Document:

Exhibit 10.10

 

ASSIGNMENT OF PURCHASE AND SALE

AGREEMENT AND ESCROW INSTRUCTIONS

 

THIS ASSIGNMENT
OF PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this “Assignment”) is made this 19th
day of August, 2015, by and between BRG ASHTON NC, LLC, a Delaware limited liability company
(“Assignor”); and BR ASHTON I OWNER, LLC, a Delaware limited liability company
(“Assignee”).

 

RECITALS:

 

1.          Bluerock
Real Estate, L.L.C., a Delaware limited liability company (“Bluerock”), entered into that certain Purchase and Sale
Agreement and Escrow Instructions dated May 12, 2015 (the “Purchase Agreement”) with AR I Borrower, LLC, a Delaware
limited liability company and AR Owner, LLC, a Delaware limited liability company (together “Seller”), with
respect to the real property and improvements located at 10320 Grobie Way, Charlotte, North Carolina, commonly known as “Ashton
Reserve at Northlake Phase I” (the “Property”), all as more particularly described in the Purchase Agreement.

 

2.          By
Assignment of Rights Agreement dated May 13, 2015, Bluerock assigned all its right, title and interest in, to and under the Purchase
Agreement to Assignor.

 

3.          Assignor
has the right to assign all its right, title, and interest in, to, and under the Purchase Agreement to Assignee as provided in
this Assignment. Assignee is an Affiliate of Assignor, and Assignor is an affiliate of Bluerock REIT.

 

4.          Assignor
now desires to assign all its right, title, and interest as “Purchaser” under the Purchase Agreement to Assignee, and
Assignee desires to assume all of Assignor’s right, title, and interests as Purchaser under the Purchase Agreement.

 

ASSIGNMENT:

 

NOW THEREFORE, in consideration
of the mutual covenants contained in this Assignment, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

1.          Incorporation
of Recitals. The foregoing Recitals are incorporated herein and by this reference made a part hereof. All capitalized terms
set forth herein shall have the meanings ascribed to such terms in the Purchase Agreement unless otherwise defined herein.

 

2.          Transfer;
Assignment and Designation; Assumption. Assignor hereby sells, transfers, assigns, delivers and conveys to Assignee, its
successors and assigns, and Assignee hereby accepts from Assignor, all right, title and interest of Assignor in, to and under the
Purchase Agreement. Assignee hereby assumes, for the benefit of both Assignor and Seller, all of the obligations of the “Purchaser”
under the Purchase Agreement. Assignor agrees to indemnify, defend and hold Assignee harmless with respect to all claims accruing
under the Purchase Agreement prior to the date hereof. Assignee agrees to indemnify, defend and hold Assignor harmless with respect
to all claims accruing under the Purchase Agreement from and after the date hereof.

 

    	1

     

    

 

3.          Representations
and Warranties.     Assignor hereby certifies to Assignee that all of
the representations and warranties of Assignor set forth in the Purchase Agreement are true, complete and correct in all material
respects as of the date hereof.

 

4.          Governing
Law. This Assignment shall be construed and enforced in accordance with and governed by the same law that governs the Purchase
Agreement, without regard to the principles of conflicts of law.

 

5.          Binding
Effect. This Assignment shall be binding upon the parties hereto and their respective successors and assigns and shall
inure to the benefit of the parties hereto.

 

6.          Counterparts.
This Assignment may be executed in any number of counterparts and it shall be sufficient that the signature of each party appear
on one or more such counterparts. All counterparts shall collectively constitute a single agreement. Signatures to this Assignment
transmitted by facsimile or electronic mail shall be treated as originals in all respects.

 

[SIGNATURES FOLLOW]

 

    	2

     

    

 

	WITNESS the following signatures:	 
	 	 
	ASSIGNEE:	BR ASHTON I OWNER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	BRG ASHTON NC, LLC
	 	 	a Delaware limited liability company
	 	Its:	Sole Member
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory
	 	 
	ASSIGNOR:	BRG ASHTON NC, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory

 

    	3Exhibit 10.11

 

BILL OF SALE AND ASSIGNMENT AND ASSUMPTION

OF LEASES AND SERVICE CONTRACTS

 

This Bill of Sale and
Assignment and Assumption of Leases and Service Contracts (this “Agreement”) is made and entered into this 19th
day of August, 2015, by and between AR I BORROWER, LLC, a Delaware limited liability company (“Seller”),
and BR ASHTON I OWNER, LLC, a Delaware limited liability company (“Purchaser”).

 

WITNESSETH:

 

WHEREAS, Seller and
Bluerock Real Estate, L.L.C. (“Original Purchaser”) have previously entered into that certain Purchase and Sale
Agreement and Escrow Instructions, dated May 12, 2015, having AR Owner, LLC join as an additional party for the limited purposes
set forth therein, as amended and as assigned by Original Purchaser to Purchaser (as amended and assigned, the “Contract”);

 

WHEREAS, concurrently
with the execution and delivery of this Agreement and pursuant to the Contract, Seller is conveying to Purchaser, by Special Warranty
Deed, (i) those certain tracts or parcels of real property located in Mecklenburg County, North Carolina, and more particularly
described on Exhibit A attached hereto and made a part hereof (collectively, the “Land”), (ii) all
rights, easements and appurtenances pertaining to the Land (collectively, the “Related Rights”), and (iii) all
buildings, structures, fixtures and other improvements on and within the Land (the “Improvements”; and the Land,
the Related Rights and the Improvements being sometimes collectively referred to as the “Real Property”);

 

WHEREAS, Seller has
agreed to convey to Purchaser certain personal property and assign to Purchaser certain leases and service contracts as hereinafter
set forth;

 

NOW, THEREFORE, in
consideration of the receipt of Ten Dollars ($10.00), the assumptions by Purchaser hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:

 

1.           Bill
of Sale.

 

(a)           Seller
hereby sells, assigns, transfers and conveys to Purchaser all of Seller’s right, title and interest in, to and under the
Phase I Personal Property and the Phase I Plans, Licenses and Permits. Seller warrants to Purchaser that Seller owns good and marketable
title to the Phase I Personal Property, that the Phase I Personal Property is free and clear of all liens, charges and encumbrances
other than the Phase I Permitted Exceptions (as defined in the Contract), and that Seller has full right, power and authority
to sell the Phase I Personal Property and to make this Bill of Sale. Seller further warrants to Purchaser that Seller has not assigned
or conveyed to any third party its right, title and interest, if any, in the Phase I Plans, Licenses and Permits.

 

(b)          “Phase
I Personal Property” shall have the meaning ascribed to such term in the Contract.

 

(c)           “Phase
I Plans, Licenses and Permits” shall have the meaning ascribed to such term in the Contract.

 

    	 

     

    

 

2.           Assignment
and Assumption of Phase I Leases.

 

(a)          Seller
hereby sells, assigns, transfers and conveys to Purchaser all of Seller’s right, title and interest as landlord in, to and
under all tenant leases identified on Exhibit B attached hereto (collectively, the “Assigned Leases”),
together with all refundable tenant security and other refundable deposits owing to tenants by the express terms of the Assigned
Leases, minus any documented amounts properly applied by Seller pursuant to the terms of such Assigned Leases, as of the date of
this Agreement, together with any interest owing thereon pursuant to the terms of the Assigned Leases or applicable law (collectively,
the “Phase I Deposits”). The assignment of the Phase I Deposits has been made by means of a credit or payment
on the closing statement executed by Seller and Purchaser pursuant to the Contract.

 

(b)          Purchaser
hereby assumes all of the covenants, agreements, conditions and other terms and provisions stated in the Assigned Leases which,
under the terms of the Assigned Leases, are to be performed, observed, and complied with by the landlord from and after the date
of this Agreement. Purchaser acknowledges that Purchaser shall become solely responsible and liable as landlord under the Assigned
Leases for obligations arising or accruing from and after the date hereof.

 

(c)          Purchaser
shall indemnify, hold harmless and defend Seller from and against any and all claims, demands, causes of action, liabilities, losses,
costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred in defending any
such claim or in enforcing this indemnity) that may be incurred by Seller by reason of the failure of Purchaser to perform, observe
and comply with the landlord’s obligations under any of the Assigned Leases arising or accruing during the period from and
after the date hereof, including, without limitation, claims made by tenants with respect to the Phase I Deposits on or after the
date hereof (but only to the extent paid or assigned to Purchaser or for which Purchaser has received a credit or payment at Closing).
Seller shall indemnify, hold harmless and defend Purchaser from and against any and all claims, demands, causes of action, liabilities,
losses, costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred in defending
any such claim or in enforcing this indemnity) that may be incurred by Purchaser by reason of the failure of Seller to have performed,
observed or complied with the landlord’s obligations under any of the Assigned Leases prior to the date hereof, including,
without limitation, claims made by tenants with respect to the Phase I Deposits arising before the date hereof (to the extent such
Phase I Deposits were not paid or assigned to Purchaser or for which Purchaser did not receive a credit or payment at Closing).

 

(d)          For
purposes of this Paragraph 2, the word “landlord” means the landlord, lessor or other equivalent party under any of
the Assigned Leases, and the word “tenant” means the tenant, lessee or other equivalent party under any of the Assigned
Leases.

 

3.           Assignment
and Assumption of Phase I Contracts.

 

(a)          Seller
hereby sells, assigns, transfers and conveys to Purchaser all of Seller’s right, title and interest in, to and under those
service, supply, equipment rental and similar agreements set forth on Exhibit C attached hereto and made part hereof
by this reference (collectively, the “Phase I Contracts”).

 

(b)          Purchaser
hereby assumes all of the covenants, agreements, conditions, terms, and provisions stated in the Phase I Contracts which, under
the terms of the Phase I Contracts, are to be performed, observed, and complied with by the property owner from and after the date
of this Agreement. Purchaser acknowledges that Purchaser shall become solely responsible and liable under the Phase I Contracts
for obligations arising or accruing from and after the date hereof, including with respect to any and all payments coming due under
the Phase I Contracts for which Purchaser has received a credit or payment on the closing statement executed by Purchaser and Seller,
if any (the “Credited Payments”).

 

    	 

     

    

 

(c)          Purchaser
shall indemnify, hold harmless and defend Seller from and against any and all claims, demands, causes of action, liabilities, losses,
costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred in defending any
such claim or in enforcing this indemnity) that may be incurred by Seller by reason of the failure of Purchaser to perform, observe
and comply with its obligations under any of the Phase I Contracts arising or accruing during the period from and after the
date hereof, including without limitation, claims made by any other contract party with respect to the Credited Payments on or
after the date hereof (to the extent paid or assigned to Purchaser or for which Purchaser received a credit or payment at Closing).
Seller shall indemnify, hold harmless and defend Purchaser from and against any and all claims, demands, causes of action,
liabilities, losses, costs, damages and expenses (including reasonable attorneys’ fees and expenses and court costs incurred
in defending any such claim or in enforcing this indemnity) that may be incurred by Purchaser by reason of the failure of Seller
to have performed, observed or complied with its obligations under any of the Phase I Contracts prior to the date hereof, including
without limitation, claims made by any other contract party with respect to the Credited Payments arising before the date hereof
(to the extent such Credited Payments were not paid or assigned to Purchaser or for which Purchaser did not receive a credit or
payment at Closing).

 

4.           Qualifications.
This Agreement is subject to the Phase I Permitted Exceptions (as defined in the Contract). This Agreement is also subject
to those provisions of the Contract limiting Seller's liability to Purchaser.

 

5.           Counterparts.
This Agreement may be executed in two or more identical counterparts, and it shall not be necessary that any one of the counterparts
be executed by all of the parties hereto. Each fully or partially executed counterpart shall be deemed an original, but all of
such counterparts taken together shall constitute one and the same instrument.

 

6.           Successors
and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the successors, executors, administrators,
legal representatives and assigns of the parties hereto.

 

7.           Governing
Law. This Agreement shall be construed under and enforced in accordance with the laws of the State of North Carolina.

 

[signatures commence on the following
page]

 

    	 

     

    

 

EXECUTED effective as of the date first
above written.

 

	 	SELLER:
	 	 
	 	AR I BORROWER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	AR OWNER, LLC,
	 	 	a Delaware limited liability company,
	 	 	its Sole Member and Sole Manager
	 	 	 
	 	 	By:	AR DEVELOPER, LLC,
	 	 	 	a Georgia limited liability company,
	 	 	 	its Managing Member
	 	 	 	 
	 	 	 	By:	CATALYST DEVELOPMENT
	 	 	 	 	PARTNERS II, LLC,
	 	 	 	 	a Georgia limited liability company,
	 	 	 	 	its Sole Member and Sole Manager
	 	 	 	 	 
	 	 	 	 	By: :	/s/ Robert Meyer
	 	 	 	 	Name:	Robert Meyer
	 	 	 	 	Title:	Manager/Officer

 

    	 

     

    

 

	 	PURCHASER:
	 	 
	 	BR ASHTON I OWNER, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	BRG Ashton NC, LLC,
	 	 	a Delaware limited liability company,
	 	 	its Sole Member
	 	 	 
	 	 	By:	/s/ Jordan Ruddy
	 	 	Name:	Jordan Ruddy
	 	 	Title:	Authorized Signatory

 

    	 

     

    

 

EXHIBIT A

Legal Description

 

Lying and being situate in Mecklenburg
County, North Carolina, and being more particularly described as follows:

 

Being all of Parcels 1, 2 and the areas
shown as the sixty-six (66) foot public right-of-way (“Prosser Way”) and the fifty (50) foot public right of way (“Skinner
Lane”), as shown on a plat recorded in Map Book 53, page 886, and Parcel 3A as shown on a plat recorded in Map Book 55, page
355, Mecklenburg County Register of Deeds, reference to which is hereby made for a more particular description.

 

TOGETHER WITH the rights and easements
conferred by that Sewer Easement Agreement recorded in Book 18053, at page 845, Mecklenburg County Register of Deeds, as amended
by First Amendment to Sewer Agreement recorded in Book 20732, at page 68, and Second Amendment to Sewer Easement Agreement recorded
in Book 22541, at page 189.

 

TOGETHER WITH easements contained in that
Declaration of Easements, Covenants and Restrictions recorded in Book 28849 at page 615, Mecklenburg County Register of Deeds.

 

    	 

     

    

 

EXHIBIT B

Assigned Leases

 

[see Rent Roll attached hereto]

 

    	 

     

    

 

EXHIBIT C

Contracts

 

		1.	That certain Advertiser Agreement by and between Catalyst
and Network Communications, Inc. d/b/a Apartment Finder dated May 19, 2014;

 

		2.	That certain Ad Insertion Agreement by and between For
Rent Media Solutions and Greystar dated February 8, 2012;

 

		3.	That certain Advertising Agreement by and between Greystar
Real Estate Partners, LLC and Apartment Guide dated January 31, 2015;

 

		4.	That certain Advertising Agreement by and between Apartment
Guide and Ashton Reserve at Northlake dated March 26, 2013;

 

		5.	That certain Pest Control Service Agreement by and between
Ashton Reserve at Northlake and Cramer Pest Control dated June 4, 2014;

 

		6.	That certain Preventative Maintenance Agreement by and
between Jasko Fitness Solutions, Inc. and Ashton Reserve at Northlake;

 

		7.	That certain Full Maintenance Agreement by and between
New River Landscaping and Ashton Reserve at Northlake dated February 18, 2014;

 

		8.	That certain Order Form to Master Services Agreement
by and between NWP Services Corporation and Northlake Investors 288, LLC for Ashton Reserve Northlake dated February 25, 2015;

 

		9.	That certain PPC Advertising Agreement by and among Standing
Dog Interactive, Greystar and Ashton Reserve dated January 13, 2015;

 

		10.	That certain Commercial Propane Gas Sales Agreement by
and between Suburban Propane and Ashton Reserve dated November 13, 2013;

 

		11.	That certain Change Order to Proposal or Contract by
and between Suburban Propane and Ashton I Borrower LLC dated Decmber 5, 2013;

 

		12.	That certain Guaranteed Maintenance Agreement by and
between Systel Business Equipment Co., Inc. and Ashton Reserve at Northlake dated March 12, 2012;

 

		13.	That certain Guaranteed Maintenance Agreement by and
between Systel Business Equipment Co., Inc. and Ashton Reserve at Northlake dated September 23, 2013;

 

		14.	That certain Life Safety Agreement by and between Wayne
Automatic Fire Sprinklers, Inc. and Ashton Reserve at Northlake dated October 22, 2012;

 

		15.	That certain Life Safety Agreement by and between Wayne
Automatic Fire Sprinklers, Inc. and Ashton Reserve at Northlake dated November 22, 2011;

 

		16.	That certain Service Contract by and between WebListers
LLC and Ashton Reserve at Northlake dated October 3, 2013; and

 

		17.	That certain Service and
Marketing Agreement by and between Time Warner Enterprises, LLC and Northlake Investors 288, LLC dated November 14, 2013.

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