Document:

Guaranty of Non-Recourse Carveout - Heritage Trace

 Exhibit 10.17 
 GUARANTY OF NON-RECOURSE CARVEOUTS 
 THIS GUARANTY OF NON-RECOURSE CARVEOUTS (this “Guaranty”), is made this 29th day of April, 2011 by INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership
(“Guarantor”) for the benefit of RAIT PARTNERSHIP, L.P., a Delaware limited partnership (together with its successors and assigns, “Lender”). 

RECITALS 
 A. Lender and IRT Heritage Trace Apartments Virginia, LLC, a Delaware limited liability company (“Borrower”) have entered into a certain Loan Agreement (as it may hereafter be modified,
supplemented, extended, or renewed and in effect from time to time, the “Loan Agreement”), which Loan Agreement sets forth the terms and conditions of a loan (said loan, together with all advances which may hereafter be made
pursuant to the Loan Agreement, being referred to herein as the “Loan”) to Borrower secured by certain Property as defined and more particularly described in the Loan Agreement. 

B. Guarantor is an Affiliate of Borrower and will receive direct or indirect benefit from Lender’s making of the
Loan to Borrower. 
 C. The Loan is evidenced by a certain Promissory Note executed by Borrower and payable to
the order of Lender (such Promissory Note, as it may hereafter be renewed, extended, supplemented, increased or modified and in effect from time to time, and all other notes given in substitution therefor, or in modification, renewal, or extension
thereof, in whole or in part, is herein called the “Note”). 
 D. Any capitalized term used and
not defined in this Guaranty shall have the meaning given to such term in the Loan Agreement. This Guaranty is one of the Loan Documents described in the Loan Agreement. 

NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower and for other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, Guarantor, intending to be legally bound hereby, represents, warrants, covenants and agrees for the benefit of Lender as follows: 

1. Guaranty Agreement. Guarantor hereby, jointly and severally, absolutely, unconditionally, and irrevocably
(a) guarantees and agrees to act as surety with respect to those obligations and liabilities for which Borrower is personally liable pursuant to the terms and conditions of the Loan Agreement and (b) agrees to indemnify, hold harmless and
defend Lender for any and all costs and expenses (including reasonable attorney’s fees and expenses) incurred in enforcing any rights under this Guaranty (the foregoing subsections (a) and (b) being sometimes referred to herein
collectively as the “Guaranteed Obligations”); provided, however, that Guarantor shall be liable under this Guaranty for the maximum amount of such liability that can be hereby incurred without rendering this Guaranty, as it relates
to Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount. This Guaranty constitutes a guaranty of payment when due and not of collection, and Guarantor specifically agrees
that it shall not be necessary or required that Lender or any holder 

 
of the Note exercise any right, assert any claim or demand or enforce any remedy whatsoever against Borrower or any other obligor (or any other person) before or as a condition to the obligations
of Guarantor hereunder. 
 2. Guaranty Agreement Absolute, etc. This Guaranty shall in all respects be a
continuing, absolute, unconditional and irrevocable guaranty of payment, and shall remain in full force and effect until all the Guaranteed Obligations shall have been paid in full irrespective of: (a) any lack of validity, legality or
enforceability of the Loan Agreement, the Note or any other Loan Document; (b) the failure of Lender or any holder of the Note (i) to assert any claim or demand or to enforce any right or remedy against Borrower, any other obligor or any
other person (including any other guarantor) under the provisions of the Loan Agreement, the Note, any other Loan Document or otherwise, (ii) to exercise any right or remedy against any other guarantor of, or collateral securing, the Debt, or
(iii) to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security with respect to the Debt; (c) any change in the
time, manner or place of payment of, or in any other term of, all or any of the Debt, or any other extension, compromise or renewal of the Debt; (d) any reduction, limitation, impairment or termination of the Debt, including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject to (and Guarantor hereby waives any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality, nongenuineness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting the Debt or any obligation of Borrower, any other obligor or otherwise; (e) any amendment to, rescission, waiver, or other
modification of, or any consent to departure from, any of the terms of the Loan Agreement, the Note or any other Loan Document; (f) any addition, exchange, release, surrender or non-perfection of any collateral, or any amendment to or waiver or
release or addition of, or consent to departure from, any other guaranty, held by Lender or any holder of the Note securing any of the Debt; (g) the insolvency or bankruptcy of, or similar event affecting, Borrower or any other obligor; or
(h) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, Borrower, any other obligor, any surety or any guarantor. Guarantor waives all rights and defenses which may arise with
respect to any of the foregoing, and Guarantor waives any right to revoke this Guaranty with respect to future indebtedness. Guarantor waives all rights or defenses under common law, in equity, under contract, by statute, or otherwise. 

3. Reinstatement. The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the
case may be, if at any time any payment (in whole or in part) of any of the Guaranteed Obligations is rescinded or must otherwise be restored by Lender or any holder of the Note, upon the insolvency, bankruptcy or reorganization of Borrower, any
other obligor or otherwise, all as though such payment had not been made. 
 4. Waivers. 

(a) Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to the Debt and
this Guaranty (including notice of any of the matters set forth in Section 3) and any requirement that Lender or any holder of the Note protect, secure, perfect or insure any security interest or lien, or any property subject thereto, or
exhaust any right or take any action against Borrower, any other obligor or any other person (including 

  
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any other guarantor) or entity or any collateral securing the Debt. Lender shall not be required to mitigate damages. 

(b) Guarantor hereby agrees that neither Lender’s rights or remedies nor Guarantor’s obligations under the
terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the liability of Guarantor under this Guaranty shall be absolute and unconditional
irrespective of (and Guarantor hereby waives any rights or protections related to): (i) any limitation of liability or recourse in any other Loan Document or arising under any law; (ii) any claim or defense that this Guaranty was made
without consideration or is not supported by adequate consideration; (iii) the taking or accepting of any other security or guaranty for, or right of recourse with respect to, any or all of the Guaranteed Obligations; (iv) any homestead
exemption or any other similar exemption under applicable Legal Requirements and Guarantor hereby waives the benefit of any such exemption as to the Guaranteed Obligations; (v) any release, surrender, abandonment, exchange, alteration, sale or
other disposition, subordination, deterioration, waste, failure to protect or preserve, impairment, or loss of, or any failure to create or perfect any lien or security interest with respect to, or any other dealings with, any collateral or security
at any time existing or purported, believed or expected to exist in connection with any or all of the Guaranteed Obligations, including any impairment of Guarantor’s recourse against any Person or collateral; (vi) whether express or by
operation of law, any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are now or hereafter obtained by Lender covering all or any part of the Guaranteed Obligations, any complete or partial release of any
one or more of such guarantors under any such other guaranty, or any complete or partial release or settlement of Borrower or any other party liable, directly or indirectly, for the payment or performance of any or all of the Guaranteed Obligations;
(vii) the death, insolvency, bankruptcy, disability, dissolution, liquidation, termination, receivership, reorganization, merger, consolidation, change of form, structure or ownership, sale of all assets, or lack of corporate, partnership or
other power of Borrower or any other party at any time liable for the payment or performance of any or all of the Guaranteed Obligations; (viii) either with or without notice to or consent of Guarantor: any renewal, extension, modification or
rearrangement of the terms of any or all of the Guaranteed Obligations and/or any of the Loan Documents; (ix) any neglect, lack of diligence, delay, omission, failure, or refusal of Lender to take or prosecute (or in taking or prosecuting) any
action for the collection or enforcement of any of the Guaranteed Obligations, or to foreclose or take or prosecute any action to foreclose (or in foreclosing or taking or prosecuting any action to foreclose) upon any security therefor, or to
exercise (or in exercising) any other right or power with respect to any security therefor, or to take or prosecute (or in taking or prosecuting) any action in connection with any Loan Document, or any failure to sell or otherwise dispose of in a
commercially reasonable manner any collateral securing any or all of the Guaranteed Obligations; (x) any failure of Lender to notify Guarantor of any creation, renewal, extension, rearrangement, modification, supplement, subordination, or
assignment of the Guaranteed Obligations of Borrower or any part thereof, or of any Loan Document, or of any release of or change in any security, or of any other action taken or refrained from being taken by Lender against Borrower or any security
or other recourse, or of any new agreement between Lender and Borrower, it being understood that Lender shall not be required to give Guarantor any notice of any kind under any circumstances with respect to or in connection with the Guaranteed
Obligations, any and all rights to notice Guarantor may have otherwise had being hereby waived by Guarantor, and Guarantor shall be responsible for obtaining for itself 

  
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information regarding Borrower, including, but not limited to, any changes in the business or financial condition of Borrower, and Guarantor acknowledges and agrees that Lender shall have no duty
to notify Guarantor of any information which Lender may have concerning Borrower; (xi) if for any reason that Lender is required to refund any payment by Borrower to any other party liable for the payment or performance of any or all of the
Guaranteed Obligations or pay the amount thereof to someone else; (xii) the making of advances by Lender to protect its interest in the Property, preserve the value of the Property or for the purpose of performing any term or covenant contained
in any of the Loan Documents; (xiii) the existence of any claim, counterclaim, set off, recoupment, reduction or defense based upon any claim or other right that Guarantor may at any time have against Borrower, Lender, or any other Person,
whether or not arising in connection with this Guaranty, the Note, the Loan Agreement, or any other Loan Document; (xiv) the unenforceability of all or any part of the Guaranteed Obligations against Borrower, whether because the Guaranteed
Obligations exceed the amount permitted by law or violate any usury law, or because the act of creating the Guaranteed Obligations, or any part thereof, is ultra vires, or because the officers or Persons creating same acted in excess of their
authority, or because of a lack of validity or enforceability of or defect or deficiency in any of the Loan Documents, or because Borrower has any valid defense, claim or offset with respect thereto, or because Borrower’s obligation ceases to
exist by operation of law, or because of any other reason or circumstance, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable on the Guaranteed Obligations, or any part
thereof, for any reason (and regardless of any joinder of Borrower or any other party in any action to obtain payment or performance of any or all of the Guaranteed Obligations); (xv) any order, ruling or plan of reorganization emanating from
proceedings under any bankruptcy or similar insolvency laws with respect to Borrower or any other Person, including any extension, reduction, composition, or other alteration of the Guaranteed Obligations, whether or not consented to by Lender;
and/or (xvi) any partial or total transfer, pledge and/or reconstitution of Borrower and/or any direct or indirect owner of Borrower (regardless of whether the same is permitted under the Loan Documents). 

(c) This Guaranty shall be effective as a waiver of, and Guarantor hereby expressly waives 

(i) any and all rights to which Guarantor may otherwise have been entitled under any suretyship laws in
effect from time to time, including any right or privilege, whether existing under statute, at law or in equity, to require Lender to take prior recourse or proceedings against any collateral, security or Person whatsoever; and 

(ii) any right and/or requirement of or related to notice, presentment, protest, notice of protest,
further notice of nonpayment, notice of dishonor, default, nonperformance, intent to accelerate, acceleration, existence of the Debt and/or any amendment or modification of the Debt. 

5. Deferment of Rights of Subrogation, Reimbursement and Contribution. 

(a) Notwithstanding any payment or payments made by Guarantor hereunder, Guarantor shall not assert or exercise any right
of Lender or of Guarantor against Borrower to recover the amount of any payment made by Guarantor to Lender by way of subrogation, 

  
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reimbursement, contribution, indemnity or otherwise arising by contract or operation of law, and Guarantor shall not have any right of recourse to or any claim against assets or property of
Borrower, whether or not the obligations of Borrower have been satisfied, all of such rights being herein expressly waived by Guarantor. Guarantor agrees not to seek contribution or indemnity or other recourse from any other guarantor. If any amount
shall nevertheless be paid to Guarantor by Borrower or another guarantor prior to payment in full of the Debt and the Guaranteed Obligations, such amount shall be held in trust for the benefit of Lender and shall forthwith be paid to Lender to be
credited and applied to the Debt, whether matured or unmatured. The provisions of this Section shall survive the termination of this Guaranty, and any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable
law. Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Loan Agreement and that the waiver set forth in this Section is knowingly made in contemplation of such benefits.

 (b) Notwithstanding the provisions of subsection (a), Guarantor shall have and be entitled to (i) all
rights of subrogation otherwise provided by applicable law in respect of any payment it may make or be obligated to make under this Guaranty and (ii) all claims it would have against any other guarantor in the absence of subsection (a) and
to assert and enforce same, in each case on and after, but at no time prior to, the date (the “Subrogation Trigger Date”) which is 91 days after the date on which all of the Debt has been paid in full, if and only if (y) no
Event of Default relating to Creditor’s Rights Laws with respect to Borrower, Guarantor or any other guarantor has existed at any time on and after the date of this Guaranty to and including the Subrogation Trigger Date and (z) the
existence of Guarantor’s rights under this subsection (b) would not make Guarantor a creditor (as defined under applicable Creditor’s Rights Laws) of Borrower or any other guarantor in any insolvency, bankruptcy, reorganization or
similar proceeding commenced on or prior to the Subrogation Trigger Date. 
 6. Bankruptcy Code Waiver.
It is the intention of the parties that Guarantor shall not be deemed to be a “creditor” or “creditors” (as defined in Section 101 of the Bankruptcy Code) of Borrower, or any other guarantor, by reason of the existence of
this Guaranty in the event that Borrower or any other guarantor becomes a debtor in any proceeding under the Bankruptcy Code, and in connection herewith, Guarantor hereby waives any such right as a “creditor” under the Bankruptcy Code.
This waiver is given to induce Lender to make the Loan. 
 7. Subordination of all Guarantor Claims.

 (a) As used herein, “Guarantor Claims” means all debts and liabilities of Borrower or any
other obligor to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations are direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether
such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner
in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of the Debt. Until payment in full of the Debt (and
including interest accruing on the Note after the commencement of a proceeding by or against Borrower under applicable Creditor’s Rights Laws, which interest Guarantor agrees shall remain

  
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a claim that is prior and superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under applicable Creditor’s Rights Laws generally), Guarantor
agrees not to accept any payment or satisfaction of any kind of the Guarantor Claims and hereby assigns the Guarantor Claims to Lender, including the right to file proof of claim and to vote thereon in connection with any such proceeding under
applicable Creditor’s Rights Laws, including the right to vote on any plan of reorganization. 
 (b) In the
event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to establish its rights
hereunder and receive directly from the receiver, trustee or other court custodian dividends and payments which would otherwise be payable upon the Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender. 

(c) Without the prior written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor’s
right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation,
bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interest, collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor. 

8. Representations and Warranties. Guarantor represents and warrants to Lender as follows: 

(a) Benefit. Guarantor is an Affiliate of Borrower, or is the owner of a direct or indirect interest in Borrower,
and has received, or will receive, direct or indirect benefit from the making of this Guaranty. 
 (b)
Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created as security
for the payment of the Debt; provided, however, Guarantor is not relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 

(c) No Representation by Lender. Neither Lender nor any other party has made any representation, warranty or
statement to Guarantor in order to induce Guarantor to execute this Guaranty. 
 (d) Guarantor’s
Financial Condition. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and has and will have property and assets sufficient to satisfy and repay its obligations and liabilities. 

(e) Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of the
transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is 

  
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subject or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust,
charge, lien, or any contract, agreement or other instrument to which Guarantor is a party or which may be applicable to Guarantor. Guarantor has full power and authority to execute and deliver this Guaranty and to perform its obligations hereunder.
This Guaranty is a legal and binding obligation of Guarantor, enforceable against it in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditors’
rights. 
 (f) Litigation. Except as otherwise disclosed to Lender, there are no proceedings pending or,
so far as Guarantor knows, threatened before any court or administrative agency which, if decided adversely to Guarantor, would have a material adverse effect on the use, operation or value of the Property, taken as a whole, the ongoing revenues and
expenses of the Property or the ability of Borrower to pay its obligations in respect of the Loan or the Property. 
 (g) Tax Returns. Guarantor has filed all required federal, state and local tax returns and has paid all taxes as shown on such returns as they have become due. No claims have been assessed and are
unpaid with respect to such taxes. 
 9. Financial Reports. Guarantor shall keep adequate books and
records of account in accordance with methods acceptable to Lender, consistently applied and furnish to Lender: 

(a) an annual balance sheet and income statement of Guarantor in the form required by Lender, prepared and certified by
Guarantor, within 60 days after the close of each fiscal year of Guarantor; 
 (b) copies of all federal tax
returns filed by Guarantor, within 30 days after the filing thereof; and 
 (c) such other financial statements
as may, from time to time, be required by Lender. 
 10. Right to Examine. Lender and its accountants
shall have the right to examine the records, books, management and other papers of Guarantor which reflect upon Guarantor’s financial condition, at the Property or at any office (or such other location) regularly maintained by any Guarantor
where the books and records are located. Lender and its accountants shall have the right to make copies and extracts from the foregoing records and other papers. In addition, Lender and its accountants shall have the right to examine and audit the
books and records of Guarantor pertaining to the income, expenses and operation of the Property during reasonable business hours at any office of Guarantor where the books and records are located. 

11. Review of Financial Condition. Guarantor hereby consents and agrees that Lender shall be permitted at any time
and from time to time to review and/or confirm the financial condition of Guarantor, including ordering and reviewing credit reports from a nationally recognized credit agency. 

12. WARRANT OF ATTORNEY—CONFESSION OF JUDGMENT. 

  
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 (a) GUARANTOR, TO THE FULLEST EXTENT PERMITTED BY LAW, AND WITHOUT FURTHER
CONSENT OF OR NOTICE REQUIRED, HEREBY IRREVOCABLY AND UNCONDITIONALLY AUTHORIZES AND EMPOWERS THE PROTHONOTARY, CLERK OF COURT, OR ANY ATTORNEY OF ANY COURT OF RECORD IN THE COMMONWEALTH OF PENNSYLVANIA OR ELSEWHERE, TO APPEAR FOR GUARANTOR IN SUCH
COURT AS ATTORNEY FOR GUARANTOR, AND TO CONFESS JUDGMENT AGAINST GUARANTOR, AFTER AN EVENT OF DEFAULT HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS, FOR ALL OR ANY PORTION OF THE UNPAID GUARANTEED OBLIGATIONS, TOGETHER WITH UNPAID INTEREST
THEREUNDER, PLUS AN ATTORNEY’S COMMISSION EQUAL TO TEN PERCENT (10%) OF THE UNPAID BALANCE OF THE GUARANTEED OBLIGATIONS, BUT IN NO EVENT LESS THAN $10,000 WITH COSTS OF SUIT AND RELEASE OF ALL ERRORS, AND WITH WAIVER BY GUARANTOR OF ANY
RIGHT TO A STAY OF EXECUTION, FOR WHICH THIS GUARANTY OR A VERIFIED COPY HEREOF SHALL BE SUFFICIENT WARRANT. THE AUTHORITY GRANTED HEREIN TO CONFESS JUDGMENT SHALL NOT BE EXHAUSTED BY ANY EXERCISE THEREOF. LENDER MAY CONFESS ONE OR MORE JUDGMENTS IN
THE SAME OR DIFFERENT JURISDICTIONS FOR ALL OR ANY PART OF THE AMOUNT OWING HEREUNDER, WHETHER OR NOT JUDGMENT HAS PREVIOUSLY BEEN ENTERED FOR THE SAME AMOUNT. IF ANY JUDGMENT CONFESSED HEREUNDER IS STRICKEN OR OPENED FOR ANY REASON, LENDER IS
HEREBY AUTHORIZED AND EMPOWERED TO APPEAR FOR AND CONFESS JUDGMENT AGAINST GUARANTOR AGAIN, IF DOING SO WILL CURE ANY ERRORS OR DEFECTS IN SUCH PRIOR PROCEEDINGS. THE FOREGOING RIGHT AND REMEDY IS IN ADDITION TO AND NOT IN LIEU OF ANY OTHER RIGHT OR
REMEDY AVAILABLE TO LENDER UNDER THIS GUARANTY OR OTHERWISE. 
 (b) GUARANTOR, BEING FULLY AWARE OF THE RIGHT TO
NOTICE AND A HEARING CONCERNING THE VALIDITY OF ANY AND ALL CLAIMS THAT MAY BE ASSERTED AGAINST GUARANTOR BY LENDER BEFORE A JUDGMENT CAN BE ENTERED HEREUNDER OR BEFORE EXECUTION MAY BE LEVIED ON SUCH JUDGMENT AGAINST ANY AND ALL PROPERTY OF
GUARANTOR, HEREBY KNOWINGLY, VOLUNTARILY AND INTELLIGENTLY WAIVES THESE RIGHTS AND AGREES AND CONSENTS TO: (i) JUDGMENT BEING ENTERED BY CONFESSION IN ACCORDANCE WITH THE TERMS HEREOF, AND (ii) EXECUTION BEING LEVIED ON SUCH JUDGMENT
AGAINST ANY AND ALL PROPERTY OF GUARANTOR, IN EACH CASE WITHOUT FIRST GIVING NOTICE AND THE OPPORTUNITY TO BE HEARD ON THE VALIDITY OF THE CLAIM OR CLAIMS UPON WHICH SUCH JUDGMENT IS ENTERED. 

13. Miscellaneous. 
 (a) Waiver of Notice. Guarantor hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Guaranty does not specifically and expressly provide
for the giving of notice by Lender to Guarantor. No release of any security for the Loan or one or more extensions of time for payment of the Note or any installment thereof, and no alteration, amendment or waiver of any provision of this Guaranty,
the Note or 

  
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the other Loan Documents made by agreement between Lender or any other person, shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Guarantor or
any other person who may become liable for the payment of all or any part of the Loan under the Note, this Guaranty or the other Loan Documents. 
 (b) Waiver of Jury Trial. GUARANTOR, TO THE FULLEST EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES,
RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING, INCLUDING ANY TORT ACTION, BROUGHT BY ANY PARTY TO THE LOAN DOCUMENTS AGAINST ANY OTHER BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO OR IN CONNECTION
WITH THE LOAN DOCUMENTS, THE LOAN OR ANY COURSE OF CONDUCT, ACT, OMISSION, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PERSON (INCLUDING, WITHOUT LIMITATION, SUCH PERSON’S DIRECTORS, OFFICERS, PARTNERS, MEMBERS,
EMPLOYEES, AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH SUCH PERSON), IN CONNECTION WITH THE LOAN OR THE LOAN DOCUMENTS, INCLUDING ANY COUNTERCLAIM WHICH GUARANTOR MAY BE PERMITTED TO ASSERT THEREUNDER OR WHICH MAY BE ASSERTED BY LENDER
OR ITS AGENTS AGAINST GUARANTOR, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THIS WAIVER BY GUARANTOR OF ITS RIGHT TO A JURY TRIAL IS A MATERIAL INDUCEMENT FOR LENDER TO MAKE THE LOAN. 

(c) Offsets, Counterclaims and Defenses. Guarantor hereby knowingly waives the right to assert any counterclaim,
other than a compulsory counterclaim, in any action or proceeding brought against Guarantor by Lender. Any assignee of the Loan Documents or any successor of Lender shall take the same free and clear of all offsets, counterclaims or defenses which
are unrelated to the Loan Documents which Guarantor may otherwise have against any assignor of the Loan Documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Guarantor in any action or proceeding brought by any
such assignee under any Loan Document. Any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Guarantor. 

(d) Voluntary Agreement. GUARANTOR HEREBY REPRESENTS AND WARRANTS THAT GUARANTOR IS FULLY AWARE OF THE
TERMS CONTAINED IN THE LOAN DOCUMENTS AND THAT GUARANTOR HAS VOLUNTARILY AND WITHOUT COERCION OR DURESS OF ANY KIND ENTERED INTO THE LOAN DOCUMENTS TO WHICH IT IS A PARTY. 

(e) Assignments. This Guaranty is for the benefit of Lender and Lender’s successors and assigns, and in the
event of an assignment of the Guaranteed Obligations, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed Obligations so assigned, may be transferred with such Guaranteed Obligations. Guarantor

  
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waives notice of any transfer or assignment of the Guaranteed Obligations, or any part thereof, and agrees that failure to give notice will not affect the liabilities of Guarantor hereunder.

 (f) Further Assurances. Guarantor agrees that it will execute and deliver such further instruments and
perform such further acts as may be requested by Lender from time to time to confirm the provisions of any Loan Document to which it is a party, to carry out more effectively the purposes of this Guaranty or the Loan Documents. 

(g) Waiver. Guarantor hereby waives and releases all errors, defects and imperfections in any proceedings
instituted by Lender under the Loan Documents. 
 (h) Governing Law. The governing law and related
provisions set forth in Section 17.2 of the Loan Agreement (including, without limitation, any authorized agent provisions thereof) are hereby incorporated by reference as if fully set forth herein (with Guarantor substituted in all places
where Borrower appears thereunder) and shall be deemed fully applicable to Guarantor hereunder. Guarantor hereby certifies that it has received and reviewed the Loan Agreement (including, without limitation, Section 17.2 thereof). 

(i) Joint and Several Liability. All obligations of Guarantor hereunder are joint and several with those of any
other guarantor of or surety for all or any part of the Guaranteed Obligations. If there is more than one Guarantor under this Guaranty, all agreements, conditions, covenants and provisions hereof shall be the joint and several liability of each
Guarantor. 
 (j) Binding Effect. This Guaranty is binding not only on Guarantor, but also on
Guarantor’s heirs, personal representatives, successors and assigns. Upon the death of Guarantor, if Guarantor is a natural Person, this Guaranty shall continue against Guarantor’s estate as to all of the Guaranteed Obligations, including
that portion incurred or arising after the death of Guarantor and shall be provable in full against Guarantor’s estate, whether or not the Guaranteed Obligations are then due and payable. If this Guaranty is signed by more than one Person, then
all of the obligations of Guarantor arising hereunder shall be jointly and severally binding on each of the undersigned, and their respective heirs, personal representatives, successors and assigns, and the term “Guarantor” shall mean all
of such Persons and each of them individually. Without limitation of any other term, provision or waiver contained herein, Guarantor hereby acknowledges and agrees that it has been furnished true, complete and correct copies of the Loan Documents
and has reviewed the terms and provisions thereof (including, without limitation, the Guaranteed Obligations). 

14. Rules of Construction. This Guaranty is governed by and hereby incorporates by reference the Rules of
Construction contained in the Loan Agreement, which shall apply with the same effect as though fully set forth herein, and Guarantor shall be bound by them to the same extent as Borrower. 

15. Notices. Any and all notices, elections, demands, requests and responses thereto permitted or required to be
given under this Guaranty shall be given in accordance with the applicable terms and conditions of the Loan Agreement. Notices to Guarantor shall be addressed as follows: 

  
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 RAIT Partnership, L.P. 

c/o RAIT Financial Trust 

2929 Arch Street, 17th Floor 
 Philadelphia, PA 19104-2870 
 Attn: Scott F. Schaeffer, President

 Facsimile No.: (215) 243-9097 

With a copy to: 
 Alston & Bird LLP 
 90 Park Avenue 

New York, New York 10016 
 Attn: Gerard C. Keegan, Esq. 
 Facsimile No.: (212) 210-9444

 16. Intentionally Omitted. 

17. Intentionally Omitted. 

18. Intentionally Omitted. 

19. State Specific Provisions. Guarantor hereby agrees that neither Lender’s rights or remedies nor
Guarantor’s obligations under the terms of this Guaranty shall be released, diminished, impaired, reduced or affected by any one or more of the following events, actions, facts, or circumstances, and the liability of Guarantor under this
Guaranty shall be absolute and unconditional irrespective of (and Guarantor hereby waives any rights or protections related to) any homestead exemption or any other similar exemption under Applicable Law and Guarantor hereby waives the benefit of
any such exemption as to the Guaranteed Obligations which such waiver is hereby expressly made in accordance with Virginia Code Section 34.22 and the benefits of Virginia Code Sections 49-25 and 49-26. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 11 

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty under
as of the date first written above. 
  

					
	 INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership

		
	 By:
	 	 INDEPENDENCE REALTY TRUST, INC.,

its general partner

			
		 	 By:
	 	 /s/ Jack E. Salmon

		 	 Name:
	 	   Jack E. Salmon

		 	 Title:
	 	 President and Chief Financial Officer

  
 12Third Amendment to Loan and Security Agreement - Tresa at Arrowhead

 Exhibit 10.18 
 THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT AND 
 PROMISSORY
NOTE 
 THIS THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT AND PROMISSORY NOTE (this
“Amendment”) is made as of the 29th day
of April, 2011 (the “Effective Date”), by and between IRT TRESA AT ARROWHEAD ARIZONA, LLC, a Delaware limited liability company (“Borrower”), and RAIT PARTNERSHIP, L.P., a Delaware limited partnership
(“Interim Guarantor”), and INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“New Guarantor”), and RAIT CRE CDO I, LTD., an exempted company incorporated under the laws of the Cayman
Islands (together with its successors and assigns, “Lender”). 
 BACKGROUND 

WHEREAS, Lender is the current owner and holder of that certain Promissory Note dated effective as of December 8, 2006 (the
“Note”), evidencing a loan (the “Loan”) in the original principal amount of Thirty-Six Million Six Hundred Seventy-Five Thousand and 00/100 Dollars ($36,675,000.00), which Note was made by Arrowhead 20/20 L.P., an
Arizona limited partnership (“Original Borrower”), and payable to the order of RAIT Partnership, L.P., a Delaware limited partnership (the “Original Lender”). 

WHEREAS, the Loan is further evidenced by that certain Loan and Security Agreement dated effective as of December 8, 2006, by and
between Original Borrower and Original Lender, as amended by that certain Amendment to Loan and Security Agreement and Promissory Note dated as of October 13, 2009 by and among Interim Borrower (as hereinafter defined), John P. Murphy, an
individual (“Murphy”), 20/20 Group, Inc., a Canadian Federally incorporated company (together with Murphy being sometimes referred to herein collectively as the “Original Guarantor”), Interim Guarantor and Lender,
and by that certain Second Amendment to Loan and Security Agreement dated effective as of October 13, 2009 by and between Interim Borrower and Lender (all of the foregoing, together with any and all other amendments, restatements and other
modifications thereof, the “Loan Agreement”), which is hereby incorporated herein and made a material part hereof. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

 WHEREAS, on or about December 8, 2006, Original Lender assigned, sold and transferred its interest in the Loan, the Note
and all Loan Documents to RAIT Preferred Holdings I, LLC, a Delaware limited liability company (“Interim Lender”), as evidenced by, among other things, that certain Allonge to $36,675,000.00 Promissory Note effective as of
December 8, 2006, made by Original Lender in favor of Interim Lender. 
 WHEREAS, on or about December 8, 2006,
Interim Lender assigned, sold and transferred its interest in the Loan, the Note and all Loan Documents to Lender, as evidenced by, among other things, that certain Allonge to $36,675,000.00 Promissory Note effective as of December 8, 2006,
made by Interim Lender in favor of Lender. Lender is the current holder of all of Original Lender’s interest in and to the Loan, the Note and Loan Documents. 

 WHEREAS, on or about October 13, 2009, Original Borrower, with the consent of Lender,
transferred the Property to Tresa at Arrowhead Arizona, LLC, a Delaware limited liability company (“Interim Borrower”), subject to the Loan Documents, and Interim Borrower assumed certain obligations of Original Borrower under the
Loan Documents. 
 WHEREAS, pursuant to that certain Contribution Agreement dated as of April 7, 2011, by and among Interim
Borrower, Crestmont Apartments Georgia, LLC, Cumberland Glen Apartments Georgia, LLC, Creeks at Copper Hills Apartments Texas, LLC, Heritage Trace Apartments Virginia, LLC, Belle Creek Apartments Colorado, LLC and New Guarantor, as partially
assigned by New Guarantor to Borrower (the “Contribution Agreement”), Interim Borrower agreed to contribute the Property to Borrower. The Contribution Agreement requires that Borrower assume the Loan and the obligations of Interim
Borrower under the Loan Documents, and conditions the closing of the sale of the Property upon, among other things, Borrower’s assumption of the Loan. 
 WHEREAS, Interim Borrower, Borrower and Interim Guarantor have requested that Lender (1) grant its consent to (i) the contribution of the Property by Interim Borrower to Borrower (the
“Transfer”), subject to the Deed of Trust and the other Loan Documents, and (ii) the assumption by Borrower of the Loan (the “Assumption”), (2) agree to amend the Loan Agreement and the Note in accordance
with the terms and conditions of this Amendment, (3) agree to release Tresa at Arrowhead Member, LLC, a Delaware limited liability company (“Interim Pledgor”), from any liability to Lender under any and all of the Loan
Documents, (4) agree to a release of Interim Borrower from any liability to Lender under any and all of the Loan Documents, and (5) agree to (i) a partial release of Interim Guarantor from liability to Lender under that certain
Guaranty of Non-Recourse Carveouts dated effective as of October 13, 2009 (the “Carve-Out Guaranty”), and (ii) a partial release of Interim Guarantor from liability to Lender under Environmental Indemnification #2 (as
hereinafter defined). The releases in the foregoing subsections (3), (4) and (5) being sometimes referred to herein collectively as the “Release”. 
 WHEREAS, Lender has agreed to (1) consent to the Transfer and the Assumption; (2) amend the Loan Agreement and the Note in certain respects as set forth herein; and (3) provide the Release,
subject to the terms and conditions hereof, that certain Second Loan Assumption and Substitution Agreement and Amendment to Deed of Trust, Security Agreement and Fixture Filing and Assignment of Leases and Rents of even date herewith by and among
Interim Borrower, Interim Guarantor, Borrower, New Guarantor and Lender (the “Assumption Agreement”) and the other documents, agreements and/or certificates executed in connection therewith (collectively, the “Loan
Assignment Documents”). 
 WHEREAS, Borrower acknowledges and agrees that, as of the Effective Date, the outstanding
principal amount of the Loan is Twenty-Seven Million Five Hundred Thousand and 00/100 Dollars ($27,500,000.00). 

  
 2 

 WHEREAS, New Guarantor directly owns one hundred percent (100%) of the legal and
beneficial equity in Borrower. 
 WHEREAS, Borrower and New Guarantor will benefit directly and/or indirectly from the Transfer,
the Assumption and the other transactions contemplated hereby. 
 NOW, THEREFORE, in consideration of the premises and the
mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows: 
 A.
AMENDMENTS 
 1. Miscellaneous Amendments to the Loan Agreement. Effective as of the Effective Date, the Loan
Agreement is hereby amended as follows: 
 (a) Loan Documents. The term “Loan Documents”
as used throughout the Loan Agreement shall mean all of the Loan Documents (as defined in the Loan Agreement) and all of the Loan Assignment Documents, all as subsequently amended; 

(b) Guarantor. The term “Guarantor” and “Guarantors” as used throughout the Loan Agreement
shall be deemed to refer exclusively to New Guarantor and not to Original Guarantor and/or Interim Guarantor except to the extent said references would also be applicable to Original Guarantor and/or Interim Guarantor in accordance with any
continuing liabilities of Original Guarantor and/or Interim Guarantor under the Environmental Indemnification and their respective Non-Recourse Carveout Guaranty Agreements and any other continuing guaranty or indemnity obligations of the foregoing
under the Loan Documents, as amended; 
 (c) Borrower. All references to “Borrower” in the Loan
Agreement shall be deemed to refer exclusively to Borrower (as defined in this Amendment); 
 (d)
Pledgors. All references to “Pledge Agreement”, “Pledgor” or “Pledgors” in the Loan Agreement are hereby deleted; and 
 (e) Guaranty Agreements. All references to “Guaranty Agreements” in the Loan Agreement shall refer to the Guaranty Agreement (as defined in this Amendment). 

2. Amendment to Interest Rate. Effective as of the Effective Date, Section 1(b) of the Loan Agreement is hereby
deleted in its entirety and replaced with the following: 
 “(b) Interest Rate. The unpaid principal
balance of the Loan will accrue interest (“Interest”) at an interest rate (the “Interest Rate”) equal to: (i) for the period commencing on April 29, 2011 and continuing through April 28, 2013, a fixed
rate of interest equal to two and one-half percent (2.50%), and (ii) for the period commencing on April 29, 2013 through the date on which the Debt is repaid in full (the “LIBOR Rate Period”), the percent per annum equal
to the LIBOR Rate (as hereinafter defined), rounded upwards, if necessary, to the 

  
 3 

 
nearest 1/8 of one percent (1%), plus 225 basis points. Notwithstanding the foregoing, provided that no default or Event of Default exists hereunder or under any of the other Loan Documents,
Borrower shall have the one-time option at any time during the LIBOR Rate Period, but upon not less than thirty (30) days prior written notice to Lender, to fix the Interest Rate at a rate equal to 275 basis points over a comparable
interpolated Swap Rate commencing on the first day of the next full accrual period and continuing for the remaining term of the Loan. Lender shall determine the LIBOR Rate as in effect from time to time, and each such determination of the LIBOR Rate
shall be conclusive and binding absent manifest error. For purposes hereof, “LIBOR Rate” means the Thirty Day London Interbank Offered Rate, LIBOR (the “Index”). LIBOR is a standard financial index used in the US
Capital Markets as published and shown by the British Bankers’ Association on its website, which can be found at www.bba.org.uk. The Interest Rate is subject to change from time to time based on changes in the Index. The Index is not
necessarily the lowest rate charged by Lender on its loans. Borrower understands that Lender may make loans based on other rates as well. If the Index becomes unavailable during the term of this Loan, Lender may designate a substitute index that
will result in a comparable Interest Rate after notice to Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The Interest Rate change will not occur more often than each month. The Interest Rate change will
occur on the first (1st) day of each calendar month,
based on the Index rate for that date as published and shown on the above-referenced website, rounded upwards, if necessary, to the nearest 1/8 of one percent (1%).” 
 3. Amendment to Interest Payments. Effective as of the Effective Date, Section 1(c)(ii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:

 “(ii) Interest Payments. 

(1) On the first (1st) day of each calendar month (each, a “Payment Date”) commencing on November 1, 2009 and
continuing on each Payment Date thereafter through and including October 1, 2010, Borrower will make payments in arrears to Lender (each, an “Interest Payment” and collectively, the “Interest Payments”) equal
to any and all Net Cash Flow (as hereafter defined) generated from or by the Property during the previous calendar month; provided, however, the amount payable for each Interest Payment shall not exceed the outstanding principal amount of the Loan
multiplied by the Interest Rate with the resulting product then multiplied by a fraction whose numerator is the actual number of days elapsed in the immediately preceding month and whose denominator is three hundred and sixty (360), as determined by
Lender on each Payment Date in its sole reasonable discretion. The foregoing notwithstanding, if any Payment Date shall fall on a date that is not a Business Day (as hereinafter defined), then the payment scheduled to be due on such Payment Date
shall be deemed to be due on the first (1st) Business
Day immediately following such Payment Date. Interest accruing at the Interest Rate on or after October 1, 2009 

  
 4 

 
through September 30, 2010 which exceeds the amount payable on each Payment Date pursuant to the immediately preceding sentence (such excess, collectively, the “Interest
Deficiency”), if any, shall be due and payable on such Payment Date or future Payment Dates to the extent sufficient funds are available to pay such amounts under Section 4(b)(ix) and (x) of this Loan Agreement, and, if
sufficient funds are not available to pay the Interest Deficiency in full, then the remaining balance of the Interest Deficiency shall be payable in full on the first to occur of (x) an Event of Default, (y) the Maturity Date (or earlier
acceleration of the Debt), or (z) the date upon which the Debt is repaid in full. Interest will not be charged on any unpaid Interest Deficiency except following the occurrence of an Event of Default, at which time Interest will be charged on
any unpaid Interest Deficiency at the Default Rate. As used herein, the term “Net Cash Flow” means any and all Operating Revenues (as hereafter defined), less Expenses (as hereafter defined). As used herein,
“Operating Revenues” means any and all operating revenues of the Property actually received during the applicable period, as determined by Lender in accordance with Lender’s then current audit policies and procedures. As used
herein, “Expenses” means the total of all expenditures, of whatever kind relating to the operation, maintenance and management of the Property that are incurred on a regular monthly or other periodic basis, including any and all
capital expenditures, utilities, ordinary repairs and maintenance, insurance, license fees, rental payments, property taxes and assessments, advertising expenses, management fees, payroll and related taxes, computer processing charges, operational
equipment or other lease payments as approved by Lender, and other similar costs, and any amounts required to be deposited into any of the Reserves pursuant to the terms of this Loan Agreement (but excluding
depreciation and debt service (but not including loan reserve payments)), as determined by Lender in accordance with its then current audit policies and procedures for the twelve (12) months immediately following the date of
determination. 
 (2) On each Payment Date commencing on November 1, 2010 and continuing on each Payment
Date on or before the Effective Date, Borrower will make Interest Payments to Lender equal to the outstanding principal amount of the Loan multiplied by a rate of five percent (5.0%) per annum (the “Minimum Interest Rate”) with
the resulting product then multiplied by a fraction whose numerator is the actual number of days elapsed in the immediately preceding period and whose denominator is 360. Interest accruing at the Interest Rate on or after October 1, 2010 which
exceeds the amount payable at the Minimum Interest Rate on each Payment Date (such excess, collectively, the “Second Interest Deficiency” and together with the Interest Deficiency being sometimes referred to herein collectively as
the “Accrued Interest”), shall be due and payable on such Payment Date or future Payment Dates to the extent sufficient funds are available to pay such amounts in accordance with Sections 4(b)(ix) and 4(b)(x) of this Loan
Agreement, and, if sufficient funds are not available to pay said Second Interest Deficiency in full, then the remaining balance of the Second Interest Deficiency shall be payable in full on the first to occur of (x) an Event of Default,
(y) the 

  
 5 

 
Maturity Date (or earlier acceleration of the Debt), or (z) the date upon which the Debt is repaid in full. Interest will not be charged on any unpaid Accrued Interest except following the
occurrence of an Event of Default, at which time Interest will be charged on any unpaid Accrued Interest at the Default Rate. 
 (3) On each Payment Date after April 29, 2011, Borrower will make Interest Payments only in arrears to Lender equal to the outstanding principal amount of the Loan multiplied by the applicable
Interest Rate with the resulting product then multiplied by a fraction whose numerator is the actual number of days elapsed in the immediately preceding month and whose denominator is three hundred and sixty (360), as determined by Lender on each
Payment Date in its sole reasonable discretion. The foregoing notwithstanding, if any Payment Date shall fall on a date that is not a Business Day (as hereinafter defined), then the payment scheduled to be due on such Payment Date shall be deemed to
be due on the first (1st) Business Day immediately
following such Payment Date.” 
 Notwithstanding anything to the contrary contained herein or in the Loan Agreement, any and all
outstanding Accrued Interest is hereby waived by Lender as of the Effective Date and shall not be due and owing by Borrower. 

4. Amendment to Maturity. 
 (1) Effective as of the Effective Date, Section 1(d) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(d) Principal Maturity. The outstanding principal balance of the Loan and all accrued and unpaid Interest
(including, without duplication, any unpaid Accrued Interest) and any and all amounts owing or to be owing by Borrower or any obligor under the Loan Documents whenever arising (collectively, the “Debt”), will be due on the Maturity
Date (as hereafter defined). For purposes hereof, the “Maturity Date” means the earlier of (i) the Scheduled Maturity Date (as hereinafter defined); and (ii) the date on which the Debt becomes due and payable, whether by
acceleration or otherwise. For purposes hereof, the “Scheduled Maturity Date” means April 28, 2021.” 

(2) Effective as of the Effective Date, Section 1(f) of the Loan Agreement is hereby deleted in its entirety. 

5. Amendment to Prepayment Lockout Date. Effective as of the Effective Date, Section 1(e)(i) of the Loan Agreement is
hereby amended by replacing the first sentence thereof with the following: 
 “(i) Voluntary Prepayment. Except as
otherwise expressly set forth herein, the Loan may not be prepaid, in whole or in part, prior to April 29, 2016 (“Lockout Date”). 

  
 6 

 6. Amendment to Section 2(d) of the Loan Agreement. Effective as of the
Effective Date, Section 2(d) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(d) Intentionally Deleted;” 
 7. Amendment to Section 2(f) of
the Loan Agreement. Effective as of the Effective Date, Section 2(f) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(f) a collateral assignment (the “Management Assignment”) of that certain Property Management
Agreement by and between Borrower and Jupiter Communities, LLC, a Delaware limited liability company (“Property Manager”), dated on or about April 29, 2011 (the “Property Management Agreement”);”

 8. Amendment to Section 2(h) of the Loan Agreement. Effective as of the Effective Date, Section 2(h)
of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(h) a guaranty
from RAIT Partnership, L.P., a Delaware limited partnership, of the Recourse Obligations of Borrower (the “Interim Guaranty”), and a guaranty from Independence Realty Operating Partnership, LP, a Delaware limited partnership
(“Guarantor”), of the Recourse Obligations of Borrower (the “Guaranty Agreement”);” 
 9.
Amendment to Section 2(k) of the Loan Agreement. Effective as of the Effective Date, Section 2(k) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(k) an indemnification from John P. Murphy, an individual, and 20/20 Group Inc., a Canadian Federally incorporated
company, against losses arising out of or in any way relating to any Hazardous Substances (as defined therein) or violation of Environmental Laws (as defined therein) (“Environmental Indemnification #1”), an indemnification from
Interim Borrower and Interim Guarantor against losses arising out of or in any way relating to any Hazardous Substances (as defined therein) or violation of Environmental Laws (as defined therein) (the “Environmental Indemnification
#2”), and an indemnification from Borrower and Guarantor against losses arising out of or in any way relating to any Hazardous Substances (as defined therein) or violation of Environmental Laws (as defined therein) (the
“Environmental Indemnification #3” and together with Environmental Indemnification #1 and Environmental Indemnification #2, the “Environmental Indemnification”);” 

10. Amendment to Section 4(a) of the Loan Agreement. Effective as of the Effective Date, Section 4(a) of the Loan
Agreement is hereby deleted in its entirety and replaced with the following: 
 “(a) Accounts.

  
 7 

 (i) Restricted Account. Subject to the terms of that certain Blocked
Deposit Account Control Agreement dated on or about the Effective Date among Borrower, Citibank, N.A. (“Bank”) and Lender (the “Restricted Account Agreement”): 

(A) Borrower shall establish at the Bank an account (the “Restricted Account”) in the name of Borrower
for the sole and exclusive benefit of Lender; 
 (B) Borrower shall deposit, or cause to be deposited, within one
(1) Business Day after receipt, all revenue generated by the Property into the Restricted Account; 
 (C)
Funds on deposit in the Restricted Account shall be transferred on each Business Day to Borrower’s designated operating account, provided that if a Trigger Period (as hereinafter defined) exists, such funds instead shall be transferred
on each Business Day to the Cash Management Account (as hereinafter defined); and 
 (D) Until deposited into the
Restricted Account, any revenue generated at or from the Property held by Borrower or its agents shall be deemed to be collateral for the Loan and shall be held in trust for the benefit, and as the property, of Lender pursuant to the Deed of Trust
and shall not be commingled with any other funds or property of Borrower. 
 (ii) Other Accounts; Trigger
Period. Borrower shall establish in the name of Borrower for the sole and exclusive benefit of Lender an account into which Borrower shall transfer or cause to be transferred funds from the Restricted Account at all times during a Trigger Period
(the “Cash Management Account”). For purposes hereof, a “Trigger Period” shall mean a period commencing upon the earliest of (i) the occurrence and continuance of an Event of Default, and (ii) the Debt
Service Coverage Ratio being less than 1.20 to 1.00; and expiring upon (x) with regard to any Trigger Period commenced in connection with clause (i) above, the cure (if applicable) of such Event of Default, and (y) with regard to any
Trigger Period commenced in connection with clause (ii) above, the date that the Debt Service Coverage Ratio is equal to or greater than 1.20 to 1.00 for two (2) consecutive calendar quarters. Notwithstanding the foregoing, a Trigger
Period shall not be deemed to expire in the event that a Trigger Period then exists for any other reason. For purposes hereof, the “Debt Service Coverage Ratio” shall mean the ratio calculated by Lender on a monthly basis of
(i) the operating income less the operating expenses for the twelve (12) month period immediately preceding the date of calculation to (ii) the aggregate amount of debt service which would be due for such twelve (12) month
period; provided, that, the foregoing shall be calculated by Lender assuming that the Loan had been in place for the entirety of said period. 
 (iii) Maintenance of Accounts. All costs and expenses for establishing and maintaining the Restricted Account, the Cash Management Account, and/or any successor thereto (collectively, the
“Deposit Accounts”) shall be paid by Borrower. 

  
 8 

 
Borrower shall not alter or modify any Deposit Account, the Restricted Account Agreement, or any other agreement governing a Deposit Account, in each case without the prior written consent of
Lender. Lender shall have the right to cause a Deposit Account to be entitled with such other designation as Lender may select to reflect an assignment or transfer of Lender’s rights and/or interests with respect thereto, and Lender shall
provide Borrower with prompt written notice of any such renaming of a Deposit Account. 
 (iv) Security
Interest in Accounts. Borrower hereby grants to Lender a first-priority security interest in the Deposit Accounts and in all deposits at any time contained therein and in the proceeds thereof. Borrower will take all actions necessary to maintain
in favor of Lender a perfected first priority security interest in all such Deposit Accounts. Borrower hereby authorizes Lender to file UCC Financing Statements and continuations thereof to perfect Lender’s security interest in the Deposit
Accounts and all deposits at any time contained therein and the proceeds thereof. Borrower shall not further pledge, assign or grant any security interest in the Deposit Accounts or the monies deposited therein or permit any lien or encumbrance to
attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 

(v) Power of Attorney. Borrower constitutes and appoints Lender its true and lawful attorney-in-fact with full
power of substitution to complete or undertake any action required of Borrower under this Section 4(a) in the name of Borrower in the event Borrower fails to do the same. Such power of attorney shall be deemed to be a power coupled with
an interest and cannot be revoked.” 
 11. Amendment to Section 7(a)(ii) of the Loan Agreement. Effective as of
the Effective Date, Section 7(a)(ii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(ii) Borrower’s exact legal name is IRT Tresa at Arrowhead Arizona, LLC. Borrower is a Delaware limited liability company. Borrower is incorporated or organized under the laws of Delaware.
Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium of recording, including software, writings,
plans, specifications and schematics, has been the same for the preceding four (4) months (or, if less than four (4) months, the entire period of the existence of Borrower). Borrower’s organizational identification number, if any,
assigned by the state of its incorporation or organization is 4972128 (Delaware). Borrower’s federal tax identification number is 30-0681808. Borrower’s organizational structure set forth on Exhibit “C” is true, correct
and accurate.” 
 12. Amendment to Section 8(v) [Due on Sale Clause] of the Loan Agreement. Effective as of the
Effective Date, Section 8(v) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

  
 9 

 “(v) Due on Sale and Encumbrance; Transfers of Interests.

 (i) Borrower acknowledges and agrees that Lender has relied upon the principals of Borrower and their
experience in owning and operating the Property. Accordingly, in the event that (A) any direct interest in Borrower, or (B) except as set forth in Section 8(v)(ii) below, any indirect interest in Borrower, shall be sold,
conveyed, disposed of, alienated, hypothecated, assigned, pledged, mortgaged, further encumbered or otherwise transferred, in any manner or way, whether voluntarily or involuntarily (each of the foregoing, a “Transfer”) without the
prior written consent of Lender, then the same shall, at the option of Lender, constitute an Event of Default hereunder and under the other Loan Documents and Lender shall have the right, at its option, to declare any or all of the Debt,
irrespective of the Maturity Date, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in this Loan Agreement and/or any of the other Loan Documents. 

(ii) Notwithstanding anything in Section 8(v)(i) above to the contrary, provided (A) Borrower provides
Lender with at least ten (10) days written notice (the “Permitted Transfer Notice”) prior to the date of any such Permitted Transfer (as hereinafter defined), (B) on the date of delivery to Lender of the Permitted Transfer
Notice and on the date of such Permitted Transfer, no Event of Default or event which, with the giving of notice or passage of time, would result in an Event of Default, then exists, (C) any such Permitted Transfer would not result in the
release of any Guarantor or cause any Guarantor to no longer derive a direct material benefit from the making of the Loan (as determined by Lender in its sole and absolute discretion), (D) any transferee pays all costs and expenses incurred by
Lender, including, but not limited to, reasonable attorneys fees, in connection with such Permitted Transfer, and (E) any such transferee and transferor provide Lender with such other information and documents as requested by Lender in its sole
and absolute discretion, the following transfers (each a “Permitted Transfer”) shall be permitted by Lender: 
 (1) transfers or pledges of direct or indirect Equity Interests (as hereinafter defined) in the sole member of Borrower which in the aggregate during the term of the Loan (i) do not exceed forty-nine
percent (49%) of the total direct or indirect legal or beneficial Equity Interests in the sole member of Borrower and (ii) do not result in a change in Control (as hereinafter defined) of the sole member of Borrower; and 

(2) transfers or pledges of direct or indirect Equity Interests in the sole member of Borrower among the holders thereof
or their Affiliates (or parties under common Control with them) as of the date hereof provided that, after the consummation thereof, sole member of Borrower is Controlled by: (i) entities Controlled by, affiliated with, or under common Control
with Independence Realty Trust, Inc., (ii) Guarantor or entities Controlled by, affiliated with, or under common Control with Guarantor; and/or (iii) any combination of 

  
 10 

 
the foregoing. 
 As used herein, the term “Equity
Interests” means (a) partnership interests (general or limited) in a partnership; (b) membership interests in a limited liability company; (c) shares or stock interests in a corporation; and (d) the beneficial ownership
interests in a trust. 
 (iii) Notwithstanding anything in Section 8(v)(i) above to the contrary,
director or indirect Equity Interests in Independence Realty Trust, Inc. and in Independence Realty Operating Partnership, LP may be Transferred without the consent of Lender.” 

13. Amendment to Section 10(a)(xvii) of the Loan Agreement. Effective as of the Effective Date,
Section 10(a)(xvii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(xvii) if, at any time while the Debt remains outstanding, Guarantor shall fail to maintain a net worth of at least Thirty Million and 00/100 Dollars ($30,000,000.00), as determined by Lender in its
reasonable discretion and consistent with its standard underwriting practices;” 
 14. Amendment to Section 22(n)
of the Loan Agreement. The address for Borrower and Lender set forth in Section 22(n) of the Loan Agreement is hereby amended as follows: 
  

			
	“If to Borrower:	  	IRT Tresa at Arrowhead Arizona, LLC
		  	c/o RAIT Financial Trust
		  	Cira Centre
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attn: Jack Salmon, President
		  	Facsimile No. (215) 243-9097
		
	With a copy to:	  	Alston & Bird LLP
		  	One Atlantic Center
		  	1201 West Peachtree Street
		  	Atlanta, GA 30309-3449
		  	Attention: Sean Reynolds, Esquire
		  	Facsimile No.: (404) 253-8586
		
	If to Lender:	  	RAIT CRE CDO I, LTD.
		  	Cira Centre
		  	2929 Arch Street, 17th Floor
		  	Philadelphia, PA 19104
		  	Attn: Scott F. Schaeffer, President

  
 11 

			
		  	Facsimile No. (215) 243-9097
		
	With a copy to:	  	Ledgewood, a professional corporation
		  	1900 Market Street, Suite 750
		  	Philadelphia, Pennsylvania 19103
		  	Attn: David Mallenbaum, Esquire
		  	Facsimile No. (215) 735-2513”

 15.
Amendment to Exhibit “C” of the Loan Agreement; Consent to the Transfer and the Assumption. Exhibit “C” to the Loan Agreement (“Original Exhibit C”) is hereby deleted in its entirety and replaced
with Exhibit “B” to this Amendment (referred to herein as, “New Exhibit C”), and all references in and throughout the Loan Agreement to “Exhibit “C”” and/or “Exhibit C”
shall, from and after the Effective Date, be deemed to refer exclusively to New Exhibit C. The parties hereby acknowledge and agree that the named borrower under the Loan Documents has, with Lender’s consent, changed in order to effectuate the
Transfer and the Assumption. Lender hereby (i) expressly consents to and permits the Transfer and the Assumption, and (ii) agrees that, notwithstanding the terms of the Loan Agreement, the Transfer and the Assumption shall not constitute
an Event of Default. Notwithstanding the aforesaid, nothing contained in this Section 10 shall waive (or be deemed to waive) any right Lender has to declare an Event of Default upon any subsequent direct and/or indirect transfer of the
Property or upon any modification to the ownership structure of Borrower set forth on New Exhibit C, in each case which is not expressly permitted by and effectuated in accordance with the terms of the Loan Agreement (as amended hereby). 

16. New Exhibit “D” to the Loan Agreement. Exhibit “D” to the Loan Agreement (“Original Exhibit
D”) is hereby deleted in its entirety and replaced with Exhibit “C” to this Amendment (referred to herein as, “New Exhibit D”), and all references in and throughout the Loan Agreement to “Exhibit
“D”” and/or “Exhibit D” shall, from and after the Effective Date, be deemed to refer exclusively to New Exhibit D. 
 B. CONDITIONS TO EFFECTIVENESS 
 Lender shall have no obligation to execute
this Amendment and/or to perform its obligations hereunder (and this Amendment shall not be enforceable against Lender) unless and until each of the following conditions (collectively, the “Amendment Conditions”) is satisfied to
Lender’s reasonable satisfaction: 
 1. No Event of Default. As of the date of satisfaction of all of the other
Amendment Conditions, no Event of Default has occurred and is continuing and no condition exists that, with the passing of time or giving of notice, or both, would result in an Event of Default; 

2. Ratification of Guaranty. Interim Guarantor shall execute and deliver to Lender the Reaffirmation of Obligations, a form of
which is attached as Exhibit “A” hereto and made part hereof; 

  
 12 

 3. New Guaranty and Environmental Indemnification #3. New Guarantor shall execute and
deliver to Lender the Guaranty (as defined in Article A, Section 8), which shall be equivalent in form and substance to the Carve-Out Guaranty. New Guarantor and Borrower shall execute and deliver to Lender Environmental Indemnification
#3 (as defined in Article A, Section 9), which shall be equivalent in form and substance to Environmental Indemnification #2; 
 4. Execution of this Amendment. Borrower, Interim Borrower, Interim Guarantor, New Guarantor and Interim Pledgor have executed and delivered originals of this Amendment and/or the Joinder hereto
(as applicable) to Lender. 
 5. Additional Documentation. Borrower and New Guarantor shall execute and deliver or cause
to be executed and delivered to Lender, at Borrower’s sole cost and expense, any and all other documents, agreements, corporate resolutions, certificates and opinions as Lender shall reasonably request in connection with the execution and
delivery of this Amendment or any documents in connection herewith, or to further evidence, effect, enforce or protect any of the terms hereof or the rights or remedies granted or intended to be granted to Lender herein or therein, each of which
shall be in form and content acceptable to Lender; 
 6. Title. Borrower or Interim Borrower shall have delivered to
Lender a signed and marked lender’s title insurance commitment and an executed Loan Title Pro Forma, each of the foregoing with such endorsements as Lender may require, in Lender’s favor in an amount equal to the outstanding balance of the
Debt, from a title insurer pre-approved by Lender, insuring the Deed of Trust and dated as of the date of the Transfer. In addition, Borrower shall have delivered to Lender and Lender shall have approved an executed Owner’s Title Pro Forma
insuring (in the amount of the purchase price under the Contribution Agreement) Borrower’s good and marketable fee simple title to the Property with such endorsements as Lender may require; and 

7. New Cash Management and Management Documents. Borrower shall deliver to Lender (i) a fully executed copy of the Property
Management Agreement (as defined in Article A, Section 3 above), which shall be in form and substance reasonably acceptable to Lender, (ii) a fully executed original of a Collateral Assignment of Management Agreement and
Subordination of Management Fees by and between Borrower, Property Manager (as defined in Article A, Section 3 above) and Lender with respect to the Property Management Agreement, which shall be equivalent in form and substance to the
Collateral Assignment of Management Agreement and Subordination of Management Fees executed and delivered by Interim Borrower, Property Manager, and Lender at the time the Loan was assumed by Interim Borrower, and (iii) a fully executed
original of a Blocked Deposit Account Control Agreement by and between Borrower, Citibank, N.A. and Lender, which, together with this Amendment, shall replace that certain Cash Management Agreement executed and delivered by Interim Borrower,
Property Manager and Lender at the time the Loan was assumed by Interim Borrower. 
 In the event that Borrower, Interim
Borrower, Interim Pledgor, New Guarantor and Interim Guarantor have not satisfied any or all of the Amendment Conditions on or before the Effective Date, then this Amendment shall be null, void and of no further force and effect. 

  
 13 

 C. REPRESENTATIONS 

Borrower and New Guarantor hereby represent and warrant to Lender that: 

1. The execution, delivery and performance by Borrower and New Guarantor of this Amendment (a) are within Borrower’s and New
Guarantor’s power; (b) have been duly authorized by all necessary limited liability company and/or partnership action; (c) are not in contravention of any provision of Borrower’s or New Guarantor’s certificate of formation,
certificate of limited partnership, limited liability company agreement, limited partnership agreement or other organizational documents; (d) do not violate any law or regulation, or any order or decree of any governmental authority;
(e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Borrower and/or New
Guarantor is a party or by which Borrower or New Guarantor or any of their respective property is bound; (f) do not result in the creation or imposition of any lien upon any of the property of Borrower or New Guarantor other than those in favor
of Lender pursuant to the Loan Documents; and (g) do not require the consent or approval of any governmental authority or any other person or entity; 
 2. This Amendment has been duly executed and delivered for the benefit of or on behalf of Borrower and New Guarantor and constitutes a legal, valid and binding obligation of Borrower and New Guarantor,
enforceable against Borrower and New Guarantor in accordance with its terms except as the enforceability hereof may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and equitable
remedies in general; 
 3. After giving effect to this Amendment, no Event of Default or event which, with the giving of notice
or the passage of time or both, would constitute an Event of Default has occurred and is continuing, provided that for purposes of this provision, no aspect of the collection, control, use or conveyance of security deposits shall be regarded as
causing or contributing to a current or future Event of Default; and 
 4. All representations and warranties of Borrower
contained in Section 7 of the Loan Agreement (as amended hereby) are materially true, accurate and correct on and as of the date hereof as if made on and as of the date hereof. 

Interim Borrower hereby represents and warrants to Lender that: 
 1. The execution, delivery and performance by Interim Borrower of this Amendment and the Joinder attached hereto (as applicable) (a) are within Interim Borrower’s power; (b) have been duly
authorized by all necessary limited liability company and/or partnership action; (c) are not in contravention of any provision of Interim Borrower’s certificate of formation, limited liability company agreement or other organizational
documents; (d) do not violate any law or regulation, or any order or decree of any governmental authority; (e) do not conflict with or result in the breach or termination of, constitute a default under or accelerate any performance

  
 14 

 
required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which Interim Borrower is a party or by which Interim Borrower or any of their respective property is
bound; (f) do not result in the creation or imposition of any lien upon any of the property of Interim Borrower; (g) do not require the consent or approval of any governmental authority or any other person or entity; and
(h) constitute legal, valid and binding obligations of Interim Borrower, enforceable against Interim Borrower, in accordance with their respective terms except as the enforceability hereof may be limited by bankruptcy, insolvency,
reorganization, moratorium and other laws affecting creditors’ rights and remedies in general; 
 2. After giving effect to
this Amendment, no Event of Default or event which, with the giving of notice or the passage of time or both, would constitute an Event of Default has occurred and is continuing, provided that for purposes of this provision, no aspect of the
collection, control, use or conveyance of security deposits, nor any unpaid accrued interest on the principal portion of the Note, shall be regarded as causing or contributing to an Event of Default; and 

3. All representations and warranties of Interim Borrower contained in Loan Agreement are materially true, accurate and correct on and as
of the date hereof as if made on and as of the date hereof. 
 D. OTHER AGREEMENTS 

1. Continuing Effectiveness of Loan Documents. As amended hereby, all terms of the Loan Agreement, the Note and the other Loan
Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the parties thereto (all of which are hereby reaffirmed by Borrower and New Guarantor). To the extent any terms and
conditions in any of the other Loan Documents shall contradict or be in conflict with any terms or conditions of the Loan Agreement or the Note, after giving effect to this Amendment, such terms and conditions are hereby deemed modified and amended
accordingly to reflect the terms and conditions of the Loan Agreement and the Note as modified and amended hereby. All references to the “Loan Agreement” and/or the “Note” therein or in any other Loan Documents shall be deemed to
be a reference to the Loan Agreement and the Note as amended hereby. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, NOTHING CONTAINED IN THIS AMENDMENT IS INTENDED TO LIMIT, WAIVE OR DIMINISH IN ANY WAY, THE CONTINUING OBLIGATIONS, IF
ANY, OF ORIGINAL BORROWER AND/OR ORIGINAL GUARANTOR PURSUANT TO THE TERMS AND CONDITIONS OF THE LOAN DOCUMENTS, INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL INDEMNIFICATION #1, ALL OF THE FOREGOING AS AMENDED, INCLUDING WITHOUT LIMITATION AS AMENDED
BY THAT CERTAIN FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT AND PROMISSORY NOTE. 
 2. Acknowledgment of Perfection of
Security Interest. Borrower hereby acknowledges that, as of the date hereof, the security interests and liens granted to Lender under the Loan Agreement, the Deed of Trust, the Note and/or the other Loan Documents are in full force and effect,
are properly perfected and are enforceable in accordance with the terms of the 

  
 15 

 
Loan Agreement, the Deed of Trust, the Note and the other Loan Documents, except to the extent such enforceability may be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditor’s rights. 
 3. Effect of Agreement. Except as set forth expressly
herein, all terms of the Loan Agreement and the Note, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of Borrower, Interim
Borrower, Interim Pledgor, New Guarantor and Interim Guarantor to Lender. Except as set forth expressly herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender under
the Loan Agreement, nor constitute a waiver of any provision of the Loan Agreement. This Amendment shall constitute a Loan Document for all purposes of the Loan Agreement. Borrower’s failure to comply with or perform any of its covenants,
agreements or obligations contained in this Amendment shall constitute an Event of Default. 
 4. Governing Law.
This Amendment shall be governed by, and construed in accordance with, the internal laws of the Commonwealth of Pennsylvania and all applicable federal laws of the United States of America. 

5. Costs and Expenses. Borrower agrees to pay on demand all costs and expenses of Lender in connection with the preparation,
execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Lender with respect thereto. 
 6. Counterparts. This Amendment and the Joinder attached hereto may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an
original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment and the Joinder attached hereto by facsimile transmission shall be as effective as delivery
of a manually executed counterpart hereof. 
 7. Challenge to Enforcement. Borrower and New Guarantor acknowledge and
agree that they currently have no defense, set-off, counterclaim or challenge against the payment of any sums owing under the Loan Documents (including, without limitation, the Loan Agreement and the Note), or the enforcement of any of the terms or
conditions thereof. 
 8. Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties
hereto, their respective successors, successors-in-titles, and assigns. 
 9. Entire Understanding. This Amendment sets
forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto. 

10. Release of Lender. Interim Borrower, Interim Pledgor and Interim Guarantor hereby release, acquit, and forever
discharge (i) Lender, (ii) any servicer, sub-servicer, collateral manager and/or trustee in connection with the Loan and/or any collateralized debt obligations 

  
 16 

 
issued in connection with or secured (in whole or in part) by the Loan and (iii) each and every past, present and future subsidiary, affiliate, joint venture of Lender and all partners,
members and joint venturers and other equity holders of any of the foregoing (whether affiliated or non-affiliated with Lender), together with all stockholders, officers, trustees, directors, agents, servants, employees, representatives and
attorneys of any of the foregoing (all of the aforesaid persons and entities listed in (i), (ii) and (iii), the “Lender Parties”), from any and all claims, set-offs, counterclaims, causes of action, suits, debts, liens,
obligations, liabilities, demands, losses, costs and expenses (including reasonable attorneys’ fees) of any kind, character, or nature whatsoever, known or unknown, fixed or contingent, which Interim Borrower, Interim Pledgor and/or Interim
Guarantor may now or hereafter have or claim to have arising out of or connected with any act of commission or omission of any Lender Party including, without limitation, any claims, liabilities or obligations arising with respect to the Loan
Agreement or the other of the Loan Documents. The provisions of this paragraph shall be binding upon Interim Borrower, Interim Pledgor and Interim Guarantor and shall inure to the benefit of the Lender Parties and each of their heirs, executors,
administrators, successors and assigns. 
 11. Recitals. Borrower and New Guarantor do hereby ratify, confirm and
acknowledge that the statements contained in the foregoing Recitals clauses are true, correct and complete in all respects and that the Loan Documents are valid, binding and in full force and effect as of the date hereof, and are fully enforceable
against Borrower and New Guarantor, as applicable, in accordance with their terms. The Recitals are hereby incorporated herein and made a material part hereof by this reference as if fully set forth in this Amendment. 

12. No Accord or Satisfaction. Except to the extent expressly set forth in Article D, Section 13,
Section 14, Section 15, Section 16, Section 17 and Section 18, neither this Amendment nor any other agreement in connection herewith or pursuant to the terms hereof shall be deemed or
construed to be a compromise, satisfaction, accord and satisfaction, novation or release of any of the Loan Documents (including, without limitation, the Loan Agreement and/or the Note), or any rights or obligations thereunder, or a waiver by Lender
of any of its rights under the Loan Documents or at law or in equity. Except to the extent expressly set forth in Article D, Section 13, Section 14, Section 15, Section 16, Section 17 and
Section 18, nothing contained herein, nor any actions taken pursuant to the terms hereof constitutes a release, termination or waiver of any liens, security interests, rights or remedies granted to Lender in any of the Loan Documents
(including, without limitation, the Loan Agreement and the Note), which liens, security interests, rights and remedies are hereby ratified, confirmed, extended and continued as security for all of the Debt. 

13. Release Under the Carve-Out Guaranty. Effective as of the Effective Date and except as provided in this Section below, Lender
hereby fully releases, acquits, and forever discharges Interim Guarantor from any and all actions and causes of action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts, bonds, covenants, contracts and
agreements, in law or in equity, whether the same are known or unknown, accrued or unaccrued, presently existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might have or could claim against Interim
Guarantor on account of, or arising out of or in connection with the Carve-Out Guaranty; provided, however, Interim Guarantor shall not be released and the Carve-Out Guaranty shall continue only with

  
 17 

 
respect to any acts or omissions occurring or obligations arising after October 13, 2009 but prior to or simultaneously with the Effective Date. 

14. Limited Release Under the New Guaranty. Notwithstanding anything to the contrary contained in the Guaranty, New Guarantor
shall not be liable under the Guaranty for the recourse obligations of Interim Borrower set forth in Section 12(c) or Section 12(d) of the Loan Agreement that arose prior to the Effective Date. 

15. Limited Release Under Environmental Indemnification #3. Notwithstanding anything to the contrary contained in Environmental
Indemnification #3, Borrower and New Guarantor shall not be liable under Environmental Indemnification #3 for any losses arising out of or in any way relating to any Hazardous Substances or violation of Environmental Laws with respect to the
Property that occurred prior to the Effective Date. 
 16. Release of Interim Pledgor. Effective as of the Effective
Date, Lender hereby fully releases, acquits, and forever discharges Interim Pledgor from any and all actions and causes of action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts, bonds, covenants,
contracts and agreements, in law or in equity, whether the same are known or unknown, accrued or unaccrued, presently existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might have or could claim
against Interim Pledgor on account of, or arising out of or in connection with that certain Pledge and Security Agreement dated effective as of October 13, 2009, by and between Interim Pledgor and Lender (the “Interim Pledge
Agreement”). From and after the Effective Date, the Interim Pledge Agreement shall be terminated and of no further force and effect. 
 17. Release of Interim Borrower. Effective as of the Effective Date, Lender hereby fully releases, acquits, and forever discharges Interim Borrower and each and every partner of Interim Borrower
(other than the Interim Guarantor) and each and every partner or member of any such partner of Interim Borrower (other than the Interim Guarantor) (collectively, the “Interim Borrower Parties”) from any and all actions and causes of
action, claims and demands, suits, damages, costs, attorneys’ fees, expenses, debts, dues, accounts, bonds, covenants, contracts and agreements, in law or in equity, whether the same are known or unknown, accrued or unaccrued, presently
existing or hereafter arising, which Lender, or anyone claiming by, through or under Lender, in any way might have or could claim against Interim Borrower Parties on account of, or arising out of or in connection with the Loan or the Loan Documents.

 18. Limited Release Under Environmental Indemnification #2. Notwithstanding anything to the contrary contained in
Environmental Indemnification #2, Interim Guarantor shall not be liable under Environmental Indemnification #2 for any losses arising out of or in any way relating to any Hazardous Substances or violation of Environmental Laws with respect to the
Property that occur on or after the Effective Date, except to the extent such liability arises directly or indirectly out of any acts or omissions of Interim Borrower, Interim Pledgor, Interim Guarantor and/or any of their respective principals,
officers, directors, shareholders, general partners, members, managers, managing members, affiliates, or any agent, employee or other person authorized or apparently authorized to act on behalf of any of the foregoing prior to the Effective Date;
provided, however, that this Section 18 shall in no way affect, modify, waive, 

  
 18 

 
release or relinquish the liability of Interim Guarantor under Environmental Indemnification #2 for any Hazardous Substances or violation of Environmental Laws with respect to the Property
occurring prior to the Effective Date (regardless of when discovered). For purposes of interpreting and applying this Section 18, under no circumstances will Borrower, New Guarantor or any affiliates of New Guarantor be deemed authorized
to act on behalf of Interim Guarantor (unless set forth in writing to the contrary). 
 19. No Advances. Borrower
acknowledges and agrees that proceeds of the Loan may not be re-advanced or re-borrowed once they have been repaid. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the 29th day of
April, 2011, to be effective as of the Effective Date. 
  

							
	BORROWER:
	
	 IRT TRESA AT ARROWHEAD ARIZONA, LLC,
 a Delaware limited liability company

		
	By:	 	Independence Realty Operating Partnership, LP,
		 	a Delaware limited partnership, its sole Member
			
		 	By:	 	Independence Realty Trust, Inc.,
		 		 	a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Jack E. Salmon

		 		 	Name: Jack E. Salmon
		 		 	Title: President and Chief Financial Officer
	
	GUARANTOR:
	
	 INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP,
 a Delaware limited partnership

		
	By:	 	Independence Realty Trust, Inc.,
		 	a Maryland corporation, its General Partner
			
		 	By:	 	 /s/ Jack E. Salmon

		 	Name: Jack E. Salmon
		 	Title: President and Chief Financial Officer

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 20 

 [SIGNATURES CONTINUED FROM THE PRECEDING PAGE] 

 

							
	LENDER:
	
	 RAIT CRE CDO I, LTD.,
 a Cayman Islands limited liability company

		
	By:	 	RAIT PARTNERSHIP, L.P.,
		 	a Delaware limited partnership, its Master Servicer and Special Servicer
			
		 	By:	 	RAIT General, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 	Name: Kenneth R. Frappier
		 		 	Title: Executive Vice President

  
 21 

 JOINDER 

On the 29th day of April, 2011, by signing below, the undersigned hereby covenants and agrees to be bound by all of the terms, covenants
and conditions expressly relating to the undersigned and set forth in that certain Third Amendment to Loan and Security Agreement and Promissory Note dated April 29, 2011, to which this Joinder is attached. 

 

													
	INTERIM BORROWER:
	
	TRESA AT ARROWHEAD ARIZONA, LLC, a Delaware limited liability company
		
	By:	 	TRESA AT ARROWHEAD MEMBER, LLC, a Delaware limited liability company, its sole Member and Manager
			
		 	By:	 	TRESA IR HOLDINGS, LLC,
		 		 	a Delaware limited liability company, its sole Member and Manager
				
		 		 	By:	 	RAIT NTR Holdings, LLC,
		 		 		 	a Delaware limited liability company, its sole Member and Manager
					
		 		 		 	By:	 	RAIT Partnership, L.P.,
		 		 		 		 	a Delaware limited partnership, its sole Member and Manager
						
		 		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its sole General Partner
							
		 		 		 		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 		 		 		 	Name: Kenneth R. Frappier
		 		 		 		 		 	Title: Executive Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

  
 22 

 [SIGNATURES CONTINUED FROM THE PRECEDING PAGE] 

 

									
	INTERIM PLEDGOR:
	
	TRESA AT ARROWHEAD MEMBER, LLC, a Delaware limited liability company
		
	By:	 	Tresa IR Holdings, LLC, a Delaware limited
		 	liability company, its sole Member and Manager
			
		 	By:	 	RAIT NTR Holdings, LLC,
		 		 	a Delaware limited liability company, its sole Member and Manager
				
		 		 	By:	 	RAIT Partnership, L.P.,
		 		 		 	a Delaware limited partnership, its sole Member and Manager
					
		 		 		 	By:	 	RAIT General, Inc., a Maryland corporation, its sole General Partner
					
		 		 		 	By:	 	 /s/ Kenneth R. Frappier

		 		 		 	Name: Kenneth R. Frappier
		 		 		 	Title: Executive Vice President

  
 23 

 EXHIBIT “A” 

[FORM OF REAFFIRMATION OF OBLIGATIONS] 
 SEE ATTACHED 

  
 24 

 REAFFIRMATION OF OBLIGATIONS 

The undersigned, intending to be legally bound hereby, consents and agrees to the Third Amendment to Loan and Security Agreement and
Promissory Note to which this Reaffirmation of Obligations is attached (the “Third Amendment”). The undersigned expressly reaffirms and ratifies, and further agrees that such Third Amendment to Loan and Security Agreement and
Promissory Note shall in no way adversely affect or impair, the obligations and liabilities of the undersigned under (i) that certain Guaranty of Non-Recourse Carveouts dated effective as of October 13, 2009, in favor of Lender, except as
set forth in Article D, Section 13 of the Third Amendment, and (ii) that certain Environmental Indemnity Agreement dated effective as of October 13, 2009 (as the same may be amended from time to time) and executed by Tresa at
Arrowhead Arizona, LLC, a Delaware limited liability company, and the undersigned, in favor of Lender, except as set forth in Article D, Section 18 of the Third Amendment, all of which are hereby ratified, approved and confirmed by the
undersigned. 
 Executed as of
                        , 2011 

 

					
	RAIT PARTNERSHIP, L.P.,
	a Delaware limited partnership
		
	By:	 	RAIT General, Inc., a Maryland corporation, its General Partner
			
		 	By:	 	  

		 	Name:
		 	Title:

  
 25 

 EXHIBIT “B” 

[ORGANIZATIONAL CHART] 
 SEE ATTACHED 

  
 26 

 EXHIBIT “C” 

[SPE COVENANTS] 

SEE ATTACHED 

  
 27

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