Document:

Exhibit 10.54

 

BR SPRINGHOUSE MANAGING MEMBER, LLC

FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT

 

This First Amendment
to Limited Liability Company Agreement (this “First Amendment”) is adopted, executed, and agreed to effective
on June 27, 2012, by and among Bluerock Special Opportunity + Income Fund, LLC, a Delaware limited liability company (“SOIF”)
and BEMT Springhouse, LLC, a Delaware limited liability company (“BEMT”), as Members (together, the “Members”).
Undefined terms used herein shall have the meaning ascribed to them in the Agreement and the BR Hawthorne JV Operating Agreement.

 

W I T N E
S S E T H :

 

WHEREAS, BR Springhouse
Managing Member, LLC, a Delaware limited liability company (the “Company”), was formed on September 28, 2009,
pursuant to the Act;

 

WHEREAS, the Members
entered into that certain Limited Liability Company Agreement dated December 3, 2009 (the “Agreement”) providing
for the operation and administration of the Company;

 

WHEREAS, SOIF has sold
and transferred to BEMT a 1.0% Interest in the Company on even date herewith, and now SOIF and BEMT desire for BEMT to serve as
sole Manager of the Company and to modify control over certain decisions affecting the Company such that BEMT shall have control
over daily activities of the Company and BR Hawthorne JV; and

 

WHEREAS, the parties
are concurrently entering into that certain Assignment of Manager Interest concurrently herewith, pursuant to which SOIF is assigning
its interests as Manager of the Company to BEMT.

 

NOW, THEREFORE, in consideration
of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.          Section
9.1 is hereby deleted in its entirety and replaced with the following:

 

9.1           Management.

 

  (a)          The
Company shall be managed by BEMT (the “Manager”). Any use of the term “Managers” in this Agreement shall
refer only to BEMT. To the extent that BEMT or a BEMT Transferee Transfers all or a portion of its Interest in accordance with
Section 12 to a BEMT Transferee, such BEMT Transferee may be appointed as an additional Manager under this Section 9.1(a) by BEMT
or a BEMT Transferee then holding all or a portion of an Interest without any further action or authorization by any Member. The
Manager may not be removed by the Members other than for an act or omission related to the Company constituting gross negligence
or fraud.

 

    	 

    	 

    
 

  (b)          The
Manager shall have the authority to exercise all of the powers and privileges granted by the Act, any other law or this Agreement,
together with any powers incidental thereto, and to take any other action not prohibited under the Act or other applicable law,
so far as such powers or actions are necessary or convenient or related to the conduct, promotion or attainment of the business,
purposes or activities of the Company, except that any Major Decision or other matter submitted by the Manager to the Members shall
require the express and unanimous approval of the Members; provided, that any decision to be made by the Company or its
Representatives on the Management Committee of the BR Hawthorne JV pursuant to clauses (xi), (xii) and (xvii) of Exhibit E
to the BR Hawthorne JV Operating Agreement, shall only require the approval of and be subject to the direction of BEMT and not
any other Member of the Company; provided, further, that only BEMT, and not any other Member of the Company, shall
have the power and authority to exercise the powers and privileges of the Company as manager of the BR Hawthorne JV. Without limiting
the foregoing, only BEMT, and not any other Member, shall have the power and authority to approve and act in respect to, and to
direct the Company’s Representatives on the Management Committee as to: (1) the calculation and determination of the amount
of and distribution of Distributable Funds under Section 6.1(a) of the BR Hawthorne JV Operating Agreement and (2) the approval
and actions in respect of, the Annual Business Plan under Section 9.3 of the BR Hawthorne JV Operating Agreement on behalf of the
Company and the Company’s Representatives on the Management Committee of the BR Hawthorne JV.

 

(c)         The
Manager may appoint individuals to act on behalf of the Company with such titles and authority as determined from time to time
by the Manager. Each of such individuals shall hold office until his or her death, resignation or replacement by any Manager.

 

2.          The
Members also hereby amend Exhibit A to provide for the Transfer as attached hereto.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Members have executed this First Amendment
as of the date set forth above.

  

	 	Bluerock Special Opportunity + Income Fund, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Bluerock Real Estate, L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its Manager
	 	 	 
	 	By: 	/s/ Jordan S. Ruddy  
	 	Name: 	Jordan S. Ruddy
	 	Title:	Authorized Signatory 
	 	 	 
	 	BEMT Springhouse, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Bluerock Enhanced Multifamily Holdings, L.P.,
	 	 	a Delaware limited partnership,
	 	 	its Sole Member
	 	 	 
	 	By:	Bluerock Enhanced Multifamily Trust, Inc.,
	 	 	a Maryland corporation,
	 	 	its General Partner
	 	 	 	 
	 	 	By: 	/s/ Jordan S. Ruddy
	 	 	Name: 	Jordan S. Ruddy
	 	 	Title: 	Senior Vice President and
	 	 	 	Chief Operating Officer

 

    	 

    	 

    

 

Capital Contributions and Percentage
Interests

 

	Member Name	 	Capital

Contribution	 	 	Percentage Interest	 
	 	 	 	 	 	 	 	 	 
	Bluerock Special Opportunity + Income Fund, LLC	 	$	1,841,667	 	 	 	49	%
	 	 	 	 	 	 	 	 	 
	BEMT Springhouse, LLC	 	$	1,919,667	 	 	 	51	%Exhibit 10.55

 

BR MEADOWMONT MANAGING MEMBER, LLC

FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT

 

This First Amendment
to Limited Liability Company Agreement (this “First Amendment”) is adopted, executed, and agreed to effective
on June 27, 2012, by and among Bluerock Special Opportunity + Income Fund, LLC, a Delaware limited liability company (“SOIF”),
Bluerock Special Opportunity + Income Fund II, LLC, a Delaware limited liability company (“SOIF II”), and BEMT
Meadowmont, LLC, a Delaware limited liability company (“BEMT”), as Members (together, the “Members”).
Undefined terms used herein shall have the meaning ascribed to them in the Agreement.

 

W I T N E
S S E T H :

 

WHEREAS, BR Meadowmont
Managing Member, LLC, a Delaware limited liability company (the “Company”), was formed on March 1, 2010, pursuant
to the Act;

 

WHEREAS, the Members
entered into that certain Amended and Restated Limited Liability Company Agreement dated April 9, 2010 (the “Agreement”)
providing for the operation and administration of the Company; and

 

WHEREAS, BEMT has sold
and transferred to SOIF II its entire 32.5% Interest in the Company on even date herewith, and now BEMT desires to withdraw as
a Member and resign as a Manager of the Company;

 

NOW, THEREFORE, in consideration
of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.          BEMT
hereby withdraws as Member of the Company and resigns as a Manager of the Company. The undersigned hereby authorize and approve
the withdrawal of BEMT as Member of the Company and its resignation as a Manager of the Company.

 

2.          The
Members also hereby amend Exhibit A to provide for the Transfer as attached hereto.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Members have executed this First Amendment
as of the date set forth above.

 

	 	Bluerock Special Opportunity + Income Fund, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Bluerock Real Estate, L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its Manager
	 	 	 
	 	 	By: 	/s/ Jordan S. Ruddy
	 	 	Name: 	Jordan S. Ruddy
	 	 	Title:	Authorized Signatory
	 	 	 
	 	 	 
	 	Bluerock Special Opportunity + Income Fund II, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	BR SOIF II Manager, LLC,
	 	 	a Delaware limited liability company,
	 	 	its Manager
	 	 	 
	 	By:	Bluerock Real Estate, L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its Sole Member
	 	 	 
	 	 	By: 	/s/ Jordan S. Ruddy
	 	 	Name: 	Jordan S. Ruddy
	 	 	Title:	Authorized Signatory 

 

    	 

    	 

    

 

	Solely for purposes of acknowledging and agreeing to its withdrawal as a Member and resignation as a Manager	 	 
	 	 	 	 
	 	BEMT Meadowmont, LLC,	 	 
	 	a Delaware limited liability company	 	 
	 	 	 	 
	 	By:	Bluerock Enhanced Multifamily Holdings, L.P.,	 
	 	a Delaware limited partnership,	 	 
	 	its Sole Member	 	 
	 	 	 	 	 
	 	By:	Bluerock Enhanced Multifamily Trust, Inc.,	 
	 	a Maryland corporation, its General Partner	 	 
	 	 	 	 	 
	 	By: 	/s/ Jordan S. Ruddy	 	 
	 	Name: 	Jordan S. Ruddy	 	 
	 	Title: 	Senior Vice President and	 	 
	 	 	Chief Operating Officer	 	 

 

    	 

    	 

    

Capital Contributions and Percentage
Interests 

	Member Name	 	Capital
 Contribution	 	 	Percentage Interest	 
	 	 	 	 	 	 	 	 	 
	Bluerock Special Opportunity + Income Fund, LLC	 	$	899,819	 	 	 	25	%
	 	 	 	 	 	 	 	 	 
	Bluerock Special Opportunity + Income Fund II, LLC	 	$	4,894,549	 	 	 	75	%Exhibit 10.56

 

BR
CREEKSIDE MANAGING MEMBER, LLC

ASSIGNMENT
OF

MEMBERSHIP INTEREST

 

Effective as of the
27th day of June, 2012, for value received, each of (i) BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND, LLC, a Delaware
limited liability company (“SOIF I”), and (ii) BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited
liability company (“SOIF II”) (each of which shall be referred to herein as an “Assignor,” and collectively
as the “Assignors”), members of BR CREEKSIDE MANAGING MEMBER, LLC, a Delaware limited liability company (the "Company”),
hereby sells, assigns and transfers unto BEMT CREEKSIDE, LLC, a Delaware limited liability company (“BEMT Creekside”),
all of its right, title, and interest in one percent (1%) of its membership interests in the Company, together with any and all
claims, title, interests, entitlements, capital account balances, distributions, and other rights related to such membership interest
(the “Interests”). For the avoidance of doubt, SOIF I, as Assignor, is hereunder assigning one percent (1%) of its
membership interests in the Company to BEMT Creekside, and SOIF II, as Assignor, is also hereunder assigning one percent (1%) of
its membership interests in the Company to BEMT Creekside.

 

IN WITNESS WHEREOF, each Assignor has
duly authorized and executed this assignment effective as of the date first written above.

 

[Signature Page Follows]

 

    	 

    	 

    

 

	 	ASSIGNORS
	 	 
	 	SOIF I:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:  Bluerock Real Estate, L.L.C., its manager
	 	 	 
	 	By:	/s/ Jordan S. Ruddy
	 	Name:	Jordan S. Ruddy
	 	Title: 	Authorized Signatory
	 	 	 
	 	SOIF II:
	 	 
	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:  BR SOIF II Manager, LLC
	      	a Delaware limited liability company, its manager
	 	 
	 	 	By:   Bluerock Real State, L.L.C.,
	 	 	a Delaware limited liability company, its sole member
	 	 	 	 
	 	 	By: 	/s/ Jordan S. Ruddy
	 	 	Name:	Jordan S. Ruddy
	 	 	Title: 	Authorized Signatory

 

[Signature Pages to BR Creekside Managing
Member, LLC Assignment of Membership Interests]

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