Document:

EX-10.3

 Exhibit 10.3 
 PROPERTY MANAGEMENT AGREEMENT 
 THIS PROPERTY MANAGEMENT AGREEMENT
(this “Agreement”) is made and entered into as of March 9, 2012 (the “Effective Date”), by and between SIR SPRING CREEK, LLC, a Delaware limited liability company
(“Owner”), and STEADFAST MANAGEMENT COMPANY, INC., a California corporation (“Manager”). 
 ARTICLE 1 
 DEFINITIONS 

Section 1.1 Definitions. The following terms shall have the following meanings when used in this Agreement:

 “Agreement” has the meaning given in the introductory paragraph. 

“Annual Business Plan” has the meaning given in Section 3.11(a). 

“Capital Budget” has the meaning given in Section 3.11(a). 

“Depository” means such bank or federally-insured or other financial institution as Owner shall designate in
writing. 
 “Effective Date” has the meaning given in the introductory paragraph. 

“Fiscal Year” means the calendar year beginning January 1 and ending December 31 of each calendar year,
or such other fiscal year as determined by Owner and of which Manager is notified in writing; provided that the first Fiscal Year of this Agreement shall be the period beginning on the Effective Date and ending on December 31 of the calendar
year in which the Effective Date occurs. 
 “Governmental Requirements” has the meaning given in
Section 3.14. 
 “Gross Collections” means all amounts actually collected as rents or other charges
for use and occupancy of apartment units and from users of garage spaces (if any), leases of other non-dwelling facilities in the Property and concessionaires (if any) in respect of the Property, including furniture rental, parking fees, forfeited
security deposits, application fees, late charges, income from coin-operated machines, proceeds from rental interruption insurance, and other miscellaneous income collected at the Property; excluding, however, all other receipts, including but not
limited to, income derived from interest on investments or otherwise, proceeds of claims on account of insurance policies (other than rental interruptions insurance), abatement of taxes, franchise fees, and awards arising out of eminent domain
proceedings, discounts and dividends on insurance policies. 

  
 1 

 “Hazardous Materials” means any material defined as a hazardous
substance under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource Conservation and Recovery Act, or any state or local statute regulating the storage, release, transportation or other disposition of
hazardous material, as any of those laws may have been amended to the date hereof, and the administrative regulations promulgated thereunder prior to the date hereof, and, whether or not defined as hazardous substances under the foregoing
Governmental Requirements, petroleum products (other than petroleum products used in accordance with Governmental Requirements by Owner or its tenants in the usual and ordinary course of their activities), PCBs and radon gas. 

“Major Capital Improvements” has the meaning given in Section 3.6. 

“Management Fee” has the meaning given in Section 4.1. 

“Manager” has the meaning given in the introductory paragraph. 

“Operating Budget” has the meaning given in Section 3.11(a). 

“Owner” has the meaning given in the introductory paragraph. 

“Owner’s Representative” has the meaning given in Section 2.2. 

“Pass-Through Amounts” means fees and/or reimbursements for services provided to the Property but not covered by
the Management Fee, as described in Exhibit A attached hereto and made a part hereof. 

“Property” means the multifamily apartment project listed and described on Exhibit B attached hereto and made a
part hereof. 
 “Security Deposit Account” has the meaning given in Section 2.3. 

“State” means the state in which the Property is located. 

ARTICLE 2 
 APPOINTMENT OF AGENCY AND RENTAL RESPONSIBILITY 
 Section 2.1
Appointment. Owner hereby appoints Manager and Manager hereby accepts appointment as the sole and exclusive leasing agent and manager of the Property on the terms and conditions set forth herein. Owner warrants and represents to
Manager that Owner owns fee simple title to the Property with all requisite authority to hereby appoint Manager and to enter into this Agreement. 
 Section 2.2 Owner’s Representative. Owner shall from time to time designate one or more persons to serve as Owner’s representative (“Owner’s
Representative”) in all dealings with Manager hereunder. Whenever the approval, consent or other action of Owner is called for hereunder, such approval, consent or action shall be binding on Owner if specified in writing and signed by
Owner’s Representative. The initial Owner’s Representative shall be Kyle Winning, Chief Investment Officer. Any Owner’s Representative may be changed at the discretion of Owner, at any time, and shall be effective upon Manager’s
receipt of written notice identifying the new Owner’s Representative. 

  
 2 

 Section 2.3 Leasing. Manager shall perform all promotional,
leasing and management activities required to lease apartment units in the Property. Throughout the term of this Agreement, Manager shall use its diligent efforts to lease apartment units in the Property. Manager shall advertise the Property,
prepare and secure advertising signs, space plans, circulars, marketing brochures and other forms of advertising. Owner hereby authorizes Manager pursuant to the terms of this Agreement to advertise the Property in conjunction with institutional
advertising campaigns and allocate costs on a pro rata basis among the Properties being advertised (to the extent authorized by the Annual Business Plan). All inquiries for any leases or renewals or agreements for the rental of the Property or
portions thereof shall be referred to Manager and all negotiations connected therewith shall be conducted solely by or under the direction of Manager. Manager is hereby authorized to execute, deliver and renew residential tenant leases on behalf of
Owner. Manager is authorized to utilize the services of apartment locator services and the fees of such services shall be operating expenses of the Property and, to the extent paid by Manager, reimbursable by Owner. 

Section 2.4 Manager’s Standard of Care. Manager shall perform its duties under this Agreement in a manner
consistent with professional property management services. In no event shall the scope or quality of services provided by Manager for the Property hereunder be less than those generally performed by professional property managers of similar
properties in the market area where the Property is located. Manager shall make available to Owner the full benefit of the judgment, experience, and advice of the members and employees of Manager’s organization with respect to the policies to
be pursued by Owner in operating the Property, and will perform the services set forth herein and such other services as may be requested by Owner in managing, operating, maintaining and servicing the Property. 

ARTICLE 3 
 SERVICES TO BE PERFORMED BY MANAGER 
 Section 3.1 Expense
of Owner. All acts performed by Manager in the performance of its obligations under this Agreement shall be performed as an independent contractor of Owner, and all obligations or expenses incurred thereby, shall be for the account
of, on behalf of, and at the expense of Owner, except as otherwise specifically provided in this Article 3, provided Owner shall be obligated to reimburse Manager only for the following: 

(a) Costs and Expenses. All costs and expenses incurred by Manager on behalf of Owner in connection with the management and
operation of the Property, including but not limited to all compensation, including the cost of benefits, payable to the employees at the Property and identified in the Operating Budget and taxes and assessments payable in connection therewith and
reasonable training, travel and expenses associated therewith, all marketing costs, all collection and lease enforcement costs, all maintenance and repair costs incurred in accordance with Section 3.5 hereof, all utilities and related services,
all on-site overhead costs and all other costs reasonably incurred by Manager in the operation and management of the Property, excluding, however, all of Manager’s general overhead costs, including without limitation, all expenses
incurred at Manager’s corporate headquarters and other Manager office sites other than the property management office located at the Property (i.e., office expenses, long distance phone calls, postage, copying, supplies, electronic data
processing and accounting expenses), general accounting and reporting expenses for services included among Manager’s duties under the Agreement; and 

  
 3 

 (b) Other. All sums otherwise due and payable by Owner as expenses of
the Property authorized to be incurred by Manager under the terms of this Agreement and the Operating Budget, including compensation payable under Section 4.1 hereof to Manager for its services hereunder. 

Manager may use employees normally assigned to other work centers or part-time employees to properly staff the Property, reduced,
increased or emergency work load and the like including the property manager, business manager, assistant managers, leasing directors, or other administrative personnel, maintenance employees or maintenance supervisors whose wages and related
expenses shall be reimbursed on a pro rata basis for the time actually spent at the Property. A property manager or business manager at the Property and any other persons performing functions substantially similar to those of a business manager,
including but not limited to assistant managers, leasing directors, leasing agents, sales directors, sales agents, bookkeepers, and other administrative and/or maintenance personnel performing work at the site, and on-site maintenance personnel,
shall not be considered executive employees of Manager. All reimbursable payments made by Manager hereunder shall be reimbursed from funds deposited in an account established pursuant to Section 5.2 of this Agreement. Manager shall not be
obligated to make any advance to or for the account of Owner nor shall Manager be obligated to incur any liability or obligation for the account of Owner without assurance that the necessary funds for the discharge thereof will be provided by Owner.
In the performance of its duties as agent and manager of the Property, Manager shall act solely as an independent contractor of Owner. All debts and liabilities to third persons incurred by Manager in the course of its operation and management of
the Property shall be the debts and liabilities of Owner only, and Manager shall not be liable for any such debt or liabilities, except to the extent Manager has exceeded its authority hereunder. 

Section 3.2 Covenants Concerning Payment of Operating Expenses. Owner covenants to pay all sums for reasonable
operating expenses in excess of gross receipts required to operate the Property upon written notice and demand from Manager within five days after receipt of written notice for payment thereof. 

Section 3.3 Employment of Personnel. Manager shall use its diligent efforts to investigate, hire, pay,
supervise and discharge the personnel necessary to be employed by it to properly maintain, operate and lease the Property, including without limitation a property manager or business manager at the Property. Such personnel shall in every instance be
deemed agents or employees, as the case may be, of Manager. Owner has no right of supervision or direction of agents or employees of Manager whatsoever; however, Owner shall have the right to require the reassignment or termination of any employee.
All Owner directives shall be communicated to Manager’s senior level management employees. Manager and all personnel of Manager who handle or who are responsible for handling Owner’s monies shall be bonded in favor of Owner. Manager agrees
to obtain and keep in effect fidelity insurance in an amount not less than Two Hundred Fifty Thousand Dollars ($250,000). All reasonable salaries, wages and other compensation of personnel employed by Manager, including so-called fringe benefits,
worker’s compensation, medical and health insurance and the like, shall be deemed to be 

  
 4 

 
reimbursable expenses of Manager. Manager may allow its employees who work at the Property and provide services to the Property after normal business hours, to reside at the Property for reduced
rents (or rent fee as provided in the Operating Budget) in consideration of their benefit to Owner and the Property, provided such reduced rents are reflected in the Annual Business Plan. 

Section 3.4 Utility and Service Contracts. Manager shall, at Owner’s expense and in Owner’s name or
in Manager’s name as agent for Owner, enter into contracts for water, electricity, gas, fuel, oil, telephone, vermin extermination, trash removal, cable television, security protection and other services deemed by Manager to be necessary or
advisable for the operation of the Property. Manager shall also, in Owner’s name or in Manager’s name as agent for Owner and at Owner’s expense, place orders for such equipment, tools, appliances, materials, and supplies as are
reasonable and necessary to properly maintain the Property. Owner agrees to pay or reimburse Manager for all expenses and liabilities incurred by reason of this Section provided that such amounts are in accordance with the Operating Budget.

 Section 3.5 Maintenance and Repair of Property. Manager shall use diligent efforts to maintain, at
Owner’s expense, the buildings, appurtenances and grounds of the Property in good condition and repair, including interior and exterior cleaning, painting and decorating, plumbing, carpentry and such other normal maintenance and repair work as
may be necessary or reasonably desirable taking into consideration the amount allocated therefor in the Annual Business Plan. With respect to any expenditure not contemplated by the Annual Business Plan, Manager shall not incur any individual item
of repair or replacement in excess of Five Thousand Dollars ($5,000.00) unless authorized in writing by Owner’s Representative, except, however, that emergency repairs immediately necessary for the preservation and safety of the Property or to
avoid the suspension of any service to the Property or danger of injury to persons or damage to property may be made by Manager without the approval of Owner’s Representative. Owner shall not establish standards of maintenance and repair that
violate or may violate any laws, rules, restrictions or regulations applicable to Manager or the Property or that expose Manager to risk of liability to tenants or other persons. Manager shall not be obligated by this Section to perform any Major
Capital Improvements. 
 Section 3.6 Supervision of Major Capital Improvements or Repairs. When requested by
Owner in writing or as set forth in an Approved Business Plan, Manager or an affiliate thereof shall, at Owner’s expense and in Owner’s name or in Manager’s name as agent for Owner, supervise the installation and construction of all
Major Capital Improvements to the Property where such work constitutes other than normal maintenance and repair, for additional compensation as set forth in a separate agreement. If Owner and Manager fail to reach an agreement for Manager’s
additional compensation as provided in this Section 3.6, Owner may contract with a third party to supervise installation or construction of Major Capital Improvements. In such events, Manager may negotiate contracts with all necessary
contractors, subcontractors, materialmen, suppliers, architects, and engineers on behalf of, and in the name of, Owner, and may compromise and settle any dispute or claim arising therefrom on behalf of and in the name of Owner; provided only that
Manager shall act in good faith and in the best interest of Owner at all times and Owner shall approve all contracts for such work. Manager will furnish or will cause to be furnished all personnel necessary for proper supervision of the work and may
assign personnel located at the Property where such work is being performed to such supervisory work (and such assignment shall not reduce or abate any other fees or compensation owed to Manager under this Agreement). For the purposes of this
Agreement, the term “Major Capital Improvements” shall mean work having an estimated cost of $25,000 or more. 

  
 5 

 Owner acknowledges that Manager, or an affiliate of Manager, may bid on any such work, and
that Manager, or an affiliate of Manager, may be selected to perform part or all of the work; provided that if Manager desires to select itself, or its affiliate to do any work, it shall first notify Owner of the terms upon which it, or its
affiliate, proposes to contract for the work, and terms upon which the independent contractors have offered to perform, and shall state the reasons for preferring itself, or its affiliate, over independent contractors and Owner shall have fifteen
days to disapprove Manager, or its affiliate, and to request performance by an independent contractor. Only Owner shall have the power to compromise or settle any dispute or claim arising from work performed by Manager, or its affiliate; and it is
expressly understood that the selection of Manager, or its affiliate, will not affect any fee or other compensation payable to Manager hereunder. 
 Section 3.7 Insurance. 
 (a) Owner
Requirements. Owner agrees to maintain all forms of insurance required by law or by any loan requirements for the Property and as otherwise deemed by Owner to be reasonable and necessary to adequately protect Owner and Manager,
including but not limited to public liability insurance, boiler insurance, fire and extended coverage insurance, and burglary and theft insurance. All insurance coverage shall be placed with such companies, in such amounts and with such beneficial
interest appearing therein as shall be reasonably acceptable to Owner. Public liability insurance shall be maintained in such amounts as Owner determines as commercially reasonable or as otherwise required by its lenders or investors, but in no case
in an amount less than $5,000,000. 
 Owner agrees to timely provide evidence of required insurance to Manager, and acknowledges
that if evidence of insurance coverage is not timely furnished, Manager may, but shall not be obligated to, obtain such coverage on Owner’s behalf. Manager shall be named an additional insured on all Owner obtained insurance. 

(b) Manager Requirements. Manager agrees to maintain, at its own expense, public liability insurance in an amount
not less than Two Million Dollars ($2,000,000) and all other forms of insurance required by law and as otherwise deemed by Owner and Manager to be reasonable and necessary to adequately protect Owner and Manager, including but not limited to workers
compensation insurance, professional liability, employee practices, and fidelity insurance. Manager agrees to timely provide evidence of required insurance to Owner and to name Owner as an additional insured on appropriate policies. 

Manager shall use its diligent efforts to investigate and make a written report to the insurance company as to all accidents, claims for
damage relating to the ownership, operation and maintenance of the Property, any damage or destruction to the Property and the estimated cost of repair thereof, and shall prepare any and all reports for any insurance company in connection therewith.
All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved. With the prior written approval of 

  
 6 

 
Owner, Manager is authorized to settle any and all claims against insurance companies arising out of any policies, including the execution of proofs of loss, the adjustment of losses, signing of
receipts and collection of monies (no approval by Owner shall be required for the settlement of claims of $5,000 or less). Manager is further authorized to contract for the maintenance and repair of any damage or casualty in accordance with
Section 3.6 above. Manager shall receive as an additional fee for such services that fee designated in the loss adjustment as a general contractor’s fee, provided that insurance proceeds that exceed the cost of repairing the damage or
restoring the loss are available to pay such fees. In such event Manager shall be responsible for all costs incurred by Manager in adjusting such loss and contracting for repairs. 

(c) Loss or Liability Claims. Owner and Manager mutually agree for the benefit of each other to look only to the
appropriate insurance coverages in effect pursuant to this Agreement in the event any demand, claim, action, damage, loss, liability or expense occurs as a result of injury to person or damage to property, regardless whether any such demand, claim,
action, damage, loss, liability or expense is caused or contributed to, by or results from the negligence of Owner or Manager or their respective subsidiaries, affiliates, employees, directors, officers, agents or independent contractors and
regardless whether the injury to person or damage to property occurs in and about the Property or elsewhere as a result of the performance of this Agreement. Except for claims that are covered by the indemnity contained in Section 3.7(d) below,
Owner agrees that Owner’s insurance shall be primary without right of subrogation against Manager with respect to all claims, actions, damage, loss or liability in or about the Property. Nevertheless, in the event such insurance proceeds are
insufficient to satisfy (or such insurance does not cover) the demand, claim, action, loss, liability or expense, Owner agrees, at its expense, to indemnify and hold Manager and its subsidiaries, affiliates, officers, directors, employees, agents or
independent contractors harmless to the extent of excess liability. For purposes of this Section 3.7(c), any deductible amount under any policy of insurance shall not be deemed to be included as part of collectible insurance proceeds.

 (d) Indemnification. Notwithstanding anything contained in this Agreement to the contrary, Owner shall
defend, indemnify, and hold harmless Manager and its representative subsidiaries, affiliates, officers, directors, employees, agents or independent contractors from and against all claims, demands, or legal proceedings (including expenses and
reasonable attorney’s fees incurred in connection with the defense of any such matter) (each a “Claim”) that are brought against Manager arising out of the operation or management of the Project, except with respect to
claims arising out of Manager’s gross negligence or willful misconduct. Manager shall defend, indemnify, and hold harmless Owner and its representative subsidiaries, affiliates, officers, directors, employees, agents or independent contractors
from all Claims arising out of the gross negligence or willful misconduct of Manager. The indemnification obligations under this Section 3.7(d) shall survive termination of this Agreement. 

(e) Acts of Tenants and Third Parties. In no event shall Manager have any liability to Owner or others for any acts
of vandalism, trespass or criminal activity of any kind by tenants or third parties on or with respect to the Property and Owner’s insurance shall be primary insurance without right of subrogation against Manager regarding claims arising out of
or resulting from acts of vandalism, trespass or criminal activity. 

  
 7 

 Section 3.8 Collection of Monies. Manager shall use its diligent efforts
to collect all rents and other charges due from tenants, users of garage spaces, carports, storage spaces (if any), commercial lessees (if any) and concessionaires (if any) in respect of the Property and otherwise due Owner with respect to the
Property in the ordinary course of business, provided that Manager does not guarantee the creditworthiness of any tenants, users, lessees or concessionaires or collectability of accounts receivable from any of the foregoing. Owner authorizes Manager
to request, demand, collect, receive and receipt for all such rent and other charges and to institute legal proceedings in the name of Owner, and at Owner’s expense, for the collection thereof, and for the dispossession of tenants and other
persons from the Property or to cancel or terminate any lease, license or concession agreement for breach or default thereunder, and such expense may include the engaging of legal counsel for any such matter. All monies collected by Manager shall be
deposited in the separate bank account referred to in Section 5.2 herein. 
 Section 3.9 Manager
Disbursements. 
 (a) Manager’s Compensation and Reimbursements. From Gross Collections,
Manager shall be authorized to retain and pay (1) Manager’s compensation, together with all sales or other taxes (other than income) which Manager is obligated, presently or in the future, to collect and pay to the State or any other
governmental authority with respect to the Property or employees at the Property, (2) the amounts reimbursable to Manager under this Agreement, (3) the amount of all real estate taxes and other impositions levied by appropriate authorities
with respect to the Property which, if not escrowed with any mortgagee, shall be paid upon specific written direction of Owner before interest begins to accrue thereon; and (4) amounts otherwise due and payable as operating expenses of the
Property authorized to be incurred under the terms of this Agreement. 
 (b) Debt Service. The provisions
of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner. 

(c) Third Parties. All costs, expenses, debts and liabilities owed to third persons that are incurred by Manager
pursuant to the terms of this Agreement and in the course of managing, leasing and operating the Property shall be the responsibility of Owner and not Manager. Owner agrees to provide sufficient working capital funds to Manager so that all amounts
due and owing may be promptly paid by Manager. Manager is not obligated to advance any funds. If at any time there is not sufficient cash in the account available to Manager pursuant to Section 5.2 with which to promptly pay the bills due and
owing, Manager will request that the necessary additional funds be deposited by Owner in an amount sufficient to meet the shortfall. Owner will deposit the additional funds requested by Manager within five days. 

(d) Other Provisions. The provisions of this Section 3.9 regarding reimbursements to Manager shall not limit
Manager’s rights under any other provision of this Agreement. 

  
 8 

 Section 3.10 Use and Maintenance of Premises. Manager agrees that it will
not knowingly permit the use of the Property for any purpose that might void any insurance policy held by Owner or that might render any loss thereunder uncollectible, or that would be in violation of Governmental Requirements, or any covenant or
restriction of any lease of the Property. Manager shall use its good faith efforts to secure substantial compliance by the tenants with the terms and conditions of their respective leases. All costs of correcting or complying with, and all fines
payable in connection with, all orders or violations affecting the Property placed thereon by any governmental authority or Board of Fire Underwriters or other similar body shall be at the cost and expense of Owner. 

Section 3.11 Annual Business Plan. 
 (a) Submission. On or before November 1 of each Fiscal Year during the term of this Agreement, or such earlier date as reasonably requested by Owner, its lenders or investors,
Manager shall prepare and submit to Owner for Owner’s approval, an Annual Business Plan for the promotion, leasing, operations, repair and maintenance of the Property for the succeeding Fiscal Year during which this Agreement is to remain in
effect (the “Annual Business Plan”). The Annual Business Plan shall include a detailed budget of projected income and expenses for the Property for such Fiscal Year (the “Operating Budget”) and a detailed budget of projected
capital improvements for the Property for such Fiscal Year (the “Capital Budget”). 
 (b)
Approval. Manager shall meet with Owner to discuss the proposed Annual Business Plan and Owner shall approve the proposed Annual Business Plan within 20 days of its submission to Owner, or as soon thereafter as commercially
practicable. To be effective, any notice which disapproves a proposed Annual Business Plan must contain specific objections in reasonable detail to individual line items. If Owner fails to provide an effective notice disapproving a proposed Annual
Business Plan within such 20-day period, the proposed Annual Business Plan shall be deemed to be approved. Owner acknowledges that the Operating Budget is intended only to be a reasonable estimate of the income and expenses of the Property for the
ensuing Fiscal Year. Manager shall not be deemed to have made any guarantee, warranty or representation whatsoever in connection with the Operating Budget. 
 (c) Revision. Manager may revise the Operating Budget from time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant
additional, unanticipated items of revenue and expense. Any such revision shall be submitted to Owner for approval, which approval shall not be unreasonably withheld, delayed or conditioned. 

(d) Implementation. Manager agrees to use diligence and to employ all reasonable efforts to ensure that the actual
costs of maintaining and operating the Property shall not exceed the Operating Budget either in total or in any one accounting category. Any expense causing or likely to cause a variance of greater than ten percent (10%) or $25,000, whichever
is greater, in any one accounting category for the current month cumulative year-to-date total shall be promptly explained to Owner by Manager in the next operating statement submitted by Manager to Owner. 

  
 9 

 Section 3.12 Records, Reporting. Manager shall maintain at the regular
business office of Manager or at such other address as Manager shall advise Owner in writing, separate books and journals and orderly files, containing rental records, insurance policies, leases, correspondence, receipts, bills and vouchers, and all
other documents and papers pertaining directly to the Property and the operation thereof. All corporate statements, receipts, invoices, checks, leases, contracts, worksheets, financial statements, books and records, and all other instruments and
documents relating to or arising from the operation or management of the Property shall be and remain the property of Owner and the Owner shall have the right to inspect such records at any reasonable time upon prior notice; Manager shall have the
right to request and maintain copies of all such matters, at Manager’s cost and expense, at all reasonable times during the term of this Agreement, and for a reasonable time thereafter not to exceed three years. All on-site records, including
leases, rent rolls, and other related documents shall remain at the respective Property for which such records are maintained as the property of Owner. 
 Section 3.13 Financial Reports. 
 (a) Monthly Reports. On or before the fifteenth
(15th) day of each month during the term of this
Agreement, Manager shall deliver or cause to be delivered to Owner’s Representative a statement of cash flow for the Property (on a cash and not an accrual basis) for the preceding calendar month. All notices from any mortgagee claiming any
default in any mortgage on the Property, and any other notice from any mortgagee not of a routine nature, shall be promptly delivered by Manager to Owner’s Representative. 

(b) Annual Reports. Within 45 days after the end of each Fiscal Year, Manager shall deliver to Owner’s
Representative a statement of cash flow showing the results of operations for the Fiscal Year or portion thereof during which the provisions of this Agreement were in effect. 
 (c) Employee Files. Manager shall execute and file punctually when due all forms, reports and returns required by law relating to the employment of personnel. 

Section 3.14 Compliance with Governmental Requirements. Manager shall comply with all laws, ordinances and
regulations relating to the management, leasing and occupancy of the Property, including any regulatory or use agreements. Owner acknowledges that Manager does not hold itself out to be an expert or consultant with respect to, or represent that, the
Property currently complies with applicable ordinances, regulations, rules, statutes, or laws of governmental entities having jurisdiction over the Properties or the requirements of the Board of Fire Underwriters or other similar bodies
(collectively, “Governmental Requirements”). Manager shall take such action as may be reasonably necessary to comply with any Governmental Requirements applicable to Manager, including the collection and payment of all sales
and other taxes (other than income taxes) which may be assessed or charged by the State or any governmental entities in connection with Manager’s compensation. If Manager discovers that the Property does not comply with any Governmental
Requirements, Manager shall take such action as may be reasonably necessary to bring the Property into compliance with such Governmental Requirements, subject to the limitation contained in Section 3.5 of this Agreement regarding the making of
alterations and repairs. Manager, however, shall not take any such action as long as Owner is contesting or has affirmed its intention to contest and promptly 

  
 10 

 
institute proceedings contesting any such order or requirement. If, however, failure to comply promptly with any such order or requirement would or might expose Manager to civil or criminal
liability, Manager shall have the right, but not the obligation, to cause the same to be complied with and Owner agrees to indemnify and hold Manager harmless for taking such actions and to promptly reimburse Manager for expenses incurred thereby.
Manager shall promptly, and in no event later than 72 hours from the time of receipt, notify Owner’s Representative in writing of all such orders or notices. Manager shall not be liable for any effort or judgment or for any mistake of fact or
of law, or for anything that it may do or refrain from doing, except in cases of willful misconduct or gross negligence of Manager. 
 ARTICLE 4 
 MANAGER’S COMPENSATION, TERM

 Section 4.1 Fees Paid to Manager. Commencing on the date hereof, Owner shall pay to Manager a fee
(the “Management Fee”), payable monthly in arrears, in an amount equal to Three and One-half Percent (3.5%) of Gross Collections for such month. The Management Fee shall not be subject to off-sets and charges unless
agreed upon by the parties. Pass-Through Amounts shall be collected monthly by Manager, as applicable. 
 Section 4.2
Term. This Agreement shall commence on the Effective Date, and shall thereafter continue for a period of one (1) year from the Effective Date, unless otherwise terminated as provided herein. Thereafter, if neither party gives
written notice to the other at least 60 days prior to the expiration date hereof that this Agreement is to terminate, then this Agreement shall be automatically renewed on a month-to-month basis. 

Section 4.3 Termination Rights. Notwithstanding anything that may be contained herein to the contrary, Owner may
terminate this Agreement at any time by giving Manager thirty (30) days written notice thereof upon a determination of gross negligence, willful misconduct or bad acts of Manager or any of its employees. If Owner or Manager shall materially
breach its obligations hereunder, and such breach remains uncured for a period of 30 days after written notification of such breach, the party not in breach hereunder may terminate this Agreement by giving written notice to the other. Any notice
given pursuant to this Article 4, shall be sent by certified mail. 
 Section 4.4 Duties on Termination.
Upon any termination of this Agreement as contemplated in Section 4.3, Manager shall be entitled to receive all compensation and reimbursements, if any, due to Manager through the date of termination. Within 30 days after any termination,
Manager shall deliver to Owner’s Representative, the report required by Section 3.13(a) for any period not covered by such a report at time of termination, and within 30 days after any such termination, Manager shall deliver to
Owner’s Representative, as required by Section 3.13(b), the statement of cash flow for the Fiscal Year or portion thereof ending on the date of termination. In addition, upon termination of this Agreement for any reason, Manager will
submit to Owner within 30 days after termination any reports required hereunder, all of the cash and bank accounts of the Property, including, without limitation, the Security Deposit Account, investments and records. Manager will, within 30
days after termination, turn over to Owner all copies of all books and records kept for the Property. If Manager desires to retain records of the Property, Manager must reproduce them at its own expense. 

  
 11 

 ARTICLE 5 
 PROCEDURES FOR HANDLING RECEIPTS AND OPERATING CAPITAL 

Section 5.1 Security Deposits. Manager shall collect, deposit, hold, disburse and pay security deposits as
required by applicable State law and all other applicable laws, and in accordance with the terms of each tenant’s lease. The amount of each security deposit will be specified in the tenant’s lease. Security deposits shall be deposited into
a separate non-interest-bearing account unless otherwise required by law (the “Security Deposit Account”) at a Depository selected by Manager and approved by Owner. The Security Deposit Account shall be established in the name of
the Manager and held separate from all other of Manager’s funds and accounts, unless the Owner informs Manager, in writing that it intends to hold the Security Deposit Account. If such account is held by Manager, only representatives of Manager
will be signatories to this account. To the extent possible, the Security Deposit Account shall be fully insured by the Federal Deposit Insurance Corporation (FDIC). Owner agrees to indemnify and hold harmless Manager, and Manager’s
representatives, officers, directors and employees for any loss or liability with respect to any use by Owner of the tenant security deposits that is inconsistent with the terms of tenant leases and applicable laws. 

Section 5.2 Separation of Owner’s Monies. Manager shall deliver all collected rents, charges and other
amounts received in connection with the management and operation of the Property (except for tenants’ security deposits, which will be handled as specified in this Agreement) to a Depository selected by Manager and approved by Owner.

 Section 5.3 Depository Accounts. Except to the extent that Manager has not complied with its
obligations under Section 2.3(c), Owner and Manager agree that Manager shall have no liability for loss of funds of Owner contained in the bank accounts for the Property maintained by Owner or Manager pursuant to this Agreement due to
insolvency of the bank or financial institution in which its accounts are kept, whether or not the amounts in such accounts exceed the maximum amount of federal or other deposit insurance applicable with respect to the financial institution in
question. 
 Section 5.4 Working Capital. In addition to the funds derived from the operation of the
Property, Owner shall furnish and maintain in the operating accounts of the Property such other funds as may be necessary to discharge financial commitments required to efficiently operate the Property and to meet all payrolls and satisfy, before
delinquency, and to discharge all accounts payable. Manager shall have no responsibility or obligation with respect to the furnishing of any such funds. Nevertheless, Manager shall have the right, but not the obligation, to advance funds or
contribute property on behalf of Owner to satisfy obligations of Owner in connection with this Agreement and the Property. Manager shall keep appropriate records to document all reimbursable expenses paid by Manager, which records shall be made
available for inspection by Owner or its agents on request. Owner agrees to reimburse Manager upon demand for money paid or property contributed in connection with the Property and this Agreement. 

Section 5.5 Authorized Signatures. Any persons from time to time designated by Manager shall be authorized
signatories on all bank accounts established by Manager pursuant to this Agreement and shall have authority to make disbursements from such accounts. Funds may be withdrawn from all bank accounts established by Manager, in accordance with this
Article 5, only upon the signature of an individual who has been granted that authority by Manager and funds may not be withdrawn from such accounts by Owner unless Manager is in default hereunder. 

  
 12 

 ARTICLE 6 
 MISCELLANEOUS 
 Section 6.1 Assignment.
Upon 30 days written notification, Owner may assign its rights and obligations to any successor in title to the Property and upon such assignment shall be relieved of all liability accruing after the effective date of such assignment. This Agreement
may not be assigned or delegated by Manager without the prior written consent of Owner, which Owner may withhold in its sole discretion. Any unauthorized assignment shall be null and void ab initio, and shall not in any event release Manager
from any liabilities hereunder. 
 Section 6.2 Notices. All notices required or permitted by this
Agreement shall be in writing and shall be sent by registered or certified mail, addressed in the case of Owner to SIR Spring Creek, LLC, 18100 Von Karman Avenue, Suite 500, Irvine, CA 92612, Attention: Kevin Keating; and in the case of Manager to
Steadfast Management Company, Inc., 18100 Von Karman Avenue, Suite 500, Irvine, CA 92612, Attention: Christopher Hilbert, or to such other address as shall, from time to time, have been designated by written notice by either party given to the other
party as herein provided. 
 Section 6.3 Entire Agreement. This Agreement shall constitute the entire
agreement between the parties hereto and no modification thereof shall be effective unless in writing executed by the parties hereto. 
 Section 6.4 No Partnership. Nothing contained in this Agreement shall constitute or be construed to be or create a partnership or joint venture between Owner, its successors or
assigns, on the one part, and Manager, its successors and assigns, on the other part. 
 Section 6.5 No Third Party
Beneficiary. Neither this Agreement nor any part hereof nor any service relationship shall inure to the benefit of any third party, to any trustee in bankruptcy, to any assignee for the benefit of creditors, to any receiver by reason
of insolvency, to any other fiduciary or officer representing a bankrupt or insolvent estate of either party, or to the creditors or claimants of such an estate. Without limiting the generality of the foregoing sentence, it is specifically
understood and agreed that such insolvency or bankruptcy of either party hereto shall, at the option of the other party, void all rights of such insolvent or bankrupt party hereunder (or so many of such rights as the other party shall elect to
void). 
 Section 6.6 Severability. If any one or more of the provisions of this Agreement, or the
applicability of any such provision to a specific situation, shall be held invalid or unenforceable, such provision should be modified to the minimum extent necessary to make it or its application valid and enforceable, and the validity and
enforceability of all other provisions of this Agreement and all other applications of such provisions shall not be affected thereby. 
 Section 6.7 Captions, Plural Terms. Unless the context clearly requires otherwise, the singular number herein shall include the plural, the plural number shall include the
singular and any gender shall include all genders. Titles and captions herein shall not affect the construction of this Agreement. 

  
 13 

 Section 6.8 Attorneys’ Fees. Should either party employ an
attorney to enforce any of the provisions of this Agreement, or to recover damages for breach of this Agreement, the non-prevailing party in any action agrees to pay to the prevailing party all reasonable costs, damages and expenses, including
reasonable attorneys’ fees, expended or incurred by the prevailing party in connection therewith. 
 Section 6.9
Signs. Manager shall have the right to place signs on the Property in accordance with applicable Governmental Requirements stating that Manager is the manager and leasing agent for the Property. 

Section 6.10 Survival of Indemnities. The indemnification obligations of the parties to this Agreement shall
survive the termination of this Agreement to the extent of any claim or cause of action based on an event occurring prior to the date of termination. 
 Section 6.11 Governing Law. This Agreement shall be construed under and in accordance with the laws of the State and is fully performable with respect to the Property in the
county in which the Property is located. 
 Section 6.12 Competitive Properties. Manager may,
individually or with others, engage or possess an interest in any other project or venture of every nature and description, including but not limited to, the ownership, financing, leasing, operation, management, brokerage and sale of real estate
projects including apartment projects other than the Property, whether or not such other venture or projects are competitive with the Property and Owner shall not have any claim as to such project or venture or to the income or profits derived
therefrom. 
 Section 6.13 Set Off. Without prejudice to Manager’s right to terminate this
Agreement in accordance with the terms of this Agreement, Manager may at any time and without notice to Owner, set off or transfer any sums held by Manager for or on behalf of Owner in the accounts (other than the Security Deposit Account)
maintained pursuant to this Agreement in or towards satisfaction of any of Owner’s liabilities to Manager in respect of any sums due to Manager under this Agreement. 
 Section 6.14 Notice of Default. Manager shall not be deemed in default under this Agreement, and Owner’s right to terminate Manager as a result of such default shall not
accrue, until Owner has delivered written notice of default to Manager and Manager has failed to cure same within 30 days from the date of receipt of such notice. 
 Section 6.15 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original. 

  
 14 

 This Property Management Agreement is hereby executed by duly authorized representatives of
the parties hereto as of the Effective Date. 
  

							
	OWNER:	 	SIR SPRING CREEK, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	Steadfast Income Advisor, LLC, its Manager
				
		 		 	By:	 	 /s/ Ana Marie del Rio

		 		 		 	Ana Marie del Rio, Secretary
		
	MANAGER:	 	STEADFAST MANAGEMENT COMPANY, INC.,
		 	a California corporation
			
		 	By:	 	 /s/ William C. Stoll

		 		 	William C. Stoll, Vice President

  

  
 15 

 EXHIBIT A 

ESTIMATED PASS-THROUGH AMOUNTS 
  

					
		  	Benefits Administration	  	3% of total employee costs
		  	IT Infrastructure, Licenses and Support	  	At cost and expense
		  	Marketing/Training/Continuing Educations	  	$20 p.u.p.y.

  
 16 

 EXHIBIT B 

THE PROPERTY 
 Legal Description: 777 East 15th Street, Edmond, OK 73013 
 The real property situated in the City of Edmond, County of Oklahoma,
State of Oklahoma, and described as follows: 
 The Property consists of 252 one, two and three-bedroom units. Site amenities include leasing
office, clubhouse, fitness center, and outdoor swimming pool. It is comprised of 12.83 acres and it was built in 1974 and renovated in 2008-2010. 

  
 17EX-10.4

 Exhibit 10.4 

 

					
	PREPARED BY:	 		 	
			
	Harold A. Hagen, Esq.	 	)	 	
	Bryan Cave LLP	 	)	 	
	333 Market Street, 25th 
Floor	 	)	 	
	San Francisco, CA 94105	 	)	 	

 ASSUMPTION AGREEMENT 

This Assumption Agreement (“Assumption Agreement” or “Agreement”) is made this 9th of March,
2012, by U.S. BANK NATIONAL ASSOCIATION, as Trustee for the registered holders of J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., MULTIFAMILY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2011-K702 (“Noteholder”), WC/TP SPRING
CREEK, LLC, a Delaware limited liability company (“Borrower”), JOHN A. WENSINGER, an individual (“Original Guarantor”), SIR SPRING CREEK, LLC, a Delaware limited liability company
(“Assumptor”), STEADFAST INCOME REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP”) and STEADFAST INCOME REIT, INC., a Maryland corporation (“SIR” and, together with OP, jointly
and severally, “New Guarantor”). Borrower, Original Guarantor, Assumptor and New Guarantor are collectively referred to herein as the “Borrower Parties.” The Borrower Parties and Noteholder are
collectively referred to herein as the “Parties.” 
 RECITALS 

 

	A.	Noteholder’s predecessor in interest, Holliday Fenoglio Fowler, L.P., a Texas limited partnership (“Original Lender”) made a loan to Borrower in
the original principal amount of Fourteen Million One Hundred Thousand and no/100 Dollars ($14,100,000.00) (“Loan”), under the terms and provisions set forth in the following loan documents, all of which are dated as of
January 31, 2011, unless otherwise noted: 

  

	 	1.	Multifamily Note – CME (“Note”) in the original principal amount of the Loan, made by Borrower and payable to Original Lender, said Note having
been endorsed by Original Lender to the Federal Home Loan Mortgage Corporation, a corporation organized and existing under the laws of the United States (“Freddie Mac”) and thereafter endorsed by Freddie Mac to Noteholder.
Noteholder is now the owner and holder of the Note and the Loan is serviced by Wells Fargo Bank, N.A. (“Servicer”); 

  

	 	2.	 Multifamily Mortgage, Assignment of Rents and Security Agreement (Oklahoma) executed by Borrower and given to Original Lender which secures the Note
and other obligations of Borrower (“Security Instrument”), and which Security Instrument was recorded on January 31, 2011, in Book 11562 at Page 1719 with the County Clerk of Oklahoma County, State of Oklahoma
(“Official Records”), the Original Lender’s interest under which was assigned to the Freddie Mac, by instrument recorded on January 31, 2011, in Book 11562 at Page 1831 in said Official Records and thereafter assigned by
Freddie Mac to 

	 	
Noteholder by instrument recorded on July 5, 2011, in Book 11667 at Page 986 in said Official Records. The land, improvements and other real property which are subject to the Security
Instrument are hereinafter referred to as the “Property” and the equipment, machinery and other personal property which are subject to the Security Instrument are hereinafter referred to as the “Collateral”;

  

	 	3.	UCC-1 Financing Statement recorded on January 31, 2011, in Book 11562 at Page 1796 in said Official Records, naming Freddie Mac as secured party, the secured
party’s interest thereunder having been assigned to Noteholder by UCC-3 Financing Statement Amendment recorded on July 5, 2011, in Book 11667 at Page 990 in said Official Records (collectively, the “County UCC”);

  

	 	4.	UCC-1 Financing Statement filed on February 11, 2011, with the Delaware Department of State as File No. 2011 0517386, naming Freddie Mac as secured party, the
secured party’s interest thereunder having been assigned to Noteholder by UCC-3 Financing Statement Amendment filed with the Delaware Department of State as File No. 2011 2526963 (collectively, the “State UCC”);

  

	 	5.	Guaranty – CME, executed by Original Guarantor (“Guaranty”); 

 

	 	6.	Replacement Reserve Agreement – CME, executed by Borrower (“Replacement Reserve Agreement”); 

 

	 	7.	Assignment of Management Agreement and Subordination of Management Fees, executed by Borrower and Willmax Capital Management, Inc. (“Original Assignment
of Management Agreement”); 

  

	 	8.	Repair Escrow Agreement – CME, executed by Borrower (“Repair Escrow Agreement”); 

 

	 	9.	Operations and Maintenance Agreement – Moisture Management Plan and Asbestos, executed by Borrower (“O&M Agreement”); and

  

	 	10.	Borrower’s Certificate of Representations and Warranties executed by Borrower (“Borrower’s Certificate”). 

The documents described in the foregoing paragraphs 1 through 10 and any other Loan Documents, including, in each case, any prior
amendments thereto, together with this Assumption Agreement, are hereinafter collectively defined as the “Loan Documents”. The documents described in the foregoing paragraphs 1-4, 6 and 9, together with and as modified by this
Assumption Agreement, are hereinafter collectively defined as the “Assumed Loan Documents”. All defined terms not otherwise defined herein shall have the meanings given them in the Note, or if not defined therein, the Security
Instrument. 
  

	B.	As of March 5, 2012: 

  

	 	1.	The principal balance outstanding under the Note was $13,876,940.44; 

  
 2 

	 	2.	Accrued interest on the Note has been paid through February 29, 2012; 

  

	 	3.	The balance of Imposition Deposits held for the payment of Taxes (as provided in Section 7(a) of the Security Instrument) was $30,539.03; 

 

	 	4.	The balance of Imposition Deposits held for the payment of Hazard Insurance premiums or other insurance premiums (as provided in Section 7(a) of the Security
Instrument) was $44,503.50; 

  

	 	5.	The balance in the Replacement Reserve Fund (as provided in the Replacement Reserve Agreement) was $[21,308.00]; 

 

	C.	Borrower has sold and conveyed the Property and the Collateral to Assumptor, or is about to sell and convey the Property and the Collateral to Assumptor (the
“Transfer”), and both parties desire to obtain from Noteholder a waiver of any right Noteholder may have under the Loan Documents to accelerate the Maturity Date of the Note by virtue of such conveyance. 

 

	D.	Subject to the terms and conditions hereof, Noteholder is willing to consent to the Transfer, and to waive any right of acceleration of the Maturity Date of the Note
upon assumption by Assumptor of all obligations of Borrower under the Loan Documents. 

 NOW THEREFORE, FOR VALUABLE
CONSIDERATION, including, without limitation, the mutual covenants and promises contained herein, the Parties agree as follows: 
  

	 	1.	Incorporation. The foregoing recitals are incorporated herein by this reference. 

 

	 	2.	Assumption Fee. As consideration for Noteholder’s execution of this Assumption Agreement and in addition to any other sums due hereunder, Borrower
and Assumptor agree to pay Noteholder or Noteholder’s servicer(s) (all as set forth in the escrow instructions to be executed in connection with the closing of this assumption) an assumption fee of $[139,132.00] (1.00% of the Loan balance), due
on execution of this Assumption Agreement by Noteholder (“Assumption Fee”). 

  

	 	3.	Conditions Precedent. The following are conditions precedent to Noteholder’s obligations under this Assumption Agreement: 

 

	 	(a)	The irrevocable commitment of First American Title Insurance Company (“Title Company”) to issue a date-down endorsement and other endorsements
specified by Servicer to Title Company’s Title Policy No. M1538519, dated January 31, 2011, in each case in form and substance acceptable to Noteholder and without deletions or exceptions other than as expressly approved by Noteholder in
writing, insuring Noteholder that the priority and validity of the Security Instrument has not been and will not be impaired by this Assumption Agreement, the conveyance of the Property, or the transaction contemplated hereby;

  
 3 

	 	(b)	Receipt and approval by Noteholder of: (i) the executed original of this Assumption Agreement; (ii) an executed original of a Memorandum of Assumption
Agreement in the form attached hereto as EXHIBIT A, with signatures notarized, and otherwise in form and substance acceptable to Noteholder (“Memorandum of Assumption Agreement”); and (iii) any other documents and
agreements which are required pursuant to this Assumption Agreement, in form and content acceptable to Noteholder; 

  

	 	(c)	Recordation in the Official Records of the Memorandum of Assumption Agreement, together with such other documents and agreements, if any, required pursuant to this
Assumption Agreement or which Noteholder has requested to be recorded or filed; 

  

	 	(d)	Assumptor’s delivery to Noteholder of UCC-1 Financing Statements and UCC-3 Financing Statement Amendments in proper form for filing in the appropriate
jurisdictions as determined by Noteholder, which Assumptor expressly authorizes Noteholder to file; 

  

	 	(e)	Execution and delivery to Noteholder by New Guarantor of a Guaranty (Multistate – Assumptions and Transfers) (“New Guaranty”) in favor of
Noteholder and in form and substance acceptable to Noteholder, pursuant to which New Guarantor irrevocably guarantees payment for certain matters under the Loan as more specifically set forth in the New Guaranty, along with delivery to Noteholder of
such resolutions or certificates of New Guarantor as Noteholder may require, in form and content acceptable to Noteholder; 

  

	 	(f)	[Reserved]; 

  

	 	(g)	Delivery to Noteholder of the organizational documents and evidence of good standing of Assumptor, its constituent parties, and of New Guarantor, together with such
resolutions or certificates as Noteholder may require, in form and content acceptable to Noteholder, authorizing the assumption of the Loan and executed by the appropriate persons and/or entities on behalf of Assumptor and New Guarantor;

  

	 	(h)	The representations and warranties contained herein are true and correct; 

  

	 	(i)	Receipt by Noteholder of a copy of Assumptor’s casualty insurance policy and comprehensive liability insurance policy with respect to the Property, each in form
and amount satisfactory to Noteholder, with the annual premium for same to be paid at closing; 

  

	 	(j)	Receipt by Noteholder of a copy of the special warranty deed by which title to the Property will be conveyed to Assumptor, and the purchase and sale agreement
documenting the sale of the Property to Assumptor; 

  
 4 

	 	(k)	Receipt by Noteholder of an executed assignment of the purchaser’s interest in the purchase and sale agreement for the Property from the purchaser named therein to
Assumptor; 

  

	 	(l)	[Intentionally deleted]; 

  

	 	(m)	Receipt by Noteholder of a copy of the new property management agreement for the Property in form and substance, and with a manager, acceptable to Noteholder, along
with an executed assignment of management agreement acceptable to Noteholder; 

  

	 	(n)	Noteholder shall have received an opinion of counsel to Noteholder with respect to the compliance of this Assumption Agreement, the transfer to Assumptor, and the
transactions referenced herein with the provisions of the Internal Revenue Code as the same pertain to real estate mortgage investment conduits and such other opinion letters as Noteholder’s counsel shall require; 

 

	 	(o)	All items on the closing checklist of Noteholder’s counsel shall be satisfied or waived by Noteholder or its counsel; 

 

	 	(p)	Payment of the Assumption Fee provided for in Section 2 above; and 

  

	 	(q)	Borrower’s or Assumptor’s reimbursement to Noteholder of Noteholder’s costs and expenses incurred in connection with this Assumption Agreement and the
transactions contemplated hereby, including, without limitation, title insurance costs, escrow and recording fees, attorneys’ fees, appraisal, engineers’ and inspection fees and documentation costs and charges, whether such services are
furnished by Noteholder’s employees, agents or independent contractors. 

  

	 	4.	Effective Date. The effective date of this Assumption Agreement shall be the date the Memorandum of Assumption Agreement is recorded in the Official
Records (“Effective Date”). 

  

	 	5.	Assumption. Assumptor hereby assumes and agrees to pay when due all sums due or to become due or owing under the Note, the Security Instrument and the
other Assumed Loan Documents and shall hereafter faithfully perform all of Borrower’s obligations under and be bound by all of the provisions of the Assumed Loan Documents and assumes all liabilities of Borrower under the Assumed Loan Documents
as if Assumptor were an original signatory thereto. The execution of this Assumption Agreement by Assumptor shall be deemed its execution of the Note, the Security Instrument and the other Assumed Loan Documents. Assumptor shall henceforth be deemed
to be the “Mortgagor,” “Assignor,” “Grantor,” “Indemnitor” and/or “Borrower”, as the case may be, under each of the Assumed Loan Documents. Without limiting the generality of the foregoing,
Assumptor’s assumption includes the assumption of all obligations, liabilities, and waivers of Borrower set forth in the Note, including, without limitation, the liabilities of Borrower under Section 9 thereof. The foregoing assumption by
Assumptor is absolute and unconditional. 

  
 5 

	 	6.	Partial Release of Borrower; Release of Noteholder. Noteholder hereby releases (on the Effective Date) Borrower from liability under the Loan Documents
other than this Assumption Agreement as to acts, events or omissions occurring or obligations arising after the Effective Date; provided however, that the Parties hereby acknowledge and agree that Borrower is expressly not released from and nothing
contained herein is intended to limit, impair, terminate or revoke, any of Borrower’s obligations including, without limitation, those set forth in Section 9 of the Note, to the extent the same arise out of or in connection with any acts,
events or omissions occurring or obligations arising on or before the Effective Date (the “Retained Obligations”), and that such obligations shall continue in full force and effect in accordance with the terms and provisions thereof
and hereof. Borrower’s obligations under the Loan Documents with respect to the Retained Obligations shall not be discharged or reduced by any extension, amendment, renewal or modification to, the Note, the Security Instrument or any other Loan
Documents, including, without limitation, changes to the terms of repayment thereof, modifications, extensions or renewals of repayment dates, releases or subordinations of security in whole or in part, changes in the interest rate or advances of
additional funds by Noteholder in its discretion for purposes related to those set forth in the Loan Documents. 

  

	 	7.	Confirmation of Guaranty; Partial Release of Original Guarantor. Effective upon the Effective Date, Original Guarantor shall be released from liability
under the Guaranty as to acts, events or omissions occurring or obligations arising after the Effective Date; provided, however, such release shall not apply to any acts, events or omissions which occurred prior to the Effective Date,
whether or not the effects of or damages from such acts, events or omissions are apparent or ascertainable as of the Effective Date. Nothing contained herein is intended to limit, impair, terminate or revoke Original Guarantor’s obligations
under the Guaranty to the extent the same arise out of or in connection with any acts, events or omissions occurring or obligations arising on or before the Effective Date. 

 

	 	8.	 Release of Lender Parties and Covenant Not to Sue. Each Borrower Party, on behalf of itself and its heirs, successors and assigns, hereby
releases and forever discharges Noteholder, any trustee with regard to the Loan, any servicer of the Loan, each of their respective predecessors-in-interest and successors and assigns, together with the officers, directors, partners, employees,
investors, certificate holders and agents of each of the foregoing (collectively, the “Noteholder Parties”), from all debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, agreements,
claims, damages, judgments, executions, actions, inactions, liabilities, demands or causes of action of any nature, at law or in equity, known or unknown, which any Borrower Party now has by reason of any cause, matter, or thing through and
including the date hereof, arising out of or relating to: (a) the Loan, including, 

  
 6 

	 	
without limitation, its funding, administration and servicing, (b) the Loan Documents, (c), the Property or Collateral, (d) any reserve and/or escrow balances held by Noteholder or any
servicers of the Loan, or (e) the sale, conveyance, assignment and transfer of the Property and Collateral. Each Borrower Party, on behalf of itself and its heirs, successors and assigns, covenants and agrees never to institute or cause to be
instituted or continue prosecution of any suit or other form of action or proceeding of any kind or nature whatsoever against any of the Noteholder Parties by reason of or in connection with any of the foregoing matters, claims or causes of action.

 THE RELEASE CONTAINED IN THIS SECTION 8 INCLUDES CLAIMS OF WHICH BORROWER PARTIES (INDIVIDUALLY AND
COLLECTIVELY) ARE PRESENTLY UNAWARE OR WHICH BORROWER PARTIES (INDIVIDUALLY AND COLLECTIVELY) DO NOT PRESENTLY SUSPECT TO EXIST WHICH, IF KNOWN BY A BORROWER PARTY WOULD MATERIALLY AFFECT ITS RELEASE OF THE NOTEHOLDER PARTIES. 

BY EXECUTING THIS AGREEMENT, EACH BORROWER PARTY ACKNOWLEDGES THAT (i) THIS SECTION 8 HAS BEEN READ AND FULLY UNDERSTOOD,
(ii) EACH BORROWER PARTY HAS EACH HAD THE CHANCE TO ASK QUESTIONS OF ITS COUNSEL ABOUT ITS MEANING AND SIGNIFICANCE AND (iii) EACH BORROWER PARTY HAS ACCEPTED AND AGREED TO THE TERMS SET FORTH IN THIS SECTION 8. 

 

	 	9.	Representations and Warranties. 

  

	 	(a)	Assignment. Borrower and Assumptor each hereby represents, warrants, and covenants to Noteholder and each other that Borrower has irrevocably and unconditionally
transferred and assigned to Assumptor all of Borrower’s right, title and interest in and to: 

  

	 	(i)	The Property and the Collateral; 

  

	 	(ii)	The Assumed Loan Documents; 

  

	 	(iii)	All leases related to the Property or the Collateral; 

  

	 	(iv)	All rights as named insured under all casualty and liability insurance policies (and all endorsements in connection therewith) relating to the Property or the
Collateral (unless, but only to the extent that, Assumptor is obtaining its own such insurance policies); 

  

	 	(v)	All reciprocal easement agreements, operating agreements, and declarations of conditions, covenants and restrictions related to the Property; 

  
 7 

	 	(vi)	All prepaid rents applicable to the period from and after the Effective Date and security deposits, if any, held by Borrower in connection with leases of any part of
the Property or the Collateral; and 

  

	 	(vii)	All funds, if any, deposited in impound accounts held by or for the benefit of Noteholder pursuant to the terms of the Loan Documents. 

Borrower and Assumptor each hereby further represents and warrants to Noteholder that no consent to the transfer of the Property and the
Collateral to Assumptor is required under any agreement to which Borrower or Assumptor is a party, including, without limitation, under any lease, operating agreement, mortgage or security instrument (other than the Loan Documents), or if such
consent is required, that it has been obtained and is in full force and effect. 
  

	 	(b)	No Defaults. Assumptor and Borrower each hereby represents and warrants, to the best of its respective knowledge, that no default, event of default, breach or
failure of condition has occurred, or would exist with notice or the lapse of time or both, under any of the Loan Documents, as modified by this Assumption Agreement, and all representations and warranties herein and in the other Loan Documents are
true and correct. 

  

	 	(c)	Loan Documents. Assumptor represents and warrants to Noteholder that Assumptor has actual knowledge of all terms and conditions of the Loan Documents, and agrees
that Noteholder has no obligation or duty to provide any information to Assumptor regarding the terms and conditions of the Loan Documents. Assumptor further agrees that all representations, agreements and warranties in the Loan Documents regarding
Borrower, its status, authority, financial condition and business shall apply to Assumptor as well as to Borrower, as though Assumptor were the borrower originally named in the Loan Documents. Assumptor further understands and acknowledges that,
except as expressly provided in a writing executed by Noteholder, Noteholder has not waived any right of Noteholder or obligation of Borrower or Assumptor under the Loan Documents and Noteholder has not agreed to any modification of any provision of
any Loan Document or to any extension of the Loan. 

  

	 	(d)	 Financial Statements. Assumptor represents and warrants to Noteholder that the financial statements of Assumptor and of each New Guarantor, if
any, previously delivered by Borrower, Assumptor or any of such parties to Noteholder: (i) are materially complete and correct; (ii) present fairly the financial condition of each of such parties; and (iii) have been prepared in
accordance with generally accepted accounting principles consistently applied or other accounting standards approved by Noteholder. Assumptor further represents and warrants to Noteholder that, since the date of such financial statements, there has
been no 

  
 8 

	 	
material adverse change in the financial condition of any of such parties, nor have any assets or properties reflected on such financial statements been sold, transferred, assigned, mortgaged,
pledged or encumbered except as previously disclosed in writing by Assumptor to Noteholder and approved in writing by Noteholder. 

  

	 	(e)	Reports. Assumptor represents and warrants to Noteholder that, to the best of its knowledge after due inquiry and investigation, all reports, documents,
instruments and information delivered to Noteholder in connection with Assumptor’s assumption of the Loan: (i) are materially correct and sufficiently complete to give Noteholder accurate knowledge of their subject matter; and (ii) do
not contain any misrepresentation of a material fact or omission of a material fact which omission makes the provided information misleading. 

  

	 	(f)	Assumptor Location. Assumptor represents and warrants that its chief executive office (or principal residence, if applicable) is located at the address set forth
in Section 14 below. Assumptor represents and warrants that its state of formation is Delaware. All organizational documents of Assumptor delivered to Noteholder are complete and accurate in every respect. Assumptor’s legal name is exactly
as shown on page one of this Assumption Agreement. Assumptor shall not change Assumptor’s name or, as applicable, Assumptor’s chief executive office, Assumptor’s principal residence or the jurisdiction in which Assumptor is organized,
without giving Noteholder at least 30 days’ prior written notice. 

  

	 	(g)	No Adverse Change. Assumptor and New Guarantor represent and warrant to Noteholder that since the date of the financial statements for Assumptor and New
Guarantor submitted by Assumptor in connection with its application to assume the Loan, there has occurred no adverse change in the financial condition of Assumptor or New Guarantor. 

 

	 	(h)	No Pledge of Equity Interests. Assumptor and New Guarantor represent and warrant to Noteholder that no equity interest in Assumptor or an entity that, directly
or indirectly, owns an equity interest in Assumptor has been pledged, hypothecated or otherwise encumbered as security for any obligation, and that no portion of the capital contributed to Assumptor, directly or indirectly, in connection with
Assumptor’s acquisition of the Property consists of borrowed funds. 

  

	 	(i)	 Embargoed Person. Assumptor and New Guarantor represent and warrant that none of the funds or other assets of Assumptor or New Guarantor
constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the USA

  
 9 

	 	
PATRIOT Act (including the anti-terrorism provisions thereof), the International Economic Powers Act, 50 U.S.C. §§ 1701, et. seq., the Trading with the Enemy Act, 50 U.S.C. App. 1 et.
seq., and any Executive Orders or regulations promulgated thereunder, including those related to Specially Designated Nationals and Specially Designated Global Terrorists (“Embargoed Person”) and further warrant and represent that
no Embargoed Person has any interest of any nature whatsoever in Assumptor or New Guarantor with the result that the investment in Assumptor (whether directly or indirectly) is prohibited by law. 

 

	 	(j)	Authority and Enforceability. In addition to all representations and warranties in the Loan Documents, each of the Borrower Parties represents and warrants as to
itself that (i) it has full power, authority, legal right and capacity to execute, deliver and perform its respective obligations under this Assumption Agreement and the other Loan Documents and enter into the purchase and sale transaction
contemplated by this Agreement; (ii) the Loan Documents to which it is a party, including, without limitation, this Assumption Agreement, constitute valid, enforceable and binding obligations of such party; and (iii) as of the Effective
Date, there are no counterclaims, defenses or offsets of any nature whatsoever to any of its respective obligations under the Loan Documents. 

  

	 	(k)	Organizational Status. Borrower and Assumptor each represent and warrant as to itself that it is (i) duly organized, validly existing and in good standing
under the laws of its State of organization; and (ii) duly qualified to transact business and in good standing in the State where the Property is located. 

 

	 	10.	Waiver of Acceleration. Effective upon the satisfaction of, and subject to, all the terms and conditions set forth in this Assumption Agreement,
Noteholder hereby consents to the sale and conveyance of the Property and Collateral and agrees that it shall not exercise its right to cause all sums secured by the Security Instrument to become immediately due and payable because of the conveyance
of the Property and the Collateral from Borrower to Assumptor; provided, however, Noteholder reserves its right under the terms of the Security Instrument or any other Loan Document to accelerate all principal and interest in the event of any
subsequent sale, transfer, encumbrance or other conveyance of the Property, the Collateral or any interest in Assumptor, except as permitted by the Loan Documents. 

 

	 	11.	 Hazardous Materials. Without in any way limiting any other provision of this Assumption Agreement, Assumptor and Borrower expressly
reaffirm as of the date hereof, and Assumptor reaffirms continuing hereafter: (a) each and every representation and warranty in the Loan Documents respecting “Hazardous Materials”, provided that each such representation and
warranty by Assumptor 

  
 10 

	 	
and Borrower shall be limited to Asumptor’s and Borrower’s own respective acts and knowledge; and (b) each and every covenant and indemnity in the Loan Documents respecting
“Hazardous Materials”. 

  

	 	12.	Multiple Parties. If more than one person or entity has signed this Assumption Agreement as Assumptor or Borrower, then all references in this Assumption
Agreement to Assumptor or Borrower shall mean each and all of the persons so signing, as applicable. The liability of all persons and entities signing shall be joint and several with all others similarly liable. 

 

	 	13.	Confirmation of Security Interest; Ratification. Nothing contained herein shall affect or be construed to affect any lien, charge or encumbrance created
by any Loan Document or the priority of that lien, charge or encumbrance. All assignments and transfers by Borrower to Assumptor are subject to any security interest(s) held by Noteholder. Assumptor hereby ratifies and reaffirms (i) each grant,
pledge, assignment and conveyance to Noteholder of, and Assumptor grants pledges, assigns and conveys to Noteholder a lien on, pledge of, and security interest in, the Property pursuant to the terms of the Security Instrument, including all rights,
interests and property hereafter acquired, and all products and proceeds thereof and additions and accessions thereto, and (ii) that as of the Effective Date, all of the terms, representations, warranties, covenants and provisions of the
Assumed Loan Documents remain in full force and effect, without modification, except as necessary to implement the terms and provisions of this Assumption Agreement. Borrower ratifies and reaffirms that as of the Effective Date, all of the terms,
representations, warranties, covenants and provisions of the Loan Documents remain in full force and effect, and are true and correct with respect to Borrower, without modification, except as necessary to implement the terms and provisions of this
Assumption Agreement. 

  

	 	14.	Notices. All notices to be given to Assumptor pursuant to the Loan Documents shall be addressed as follows: 

SIR SPRING CREEK, LLC 
 c/o Steadfast Asset Holdings, Inc. 
 18100 Von Karman Ave., Suite 500 

Irvine, California 92612 
 Attn: Tim Middleton 
 With a copy to: 

Garrett DeFrenza Stiepel Ryder LLP 
 3200 Bristol Street, Suite 850 
 Costa Mesa, California 92626 

Attn: Marcello F. De Frenza, Esq. 
  

	 	15.	 Integration; Interpretation. The Loan Documents, including this Assumption Agreement, contain or expressly incorporate by reference the
entire agreement of 

  
 11 

	 	
the Parties with respect to the matters contemplated herein and supersede all prior negotiations. The Assumed Loan Documents shall not be further modified except by written instrument executed by
Noteholder and Assumptor. Any reference in any of the Loan Documents to the Property or the Collateral shall include all or any parts of the Property or the Collateral. 

 

	 	16.	Successors and Assigns. This Assumption Agreement is binding upon and shall inure to the benefit of the heirs, successors and assigns of the Parties but
subject to all prohibitions of transfers contained in any of the Loan Documents. 

  

	 	17.	Attorneys’ Fees; Enforcement. If any attorney is engaged by Noteholder to enforce, construe or defend any provision of this Assumption Agreement, or
as a consequence of any default under or breach of this Assumption Agreement, with or without the filing of any legal action or proceeding, Assumptor shall pay to Noteholder, upon demand, the amount of all attorneys’ fees and costs reasonably
incurred by Noteholder in connection therewith, together with interest thereon from the date of such demand at the rate of interest applicable to the principal balance of the Note as specified therein. 

 

	 	18.	Additional Transfers. Notwithstanding Noteholder’s consent to the Transfer, Assumptor understands and agrees that such consent will in no way limit
or operate as a waiver of Noteholder’s continuing rights with respect to future transfers under the provisions of the Security Instrument. 

  

	 	19.	Deferred Maintenance. Assumptor covenants and agrees that it will, within 90 days of the Closing Date, repair or cause to have repaired, in a good and
workmanlike manner, all items listed as deferred maintenance on Servicer’s Standard Inspection Form dated January 12, 2012 (the “Deferred Maintenance”). Assumptor further covenants and agrees that should such items
of Deferred Maintenance not be repaired as provided herein, that an immediate Event of Default shall have occurred, and that Noteholder shall have all remedies available to it under the terms of the Assumed Loan Documents, including but not limited
to the immediate right to accrue interest on the Loan at the Default Rate. 

  

	 	20.	Subordination of Rights of Borrower and Assumptor. 

  

	 	(a)	Any indebtedness of Borrower to Assumptor, or of Assumptor to Borrower, now or existing after the date of this Agreement, together with any interest on such debt, is
subordinated to any indebtedness of Borrower or Assumptor to Noteholder under the Loan Documents or the Assumed Loan Documents, as applicable. 

  

	 	(b)	 Any collection or receipts with respect to any such indebtedness of Borrower to Assumptor, or of Assumptor to Borrower, will be collected, enforced and
received by Assumptor or Borrower (as applicable) in trust for the benefit of Noteholder, and will be paid over to Noteholder on 

  
 12 

	 	
account of the indebtedness of Borrower and Assumptor to Noteholder, but without impairing or affecting in any manner the liability of Borrower or Assumptor under the other provisions of the Loan
Documents or the Assumed Loan Documents, as applicable, and this Agreement. 

  

	 	(c)	Notwithstanding the provisions of Section 20(b), until the occurrence of an Event of Default under the Security Instrument, Borrower or Assumptor (as applicable)
will be entitled to retain for its own account all payments made on account of the principal of and interest on any such indebtedness; provided no such payment is made more than ten (10) days in advance of the due date.

  

	 	21.	Loan Document Modifications. The following modifications are hereby made to the Loan Documents: 

 

	 	(a)	From and after the date hereof, all references to the defined term “Loan Documents” in any of the Assumed Loan Documents (and any documents executed
concurrently with this Agreement) shall be deemed to mean, collectively, (i) this Assumption Agreement, (ii) the Note, the Security Instrument, the County UCC and the State UCC, in each case as modified hereby, (iii) the Replacement
Reserve Agreement, (iv) the O&M Agreement, (v) the replacement Assignment of Management Agreement, (vi) the new Guaranty, and (vii) any UCC-1 financing statements filed or recorded in connection herewith. 

 

	 	(b)	From and after the date hereof, all references to the defined terms “Note” and “Security Instrument”, in any of the Loan Documents shall be deemed
to mean such document as modified hereby. 

  

	 	(c)	Effective as of the Effective Date, the Security Instrument is hereby amended as follows: 

 

	 	(i)	The introductory paragraph is hereby amended to restate the notice addresses as follows: 

 

			
	Lender:	  	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		  	for the registered holders of J.P. MORGAN CHASE
		  	COMMERCIAL MORTGAGE SECURITIES CORP.,
		  	MULTIFAMILY MORTGAGE PASS-THROUGH
		  	CERTIFICATES, SERIES 2011-K702, whose address
		  	is c/o Wells Fargo Bank, N.A., Commercial Mortgage
		  	Servicing, 1901 Harrison Street, 7th Floor, Oakland,
		  	California 94612, Attn: Asset Manager
		
	Borrower:	  	SIR SPRING CREEK, LLC, a Delaware limited
		  	liability company, whose address is c/o Steadfast Asset
		  	Holdings, Inc., 18100 Von Karman Ave., Suite 500,
		  	Irvine, California 92612

  
 13 

	 	(ii)	Section 1(ttt) is hereby amended and restated as follows: “Property Manager” means Steadfast Management Company, Inc., a California corporation.

  

	 	(iii)	Excluding only Section II.1 thereof (which added a new subsection (i) to Section 17 of the Security Instrument), Exhibit B is deleted in its entirety.

  

	 	(iv)	Section 33(b)(xxiv) is deleted in its entirety. 

  

	 	(d)	Effective as of the Effective Date, the Note is hereby amended as follows: 

 

	 	(i)	By deleting Section I (Recycled Provisions) of Exhibit A to the Note. 

  

	 	22.	Further Documents, Etc. The Borrower Parties each hereby agree to execute and deliver to Noteholder, and authorize the filing and/or recording by
Noteholder of, any and all further documents and instruments required by Noteholder to effectuate the transaction contemplated by this Assumption Agreement, to create, perfect and/or modify the liens and security interests granted to Noteholder
under the Loan Documents and/or to give effect to the terms and provisions of this Assumption Agreement, including, without limitation, appropriate UCC financing statements or amendments. 

 

	 	23.	Miscellaneous. 

  

	 	(a)	 This Assumption Agreement shall be governed and interpreted in accordance with the laws of the jurisdiction(s) specified in the Security Instrument. In
any action brought or arising out of this Assumption Agreement, Borrower and Assumptor, and general partners, members and joint venturers of them, hereby consent to the jurisdiction of any state or federal court having proper venue as specified in
the other Loan Documents and also consent to the service of process by any means authorized by the law of such jurisdiction(s). Except as expressly provided otherwise herein, all terms used herein shall have the meaning given to them in the Loan
Documents. Time is of the essence of each term of the Loan Documents, including this Assumption Agreement. If any provision of this Assumption Agreement or any of the other Loan Documents shall be determined by a court of competent jurisdiction to
be invalid, illegal or unenforceable, that portion shall be deemed severed therefrom and the remaining parts shall remain in full force as though the invalid, illegal, or unenforceable portion had not been a part thereof. This Assumption Agreement,
and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or 

  
 14 

	 	
by any act or failure to act on the part of any party, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought. 

  

	 	(b)	Notwithstanding anything to the contrary herein, this Assumption Agreement is subject to the provisions of Section 9(a) of the Note as if such provisions were set
forth at length herein. 

  

	 	(c)	Assumptor acknowledges that in connection with the transactions contemplated by this Assumption Agreement it has not relied on any representations by Noteholder or any
loan servicer regarding the Property, the title thereto or any other matter. 

  

	 	24.	Counterparts. This Assumption Agreement may be executed in any number of counterparts, each of which when executed and delivered will be deemed an
original and all of which taken together will be deemed to be one and the same instrument. 

 [Remainder of Page
Intentionally Left Blank. Signatures Begin on Next Page.] 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Assumption Agreement to be duly executed as
of the date first above written. 
  

					
	NOTEHOLDER:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee for the registered holders of J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., MULTIFAMILY MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2011-K702
		
	By:	  	Wells Fargo Bank, N.A., solely in its capacity as Master Servicer, as authorized pursuant to that Pooling and Servicing Agreement dated June 1, 2011
			
		  	By:	 	 /s/ Denil Barber

		  	Name:	 	Denil Barber
		  	Title:	 	Assistant Vice President

  
 Signature Page
to Assumption Agreement 
 S-1 

 IN WITNESS WHEREOF, the Parties have caused this Assumption Agreement to be duly executed as
of the date first above written. 
  

					
	BORROWER:
	
	 WC/TP SPRING CREEK, LLC, a Delaware limited
 liability company

		
	By:	 	WillMax Spring Creek LLC, a Texas limited liability company, its Managing Member
			
		 	By:	 	 /s/ John A. Wensinger

		 	Name:	 	John A. Wensinger
		 	Title:	 	Manager
	
	ORIGINAL GUARANTOR:
	
	 /s/ John A. Wensinger
 JOHN A. WENSINGER, an individual

  
 Signature Page
to Assumption Agreement 
 S-2 

 IN WITNESS WHEREOF, the Parties have caused this Assumption Agreement to be duly executed as
of the date first above written. 
  

					
	ASSUMPTOR:
	
	SIR SPRING CREEK, LLC, a Delaware limited liability company
		
	By:	 	Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager
			
		 	By:	 	 /s/ Ana Marie del Rio

		 	Name:	 	 Ana Marie del Rio

		 	Title:	 	 Secretary

	
	NEW GUARANTOR:
	
	STEADFAST INCOME REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By:	 	STEADFAST INCOME REIT, INC., a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Ana Marie del Rio

		 	Name:	 	 Ana Marie del Rio

		 	Title:	 	 Secretary

	
	STEADFAST INCOME REIT, INC., a Maryland corporation
		
	By:	 	 /s/ Ana Marie del Rio

	Name:	 	 Ana Marie del Rio

	Title:	 	 Secretary

  
 Signature Page
to Assumption Agreement 
 S-3 

 ACKNOWLEDGMENT OF NOTEHOLDER 

 

					
	STATE OF CALIFORNIA	    	)	 	
		    	)	 	ss
	COUNTY OF                         
	    	)	 	

 On March     , 2012, before me,
                            , the undersigned Notary Public in and for said County and State,
personally appeared                             , who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws
of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 ACKNOWLEDGMENT OF BORROWER 

 

					
	STATE OF                           
              	 	)	 	
		 	)	 	ss
	COUNTY OF                           
          	 	)	 	

 On this the      day of March, 2012, before me, the undersigned Notary Public,
personally appeared                             ,
                             of
                            , proved to me on the basis of satisfactory evidence to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the person acted,
executed the instrument. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 ACKNOWLEDGMENT OF ORIGINAL GUARANTOR 

 

					
	STATE OF                           
              	 	)	 	
		 	)	 	ss
	COUNTY OF                           
          	 	)	 	

 On this the      day of March, 2012, before me, the undersigned Notary Public,
personally appeared                             , proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the
person acted, executed the instrument. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 ACKNOWLEDGMENT OF ASSUMPTOR 

 

					
	STATE OF                           
              	 	)	 	
		 	)	 	ss
	COUNTY OF                           
          	 	)	 	

 On this the      day of March, 2012, before me, the undersigned Notary Public,
personally appeared                              for
                            , proved to me on the basis of satisfactory evidence to be the person
whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the person acted,
executed the instrument. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 SEE LOOSE CERTIFICATE ATTACHED 

 Loose Acknowledgement Certificate of Assumptor 

CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT 
  

					
	State of CALIFORNIA	    	)	  	
		    	  ss	  	
	County of ORANGE	    	)	  	

 On March 7, 2012, before me, Mona Salama, Notary Public, personally appeared Ana Marie del Rio, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person or the entity
upon behalf of which the person acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the
State of California that the foregoing paragraph is true and correct. 
  

							
	 

	 		 		 	WITNESS my hand and official seal.
	 		 		 	  
 /s/ Mona
Salama

	 		 		 	Signature of Notary Public

 ACKNOWLEDGMENT OF NEW GUARANTOR 

 

					
	STATE OF                           
              	 	)	 	
		 	)	 	ss
	COUNTY OF                           
          	 	)	 	

 On this the      day of March, 2012, before me, the undersigned Notary Public,
personally appeared                             , proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the
person acted, executed the instrument. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 SEE LOOSE CERTIFICATE ATTACHED 
 ACKNOWLEDGMENT OF NEW GUARANTOR 
  

					
	STATE OF                           
              	 	)	 	
		 	)	 	ss
	COUNTY OF                           
          	 	)	 	

 On this the      day of March, 2012, before me, the undersigned Notary Public,
personally appeared                             , proved to me on the basis of satisfactory evidence
to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person or the entity upon behalf of which the
person acted, executed the instrument. 
 IN WITNESS WHEREOF, I hereunto set my hand and official seal. 

 

	
	  

	Notary Public

  

	
	My Commission Expires:
	
	  

 SEE LOOSE CERTIFICATE ATTACHED 

 Loose Acknowledgement Certificate of New Guarantor 

Steadfast Income REIT Operating Partnership, L.P. 
 CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT 
  

					
	State of CALIFORNIA	    	)	  	
		    	  ss	  	
	County of ORANGE	    	)	  	

 On March 7, 2012, before me, Mona Salama, Notary Public, personally appeared Ana Marie del Rio, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person or the entity
upon behalf of which the person acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the
State of California that the foregoing paragraph is true and correct. 
  

							
	 

	 		 		 	WITNESS my hand and official seal.
	 		 		 	  
 /s/ Mona
Salama

	 		 		 	Signature of Notary Public

 Loose Acknowledgement Certificate of New Guarantor 

Steadfast Income REIT, Inc. 
 CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT 
  

					
	State of CALIFORNIA	    	)	  	
		    	  ss	  	
	County of ORANGE	    	)	  	

 On March 7, 2012, before me, Mona Salama, Notary Public, personally appeared Ana Marie del Rio, who proved to me on
the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person or the entity
upon behalf of which the person acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the
State of California that the foregoing paragraph is true and correct. 
  

							
	 

	 		 		 	WITNESS my hand and official seal.
	 		 		 	  
 /s/ Mona
Salama

	 		 		 	Signature of Notary Public

 EXHIBIT A 
 TO ASSUMPTION AGREEMENT 
  

					
	PREPARED BY AND	  	)	  	
	WHEN RECORDED	  	)	  	
	MAIL TO:	  	)	  	
			
	Harold A. Hagen, Esq.	  	)	  	
	Bryan Cave LLP	  	)	  	
	333 Market Street, 25th Floor	  	)	  	
	San Francisco, CA 94105	  	)	  	

 MEMORANDUM OF ASSUMPTION AGREEMENT 

U.S. BANK NATIONAL ASSOCIATION, as Trustee for the registered holders of J.P. MORGAN CHASE COMMERCIAL MORTGAGE
SECURITIES CORP., MULTIFAMILY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2011-K702, with a mailing address c/o Wells Fargo Bank, N.A., Commercial Mortgage Servicing, 1901 Harrison Street, 7th Floor, Oakland, California 94612 (“Noteholder”) WC/TP SPRING CREEK, LLC, a Delaware limited liability
company, with a mailing address at c/o WillMax Capital Inc., 8111 Preston Road, Suite 320, Dallas, Texas 75225 (“Borrower”), JOHN A. WENSINGER, an individual, with a mailing address at c/o WillMax Capital Inc., 8111 Preston Road,
Suite 320, Dallas, Texas 75225 (“Original Guarantor”), SIR SPRING CREEK, LLC, a Delaware limited liability company, with a mailing address at c/o Steadfast Asset Holdings, Inc., 18100 Von Karman Ave., Suite 500, Irvine, California
92612 (“Assumptor”), and STEADFAST INCOME REIT OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“OP”) and STEADFAST INCOME REIT, INC., a Maryland corporation (“SIR” and, together with
OP, jointly and severally, “New Guarantor”), each with a mailing address at c/o Steadfast Asset Holdings, Inc., 18100 Von Karman Ave., Suite 500, Irvine, California 92612, are parties to that certain ASSUMPTION AGREEMENT dated of
even date herewith (“Assumption Agreement”). The undersigned parties agree that all obligations under that certain Multifamily Note - CME (“Note”) dated January 31, 2011, in the original principal amount of
Fourteen Million One Hundred Thousand and no/100 Dollars ($14,100,000.00), and secured by that certain Multifamily Mortgage, Assignment of Rents and Security Agreement (Oklahoma) (“Security Instrument”) executed by Borrower for the
benefit of Holliday Fenoglio Fowler, L.P., a Texas limited partnership (“Original Lender”) and recorded on January 31, 2011, in Book 11562 at Page 1719 with the County Clerk of Oklahoma County, State of Oklahoma
(“Official Records”), the Original Lender’s interest under which was assigned to the Federal Home Loan Mortgage Corporation, a corporation organized and existing under the laws of the United States (“Freddie
Mac”), by instrument recorded on January 31, 2011, in Book 11562 at Page 1831 in said Official Records, and thereafter assigned by Freddie Mac to Noteholder by instrument recorded on July 5, 2011, in Book 11667 at Page 986 in said
Official Records; and all other Loan Documents (as defined in the Assumption Agreement) securing the real property described on EXHIBIT A, have been assumed by Assumptor upon the terms and conditions set forth in the Assumption
Agreement. The Assumption Agreement is by this reference incorporated herein and made a part hereof. This Memorandum of Assumption Agreement may be executed 

 
in any number of counterparts, each of which when executed and delivered will be deemed an original and all of which taken together will be deemed to be one and the same instrument. 

Dated: March     , 2012 
 [Add signature blocks, notary pages and Exhibit A property description]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]