Document:

<![CDATA[Multifamily Deed of Trust, Assignment of Leases & Rents, Security Agreeement ]]>

 Exhibit 10.5 
 After recording mail to: 
 PNC Bank, National Association 

26901 Agoura Rd., Suite 200 
 Calabasas Hills,
California 91301 
 PNC Loan No. 310401135 
 Fannie Mae No. 866581 
 MULTIFAMILY DEED OF TRUST, 

ASSIGNMENT OF LEASES AND RENTS, 
 SECURITY AGREEMENT AND 
 FIXTURE FILING 

This MULTIFAMILY DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE FILING (as amended, restated, replaced,
supplemented, or otherwise modified from time to time, the “Security Instrument”) dated as of December 22, 2011, is executed by SIR TRUMAN FARM, LLC, a limited liability company organized and existing under the laws of
Delaware, as grantor (“Borrower”), to STEVEN M. LEIGH, as trustee (“Trustee”), for the benefit of PNC BANK, NATIONAL ASSOCIATION, a national banking association, as beneficiary (“Lender”).

 Borrower, in consideration of (i) the loan in the original principal amount of $5,915,000.00 (the “Mortgage
Loan”) evidenced by that certain Multifamily Note dated as of the date of this Security Instrument, executed by Borrower and made payable to the order of Lender (as amended, restated, replaced, supplemented, or otherwise modified from time
to time, the “Note”), (ii) that certain Multifamily Loan and Security Agreement dated as of the date of this Security Instrument, executed by and between Borrower and Lender (as amended, restated, replaced, supplemented or
otherwise modified from time to time, the “Loan Agreement”), and (iii) the trust created by this Security Instrument, and to secure to Lender the repayment of the Indebtedness (as defined in this Security Instrument), and all
renewals, extensions and modifications thereof, and the performance of the covenants and agreements of Borrower contained in the Loan Documents (as defined in the Loan Agreement), excluding the Environmental Indemnity Agreement (as defined in this
Security Instrument), irrevocably and unconditionally mortgages, grants, warrants, conveys, bargains, sells, and assigns to Trustee, in trust, for benefit of Lender, with power of sale and right of entry and possession, the Mortgaged Property (as
defined in this Security Instrument), including the real property located in Jackson County, State of Missouri, and described in 
Exhibit A attached to this Security Instrument and incorporated by reference (the “Land”),
to have and to hold such Mortgaged Property unto Trustee and Trustee’s successors and assigns, forever; Borrower hereby releasing, relinquishing and waiving, to the fullest extent allowed by law, all rights and benefits, if any, under and by
virtue of the homestead exemption laws of the Property Jurisdiction (as defined in this Security Instrument), if applicable. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 1
	Missouri	  	01-11	  	© 2011 Fannie Mae

 Borrower represents and warrants that Borrower is lawfully seized of the Mortgaged Property
and has the right, power and authority to mortgage, grant, warrant, convey, bargain, sell, and assign the Mortgaged Property, and that the Mortgaged Property is not encumbered by any Lien (as defined in this Security Instrument) other than Permitted
Encumbrances (as defined in this Security Instrument). Borrower covenants that Borrower will warrant and defend the title to the Mortgaged Property against all claims and demands other than Permitted Encumbrances. 

Borrower, and by their acceptance hereof, each of Trustee and Lender covenants and agrees as follows: 

1. Defined Terms. 

Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. All terms used and
not specifically defined herein, but which are otherwise defined by the UCC, shall have the meanings assigned to them by the UCC. The following terms, when used in this Security Instrument, shall have the following meanings: 

“Condemnation Action” means any action or proceeding, however characterized or named, relating to any condemnation or other taking, or
conveyance in lieu thereof, of all or any part of the Mortgaged Property, whether direct or indirect. 
 “Enforcement Costs”
means all expenses and costs, including reasonable attorneys’ fees and expenses, fees and out-of-pocket expenses of expert witnesses and costs of investigation, incurred by Lender as a result of any Event of Default under the Loan Agreement or
in connection with efforts to collect any amount due under the Loan Documents, or to enforce the provisions of the Loan Agreement or any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy
or insolvency proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding or Foreclosure Event) or judicial or non-judicial foreclosure proceeding, to the extent permitted by law. 

“Environmental Indemnity Agreement” means that certain Environmental Indemnity Agreement dated as of the date of this Security
Instrument, executed by Borrower to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time. 
 “Environmental Laws” has the meaning set forth in the Environmental Indemnity Agreement. 
 “Event of Default” has the meaning set forth in the Loan Agreement. 

“Fixtures” means all Goods that are so attached or affixed to the Land or the Improvements as to constitute a fixture under the laws of
the Property Jurisdiction. 
 “Goods” means all goods which are used now or in the future in connection with the ownership,
management, or operation of the Land or the Improvements or are located on the Land or in the 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 2
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
Improvements, including inventory; furniture; furnishings; machinery, equipment, engines, boilers, incinerators, and installed building materials; systems and equipment for the purpose of
supplying or distributing heating, cooling, electricity, gas, water, air, or light; antennas, cable, wiring, and conduits used in connection with radio, television, security, fire prevention, or fire detection, or otherwise used to carry electronic
signals; telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges,
stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers, and other appliances; light fixtures, awnings, storm windows, and storm doors; pictures, screens, blinds, shades, curtains, and curtain rods; mirrors, cabinets,
paneling, rugs, and floor and wall coverings; fences, trees, and plants; swimming pools; exercise equipment; supplies; tools; books and records (whether in written or electronic form); websites, URLs, blogs, and social network pages; computer
equipment (hardware and software); and other tangible personal property which is used now or in the future in connection with the ownership, management, or operation of the Land or the Improvements or are located on the Land or in the Improvements.

 “Imposition Deposits” means deposits in an amount sufficient to accumulate with Lender the entire sum required to pay the
Impositions when due. 
 “Impositions” means 
 (a) any water and sewer charges which, if not paid, may result in a lien on all or any part of the Mortgaged Property; 
 (b) the premiums for fire and other casualty insurance, liability insurance, rent loss insurance and such other insurance as Lender may require under the Loan Agreement; 

(c) Taxes; and 

(d) amounts for other charges and expenses which Lender at any time reasonably deems necessary to protect the Mortgaged Property, to
prevent the imposition of liens on the Mortgaged Property, or otherwise to protect Lender’s interests, all as reasonably determined from time to time by Lender. 
 “Improvements” means the buildings, structures, improvements, and alterations now constructed or at any time in the future constructed or placed upon the Land, including any future
replacements, facilities, and additions and other construction on the Land. 
 “Indebtedness” means the principal of, interest
on, and all other amounts due at any time under the Note, the Loan Agreement, this Security Instrument or any other Loan Document (other than the Environmental Indemnity Agreement and Guaranty), including Prepayment Premiums, late charges, default
interest, and accrued interest as provided in the Loan Agreement and this 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 3
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
Security Instrument, advances, costs and expenses to perform the obligations of Borrower or to protect the Mortgaged Property or the security of this Security Instrument, all other monetary
obligations of Borrower under the Loan Documents (other than the Environmental Indemnity Agreement), including amounts due as a result of any indemnification obligations, and any Enforcement Costs. 

“Land” means the real property described in Exhibit A. 
 “Leases” means all present and future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter in force, whether oral or written, covering or
affecting the Mortgaged Property, or any portion of the Mortgaged Property (including proprietary leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications, extensions or renewals thereof. 

“Lien” means any claim or charge against property for payment of a debt or an amount owed for services rendered, including any
mortgage, deed of trust, deed to secure debt, security interest, tax lien, any materialman’s or mechanic’s lien, or any lien of a Governmental Authority, including any lien in connection with the payment of utilities, or any other
encumbrance. 
 “Mortgaged Property” means all of Borrower’s present and hereafter acquired right, title and
interest in and to all of the following: 
 (a) the Land; 

(b) the Improvements; 
 (c) the Personalty; 
 (d) current and future rights, including air rights,
development rights, zoning rights and other similar rights or interests, easements, tenements, rights-of-way, strips and gores of land, streets, alleys, roads, sewer rights, waters, watercourses, and appurtenances related to or benefitting the Land
or the Improvements, or both, and all rights-of-way, streets, alleys and roads which may have been or may in the future be vacated; 
 (e) insurance policies relating to the Mortgaged Property (and any unearned premiums) and all proceeds paid or to be paid by any insurer of the Land, the Improvements, the Personalty, or any other part of
the Mortgaged Property, whether or not Borrower obtained the insurance pursuant to Lender’s requirements; 
 (f) awards,
payments and other compensation made or to be made by any municipal, state or federal authority with respect to the Land, the Improvements, the Personalty, or any other part of the Mortgaged Property, including any awards or settlements resulting
from (1) Condemnation Actions, (2) any damage to the Mortgaged Property caused by governmental action that does not result in a Condemnation Action, or (3) the total or partial taking of the Land, the Improvements, the Personalty, or
any other part of the Mortgaged Property under the power of eminent domain or otherwise and including any conveyance in lieu thereof; 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 4
	Missouri	  	01-11	  	© 2011 Fannie Mae

 (g) contracts, options and other agreements for the sale of the Land, the Improvements, the
Personalty, or any other part of the Mortgaged Property entered into by Borrower now or in the future, including cash or securities deposited to secure performance by parties of their obligations; 

(h) Leases and Lease guaranties, letters of credit and any other supporting obligation for any of the Leases given in connection with any
of the Leases, and all Rents; 
 (i) earnings, royalties, accounts receivable, issues and profits from the Land, the
Improvements or any other part of the Mortgaged Property, and all undisbursed proceeds of the Mortgage Loan and, if Borrower is a cooperative housing corporation, maintenance charges or assessments payable by shareholders or residents; 

(j) Imposition Deposits; 
 (k) refunds or rebates of Impositions by any municipal, state or federal authority or insurance company (other than refunds applicable to periods before the real property tax year in which this Security
Instrument is dated); 
 (l) tenant security deposits; 
 (m) names under or by which any of the above Mortgaged Property may be operated or known, and all trademarks, trade names, and goodwill relating to any of the Mortgaged Property; 

(n) Collateral Accounts and all Collateral Account Funds; 
 (o) products, and all cash and non-cash proceeds from the conversion, voluntary or involuntary, of any of the above into cash or liquidated claims, and the right to collect such proceeds; and 

(p) all of Borrower’s right, title and interest in the oil, gas, minerals, mineral interests, royalties, overriding royalties,
production payments, net profit interests and other interests and estates in, under and on the Mortgaged Property and other oil, gas and mineral interests with which any of the foregoing interests or estates are pooled or unitized. 

“Permitted Encumbrance” means only the easements or restrictions listed in a schedule of exceptions to coverage in the Title Policy and
Taxes for the current tax year that are not yet due and payable. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 5
	Missouri	  	01-11	  	© 2011 Fannie Mae

 “Personalty” means all Goods, accounts, choses of action, chattel paper, documents, general
intangibles (including Software), payment intangibles, instruments, investment property, letter of credit rights, supporting obligations, computer information, source codes, object codes, records and data, all telephone numbers or listings, claims
(including claims for indemnity or breach of warranty), deposit accounts and other property or assets of any kind or nature related to the Land or the Improvements now or in the future, including operating agreements, surveys, plans and
specifications and contracts for architectural, engineering and construction services relating to the Land or the Improvements, and all other intangible property and rights relating to the operation of, or used in connection with, the Land or the
Improvements, including all governmental permits relating to any activities on the Land. 
 “Prepayment Premium” has the
meaning set forth in the Loan Agreement. 
 “Property Jurisdiction” means the jurisdiction in which the Land is located.

 “Rents” means all rents (whether from residential or non-residential space), revenues and other income from the Land or the
Improvements, including subsidy payments received from any sources, including payments under any “Housing Assistance Payments Contract” or other rental subsidy agreement (if any), parking fees, laundry and vending machine income and fees
and charges for food, health care and other services provided at the Mortgaged Property, whether now due, past due, or to become due, and tenant security deposits. 
 “Software” means a computer program and any supporting information provided in connection with a transaction relating to the program. The term does not include any computer program that
is included in the definition of Goods. 
 “Taxes” means all taxes, assessments, vault rentals and other charges, if any,
general, special or otherwise, including assessments for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority or quasi-public authority, and which, if not paid, may become a
lien, on the Land or the Improvements or any taxes upon any Loan Document. 
 “Title Policy” has the meaning set forth in the
Loan Agreement. 
 “UCC” means the Uniform Commercial Code in effect in the Property Jurisdiction, as amended from time to
time. 
 “UCC Collateral” means any or all of that portion of the Mortgaged Property, whether acquired now or in the future, in
which a security interest may be granted under the UCC. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 6
	Missouri	  	01-11	  	© 2011 Fannie Mae

 2. Security Agreement; Fixture Filing. 

(a) To secure to Lender, the repayment of the Indebtedness, and all renewals, extensions and modifications thereof, and the performance of
the covenants and agreements of Borrower contained in the Loan Documents, Borrower hereby pledges, assigns, and grants to Lender a continuing security interest in the UCC Collateral. This Security Instrument constitutes a security agreement and a
financing statement under the UCC. This Security Instrument also constitutes a financing statement pursuant to the terms of the UCC with respect to any part of the Mortgaged Property that is or may become a Fixture under applicable law, and will be
recorded as a “fixture filing” in accordance with the UCC. Borrower hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue
the perfection of this security interest without the signature of Borrower. From and after the occurrence of an Event of Default, Lender shall have the remedies of a secured party under the UCC, in addition to all remedies provided by this Security
Instrument existing under applicable law. Lender may exercise any or all of its remedies against the UCC Collateral separately or together, and in any order, without in any way affecting the availability or validity of Lender’s other remedies.
For purposes of the UCC, the debtor is Borrower and the secured party is Lender. The name and address of the debtor and secured party are set forth after Borrower’s signature below which are the addresses from which information on the security
interest may be obtained. 
 (b) Borrower represents and warrants that: (1) Borrower maintains its chief executive office
at the location set forth after Borrower’s signature below, and Borrower will notify Lender in writing of any change in its chief executive office within five (5) days of such change; (2) Borrower is the record owner of the Mortgaged
Property; (3) Borrower’s state of incorporation, organization, or formation, if applicable, is as set forth on Page 1 of this Security Instrument; (4) Borrower’s exact legal name is as set forth on Page 1 of this
Security Instrument; (5) Borrower’s organizational identification number, if applicable, is as set forth after Borrower’s signature below; (6) Borrower is the owner of the UCC Collateral subject to no liens, charges or
encumbrances other than the lien hereof; (7) the UCC Collateral will not be removed from the Mortgaged Property without the consent of Lender; and (8) no financing statement covering any of the UCC Collateral or any proceeds thereof is on
file in any public office except pursuant hereto. 
 (c) All property of every kind acquired by Borrower after the date of this
Security Instrument which by the terms of this Security Instrument shall be subject to the lien and the security interest created hereby, shall immediately upon the acquisition thereof by Borrower and without further conveyance or assignment become
subject to the lien and security interest created by this Security Instrument. Nevertheless, Borrower shall execute, acknowledge, deliver and record or file, as appropriate, all and every such further deeds of trust, mortgages, deeds to secure debt,
security agreements, financing statements, assignments and assurances as Lender shall require for accomplishing the purposes of this Security Instrument and to comply with the rerecording requirements of the UCC. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 7
	Missouri	  	01-11	  	© 2011 Fannie Mae

 3. Assignment of Leases and Rents; Appointment of Receiver; Lender in Possession. 

(a) As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns and transfers to Lender all Leases
and Rents. It is the intention of Borrower to establish present, absolute and irrevocable transfers and assignments to Lender of all Leases and Rents and to authorize and empower Lender to collect and receive all Rents without the necessity of
further action on the part of Borrower. Borrower and Lender intend the assignments of Leases and Rents to be effective immediately and to constitute absolute present assignments, and not assignments for additional security only. Only for purposes of
giving effect to these absolute assignments of Leases and Rents, and for no other purpose, the Leases and Rents shall not be deemed to be a part of the Mortgaged Property. However, if these present, absolute and unconditional assignments of Leases
and Rents are not enforceable by their terms under the laws of the Property Jurisdiction, then each of the Leases and Rents shall be included as part of the Mortgaged Property, and it is the intention of Borrower, in such circumstance, that this
Security Instrument create and perfect a lien on each of the Leases and Rents in favor of Lender, which liens shall be effective as of the date of this Security Instrument. 
 (b) Until the occurrence of an Event of Default, but subject to the limitations set forth in the Loan Documents, Borrower shall have a revocable license to exercise all rights, power and authority granted
to Borrower under the Leases (including the right, power and authority to modify the terms of any Lease or extend or terminate any Lease subject to the limitations set forth in the Loan Documents), and to collect and receive all Rents, to hold all
Rents in trust for the benefit of Lender, and to apply all Rents to pay the Monthly Debt Service Payments and the other amounts then due and payable under the other Loan Documents, including Imposition Deposits, and to pay the current costs and
expenses of managing, operating and maintaining the Mortgaged Property, including utilities and Impositions (to the extent not included in Imposition Deposits), tenant improvements and other capital expenditures. So long as no Event of Default has
occurred, the Rents remaining after application pursuant to the preceding sentence may be retained by Borrower free and clear of, and released from, Lender’s rights with respect to Rents under this Security Instrument. 

(c) From and after the occurrence of an Event of Default, without the necessity of Lender entering upon and taking and maintaining
control of the Mortgaged Property directly, by a receiver, or by any other manner or proceeding permitted by the laws of the Property Jurisdiction, the revocable license granted to Borrower pursuant to Section 3(b) shall automatically
terminate, and Lender shall immediately have all rights, powers and authority granted to Borrower under any Lease (including the right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease) and, without
notice, Lender shall be entitled to all Rents as they become due and payable, including Rents then due and unpaid. From and after the occurrence of an Event of Default, Borrower authorizes Lender to collect, sue for and compromise Rents and directs
each tenant of the Mortgaged Property to pay all Rents to, or as directed by, Lender, and Borrower shall, upon Borrower’s receipt of any Rents from any sources, pay the total amount of such receipts to Lender. Although the foregoing rights

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 8
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
of Lender are self-effecting, at any time from and after the occurrence of an Event of Default, Lender may make demand for all Rents, and Lender may give, and Borrower hereby irrevocably
authorizes Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents to Lender. No tenant shall be obligated to inquire further as to the occurrence or continuance of an Event of Default, and no tenant shall
be obligated to pay to Borrower any amounts that are actually paid to Lender in response to such a notice. Any such notice by Lender shall be delivered to each tenant personally, by mail or by delivering such demand to each rental unit. 

(d) From and after the occurrence of an Event of Default, Lender may, regardless of the adequacy of Lender’s security or the
solvency of Borrower, and even in the absence of waste, enter upon, take and maintain full control of the Mortgaged Property, and may exclude Borrower and its agents and employees therefrom, in order to perform all acts that Lender, in its
discretion, determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property, including the execution, cancellation or modification of Leases, the collection of all Rents (including through use of a lockbox, at
Lender’s election), the making of repairs to the Mortgaged Property and the execution or termination of contracts providing for the management, operation or maintenance of the Mortgaged Property, for the purposes of enforcing this assignment of
Rents, protecting the Mortgaged Property or the security of this Security Instrument and the Mortgage Loan, or for such other purposes as Lender in its discretion may deem necessary or desirable. 

(e) Notwithstanding any other right provided Lender under this Security Instrument or any other Loan Document, if an Event of Default has
occurred, and regardless of the adequacy of Lender’s security or Borrower’s solvency, and without the necessity of giving prior notice (oral or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of
a receiver for the Mortgaged Property to take any or all of the actions set forth in Section 3. If Lender elects to seek the appointment of a receiver for the Mortgaged Property at any time after an Event of Default has occurred, Borrower, by
its execution of this Security Instrument, expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte, if permitted by applicable law. Borrower consents to shortened time consideration of a motion
to appoint a receiver. Lender or the receiver, as applicable, shall be entitled to receive a reasonable fee for managing the Mortgaged Property and such fee shall become an additional part of the Indebtedness. Immediately upon appointment of a
receiver or Lender’s entry upon and taking possession and control of the Mortgaged Property, possession of the Mortgaged Property and all documents, records (including records on electronic or magnetic media), accounts, surveys, plans, and
specifications relating to the Mortgaged Property, and all security deposits and prepaid Rents, shall be surrendered to Lender or the receiver, as applicable. If Lender takes possession and control of the Mortgaged Property, Lender may exclude
Borrower and its representatives from the Mortgaged Property. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 9
	Missouri	  	01-11	  	© 2011 Fannie Mae

 (f) The acceptance by Lender of the assignments of the Leases and Rents pursuant to this
Section 3 shall not at any time or in any event obligate Lender to take any action under any Loan Document or to expend any money or to incur any expense. Lender shall not be liable in any way for any injury or damage to person or property
sustained by any Person in, on or about the Mortgaged Property. Prior to Lender’s actual entry upon and taking possession and control of the Land and Improvements, Lender shall not be: 

(1) obligated to perform any of the terms, covenants and conditions contained in any Lease (or otherwise have any
obligation with respect to any Lease); 
 (2) obligated to appear in or defend any action or proceeding relating
to any Lease or the Mortgaged Property; or 
 (3) responsible for the operation, control, care, management or
repair of the Mortgaged Property or any portion of the Mortgaged Property. 
 The execution of this Security Instrument shall constitute
conclusive evidence that all responsibility for the operation, control, care, management and repair of the Mortgaged Property is and shall be that of Borrower, prior to such actual entry and taking possession and control by Lender of the Land and
Improvements. 
 (g) Lender shall be liable to account only to Borrower and only for Rents actually received by Lender. Lender
shall not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property by reason of any act or omission of Lender under this Section 3, and Borrower hereby releases and discharges
Lender from any such liability to the fullest extent permitted by law. If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged Property and collecting the Rents, any funds expended by Lender for such
purposes shall be added to, and become a part of, the principal balance of the Indebtedness, be immediately due and payable, and bear interest at the Default Rate from the date of disbursement until fully paid. Any entering upon and taking control
of the Mortgaged Property by Lender or the receiver, and any application of Rents as provided in this Security Instrument, shall not cure or waive any Event of Default or invalidate any other right or remedy of Lender under applicable law or
provided for in this Security Instrument or any Loan Document. 
 4. Protection of Lender’s Security. 

If Borrower fails to perform any of its obligations under this Security Instrument or any other Loan Document, or any action or proceeding
is commenced that purports to affect the Mortgaged Property, Lender’s security, rights or interests under this Security Instrument or any Loan Document (including eminent domain, insolvency, code enforcement, civil or criminal forfeiture,
enforcement of Environmental Laws, fraudulent conveyance or reorganizations or proceedings involving a debtor or decedent), Lender may, at its option, make such appearances, disburse or pay such sums and take such actions, whether before or after an
Event of Default or whether directly or to any receiver for the Mortgaged Property, as Lender reasonably deems necessary to perform such obligations of Borrower and to protect the Mortgaged Property or Lender’s security, rights or interests in
the Mortgaged Property or the Mortgage Loan, including: 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 10
	Missouri	  	01-11	  	© 2011 Fannie Mae

 (a) paying fees and out-of-pocket expenses of attorneys, accountants, inspectors and
consultants; 
 (b) entering upon the Mortgaged Property to make repairs or secure the Mortgaged Property; 

(c) obtaining (or force-placing) the insurance required by the Loan Documents; and 

(d) paying any amounts required under any of the Loan Documents that Borrower has failed to pay. 

Any amounts so disbursed or paid by Lender shall be added to, and become part of, the principal balance of the Indebtedness, be immediately due and
payable and bear interest at the Default Rate from the date of disbursement until fully paid. The provisions of this Section 4 shall not be deemed to obligate or require Lender to incur any expense or take any action. 

5. No Other Indebtedness and Mezzanine Financing. 
 Other than the Mortgage Loan, Borrower shall not incur or be obligated at any time with respect to any loan or other indebtedness in connection with or secured by the Mortgaged Property. Neither Borrower
nor any owner of Borrower shall (a) incur any “mezzanine debt,” secured or unsecured, or issue any preferred equity that is secured by a pledge of the ownership interests in Borrower or by a pledge of the cash flows of Borrower to the
extent the Transfer of the underlying ownership interests is otherwise prohibited by the Loan Agreement, or (b) incur any similar Indebtedness or equity with respect to the Mortgaged Property or ownership interest in Borrower or any owner of
Key Principal or Guarantor that is secured by a pledge of the cash flows of Borrower to the extent the Transfer of the underlying ownership interests is otherwise prohibited by the Loan Agreement. 

6. Default; Acceleration; Remedies. 
 (a) From and after the occurrence of an Event of Default, Lender, at its option, may declare the Indebtedness to be immediately due and payable without further demand, and may either with or without entry
or taking possession as herein provided or otherwise, proceed by suit or suits at law or in equity or any other appropriate proceeding or remedy (1) to enforce payment of the Mortgage Loan; (2) to foreclose this Security Instrument
judicially or non-judicially by the power of sale granted herein; (3) to enforce or exercise any right under any Loan Document; and (4) to pursue any one (1)or more other remedies provided in this Security Instrument or in any other
Loan Document or otherwise afforded by applicable law. Each right and remedy provided in this Security Instrument or any other Loan Document is distinct from all other rights or remedies under this Security Instrument or any other Loan Document or
otherwise afforded 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 11
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
by applicable law, and each shall be cumulative and may be exercised concurrently, independently, or successively, in any order. Borrower has the right to bring an action to assert the
nonexistence of an Event of Default or any other defense of Borrower to acceleration and sale. 
 (b) Borrower acknowledges that
the power of sale granted in this Security Instrument may be exercised or directed by Lender without prior judicial hearing. In the event Lender invokes the power of sale: 

(1) Lender shall send to Borrower and any other Persons required to receive such notice, written notice of Lender’s
election to cause the Mortgaged Property to be sold. Borrower hereby authorizes and empowers Trustee to take possession of the Mortgaged Property, or any part thereof, and hereby grants to Trustee a power of sale and authorizes and empowers Trustee
to sell (or, in the case of the default of any purchaser, to resell) the Mortgaged Property or any part thereof, in compliance with applicable law, including compliance with any and all notice and timing requirements for such sale; 

(2) Trustee shall have the authority to determine the terms of the sale. In connection with any such sale, the whole of
the Mortgaged Property may be sold in one (1) parcel as an entirety or in separate lots or parcels at the same or different times. Lender shall have the right to become the purchaser at any such sale. Trustee shall be entitled to receive fees
and expenses from such sale not to exceed the amount permitted by applicable law; 
 (3) within a reasonable time
after the sale, Trustee shall deliver to the purchaser of the Mortgaged Property a deed or such other appropriate conveyance document conveying the Mortgaged Property so sold without any express or implied covenant or warranty. The recitals in such
deed or document shall be prima facie evidence of the truth of the statements made in those recitals; and 
 (4)
the outstanding principal amount of the Mortgage Loan and the other Indebtedness, if not previously due, shall be and become immediately due and payable without demand or notice of any kind. If the Mortgaged Property is sold for an amount less than
the amount outstanding under the Indebtedness, the deficiency shall be determined by the purchase price at the sale or sales. Borrower waives all rights, claims, and defenses with respect to Lender’s ability to obtain a deficiency judgment.

 (c) Borrower acknowledges and agrees that the proceeds of any sale shall be applied as determined by Lender unless otherwise
required by applicable law. 
 (d) The Trustee hereby lets the Mortgaged Property to Borrower until a sale is held under the
foregoing provisions therefor, or until an Event of Default shall occur, upon the following terms and conditions: Borrower, and every and all persons claiming or possessing 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 12
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
such premises, and any part thereof, by, through or under Borrower, shall pay rent therefor during said term, payable upon demand, and shall and will surrender peaceable possession of the
Mortgaged Property, and any and every part thereof, sold under the provisions of this Security Instrument, to the purchaser thereof under such sale, without notice or demand therefor, and shall and will at once, without notice, surrender up
possession of the Mortgaged Property and every part thereof in the event Lender shall take charge and enter as hereinbefore provided. 
 (e) In connection with the exercise of Lender’s rights and remedies under this Security Instrument and any other Loan Document, there shall be allowed and included as Indebtedness: (1) all
expenditures and expenses authorized by applicable law and all other expenditures and expenses which may be paid or incurred by or on behalf of Lender for reasonable legal fees, appraisal fees, outlays for documentary and expert evidence,
stenographic charges and publication costs; (2) all expenses of any environmental site assessments, environmental audits, environmental remediation costs, appraisals, surveys, engineering studies, wetlands delineations, flood plain studies, and
any other similar testing or investigation deemed necessary or advisable by Lender incurred in preparation for, contemplation of or in connection with the exercise of Lender’s rights and remedies under the Loan Documents; and (3) costs
(which may be reasonably estimated as to items to be expended in connection with the exercise of Lender’s rights and remedies under the Loan Documents) of procuring all abstracts of title, title searches and examinations, title insurance
policies, and similar data and assurance with respect to title as Lender may deem reasonably necessary either to prosecute any suit or to evidence the true conditions of the title to or the value of the Mortgaged Property to bidders at any sale
which may be held in connection with the exercise of Lender’s rights and remedies under the Loan Documents. All expenditures and expenses of the nature mentioned in this Section 6, and such other expenses and fees as may be incurred in the
protection of the Mortgaged Property and rents and income therefrom and the maintenance of the lien of this Security Instrument, including the fees of any attorney employed by Lender in any litigation or proceedings affecting this Security
Instrument, the Note, the other Loan Documents, or the Mortgaged Property, including bankruptcy proceedings, any Foreclosure Event, or in preparation of the commencement or defense of any proceedings or threatened suit or proceeding, or otherwise in
dealing specifically therewith, shall be so much additional Indebtedness and shall be immediately due and payable by Borrower, with interest thereon at the Default Rate until paid. 

(f) Any action taken by Trustee or Lender pursuant to the provisions of this Section 6 shall comply with the laws of the Property
Jurisdiction. Such applicable laws shall take precedence over the provisions of this Section 6, but shall not invalidate or render unenforceable any other provision of any Loan Document that can be construed in a manner consistent with any
applicable law. If any provision of this Security Instrument shall grant to Lender (including Lender acting as a mortgagee-in-possession), Trustee or a receiver appointed pursuant to the provisions of this Security Instrument any powers, rights or
remedies prior to, upon or following the occurrence of an Event of Default that are more limited than the powers, rights, or remedies that would otherwise be vested in such party under any applicable law in the absence of said provision, such party
shall be vested with the powers, rights, and remedies granted in such applicable law to the full extent permitted by law. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 13
	Missouri	  	01-11	  	© 2011 Fannie Mae

 7. Waiver of Statute of Limitations and Marshaling. 

Borrower hereby waives the right to assert any statute of limitations as a bar to the enforcement of the lien of this Security Instrument
or to any action brought to enforce any Loan Document. Notwithstanding the existence of any other security interests in the Mortgaged Property held by Lender or by any other party, Lender shall have the right to determine the order in which any or
all of the Mortgaged Property shall be subjected to the remedies provided in this Security Instrument and/or any other Loan Document or by applicable law. Lender shall have the right to determine the order in which any or all portions of the
Indebtedness are satisfied from the proceeds realized upon the exercise of such remedies. Borrower, for itself and all who may claim by, through, or under it, and any party who now or in the future acquires a security interest in the Mortgaged
Property and who has actual or constructive notice of this Security Instrument waives any and all right to require the marshaling of assets or to require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of
the Mortgaged Property be sold in parcels (at the same time or different times) in connection with the exercise of any of the remedies provided in this Security Instrument or any other Loan Document, or afforded by applicable law. 

8. Waiver of Redemption; Rights of Tenants. 
 (a) Borrower hereby covenants and agrees that it will not at any time apply for, insist upon, plead, avail itself, or in any manner claim or take any advantage of, any appraisement, stay, exemption or
extension law or any so-called “Moratorium Law” now or at any time hereafter enacted or in force in order to prevent or hinder the enforcement or foreclosure of this Security Instrument. Without limiting the foregoing: 

(1) Borrower for itself and all Persons who may claim by, through, or under Borrower, hereby expressly waives any
so-called “Moratorium Law” and any and all rights of reinstatement and redemption, if any, under any order or decree of foreclosure of this Security Instrument, it being the intent hereof that any and all such “Moratorium Laws,”
and all rights of reinstatement and redemption of Borrower and of all other Persons claiming by, through, or under Borrower are and shall be deemed to be hereby waived to the fullest extent permitted by applicable law; 

(2) Borrower shall not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any
right, power remedy herein or otherwise granted or delegated to Lender but will suffer and permit the execution of every such right, power and remedy as though no such law or laws had been made or enacted; and 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 14
	Missouri	  	01-11	  	© 2011 Fannie Mae

 (3) If Borrower is a trust, Borrower represents that the provisions of this
Section 8 (including the waiver of reinstatement and redemption rights) were made at the express direction of Borrower’s beneficiaries and the persons having the power of direction over Borrower, and are made on behalf of the trust estate
of Borrower and all beneficiaries of Borrower, as well as all other persons mentioned above. 
 (b) Lender shall have the right
to foreclose subject to the rights of any tenant or tenants of the Mortgaged Property having an interest in the Mortgaged Property prior to that of Lender. The failure to join any such tenant or tenants of the Mortgaged Property as party defendant
or defendants in any such civil action or the failure of any decree of foreclosure and sale to foreclose their rights shall not be asserted by Borrower as a defense in any civil action instituted to collect the Indebtedness, or any part thereof or
any deficiency remaining unpaid after foreclosure and sale of the Mortgaged Property, any statute or rule of law at any time existing to the contrary notwithstanding. 
 9. Notice. 
 (a) All notices under this Security Instrument shall be:

 (1) in writing, and shall be (A) delivered, in person, (B) mailed, postage prepaid, either by
registered or certified delivery, return receipt requested, or (C) sent by overnight express courier; 
 (2)
addressed to the intended recipient at its respective address set forth at the end of this Security Instrument; and 
 (3) deemed given on the earlier to occur of: 
 (A) the date when
the notice is received by the addressee; or 
 (B) if the recipient refuses or rejects delivery, the date on
which the notice is so refused or rejected, as conclusively established by the records of the United States Postal Service or such express courier service. 
 (b) Any party to this Security Instrument may change the address to which notices intended for it are to be directed by means of notice given to the other party in accordance with this Section 9.

 (c) Any required notice under this Security Instrument which does not specify how notices are to be given shall be given in
accordance with this Section 9. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 15
	Missouri	  	01-11	  	© 2011 Fannie Mae

 10. Mortgagee-in-Possession. 
 Borrower acknowledges and agrees that the exercise by Lender of any of the rights conferred in this Security Instrument shall not be construed to make Lender a mortgagee-in-possession of the Mortgaged
Property so long as Lender has not itself entered into actual possession of the Land and Improvements. 
 11. Release. 

Upon payment in full of the Indebtedness, Lender shall cause the release of this Security Instrument and Borrower shall pay Lender’s
costs incurred in connection with such release. 
 12. Further Assurances for Trustee. 

Borrower shall execute, acknowledge, and deliver, at its sole cost and expense, all further acts, deeds, conveyances, assignments,
estoppel certificates, financing statements, transfers and assurances as Trustee may require from time to time in order to better assure, grant, and convey to Trustee the rights intended to be granted, now or in the future, to Trustee under this
Security Instrument. 
 13. Successor Trustee. 
 Lender, at Lender’s option, with or without cause, may from time to time remove Trustee and appoint a successor trustee by an instrument recorded in the city or county in which this Security
Instrument is recorded. Without conveyance of the Mortgaged Property, the successor trustee shall succeed to all the title, power and duties conferred upon the Trustee in this Security Instrument and by applicable law. 

For purposes of this Security Instrument the term “Trustee” means the person identified as Trustee in the first paragraph of
this Security Instrument and any successor trustee appointed by Lender pursuant to this Section 13 or otherwise appointed as permitted by law. 
 14. Missouri State Specific Provisions. 
 The following notice is given
to comply with Sections 432.045 and 432.047 of the Revised Statutes of Missouri: Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt, including promises to extend or sever such debt, are
not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To protect you (borrower(s)) and us (creditor) from misunderstanding or disappointment, any agreements we reach covering such
matters are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later agree in writing to modify it. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 16
	Missouri	  	01-11	  	© 2011 Fannie Mae

 As used in this Section 14, “this writing” is deemed to include this
Security Instrument and all other Loan Documents. 
 15. Governing Law; Consent to Jurisdiction and Venue. 

This Security Instrument shall be governed by the laws of the Property Jurisdiction without giving effect to any choice of law provisions
thereof that would result in the application of the laws of another jurisdiction. Borrower agrees that any controversy arising under or in relation to this Security Instrument shall be litigated exclusively in the Property Jurisdiction. The state
and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies that arise under or in relation to any security for the Indebtedness. Borrower irrevocably consents to
service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. 
 16. Miscellaneous Provisions. 
 (a) This Security Instrument shall bind, and
the rights granted by this Security Instrument shall benefit, the successors and assigns of Lender. This Security Instrument shall bind, and the obligations granted by this Security Instrument shall inure to, any permitted successors and assigns of
Borrower under the Loan Agreement. If more than one (1) person or entity signs this Security Instrument as Borrower, the obligations of such persons and entities shall be joint and several. The relationship between Lender and Borrower shall be
solely that of creditor and debtor, respectively, and nothing contained in this Security Instrument shall create any other relationship between Lender and Borrower. No creditor of any party to this Security Instrument and no other person shall be a
third party beneficiary of this Security Instrument or any other Loan Document. 
 (b) The invalidity or unenforceability of any
provision of this Security Instrument or any other Loan Document shall not affect the validity or enforceability of any other provision of this Security Instrument or of any other Loan Document, all of which shall remain in full force and effect.
This Security Instrument contains the complete and entire agreement among the parties as to the matters covered, rights granted and the obligations assumed in this Security Instrument. This Security Instrument may not be amended or modified except
by written agreement signed by the parties hereto. 
 (c) The following rules of construction shall apply to this Security
Instrument: 
 (1) The captions and headings of the sections of this Security Instrument are for convenience only
and shall be disregarded in construing this Security Instrument. 
 (2) Any reference in this Security Instrument
to an “Exhibit” or “Schedule” or a “Section” or an “Article” shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Security Instrument
or to a Section or Article of this Security Instrument. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 17
	Missouri	  	01-11	  	© 2011 Fannie Mae

 (3) Any reference in this Security Instrument to a statute or regulation
shall be construed as referring to that statute or regulation as amended from time to time. 
 (4) Use of the
singular in this Security Instrument includes the plural and use of the plural includes the singular. 
 (5) As
used in this Security Instrument, the term “including” means “including, but not limited to” or “including, without limitation,” and is for example only, and not a limitation. 

(6) Whenever Borrower’s knowledge is implicated in this Security Instrument or the phrase “to Borrower’s
knowledge” or a similar phrase is used in this Security Instrument, Borrower’s knowledge or such phrase(s) shall be interpreted to mean to the best of Borrower’s knowledge after reasonable and diligent inquiry and investigation.

 (7) Unless otherwise provided in this Security Instrument, if Lender’s approval is required for any
matter hereunder, such approval may be granted or withheld in Lender’s sole and absolute discretion. 
 (8)
Unless otherwise provided in this Security Instrument, if Lender’s designation, determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such designation, determination, selection, estimate,
action or decision shall be made in Lender’s sole and absolute discretion. 
 (9) All references in this
Security Instrument to a separate instrument or agreement shall include such instrument or agreement as the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 

(10) “Lender may” shall mean at Lender’s discretion, but shall not be an obligation. 

17. Time is of the Essence. 
 Borrower agrees that, with respect to each and every obligation and covenant contained in this Security Instrument and the other Loan Documents, time is of the essence. 

18. WAIVER OF TRIAL BY JURY. 
 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 18
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
ARISING OUT OF THIS SECURITY INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH
RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH OF BORROWER AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 ATTACHED EXHIBITS. The following Exhibits are attached to this Security Instrument and incorporated fully herein
by reference: 
  

					
	 |X|    Exhibit A
	  	Description of the Land (required)	  	
			
	 |X|    Exhibit B
	  	Modifications to Security Instrument (Tax Credit Properties)	  	

 [Remainder of Page Intentionally Blank] 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page 19
	Missouri	  	01-11	  	© 2011 Fannie Mae

 IN WITNESS WHEREOF, Borrower has signed and delivered this Security Instrument under
seal (where applicable) or has caused this Security Instrument to be signed and delivered by its duly authorized representative under seal (where applicable). Where applicable law so provides, Borrower intends that this Security Instrument shall be
deemed to be signed and delivered as a sealed instrument. 
  

			
	 BORROWER:

 

	 SIR TRUMAN FARM, LLC,
 a Delaware limited liability company

		
	By:	 	 Steadfast Income Advisor, LLC,
 a Delaware limited liability company

	 Its:
	 	Manager

  

			
	By:	 	/s/ Rodney F. Emery
	 Name:  
	 	Rodney F. Emery
	 Title:
	 	CEO and President

  

	
	The name, chief executive office and organizational identification number of Borrower (as Debtor under any applicable Uniform Commercial Code) are:
	
	 Debtor Name/Record Owner: SIR TRUMAN FARM, LLC

Debtor Chief Executive Office Address:
 18100 Von
Karman Avenue, Suite 500
 Irvine, Orange County, California 92612
 Debtor Organizational ID Number: 5065416

 [CONTINUED ON FOLLOWING PAGE] 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page S-1
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
	
	 The name and chief executive office of Lender (as Secured Party) are:

 
 Secured Party Name: PNC BANK, NATIONAL ASSOCIATION

Secured Party Chief Executive Office Address:

26901 Calabasas Road, Suite 200
 Calabasas Hills,
California 91301

	
	 Trustee Address:

Steven M. Leigh, Esq.

Martin, Leigh, Laws & Fritzlen PC

900 Peck’s Plaza

1044 Main Street
 Kansas City, MO 64105

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page S-2
	Missouri	  	01-11	  	© 2011 Fannie Mae

 ACKNOWLEDGEMENT 

 

					
	STATE OF CALIFORNIA	  	)	 	
		  	)	 	SS.
	COUNTY OF ORANGE	  	)	 	

 On December 15, 2011, before me, Mona Salama, a Notary Public, personally appeared Rodney F. Emery, 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 he executed the same in his authorized capacity, and that by his 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
	    Notary Public

 [Seal] 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page S-3
	Missouri	  	01-11	  	© 2011 Fannie Mae

 EXHIBIT A 
 DESCRIPTION OF THE LAND 
 Exhibit “A” 

PARCEL A: 
 PART OF TRACT D-1, OF THE
CERTIFICATE OF SURVEY FILED MAY 26, 1994, UNDER DOCUMENT NO. K-1142217, IN BOOK S-4, AT PAGE 76, BEING IN THE NORTHEAST 1/4 OF SECTION 14, TOWNSHIP 47 NORTH, RANGE 33 WEST, IN GRANDVIEW, JACKSON COUNTY, MISSOURI, BEING MORE PARTICULARLY DESCRIBED AS
FOLLOWS: 
 COMMENCING AT A POINT ON THE WESTERLY RIGHT OF WAY LINE OF U.S HIGHWAY 71, SAID POINT BEING 475.00 FEET SOUTH OF THE NORTH LINE OF
SAID 1/4 SECTION, SAID POINT ALSO BEING THE NORTHEAST CORNER OF TRACT B-3; THENCE ALONG THE NORTHERLY LINE OF TRACT B-3 NORTH 89 DEGREES 40’ 50” WEST, 579.52 FEET; THENCE NORTH 89 DEGREES 49’ 26” WEST, 430.00 FEET TO THE POINT OF
BEGINNING; THENCE SOUTH 00 DEGREES 10’ 34” WEST, 55.00 FEET; THENCE NORTH 89 DEGREES 49’ 26” WEST, 58.89 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 100.00 FEET, A CENTRAL ANGLE OF 45 DEGREES 00’ 00” AND
AN ARC LENGTH OF 78.54 FEET; THENCE SOUTH 45 DEGREES 10’ 34” WEST, 106.39 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 100.00 FEET, A CENTRAL ANGLE OF 45 DEGREES 00’ 00” AND AN ARC LENGTH OF 78.54 FEET; THENCE SOUTH
00 DEGREES 10’ 34” WEST, 417.89 FEET; THENCE SOUTH 19 DEGREES 47’ 47” WEST, 166.15 FEET; THENCE ALONG THE NORTHERLY RIGHT OF WAY LINE OF HARRY TRUMAN DRIVE, NORTH 89 DEGREES 38’21” WEST, 361.64 FEET; THENCE ALONG A
CURVE TO THE RIGHT HAVING A RADIUS OF 522.96 FEET, A CENTRAL ANGLE OF 9 DEGREES 17’ 46” AND AN ARC LENGTH OF 84.85 FEET; THENCE LEAVING SAID NORTHERLY RIGHT OF WAY LINE, NORTH, 330.51 FEET; THENCE WEST, 184.04 FEET; THENCE NORTH, 181.97
FEET; THENCE WEST, 190.70 FEET; THENCE ALONG THE EASTERLY RIGHT OF WAY LINE OF BLUE RIDGE BOULEVARD, ALONG A CURVE TO THE LEFT HAVING AN INITIAL TANGENT BEARING OF NORTH 00 DEGREES 55’ 57” EAST, A RADIUS OF 623.69 FEET, A CENTRAL ANGLE OF
0 DEGREES 45’ 23” AND AN ARC LENGTH OF 8.23 FEET; THENCE NORTH 00 DEGREES 10’ 34” EAST, 74.09 FEET; THENCE LEAVING SAID EASTERLY RIGHT OF WAY LINE NORTH 89 DEGREES 23’ 57” EAST, 200.02 FEET; THENCE NORTH 00 DEGREES
36’ 03” WEST, 200.01 FEET; THENCE SOUTH 89 DEGREES 46’ 46” EAST, 48.05 FEET; THENCE SOUTH 89 DEGREES 49’ 26” EAST 866.93 FEET TO THE POINT OF BEGINNING. 
 NOW KNOWN AS TRACT 2 OF CERTIFICATE OF SURVEY FILED NOVEMBER 13, 1996, AS DOCUMENT NO. K-0052123 IN SURVEY BOOK S-5 at PAGE 83. 
 PARCEL D: 
 Easement for Pedestrian Access for the benefit of Tract 1 as created by the
instrument recorded September 10, 1996 as Document No. K-41073, in Book K-2894, at Page 1463, over, under and across the land described as follows: 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page A-1
	Missouri	  	01-11	  	© 2011 Fannie Mae

 Part of TRACT D-l, of the Certificate of Survey filed May 26, 1994, under Document No. K-1142217, in
Book S-4, at Page 76, being in the Northeast 1/4 of Section 14, Township 47 North, Range 33 West, in Grandview, Jackson County, Missouri, being more particularly described as follows: 
 Commencing at a point on the Westerly right of way line of U.S. Highway 71, said point being 475.00 feet South of the North line of said 1/4 section, said point also being the Northeast corner of Tract
B-1; thence along the Northerly line of Tract B-1; North 89 degrees 40 minutes 50 seconds West, 579.52 feet; thence North 89 degrees 49 minutes 26 seconds West, 430.00 feet to the Northeast corner of Tract D-1, said Northeast corner also being the
point of beginning; thence North 89 degrees 49 minutes 26 seconds West, 10.00 feet; thence North 00 degrees 10 minutes 34 seconds East, 10.00 feet; thence South 89 degrees 49 minutes 26 seconds East, 38.95 feet; thence North 00 degrees 03 minutes 05
seconds East, 169.31 feet; thence South 89 degrees 46 minutes 46 seconds East, 10.00 feet; thence South 00 degrees 03 minutes 05 seconds West, 179.30 feet; thence North 89 degrees 49 minutes 26 seconds West, 38.97 feet to the point of beginning.

 Tract 1 of Survey under Document No. K-1142217 in Survey Book S-4 at Page 4, is now known as Tracts 1, 2, 3 and 4 of Certificate of Survey
filed November 13, 1996, as Document No. K-0052123 in Survey Book S-5 at Page 83. 
 NOTE: The Real Estate Tax Identification Numbers are
as follows: 
 City, State and County Tax ID No.: 64-810-01-07-01-3-00-000 (Affects Parcel A) 

City, State and County Tax ID No.: 64-810-01-12-01-4-00-000 (Affects Parcel A) 
 And as described by that certain ALTA/ACSM Survey, dated November 11, 2011, last revised December 7, 2011 by Whitehead Consultants, Inc., for Bock & Clark’s National Surveyors
Network, as Project No. 201101792-1, (the “Survey”): 
 PARCEL A: 
 ALL OF TRACT 2, OF THE CERTIFICATE OF SURVEY FILED NOVEMBER 13, 1996, UNDER DOCUMENT NO. K-0052123, IN BOOK S-5, AT PAGE 83, BEING IN THE NORTHEAST 1/4 OF SECTION 14, TOWNSHIP 47 NORTH, RANGE 33 WEST, IN
GRANDVIEW, JACKSON COUNTY, MISSOURI, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: 
 COMMENCING AT A POINT ON THE WESTERLY RIGHT OF WAY LINE OF
U.S HIGHWAY 71, SAID POINT BEING 475.00 FEET SOUTH OF THE NORTH LINE OF SAID 1/4 SECTION, SAID POINT ALSO BEING THE NORTHEAST CORNER OF TRACT B-3; THENCE ALONG THE NORTHERLY LINE OF TRACT B-3 NORTH 89 DEGREES 40’ 50” WEST, 579.52 FEET;
THENCE NORTH 89 DEGREES 49 26” WEST, 430.00 FEET TO THE POINT OF BEGINNING; THENCE SOUTH 00 DEGREES 10’ 34” WEST, 55.00 FEET; THENCE NORTH 89 DEGREES 49’ 26” WEST, 58.89 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS
OF 100.00 FEET, A CENTRAL ANGLE OF 45 DEGREES 00’ 00” AND AN ARC LENGTH OF 78.54 FEET; THENCE SOUTH 45 DEGREES 10’ 34” WEST, 106.39 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 100.00 FEET, A CENTRAL ANGLE OF 45
DEGREES 00’ 00” AND AN ARC LENGTH OF 78.54 FEET; THENCE SOUTH 00 DEGREES 10’ 34” WEST, 417.89 FEET; THENCE SOUTH 19 DEGREES 47’ 47” WEST, 166.15 FEET; THENCE ALONG THE NORTHERLY RIGHT OF WAY LINE OF HARRY TRUMAN DRIVE,
NORTH 89 DEGREES 38’ 21” WEST, 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page A-2
	Missouri	  	01-11	  	© 2011 Fannie Mae

 
360.55 FEET; THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 522.96 FEET, A CENTRAL ANGLE OF 9 DEGREES 17’ 46” AND AN ARC LENGTH OF 84.85 FEET; THENCE LEAVING SAID NORTHERLY RIGHT
OF WAY LINE, NORTH 00 DEGREES 01’ 30” WEST, 330.35 FEET; THENCE WEST, 184.04 FEET; THENCE NORTH, 181.97 FEET; THENCE SOUTH 89 DEGREES 56’15” WEST, 190.78 FEET TO THE EASTERLY RIGHT OF WAY LINE OF BLUE RIDGE BOULEVARD; THENCE
ALONG THE EASTERLY RIGHT OF WAY LINE OF BLUE RIDGE BOULEVARD, ALONG A CURVE TO THE LEFT HAVING AN INITIAL TANGENT BEARING OF NORTH 0 DEGREES 15’ 26” EAST, A RADIUS OF 623.69 FEET, A CENTRAL ANGLE OF 0 DEGREES 45’ 23” AND AN ARC
LENGTH OF 8.23 FEET; THENCE NORTH 00 DEGREES 29’ 56” WEST, 74.09 FEET; THENCE LEAVING SAID EASTERLY RIGHT OF WAY LINE NORTH 89 DEGREES 20’ 31” EAST, 200.12 FEET; THENCE NORTH 00 DEGREES 35’ 49” WEST, 200.19 FEET; THENCE
SOUTH 89 DEGREES 46’ 46” EAST, 48.05 FEET; THENCE SOUTH 89 DEGREES 49’ 26” EAST 866.93 FEET TO THE POINT OF BEGINNING. NOW KNOWN AS TRACT 2 OF CERTIFICATE OF SURVEY FILED NOVEMBER 13, 1996, AS DOCUMENT NO. K-0052123 IN SURVEY
BOOK S-5 AT PAGE 83. 
 PARCEL D: 

EASEMENT FOR PEDESTRIAN ACCESS FOR THE BENEFIT OF TRACT 1 AS CREATED BY THE INSTRUMENT RECORDED SEPTEMBER 10, 1996 AS DOCUMENT NO. K-41073, IN BOOK
K-2894, AT PAGE 1463, OVER, UNDER AND ACROSS THE LAND DESCRIBED AS FOLLOWS:: 
 PART OF TRACT D-1, OF THE CERTIFICATE OF SURVEY FILED MAY 26,
1994, UNDER DOCUMENT NO. K-1142217, IN BOOK S-4, AT PAGE 76, BEING IN THE NORTHEAST 1/4 OF SECTION 14, TOWNSHIP 47 NORTH, RANGE 33 WEST, IN GRANDVIEW, JACKSON COUNTY, MISSOURI, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A POINT ON
THE WESTERLY RIGHT OF WAY LINE OF U.S. HIGHWAY 71, SAID POINT BEING 475.00 FEET SOUTH OF THE NORTH LINE OF SAID 1/4 SECTION, SAID POINT ALSO BEING THE NORTHEAST CORNER OF TRACT B-3; THENCE ALONG THE NORTHERLY LINE OF TRACT B-3 AND TRACT B-1; NORTH
89 DEGREES 40 MINUTES 50 SECONDS WEST, 579.52 FEET; THENCE NORTH 89 DEGREES 49 MINUTES 26 SECONDS WEST, 430.00 FEET TO THE NORTHEAST CORNER OF TRACT D-1, SAID NORTHEAST CORNER ALSO BEING THE POINT OF BEGINNING; THENCE NORTH 89 DEGREES 49 MINUTES 26
SECONDS WEST, 10.00 FEET; THENCE NORTH 00 DEGREES 10 MINUTES 34 SECONDS EAST, 10.00 FEET; THENCE SOUTH 89 DEGREES 49 MINUTES 26 SECONDS EAST, 38.95 FEET; THENCE NORTH 00 DEGREES 03 MINUTES 05 SECONDS EAST, 169.31 FEET; THENCE SOUTH 89 DEGREES 46
MINUTES 46 SECONDS EAST, 10.00 FEET; THENCE SOUTH 00 DEGREES 03 MINUTES 05 SECONDS WEST, 179.30 FEET; THENCE NORTH 89 DEGREES 49 MINUTES 26 SECONDS WEST, 38.97 FEET TO THE POINT OF BEGINNING. TRACT 1 OF SURVEY UNDER DOCUMENT NO. K-1142217 IN SURVEY
BOOK S-4 AT PAGE 4, IS NOW KNOWN AS TRACTS 1, 2, 3 AND 4 OF CERTIFICATE OF SURVEY FILED NOVEMBER 13, 1996, AS DOCUMENT NO. K-0052123 IN SURVEY BOOK S-5 AT PAGE 83. 

  

					
	Fannie Mae Multifamily Security Instrument	  	Form 6025.MO	  	Page A-3
	Missouri	  	01-11	  	© 2011 Fannie MaeGuaranty of Non-Recourse Obligations

 Exhibit 10.6 
 GUARANTY OF NON-RECOURSE OBLIGATIONS 
 This GUARANTY OF NON-RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of December 22, 2011, is executed by the undersigned (“Guarantor”), to and for the benefit of PNC BANK, NATIONAL ASSOCIATION, a national banking association
(“Lender”). 
 RECITALS: 
 A. Pursuant to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between SIR TRUMAN FARM, LLC, a Delaware limited liability company (“Borrower”),
and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), Lender is making a loan to Borrower in the original principal amount of Five Million Nine Hundred Fifteen
Thousand and No/100 Dollars ($5,915,000.00) (the “Mortgage Loan”), as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of Lender in the amount of the Mortgage
Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”). 
 B.
The Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real property described in the Security Instrument (the “Property”). 

C. Guarantor has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan.

 D. As a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor execute this Guaranty. 

NOW, THEREFORE, in order to induce Lender to make the Mortgage Loan to Borrower, and in consideration thereof, Guarantor agrees as
follows: 
 AGREEMENTS: 
 1. Recitals. 
 The recitals set forth above are incorporated herein by
reference as if fully set forth in the body of this Guaranty. 
 2. Defined Terms. 

Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 1
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 3. Guaranteed Obligations. 
 Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration or
otherwise, and at all times thereafter, of: 
 (a) all amounts, obligations and liabilities owed to Lender under Article 3
(Personal Liability) of the Loan Agreement (including the payment and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity Obligations) of the Loan Agreement and including all of
Borrower’s obligations under the Environmental Indemnity Agreement); and 
 (b) all costs and expenses, including
reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender in enforcing its rights under this Guaranty. 

4. Survival of Guaranteed Obligations. 
 The obligations of Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the Security Instrument or any release of any other security for any of
the Indebtedness. 
 5. Guaranty of Payment; Community Property. 
 Guarantor’s obligations under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection. If Guarantor (or any Guarantor, if more than one) is a
married person, and the state of residence of Guarantor or Guarantor’s spouse is a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy Guarantor’s obligations under
this Guaranty to the extent of all Guarantor’s separate property and Guarantor’s interest in any community property. 
 6.
Obligations Unsecured; Cross-Default. 
 The obligations of Guarantor under this Guaranty shall not be secured by the
Security Instrument or the Loan Agreement. However, a default under this Guaranty shall be an Event of Default under the Loan Agreement, and a default under this Guaranty shall entitle Lender to be able to exercise all of its rights and remedies
under the Loan Agreement and other Loan Documents. 
 7. Continuing Guaranty. 

The obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or
enforceability of any provision of this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan Document. Guarantor agrees that performance of the obligations hereunder shall be a primary obligation, shall not be subject to
any counterclaim, set-off, recoupment, abatement, deferment or defense based upon any claim that Guarantor may have against Lender, Borrower, any other guarantor of the obligations 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 2
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 
hereunder or any other person or entity, and shall remain in full force and effect without regard to, and shall not be released, discharged or affected in any way by any circumstance or condition
(whether or not Guarantor shall have any knowledge thereof), including: 
 (a) any furnishing, exchange, substitution or release
of any collateral securing repayment of the Mortgage Loan, or any failure to perfect any lien in such collateral; 
 (b) any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

 (c) any action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence,
omission or delay on the part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon it in any of the Loan Documents, or any other action or inaction on the part of Lender; 

(d) any Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment
for the benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or proceedings with respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective
property or creditors or any action taken by any trustee or receiver or by any court in such proceeding; 
 (e) any merger or
consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor or any other guarantor of the obligations hereunder to any other Person; 

(f) any change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship; 
 (g) any release or discharge by operation of law of Borrower,
Guarantor or any other guarantor of the obligations hereunder, any obligation or agreement contained in any of the Loan Documents; or 
 (h) any other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute a legal or equitable defense or
discharge of the liabilities of a guarantor or surety or which otherwise might limit recourse against Borrower or Guarantor to the fullest extent permitted by law. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 3
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 8. Guarantor Waivers. 
 Guarantor hereby waives: 
 (a) the benefit of all principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of this Guaranty (and agrees that Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise
constitute a legal or equitable discharge of a surety or a guarantor); 
 (b) the benefits of any right of discharge under any
and all statutes or other laws relating to guarantors or sureties and any other rights of sureties and guarantors; 
 (c)
diligence in collecting the Indebtedness, presentment, demand for payment, protest and all notices with respect to the Loan Documents and this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights
against Guarantor under this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of acceleration, notice of
dishonor, notice of foreclosure, notice of protest and notice of the incurring by Borrower of any obligation or indebtedness; and 
 (d) all rights to require Lender to: 
 (1) proceed against or
exhaust any collateral held by Lender to secure the repayment of the Indebtedness; 
 (2) proceed against or
pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is a partnership, any general partner of Borrower or general partner of any guarantor; or 

(3) demand or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable
law or otherwise. 
 9. No Effect Upon Obligations. 
 At any time or from time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability of Guarantor: 

(a) the time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part; 
 (b) the rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt
Service Payments payable under the Loan Documents may be modified; 
 (c) the time for Borrower’s performance of or
compliance with any covenant or agreement contained in any Loan Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; 

(d) the maturity of the Indebtedness may be accelerated as provided in the Loan Documents; 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 4
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 (e) any or all payments due under the Loan Agreement or any other Loan Document may be
reduced; 
 (f) any Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the
principal amount of the Mortgage Loan; 
 (g) any amounts under the Loan Agreement or any other Loan Document may be released;

 (h) any security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional
security may be pledged or mortgaged for the Indebtedness; 
 (i) the payment of the Indebtedness or any security for the
Indebtedness, or both, may be subordinated to the right to payment or the security, or both, of any other present or future creditor of Borrower; 
 (j) any payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion; and 

(k) any other terms of the Loan Documents may be modified as required by Lender. 
 10. Joint and Several (or Solidary) Liability. 
 If more than one Person
executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several (solidary instead for purposes of Louisiana law) basis. Lender, in its discretion, may: 

(a) to the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor, and
any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of them; 
 (b) compromise or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender may deem proper; 

(c) discharge or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue
such Person; and 
 (d) otherwise deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such
action shall impair the rights of Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty. 
 Nothing contained
in this Section 10 shall in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 5
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 11. Subordination of Affiliated Debt. 

Any indebtedness of Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such
indebtedness of Borrower shall be collected, enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 

12. Subrogation. 

Guarantor shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of
Borrower by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible
period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the Insolvency Laws. 
 13. Voidable Transfer. 
 If any payment by Borrower is held to constitute a
preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to refund any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of
Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. If any payment by any Guarantor should for
any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the obligations guaranteed hereunder shall automatically be revived, reinstated and restored by the amount of such Voidable Transfer or the
amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and legal fees incurred by Lender in connection therewith, and shall exist as though such Voidable Transfer had never
been made, and any other guarantor, if any, shall remain liable for such obligations in full. 
 14. Credit Report/Credit Score.

 Guarantor acknowledges and agrees that Lender is authorized, no more frequently than once in any twelve (12) month
period, to obtain a credit report (if applicable) on Guarantor, the cost of which shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is authorized to obtain a Credit Score (if applicable) for Guarantor at any time at
Lender’s expense. 
 15. Financial Reporting. 
 Guarantor shall deliver to Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial Reporting – Covenants) of the Loan Agreement. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 6
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 16. Further Assurances. 
 Guarantor acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the Mortgage Loan. 

(a) Guarantor shall: 
 (1) do anything necessary to comply with the requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided, to Lender or any Investor of the Mortgage Loan, at
Borrower’s and Guarantor’s cost and expense, such further documentation or information required by Lender or Investor, in order to enable: 
 (A) Lender to sell the Mortgage Loan to such Investor; 
 (B) Lender
to obtain a refund of any commitment fee from any such Investor; or 
 (C) any such Investor to further sell or
securitize the Mortgage Loan; 
 (2) confirm that Guarantor is not in default under this Guaranty or in observing
any of the covenants or agreements contained in this Guaranty (or, if Guarantor is in default, describing such default in reasonable detail); and 
 (3) execute and deliver to Lender and/or any Investor such other documentation, including any amendments, corrections, deletions or additions to this Guaranty as is required by Lender or such Investor.

 (b) Nothing in this Section 16 shall require Guarantor to do any further act that has the effect of: 

(1) changing the essential economic terms of the Mortgage Loan set forth in the related commitment letter between Borrower
and Lender; or 
 (2) imposing on Borrower or Guarantor greater personal liability under the Loan Documents than
that set forth in the related commitment letter between Borrower and Lender. 
 17. Successors and Assigns. 

Lender may assign its rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this
Guaranty shall inure to the benefit of such assignee to the extent so assigned. Guarantor may not assign its rights, duties and obligations under this Guaranty, in whole or in part, without Lender’s prior written consent and any such assignment
shall be deemed void ab initio. The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such parties. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 7
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 18. Final Agreement. 
 Guarantor acknowledges receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings, representations and statements, oral or
written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged or terminated except by an agreement in writing signed by the party against which the enforcement of the waiver,
modification, amendment, discharge or termination is sought, and then only to the extent set forth in that agreement. 
 19. Governing Law.

 This Guaranty shall be governed by and construed in accordance with the substantive law of the Property Jurisdiction
without regard to the application of choice of law principles that would result in the application of the laws of another jurisdiction. 

20. Property Jurisdiction. 
 Guarantor agrees that any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property Jurisdiction. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Guaranty or any other Loan Document with respect to the subject matter hereof. Guarantor irrevocably
consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. 

21. Time is of the Essence. 
 Guarantor agrees that, with respect to each and every obligation and covenant contained in this Guaranty, time is of the essence. 
 22. Notices. 
 Guarantor agrees to notify Lender of any change in
Guarantor’s address within ten (10) Business Days after such change of address occurs. All “Notices” under this Guaranty shall be: 
 (a) in writing and shall be 
 (1) delivered, in person; 

(2) mailed, postage prepaid, either by registered or certified delivery, return receipt requested; 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 8
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 (3) sent by overnight courier; or 

(4) sent by electronic mail with originals to follow by overnight courier; 

(b) addressed to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and

 (c) deemed given on the earlier to occur of: 

(1) the date when the Notice is received by the addressee; or 

(2) if the recipient refuses or rejects delivery, the date on which the Notice is so refused or rejected, as conclusively
established by the records of the United States Postal Service or such express courier service. 
 23. Construction. 

(a) Any reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Guaranty or to a Section or Article of this Guaranty. 

(b) Any reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time. 
 (c) Use of the singular in this Guaranty includes the plural and use of the plural includes the singular.

 (d) As used in this Guaranty, the term “including” means “including, but not limited to” or
“including, without limitation,” and is for example only, and not a limitation. 
 (e) Whenever Guarantor’s
knowledge is implicated in this Guaranty or the phrase “to Guarantor’s knowledge” or a similar phrase is used in this Guaranty, Guarantor’s knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor’s
knowledge after reasonable and diligent inquiry and investigation. 
 (f) Unless otherwise provided in this Guaranty, if
Lender’s approval is required for any matter hereunder, such approval may be granted or withheld in Lender’s sole and absolute discretion. 
 (g) Unless otherwise provided in this Guaranty, if Lender’s designation, determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such designation,
determination, selection, estimate, action or decision shall be made in Lender’s sole and absolute discretion. 
 (h) All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 9
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 (i) “Lender may” shall mean at Lender’s discretion, but shall not be an
obligation. 
 24. WAIVER OF JURY TRIAL. 
 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT
OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 
 25. Schedules. 
 The schedules, if any, attached to this Guaranty are
incorporated fully into this Guaranty by this reference and each constitutes a substantive part of this Guaranty. 
 ATTACHED
SCHEDULE. The following Schedule is attached to this Guaranty: 
  

					
	  ̈       Schedule 1
	 	Modifications to Guaranty	  	

 [Remainder of Page Intentionally Blank] 

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 10
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal
(where applicable) or has caused this Guaranty to be signed and delivered under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this Guaranty shall be deemed to be signed and
delivered as a sealed instrument. 
  

			
	 GUARANTOR:
  

STEADFAST INCOME REIT, INC.,
 a Maryland
corporation

		
	By:	 	/s/ Rodney F. Emery
	Name:	 	Rodney F. Emery
	Title:	 	CEO and President
	
	Address for Notices to Guarantor:
	
	18100 Von Karman Avenue, Suite 500
	Irvine, Orange County, California 92612
	Email address: remery@steadfastcompanies.com
	
	with a courtesy copy to Guarantor’s counsel at:
	
	Katten Muchin Rosenman LLP
	2900 K. Street NW, Suite 200
	Washington, DC 20007-5118
	Attn: Virginia Davis
	Email addresses: virginia.davis@kattenlaw.com

  

					
	Guaranty of Non-Recourse Obligations	  	Form 6015	  	Page 11
	Fannie Mae	  	07-11	  	© 2011 Fannie Mae

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]