Document:

EX-10.1

 Exhibit 10.1 

FORM OF ADVISORY AGREEMENT 

between 
 RESOURCE APARTMENT REIT
III, INC. 
 and 
 RESOURCE
APARTMENT ADVISOR III, LLC 
 [                ], 2015 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE 1 - DEFINITIONS
	  	 	1	  
	 ARTICLE 2 - APPOINTMENT
	  	 	7	  
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	8	  
	 3.01 Organizational and Offering Services
	  	 	8	  
	 3.02 Acquisition Services
	  	 	8	  
	 3.03 Asset Management Services
	  	 	9	  
	 3.04 Stockholder Services
	  	 	12	  
	 3.05 Other Services
	  	 	12	  
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	12	  
	 4.01 General
	  	 	12	  
	 4.02 Powers of the Advisor
	  	 	12	  
	 4.03 Approval by the Board
	  	 	12	  
	 4.04 Modification or Revocation of Authority of Advisor
	  	 	13	  
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	13	  
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	 	13	  
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	14	  
	 ARTICLE 8 - FEES
	  	 	14	  
	 8.01 Acquisition Fees
	  	 	14	  
	 8.02 Asset Management Fees
	  	 	15	  
	 8.03 Disposition Fees
	  	 	15	  
	 8.04 Debt Financing Fees
	  	 	16	  
	 8.05 Changes to Fee Structure
	  	 	16	  
	 8.06 Limitations on an Internalization Transaction
	  	 	16	  
	 ARTICLE 9 - EXPENSES
	  	 	17	  
	 9.01 General
	  	 	17	  
	 9.02 Timing of and Limitations on Reimbursements
	  	 	19	  
	 ARTICLE 10 – VOTING AGREEMENT
	  	 	20	  
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	20	  
	 11.01 Relationship
	  	 	20	  
	 11.02 Time Commitment
	  	 	20	  
	 11.03 Investment Opportunities and Allocation
	  	 	21	  
	 11.04 Non-Solicitation
	  	 	21	  
	 ARTICLE 12 - THE RESOURCE APARTMENT NAME
	  	 	21	  
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	22	  
	 13.01 Term
	  	 	22	  
	 13.02 Termination by Either Party
	  	 	22	  
	 13.03 Payments on Termination
	  	 	22	  
	 13.04 Duties of Advisor Upon Termination
	  	 	22	  
	 ARTICLE 14 - ASSIGNMENT
	  	 	23	  
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY    
	  	 	23	  

  
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	 15.01 Indemnification
	  	 	23	  
	 15.02 Limitation on Indemnification
	  	 	24	  
	 15.03 Limitation on Payment of Expenses
	  	 	24	  
	 ARTICLE 16 – GUARANTEE
	  	 	24	  
	 ARTICLE 17 - MISCELLANEOUS
	  	 	25	  
	 17.01 Notices
	  	 	25	  
	 17.02 Modification
	  	 	25	  
	 17.03 Severability
	  	 	25	  
	 17.04 Construction
	  	 	25	  
	 17.05 Entire Agreement
	  	 	25	  
	 17.06 Waiver
	  	 	25	  
	 17.07 Gender
	  	 	26	  
	 17.08 Titles Not to Affect Interpretation
	  	 	26	  
	 17.09 Counterparts
	  	 	26	  

  
 ii 

 FORM OF ADVISORY AGREEMENT 

This Advisory Agreement, dated as of [            ], 2015 (the
“Agreement”), is between Resource Apartment REIT III, Inc., a Maryland corporation (the “Company”), and Resource Apartment Advisor III, LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 
 WHEREAS,
the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and 

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the
parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The
following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and
all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other
potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other
investments not acquired, accounting fees and expenses, and title insurance premiums. 
 “Acquisition Fees” means the fee payable
to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by the Company or any of its Subsidiaries to any Person in connection with making or investing in any Property, Loan or other
Permitted Investment or the purchase, development or construction of any Property by the Company or any of its Subsidiaries. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee,
Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the
actual development and construction of a Property. 

  
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 “Advisor” means (i) Resource Apartment Advisor III, LLC, a Delaware limited
liability company, or (ii) any successor advisor to the Company. 
 “Affiliate” or “Affiliated” means, with respect
to any first Person, any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding
with the power to vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10%
or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity
shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent
governing body) of such program is composed of Affiliates of the entity. 
 “Asset Management Fee” shall have the meaning set
forth in Section 8.02. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate book value of
the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average
of such book values at the end of each month during such period. 
 “Board” means the board of directors of the Company, as of any
particular time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 

“Charter” means the articles of incorporation of the Company, as amended from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any
provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Company” means Resource Apartment REIT III, Inc., a corporation organized under the laws of the State of Maryland. 

“Competitive Brokerage Commission” means a real estate or brokerage commission for the purchase or sale of a Property, Loan or
Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

  
 2 

 “Conflicts Committee” shall have the meaning set forth in the Company’s Charter.

 “Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct
improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract Sales
Price” means the total consideration received by the Company or one of its Subsidiaries for the sale of a Property, Loan or other Permitted Investment. 

“Cost of Investments” means the sum of (i) with respect to the acquisition or origination of a Property, Loan or other
Permitted Investment to be owned by the Company or a Subsidiary, the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of
expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment and
(ii) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not
deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction
or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to
fund the investment in, such Property, Loan or other Permitted Investment. 
 “Dealer Manager” means (i) Resource Securities,
Inc., or (ii) any successor dealer manager to the Company. 
 “Debt Financing Fee” means the fee payable under
Section 8.04. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans,
and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 

“Director” means a member of the board of directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.03. 

“Distributions” means any distributions of money or other property by the Company to owners of Shares, including distributions that
may constitute a return of capital for federal income tax purposes. 
 “GAAP” means accounting principles generally accepted in
the United States. 

  
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 “Gross Proceeds” means the aggregate purchase price of all securities sold for the
account of the Company through an Offering, without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations”
shall have the meaning set forth in Article 16. 
 “Guarantor” means Resource Real Estate, Inc., a Delaware corporation, or any
successor thereto or assignee thereof. 
 “Independent Appraiser” means a person or entity with no material current or prior
business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company or its Subsidiaries, and who is a
qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be
conclusive evidence of such qualification. 
 “Initial Public Offering” means the public offering of Shares registered on
Registration Statement No. 333-[            ] on Form S-11. 

“Internalization Transaction” shall have the meaning set forth in Section 8.06. 

“Joint Venture” means any joint venture, limited liability company or other arrangement between the Company and a third party or an
Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 

“Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 

“Loan Servicer” means an entity that has been retained to perform and carry out loan servicing functions with respect to one or more
Loans. 
 “Loans” means mortgage loans and other types of debt financing investments made by the Company or the Partnership,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage
loans, loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the NASAA Statement of Policy
Regarding Real Estate Investment Trusts as in effect on the date hereof. 
 “Net Income” means, for any period, the total revenues
applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain included in the Company’s consolidated accounts arising from the sale of assets. 

  
 4 

 “Offering” means any offering of the Company’s securities that is registered with
the SEC, excluding Shares offered under any employee benefit plan. 
 “Operating Expenses” means all costs and expenses incurred
by the Company, as determined under GAAP, that in any way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and
Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the
Shares, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and
(vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than
commissions on the sale of assets other than real property), such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties,
(ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is,
directly or indirectly, a partner. 
 “Organization and Offering Expenses” means all expenses incurred by or on behalf of the
Company in connection with or preparing the Company for the offering and distributing of its Shares in an Offering, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys); placement agent fees and expenses; expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer
agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of obtaining exemption or qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’
fees. 
 “Partnership” means Resource Apartment OP III, LP, a Delaware limited partnership formed to own and operate Properties,
Loans and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all investments (other than
Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies
adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 “Person”
means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust 

  
 5 

 
permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the
Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 “Property” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or
indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an entity that
has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a
particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
 “Registration
Statement” means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-[            ]), as amended from time to time, in connection with the
Initial Public Offering. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code.

 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants,
transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Property,
Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint
Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or
other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any
partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A),
(i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

“SEC” means the United States Securities and Exchange Commission. 

  
 6 

 “Settlement” means (i) the prepayment, maturity, workout or other settlement of
any Loan or other Permitted Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly,
a partner, but (ii) not including any transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one
or more Properties, Loans or other Permitted Investments within 180 days thereafter. 
 “Shares” means shares of common stock of
the Company, par value $.01 per share. 
 “Stockholders” means the registered holders of the Shares. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date,
as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the
case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and its
Subsidiaries. 
 “Termination Date” means the date of termination of the Agreement determined in accordance with Article 13
hereof. 
 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period of four consecutive
fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

ARTICLE 2 
 APPOINTMENT

 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this
Agreement, and the Advisor hereby accepts such appointment. 

  
 7 

 ARTICLE 3 

DUTIES OF THE ADVISOR 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets.
The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and oversight
of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board.
Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third
party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all services related to the
organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to
register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to
Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in
Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and
refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for
Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; 
 (iii) Perform due diligence on
prospective investments and create due diligence reports summarizing the results of such work; 
 (iv) With respect to
prospective investments presented to the Board, prepare reports regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 

  
 8 

 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates),
where appropriate, concerning the value of contemplated investments of the Company and its Subsidiaries; 
 (vi) Deliver to
or maintain on behalf of the Company copies of all appraisals obtained in connection with the Company’s and its Subsidiaries’ investments; and 

(vii) Negotiate and execute approved investments and other transactions, including prepayments, maturities, workouts and other
settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 
 3.03 Asset Management Services. 

(i) Real Estate and Related Services: 

(a) Investigate, select and, on behalf of the Company, engage and conduct business with (including enter contracts with) such
Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate
fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or
desirable for the performance of any of the foregoing services; 
 (b) Negotiate and service the Company’s and its
Subsidiaries’ debt facilities and other financings; 
 (c) Monitor applicable markets and obtain reports (which may be
prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries; 

(d) Monitor and evaluate the performance of each asset of the Company and its Subsidiaries and the Company’s and its
Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s and its Subsidiaries’ investments; 

(e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation,
maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 

  
 9 

 (f) Consult with the Company’s officers and the Board and assist the Board
in the formulation and implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the
making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries; 

(g) Oversee the performance by the (1) Property Managers of their duties, including collection and proper deposits of
rental payments and payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting for Loans; 

(h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to
inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review,
analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 

(j) Coordinate and manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture
partners on the other; and 
 (k) Consult with the Company’s officers and the Board and provide assistance with the
evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 

(ii) Accounting and Other Administrative Services: 

(a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions reasonably
necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any time reasonably
requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by
the Advisor or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 

  
 10 

 (d) Provide or arrange for any administrative services and items, legal and
other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’ businesses and operations; 

(e) Provide financial and operational planning services; 

(f) Maintain accounting and other record-keeping functions at the Company and investment levels, including information
concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory
agency; 
 (g) Maintain and preserve all appropriate books and records of the Company and its Subsidiaries; 

(h) Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s
independent auditors and other consultants, on related tax matters; 
 (i) Provide the Company and its Subsidiaries with all
necessary cash management services; 
 (j) Manage and coordinate with the transfer agent the periodic dividend process and
payments to Stockholders; 
 (k) Consult with the Company’s officers and the Board and assist the Board in evaluating
and obtaining adequate insurance coverage based upon risk management determinations; 
 (l) Consult with the Company’s
officers and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 

(m) Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company and its
Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with timely updates regarding the Company’s compliance with
applicable law; 
 (n) Notify the Board of all proposed material transactions before they are completed and get approval
where necessary; and 
 (o) Do all things necessary to assure its ability to render the services described in this
Agreement. 

  
 11 

 3.04 Stockholder Services. 

(i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written
and electronic reports and other communications; 
 (ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 

(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably
necessary for the admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any
other services reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4 

AUTHORITY OF ADVISOR 

4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be
vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and
representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement
or the Charter. 
 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and
exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the Advisor, which shall
have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other
undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 

4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries)
without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary
require the prior approval of the governing 

  
 12 

 
body of such Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or
committee, as applicable, all documents required by it to evaluate such investment, financing or disposition. 
 4.04 Modification or
Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or
revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification.

 ARTICLE 5 
 BANK
ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may
collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary)
may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

ARTICLE 6 
 RECORDS AND
FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books
and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and
records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours.
Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial
transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis
in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with
the reports and other information that the Company so requests. 

  
 13 

 ARTICLE 7 

LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good
faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any
law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence but such action has been ordered by
the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the
Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8 

FEES 
 8.01 Acquisition
Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for
each such investment (whether an acquisition or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor
shall equal 2.5% of the sum of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated
with such Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Acquisition Fees will also include any amounts incurred or
reserved for capital expenditures that will be used to provide funds for capital improvements and repairs applied to any real property investment acquired where the Company plans to add value. With respect to the acquisition or origination of a
Property, Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor
shall equal 2.5% of the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or
improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund

  
 14 

 
the investment in, such Property, Loan or other Permitted Investment. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the
limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition or origination, accompanied by a computation of the
Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Acquisition Fee may or may not be taken, in whole or in part, as to any
year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

8.02 Asset Management Fees. The Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly
fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.25% of the Cost of Investments, as of the end of the current month subject to the following adjustments: 

(a) For any month in which a Property, Loan or other Permitted Investment is disposed of, the Company shall prorate the portion
of the Asset Management Fee related to that specific Property, Loan, or other Permitted Investment by using a numerator equal to the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in
such month and add the resulting amount to the fee due for such month; and 
 (b) For any month in which a Property, Loan or
other Permitted Investment is acquired, the Company shall prorate the portion of the Asset Management Fee related to that specific Property, Loan, or other Permitted Investment by using a numerator equal to the number of days in the month less the
number of days owned during the month (including the full day of closing), divided by a denominator equal to the total number of days in such month and deduct the resulting amount from the fee due for such month. 

The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period.
Generally, the Asset Management Fee payable to the Advisor for any month shall be paid on the last day of such month, or within the first three business days following the last day of such month. As an example, the Asset Management Fee calculated
with respect to the Property, Loans, or other Permitted Investments owned at the end of the month of January shall be due and payable between January 31 and the third business day of February in any year. 

8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts
Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to the lesser of (i) (A) one-half of the aggregate brokerage commission paid, including the
brokerage commission payable pursuant to this clause 8.03(i)(A) or (B) if none is paid, the Competitive Brokerage Commission or (ii) 2.00% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the
Advisor for any 

  
 15 

 
Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business combination transaction (as opposed to a
Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). The Company will not pay a disposition fee upon the maturity, prepayment or workout
of a loan or other real estate related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a loan or the Company provides substantial assistance during the course of a workout, the
Company will pay a disposition fee upon the sale of such property or disposition of such loan or other real estate related debt investment. The payment of any Disposition Fees by the Company shall be subject to the limitations contained in the
Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such Disposition Fee) paid to all Persons by the Company
for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or (ii) the Competitive Brokerage Commission for each Property, Loan or other
Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid
at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Disposition Fees
not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 

8.04 Debt Financing Fees. In the event of any debt financing obtained or assumed by or for the Company or its Subsidiaries (and any Joint
Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under the
financing. The Debt Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with
third parties with respect to the Debt Financing Fee. All or any portion of the Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. In no
event will the Debt Financing Fee be paid more than once in respect of the same debt. For example, upon refinancing, the Advisor would only receive 0.5% of the incremental amount of additional debt financing obtained in the refinancing. 

8.05 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity. 
 8.06 Limitations on an Internalization Transaction. The Company may not acquire the Advisor or
an Affiliate thereof in order to become self-managed, whether by means of a merger, stock acquisition, or asset purchase (an “Internalization Transaction”) unless the Advisor agrees to proceed with an Internalization Transaction without
the payment of any internalization fee or other consideration by the Company, whether in the form of a cash payment or in the form of stock, warrants or options. 

  
 16 

 ARTICLE 9 

EXPENSES 
 9.01 General.
In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in
connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 
 (i) All
Organization and Offering Expenses; provided, however, that: 
 (a) the Company shall not reimburse the Advisor to the
extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 4.0% of Gross Proceeds raised in an Offering, as of the
termination of the Offering, if the Company raises less than $500 million of Gross Proceeds in the Offering; 
 (b) the
Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 2.5% of Gross
Proceeds raised in an Offering, as of the termination of the Offering, if the Company raises $500 million of Gross Proceeds or more in the Offering; 

(c) within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the
extent the Company incurred Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) exceeding 4.0% or 2.5%, as applicable, of Gross Proceeds raised in an Offering; and 

(d) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee
determines are not fair and commercially reasonable to the Company. 
 (ii) Acquisition Fees and Acquisition Expenses
incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately acquired by
the Company or any of its Subsidiaries, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s
Charter; 

  
 17 

 (iii) The actual out-of-pocket cost of goods and services used by the Company and
its Subsidiaries and obtained from entities not Affiliated with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of Properties, Loans or other
Permitted Investments; 
 (iv) Interest and other costs for borrowed money, including discounts, points and other similar
fees; 
 (v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes
otherwise imposed on the Company and its Subsidiaries and their business, assets or income; 
 (vi) Out-of-pocket costs
associated with insurance required in connection with the business of the Company or by its officers and Directors or by its Subsidiaries; 

(vii) Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments
owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts and other settlements of
Loans and other Permitted Investments; 
 (viii) All out-of-pocket expenses in connection with payments to the Board and
meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by the Advisor or its
Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no
reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Disposition Fees or Debt Financing Fees; 

(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of
preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and
its Subsidiaries and all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee or any other committee of the Board; 

(xii) Out-of-pocket costs for the Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances;

  
 18 

 (xiii) Expenses connected with payments of Distributions made or caused to be
made by the Company to the Stockholders; 
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving
the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor in
performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed
no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 

(ii) The Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the
Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the termination of the Offering and provided further that within 60 days after the end of the month in which an Offering terminates, the Advisor shall
reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses
that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
 (iii) Notwithstanding
anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2 million in the Initial Public Offering. 

(iv) Commencing upon the earlier to occur of four full fiscal quarters after (i) the Company’s acquisition of its
first asset or, (ii) six months after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating
Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such
year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not approve such excess as being so justified,
any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any fiscal quarter of the Company for which total
reimbursed Operating 

  
 19 

 
Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in writing (or the
Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Conflicts
Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be
determined in accordance with GAAP applied on a consistent basis. 
 ARTICLE 10 

VOTING AGREEMENT 
 The
Advisor agrees that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the
Advisor or (ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an
Affiliate of the Company. 
 ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 

11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be
construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the
management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein.
The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the
Company and its obligations to or its interest in any other Person. 
 11.02 Time Commitment. The Advisor shall, and shall cause its
Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this
Agreement. The Company 

  
 20 

 
acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons
other than the Company or any of its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use
commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be
obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the
allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration Statement shall govern the allocation of the opportunity
among the Company and Affiliates of the Advisor. 
 11.04 Non-Solicitation. During the period commencing on the date on which this Agreement
is entered into and ending one year following the termination of this Agreement, the Company shall not, without the Advisor’s prior written consent, directly or indirectly, (i) solicit or encourage any person to leave the employment or
other service of the Advisor or its affiliates or (ii) hire, on behalf of the Company or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s employment
with the Advisor or its affiliates. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company shall not, whether for its own account or for the account of any other person,
firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor or its affiliates with, or endeavor to entice away from the Advisor or its affiliates, any person who during the term of the Agreement is,
or during the preceding one-year period was, a customer of the Advisor or its affiliates. 
 ARTICLE 12 

THE RESOURCE APARTMENT NAME 

The Advisor and its Affiliates have a proprietary interest in the name “RESOURCE APARTMENT.” The Advisor hereby grants to the
Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “RESOURCE APARTMENT” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company
ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “RESOURCE
APARTMENT” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE APARTMENT” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At 

  
 21 

 
such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “RESOURCE APARTMENT.” Consistent with the
foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial
and service organizations having “RESOURCE APARTMENT” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 13 
 TERM AND
TERMINATION OF THE AGREEMENT 
 13.01 Term. Subject to Section 4.02 hereof, this Agreement shall continue in full force until
[                ], 2016. Thereafter, this Agreement may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company
(acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts
Committee. 
 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by
either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 17 shall survive termination of this Agreement. 

13.03 Payments on Termination . Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the
extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all
unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 13.04
Duties of Advisor Upon Termination. The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money
collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(ii) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to
the Board all assets and documents of the Company then in the custody of the Advisor; and 
 (iv) cooperate with the Company
to provide an orderly transition of advisory functions. 

  
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 ARTICLE 14 

ASSIGNMENT 
 This
Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This
Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the
Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 

ARTICLE 15 

INDEMNIFICATION AND LIMITATION OF LIABILITY 

15.01 Indemnification. Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and
Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising
in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of
the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company
shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there
has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to
indemnification for violations of securities laws. 

  
 23 

 15.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not provide
for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 

(i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or liability
was in the best interests of the Company. 
 (ii) The Advisor or its Affiliates were acting on behalf of or performing
services for the Company. 
 (iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or
its Affiliates. 
 15.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs
incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied:
(a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a stockholder or, if by a stockholder acting
in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of
interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 
 ARTICLE 16 

GUARANTEE 
 Resource Real
Estate, Inc., the ultimate parent company of the Advisor (the “Guarantor”) will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall extend to
include any renewal or amendment to this Agreement, provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld. If the Advisor
fails to perform all or any of its obligations, duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance of any part of this Agreement
by statute, by the decision of a court or tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed Obligations. This guarantee is a
guarantee of performance of the Guaranteed Obligations and not of payment of any liabilities of the Advisor. The termination of the Advisor shall constitute a termination of this guarantee. This guarantee will be applicable to and binding upon the
successors and assigns of Guarantor. 

  
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 ARTICLE 17 

MISCELLANEOUS 
 17.01
Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by
the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 

To the Company or the Board: 

Resource Apartment REIT III, Inc. 

1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Resource Apartment Advisor III, LLC 

1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this Section 17.01.

 17.02 Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument
in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 17.03 Severability. The provisions of this
Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in
part. 
 17.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania. 
 17.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter
hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

17.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any
right, remedy, power or privilege with respect to 

  
 25 

 
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the
party asserted to have granted such waiver. 
 17.07 Gender. Words used herein regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

17.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 17.09 Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement
shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. 
  

					
	RESOURCE APARTMENT REIT III, INC.
			
		 	By:	 	  

		 		 	Alan F. Feldman, Chief Executive Officer
	
	RESOURCE APARTMENT ADVISOR III, LLC
			
		 	By:	 	  

		 		 	Kevin M. Finkel, President
	
	RESOURCE REAL ESTATE, INC., with respect to Article 16
			
		 	By:	 	  

		 		 	Alan F. Feldman, Chief Executive Officer

 [Signature Page to Advisory Agreement between Resource Apartment REIT III, Inc. and Resource Apartment
Advisor III, LLC]EX-10.2

 Exhibit 10.2 

FORM OF MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”), is made and entered into this      day of
            , 2015 (the “Effective Date”), by and among RESOURCE APARTMENT REIT III, INC., a Maryland corporation (the “Company”), RESOURCE APARTMENT OP
III, LP, a Delaware limited partnership (the “OP”) and RESOURCE APARTMENT MANAGER III, LLC, a Delaware limited liability company (“Manager”). 

R E C I T A L S 

The OP was organized to acquire, own, operate, lease and manage real estate properties and real estate related debt investments on behalf of
the Company. Owner (as defined below) intends to retain Manager to manage real estate properties and real estate related debt investments and to coordinate the leasing of, and manage construction activities related to, some of the real estate
properties for the benefit of the Company under the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 

Except as otherwise specified or as context may otherwise require, the following terms have the respective meanings set forth below for all
purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 

1.01. Advisor. Advisor means Resource Apartment Advisor III, LLC, a Delaware limited liability company, or its successor as
advisor of the Company. 
 1.02 Budget. A composite of, for each Project, (i) an operations budget, which shall be
an estimate of receipts and expenditures for the operation of each Project (on a monthly cash basis) during a Fiscal Year, and (ii) a capital budget, which shall be an estimate of capital replacements, substitutions of and additions relating to
each Project for a Fiscal Year and for a five Fiscal Year period. The Budget shall include leasing parameters for the Projects. 
 1.03.
Conflicts Committee. The Conflicts Committee is defined in the articles of incorporation, as amended, of the Company. 
 1.04
Construction Management Fee. The Construction Management Fee is defined in Section 3.03 below. 
 1.05. Debt
Investments. Debt Investments means, collectively, the real estate related debt investments, including, but not limited to, non-performing or distressed loans, including first- and second-priority mortgage loans, mezzanine loans, B-Notes and
other loans, in which Owner now owns a direct or indirect interest or hereafter acquires a direct or indirect interest. 

 1.06. Depository. An FDIC insured bank designated by Owner. 

1.07. Depository Account. A trust fund account for the benefit of Owner established and maintained in an FDIC insured or
guaranteed account to be opened by the Owner. Manager may open a separate Depository Account for each Project. 
 1.08. Disbursement
Account. A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b). Manager may open a separate Disbursement Account for each Project.

 1.09. Fiscal/Budget Year. The year beginning on January 1st and
ending on December 31st. 
 1.10. Gross Receipts. The entire amount
of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, office, retail or other space, for each month during the term hereof; provided that there shall be excluded from tenant
rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the
operation of the Projects received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims; and (f) any other sums and charges
collected in connection with termination of the tenant leases. Gross Receipts also does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of any Project, (ii) any loans
to Owner whether or not secured by all or any part of a Project, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or
proceeds from third-party damage claims). 
 1.11. Lease. Lease means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor. 
 1.12. Loan Servicing Fee. The Loan Servicing Fee is defined in
Section 3.02 below. 
 1.13. Management Fee. The Management Fee is defined in Section 3.01 below. 

1.14. Owner. Owner means the Company, the OP, and any joint venture, limited liability company or other affiliate of the Company
or the OP, owned wholly or partially by the Company or the OP, that owns, in whole or in part, on behalf of the Company, one or more Projects or Debt Investments. 

1.15. Project. Project means each multifamily rental property or other real estate property in which Owner now owns a direct or
indirect equity interest or hereafter acquires a direct or indirect equity interest. 
 1.16. Project Personnel. Those persons
employed by Manager with Owner’s prior approval to carry out Manager’s obligations under this Agreement (including, but not limited to, a Project Manager, Assistant Manager, Maintenance Supervisor, maintenance personnel, and other
personnel necessary to the operation and maintenance of any Project as specified in the Budget). 

  
 2 

 1.17. Security Deposit Account. A trust account for the benefit of Owner
established by Owner and maintained in an FDIC insured bank to hold tenant security deposits. Manager may open a separate Security Deposit Account for each Project. 

1.18. Term. The Term of this Agreement shall commence on the date hereof, and shall terminate on the one-year anniversary
thereof; provided, however, that unless this Agreement has been earlier terminated, the Term shall be automatically extended for additional one (1) year periods, on a year-to-year basis, commencing on the day immediately following the
then-scheduled end of the Term. Notwithstanding the foregoing, either Owner or Manager may terminate this Agreement by giving thirty (30) days notice in writing to the other party without reason, and either party may also terminate this
Agreement for cause as specified by Sections 7.02 and 7.04 below. 
 1.19. Working Capital Reserve. Twenty Thousand Dollars
($20,000) per Project of Working Capital reserve shall be maintained by Manager in the Disbursement Account during the term hereof, used in connection with the operation of the Projects in accordance with the terms hereof and restored per the terms
of Sections 4.03 hereof. 
 ARTICLE II 

DUTIES AND RIGHTS OF MANAGER 

2.01. Appointment of Manager. For and in consideration of the compensation hereinafter provided, Manager shall, and the Owner
hereby grants to Manager the right to manage the Projects and Debt Investments, and to supervise and direct the leasing, management and operation of the Projects. Such engagement shall not commence with respect to any particular Project or Debt
Investment until Owner, in its sole discretion, has the ability to appoint or hire the Manager. Further, Owner may elect to exclude any Project or Debt Investment from the terms of this Agreement upon written notice to Manager delivered by Owner
within ten (10) days following the later of (i) Owner’s acquisition of a direct or indirect equity interest in such Project or Debt Investment or (ii) the date on which Owner, in its sole discretion, has the ability to appoint or
hire the Manager with respect to such Project or Debt Investment. Owner has the right to include any previously excluded Project or Debt Investment ten (10) days following delivery of written notice from Owner to Manager. Manager
hereby accepts such appointment on the terms and conditions hereinafter set forth. 
 All services performed by Manager under this Agreement
shall be performed as an independent contractor of the Owner. All obligations or expenses incurred hereunder, for the benefit of the Projects and all purchases of or contracts for sales or services in bulk or volume that Manager may obtain for
discount or convenience in connection with its operation of other apartment projects, shall be for the account of, on behalf of, and at the expense of the Owner (reasonably allocated between all benefited Projects) except as otherwise specifically
provided herein. The Owner shall not be obligated to reimburse Manager for expenses for: (i) office equipment or office supplies of Manager (unless incurred solely for the Projects or Debt Investments), (ii) any overhead expenses of
Manager incurred with respect to any offices located at any place other than on the Projects, (iii) costs relating to accounting services performed hereunder, (iv) any salaries of employees of Manager not accounted for in the approved
Budget and its supporting payroll schedule, or (v) any travel expenses of employees of Manager in supervising the on-site Project Personnel and the operation of the Projects, unless approved in advance in writing by the Owner. 

  
 3 

 2.02. Dealings with Advisor. Unless Owner specifically informs Manager to the
contrary, Advisor may perform any of the obligations or exercise any of the rights of Owner under this Agreement; provided that any actions that Advisor takes on behalf of Owner pursuant hereto are subject to the terms of the agreements between
Advisor and Owner, and this Section 2.02 does not expand or modify the authority of Advisor to act on behalf of Owner. 
 2.03.
General Operation. Subject to the limitations imposed by the Budget from time to time, Manager shall manage the Projects and Debt Investments in the same manner as is customary and usual in management of comparable investments, and shall
provide such services as are customarily provided by operators and servicers of high quality projects and investments of comparable class and standing. 

Manager has received copies of agreements of limited partnership, joint venture partnership agreements and operating agreements of Owner and
its affiliates as well as the articles of incorporation, bylaws, and registration statement on Form S-11 (no. 333-                ) of the Company, including all
prospectus supplements and post-effective amendments thereto (collectively, the “Ownership Agreements”) and is familiar with the terms thereof. Advisor agrees to obtain and review copies of all mortgages on all properties and inform
Manager of any restrictions relating to property use thereof. Manager will use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, in any way conflicts with the terms of the Ownership Agreements or the
mortgages in the absence of the express direction of the Conflicts Committee, and Manager shall promptly notify Owner if any such conflict arises. 

In addition to the other obligations of Manager set forth herein, Manager shall render the following services and perform the following duties
for Owner in connection with the Projects and Debt Investments in a commercially diligent and efficient manner: (a) maintain businesslike relations with tenants whose service requests shall be received, considered, recorded and acted upon in
systematic fashion in order to show the action taken with respect to each; (b) collect all monthly rentals due from tenants and rent from users of recreational facilities in the Project, if any; (c) request, demand, collect, and receive
any and all charges or rents which become due to Owner, and at Owner’s expense and the Company’s direction, coordinate and oversee such legal action as may be necessary or desirable to collect rent and/or evict tenants delinquent in
payment of monthly rental or other charges (security deposits, late charges, etc.) as more particularly described in Section 2.10 below; (d) prepare or cause to be prepared for execution by the Owner (and/or the Company, as applicable) all
forms, reports and returns, if any, required to be filed by or on behalf of the Owner under applicable federal, state or local laws and any other requirements relating to the employment of personnel (anything contained herein to the contrary
notwithstanding, however, Manager shall not be obligated to prepare any of Owner’s or the Company’s state or federal income tax returns; (e) use all reasonable efforts at all times during the term of this Agreement to operate and
maintain the Projects according to the highest standards achievable consistent with the operation of comparable quality units; (f) advertise when necessary, within the constraints of the Budget, the availability of units for rental and display
“for rent” or other similar signs upon the Projects, it being understood that Manager may install one or more signs on or about the Project stating that the Project is under management of Manager and may use, in a tasteful manner,
Manager’s name and logo in any display advertising of the Project; (g) sign, renew and cancel tenant leases for the Project as agent for Owner, in compliance with standards established by Owner and approved by Owner, on the lease form
provided by Manager, and on terms 

  
 4 

 
based upon criteria approved from time to time by Owner and based upon Manager’s recommendations, and (h) monitor the performance of the Debt Investments, including (i) collecting
amounts owed to the Owner, (ii) reviewing on an as-needed basis the properties serving, directly or indirectly, as collateral for the Debt Investments, the owners of those properties and the markets in general, and (iii) maintaining escrow
accounts, monitoring advances, monitoring loan covenants and reviewing insurance compliance. 
 It is understood and agreed, however, that
Manager shall not, and does not, provide security services to the Projects. Should the Owner choose to do so, the Owner may direct that Manager, on Owner’s behalf, separately contract with a non-affiliated company (a “Security
Company”) providing alarm systems, patrol and/or similar services (“Security Services”). Manager shall have no duty to supervise or control performance of Security Services for any Security Company but Manager shall, if
requested by Owner, evaluate and report its findings to Owner, as directed. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend, protect and hold Manager harmless for, from and against any loss,
liability, cost, expense, damage claim or cause of action, including, without limitation, attorneys’ fees, court costs and other litigation expenses and costs, arising from any personal injury, loss of property or other matter occurring on or
about any Project, relating to the acts or omissions of a Security Company, any claimed inadequacy of Security Services, the failure to provide Security Services or any other matter relating to the security of any Project. The indemnification
obligations of Owner in this Section 2.03 shall survive the expiration or earlier termination of this Agreement. 
 2.04.
Budget. 
 (a) Manager will submit to Owner for Owner’s approval, an initial capital and operating budget for each Project
(the “Initial Budget”) for the first fiscal year (or partial fiscal year as appropriate) within 14 days after a Project is included under this Agreement. Manager shall submit to Owner for Owner’s approval no later than sixty
(60) days prior to the beginning of each successive Fiscal Year the Budget for the ensuing Fiscal Year. Manager shall provide Owner with such information regarding the Budget as may be, from time to time, reasonably requested by Owner. Upon
receipt of the Budget from Manager, the Company shall promptly deliver the Budget to Owner. Owner shall approve or object to the Budget. Manager may proceed under the terms of the proposed Budget for items that are not objected to and may take any
action with respect to items not approved if the expenditure is (i) less than Two Thousand Five Hundred Dollars ($2,500), (ii) is, in the Manager’s reasonable judgment, required to avoid personal injury, significant property damage, a
default under any loan encumbering the Project, a violation of applicable law or the suspension of a service or (iii) non-discretionary items such as real estate taxes, insurance or utilities. In the event that the items that are objected to
are operational expenditures (but not including real estate taxes, insurance, utilities and similar items that cannot be controlled by Manager), as opposed to capital expenditures, Manager shall be entitled to oversee and supervise the operation of
each Project using the prior year’s budget for that Project until the approval is obtained. If the Budget for that Project is not approved, upon the request of Owner, Manager will prepare and deliver to Owner, a revised Budget for the Fiscal
Year. 
 (b) Together with submission of the annual Budget, Manager shall submit to Owner for approval by Owner an operating plan for the
general operation of the Projects for the subsequent Fiscal Year, including a proposed list of improvements to the Projects, general insurance plan, marketing plan and plan for the general operation and maintenance of the Projects (the
“Operating Plan”). Upon the request of Owner, Manager will prepare and deliver to Owner, a revised Operating Plan for the Fiscal Year. 

(c) In the event there shall be a substantial discrepancy between the actual results of operations for any month and the estimated results of
operations for such month as set forth in the Budget or the Operating Plan for any Project, Manager shall, upon request, furnish to Owner within fifteen (15) days after the expiration of such month a written explanation as to why the
discrepancy occurred. If substantial variations have occurred or are anticipated by Manager during the course of any Fiscal Year, Manager, upon Owner’s reasonable request, shall prepare and submit to Owner a revised Budget and/or Operating Plan
covering the remainder of the Fiscal Year. 

  
 5 

 2.05. Project Personnel. Manager shall use reasonable and prudent efforts to
investigate, hire, train, instruct, pay, promote, discharge and supervise the work of all its employees involved with the management of the Projects. Since it is acknowledged that the Projects may need fulltime resident managers on site, it is
agreed that a Project Employee (including his/her spouse and dependent children) may live rent-free in an apartment unit designated by Owner, and receive, in addition, salary and normal benefits approved in advance and accounted for in the Budget.
All Project Personnel shall be employees of Manager. 
 Owner shall immediately reimburse Manager each pay period for the total aggregate
compensation, including salary, and other related costs and fringe benefits, payable with respect to the Project Personnel who shall be accounted for in the approved Budget and supporting payroll schedule, any temporary employees working at each
Project, the Project’s proportionate share of all costs relating to roving maintenance and similar personnel, but only to the extent reflected in the approved Budget. The term “fringe benefits” as used herein shall mean and include
the employer’s contribution of F.I.C.A., unemployment compensation and other employment taxes, worker’s compensation, group life and accident and health insurance premiums, 401K contributions, performance bonuses, and disability and other
similar benefits paid or payable by the Manager to its employees in other projects operated by Manager, but only to the extent reflected in the approved Budget. 

2.06. Contracts and Supplies. Except as otherwise provided herein, Manager, as sub-agent for Owner and at Owner’s expense,
and without compensation directly or indirectly to Manager, except as expressly set forth herein, shall enter into written agreements with (i) concessionaires, licensees, or other intended users of the facilities of the Projects,
(ii) contractors furnishing services to the Projects, including, but not limited to, utilities, janitorial, trash collection, cleaning, vermin extermination, furnace and air conditioning maintenance, security protection, pest control, landscape
and irrigation system maintenance, repair, maintenance, and replacement of elements of the buildings, recreational facilities or common areas (to the extent such work cannot reasonably and less expensively be done by Project Personnel), and any
other services that are reasonably necessary to the maintenance and operation of first-class projects comparable to the Projects (herein called “Customary Services”). Manager shall place purchase orders as and when necessary to
assure timely and adequate availability of such equipment, tools, appliances, materials and supplies as are necessary to properly maintain and operate the Projects. Notwithstanding the foregoing, all contracts (and renewals thereof) entered into by
Manager, unless Manager has obtained Owner’s prior written consent, must be: (a) cancelable without penalty upon not more than thirty (30) days notice: and (b) have terms of one (1) year or less, and (c) require the
provider of such Customary Services pursuant to such contract to comply with Owner’s insurance requirements. Manager shall obtain competitive bids annually for any such contracts and, in connection therewith, shall investigate

  
 6 

 
the competency and history of all potential bidders; develop and submit detailed specifications for work to be performed; solicit and obtain such bids; conduct an analysis of bid results; and
shall submit all bids to Owner for review and approval, together with Manager’s recommendation with respect thereto. Manager shall continually inspect the Projects and ensure that all contract specifications are being properly administered, and
conduct periodic complete walk-throughs of the Projects with specific Customary Service providers as often as reasonably necessary. Manager shall use reasonable efforts to purchase all goods, supplies or services at the lowest cost reasonably
available from reputable sources in the metropolitan areas where the Projects are located. In making any contract or purchase, Manager shall use reasonable efforts to obtain favorable discounts for Owner and all discounts, rebates or commissions
under any contract or purchase order made hereunder shall inure to the benefit of Owner. Manager shall make payments under any such contract or purchase order to enable Owner to take advantage of any such discount if Owner provides sufficient funds
therefor. 
 2.07. Alterations, Repairs and Maintenance. 

(a) Manager shall make or install, or cause to be made and installed at Owner’s expense and in the name of Owner, all necessary or
desirable repairs, interior and exterior cleaning, painting and decorating, plumbing, alterations, replacements, improvements and other normal maintenance and repair work on and to the Projects as are customarily made by Manager in the operation of
first-class apartment projects; provided that no unbudgeted expenditure may be made for such purposes without the prior approval of Owner, except emergency repairs involving manifest danger to life or property, or when necessary to avoid criminal or
civil liability, or for the safety of the tenants, or to avoid the suspension of any necessary service to the Projects (“Emergency Repairs”). Emergency Repairs may be made by the Manager without prior approval and irrespective of
the cost limitations imposed by Section 2.04(a), provided that in each such instance, Manager shall, before causing any such Emergency Repairs to be made, use reasonable efforts under the circumstances to notify Owner of that repair. All such
work shall be performed by Project Personnel unless it is not reasonable for them to do so due to the expertise, time constraints, or other considerations involved, and/or because having them do so is more expensive. 

(b) In accordance with the terms of the approved Budget or upon written demand and/or approval (except in the case of emergency) of Owner,
from time to time during the term hereof Manager shall, at Owner’s expense, make all required capital improvements, replacements or repairs to the Projects. Subject to obtaining Owner’s prior written approval in regard to sums necessary to
cover costs of unbudgeted capital improvements, Manager shall first use any excess funds in the Depository Account that are not committed to operating expenses, and then shall use funds furnished by Owner for that purpose. The award of a contract
for a capital improvement exceeding $5,000 in cost shall be approved by Owner. 
 2.08. Licenses and Permits. Manager shall
apply for, obtain, and maintain, in the name and at the expense of Owner, all licenses and permits (including deposits and bonds) required of Owner or Manager in connection with the management and operation of the Project. Owner shall execute and
deliver any and all applications and other documents and to otherwise cooperate to the fullest extent with Manager in applying for, obtaining and maintaining such licenses and permits. 

2.09. Compliance with Laws. Manager shall use all reasonable efforts to cause all such acts and things to be done in and about
the Projects as are required by this Agreement or by any laws, regulations and requirements of any federal, state or municipal government having jurisdiction respecting the use or manner of use of the Projects or the maintenance or operation
thereof. 

  
 7 

 2.10. Legal Proceedings. Manager shall institute, in its own name or in the name of
Owner and/or the Company or the OP (as applicable), all legal actions or proceedings that Manager deems reasonable in order to collect rent, or other income from the Projects pursuant to the Leases and to evict and dispossess tenants or other
persons in possession, or to otherwise cancel, terminate, or enforce any lease, license, concession or Customary Service contract for the breach thereof by the tenant, licensee, concessionaire, or contractor. All decisions with respect to settlement
or case management shall be made only after consultation with and approval by Owner. In each such instance where expenses related to such action are expected to exceed $2,000.00, Manager shall, before taking or causing to be taken any such action,
use reasonable efforts under the circumstances to notify Owner of the need for this action, and obtain Owner’s approval. Manager shall promptly notify Owner of any order, rule, or determination or notice of violation of any law or order of any
governmental authority. 
 2.11. Debts of Owner. In the performance of its duties as Manager, Manager shall act solely on
behalf of Owner in Manager’s capacity as an independent contractor. All debts and liabilities to third persons incurred by Manager pursuant to this Agreement and in the course of its operation and management of the Projects shall be the debts
and liabilities of Owner only, and Manager shall not be liable for (and is hereby indemnified with respect to) any such debts or liabilities, except to the extent Manager has exceeded its authority hereunder. Manager shall have no responsibility to
make payments on any indebtedness incurred directly by Owner whether or not secured by the Projects or any portion thereof. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend, protect and hold
Manager harmless for, from and against any loss, liability, cost, expense, damage claim or cause of action, including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs, arising from any debt, liability or
payment for which Manager is being exculpated pursuant to this Section 2.11. The indemnification obligation of Owner in this Section 2.11 shall survive the expiration or earlier termination of this Agreement. 

ARTICLE III 

MANAGEMENT FEES 

3.01 Management Fee. In addition to the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall,
on a monthly basis, pay to Manager for its property management services with respect to the Projects a Management Fee equal to 4.5% of Gross Receipts (or a prorated portion for the first month if the Commencement Date occurs on other than the first
day of the month); provided, however, that (i) for Projects that are less than 75% occupied upon the Owner’s taking of possession of such Project or (ii) to the extent that the Owner’s business plan for such Project includes a
reduction of the occupancy of such Project to less than 75% during the first 12 months after the Owner’s taking of possession of such Project, Manager will receive a minimum Management Fee for the first 12 months of ownership in an amount equal
to $40 per unit for multifamily rental properties or $0.05 per square foot for other types of properties per month. If this Agreement is terminated anytime other than last day of a calendar month, other than for cause, Manager shall be entitled to
receive the Management Fee on a pro rated basis for the month this Agreement is terminated.
 3.02 Loan Servicing Fee. In
addition to the Management Fee and the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall, on a monthly basis, pay to Manager for its management services with respect to Debt Investments a Loan Servicing Fee equal
to 2.75% of gross interest received from these investments. 

  
 8 

 3.03 Construction Management Fee. If Manager is requested by Owner to
provide construction management services for new capital improvements (and not maintenance or repairs), Owner shall pay a construction management fee to Manager equal to 5.0% of actual aggregate cost of the redevelopment construction. The payment of
the Construction Management Fee shall be subject to the limitations on acquisition fees and expenses contained in the Company’s charter. 

3.04 Other Fees. With the prior approval and direction of Owner, Manager may obtain services and materials, including, but not
limited to, advertising, consulting, computer hardware and software, forms for use at the Projects, contract services, accounting and bookkeeping services and building materials, through the organization subsidiaries or affiliates of Manager for the
benefit of the Projects and Debt Investments, provided the quality of service and the price thereof is competitive with comparable prices and services offered by third parties, and the costs therefore shall be reimbursed by Owner. All discounts,
rebates and other savings realized as a result of such services being supplied by an affiliate of Manager shall inure solely to the benefit of Owner. In addition, the following overhead costs shall be reimbursed by Owner: (x) a $350 per month
per Project IT Fee for use of Manager’s IT Help Desk and computer training services and (y) a $350 per month per Project Support Fee for use of Manager’s regional management personnel for training and preparation, review and advisory
services relating to third party contracts. 
 3.05 Place of Payment. All sums payable by Owner to Manager hereunder shall be
payable to Manager at 1845 Walnut Street, 18th Floor, Philadelphia, Pennsylvania 19103, unless the Manager shall from time to time specify a different address in writing. 

ARTICLE IV 

PROCEDURE FOR HANDLING RECEIPTS AND OPERATING CAPITAL 

4.01. Bank Deposits. (a) All monies received by Manager for or on behalf of Owner shall be deposited into the
“Depository Account” which shall be an interest bearing account designated by Owner in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the Projects and Debt Investments approved by
Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof. 
 (b) A
“Disbursement Account” shall also be established to pay the normal and reasonable expenses incident to the operation and maintenance of the Projects. The Disbursement Account shall be under the signatory control of the Manager. 

4.02. Security Deposits. Manager shall comply with all applicable laws with respect to security deposits. All security deposits
and other funds received by Manager shall be promptly deposited in the Security Deposit Account and at all times be the property of Owner, subject to Owner’s obligation to refund the same to tenants if and when required by the leases. 

4.03. Transfer and Disbursement Account. Upon written request of Manager with supporting documentation, Owner shall weekly wire
funds from the Depository Account into the 

  
 9 

 
Disbursement Account in the amount of disbursements to be made on behalf of the Project approved by Owner. Manager shall write checks from the Disbursement Account to pay for (i) costs and
expenses of maintaining, operating, leasing, and supervising the operation of the Projects, in accordance with the approved Budget and (ii) security deposit reimbursement to tenants to the extent they are entitled reimbursement under the
leases, or payment of rent, damages, or other purposes for which security deposits may be used pursuant to the leases. 
 4.04.
Authorized Signatories. In addition to any signatory designated by Owner, any persons from time to time designated by Manager, and approved in writing by Owner, shall be authorized signatories on the Disbursement Account, and shall have
authority to make disbursements from such Disbursement Account for the purpose of fulfilling Manager’s obligations hereunder. Funds over Five Thousand Dollars ($5,000.00) may be withdrawn from the Disbursement Account in accordance with this
Article IV, only upon the signature of at least two (2) individuals who have been granted that authority by Manager and funds over Twenty Five Thousand Dollars ($25,000) may be withdrawn from the Disbursement Account in accordance with this
Article IV only upon the additional prior written approval of Owner, excluding property taxes. All persons who are authorized signatories or who in any way handle funds for the Projects (on-site or off-site) shall be insured for dishonesty in the
minimum account of $500,000.00 per occurrence or loss with not more than a $5,000.00 deductible. A certificate confirming such insurance naming Manager, the Company, the OP and Owner as named insureds and confirming that it will not be modified or
cancelled without at least thirty (30) days prior written notice to Owner shall be delivered to Owner within 10 days after the date hereof. Any expense relating to such bonds shall be paid by Manager without reimbursement. 

ARTICLE V 

Accounting 

5.01. Books of Accounts. Manager shall maintain adequate and separate books and records for the Projects and Debt Investments
with the entries supported by sufficient documentation to ascertain their accuracy with respect to the Projects and Debt Investments. Owner agrees to provide to Manager any financial or other information reasonably requested by Manager to carry out
its services hereunder. Manager shall maintain such books and records at the Manager’s office, at the Projects or at a designated office readily accessible to the Company, the OP and/or Owner. Manager shall ensure such control over accounting
and financial transactions as is commercially reasonably necessary to protect the Owner’s assets from theft, error or fraudulent activity by Manager’s employees. Manager shall bear losses arising from such instances, including, without
limitation, the following: (a) theft of assets by Manager’s employees, principals or officers or those individuals associated or affiliated with Manager; (b) overpayment or duplicate payment of invoices arising from either gross
negligence or willful misconduct, unless credit is subsequently received; (c) overpayment of labor costs arising from either the gross negligence or willful misconduct of Manager, unless credit is subsequently received by the Owner;
(d) overpayment resulting from payment from suppliers to Manager’s employees or associates arising from the purchase of goods or services for the Projects; and (e) unauthorized use of facilities by Manager or Manager’s employees
or associates. 
 5.02. Financial Reports. No later than the fifteenth
(15th) calendar day following the close of each month and calendar quarter, Manager shall furnish to Owner a report of all significant transactions

  
 10 

 
occurring during the prior month as described on Exhibit A attached hereto. Manager also shall deliver to Owner within a reasonable time after (i) the close of a calendar year and
(ii) the termination of this Agreement, a balance sheet for the Projects and Debt Investments. This report shall show all collections, delinquencies, uncollectible items, vacancies and other matters pertaining to the management, operation and
maintenance of the Projects and Debt Investments during the month. Upon the termination of this Agreement, Manager shall deliver to Owner all reports described on Exhibit A within thirty (30) calendar days of the effective date of termination.
The statement of income and expenses, the balance sheet and all other financial statements and reports shall be prepared on an accrual basis in accordance with, to the extent possible, generally accepted accounting principals (except that footnote
disclosures are not required). Manager may, but shall not be required, to, obtain audited financial statements for the Projects. Upon request by Owner, Manager shall also comply with all reporting requirements relating to the operation of the
Projects required under any mortgage or deed of trust affecting the Projects. Notwithstanding the foregoing, Owner reserves the right to reasonably request that the financial reports be provided in a different format at no additional cost. 

5.03. Supporting Documentation. As additional support to the quarterly financial statement, unless otherwise directed by Owner,
and at the expense of Owner, Manager shall maintain and make available at Manager’s office or at the Projects or at a designated office readily accessible to the Company, the OP and/or Owner, copies of the following: (a) all bank
statements, bank deposit slips, bank debit and credit memos, canceled checks and bank reconciliations; (b) detailed cash receipts and disbursement records; (c) detailed trial balance for receivables and payables and billed and unbilled
revenue items; (d) rent roll of tenants; (e) paid invoices (or copies thereof); (f) summaries of any adjusting journal entries; (g) supporting documentation for payroll, payroll taxes and employee benefits; (h) appropriate
details of accrued expenses and property records; (i) information regarding the operation of the Projects necessary for preparation of the tax returns for the Owner; and (j) market study of competition (quarterly only). In addition,
Manager shall deliver quarterly to Owner with the quarterly financial statement, copies of the documents described in (a) (statements and reconciliations only), (b), (c), (d) and (h) above. Manager shall deliver a copy of the document
described in (j) to Owner upon receipt of a written request. 
 ARTICLE VI 

GENERAL COVENANTS 

6.01. Operating Expenses. The Company and the OP shall cause Owner to be solely responsible for the costs and expenses of
maintaining and operating the Projects in accordance with the provisions of this Agreement, and shall pay all such costs and expenses, to the extent contemplated by this Agreement or incurred in accordance with the Budget, except if such costs
and/or expenses are (i) attributable to costs arising from gross negligence or willful misconduct of Manager or Manager’s associates and/or employees; or (ii) cost of insurance purchased by Manager for its own account. 

6.02. Right of Inspection and Review. Owner, the Company and the OP and their accountants, attorneys, and agents shall have the
right to enter upon any part of the Projects at all reasonable times during the term of this Agreement for the purpose of examining or inspecting the Projects or examining or making extracts of books and records of the Projects, but any inspection
shall be done with as little disruption to the business of the Projects as possible during normal office hours and with reasonable notice. 

  
 11 

 6.03. Indemnification and Hold Harmless. 

(a) Indemnification and Hold Harmless By Owner. Owner shall indemnify, hold harmless and defend Manager (and Manager’s
partners, directors, shareholders, officer, employees and agents), with counsel reasonably satisfactory to both the Manager and the Owner’s insurer, for, from and against any and all liabilities, claims, causes of action, losses, demands and
expenses whatsoever including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs arising out of or in connection with the ownership, maintenance or operation of the Projects, Debt Investments or this
Agreement, including but not limited to claims involving security services as to which Manager is acting under the express or implied directions of Owner, and the loss of use of property following and resulting from damage or destruction
(collectively “Claims”), except to the extent arising directly from the negligence or misconduct of Manager. Owner’s Liability Insurance (as defined in Section 8.01 below) will be required to cover all actions of Manager
where the Owner’s insurer agrees to provide Owner and Manager a defense (whether or not such defense is provided with a reservation of rights by the insurer) in accordance with the terms of such insurance policy. The indemnification by Owner
contained in this Section 6.03 is separate and in addition to any other indemnification obligations of Owner contained in this Agreement. 

(b) Indemnification By Manager. Manager shall indemnify Owner and the Company, the OP and Advisor (and their respective
directors, shareholders, members, trustees, agents, employees and officers) with counsel reasonably satisfactory to both the Owner and the Manager’s insurer, for, from and against any and all Claims, which arise out of the gross negligence or
willful misconduct of Manager. 
 (c) Survival of Covenants. The indemnification and hold harmless obligations of the parties
in this Section 6.03 shall survive the expiration or earlier termination of this Agreement. 
 6.04. Covenants Concerning Payment
of Operating Expenses. If there are not sufficient funds in the Depository Account to move to the Disbursement Account in order to make any payment of operating expenses, Manager shall immediately notify Owner in writing. Owner will deposit
funds within fifteen (15) days of written notification into the Disbursement Account. Owner further recognizes that the Projects may be operated in conjunction with other projects and that costs may be allocated or shared between such projects
on a more efficient and less expensive method of operation in an effort to save costs and operate the Projects in a more efficient manner. 

ARTICLE VII 

DEFAULTS; TERMINATION RIGHTS 

7.01. Default by Manager. Manager shall be deemed to be in breach hereunder in the event Manager shall fail to keep, observe or
perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such breach shall continue for a period of thirty (30) days after notice thereof by Owner to Manager, or if such breach
cannot be cured within thirty (30) days, then such additional period as shall be reasonable, provided that Manager is capable of curing 

  
 12 

 
same and is diligently proceeding to cure such breach, and provided further that if such breach is a failure to pay money, such, cure period shall be five (5) days after notice from Owner
with no additional period thereafter. 
 7.02. Remedies of Owner. Upon the occurrence of a breach by Manager as specified in
Section 7.01 hereof, Owner shall be entitled to immediately terminate this Agreement and Owner shall have the right to pursue any other remedy it may have at law or in equity. Following such a termination, Owner shall have no further obligation
to pay any fee due hereunder. Notwithstanding such termination, Manager shall not be relieved of any liability arising as a result of Manager’s default and the resulting termination of this Agreement. 

7.03. Defaults by Owner. Owner shall be deemed to be in breach hereunder in the event Owner shall fail to keep, observe or
perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner, and such breach shall continue for a period of thirty (30) days after written notice thereof by Manager to Owner, or if such breach
cannot be cured within thirty (30) days, then such additional period as shall be reasonable provided Owner is capable of curing same and is diligently proceeding to cure such breach, provided that such breach is a failure to pay money, such
cure period shall be five (5) days after written notice from Manager with no additional period thereafter. 
 7.04. Remedies of
Manager. Upon the occurrence of a breach by Owner as specified in Section 7.03 hereof, Manager shall be entitled to immediately terminate this Agreement and upon any such termination by Manager pursuant to this Section 7.04,
Manager shall have the right to pursue any other remedy it may have at law or in equity, it being expressly understood that following such a termination, Manager shall have no further obligation to perform any of its obligations hereunder other than
pursuant to Section 7.05 below, however, notwithstanding such termination, Owner shall continue to be obligated to pay and perform all of its obligations which have accrued as of the date of termination. 

7.05. Expiration of Term. Upon the expiration of the Term hereof pursuant to Section 7.07 hereof, or the earlier
termination hereof pursuant to either of Section 7.01 or 7.03, Manager shall deliver to Owner all funds, including tenant security deposits, but save and except such sums that are due and owing to Manager hereunder and the books and records of
Owner then in the possession or control of Manager. Within thirty (30) days following expiration or termination, Manager shall deliver to Owner a final accounting, in writing, with respect to the operations of the Projects. This provision shall
survive the expiration or earlier termination of this Agreement. 
 7.06. Termination of Advisory Agreement. Notwithstanding
anything to the contrary contained herein, unless the holder of a mortgage on a Project otherwise determines to keep this Agreement in effect, this Agreement shall automatically terminate upon Manager receiving written notification from Advisor or
Owner that Owner has terminated the Advisory Agreement. Upon such termination, the parties hereto shall have no further obligation to the other, unless otherwise specifically set forth herein. 

7.07 Termination of a Project or Debt Investment. This Agreement shall automatically terminate as to any specific Project or
Debt Investment upon its sale or other transfer of ownership to a person other than Owner or an affiliate of Owner. In the event that Owner forecloses or otherwise takes title to the real property underlying a Debt Investment, the underlying
property will automatically become a Project under this Agreement, unless the property is excluded pursuant to Section 2.01 of this Agreement, and Manager will thereafter be entitled to receive a Management Fee instead of a Loan Servicing Fee
with respect thereto. 

  
 13 

 ARTICLE VIII 

INSURANCE 
 8.01
Owner’s Liability Insurance. During the term of this Agreement and all renewals thereof, Owner shall, at Owner’s expense, carry and maintain primary commercial general liability insurance on an “occurrence” basis,
naming Manager as an additional insured, with limits of not less than Five Million Dollars ($5,000,000.00) per occurrence (the “Owner’s Liability Insurance”). Owner shall name Manager as an additional insured on Owner’s
Liability Insurance. If the Owner’s Liability Insurance has a deductible, or similar clause, Owner shall be responsible for paying any losses that are not covered by the Owner’s Liability Insurance because of said deductible or similar
clause. 
 8.02. Insurance Carried by Manager. Manager shall maintain the following insurance during the term of this
Agreement, as approved by Owner: 
 (a) Workers’ Compensation Insurance complying with the laws of the State in which the work is to be
performed covering all its employees whether or not working at or in connection with a Project, as a Project Personnel expense under Section 2.05 above; 

(b) Employers’ Liability Insurance with minimum liability limits of $1,000,000 Bodily Injury by Accident per accident, $1,000,000 Bodily
Injury by Disease per person and $1,000,000 Bodily Injury by Disease policy limit, at Manager’s expense as part of its overhead; 
 (c)
Commercial General Liability Insurance with minimum limits of $1,000,000 Combined Single Limit for Bodily Injury and Property Damage, each occurrence/$2,000,000 General Aggregate, at Manager’s expense as part of its overhead; 

(d) Automobile Liability Insurance covering owned, non-owned and hired automobiles and automobile equipment with minimum limit of $1,000,000
for injury or death of any one person, for any occurrence and property damage, at Manager’s expense as part of its overhead; and 
 (e)
Employees Dishonesty Insurance as described in Section 4.04 above, at Manager’s expense as part of its overhead. 
 Insurers providing the
coverage to Owner and Manager described in this Article VIII shall have a Best’s rating of A-VII or better. Owner reserves the right to approve the insurer’s form and content of Manager’s insurance policies. All policies will contain
severability of interest provisions. Within thirty (30) days of the date of this Agreement, Owner shall provide to Manager, and Manager shall provide to Owner, Certificates of Insurance evidencing insurance. Such certificates will be endorsed
to provide thirty (30) days prior written notice to Manager of any material change or cancellation of coverage. 
 8.03.
Owner’s Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s Liability Insurance and Manager’s Liability Insurance, Owner’s Liability

  
 14 

 
Insurance shall be considered the primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that
Owner’s Liability Insurance is exhausted or in the event such claim is caused solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically
approved or required by Owner) on the part of Manager or Manager’s employees. Owner shall have its insurance carrier accept and endorse these coverage requirements. 

8.04. Waiver of Subrogation. Each insurance policy maintained by Owner or by Manager as required herein shall contain a waiver
of subrogation clause, so that no insurer shall have any claim over or against Owner or Manager, as the case may be, by way of subrogation or otherwise, with respect to any claims that are insured under such policy. All insurance relating to each
Project shall be only for the benefit of the party securing said insurance and all others named as insureds. Owner and Manager hereby release each other from all rights of recovery under or through subrogation or otherwise for any and all losses and
damages to the extent of such insurance coverage and agree that no insurer shall have a right to recover any amounts paid with respect to any claim against Owner or Manager by subrogation, assignment or otherwise. 

8.05. Handling Claims. Manager shall report to Owner promptly in writing all accidents and claims of which it is aware for
damage and injury relating to the ownership, operation, and maintenance of the Projects and any damage or destruction to the Projects coming to the attention of Manager. Manager shall not settle on Owner’s behalf any claims with Owner’s
insurers or any third-party claimant without Owner’s prior consent. 
 8.06. Environmental Matters. 

(a) Manager shall not knowingly place or cause to be placed on, in, under or around the Projects, any Hazardous Substances (as defined below).
Manager shall take all commercially reasonable steps to cause any tenants who do same to remove such Hazardous Substances in a timely manner. Without limiting the provisions of Section 6.03 of this Agreement, Owner agrees to defend, indemnify,
and hold harmless Manager and its partners, officers, employees and agents, for, from and against any and all actions, administrative proceedings, causes of action, charges, claims, commissions, costs, damages, decrees, demands, duties, expenses,
fees, fines, judgments, liabilities, losses, obligations, orders, penalties, recourses, remedies, responsibilities, rights, suits and undertakings of every nature and kind whatsoever, including, but not limited to, attorneys’ fees, court costs
and other litigation expenses and costs, from the presence of Hazardous Substances on, under or about the Project, except to the extent that the Hazardous Substances are present as a result of the gross negligence or willful misconduct of Manager or
the breach of Manager’s obligations pursuant to the first sentence of this Section 8.06. Without limiting the generality of the foregoing, the indemnification provided by this paragraph specifically shall cover costs incurred in connection
with any investigation of site conditions or any remediation, removal or restoration work required by any federal, state or local governmental agency because of the presence of Hazardous Substances in, on, under or about the Project, except to the
extent that the Hazardous Substances are present as a result of the gross negligence or willful misconduct of Manager or the breach of Manager’s obligations pursuant to the first sentence of this Section 8.06. For purposes of this section,
“Hazardous Substances” shall mean (i) all substances defined as hazardous materials, hazardous wastes, hazardous substances, or extremely hazardous waste under any applicable federal, state, or local law or regulation, and
(ii) mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto. The indemnification obligation of Owner in this Section 8.06 shall survive the expiration or earlier termination
of this Agreement. 
 (b) Without limiting the indemnifications set forth in Section 8.06(a) above, Owner and Manager further agree
that Owner is solely responsible for any and all conditions at the Projects that could give rise to bodily injury or property damage claims stemming from the presence of mold, mold contamination, mold spores, bacterial contaminants and/or any and
all substances or materials related thereto. Manager shall endeavor to inform Owner of the availability and cost of insurance to cover any and all conditions at the Projects that could give rise to bodily injury or property damage claims stemming
from the presence of mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto, but the decision of whether or not to purchase insurance relating to such risk is solely that of Owner,
and Manager shall have no obligation or liability whatsoever therefor. Owner’s failure to purchase or consider insurance alternatives for such risk shall not in any manner alter Manager’s obligations or liabilities hereunder. 

  
 15 

 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

9.01. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania. 
 9.02. Notices. Any notice or communication hereunder must be in writing, and may be given
either by personal delivery or by private courier with an acknowledged receipt or by registered or certified mail, and if given by registered or certified mail, the notice shall be deemed to have been given and received three (3) business days
after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail; and if given otherwise than by registered mail, it shall be deemed to have been given when delivered to
and received by the party to whom it is addressed. Such notices or communications shall be given to the parties hereto at the addresses set forth opposite the names of the respective parties on the signature page hereof. Any party hereto may at any
time by giving ten (10) days written notice to the other party hereto designate any other address in substitution of the foregoing address to which such notice or communication shall be given. 

9.03. Severability. If any term, covenant or condition of this Agreement or the application thereof to any person or
circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or such other documents, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term, covenant or condition of this Agreement or such other documents shall be valid and shall be enforced to the fullest extent permitted by law. 

9.04. No Joint Venture or Partnership. Owner and Manager hereby agree that nothing contained herein or in any document executed
in connection herewith shall be construed as making any combination of Manager, Owner, the Company and the OP joint venturers or partners. 

9.05. Modification; Termination. This Agreement terminates any and all prior management agreements among Owner and Manager,
related to the Projects and Debt Investments, and any amendment, modification, termination or release of this Agreement may be affected only by a written instrument executed by Manager and Owner. 

  
 16 

 9.06. Attorneys’ Fees. Should either party employ an attorney or attorneys to
enforce any of the provisions hereof or to protect its interest in any manner arising under this Agreement, or to recover damages for the breach of this Agreement, the prevailing party in such action shall be entitled to recover all reasonable
costs, damages and expenses, including attorneys’ and experts’ fees, and costs expended or incurred in connection therewith. 

9.07. Total Agreement. This Agreement is a total and complete integration of any and all agreements existing among Manager and
Owner and supersedes any prior oral or written agreements, promises or representations between them. 
 9.08. Successors and
Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. This Agreement is not assignable by Manager without Owner’s consent. 

[SIGNATURES CONTAINED ON FOLLOWING PAGE] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Management Agreement as of the day and
year first above written. 
  

							
	ADDRESS	 	OWNER	  	
			
		 	RESOURCE APARTMENT OP III, LP	  	
				
		 	BY:	  	RESOURCE APARTMENT REIT III, INC., as general partner of Resource Apartment OP III, LP	  	
				
	1845 Walnut Street	 	By:	  	  
	  	
	18th Floor	 	Name:	  	Alan F. Feldman	  	
	Philadelphia, PA 19103	 	Title:	  	Chief Executive Officer	  	
			
		 	RESOURCE APARTMENT REIT III, INC.	  	
				
	1845 Walnut Street	 	By:	  	  
	  	
	18th Floor	 	Name:	  	Alan F. Feldman	  	
	Philadelphia, PA 19103	 	Title:	  	Chief Executive Officer	  	
			
	ADDRESS	 	ADVISOR	  	
			
		 	RESOURCE APARTMENT ADVISOR III, LLC	  	
				
	1845 Walnut Street	 	By:	  	  
	  	
	18th Floor	 	Name:	  	Kevin M. Finkel	  	
	Philadelphia, PA 19103	 	Title:	  	President	  	
			
	ADDRESS	 	MANAGER	  	
			
		 	RESOURCE APARTMENT MANAGER III, LLC	  	
				
	1845 Walnut Street	 	By:	  	  
	  	
	18th Floor	 	Name:	  	Kevin M. Finkel	  	
	Philadelphia, PA 19103	 	Title:	  	President	  	

  
 18 

 Exhibit A 
  

	I.	MONTHLY REPORTING REQUIREMENTS 

 Manager must provide the following by the 15th day of every calendar month: 
  

	 	•	 	Operating Statements on an accrual basis in both traditional P&L format (to GAAP Net Income) and Owner approved format (to NOI, Net Cash Flow, and Ending Cash), showing MTD and YTD in Actual/Budget/Variance column
format 

  

	 	•	 	Accrual basis variance analysis, with tenant-level detail for income, TI, and leasing expenses 

  

	 	•	 	Check Register for the current month 

  

	 	•	 	VOID Check register 

  

	 	•	 	Balance Sheets on an accrual basis 

  

	 	•	 	Rent Roll and Vacancy reports 

  

	 	•	 	Aged Accounts Receivable trial balance 

  

	 	•	 	Security Deposit detail ledger 

  

	 	•	 	General Ledger reports on an accrual basis 

  

	 	•	 	All above information in no more than three (3) hardcopies, with financial statements in a electronic format 

  

	 	•	 	Copy of Bank Statement(s) and reconciliation(s) 

  

	 	•	 	Copies of invoices for individual capital expenditures exceeding $5,000 

  

	 	•	 	Ending trial balance on an accrual basis 

  

	 	•	 	Net activity trial balance on an accrual basis 

  

	II.	QUARTERLY REPORTING REQUIREMENTS 

 In addition to the monthly requirements
(above), the Manager must provide the following by the 15th day of every calendar month following each calendar quarter end: 

 

	 	•	 	QTD Operating Statements in Actual/Budget/Variance column format

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