Document:

EX-10.4

 Exhibit 10.4 

TRANSITION SERVICES AGREEMENT 

by and between 

Steadfast Apartment REIT, Inc. 

and 
 Steadfast
Investment Properties, Inc. 
 Dated as of August 31, 2020 

 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT (this “Agreement”), dated as of August 31, 2020 (the “Effective
Date”), is by and between Steadfast Investment Properties, Inc., a California corporation (the “Sponsor”), on the one hand, and Steadfast Apartment REIT, Inc., a Maryland corporation (“STAR”), on the other
hand. STAR and the Sponsor shall be together be referred to herein as the “Parties,” and each individually a “Party”. Capitalized terms used but not otherwise defined herein shall have the meaning ascribed thereto
in the Contribution Agreement (as hereinafter defined). 
 WHEREAS, Steadfast REIT Investments, LLC, a Delaware limited liability company
(“SRI”), STAR and Steadfast Apartment REIT Operating Partnership, LP entered into that certain Contribution and Purchase Agreement, dated as of August 31, 2020 (the “Contribution Agreement”); 

WHEREAS, following the closing of the transactions contemplated by the Contribution Agreement, the Sponsor desires to provide, directly or
through its affiliates, certain services to STAR as set forth on Schedule A (the “Sponsor-Provided Services”) and STAR desires to provide, directly or through its affiliates, certain services to the Sponsor as set forth on
Schedule B (the “STAR-Provided Services” and, together with the Sponsor-Provided Services, the “Services”) for the purpose of enabling each Party to manage its operations and retain the benefit of operational
efficiencies created by access to such Services and to assure a smooth transition following the closing of the transactions contemplated by the Contribution Agreement by availing each Party time to develop such services in-house or to hire other third-party service providers for such Services; and 
 WHEREAS, for purposes of
this Agreement, the Party providing any Service, or on whose behalf such Service is being provided, shall be deemed the “Service Provider” with respect to such Service, and the Party receiving the Service, or on whose behalf such
Service is being received, shall be deemed the “Recipient” with respect to such Service. 
 NOW THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1. Definitions. Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings
ascribed thereto in the Contribution Agreement. 

  
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 ARTICLE II 

SERVICES 

Section 2.1. Scheduled Services. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, each Party agrees to provide (including through its affiliates),
or to cause one or more permitted third parties to provide, to the other Party the Services as set forth on Schedule A or Schedule B, as applicable. 

(b) Anything to the contrary notwithstanding, none of the obligations of the Parties under the Contribution Agreement shall constitute Services
under this Agreement. 
 Section 2.2. Additional Services. Each Party agrees that, if the other Party identifies during the Term
services that such second Party believes are necessary for the continued operation of its business (as conducted immediately prior to the closing of the transactions contemplated by the Contribution Agreement) that are not identified on the
applicable Schedule hereto, then, upon the reasonable request of such second Party, the Parties shall negotiate in good faith to modify the applicable Schedule with respect to such additional services, upon terms (including cost and duration) and
subject to conditions upon which the Parties may agree. No Party shall be obligated to perform or cause to be performed any such additional services unless and until the Parties agree in writing as to the cost, duration, specifications and other
terms and conditions under which the applicable Party shall provide (or cause to be provided) such other services; provided, that upon the agreement of the Parties with respect to any such additional services, such additional services shall
thereafter be deemed “Services” within the meaning of this Agreement and the provision of such services will be subject to the terms of this Agreement. 

Section 2.3. Service Standards; Level of Service. The Service Provider (including its affiliates, as applicable) shall provide the
Services to the Recipient at a level of quality, responsiveness and diligence consistent with the levels provided by the Service Provider immediately prior to the closing of the transactions contemplated by the Contribution Agreement, if applicable,
but in any event at a level of quality consistent with that then provided by the Service Provider to its own business (the “Service Standards”). In no event shall Service Provider have an obligation to perform any Service in any
other manner, amount or quality unless expressly so specified in Schedule A or Schedule B, as applicable, with respect to a particular Service. The Service Provider shall promptly notify the Recipient of any event or circumstance of
which the Service Provider has knowledge that causes, or would be reasonably likely to cause, a material disruption in the Services. 

Section 2.4. Disclaimer of Warranties. EXCEPT AS OTHERWISE PROVIDED HEREIN, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL
REPRESENTATIONS OR WARRANTIES, AT LAW OR IN EQUITY, WITH RESPECT TO THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, TITLE,
NON-INFRINGEMENT AND QUIET ENJOYMENT. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY ANY PARTY OR ITS AUTHORIZED REPRESENTATIVES SHALL CREATE A WARRANTY OR IN ANY WAY INCREASE THE SCOPE OF THE OTHER
PARTIES’ OBLIGATIONS UNDER THIS AGREEMENT. 

  
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 Section 2.5. Subcontracting. The Service Provider may, with the written consent
of the Recipient (which shall not be unreasonably withheld, conditioned or delayed), engage one or more parties (including third parties and/or affiliates of such Service Provider) to provide some or all of the applicable Services to be provided by
such Service Provider. In the event the Service Provider so engages any such parties, such Service Provider shall remain responsible for ensuring adherence to the Service Standards in the performance of the applicable Services, compliance by such
parties with the applicable terms of this Agreement and for the indemnification obligations set forth in Article VIII. The Parties hereby agree that the delivery of any written consent pursuant to this Section 2.5 shall not be subject to the
notice requirements set forth in Section 11.2 and any such written consent may be delivered via electronic mail. 
 Section 2.6.
Employee Compensation. Service Provider shall be solely responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of the Service Provider (or its permitted subcontractors pursuant to
Section 2.5) assigned to perform the Services for the Recipient, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees as required by law.
For the avoidance of doubt, the Service Provider’s only compensation in this regard shall be the “Compensation Due” as set forth in the applicable Schedule hereto. 

Section 2.7. Cybersecurity. 

(a) Each Party will maintain or cause to be maintained reasonable cybersecurity measures with respect to any interfaces required between the
Parties in connection with the Services in a manner generally consistent with the historical provision of the Services and with the same standard of care as historically provided. At all times during the Term, neither Party will intentionally or
knowingly introduce, and each will take commercially reasonable measures to prevent the introduction of, into the Parties’ computer systems, databases, or software any viruses or any other contaminants (including, but not limited to, codes,
commands, instructions, devices, techniques, bugs, web bugs, or design flaws) that may be used to access (without authorization), alter, delete, threaten, infect, assault, vandalize, defraud, disrupt, damage, disable, inhibit, or shut down another
Party’s computer systems, databases, software, or other information or property. Neither Party will intentionally or knowingly tamper with, compromise, or attempt to circumvent any physical or electronic security or audit measures employed by
the other in the course of its business operations, and/or intentionally or knowingly compromise the security of the other’s computer systems and/or networks. 

  
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 (b) Each Party shall reasonably cooperate with the other and shall cause their respective
affiliates (if applicable) to reasonably cooperate (i) in notifying the other of any Security Breach affecting a Party and (ii) in any investigation and mitigation efforts relating to such Security Breaches, in the case of clause (ii), in
a commercially reasonable manner, and in both cases subject to applicable Law. As used herein, “Security Breach” means unauthorized access to or disclosure of computerized data that compromises the security, confidentiality or
integrity of any Confidential Information (as defined below) maintained by a Party. 
 Section 2.8. Cooperation. 

(a) Each Party will share information and will cooperate in a commercially reasonable manner to facilitate the provision of Services as
described herein and to make available to the other Party properly authorized personnel for the purpose of consultation and decisions relating to those Services. 

(b) Service Provider shall follow the policies, procedures and practices of the Recipient applicable to the Services that are in effect as of
the Effective Date, as may be modified from time to time in compliance with Section 2.9 hereof. 
 (c) A failure of any Party to act in
accordance with this Section 2.8 that prevents either Service Provider or its permitted third parties, as applicable, from providing a Service hereunder shall relieve such Service Provider of its obligation to provide such Service until such
time as the failure has been cured; provided, that such Recipient has been notified promptly in writing of such failure. 

Section 2.9. Certain Changes. Either Party may change (a) its policies and procedures, (b) any affiliates and/or third
parties that provide any Services (but subject to compliance with Section 2.5 hereof, if applicable) or (c) the location from which any Service is provided at any time with respect to its provision thereof; provided that each Party
shall remain responsible for the performance of the applicable Services in accordance with this Agreement; provided further that such changes may not burden the Service Provider (in respect of cost, required efforts or otherwise) in
respect of its provision of the Services. The Service Provider shall provide the Recipient with prompt written notice of any changes described in the prior sentence. Any such notice shall be provided to the applicable Recipient as soon as reasonably
practicable prior to the effectiveness of such change or, if prior notice of such change is not practicable, as soon as reasonably practicable after the effectiveness of such change. 

ARTICLE III 
 LIMITATIONS

 Section 3.1. General Limitations. 

(a) In no event shall either Party be obligated to procure or maintain (i) the employment of any specific employee or (ii) any
specific equipment or software in its performance or receipt of the Services; provided that each Party shall remain responsible for the performance and receipt of the applicable Services in accordance with this Agreement; provided
further that in respect of equipment and software only, if the other Party agrees to bear all associated costs, expenses and liabilities with the procurement or maintenance of any specific equipment or software, then the first Party agrees
(if directed by the other Party) to so procure or maintain that equipment or software for purposes of performing or receiving the Services hereunder. 

  
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 (b) Neither Party shall be obligated to provide, or cause to be provided, any Service to the
extent that the provision of such Service would require such Party, any of its affiliates or any of their respective officers, directors, managers, members, employees, agents or representatives to violate any applicable Laws. 

Section 3.2. Third Party Consents and Limitations. 

(a) The Service Provider has obtained (or prior to providing the applicable Services, will obtain) any and all third party consents necessary
for provision of its applicable Services during the Term. The costs associated with obtaining any third-party consents shall be borne by the Recipient receiving the applicable Service. 

(b) The Recipient acknowledges and agrees that any Services provided through third parties or using third party Intellectual Property are
subject to the terms and conditions of any applicable agreements between the applicable Service Provider and such third parties, copies of which have been, or will be, as applicable, made available to the applicable Recipient (subject to any
confidentiality restrictions that such third party and/or the Service Provider have imposed thereon). 
 Section 3.3. Force
Majeure. In the event that either Party is wholly or partially prevented from, or delayed in, providing or receiving one or more Services, or one or more Services are interrupted or suspended, by reason of events beyond its reasonable control
(including acts of God, acts, orders, restrictions or interventions of any civil, military or government authority, fire, explosion, accident, floods, earthquakes, embargoes, epidemics, war (declared or undeclared), acts of terrorism, hostilities,
invasions, revolutions, rebellions, insurrections, sabotages, nuclear disaster, labor strikes, civil unrest, riots, power or other utility failures, disruptions or other failures in internet or other telecommunications lines, networks and backbones,
delay in transportation, loss or destruction of property and/or changes in Laws) (each, a “Force Majeure Event”), provided that such Party is taking commercially reasonable steps to minimize the impact and duration of such Force
Majeure Event, such Party shall not be obligated to deliver or receive the affected Services during such period, and the applicable Recipient shall not be obligated to pay for any Services not delivered. 

ARTICLE IV 
 PAYMENT AND
SALES TAXES 
 Section 4.1. Billing and Payment Terms. The Service Provider shall invoice the Recipient for the amounts as
indicated in the “Compensation Due” column (as set forth on the Schedules hereto) on the last day of each month during the Term (as defined below), in arrears, and the applicable Recipient shall remit full payment, in immediately available
funds, within thirty (30) days after receipt of such invoice. 

  
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 Section 4.2. Sales Taxes. All consideration under this Agreement is exclusive of
any sales, transfer, value-added, goods or services tax or similar gross receipts based tax (excluding all other taxes including taxes based upon or calculated by reference to income, receipts or capital) imposed against or on the Services
(“Sales Taxes”). The Recipient shall be responsible for, and shall indemnify and hold the applicable Service Provider harmless from and against, any such Sales Taxes. 

ARTICLE V 

CONFIDENTIALITY 

Section 5.1. Confidentiality. 

(a) Each Party may receive (or otherwise have access to) Confidential Information of the other Parties (both orally and in writing) in
connection with the provision or receipt of the Services. “Confidential Information” means any information (oral and written), whether or not designated or containing any marking such as “Confidential,”
“Proprietary,” or some similar designation, related to any Party and its services, properties, business, assets, liabilities and financial condition relating to the business, finances, technology or operations of such Party or its
affiliates. Such information may include financial, technical, legal, marketing, network, and/or other business information, reports, records, or data (including, but not limited to, computer programs, code, systems, applications, analyses,
passwords, procedures, output, information regarding software, sales data, vendor lists, customer lists, and employee- or customer-related information, personally identifiable information, business strategies, advertising and promotional plans,
creative concepts, specifications, designs, and/or other material). Each Party agrees to treat all Confidential Information provided by the other Parties, or which such Party otherwise has access to, pursuant to this Agreement as proprietary and
confidential to the other Parties, as applicable, and to hold such Confidential Information in confidence subject to the terms hereof. No Party shall (without the prior written consent of the applicable other Party) disclose or permit disclosure of
such Confidential Information to any third party; provided, that any Party may disclose such Confidential Information to any permitted third party subcontractors and its and its affiliates’ current employees, officers, or directors, or
legal or financial representatives, in each case, who have a legitimate need to know such Confidential Information for the purpose of facilitating the provision or receipt of the Services and who have previously agreed in writing (including as a
condition of their employment, contract or agency) to be bound by terms respecting the protection of such Confidential Information which are no less protective as the terms of this Agreement. Each Party agrees to safeguard all Confidential
Information of the other Parties with at least the same degree of care as such Party uses to protect its own Confidential Information, but in no event shall such degree of care be less than a reasonable degree of care. Each Party shall only use the
other Party’s Confidential Information solely for the purpose of fulfilling its obligations under this Agreement and facilitating the provision or receipt of the Services. Such Party shall not, and shall cause permitted recipients of
Confidential Information not to, at any time, collect, use, sell, license, transfer, make available or disclose any other Party’s Confidential Information for its own benefit, the benefit of its affiliates (or agents, subcontractors or
representatives) or for the benefit of others. Each Party will be responsible for any violation of the 

  
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confidentiality provisions of this Section 5.1(a) by any person or entity to whom it has disclosed Confidential Information, its subcontractors and its affiliates’ employees, officers
and directors, and legal or financial representatives. Notwithstanding the foregoing, this Section 5.1(a) shall not apply to any information that a Party can demonstrate (a) was, at the time of disclosure to it, in the public domain
through no fault of such Party, (b) was received after disclosure to it from a third party who had a lawful right to disclose such information to it, or (c) was independently developed by the receiving Party. 

(b) All Confidential Information transmitted or disclosed hereunder will be and remain the property of the Party to which such Confidential
Information applies, and each Party shall promptly (at the applicable Party’s sole election) destroy or return to such Party all copies thereof upon termination or expiration of this Agreement, or upon the written request of such Party;
provided, that no Party shall be required to destroy any Confidential Information that is stored solely as a result of a backup created in the ordinary course of business and is not readily destroyable or that is stored on the computers of
the personnel of such Party and/or its affiliates and subject to deletion in accordance with such Party’s and/or its affiliates’ electronic information management practices (subject to extended retention by such Party’s or its
affiliates’ compliance and legal department personnel in accordance with any applicable existing document retention/destruction policy). Upon the request of the applicable Party, the other Parties shall provide notice of any such applicable
destruction in writing. 
 ARTICLE VI 

INTELLECTUAL PROPERTY 

Section 6.1. Ownership of Intellectual Property. 

(a) Each Party acknowledges and agrees no license or other right, express or implied, is granted hereunder by any Party to its Intellectual
Property by virtue of a Party’s provision or receipt of Services hereunder. 
 (b) As between the Parties, each of the Parties shall
exclusively own all right, title and interest throughout the world in and to all business processes and other Intellectual Property rights created by it in connection with its provision of Services hereunder (“Service Provider Intellectual
Property”), and each Recipient hereby assigns any and all right, title or interest it may have in any such Service Provider Intellectual Property to the applicable Service Provider. The Recipient shall execute any documents and take any
other actions reasonably requested by the Service Provider to effectuate the purposes of the preceding sentence. The Service Provider hereby grants to the Recipient a royalty-free, fully paid-up, non-exclusive and non-transferable (except as expressly permitted herein) license to use the Service Provider Intellectual Property during the Term solely to the extent
necessary for the Recipient to receive the benefit of the Services. 

  
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 ARTICLE VII 

LIMITATION OF LIABILITY 

Section 7.1. Limitation of Liability. In no event shall any Party be liable under or in connection with this Agreement for
consequential, incidental, special, indirect, treble or punitive Losses, Losses based on either the reduced current or future profitability or earnings or Losses based on a multiple of such profitability, earnings or other factor, or reduction
therein, except in the case of Losses paid by the other Party to a third-party claimant. In addition, other than in the case of Losses resulting from fraud or willful misconduct by a Party, the liability of such Party to the other Party hereunder
shall not exceed (a) the aggregate amount paid hereunder during the entire Term pursuant to Article IV hereof plus (b) if the liable Party is the Service Provider, recoveries (if any) by the Service Provider under any insurance
coverage maintained under Section 11.1 hereof. 
 ARTICLE VIII 

INDEMNIFICATION 

Section 8.1. STAR’s Indemnification of Sponsor. Subject to the terms of this Article VIII, STAR agrees from and after the
Effective Date to indemnify, defend and hold harmless the Sponsor from and against any and all Losses arising out of, resulting from or relating to third-party claims arising out of a material breach by STAR of any provision of this Agreement. 

Section 8.2. Sponsor’s Indemnification of STAR. Subject to the terms of this Article VIII, the Sponsor agrees from and after
the Effective Date to indemnify, defend and hold harmless STAR from and against any and all Losses arising out of, resulting from or relating to third-party claims arising out of a material breach by the Sponsor of any provision of this Agreement.

 Section 8.3. Indemnification Procedures. In the event either Party shall have a claim for indemnity against the other Party,
the Parties shall follow the procedures set forth in Section 7.3 of the Contribution Agreement. 
 ARTICLE IX 

TERM AND TERMINATION 

Section 9.1. Term of Agreement. This Agreement shall become effective on the Effective Date and shall continue in operation until
March 31, 2021 (the “Initial Term”), unless (a) terminated as provided in Section 9.2 hereof or (b) the parties mutually agree to extend this Agreement or any Service hereunder for a longer period (if applicable,
a “Renewal Term”; the Initial Term and any Renewal Term are sometimes referred to as the “Term”), as applicable. The Parties acknowledge and agree however that in respect of any particular Service the Service
Provider need only provide such Service until the “Service End Date” as indicated on the applicable Schedule hereto, notwithstanding that the Term of this Agreement may not expire until a later date. For the avoidance of doubt, the Service
Provider need not provide any Services hereunder after the expiration of the Term. 

  
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 Section 9.2. Termination. 

(a) Early Termination. Notwithstanding Section 9.1 hereof, either Party may, on written notice to the other Party, terminate for
convenience its provision or receipt of any or all Services hereunder or this entire Agreement (in which case of a termination of this entire Agreement all Services hereunder shall also co-terminate) on at
least sixty (60) days’ prior written notice to the other Party, and thereafter such terminated Service(s) shall be deemed deleted from Schedule A or Schedule B, as applicable. Any termination notice delivered by a Party shall
identify the specific Service or Services to be terminated, and the effective date of such termination. For any terminated Services which required the software or other services of a third party (i) if the Service Provider paid for such
software or services in advance, such Service Provider may invoice the applicable Recipient any portion of such advance payments allocable on a reasonable basis to the Recipient, and (ii) if, as a result of such termination, the Service
Provider terminates all or part of its agreement with the third party, such Service Provider may invoice the Recipient for any applicable termination fees allocable on a reasonable basis to such Recipient. Neither Party shall enter into any new
agreements with third parties for software or services that include any termination fees that would be charged to a Party without such Party’s prior written consent, which consent shall not be unreasonably withheld. 

(b) Automatic Termination. This Agreement shall automatically terminate at such time as both Parties are no longer providing or
receiving any Services hereunder. 
 (c) Termination for Change of Control. Either Party may terminate this Agreement upon the
occurrence of a “Change of Control Event” by providing the other Party no less than one hundred twenty (120) days prior written notice of its intention to terminate this Agreement. As used herein, a “Change of Control
Event” means (i) the sale of all or substantially all of the assets of either Party, or (ii) a merger, consolidation, recapitalization or reorganization of either Party, unless securities representing more than fifty percent (50%)
of the total voting power after such merger, consolidation, recapitalization or reorganization are beneficially owned, directly or indirectly, by the Persons who beneficially owned the applicable Party’s outstanding voting securities
immediately prior to such transaction. 
 (d) Termination for Default. In the event: (i) any Party shall fail to pay for any or
all Services in accordance with the terms of this Agreement; (ii) of any default by either Party, in any material respect, in the due performance or observance by it of any of the other terms, covenants or agreements contained in this
Agreement; or (iii) any Party shall become or be adjudicated insolvent and/or bankrupt, or a receiver or trustee shall be appointed for any Party or its property or a petition for reorganization or arrangement under any bankruptcy or insolvency
Law shall be approved, or any Party shall file a voluntary petition in bankruptcy or shall consent to the appointment of a receiver or trustee (in each such case, the “Defaulting Party”); then the
non-Defaulting Party shall have the right, at its sole discretion, (A) in the case of a default under clause (iii), to terminate immediately any or all Service(s) and/or this Agreement; and (B) in
the case of a default under clause (i) or (ii), to terminate any or all Service(s) and/or this Agreement if the Defaulting Party has failed to cure the default within ten (10) days after receiving written notice of such default. 

  
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 Section 9.3. Effect of Termination. In the event that this Agreement or a
Service is terminated: 
 (a) Each Party agrees and acknowledges that the obligation of the other Party to provide the terminated Services,
or to cause the terminated Services to be provided, hereunder shall immediately cease. Upon cessation of a Party’s obligation to provide any Service, the Recipient, as applicable, shall stop using, directly or indirectly, such Service. 

(b) Upon request, each Recipient shall return to the applicable Service Provider all tangible personal property and books, records or files
owned by the Service Provider and used in connection with the provision of Services that are in its possession as of the termination date. 

(c) In the event that this Agreement is terminated, the following matters shall survive the termination of this Agreement: (i) the rights
and obligations of each Party under Articles V, VI, VII, VIII, this Section 9.3, Article X and Article XI and (ii) the obligations under Article IV of the Recipient to pay the applicable compensation due for Services furnished prior to the
effective date of termination. 
 ARTICLE X 

DISPUTE RESOLUTION 

Section 10.1. Party Representatives. Each Party will appoint a representative (a “Service Representative”)
responsible for coordinating and managing the delivery and receipt of the Services, as applicable, which Service Representative will have authority to act on such Party’s behalf with respect to matters relating to this Agreement. The initial
Service Representatives are indicated on the Schedules hereto. The Service Representatives will work in good faith to address any issues involving the Parties’ relationship under this Agreement (including, without limitation, any pricing and
other Service-related matters). 
 Section 10.2. Escalation Procedure. The Parties shall attempt to resolve any dispute,
controversy or claim arising out of, in connection with, or relating to this Agreement, whether sounding in contract or tort and whether arising during or after termination of this Agreement (each, a “Dispute”) in accordance with
the following procedures: Upon the written request of any Party, a senior executive officer of STAR or a designee of such person and a senior executive officer of the Sponsor or that person’s designee shall meet and attempt to resolve any
Dispute between them. If such Dispute is not resolved by discussions between such officers or designees within ten (10) days after a Party’s written request was made, then any Party may commence a proceeding relating to such Dispute in
accordance with Section 11.9 hereof. No Party may commence a proceeding with respect to a Dispute unless and until the foregoing procedure has been concluded with respect to the underlying Dispute. 

  
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 ARTICLE XI 

MISCELLANEOUS 

Section 11.1. Insurance. The Service Provider shall maintain, at its sole cost and expense, at all times during the Term and for
twenty-four (24) months following the Term, a professional-liability (errors and omissions) insurance policy with a total coverage amount of no less than $2,000,000 and with other policy coverage consistent with the industry in which the
Service Provider operates. On or prior to the date hereof and from time to time upon the Recipient’s request, the Service Provider shall provide certificates of insurance evidencing such coverage and a copy of the policy if so requested. 

Section 11.2. Notices. 

(a) All notices, requests, claims, demands and other communications under this Agreement shall be in writing (including a writing delivered by
email transmission) and shall be deemed given (i) when delivered, if sent by registered or certified mail (return receipt requested); (ii) when delivered, if delivered personally or sent by email (with proof of transmission); or (iii) on
the Business Day after deposit (with proof of deposit), if sent by overnight mail or overnight courier; in each case, unless otherwise specified or provided in this Agreement, to the Parties at the following addresses (or at such other address or
email for a Party as will be specified by like notice): 
 As to STAR: 

Steadfast Apartment REIT, Inc. 

18100 Von Karman Ave, Suite 200 

Irvine, CA 92612 
 Attention:
Gustav Bahn 
 Email: Gus.Bahn@SteadfastREIT.com 

With a copy to: 

Morrison & Foerster LLP 

3500 Lenox Road, NE, Suite 1500 

Atlanta, GA 30326 
 Attention:
Heath D. Linsky, Esq. 
 Email: hlinsky@mofo.com 

As to the Sponsor: 
 Steadfast
Investment Properties, Inc. 
 18100 Von Karman Avenue, Suite 500 

Irvine, CA 90245 
 Attention: Ana
Marie del Rio 
 Email: AnaMarie.delRio@SteadfastCo.com 

  
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 With a copy to: 

DLA Piper 
 4141 Parklake Avenue,
Suite 300 
 Raleigh, NC 27612-2350 

Attention: Robert Bergdolt, Esq. 

Email: rob.bergdolt@dlapiper.com 

(b) The inability to deliver any notice, demand or request because the Party to whom it is properly addressed in accordance with this
Section 11.2 refused delivery thereof or no longer can be located at that address shall constitute delivery thereof to such Party. 

(c) Each Party shall have the right from time to time to designate by written notice to the other Parties hereto such other person or persons
and such other place or places as said Party may desire written notices to be delivered or sent in accordance herewith. Notices and consents signed and given by an attorney for a Party shall be effective and binding upon that Party. 

Section 11.3. Amendment. Except as set forth in Sections 2.2 and 9.2(a) hereof, no provision of this Agreement or of any documents
or instrument entered into, given or made pursuant to this Agreement may be amended, changed, waived, discharged or terminated except by an instrument in writing, signed by the Party against whom enforcement of the amendment, change, waiver,
discharge or termination is sought. 
 Section 11.4. Entire Agreement. This Agreement (and all schedules hereto) constitutes and
contains the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes all prior negotiations, correspondence, understandings, agreements and contracts, whether written or oral, among the Parties
respecting the subject matter hereof. No representation, promise, inducement or statement of intention has been made by any of the Parties which is not embodied in this Agreement, or in the attached schedules or the written certificates or
instruments of assignment or conveyance delivered pursuant to this Agreement, and none of the Parties shall be bound by or liable for any alleged representations, promise, inducement or statement of intention not therein so set forth. 

Section 11.5. No Waiver. No failure of any Party to exercise any power given such Party hereunder or to insist upon strict
compliance by the other Parties with their obligations hereunder shall constitute a waiver of any Party’s right to demand strict compliance with the terms of this Agreement. 

Section 11.6. Counterparts. This Agreement, any document or instrument entered into, given or made pursuant to this Agreement or
authorized hereby, and any amendment or supplement thereto may be executed in two or more counterparts, and, when so executed, will have the same force and effect as though all signatures appeared on a single document. Any signature page of this
Agreement or of such an amendment, supplement, document or instrument may be detached from any counterpart without impairing the legal effect of any signatures thereon, and may be attached to another counterpart identical in form thereto but having
attached to it one or more additional signature pages. Any counterpart transmitted via email in format in portable document format (.pdf) shall be treated as originals for all purposes as to the parties so transmitting. 

  
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 Section 11.7. Payments. Except as otherwise provided herein, payment of all
amounts required by the terms of this Agreement shall be made in the United States of America and in immediately available funds of the United States of America which, at the time of payment, is accepted for the payment of all public and private
obligations and debts. 
 Section 11.8. Successors and Assigns. This Agreement shall be binding upon and insure to the benefit
of the successors and permitted assigns of the respective Parties hereto. Subject to following proviso, no assignment of this Agreement, in whole or in part, shall be made without the prior written consent of the
non-assigning Party (and shall not relieve the assigning Party from liability hereunder) and any purposed assignment of this Agreement in contravention of the foregoing shall be null and void ab initio;
provided, however, that notwithstanding the foregoing, STAR may assign all or any portion of its rights and obligations under this Agreement to its wholly owned subsidiary STAR REIT Services, LLC upon prior written notice to the
Sponsor, it being understood that STAR will remain liable for all of its obligations hereunder notwithstanding such assignment. 

Section 11.9. Applicable Law; Venue. 

(a) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of California without giving effect
to the conflict of law rules and principles of that state. To the fullest extent permitted by Law, the Parties hereby unconditionally and irrevocably waive and release any claim that the Law of any other jurisdiction governs this Agreement. 

(b) To the maximum extent permitted by applicable Law, any legal suit, action or proceeding (whether in tort, contract or otherwise) against
any of the Parties hereto arising out of or relating to this Agreement shall be instituted in any federal or state court in Orange County, California, and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of any such court
in any such suit, action or proceeding. Each of the Parties hereby agrees to venue in such courts and hereby waives, to the fullest extent permitted by Law, any claim that any such action or proceeding was brought in an inconvenient forum. 

(c) EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ITS RIGHT TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION, PROCEEDING OR CLAIM (WHETHER IN
TORT, CONTRACT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 Section 11.10. Construction of Agreement. The
language in all parts of this Agreement shall be in all cases construed simply according to its fair meaning and not strictly for or against any of the Parties hereto. Headings at the beginning of sections of this Agreement are solely for the
convenience of the Parties and are not a part of this Agreement. When required by the context, whenever the singular number is used in this Agreement, the same shall include the plural, and the plural shall include the singular, the masculine gender
shall include the feminine and neuter genders, and vice versa. 

  
 13 

 Section 11.11. Severability. If any term or provision of this Agreement is
determined to be illegal, unconscionable or unenforceable, all of the other terms, provisions and sections hereof will nevertheless remain effective and be in force to the fullest extent permitted by Law. 

Section 11.12. Further Assurances. Each of the Parties agrees to execute such instruments and take such further actions after the
Effective Date as may be reasonably necessary to carry out the provisions of this Agreement provided that no material additional cost or liability shall be created thereby. 

Section 11.13. No Third-Party Beneficiary. It is specifically understood and agreed that no person shall be a third-party
beneficiary under this Agreement, and that none of the provisions of this Agreement shall be for the benefit of or be enforceable by anyone other than the Parties hereto and their assignees, and that only the Parties hereto and their permitted
assignees shall have rights hereunder. 
 Section 11.14. Binding Agreement. Subject to the foregoing limitations, this Agreement
shall extend to, and shall bind, the respective permitted successors and assigns of each Party. 
 [Remainder of page intentionally left
blank] 

  
 14 

 IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be duly executed on its
behalf as of the Effective Date. 
  

			
	STEADFAST APARTMENT REIT, INC.
		
	By:	 	 /s/ Ella S. Neyland

	Name: Ella S. Neyland
	Title: Chief Financial Officer
	
	STEADFAST INVESTMENT PROPERTIES, INC.
		
	By:	 	 /s/ Dinesh K. Davar

	Name: Dinesh K. Davar
	Title: Manager

  

  
 [Signature Page to
Transition Services Agreement]EX-10.5

 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 
 THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 31, 2020, is made by and among Steadfast Apartment REIT, Inc., a Maryland corporation (“STAR”), Steadfast Apartment REIT
Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership” ), and Steadfast REIT Investments, LLC, a Delaware limited liability company (the “Contributor”). 

RECITALS 
 WHEREAS, STAR, the
Operating Partnership, and the Contributor have entered into a Contribution Agreement dated as of the date hereof (the “Contribution Agreement”), pursuant to which the Contributor is contributing an entity holding assets used in the
management and operation of STAR and its properties to the Operating Partnership in exchange for the consideration described therein, including units of Class B limited partnership interests (the “OP Units”) in the Operating
Partnership; 
 WHEREAS, upon the terms and subject to the conditions contained in the Operating Partnership Agreement, as defined below, the OP
Units will be redeemable for shares of common stock of STAR, par value $0.01 per share (the “Common Stock”); provided, however, pursuant to the terms of the Contribution Agreement (the
“Lock-Up”), such OP Units may not be transferred by the Contributor for the Common Stock until August 31, 2022 (the “Lock-Up Expiration
Date”); 
 WHEREAS, as a condition to the consummation of the transactions contemplated by the Contribution Agreement, the Contributor
agreed to the Lock-Up and STAR agreed to grant the registration rights set forth herein, after the Lock-Up Expiration Date; and 

WHEREAS, the parties hereto desire to enter into this Agreement to evidence the foregoing agreement of STAR and the mutual covenants of the parties
relating thereto. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1. Definitions. 
 In this Agreement,
the following terms have the following respective meanings: 
 “Affiliate” means, with respect to any Person, any other Person that
directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. The term “control” (including the terms “controlling,” “controlled by” and
“under common control with”) means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or restated from time to time. 

“Board” means the board of directors of STAR. 

“Business Day” means any day other than a Saturday, Sunday or any day on which banks located in the State of New York are authorized or
required to be closed for the conduct of regular banking business. 
 “Common Stock” has the meaning ascribed to it in the recitals hereof.

 “Contribution Agreement” has the meaning ascribed to it in the recitals hereof. 

 “Demand Date” means the fifth (5th)
anniversary of this Agreement. 
 “Demand Registration” has the meaning ascribed to it in Section 2(a). 

“End of Suspension Notice” has the meaning ascribed to it in Section 4(c). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Holder” means each Person holding Registrable Shares, including (i) the undersigned and (ii) each Person holding Registrable
Shares as a result of a transfer, distribution or assignment to that Person of Registrable Shares (other than pursuant to an effective Resale Registration Statement or Rule 144), provided, if applicable, such transfer, distribution or assignment is
made in accordance with Section 10 of this Agreement. For the avoidance of doubt, the term “Holder” shall include any Person holding OP Units that are or have been issued pursuant to the Contribution Agreement
even if such Person has not exchanged such OP Units for Common Stock. 
 “Indemnified Party” has the meaning ascribed to it in
Section 8(a). 
 “Indemnifying Party” has the meaning ascribed to it in Section 8(c).

 “Initiating Holders” has the meaning ascribed to it in Section 2(a). 

“Lock-Up” has the meaning ascribed to it in the recitals hereof. 

“Lock-Up Expiration Date” has the meaning ascribed to it in the recitals hereof. 

“Losses” has the meaning ascribed to it in Section 8(a). 

“Maximum Number of Shares” has the meaning ascribed to it in Section 2(b). 

“NYSE” means the New York Stock Exchange. 

“Operating Partnership Agreement” means that certain Third Amended and Restated Limited Partnership Agreement of the Operating Partnership
entered into concurrently herewith, as may be amended. 
 “OP Units” has the meaning ascribed to it in the recitals hereof. 

“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company, proprietorship, joint
venture, other business organization, trust, union, association or any federal, state, municipal or local government, any instrumentality, subdivision, court, administrative or regulatory agency or commission or other authority thereof, or any
quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority. 
 “Piggyback
Registration” has the meaning ascribed to it in Section 3(a). 
 “Prospectus” means the prospectus
included in any Resale Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Shares covered by such Resale Registration Statement and all other amendments and supplements to such prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. “Prospectus” shall also include any “issuer free writing prospectus,” as defined in
Rule 433 under the Securities Act, relating to the Registrable Shares. 

  
 2 

 “Registrable Shares” means, with respect to any Holder, the shares of Common Stock into
which the OP Units issued pursuant to the Contribution Agreement are then exchanged and any additional Common Stock issued as a dividend, distribution or exchange for, or in respect of such shares; provided that shares of Common Stock shall cease to
be Registrable Shares with respect to any Holder at the time such shares have been (a) sold pursuant to a Resale Registration Statement or sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions
then in force) are met, or (b) sold to STAR or any of its subsidiaries. 
 “Registration Expenses” means any and all expenses incident
to the performance of or compliance with this Agreement, including (i) all fees of the SEC, the NYSE or such other exchange on which the Registrable Shares are listed from time to time, and FINRA, (ii) all fees and expenses incurred in
connection with compliance with federal or state securities or blue sky laws (including any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and
the preparation of a blue sky memorandum and compliance with the rules of FINRA and NYSE or other applicable exchange), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, duplicating, printing, delivering and
distributing any Resale Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement,
(iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on the NYSE or other applicable exchange pursuant to Section 5(j), (v) the fees and disbursements of
counsel for STAR and of the independent public accountants of STAR (including the expenses of any special audit, agreed upon procedures and “cold comfort” letters required by or incident to such performance), and (vi) any fees and
disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by STAR in connection with any Resale Registration Statement); provided, however, that Registration Expenses will exclude
brokers’ or underwriters’ discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to the Holders other than as provided for
in clause (ii) above. 
 “Renewal Deadline” has the meaning ascribed to it in Section 2(f). 

“Resale Registration Statement” means any one or more registration statements of STAR filed under the Securities Act, whether pursuant to a
Demand Registration, Piggyback Registration or otherwise, covering the resale of any of the Registrable Shares pursuant to the provisions of this Agreement, and all amendments and supplements to any such registration statements, including
post-effective amendments and new registration statements, in each case including the prospectus contained therein, all exhibits thereto and all materials and documents incorporated by reference therein. 

“Rule 144” means Rule 144 under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Selling Expenses” means, if any, all underwriting or broker fees, discounts and selling commissions or similar fees or arrangements, fees of
counsel to the selling Holder(s) (other than as specifically provided in the definition of “Registration Expenses” above) and transfer taxes allocable to the sale of the Registrable Shares included in the applicable offering. 

“STAR” has the meaning set forth to it in the preamble hereof and includes STAR’s successors by merger, acquisition, reorganization or
otherwise. 
 “Suspension Event” has the meaning ascribed to it in Section 4(c). 

“Suspension Notice” has the meaning ascribed to it in Section 4(c). 

“Withdrawn Demand Registration” has the meaning ascribed to it in Section 2(f). 

  
 3 

 “Withdrawn Request” has the meaning ascribed to it in
Section 2(f). 
 Section 2. Demand Registration Rights. 

(a) Subject to the provisions hereof, commencing on and after the Demand Date, and if the Common Stock is not then listed on the NYSE or another national
securities exchange, the Holders of at least 50% of the Registrable Shares (the “Initiating Holders”), may request registration for resale under the Securities Act of all or part of the Registrable Shares (a “Demand
Registration”) of such Initiating Holders by giving written notice thereof to STAR, which request will specify the number of Registrable Shares to be offered by such Initiating Holders, whether the intended manner of sale will include or
involve an underwritten offering and whether such Resale Registration Statement will be a “shelf” Resale Registration Statement under Rule 415 promulgated under the Securities Act. Notwithstanding the foregoing, the Initiating Holders may
provide notice of its intent to request a Demand Registration up to 60 days prior to the Demand Date; provided, however, that no such registration shall become effective until after the Demand Date. Within five Business Days after receipt of such
request, STAR will give written notice of such Demand Registration request to all other Holders and include in such registration all such Registrable Shares with respect to which STAR has received written requests for inclusion therein within 10
Business Days after the mailing of STAR’s notice to the applicable Holder. Each such request will also specify the number of Registrable Shares to be registered and the intended method of disposition thereof (which may include an underwritten
offering). Subject to the provisions of Section 2(f) below, STAR shall not be obligated to effect more than one Demand Registration in total, except that, in the case of an underwritten offering, a registration shall not
count as the one permitted Demand Registration if, as a result of an exercise of the underwriters’ cutback provision in Section 2(b), fewer that than 50% of the total number of Registrable Shares requested to be
included by the Holders in such Demand Registration are actually included; provided, however, that, subject to Section 2(f) below, the Holders of Registrable Shares included in any subsequent permitted
Demand Registration shall reimburse STAR for its reasonable out-of-pocket Registration Expenses relating to the preparation and filing of such subsequent permitted
Demand Registration (to the extent actually incurred). Subject to Sections 2(c) and 2(e) below and the last sentence of this Section 2(a), STAR will use commercially reasonable efforts (i) to file a
Resale Registration Statement (which will be a “shelf” Resale Registration Statement under Rule 415 promulgated under the Securities Act if requested pursuant to the Holder’s request pursuant to the first sentence of this
Section 2(a)) registering for resale such number of Registrable Shares as requested to be so registered within 30 days after such Holder’s request therefor in the case of a registration on Form S-3 (and 60 days in the case of a registration on Form S-11 or such other appropriate form), and (ii) to cause such Resale Registration Statement to be declared effective
by the SEC as soon as reasonably practicable thereafter. Notwithstanding the foregoing, STAR will not be required to effect a registration pursuant to this Section 2(a) with respect to securities that are not Registrable
Shares. If permitted under the Securities Act, such Resale Registration Statement will be one that is automatically effective upon filing. Notwithstanding anything to the contrary contained in this Section 2(a), if at the
time STAR receives a request for a Demand Registration, STAR has an effective shelf registration statement, STAR may include all or part of the Registrable Shares covered by such request in such registration statement, including by virtue of
including the Registrable Shares in a prospectus supplement to such shelf registration statement and filing such prospectus supplement pursuant to Rule 424(b)(7) under the Securities Act (in which event, STAR shall be deemed to have satisfied its
registration obligation under this Section 2(a) with respect to such Demand Registration request and such shelf registration statement shall be deemed to be a Resale Registration Statement for purposes of this Agreement).

 (b) If such Demand Registration is in respect of an underwritten offering and the managing underwriters of the requested Demand Registration advise STAR
and the Holders that in the reasonable opinion of the managing underwriters the number of shares of Common Stock proposed to be included in the Demand Registration exceeds the number of shares of Common Stock that can be sold in such underwritten
offering without materially delaying or jeopardizing the success of the offering (including the offering price per share) (such maximum number of shares, the “Maximum Number of Shares”), STAR will include in such Demand Registration
only such number of shares of Common Stock that, in the reasonable opinion of the managing underwriters, can be sold without materially delaying or jeopardizing the success of the offering (including the offering price per share), provided that STAR
will include in such registration, unless otherwise agreed by STAR and the Holders, (i) first, the number of Registrable Shares requested to be included therein by the Holders, pro rata among the Holders on the basis of the number of
Registrable Shares requested to be included by each such Holder, and (ii) second, (and only to the extent the number of such Registrable Shares to be sold by the Holders is less than the Maximum Number of Shares), the shares of Common Stock
requested to be included in such registration by other holders pro rata among the other holders on the basis of the number of shares of Common Stock requested to be included by each such holder. 

  
 4 

 (c) If any of the Registrable Shares covered by a Demand Registration are to be sold in an underwritten
offering, STAR shall have the right to (i) select the book-running managing underwriter and any additional underwriters (and their roles) in the offering, and (ii) determine the structure of the offering and negotiate the terms of any
underwriting agreement as they relate to the Holders, including the number of shares to be sold (if not all shares offered can be sold at the highest price offered by the underwriters), the offering price and underwriting discount; provided that the
identity of the managing underwriter and any additional underwriters and such structure and terms are reasonably acceptable to the Holders. 
 (d)
Notwithstanding the foregoing, if the Board determines in its good faith judgment that the filing of a Demand Registration would (i) be materially detrimental to STAR in that such registration would interfere with a material corporate
transaction, or (ii) require the disclosure of material non-public information concerning STAR that at the time is not, in the good faith judgment of the Board, in the best interest of STAR to disclose
and is not, in the opinion of STAR’s counsel, otherwise required to be disclosed, then (x) STAR will have the right to defer such filing for a period of not more than 60 days after receipt of any demand by any Holder, and (y) STAR
will not exercise its right to defer a Demand Registration more than once in any 12-month period. STAR will give written notice of its determination to the Holders to defer the filing and of the fact the
purpose for such deferral no longer exists, in each case, promptly after the occurrence thereof. If STAR shall postpone the filing of a Demand Registration, the Initiating Holders who were to participate therein shall have the right to withdraw the
request for registration. Such withdrawn registration request shall not be treated as a Demand Registration effected pursuant to this Section 2 (and shall not be counted as the one permitted Demand Registration), and STAR
shall pay all Registration Expenses in connection therewith. 
 (e) Upon the effectiveness of any Demand Registration, STAR will use commercially reasonable
efforts to keep the Resale Registration Statement continuously effective until such time as all of the Registrable Shares covered by such Demand Registration have been sold pursuant to such Demand Registration. 

(f) A registration shall not count as the one permitted Demand Registration until it has become effective. A request for a Demand Registration may be withdrawn
prior to the filing of the Demand Registration by the Initiating Holders holding at least 50% of the Registrable Shares held by the Initiating Holders for which registration was requested in the Demand Registration (a “Withdrawn
Request”) and a Demand Registration may be withdrawn prior to the effectiveness thereof by the Holders holding at least 50% of the Registrable Shares for which registration was requested in the Demand Registration (a “Withdrawn
Demand Registration”), and such withdrawals shall be treated as the one permitted Demand Registration which shall have been effected pursuant to this Section 2, unless the Holders of Registrable Shares to be
included in such Demand Registration reimburse STAR for its reasonable out-of-pocket Registration Expenses relating to the preparation and filing of such Demand
Registration (to the extent actually incurred); provided, however, that if a Withdrawn Request or Withdrawn Demand Registration is made (x) because of a material adverse change in the business, financial condition or prospects of
STAR, or (y) because the managing underwriters advise that the amount of Registrable Shares to be sold in such offering be reduced pursuant to Section 2(b) by more than 50% of the Registrable Shares to be
included in such Demand Registration, or (z) because of a postponement of such registration pursuant to Section 2(d), then such withdrawal shall not be treated as the one permitted Demand Registration effected pursuant
to this Section 2, and STAR shall pay all Registration Expenses in connection therewith. 
 (g) The registration rights granted
pursuant to the provisions of this Section 2 shall be in addition to the registration rights granted pursuant to the provisions of Section 3 hereof. 

Section 3. Piggyback Registration. 
 (a) If at any
time STAR has registered, or has determined to register, any of its securities for its own account or for the account of other security holders of STAR on any registration form (other than Form S-4 or S-8) that permits the inclusion of the Registrable Shares (a “Piggyback Registration”), STAR will give the Holders written notice thereof promptly (but in no event less than 20 days prior to the
anticipated filing date) and, subject to Section 3(b), will include in such registration all Registrable Shares requested to be included therein pursuant to the written request of any Holder. Notwithstanding the foregoing,
STAR will not be required to include any Registrable Shares in any registration under this Section 3(a) prior to the Lock-Up Expiration Date. 

  
 5 

 (b) If a Piggyback Registration is initiated as a primary underwritten offering on behalf of STAR, and the
managing underwriters advise STAR that, in the reasonable opinion of the managing underwriters, the number of shares of Common Stock proposed to be included in such registration exceeds the Maximum Number of Shares, STAR will include in such
registration, unless otherwise agreed by STAR and the Holders, (i) first, the number of shares of Common Stock that STAR proposes to sell, and (ii) second, (to the extent the number of shares of Common Stock to be sold by STAR is less that
the Maximum Number of Shares), the number of Registrable Shares requested to be included in such registration by the Holders and the number of shares of Common Stock requested to be included in such registration by other holders, pro rata among the
Holders and other holders on the basis of the number of Registrable Shares and other shares of Common Stock requested to be included by each such Holder and other holder, respectively. 

(c) If a Piggyback Registration is initiated as an underwritten registration on behalf of a holder of shares of Common Stock other than under this Agreement,
and the managing underwriters advise STAR that, in the reasonable opinion of the managing underwriters, the number of shares of Common Stock proposed to be included in such registration exceeds the Maximum Number of Shares, then STAR will include in
such registration, unless otherwise agreed by STAR and the holders (including the Holders, if any), (i) first the number of shares of Common Stock requested to be included therein by the holder(s) requesting such registration, and (ii) second,
(to the extent the number of such shares of Common Stock to be sold by such other holders is less that the Maximum Number of Shares), the number of Registrable Shares requested to be included in such registration by the Holders and the number of
shares of Common Stock requested to be included in such registration by other holders, pro rata among the Holders and other holders on the basis of the number of Registrable Shares and other shares of Common Stock requested to be included by each
such Holder and other holder, respectively. 
 (d) If any Piggyback Registration is a primary or secondary underwritten offering, STAR will have the right to
select, in its sole discretion, the managing underwriter or underwriters to administer any such offering. 
 (e) STAR will not grant to any Person the right
to request STAR to register any Common Stock in a Piggyback Registration unless such rights are consistent with the provisions of this Section 3. 

(f) Nothing in this Section 3 shall create any liability on the part of STAR to the Holders if STAR in its sole discretion decides
not to file a registration statement previously proposed to be filed as described in Section 3(a) on which the Holders’ Piggyback Registration request was based or to withdraw such registration statement subsequent to
its filing. 
 Section 4. Suspension. 
 (a) Subject
to the provisions of this Section 4 and a good faith determination by STAR that it is in the best interests of STAR to suspend the use of any Resale Registration Statement following the effectiveness of such Resale
Registration Statement (and the filings with any U.S. federal or state securities commission), STAR, by written notice to the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to such Resale Registration Statement
for such times as STAR reasonably may determine is necessary and advisable (but in no event for more than 30 days in any 90-day period or 90 days in any 365-day period),
if any of the following events will occur: (i) an underwritten public offering of Common Stock by STAR if STAR is advised by the underwriters that the concurrent resale of the Registrable Shares by the Holders pursuant to the Resale
Registration Statement would have a material adverse effect on STAR’s offering, (ii) there is material non-public information regarding STAR that (A) STAR determines not to be in STAR’s
best interest to disclose, (B) would, in the good faith determination of STAR, require a revision to the Resale Registration Statement so that it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (C) STAR is not otherwise required to disclose, or (iii) there is a significant bona
fide business opportunity (including the acquisition or disposition of assets (other than in the ordinary course of business), including any significant merger, consolidation, tender offer or other similar transaction) available to STAR that STAR
determines not to be in STAR’s best interests to disclose. 

  
 6 

 (b) Upon the earlier to occur of (i) STAR delivering to the Holders an End of Suspension Notice (as
defined below), or (ii) the end of the maximum permissible suspension period, STAR will use commercially reasonable efforts to promptly amend or supplement the Resale Registration Statement so as to permit the Holders to resume sales of the
Registrable Shares as soon as possible. 
 (c) In the case of an event that causes STAR to suspend the use of a Resale Registration Statement (a
“Suspension Event”), STAR will give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Shares, and such notice will state that such suspension will continue only for so long as
the Suspension Event or its effect is continuing and STAR is taking all reasonable steps to terminate suspension of the effectiveness of the Resale Registration Statement as promptly as possible. The Holders will not affect any sales of the
Registrable Shares pursuant to such Resale Registration Statement (or such filings) at any time after it has received a Suspension Notice from STAR prior to receipt of an End of Suspension Notice. If so directed by STAR, the Holders will deliver to
STAR (at the reasonable expense of STAR) all copies other than permanent file copies then in the Holders’ possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. Any Holder may recommence
effecting sales of the Registrable Shares pursuant to the Resale Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”) from STAR, which End of Suspension Notice will be
given by STAR to the Holders in the manner described above promptly following the conclusion of any Suspension Event and its effect. 

Section 5. Registration Procedures. In connection with the obligations of STAR with respect to any registration pursuant to
this Agreement, STAR will: 
 (a) use commercially reasonable efforts to prepare and file with the SEC, as specified in this Agreement, each Resale
Registration Statement, which will comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith, and use commercially reasonable efforts to
cause such filed Resale Registration Statement to become and remain effective as set forth in Section 2; 
 (b) subject to
Section 4, (i) prepare and file with the SEC such amendments and post-effective amendments to each such Resale Registration Statement as may be necessary to keep such Resale Registration Statement effective for the period
described in Section 2 hereof, (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may
be adopted under the Securities Act, and (iii) comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by each Resale Registration Statement during the applicable
period in accordance with the intended method or methods of distribution specified by the Holders; 
 (c) furnish to the Holders, without charge, such number
of copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as any such Holder may reasonably request, in order to facilitate the public sale or other disposition of the
Registrable Shares; STAR hereby consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d) use commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by the time
the applicable Resale Registration Statement is declared effective by the SEC under all applicable state securities or “blue sky” laws of such domestic jurisdiction as any Holder may reasonably request in writing, keep each such
registration or qualification or exemption effective during the period such Resale Registration Statement is required to be kept effective pursuant to Section 2 and do any and all other acts and things that may be
reasonably necessary or advisable to enable the Holders to consummate the disposition in each such jurisdiction of such Registrable Shares owned by the Holders; 

(e) promptly notify the Holders and, if requested, confirm such advice in writing (i) when such Resale Registration Statement has become effective and
when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the SEC or any state securities authority of any stop order suspending the 

  
 7 

 
effectiveness of such Resale Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the SEC or any other federal or state governmental
authority for amendments or supplements to such Resale Registration Statement or related Prospectus or for additional information, and (iv) of the happening of any event during the period such Resale Registration Statement is effective as a
result of which such Resale Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading (which information will be accompanied by an instruction to suspend the use of the Resale Registration Statement and the Prospectus until the requisite changes have been made); 

(f) during the period of time referred to in Section 2, use its best efforts to avoid the issuance of, or if issued, to obtain the
withdrawal of, any order enjoining or suspending the use or effectiveness of a Resale Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as promptly
as practicable; 
 (g) upon request, furnish to the Holders, without charge, at least one conformed copy of such Resale Registration Statement and any
post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 
 (h) except as
provided in Section 4, upon the occurrence of any event contemplated by Section 5(e)(iii) or (iv), use commercially reasonable efforts to promptly prepare a supplement or post-effective amendment
to a Resale Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, upon request,
promptly furnish to the Holders a reasonable number of copies of each such supplement or post-effective amendment; 
 (i) enter into customary agreements and
take all other action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Resale Registration Statement; 

(j) use commercially reasonable efforts (including seeking to cure STAR’s listing or inclusion application of any deficiencies cited by the exchange or
market) to list or include all Registrable Shares on any securities exchange on which similar securities issued by STAR are then listed and, if not so listed, to be listed on a securities exchange, and enter into such customary agreements including
a supplemental listing application and indemnification agreement in customary form; 
 (k) prepare and file in a timely manner all documents and reports
required by the Exchange Act and, to the extent STAR’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Resale Registration Statement as
required by Section 2 hereof, STAR will register the Registrable Shares under the Exchange Act and maintain such registration through the effectiveness period required by Section 2; 

(l) (i) otherwise use commercially reasonable efforts to comply in all material respects with all applicable rules and regulations of the SEC,
(ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements (which need not be audited) covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder, and (iii) delay filing any Resale Registration Statement or Prospectus or amendment or supplement to such Resale Registration Statement or Prospectus to which the Holders will have reasonably objected on the grounds that such
Resale Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, the Holders having been furnished with a copy thereof at least three Business Days prior to
the filing thereof; provided, however, that STAR may file such Resale Registration Statement or Prospectus or amendment or supplement following such time as STAR will have made a good faith effort to resolve any such issue with the Holders and will
have advised the Holders in writing of its reasonable belief that such filing complies in all material respects with the requirements of the Securities Act; 

  
 8 

 (m) cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Resale
Registration Statement from and after a date not later than the effective date of such Resale Registration Statement; 
 (n) in connection with any sale or
transfer of the Registrable Shares (whether or not pursuant to a Resale Registration Statement) that will result in the securities being delivered no longer constituting Registrable Shares, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates will not bear any transfer restrictive legends arising under federal or state securities laws, and to enable such Registrable Shares to be in
such denominations and registered in such names as the Holders may request at least three Business Days prior to any sale of the Registrable Shares; 
 (o)
in connection with a public offering of Registrable Shares, whether or not such offering is an underwritten offering, use commercially reasonable efforts to obtain a “comfort” letter from the independent public accountant for STAR and any
acquisition target of STAR whose financial statements are required to be included or incorporated by reference in any Resale Registration Statement, in form and substance customarily given by independent certified public accountants in an
underwritten public offering, addressed to the underwriters, if any, and to the Holders; 
 (p) execute and deliver all instruments and documents (including
an underwriting agreement or placement agent agreement, as applicable in customary form) and take such other actions and obtain such certificates and opinions as sellers of the Registrable Shares being sold reasonably request in order to effect a
public offering of such Registrable Shares and in such connection, whether or not an underwriting agreement is entered into and whether or not the offering is an underwritten offering, (i) make such representations and warranties to the Holders
and the underwriters, if any, with respect to the business of STAR and its subsidiaries, and the Resale Registration Statement and documents, if any, incorporated by reference therein, in each case, in form, substance and scope as are customarily
made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when requested, and (ii) use commercially reasonable efforts to furnish to the Holders and the underwriters of such Registrable Shares opinions and
negative assurance letters of counsel to STAR and updates thereof (which counsel and opinions (in form, scope and substance) will be reasonably satisfactory to the managing underwriters, if any, and counsels to the Holders), covering the matters
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and any such underwriters; and 

(q) upon reasonable request of any Holder, STAR will file an amendment to any applicable Resale Registration Statement (or Prospectus supplement, as
applicable), to update the information provided by such Holder in connection with such Holder’s disposition of Registrable Shares. 

Section 6. Required Information. 
 (a) STAR may
require a Holder to furnish in writing to STAR such information regarding such Holder and the proposed distribution of Registrable Shares by such Holder as STAR may from time to time reasonably request in writing or as will be required to effect
registration of the Registrable Shares. Each Holder further agrees to furnish promptly to STAR in writing all information required from time to time to make the information previously furnished by such Holder not misleading. 

(b) Each Holder agrees that, upon receipt of any notice from STAR of the happening of any event of the kind described in Sections 5(e)(ii), 5(e)(iii)
or 5(e)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Resale Registration Statement until (i) any such stop order is vacated, or (ii) if an event described in Sections
5(e)(iii) or 5(e)(iv) occurs, such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by STAR, each Holder will deliver to STAR (at the reasonable expense of STAR) all copies, other than
permanent file copies then in such Holder’s possession, in its possession of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 

Section 7. Registration Expenses. STAR will pay all Registration Expenses in connection with the registration of the
Registrable Shares pursuant to this Agreement and any other actions that may be taken in connection with the registration contemplated herein. Other than the Registration Expenses, each Holder will bear all Selling Expenses incurred by such Holder
and any other expense incurred by such Holder relating to a registration of Registrable Shares pursuant to this Agreement and any other Selling Expenses incurred by such Holder relating to the sale or disposition of such Holder’s Registrable
Shares pursuant to any Resale Registration Statement. 

  
 9 

 Section 8. Indemnification. 

(a) STAR will indemnify and hold harmless each Holder, each Person who controls each Holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act), and the officers, directors, members, managers, stockholders, partners, limited partners, agents and employees of each of them (each an “Indemnified Party”), to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages, liabilities, costs (including reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (i) any
untrue or alleged untrue statement of a material fact contained in the Resale Registration Statement or any Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus, or arising out of or relating to any omission or
alleged omission of a material fact required to be stated therein, or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or
(ii) any violation or alleged violation by STAR of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement; in each case
except to the extent such untrue statement or omission is based upon (A) information regarding such Holder furnished in writing to STAR by or on behalf of such Holder expressly for use therein, or (B) information regarding such
Holder’s proposed method of distribution of the Registrable Shares and was approved by or on behalf of Holder expressly for use in therein. STAR also agrees to indemnify any underwriters of the Registrable Shares, their officers and directors
and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Holders provided in
this Section 8(a). 
 (b) Each Holder will, jointly and severally, indemnify and hold harmless STAR, and the directors of
STAR, each officer of STAR who will sign a Resale Registration Statement, and each Person who controls any of the foregoing Persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) against any
Losses, as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in a Resale Registration Statement or any Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under
which they were made) not misleading, but only to the extent that such untrue statement or omission is based upon (i) information regarding such Holder furnished in writing to STAR by or on behalf of such Holder expressly for use therein, or
(ii) information regarding such Holder’s proposed method of distribution of the Registrable Shares and was approved by or on behalf of Holder expressly for use therein. Each Holder also agrees to indemnify and hold harmless underwriters of
the Registrable Shares, their officers and directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the
indemnification of STAR provided in this Section 8(b). 
 (c) Each Indemnified Party under this
Section 8 will give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, but the omission to so notify the Indemnifying Party will not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this Section 8 except to the extent of the actual
damages suffered by such delay in notification. The Indemnifying Party will assume the defense of such action, including the employment of counsel to be chosen by the Indemnifying Party to be reasonably satisfactory to the Indemnified Party, and
payment of expenses. The Indemnified Party will have the right to employ its own counsel in any such case, but the legal fees and expenses of such counsel will be at the expense of the Indemnified Party, unless (i) the employment of such
counsel will have been authorized in writing by the Indemnifying Party in connection with the defense of such action, (ii) the Indemnifying Party will not have employed counsel to take charge of the defense of such action or (iii) the
Indemnified Party will have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Indemnifying Party (in which case the Indemnifying Party will not have the right to
direct the defense of such action on behalf of the Indemnified Party), in any of which events such fees and expenses will be borne by the Indemnifying Party. No Indemnifying Party, in the defense of any such claim or litigation, will, except with
the consent of each Indemnified Party, consent to the entry of any judgment or enter into any settlement unless such judgment or settlement (i) includes an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such claim or litigation, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

  
 10 

 (d) If the indemnification provided for in this Section 8 is unavailable to a
party that would have been an Indemnified Party under this Section 8 in respect of any expenses, claims, losses, damages and liabilities referred to herein, then each party that would have been an Indemnifying Party
hereunder will, in lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party on the one hand and such Indemnified Party on the other in connection with the statement or omission which resulted in such reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or such Indemnified Party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. STAR and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable consideration referred to above in this Section 8(d). 

(e) No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. 
 (f) In no event will any Holder be liable for any expenses, claims, losses, damages or
liabilities pursuant to this Section 8 in excess of the net proceeds to such Holder of any Registrable Shares sold by such Holder. 

(g) The obligations of STAR and the Holders under this Section 8 shall survive the completion of any offering of Registrable Shares
and the termination or expiration of this Agreement. 
 Section 9. Rule 144. STAR shall, at STAR’s expense, for so
long as any Holder holds any Registrable Shares, use commercially reasonable efforts to cooperate with Holder, as may be reasonably requested by such Holder from time to time, to facilitate any proposed sale of Registrable Shares by the Holders in
accordance with the provisions of Rule 144, including by using commercially reasonable efforts (i) to comply with the current public information requirements of Rule 144 and (ii) to provide opinions of counsel as may be reasonably
necessary in order for the Holders to avail themselves of such rule to allow the Holders to sell such Registrable Shares without registration. 

Section 10. Transfer of Registration Rights. The rights and obligations of the Contributor under this Agreement may be
transferred or otherwise assigned to a transferee or assignee of Registrable Shares, provided (i) such transferee or assignee becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same extent as if such
transferee or assignee were an original party hereunder, and (ii) STAR is given written notice by the Contributor of such transfer or assignment stating the name and address of such transferee or assignee and identifying the securities with
regard to which such rights and obligations are being transferred or assigned. 
 Section 11. Other Registration Rights. Nothing
herein shall prohibit STAR from granting to any Person the right to cause STAR to register any securities of STAR under the Securities Act; provided, that STAR shall not enter into any agreement (or amendment or waiver of the provisions of any
agreement) with any holder or prospective holder of any securities of STAR that would grant such holder registration or other rights that conflict with the rights of the Holders under this Agreement or otherwise limits or reduces such rights.
Notwithstanding the foregoing, STAR and the Operating Partnership each may enter an agreement (or amend or waive the provisions of any agreement) with any holder or prospective holder of any securities of STAR or the Operating Partnership that would
grant such holder registration or other rights that are pari passu with the rights of the Holders under this Agreement. 
 Section 12.
Miscellaneous. 
 (a) Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement and any claim, controversy or dispute arising under or
related in any way to this Agreement, the relationship of the parties, the transactions contemplated by this Agreement and/or the interpretation and enforcement of the rights and duties of the parties hereunder or related in any way to the
foregoing, will be governed by and construed in accordance with the laws of the State of Maryland without giving effect to any choice or conflict of law provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Maryland. 

  
 11 

 EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE
STATE OF MARYLAND FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND AGREES THAT ALL CLAIMS IN RESPECT OF THE SUIT, ACTION OR OTHER PROCEEDING MAY BE
HEARD AND DETERMINED IN ANY SUCH COURT. EACH PARTY AGREES TO COMMENCE ANY SUCH SUIT, ACTION OR OTHER PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MARYLAND. EACH PARTY WAIVES ANY DEFENSE OF IMPROPER VENUE OR INCONVENIENT FORUM TO
THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY, OR OTHER SECURITY THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO. ANY PARTY MAY MAKE SERVICE ON ANY OTHER PARTY BY SENDING OR DELIVERING A COPY OF
THE PROCESS TO THE PARTY TO BE SERVED AT THE ADDRESS AND IN THE MANNER PROVIDED FOR THE GIVING OF NOTICES IN SECTION 12(E). NOTHING IN THIS SECTION 12(A), HOWEVER, WILL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR AT EQUITY. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SO BROUGHT WILL BE CONCLUSIVE AND MAY BE ENFORCED BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW OR AT EQUITY. 

EACH OF THE PARTIES HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT,
ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS AND OBLIGATIONS. EACH OF THE PARTIES (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (II) ACKNOWLEDGES THAT SUCH OTHER PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED
HEREIN. 
 (b) Entire Agreement. This Agreement, together with the Contribution Agreement, constitutes the full and entire understanding and agreement
among the parties with regard to the subject hereof. 
 (c) Interpretation and Usage. In this Agreement, unless there is a clear contrary intention:
(i) when a reference is made to a section, an annex or a schedule, that reference is to a section, an annex or a schedule of or to this Agreement; (ii) the singular includes the plural and vice versa; (iii) reference to any agreement,
document or instrument means that agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (iv) reference to any statute, rule, regulation or other law means that statute,
rule, regulation or law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any law
means that section or provision from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of that section or provision; (v) “hereunder,” “hereof,”
“hereto,” and words of similar import will be deemed references to this Agreement as a whole and not to any particular article, section or other provision of this Agreement; (vi) “including” (and with correlative meaning
“include”) means including without limiting the generality of any description preceding such term; (vii) references to agreements, documents or instruments will be deemed to refer as well to all addenda, exhibits, schedules or
amendments thereto; and (viii) the terms “writing,” “written” and words of similar import will be deemed to include communications and documents in e-mail, fax or any other similar
electronic or documentary form. 
 (d) Amendment. No supplement, modification, waiver or termination of this Agreement will be binding unless executed
in writing by STAR and the Contributor; provided that no such amendment, modification or waiver that would materially and adversely affect a Holder in a manner materially different than any other Holder (provided that the accession by
additional Holders to this Agreement pursuant to Section 10 shall not be deemed to adversely affect any Holder) shall be effective against such Holder without the consent of such Holder that is materially and adversely affected thereby. 

  
 12 

 (e) Notices, etc. Any notice or other communication hereunder must be given in writing and either
(a) delivered in Person, (b) transmitted by electronic mail or facsimile or (c) mailed by certified or registered mail, postage prepaid, return receipt requested as follows: 

If to the Contributor, addressed to: 
 Steadfast REIT
Investments, LLC 
 18100 Von Karman Avenue, Suite 500 
 Irvine,
CA 90245 
 Attention: Ana Marie del Rio 
 Email:
AnaMarie.delRio@SteadfastCo.com 
 With a copy (which shall not constitute notice) to: 

DLA Piper LLP (US) 
 4141 Parklake Ave., Suite 300 

Raleigh, NC 27612 
 Attention: Robert H. Bergdolt, Esq. 

Email: rob.bergdolt@dlapiper.com 
 If to STAR, addressed to:

 Steadfast Apartment REIT, Inc. 
 18100 Von Karman Ave,
Suite 500 
 Irvine, CA 92612 
 Attention: Chief Legal Officer

 Email: Gus.Bahn@SteadfastREIT.com 
 With a copy (which
shall not constitute notice) to: 
 Morrison & Foerster LLP 

3500 Lenox Road, NE, Suite 1500 
 Atlanta, GA 30326 

Attention: Heath D. Linsky, Esq. 
 Email: hlinsky@mofo.com 

or to such other address or to such other Person as each party shall have last designated by such notice to the other parties. Each such notice or other
communication shall be effective (i) when delivered in Person, (ii) if given by telecommunication, when transmitted to the applicable number so specified in (or pursuant to) this Section 12(e) and an appropriate
confirmation is received, and (iii) if given by mail, three (3) Business Days after delivery or the first attempted delivery. 
 (f)
Counterparts. This Agreement may be executed in any number of counterparts, any of which may be executed and transmitted by facsimile, and each of which shall be deemed an original of this Agreement, and all of which, when taken together,
shall be deemed to constitute one and the same Agreement. 
 (g) Severability. If any provision of this Agreement is determined to be invalid, illegal
or unenforceable by any governmental entity, the remaining provisions of this Agreement shall remain in full force and effect; provided that the essential terms and conditions of this Agreement for all parties remain valid, binding and enforceable.
In the event of any such determination, the parties agree to negotiate in good faith to modify this Agreement to fulfill as closely as possible the original intents and purposes hereof. To the extent permitted by law, the parties hereby to the same
extent waive any provision of law that renders any provision hereof prohibited or unenforceable in any respect. 
 (h) Section Titles. Section titles
are for descriptive purposes only and will not control or alter the meaning of this Agreement as set forth in the text. 

  
 13 

 (i) Successors and Assigns. This Agreement shall be binding upon the parties hereto and their
respective successors and permitted assigns and will inure to the benefit of the parties hereto and their respective successors and permitted assigns. If any successor or permitted assignee of the Contributor will acquire Registrable Shares in any
manner, whether by operation of law or otherwise, (a) such successor or permitted assignee will be entitled to all of the benefits of the Contributor under this Agreement and (b) such Registrable Shares will be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Shares such Person will be conclusively deemed to have agreed to be bound by all of the terms and provisions hereof. 

(j) Remedies; No Waiver. Each party acknowledges and agrees that the other parties would be irreparably damaged in the event that the covenants set
forth in this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that each party hereto will be entitled to seek an injunction to specifically enforce the terms of this Agreement
solely in the courts specified in Section 12(a), in addition to any other remedy to which such party may be entitled hereunder, at law or in equity. 

No failure or delay by a party in exercising any right or remedy provided by law or under this Agreement will impair such right or remedy or operate or be
construed as a waiver or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy will preclude any further exercise of it or the exercise of any other remedy.  

(k) Changes in Securities Laws. In the event any amendment, repeal or other change in the securities laws will render the provisions of this Agreement
inapplicable, STAR will provide each Holder with substantially similar rights to those granted under this Agreement and use it good faith efforts to cause such rights to be as comparable as possible to the rights granted to such Holder hereunder.

 [Signatures appear on next page] 

  
 14 

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

 

					
	CONTRIBUTOR:
	
	STEADFAST REIT INVESTMENTS, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ Dinesh K. Davar

		 	Dinesh K. Davar
		 	Manager
	
	STAR:
	
	STEADFAST APARTMENT REIT, INC.
	a Maryland corporation
		
	By:	 	 /s/ Ella S. Neyland

		 	Ella S. Neyland
		 	Chief Financial Officer
	
	OPERATING PARTNERSHIP:
	
	STEADFAST APARTMENT REIT OPERATING PARTNERSHIP, L.P.
	 a Delaware limited partnership
 for
itself and as general partner of the Operating
 Partnership

		
	By:	 	STEADFAST APARTMENT REIT, INC.
		 	Its General Partner
			
		 	By:	 	 /s/ Ella S. Neyland

		 		 	Ella S. Neyland
		 		 	Chief Financial Officer

 [Signature Page to Registration Rights Agreement]

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