Document:

Exhibit 10.13

 

MULTIFAMILY NOTE

 

	US $18,078,000.00	as of May 27, 2014

 

FOR VALUE RECEIVED,
the undersigned ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association ("Lender"), the principal amount of Eighteen Million Seventy-Eight Thousand and no/100ths
Dollars (US $18,078,000.00) (the "Mortgage Loan"), together with interest thereon accruing at the Interest Rate
on the unpaid principal balance from the date the Mortgage Loan proceeds are disbursed until fully paid in accordance with the
terms hereof and of that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower and
Lender (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the "Loan
Agreement").

 

		1.	Defined Terms.

 

Capitalized terms used
and not specifically defined in this Multifamily Note (this "Note") have the meanings given to such terms in the
Loan Agreement.

 

		2.	Repayment.

 

Borrower agrees to pay
the principal amount of the Mortgage Loan and interest on the principal amount of the Mortgage Loan from time to time outstanding
at the Interest Rate or such other rate or rates and at the times specified in the Loan Agreement, together with all other amounts
due to Lender under the Loan Documents. The outstanding balance of the Mortgage Loan and all accrued and unpaid interest thereon
shall be due and payable on the Maturity Date, together with all other amounts due to Lender under the Loan Documents.

 

		3.	Security.

 

The Mortgage Loan evidenced
by this Note, together with all other Indebtedness is secured by, among other things, the Security Instrument, the Loan Agreement
and the other Loan Documents. All of the terms, covenants and conditions contained in the Loan Agreement, the Security Instrument
and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully
set forth herein. In the event of a conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms
and provisions of the Loan Agreement shall govern.

 

		4.	Acceleration.

 

In accordance with the
Loan Agreement, if an Event of Default has occurred and is continuing, the entire unpaid principal balance of the Mortgage Loan,
any accrued and unpaid interest, including interest accruing at the Default Rate, the Prepayment Premium (if applicable), and all
other amounts payable under this Note, the Loan Agreement and any other Loan Document shall at once become due and payable, at
the option of Lender, without any prior notice to Borrower, unless applicable law requires otherwise (and in such case, after satisfactory
notice has been given).

 

    
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		5.	Personal Liability.

 

The provisions of Article
3 (Personal Liability) of the Loan Agreement are hereby incorporated by reference into this Note to the same extent and with the
same force as if fully set forth herein.

 

		6.	Governing Law.

 

This Note shall be governed
in accordance with the terms and provisions of Section 15.01 (Governing Law; Consent to Jurisdiction and Venue) of the Loan Agreement.

 

		7.	Waivers.

 

Presentment, demand for
payment, notice of nonpayment and dishonor, protest and notice of protest, notice of acceleration, notice of intent to demand or
accelerate payment or maturity, presentment for payment, notice of nonpayment, grace and diligence in collecting the Indebtedness
are waived by Borrower, for and on behalf of itself, Guarantor and Key Principal, and all endorsers and guarantors of this Note
and all other third party obligors or others who may become liable for the payment of all or any part of the Indebtedness.

 

		8.	Commercial Purpose.

 

Borrower represents that
the Indebtedness is being incurred by Borrower solely for the purpose of carrying on a business or commercial enterprise or activity,
and not for agricultural, personal, family or household purposes.

 

		9.	Construction; Joint and Several (or Solidary, as applicable)
Liability.

 

(a)          Section
15.08 (Construction) of the Loan Agreement is hereby incorporated herein as if fully set forth in the body of this Note.

 

(b)          If
more than one Person executes this Note as Borrower, the obligations of such Person shall be joint and several (solidary instead
for purposes of Louisiana law).

 

		10.	Notices.

 

All Notices required or
permitted to be given by Lender to Borrower pursuant to this Note shall be given in accordance with Section 15.02 (Notice) of the
Loan Agreement.

 

		11.	Time is of the Essence.

 

Borrower agrees that, with
respect to each and every obligation and covenant contained in this Note, time is of the essence.

 

    
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		12.	Loan Charges Savings Clause.

 

Borrower agrees to pay
an effective rate of interest equal to the sum of the Interest Rate and any additional rate of interest resulting from any other
charges of interest or in the nature of interest paid or to be paid in connection with the Mortgage Loan and any other fees or
amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Note, the Loan Agreement nor any of the
other Loan Documents shall be construed to create a contract for the use, forbearance or detention of money requiring payment of
interest at a rate greater than the maximum interest rate permitted to be charged under applicable law. It is expressly stipulated
and agreed to be the intent of Borrower and Lender at all times to comply with all applicable laws governing the maximum rate or
amount of interest payable on the Indebtedness evidenced by this Note and the other Loan Documents. If any applicable law limiting
the amount of interest or other charges permitted to be collected from Borrower is interpreted so that any interest or other charge
or amount provided for in any Loan Document, whether considered separately or together with other charges or amounts provided for
in any other Loan Document, or otherwise charged, taken, reserved or received in connection with the Mortgage Loan, or on acceleration
of the maturity of the Mortgage Loan or as a result of any prepayment by Borrower or otherwise, violates that law, and Borrower
is entitled to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate any such
violation. Amounts, if any, previously paid to Lender in excess of the permitted amounts shall be applied by Lender to reduce the
unpaid principal balance of the Mortgage Loan without the payment of any prepayment premium (or, if the Mortgage Loan has been
or would thereby be paid in full, shall be refunded to Borrower), and the provisions of the Loan Agreement and any other Loan Documents
immediately shall be deemed reformed and the amounts thereafter collectible under the Loan Agreement and any other Loan Documents
reduced, without the necessity of the execution of any new documents, so as to comply with any applicable law, but so as to permit
the recovery of the fullest amount otherwise payable under the Loan Documents. For the purpose of determining whether any applicable
law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness
that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, and
any amount paid or agreed to be paid to Lender for the use, forbearance or detention of the Indebtedness, shall be deemed to be
allocated and spread ratably over the stated term of the Mortgage Loan. Unless otherwise required by applicable law, such allocation
and spreading shall be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of
the Mortgage Loan.

 

		13.	WAIVER OF TRIAL BY JURY.

 

TO THE MAXIMUM EXTENT
PERMITTED BY LAW, EACH OF BORROWER AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF
THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER 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 PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

    
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		14.	Receipt of Loan Documents.

 

Borrower acknowledges receipt
of a copy of each of the Loan Documents.

 

		15.	Incorporation of Schedules.

 

The schedules, if any,
attached to this Note are incorporated fully into this Note by this reference and each constitutes a substantive part of this Note.

 

		16.	Defined Terms.

 

(a)          As
used hereunder, the term "Maximum Lawful Rate" shall mean the maximum lawful rate of interest which may be contracted
for, charged, taken, received or reserved by Lender in accordance with the applicable laws of the State of Texas (or applicable
United States federal law to the extent that such law permits Lender to contract for, charge, take, receive or reserve a greater
amount of interest than under Texas law), taking into account all Charges (as defined below) made in connection with the transaction
evidenced by this Note and the other Loan Documents.

 

(b)          As
used hereunder, the term "Charges" shall mean all fees, charges and/or any other things of value, if any, contracted
for, charged, taken, received or reserved by Lender in connection with the transactions relating to this Note and the other Loan
Documents, which are treated as interest under applicable law.

 

		17.	Procedural Obligations of Borrower.

 

(a)          In
addition to the provisions of Section 12 above, Borrower hereby agrees that as a condition precedent to any claim seeking usury
penalties against Lender, Borrower will provide written notice to Lender, advising Lender in reasonable detail of the nature and
amount of the violation, and Lender shall have sixty (60) days after receipt of such notice in which to correct such usury violation,
if any, by either refunding such excess interest to Borrower or crediting such excess interest against this Note and/or the Indebtedness
then owing by Borrower to Lender. All calculations of the rate of interest contracted for, charged, taken, reserved or received
by Lender for the use, forbearance or detention of any debt evidenced by this Note and/or any other Loan Documents, that are made
for the purpose of determining whether such rate exceeds the Maximum Lawful Rate, shall be made, to the extent permitted by applicable
law, by amortizing, prorating, allocating and spreading, using the actuarial method, all interest contracted for, charged, taken,
reserved or received by Lender throughout the full term of this Note and/or any other Loan Documents (including any and all renewal
and extension periods).

 

    
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(b)          In
no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts
and revolving triparty accounts) apply to this Note and/or any Indebtedness.

 

(c)          Not
later than the sixty-first (61st) day before the date Borrower files suit seeking penalties for Lender's violation of the usury
law (or not later than the time of Borrower filing a counterclaim in an original action by Lender), Borrower is required to give
Lender written notice stating in reasonable detail the nature and amount of the violation. Lender is then entitled to correct such
violation within the sixty (60) day period beginning with the date such notice is received. If the usury violation is raised on
a counterclaim, Lender can petition the court to abate the proceedings for sixty (60) days to allow Lender to cure the violation.
If Lender timely corrects such violation, Lender will not be liable to Borrower for such violation, except to reimburse Borrower
for reasonable attorneys' fees in the event the issue is raised by Borrower in a counterclaim. Lender is also not liable to Borrower
for a violation of the usury penalty statute if Lender gives written notice to Borrower of Lender's usury violation before Borrower
itself gives written notice of the violation or files an action alleging the violation, and provided Lender corrects such violation
not later than the sixtieth (60th) day after the date Lender actually discovered the violation that applies to the Note and/or
any of the Indebtedness. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, it is
not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or
to collect unearned interest at the time of such acceleration.

 

		18.	Ceiling Election.

 

To the extent
that Lender is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Note and/or
any other portion of the Indebtedness, Lender will utilize the weekly ceiling from time to time in effect as provided in such Chapter
303, as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve a greater
amount of interest than under Texas law, Lender will rely on United States federal law instead of such Chapter 303 for the purpose
of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect, Lender
may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303
or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect.

 

    
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ATTACHED SCHEDULE. The following Schedule is
attached to this Note:

 

	q	Schedule 1	Modifications to Note

 

[Remainder of Page Intentionally Blank]

 

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

 

	 	BORROWER:
	 	 
	 	BRE MF TPC LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ Olivia John
	 	 	 	Olivia John 
	 	 	 	Vice President

 

    
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ENDORSEMENT

 

TO MULTIFAMILY NOTE

 

Dated as of May 27, 2014,

 

given by

 

BRE MF TPC LLC,

a Delaware limited liability company

 

to

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

a national banking association

 

in the original principal amount of $18,078,000.00

 

 

 

Pay to the order of F.ANNIE MAE, without recourse.

 

	 	LENDER:	 
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	a national banking association
	 	 	 	 
	 	By:	/s/ Christian Adrian	 
	 	 	Christian Adrian	 
	 	 	Director	 

 

Date: as of May 27, 2014Exhibit 10.14

 

	Book 16694 Page 1068 29pgs	Doc# 20140086790

 

Prepared by, and after recording

return to:

Nicholas A. Pirulli, Esq.

Krooth & Altman TIP 

1850 M Street, N.W., Suite 400

Washington, D.C. 20036

 

MULTIFAMILY DEED OF TRUST, 

ASSIGNMENT OF LEASES AND RENTS, 

SECURITY AGREEMENT 

AND FIXTURE FILING

 

(TEXAS)

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	 
	Texas	06-12	© 2012 Fannie Mae

     

    

 

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 May 27, 2014, is executed by BRE
MF TPC LLC, a limited liability company organized and existing under the laws of Delaware, as grantor ("Borrower"),
to NICHOLAS A. PIRULLI, ESQ., as trustee ("Trustee"), for the benefit of WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as beneficiary ("Lender").

 

Borrower, in consideration
of (i) the loan in the original principal amount of $18,078,000.00 (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 Bexar County, State of Texas, 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.

 

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.

 

    
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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 of Borrower's
present and hereafter acquired right, title and interest in 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 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.

 

    
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"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 assessed against the Mortgaged Property 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, interest charged at the Default Rate, and accrued interest as provided in the Loan Agreement and this 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.

 

    
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"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, if any, 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;

 

(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;

 

    
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(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);

 

(1)         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 (but excluding any trademarks, trade names or goodwill relating to the names "Orion"
or "Blackstone" or any derivatives thereof);

 

(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, restrictions and other matters 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.

 

    
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	Texas	06-12	© 2012 Fannie Mae

     

    

 

“Personalty" means all of Borrower's present and
hereafter acquired right, tide and interest in 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 arid 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 in which a security interest may be granted under the UCC and in which Borrower
has any present or hereafter acquired right, title or interest.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 6
	Texas	06-12	© 2012 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. If an Event of Default has occurred and is continuing, Lender shall have
the remedies of a secured party under the UCC or otherwise provided at law or in equity, in addition to all remedies provided
by this Security Instrument and in any Loan Document. 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) except as expressly provided in the Loan Agreement, 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.TX	Page 7
	Texas	06-12	© 2012 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 I pates
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
an Event of Default has occurred and is continuing, 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, extend or terminate any Lease, or enter into new Lenses, 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 and is continuing (and no event which, with the giving of notice or the
passage of time, or both, would constitute an Event of Default has occurred and is continuing), the Rents remaining after application
pursuant to the preceding sentence may be retained and distributed by Borrower to its direct and indirect partners and members
free and clear of, and released from, Lender's rights with respect to Rents under this Security Instrument.

 

(c)         If
an Event of Default has occurred and is continuing, 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 ail Rents
as they become due and payable, including Rents then due and unpaid.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 8
	Texas	06-12	© 2012 Fannie Mae

     

    

 

During the continuance 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 of Lender are self-effecting, at any time during the continuance 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)         If
an Event of Default has occurred and is continuing, 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 is continuing, 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 and is continuing, Borrower, by its execution
of this Security Instrument, expressly consents to the appointment of such receiver, including the appointment of a receiver ex
pane, 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 or receiver takes
possession and control of the Mortgaged Property, Lender or receiver may exclude Borrower and its representatives from the Mortgaged
Property.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 9
	Texas	06-12	© 2012 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, provided that Lender shall not be released from liability that occurs as a result of Lender's gross negligence
or willful misconduct as determined by a court of competent jurisdiction pursuant to a final, non-appealable court order. 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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 10
	Texas	06-12	© 2012 Fannie Mae

     

    

 

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:

 

(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.            Default;
Acceleration; Remedies.

 

(a)          If
an Event of Default has occurred and is continuing, 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 by applicable Iaw, 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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 11
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(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
may, by and through the Trustee, or otherwise, sell or offer for sale the Mortgaged Property in such portions, order and parcels
as Lender may determine, with or without having first taken possession of the Mortgaged Property, to the highest bidder for cash
at public auction. Such sale shall be made at the courthouse door of the county in which all or any part of the Mortgaged Property
to be sold is situated (whether the parts or parcel, if any, situated in different counties are contiguous or not, and without
the necessity of having any Personalty present at such sale) on the first Tuesday of any month between the hours of 10:00 a.m.
and 4:00 p.m., after advertising the time, place and terms of sale and that portion of the Mortgaged Property to be sold by posting
or causing to be posted written or printed notice of sale at least twenty-one (21) days before the date of the sale at the courthouse
door of the county in which the sale is to be made and at the courthouse door of any other county in which a portion of the Mortgaged
Property may be situated, and by filing such notice with the County Clerk(s) of the county(s) in which all or a portion of the
Mortgaged Property may be situated, which notice may be posted and filed by the Trustee acting, or by any person acting for the
Trustee, and Lender has, at least twenty-one (21) days before the date of the sale, served written or printed notice of the proposed
sale by certified mail on each debtor obligated to pay the Indebtedness according to Lender's records by the deposit of such notice,
enclosed in a postpaid wrapper, properly addressed to such debtor at debtor's most recent address as shown by Lender's records,
in a post office or official depository under the care and custody of the United States Postal Service. The affidavit of any person
having knowledge of the facts to the effect that such service was completed shall be prima facie evidence of the fact of service;

 

(2)           Trustee
shall deliver to the purchaser at the sale, within a reasonable time after the sale, a deed conveying the Mortgaged Property so
sold in fee simple with covenants of general warranty. Borrower covenants and agrees to defend generally the purchaser's title
to the Mortgaged Property against all claims and demands. The recitals in Trustee's deed shall be prima facie evidence of
the truth of the statements contained in those recitals;

 

(3)          Trustee
shall be entitled to receive fees and expenses from such sale not to exceed the amount permitted by applicable law; and

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 12
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(4)           Lender
shall have the right to become the purchaser at any sale made under or by virtue of this Security Instrument and Lender so purchasing
at any such sale shall have the right to be credited upon the amount of the bid made therefor by Lender with the amount payable
to Lender out of the net proceeds of such sale. In the event of any such sale, 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)          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 5,
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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 13
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(e)          If
all or any part of the Mortgaged Property is sold pursuant to this Section 5, Borrower will be divested of any and all interest
and claim to the Mortgaged Property, including any interest or claim to all insurance policies, utility deposits, bonds, loan commitments
and other intangible property included as a part of the Mortgaged Property. Additionally, after a sale of all or any part of the
Land, Improvements, Fixtures and Personalty, Borrower will be considered a tenant at sufferance of the purchaser of the same, and
the purchaser shall be entitled to immediate possession of such property. If Borrower shall fail to vacate the Mortgaged Property
immediately, the purchaser may and shall have the right, without further notice to Borrower, to go into any justice court in any
precinct or county in which the Mortgaged Property is located and file an action in forcible entry and detainer, which action shall
lie against Borrower or its assigns or legal representatives, as a tenant at sufferance. This remedy is cumulative of any and all
remedies the purchaser may have under this Security Instrument or otherwise.

 

(f)          In
any action for a deficiency after a foreclosure under this Security Instrument, if any person against whom recovery is sought requests
the court in which the action is pending to determine the fair market value of the Mortgaged Property, as of the date of the foreclosure
sale, the following shall be the basis of the court's determination of fair market value; provided that Borrower and any guarantor
hereby waive any rights to contest the amount of the deficiency claim afforded to Borrower and such guarantor under Tex. Prop.
Code Sections 51.003; 51.004 and 51.005; in the event the waiver of such provision is held invalid, that the valuation method as
currently set forth below shall be used;

 

(1)         the
Mortgaged Property shall be valued "as is" and in its condition as of the date of foreclosure, and no assumption of increased
value because of post-foreclosure repairs, refurbishment, restorations or improvements shall be made;

 

(2)         any
adverse effect on the marketability of title because of the foreclosure or because of any other title condition not existing as
of the date of this Security Instrument shall be considered;

 

(3)         the
valuation of the Mortgaged Property shall be based upon an assumption that the foreclosure purchaser desires a prompt resale of
the Mortgaged Property for cash within a six (6) month period after foreclosure;

 

(4)         although
the Mortgaged Property may be disposed of more quickly by the foreclosure purchaser, the gross valuation of the Mortgaged Property
as of the date of foreclosure shall be discounted for a hypothetical reasonable holding period (not to exceed six (6) months) at
a monthly rate equal to the average monthly interest rate on the Note for the twelve (12) months before the date of foreclosure;

 

(5)         the
gross valuation of the Mortgaged Property as of the date of foreclosure shall be further discounted and reduced by reasonable estimated
costs of disposition, including brokerage commissions, title policy premiums, environmental assessment and clean-up costs, tax
and assessment, prorations, costs to comply with legal requirements, and attorneys' fees;

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 14
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(6)         expert
opinion testimony shall be considered only from a licensed appraiser certified by the State of Texas and, to the extent permitted
under Texas law, a member of the Appraisal Institute, having at least five (5) years' experience in appraising property similar
to the Mortgaged Property in the county where the Mortgaged Property is located, and who has conducted and prepared a complete
written appraisal of the Mortgaged Property taking into considerations the factors set forth in this Security Instrument; no expert
opinion testimony shall be considered without such written appraisal;

 

(7)         evidence
of comparable sales shall be considered only if also included in the expert opinion testimony and written appraisal referred to
in the preceding paragraph; and

 

(8)         an
affidavit executed by Lender to the effect that the foreclosure bid accepted by Trustee was equal to or greater than the value
of the Mortgaged Property determined by Lender based upon the factors and methods set forth in subparagraphs (1) through (7) above
before the foreclosure shall constitute prima fade evidence that the foreclosure bid was equal to or greater than the fair market
value of the Mortgaged Property on the foreclosure date.

 

(g)        Lender
may, at Lender's option, comply with these provisions in the manner permitted or required by Title 5, Section 51.002 of the Texas
Property Code (relating to the sale of real estate) or by Chapter 9 of the Texas Business and Commerce Code (relating to the sale
of collateral after default by a debtor), as those titles and chapters now exist or may be amended or succeeded in the future,
or by any other present or future articles or enactments relating to same subject. Unless expressly excluded, the Mortgaged Property
shall include Rents collected before a foreclosure sale, but attributable to the period following the foreclosure sale, and Borrower
shall pay such Rents to the purchaser at such sale. At any such sale:

 

(1)         whether
made under the power contained in this Security Instrument, Section 51.002, the Texas Business and Commerce Code, any other legal
requirement or by virtue of any judicial proceedings or any other legal right, remedy or recourse, it shall not be necessary for
Trustee to have physically present, or to have constructive possession of, the Mortgaged Property (Borrower shall deliver to Trustee
any portion of the Mortgaged Property not actually or constructively possessed by Trustee immediately upon demand by Trustee) and
the title to and right of possession of any such Mortgaged Property shall pass to the purchaser as completely as if the Mortgaged
Property had been actually present and delivered to the purchaser at the sale;

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 15
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(2)         each
instrument of conveyance executed by Trustee shall contain a general warranty of title, binding upon Borrower;

 

(3)         the
recitals contained in any instrument of conveyance made by Trustee shall conclusively establish the truth and accuracy of the matters
recited in the Instrument, including nonpayment of the Indebtedness and the advertisement and conduct of the sale in the manner
provided in this Security Instrument and otherwise by law and the appointment of any successor Trustee;

 

(4)         all
prerequisites to the validity of the sale shall be conclusively presumed to have been satisfied;

 

(5)         the
receipt of Trustee or of such other party or officer making the sale shall be sufficient to discharge to the purchaser or purchasers
for such purchaser(s)' purchase money, and no such purchaser or purchasers, or such purchaser(s)' assigns or personal representatives,
shall thereafter be obligated to see to the application of such purchase money or be in any way answerable for any loss, misapplication
or nonapplication of such purchase money; and

 

(6)         to
the fullest extent permitted by law, Borrower shall be completely and irrevocably divested of all of Borrower's right, title, interest,
claim and demand whatsoever, either at law or in equity, in and to the Mortgaged Property sold, and such sale shall be a perpetual
bar to any claim to all or any part of the Mortgaged Property sold, both at law and in equity, against Borrower and against any
person claiming by, through or under Borrower.

 

(h)          Any
action taken by Trustee or Lender pursuant to the provisions of this Section 5 shall comply with the laws of the Property Jurisdiction.
Such applicable laws shall take precedence over the provisions of this Section 5, 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, during the continuance
of or following 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.TX	Page 16
	Texas	06-12	© 2012 Fannie Mae

     

    

 

6.            Waiver
of Statute of Limitations and Marshaling.

 

Borrower hereby waives
the light 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.

 

7.          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

 

(3)         if
Borrower is a trust, Borrower represents that the provisions of this Section 7 (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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 17
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(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.

 

8.         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 8.

 

(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 8.

 

9.           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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 18
	Texas	06-12	© 2012 Fannie Mae

     

    

 

10.          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.

 

11.          Trustee.

 

(a)            Trustee
may resign by giving of notice of such resignation in writing to Lender. If Trustee shall die, resign or become disqualified from
acting under this Security Instrument or shall fail or refuse to act in accordance with this Security Instrument when requested
by Lender or if for any reason and without cause Lender shall prefer to appoint a substitute trustee to act instead of the original
Trustee named in this Security Instrument or any prior successor or substitute trustee, Lender shall have full power to appoint
a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights,
powers and duties of the original Trustee named in this Security Instrument. Such appointment may be executed by an authorized
officer. agent or attorney-in-fact of Lender (whether acting pursuant to a power of attorney or otherwise), and such appointment
shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by Lender.

 

(b)           Any
successor Trustee appointed pursuant to this Section 11 shall, without any further act, deed or conveyance, become vested with
all the estates, properties, rights, powers and trusts of the predecessor Trustee with like effect as if originally named as Trustee
in this Security Instrument; but, nevertheless, upon the written request of Lender or such successor Trustee, the Trustee ceasing
to act shall execute and deliver an instrument transferring to such successor Trustee, all the estates, properties, rights, powers
and trusts of the Trustee so ceasing to act, and shall duly assign, transfer and deliver any of the Mortgaged Property and monies
held by the Trustee ceasing to act to the successor Trustee.

 

(c)           Trustee
may authorize one (1) or more parties to act on Trustee's behalf to perform the ministerial functions required of Trustee
under this Security instrument, including the transmittal and posting of any notices.

 

12.          No Fiduciary
Duty.

 

Lender owes no fiduciary or other special duty to Borrower.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 19
	Texas	06-12	© 2012 Fannie Mae

     

    

  

13.         Additional
Provisions Regarding Assignment of Leases and Rents.

 

In no event shall the assignment of Rents or
Leases in Section 3 cause the Indebtedness to be reduced by an amount greater than the Rents actually received by Lender and applied
by Lender to the Indebtedness, whether before, during or after (a) an Event of Default, or (b) a suspension or revocation of the
license granted to Borrower in Section 3 with regard to the Rents. Borrower and Lender specifically intend that the assignment
of Rents and Leases in Section 3 is not intended to result in a pro tanto reduction of the Indebtedness. The assignment of Rents
and Leases in Section 3 is not intended to constitute a payment of, or with respect to, the Indebtedness and, therefore, Borrower
and Lender specifically intend that the Indebtedness shall not be reduced by the value of the Rents and Leases assigned. Such reduction
shall occur only if, and to the extent that, Lender actually receives Rents pursuant to Section 3 and applies such Rents
to the Indebtedness. Borrower agrees that the value of the license granted with regard to the Rents equals the value of
the absolute assignment of Rents to Lender. The assignment of Rents contained in Section 3 shall terminate upon the release of
this Security Instrument.

 

14.          Loan
Charges.

 

Borrower agrees to pay
an effective rate of interest equal to the sum of the Interest Rate and any additional rate of interest resulting from any
other charges of interest or in the nature of interest paid or to be paid in connection with the Mortgage Loan and any other
fees or amounts to be paid by Borrower pursuant to any of the other Loan Documents. Neither this Security Instrument, the Note,
the Loan Agreement, nor any of the other Loan Documents shall be construed to create a contract for the use, forbearance or detention
of money requiring payment of interest at a rate greater than the maximum interest rate permitted to be charged under applicable
law. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with all applicable
laws governing the maximum rate or amount of interest payable on the indebtedness evidenced by this Security Instrument, the Note
and the other Loan Documents. If any applicable law limiting the amount of interest or other charges permitted to be collected
from Borrower is interpreted so that any interest or other charge or amount provided for in any Loan Document, whether considered
separately or together with other charges or amounts provided for in any other Loan Document, or otherwise charged, taken, reserved
or received in connection with the Mortgage Loan, or on acceleration of the maturity of the Mortgage Loan or as a result
of any prepayment by Borrower or otherwise, violates that law, and Borrower is entitled to the benefit of that law, that interest
or charge is hereby reduced to the extent necessary to eliminate any such violation. Amounts, if any, previously paid to Lender
in excess of the permitted amounts shall be applied by Lender to reduce the unpaid principal balance of the Mortgage Loan without
the payment of any Prepayment Premium (or, if the Mortgage Loan has been or would thereby be paid in full, shall be refunded to
Borrower), and the provisions of the Loan Agreement and any other Loan Documents immediately shall be deemed reformed and the amounts
thereafter collectible under the Loan Agreement and any other Loan Documents reduced, without the necessity of the execution of
any new documents, so as to comply with any applicable law, but so as to permit the recovery of the fullest amount otherwise payable
under the Loan Documents. For the purpose of determining whether any applicable law limiting the amount of interest or other charges
permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges
made in connection with the Indebtedness that constitute interest, and any amount paid or agreed to be paid to Lender for the use,
forbearance or detention of the Indebtedness, shall be deemed to be allocated and spread ratably over the stated term of
the Mortgage Loan. Unless otherwise required by applicable law, such allocation and spreading shall be effected in such a manner
that the rate of interest so computed is uniform throughout the stated term of the Mortgage Loan.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 20
	Texas	06-12	© 2012 Fannie Mae

     

    

 

15.          ENTIRE
AGREEMENT.

 

THIS SECURITY INSTRUMENT, THE NOTE, THE LOAN
AGREEMENT, AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

16.         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.

 

17.          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 he 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.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 21
	Texas	06-12	© 2012 Fannie Mae

     

    

 

(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.

 

(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, designation, determination, selection, estimate, action or
decision is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action
or decision shall be made in Lender's sole and absolute discretion.

 

(8)          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.

 

(9)          "Lender
may" shall mean at Lender's discretion, but shall not be an obligation.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 22
	Texas	06-12	© 2012 Fannie Mae

     

    

 

18.         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.

 

19.         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 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)
	 	 	 
	 	Exhibit B	Modifications to Security Instrument

 

[Remainder of Page Intentionally
Blank]

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page 23
	Texas	06-12	© 2012 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:
	 	 
	 	 	BRE MF TPC LLC,
	 	 	a Delaware limited liability company
	 	 	 
	 	 	 	/s/ Olivia John
	 	 	 	Olivia John 
	 	 	 	Vice 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: BRE MF TPC LLC
	 	Debtor Chief Executive Office Address: 
	 	345 Park Avenue
	 	New York, NY 10154
	 	Debtor Organizational ID Number: 5505153

  

(ACKNOWLEDGMENT OCCURS ON THE
FOLLOWING PAGE]

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page S-1
	Texas	06-12	© 2012 Fannie Mae

     

    

 

ACKNOWLEDGMENT

 

STATE
OF New York 

 

COUNTY OF New York

 

This instrument was
acknowledged before me on May 21, 2014 by Olivia John, as Vice President of BRE MF TPC
LLC, a Delaware limited liability company, and on behalf of BRE MF TPC LC, a Delaware limited liability company.

 

	/s/ Andrew J Wolfram	 
	 	 
	Notary Public	 
	 	 
	Printed Name: Andrew J Wolfram	ANDREW J. WOLFRAM
	 	NOTARY PUBLIC, State of New York
	My Commission Expires:	No. 01W08281396
	 	Qualthed In New York County
	8-12-17	Commission Expires Aug.12, 2017

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page S-2
	Texas	06-12	© 2012 Fannie Mae

     

    

 

	 	The name and chief executive office of Lender (as Secured Party) are:
	 	Secured Party Name: Wells Fargo Bank, National Association
	 	Secured Party Chief Executive Office Address:
	 	2010 Corporate Ridge, Suite 1000
	 	Mclean, Virginia 22102
	 	 
	 	TRUSTEE NOTICE ADDRESS:
	 	1850 M Street, NW
	 	Suite 400
	 	Washington, D.C. 20036

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page S-3
	Texas	06-12	© 2012 Fannie Mae

     

    

 

EXHIBIT A

 

DESCRIPTION OF THE LAND

 

LOT TWO (2), IN BLOCK TEN (10), OF THE ESTA__I
ES AT 'TOURNAMENT PLAYERS CLUB, BEXAR COUNTY. TEXAS, ACCORDING TO THE PLAT THEREOF RECORDED IN VOLUME 9577, PAGES 56-57, DEED AND
PLAT RECORDS OF BEXAR COUNTY, TEXAS.

 

    
	Fannie Mae Multifamily Security Instrument	Form 6025.TX	Page A-1
	Texas	06-12	© 2012 Fannie Mae

     

    

 

Doc# 20140086790

# Pages 29

05/28/2014 8:39AM

e-Filed & e-Recorded in the

Official Public Records of

BEXAR COUNTY

GERARD C. RICKHOFF

COUNTY CLERK

Fees $134.00

 

STATE OF TEXAS

COUNTY OF BEXAR

This is to Certify that this document

was e-FILED and e-RECORDED in the Official

Public Records of Bexar County, Texas

on this date and time stamped thereon.

05/28/2014 8:39AM

COUNTY CLERK, BEXAR COUNTY TEXAS

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