Document:

EX-10.14

 Exhibit 10.14 
 SECOND OMNIBUS JOINDER AND AMENDMENT AGREEMENT 
 This SECOND
OMNIBUS JOINDER AND AMENDMENT AGREEMENT (this “Joinder and Amendment”) is dated as of June 21, 2013 (the “Effective Date”) and entered into by and among each entity set forth on the signature pages hereto
and identified therein as the existing borrowers (each, an “Existing Borrower” and collectively, the “Existing Borrowers”), and each entity set forth on the signature pages hereto joining as a borrower (each, a
“Joining Borrower”, and collectively, the “Joining Borrowers”, and together with the Existing Borrowers, the “Borrowers”), AMERICAN HOMES 4 RENT, L.P., a Delaware partnership and
AH4R PROPERTIES, LLC, a Delaware limited liability company (each as the “Existing Pledgors/Guarantors”), and such other entity set forth on the signature pages hereto joining as a pledgor/guarantor (the “Joining
Pledgor/Guarantor”, and together with the Existing Pledgors/Guarantors, the “Pledgors/Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Lender”). 

 RECITALS 
 WHEREAS, Existing Borrowers and Lead Arranger entered into (i) that certain Master Loan and Security Agreement, dated as of March 7, 2013, as supplemented and amended by that certain
Increased Commitment Supplement, Omnibus Joinder and Amendment Agreement, dated as of June 6, 2013 (the “June 6 Supplement and Joinder”) (collectively, and as may have been further amended, restated, supplemented or otherwise
modified from time to time prior to the date hereof, the “Loan Agreement”), and (ii) each other Loan Document listed on Schedule 1 to the June 6 Supplement and Joinder (together with the Loan Agreement, the
“Borrower Agreements”); 
 WHEREAS, the Existing Pledgor/Guarantors and Lead Arranger entered into that
certain Pledge and Guaranty Agreement, dated as of March 7, 2013, as supplemented and amended by the June 6 Supplement and Joinder (collectively, and as may have been be further amended, restated, supplemented or otherwise modified from
time to time prior to the date hereof, the “Pledge and Guaranty”); 
 WHEREAS, Existing Borrowers and
Existing Pledgors/Guarantors desire to add the Joining Borrowers as borrowers under the Borrower Agreements, and the Joining Pledgor/Guarantor as pledgor and guarantor under the Pledge and Guaranty, all as more fully set forth in this Joinder and
Amendment; 
 WHEREAS, Lead Arranger and Lenders wish to add the Joining Borrowers as borrowers under the Borrower
Agreements, and the Joining Pledgor/Guarantor as pledgor and guarantor under the Pledge and Guaranty, and to make such other amendments as are described herein; and 
 WHEREAS, the parties hereto agree to amend and supplement each Borrower Agreement and the Pledge and Guaranty in the manner provided herein. 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 Section 1. Defined Terms and Interpretation. Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Loan Agreement or the Pledge and Guaranty, as the case may be. The rules of interpretation set forth in Section 2.02 of the Loan Agreement are incorporated herein mutatis
mutandis. 

 Section 2. Effectiveness of this Joinder and Amendment. The parties
hereto agree that this Joinder and Amendment shall be effective as of the Effective Date (subject to the satisfaction of the conditions precedent set forth in Section 8 hereof) and shall terminate and be of no further force and effect (other
than the provisions hereof which, by their terms or operation of law, survive termination) upon the Facility Termination Date with respect to the Tranche B Amount and the payment in full of the Obligations with respect to the Tranche B Amount (other
than contingent indemnification obligations that have not yet been asserted). The parties hereto further agree that this Joinder and Amendment shall, for all intents and purposes, be a “Joinder Agreement” as defined in the Loan Agreement.

 Section 3. Addition of Parties to Borrower Agreements; Borrowing Base Properties. As of the Effective
Date, each of the Borrower Agreements is hereby amended to add each Joining Borrower as a Borrower thereunder and thereafter, all references to “Borrower” and “Borrowers” in this Joinder and Amendment, the Loan Agreement, any of
the other Borrower Agreements and any other Loan Document shall include each of Existing Borrowers and each of the Joining Borrowers, as the context shall require. 
 Section 4. Addition of Parties to Pledge and Guaranty. As of the Effective Date, the Pledge and Guaranty is hereby amended to add the Joining Pledgor/Guarantor as a Pledgor/Guarantor
thereunder and thereafter, all references to “Pledgor/Guarantor” and “Pledgors/Guarantors” in this Joinder and Amendment, the Loan Agreement, the Pledge and Guaranty and any other Loan Document shall include each of the Existing
Pledgors/Guarantors and the Joining Pledgor/Guarantor, as the context shall require. 
 Section 5. Amendments to Loan
Agreement. Effective as of the Effective Date, the Loan Agreement is hereby further amended as follows: 
 (a)
The definition of “Operating Account” in Article 2 of the Loan Agreement is hereby amended and restated in its entirety to read as follows (with the modified text underlined for review purposes): 

“Operating Account”: With respect to each Borrower, the separate trust account established by such Borrower (or in the
case of each Borrower joining this Agreement as of June 6, 2013, by AH4R Properties on behalf of such joining Borrowers, and in the case of each Borrower joining this Agreement as of June 21, 2013, by AH4R I on behalf of such joining
Borrowers) for the benefit of Lender and maintained pursuant to this Agreement into which all related Net Income collected with respect to SF Properties shall be deposited as provided in this Agreement. Each Operating Account shall be
established at the Account Bank with the related account number as identified on Schedule 6 attached hereto and shall be subject to an Account Control Agreement; provided, that as used in the definition of “Required Amount” and in Sections
3.08(a), 5.01(d)(ii), 5.04, 8.26 and 10.01(q) (and for all purposes of determining whether the Borrowers have maintained the “Required Amount”), the term “Operating Account” shall be deemed to include the Tranche B Amortization
Period Account. 
 (b) Article 2 of the Loan Agreement is hereby amended to add the following new defined term in appropriate
alphabetical order: 
 “AH4R I”: American Homes 4 Rent I, LLC. 

(c) The third to last sentence of Section 7.01 of the Loan Agreement is hereby amended and restated in its entirety to read as
follows (with the modified text underlined for review purposes): 
 No Borrower, other than AH4R Properties, AH4R I and
American Homes 4 Rent, L.P., has any Subsidiaries. 

 (d) The lead-in paragraph to Article 8 is hereby amended and restated in its entirety to
read as follows (with the modified text underlined for review purposes): 
 From the date hereof until the Secured Obligations
(other than contingent indemnification obligations that have not yet been asserted) are paid in full and the Loan Documents are terminated, each Borrower (unless otherwise specified herein) shall perform and observe the following covenants, which
shall (a) be given independent effect (so that if a particular action or condition is prohibited by any covenant, the fact that it would be permitted by an exception to or be otherwise within the limitations of another covenant shall not avoid
the occurrence of a Default or an Event of Default if such action is taken or condition exists), (b) shall also apply to all Subsidiaries of such Borrower, other than Subsidiaries of AH4R Properties, AH4R I or the OP Borrower that are
not otherwise Borrowers hereunder and (c) for the sake of clarity, apply to all Borrowers hereunder; except for the following covenants, which shall not apply to the OP Borrower: (i) the second and third sentences of Section 8.03,
(ii) Section 8.05 and (iii) Section 8.17. 
 (e) Section 8.01(b)(i) of the Loan Agreement is hereby
amended and restated in its entirety to read as follows (with the modified text underlined for review purposes): 
 (i) not
engage in any lines of business other than the business of acquiring, owning, renovating, leasing and disposing of residential real properties and all activities incidental thereto, as conducted by it as of the Closing Date; provided that
(a) this clause (i) shall not apply to the OP Borrower, (b) in the case of AH4R Properties, such Borrower shall be entitled to engage in activities related to its ownership of each other Borrower joining this Agreement on June 6,
2013, (c) in the case of AH4R I, such Borrower shall be entitled to engage in activities related to its ownership of each other Borrower joining this Agreement on June 21, 2013 and AH4R I CA, LLC. 

(f) The first sentence of Section 8.03 of the Loan Agreement is hereby amended and restated in its entirety to read as follows (with
the modified text underlined for review purposes): 
 Except as expressly permitted by the terms of this Agreement, Borrower
shall not enter into a merger or consolidation (except that AH4R Properties, AH4R I and the OP Borrower may enter into mergers or consolidations so long as AH4R Properties, AH4R I or the OP Borrower (as applicable) is the surviving
party), or liquidate, wind up or dissolve, or convey, sell, lease, assign, transfer or otherwise dispose of all or substantially all of its assets (including, without limitation, receivables and leasehold interests) or properties whether now owned
or hereafter acquired (other than the lease or sublease of its assets or properties in the ordinary course of business), without the consent of Lender; provided, however, that nothing herein shall prohibit the OP Borrower from (i) conveying,
transferring or otherwise disposing of any of its assets to its Subsidiaries or (ii) making or paying any dividend or distribution to the Parent Guarantor or any limited partner of the OP Borrower. 

(g) The lead-in language to Section 9.01 of the Loan Agreement is hereby amended and restated in its entirety to read as follows
(with the modified text underlined for review purposes): 
 Each Borrower (other than any Borrower that is also a
Pledgor/Guarantor) shall . . . 
 (h) The last sentence of Section 9.01 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows (with the modified text underlined for review purposes): 
 Notwithstanding the
foregoing, it is understood and agreed that each of AH4R Properties and AH4R1 shall be entitled to establish an Operating Account for use by itself and those of its  

 
Subsidiaries that are Borrowers hereunder and deposits and withdrawals of funds to and from such Operating Account by such Borrowers shall not be a breach or violation of this
Section 9.01. For clarity, unless a Borrower has an Operating Account of its own, the Operating Account of AH4R Properties or AH4R I, as applicable, shall be deemed to be such Borrower’s “related Operating Account”.

 (i) The Loan Agreement is hereby amended by deleting Schedule 5 attached thereto in its entirety and replacing such Schedule
5 with Schedule 1 attached to this Joinder and Amendment. 
 (j) The Loan Agreement is hereby amended by deleting Schedule 8.03
attached thereto in its entirety and replacing such Schedule 8.03 with Schedule 2 attached to this Joinder and Amendment. 
 (k)
Schedule 10 to the Loan Agreement is hereby amended to add the additional information set forth on Schedule 3 attached to this Joinder and Amendment. 
 (l) Schedule 12 to the Loan Agreement is hereby amended to add the additional information set forth on Schedule 4 attached to this Joinder and Amendment. 

Section 6. Amendments to Pledge and Guaranty. Effective as of the Effective Date, the Pledge and Guaranty is hereby
amended as follows: 
 (a) For so long as a Pledgor/Guarantor is also a Borrower under the Loan Agreement, Section 2
and Section 10 of the Pledge and Guaranty are hereby deleted in their respective entirety with respect to such Pledgor/Guarantor, it being understood and agreed that such Sections shall be restored in full with respect to such Pledgor/Guarantor
without any further action needed upon the removal of such Pledgor/Guarantor as a Borrower. 
 (b) Schedule 1 to the Pledge and
Guaranty is hereby amended to add the additional information set forth Schedule 5 attached to this Joinder and Amendment . 

Section 7. Amendments to Account Control Agreement. Effective as of the Effective Date, the Account Control Agreement
described on Schedule 6 hereto (the “Account Control Agreement”) is hereby amended to delete Schedule 1 attached thereto in its entirety, and replace such Schedule 1 with Schedule 6 attached to this Joinder and Amendment.

 Section 8. Conditions Precedent. Notwithstanding the foregoing or anything contained herein to the
contrary, as a condition precedent to the effectiveness of this Joinder and Amendment, Lead Arranger shall have received the following, each in form and substance acceptable to Lead Arranger: 

 

	 	(i)	this Joinder and Amendment duly executed by each Borrower and each Pledgor/Guarantor and acknowledged by Parent Guarantor, Asset Manager and Account Bank;

  

	 	(ii)	a Management Agreement duly executed by the Asset Manager and each Joining Borrower; 

 

	 	(iii)	five (5) new Notes duly executed by each Borrower; provided that upon receipt of each applicable new Note, each Lender shall return its respective original Note to
the Existing Borrowers in accordance with the procedures set forth in Section 3.02(a) of the Loan Agreement; 

  

	 	(iv)	evidence that an Operating Account shall have been established for AH4R I, on behalf of the Joining Borrowers, with the Account Bank; 

	 	(v)	a Power of Attorney duly executed by each Joining Borrower; 

  

	 	(vi)	the original limited liability company certificates evidencing 100% of the Capital Stock of each Joining Borrower together with appropriate transfer and assignment
documents in blank duly executed or endorsed by the applicable Pledgor/Guarantor; 

  

	 	(vii)	for each Joining Borrower, insurance certificates evidencing that each such Joining Borrower is listed as an additional insured under each of the insurance policies
currently insuring the Existing Borrowers; and 

  

	 	(viii)	for each Joining Borrower and each Joining Pledgor/Guarantor, each of the items set forth in Section 6.01(a)(ii) (good standing certificate),
Section 6.01(a)(iii) (Governing Documents and incumbency), Section 6.01(a)(iv) (Closing Certificate), Section 6.01(a)(vii) (opinions of counsel), and Section 6.01(a)(viii) (amendments to Governing Documents);

 and each Lender shall have completed to its satisfaction such due diligence of such Joining Borrower and each Joining
Pledgor/Guarantor (including, Lender’s “Know Your Customer” and Anti-Terrorism Laws diligence) and modeling as each such Lender may require in its discretion. 
 Section 9. Agreements of Each Joining Borrower as a Borrower. Except as otherwise provided herein, each Joining Borrower hereby agrees to be bound by, and comply with, the terms and
conditions of each of the Borrower Agreements, as a Borrower under the Loan Agreement, including, without limitation, (i) any terms relating to the repayment of any Advance, (ii) the grant of a first priority security interest in the
Collateral owned by such Joining Borrower, (iii) the applicable conditions precedent prior to any Advance made by Buyer under the Loan Agreement, (iv) the special purpose entity provisions of Section 9.01 of the Loan Agreement
(subject to the exceptions set forth therein), (v) all representations and warranties with respect to itself and its Collateral as set forth in the Loan Agreement, (vi) all covenants as set forth in the Loan Agreement and each other
Borrower Agreement and (vii) all indemnification obligations applicable to a Borrower under any Borrower Agreement. Each Event of Default set forth in Section 10.01 of the Loan Agreement shall apply to each Joining Borrower. 

Section 10. Agreements of Each Joining Pledgor/Guarantor as a Pledgor/Guarantor. Each Joining Pledgor/Guarantor hereby
agrees to be bound by, and comply with, the terms and conditions of each of the Pledge and Guaranty, as a Pledgor/Guarantor under the Pledge and Guaranty, including, without limitation, (i) the grant of a first priority security interest in the
Pledged Collateral owned by such Joining Pledgor/Guarantor, (ii) all representations and warranties with respect to itself and its Pledged Collateral as set forth in the Pledge and Guaranty, (iii) all covenants as set forth in the Pledge
and Guaranty and (iv) all indemnification obligations applicable to a Pledgor/Guarantor under the Pledge and Guaranty. 

Section 11. Joining Borrower Representations. Each Joining Borrower has been duly organized and validly exists in good
standing as a corporation, limited liability company or limited partnership, as applicable, under the laws of the jurisdiction of its incorporation, organization or formation. Each Joining Borrower (a) has all requisite power, authority, legal
right, licenses and franchises, (b) is duly qualified to do business in all jurisdictions necessary, and (c) has been duly authorized by all necessary action, to (w) own, lease and operate its properties and assets, (x) conduct
its business as presently conducted, and (y) execute, deliver and perform its obligations under the Loan Documents to which it is a party, including the pledge of the Collateral, except, in the cases of clauses (a), (b), (c)(w) and (c)(x),
where the failure to do so could not reasonably be expected to have a Material Adverse Effect. Each Joining Borrower’s exact legal name is set forth on the signature pages of this Joinder and Amendment. Each Joining Borrower’s location
(within the meaning of Article 9 of the UCC) is set forth on Schedule 4 attached hereto, and the offices where such Joining Borrower keeps all records (within the meaning of Article 9 of the UCC) relating to the Collateral (other than
property management offices maintained pursuant to the Management Agreements) and 

 
such Joining Borrower’s chief executive office are as of the Effective Date at the address of such Joining Borrower referred to in Schedule 4. No Joining Borrower has changed its name or
location (within the meaning of Article 9 of the UCC) within the twelve (12) months preceding the Effective Date. As of the Effective Date, each Joining Borrower’s organizational identification number and its tax identification number
are set forth on Schedule 4 attached hereto. The fiscal year of each Joining Borrower is the calendar year. As of the Effective Date, no Joining Borrower has any Indebtedness, Contractual Obligations or Investments other than (a) the Loan
Documents, (b) the Indebtedness, Contractual Obligations and Investments described on Schedule 4 attached hereto and (c) the Indebtedness, Contractual Obligations and Investments permitted under Section 8.05 of the Loan Agreement. As
of the Effective Date, no Joining Borrower has any trade names other than as described on Schedule 4 attached hereto. 

Section 12. Joining Pledgor/Guarantor Representations. Each Joining Pledgor/Guarantor has been duly organized and
validly exists in good standing as a corporation, limited liability company or limited partnership, as applicable, under the laws of the jurisdiction of its incorporation, organization or formation. Each Joining Pledgor/Guarantor (a) has all
requisite power, authority, legal right, licenses and franchises, (b) is duly qualified to do business in all jurisdictions necessary, and (c) has been duly authorized by all necessary action, to (w) own, lease and operate its
properties and assets, (x) conduct its business as presently conducted, and (y) execute, deliver and perform its obligations under the Loan Documents to which it is a party, including the pledge of the Pledged Collateral, except, in the
cases of clauses (a), (b), (c)(w) and (c)(x), where the failure to do so could not reasonably be expected to have a Material Adverse Effect. Each Joining Pledgor/Guarantor’s exact legal name is set forth on the signature pages of this Joinder
and Amendment. Each Joining Pledgor/Guarantor’s location (within the meaning of Article 9 of the UCC) is set forth on Schedule 5 attached hereto, and the offices where such Joining Pledgor/Guarantor keeps all records (within the meaning of
Article 9 of the UCC) relating to the Pledged Collateral and such Joining Pledgor/Guarantor’s chief executive office are as of the Effective Date at the address of such Joining Pledgor/Guarantor referred to in Schedule 5. The Pledged
Interests owned by each Joining Pledgor/Guarantor are set forth on Schedule 5 hereto. No Joining Pledgor/Guarantor has changed its name or location (within the meaning of Article 9 of the UCC) within the twelve (12) months preceding the
Effective Date. As of the Effective Date, each Joining Pledgor/Guarantor’s organizational identification number and its tax identification number are set forth on Schedule 5 attached hereto. As of the Effective Date, no Joining
Pledgor/Guarantor has any trade names other than as described on Schedule 5 attached hereto. 
 Section 13. Joint and
Several Liability. Notwithstanding anything in the Borrower Agreements to the contrary, each Joining Borrower hereby acknowledges and agrees with the Existing Borrowers that all Borrowers are and shall be jointly and severally liable to the
Lenders pursuant to Section 18.23 of the Loan Agreement. Notwithstanding anything in the Pledge and Guaranty to the contrary, the Joining Pledgor/Guarantor hereby acknowledges and agrees with the Existing Pledgors/Guarantors that the guarantee
made by each Pledgor/Guarantor under the Pledge and Guaranty shall be a guarantee of the Obligations on a joint and several basis and that all Pledgors/Guarantors are and shall be jointly and severally liable to the Lenders for all obligations of
each Pledgor/Guarantor under the Pledge and Guaranty. 
 Section 14. Representations and Warranties. In order
to induce Lender and the New Lenders to enter into this Joinder and Amendment and to supplement the Borrower Agreements in the manner provided herein, each Borrower hereby represents and warrants that (a) this Joinder and Amendment and the
Notes executed pursuant hereto are Loan Documents as defined in the Loan Agreement, (b) the representations and warranties contained in the Loan Agreement and contained in the other Loan Documents are true and correct in all material respects
as to each Borrower and each Pledgor/Guarantor as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier
date), and (c) no Default or Event of Default has occurred and is continuing on the date hereof nor will occur after giving effect to this Joinder and Amendment. 

 Section 15. Further Assurances. Borrowers and Pledgors/Guarantors shall
each take any and all further actions and execute and deliver any and all such further documents and undertakings as are necessary or reasonably requested by Lender to effectuate the purposes of this Joinder and Amendment in accordance with
Section 8.04(a) of the Loan Agreement and Section 6(j) of the Pledge and Guaranty. The undertakings set forth in this Section 15 shall survive the execution and delivery of this Joinder and Amendment. 

Section 16. Effect of Joinder and Amendment. The terms and provisions set forth in this Joinder and Amendment shall
modify and supersede all inconsistent terms and provisions set forth in the Borrower Agreements, the Pledge and Guaranty and the Account Control Agreement, as applicable, and except as expressly modified and superseded by this Joinder and Amendment,
the terms and provisions of the Borrower Agreements, the Pledge and Guaranty and the Account Control Agreement, as applicable, are ratified and confirmed and shall continue in full force and effect. Borrowers and Lender(s) agree that the Borrower
Agreements, the Pledge and Guaranty and the Account Control Agreement, as applicable, as amended hereby shall continue to be in full force and effect, and the legal, valid and binding obligations of Borrowers or the Pledgors/Guarantors, as
applicable, enforceable against each of them in accordance with their respective terms. Reference to this Joinder and Amendment need not be made in any Loan Document or any other instrument or document executed in connection therewith or herewith,
or in any certificate, letter or communication issued or made pursuant to, or with respect to, any Loan Document, any reference in any of such items to any Loan Document being sufficient to refer to such Loan Document as amended hereby. 

Section 17. Collateral Release. Each Lender and the Lead Arranger agree that, upon Borrowers’ request
(a) any Lien granted to or held by such Lender or the Lead Arranger solely as a result of this Joinder and Amendment shall be released upon the termination of this Joinder and Amendment in accordance with Section 2 hereof; (b) each
Joining Borrower and Joining Pledgor/Guarantor shall be automatically released from its obligations under this Joinder and Amendment and the other Loan Documents to which it is a party (other than the provisions hereof or thereof which, by their
terms or operation of law, survive termination) upon the termination of this Joinder and Amendment in accordance with Section 2 hereof. In connection with any release pursuant to this Section 17, each Lender and Lead Arranger (as
applicable) shall promptly (i) execute and deliver to any Relevant Party, at such Relevant Party’s expense, all documents that such Relevant Party shall reasonably request to evidence such release and (ii) deliver to the applicable
Relevant Parties any portion of the Collateral so released in possession of any Lender or the Lead Arranger (as applicable). 

Section 18. Successors and Assigns. This Joinder and Amendment shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. 
 Section 19. Governing Law. This
Joinder and Amendment and any claim, dispute or controversy arising under or related to or in connection with this Joinder and Amendment, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the
parties shall be governed by and construed in accordance with the laws of the State of New York, without regard to any conflicts of laws principles other than Section 5-1401 of the New York General Obligations law which shall govern.

 Section 20. Counterparts, Effectiveness. This Joinder and Amendment may be executed by each of the parties
hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. The parties agree that this Joinder and Amendment and any notices hereunder may be
transmitted between them by email and/or facsimile. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. 

Section 21. Notices. The address of each Joining Borrower for receiving notices and for all other purposes of the
Borrower Agreements shall be as set forth on Schedule 4 attached hereto. The address of each Joining Pledgor/Guarantor for receiving notices and for all other purposes of the Pledge and Guaranty shall be as set forth on Schedule 5 attached hereto.

 Section 22. Entire Agreement. This Joinder and Amendment and all other
instruments, documents and agreements executed and delivered in connection with this Joinder and Amendment embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations and
understandings, whether written or oral, relating to this Joinder and Amendment, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto. 

Section 23. Survival. All representations and warranties made in this Joinder and Amendment or any other Loan Document
including any Loan Document furnished in connection with this Joinder and Amendment shall survive the execution and delivery of this Joinder and Amendment and the other Loan Documents, and no investigation by Lender or any closing shall affect the
representations and warranties or the right of Lender to rely upon them. 
 [Remainder of Page Intentionally Left Blank]

 IN WITNESS WHEREOF, the parties hereto have caused this Joinder and Amendment to be
duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	EXISTING BORROWERS:
	
	AMERICAN HOMES 4 RENT PROPERTIES
	ONE, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT PROPERTIES TWO, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT PROPERTIES THREE, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT PROPERTIES FOUR, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT PROPERTIES FIVE, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT PROPERTIES SIX, LLC
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 
			
	AMERICAN HOMES 4 RENT, L.P., a Delaware limited partnership
		
	By:	 	AMERICAN HOMES 4 RENT, a Maryland real estate investment trust, its General Partner
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	AH4R PROPERTIES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	EACH OF THE ENTITIES LISTED ON ANNEX I ATTACHED HERETO AS EXISTING BORROWERS:
		
	By:	 	AH4R PROPERTIES, LLC, a Delaware limited liability company, its sole member
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 SIGNATURE PAGES CONTINUED 

 

			
	JOINING BORROWERS:
	
	EACH OF THE ENTITIES LISTED ON
	ANNEX I ATTACHED HERETO AS JOINING
	BORROWERS:
		
	By:	 	AMERICAN HOMES 4 RENT I, LLC, a
		 	Delaware limited liability company, its sole
		 	member
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	AMERICAN HOMES 4 RENT I, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 SIGNATURE PAGES CONTINUED 

 

			
	EXISTING PLEDGORS/GUARANTORS:
	
	AMERICAN HOMES 4 RENT, L.P., a Delaware limited partnership
		
	By:	 	AMERICAN HOMES 4 RENT, a Maryland
		 	real estate investment trust, its General
		 	Partner
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	AH4R PROPERTIES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	JOINING PLEDGOR/GUARANTOR:
	
	AMERICAN HOMES 4 RENT I, LLC, a
	Delaware limited liability company
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 SIGNATURE PAGES CONTINUED 

 

			
	LEAD ARRANGER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Scott Evans

	Name:	 	Scott Evans
	Title:	 	Managing Director

 [Signatures continue on following page] 

Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 
			
	LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Tranche A Lender and a Tranche B Lender
		
	By:	 	 /s/ Scott Evans

	Name:	 	Scott Evans
	Title:	 	Managing Director

 [Signatures continue on following page] 

Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 
			
	J.P. MORGAN CHASE BANK, N.A., as a Tranche B Lender
		
	By:	 	 /s/ Chiara Carter

	Name:	 	Chiara Carter
	Title:	 	Vice President

 [Signatures continue on following page] 

Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 
			
	BANK OF AMERICA, NATIONAL ASSOCIATION, as a Tranche B Lender
		
	By:	 	 /s/ Michael W. Edwards

	Name:	 	Michael W. Edwards
	Title:	 	Senior Vice President

 [Signatures continue on following page] 

Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 
			
	GOLDMAN SACHS BANK USA, as a Tranche B Lender
		
	By:	 	 /s/ Mark Walton

	Name:	 	Mark Walton
	Title:	 	Authorized Signatory

 [Signatures continue on following page] 

Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 SIGNATURE PAGES CONTINUED 
 ACKNOWLEDGED AND AGREED TO AS OF THE EFFECTIVE DATE: 
 PARENT GUARANTOR:

  

			
	AMERICAN HOMES 4 RENT, a Maryland real estate investment trust
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 SIGNATURE PAGES CONTINUED 
 ASSET MANAGER: 
  

			
	AMERICAN HOMES 4 RENT MANAGEMENT HOLDINGS, LLC, a Delaware limited liability company, as Asset Manager
		
	By:	 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 ACCOUNT BANK: 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Perry J. Monroe

	Name:	 	Perry J. Monroe
	Title:	 	Vice President

 Second Omnibus Joinder and Amendment Agreement – Wells AH4R 

 ANNEX I 
 TO OMNIBUS JOINDER AND AMENDMENT AGREEMENT 
 EXISTING BORROWERS

  

			
	AH4R - AZ, LLC	  	AH4R - IN, LLC
	AH4R - AZ 2, LLC	  	AH4R - IN 11, LLC
	AH4R - AZ 3, LLC	  	AH4R - NC, LLC
	AH4R - AZ 4, LLC	  	AH4R - NC 2, LLC
	AH4R - AZ 7, LLC	  	AH4R - NC 3, LLC
	AH4R - AZ 11, LLC	  	AH4R - NC 11, LLC
	SSI - AZ, LLC	  	AH4R - NV, LLC
	AH4R - CO, LLC	  	AH4R - NV 2, LLC
	AH4R - CO 3, LLC	  	AH4R - NV 3, LLC
	AH4R - FL, LLC	  	AH4R - NV 4, LLC
	AH4R - FL 2, LLC	  	AH4R - NV 11, LLC
	AH4R - FL 3, LLC	  	SSI - NV, LLC
	AH4R - FL 4, LLC	  	AH4R - OH, LLC
	AH4R - FL 11, LLC	  	AH4R - OH 3, LLC
	AH4R - GA, LLC	  	AH4R - OH 11, LLC
	AH4R - GA 2, LLC	  	AH4R - TN 3, LLC
	AH4R - GA 3, LLC	  	AH4R - TN 11, LLC
	AH4R - GA 4, LLC	  	AH4R - TX, LLC
	AH4R - GA 5, LLC	  	AH4R - TX 2, LLC
	AH4R - GA 11, LLC	  	AH4R - TX 3, LLC
	AH4R - IL, LLC	  	AH4R - TX 11, LLC
	AH4R - IL 2, LLC	  	AH4R - UT, LLC
	AH4R - IL 4, LLC	  	AH4R - WA, LLC
	AH4R - IL 11, LLC	  	

 JOINING BORROWERS 

 

			
	AH4R I AZ, LLC	  	AH4R I NV, LLC
	AH4R I CO, LLC	  	AH4R I OH, LLC
	AH4R I FL, LLC	  	AH4R I OK, LLC
	AH4R I FL Orlando, LLC	  	AH4R I TN, LLC
	AH4R I GA, LLC	  	AH4R I TX DFW, LLC
	AH4R I IL, LLC	  	AH4R I TX, LLC
	AH4R I IN, LLC	  	AH4R I UT, LLC
	AH4R I NC, LLC	  	AH4R I WA, LLCEX-10.15

 Exhibit 10.15 
 EMPLOYEE ADMINISTRATION AGREEMENT 
 This EMPLOYEE ADMINISTRATION AGREEMENT
(“Agreement”), by and among AMERICAN HOMES 4 RENT, LLC, a Delaware limited liability company (“AH LLC”), AMERICAN HOMES 4 RENT, a Maryland real estate investment trust (the “Company”), American
Homes 4 Rent, L.P. (the “Operating Partnership”), American Homes 4 Rent Advisor, LLC (the “Advisor”), American Homes 4 Rent Management Holdings, LLC (the “Property Manager”), and MALIBU MANAGEMENT,
INC., a California corporation (“MMI”), is effective on the date of the closing of the transactions contemplated by that certain Contribution Agreement, executed as of May 28, 2013, by and among AH LLC, the Company and the
Operating Partnership (the “Contribution Agreement” and the date of such closing, the “Effective Date”). AH LLC, the Company, the Operating Partnership, the Advisor, the Property Manager and MMI are sometimes
referred to in this Agreement as a “Party” or collectively as the “Parties.” 
 WHEREAS,
pursuant to that certain Management Services Agreement, dated as of January 3, 2012, by and between AH LLC and MMI (the “Management Services Agreement”), MMI provides certain management services to AH LLC and its Affiliates (as
defined in the Management Services Agreement) in exchange for payment for such services; and 
 WHEREAS, pursuant to the
Contribution Agreement, AH LLC has agreed to enter into this Agreement (i) to cause the Employees (as defined below) to become dedicated to providing services to the Advisor or the Property Manager on a direct, pass-through basis; and
(ii) to provide that MMI will continue to employ the Employees on or after the Effective Date for the benefit of the Advisor and the Property Manager under the direction of the Company, the Operating Partnership, the Advisor and/or the Property
Manager, for the term of this Agreement, and to have MMI continue to provide employee benefit plans, programs and arrangements as described in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements of the Parties contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows: 
 1. Management Services Agreement. The Parties hereby agree to waive
Section 6.3 of the Management Services Agreement as next described in this section. From and after the effective date of the Management Services Agreement, insofar as the Employees (as defined below), have provided or are providing services to
AH LLC and the Company pursuant to the Management Services Agreement or this Agreement, those Employees who are designated as officers of AH LLC or the Company will (i) be considered as employees, representatives or agents of AH LLC or the
Company, as applicable; (ii) have the authority to make any agreement or commitment for AH LLC or the Company, as applicable, or to incur liability or obligation in AH LLC’s or the Company’s name, as applicable, on its behalf; or
(iii) be able to represent to third parties that they have the right to bind AH LLC or the Company, as applicable. Each of the Parties further agrees, on behalf of itself and its successors, assigns, subsidiaries and affiliates and all of its
respective directors, members, trustees, officers, partners, employees and/or agents to release and discharge the other Parties, including without limitation on behalf of itself and its successors, assigns, subsidiaries and affiliates and all of its
respective directors, members, trustees, officers, partners, employees, and/or agents, from any and all claims, demands, damages, actions or causes of action, known or unknown, at law or in equity, which the Parties may have had, may now have, or
may hereafter have related to, arising from or as a result of Section 6.3, provided that the Employees, have provided or are providing services to AH LLC and the Company pursuant to the Management Services Agreement or this Agreement.
References to AH LLC and the Company in this section include references to such entities’ affiliates. 

 2. Employee Services. 

2.1 On the terms and conditions set forth in this Agreement, MMI agrees to cause those individuals who, immediately prior to the
Effective Date, provide services to the Advisor or the Property Manager (the “Employees”) to become fully dedicated to the Company, the Operating Partnership, the Advisor or the Property Manager, as applicable, and to perform, on a
full time basis, such duties and services as the Company, the Operating Partnership, the Advisor or the Property Manager will assign to the Employees from time to time. MMI may not cause or direct any Employee to provide services to any entity other
than the Company, the Operating Partnership, the Advisor or the Property Manager. 
 2.2 Each Employee will remain an employee
of MMI for purposes of benefits and payroll taxes at all times during the period of his or her assignment with the Company, the Operating Partnership, the Advisor or the Property Manager under this Agreement; provided that the Company will have the
right and responsibility to direct and control the day-to-day activities of each Employee during the period of such Employee’s assignment with the Company, the Operating Partnership, the Advisor or the Property Manager under this Agreement. MMI
may not reprimand or discipline any Employee, unless such action is undertaken at the direction of the Company, and, if so directed, MMI shall deliver the reprimand or disciplinary action determined by the Company. 

2.3 The Company shall have the exclusive right to determine (i) the level and amount of cash wages payable to the Employees, and
(ii) the paid-time-off and other workplace policies. For purposes of Section 2.3(ii), the paid-time-off and workplace policies shall be those as described in the employee handbook in effect as of the date of signing of the Contribution
Agreement (and provided to the Company in connection therewith). 
 2.4 MMI will make hiring decisions with respect to the
Employees; provided that MMI will not hire new persons who would be Employees without the prior consent of the Company and will make all reasonable efforts to accommodate those Parties reasonable requests in this regard. The Company will direct MMI
as to the hiring needs of the Company, the Operating Partnership, the Advisor and the Property Manager, and MMI will follow through with hiring pursuant to such direction. New personnel hired as described in this section become “Employees”
under this Agreement. 
 3. Term and Termination. 

3.1 Term. Unless earlier terminated pursuant to Section 3.3, the term of this Agreement will begin on the Effective Date and
will end on December 31, 2013, unless the Parties agree in writing to extend the termination date of this Agreement (the “Term”). 
 3.2 Termination of an Employee’s Assignment. MMI may not terminate the assignment of any Employee to the Company, the Operating Partnership, the Advisor or the Property Manager without the
Company’s prior consent. The Company will have the right to terminate the assignment of any Employee for any reason or no reason by delivery of notice of such termination to MMI as soon as practicable prior to the desired termination date. Upon
receipt of such request, MMI will either (i) terminate such Employee’s employment with MMI as soon as practicable after receipt of such request, or (ii) terminate this Agreement promptly with regard to such Employee and continue to
employ such Employee as it chooses in another MMI entity. If an Employee dies or becomes incapacitated or disabled as defined in MMI’s employment policies or benefit plans, then such Employee’s assignment with the Advisor or the Property
Manager will terminate. 

  
 2 

 3.3 Termination of this Agreement. 

3.3.1 The Company may terminate this Agreement upon the failure of MMI, and MMI may terminate this Agreement upon the failure of the
Company, to perform any material obligation under this Agreement where such failure continues for a period of 30 days after receipt of written notice given by the complaining party of the failure. The termination will be effective 30 days after
written notice of termination is provided. 
 3.3.2 MMI agrees to permit the Employees to become common law employees of the
Company or an affiliate of the Company immediately following the last day of the Term. Upon termination, the Parties will work together to coordinate a transition of the MMI Services (as defined below) under this Agreement. 

4. Payment for MMI Services. For the performance of the MMI Services and only with respect to the Employees, the Company will pay
or reimburse MMI as follows: 
 4.1 The Company will reimburse MMI for all payments that MMI makes to the Employees, including
wages, salaries, other compensation (including employer contributions to any retirement plan), payments for leave balances, severance and/or non-competition expenses, and expense reimbursements. 

4.2 The Company will reimburse MMI for all payments that MMI makes on behalf of the Employees, including all federal, state and local
payroll taxes withheld from compensation paid to the Employees and all unemployment compensation taxes, Federal Social Security taxes (FICA) and other employment taxes (both employer and employee taxes), provided, that nothing in this
Section 4.2 shall result in the duplication of a reimbursement made under Section 4.1. 
 4.3 The Company will
reimburse MMI for all insurance premiums and related payments that MMI makes in connection with the Employees, including premiums to secure workers’ compensation insurance and liability/loss insurance and premiums related to the benefit plans
offered. 
 4.4 The Company will reimburse MMI for all reasonable expenses that MMI incurs and pays in connection with its
performance of the MMI Services. 
 4.5 Unless the Parties agree otherwise, MMI will bill the Company on a monthly basis, and
the Company will pay MMI in full within 15 days of receiving such invoice. 
 5. MMI Services. MMI will provide the
following services during the Term with respect to the Employees (the “MMI Services”): 
 5.1 Payroll
Services. 
 5.1.1 MMI will process and pay wages, salary, and compensation to the Employees. MMI will also pay severance
and non-competition payments, if any, due the Employees after termination of employment. Payment will be made from MMI’s own accounts and will be based on hours worked, attendance, wage/salary rates, and other information provided by the
Company. 
 5.1.2 MMI will serve as the W-2 employer of the Employees, and it will collect, report, and pay all applicable
federal, state, and local payroll taxes from its own accounts, including income taxes, unemployment compensation taxes, FICA and other employment taxes, and including both employer and employee taxes. MMI will prepare, file and deliver all necessary
reports and forms associated with such taxes. 

  
 3 

 5.1.3 MMI will track and calculate any paid leave balances of the Employees and will pay
out (from its own accounts) any paid leave balances that are required to be paid. 
 5.1.4 MMI will administer and process the
business expenses submitted by the Employees, and it will reimburse the Employees out of its own accounts for business expenses properly incurred. 
 5.1.5 MMI will complete, report, and maintain payroll records and information, including actual hours worked, in a form consistent with applicable legal requirements, which will be based on information
provided by the Company. 
 5.2 Services at the Time of Hire. 

5.2.1 MMI will conduct a background check on each Employee at the time of hire and at any other time upon agreement of the Parties.

 5.2.2 MMI will collect from each Employee at the time of hire the standard personal information collected by employers. MMI
will ensure that each Employee at the time of hire completes an I-9 form, a W-4 form, and other forms that a new hire must complete. With respect to each Employee hired, MMI will prepare and make any reports required by applicable law, such as
reports to applicable federal and state new hire reporting centers. 
 5.2.3 MMI will ensure that each Employee at the time of
hire: (i) receives, signs, and executes any and all applicable offer letters, employment agreements, and other agreements; and (ii) receives and acknowledges the employee handbook and all other applicable Company policies. 

5.3 Insurance Coverage. MMI will obtain and carry workers’ compensation insurance and liability/loss insurance for any acts
or activities of the Employees, and MMI will participate in unemployment insurance programs. Coverage will meet the standards required by applicable law. The Company will be named as an “alternate employer” solely for the purposes of
insurance coverage. 
 5.4 Benefit Plans. MMI will continue to sponsor, administer, and make available to the Employees
those employee benefit plans, programs and arrangements that are in effect as of the Effective Date. No amendments may be made to such plans, programs or arrangements without the written consent of the Company. MMI will administer COBRA and any
other insurance or benefit continuation programs for which any Employee may become eligible. 
 5.5 Additional Services.
MMI will provide such additional human resources services relating to the Employees as may be necessary or standard, such as ensuring their receipt and completion of forms and agreements, maintaining up-to-date information regarding them, and
preparing and filing necessary forms regarding them (such as EEO-1 forms). In addition, MMI will maintain personnel files regarding each Employee for the benefit and use of both MMI and the Company. 

5.6 List of Services Not Exhaustive. The list of services in this section is not an exhaustive list of the MMI Services to be
provided by MMI. The MMI Services will also include those responsibilities that MMI may have as a matter of law, any services identified elsewhere in this Agreement, and any additional responsibilities and services agreed to by the Parties or that
MMI performs as a matter of course. 

  
 4 

 6. Responsibilities of the Company. During the Term, the Company will assist MMI as
described in this section so that it may perform the MMI Services. 
 6.1 The Company will provide all necessary compensation
information to MMI, including wage and salary rates, hours worked, attendance, and other information. Nothing in this Agreement precludes the Company from paying compensation directly to the Employees, but if it does so, it will coordinate such
payments with MMI. 
 6.2 The Company will provide any additional information regarding the Employees, as needed, to MMI, and it
will provide such other cooperation to MMI as is necessary so that MMI can perform the MMI Services. 
 6.3 The Company, the
Operating Partnership, the Advisor or the Property Manager will immediately notify MMI of any accident, injury, or illness suffered by an Employee in the workplace or during working hours. 

7. No Contract of Employment. The provision of the Employees to the Company will not be deemed or construed to be an express or
implied contract of employment by the Company or MMI with any Employee, nor will such arrangement alter in any way the terms and conditions of the Employees’ employment by MMI, including MMI’s employment-at-will policy. Nothing in this
Agreement will prohibit any of the Company, MMI, or an Employee, for any reason, at any time, from terminating employment of such Employee. 
 8. Confidentiality. The Company will treat all personnel information provided by MMI, its employees and agents to the Company in connection with providing the MMI Services under this Agreement as
confidential and will take all reasonable action to maintain such confidentiality. MMI will treat all personnel information provided by the Company and its employees and agents to MMI in connection with the Employees under this Agreement as
confidential and will take all reasonable action to maintain such confidentiality. 
 9. Indemnification and Liability.

 9.1 Indemnification. 
 9.1.1 MMI will indemnify and hold the Company, the Operating Partnership, the Advisor and the Property Manager harmless from any liabilities, claims or demands (including costs, expenses, court costs and
reasonable attorneys’ fees on account thereof) made against the Company, the Operating Partnership, the Advisor or the Property Manager by any Employee, governmental agency, or other person or entity relating to MMI’s provision of or
failure to provide the MMI Services, including, without limitation, any claims relating to: (i) wages, salary, overtime, leave, benefits, or compensation due; (ii) payroll payments required under this Agreement; (iii) payment,
withholding, or reporting of federal, state or local employment taxes; (iv) compliance with any applicable federal, state and local laws regarding employment taxes, workers’ compensation, unemployment compensation; (v) the benefit
plans made available by MMI; (vi) the failure of MMI to comply with any terms of this Agreement. 
 9.1.2 The Company will
indemnify and hold MMI harmless from any liabilities, claims or demands (including costs, expenses, court costs and reasonable attorneys’ fees on account thereof) made against MMI by any Employee, governmental agency, or other person or entity
relating to: (i) any act or omission by an Employee taken at the direction of the Company, the Operating Partnership, the Advisor or the Property Manager and in accordance with his or her duties on behalf of the Company, the Operating
Partnership, the Advisor or the Property Manager; or (ii) the failure of the Company to comply with any terms of this Agreement. 

  
 5 

 9.1.3 In the event a claim is filed against the Company for which MMI may be liable for
indemnification or against MMI for which the Company may be liable for indemnification under the terms of Section 9.1, the Party receiving the claim will promptly notify the other Party of such claim. 

9.2 Liability as Between AH LLC and the Company. 
 9.2.1 AH LLC will remain solely responsible for any and all liabilities in respect of the Employees and their beneficiaries and dependents relating to or arising in connection with or as a result of
(i) the employment or termination of employment of any Employee by AH LLC, the Advisor or the Property Manager prior to the Effective Date (including in connection with the consummation of the transactions contemplated by the Contribution
Agreement); (ii) the participation in, or accrual of benefits or compensation under, or the failure to participate in or to accrue compensation or benefits under, any employee or retiree benefit or compensation plan, program, practice, policy,
agreement or arrangement of AH LLC, the Advisor or the Property Manager relating to periods prior to the Effective Date; or (iii) accrued but unpaid salaries, wages, bonuses, severance payments, incentive compensation, vacation or sick pay, or
other compensation or payroll items (including deferred compensation) relating to periods prior to the Effective Date. 
 9.2.2
After the Effective Date, AH LLC will continue to be responsible for any and all liabilities to or in respect of the Employees, relating to or arising in connection with any and all claims for workers’ compensation benefits arising in
connection with any occupational injury or disease occurring prior to the Effective Date to the extent AH LLC on the Effective Date was responsible for claims in accordance with the plans in effect on the Effective Date. After the Effective Date, AH
LLC will continue to be responsible for any and all liabilities to or in respect of the Employees relating to or arising in connection with any and all claims for short-term or long-term disability benefits arising in connection with any injury or
disease occurring or existing on or prior to the Effective Date whether reporting before or after the Effective Date to the extent AH LLC on the Effective Date was responsible for claims in accordance with the plans as in effect on the Effective
Date. 
 10. Audit. The Company will have the right, at its expense, to have an auditor examine MMI’s books and
records relating to the determination of the expenses subject to reimbursement under this Agreement; provided that such auditor will report to the Company only as to whether the expenses to be reimbursed under this Agreement are with respect to a
valid claim and are determined in a manner consistent with this Agreement. Notwithstanding the foregoing, the auditor may determine the proper amount of any expense to be reimbursed under this Agreement. 

11. Survival. The Parties’ respective obligations in Sections 4 (to the extent that payments that became due during the Term
or for MMI Services rendered during the Term), 8 and 9 survive the end of the Term. 

  
 6 

 12. Miscellaneous. 

12.1 Notices. All notices, communications and deliveries under this Agreement will be made in writing signed by or on behalf of
the Party making the same, will specify the Section under this Agreement pursuant to which it is given or being made, and will be delivered personally or sent by registered or certified mail (return receipt requested) or by overnight delivery (with
evidence of delivery and postage and other fees prepaid) as follows: 
  

			
	If to MMI:	  	 Malibu Management, Inc.

22917 Pacific Coast Highway, Suite 300
 Malibu,
CA 90265
 Attention: President

		
	If to AH LLC:	  	 American Homes 4 Rent, LLC

22917 Pacific Coast Highway, Suite 300
 Malibu,
CA 90265
 Attention: President

		
	If to the Company, the Operating Partnership, the Advisor or the Property Manager:	  	 American Homes 4 Rent
 22917
Pacific Coast Highway, Suite 300
 Malibu, CA 90265
 Attention: Chief Legal Officer

		
	With a copy to:	  	 Hogan Lovells US LLP
 555
Thirteenth Street, NW
 Washington, DC 20004
 Attention: James E. Showen

 12.2 Assignment; Successors in Interest. No assignment or transfer by any Party of its rights or
obligations under this Agreement will be made except with the prior written consent of the other Party. This Agreement will be binding upon and will inure to the benefit of the Parties and their successors and permitted assigns, and any reference to
a Party will also be a reference to a successor or permitted assign. 
 12.3 Construction. As used in this Agreement, any
reference to the masculine, feminine or neuter gender will include all genders, the plural will include the singular, and singular will include the plural. Unless the context otherwise requires, the term “party” when used in this Agreement
means a party to this Agreement. The words “include,” “includes” and “including” when used in this Agreement will be deemed to be followed by the phrase “without limitation” unless such phrase otherwise
appears. Unless the context otherwise requires, references in this Agreement to Sections will be deemed references to Sections of this Agreement. Except when used together with the word “either” or otherwise for the purpose of identifying
mutually exclusive alternatives, the term “or” has the inclusive meaning represented by the phrase “and/or.” Any deadline or time period set forth in this Agreement that by its terms ends on a day that is not a business day will
be automatically extended to the next succeeding business day. With regard to each and every term and condition of this Agreement, the Parties understand and agree that the same have or has been mutually negotiated, prepared and drafted, and that if
at any time the Parties desire or are required to interpret or construe any such term or condition or any agreement or instrument subject thereto, no consideration will be given to the issue of which party actually prepared, drafted or requested any
term or condition of this Agreement. 
 12.4 Captions. The titles and captions contained in this Agreement are inserted
in this Agreement only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision of this Agreement. 

12.5 Controlling Law. This Agreement will be governed by and construed and enforced in accordance with the internal laws of the
State of California without reference to its choice of law rules. 
 12.6 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and any such prohibition or
unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by law, the Parties waive any provision of law that renders any such provision prohibited or
unenforceable in any respect. 

  
 7 

 12.7 Counterparts. This Agreement may be executed in one or more counterparts, each
of which will be deemed an original, with the same force and effect as if the signatures to this Agreement were upon the same instrument. 
 12.8 Third Party Beneficiaries. Nothing expressed or implied in this Agreement is intended, or will be construed, to confer upon or give any person other than the Parties, and their successors or
permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, or result in such person being deemed a third party beneficiary of this Agreement, including any Employee. 

12.9 Integration. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof and
supersedes all negotiations, agreements and understandings of the Parties with respect to the subject matter of this Agreement (including, without limitation, the Management Services Agreement). 

12.10 Transaction Costs. Except to the extent otherwise specifically contemplated in this Agreement, each Party will pay its own
fees, costs and expenses incurred in connection with this Agreement, including the fees, costs and expenses of its financial advisors, accountants, and counsel. 
 12.11 Amendments; Waivers. 
 12.11.1 Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and signed (i) in the case of an amendment, by each Party; and (ii) in the case of a waiver, by the Party against whom the waiver is to be effective. 

12.11.2 No failure or delay by either Party in exercising any right, power or privilege under this Agreement will operate as a waiver of
such right, power or privilege nor will any single or partial exercise o preclude any other or further exercise of such right power or privilege or the exercise of any other right, power or privilege. The rights and remedies provided in this
Agreement will be cumulative and not exclusive of any rights or remedies provided by applicable law. 
 12.11.3 Independent
Contractor. The relationship between the Parties under this Agreement will be solely that MMI is an independent contractor for the Company, and nothing in this Agreement will be deemed to create any relationship of agency, employment,
partnership or joint venture between the Company and MMI. 

  
 8 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed, as of the
Effective Date. 
  

					
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ Matthew J. Hart
	Name:	 	Matthew J. Hart
	Title:	 	Chairman of the Special Committee of the Board of Trustees
	
	 AMERICAN HOMES 4 RENT, L.P.
  

By: AMERICAN HOMES 4 RENT, its General Partner

			
		 	By:	 	/s/ Matthew J. Hart
		 	Name:	 	Matthew J. Hart
		 	Title:	 	Chairman of the Special Committee of the Board of Trustees
	
	AMERICAN HOMES 4 RENT ADVISOR, LLC
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	AMERICAN HOMES 4 RENT MANAGEMENT HOLDINGS, LLC
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	MALIBU MANAGEMENT, INC.
		
	By:	 	/s/ Marvin Lotz
	Name:	 	Marvin Lotz
	Title:	 	Vice President
	
	AMERICAN HOMES 4 RENT, LLC
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President

 [Signature Page to Employee Administration Agreement]

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