Document:

Exhibit 10.22

 

EXECUTION VERSION 

 

SERVICES AGREEMENT

 

This SERVICES AGREEMENT (this “Agreement”)
is made and entered into as of August 3, 2015, by and between CLIPPER REALTY L.P., a Delaware limited partnership (“Realty”),
and Clipper Equity LLC, a New York limited liability company (the “Service Provider”).

 

WITNESSETH :

 

WHEREAS, Realty and/or Realty’s affiliates
own, and may in the future acquire, interests in certain commercial, retail and residential real estate properties; and

 

WHEREAS, Realty desires that the Service Provider
provide certain support services with respect to the business and operations of Realty on the terms set forth herein; and

 

WHEREAS, the Service Provider has the resources
and capacity to provide such support services to Realty and is willing to perform such services upon the terms and conditions set
forth herein.

 

NOW, THEREFORE, in consideration of the premises
and mutual covenants contained herein, it is agreed as follows:

 

1. Term; Termination.

 

(a)          The
term of this Agreement shall commence as of the date first set forth above, and shall remain in effect until the third anniversary
of the date hereof, unless earlier terminated pursuant to paragraph (b) of this Section 1 or in Section 9 below or renewed by mutual
consent of the parties.

 

(b)          Notwithstanding
anything to the contrary contained herein, either party shall have the right to terminate this Agreement without cause with at
any time prior to the expiration of the term of this Agreement upon at least 90 days prior written notice to the other party.

 

2. Services.

 

(a)          During the term of this Agreement
and upon the terms and conditions set forth herein, the Service Provider shall provide to Realty the following support services
(collectively, the “Support Services”): (i) construction and information technology services on the terms available
to affiliates of Realty prior to the date of this Agreement, (ii) finance services (including operations controller, payroll, billing
and bank reconciliation services) on the terms available to affiliates of Realty prior to the date of this Agreement, (iii) executive
support services for executives who will be providing services to Service Provider and its affiliates, on the one hand, and Realty
and its affiliates, on the other hand, and (iv) such other support services as the parties may mutually agree.

 

     

     

    

  

(b)           The Service Provider shall use that
degree of skill, care and diligence in the performance of services hereunder that (i) a reasonable person would use acting in like
circumstances in accordance with real estate industry standards and all applicable laws, regulations and governmental requirements
and (ii) is no less than that exercised by the Service Provider with respect to comparable services that it performs on its own
behalf.

 

(c)          Realty shall cooperate with the Service
Provider in all reasonable respects in matters relating to the provision and receipt of the Support Services.

 

3. Intellectual Property.

 

Any intellectual property owned by the Service
Provider or third-party licensors or service providers that may be used by the Service Provider in connection with the provision
of the Support Services hereunder will remain the property of the Service Provider or third-party licensors or service providers,
and Realty shall have no rights or interests therein, except as may otherwise be expressly provided herein.

 

4. Authority.

 

Notwithstanding anything to the contrary contained
in Section 2 hereof, the parties acknowledge and agree that the Service Provider shall provide the services set forth in Section
2 hereof subject to the ultimate authority of Realty to control its own business and affairs. Each party acknowledges that the
services provided hereunder by the Service Provider are intended to be administrative, technical and ministerial and are not intended
to set policy for Realty.

 

5. Support Services Fee; Expenses

 

(a)          Realty agrees to pay the Service Provider
a monthly fee in the amount set forth in Schedule A (the “Support Services Fee”) for performing the Support
Services during the term of this Agreement. Upon termination of this Agreement, the Support Services Fee shall be prorated on a
daily basis to the effective date of termination.

 

(b)          The Support Services Fee shall be
payable monthly in arrears by no later than the 15th day of the month following the month for which such Support Services Fee is
payable.

 

(c)          The Service Provider shall be responsible
for its own overhead and other expenses incurred in connection with the performance of the Support Services, including wages, salaries
and benefits of its employees.

 

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6. Exculpation and Indemnity; Other Interests.

 

(a)          The Service Provider (including its
members, officers, and employees) shall not be liable to Realty or its affiliates or their respective partners, members, officers,
directors, employees, agents or representatives for any acts or omissions taken, or not taken, in good faith on behalf of Realty
and in a manner reasonably believed by the Service Provider to be within the scope of the authority granted to it by this Agreement
and in the best interests of Realty, except for acts or omissions constituting gross negligence, fraud or willful misconduct in
the performance of the Service Provider’s duties under this Agreement. Realty shall indemnify, defend and hold harmless the
Service Provider and its affiliates and each of their respective officers, directors, managers, employees, agents and representatives
from and against any and all claims or liabilities of any nature whatsoever (including consequential damages and reasonable attorney’s
fees) arising out of or in connection with any claim against the Service Provider under or otherwise in respect of this Agreement,
except where attributable to the gross negligence, fraud or willful misconduct of the Service Provider or its members, officers,
employees, agents or representatives.

 

(b)          The Service Provider shall indemnify,
defend and hold harmless Realty and its affiliates and each of their respective partners, members, officers, directors, employees,
agents and representatives from and against any and all claims or liabilities of any nature whatsoever (including consequential
damages and reasonable attorney’s fees) arising out of or resulting from the gross negligence, fraud or willful misconduct
of the Service Provider or its affiliates or their respective officers, directors, managers, employees, agents or representatives
in the performing of the Service Provider’s obligations under this Agreement or the breach by the Service Provider of this
Agreement.

 

(c)          The provisions of this Section 6 shall
survive any termination or expiration of the Term of this Agreement for a period equal to the applicable statute of limitations
with respect to any indemnifiable claim.

 

7. Relationship of the Parties.

 

(a)          The relationship of the parties shall
be that of contracting parties, and no partnership, joint venture or other arrangement shall be deemed to be created hereby.

 

(b)          Except as expressly provided herein,
neither party shall have the power to bind or obligate the other party by virtue of this Agreement.

 

(c)          Except
as expressly provided herein, neither party shall have any claim against the other party or right of contribution by virtue of
this Agreement with respect to any uninsured loss incurred by any of them nor shall any of them have a claim or right against the
other by virtue of this Agreement with respect to any loss that is deemed to be included within the deductible, retention or self-insured
portion of any insured risk.

 

8. Services by Third Parties.

 

Realty, without cause, may itself perform
or may procure from a third party any of the services or benefits specified in Section 2 hereof. The Service Provider shall discontinue
providing such services or benefits upon written notice by Realty, delivered at least 90 days before the requested termination
date, and the Support Services Fee will be reduced accordingly.

 

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9. Failure to Perform the Support Services.

 

In the event of any breach of this Agreement
by the Service Provider or any error or defect in providing any of the Support Services, the Service Provider shall, at Realty’s
written request which shall include a description of the breach, error or defect, and at the sole cost and expense of the Service
Provider, use its commercially reasonable best efforts to correct or cause to be corrected such breach, error or defect or perform
again or cause to be performed again such service, as promptly as practicable. In the event the breach, error or defect is not
cured to the reasonable satisfaction of Realty within 30 days after such written request, Realty shall have the right to terminate
this Agreement immediately without any further obligation other than payment for services rendered through the date of termination.

 

10. Excused Performance.

 

The Service Provider does not warrant that
any of the services or benefits herein agreed to be provided shall be free of interruption caused by strikes, lockouts, accidents,
inability to obtain third-party cooperation, acts of God or other causes beyond its control. No such interruption of services or
benefits shall be deemed to constitute a breach of any kind whatsoever.

 

11. Confidentiality.

 

Except as otherwise provided in this Agreement,
(a) the Service Provider shall, and shall cause its affiliates (and their respective accountants, counsel, consultants, employees
and agents to whom they disclose such information) to, keep confidential all information in the possession of the Service Provider
that in any way relates to Realty, and (b) Realty shall, and shall cause its affiliates (and their respective accountants, counsel,
consultants, employees and agents to whom they disclose such information), to keep confidential all information in possession of
Realty that relates to the Service Provider and is not information related to Realty or its affiliates’ assets. The provisions
of this Section 11 do not apply to the disclosure by either party or their respective affiliates of any information, documents
or materials (i) which are, or become, publicly available, other than by reason of a breach of this Section 11 by the disclosing
party or any affiliate of the disclosing party, (ii) received from a third party not bound by any confidentiality agreement with
the other party, (iii) required by applicable law to be disclosed by that party, or (iv) necessary to establish such party’s
rights under this Agreement, provided that in the case of clauses (iii) and (iv), the person intending to make disclosure of confidential
information will promptly notify the party to whom it is obligated to keep such information confidential and, to the extent practicable,
provide such party a reasonable opportunity to prevent public disclosure of such information.

 

Upon the request of Realty and upon termination
of this Agreement, the Service Provider shall provide Realty with any data or information generated with respect to the Support
Services in a format usable by Realty.

 

12. Additional Service Provider Activities.

 

Realty hereby acknowledges that the Service
Provider continues to manage or otherwise provide services to other properties, entities or persons, including, without limitation,
properties and entities owned by affiliates of the Service Provider and agrees that this Agreement relates solely to Realty’s
business and operations and that nothing contained herein shall be deemed to prohibit or otherwise affect the Service Provider’s
rights to provide such services to any other entity or person or with respect to any other property so long as the same does not
prevent the Service Provider from performing its functions hereunder.

 

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13. Miscellaneous.

 

(a)           This Agreement and all the covenants
herein contained shall be binding upon the parties, their respective heirs, successors, legal representatives and assigns. Neither
party shall have the right to assign all or any portion of its obligations or interests in this Agreement or any monies which may
be due pursuant hereto without the prior written consent of the other party.

 

(b)          No waiver by either party of any of
its rights under this Agreement shall be effective unless in writing and signed by an officer of such party. No waiver of any breach
of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the same nature. This Agreement (including,
for the avoidance of doubt, the schedules thereto) may not be modified or amended except by a writing signed by duly authorized
officers from each party.

 

(c)          Without regard to affiliate status,
references in this Agreement to affiliates of Realty shall not include Service Provider and its controlled affiliates, and references
in this Agreement to affiliates of Service Provider shall not include Realty and its affiliates.

 

(d)          This Agreement constitutes the entire
Agreement of the parties with respect to the services and benefits described herein, and cancels and supersedes any and all prior
written or oral contracts or negotiations between the parties with respect to the subject matter hereof.

 

(e)          This Agreement shall be strictly construed
as independent from any other agreement or relationship between the parties.

 

(f)          This Agreement shall be governed and
construed in accordance with the laws of the State of New York, without regard to the principles of conflict of laws thereof.

 

(g)          The descriptive headings of the several
sections hereof are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions
hereof.

 

(h)          Any notice, request or other communication
required or permitted in this Agreement shall be in writing and shall be conclusively deemed to have been duly given (i) when
hand delivered, (ii) five days after the same have been deposited in a United States post office via certified mail/return
receipt requested, or (iii) the next Business Day after same have been deposited with a national overnight delivery service
(e.g., Federal Express), in each case addressed to the applicable party as follows:

 

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(1) If to Realty, to:

 

4611 12th Avenue

Brooklyn, NY 11219

Attention: David Bistricer

Fax: 718-435-3848

 

(2) If to The Service Provider, to:

 

Clipper Equity LLC

4611 12th Avenue

Brooklyn, NY 11219

Attention: David Bistricer

Fax No: 718-435-3848

  

The address of any party may be changed on
notice to the other party duly served in accordance with the foregoing provisions.

 

(i)          This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original (including copies sent to a party
by facsimile transmission) as against the party signing such counterpart, but which together shall constitute one and the same
instrument. Signatures transmitted via facsimile, or PDF format through electronic mail, shall be considered authentic and binding.

 

[Signature page follows]

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed or caused this Services Agreement to be executed in their respective names by their respective officers thereunto duly
authorized, as of the date first written above.

  

	 	Clipper Realty L.P.
	 	 	 
	 	By:	Clipper Realty, Inc., its general partner
	 	 	 
	 	 	By:	 	
        /s/ David Bistricer

	 	 	 	Name: David Bistricer
	 	 	 	Title: Chief Executive Officer and President
	 	 
	 	Clipper Equity LLC
	 	 	
	 	By:	 	
        /s/ David Bistricer

	 	 	 	Name: David Bistricer
	 	 	 	Title: Authorized Signatory
	 	 	 	 	 	 	 

[Signature Page to Services Agreement]Exhibit 10.23

 

EXECUTION VERSION 

 

LOAN INDEMNIFICATION AGREEMENT 

 

Flatbush Gardens

 

This LOAN INDEMNIFICATION AGREEMENT (this “Agreement”)
is made as of August 3, 2015, by Clipper Realty Inc., a Maryland corporation (“Clipper REIT”) and Clipper Realty
L.P., a Delaware limited partnership, (“Clipper OP” and, together with Clipper REIT, the “Clipper Parties”
or the “Indemnitor”), in favor of the Guarantor (as defined below).

 

RECITALS:

WHEREAS, pursuant to that certain Investment Agreement
by and between Clipper OP and Renaissance Equity Holdings LLC (“Renaissance”), that certain Investment Agreement
by and between Clipper OP and Berkshire Equity LLC (“Berkshire”), and that certain Investment Agreement by and
between Clipper OP and Gunki Holdings LLC (“Gunki” and, together with Renaissance and Berkshire, the “LLC
Subsidiaries”), each dated as of August 3, 2015 , Clipper OP shall make a contribution to each of the LLC Subsidiaries
and will become the managing member and holder of Class A LLC Units of each of the LLC Subsidiaries (the “Clipper Investment”);

 

WHEREAS, Renaissance Equity Holdings LLC A (“Renaissance
A”), Renaissance Equity Holdings LLC B (“Renaissance B”), Renaissance Equity Holdings LLC E (“Renaissance
E”), Renaissance Equity Holdings LLC F (“Renaissance F”), and Renaissance Equity Holdings LLC G (“Renaissance
G”) are each a wholly-owned subsidiary of Renaissance; Renaissance Equity Holdings LLC C (“Renaissance C”)
is a wholly-owned subsidiary of Gunki; and Renaissance Equity Holdings LLC D (“Renaissance D”, and, together
with Renaissance A, Renaissance B, Renaissance C, Renaissance E, and Renaissance F, the “Borrower”) is a wholly-owned
subsidiary of Berkshire;

 

WHEREAS, the Borrower entered into that certain
Mortgage, Assignment of Rents, and Security Agreement, dated September 24, 2012, between New York Community Bank (the “Lender”)
and the Borrower (the “2012 Loan Agreement”), pursuant to which the Lender made a loan to the Borrower, as evidenced
by that certain Amended and Restated Mortgage Note, dated September 24, 2012, by the Borrower in the original principal amount
of $150,000,000 (the “2012 Loan”);

 

WHEREAS, the Borrower entered into that certain
Mortgage, Assignment of Leases and Rents and Security Agreement, dated October 31, 2014, between the Lender and the Borrower (the
“2014 Loan Agreement,” and, together with the 2012 Loan Agreement, the “Loan Agreements”),
pursuant to which the Lender made a loan to the Borrower, as evidenced by that certain Mortgage Note, dated October 31, 2014, by
the Borrower in the original principal amount of $20,000,000.00 (the “2014 Loan”, and, together with the 2012
Loan, the “Loans”);

 

WHEREAS, in order to induce the Lender to make
the 2012 Loan, David Bistricer, an individual (the “Guarantor”), entered into that certain Guaranty of Recourse
Obligations, dated September 24, 2012, by the Guarantor in favor of the Lender, attached hereto as Exhibit A (the “2012
Guaranty”); and

 

    	 	 	 

     

    

 

WHEREAS, in order to induce the Lender to make
the 2014 Loan, the Guarantor entered into that certain Guaranty of Recourse Obligations, dated October 31, 2014, by the Guarantor
in favor of Lender, attached hereto as Exhibit B (the “2014 Guaranty”, and, together with the 2012 Guaranty,
the “Guaranties”);

 

WHEREAS, the Lender has consented to the Clipper
Investment and the Loans, Loan Agreements, and Guaranties will remain in place after the Clipper Investment; and

 

WHEREAS, in connection with the Clipper Investment,
the Indemnitor has agreed to indemnify the Guarantor for its obligations under the Guaranties, and the Clipper Parties, the LLC
Subsidiaries, and the Guarantor have agreed to use good faith efforts to replace the Guaranties after the Clipper Investment, all
as more particularly described herein.

 

NOW, THEREFORE, in consideration of the foregoing,
and other valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Indemnitor agrees as follows:

 

1.          Indemnification
and Reimbursement of the Guarantor.

 

(a)          The
Indemnitor, jointly and severally, hereby indemnifies and agrees to hold the Guarantor harmless from and against any and all costs,
losses, damages, claims and expenses (including but not limited to reasonable attorneys’ fees and other third-party expenses)
(collectively, “Losses”) incurred by the Guarantor under the Guaranties from and after the date of this Agreement,
including, without limitation, any of the foregoing incurred in connection with enforcing this Agreement.

 

(b)          In
the event any sums are paid by the Guarantor under or on account of the Guaranties, the Guarantor shall be entitled to immediate
reimbursement from the Indemnitor for such sum, and any amount so due the Guarantor, if not paid within five days after demand
therefor, shall bear interest at an annual rate equal to the prime rate as published from time to time by The Wall Street Journal
(or if the Wall Street Journal ceases to publish a prime rate, then the 14-day moving average closing trading price of 90 day Treasury
bills), plus 2% per annum, such interest accruing daily and compounding monthly.

 

(c)          Notwithstanding
the foregoing, the Guarantor shall not be entitled to indemnification or reimbursement under this Agreement for any Losses to the
extent that such Losses are due to the gross negligence, fraud, intentional misrepresentation, willful misconduct, bad faith, misappropriation,
or any criminal act of the Guarantor.

 

2.          In
the event of a claim for indemnity or reimbursement hereunder, the Guarantor shall provide reasonable notice to the Indemnitor
of the existence of any such claim, demand or other matters to which the indemnification obligations hereunder would apply, and
the Guarantor agrees to give the Indemnitor a reasonable opportunity to participate in the defense of the same at the Indemnitor’s
own cost and expense and with counsel of the Indemnitor’s own selection.

 

3.          Separate
and successive actions may be brought hereunder to enforce any of the provisions hereof at any time and from time to time. No action
hereunder shall preclude any subsequent action. In no event shall any provisions of this Agreement be deemed to be a waiver of
or to be in lieu of any right or claim, including, without limitation, any right of contribution or other right of recovery, that
any party to this Agreement might otherwise have against any other party to this Agreement.

 

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4.          The
Clipper Parties, the LLC Subsidiaries, and the Guarantor hereby agree to cooperate with each other and to use good faith efforts
to replace the Guaranties with a guarantee by Clipper OP in substantially the same form as the Guaranties (a “Replacement
Guaranty”); provided that the parties acknowledge that the Clipper Parties and the LLC Subsidiaries have requested that
the Lender accept a Replacement Guaranty and the Lender indicated that, at the date of this Agreement, the Lender would not accept
a Replacement Guaranty. If and when a Replacement Guaranty has been delivered to and accepted by the Lender, this Agreement will
terminate automatically solely with respect to matters first arising from and after the date of the Replacement Guaranty.

 

5.          If
any term of this Agreement or any application thereof shall be invalid, illegal or unenforceable, the remainder of this Agreement
and any other application of such term shall not be affected thereby. No delay or omission in exercising any right hereunder shall
operate as a waiver of such right or any other right.

 

6.          The
rights and remedies herein provided are cumulative and not exclusive of any rights or remedies otherwise provided to the parties
hereto by law or by any other agreement to which the parties hereto are bound.

 

7.          Except
as expressly set forth in Section 1(c) above, the reimbursement and indemnification obligations of the Indemnitor hereunder
are absolute, irrevocable, and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of
the obligations giving rise to the payment of the Losses or any agreement or instrument relating thereto, or any substitution,
release or exchange of any other guarantee of or security for any obligation, and, to the fullest extent permitted by applicable
law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense
of a surety or guarantor; it being the intent of the parties hereto that such obligations shall be absolute and unconditional under
any and all circumstances. With respect to its obligations hereunder, except with respect to the notices required by this Agreement,
the Indemnitor hereby expressly waives diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement
that any other party exhaust any right, power or remedy or proceed against any person.

 

8.          The
obligations of the Indemnitor hereunder shall be automatically reinstated if and to the extent that for any reason any payment
by or on behalf of the Indemnitor in respect of any obligation hereunder is rescinded or must be otherwise restored by the person
receiving such payment, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

 

9.          This
Agreement shall be binding upon each of the parties and each party’s respective executors, heirs, successors and assigns
(including without limitation any entity or entities that are their respective corporate, partnership or other successors and assigns)
and shall inure to the benefit of the Guarantor and its successors and assigns.

 

    	 	-3-	 

     

    

 

10.         Notices
given hereunder shall be given by postage paid, registered or certified mail, return receipt requested, or by recognized national
overnight courier service, to the address of the Indemnitor as set forth on Schedule 1, or to such other address as the
Indemnitor may designate in a writing given in the manner provided in this paragraph.

 

11.         This Agreement
shall be governed by, and interpreted in accordance with, the laws of the State of New York without regard to its conflicts of
laws principles.

 

12.         This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original for all purposes.

 

[Signatures On Following Pages]

 

    	 	-4-	 

     

    

 

IN WITNESS WHEREOF, the Indemnitor and the
Guarantor have executed this Agreement on the date first written above.

 

	 	INDEMNITOR:
	 	CLIPPER REALTY INC.
	 	 
	 	By	/s/ David Bistricer
	 	 	Name:	David Bistricer
	 	 	Title:	Chief Executive Officer and President

 

	 	CLIPPER REALTY L.P.
	 	By: Clipper Realty Inc., its General Partner
	 	By:	/s/ David Bistricer
	 	 	Name:	David Bistricer
	 	 	Title:	Chief Executive Officer and President

 

	 	GUARANTOR:
	 	 
	 	DAVID BISTRICER
	 	 
	 	/s/ David Bistricer

 

    	 	 	 

     

    

 

SCHEDULE 1

 

Notice Addresses 

 

	Indemnitor:	 	Guarantor:
	 	 	Clipper Realty Inc.	 	 	 	David Bistricer
	 	 	4611 12th Avenue	 	 	 	4611 12th Avenue
	 	 	Brooklyn, NY 11219	 	 	 	Brooklyn, NY 11219
	 	 	Attention: David Bistricer	 	 	 	Fax: (718) 438-1290
	 	 	Fax: (718) 438-1290

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