Document:

Exhibit 10.2

 

ASSIGNMENT OF

MASTER CREDIT FACILITY AGREEMENT

AND OTHER LOAN DOCUMENTS

 

The undersigned (“Assignor”)
hereby assigns to Fannie Mae, the corporation duly organized under the Federal
National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws
of the United States, all right, title and interest of Assignor in and to all of the loan documents (the “Loan Documents”),
including but not limited to the Loan Documents listed on Exhibit A hereto, executed in connection with the credit facility
(the “Facility”), pursuant to that certain Master Credit Facility Agreement dated as of April 30, 2018 (as the
same may be amended, restated or otherwise modified or supplemented from time to time, the “Master Agreement”)
by and between (i) Assignor, and (ii) (a) BR METROWEST, LLC, (b) BRG FNMA SHELF 1, LLC, (c) BRG FNMA SHELF 2,
LLC, (d) BRG FNMA SHELF 3, LLC, (e) BRG FNMA SHELF 4, LLC, (f) BRG FNMA SHELF 5, LLC, (g) BRG FNMA
SHELF 6, LLC, (h) BRG FNMA SHELF 7, LLC, (i) BRG FNMA SHELF 8, LLC, (j) BRG FNMA SHELF 9, LLC, and (k)
BRG FNMA SHELF 10, LLC, each a Delaware limited liability company (individually and collectively, “Borrower”),
as evidenced by one or more promissory notes entitled Multifamily Note (and any addenda thereto) and secured by various Multifamily
Mortgages or Deeds of Trust or Deeds to Secure Debt (and any riders, addenda or exhibits thereto). Fannie Mae does not hereby assume
(i) any of the obligations of Lender (once an agreement is made for Lender to make a Future Advance) under the Master Agreement
to make Future Advances or (ii) any of the obligations of Lender which are servicing obligations delegated to Lender as servicer
of the Advances.

 

This Assignment is
given in connection with, and in consideration of, Fannie Mae’s purchase of one or more Advances made pursuant to the Master
Agreement by Assignor to Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged.

 

Capitalized terms and
phrases not defined herein shall have the same meaning ascribed to them in the Master Agreement.

 

This Assignment is
effective as of April 30, 2018.

 

[Remainder of page intentionally left
blank.]

 

    	Assignment of Master Credit Facility
 Agreement and Other Loan Documents	Form 6402.MCFA	Page 1
	Fannie Mae	06-16	© 2016 Fannie Mae

     

    

 

 

IN WITNESS WHEREOF,
Assignor has caused this Assignment to be duly executed, sealed and delivered.

 

	 	ASSIGNOR:
	 	 
	 	WALKER & DUNLOP, LLC, a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ Holly Davis	(SEAL)
	 	Name:	Holly Davis	 
	 	Title:	Assistant Vice President	 

 

    	Assignment of Master Credit Facility
 Agreement and Other Loan Documents	Form 6402.MCFA	Page S-1
	Fannie Mae	06-16	© 2016 Fannie Mae

     

    

 

EXHIBIT A

 

*All documents are dated as of April 30,
2018.

 

		1.	Master Credit Facility Agreement by and between Borrower and Assignor.

 

		2.	Guaranty of Non-Recourse Obligations by Bluerock Residential Growth REIT, Inc., a Maryland corporation.

 

		3.	Environmental Indemnity Agreement by Borrower.

 

		4.	Assignment of Management Agreement among Borrower, Assignor, and Carroll Management Group, LLC,
a Georgia limited liability company.

 

		5.	Any and all other documents executed now or in the future in connection with the Advances and the
Master Credit Facility Agreement.

 

    	Assignment of Master Credit Facility
 Agreement and Other Loan Documents	Form 6402.MCFA	Page A-1
	Fannie Mae	06-16	© 2016 Fannie MaeExhibit 10.3

 

GUARANTY OF NON-RECOURSE OBLIGATIONS

 

This GUARANTY OF NON-RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of April 30, 2018, is executed by the undersigned (“Guarantor”),
to and for the benefit of WALKER & DUNLOP, LLC, a Delaware limited liability company (“Lender”).

 

RECITALS:

 

A.           Pursuant
to that certain Master Credit Facility Agreement dated as of the date hereof, by and between (a) BR METROWEST, LLC, (b)
BRG FNMA SHELF 1, LLC, (c) BRG FNMA SHELF 2, LLC, (d) BRG FNMA SHELF 3, LLC, (e) BRG FNMA SHELF 4, LLC,
(f) BRG FNMA SHELF 5, LLC, (g) BRG FNMA SHELF 6, LLC, (h) BRG FNMA SHELF 7, LLC, (i) BRG FNMA SHELF 8,
LLC, (j) BRG FNMA SHELF 9, LLC, and (k) BRG FNMA SHELF 10, LLC, each a Delaware limited liability company (individually
and collectively, “Borrower”) and Lender (as amended, restated, replaced, supplemented or otherwise modified
from time to time, the “Master Agreement”), Lender is making loans in favor of Borrower, comprised of $0 Variable
Advances and a $64,559,000 Fixed Advance (collectively, the “Advances”), in accordance with the terms of the
Master Agreement, as evidenced by one or more Multifamily Notes, executed by Borrower and made payable to the order of Lender (individually
and collectively, as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”).

 

B.            The
Note will be secured by, among other things, the Security Instrument (as defined in the Master Agreement) encumbering the real
property described in the Security Instrument (individually and collectively, the “Mortgaged Property”).

 

C.           Guarantor
has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Advances to Borrower.

 

D.           As
a condition to entering into the Master Agreement, Lender requires that Guarantor execute this Guaranty.

 

NOW, THEREFORE, in
order to induce Lender to enter into the Master Agreement, and in consideration thereof, Guarantor agrees as follows:

 

AGREEMENTS:

 

		1.	Recitals.

 

The recitals set forth
above are incorporated herein by reference as if fully set forth in the body of this Guaranty.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 1
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

		2.	Defined Terms.

 

Capitalized terms used
and not specifically defined herein have the meanings given to such terms in the Master Agreement.

 

		3.	Guaranteed Obligations.

 

Guarantor hereby absolutely,
unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity
or earlier, by reason of acceleration or otherwise, and at all times thereafter, of:

 

(a)          all
amounts, obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Master Agreement (including
the payment and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity
Obligations) of the Master Agreement and including all of Borrower’s obligations under the Environmental Indemnity Agreement
(as the Master Agreement and Environmental Indemnity Agreement may be modified from time to time)); and

 

(b)          all
costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender
in enforcing its rights under this Guaranty.

 

		4.	Survival of Guaranteed Obligations.

 

The obligations of
Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the Security Instrument
or any release of any other security for any of the Indebtedness.

 

		5.	Guaranty of Payment; Community Property.

 

Guarantor’s obligations
under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection. If Guarantor
(or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or Guarantor’s spouse is
a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy
Guarantor’s obligations under this Guaranty to the extent of all Guarantor’s separate property and Guarantor’s
interest in any community property.

 

		6.	Obligations Unsecured; Cross-Default.

 

The obligations of
Guarantor under this Guaranty shall not be secured by the Security Instrument or the Master Agreement. However, a default under
this Guaranty shall be an Event of Default under the Master Agreement, and a default under this Guaranty shall entitle Lender to
be able to exercise all of its rights and remedies under the Master Agreement and the other Loan Documents.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 2
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

		7.	Continuing Guaranty.

 

The obligations of
Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of
any provision of this Guaranty, the Note, the Master Agreement, the Security Instrument or any other Loan Document. Guarantor agrees
that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim, set-off,
recoupment, abatement, deferment or defense based upon any claim that Guarantor may have against Lender, Borrower, any other guarantor
of the obligations hereunder or any other Person, and shall remain in full force and effect without regard to, and shall not be
released, discharged or affected in any way by any circumstance or condition (whether or not Guarantor shall have any knowledge
thereof), including:

 

(a)          any
assignment, sale or other transfer of Borrower’s interest in all or any part of the real or personal property which at any
time constitutes collateral for the payment of the obligations hereunder, including, a conveyance of such property in connection
with a Foreclosure Event;

 

(b)          any
resort to Guarantor for payment of all or any portion of the obligations hereunder, whether or not Lender shall have resorted to
any collateral securing the obligations hereunder, if any, or shall have proceeded to pursue or exhaust its remedies against Borrower
(or any other Person) primarily or secondarily liable for the obligations hereunder;

 

(c)          any
furnishing, exchange, substitution or release of any collateral securing repayment of the Advances, or any failure to perfect any
lien in such collateral;

 

(d)          any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform
or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

 

(e)          any
action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence, omission or delay
on the part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon
it in any of the Loan Documents, or any other action or inaction on the part of Lender;

 

(f)           any
Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment
for the benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or
proceedings with respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective property
or creditors or any action taken by any trustee or receiver or by any court in such proceeding;

 

(g)          any
merger or consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor
or any other guarantor of the obligations hereunder to any other Person;

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 3
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(h)          any
change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship;

 

(i)           any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, or any obligation
or agreement contained in any of the Loan Documents; or

 

(j)           other
than the satisfaction of all obligations guaranteed hereunder, any other occurrence, circumstance, happening or event, whether
similar or dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute a legal or equitable defense
or discharge of the liabilities of a guarantor or surety or which otherwise might limit recourse against Borrower or Guarantor
to the fullest extent permitted by law.

 

		8.	Guarantor Waivers.

 

Guarantor hereby waives:

 

(a)          any
right to the enforcement, assertion or exercise of any right, power or remedy conferred upon Lender in the Loan Documents or otherwise;

 

(b)          any
requirement that Lender act with diligence in enforcing its rights under the Loan Documents or this Guaranty;

 

(c)          any
failure by Lender to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding)
of Borrower or any other Person;

 

(d)          any
defense based upon an election of remedies by Lender which destroys or otherwise impairs the subrogation rights of Guarantor or
the right of Guarantor (after payment of Guarantor’s obligations hereunder) to proceed against Borrower for reimbursement,
or both;

 

(e)          any
defense based upon any taking, modification or release of any collateral for the Guarantor’s obligations hereunder, if any,
or any failure to perfect any security interest in, or the taking of, or failure to take any other action with respect to, any
collateral securing payment of Guarantor’s obligations hereunder, if any;

 

(f)          any
defense based upon the addition, substitution or release, in whole or in part, of any Person(s), including, without limitation,
another guarantor, primarily or secondarily liable for or in respect of Guarantor’s obligations hereunder;

 

(g)          all
other notices which may or might be lawfully waived by Guarantor;

 

(h)          the
benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this
Guaranty (and agrees that Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to
in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor);

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 4
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(i)           the
benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other rights
of sureties and guarantors;

 

(j)           diligence
in collecting the Indebtedness, presentment, demand for payment, protest and all notices with respect to the Loan Documents and
this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under
this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any Event
of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest
and notice of the incurring by Borrower of any obligation or indebtedness; and

 

(k)          all
rights to require Lender to:

 

(1)          proceed
against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness;

 

(2)          proceed
against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is
a partnership, any general partner of Borrower or general partner of any guarantor; or

 

(3)          demand
or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise.

 

		9.	No Effect Upon Obligations.

 

At any time or from
time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability
of Guarantor:

 

(a)          the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;

 

(b)          the
rate of interest on or period of amortization of any Advance or the amount of the Monthly Debt Service Payments payable under the
Loan Documents may be modified;

 

(c)          the
time for Borrower’s performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

(d)          the
maturity of the Indebtedness may be accelerated as provided in the Loan Documents;

 

(e)          any
or all payments due under the Master Agreement or any other Loan Document may be reduced;

 

(f)          any
Loan Document may be modified or amended by Lender and Borrower in any respect, including the making of a Future Advance;

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 5
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(g)          any
amounts under the Master Agreement or any other Loan Document may be released;

 

(h)          any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;

 

(i)           the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(j)           any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion;
and

 

(k)          any
other terms of the Loan Documents may be modified as required by Lender.

 

		10.	Representations and Warranties.

 

The representations
and warranties made by Guarantor to Lender in this Section 10 are made as of each Effective Date, and are true and correct
except as disclosed on the Guarantor Exceptions to Representations and Warranties Schedule attached hereto as Schedule I.

 

(a)          Due
Organization and Qualification; Organizational Agreements.

 

(1)         Guarantor
is validly existing and qualified to transact business and is in good standing in the state in which it is formed or organized
and in each other jurisdiction that qualification or good standing is required according to Applicable Law to conduct its business
and where the failure to be so qualified or in good standing would adversely affect the validity, enforceability or the ability
of Guarantor to perform its obligations under this Guaranty.

 

(2)         True,
correct and complete Organizational Documents of Guarantor have been delivered to Lender prior to each Effective Date.

 

(b)          Location.

 

Guarantor’s General
Business Address is Guarantor’s principal place of business and principal office.

 

(c)          Power
and Authority.

 

Guarantor has the requisite
power and authority:

 

(1)         to
carry on its business as now conducted and as contemplated to be conducted in connection with the performance of its obligations
under this Guaranty; and

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 6
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(2)         to
execute and deliver this Guaranty, and to carry out the transactions contemplated by this Guaranty.

 

(d)          Due
Authorization.

 

The execution, delivery,
and performance of this Guaranty have been duly authorized by all necessary action and proceedings by or on behalf of Guarantor,
and no further approvals or filings of any kind, including any approval of or filing with any Governmental Authority, are required
by or on behalf of Guarantor as a condition to the valid execution, delivery, and performance by Guarantor of this Guaranty, except
filings required to perfect and maintain the liens to be granted under the Loan Documents and routine filings to maintain good
standing and its existence.

 

(e)          Valid
and Binding Obligations.

 

This Guaranty has been
duly executed and delivered by Guarantor and constitutes the legal, valid, and binding obligations of Guarantor, enforceable against
Guarantor in accordance with its terms, except as such enforceability may be limited by applicable Insolvency Laws or by the exercise
of discretion by any court.

 

(f)           Effect
of Guaranty on Financial Condition.

 

Guarantor is not Insolvent
and will not be rendered Insolvent by the transactions contemplated by the provisions of this Guaranty. In connection with the
execution and delivery of this Guaranty, and the incurrence by Guarantor of the obligations under this Guaranty, Guarantor did
not receive less than reasonably equivalent value in exchange for the incurrence of the obligations of Guarantor under this Guaranty.

 

(g)          Economic
Sanctions, Anti-Money Laundering, and Anti-Corruption.

 

(1)         Guarantor
is not in violation of any applicable civil or criminal laws or regulations, including those requiring internal controls, intended
to prohibit, prevent, or regulate money laundering, drug trafficking, terrorism, or corruption, of the United States and the jurisdiction
where the Mortgaged Property is located or where the Person resides, is domiciled, or has its principal place of business.

 

(2)         Guarantor
is not a Person:

 

(A)         against
whom proceedings are pending for any alleged violation of any laws described in Section 10(g)(1);

 

(B)         that
has been convicted of any violation of, has been subject to civil penalties or Economic Sanctions pursuant to, or had any of its
property seized or forfeited under, any laws described in Section 10(g)(1); or

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 7
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(C)         with
whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories,
or any entity, regardless of where organized, having its principal place of business within the United States or any of its territories,
is a Sanctioned Person or is otherwise prohibited from transacting business of the type contemplated by this Guaranty and the other
Loan Documents under any other Applicable Law.

 

(3)         Guarantor
is in compliance with all applicable Economic Sanctions laws and regulations.

 

(h)          No
Bankruptcies or Judgments.

 

Guarantor is not currently:

 

(1)         the
subject of or a party to any completed or pending bankruptcy, reorganization, including any receivership or other insolvency proceeding;

 

(2)         preparing
or intending to be the subject of a Bankruptcy Event;

 

(3)         the
subject of any judgment unsatisfied of record or docketed in any court; or

 

(4)         Insolvent.

 

(i)           No
Actions or Litigation.

 

(1)          There
are no claims, actions, suits, or proceedings at law or in equity by or before any Governmental Authority now pending against or,
to Guarantor’s knowledge, threatened against or affecting Guarantor or any Mortgaged Property not otherwise covered by insurance
(except claims, actions, suits, or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always
be disclosed); and

 

(2)          there
are no claims, actions, suits, or proceedings at law or in equity by or before any Governmental Authority now pending or, to Guarantor’s
knowledge, threatened against or affecting Guarantor or Key Principal, which claims, actions, suits, or proceedings, if adversely
determined (individually or in the aggregate) reasonably would be expected to materially adversely affect the financial condition
or business of Borrower, Guarantor, or Key Principal or the condition, operation, or ownership of the Mortgaged Property (except
claims, actions, suits, or proceedings regarding fair housing, anti-discrimination, or equal opportunity, which shall always be
deemed material).

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 8
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(j)           Payment
of Taxes, Assessments, and Other Charges.

 

Guarantor confirms
that:

 

(1)          it
has filed all federal, state, county, and municipal tax returns and reports required to have been filed by Guarantor;

 

(2)          it
has paid, before any fine, penalty, interest, lien, or costs may be added thereto, all taxes, governmental charges, and assessments
due and payable with respect to such returns and reports;

 

(3)          there
is no controversy or objection pending, or to the knowledge of Guarantor, threatened in respect of any tax returns of Guarantor;
and

 

(4)          it
has made adequate reserves on its books and records for all taxes that have accrued but which are not yet due and payable.

 

(k)          Not
a Foreign Person.

 

Guarantor is not a
“foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code.

 

(l)           Intentionally
Deleted.

 

(m)         Default
Under Other Obligations.

 

(1)          The
execution, delivery, and performance of the obligations imposed on Guarantor under this Guaranty will not cause Guarantor to be
in default under the provisions of any agreement, judgment or order to which Guarantor is a party or by which such Guarantor is
bound.

 

(2)          There
are no defaults by Guarantor or, to the knowledge of Guarantor, by any other Person under any contract to which Guarantor is a
party, including any management, rental, service, supply, security, maintenance or similar contract, other than defaults which
do not have, and are not reasonably expected to have, a Material Adverse Effect.

 

(n)          Prohibited
Person.

 

Guarantor is not a
Prohibited Person.

 

(o)          No
Contravention; No Liens.

 

Neither the execution
and delivery of this Guaranty, nor the fulfillment of or compliance with the terms and conditions of this Guaranty nor the payment
or performance of the obligations of Guarantor under this Guaranty:

 

(1)         does
or will conflict with or result in any breach or violation of any Applicable Law enacted or issued by any Governmental Authority
or other agency having jurisdiction over Guarantor, the Mortgaged Properties or any other portion of the Collateral or other assets
of Guarantor, or any judgment or order applicable to Guarantor or to which Guarantor, the Mortgaged Properties or other assets
of Guarantor are subject;

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 9
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(2)         does
or will conflict with or result in any breach or violation of, or constitute a default under, any of the terms, conditions or provisions
of Guarantor’s Organizational Documents, any indenture, existing agreement or other instrument to which Guarantor is a party
or to which Guarantor, the Mortgaged Properties or any other portion of the Collateral or other assets of Guarantor are subject;
or

 

(3)         does
or will require the consent or approval of any creditor of Guarantor, any Governmental Authority or any other Person except such
consents or approvals which have already been obtained.

 

(p)          Financial
Information.

 

All financial statements
and data, including statements of cash flow and income and operating expenses, that have been delivered to Lender by Guarantor:

 

(1)       are
true, complete and correct in all material respects; and

 

(2)       present
fairly the financial condition of Guarantor as of its date.

 

		11.	Covenants.

 

(a)          Maintenance
of Existence; Organizational Documents.

 

Guarantor shall maintain
its existence, its entity status, franchises, rights, and privileges under the laws of the state of its formation or organization
(as applicable). Guarantor shall continue to be duly qualified and in good standing to transact business in each jurisdiction in
which qualification or standing is required according to Applicable Law to conduct its business where the failure to do so would
adversely affect the validity, enforceability, or the ability of Guarantor to perform Guarantor’s obligations hereunder.
None of Guarantor nor any partner, member, manager, officer or director of any Guarantor shall make or allow any material change
to the Organizational Documents or organizational structure of Guarantor, including changes relating to the Control of Guarantor,
without Lender’s prior written consent except with respect to amendments or modifications documenting Permitted Transfers
under the Master Agreement.

 

(b)          Economic
Sanctions, Anti-Money Laundering, and Anti-Corruption.

 

(1)         Guarantor
shall remain in compliance with any applicable civil or criminal laws or regulations (including those requiring internal controls)
intended to prohibit, prevent, or regulate money laundering, drug trafficking, terrorism, or corruption, of the United States and
the jurisdiction where the Mortgaged Property is located or where the Person resides, is domiciled, or has its principal place
of business.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 10
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(2)          At
no time shall Guarantor be a Person:

 

(A)         against
whom proceedings are pending for any alleged violation of any laws described in Section 11(b)(1);

 

(B)         that
has been convicted of any violation of, has been subject to civil penalties or Economic Sanctions pursuant to, or had any of its
property seized or forfeited under, any laws described in Section 11(b)(1); or

 

(C)         with
whom any United States Person, any entity organized under the laws of the United States or its constituent states or territories,
or any entity, regardless of where organized, having its principal place of business within the United States or any of its territories,
is a Sanctioned Person or is otherwise prohibited from transacting business of the type contemplated by this Guaranty and the other
Loan Documents under any other Applicable Law.

 

(3)         Guarantor
shall at all times remain in compliance with any applicable Economic Sanctions laws and regulations.

 

(c)          Payment
of Taxes, Assessments, and Other Charges.

 

Guarantor shall file
all federal, state, county and municipal tax returns and reports required to be filed by Guarantor and shall pay, before any fine,
penalty, interest, or cost may be added thereto, all taxes payable with respect to such returns and reports.

 

(d)           Intentionally
Deleted.

 

(e)          Notice
of Litigation or Insolvency.

 

Guarantor shall give
immediate written notice to Lender of any claims, actions, suits or proceedings at law or in equity (including any insolvency,
bankruptcy, or receivership proceeding) by or before any Governmental Authority pending or, to Guarantor’s knowledge, threatened
against or affecting any Borrower Entity or the Mortgaged Property, which claims, actions, suits or proceedings, if adversely determined
reasonably would be expected to materially adversely affect the financial condition or business of any Borrower Entity or the condition
or ownership of the Mortgaged Property (including any claims, actions, suits, or proceedings regarding fair housing, anti-discrimination,
or equal opportunity, which shall always be deemed material).

 

(f)          Confidentiality
of Certain Information.

 

Guarantor shall not
disclose, and shall not permit to be disclosed, any terms, conditions, underwriting requirements, or underwriting procedures of
the Master Agreement or any of the Loan Documents; provided, however, that such information may be disclosed (1) as required by
law or pursuant to GAAP, (2) to officers, directors, employees, agents, partners, attorneys, accountants, engineers, and other
consultants of Guarantor who need to know such information, provided such Persons are instructed to treat such information confidentially,
(3) to any regulatory authority having jurisdiction over Guarantor, (4) in connection with any filings with the Securities
and Exchange Commission or other Governmental Authorities, or (5) to any other Person to which such delivery or disclosure may
be necessary or appropriate (A) in compliance with any law, rule, regulation or order applicable to Guarantor, or (B) in response
to any subpoena or other legal process or information investigative demand.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 11
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(g)          Intentionally
Deleted.

 

(h)          Intentionally
Deleted.

 

(i)           Ratification
of Covenants.

 

Guarantor shall promptly
notify Lender in writing upon any violation of any covenant set forth in any Loan Document of which Guarantor has notice or knowledge;
provided, however, any such written notice by Guarantor to Lender shall not relieve Guarantor of, or result in a waiver of, any
obligation under this Guaranty.

 

		12.	Condition of Borrower.

 

Guarantor has reviewed
the Master Agreement, the Note and this Guaranty. Guarantor is fully aware of the financial condition of Borrower and is executing
and delivering this Guaranty based solely upon Guarantor’s own independent investigation of all matters pertinent hereto
and is not relying in any manner upon any representation or statement made by Lender. Guarantor represents and warrants that Guarantor
is in a position to obtain, and Guarantor hereby assumes full responsibility for obtaining, any additional information concerning
Borrower’s financial condition and any other matters pertinent hereto as Guarantor may desire and Guarantor is not relying
upon or expecting Lender to furnish to Guarantor any information now or hereafter in Lender’s possession concerning the same
or any other matter. By executing this Guaranty, Guarantor knowingly accepts the full range of risks encompassed within a contract
of this type, which risks Guarantor acknowledges.

 

		13.	Joint and Several Liability.

 

If more than one Person
executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several basis. Lender,
in its discretion, may:

 

(a)          to
the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor,
and any other guarantor, jointly and severally, or against any one or more of them;

 

(b)          compromise
or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender
may deem proper;

 

(c)          discharge
or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue such Person;
and

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 12
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(d)          otherwise
deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of
Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty.

 

Nothing contained in this Section 13
shall in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor.

 

		14.	Subordination of Affiliated Debt.

 

Any indebtedness of
Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness of Borrower
shall be collected, enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in any manner
the liability of Guarantor under the other provisions of this Guaranty.

 

		15.	Subrogation.

 

Guarantor shall have
no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower
by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any
contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter
during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the Insolvency
Laws.

 

		16.	Voidable Transfer.

 

If any payment by Borrower
is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to
refund any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under this Guaranty. It is
the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance. If any payment by any Guarantor
should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’
rights, including provisions of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the obligations guaranteed
hereunder shall automatically be revived, reinstated and restored by the amount of such Voidable Transfer or the amount of such
Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and legal fees
incurred by Lender in connection therewith, and shall exist as though such Voidable Transfer had never been made, and any other
guarantor, if any, shall remain liable for such obligations in full.

 

		17.	Credit Report/Credit Score.

 

Guarantor acknowledges
and agrees that Lender is authorized, no more frequently than once in any twelve (12) month period, to obtain a credit report
(if applicable) on Guarantor, the cost of which shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is
authorized to obtain a Credit Score (if applicable) for Guarantor at any time at Lender’s expense.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 13
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

		18.	Financial Reporting.

 

In the event Guarantor
receives or obtains any audited financial statements and such financial statements are required to be delivered to Lender under
Section 8.02(b) of the Master Agreement, Guarantor shall deliver or cause to be delivered to Lender the audited versions of such
financial statements.

 

Guarantor shall deliver
to Lender such Guarantor financial statements as required by Section 8.02 of the Master Agreement. Lender may require that Guarantor’s
books and records be audited, at Guarantor’s expense, by an independent certified public accountant selected by Lender in
order to produce or audit any statements, schedules, and reports of Guarantor or the Mortgaged Property required by Section 8.02
of the Master Agreement, if

 

(1)          Guarantor
fails to provide in a timely manner the statements, schedules, and reports required by Section 8.02 of the Master Agreement and,
thereafter, Guarantor fails to provide such statements, schedules and reports within the cure period provided in Section 14.01(c)
of the Master Agreement; or

 

(2)          the
statements, schedules, and reports submitted to Lender pursuant to Section 8.02 of the Master Agreement are not full, complete,
and accurate in all material respects as determined by Lender and, thereafter, Guarantor fails to provide such statements, schedules,
and reports within the cure period provided in Section 14.01(c) of the Master Agreement; or

 

(3)          an
Event of Default has occurred and is continuing.

 

Notwithstanding the
foregoing, the ability of Lender to require the delivery of audited financial statements shall be limited to not more than once
per Guarantor’s fiscal year so long as no Event of Default has occurred during such fiscal year (or any event which, with
the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing).
Guarantor shall cooperate with Lender in order to satisfy the provisions of this Section 18. All related costs and expenses of
Lender shall become immediately due and payable by Guarantor within ten (10) Business Days after demand therefor.

 

		19.	Further Assurances.

 

Guarantor
acknowledges that Lender (including its successors and assigns) may sell or transfer the Advances, or any interest in the Advances.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 14
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(a)          Guarantor
shall, subject to Section 19(b) below:

 

(1)          comply
with the reasonable requirements of Lender or any Investor of the Advances or provide, or cause to be provided, to Lender or any
Investor of the Advances within ten (10) days of the request, at Borrower’s and Guarantor’s cost and expense, such
further documentation or information as Lender or Investor may reasonably require, in order to enable:

 

(A)         Lender
to sell the Advances to such Investor;

 

(B)          Lender
to obtain a refund of any commitment fee from any such Investor; or

 

(C)          any
such Investor to further sell or securitize the Advances;

 

(2)          confirm
that Guarantor is not in default under this Guaranty or in observing any of the covenants or agreements contained in this Guaranty
(or, if Guarantor is in default, describing such default in reasonable detail); and

 

(3)          execute
and deliver to Lender or any Investor such other documentation, including any amendments, corrections, deletions or additions to
this Guaranty as is reasonably required by Lender or such Investor.

 

(b)          Nothing
in this Section 19 shall require Guarantor to do any further act that has the effect of:

 

(1)          changing
the essential economic terms of the Advances set forth in the Loan Documents;

 

(2)          imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than as set forth in the Loan Documents; or

 

(3)          materially
changing the rights and obligations of Borrower or Guarantor under the Loan Documents.

 

		20.	Successors and Assigns.

 

Lender may assign its
rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this Guaranty shall
inure to the benefit of such assignee to the extent so assigned. Guarantor may not assign its rights, duties or obligations under
this Guaranty, in whole or in part, without Lender’s prior written consent and any such assignment shall be deemed void ab
initio. The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors
and assigns of such parties.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 15
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

		21.	Final Agreement.

 

Guarantor acknowledges
receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings,
representations and statements, oral or written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions
may be waived, modified, amended, discharged or terminated except by an agreement in writing signed by the party against which
the enforcement of the waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth
in that agreement.

 

		22.	Governing Law.

 

This Guaranty shall
be governed by and construed in accordance with the substantive law of the District of Columbia without regard to the application
of choice of law principles that would result in the application of the laws of another jurisdiction.

 

		23.	Jurisdiction.

 

Guarantor agrees that
any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the District of Columbia. The state
and federal courts and authorities with jurisdiction in the District of Columbia shall have exclusive jurisdiction over all controversies
which shall arise under or in relation to this Guaranty or any other Loan Document with respect to the subject matter hereof. Guarantor
irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which
it might be entitled by virtue of domicile, habitual residence or otherwise.

 

		24.	Time is of the Essence.

 

Guarantor agrees that,
with respect to each and every obligation and covenant contained in this Guaranty, time is of the essence.

 

		25.	No Reliance.

 

Guarantor acknowledges,
represents and warrants that:

 

(a)          it
understands the nature and structure of the transactions contemplated by this Guaranty and the other Loan Documents;

 

(b)          it
is familiar with the provisions of all of the documents and instruments relating to such transactions;

 

(c)          it
understands the risks inherent in such transactions, including the risk of loss of all or any part of the Mortgaged Property or
of the assets of Guarantor;

 

(d)          it
has had the opportunity to consult counsel; and

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 16
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(e)          it
has not relied on Lender for any guidance or expertise in analyzing the financial or other consequences of the transactions contemplated
by this Guaranty or any other Loan Document or otherwise relied on Lender in any manner in connection with interpreting, entering
into or otherwise in connection with this Guaranty, any other Loan Document or any of the matters contemplated hereby or thereby.

 

		26.	Notices.

 

Guarantor agrees to
notify Lender of any change in Guarantor’s address within ten (10) Business Days after such change of address occurs.
All notices under this Guaranty shall be:

 

(a)          in
writing and shall be

 

(1)         delivered,
in person;

 

(2)          mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(3)         sent
by overnight courier; or

 

(4)         sent
by electronic mail with originals to follow by overnight courier;

 

(b)          addressed
to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and

 

(c)          deemed
given on the earlier to occur of:

 

(1)          the
date when the notice is received by the addressee; or

 

(2)          if
the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected, as conclusively established
by the records of the United States Postal Service or such express courier service.

 

		27.	Construction.

 

(a)          Any
reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this
Guaranty or to a Section or Article of this Guaranty.

 

(b)          Any
reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

(c)          Use
of the singular in this Guaranty includes the plural and use of the plural includes the singular.

 

(d)          As
used in this Guaranty, the term “including” means “including, but not limited to” or “including,
without limitation,” and is for example only, and not a limitation.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 17
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

(e)          Whenever
Guarantor’s knowledge is implicated in this Guaranty or the phrase “to Guarantor’s knowledge” or a similar
phrase is used in this Guaranty, Guarantor’s knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor’s
knowledge after reasonable and diligent inquiry and investigation.

 

(f)           Unless
otherwise provided in this Guaranty, if Lender’s approval, designation, determination, selection, estimate, action or decision
is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or decision
shall be made in Lender’s sole and absolute discretion.

 

(g)          All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be
amended or supplemented from time to time pursuant to the applicable provisions thereof.

 

(h)          “Lender
may” shall mean at Lender’s discretion, but shall not be an obligation.

 

		28.	WAIVER OF JURY TRIAL.

 

TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE
ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE
OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT
EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY
WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		29.	Schedules.

 

The schedules, if any,
attached to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a substantive part of
this Guaranty.

 

		30.	Interpretation.

 

The parties hereto
acknowledge that each party and their respective counsel have participated in the drafting and revision of this Guaranty. Accordingly,
the parties agree that any rule of construction that disfavors the drafting party shall not apply in the interpretation of this
Guaranty or any amendment or supplement or exhibit hereto or thereto.

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 18
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

ATTACHED SCHEDULE. The following
Schedule is attached to this Guaranty:

 

	x	Schedule I	Guarantor Exceptions to Representations and Warranties Schedule

 

[Remainder of Page Intentionally Blank]

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page 19
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

IN WITNESS WHEREOF,
Guarantor has signed and delivered this Guaranty under seal (where applicable) or has caused this Guaranty to be signed and delivered
under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this
Guaranty shall be deemed to be signed and delivered as a sealed instrument.

 

	 	Guarantor:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	 	a Maryland corporation
	 	 	 	 
	 	By:	/s/ Michael L. Konig	(SEAL)
	 	Name:	Michael L. Konig	 
	 	Title:	Secretary	 

 

	 	Address for Notices to Guarantor:
	 	 	c/o Bluerock Real Estate, LLC
	 	 	712 Fifth Avenue, 9th Floor
	 	 	New York, NY 10019
	 	 	Attn: Michael Konig, Esq. and Jordan Ruddy
	 	 	Email address: mkonig@bluerockre.com and jruddy@bluerockre.com

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Page S-1
	Fannie Mae	12-17	© 2017 Fannie Mae

     

    

 

SCHEDULE I

 

Guarantor Exceptions to Representations
and Warranties Schedule

 

NONE

 

    	Guaranty of Non-Recourse Obligations
 (MCFA)	Form 6015.MCFA	Schedule I-1
	Fannie Mae	12-17	© 2017 Fannie Mae

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