of a court or
tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed Obligations. This guarantee is a guarantee of performance of the Guaranteed
Obligations and not of payment of any liabilities of the Advisor. The termination of the Advisor shall constitute a termination of this guarantee. This guarantee will be applicable to and binding upon the successors and assigns of Guarantor.

 ARTICLE 17 
 MISCELLANEOUS 
 17.01 Notices. Any notice, report or other communication
required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given
by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the
Company or the Board: 
 Resource Real Estate Opportunity REIT II, Inc. 

1845 Walnut Street, 18th Floor 
 Philadelphia, Pennsylvania 19103 
 Resource Real Estate Opportunity Advisor II,
LLC 
 1845 Walnut Street, 18th Floor 
 Philadelphia, Pennsylvania 19103 
 Either party may at any time give notice in
writing to the other party of a change in its address for the purposes of this Section 17.01. 

  
 25 

 17.02 Modification. This Agreement shall not be changed, modified, terminated or discharged,
in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 17.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that
for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 17.04 Construction. The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania. 
 17.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of
the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 17.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

17.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 17.08 Titles Not to
Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

17.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 

  
 26 

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

			
	RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
		
	By:	 	 
		 	Alan F. Feldman, Chief Executive Officer

  

			
	RESOURCE REAL ESTATE OPPORTUNITY ADVISOR II, LLC
		
	By:	 	 
		 	Kevin M. Finkel, President

  

			
	RESOURCE REAL ESTATE, INC., with respect to Article 16
		
	By:	 	 

 [Signature Page to Advisory Agreement between Resource Real Estate Opportunity REIT

 II, Inc. and Resource Real Estate Opportunity Advisor II, LLC]EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”), is made and entered into this
         day of                 , 2013 (the “Effective Date”), by and among RESOURCE REAL ESTATE
OPPORTUNITY REIT II, INC., a Maryland corporation (the “Company”), RRE OPPORTUNITY OP II, LP, a Delaware limited partnership (the “OP”) and RESOURCE REAL ESTATE OPPORTUNITY MANAGER II, LLC, a Delaware limited
liability company (“Manager”). 
 R E C I T A L S 

The OP was organized to acquire, own, operate, lease and manage real estate properties and real estate related debt investments on behalf of
the Company. Owner (as defined below) intends to retain Manager to manage real estate properties and real estate related debt investments and to coordinate the leasing of, and manage construction activities related to, some of the real estate
properties for the benefit of the Company under the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 
 Except
as otherwise specified or as context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural
forms thereof: 
 1.01. Advisor. Advisor means Resource Real Estate Opportunity Advisor II, LLC, a Delaware limited liability
company, or its successor as advisor of the Company. 
 1.02 Budget. A composite of, for each Project, (i) an operations
budget, which shall be an estimate of receipts and expenditures for the operation of each Project (on a monthly cash basis) during a Fiscal Year, and (ii) a capital budget, which shall be an estimate of capital replacements, substitutions of
and additions relating to each Project for a Fiscal Year and for a five Fiscal Year period. The Budget shall include leasing parameters for the Projects. 

1.03. Conflicts Committee. The Conflicts Committee is defined in the articles of incorporation, as amended, of the Company. 

1.04 Construction Management Fee. The Construction Management Fee is defined in Section 3.03 below. 

1.05. Debt Investments. Debt Investments means, collectively, the real estate related debt investments, including, but not
limited to, non-performing or distressed loans, including first- and second-priority mortgage loans, mezzanine loans, B-Notes and other loans, in which Owner now owns a direct or indirect interest or hereafter acquires a direct or indirect interest.

 1.06. Depository. An FDIC insured bank designated by Owner. 

1.07. Depository Account. A trust fund account for the benefit of Owner established and maintained in an FDIC insured or
guaranteed account to be opened by the Owner. Manager may open a separate Depository Account for each Project. 
 1.08. Disbursement
Account. A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b). Manager may open a separate Disbursement Account for each Project.

 1.09. Fiscal/Budget Year. The year beginning on January 1st and
ending on December 31st. 
 1.10. Gross Receipts. The entire amount
of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, office, retail or other space, for each month during the term hereof; provided that there shall be excluded from tenant
rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the
operation of the Projects received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges
collected in connection with termination of the tenant leases. Gross Receipts also does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of any Project, (ii) any loans
to Owner whether or not secured by all or any part of a Project, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or
proceeds from third-party damage claims). 
 1.11. Lease. Lease means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor. 
 1.12. Loan Servicing Fee. The Loan Servicing Fee is defined in
Section 3.02 below. 
 1.13. Management Fee. The Management Fee is defined in Section 3.01 below. 

1.14. Owner. Owner means the Company, the OP, and any joint venture, limited liability company or other affiliate of the Company
or the OP, owned wholly or partially by the Company or the OP, that owns, in whole or in part, on behalf of the Company, one or more Projects or Debt Investments. 

1.15. Project. Project means each multifamily rental property or other real estate property in which Owner now owns a direct or
indirect equity interest or hereafter acquires a direct or indirect equity interest. 
 1.16. Project Personnel. Those persons
employed by Manager with Owner’s prior approval to carry out Manager’s obligations under this Agreement (including, but not limited to, a Project Manager, Assistant Manager, Maintenance Supervisor, maintenance personnel, and other
personnel necessary to the operation and maintenance of any Project as specified in the Budget). 

  
 2 

 1.17. Security Deposit Account. A trust account for the benefit of Owner
established by Owner and maintained in an FDIC insured bank to hold tenant security deposits. Manager may open a separate Security Deposit Account for each Project. 

1.18. Term. The Term of this Agreement shall commence on the date hereof, and shall terminate on the one-year anniversary
thereof; provided, however, that unless this Agreement has been earlier terminated, the Term shall be automatically extended for additional one (1) year periods, on a year-to-year basis, commencing on the day immediately following the
then-scheduled end of the Term. Notwithstanding the foregoing, either Owner or Manager may terminate this Agreement by giving thirty (30) days notice in writing to the other party without reason, and either party may also terminate this
Agreement for cause as specified by Sections 7.02 and 7.04 below. 
 1.19. Working Capital Reserve. Twenty Thousand Dollars
($20,000) per Project of Working Capital reserve shall be maintained by Manager in the Disbursement Account during the term hereof, used in connection with the operation of the Projects in accordance with the terms hereof and restored per the terms
of Sections 4.03 hereof. 
 ARTICLE II 

DUTIES AND RIGHTS OF MANAGER 

2.01. Appointment of Manager. For and in consideration of the compensation hereinafter provided, Manager shall, and the Owner
hereby grants to Manager the right to manage the Projects and Debt Investments, and to supervise and direct the leasing, management and operation of the Projects. Such engagement shall not commence with respect to any particular Project or Debt
Investment until Owner, in its sole discretion, has the ability to appoint or hire the Manager. Further, Owner may elect to exclude any Project or Debt Investment from the terms of this Agreement upon written notice to Manager delivered by Owner
within ten (10) days following the later of (i) Owner’s acquisition of a direct or indirect equity interest in such Project or Debt Investment or (ii) the date on which Owner, in its sole discretion, has the ability to appoint or
hire the Manager with respect to such Project or Debt Investment. Owner has the right to include any previously excluded Project or Debt Investment ten (10) days following delivery of written notice from Owner to Manager. Manager
hereby accepts such appointment on the terms and conditions hereinafter set forth. 
 All services performed by Manager under this Agreement
shall be performed as an independent contractor of the Owner. All obligations or expenses incurred hereunder, for the benefit of the Projects and all purchases of or contracts for sales or services in bulk or volume that Manager may obtain for
discount or convenience in connection with its operation of other apartment projects, shall be for the account of, on behalf of, and at the expense of the Owner (reasonably allocated between all benefited Projects) except as otherwise specifically
provided herein. The Owner shall not be obligated to reimburse Manager for expenses for: (i) office equipment or office supplies of Manager (unless incurred solely for the Projects or Debt Investments), (ii) any overhead expenses of
Manager incurred with respect to any offices located at any place other than on the Projects, (iii) costs relating to accounting services performed hereunder, (iv) any salaries of employees of Manager not accounted for in the approved
Budget and its supporting payroll schedule, or (v) any travel expenses of employees of Manager in supervising the on-site Project Personnel and the operation of the Projects, unless approved in advance in writing by the Owner. 

  
 3 

 2.02. Dealings with Advisor. Unless Owner specifically informs Manager to the
contrary, Advisor may perform any of the obligations or exercise any of the rights of Owner under this Agreement; provided that any actions that Advisor takes on behalf of Owner pursuant hereto are subject to the terms of the agreements between
Advisor and Owner, and this Section 2.02 does not expand or modify the authority of Advisor to act on behalf of Owner. 
 2.03.
General Operation. Subject to the limitations imposed by the Budget from time to time, Manager shall manage the Projects and Debt Investments in the same manner as is customary and usual in management of comparable investments, and shall
provide such services as are customarily provided by operators and servicers of high quality projects and investments of comparable class and standing. 

Manager has received copies of agreements of limited partnership, joint venture partnership agreements and operating agreements of Owner and
its affiliates as well as the articles of incorporation, bylaws, and registration statement on Form S-11 (no. 333-184476) of the Company, including all prospectus supplements and post-effective amendments thereto (collectively, the
“Ownership Agreements”) and is familiar with the terms thereof. Advisor agrees to obtain and review copies of all mortgages on all properties and inform Manager of any restrictions relating to property use thereof. Manager will use
reasonable care to avoid any act or omission which, in the performance of its duties hereunder, in any way conflicts with the terms of the Ownership Agreements or the mortgages in the absence of the express direction of the Conflicts Committee, and
Manager shall promptly notify Owner if any such conflict arises. 
 In addition to the other obligations of Manager set forth herein,
Manager shall render the following services and perform the following duties for Owner in connection with the Projects and Debt Investments in a commercially diligent and efficient manner: (a) maintain businesslike relations with tenants whose
service requests shall be received, considered, recorded and acted upon in systematic fashion in order to show the action taken with respect to each; (b) collect all monthly rentals due from tenants and rent from users of recreational
facilities in the Project, if any; (c) request, demand, collect, and receive any and all charges or rents which become due to Owner, and at Owner’s expense and the Company’s direction, coordinate and oversee such legal action as may
be necessary or desirable to collect rent and/or evict tenants delinquent in payment of monthly rental or other charges (security deposits, late charges, etc.) as more particularly described in Section 2.10 below; (d) prepare or cause to
be prepared for execution by the Owner (and/or the Company, as applicable) all forms, reports and returns, if any, required to be filed by or on behalf of the Owner under applicable federal, state or local laws and any other requirements relating to
the employment of personnel (anything contained herein to the contrary notwithstanding, however, Manager shall not be obligated to prepare any of Owner’s or the Company’s state or federal income tax returns; (e) use all reasonable
efforts at all times during the term of this Agreement to operate and maintain the Projects according to the highest standards achievable consistent with the operation of comparable quality units; (f) advertise when necessary, within the
constraints of the Budget, the availability of units for rental and display “for rent” or other similar signs upon the Projects, it being understood that Manager may install one or more signs on or about the Project stating that the
Project is under management of Manager and may use, in a tasteful manner, Manager’s name and logo in any display advertising of the Project; (g) sign, renew and cancel tenant leases for the Project as agent for Owner, in compliance with
standards established by Owner and approved by Owner, on the lease form provided by Manager, and on terms 

  
 4 

 
based upon criteria approved from time to time by Owner and based upon Manager’s recommendations, and (h) monitor the performance of the Debt Investments, including (i) collecting
amounts owed to the Owner, (ii) reviewing on an as-needed basis the properties serving, directly or indirectly, as collateral for the Debt Investments, the owners of those properties and the markets in general and (iii) maintaining escrow
accounts, monitoring advances, monitoring loan covenants and reviewing insurance compliance. 
 It is understood and agreed, however, that
Manager shall not, and does not, provide security services to the Projects. Should the Owner choose to do so, the Owner may direct that Manager, on Owner’s behalf, separately contract with a non-affiliated company (a “Security
Company”) providing alarm systems, patrol and/or similar services (“Security Services”). Manager shall have no duty to supervise or control performance of Security Services for any Security Company but Manager shall, if
requested by Owner, evaluate and report its findings to Owner, as directed. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend, protect and hold Manager harmless for, from and against any loss,
liability, cost, expense, damage claim or cause of action, including, without limitation, attorneys’ fees, court costs and other litigation expenses and costs, arising from any personal injury, loss of property or other matter occurring on or
about any Project, relating to the acts or omissions of a Security Company, any claimed inadequacy of Security Services, the failure to provide Security Services or any other matter relating to the security of any Project. The indemnification
obligations of Owner in this Section 2.03 shall survive the expiration or earlier termination of this Agreement. 
 2.04.
Budget. 
 (a) Manager will submit to Owner for Owner’s approval, an initial capital and operating budget for each Project
(the “Initial Budget”) for the first fiscal year (or partial fiscal year as appropriate) within 14 days after a Project is included under this Agreement. Manager shall submit to Owner for Owner’s approval no later than sixty
(60) days prior to the beginning of each successive Fiscal Year the Budget for the ensuing Fiscal Year. Manager shall provide Owner with such information regarding the Budget as may be, from time to time, reasonably requested by Owner. Upon
receipt of the Budget from Manager, the Company shall promptly deliver the Budget to Owner. Owner shall approve or object to the Budget. Manager may proceed under the terms of the proposed Budget for items that are not objected to and may take any
action with respect to items not approved if the expenditure is (i) less than Two Thousand Five Hundred Dollars ($2,500), (ii) is, in the Manager’s reasonable judgment, required to avoid personal injury, significant property damage, a
default under any loan encumbering the Project, a violation of applicable law or the suspension of a service or (iii) non-discretionary items such as real estate taxes, insurance or utilities. In the event that the items that are objected to
are operational expenditures (but not including real estate taxes, insurance, utilities and similar items that cannot be controlled by Manager), as opposed to capital expenditures, Manager shall be entitled to oversee and supervise the operation of
each Project using the prior year’s budget for that Project until the approval is obtained. If the Budget for that Project is not approved, upon the request of Owner, Manager will prepare and deliver to Owner, a revised Budget for the Fiscal
Year. 
 (b) Together with submission of the annual Budget, Manager shall submit to Owner for approval by Owner an operating plan for the
general operation of the Projects for the subsequent Fiscal Year, including a proposed list of improvements to the Projects, general insurance plan, marketing plan and plan for the general operation and maintenance of the Projects (the
“Operating Plan”). Upon the request of Owner, Manager will prepare and deliver to Owner, a revised Operating Plan for the Fiscal Year. 

  
 5 

 (c) In the event there shall be a substantial discrepancy between the actual results of
operations for any month and the estimated results of operations for such month as set forth in the Budget or the Operating Plan for any Project, Manager shall, upon request, furnish to Owner within fifteen (15) days after the expiration of
such month a written explanation as to why the discrepancy occurred. If substantial variations have occurred or are anticipated by Manager during the course of any Fiscal Year, Manager, upon Owner’s reasonable request, shall prepare and submit
to Owner a revised Budget and/or Operating Plan covering the remainder of the Fiscal Year. 
 2.05. Project Personnel. Manager
shall use reasonable and prudent efforts to investigate, hire, train, instruct, pay, promote, discharge and supervise the work of all its employees involved with the management of the Projects. Since it is acknowledged that the Projects may need
fulltime resident managers on site, it is agreed that a Project Employee (including his/her spouse and dependent children) may live rent-free in an apartment unit designated by Owner, and receive, in addition, salary and normal benefits approved in
advance and accounted for in the Budget. All Project Personnel shall be employees of Manager. 
 Owner shall immediately reimburse Manager
each pay period for the total aggregate compensation, including salary, and other related costs and fringe benefits, payable with respect to the Project Personnel who shall be accounted for in the approved Budget and supporting payroll schedule, any
temporary employees working at each Project, the Project’s proportionate share of all costs relating to roving maintenance and similar personnel, but only to the extent reflected in the approved Budget. The term “fringe benefits” as
used herein shall mean and include the employer’s contribution of F.I.C.A., unemployment compensation and other employment taxes, worker’s compensation, group life and accident and health insurance premiums, 401K contributions, performance
bonuses, and disability and other similar benefits paid or payable by the Manager to its employees in other projects operated by Manager, but only to the extent reflected in the approved Budget. 

2.06. Contracts and Supplies. Except as otherwise provided herein, Manager, as sub-agent for Owner and at Owner’s expense,
and without compensation directly or indirectly to Manager, except as expressly set forth herein, shall enter into written agreements with (i) concessionaires, licensees, or other intended users of the facilities of the Projects,
(ii) contractors furnishing services to the Projects, including, but not limited to, utilities, janitorial, trash collection, cleaning, vermin extermination, furnace and air conditioning maintenance, security protection, pest control, landscape
and irrigation system maintenance, repair, maintenance, and replacement of elements of the buildings, recreational facilities or common areas (to the extent such work cannot reasonably and less expensively be done by Project Personnel), and any
other services that are reasonably necessary to the maintenance and operation of first-class projects comparable to the Projects (herein called “Customary Services”). Manager shall place purchase orders as and when necessary to
assure timely and adequate availability of such equipment, tools, appliances, materials and supplies as are necessary to properly maintain and operate the Projects. Notwithstanding the foregoing, all contracts (and renewals thereof) entered into by
Manager, unless Manager has obtained Owner’s prior written consent, must be: (a) cancelable without penalty upon not more than thirty (30) days notice: and (b) have terms of one (1) year or less, and (c) require the
provider of such Customary Services pursuant to such contract to comply with Owner’s insurance requirements. Manager shall obtain competitive bids annually for any such contracts and, in connection therewith, shall investigate the competency
and history of all potential bidders; develop and submit detailed specifications for work to be performed; solicit and obtain such bids; conduct an analysis of bid results; and shall submit all 

  
 6 

 
bids to Owner for review and approval, together with Manager’s recommendation with respect thereto. Manager shall continually inspect the Projects and ensure that all contract specifications
are being properly administered, and conduct periodic complete walk-throughs of the Projects with specific Customary Service providers as often as reasonably necessary. Manager shall use reasonable efforts to purchase all goods, supplies or services
at the lowest cost reasonably available from reputable sources in the metropolitan areas where the Projects are located. In making any contract or purchase, Manager shall use reasonable efforts to obtain favorable discounts for Owner and all
discounts, rebates or commissions under any contract or purchase order made hereunder shall inure to the benefit of Owner. Manager shall make payments under any such contract or purchase order to enable Owner to take advantage of any such discount
if Owner provides sufficient funds therefor. 
 2.07. Alterations, Repairs and Maintenance. 

(a) Manager shall make or install, or cause to be made and installed at Owner’s expense and in the name of Owner, all necessary or
desirable repairs, interior and exterior cleaning, painting and decorating, plumbing, alterations, replacements, improvements and other normal maintenance and repair work on and to the Projects as are customarily made by Manager in the operation of
first-class apartment projects; provided that no unbudgeted expenditure may be made for such purposes without the prior approval of Owner, except emergency repairs involving manifest danger to life or property, or when necessary to avoid criminal or
civil liability, or for the safety of the tenants, or to avoid the suspension of any necessary service to the Projects (“Emergency Repairs”). Emergency Repairs may be made by the Manager without prior approval and irrespective of
the cost limitations imposed by Section 2.04(a), provided that in each such instance, Manager shall, before causing any such Emergency Repairs to be made, use reasonable efforts under the circumstances to notify Owner of that repair. All such
work shall be performed by Project Personnel unless it is not reasonable for them to do so due to the expertise, time constraints, or other considerations involved, and/or because having them do so is more expensive. 

(b) In accordance with the terms of the approved Budget or upon written demand and/or approval (except in the case of emergency) of Owner,
from time to time during the term hereof Manager shall, at Owner’s expense, make all required capital improvements, replacements or repairs to the Projects. Subject to obtaining Owner’s prior written approval in regard to sums necessary to
cover costs of unbudgeted capital improvements, Manager shall first use any excess funds in the Depository Account that are not committed to operating expenses, and then shall use funds furnished by Owner for that purpose. The award of a contract
for a capital improvement exceeding $5,000 in cost shall be approved by Owner. 
 2.08. Licenses and Permits. Manager shall
apply for, obtain, and maintain, in the name and at the expense of Owner, all licenses and permits (including deposits and bonds) required of Owner or Manager in connection with the management and operation of the Project. Owner shall execute and
deliver any and all applications and other documents and to otherwise cooperate to the fullest extent with Manager in applying for, obtaining and maintaining such licenses and permits. 

2.09. Compliance with Laws. Manager shall use all reasonable efforts to cause all such acts and things to be done in and about
the Projects as are required by this Agreement or by any laws, regulations and requirements of any federal, state or municipal government having jurisdiction respecting the use or manner of use of the Projects or the maintenance or operation
thereof. 

  
 7 

 2.10. Legal Proceedings. Manager shall institute, in its own name or in the name of
Owner and/or the Company or the OP (as applicable), all legal actions or proceedings that Manager deems reasonable in order to collect rent, or other income from the Projects pursuant to the Leases and to evict and dispossess tenants or other
persons in possession, or to otherwise cancel, terminate, or enforce any lease, license, concession or Customary Service contract for the breach thereof by the tenant, licensee, concessionaire, or contractor. All decisions with respect to settlement
or case management shall be made only after consultation with and approval by Owner. In each such instance where expenses related to such action are expected to exceed $2,000.00, Manager shall, before taking or causing to be taken any such action,
use reasonable efforts under the circumstances to notify Owner of the need for this action, and obtain Owner’s approval. Manager shall promptly notify Owner of any order, rule, or determination or notice of violation of any law or order of any
governmental authority. 
 2.11. Debts of Owner. In the performance of its duties as Manager, Manager shall act solely on
behalf of Owner in Manager’s capacity as an independent contractor. All debts and liabilities to third persons incurred by Manager pursuant to this Agreement and in the course of its operation and management of the Projects shall be the debts
and liabilities of Owner only, and Manager shall not be liable for (and is hereby indemnified with respect to) any such debts or liabilities, except to the extent Manager has exceeded its authority hereunder. Manager shall have no responsibility to
make payments on any indebtedness incurred directly by Owner whether or not secured by the Projects or any portion thereof. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend, protect and hold
Manager harmless for, from and against any loss, liability, cost, expense, damage claim or cause of action, including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs, arising from any debt, liability or
payment for which Manager is being exculpated pursuant to this Section 2.11. The indemnification obligation of Owner in this Section 2.11 shall survive the expiration or earlier termination of this Agreement. 

ARTICLE III 

MANAGEMENT FEES 

3.01 Management Fee. In addition to the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall,
on a monthly basis, pay to Manager for its property management services with respect to the Projects a Management Fee equal to 4.5% of Gross Receipts (or a prorated portion for the first month if the Commencement Date occurs on other than the first
day of the month); provided, however, that (i) for Projects that are less than 75% occupied upon the Owner’s taking of possession of such Project or (ii) to the extent that the Owner’s business plan for such Project includes a
reduction of the occupancy of such Project to less than 75% during the first 12 months after the Owner’s taking of possession of such Project, Manager will receive a minimum Management Fee for the first 12 months of ownership in an amount equal
to $40 per unit for multifamily rental properties or $0.05 per square foot for other types of properties per month. If this Agreement is terminated anytime other than last day of a calendar month, other than for cause, Manager shall be entitled to
receive the Management Fee on a pro rated basis for the month this Agreement is terminated.
 3.02 Loan Servicing Fee. In
addition to the Management Fee and the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall, on a monthly basis, pay to Manager for its management services with respect to Debt Investments a Loan Servicing Fee equal
to 2.75% of gross interest received from these investments. 

  
 8 

 3.03 Construction Management Fee. If Manager is requested by Owner to
provide construction management services for new capital improvements (and not maintenance or repairs), Owner shall pay a construction management fee to Manager equal to 5.0% of actual aggregate cost of the redevelopment construction. The payment of
the Construction Management Fee shall be subject to the limitations on acquisition fees and expenses contained in the Company’s charter. 

3.04 Other Fees. With the prior approval and direction of Owner, Manager may obtain services and materials, including, but not
limited to, advertising, consulting, computer hardware and software, forms for use at the Projects, contract services, accounting and bookkeeping services and building materials, through the organization subsidiaries or affiliates of Manager for the
benefit of the Projects and Debt Investments, provided the quality of service and the price thereof is competitive with comparable prices and services offered by third parties, and the costs therefore shall be reimbursed by Owner. All discounts,
rebates and other savings realized as a result of such services being supplied by an affiliate of Manager shall inure solely to the benefit of Owner. In addition, the following overhead costs shall be reimbursed by Owner: (x) a $350 per month
per Project IT Fee for use of Manager’s IT Help Desk and computer training services and (y) a $350 per month per Project Support Fee for use of Manager’s regional management personnel for training and preparation, review and advisory
services relating to third party contracts. 
 3.05 Place of Payment. All sums payable by Owner to Manager hereunder shall be
payable to Manager at 1845 Walnut Street, 18th Floor, Philadelphia, Pennsylvania 19103, unless the Manager shall from time to time specify a different address in writing. 

ARTICLE IV 
 PROCEDURE
FOR HANDLING RECEIPTS AND OPERATING CAPITAL 
 4.01. Bank Deposits. (a) All monies received by Manager for or on
behalf of Owner shall be deposited into the “Depository Account” which shall be an interest bearing account designated by Owner in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the
Projects and Debt Investments approved by Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof. 

(b) A “Disbursement Account” shall also be established to pay the normal and reasonable expenses incident to the operation and
maintenance of the Projects. The Disbursement Account shall be under the signatory control of the Manager. 
 4.02. Security
Deposits. Manager shall comply with all applicable laws with respect to security deposits. All security deposits and other funds received by Manager shall be promptly deposited in the Security Deposit Account and at all times be the property
of Owner, subject to Owner’s obligation to refund the same to tenants if and when required by the leases. 
 4.03. Transfer and
Disbursement Account. Upon written request of Manager with supporting documentation, Owner shall weekly wire funds from the Depository Account into the Disbursement Account in the amount of disbursements to be made on behalf of the Project
approved by Owner. Manager shall write checks from the Disbursement Account to pay for (i) costs and expenses of 

  
 9 

 
maintaining, operating, leasing, and supervising the operation of the Projects, in accordance with the approved Budget and (ii) security deposit reimbursement to tenants to the extent they
are entitled reimbursement under the leases, or payment of rent, damages, or other purposes for which security deposits may be used pursuant to the leases. 

4.04. Authorized Signatories. In addition to any signatory designated by Owner, any persons from time to time designated by
Manager, and approved in writing by Owner, shall be authorized signatories on the Disbursement Account, and shall have authority to make disbursements from such Disbursement Account for the purpose of fulfilling Manager’s obligations hereunder.
Funds over Five Thousand Dollars ($5,000.00) may be withdrawn from the Disbursement Account in accordance with this Article IV, only upon the signature of at least two (2) individuals who have been granted that authority by Manager and funds
over Twenty Five Thousand Dollars ($25,000) may be withdrawn from the Disbursement Account in accordance with this Article IV only upon the additional prior written approval of Owner, excluding property taxes. All persons who are authorized
signatories or who in any way handle funds for the Projects (on-site or off-site) shall be insured for dishonesty in the minimum account of $500,000.00 per occurrence or loss with not more than a $5,000.00 deductible. A certificate confirming such
insurance naming Manager, the Company, the OP and Owner as named insureds and confirming that it will not be modified or cancelled without at least thirty (30) days prior written notice to Owner shall be delivered to Owner within 10 days after
the date hereof. Any expense relating to such bonds shall be paid by Manager without reimbursement. 
 ARTICLE V 

Accounting 

5.01. Books of Accounts. Manager shall maintain adequate and separate books and records for the Projects and Debt Investments
with the entries supported by sufficient documentation to ascertain their accuracy with respect to the Projects and Debt Investments. Owner agrees to provide to Manager any financial or other information reasonably requested by Manager to carry out
its services hereunder. Manager shall maintain such books and records at the Manager’s office, at the Projects or at a designated office readily accessible to the Company, the OP and/or Owner. Manager shall ensure such control over accounting
and financial transactions as is commercially reasonably necessary to protect the Owner’s assets from theft, error or fraudulent activity by Manager’s employees. Manager shall bear losses arising from such instances, including, without
limitation, the following: (a) theft of assets by Manager’s employees, principals or officers or those individuals associated or affiliated with Manager; (b) overpayment or duplicate payment of invoices arising from either gross
negligence or willful misconduct, unless credit is subsequently received; (c) overpayment of labor costs arising from either the gross negligence or willful misconduct of Manager, unless credit is subsequently received by the Owner;
(d) overpayment resulting from payment from suppliers to Manager’s employees or associates arising from the purchase of goods or services for the Projects; and (e) unauthorized use of facilities by Manager or Manager’s employees
or associates. 
 5.02. Financial Reports. No later than the fifteenth
(15th) calendar day following the close of each month and calendar quarter, Manager shall furnish to Owner a report of all significant transactions occurring during the prior month as
described on Exhibit A attached hereto. Manager also shall deliver to Owner within a reasonable time after (i) the close of a calendar year and (ii) the termination of this 

  
 10 

 
Agreement, a balance sheet for the Projects and Debt Investments. This report shall show all collections, delinquencies, uncollectible items, vacancies and other matters pertaining to the
management, operation and maintenance of the Projects and Debt Investments during the month. Upon the termination of this Agreement, Manager shall deliver to Owner all reports described on Exhibit A within thirty (30) calendar days of the
effective date of termination. The statement of income and expenses, the balance sheet and all other financial statements and reports shall be prepared on an accrual basis in accordance with, to the extent possible, generally accepted accounting
principals (except that footnote disclosures are not required). Manager may, but shall not be required, to, obtain audited financial statements for the Projects. Upon request by Owner, Manager shall also comply with all reporting requirements
relating to the operation of the Projects required under any mortgage or deed of trust affecting the Projects. Notwithstanding the foregoing, Owner reserves the right to reasonably request that the financial reports be provided in a different format
at no additional cost. 
 5.03. Supporting Documentation. As additional support to the quarterly financial statement, unless
otherwise directed by Owner, and at the expense of Owner, Manager shall maintain and make available at Manager’s office or at the Projects or at a designated office readily accessible to the Company, the OP and/or Owner, copies of the
following: (a) all bank statements, bank deposit slips, bank debit and credit memos, canceled checks and bank reconciliations; (b) detailed cash receipts and disbursement records; (c) detailed trial balance for receivables and
payables and billed and unbilled revenue items; (d) rent roll of tenants; (e) paid invoices (or copies thereof); (f) summaries of any adjusting journal entries; (g) supporting documentation for payroll, payroll taxes and employee
benefits; (h) appropriate details of accrued expenses and property records; (i) information regarding the operation of the Projects necessary for preparation of the tax returns for the Owner; and (j) market study of competition
(quarterly only). In addition, Manager shall deliver quarterly to Owner with the quarterly financial statement, copies of the documents described in (a) (statements and reconciliations only), (b), (c), (d) and (h) above. Manager shall
deliver a copy of the document described in (j) to Owner upon receipt of a written request. 
 ARTICLE VI 

GENERAL COVENANTS 

6.01. Operating Expenses. The Company and the OP shall cause Owner to be solely responsible for the costs and expenses of
maintaining and operating the Projects in accordance with the provisions of this Agreement, and shall pay all such costs and expenses, to the extent contemplated by this Agreement or incurred in accordance with the Budget, except if such costs
and/or expenses are (i) attributable to costs arising from gross negligence or willful misconduct of Manager or Manager’s associates and/or employees; or (ii) cost of insurance purchased by Manager for its own account. 

6.02. Right of Inspection and Review. Owner, the Company and the OP and their accountants, attorneys, and agents shall have the
right to enter upon any part of the Projects at all reasonable times during the term of this Agreement for the purpose of examining or inspecting the Projects or examining or making extracts of books and records of the Projects, but any inspection
shall be done with as little disruption to the business of the Projects as possible during normal office hours and with reasonable notice. 

  
 11 

 6.03. Indemnification and Hold Harmless. 

(a) Indemnification and Hold Harmless By Owner. Owner shall indemnify, hold harmless and defend Manager (and Manager’s
partners, directors, shareholders, officer, employees and agents), with counsel reasonably satisfactory to both the Manager and the Owner’s insurer, for, from and against any and all liabilities, claims, causes of action, losses, demands and
expenses whatsoever including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs arising out of or in connection with the ownership, maintenance or operation of the Projects, Debt Investments or this
Agreement, including but not limited to claims involving security services as to which Manager is acting under the express or implied directions of Owner, and the loss of use of property following and resulting from damage or destruction
(collectively “Claims”), except to the extent arising directly from the negligence or misconduct of Manager. Owner’s Liability Insurance (as defined in Section 8.01 below) will be required to cover all actions of Manager
where the Owner’s insurer agrees to provide Owner and Manager a defense (whether or not such defense is provided with a reservation of rights by the insurer) in accordance with the terms of such insurance policy. The indemnification by Owner
contained in this Section 6.03 is separate and in addition to any other indemnification obligations of Owner contained in this Agreement. 

(b) Indemnification By Manager. Manager shall indemnify Owner and the Company, the OP and Advisor (and their respective
directors, shareholders, members, trustees, agents, employees and officers) with counsel reasonably satisfactory to both the Owner and the Manager’s insurer, for, from and against any and all Claims, which arise out of the gross negligence or
willful misconduct of Manager. 
 (c) Survival of Covenants. The indemnification and hold harmless obligations of the parties
in this Section 6.03 shall survive the expiration or earlier termination of this Agreement. 
 6.04. Covenants Concerning Payment
of Operating Expenses. If there are not sufficient funds in the Depository Account to move to the Disbursement Account in order to make any payment of operating expenses, Manager shall immediately notify Owner in writing. Owner will deposit
funds within fifteen (15) days of written notification into the Disbursement Account. Owner further recognizes that the Projects may be operated in conjunction with other projects and that costs may be allocated or shared between such projects
on a more efficient and less expensive method of operation in an effort to save costs and operate the Projects in a more efficient manner. 

ARTICLE VII 

DEFAULTS; TERMINATION RIGHTS 

7.01. Default by Manager. Manager shall be deemed to be in breach hereunder in the event Manager shall fail to keep, observe or
perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such breach shall continue for a period of thirty (30) days after notice thereof by Owner to Manager, or if such breach
cannot be cured within thirty (30) days, then such additional period as shall be reasonable, provided that Manager is capable of curing same and is diligently proceeding to cure such breach, and provided further that if such breach is a failure
to pay money, such, cure period shall be five (5) days after notice from Owner with no additional period thereafter. 

  
 12 

 7.02. Remedies of Owner. Upon the occurrence of a breach by Manager as specified in
Section 7.01 hereof, Owner shall be entitled to immediately terminate this Agreement and Owner shall have the right to pursue any other remedy it may have at law or in equity. Following such a termination, Owner shall have no further obligation
to pay any fee due hereunder. Notwithstanding such termination, Manager shall not be relieved of any liability arising as a result of Manager’s default and the resulting termination of this Agreement. 

7.03. Defaults by Owner. Owner shall be deemed to be in breach hereunder in the event Owner shall fail to keep, observe or
perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner, and such breach shall continue for a period of thirty (30) days after written notice thereof by Manager to Owner, or if such breach
cannot be cured within thirty (30) days, then such additional period as shall be reasonable provided Owner is capable of curing same and is diligently proceeding to cure such breach, provided that such breach is a failure to pay money, such
cure period shall be five (5) days after written notice from Manager with no additional period thereafter. 
 7.04. Remedies of
Manager. Upon the occurrence of a breach by Owner as specified in Section 7.03 hereof, Manager shall be entitled to immediately terminate this Agreement and upon any such termination by Manager pursuant to this Section 7.04,
Manager shall have the right to pursue any other remedy it may have at law or in equity, it being expressly understood that following such a termination, Manager shall have no further obligation to perform any of its obligations hereunder other than
pursuant to Section 7.05 below, however, notwithstanding such termination, Owner shall continue to be obligated to pay and perform all of its obligations which have accrued as of the date of termination. 

7.05. Expiration of Term. Upon the expiration of the Term hereof pursuant to Section 7.07 hereof, or the earlier
termination hereof pursuant to either of Section 7.01 or 7.03, Manager shall deliver to Owner all funds, including tenant security deposits, but save and except such sums that are due and owing to Manager hereunder and the books and records of
Owner then in the possession or control of Manager. Within thirty (30) days following expiration or termination, Manager shall deliver to Owner a final accounting, in writing, with respect to the operations of the Projects. This provision shall
survive the expiration or earlier termination of this Agreement. 
 7.06. Termination of Advisory Agreement. Notwithstanding
anything to the contrary contained herein, unless the holder of a mortgage on a Project otherwise determines to keep this Agreement in effect, this Agreement shall automatically terminate upon Manager receiving written notification from Advisor or
Owner that Owner has terminated the Advisory Agreement. Upon such termination, the parties hereto shall have no further obligation to the other, unless otherwise specifically set forth herein. 

7.07 Termination of a Project or Debt Investment. This Agreement shall automatically terminate as to any specific Project or
Debt Investment upon its sale or other transfer of ownership to a person other than Owner or an affiliate of Owner. In the event that Owner forecloses or otherwise takes title to the real property underlying a Debt Investment, the underlying
property will automatically become a Project under this Agreement, unless the property is excluded pursuant to Section 2.01 of this Agreement, and Manager will thereafter be entitled to receive a Management Fee instead of a Loan Servicing Fee
with respect thereto. 

  
 13 

 ARTICLE VIII 

INSURANCE 
 8.01
Owner’s Liability Insurance. During the term of this Agreement and all renewals thereof, Owner shall, at Owner’s expense, carry and maintain primary commercial general liability insurance on an “occurrence” basis,
naming Manager as an additional insured, with limits of not less than Five Million Dollars ($5,000,000.00) per occurrence (the “Owner’s Liability Insurance”). Owner shall name Manager as an additional insured on Owner’s
Liability Insurance. If the Owner’s Liability Insurance has a deductible, or similar clause, Owner shall be responsible for paying any losses that are not covered by the Owner’s Liability Insurance because of said deductible or similar
clause. 
 8.02. Insurance Carried by Manager. Manager shall maintain the following insurance during the term of this
Agreement, as approved by Owner: 
 (a) Workers’ Compensation Insurance complying with the laws of the State in which the work is to be
performed covering all its employees whether or not working at or in connection with a Project, as a Project Personnel expense under Section 2.05 above; 

(b) Employers’ Liability Insurance with minimum liability limits of $1,000,000 Bodily Injury by Accident per accident, $1,000,000 Bodily
Injury by Disease per person and $1,000,000 Bodily Injury by Disease policy limit, at Manager’s expense as part of its overhead; 
 (c)
Commercial General Liability Insurance with minimum limits of $1,000,000 Combined Single Limit for Bodily Injury and Property Damage, each occurrence/$2,000,000 General Aggregate, at Manager’s expense as part of its overhead; 

(d) Automobile Liability Insurance covering owned, non-owned and hired automobiles and automobile equipment with minimum limit of $1,000,000
for injury or death of any one person, for any occurrence and property damage, at Manager’s expense as part of its overhead; and 
 (e)
Employees Dishonesty Insurance as described in Section 4.04 above, at Manager’s expense as part of its overhead. 
 Insurers providing the
coverage to Owner and Manager described in this Article VIII shall have a Best’s rating of A-VII or better. Owner reserves the right to approve the insurer’s form and content of Manager’s insurance policies. All policies will contain
severability of interest provisions. Within thirty (30) days of the date of this Agreement, Owner shall provide to Manager, and Manager shall provide to Owner, Certificates of Insurance evidencing insurance. Such certificates will be endorsed
to provide thirty (30) days prior written notice to Manager of any material change or cancellation of coverage. 
 8.03.
Owner’s Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s Liability Insurance and Manager’s Liability Insurance, Owner’s Liability Insurance shall be considered the
primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that Owner’s Liability Insurance is exhausted or in the event such claim is caused
solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or required by Owner) on the part of Manager or Manager’s employees.
Owner shall have its insurance carrier accept and endorse these coverage requirements. 

  
 14 

 8.04. Waiver of Subrogation. Each insurance policy maintained by Owner or by
Manager as required herein shall contain a waiver of subrogation clause, so that no insurer shall have any claim over or against Owner or Manager, as the case may be, by way of subrogation or otherwise, with respect to any claims that are insured
under such policy. All insurance relating to each Project shall be only for the benefit of the party securing said insurance and all others named as insureds. Owner and Manager hereby release each other from all rights of recovery under or through
subrogation or otherwise for any and all losses and damages to the extent of such insurance coverage and agree that no insurer shall have a right to recover any amounts paid with respect to any claim against Owner or Manager by subrogation,
assignment or otherwise. 
 8.05. Handling Claims. Manager shall report to Owner promptly in writing all accidents and claims
of which it is aware for damage and injury relating to the ownership, operation, and maintenance of the Projects and any damage or destruction to the Projects coming to the attention of Manager. Manager shall not settle on Owner’s behalf any
claims with Owner’s insurers or any third-party claimant without Owner’s prior consent. 
 8.06. Environmental
Matters. 
 (a) Manager shall not knowingly place or cause to be placed on, in, under or around the Projects, any Hazardous
Substances (as defined below). Manager shall take all commercially reasonable steps to cause any tenants who do same to remove such Hazardous Substances in a timely manner. Without limiting the provisions of Section 6.03 of this Agreement,
Owner agrees to defend, indemnify, and hold harmless Manager and its partners, officers, employees and agents, for, from and against any and all actions, administrative proceedings, causes of action, charges, claims, commissions, costs, damages,
decrees, demands, duties, expenses, fees, fines, judgments, liabilities, losses, obligations, orders, penalties, recourses, remedies, responsibilities, rights, suits and undertakings of every nature and kind whatsoever, including, but not limited
to, attorneys’ fees, court costs and other litigation expenses and costs, from the presence of Hazardous Substances on, under or about the Project, except to the extent that the Hazardous Substances are present as a result of the gross
negligence or willful misconduct of Manager or the breach of Manager’s obligations pursuant to the first sentence of this Section 8.06. Without limiting the generality of the foregoing, the indemnification provided by this paragraph
specifically shall cover costs incurred in connection with any investigation of site conditions or any remediation, removal or restoration work required by any federal, state or local governmental agency because of the presence of Hazardous
Substances in, on, under or about the Project, except to the extent that the Hazardous Substances are present as a result of the gross negligence or willful misconduct of Manager or the breach of Manager’s obligations pursuant to the first
sentence of this Section 8.06. For purposes of this section, “Hazardous Substances” shall mean (i) all substances defined as hazardous materials, hazardous wastes, hazardous substances, or extremely hazardous waste under any
applicable federal, state, or local law or regulation, and (ii) mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto. The indemnification obligation of Owner in this
Section 8.06 shall survive the expiration or earlier termination of this Agreement. 

  
 15 

 (b) Without limiting the indemnifications set forth in Section 8.06(a) above, Owner and
Manager further agree that Owner is solely responsible for any and all conditions at the Projects that could give rise to bodily injury or property damage claims stemming from the presence of mold, mold contamination, mold spores, bacterial
contaminants and/or any and all substances or materials related thereto. Manager shall endeavor to inform Owner of the availability and cost of insurance to cover any and all conditions at the Projects that could give rise to bodily injury or
property damage claims stemming from the presence of mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto, but the decision of whether or not to purchase insurance relating to such
risk is solely that of Owner, and Manager shall have no obligation or liability whatsoever therefor. Owner’s failure to purchase or consider insurance alternatives for such risk shall not in any manner alter Manager’s obligations or
liabilities hereunder. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

9.01. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania. 
 9.02. Notices. Any notice or communication hereunder must be in writing, and may be given
either by personal delivery or by private courier with an acknowledged receipt or by registered or certified mail, and if given by registered or certified mail, the notice shall be deemed to have been given and received three (3) business days
after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail; and if given otherwise than by registered mail, it shall be deemed to have been given when delivered to
and received by the party to whom it is addressed. Such notices or communications shall be given to the parties hereto at the addresses set forth opposite the names of the respective parties on the signature page hereof. Any party hereto may at any
time by giving ten (10) days written notice to the other party hereto designate any other address in substitution of the foregoing address to which such notice or communication shall be given. 

9.03. Severability. If any term, covenant or condition of this Agreement or the application thereof to any person or
circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or such other documents, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term, covenant or condition of this Agreement or such other documents shall be valid and shall be enforced to the fullest extent permitted by law. 

9.04. No Joint Venture or Partnership. Owner and Manager hereby agree that nothing contained herein or in any document executed
in connection herewith shall be construed as making any combination of Manager, Owner, the Company and the OP joint venturers or partners. 

9.05. Modification; Termination. This Agreement terminates any and all prior management agreements among Owner and Manager,
related to the Projects and Debt Investments, and any amendment, modification, termination or release of this Agreement may be affected only by a written instrument executed by Manager and Owner. 

  
 16 

 9.06. Attorneys’ Fees. Should either party employ an attorney or attorneys to
enforce any of the provisions hereof or to protect its interest in any manner arising under this Agreement, or to recover damages for the breach of this Agreement, the prevailing party in such action shall be entitled to recover all reasonable
costs, damages and expenses, including attorneys’ and experts’ fees, and costs expended or incurred in connection therewith. 

9.07. Total Agreement. This Agreement is a total and complete integration of any and all agreements existing among Manager and
Owner and supersedes any prior oral or written agreements, promises or representations between them. 
 9.08. Successors and
Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. This Agreement is not assignable by Manager without Owner’s consent. 

[SIGNATURES CONTAINED ON FOLLOWING PAGE] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Management Agreement as of the day and
year first above written. 
  

							
	ADDRESS	 		 	OWNER
			
		 		 	RRE OPPORTUNITY OP II, LP
			
		 		 	BY: RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC., as general partner of RRE Opportunity OP II, LP
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Alan F. Feldman
	Philadelphia, PA 19103	 		 	Title: Chief Executive Officer

  

							
		 		 	RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Alan F. Feldman
	Philadelphia, PA 19103	 		 	Title: Chief Executive Officer

  

							
	ADDRESS	 		 	ADVISOR
			
		 		 	RESOURCE REAL ESTATE OPPORTUNITY ADVISOR II, LLC
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Kevin M. Finkel
	Philadelphia, PA 19103	 		 	Title: President

  

							
	ADDRESS	 		 	MANAGER
			
		 		 	RESOURCE REAL ESTATE OPPORTUNITY MANAGER II, LLC
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Kevin M. Finkel
	Philadelphia, PA 19103	 		 	Title: President

  
 18 

 Exhibit A 
  

	I.	MONTHLY REPORTING REQUIREMENTS 

 Manager must provide the following by the 15th day of every calendar month: 
  

	 	•	 	Operating Statements on an accrual basis in both traditional P&L format (to GAAP Net Income) and Owner approved format (to NOI, Net Cash Flow, and Ending Cash), showing MTD and YTD in Actual/Budget/Variance column
format 

  

	 	•	 	accrual basis variance analysis, with tenant-level detail for income, TI, and leasing expenses 

  

	 	•	 	Check Register for the current month 

  

	 	•	 	VOID Check register 

  

	 	•	 	Balance Sheets on an accrual basis 

  

	 	•	 	Rent Roll and Vacancy reports 

  

	 	•	 	Aged Accounts Receivable trial balance 

  

	 	•	 	Security Deposit detail ledger 

  

	 	•	 	General Ledger reports on an accrual basis 

  

	 	•	 	All above information in no more than three (3) hardcopies, with financial statements in a electronic format 

  

	 	•	 	Copy of Bank Statement(s) and reconciliation(s) 

  

	 	•	 	Copies of invoices for individual capital expenditures exceeding $5,000 

  

	 	•	 	Ending trial balance on an accrual basis 

  

	 	•	 	Net activity trial balance on an accrual basis 

  

	II.	QUARTERLY REPORTING REQUIREMENTS 

 In addition to the monthly requirements
(above), the Manager must provide the following by the 15th day of every calendar month following each calendar quarter end: 

 

	 	•	 	QTD Operating Statements in Actual/Budget/Variance column forma

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]