Document:

EX-10.4

 Exhibit 10.4 

MASTER LEASING AGREEMENT 

dated as of _______________, 2020 

by and between 
 AIMCO
Properties, L.P. 
 And 

Aimco Development Company, LLC 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 1.  Definitions
	  	 	1	 
	 2.  Leased Property; Redevelopment
	  	 	6	 
	 (a)   The Master Leases
	  	 	6	 
	 (b)   Consents
	  	 	6	 
	 (c)   Redevelopment of the Leased Properties
	  	 	6	 
	 (d)   Fair Market Value
	  	 	7	 
	 (e)   Initial Leased Properties
	  	 	8	 
	 (f)   Land Bank Assets
	  	 	8	 
	 (g)   Additional Properties
	  	 	8	 
	 (h)   Costs of Pre-Development and Pre-Leasing Work
	  	 	9	 
	 (i) REIT Protections
	  	 	9	 
	 (j) Tax Treatment
	  	 	9	 
	 3.  Term; Termination
	  	 	9	 
	 (a)   Term of this Agreement
	  	 	9	 
	 (b)   Termination
	  	 	10	 
	 (c)   Master Lease Term
	  	 	10	 
	 4.  Rent
	  	 	10	 
	 5.  Termination with Respect to Fewer than All of the Leased Properties
	  	 	10	 
	 6.  Use of the Leased Property
	  	 	11	 
	 (a)   Use
	  	 	11	 
	 (b)   Waste; Nuisance
	  	 	11	 
	 (c)   Title
	  	 	11	 
	 (d)   Compliance with Laws; Insurance
	  	 	11	 
	 (e)   Maintenance and Repair
	  	 	11	 
	 7.  Events of Default; Remedies
	  	 	11	 
	 (a)   Events of Default
	  	 	11	 
	 (b)   Certain Remedies
	  	 	12	 
	 8.  Reserved
	  			
	 9.  Property Management
	  	 	13	 
	 10.  Right of First Offer
	  	 	13	 
	 (a)   Right of First Offer
	  	 	13	 
	 (b)   ROFO Closing Process
	  	 	14	 
	 11.  Purchase Option.
	  	 	14	 
	 (a)   Exercise of Purchase Option
	  	 	14	 
	 (b)   ROFO/Option Tax Allocation
	  	 	15	 
	 12.  Transfers
	  	 	16	 
	 (a)   Prohibition
	  	 	16	 
	 (b)   Permitted Transfers
	  	 	16	 
	 (c)   Conditions for Assignment
	  	 	16	 
	 (d)   No Further Consent
	  	 	17	 
	 (e)   Costs
	  	 	17	 
	 (f)   No Release of Transferor’s Obligations
	  	 	17	 
	 (g)   Transfers In Bankruptcy
	  	 	17	 

  
 i 

					
	 13.  No Waiver
	  	 	17	 
	 14.  Remedies Cumulative
	  	 	18	 
	 15.  Notices
	  	 	18	 
	 16.  Additional Representations and Warranties by the Parties
	  	 	19	 
	 (a)   Due Authorization, Power and Authority
	  	 	19	 
	 (b)   Binding Obligations
	  	 	19	 
	 (c)   Solvency
	  	 	19	 
	 (d)   Governmental Consents
	  	 	19	 
	 (e)   No Violation
	  	 	19	 
	 (f)   OFAC
	  	 	19	 
	 17.  Brokers
	  	 	20	 
	 18.  Dispute Resolution
	  	 	20	 
	 (a)   Representatives
	  	 	20	 
	 (b)   Arbitration
	  	 	20	 
	 (c)   Binding Agreement
	  	 	23	 
	 19.  Miscellaneous
	  	 	23	 
	 (a)   Survival
	  	 	23	 
	 (b)   Severability
	  	 	23	 
	 (c)   Estoppel Certificates
	  	 	23	 
	 (d)   Binding Effect
	  	 	24	 
	 (e)   Governing Law
	  	 	24	 
	 (f)   Waiver of Trial by Jury
	  	 	24	 
	 (g)   Entire Agreement
	  	 	24	 
	 (h)   Counterparts
	  	 	24	 
	 (i) Interpretation
	  	 	25	 
	 (j) Time of Essence
	  	 	25	 
	 (k)   Further Assurances
	  	 	25	 
	 (l) REIT Protections
	  	 	25	 

  

			
	Exhibit A	  	Standard Form of Master Lease
	Exhibit B	  	Initial Leased Property
		
	Schedule 1	  	Initial Listing of Land Bank Assets
	Schedule 2	  	Contributed Properties
	Schedule 3	  	Seed Properties

  

  
 ii 

 MASTER LEASING AGREEMENT 

THIS MASTER LEASING AGREEMENT (this “Agreement”) is made and entered into as of _____________, 2020 (the “Effective
Date”), by and between AIMCO Properties, L.P., a Delaware limited partnership (“AIR”), and Aimco Development Company, LLC, a Delaware limited liability company (“DevCo”). AIR and DevCo may be referred to
herein each individually as a “Party” and collectively as the “Parties”. 
 WITNESSETH: 

WHEREAS, AIR and DevCo have agreed, among other things, to cause certain of their respective Affiliates (as hereinafter defined) to enter into
leases (each, a “Master Lease”) of certain real property (including the land and any improvements located thereon) owned by AIR or its Affiliates that, in each case, will become subject to this Agreement (each, a “Leased
Property”), and under each such Master Lease, the applicable Affiliate of DevCo, as tenant thereunder, will cause the development, redevelopment and/or lease-up of the subject Leased Property, as may
be required and agreed upon by the Parties; 
 WHEREAS, the Parties intend to create a pipeline of future opportunities for certain real
property owned by AIR or its Affiliates to be considered for inclusion under this Agreement; and 
 WHEREAS, the Parties desire, among other
things, to set forth certain rights of AIR to acquire direct or indirect interests in certain assets held by DevCo or its Affiliates. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, the Parties agree as follows: 
 1. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or
unless the context otherwise requires, (a) the terms defined in this Section have the meanings assigned to them in this Section and include the plural as well as the singular; (b) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting principles as at the time applicable; and (c) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections
and other subdivisions of this Agreement: 
 “AAA”: As defined in Section 18(b)(i). 

“AAA Rules”: As defined in Section 18(b)(i). 

“Acceptance Notice”: As defined in Section 10(a). 

“Additional Property Notice”: As defined in Section 2(g). 

“Affiliate”: With respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, Controls, is controlled by, or is under common Control with, the specified Person. For purposes of this definition: “Control” of a Person means (x) the direct or indirect ownership of fifty percent (50%) or more
of the equity interests in such Person or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities or other interests,
by contract or otherwise. 

  
 1 

 “Agreement”: As defined in the preamble. 

“AIR”: As defined in the preamble. 

“AIR Excess Amount”: As defined in Section 19(l)(i). 

“AIR REIT”: As defined in Section 19(l)(i). 

“Appointed Representative”: As defined in Section 18(a). 

“Appraiser”: As defined in Section 2(d)(ii). 

“Bankruptcy Code”: The United States Bankruptcy Code (11 U.S.C. § 101 et seq.), and any successor
statute or legislation thereto. 
 “Base Rent: As defined in the form of Standard Lease attached hereto as Exhibit A.

 “Business Day”: As used herein, “business day” or “Business Day” shall mean any day of the week
other than Saturday, Sunday or a day on which banking institutions in the state of Colorado are obligated or authorized by law or executive action to be closed to the transaction of normal banking business. 

“Chairperson”: As defined in Section 18(b)(iii). 

“Code”: As defined in Section 19(l)(i). 

“Colorado Courts”: As defined in Section 18(b)(xi). 

“Contributed Properties”: Collectively, those certain real properties to be held by James-Oxford LP and more particularly
described on Schedule 2 attached hereto. 
 “Current FMV”: As defined in Section 2(d)(ii). 

“Current Year Taxes”: As defined in Section 11(b). 

“Default Rate”: As defined in the form of Standard Lease attached hereto as Exhibit A. 

“DevCo”: As defined in the preamble. 

“DevCo Excess Amount”: As defined in Section 19(l)(ii). 

“DevCo REIT”: As defined in Section 19(l)(ii). 

“Director Approval”: As defined in Section 2(a). 

  
 2 

 “Dispute” or “Disputes”: As defined in Section 18(b).

 “Dispute Notice”: As defined in Section 18(b). 

“Effective Date”: As defined in the preamble. 

“Electing Party”: As defined in Section 3(b). 

“Event of Default”: As defined in Section 7(a). 

“Excluded Transaction”: Any of the following (i) a transfer of units in DevCo, (ii) a transfer of units in Aimco OP
L.P., a Delaware limited partnership, (iii) a transfers of shares in Apartment Investment and Management Company, (iv) a transfer from one Person to an Affiliate of such Person (so long as they remain an Affiliate of such Person following
such transfer), and (v) a distribution in kind to the partners, members or shareholders of DevCo, Aimco OP L.P., a Delaware limited partnership, or Apartment Investment and Management Company. 

“Governmental Approvals”: As defined in the form of Standard Lease attached hereto as Exhibit A. 

“Governmental Authority”: As defined in the form of Standard Lease attached hereto as Exhibit A. 

“Improvements”: As defined in the form of Standard Lease attached hereto as Exhibit A. 

“Initial Leased Properties”: As defined in Section 2(e). 

“Initial Master Leases”: As defined in Section 2(e). 

“Initial Term”: As defined in Section 3(a). 

“Land Bank Asset” and “Land Bank Assets”: As defined in Section 2(f). 

“Landlord”: Any Person who is a party to a Master Lease as the landlord thereunder. 

“Laws”: As defined in the form of Standard Lease attached hereto as Exhibit A. 

“Lease Commencement FMV”: As defined in Section 2(d). 

“Leased Property”: As defined in the recitals hereto. 

“Lists”: As defined in Section 16(f). 

“Master Lease”: As defined in the recitals hereto. 

“Non-Requesting Party”: As defined in Section 2(g). 

“Non-Standard Lease”: As defined in Section 2(a). 

  
 3 

 “Nonqualifying Income”: As defined in Section 19(l)(i). 

“Notice”: As defined in Section 15. 

“OFAC”: As defined in Section 16(f). 

“Option”: As defined in Section 11(a). 

“Option Exercise Period”: As defined in Section 11(a). 

“Option Notice”: As defined in Section 11(a). 

“Option Property”: As defined in Section 11(a). 

“Order” and “Orders”: As defined in Section 16(f). 

“Parkmerced Loan”: The loan made pursuant to that certain Mezzanine Loan Agreement, dated as of November 26, 2019, by
and between Maximus PM Mezzanine A LLC, a Delaware limited liability company, and APMSF Investor LLC, a Delaware limited liability company (and any other ancillary documentation executed in connection therewith). 

“Parkmerced Option Agreement”: That certain Membership Interest Option Agreement, dated as of November 26, 2019, by and
among Parkmerced Holdings LLC, APMSF Common LLC, Parkmerced LKS LLC and Parkmerced RAR LLC and agreed to by Parkmerced Holdings Subsidiary LLC, PM Buyer LLC and Merced Holdings LLC, each, a Delaware limited liability company. 

“Party” and “Parties”: As defined in the preamble. 

“Person”: An individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a
trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

“Pre-Development/Pre-Leasing Costs”: As
defined in Section 2(h). 

“Pre-Development/Pre-Leasing Work”: As
defined in Section 2(h). 
 “Proposed Award”: As defined in Section 18(b)(v). 

“Redevelopment”: As defined in Section 2(c). 

“Redevelopment Plans”: As defined in Section 2(c). 

“REIT Requirements”: As defined in Section 19(l)(i). 

“REITs”: As defined in Section 19(l)(i). 

“Requesting Party”: As defined in Section 2(g). 

  
 4 

 “ROFO”: As defined in Section 10(a). 

“ROFO Closing Date”: As defined in Section 10(b). 

“ROFO Deposit”: As defined in Section 10(b). 

“ROFO Notice”: As defined in Section 10(a). 

“ROFO/Option Closing”: As defined in Section 11(b). 

“ROFO Property”: As defined in Section 10(a). 

“ROFO Purchase Price”: As defined in Section 10(b). 

“Seed Properties”: Collectively, those certain real properties more particularly described on Schedule 3 attached
hereto. 
 “Stabilization”: A Leased Property has reached at least ninety-five percent (95%) occupancy for a minimum period
of twelve (12) consecutive months. 
 “Standard Lease”: As defined in Section 2(a). 

“Subsidiaries”: Corporations, partnerships, limited liability companies, business trusts or other legal entities with respect
to which a Person owns, directly or indirectly (including through one or more intermediaries), more than fifty percent (50%) of the voting stock or partnership, membership or other equity interest, respectively. 

“Tenant”: Any Person who is a party to a Master Lease as the tenant thereunder. 

“Term”: As defined in Section 3(a). 

“Termination Date”: As defined in Section 3(b). 

“Termination Event”: As defined in Section 3(b). 

“Termination Notice”: As defined in Section 3(b). 

“Third Appraiser”: As defined in Section 2(d)(ii). 

“Transfer”: As defined in Section 12(a). 

“Transferee”: As defined in Section 12(a). 

“Transferor”: As defined in Section 12(a). 

  
 5 

 2. Leased Property; Redevelopment. 

(a) The Master Leases. The Parties hereby establish the arrangement described herein by which AIR may, from time to time, lease, or
cause certain of its Affiliates to lease, as Landlord, certain real property that it owns and that is in need of development, redevelopment and/or lease up to DevCo and/or its Affiliates, as Tenant, and in connection therewith, DevCo shall lease, or
cause its Affiliates to lease, such real property from AIR or the applicable Affiliate of AIR, as landlord, and cause the development, redevelopment and/or lease-up of such real property, all in accordance
with the terms and conditions set forth herein (and, upon the Parties executing a Master Lease for such real property, such real property shall become a Leased Property hereunder). Each time the Parties intend to enter into such a lease arrangement,
the Parties will cause their applicable Affiliates to execute a lease agreement with respect to such real property in substantially the form attached hereto as Exhibit A (a “Standard Lease”). Notwithstanding the
foregoing, if the Parties mutually desire to execute a lease for a particular real property on a form other than the form of Standard Lease (each, a “Non-Standard Lease”), then the Parties may
so enter into a Non-Standard Lease, provided that each Party shall first obtain the approval of a majority of the independent and disinterested directors, (i) in the case of AIR, of AIMCO-GP, Inc., a Delaware corporation, and (ii) in the case of DevCo, of Aimco OP GP, LLC, a Delaware limited liability company (each, a “Director Approval”), to enter into such Non-Standard Lease. Following the Parties’ agreement to enter into a Non-Standard Lease for a Leased Property, each Party will use good faith efforts to obtain its
respective Director Approval within ninety (90) days thereafter, and, promptly upon obtaining such approval, shall provide written notice of such approval to the other Party. Notwithstanding the foregoing, if the amount of all Base Rent (as
defined in the payments due over the initial term of such Non-Standard Lease together with the aggregate amount of all Base Rent payments due over the initial terms, respectively, of all other then-existing Non-Standard Leases, in the aggregate, comprises less than ten percent (10%) of the aggregate amount of all Base Rent payments due over the initial terms, respectively, of all executed Master Leases (as defined
below) existing as of such date, then such Director Approval will not be required in connection with such Non-Standard Lease. For the avoidance of doubt, any lease of a Leased Property entered into pursuant to
this Agreement, whether a Standard Lease or a Non-Standard Lease, shall be a “Master Lease”. Upon the execution of a Master Lease, the Leased Property that is the subject thereof will automatically
and simultaneously become subject to this Agreement and all of the terms and conditions contained herein shall apply thereto, without the necessity of either Party executing any additional documentation or any amendment to this Agreement. 

(b) Consents. If the consent of any lender or other third party is required in connection with the execution of any Master Lease, AIR or
the applicable Landlord under such Master Lease will bear the responsibility of seeking and obtaining such consent, provided, that, each of the Parties (and their respective Affiliates party to such Master Lease) shall be responsible for the timely
payment of fifty percent (50%) of any related costs and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements) incurred by AIR or the applicable Landlord in obtaining such consent. 

(c) Redevelopment of the Leased Properties. DevCo agrees that it will cause each Tenant under a Master Lease, at its sole cost and
expense, but subject to the terms and provisions of such Master Lease and applicable Laws, to use commercially reasonable efforts to cause the development or redevelopment, and/or the lease-up, of the subject
Leased Property, as may be applicable, in each case, in accordance with the Redevelopment Plans for such Leased Property (the “Redevelopment”). Any such development or redevelopment shall be completed substantially in accordance
with the plans and specifications approved by the Parties for the Redevelopment of the Leased Property (collectively, the “Redevelopment Plans”) and all applicable Laws. 

  
 6 

 (d) Fair Market Value. 

(i) Prior to entering into a Master Lease for any Leased Property, the Parties shall agree on the Current FMV of such Leased
Property as of the execution date of such Master Lease (the “Lease Commencement FMV”); provided, that, in determining the Lease Commencement FMV for any Leased Property (in accordance with the procedures set forth below), the
Parties will further take into consideration all factors relevant thereto, including, without limitation, the benefit of any Pre-Development/Pre-Leasing Costs (as
defined below) incurred by AIR prior to the execution of the applicable Master Lease. 
 (ii) As used herein,
“Current FMV” means, as of any date of determination, the then-current fair market value of the applicable Leased Property, which shall be determined pursuant to the following procedures: Upon commencing discussions regarding the
same, the Parties shall collaborate in an effort to mutually agree on the then-current fair market value of the Leased Property. If the Parties do not reach mutual agreement within thirty (30) days of commencing such discussions, then within
five (5) business days following the end of such thirty (30)-day period, each of the Parties will give notice to the other specifying the name and address of an appraiser; any such appraiser shall be an
independent appraiser or valuation specialist or investment banker who is qualified to appraise property similar to the Leased Property and is either a member of the Appraisal Institute (or any successor association or body of comparable standing if
such Institute is not then in existence) or is a recognized valuation professional within the multifamily residential real estate industry, and has been actively engaged in the appraisal of multifamily residential properties for a period of not less
than ten (10) years, immediately preceding its appointment under this Agreement (any such appraiser, valuation specialist or investment banker meeting such standards shall be an “Appraiser”). The two Appraisers so chosen will
meet within ten (10) days after notice of the selection of the second Appraiser and will endeavor to agree on the Current FMV. If, within fifteen (15) days after such notice, the two Appraisers do not agree unanimously on the Current
FMV, the two Appraisers will together appoint a third Appraiser (the “Third Appraiser”). Within ten (10) days following the selection of the Third Appraiser, each of the first two Appraisers will submit his or her designation
of the Current FMV to the Third Appraiser in writing; and, within five (5) days following the earlier of the expiration of such ten (10) day period and the date by which both designations have been submitted to the Third Appraiser, the
Third Appraiser shall choose one of the designations presented, according to its determination of which such designation most comports with its assessment of the Current FMV (thereafter, such chosen designation being the Current FMV for all purposes
hereunder). Any failure of an Appraiser to timely deliver its designation of the Current FMV in accordance herewith shall be deemed for all purposes to constitute acceptance of the other Appraiser’s timely designation of the Current FMV. The
Parties agree that the fees and expenses of each of the first and second Appraiser shall be borne by the Party who appointed such Appraiser, and the fees and expenses of the Third Appraiser shall be paid by the Party whose Appraiser’s
designation is not chosen by the Third Appraiser. 

  
 7 

 (e) Initial Leased Properties. The Parties agree that, concurrently with the
execution of this Agreement, AIR and DevCo have caused, or will each cause, their applicable Affiliates to enter into Master Leases for the Leased Properties set forth on Exhibit B attached hereto (such Leased Properties, the “Initial
Leased Properties”, and the Master Leases for the Initial Leased Properties, the “Initial Master Leases”). 
 (f)
Land Bank Assets. The Parties agree that they will each benefit from identifying certain properties (i) that may provide future opportunities for such properties’ development, redevelopment and/or
lease-up and (ii) which development, redevelopment and/or lease-up thereof the Parties may mutually want to pursue under and in accordance with the terms set forth
herein, from time to time during the Term of this Agreement. All such real property that has the potential to be leased pursuant to a Master Lease (but which is not yet subject to a Master Lease) and to become a “Leased Property”
hereunder, as mutually agreed upon by the Parties, will be referred to herein collectively as the “Land Bank Assets”, and each, a “Land Bank Asset”). The current listing of Land Bank Assets as of the date hereof is
set forth on Schedule 1 attached hereto. Following the Effective Date, the Parties agree that they will meet annually, on a mutually agreed upon date that is no later than thirty (30) days following the anniversary of the Effective Date,
in addition to other times throughout the calendar year if and as the Parties may desire, to discuss the then-current listing of Land Bank Assets and update such listing by adding or removing certain properties therefrom. 

(g) Additional Properties. From time to time during the Term of this Agreement, the Parties may mutually agree to add certain Land Bank
Assets to this Agreement, so as to become a Leased Property hereunder, and to execute a Master Lease for such new Leased Property in accordance herewith. In the event either Party wishes to make a Land Bank Asset a Leased Property hereunder, such
Party (the “Requesting Party”) will have the right to send a written notice (an “Additional Property Notice”) to the other Party (the “Non-Requesting Party”)
indicating its desire to add a Land Bank Asset to this Agreement as a Leased Property (and to cause a Master Lease to be executed for such property), which Additional Property Notice will include information regarding the subject property and its
leasing and/or development or redevelopment needs. The Requesting Party will further provide additional information and documentation reasonably requested by the Non-Requesting Party within five
(5) business days of the date on which such request is made. Upon receipt of the Additional Property Notice from the Requesting Party, the Non-Requesting Party will have thirty (30) days to review
the information provided regarding the subject property, request any additional information and documentation regarding the subject property, and approve or disapprove the addition of the subject property to this Agreement. If the Non-Requesting Party approves the addition of the subject property, the Parties will have an additional ninety (90) days following the date of such approval, or such longer period of time as to which the
Parties may mutually agree, to (1) collaborate and mutually agree on the Redevelopment Plan for the subject property, and (2) mutually negotiate the terms of the Master Lease for such subject property, using the form of Standard Lease
attached hereto as Exhibit A (or a Non-Standard Lease, if so agreed by the Parties). If the Non-Requesting Party disapproves the addition of the subject property
(or fails to timely approve it), or if the Parties are unable to reach an agreement as to the Redevelopment Plan and/or the Master Lease terms for such property above within such ninety (90) day period (or such longer period of time agreed to
by the Parties), then the subject Property will not become a Leased Property hereunder. 

  
 8 

 (h) Costs of Pre-Development and Pre-Leasing Work. AIR shall be responsible for payment of all costs and expenses of any pre-development and pre-leasing work
(including, but not limited to, entitlements, zoning and environmental studies) (the “Pre-Development/Pre-Leasing Work”, and such costs and expenses
related thereto, the “Pre-Development/Pre-Leasing Costs”) for a Land Bank Asset that are incurred by or on behalf of AIR (or its Affiliates) before AIR
sends an Additional Property Notice to DevCo with respect to such Land Bank Asset, as well as all costs and expenses incurred by or on behalf of AIR (or its Affiliates) in connection with AIR’s consideration of whether to proceed with entering
into a Master Lease for such Land Bank Asset. If and to the extent DevCo performs Pre-Development/Pre-Leasing Work with respect to a Land Bank Asset and incurs Pre-Development/Pre-Leasing Costs in connection therewith, such Pre-Development/Pre-Leasing
Costs incurred by DevCo will be deemed its costs of “business development”, payable solely by DevCo (absent a specific agreement and/or alternate arrangement with AIR that has been memorialized in writing by the Parties). Notwithstanding
the foregoing, in the event AIR makes an offer to DevCo, or DevCo makes an offer to AIR, for DevCo to perform any Pre-Development/Pre-Leasing Work on AIR’s behalf,
and the Parties so mutually agree, then the amount of all actual, out-of-pocket
Pre-Development/Pre-Leasing Costs incurred by DevCo in performing such
Pre-Development/Pre-Leasing Work shall be reimbursed by AIR, together with the payment of an additional fee to DevCo, the amount of which, and the timing of payment to
DevCo of the foregoing, shall be determined pursuant to the mutual agreement of the Parties. 
 (i) REIT Protections. Each Master
Lease shall contain customary REIT protections. 
 (j) Tax Treatment. Each Master Lease shall specify the intended tax treatment
thereof and the parties thereto shall agree not to take any positions inconsistent with such treatment. 
 3. Term;
Termination. 
 (a) Term of this Agreement. The term of this Agreement shall be for eighteen (18) months, commencing on the
Effective Date and expiring on the date immediately preceding the eighteenth (18th) month anniversary of the Effective Date (the “Initial Term”), unless earlier terminated as
provided in this Agreement; provided, however, that the term of this Agreement shall automatically renew each year for an additional one (1) year period (the Initial Term, as may be extended hereby, the “Term”), unless and
until either AIR or DevCo delivers written notice on or before the sixtieth (60th) day prior to the end of the then existing term (as extended hereby) to the other electing to terminate this
Agreement, in which case this Agreement shall terminate as of the last day of the then existing term. 

  
 9 

 (b) Termination. In the event that a sale of all or substantially all of the assets
held directly or indirectly by AIR (including, without limitation, the Land Bank Assets), either in a single transaction or in a series of related transactions (a “Termination Event”), then, within sixty (60) days of the date
on which such Termination Event occurs (or, if later, sixty (60) days from the date on which DevCo becomes aware that a Termination Event has occurred), either Party (the “Electing Party”) will have the right to send a written
notice (the “Termination Notice”) to the other Party electing to terminate this Agreement. In event of such an election, this Agreement will terminate on the last day of the month that immediately follows the month in which the
Termination Notice was sent by the Electing Party (or upon such other date as may be mutually agreed upon by the Parties) (the “Termination Date”), except to the extent this Agreement applies to any Master Leases then in effect.
Notwithstanding a termination of this Agreement pursuant to this Section 3(b), all Master Leases in effect on the Termination Date will continue unaffected in accordance with their terms. 

(c) Master Lease Term. The term of each Master Lease (including any extension options granted to the Tenant thereunder and the term
length of any such extension) will be determined by mutual agreement of the Parties, taking into account the following factors with respect to the Leased Property that is the subject of such Master Lease: 

(i) the expected duration of the Redevelopment of the subject Leased Property (in order to achieve Stabilization); 

(ii) the then-market term length and market lease payments applicable to the subject Leased Property; 

(iii) the projected amount of any residual value guaranty with respect to the subject Leased Property; 

(iv) the cost and terms associated with obtaining any third-party consents and/or satisfying any contract termination
provisions applicable to the subject Leased Property in order to execute the Master Lease for such Leased Property; and 

(v) the ability of Tenant to finance the redevelopment and/or lease-up of the Leased
Property (to the extent affected by the Term of the Master Lease for the Leased Property). 
 4. Rent. Rent amounts payable under the
Master Leases will be set forth in each such Master Lease. 
 5. Termination with Respect to Fewer than All of the Leased Properties.
Wherever in this Agreement the action of terminating this Agreement with respect to any Leased Property (or action of similar import) is discussed, such action shall mean the termination of the applicable Tenants’ rights in and to the Leased
Property relating to such termination. Notwithstanding anything in this Agreement to the contrary, if this Agreement shall be terminated with respect to any Leased Property, such termination shall not affect the Term of this Agreement with respect
to the balance of the Leased Properties not so terminated, and this Agreement shall continue in full force and effect with respect to each other such Leased Property. Nothing contained in this Section shall serve in any way to limit the
Parties’ respective abilities to terminate a Master Lease pursuant to the terms thereof.

  
 10 

 6. Use of the Leased Property. 

(a) Use. DevCo shall cause the Tenants to use each Leased Property, including the Improvements thereon, for its intended use (as set
forth in the applicable Master Lease for such Leased Property). 
 (b) Waste; Nuisance. DevCo shall not suffer to be committed, by any
Tenant or otherwise, any waste on the Leased Property or permit any nuisance to exist thereon or with respect thereto. 
 (c) Title.
DevCo shall not permit the Leased Property or any part(s) thereof, or any Tenant’s personal property, to be used in such a manner as (i) might reasonably tend to impair the applicable Landlord’s title thereto or to any portion thereof
or (ii) may make possible a claim of adverse use or possession, or an implied dedication of the Leased Property or any part(s) thereof. 

(d) Compliance with Laws; Insurance. DevCo shall cause each Tenant to promptly (i) comply with all Laws regarding the use,
operation, maintenance, repair, restoration and Redevelopment of the Leased Property whether or not compliance therewith may require structural changes in any of the Improvements or interfere with the use and enjoyment of the Leased Property,
(ii) procure, maintain and comply with all Governmental Approvals and (iii) keep the Leased Property, and all property located in or on such Leased Property, including all fixtures and personal property, insured with the kinds and amounts
of insurance described in the applicable Master Lease. DevCo shall pay or cause to be paid all premiums for the insurance coverage required to be maintained by Tenants under the Master Leases. 

(e) Maintenance and Repair. DevCo shall cause each Tenant, at its expense, to maintain the Leased Property, and every portion thereof,
in accordance with the terms of the applicable Master Lease. 
 7. Events of Default; Remedies. 

(a) Events of Default. Any one or more of the following shall constitute an “Event of Default” hereof: 

(i) Except as otherwise specifically provided for in this Section 7, if either Party shall fail to observe or perform any
other term, covenant or condition of this Agreement and such failure is not cured by such defaulting Party within thirty (30) days after notice thereof from the non-defaulting Party, unless such failure
cannot with due diligence be cured within a period of thirty (30) days, in which case such failure shall not be deemed to be an Event of Default if the defaulting Party proceeds promptly and with due diligence to cure the failure and diligently
completes the curing thereof; provided, however, that such notice shall be in lieu of and not in addition to any notice required under applicable law; 

  
 11 

 (ii) Any Party shall: 

(1) admit in writing its inability to pay its debts generally as they become due, 

(2) file a petition in bankruptcy or a petition to take advantage of any insolvency act, 

(3) make an assignment for the benefit of its creditors, 

(4) consent to the appointment of a receiver of itself or of the whole or any substantial part of its property, or 

(5) file a petition or answer seeking reorganization or arrangement under the Federal bankruptcy laws or any other applicable
law or statute of the United States of America or any state thereof; 
 (iii) Any Party shall be adjudicated as bankrupt or a
court of competent jurisdiction shall enter an order or decree appointing, without the consent of the other Party, a receiver of the defaulting Party or of the whole or substantially all of its property, or approving a petition filed against it
seeking reorganization or arrangement of such defaulting Party under the Federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof, and such judgment, order or decree shall not be vacated or
set aside or stayed within sixty (60) days from the date of the entry thereof; 
 (iv) Any Party shall be liquidated or
dissolved, or shall begin proceedings toward such liquidation or dissolution, or shall, in any manner, permit the sale or divestiture of substantially all its assets; 

(v) Any Transfer occurs without the other Party’s consent in accordance with the provisions of this Agreement; and 

(vi) Any of the representations or warranties made by either Party hereunder otherwise proves to be untrue when made in any
material respect which materially and adversely affects the other Party hereto. 
 (b) Certain Remedies(i) . In the
case of an Event of Default, with reasonable supporting documentation evidencing the expenses incurred by the non-defaulting Party: 

(i) the defaulting Party shall reimburse the non-defaulting Party for any amount
reasonably incurred by the non-defaulting Party to cure such Event of Default. Any sum not paid when due shall accrue interest thereafter at the rate equal to the Default Rate. In the event of an emergency or
where necessary to prevent injury to persons or damage to the Leased Property, the non-defaulting Party may cure any such Event of Default by the defaulting Party prior to expiration of the cure period set
forth above, with such notice to the defaulting Party and any of its Affiliates as is appropriate under the circumstances; 

  
 12 

 (ii) the non-defaulting Party may
enforce its rights hereunder by claims for specific performance and/or injunctive relief; or 
 (iii) the non-defaulting Party may pursue any other remedies available to it at law or in equity. 
 8.
Reserved. 
 9. Property Management. DevCo and its Affiliates may enter into one or more property management agreements for the
Leased Property and shall be responsible for the payment of all amounts due thereunder. DevCo and its Affiliates shall ensure that any property manager under such a property management agreement complies with the terms of this Agreement and all
applicable Master Leases in carrying out its duties under such property management agreement. 
 10. Right of First Offer. 

(a) Right of First Offer. So long as this Agreement is still in full force and effect, AIR will have a right of first
offer (a “ROFO”) on the direct or indirect transfer (other than any Excluded Transaction) of any real property that is to be acquired (directly by deed or indirectly by equity interests in any entity that directly or indirectly owns
or controls such property) by DevCo or any of its Subsidiaries after the Effective Date, provided that such property has achieved Stabilization (any such property, a “ROFO Property”). For the avoidance of doubt, no ROFO will apply
to any such transfers in respect of any right, title or interest in, to or under, or any rights to acquire, (i) the Parkmerced Loan, (ii) the Parkmerced Option Agreement, (iii) any ownership interest in Parkmerced Investors, LLC, a
Delaware limited liability company, (iv) the Seed Properties or (v) the Contributed Properties. In the event DevCo intends to acquire any ROFO Property, DevCo will send AIR a written notice (a “ROFO Notice”) detailing the
material terms of the intended acquisition of the ROFO Property (including the contract price and closing date (to be no later than one hundred eighty (180) days from the date of the ROFO Notice), upon receipt of which AIR will have thirty
(30) days to notify DevCo in writing whether or not it intends to proceed with the purchase of the ROFO Property in accordance with the terms set forth in the ROFO Notice. If AIR timely delivers a written notice to DevCo that it will proceed
with the transfer of the ROFO Property (an “Acceptance Notice”), DevCo may designate AIR (or AIR’s designee) to take title to such ROFO Property on DevCo’s behalf directly as DevCo’s designee concurrently with what
would have been the consummation of DevCo’s acquisition of such ROFO Property. If AIR declines to timely exercise its ROFO or fails to timely notify DevCo that it wishes to proceed to a sale of the ROFO Property, DevCo may proceed to acquire
the ROFO Property from the third party seller (subject to the terms hereof), provided that any such acquisition shall be for a gross purchase price of no less than the contract price which DevCo has agreed to pay the third party seller of such ROFO
Property; and if the acquisition of such ROFO Property with such third party has not been consummated on all such terms within one hundred eighty (180) days of AIR so declining (or having been deemed to so decline), the ROFO will be reinstated
in accordance with the terms hereof. 

  
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 (b) ROFO Closing Process. In the event AIR exercises its ROFO and the
Parties proceed to a sale of the ROFO Property, AIR shall be required to make an earnest money deposit (the “ROFO Deposit”) in an amount equivalent to three percent (3%) of the ROFO Purchase Price (as defined below). The ROFO
Deposit shall be delivered within five (5) Business Days following the delivery of the Acceptance Notice, by transfer of immediately available funds to a national title insurance company reasonably acceptable to DevCo, who shall perform the
services of escrow agent for the closing of the ROFO Property. The ROFO Deposit shall be nonrefundable to AIR (except in the event of a material default of DevCo in performing its closing obligations pursuant to the purchase and sale agreement for
the transaction, which shall be in the form attached to the form of Standard Lease (which is attached hereto as Exhibit A)). The closing shall take place on the date set forth in the ROFO Notice (or on such earlier date as the Parties may
mutually agree) (the “ROFO Closing Date”) and shall be completed through a customary closing escrow or held at the principal office of DevCo or such other location as the Parties shall agree upon at least five (5) Business Days
prior to the ROFO Closing Date. The purchase price (the “ROFO Purchase Price”) for any ROFO Property will be an amount equal to one hundred one percent (101%) of the sum of (i) the contract price which DevCo has agreed to pay
the third party seller of such ROFO Property and (ii) the amount of all of DevCo’s reasonable actual out-of-pocket costs and expenses incurred in connection
with its proposed acquisition of such ROFO Property (including, without limitation, all costs relating to the negotiation of the contract to acquire such ROFO Property, the inspection of and due diligence performed in connection with such ROFO
Property, and any third party broker fees and any other costs typically payable by a purchaser of real property). The ROFO Purchase Price shall be paid in immediately available funds and DevCo shall convey good and marketable title (or other valid
interests held by DevCo) in the subject ROFO Property to AIR or its designee free and clear of all liens and encumbrances. If required by AIR, all contracts and agreements between DevCo and any of its Affiliates in respect of the ROFO Property shall
be terminated effective as of the ROFO Closing Date. Each Party agrees to cooperate and to take all actions and execute all documents reasonably necessary or appropriate to reflect the acquisition of the ROFO Property by AIR (or its designee). The
cost of any title insurance policy endorsements desired by AIR shall be paid by AIR. All other costs shall be borne by the Party who customarily bears such costs in the city and state in which the ROFO Property is located. Any risk of casualty,
condemnation or loss following the date that the Acceptance Notice is delivered to DevCo and prior to the ROFO Closing Date shall be borne by AIR, who shall succeed to all rights to insurance proceeds (other than loss of rent proceeds allocable to
any period prior to the ROFO Closing Date) or condemnation awards. If the Parties fail to consummate the sale of the ROFO Property within one hundred eighty days (180) of the date of the ROFO Notice, then AIR shall no longer have a ROFO with
respect to such ROFO Property and DevCo may proceed to acquire the ROFO Property from the third party seller (subject to the terms hereof). 

11. Purchase Option.  

(a) Exercise of Purchase Option. AIR shall have an option (an “Option”) to acquire any real property owned or leased
(subject to any consent rights granted to the landlord under any lease under which DevCo or an Affiliate is the tenant, provided, however, that no Option will apply to any Leased Property that is then leased to DevCo or its Affiliates pursuant to a
Master Lease) by DevCo or any of its Subsidiaries, which was originally acquired by DevCo or its Subsidiaries after the Effective Date, which had not achieved Stabilization as of such acquisition but which has subsequently achieved Stabilization
(each, an “Option Property”). Within fifteen (15) days following the date on which Stabilization for an Option Property has been achieved, DevCo shall send AIR a written notice advising AIR that such Option Property

  
 14 

 
has reached Stabilization (an “Option Notice”), upon receipt of which AIR will have sixty (60) days (the “Option Exercise Period”) to exercise its Option to
purchase such Option Property by delivering to DevCo written notice of the same. If AIR timely delivers a written notice to DevCo that it intends to exercise its Option and proceed with the acquisition of the Option Property, AIR will pay to DevCo
the Current FMV for the subject Option Property, and the Parties will close on such Option pursuant to a purchase and sale agreement, which shall be in the form attached to the form of Standard Lease (which is attached hereto as Exhibit A).
The Parties shall apply the closing mechanics set forth in Section 10(b) above (as if the Option Property were a ROFO Property, for such purposes). In the event DevCo fails to timely deliver an Option Notice to AIR, then, within thirty
(30) days following the date on which AIR becomes aware that Stabilization of the subject Option Property has occurred, AIR shall have the right to send an Option Notice to DevCo (notifying DevCo that AIR believes the subject Option Property
has reached Stabilization), and the Option Exercise Period will commence as of the date of such Option Notice. In the event that a Party receiving an Option Notice disputes that Stabilization of the subject Option Property has occurred or is
continuing as of the date of such Option Notice, such Party will send to the other Party a Dispute Notice (as defined in and pursuant to Section 18(b)) containing an explanation of such dispute within fifteen (15) days following its
receipt of the Option Notice. The Parties shall endeavor to resolve the dispute, and, if they are unable to so resolve it, will proceed to arbitration to resolve such dispute, all in accordance with the terms of Section 18. 

(b) ROFO/Option Tax Allocation. In each event in which AIR exercises a ROFO or an Option and proceeds to the acquisition of the subject
ROFO Property or Option Property (each, a “ROFO/Option Closing”), as applicable, AIR shall assume and agree to pay so much of the real estate taxes and other taxes in respect of the applicable ROFO Property or Option Property
related to the applicable ROFO/Option Closing assessed for and first becoming a lien during the calendar year in which such ROFO/Option Closing occurs (the “Current Year Taxes”) as shall be allocable to AIR by proration (based upon
the number of days in such calendar year on and after such date of the ROFO/Option Closing). DevCo shall pay or cause to be paid (i) all delinquent real estate taxes as of the date of the applicable ROFO/Option Closing and (ii) so much of
the Current Year Taxes as shall be allocable to DevCo (or its applicable Affiliate) by proration (based upon the number of days in such calendar year prior to the date of the applicable ROFO/Option Closing). Any Taxes which are payable in the
calendar year in which a ROFO/Option Closing occurs but are not due and payable at the time of such ROFO/Option Closing and the portion of the Current Year Taxes not assumed by AIR hereunder shall be credited to AIR through a credit against the
applicable purchase price at such ROFO/Option Closing reflected on the applicable closing statement. If the Current Year Taxes with respect to any ROFO Property or Option Property related to the applicable ROFO/Option Closing have not been set as of
the date thereof, the present tax rate and the most recent assessed valuation for the subject property shall be used for the purposes of making the adjustments at such ROFO/Option Closing under this paragraph and the Parties shall re-prorate within thirty (30) days following receipt of the actual final tax bill. Notwithstanding any of the foregoing to the contrary, DevCo shall have the right to prosecute (with AIR’s reasonable
cooperation after the applicable ROFO/Option Closing, at no expense or liability to AIR) and retain any recovery in connection with any tax appeals or contests with respect to taxes assessed against the subject ROFO Property or Option Property for
tax periods prior to the tax period that includes the applicable date of the ROFO/Option Closing, provided such recovery action will not result in a deferral of taxes or reassessment against the subject properties that negatively affects AIR. 

  
 15 

 12. Transfers. 

(a) Prohibition. No Party, without the prior written consent of the other Party hereto, which may be granted or withheld in such other
Party’s sole discretion, shall, either involuntarily or voluntarily or by operation of law or otherwise, or through one or more step transactions or tiered transactions, assign, pledge, hypothecate, encumber or permit any lien to attach to, or
directly or indirectly transfer this Agreement or any interest herein (each, a “Transfer”; any person or entity to whom a Transfer is made or sought to be made is referred to herein as a “Transferee”; and any Party
by whom a Transfer is made or sought to be made is referred to herein as a “Transferor”). A Transfer shall include, without limitation, (x) any assignment that otherwise occurs by merger, consolidation, reorganization,
transfer, or (y) any other direct or indirect change in either the Control of a Party or in the corporate, partnership, or proprietary structure of a Party or any entity that has a direct or indirect interest in such Party. Notwithstanding the
foregoing, however, a Transfer shall not include any direct or indirect change in either the Control or ownership of Apartment Investment and Management Company, Aimco OP L.P., Apartment Income REIT Corp. or AIR. Any Transfer in violation of the
provisions of this Section 12 shall be void and shall constitute an Event of Default. 
 (b) Permitted Transfers. Notwithstanding
anything contained in this Section 12 to the contrary, either Party may, without the consent of the other Party hereto, assign this Agreement to an Affiliate of such Party (which remains an Affiliate of such Party following such Transfer). 

(c) Conditions for Assignment. For each permitted assignment of this Agreement, the Transferor shall comply with the following: 

(i) At least twenty (20) days prior to the date or the effective date of such assignment, whichever date shall first
occur, the Transferor shall furnish the other Party hereto with the name and business address of the proposed Transferee and the contact information of the manager, general partner, officer or other representative of the proposed Transferee; 

(ii) at the time of the Transfer, there shall be no uncured default of the Transferor (after the expiration of all applicable
notice and cure periods) under this Agreement; and 
 (iii) Transferee shall deliver to the other Party, within thirty
(30) days after its date or effective date, whichever date shall first occur, an executed copy of the assignment and assumption agreement whereby the Transferee (A) has agreed to assume all obligations of the Transferor, thereafter
arising, and (B) has agreed to be bound by all of the covenants, agreements, obligations, terms, provisions and conditions of this Agreement, thereafter arising, on the part of the Transferor to be fulfilled, performed or observed. 

  
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 (d) No Further Consent. The consent by any Party to any Transfer shall not constitute
a consent to any subsequent Transfer or to any subsequent or successive Transfer. Any purported or attempted Transfer contrary to the provisions of this Section shall be void and, at the option of such Party, shall terminate this Agreement. 

(e) Costs. Any Party requesting consent to a Transfer shall reimburse the other Party for such other Party’s actual costs and
expenses incurred in conjunction with the processing and documentation of any request to Transfer, including any reasonable consultants’ fees, whether or not such Transfer is actually consummated. 

(f) No Release of Transferor’s Obligations. No Transfer shall relieve the Transferor of its obligation to perform all
of the other obligations to be performed by such Transferor hereunder. The liability of any Transferor hereunder and any immediate and remote successor in interest of such Transferor (i.e., by means of any Transfer), and the due performance of the
obligations of this Agreement on the Transferor’s part to be performed or observed, shall not in any way be discharged, released or impaired by any (i) agreement which modifies any of the rights or obligations of the Parties under this
Agreement, (ii) stipulation which extends the time within which an obligation under this Agreement is to be performed, (iii) waiver of the performance of an obligation required under this Agreement, or (iv) failure to enforce any of
the obligations set forth in this Agreement. If any Transferee defaults in any performance due hereunder, the other Party may proceed directly against the Transferor named herein and/or any immediate and remote successor in interest of Transferor
without exhausting its remedies against such Transferee. 
 (g) Transfers In Bankruptcy. In the event of a Transfer pursuant to the
provisions of the Bankruptcy Code, all consideration payable or otherwise to be delivered in connection with such Transfer shall be paid or delivered to the other Party, shall be and remain the exclusive property of such other Party and shall not
constitute property of the Transferor or of the estate of the Transferor within the meaning of the Bankruptcy Code. Any consideration constituting the other Party’s property pursuant to the immediately preceding sentence and not paid or
delivered to such other Party shall be held in trust for the benefit of such Party and be promptly paid or delivered to such Party. For purposes of this Section, the term “consideration” shall mean and include money, services, property and
any other thing of value such as payment of costs, cancellation or forgiveness of indebtedness, discounts, rebates, barter and the like. If any such consideration is in a form other than cash (such as in kind, equity interests, indebtedness
earn-outs, or other deferred payments, consulting or management fees, etc.), the non-Transferring Party shall be entitled to receive in cash the then present fair market value of such consideration. 

13. No Waiver. No failure by either Party to insist upon the strict performance of any term hereof or to exercise any right, power or
remedy hereunder during the continuance of any default or Event of Default shall constitute a waiver of any such breach or of any such term. No waiver of any breach shall affect or alter this Agreement, which shall continue in full force and effect
with respect to any other then existing or subsequent breach. 

  
 17 

 14. Remedies Cumulative. Each legal, equitable or contractual right, power and remedy
of the Parties now or hereafter provided either in this Agreement or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power and remedy and the exercise or beginning of the exercise by such
Parties of any one or more of such rights, powers and remedies shall not preclude the simultaneous or subsequent exercise by any Party of any or all of such other rights, powers and remedies. 

15. Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a
“Notice”) required or permitted to be given hereunder shall be given in writing and shall be sent by (a) electronic mail, (b) registered or certified United States mail, postage prepaid, return receipt requested,
(c) a reputable overnight courier that provides a receipt for delivery, or (d) delivered by hand (against confirmation of delivery), to the Party to be so notified at its address (or e-mail address,
if applicable) hereinafter set forth, or to such other address (or e-mail address, if applicable) and Person as may be designated from time to time by any party hereto in the manner provided for in this
Section. Any Notice shall be deemed to have been received: (i) on the date of sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business
day), (ii) three (3) days after the date such Notice is mailed, (iii) one business day after delivery to a reputable overnight courier service if delivered prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the
next business day) and (iv) on the date of delivery by hand if delivered prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day), in each case addressed to the Parties as follows: 

To AIR: 
  

                       
              

                       
              

                       
              
 Attention: _______________ 

Telephone: _______________ 

Email: _______________ 
 To
DevCo: 
  

                       
              

                       
              

                       
              
 Attention: _______________ 

Telephone: _______________ 

Email: _______________ 
 A
notice given by counsel for either Party shall be deemed a valid notice if addressed and sent in accordance with the provisions of this Section. Any Party may change the address (or e-mail address, if
applicable) or person to which any such Notices are to be delivered hereunder by furnishing five (5) business days’ prior written notice of such change to the other Parties in accordance with the provisions of this Section. Notices shall
be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there is a rejection or refusal to accept any Notice offered
for delivery. Each of the Parties hereto waives personal or any other service other than as provided for in this Section. 

  
 18 

 16. Additional Representations and Warranties by the Parties. Each Party
represents and warrants to the other Party as follows: 
 (a) Due Authorization, Power and Authority. Such Party is duly organized,
validly existing and in good standing under the laws of its state of organization/formation, is qualified to do business in its state of formation and has full power, authority and legal right to execute and deliver and to perform and observe the
provisions of this Agreement to be observed and/or performed by such Party. 
 (b) Binding Obligations. This Agreement has been duly
authorized, executed and delivered by such Party, and constitutes and will constitute the valid and binding obligations of such Party enforceable against such Party in accordance with its terms, except as such enforceability may be limited by
creditors rights, laws and general principles of equity. 
 (c) Solvency. Such Party is solvent, has timely and accurately filed all
tax returns required to be filed by such Party, and is not in default in the payment of any taxes levied or assessed against such Party or any of its assets, or subject to any judgment, order, decree, rule or regulation of any Governmental Authority
which would, in each case or in the aggregate, adversely affect such Party’s condition, financial or otherwise, or such Party’s prospects or the Leased Property. 

(d) Governmental Consents. No other consent, approval or other authorization of, or registration, declaration or filing with, any
Governmental Authority is required for the due execution and delivery of this Agreement, or for the performance by or the validity or enforceability of this Agreement against the other Party hereto. 

(e) No Violation. The execution and delivery of this Agreement and compliance with the provisions hereof will not result in (i) a
breach or violation of (A) any law applicable to such Party now in effect; (B) the organizational or charter documents of such Party; (C) any judgment, order or decree of any Governmental Authority binding upon DevCo; or (D) any
agreement or instrument to which such Party is a counterparty or by which it is bound; or (ii) the acceleration of any obligation of such Party. 

(f) OFAC. Such Party is in compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the
“Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of Treasury (“OFAC”) and in any enabling legislation or other Executive Orders or
regulations in respect thereof (the Order and such other rules, regulations, legislation or orders, collectively referred to as the “Orders”). Neither such Party nor any of its Affiliates (i) is listed on the Specially
Designated Nationals and Blocked Person List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other
applicable Orders (such lists are collectively referred to as the “Lists”), (ii) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or
(iii) is owned or controlled by (including without limitation by virtue of such Person being a director or owning voting shares or interests), or acts for or on behalf of, any person on the Lists or any other person who has been determined by
competent authority to be subject to the prohibitions contained in the Orders. 

  
 19 

 17. Brokers. Each of AIR and DevCo represents and warrants to the other that it has
not had any dealings with any broker, agent, or finder relating to the transactions contemplated hereby, and each agrees to pay for any claim for brokerage commissions, compensation or fees by any broker, agent, or finder in connection with this
Agreement, or any other transactions contemplated hereby resulting from the acts of such party (including any legal fees and costs incurred because of a claim for such fees). The provisions of this Section 17 shall survive any expiration or
earlier termination of this Agreement. 
 18. Dispute Resolution. 

(a) Representatives. Each Party shall appoint a representative who shall be responsible for administering the dispute resolution
provisions in this Section 18 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as defined below) on behalf of the Party appointing such representative. 

(b) Arbitration. Any dispute, controversy or claim arising out of, in connection with, or in relation to the interpretation,
performance, nonperformance, enforceability, validity, termination or breach of this Agreement, whether arising in contract or tort, between the Parties (each, a “Dispute” and, collectively, “Disputes”) shall first
be referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in the manner provided by Section 15 (a “Dispute Notice”). All documents, communications and
information disclosed in the course of such negotiations that are not otherwise independently discoverable shall not be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been
disclosed for settlement purposes. 
 (i) If, for any reason, a Dispute is not resolved in writing by the Appointed
Representatives within thirty (30) days of the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding
arbitration administered by the American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii) The seat of the arbitration shall be Denver, Colorado. 

(iii) The arbitration shall be conducted by three arbitrators. The claimant and respondent shall each appoint one arbitrator
within thirty (30) days of receipt by respondent of the demand for arbitration. The two arbitrators so appointed shall appoint the third and presiding arbitrator (the “Chairperson”) within thirty (30) days of the
appointment of the second arbitrator. If any Party fails to appoint an arbitrator, or if the two Party-appointed arbitrators fail to appoint the Chairperson within the time periods specified herein, then any such arbitrator shall, upon any
Party’s request, be appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected 

  
 20 

 
pursuant to this Section shall be neutral and impartial and shall not be affiliated with or an interested person of any Party; further, any arbitrator appointed by AAA shall be a retired judge or
a practicing attorney with no less than fifteen (15) years of experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

(iv) By electing to proceed under the AAA Rules, the Parties confirm that any dispute, claim or controversy concerning the
arbitrability of a Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the existence, scope, validity interpretation or
enforceability of the Parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 
 (v) Each
Party shall submit its claims according to the timetable established by the arbitral tribunal. With respect to each claim advanced in the arbitration, each side’s submissions shall specify the proposed determination or resolution that it
contends the arbitral tribunal should make (and, if applicable, any monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed Award, if applicable, may be
expressed as “zero.” As to each claim for monetary relief, each side’s Proposed Award shall also state whether pre- or post-award interest should be awarded, and if so, at what interest rate,
and the date from which such interest (if any) should be calculated. 
 (vi) There shall be only two Proposed Awards (one for
each side of the claim). Where there are more than two parties to the arbitration, the arbitral tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed
Awards, in every instance to ensure a proper alignment of parties with respect to each such claim. 
 (vii) In rendering the
award or otherwise making any determination or resolution, the Chairperson shall be limited to choosing, without modification, the Proposed Award of one of the sides, according to its determination of which Proposed Award most comports with its
assessment of the case. Insofar as monetary relief is claimed, the arbitral tribunal shall not award any monetary relief of any kind except as set forth in this Section 18, provided that this will not limit the power of the arbitral tribunal:
(1) to award relief per paragraph (viii) hereof; (2) to apply any statute of limitation that it determines is applicable to any claim; (3) to dismiss or exclude any claim that it determines is: (A) precluded by any part of this
Agreement, and/or (B) beyond the scope of this Section 18; (4) to receive and determine dispositive motions in accordance with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 

(viii) In addition to monetary relief, and/or the making of any other determination or resolution that is primarily at issue in
the Dispute, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this Lease. 

  
 21 

 (ix) The arbitral tribunal shall award the prevailing Party its
attorneys’ fees and costs reasonably incurred in the arbitration, including the prevailing Party’s share of the arbitrator fees and AAA administrative costs. 

(x) The Parties intend that this agreement to arbitrate shall be valid, enforceable and irrevocable, and any determination,
resolution and/or award made or rendered by the arbitration tribunal shall be final and binding on the Parties. The Parties agree to comply with any award made in any such arbitration proceedings. Judgment upon any award may be entered in any court
of competent jurisdiction, including any court having jurisdiction over any party or any of its assets. 
 (xi) By agreeing
to arbitration, the Parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of
arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to
direct the Parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. In any such
action brought in court for such provisional remedies or enforcement of any award, each of the Parties irrevocably and unconditionally (A) consents and submits to the non-exclusive jurisdiction and venue
of the Courts of the State of Colorado and the Federal Courts of the United States of America located within the State of Colorado (the “Colorado Courts”); (B) waives, to the fullest extent it may effectively do so, any
objection, including any objection to the laying of venue or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the
bringing of any such action or proceeding in any Colorado Court; (C) consents to service of process in the manner provided by Section 15 or in any other manner permitted by Law; and (D) WAIVES ANY RIGHT TO TRIAL BY JURY. 

(xii) This arbitration, and all prior, subsequent or concurrent judicial proceedings related thereto and permitted herein,
shall be conducted pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The Parties intend that the arbitration tribunal shall apply the substantive Laws of the State of Delaware to any Dispute hereunder, without regard to any
choice of law principles thereof that would mandate the application of the Laws of another jurisdiction. 
 (xiii) In order
to facilitate the comprehensive resolution of related disputes, all claims between the Parties that arise under or in connection with this Lease may be brought in a single arbitration. Upon the request of any Party constituted under this Lease, the
arbitral tribunal shall consolidate such arbitration proceeding with any other arbitration proceeding relating to this Lease, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a
consolidated proceeding would be more efficient than separate proceedings, and (B) no Party would be unduly prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the
arbitral tribunal constituted hereunder and another arbitral tribunal constituted under this Lease, the ruling of the arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any
consolidated arbitration. 

  
 22 

 (xiv) In the event of a Dispute, each Party shall continue to perform its
obligations under this Lease in good faith during the resolution of such Dispute as if such Dispute had not arisen, unless and until this Lease is terminated in accordance with the provisions hereof. 

(xv) Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to disclose to any third party
(A) the existence or status of the arbitration, (B) all information made known and documents produced in the arbitration not otherwise in the public domain, and (C) all awards arising from the arbitration, except and to the extent
that disclosure is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the Party making such disclosure shall produce only those materials and information that are necessary and shall take reasonable
steps to safeguard the confidentiality of the materials and information. 
 (c) Binding Agreement. The Parties agree that the
provisions of this Section 26 bind themselves and their Affiliates, and further agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of this Section 18. 

19. Miscellaneous. 
 (a)
Survival. Anything contained in this Agreement to the contrary notwithstanding, all claims against, and liabilities and indemnities of, AIR or DevCo arising prior to the expiration or earlier termination of the Term shall survive such
expiration or termination. In addition, all claims against, and all liabilities and indemnities hereunder of DevCo shall continue in full force and effect and in favor of AIR and its successors and assigns, notwithstanding any conveyance of the
Leased Property to DevCo or its Affiliates. 
 (b) Severability. Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law. However, if any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future Laws, such provisions shall be fully severable, this
Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of the contract, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement, a
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid or enforceable. 

(c) Estoppel Certificates. AIR shall, within ten (10) business days after receipt of written request from DevCo (but not more than
twice per calendar year), deliver to AIR or any prospective mortgagee, Transferee or purchaser of DevCo’s or any Tenant’s interest in a Leased Property, without charge, a certificate certifying that this Agreement is in full force and
effect, and whether it has been modified (and if there have been modifications, stating them), 

  
 23 

 
and whether or not AIR knows of any default, breach or violation by DevCo under any of the terms of this Agreement, and such other matters as may reasonably be requested; and such other matters
as may reasonably be requested by AIR or such prospective mortgagee or purchaser. DevCo shall, within ten (10) business days after receipt of written request from AIR (but not more than twice per calendar year), deliver to AIR or any
prospective Transferee, mortgagee or purchaser of AIR’s or any Landlord’s interest in a Leased Property, without charge, a certificate certifying that this Agreement is in full force and effect, and whether it has been modified (and if
there have been modifications, stating them), and whether or not AIR knows of any default, breach or violation by AIR under any of the terms of this Agreement, and such other matters as may reasonably be requested by AIR or any such prospective
mortgagee or prospective purchaser. Any estoppel certificate requested hereunder by a mortgagee of any Landlord or Tenant shall be in such form as may be reasonably requested by the requesting mortgagee, and otherwise in conformance with the terms
of this Section. 
 (d) Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and
their respective permitted successors and assigns. 
 (e) Governing Law. This Agreement shall be deemed to be made in Colorado. THIS
AGREEMENT WILL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF COLORADO, EXCLUDING ITS CONFLICT OF LAWS RULES. The Parties hereby irrevocably consent to the exclusive jurisdiction of
any state or federal court seated in Colorado. The Parties agree that the venue provided above is the most convenient forum.  

(f) Waiver of Trial by Jury. To the fullest extent not prohibited by applicable law, the Parties hereby waive their respective right to
trial by jury of any cause of action, claim, counterclaim or cross-complaint in any action, proceeding and/or hearing brought by either Party on any matter whatsoever arising out of, or in any way connected with, this Agreement, and any amendment,
instrument, document or agreement delivered or which may in the future be delivered in connection herewith, or arising from any relationship of the Parties in connection with the foregoing, or any claim of injury or damage, or the enforcement of any
remedy under any law, statute or regulation, emergency or otherwise, now or hereafter in effect. 
 (g) Entire Agreement. This
Agreement, including the exhibits, schedules, documents and instruments attached hereto, constitutes the entire agreement among the Parties hereto and supersedes any and all prior agreements, understandings, letters of intent, negotiations and
discussions, whether written or oral, of the Parties with respect to the subject matter of this Agreement. 
 (h) Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument binding on all Parties hereto. The Parties hereto irrevocably and unreservedly agree
that this Agreement may be executed by way of electronic signatures (including, but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe Sign” or similar programs or replacements thereto) and delivered
by electronic transmission. The delivery by electronic means shall constitute effective execution and delivery hereof, and neither this Agreement, nor any part or provision of this Agreement, shall be challenged or denied any legal effect, validity
and/or enforceability solely on the grounds that it is in the form of an electronic record. 

  
 24 

 (i) Interpretation. In this Agreement, the singular includes the plural and the
plural the singular; words importing any gender include the other genders; the word “or” shall be deemed to include “and/or”; the words “including,” “includes” and “include” shall be deemed to be
followed by the words “without limitation”; references to articles, sections, paragraphs (or subdivisions of sections or paragraphs), or exhibits are to those of this Agreement unless otherwise indicated; and references to agreements and
other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement. Caption
and paragraph headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. Exhibits to this Agreement (including exhibits and schedules to such exhibits), are
incorporated into and made a part of this Agreement. 
 (j) Time of Essence. Time is of the essence of the obligations of the Parties
hereto. 
 (k) Further Assurances. The Parties agree to promptly sign all documents reasonably requested to give effect to the
provisions of this Agreement. 
 (l) REIT Protections. 

(i) DevCo acknowledges that certain AIR Affiliates (each, an “AIR REIT”) have elected to be classified as real
estate investment trusts (“REITs”) and, as a result, must comply with certain requirements, including, without limitation, the provisions of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the
“Code”) (such requirements, the “REIT Requirements”). In the event that counsel or independent accountants for any AIR REIT determine that there exists a material risk that any amounts due to AIR or any AIR
Affiliate hereunder, or under any Master Lease, would be treated as gross income not described in Section 856(c)(2) or 856(c)(3) of the Code (“Nonqualifying Income”), the amount paid to AIR or the applicable AIR Affiliate under
this Agreement or the applicable Master Lease in any tax year may not exceed the maximum amount that can be paid to AIR or the applicable AIR Affiliate in such year without causing any AIR REIT to fail to meet the REIT Requirements for such year,
determined as if the payment of such amount were Nonqualifying Income. If the amount payable for any tax year under the preceding sentence is less than the amount that DevCo or its Affiliates would otherwise be obligated to pay to AIR or an AIR
Affiliate pursuant to this Agreement or the applicable Master Lease, as applicable (the “AIR Excess Amount”), then DevCo or the applicable DevCo Affiliate shall place the AIR Excess Amount in escrow and shall not release any portion
thereof to AIR or the applicable AIR Affiliate, and neither AIR nor such Affiliate shall be entitled to any such amount, unless and until AIR or its Affiliate delivers to DevCo or its Affiliate at the sole option of the applicable AIR REIT,
(A) notice that it has received advice of such AIR REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (B) a letter from the independent

  
 25 

 
accountants of such AIR REIT indicating the maximum amount that can be paid at that time to AIR or the AIR Affiliate without causing such AIR REIT to fail to meet the REIT Requirements for any
relevant taxable year, in which case such maximum amount shall be paid to AIR or the applicable AIR Affiliate, or (C) a private letter ruling issued by the Internal Revenue Service to the applicable AIR REIT indicating that the receipt of any
AIR Excess Amount hereunder would not cause such AIR REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall terminate five years from the original date such amount would
have been payable without regard to this provision and neither AIR nor any AIR Affiliate shall have any further right to receive any such amount. 

(ii) AIR acknowledges that certain DevCo Affiliates (each, a “DevCo REIT”) have elected to be classified as
REITs and, as a result, must comply with the REIT Requirements. In the event that counsel or independent accountants for any DevCo REIT determine that there exists a material risk that any amounts due to DevCo or DevCo Affiliates hereunder, or under
any Master Lease, would be treated as Nonqualifying Income, the amount paid to DevCo or to any DevCo Affiliate under this Agreement or the applicable Master Lease in any tax year may not exceed the maximum amount that can be paid to DevCo or the
applicable DevCo Affiliate in such year without causing any DevCo REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were Nonqualifying Income. If the amount payable for any tax year under the
preceding sentence is less than the amount that AIR or its Affiliates would otherwise be obligated to pay to DevCo or a DevCo Affiliate pursuant to this Agreement or pursuant to the applicable Master Lease (the “DevCo Excess
Amount”), then AIR or the applicable AIR Affiliate shall place the DevCo Excess Amount in escrow and shall not release any portion thereof to DevCo or the applicable DevCo Affiliate, and neither DevCo nor such Affiliate shall be entitled to
any such amount, unless and until DevCo or its Affiliate delivers to AIR or its Affiliate at the sole option of the applicable DevCo REIT, (A) notice that it has received advice of such DevCo REIT’s tax counsel to the effect that such
amount, if and to the extent paid, would not constitute Nonqualifying Income, (B) a letter from the independent accountants of such DevCo REIT indicating the maximum amount that can be paid at that time to DevCo or the DevCo Affiliate without
causing such DevCo REIT to fail to meet the REIT Requirements for any relevant taxable year, in which case such maximum amount shall be paid to DevCo or the applicable DevCo Affiliate, or (C) a private letter ruling issued by the Internal
Revenue Service to the applicable DevCo REIT indicating that the receipt of any DevCo Excess Amount hereunder would not cause such DevCo REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of
this provision shall terminate five years from the original date such amount would have been payable without regard to this provision and neither DevCo nor any DevCo Affiliate shall have any further right to receive any such amount. 

[Signature page follows] 

  
 26 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and attested by
their respective officers thereunto duly authorized. 
  

					
	 AIMCO PROPERTIES, L.P.,
 a
Delaware limited partnership

		
	By:	 	  

		 	Name:	 	
                 

		 	Title:	 	
                 

	
	 AIMCO DEVELOPMENT COMPANY,

LLC, a Delaware limited liability company

		
	By:	 	  

		 	Name:	 	
                 

		 	Title:	 	
                 

 EXHIBIT A 

Standard Form of Master Lease 

[to be attached] 

  
 A-1 

   

MASTER LEASE AGREEMENT 

dated as of                 ,
20         
 by and between 

                       
             1, 

as Landlord, 
 And

                       
             2, 

as Tenant 
  

 
  

 

	1 	 NTD: Insert name of the AIR OP (or AIMCO Properties, L.P.) affiliate that owns the Property.

	2 	 NTD: Insert name of the New AIMCO (or Aimco OP L.P.) affiliate that will hold the leasehold interest in the
Property. 

  
 A-2 

 MASTER LEASE AGREEMENT 

TABLE OF CONTENTS 
  

							
	1.	 	The Property	  	1
		 	(a)	 	Lease of Property	  	1
		 	(b)	 	Condition of Property	  	1
		 	(c)	 	Use	  	2
	2.	 	Term; Termination; Residual Value of the Property	  	2
		 	(a)	 	Lease Term	  	2
		 	(b)	 	Termination Option	  	3
		 	(c)	 	Residual Value of the Property	  	7
	3.	 	Rent	  	8
		 	(a)	 	Base Rent	  	8
		 	(b)	 	Additional Rent	  	10
		 	(c)	 	Payment of Rent	  	10
		 	(d)	 	Maintenance; Net Lease	  	10
		 	(e)	 	Late Fee; Interest	  	11
	4.	 	Taxes and Impositions	  	11
		 	(a)	 	Real Estate Taxes and Assessments	  	11
		 	(b)	 	Impositions	  	12
		 	(c)	 	Payment of Taxes and Impositions	  	12
		 	(d)	 	Tax Liens	  	13
		 	(e)	 	Right to Contest Taxes and Impositions	  	13
		 	(f)	 	Limitation on Taxes	  	13
	5.	 	Utilities	  	13
	6.	 	Redevelopment	  	14
		 	(a)	 	Development/Redevelopment of the Property	  	14
		 	(b)	 	Contractors and Supervision	  	14
		 	(c)	 	Construction Financing	  	15
		 	(d)	 	Governmental Approvals; Landlord Cooperation	  	15
		 	(e)	 	Compliance with Laws	  	15
		 	(f)	 	Compliance with Private Restrictions	  	16
		 	(g)	 	Inspection, Audit and Reporting Requirements	  	16
		 	(h)	 	Lease-Up of the Property	  	17
		 	(i)	 	Easements	  	17
		 	(j)	 	Third Party Property Rights	  	17
	7.	 	Environmental	  	17
		 	(a)	 	Restrictions	  	17
		 	(b)	 	Hazardous Substances	  	17
		 	(c)	 	Environmental Audit	  	18
		 	(d)	 	Survival	  	19
	8.	 	Maintenance	  	19
	9.	 	Alteration; Demolition	  	19
	10.	 	Insurance	  	19
		 	(a)	 	Property Insurance	  	19
		 	(b)	 	Liability Insurance	  	20

  
 i 

							
		 	(c)	 	Business Automobile Liability Insurance	  	20
		 	(d)	 	Workers Compensation and Employer’s Liability Insurance	  	20
		 	(e)	 	Additional Insurance	  	20
		 	(f)	 	Insurer	  	20
		 	(g)	 	Umbrella Policies	  	20
		 	(h)	 	Self-Insurance	  	21
		 	(i)	 	General Requirements	  	21
		 	(j)	 	Release; Waiver of Subrogation Property	  	21
		 	(k)	 	Contractor’s Insurance	  	21
	11.	 	Casualty	  	24
		 	(a)	 	Notice of Casualty	  	24
		 	(b)	 	Restoration	  	24
	12.	 	Condemnation	  	25
		 	(a)	 	Taking	  	25
		 	(b)	 	Partial Taking	  	26
		 	(c)	 	Temporary Taking	  	26
	13.	 	Assignments and Subleases; Transfer by Landlord	  	26
		 	(a)	 	Transfers	  	26
		 	(b)	 	Permitted Transfers	  	26
		 	(c)	 	Sale of Leasehold Interest	  	27
		 	(d)	 	Conditions for Assignment	  	28
		 	(e)	 	Non-Release During Term	  	28
	14.	 	Financing and Reporting	  	28
		 	(a)	 	Leasehold Mortgages	  	28
		 	(b)	 	Consents	  	29
		 	(c)	 	Default Notice	  	29
		 	(d)	 	Defaults	  	29
		 	(e)	 	Assignees	  	30
		 	(f)	 	New Lease	  	30
		 	(g)	 	Financial Condition	  	31
		 	(h)	 	Legal Proceedings	  	31
		 	(i)	 	No Merger	  	31
		 	(j)	 	Bankruptcy	  	31
		 	(k)	 	Further Assurances; Subordination	  	31
		 	(l)	 	Landlord’s Mortgages	  	32
	15.	 	Indemnification	  	32
		 	(a)	 	Indemnification by Tenant	  	32
		 	(b)	 	Environmental Indemnity	  	33
		 	(c)	 	General Indemnity Provisions	  	33
		 	(d)	 	Indemnification by Landlord	  	33
		 	(e)	 	Survival	  	33
		 	(f)	 	Limitation of Liability	  	34
	16.	 	Tenant Defaults and Remedies	  	35
		 	(a)	 	Default	  	35
		 	(b)	 	Remedies	  	35
	17.	 	Representations and Warranties	  	37

  
 ii 

							
		 	(a)	 	Representations and Warranties of Tenant	  	37
		 	(b)	 	Representations and Warranties of Landlord	  	38
	18.	 	Notices	  	39
		 	(a)	 	Notices	  	39
		 	(b)	 	Additional Provisions	  	39
	19.	 	Mechanic’s Liens	  	40
	20.	 	Surrender	  	40
	21.	 	Brokers	  	40
	22.	 	Estoppel Certificates	  	40
	23.	 	Memorandum of Lease	  	41
	24.	 	Landlord Covenants	  	41
		 	(a)	 	Quiet Enjoyment	  	41
		 	(b)	 	Landlord’s Access	  	41
	25.	 	Holdover	  	42
	26.	 	Dispute Resolution	  	42
		 	(a)	 	Representatives	  	42
		 	(b)	 	Arbitration	  	42
		 	(c)	 	Binding Agreement	  	45
	27.	 	Miscellaneous	  	45
		 	(a)	 	Waiver	  	45
		 	(b)	 	Severability	  	45
		 	(c)	 	Modifications	  	45
		 	(d)	 	Binding Effect	  	45
		 	(e)	 	Entire Agreement	  	45
		 	(f)	 	Counterparts	  	46
		 	(g)	 	Expenses	  	46
		 	(h)	 	Interpretation	  	46
		 	(i)	 	No Third-Party Beneficiaries	  	46
		 	(j)	 	Governing Law and Jurisdiction	  	46
		 	(k)	 	WAIVER OF JURY TRIAL	  	47
		 	(l)	 	Time of the Essence; Business Days	  	47
		 	(m)	 	Force Majeure	  	47
		 	(n)	 	[Guaranty	  	48
		 	(o)	 	Tax Treatment	  	48
		 	(p)	 	REIT Protections	  	48

 List of Schedules 
  

			
	 The Property
	  	Schedule 1
	 Form of Purchase and Sale Agreement
	  	Schedule 2
	 Form of Memorandum of Lease
	  	Schedule 3
	 Redevelopment Plans
	  	Schedule 4
	 [Form of Lease Guaranty][Intentionally Omitted]3
	  	Schedule 5

  
  

	3 	 NTD: If guaranty will not be required in connection with a Master Lease, replace “Form of Lease
Guaranty” (first brackets) with “Intentionally Omitted” (second brackets). 

  
 iii 

 MASTER LEASE AGREEMENT 

THIS MASTER LEASE AGREEMENT (this “Lease”) is made and entered into as of this __ day of ________, 20__ (the
“Effective Date”), by and between _______________, a _____________________, as landlord (“Landlord”), and ________________, a _____________________, as tenant (“Tenant”). Landlord and Tenant are
referred to herein collectively as the “Parties”. 
 WITNESSETH: 

WHEREAS, AIMCO Properties, L.P., a Delaware limited partnership (“AIR”), and Aimco Development Company, LLC, a Delaware
limited liability company (“DevCo”, and together with AIR, collectively, the “MLA Parties”), entered into that certain Master Leasing Agreement, dated as of ____________, 2020 (the “Master Leasing
Agreement”), pursuant to which the MLA Parties have agreed, among other things, to cause certain of their respective affiliates to enter into leases of certain real property that, in each case, is or will become subject to the Master
Leasing Agreement (each, a “MLA Property”), and under each such lease, the applicable affiliate of DevCo, as tenant thereunder, will cause the development, redevelopment and/or lease-up of the
subject MLA Property, as may be required and agreed upon by the MLA Parties; and 
 WHEREAS, Landlord owns certain real property more
particularly described on Schedule 1 attached hereto (the “Land”; and the Land, together with the improvements located thereon, the “Property”), which Property has been designated as a MLA Property under the
Master Leasing Agreement; and 
 WHEREAS, in accordance with the Master Leasing Agreement, Landlord desires to lease the Property to Tenant
and Tenant desires to lease the Property from Landlord, in order, among other things, to cause the [development][redevelopment][and ]lease-up of the Property, in accordance with the terms and conditions set
forth in this Lease. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound, the Parties agree as follows: 
 1. The Property. 

(a) Lease of Property. Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be
paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease. 

(b) Condition of Property. Tenant accepts the Property in its as-is, where-is condition, with all faults, subject to (i) all Laws (as hereinafter defined) including all zoning resolutions, restrictions, rules and ordinances, building restrictions and other laws and regulations
now or hereafter applicable to the Property, (ii) all covenants, conditions, restrictions, easements and other matters of record as of the date hereof or entered into after the date hereof in accordance with the terms of this Lease,
(iii) all matters an accurate survey of the Property would 

 
reveal, (iv) all express representations and warranties made by Landlord in this Lease, (v) all Known Existing Environmental Conditions (as hereinafter defined), and (vi) all
Unknown Existing Environmental Conditions (as hereinafter defined). Tenant acknowledges that (x) Tenant and its agents have had an opportunity to inspect the Property, including undertaking environmental studies of the Property; (y) Tenant
has found the Property fit for its use; and (z) Landlord is not obligated to make any improvements or repairs to the Property. Except for the representations and warranties by Landlord as expressly set forth in this Lease, Landlord makes no
warranty or representation, express or implied, with respect to the Property or any part thereof, including, without limitation, its fitness for use, design or condition for any particular use or purpose or otherwise, any environmental matters, or
the quality of the material or any workmanship with respect to the Property, latent or patent, it being agreed that all such risks are to be borne by Tenant. 

(c) Use. Tenant may use the Property for any and all uses not inconsistent with this Lease and otherwise permitted under applicable Law.
Tenant shall not use the Property, or permit the Property to be used, in any manner, or do or suffer any act in or about the Property which: (i) violates or conflicts with any applicable Law; (ii) causes or is reasonably likely to cause
damage to the Property; (iii) violates a requirement or condition of any policy of insurance covering the Property; (iv) constitutes or is reasonably likely to constitute an unreasonable nuisance, annoyance or inconvenience to, or
interference with, tenants or occupants of the Property or its equipment, facilities or systems; or (v) is otherwise prohibited under the Private Restrictions. The uses permitted under this Section 1(c) from time to time are the
“Allowable Uses.” 
 2. Term; Termination; Residual Value of the Property. 

(a) Lease Term. The term of this Lease (the “Term”) shall commence on ________________ (the “Commencement
Date”) and shall expire on ________________4 (the “Expiration Date”), unless earlier terminated as provided in this Lease. The term “lease year” or
“Lease Year” as used in this Lease means a period of twelve (12) successive calendar months during the Term. The first Lease Year shall begin on the Commencement Date, unless the Commencement Date is a day other than the first
day of a calendar month, in which case the first Lease Year shall begin on the first day of the month following the Commencement Date. Each subsequent Lease Year shall be a period of twelve (12) calendar months, commencing at the expiration of
the previous Lease Year. 
  

	4 	 NTD: The Term of each lease (including any extension options and the term length of any such extension) will be
determined, by mutual agreement of the MLA Parties, upon consideration of the following factors (to be set forth with more particularity in the Master Leasing Agreement): (a) expected duration of the development/redevelopment and/or lease-up of the subject Property (in order to achieve Stabilization), (b) the then-market term length and market lease payments applicable to the Property, (c) the projected amount of any residual value
guaranty, (d) any consents and/or contract termination provisions and related costs applicable to the Property in order to execute this Lease, and (e) the ability of Tenant to finance the redevelopment and/or
lease-up of the Property (to the extent affected by the Term of this Lease). 

  
 2 

 (b) Termination Option. 

(i) From and after the occurrence of a Termination Trigger (as defined below) with respect to the Property, but in any case, no
later than sixty (60) days following the date of such occurrence, Tenant will have the option to terminate this Lease by sending to Landlord a written notice (a “Termination Notice”) stating that Tenant desires to terminate
this Lease, together with reasonable documentation evidencing that a Termination Trigger has occurred and is continuing as of the date of such Termination Notice (including, without limitation, copies of paid invoices, lien releases (in statutory
form, if applicable) and a rent roll). A “Termination Trigger” will have occurred when the development or redevelopment of the Property has been substantially completed (if applicable) and the Property has reached at least
ninety-five percent (95%) occupancy for a minimum period of twelve (12) consecutive months (“Stabilization”). Notwithstanding the foregoing, if the Current FMV of the Property as of the date the Termination Trigger occurs is
less than the Lease Commencement FMV, then Tenant will not have a right or option to terminate this Lease pursuant to this Section 2(b) and this Lease will continue in full force and effect, and in accordance with the terms hereof. 

(ii) In the event that Landlord disputes that a Termination Trigger has occurred or that such Termination Trigger is continuing
as of the date the Termination Notice is sent to Landlord, Landlord will send to Tenant a Dispute Notice (as defined in and pursuant to Section 26(b)) containing an explanation of such dispute within thirty (30) days following its receipt
of the Termination Notice. If, following Landlord’s delivery to Tenant of a Dispute Notice, the Parties are unable to resolve the dispute within thirty (30) days thereafter, the Parties will proceed to arbitration to resolve such dispute,
in accordance with the terms of Section 26; provided, however, that the Parties will endeavor to conclude any such arbitration within thirty (30) days (e.g., the arbitrators will be selected within ten (10) days and the hearing will
be held and the decision rendered within twenty (20) days thereafter) or, if possible, by the Termination Date (as defined below), and the decision rendered thereby will be final, binding and
non-appealable. If any such arbitration concludes on or prior to the applicable Termination Date, this Lease will terminate on such Termination Date. In the event that any arbitration has not concluded on or
before the applicable Termination Date, (a) Tenant will pay all rent amounts due after such date into an escrow account (which rent amounts will be paid over to Landlord in the event the arbitration is decided in favor of Landlord, or returned
to Tenant in the event the arbitration is decided in favor of Tenant), and (b) if the arbitration is decided in favor of Tenant, Landlord will reimburse Tenant for all other expenses incurred in the ordinary course in connection with the
Property (e.g., property management fees, repair and maintenance costs, taxes, assessments, etc.) from the first day following the Termination Date until and including the date on which this Lease actually terminates, which date will be fifteen
(15) days following the date on which the arbitration decision is rendered. Failure to send a Dispute Notice within the thirty (30) day period following Landlord’s receipt of the Termination Notice will be deemed an approval by
Landlord to terminate this Lease. 

  
 3 

 (iii) Upon the affirmative or deemed approval of Landlord to terminate this
Lease, the Parties will mutually collaborate to effect the termination of this Lease, which termination will be effective on the last day of the month in which occurs the sixtieth (60th) day
following the date of delivery to Landlord of the Termination Notice (the “Termination Date”). 
 (iv) On or
prior to the Termination Date, Landlord has the right, but not the obligation, to pay Tenant the Added Improvement Value Payment (as defined below) for this Lease. The “Added Improvement Value Payment” will be the amount calculated
as of the Termination Date pursuant to the following formula: ninety-five percent (95%) of the resulting difference of (A) the Current FMV (as hereinafter defined) of the Property (taking into account the
value-add after the development or redevelopment and/or lease up thereof), less (B) $____________5, being the fair market value of the Property immediately
prior to the Commencement Date (the “Lease Commencement FMV”). As used herein, “Current FMV” means, as of any date of determination, the then-current fair market value of the Property, which shall be determined
pursuant to the following procedures: Upon commencing discussions regarding the same, the Parties shall collaborate in an effort to mutually agree on the then-current fair market value of the Property. If the Parties do not reach mutual agreement
within thirty (30) days of commencing such discussions, then within five (5) business days following the end of such thirty (30)-day period, each of the Parties will give notice to the other
specifying the name and address of an appraiser; any such appraiser shall be an independent appraiser or valuation specialist or investment banker who is qualified to appraise property similar to the Property and is either a member of the Appraisal
Institute (or any successor association or body of comparable standing if such Institute is not then in existence) or is a recognized valuation professional within the multifamily residential real estate industry, and has been actively engaged in
the appraisal of multifamily residential properties for a period of not less than ten (10) years, immediately preceding its appointment under this Lease (any such appraiser, valuation specialist or investment banker meeting such standards shall
be an “Appraiser”). The two Appraisers so chosen will meet within ten (10) days after notice of the selection of the second Appraiser and will endeavor to agree on the Current FMV. If, within fifteen (15) days after
such notice, the two Appraisers do not agree unanimously on the Current FMV, the two Appraisers will together appoint a third Appraiser (the “Third Appraiser”). Within ten (10) days following the selection of the Third
Appraiser, each of the first two Appraisers will submit his or her designation of the Current FMV to the Third Appraiser in writing; and, within five (5) days following the earlier of the expiration of such ten (10) day period and the date
by which both designations have been submitted to the Third Appraiser, the Third Appraiser shall choose one of the designations presented, according to its determination of which such designation most comports with its assessment of the Current FMV
(thereafter, such chosen designation being the Current FMV for all purposes hereunder). Any failure of an Appraiser to timely deliver its designation of the Current FMV in accordance herewith shall be deemed for all purposes to constitute acceptance
of the other Appraiser’s timely designation of the Current FMV. The Parties agree that the fees and expenses of each of the first and second Appraiser shall be borne by the Party who appointed such Appraiser, and the fees and expenses of the
Third Appraiser shall be paid by the Party whose Appraiser’s designation is not chosen by the Third Appraiser. 
  

	5 	 NTD: AIMCO to advise of the fair market value of the applicable Property at the time of lease commencement,
with such number to be input in the space provided here. 

  
 4 

 (v) If Landlord declines to pay Tenant the Added Improvement Value Payment
hereunder, then this Lease will terminate and Tenant will have the right to cause a forced sale of Landlord’s fee interest in the Property. Any proceeds received from such forced sale will be paid first to Landlord, in an amount equal to the
Lease Commencement FMV, and then any proceeds remaining thereafter will be paid to Tenant. In connection with any forced sale, Tenant will manage the process thereof, determine the sale price of the Property (which will be an arms’-length third
party sale that maximizes the value of the Property) and negotiate the terms of the sale documentation, using the form of purchase and sale agreement attached hereto as Schedule 2). Notwithstanding the foregoing, Tenant may be the purchaser
of the Property at the forced sale, provided that in such event, Tenant shall pay a purchase price equal to the Lease Commencement FMV at such sale; and provided further, that, for the period of time commencing on the date of such sale and expiring
on the one (1) year anniversary thereof, in the event Tenant subsequently intends to sell the Property pursuant to an offer received from a third party, for a gross purchase price that is less than the sum of (1) the Added Improvement
Value Payment and (2) the Lease Commencement FMV, that Tenant is willing to accept (an “Offer”), then Landlord shall have a right of first refusal (a “ROFR”) with respect to any such sale of the Property. 

(vi) In the event Tenant receives an Offer, Tenant will send Landlord a written notice (a “ROFR Notice”)
detailing the material terms of the Offer (including purchase price and closing date), upon receipt of which Landlord will have thirty (30) days to accept or reject such Offer (or such shorter time as such Offer may permit) by delivering to
Tenant written notice of the same. If Landlord timely delivers a written notice to Tenant that it intends to exercise its ROFR and proceed with the acquisition of the Property (an “Acceptance Notice”), Landlord will pay Tenant the
purchase price set forth in the Offer (the “ROFR Purchase Price”), and the Parties will close on such ROFR pursuant to a purchase and sale agreement, which shall be in the form attached hereto as Schedule 2, as modified to
reflect the terms of the Offer. To the extent any closing mechanics applicable to the sale of the ROFR Property are not set forth in the Offer, the Parties shall apply the closing mechanics set forth in paragraph (vii) below. If Landlord
expressly declines to exercise its ROFR or otherwise fails to timely exercise its ROFR, Tenant may proceed with the transfer of the Property with the third party making the Offer on substantially the same terms as those set forth therein. If the
transfer to such third party has not been consummated on all such terms within one hundred eighty (180) days of Landlord so declining (or having been deemed to so decline) to exercise its ROFR, the ROFR will be reinstated in accordance with the
terms hereof. 

  
 5 

 (vii) In the event Landlord exercises its ROFR and the Parties proceed to a
sale of the Property, Landlord shall be required to make an earnest money deposit (the “ROFR Deposit”) in an amount equivalent to three percent (3%) of the ROFR Purchase Price. The ROFR Deposit shall be delivered within five
(5) Business Days following the delivery of the Acceptance Notice, by transfer of immediately available funds to a national title insurance company reasonably acceptable to Tenant, who shall perform the services of escrow agent for the closing
of the Property. The ROFR Deposit shall be nonrefundable to Landlord (except in the event of a material default of Tenant in performing its closing obligations pursuant to the purchase and sale agreement for the transaction). The closing shall take
place on the date set forth in the ROFR Notice (or on such earlier date as the Parties may mutually agree) (the “ROFR Closing Date”) and shall be completed through a customary closing escrow or held at the principal office of Tenant
or such other location as the Parties shall agree upon at least five (5) Business Days prior to the ROFR Closing Date. The ROFR Purchase Price shall be paid in immediately available funds and Tenant shall convey good and marketable title (or
other valid interests held by Tenant) in the subject ROFR Property to Landlord or its designee free and clear of all liens and encumbrances. If required by Landlord, all contracts and agreements between Tenant and any of its Affiliates in respect of
the Property shall be terminated effective as of the ROFR Closing Date. Each Party agrees to cooperate and to take all actions and execute all documents reasonably necessary or appropriate to reflect the acquisition of the Property by Landlord (or
its designee) pursuant to the terms hereof. The cost of any title insurance policy endorsements desired by Landlord shall be paid by Landlord. All other costs shall be borne by the Party who customarily bears such costs in the city and state in
which the Property is located. Any risk of casualty, condemnation or loss following the date that the Acceptance Notice is delivered to Tenant and prior to the ROFR Closing Date shall be borne by Landlord, who shall succeed to all rights to
insurance proceeds (other than loss of rent proceeds allocable to any period prior to the ROFR Closing Date) or condemnation awards. If the Parties fail to consummate the sale of the Property in accordance with the terms hereof within one hundred
eighty days (180) of the date of the ROFR Notice, then Landlord shall no longer have a ROFR with respect to the Property and Tenant may proceed to sell, or cause the sale, of the Property to a third party (subject to the terms hereof). 

(viii) In the event Landlord exercises its ROFR and proceeds to the acquisition of the Property (a “ROFR
Closing”), then, solely with respect to the period of time commencing on the date on which Tenant acquired the Property pursuant to paragraph (v) above (the “Applicable Tax Period”), the following provisions shall
apply: Landlord shall assume and agree to pay so much of the real estate taxes and other taxes in respect of the Property assessed for and first becoming a lien during the calendar year in which such ROFR Closing occurs (the “Current Year
Taxes”) as shall be allocable to Landlord by proration (based upon the number of days in such calendar year on and after such date of the ROFR Closing). Tenant shall pay or cause to be paid (i) all delinquent real estate taxes as of
the date of the ROFR Closing (to the extent incurred during the Applicable Tax Period) and (ii) so much of the Current Year Taxes as shall be allocable to Tenant (or its applicable Affiliate) by proration (based upon the number of days in such
calendar year prior to the date of the ROFR Closing). Any Taxes which are payable in the calendar year in which a ROFR Closing occurs but are not due and payable at the time of such ROFR Closing and the portion of the Current Year Taxes not assumed
by Landlord hereunder shall be credited to Landlord through a credit against the ROFR Purchase Price at the ROFR Closing reflected on the applicable closing statement. If the Current Year Taxes with respect to the Property have not been set as of
the date thereof, 

  
 6 

 
the present tax rate and the most recent assessed valuation for the Property shall be used for the purposes of making the adjustments at such ROFR Closing under this paragraph and the Parties
shall re-prorate within thirty (30) days following receipt of the actual final tax bill. Notwithstanding any of the foregoing to the contrary, Tenant shall have the right to prosecute (with
Landlord’s reasonable cooperation after the ROFR Closing, at no expense or liability to Landlord) and retain any recovery in connection with any tax appeals or contests with respect to taxes assessed against the Property for tax periods prior
to the tax period that includes the ROFR Closing Date, provided such recovery action will not result in a deferral of taxes or reassessment against the Property that negatively affects Landlord. 

(ix) If a lender or third-party consent is required in connection with the termination of this Lease pursuant to this
Section 2, Tenant will bear the responsibility of obtaining such consent and Tenant will pay all costs incurred in connection therewith. The provisions of this Section 2 shall survive the termination of this Lease. 

(c) Residual Value of the Property. Within thirty (30) days following the Expiration Date, or, if earlier, the date of any
termination of this Lease pursuant to Section 16(b), Landlord shall deliver to Tenant a written notice (a “Residual Value Notice”) setting forth Landlord’s reasonable determination of the then-current fair market value of
each of (i) the Land and (ii) the improvements and fixtures situated on the Land, including any Improvements (as hereinafter defined) (collectively, the “Property Improvements”), in each case as of the Expiration Date or
earlier date of termination, as applicable, and the amount of the Residual Value Shortfall (as defined below) with respect to each of the Land and the Property Improvements, if any. If the then-current fair market value of the Land as of such date
(as reasonably determined by Landlord) is less than $___________ (the “Guaranteed Land Value”), and/or the then-current fair market value of the Property Improvements as of such date (as reasonably determined by Landlord) is less
than $___________ (the “Guaranteed Improvements Value”), then Tenant shall pay to Landlord, within thirty (30) days following the date of such Residual Value Notice, (A) the amount by which the then-current fair market
value of the Land is less than the Guaranteed Land Value and (B) the amount by which the then-current fair market value of the Property Improvements is less than the Guaranteed Improvements Value (any and all such amounts determined pursuant to
clauses (A) and (B), collectively, the “Residual Value Shortfall”). Any failure of Landlord to timely send a Residual Value Notice to Tenant shall be deemed an acknowledgement by Landlord that the then-current fair market value
of the Land is at least equal to the Guaranteed Land Value and the then-current fair market value of the Property Improvements is at least equal to the Guaranteed Improvements Value (and that the Residual Value Shortfall is “zero”), and
the Parties shall have no further obligations under this Section 2(c). If Landlord sends a Residual Value Notice that does not include Landlord’s reasonable determination of the then-current fair market value of either the Land or the
Property Improvements, then Landlord shall be deemed to have failed to timely send a Residual Value Notice to Tenant with respect to such excluded Land or Property Improvements, as applicable, and the immediately preceding sentence shall apply
solely in respect thereto. In the event that Tenant disputes Landlord’s determination of the then-current fair market value of the Land and/or the Property Improvements, Tenant shall send to Landlord a written notice containing an explanation
of such dispute (a “FMV Dispute Notice”) within fifteen (15) days following its receipt of the Residual Value Notice. If the Parties are unable to 

  
 7 

 
mutually agree upon the then-current fair market value of the Land and/or the Property Improvements, as applicable, within a period of thirty (30) days following Tenant’s delivery of
the FMV Dispute Notice, then within five (5) business days following the end of such thirty (30) day period, each of the Parties will give written notice to the other specifying the name and address of an Appraiser and the Parties will use
the appraisal process described in Section 2(b)(iv) to determine the then-current fair market value of the Land and/or the Property Improvements, as applicable, whereupon such determined value(s) shall be used for purposes of calculating the
Residual Value Shortfall (if any) hereunder. Within thirty (30) days following the conclusion of the appraisal process, the amount of any Residual Value Shortfall due to Landlord (if any) shall be so paid by Tenant. Any failure of Tenant to
timely send an FMV Dispute Notice to Landlord shall be deemed an acceptance by Tenant of Landlord’s determination of the then-current fair market value of the Land and/or the Property Improvements, as applicable (as set forth in the Residual
Value Notice). The provisions of this Section 2(c) shall survive the expiration or earlier termination of this Lease. 
 3. Rent.

 (a) Base Rent. 

(i) Tenant shall pay to Landlord, during the Term, an annual rent amount (the “Base Rent”), exclusive of any
other charge to be paid by Tenant, payable in equal, consecutive monthly installments, in advance, without any abatement, deductions, reduction or set-off whatsoever, on the first day of each calendar month
throughout the Term and pro rata for any partial month during the Term. The Base Rent as of the Commencement Date shall be $________ (the “Initial Base Rent”).6 

 

	6 	 NTD:
The Initial Base Rent shall be determined pursuant to the following formula (the “Market Rent Formula”): (1) the product of (a) the Current FMV (as defined herein), multiplied by (b) the Market NOI Cap Rate (as defined
below), less (2) the product of (a) One Thousand Two Hundred Dollars ($1,200.00) (as such amount shall be Adjusted for Inflation (as defined below), for purposes of making the calculation of the Market Rent Formula, for each year that has
followed the Master Leasing Agreement commencement date as of the date on which such calculation is being made) multiplied by (b) the number of existing apartment units on the Property as of the Commencement Date. In each case, the resulting
calculation based on the Market Rent Formula will be subject to adjustment by up to ten percent (10%) (as measured by net present value) by the MLA Parties in order to confirm that the resulting Base Rent amount conforms to the then-current market
lease rate. 

 “Market NOI Cap Rate” means the resulting quotient upon dividing (1) the Net Operating
Income for the Property, by (2) the Current FMV of the Property (as defined in Section 2(b)(iv)). “Net Operating Income” means, as of any date of determination, (x) all operating income for the Property for the
immediately preceding full twelve (12) calendar months, less (y) all operating expenses for the Property for the immediately preceding full twelve (12) calendar months. 

“Adjusted for Inflation” means, with respect to any sum, that there shall be added to such sum (as previously adjusted), on an
annual basis (such period, the “Specified Interval”), an amount equal to the product of (i) such sum (as previously adjusted) and (ii) a fraction (A) the numerator of which is the difference between (1) the
Consumer Price Index for the calendar month in which the last day of the Specified Interval falls and (2) the Consumer Price Index for the calendar month immediately preceding the commencement of the Specified Interval, and (B) the
denominator of which is the Consumer Price Index for the calendar month immediately preceding the commencement of the Specified Interval. “Consumer Price Index” means the Consumer Price Index for Urban Consumers, Northeast,
1982-1984=100, published by the Bureau of Labor Statistics of the United States Department of Labor (or any successor index thereto, appropriately adjusted). 

  
 8 

 (ii) Following the Commencement Date, the Initial Base Rent shall be reset
as of the earlier of (A) the first day of the month that immediately follows the month in which Stabilization (as defined below) of the Property occurs and (B) [Insert Fixed Date]7 (such
earlier date, the “Initial Rent Reset Date”), as follows: The Initial Base Rent shall be reset to an amount equal to the sum of (1) the Initial Base Rent and (2) the aggregate sum of the CPI Rent Adjustment Amount
(as hereinafter defined) for each lease year that would have been calculated during the period beginning on the Commencement Date and ending on the Initial Rent Reset Date (including pro rata for any partial lease year during such period) had the
Base Rent been increased annually by an amount equal to the CPI Rent Adjustment Amount on each anniversary of the Commencement Date during such period, with, for the avoidance of doubt, each such CPI Rent Adjustment Amount compounded over the prior
lease years. For the avoidance of doubt, the Initial Base Rent shall be fixed and without adjustment until it is reset on the Initial Rent Reset Date, in accordance with the terms of this Section 3(a)(ii). 

(iii) Beginning on the first (1st) anniversary of the Initial Rent Reset
Date and on each anniversary thereafter during the Term of this Lease, the then-current Base Rent will increase by an amount equal to the CPI Rent Adjustment Amount. 

(iv) As used herein: 
  

	 	(1)	 “CPI Rent Adjustment Amount” means, with respect to any sum (as may have been
previously adjusted, the “Initial Sum”), an amount equal to the product of (1) the Initial Sum multiplied by (2) the sum of (a) a fraction (i) the numerator of which is the difference between (x) the
Consumer Price Index (as defined below) for the calendar month in which the last day of the Specified Interval (as defined below) falls and (y) the Consumer Price Index for the calendar month immediately preceding the commencement of the
Specified Interval, and (ii) the denominator of which is the Consumer Price Index for the calendar month immediately preceding the commencement of the Specified Interval, expressed as a percentage (the “CPI Factor”), and (b)
______ percent (__%)8. Notwithstanding the foregoing, if the CPI Factor is less than ______ percent (__%), then the foregoing formula shall be modified to replace the CPI Factor therein with
“______ percent (__%)”. 

  
  

 

	7 	 NTD: The date indicated here should be a date that occurs after the expected Stabilization Date.

	8 	 NTD: The percentage set forth in (b) will be adjusted for each lease pursuant to the economic model for
such lease. 

  
 9 

	 	(2)	 “Consumer Price Index” means the Consumer Price Index for Urban Consumers, Northeast,
1982-1984=100, published by the Bureau of Labor Statistics of the United States Department of Labor (or any successor index thereto, appropriately adjusted). 

  

	 	(3)	 “Specified Interval” means, as of any date, the immediately preceding lease year or portion of
such lease year, as may be appropriate for purposes of such calculation. 

 (b) Additional Rent. In addition to Base
Rent, Tenant shall pay (to the extent provided in this Lease) all costs and expenses of the development, repair, replacement, management and operation of the Property, including, but not limited to all amounts, liabilities, obligations, and
impositions which Tenant assumes or agrees to pay under this Lease, and any fine, penalty, interest, charge, and cost which may be added for nonpayment or late payment of such items (collectively, the “Additional Rent”). The Base
Rent and Additional Rent are hereinafter referred to collectively as “Rent”. Landlord shall have all legal, equitable, and contractual rights, powers and remedies provided in this Lease or otherwise available at law or in equity in
the case of nonpayment of Rent. 
 (c) Payment of Rent. All payments of Rent and any other amounts payable by Tenant to Landlord
pursuant to this Lease shall be sent to Landlord at Tenant’s election by ACH transfer to Landlord’s bank as directed by Landlord or by check to c/o AIMCO Properties, L.P., 4582 S. Ulster Street, Suite 1700, Denver, CO 80237 or such other
address as Landlord may designate in writing to Tenant from time to time, at least five (5) business days prior to any required payment of Rent, without abatement, deductions, reduction or set-off
(including, for the avoidance of doubt, in connection with any force majeure events, delays in Tenant’s or Contractor’s (as hereinafter defined) ability to timely complete the Redevelopment (as hereinafter defined) in accordance with the
Redevelopment Plans (as hereinafter defined) or otherwise), except as otherwise expressly set forth herein. 
 (d) Maintenance; Net
Lease. It is the intent of Landlord and Tenant that this Lease be absolutely net to Landlord such that Tenant shall be responsible for and pay any and all Operating Costs (defined below) associated with and relating to the Property and this
Lease, except as specifically set forth herein with respect to Excluded Taxes (as hereinafter defined). “Operating Costs” means, without limitation, (i) operating costs of the Property (including, without limitation, utilities,
maintenance, operations, repairs and replacements, and the cost of supplies, materials and labor directly related to the foregoing), (ii) costs of compliance with all applicable Laws (as hereinafter defined) and matters of record (including, without
limitation, easement agreements), (iii) property management fees, (iv) expenses and costs incurred in the management of the Redevelopment, (v) costs of insurance that Tenant is required to maintain, (vi) Taxes and Impositions (as
hereinafter defined) and (vii) all other costs and expenses related to the ownership and operation of the Property, whether capital or operating, foreseeable or unforeseeable, latent or patent, structural or
non-structural, ordinary or extraordinary, to the extent incurred during the Term. Notwithstanding the foregoing, Operating Costs, for purposes of this paragraph, shall not include (A) Landlord’s
internal costs and expenses (including internal legal expenses), (B) costs and expenses (including payments of interest, principal and rent) under Landlord’s financing in connection with the Property, (C) costs and fees of professionals
and 

  
 10 

 
consultants hired by or on behalf of Landlord in connection with the Property or this Lease (including accountants, attorneys and engineers), and (D) costs and expenses relating to the
ownership or operation of the entity that is Landlord and each of its affiliates (including professional and consulting fees, salaries and wages of Landlord’s personnel, and other office and administrative expenses of any kind). 

(e) Late Fee; Interest. If payment of any item of Base Rent or Additional Rent shall not be paid within five (5) days of the
original due date thereof, then (i) a late fee of three percent (3%) of the amount of the late payment shall be assessed and payable by Tenant to Landlord, and (ii) such late payment shall accrue interest from the date on which such
payment was due until such payment has been paid in full, at a rate per annum equal to the lesser of (x) two percent (2%) over the then prime rate published in the Wall Street Journal (or any successor publication) and (y) the maximum rate
allowed by Law (the “Default Rate”) for the purpose of defraying Landlord’s administrative expenses incident to the handling of such overdue payments. 

4. Taxes and Impositions. Tenant shall pay, as Additional Rent, Impositions (as hereinafter defined) and Real Estate Taxes (as
hereinafter defined), as set forth herein. 
 (a) Real Estate Taxes and Assessments. Subject to Section 4(c) below, Tenant shall
pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate Taxes may, at
the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that shall be assessed
with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a per diem basis in
accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and
fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon
tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the
Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however,
that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession,
inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this
Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax bill to Landlord rather than
Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet

  
 11 

 
due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant
shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is
required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in
a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment. 

(b) Impositions. Subject to Section 4(c) below, Tenant shall pay all assessments, water and sewer rents, rates and charges, levies,
license, permit and inspection fees, and other governmental charges, both general and special, of any kind and nature whatsoever, including, without limitation, condominium assessments (general and special) charged to the Property (collectively, the
“Impositions” and, together with the Real Estate Taxes, collectively, the “Taxes and Impositions”) which shall be assessed, levied, confirmed, imposed upon, or become due and payable out of or in respect of, or
become a lien upon, the Property or the leasehold, or any part thereof or appurtenance thereto during the Term, whether such charges are made directly to Tenant or through or in the name of Landlord. If any such Impositions may, at the option of the
taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. 

(c) Payment of Taxes and Impositions. If the Property is taxed separately, then Tenant shall pay all Taxes and Impositions directly to
each body, agency, or authority imposing, assessing, levying, or otherwise collecting such Taxes and Impositions, prior to delinquency and in the manner specified by such body, agency, or authority, and shall submit to Landlord evidence of such
payment together with a copy of the bill or invoice for such Taxes and Impositions within ten (10) days after making such payment. If, on the other hand, the Property is not taxed separately and is therefore taxed under one tax bill along with
other property owned by Landlord (such other property together with the Property shall be collectively referred to herein as the “Tax Parcel”), then Tenant shall pay its proportionate share, as reasonably determined by Landlord and
Tenant, of such Taxes and Impositions assessed against the Tax Parcel within ten (10) business days of demand from Landlord. Landlord and Tenant shall in good faith make reasonable efforts to cause the Property to be separately taxed, and to
cause all appropriate Governmental Authorities to send directly to Tenant all pertinent statements and bills in respect of the Impositions relating to the Property. Subject to Section 4(c) below, all Taxes and Impositions which Tenant agrees to
pay pursuant to this Lease that are not paid prior to delinquency may be paid by Landlord if Tenant fails to pay such Taxes and Impositions within ten (10) days after written notice from Landlord to Tenant. Tenant shall reimburse Landlord for
any such payments (including, without limitation, any penalty and interest imposed in connection with Tenant’s failure to pay any Tax or Imposition prior to delinquency) within fifteen (15) days of receipt of an invoice therefor. Interest
shall accrue on such unpaid expenditures from the date of Tenant’s receipt of an invoice from Landlord until the date that payment is received by Landlord at the Default Rate. 

  
 12 

 (d) Tax Liens. Tenant shall keep the Property free and clear of all liens from Taxes
and Impositions (except for those created by or through Landlord) and shall, subject to Section 4(c) below, cause the prompt discharge of all liens from Taxes and Impositions (except for those created by or through Landlord) imposed on the
Property. 
 (e) Right to Contest Taxes and Impositions. Tenant may, at its sole cost and expense, contest the amount or validity of
Taxes and Impositions upon the Property by appropriate proceedings. Nothing contained herein shall imply any right on the part of Tenant to postpone such payment unless such proceedings and/or security given shall, to the extent the same were paid
or given by Tenant, stay both the collection thereof and the sale of the Property to satisfy same. Landlord, at Tenant’s written request and sole cost and expense, shall join in such proceedings if any law shall so require. Tenant will pay such
Taxes and Impositions as they are finally levied, assessed or imposed as a result of any such proceeding. If there shall be any refund payable by the Governmental Authority (as hereinafter defined) with respect to any Taxes and Impositions paid by
Tenant, Tenant shall be entitled to receive and retain the same. 
 (f) Limitation on Taxes. Nothing contained herein shall obligate
Tenant to pay any general income, inheritance, estate, gift, succession, sales, use or revenue tax (or any substitution therefor) of, or levied or assessed against Landlord; nor any other tax, assessment, charge, or levy (or any substitution
therefor) against Landlord with respect to or because of the Rent and other income derived by Landlord under this Lease; nor shall Tenant be deemed obligated to pay any corporation, franchise, capital stock, payroll, excise, privilege, or any other
tax of similar nature (or any substitution therefor) which may be levied or assessed against Landlord. 
 5. Utilities. Tenant shall
be solely responsible for installing, arranging for, and maintaining satisfactory utility lines and services to and for the Property or any portion thereof, including, without limitation, water service, gas, oil, sanitary and storm sewer service,
electricity, steam, power, telephone and any other communication services, trash collection, and any and all other utility services desired, rendered, or supplied to or in connection with the Property (collectively, the “Utilities”)
during the Term. Tenant shall pay prior to delinquency all deposits, rents, costs, tap-in fees and other charges and fees for such Utilities directly to the provider of such Utilities during the Term. Tenant
shall, at its sole cost and expense, procure and keep in effect all necessary permits, licenses, and other authorizations required by any Governmental Authority or otherwise required by Laws (as hereinafter defined) and/or utility companies or
providers for the proper installation and maintenance upon the Property of the wires, pipes, shafts, ducts, conduits, tubes, and other equipment and appliances for use in supplying any such services to and upon the Property. Landlord shall not be
required to furnish any utility lines or services to the Property. Landlord shall, upon written request from Tenant and at no out of pocket cost to Landlord, reasonably cooperate with Tenant in connection with obtaining Utilities and the
aforementioned permits, licenses and authorizations and shall provide assistance as reasonably requested by Tenant in connection therewith. 

  
 13 

 6. Redevelopment. 

(a) Development/Redevelopment of the Property. As of the Commencement Date and throughout the Term, the Parties agree that Tenant may,
at its election and its sole cost and expense, but subject to the terms and provisions of the Private Restrictions (as hereinafter defined) and applicable Laws, endeavor to cause the development, redevelopment and/or the lease-up of the Property, in each case, in accordance with the Redevelopment Plans (as hereinafter defined) for the Property (the “Redevelopment”); provided that, if and only if Tenant so elects to
undertake the Redevelopment, then (i) Tenant agrees that, once Tenant has commenced the Redevelopment (including, without limitation, entering into contracts with one or more Development Professionals (as defined below) or obtaining
construction financing, in each case, in connection with the Redevelopment), Tenant shall thereafter use commercially reasonable efforts to then cause the completion of such Redevelopment in accordance with the terms hereof and (ii) the
remaining provisions of this Section 6 shall apply and the Parties agree they shall be bound by such provisions. In such event, any such development or redevelopment shall include the construction, erection, alterations, improvements, repairs,
renovation, modification and/or installation of signage and other work, on, under, above and to the Property including, without limitation, one or more buildings, parking areas, parking garages, utility lines, conduits and facilities, electricity
and power generation facilities, sanitary sewer lines and pump stations, drainage and storm water management systems and similar and dissimilar improvements and facilities, as may be applicable (collectively, the “Improvements”),
substantially in accordance with the plans and specifications approved by the MLA Parties with respect to the Redevelopment and attached hereto as Schedule 4 (collectively, the “Redevelopment Plans”) and the terms of any
development agreement(s) entered into in connection with the Redevelopment (a “Development Agreement”). Any Improvements shall be constructed in a good and workmanlike manner, using good materials that are comparable to such
materials as are commonly used in the construction or redevelopment of similar buildings of similar grade in the city and state in which the Property is located. If the Redevelopment Plans contemplate the development of the Property, then all
Improvements, including, without limitation, any building or buildings, building equipment and/or other items, improvements, additions, changes or alterations on the Property, and all drawings, plans, licenses, permits, approvals and other tangible
and intangible personal property relating to or used at the Improvements, shall be and remain the sole property of Tenant and, as applicable, those claiming by, through or under Tenant (including subtenants), and Landlord shall have no interest
therein or rights with respect thereto until the end of the Term at which time the Improvements, if any, then located on the Property shall become the property of Landlord. The Parties agree that Tenant will bear all market risk for the cost and
pace of construction, rental rate achievement and absorption pace, in each case to the extent applicable and as each relates to the Redevelopment; and the terms of this Lease shall not be amended or modified in any respect (including, without
limitation, with respect to the Rent amounts payable under this Lease) in connection therewith. 
 (b) Contractors and Supervision. If
the Redevelopment Plans contemplate the development or redevelopment of the Property (or if, during the Term, any capital projects are required on the Property), Tenant shall enter into contracts with such architects, engineers, contractors and
other such professionals (each, a “Development Professional”) as may be required to effect such development, redevelopment or other capital project. Any Development Professionals so engaged by Tenant shall be subject to the approval
of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed (it being agreed that if Landlord does not respond to Tenant’s notice requesting Landlord’s consent to any such Development Professional on or prior to
ten (10) Business Days after the date Tenant gives such notice to Landlord, then Landlord shall be deemed to have consented to such Development Professional). 

  
 14 

 (c) Construction Financing. Tenant shall be solely responsible for procuring and
obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to grant one or more leasehold mortgages encumbering its leasehold
interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a construction-related completion bond. 

(d) Governmental Approvals; Landlord Cooperation. Tenant, at Tenant’s expense, prior to any construction of the Improvements
pursuant to the Redevelopment, shall obtain all permits, approvals and certificates required by any Governmental Authorities in connection therewith. Landlord shall have the right to require Tenant to make all filings with Governmental Authorities
to obtain such permits, approvals and certificates using an expeditor designated reasonably by Landlord (provided that the charges imposed by such expeditor are commercially reasonable and such expeditor performs in a reasonable and competent
manner) or another expeditor selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Upon the request of Tenant, Landlord shall join in and promptly execute any applications for any
permits, approvals or certificates required to be obtained by Tenant in connection with the Improvements (provided that applicable Laws require Landlord to join in such application) and shall otherwise cooperate with Tenant in connection therewith.
Tenant shall reimburse Landlord for any reasonable and actual out-of-pocket costs, including, without limitation, reasonable attorneys’ fees, charges and
disbursements, that Landlord incurs and pays to an unrelated third party in so joining in such applications and cooperating with Tenant, within thirty (30) days after the date that Landlord gives to Tenant an invoice therefor from time to time,
accompanied by reasonable supporting documentation of such costs. Upon completion of the Improvements, Tenant, at Tenant’s expense, shall (i) obtain certificates of final approval for the Improvements to the extent required by any
Governmental Authority, and (ii) furnish Landlord with copies of such certificates. 
 (e) Compliance with Laws. Tenant shall, at
its sole cost and expense, comply in all material respects with all federal, state and local laws, rules, ordinances and regulations (including, without limitation, the Americans with Disabilities Act of 1990) (collectively, the
“Laws”) applicable to the use, demolition, construction or occupancy of the Improvements. Tenant shall, subject to any terms and conditions set forth in this Lease, diligently take all actions reasonably necessary to obtain,
maintain and comply with all governmental, regulatory and administrative permits or approvals (collectively, “Governmental Approvals”) required by any national, federal, state, local, or other government or political subdivision or
any agency, authority, board, department, or instrumentality thereof, or any court, arbitrator (to the extent required by the terms of this Lease) or tribunal or quasi-governmental agency (each, a “Governmental Authority”) having
jurisdiction over the Property, this Lease, and/or Tenant’s activities on the Property. Tenant shall be responsible for all costs and expenses associated with its activities under this Lease, including obtaining the Governmental Approvals.
Landlord shall, upon written request from Tenant and at no material cost to Landlord, reasonably cooperate with Tenant in connection with the Governmental Approvals process and shall provide assistance as reasonably requested by Tenant in connection
with obtaining Governmental Approvals. 

  
 15 

 (f) Compliance with Private Restrictions. Tenant shall not use, occupy or improve the
Property, or permit the Property or the Improvements or any part thereof, to be used, occupied or improved, so as to violate any condominium declaration (or similar documentation) that the Property may be subject to, if any, or any terms, conditions
or covenants of any other development-related documentation (including, without limitation, zoning declarations, community benefits agreements, or reciprocal easement agreements), and any recorded easements, restrictions, covenants, or agreements
now or hereafter (subject to the terms hereof) affecting the Property (“Private Restrictions”). Tenant shall at all times comply with all affirmative obligations, if any, imposed on Landlord by any Private Restrictions; provided,
however, Tenant shall not be responsible for the performance of obligations with which Tenant cannot comply because Tenant is not the fee owner of the Property. After the Commencement Date, Landlord shall not enter into any Private Restrictions
affecting the Property without Tenant’s prior written consent (which shall not be unreasonably withheld, conditioned, or delayed only if the proposed Private Restrictions or amendment do not increase the cost to Tenant to develop or operate the
Improvements or interfere with Tenant’s development or operation of the Improvements for the Allowable Uses). 
 (g) Inspection,
Audit and Reporting Requirements. 
 (i) In the event that Tenant elects to undertake the Redevelopment, then Landlord
shall have the right to engage a construction consultant (the “Construction Consultant”) at Landlord’s sole cost and expense. Tenant shall reasonably cooperate to permit representatives of Landlord and the Construction
Consultant, at reasonable times and on reasonable advance notice, to examine Tenant’s books of record and account, to make copies and abstracts therefrom, and to discuss its affairs, finances and accounts with its principal officers, engineers
and independent accountants, in each case in connection with the Redevelopment (and by this provision Tenant authorizes said accountants to discuss with such Persons such affairs, finances and accounts, but after prior notice to Tenant of such
discussions). Without limiting the foregoing, representatives of the Construction Consultant and Landlord shall have the right at reasonable times and on reasonable advance notice to (a) inspect the Property and all materials to be used in
connection with the Redevelopment from time to time and to witness the construction of the Improvements to ensure compliance with the Redevelopment Plans, (b) to conduct such environmental and engineering inspections and studies as Landlord may
reasonably require, (c) to examine all detailed plans, shop drawings and change orders in connection with the Redevelopment, and (d) meet with the representatives of any Development Professionals to discuss the status of and issues
relating to the Redevelopment (and by this provision Tenant authorizes the Development Professionals to cooperate and discuss with such Persons such construction matters, but after reasonable prior notice to Tenant of such discussions). Upon
request, Tenant will furnish Landlord with any items in the possession of, under the control of, or reasonably obtainable by, Tenant, that Landlord or the Construction Consultant may consider reasonably necessary or useful in connection with the
performance of any inspection of the Improvements. Without limiting the generality of the foregoing, Tenant shall furnish or cause to be furnished such items as working details, licenses, permits, approvals, certificates of public authorities,
zoning ordinances, building codes and copies of the contracts to which Tenant is a party (if applicable). 

  
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 (ii) Following the date on which construction otherwise commences, Tenant
shall provide to Landlord a quarterly reporting package with respect to the ongoing work and construction at the Property in form and substance reasonably agreed upon by the Parties. 

(h) Lease-Up of the Property. Tenant will direct the property manager for the Property (the
“Property Manager”) to complete the lease-up of the Property in accordance with the terms of the Redevelopment Plans. 

(i) Easements. If the Redevelopment Plans contemplate the development of the Property, Tenant shall have the right to enter into
agreements with utility companies creating such easements relating solely to the Property in favor of such utility companies as are required in Tenant’s sole discretion; provided, however, any easements or similar agreements made with parties
other than providers of utilities shall, unless Landlord consents in writing in advance, which consent shall not be unreasonably withheld, delayed or conditioned, terminate upon the expiration or sooner termination of the Term. 

(j) Third Party Property Rights. Except as otherwise expressly limited or prohibited hereunder, Tenant may enter into agreements
relating to the acquisition, occupancy, easement, rights of way, or leasing of any real property relating to the construction of the Improvements or operation thereof (including the aggregation and allocation of air rights) (collectively,
“Third Party Rights”), provided that no Third Party Rights shall extend beyond the Term of this Lease without the prior consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed (excepting
standard one (1) year residential leases on a form (and for rent amounts) approved by Landlord in connection with any lease-up of the Property). Subject to Landlord’s agreement to be bound by the
covenants regarding confidentiality contained in such Third Party Rights, Tenant shall provide all information and documentation to Landlord relating to Third Party Rights as reasonably requested by Landlord from time to time. 

7. Environmental. 
 (a)
Restrictions. Tenant shall not bring or otherwise cause to be brought or permit any of its agents, employees, contractors, invitees, subtenants, licensees or occupants to use, generate, transport, treat, dispose of or bring in, on or about
any part of the Property (or any improvements erected thereon), any Hazardous Substance (as hereinafter defined); provided, however, that Hazardous Substances may be brought, kept, used or disposed of in, on or about the Property in quantities and
for purposes similar to those brought, kept, used or disposed of in, on or about similar multifamily residential properties, and which are brought, kept, used and disposed of in strict compliance with all applicable Laws. 

(b) Hazardous Substances. For purposes of this Section 7, “Hazardous Substance” means any matter giving rise to
liability under the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Comprehensive Environmental Response, Compensation and Liability Act, U.S.C. Section 9601 et seq. (including the
so-called “Superfund” amendments thereto), any other applicable federal, state or local statute, law, ordinance, rule or regulation governing or pertaining to any hazardous substances, hazardous

  
 17 

 
wastes, chemicals or other materials, including, without limitation, asbestos, polychlorinated biphenyls, radon, petroleum and any derivative thereof or any common law theory based on nuisance or
strict liability (all of the foregoing statutes, laws, ordinances, rules, regulations and common law theories being sometimes hereinafter collectively referred to as “Hazardous Materials Laws”). Tenant shall cooperate with Landlord
and permit Landlord and all Governmental Authorities reasonable access to the Property in a manner that will not unreasonably interfere with Tenant’s (or any of its occupants’) use of the Property for purposes of operating, inspecting,
maintaining and monitoring any environmental controls, equipment, barriers and/or systems required by applicable Hazardous Materials Laws. Except for Known Existing Environmental Conditions (as hereinafter defined) to be removed and remediated
pursuant to the Development Agreement (if any), if, during the Term, the existence, presence, release, placement on or in the Property or the generation, transportation, storage, treatment or disposal at the Property of any Hazardous Substance
(including Unknown Existing Environmental Conditions (as hereinafter defined)) (i) gives rise to liability (including, but not limited to, a response action, remedial action or removal action) under Hazardous Materials Laws; (ii) causes a
public health effect; or (iii) pollutes the environment, Tenant, except to the extent such matters were caused by the Indemnified Landlord Parties (as hereinafter defined), shall promptly take any and all remedial and removal action necessary
to clean up the Property and mitigate exposure to liability arising from the Hazardous Substance, in accordance with Hazardous Material Laws. For purposes of this Lease, “Known Existing Environmental Conditions” means any
environmental conditions at the Property disclosed on the most recent Phase I Environmental Assessment available for the Property, such conditions discovered during the performance of the Improvements, and environmental conditions at the Property
known by any of the Indemnified Landlord Parties, and “Unknown Existing Environmental Conditions” means the existence, presence or release of Hazardous Substances in violation of Hazardous Materials Laws at the Property as of the
Effective Date, other than the Known Existing Environmental Conditions. 
 (c) Environmental Audit. Upon request by Landlord during
the Term, prior to Tenant’s exercise of any renewal right and/or prior to Tenant’s vacating the Property, Landlord at its sole cost and expense shall have reasonable access to the Property for conducting an environmental audit from an
environmental company reasonably acceptable to Landlord, at Landlord’s cost and expense, except as herein provided. In addition, if Landlord has a good faith and reasonable reason to believe that Hazardous Substances in violation of Hazardous
Materials Laws exist at the Property, then Landlord shall specify the reasons to Tenant, and if Tenant does not provide information to Landlord’s reasonable satisfaction regarding the suspected presence of Hazardous Substances in violation of
Hazardous Materials Laws, Landlord may request that Tenant perform an environmental audit from an environmental company reasonably acceptable to Landlord. If Tenant gives Landlord written notice that Tenant does not intend to perform such audit, or
if Tenant fails to complete such audit within thirty (30) days following Landlord’s request, then Landlord may perform such audit (a “Requested Audit”). If any environmental audit discloses the presence of Hazardous
Substances, other than Known Existing Environmental Conditions, in violation of Hazardous Materials Laws, then, except to the extent caused by any of the Indemnified Landlord Parties, to the extent the same are in violation of applicable Hazardous
Materials Laws and are required to be remediated under Hazardous Materials Laws, Tenant shall perform any required remediation promptly and in all events prior to surrendering possession of the Property to Landlord. If any Requested Audit discloses
the presence of 

  
 18 

 
Hazardous Substances, other than Known Existing Environmental Conditions, in violation of Hazardous Materials Laws, then, except to the extent caused by any of the Indemnified Landlord Parties,
Tenant shall promptly reimburse Landlord for the reasonable out-of-pocket cost of the Requested Audit paid by Landlord to unrelated third parties. 

(d) Survival. The provisions of this Section 7 shall survive the expiration or earlier termination of this Lease. 

8. Maintenance. Tenant, at its sole cost and expense, shall, or shall cause the Property Manager to, keep and maintain the Property, and
all private roadways, sidewalks and curbs appurtenant to the Property and which are under Tenant’s control, in good and safe condition and repair (ordinary wear and tear and damages by fire and other casualty excepted), whether or not the need
for such repairs occurs as a result of Tenant’s activities on the Property, the elements or the age of the Property, and, with reasonable promptness, make all necessary and appropriate repairs thereto of every kind and nature, including those
necessary to comply with changes in any Laws, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, to the extent such repairs are required hereunder by
reason of a condition arising from and after the Commencement Date. Landlord shall not be required to (a) furnish any services, including utilities, or facilities to the Property, (b) make any repairs, replacements, alterations,
restorations or renewals of any nature to the Property, whether ordinary or extraordinary, structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto,
except as set forth herein or in the Master Leasing Agreement, or (c) maintain the Property in any way. 
 9. Alteration;
Demolition. In addition to the Improvements, Tenant may make non-structural alterations, additions and improvements (collectively, “Alterations”) to the Property without the consent of
Landlord. All Alterations undertaken by Tenant pursuant to this Section 9, and use thereof, shall be in compliance with all then-applicable Laws, Private Restrictions, the Redevelopment Plans and the terms of this Lease. 

10. Insurance. 
 (a)
Property Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense, physical damage insurance providing physical loss or damage protection against any peril included within the classification “causes
of loss – special form property damage” (formerly “all-risk”) (including endorsements for increased costs of compliance, malicious mischief, vandalism, sprinkler leakage, flood, earth
movement and boiler and machinery coverage) for the 100% of replacement cost value new without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies
of insurance, covering (i) all leasehold and tenant improvements in and to the Property (including the Improvements and subsequent Alterations) and (ii) Tenant’s furniture, business and personal trade fixtures, equipment, furniture
system and other personal property from time to time situated in the Property (“Tenant’s Property Policy”). The proceeds of such insurance shall be used for the repair and replacement of the property so insured.
If such physical damage insurance no longer becomes available in the future, Tenant shall obtain such comparable insurance as is then available. Tenant has the right to satisfy Tenant’s obligations to carry Tenant’s Property Policy with a
blanket insurance policy if such blanket insurance policy provides, on a per occurrence basis, that a loss that relates to any other location does not impair or reduce the level of protection available for the Property below the amount required by
this Lease. 

  
 19 

 (b) Liability Insurance. At all times during the Term, Tenant shall procure and
maintain, at its sole expense for the protection of Landlord as an additional insured and Tenant as the named insured, commercial general liability insurance applying to the use and occupancy of the Property and the business operated by Tenant
(“Tenant’s Liability Policy”). Such insurance shall have a combined single limit of liability of $________ per occurrence and a general aggregate limit of $________, and Tenant shall provide in addition excess
liability insurance on a following form basis, with overall limits of $________. All such policies shall be written to apply to bodily injury (including death), property damage and personal injury losses, shall include blanket contractual
liability, broad form property damage, completed operations, products liability, host liquor liability, cross liability and severance of interest clauses, and shall include Landlord and its agents, beneficiaries, partners, employees, and any
Leasehold Mortgagee (as hereinafter defined) of any Leasehold Mortgage (as hereinafter defined) designated by Landlord in writing as additional insureds. 

(c) Business Automobile Liability Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense
for the protection of Landlord as an additional insured and Tenant as the named insured, primary automobile liability insurance with limits of not less than $1,000,000 per occurrence covering owned, hired and
non-owned vehicles used by Tenant. 
 (d) Workers Compensation and Employer’s
Liability Insurance. At all times during the Term (and prior to the Commencement Date with respect to any use or activity of Tenant hereunder at the Property), Tenant shall procure and maintain Workers’ Compensation Insurance in
accordance with the laws of the state in which the Property is located, and employer’s liability insurance with a limit of $________ bodily injury each accident; $________ bodily injury by disease – each person; and $________ bodily injury
by disease policy limit. 
 (e) Additional Insurance. In addition to the insurance described above, Tenant shall maintain such
additional insurance as may be reasonably required from time to time by any Leasehold Mortgagee and shall further at all times maintain adequate coverage required by Law. 

(f) Insurer. Tenant shall cause Tenant’s Liability Policy and Tenant’s Property Policy to be issued by a reputable and
financially sound insurer that is (i) permitted to do business in the state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s Rating Guide or any
successor thereto (it being understood that if such ratings are no longer issued, then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the date hereof). 

(g) Umbrella Policies. Tenant has the right to satisfy Tenant’s obligation to carry Tenant’s Liability Policy with an umbrella
insurance policy if such umbrella insurance policy contains an aggregate per location endorsement that provides the required level of protection for the Property. 

  
 20 

 (h) Self-Insurance. Tenant shall have the option, in conjunction with Tenant’s
ultimate parent corporation (or any subsidiaries or affiliates thereof), to maintain self insurance or to provide or maintain any insurance required under this Lease under blanket insurance policies maintained by Tenant’s ultimate parent
corporation (or any subsidiaries or affiliates thereof), or to provide or maintain insurance through such alternative risk management programs as Tenant[’s ultimate parent corporation (or any subsidiaries or affiliates thereof) may provide or
participate in from time to time (any such types of insurance programs being referred to herein collectively as “Self-Insurance Programs”). Any such Self Insurance Programs shall not operate to decrease the insurance coverage or
limits set forth in this Section 10. Any such Self Insurance Programs shall be deemed to contain all of the terms and conditions applicable to the requirements for Tenant’s insurance contained in this Section 10. If Tenant elects to
provide its insurance through a Self-Insurance Program, then, with respect to any claims which may result from incidents occurring during the Term, the insurance provided by such Self Insurance Program shall survive the expiration or earlier
termination of this Lease to the same extent as the insurance required would survive. 
 (i) General Requirements. The insurance
requirements identified in this Section 10 shall not be construed to modify, limit or reduce the indemnification requirements set forth herein or Tenant’s liability arising under or out of this Lease. Each policy of insurance required to
be carried by Tenant under this Lease must be evidenced by a certificate of insurance, which certificate must also evidence waiver of subrogation as to the Indemnified Landlord Parties on all insurance policies, including workers’ compensation.
If policies purchased by Tenant above do not expressly allow the insured to waive rights of subrogation prior to loss, the insured shall cause them to be endorsed with a waiver as required above. The required certificates of insurance shall be
delivered no later than the Effective Date, with the exception of any certificates of insurance relating to initial construction of the Property, which shall be delivered no later than fifteen (15) days before the commencement of construction
to Landlord at the address designated in this Lease for service of Notice upon Landlord or such other address as Landlord may specify by written notice to Tenant from time to time. 

(j) Release; Waiver of Subrogation Property. Landlord and Tenant each hereby release each other from liability for damage to the
property of the other to the extent the loss, liability or damage is insured under the property insurance that such party is required to obtain hereunder. Landlord and Tenant shall obtain waivers of subrogation rights by the insurer against Landlord
or Tenant, as the case may be, in all property insurance policies affecting any portion of the Property. 
 (k)
Contractor’s Insurance. 
 (i) With respect to all contractors and subcontractors performing any
work on or about the Property (“Contractor”), Tenant shall obtain or shall cause all of such Contractors to obtain, maintain throughout such work, and shall provide evidence reasonably satisfactory to Landlord of the following
insurance coverages: 
  

	 	(1)	 Commercial General Liability insurance all on an occurrence basis in an amount not less than
$                 per occurrence limit per location and/or project for bodily injury and property damage,
$                 personal and advertising injury; $                
General Aggregate; $                 products/completed operations aggregate. Coverage is to include full contractual liability coverage. 

  
 21 

	 	(2)	 Worker’s Compensation insurance in amounts required by law for all employees, and Employer’s
Liability insurance with minimum limits as follows: Bodily Injury by Accident $________ Each Accident, Bodily Injury by Disease $________ Policy Limit, Bodily Injury by Disease $________ Each Employee. 

 

	 	(3)	 Contractor’s pollution liability (CPL) and Professional Liability Insurance including errors and omissions
in an amount not less than a minimum of $________ per loss/claim/occurrence (if applicable). 

  

	 	(4)	 Professional liability insurance including errors and omissions in an amount no less than $________ per claim
for all other professionals (other than contractor’s pollution professional noted in (C)) covering the services under this Lease and under the Development Agreement and shall be maintained for a minimum of three years following completion of
all services (if applicable). 

  

	 	(5)	 Comprehensive automobile liability, including owned, non-owned and
hired vehicles, in the minimum amount of $________ combined single limit for bodily injury and property damage liability. 

  

	 	(6)	 Umbrella Liability insurance all on an occurrence basis be following form over underlying Commercial General
Liability, Business Automobile, Employer’s Liability insurance policies with the following minimum limits: (1) $________ if the aggregate amount of such contract is less than $________; (2) $________ if the aggregate amount of such
contract with the Contractor is more than $1,000,000 but is less than $2,000,000; (3) $________ if the aggregate amount of such contract with the Contractor is $2,000,000 or more but is less than $25,000,000; (4)
$             if the aggregate amount of such contract with the Contractor is $25,000,000 or more but is less than $50,000,000; (5) $________ if the aggregate
amount of such contract with the Contractor is $50,000,000 or more but less than $100,000,000; and (6) $________ if the agreement amount of such contract with the Contractor is $100,000,000 to $150,000,000. 

 

	 	(7)	 A Certificate of Insurance (on an ACORD form or other equivalent form reasonably acceptable to Landlord) is
required to demonstrate compliance with the above noted insurance requirements and should be furnished to Landlord prior to commencement of the 

  
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applicable work. The Certificate of Insurance must name Landlord, Tenant and their respective subsidiaries and affiliates, owners, trustees, officers, and/or agents as additional insureds under
all policies with the exception of (B) and (D) above. Contractor’s coverage shall be primary and non-contributing with or in excess of any coverage available to Landlord or Tenant. Tenant shall or
shall cause Contractor to waive subrogation on all policies including workers’ compensation. Contractor’s insurance certificate must also evidence waiver of subrogation on all insurance policies including the workers compensation. If
policies purchased by Contractor do not expressly allow the insured to waive rights of subrogation prior to loss, the insured shall cause them to be endorsed with a waiver as required above in favor of Landlord. Should any of the described policies
be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions. The required certificates of insurance shall be delivered to Landlord at the address designated in this Lease for service of Notice
upon Landlord or such other address as Landlord may specify by written notice to Tenant from time to time. 

  

	 	(8)	 Such policies of insurance shall be issued by a reputable and financially sound insurer that is
(i) permitted to do business in the state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s Rating Guide or any successor thereto (it being understood
that if such ratings are no longer issued, then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the date hereof). 

 

	 	(9)	 Landlord and Tenant acknowledge that during the Term insurance practices, coverages and the forms and content
of insurance policies and certificates of insurance may change. Accordingly, Landlord and Tenant agree that on the fifth (5th) anniversary of the Commencement Date, and each five (5) years
thereafter, Landlord and Tenant shall discuss, in good faith, the implications of such changes in light of the nature of the insurance being maintained by contractors with respect to similar properties meeting the standards observed by prudent
operators of facilities similar to the Property in the city and state in which the Property is located, and shall agree in writing, acting reasonably, to change the nature or extent of the insurance or coverages required to be maintained by it
pursuant to this Section 10(k)(i) or increase or decrease the amount of any such coverage limits, retention or deductibles, in order to conform reasonably to prudent risk management practices consistent with such standards or change the
required minimum ratings of carriers or other provisions of this Section 10(k)(i) in 

  
 23 

	 	
order to conform reasonably to prudent risk management practices consistent with such standards. Notwithstanding the foregoing, Landlord may require Tenant to procure and maintain, or require
Tenant’s subtenants to procure and maintain, at any time upon written notice to Tenant during the Term, such policies of insurance with limits as may be required by Landlord’s lender to ensure that no breach exists pursuant to any loan
documents to which Landlord may be subject, including, but not limited to, any Lien (as hereinafter defined). 

(ii) All Contractor’s liability policies shall be endorsed to be primary and
non-contributing with the policies of any other party being excess, secondary and non-contributing. With the exception only of professional liability coverage, all such
insurance shall be issued on an “occurrence” basis, and not on a “claims made” basis coverages shall be maintained until the completion of the work by the applicable professional with “tail” coverage pertaining to such
work for the duration of the applicable statute of repose following the completion of the work by the applicable professional. The duration for which coverage for completed operations must be maintained may only be reduced with the express written
consent of Landlord, not to be unreasonably withheld, in circumstances where (A) warranted based upon the nature and scope of work; and (B) contractor declines or is unwilling to maintain coverage for the required term set forth herein.

 (iii) Neither the issuance of any insurance policy required under this Lease, nor the minimum limits specified herein with
respect to Tenant’s insurance coverage, shall be deemed to limit or restrict in any way Tenant’s liability arising under or out of this Lease. 

11. Casualty. 
 (a)
Notice of Casualty. If any Improvements shall be destroyed or damaged in whole or in substantial part by fire or other casualty (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or
extraordinary, foreseen or unforeseen (a “Casualty”), Tenant shall give to Landlord prompt written notice thereof (a “Damage Notice”). 

(b) Restoration. In the case of any damage to or destruction of the Improvements by Casualty, Tenant shall use its best efforts to,
within one hundred eighty (180) days of such Casualty, restore the affected portion of the Improvements (or construct such replacement Improvements as Tenant shall elect in its sole discretion) to substantially the same condition they were in
prior to such Casualty, or, if such affected portion is subject to Redevelopment, then to proceed with the development or redevelopment thereof to complete the Redevelopment in accordance with the Redevelopment Plans (the “Restoration
Work”). The Restoration Work by Tenant shall be commenced promptly following the Casualty and shall be performed in a good and workmanlike manner and in accordance with applicable Laws in all material respects. The net proceeds of
Tenant’s Property Policy (the “Insurance Proceeds”) shall be applied first to the Restoration Work and then as provided in any Leasehold Mortgage 

  
 24 

 
and if there is no Leasehold Mortgage, paid to Tenant. Landlord shall have no interest in any Insurance Proceeds or policies of insurance maintained by Tenant at or which pertain in whole or in
part to the Property. Tenant shall be, and any Leasehold Mortgage shall provide that Tenant is, entitled to settle all insurance and other related claims, and to retain and utilize any Insurance Proceeds in accordance with the terms hereof. If, as
indicated in the Damage Notice, a substantial portion of the Property is damaged as a result of the Casualty, then, as soon as reasonably practicable following the Casualty, but in any event no later than sixty (60) days after the date of
delivery of the Damage Notice to Landlord, Tenant shall deliver to Landlord a written notice (a “Restoration Work Notice”) containing (i) a description of the Restoration Work to be performed and an estimate of the reasonable
cost to complete such Restoration Work (a “Cost Estimate”), which such description and Cost Estimate shall be prepared by the developer contracted by Tenant to perform the Redevelopment Work or another developer reasonably
acceptable to Landlord, and (ii) an estimate of the amount of the Insurance Proceeds that are or will become available to Tenant in connection with the Casualty. Notwithstanding anything contained in this Section 11 to the contrary, if a
substantial portion of the Property is damaged and the amount of the Cost Estimate exceeds the amount of Insurance Proceeds that are or will be available to Tenant, then, unless and except if Landlord agrees to fund such shortfall in connection with
the Restoration Work, Tenant shall have the right, at its option, to terminate this Lease, it being expressly acknowledged and agreed that all of Tenant’s obligations hereunder with respect to the Restoration Work are subject to Tenant’s
receipt of Insurance Proceeds therefor and payment by Landlord of any shortfall amount. Within fifteen (15) days following its receipt of the Restoration Work Notice, Landlord shall notify Tenant in writing whether Landlord agrees to fund such
shortfall; any failure of Landlord to timely provide such notice shall be deemed an election by Landlord not to fund the shortfall.] Any right to terminate this Lease pursuant to this Section 11 shall be exercisable by Tenant by delivering
written notice thereof to Landlord no later than ninety (90) days following the date of the Casualty; following Tenant’s delivery of such notice, this Lease shall terminate on the last day of the month immediately following the month in
which Tenant delivered such notice to Landlord. Notwithstanding any other provision of this Lease to the contrary (but subject to Tenant’s right to terminate this Lease pursuant to this Section 11), Tenant shall not be entitled to any
abatement or other reduction of Rent in connection with such event or the period during which Tenant or any occupants of the Property are unable to utilize the Property for their intended uses. 

12. Condemnation. 
 (a)
Taking. In the case of a complete or substantially complete taking of the Property, this Lease shall not terminate; and the award shall be split between Tenant and Landlord based on an appraised valuation of their respective interests in the
Property, with Tenant receiving the amount equal to the value of its interest in this Lease and the Improvements immediately prior to the taking, and with Landlord receiving the value of its remainder interest in the fee estate after the termination
of this Lease. Any balance owed to Leasehold Mortgagees is to be paid solely out of Tenant’s share. 

  
 25 

 (b) Partial Taking. In the case of a partial taking, Tenant shall elect, in its sole
discretion, to either restore the Improvements or construct such replacement Improvements, [to the extent possible to effect the Redevelopment as contemplated by the Redevelopment Plans]9. Such
restoration or construction shall be made by Tenant within one hundred eighty (180) days after receipt of notice of a taking. In either such election, the award will first be used to pay the costs of such restoration, and the remainder will be
paid to Tenant to the extent, if any, of the diminution in the value of its leasehold interest resulting from the taking (if any, as reasonably determined by the Parties), and Landlord will receive an amount equal to its remainder interest in that
portion of the fee estate that was taken. Any Leasehold Mortgage will permit condemnation awards to be paid to Tenant and provide that Tenant has the sole and exclusive right to participate in the adjustment of any claims in connection therewith;
and any amount required to be paid to the Leasehold Mortgagees will come solely from Tenant’s share after such restoration or construction of the Property. 

(c) Temporary Taking. In the case of a temporary taking, this Lease will continue, Tenant will continue to pay all Rent; and Tenant will
receive and retain all awards for such temporary taking payable on account of the use and occupancy (or the displacement of Tenant’s use and occupancy) of the Property. 

13. Assignments and Subleases; Transfer by Landlord. 

(a) Transfers. Without the prior written consent of Landlord, which may be granted or withheld in Landlord’s sole discretion,
Tenant shall not, either involuntarily or voluntarily or by operation of law or otherwise, assign, mortgage, pledge, hypothecate, encumber or permit any lien to attach to, or directly or indirectly transfer this Lease or any interest herein, or
sublet the Property or any part thereof, or permit the Property to be occupied by anyone other than Tenant or Tenant’s employees (each a “Transfer” and any person or entity to whom a Transfer is made or sought to be made is
referred to herein as a “Transferee”). A Transfer shall include, without limitation, any assignment that otherwise occurs by merger, consolidation, reorganization, transfer, or other direct or indirect change in either the Control
(as defined below) of Tenant or in the corporate, partnership, or proprietary structure of Tenant or any entity that has a direct or indirect interest in Tenant. Notwithstanding the foregoing, however, a Transfer shall not include any direct or
indirect change in either the Control or ownership of Apartment Investment and Management Company or Aimco OP L.P. Any Transfer in violation of the provisions of this Section 13 shall be void and shall constitute an Event
of Default (as hereinafter defined). 
 (b) Permitted Transfers. Notwithstanding anything contained in this Section 13 to the
contrary, Tenant may, without the consent of Landlord, (i) grant a collateral assignment and/or a leasehold mortgage or other security instrument to a mortgagee in connection with a loan used to finance the Redevelopment of the Property,
(ii) assign this Lease to an Affiliate of Tenant (which remains an Affiliate of Tenant following such Transfer), and (iii) cause the lease-up of the Property in accordance with the Redevelopment
Plans. As used herein, “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is controlled by, or is under common Control with, the 

 

	9 	 NTD: Include bracketed language if the Property is subject to development or redevelopment (rather than a lease-up only). 

  
 26 

 
specified Person. For purposes of this Section 13, “Control” of a Person means (x) the direct or indirect ownership of fifty percent (50%) or more of the equity
interests in such Person or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities or other interests, by contract
or otherwise; and “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, a union, an unincorporated organization or a governmental
entity or any department, agency or political subdivision thereof. 
 (c) Sale of Leasehold Interest. Notwithstanding anything
contained in this Lease to the contrary, if, following the occurrence of a Termination Trigger, Tenant declines or otherwise fails to timely exercise its option (or does not otherwise have the option) to terminate this Lease pursuant to
Section 2(b) hereof, then, at any time thereafter during the Term of this Lease, Tenant shall have the right to sell and assign its interest under this Lease to a third party, subject to (i) Landlord’s Lease Purchase ROFR (as defined
below), and, (ii) to the extent Landlord does not exercise its Lease Purchase ROFR, (A) the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, and (B) satisfaction of the
following conditions: (1) the assignee is of a character and reputation and engaged in a business which is consistent with a multifamily residential property of the class and nature of the Property, (2) such assignee shall have a tangible
net worth, after giving effect to the sale, of not less than the greater of the net worth of Tenant as of the Commencement Date or the net worth of Tenant immediately prior to such sale, (3) the satisfaction by Tenant of the conditions set
forth in Section 13(d) and (4) the delivery to Landlord of documentation reasonably evidencing the satisfaction of the conditions set forth in this clause (ii) and any other documentation reasonably requested by Landlord (such
additional documentation to be delivered to Landlord within five (5) business days following Landlord’s request therefor). In the event Tenant desires to sell and assign its interest under this Lease pursuant to this Section 13(c),
Landlord shall have a right of first refusal to acquire such interest (the “Lease Purchase ROFR”). If Tenant receives an offer to so sell and assign its interest hereunder which Tenant is willing to accept (a “Lease Purchase
Offer”), Tenant shall, no later than ninety (90) days prior to the date of the proposed sale and assignment of its leasehold interest, send Landlord a written notice (a “Lease Purchase ROFR Notice”) detailing the
material terms of the Lease Purchase Offer (including purchase price and closing date), upon receipt of which Landlord will have thirty (30) days to accept or reject such Lease Purchase Offer by delivering to Tenant written notice of the same.
If Landlord timely delivers a written notice to Tenant that it intends to exercise its Lease Purchase ROFR and proceed with the acquisition of Tenant’s interest in this Lease, Landlord will pay Tenant the purchase price set forth in the Lease
Purchase Offer, and the Parties will close on such Lease Purchase ROFR and this Lease will terminate. To the extent any closing mechanics applicable to the sale of Tenant’s interest in the Property are not set forth in the Lease Purchase Offer,
the Parties shall apply the closing mechanics set forth in Section 2(b)(vii). If Landlord expressly declines to exercise, or otherwise fails to timely exercise, its Lease Purchase ROFR, then Landlord shall, within thirty (30) days
thereafter, grant or refuse to grant its consent to Tenant’s request to assign its interest under this Lease to the third party making the Lease Purchase Offer; any failure of Landlord to timely grant its consent to such assignment shall be
deemed to be a refusal to grant consent. If Landlord so grants its consent to such assignment, then upon and subject to the satisfaction of the conditions set forth in clause (ii) above, Tenant may proceed with the transfer of its interest in
this Lease to the third party making the Lease Purchase Offer 

  
 27 

 
on the same terms as those set forth therein. If such conditions have not been satisfied and the transfer to such third party has not been consummated on all such terms, in each case, within one
hundred eighty (180) days of Landlord so declining (or having been deemed to so decline) to exercise its Lease Purchase ROFR, the Lease Purchase ROFR will be reinstated in accordance with the terms hereof. 

(d) Conditions for Assignment. For each permitted assignment of this Lease (including, without limitation, pursuant to
Section 13(c) above), Tenant shall comply with the following (provided that any transfer of Tenant’s interest in this Lease pursuant to the exercise of Landlord’s Lease Purchase ROFR will not require satisfaction of the conditions set
forth in clauses (i) through (iii) below): 
 (i) Tenant, at least twenty (20) days prior to the date or the
effective date of such assignment, whichever date shall first occur, shall furnish Landlord with the name and business address of the proposed Transferee and the contact information of the manager, general partner, officer or other representative of
the proposed Transferee; 
 (ii) at the time of the Transfer, there shall be no uncured default of Tenant (after the
expiration of all applicable notice and cure periods) under this Lease; 
 (iii) Transferee shall deliver to Landlord, within
thirty (30) days after its date or effective date, whichever date shall first occur, an executed copy of the assignment and assumption agreement whereby the Transferee (A) has agreed to assume all obligations of Tenant, including but not
limited to those pertaining to Rent, thereafter arising, and (B) has agreed to be bound by all of the covenants, agreements, obligations, terms, provisions and conditions of this Lease, thereafter arising, on the part of Tenant to be fulfilled,
performed or observed; and 
 (iv) in the event that Landlord’s fee interest in the Property is subordinated to the
secured interest of a Leasehold Mortgagee pursuant to a Leasehold Mortgage, then, on or prior to the date of any assignment or other Transfer of Tenant’s interest under this Lease, Tenant shall repay to each Leasehold Mortgagee all outstanding
indebtedness secured by any Leasehold Mortgage so as to cause the release and discharge of such Leasehold Mortgage as of such date. 
 (e)
Non-Release During Term. Notwithstanding anything herein to the contrary, in the event of any assignment of this Lease, Tenant shall not be released or discharged from any liability, whether past,
present or future, under this Lease (provided, that, an assignment to Landlord pursuant to Section 13(c) shall serve to release Tenant from any liability under this Lease first arising from and after the date of such assignment). 

14. Financing and Reporting. 

(a) Leasehold Mortgages. In connection with the Redevelopment of the Property, Tenant may from time to time grant one or more mortgages,
deeds of trust or other security interests in its leasehold estate under this Lease (a “Leasehold Mortgage”) and assign this Lease as security for such Leasehold Mortgage(s). Such Leasehold Mortgages and any foreclosure, sale or
other realization proceeding pursuant to any Leasehold Mortgage granted by 

  
 28 

 
Tenant and any deed or assignment in lieu thereof (“Realization Proceedings”) shall not require the consent of Landlord and shall not be subject to the provisions of
Section 13 hereof. No Leasehold Mortgage shall place or create any lien or encumbrance affecting Landlord’s interest in the Property or the Improvements. The holder of any Leasehold Mortgage (a “Leasehold Mortgagee”)
hereunder shall provide Landlord with notice of such Leasehold Mortgage together with a true copy of such Leasehold Mortgage and the name and address of such Leasehold Mortgagee (“Leasehold Mortgagee Address”). Following receipt of
such notice by Landlord, the provisions of this Section 14 shall apply in respect to such Leasehold Mortgage. Tenant shall promptly provide to Landlord copies of the note and other instruments secured by any Leasehold Mortgage and any and all
amendments to any such instruments as may be made from time to time. 
 (b) Consents. No amendment, cancellation, surrender or
material modification of this Lease shall be effective with respect to any Leasehold Mortgagee, its successors or assigns unless consented to in writing by such Leasehold Mortgagee. 

(c) Default Notice. Landlord shall provide to any Leasehold Mortgagee at the Leasehold Mortgagee Address a copy of any notice of default
or notice of termination given by Landlord to Tenant under this Lease and no such notice shall be effective until a copy has been provided to each Leasehold Mortgagee. After receipt or rejection of such notice, any Leasehold Mortgagee shall have the
same period as Tenant after receipt of such notice by Tenant to cure such default and Landlord shall accept such performance by or on behalf of any Leasehold Mortgagee as if done by Tenant. A Leasehold Mortgagee shall be entitled to exercise all the
rights of Tenant under this Lease. Notwithstanding the provisions of Section 16 of this Lease, if Landlord shall give to Tenant any notice of termination of this Lease, a copy shall be delivered to any Leasehold Mortgagee at the Leasehold
Mortgagee Address and such Leasehold Mortgagee shall have thirty (30) days from receipt of such notice to cure such default (including payment of any sums then due to Landlord under the Lease), or, if such default does not involve the payment
of any moneys to Landlord and is of such a nature that it cannot be completely cured within such thirty (30)-day period, to commence curing the same within such thirty (30) days and thereafter to
diligently pursue curing the same in good faith, and in any such event this Lease shall not terminate but shall continue in full force and effect. 

(d) Defaults. No Leasehold Mortgagee shall be required to cure any default predicated on the bankruptcy, insolvency or similar condition
of Tenant. No Leasehold Mortgagee shall be required to pay or discharge any lien on the Tenant’s leasehold estate that is junior in priority to the lien of such Leasehold Mortgage; provided that such lien is not also a lien against
Landlord’s interest in the Property. If any default or other obligation of Tenant under this Lease is not reasonably susceptible of being cured or performed by such Leasehold Mortgagee, the same shall not constitute a basis for termination of
this Lease (or a condition to entering into a New Lease (as hereinafter defined) as provided in clause (f) below), and this Lease shall continue in full force and effect; provided that such Leasehold Mortgagee shall pay or cause to be paid all
monetary sums required to be paid by Tenant under this Lease in accordance with the terms of this Lease and continue in good faith to perform all of Tenant’s other obligations under this Lease that are reasonably susceptible of performance by
the Leasehold Mortgagee, and, in addition, such Leasehold Mortgagee, if not enjoined or stayed, shall take steps to acquire or sell Tenant’s interest in this Lease by foreclosure or other Realization Proceedings and prosecute the same to
completion with reasonable diligence. 

  
 29 

 (e) Assignees. No Leasehold Mortgagee, as such, shall be deemed an assignee or
Transferee of this Lease so as to require such Leasehold Mortgagee, as such, to assume the performance of any obligations of Tenant hereunder; but the purchaser, assignee or other acquirer of the leasehold estate pursuant to any Realization
Proceedings shall be deemed an assignee or Transferee hereunder and shall be deemed to have agreed to perform all the obligations of the Tenant under this Lease from and after the date of such purchase or acquisition, but only so long as such
purchaser, assignee, or other acquirer is the owner of the leasehold estate; provided that any Leasehold Mortgagee shall, in connection with a Realization Proceeding, have the right to assign this Lease without the consent of Landlord hereunder.

 (f) New Lease. In the event this Lease is terminated due to the default of Tenant, or in connection with the bankruptcy of any
party hereto, or for any other reason, Landlord shall provide any Leasehold Mortgagee with written notice thereof and a statement of all defaults of Tenant then known to Landlord and any sums then due under this Lease or that would be due but for
such termination. Upon written request by any Leasehold Mortgagee to Landlord within thirty (30) days after the receipt of such notice, Landlord and such Leasehold Mortgagee or its designee (the “New Tenant”) shall enter into a
new lease (the “New Lease”) of the Property for the remainder of the term of this Lease, effective as of the date of termination, at the Rent and upon all the terms, covenants and conditions (including any options to renew, but
excluding any requirements that are no longer applicable or that have already been fulfilled) of this Lease provided: 
 (i)
Performance. Such Leasehold Mortgagee or the New Tenant shall pay or cause to be paid all sums due to Landlord at the time of execution and delivery of the New Lease regardless of such termination, and all reasonable expenses of Landlord,
including reasonable attorneys’ fees, charges and disbursements, incurred by Landlord in connection with the termination of this Lease and the preparation of the New Lease (less any net income actually realized by Landlord from the Property
from the date of termination to the date of the beginning of the New Lease); and such New Tenant shall agree to remedy any other defaults of Tenant of which such Leasehold Mortgagee has been notified by Landlord and which are reasonably susceptible
of being cured by the New Tenant. 
 (ii) Priority. Any New Lease made pursuant to this Section shall be prior to any
mortgage or other lien, charge or encumbrance on the fee or leasehold title to the Property and the New Tenant shall have the same right, title and interest in and to the Property and the Improvements thereon as Tenant had under this Lease. Landlord
shall assign without warranty to the New Tenant any interest of Landlord in and to any subleases of all or any portion of the Property. 

(iii) New Lease Priority. If more than one Leasehold Mortgagee shall request a New Lease under this clause (g), Landlord
shall enter into a New Lease with the Leasehold Mortgagee or its designee whose mortgage is prior in right. Landlord may rely upon a mortgagee title insurance policy issued by a licensed title insurance company doing business in the county in which
the Property is located to determine the priority of any Leasehold Mortgage, without liability to Landlord. 

  
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 (g) Financial Condition. Any Leasehold Mortgagee, New Tenant or successor to
Tenant’s interest under this Lease (or the parent of such Leasehold Mortgagee, New Tenant or successor) shall have a minimum net worth equal to or greater than $100,000,000. 

(h) Legal Proceedings. Landlord shall give notice to any Leasehold Mortgagee at the Leasehold Mortgagee Address of any arbitration or
legal proceeding between Landlord and Tenant involving obligations under this Lease. Any Leasehold Mortgagee shall have the right to intervene in any such proceedings and be made a party thereto. 

(i) No Merger. So long as any Leasehold Mortgage is in existence, unless all Leasehold Mortgagees consent in writing, the fee title to
the Property and the leasehold estate of Tenant under this Lease shall not merge but shall remain separate estates, notwithstanding that the fee title and such leasehold estates shall be acquired by the same party. 

(j) Bankruptcy. If, in any bankruptcy proceeding, (i) this Lease is rejected by Tenant or a trustee for Tenant, such rejection
shall, as between Landlord and any Leasehold Mortgagee, be deemed an assignment of this Lease to such Leasehold Mortgagee (in order of priority, if more than one) made with the consent of Landlord, unless such Leasehold Mortgagee shall reject such
deemed assignment by notice in writing to Landlord within 30 days after the later of the date of (A) such rejection or deemed rejection or (B) the approval of such rejection by the bankruptcy court; any such rejection shall not affect the
rights of any Leasehold Mortgagee under clause (g) hereof; (ii) this Lease is rejected by Landlord or its trustee, Tenant shall not have the right to treat this Lease as terminated except with the prior written consent of all Leasehold
Mortgagees; and (iii) if the Property is sold or proposed to be sold free and clear of the interest of Tenant under this Lease, each of Tenant and any Leasehold Mortgagees shall be entitled to notice thereof, to contest such sale and to
petition for adequate protection of its interest hereunder. 
 (k) Further Assurances; Subordination. 

(i) If any Leasehold Mortgagee requires any modification of this Lease or of any subordination,
non-disturbance and attornment agreement or other document to be provided under this Lease, or if any such modification is necessary or appropriate to comply with rating agency requirements, then Landlord
shall, at Tenant’s or any Leasehold Mortgagee’s request, promptly execute and deliver to Tenant such instruments in recordable form effecting such modification as such Leasehold Mortgagee or rating agency shall require, provided that any
such modification does not modify the Rent or the Term, and does not otherwise materially adversely affect Landlord’s rights, materially increase Landlord’s obligations, or materially decrease Tenant’s obligations under this Lease. If
any prospective Leasehold Mortgagee requires any such modification, then Landlord shall execute and deliver such modification, in accordance with and to the extent required by this paragraph, and place such modification in escrow with
Landlord’s counsel. Landlord’s counsel shall release such modification upon the closing of such prospective Leasehold Mortgagee’s loan to Tenant. 

  
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 (ii) Upon the request of any Leasehold Mortgagee, Landlord will agree to
subordinate its fee interest in the Property to such Leasehold Mortgagee’s secured interest in the Property pursuant to the Leasehold Mortgage (and any renewal, consolidation, extension, modification or replacement thereof), except to the
extent that any such instrument expressly provides that this Lease is subordinate thereto. To the extent any Leasehold Mortgagee does not make such a request, Landlord shall have the right to subordinate or cause to be subordinated its interest in
the Property to such Leasehold Mortgage. 
 (iii) In the event that Landlord’s fee interest in the Property is
subordinated to the secured interest of a Leasehold Mortgagee pursuant to a Leasehold Mortgage, then, following the date on which Stabilization of the Property occurs, the amount of any indebtedness secured by such Leasehold Mortgage shall, as of
such date, be amortized on a straight-line basis, such that all such indebtedness will be repaid and such Leasehold Mortgage released and discharged on or prior to the Expiration Date. Tenant shall promptly execute and deliver any instruments or
other documents which may be reasonably required by Landlord or the Leasehold Mortgagee to effect the foregoing. In the event this Lease terminates prior to the Expiration Date, then on or prior to the date of such earlier termination, Tenant shall
repay to the Leasehold Mortgagee all outstanding indebtedness secured by the Leasehold Mortgage so as to cause the release and discharge of the Leasehold Mortgage as of such date. 

(l) Landlord’s Mortgages. Landlord shall not grant or create any mortgage, deed of trust or other lien or encumbrance
(“Lien”) against Landlord’s interest in the Property or this Lease unless the instrument granting or creating such Lien shall by its terms state that such Lien is subordinate to this Lease and to any New Lease created pursuant
to clause (g) hereof. Landlord agrees that, in connection with any Lien existing as of the Effective Date, it will use commercially reasonable efforts to cause any mortgagee or other holder of a security interest in the Property pursuant to
such Lien to execute a subordination, non-disturbance and attornment agreement on a form customarily used by and reasonably acceptable to such mortgagee or holder, subordinating such Lien to this Lease and
providing that, if any mortgagee or other holder of any Lien described herein (or its designee) succeeds to Landlord’s interest in the Property and this Lease upon a foreclosure of the Lien or other transfer of Landlord’s interest in the
Property (including pursuant to a sale of the Property at a foreclosure sale), such successor will attorn to the rights and interests of Tenant under this Lease. 

15. Indemnification. 
 (a)
Indemnification by Tenant. Except to the extent caused by the sole negligence, gross negligence or willful misconduct of any of the Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and Landlord’s
trustees, and their respective officers, managers, agents directors, employees, subsidiaries, affiliates, successors and assigns (collectively, the “Indemnified Landlord Parties”) against all costs (including reasonable
attorneys’ fees, charges and disbursements), damages, liabilities, losses, suits or claims (collectively, “Claims”), for bodily or personal injury or property damage occurring during the Term on the Property caused by Tenant or
its officers, managers, agents, directors, subsidiaries, affiliates, successors, assigns, invitees, visitors or contractors, and shall, at its own 

  
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expense, defend, indemnify and save harmless Landlord and the other Indemnified Landlord Parties against all Claims brought against Landlord and/or the other Indemnified Landlord Parties, for
which Tenant is responsible for indemnification hereunder, and if Tenant fails to do so, Landlord or any Indemnified Landlord Party (at its option, but without being obligated to do so) may, at the reasonable cost and expense to Tenant and upon
notice to Tenant in the manner set forth in Section 18, defend such Claims and Tenant shall pay and discharge any and all judgments, costs, liabilities, losses, and expenses, including reasonable attorneys’ fees, charges and disbursements,
that arise therefrom. In no event shall Tenant be liable to Landlord or any Indemnified Landlord Party under this Lease or at law or in equity for punitive damages. 

(b) Environmental Indemnity. Except to the extent caused by the sole negligence, gross negligence or willful misconduct of any of the
Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and the other Indemnified Landlord Parties against all loss, liability or expense relating to personal, property or economic injury arising from the presence of
Hazardous Substances located in, on, or about the Property during the Term caused by Tenant or its officers, managers, agents, directors, subsidiaries, affiliates, successors, assigns, visitors, indemnitees, or contractors. 

(c) General Indemnity Provisions. The indemnities in this Section 15 are intended to specifically cover actions brought by the
indemnifying party’s own employees, and with respect to acts or omissions during the Term shall survive termination or expiration of this Lease. Tenant shall promptly notify Landlord of casualties or accidents occurring in or about the Property
or the release of Hazardous Substances or any notice received by Tenant from any Governmental Authority or other third party with respect to the release of Hazardous Substances. If any action or proceeding is brought against any Indemnified Landlord
Party or Indemnified Tenant Party (as defined below), as applicable, then the indemnifying party, upon notice from the indemnified party, shall defend the claim at the indemnifying party’s expense with counsel reasonably satisfactory to the
indemnified party. If any action, suit, or proceeding is brought against an indemnified party by reason of any such occurrence, the indemnifying party shall use its best efforts to defend such action, suit, or proceeding. Notwithstanding any
provision contained in this Lease, Tenant is not obligated to indemnify the Indemnified Landlord Parties against any Claims arising from Known Existing Environmental Conditions. 

(d) Indemnification by Landlord. Landlord shall indemnify, defend and hold harmless Tenant and its directors, officers, employees,
agents, contractors and attorneys, and their respective successors and assigns (each, an “Indemnified Tenant Party”) from any and all Claims to the extent arising from (x) any acts, intentional omissions, or gross negligence or
willful misconduct of Landlord or any person claiming under Landlord, or the contractors, subcontractors, agents, employees, invitees, or visitors of Landlord or any such person, including, without limitation, any and all Claims related to or
connected with personal injury (including death of any person) or property damage; and (y) any breach, violation, or nonperformance by Landlord or any person claiming under Landlord or the employees, agents, contractors, subcontractors,
invitees, or visitors of Landlord or of any such person, of any term, covenant, or provision of this Lease or any Laws. 
 (e)
Survival. The terms and provisions of this Section 15 shall survive the expiration or earlier termination of this Lease. 

  
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 (f) Limitation of Liability. 

(i) Neither Landlord, Tenant nor their respective agents and employees shall be liable for any loss, injury, death, or damage
(including consequential damages) to persons, property, or the other party occasioned by theft, act of God, public enemy, injunction, riot, strike, labor disturbances, insurrection, war, act of terrorism, court order, third party suits which prevent
or delay, requisition, order of governmental body or authority, withdrawal of previously committed Governmental Approvals, grants or governmental funding support, the failure of any Governmental Authority to issue permits or approvals in a timely
fashion, fire, explosion, falling objects, steam, water, rain or snow, leak or flow of water, rain or snow from the Property or into the Property or from the roof, street, subsurface, or from any other place, or by dampness or from the breakage,
leakage, obstruction, or other defects of the pipes, sprinklers, wires, appliances, plumbing, air conditioning, or lighting fixtures of the Property, or from construction, repair, or alteration of the Property, or from any acts or omissions of any
other occupant or visitor of the Property, or from any other cause, except to the extent arising from the gross negligence or willful act or omission of the other party and such party’s owners, trustees, directors, officers, employees, agents,
contractors and attorneys, and their respective successors and assigns. 
 (ii) Notwithstanding anything contained herein to
the contrary, Tenant agrees that Landlord shall have no personal liability with respect to any of the provisions of this Lease and Tenant shall look solely to the estate and property of Landlord in the Property together with any rents or profits
therefrom for the satisfaction of Tenant’s remedies, including, without limitation, the collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Landlord in the event of any
default or breach by Landlord with respect to any of the terms and provisions of this Lease to be observed and/or performed by Landlord, and no other assets of Landlord, any of Landlord’s affiliates, subsidiaries, parents or any of each of
their (including Landlord’s) respective officers, directors, trustees, shareholders, partners and members shall be subject to levy, execution, or other judicial process for the satisfaction of Tenant’s claims and in the event Tenant
obtains a judgment against Landlord, the judgment docket shall be so noted. This Section shall inure to the benefit of Landlord’s successors and assigns. 

(iii) Notwithstanding anything contained herein to the contrary, Landlord agrees that Tenant shall have no personal liability
with respect to any of the provisions of this Lease and Landlord shall look solely to the estate and property of Tenant in the Property together with any rents or profits therefrom for the satisfaction of Landlord’s remedies, including, without
limitation, the collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Tenant in the event of any default or breach by Tenant with respect to any of the terms and provisions of this
Lease to be observed and/or performed by Tenant, and no other assets of Tenant and no other assets of Tenant, any of Tenant’s affiliates, subsidiaries, parents or any of each of their (including Tenant’s) respective officers, directors,
shareholders, partners and members shall be subject to levy, execution, or other judicial process for the satisfaction of Landlord’s claims and in the event Landlord obtains a judgment against Tenant, the judgment docket shall be so noted. This
Section shall inure to the benefit of Tenant’s successors and assigns. 

  
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 (iv) To the extent any Liabilities (as defined below) are not specifically
allocated herein between the Parties, Tenant agrees to assume all such Liabilities in respect of the Property (including, without limitation, any Environmental Liabilities (as defined below), but excluding any legal proceedings relating to the
Property or Landlord’s interest therein), relating to, arising out of or resulting from the actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to [Insert Distribution Date] (whether or not such
Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after such date). As used in this Section 15, “Liabilities” means any and all liabilities and
obligations, whether accrued, fixed or contingent, mature or inchoate, known or unknown, including those arising under any Law, demand, claim, action, suit, countersuit, litigation, inquiry, proceeding or investigation by or before any Governmental
Authority or any arbitration or mediation tribunal or authority, or any judgment of any Governmental Authority or any award of any arbitrator of any kind; and “Environmental Liabilities” means all Liabilities relating to, arising
out of or resulting from any Hazardous Materials, Hazardous Materials Laws or contract or agreement relating to environmental, health or safety matters (including all removal, remediation or cleanup costs, investigatory costs, response costs,
natural resources damages, property damages, personal injury damages, costs of compliance with any product take-back requirements or with any settlement, judgment or other determination of Liability and indemnity, contribution or similar
obligations) and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith. 
 16. Tenant
Defaults and Remedies. 
 (a) Default. It shall be an event of default hereunder (an “Event of Default”) in the
event: (i) Tenant shall at any time fail to pay Rent or other monetary amounts herein required to be paid by Tenant and such failure shall continue for five (5) days after receipt by Tenant and any Leasehold Mortgagee of written notice
thereof from Landlord or (ii) Tenant shall fail to observe or perform any of the other covenants and agreements required to be performed and observed by Tenant hereunder and any such default shall continue for a period of thirty (30) days
after receipt by Tenant and any Leasehold Mortgagee of written notice thereof from Landlord (provided that if such default is by its nature not reasonably susceptible of being cured within such thirty (30) day period, such 30-day period shall be extended as necessary to provide Tenant the opportunity to cure the default, provided Tenant within said period commences and thereafter diligently proceeds to cure such default without
interruption until such cure is completed). 
 (b) Remedies. In the event that an Event of Default has occurred that has not been
cured and is continuing, then Landlord may, at its option: 
 (i) bring suit for the collection of the Rent or other amounts
for which Tenant may be in default, or for the performance of any other covenant or agreement of Tenant hereunder, all without entering into possession of the Property or terminating this Lease; or 

  
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 (ii) in the case of an Event of Default with respect to a payment of Rent by
Tenant to Landlord, re-enter the Property with process of law and take possession thereof, without thereby terminating this Lease, and thereupon Landlord may expel all persons and remove all property
therefrom, without becoming liable therefor, and re-let the Property and receive the Rent therefrom, applying the same first to the payment of the reasonable expenses of such
re-entry and then to the payment of the Rent accruing hereunder, with the balance, if any, to be held by Landlord for application against future Rent due hereunder. In such event, Landlord shall be obligated
to use commercially reasonable good faith efforts to mitigate its damages. The commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment, or otherwise, or the appointment of a receiver, or any execution of any
decree obtained in any action to recover possession of the Property, or any re-entry, shall not be construed as an election to terminate this Lease and, unless this Lease be expressly terminated pursuant to
clause (iii) below, such re-entry or entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not be deemed to have absolved or discharged Tenant from any of its obligations
and liabilities for the remainder of the Term of this Lease; or 
 (iii) in the case of an Event of Default with respect to a
payment of Rent by Tenant to Landlord, terminate this Lease, re-enter the Property and take possession thereof, provided, however, in no event may Landlord terminate this Lease unless Landlord has first
provided Tenant and any Leasehold Mortgagee with written notice of Landlord’s intent to terminate this Lease, and Tenant (or such Leasehold Mortgagee) fails to cure such Event of Default within thirty (30) days following receipt of such
termination notice (provided that if such material Event of Default is by its nature not reasonably susceptible of being cured within such additional thirty (30) day cure period, such period shall be extended as necessary to provide Tenant the
opportunity to cure such Event of Default, provided Tenant within said period commences and thereafter diligently proceeds to cure such material Event of Default without interruption until such cure is completed). In the event Landlord shall elect
to terminate this Lease, all rights and obligations of Tenant, and of any permitted successors or assigns, shall cease and terminate, except that Landlord shall have and retain full right to sue for and collect all Rent of which Tenant shall then be
in default and all damages to Landlord by reason of any such breach. In such event, Landlord shall be obligated to use commercially reasonable good faith efforts to mitigate its damages. Tenant shall surrender and deliver up the Property to Landlord
and upon any Event of Default by Tenant in so doing, Landlord shall have the right to recover possession by summary proceedings or otherwise and to apply for the appointment of a receiver and for other ancillary relief in such action, provided that
Tenant and any Leasehold Mortgagee shall have fifteen (15) days written notice after such application may have been filed and before any hearing thereon. In such event, Landlord shall again have and enjoy the Property, fully and completely, as
if this Lease had never been made. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future Laws in the event of Landlord’s obtaining possession of the Property by reason of the breach or
violation by Tenant of any of the covenants and conditions in this Lease contained; or 

  
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 (iv) in the case of an Event of Default other than with respect to the
payment of Rent by Tenant, to cure such Event of Default, and Tenant shall, within thirty (30) days after receipt of a statement thereof, together with reasonable supporting documentation evidencing the expenses incurred by Landlord, reimburse
Landlord for any amount reasonably incurred by Landlord to cure such Event of Default. Any sum not paid when due shall accrue interest thereafter at the rate equal to the Default Rate. In the event of an emergency or where necessary to prevent
injury to persons or damage to the Property, Landlord may cure any such Event of Default by Tenant prior to expiration of the cure period set forth above, with such notice to Tenant and any Leasehold Mortgagee as is appropriate under the
circumstances. In the event Tenant fails to pay Landlord any sum due pursuant to this Section 16(b)(iv) within such thirty (30) day period, Landlord, subject to compliance by Landlord with Section 16(b)(iii) hereof, shall have the
same remedies as for non-payment of Rent; or 
 (v) Landlord may enforce its rights
hereunder by claims for specific performance and/or injunctive relief. 
 All remedies of Landlord herein created and remedies otherwise
existing at law or in equity are cumulative and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other, but in no event shall Landlord have the right to accelerate the payment of
Rent hereunder. All such rights and remedies may be exercised and enforced concurrently and whenever and as often as Landlord shall deem necessary. 

17. Representations and Warranties. 

(a) Representations and Warranties of Tenant. Tenant represents and warrants to Landlord, as of the date of this Lease and continuing
until expiration or earlier termination of this Lease: 
 (i) Tenant is a duly organized and presently subsisting Delaware
limited liability company and is duly authorized to do business, and in good standing under, the laws of the state in which the Property is located. 

(ii) Tenant has the right, power, and authority to enter into this Lease and to consummate the transactions contemplated herein
in accordance with the terms and conditions hereof. 
 (iii) The parties executing this Lease on behalf of Tenant have all
requisite authority to execute this Lease, and this Lease, as executed, is a valid, legal, and binding obligation of Tenant. 

(iv) Neither the execution and delivery of this Lease, nor compliance with the terms and conditions of this Lease by Tenant,
nor the consummation of the transactions contemplated herein, constitutes or, to the best of Tenant’s knowledge, will constitute a violation or breach any lease or other instrument to which it is a party or to which Tenant is subject or by
which it is bound. 

  
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 (v) The execution and delivery of this Lease by Tenant has been duly
authorized by all necessary company action on the part of Tenant, and no consent is necessary in connection therewith from any court or corporate or Governmental Authority having jurisdiction over Tenant or the subject matter of this Lease. 

(vi) To Tenant’s knowledge, there is no administrative agency action, litigation, condemnation or other governmental
proceeding of any kind pending against Tenant which would prohibit or materially affect the ability of Tenant to comply with the terms and conditions of this Lease or to consummate the transactions contemplated herein. 

(vii) Tenant is not insolvent. 

(b) Representations and Warranties of Landlord. Landlord represents and warrants to Tenant, as of the date of this Lease and continuing
until the expiration or earlier termination of this Lease: 
 (i) Landlord is a presently subsisting Delaware limited
liability company and is duly authorized to do business, and in good standing under, the laws of the state in which the Property is located. 

(ii) Landlord has the right, power, and authority to enter into this Lease and to consummate the transactions contemplated
herein in accordance with the terms and conditions hereof. 
 (iii) The parties executing this Lease on behalf of Landlord
have all requisite authority to execute this Lease, and this Lease, as executed, is a valid, legal, and binding obligation of Landlord. 

(iv) Neither the execution and delivery of this Lease, nor compliance with the terms and conditions of this Lease by Landlord,
nor the consummation of the transactions contemplated herein, constitutes or, to Landlord’s actual knowledge, will constitute a violation or breach of any agreement or other instrument to which Landlord is a party or by which it is bound. 

(v) The execution and delivery of this Lease by Landlord has been duly authorized by all necessary corporate action on the part
of Landlord and no consent is necessary in connection therewith from any court or Governmental Authority having jurisdiction over Landlord or the subject matter of this Lease. 

(vi) Landlord is not insolvent. 

  
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 18. Notices. 

(a) Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a
“Notice”) required or permitted to be given hereunder shall be given in writing and shall be sent by (a) e-mail (provided that a hardcopy of such Notice is provided to the addressee
within one (1) business day following the transmittal of such e-mail in the manner hereinafter provided), and (b) one of the following: (i) registered or certified United States mail, postage
prepaid, return receipt requested, (ii) a reputable overnight courier that provides a receipt for delivery, or (iii) delivered by hand (against confirmation of delivery), to the Party to be so notified at its address (or e-mail address, if applicable) hereinafter set forth, or to such other address (or e-mail address, if applicable) and Person as may be designated from time to time by any
party hereto in the manner provided for in this Section. Any Notice shall be deemed to have been received: (A) on the date of sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on a
business day (otherwise on the next business day), (B) three (3) days after the date such Notice is mailed, (C) one business day after delivery to a reputable overnight courier service if delivered prior to 5:00 P.M. (Eastern Standard
Time) on a business day (otherwise on the next business day) and (D) on the date of delivery by hand if delivered prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day), in each case addressed to
the Parties as follows: 
 To Landlord: 

______________ 
 ______________

 ______________ 
 Attention:
______________ 
 Telephone: ______________ 

Email: ______________ 
 To
Tenant: 
 ______________ 

______________ 
 ______________

 Attention: ______________ 

Telephone: ______________ 

Email: ______________ 
 (b)
Additional Provisions. A notice given by counsel for either Party shall be deemed a valid notice if addressed and sent in accordance with the provisions of this Section. Any Party may change the address (or
e-mail address, if applicable) or person to which any such Notices are to be delivered hereunder by furnishing five (5) business days’ prior written notice of such change to the other Parties in
accordance with the provisions of this Section. Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given,
or there is a rejection or refusal to accept any Notice offered for delivery. Each of the Parties hereto waives personal or any other service other than as provided for in this Section. Notwithstanding

  
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the foregoing, either Party hereto may give the other Party facsimile or verbal notice of the need of emergency repairs. Notices requesting after hours services may be given by delivery to the
Property Manager or any other person on the Property designated by Landlord to receive such notices. Any statements to be delivered by Landlord hereunder and all rent bills may be delivered by Landlord via ordinary United States mail. 

19. Mechanic’s Liens. If any mechanic’s, laborer’s, or materialman’s lien shall at any time be filed
against the Property, the underlying fee or leasehold, or any part thereof with respect to the performance of any labor or the furnishing of any materials to, by or for Tenant or anyone claiming by, for or under Tenant, Tenant, within thirty
(30) days after notice of the filing thereof, shall cause the same to be discharged of record by payment, deposit, bond, order of a court of competent jurisdiction, or otherwise (all in accordance with applicable Law). If Tenant fails to timely
remove such lien, Landlord may do so at Tenant’s expense and Tenant shall reimburse Landlord within ten (10) days after demand, the amount so expended by Landlord to remove such lien together with interest at the Default Rate from the date
that funds were paid by Landlord. Nothing contained in this Section 19 shall prevent Tenant from challenging the claim made by the Person that filed such mechanic’s lien, provided that Tenant discharges such mechanic’s lien in
accordance herewith. Tenant shall not be required to discharge any lien that derives from any act or omission of Landlord. Upon the Expiration Date or any earlier termination of this Lease (excepting a termination event whereby Tenant purchases the
Property pursuant to Section 2(b)(iv) hereof), Tenant shall deliver to Landlord lien waivers from the applicable Development Professionals (and any subcontractors and suppliers, as applicable) with respect to any work performed by them in
connection with the Redevelopment. 
 20. Surrender. Upon the Expiration Date or any earlier termination of this Lease (subject to any
rights of Tenant to purchase the Property pursuant to Section 2(b)(iv) hereof), Tenant shall quit and peacefully surrender and deliver up the Property, including any Alterations or other Improvements thereon, to the possession and use of
Landlord, without delay, free of any outstanding notices of violation issued by any local municipality and in a clean and sightly condition, with all portions of the Improvements in good order and repair, with exceptions for ordinary wear and tear
and damage by casualty or condemnation (subject to Sections 11 and 12). Tenant shall assign to Landlord, upon written request from Landlord, without any additional consideration, all right, title and/or interest of Tenant in and to all Third Party
Rights, free and clear of all liens and encumbrances. 
 21. Brokers. Each of Landlord and Tenant represents and warrants to the other
that it has not had any dealings with any broker, agent, or finder relating to the transactions contemplated hereby, and each agrees to pay for any claim for brokerage commissions, compensation or fees by any broker, agent, or finder in connection
with this Lease, or any other transactions contemplated hereby resulting from the acts of such party (including any legal fees and costs incurred because of a claim for such fees). The provisions of this Section 21 shall survive any expiration
or earlier termination of this Lease. 
 22. Estoppel Certificates. Tenant shall, within ten (10) business days after receipt of
written request from Landlord (but not more than twice per calendar year), deliver to Landlord or any prospective mortgagee or purchaser of Landlord’s interest in the Property, without charge, a certificate certifying that this Lease is in full
force and effect, and whether it has been modified 

  
 40 

 
(and if there have been modifications, stating them), and whether or not Tenant knows of any default, breach or violation by Landlord under any of the terms of this Lease, and such other matters
as may reasonably be requested; and such other matters as may reasonably be requested by Landlord or such prospective mortgagee or purchaser. Landlord shall, within ten (10) business days after receipt of written request from Tenant (but not
more than twice per calendar year), deliver to Tenant or any prospective Leasehold Mortgagee or purchaser of Tenant’s interest in the Property, without charge, a certificate certifying that this Lease is in full force and effect, and whether it
has been modified (and if there have been modifications, stating them), and whether or not Landlord knows of any default, breach or violation by Tenant under any of the terms of this Lease, and such other matters as may reasonably be requested by
Tenant or any such prospective Leasehold Mortgagee or prospective purchaser. Any estoppel certificate requested hereunder by a mortgagee of Landlord or a Leasehold Mortgagee shall be in such form as may be reasonably requested by the requesting
mortgagee, and otherwise in conformance with the terms of this Section 22. 
 23. Memorandum of Lease. Each of Landlord and
Tenant covenant and agree that this Lease shall not be recorded. Upon request by either Landlord or Tenant, the parties hereto shall execute a Memorandum of Lease in the form attached as Schedule 3 hereto (the “Memorandum of
Lease”). The cost of recording such Memorandum of Lease shall be borne by Tenant; provided, however, that any real property transfer or similar taxes (“Transfer Taxes”) arising from or in connection with a transfer of the
Property between Tenant and Landlord (or their designees) will be shared fifty percent (50%) by Landlord and fifty percent (50%) by Tenant, if any (it being agreed that Tenant and Landlord believe that no such Transfer Taxes will be due or payable).

 24. Landlord Covenants. 

(a) Quiet Enjoyment. Landlord covenants that as of the Commencement Date it will have good and marketable leasehold title to, the
Property; that Landlord shall have the full right to make this Lease and that so long as Tenant shall pay the Rent herein provided within the respective times provided therefor, and provided and so long as Tenant timely observes and performs all the
covenants, terms and conditions on Tenant’s part to be observed and performed under this Lease, Landlord covenants that Tenant shall peaceably and quietly hold and enjoy the Property for the term hereby demised without hindrance or interruption
by the Landlord or any other person or persons lawfully claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease. 

(b) Landlord’s Access. Landlord and its agents, contractors, and representatives
(“Landlord’s Agents”) shall be permitted to enter upon the Property upon not less than two (2) days prior written notice, during normal business hours, to examine the condition thereof (subject to the rights
of tenants and other occupants), provided that Landlord and Landlord’s Agents shall use commercially reasonable efforts to prevent any interruption of the conduct of business at the Property; and further provided that a representative of Tenant
may accompany Landlord and Landlord’s Agents on any such entry. In case of emergency, Landlord’s Agents may enter upon the Property with such prior notice to Tenant as is reasonable under the circumstances. 

  
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 25. Holdover. Should Tenant hold over in possession of the Property after the
expiration of the Term, such holding over shall not be deemed to extend the Term or renew this Lease. Landlord’s remedies shall be limited solely to the termination of Tenant’s holdover occupancy and the treatment of Tenant’s
occupancy as a month to month tenancy at a rent equal to 125% of the then fair market rent for the Property as reasonably determined by Landlord. In no event shall Tenant be liable to Landlord under this Lease or at law or in equity for special,
consequential, or punitive damages or loss profits. 
 26. Dispute Resolution. 

(a) Representatives. Each Party shall appoint a representative who shall be responsible for administering the dispute resolution
provisions in this Section 26 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as defined below) on behalf of the Party appointing such representative. 

(b) Arbitration. Any dispute, controversy or claim arising out of, in connection with, or in relation to the interpretation,
performance, nonperformance, enforceability, validity, termination or breach of this Lease, whether arising in contract or tort, between the Parties (each, a “Dispute” and, collectively, “Disputes”) shall first be
referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in the manner provided by Section 18 (a “Dispute Notice”). All documents, communications and
information disclosed in the course of such negotiations that are not otherwise independently discoverable shall not be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been
disclosed for settlement purposes. 
 (i) If, for any reason, a Dispute is not resolved in writing by the Appointed Representatives within
thirty (30) days of the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding arbitration administered by the
American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii) The seat of the arbitration shall be Denver, Colorado. 

(iii) The arbitration shall be conducted by three arbitrators. The claimant and respondent shall each appoint one arbitrator within thirty
(30) days of receipt by respondent of the demand for arbitration. The two arbitrators so appointed shall appoint the third and presiding arbitrator (the “Chairperson”) within thirty (30) days of the appointment of the
second arbitrator. If any Party fails to appoint an arbitrator, or if the two Party-appointed arbitrators fail to appoint the Chairperson within the time periods specified herein, then any such arbitrator shall, upon any Party’s request, be
appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section shall be neutral and impartial and shall not be affiliated with or an interested person of any Party; further, any arbitrator appointed by AAA
shall be a retired judge or a practicing attorney with no less than fifteen (15) years of experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

  
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 (iv) By electing to proceed under the AAA Rules, the Parties confirm that any dispute,
claim or controversy concerning the arbitrability of a Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Lease is bound to arbitrate, or as to the existence, scope,
validity interpretation or enforceability of the Parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 

(v) Each Party shall submit its claims according to the timetable established by the arbitral tribunal. With respect to each claim advanced in
the arbitration and/or any claim under the indemnification provisions of Section 15, each side’s submissions shall specify the proposed determination or resolution that it contends the arbitral tribunal should make (and, if applicable, any
monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed Award, if applicable, may be expressed as “zero.” As to each claim for monetary relief, each
side’s Proposed Award shall also state whether pre- or post-award interest should be awarded, and if so, at what interest rate, and the date from which such interest (if any) should be calculated. 

(vi) There shall be only two Proposed Awards (one for each side of the claim). Where there are more than two parties to the arbitration, the
arbitral tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed Awards, in every instance to ensure a proper alignment of parties with respect to each
such claim. 
 (vii) In rendering the award or otherwise making any determination or resolution, the Chairperson shall be limited to
choosing, without modification, the Proposed Award of one of the sides, according to its determination of which Proposed Award most comports with its assessment of the case. Insofar as monetary relief is claimed, the arbitral tribunal shall not
award any monetary relief of any kind except as set forth in this Section 26, provided that this will not limit the power of the arbitral tribunal: (1) to award relief per paragraph (viii) hereof; (2) to apply any statute of
limitation that it determines is applicable to any claim; (3) to dismiss or exclude any claim that it determines is: (A) precluded by any part of this Lease, and/or (B) beyond the scope of this Section 26; (4) to receive and
determine dispositive motions in accordance with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 

(viii) In addition to monetary relief, and/or the making of any other determination or resolution that is primarily at issue in the Dispute,
the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this Lease, provided that a claim under the indemnification provisions of
Section 15 shall at all times be governed by the procedures set forth in paragraphs (v) through (vii) above. 
 (ix) The arbitral
tribunal shall award the prevailing Party its attorneys’ fees and costs reasonably incurred in the arbitration, including the prevailing Party’s share of the arbitrator fees and AAA administrative costs. 

  
 43 

 (x) The Parties intend that this agreement to arbitrate shall be valid, enforceable and
irrevocable, and any determination, resolution and/or award made or rendered by the arbitration tribunal shall be final and binding on the Parties. The Parties agree to comply with any award made in any such arbitration proceedings. Judgment upon
any award may be entered in any court of competent jurisdiction, including any court having jurisdiction over any party or any of its assets. 

(xi) By agreeing to arbitration, the Parties do not intend to deprive any court of its jurisdiction to issue a
pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such
provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the Parties to request that any court modify or vacate any temporary or
preliminary relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. In any such action brought in court for such provisional remedies or enforcement of any award,
each of the Parties irrevocably and unconditionally (A) consents and submits to the non-exclusive jurisdiction and venue of the Courts of the State of Colorado and the Federal Courts of the United States
of America located within the State of Colorado (the “Colorado Courts”); (B) waives, to the fullest extent it may effectively do so, any objection, including any objection to the laying of venue or based on the grounds of forum
non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the bringing of any such action or proceeding in any Colorado Court; (C) consents to service of
process in the manner provided by Section 18 or in any other manner permitted by Law; and (D) WAIVES ANY RIGHT TO TRIAL BY JURY. 

(xii) This arbitration, and all prior, subsequent or concurrent judicial proceedings related thereto and permitted herein, shall be conducted
pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The Parties intend that the arbitration tribunal shall apply the substantive Laws of the State of Delaware to any Dispute hereunder, without regard to any choice of law
principles thereof that would mandate the application of the Laws of another jurisdiction. 
 (xiii) In order to facilitate the
comprehensive resolution of related disputes, all claims between the Parties that arise under or in connection with this Lease may be brought in a single arbitration. Upon the request of any Party constituted under this Lease, the arbitral tribunal
shall consolidate such arbitration proceeding with any other arbitration proceeding relating to this Lease, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a consolidated proceeding
would be more efficient than separate proceedings, and (B) no Party would be unduly prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitral tribunal
constituted hereunder and another arbitral tribunal constituted under this Lease, the ruling of the arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any consolidated arbitration.

 (xiv) In the event of a Dispute, each Party shall continue to perform its obligations under this Lease in good faith during the
resolution of such Dispute as if such Dispute had not arisen, unless and until this Lease is terminated in accordance with the provisions hereof. 

  
 44 

 (xv) Any arbitration hereunder shall be confidential, and the Parties and their agents
agree not to disclose to any third party (A) the existence or status of the arbitration, (B) all information made known and documents produced in the arbitration not otherwise in the public domain, and (C) all awards arising from the
arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the Party making such disclosure shall produce only those materials and information that are
necessary and shall take reasonable steps to safeguard the confidentiality of the materials and information. 
 (c) Binding Agreement.
The Parties agree that the provisions of this Section 26 bind themselves and their Affiliates, and further agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of this Section 26. 

27. Miscellaneous. 
 (a)
Waiver. No delay or failure of Landlord or Tenant in exercising any right, power, or privilege, nor any single or partial exercise thereof or abandonment or discontinuance of steps to enforce such a right, power, or privilege, shall preclude
any further exercise thereof. Any waiver, permit, consent, or approval of any kind or character on the part of either party of any breach or default under this Lease, or any waiver of any provision or condition of this Lease, must be in writing and
shall be effective only to the extent specifically set forth in such writing. 
 (b) Severability. Wherever possible, each provision
of this Lease shall be interpreted in such manner as to be effective and valid under applicable Law. However, if any provision of this Lease is held to be illegal, invalid or unenforceable under present or future Laws, such provisions shall be fully
severable, this Lease shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of the contract, and the remaining provisions of this Lease shall remain in full force and effect and shall not
be affected by the illegal, invalid or unenforceable provision or by its severance from this Lease. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Lease, a provision as
similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid or enforceable. 
 (c)
Modifications. No modification, amendment, or waiver of any provision of this Lease will be effective unless the same is in writing and signed, and then such modification, amendment, or waiver or consent shall be effective only in the
specific instance and for the purpose for which given. 
 (d) Binding Effect. This Lease shall be binding upon and shall inure to the
benefit of the Parties hereto and their respective permitted successors and assigns. 
 (e) Entire Agreement. This Lease, including
the exhibits, schedules, documents and instruments attached hereto, constitutes the entire agreement among the Parties hereto and supersedes any and all prior agreements, understandings, letters of intent, negotiations and discussions, whether
written or oral, of the Parties with respect to the subject matter of this Lease. 

  
 45 

 (f) Counterparts. This Lease may be executed in any number of counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one instrument binding on all Parties hereto. The Parties hereto irrevocably and unreservedly agree that this Lease may be executed by way of electronic signatures
(including, but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe Sign” or similar programs or replacements thereto) and delivered by electronic transmission. The delivery by electronic means shall
constitute effective execution and delivery hereof, and neither this Lease, nor any part or provision of this Lease, shall be challenged or denied any legal effect, validity and/or enforceability solely on the grounds that it is in the form of an
electronic record. 
 (g) Expenses. Except as otherwise set forth herein, whether or not the transactions contemplated by this Lease
shall be consummated, all fees and expenses (including, without limitation, attorneys’ fees, charges and disbursements) incurred by any Party hereto in connection with drafting and negotiating the terms of this Lease shall be borne by such
Party. 
 (h) Interpretation. In this Lease, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; the word “or” shall be deemed to include “and/or”; the words “including,” “includes” and “include” shall be deemed to be followed by the words “without
limitation”; references to articles, sections, paragraphs (or subdivisions of sections or paragraphs), or exhibits are to those of this Lease unless otherwise indicated; and references to agreements and other contractual instruments shall be
deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Lease. Caption and paragraph headings in this Lease are
included for convenience of reference only and shall not constitute a part of this Lease for any other purpose. Exhibits to this Lease (including exhibits and schedules to such exhibits), are incorporated into and made a part of this Lease. 

(i) No Third-Party Beneficiaries. Except as otherwise set forth herein, this Lease is not intended to, and shall not, confer upon any
person other than the parties hereto any rights or remedies hereunder, and no person shall have any right to enforce any rights, duties, or obligations of the parties hereunder other than the parties hereto. 

(j) Governing Law and Jurisdiction. This Lease shall be deemed to be made in the state in which the Property is located. THIS LEASE WILL
BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. The Parties hereby irrevocably consent to the exclusive
jurisdiction of any state or federal court seated in the state in which the Property is located. The Parties agree that the venue provided above is the most convenient forum. 

  
 46 

 (k) WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE
PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT IN ANY ACTION, PROCEEDING AND/OR HEARING BROUGHT BY EITHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY
CONNECTED WITH, THIS LEASE, AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR ARISING FROM ANY RELATIONSHIP OF THE PARTIES IN CONNECTION WITH THE FOREGOING, OR ANY CLAIM
OF INJURY OR DAMAGE, OR THE ENFORCEMENT OF ANY REMEDY UNDER ANY LAW, STATUTE OR REGULATION, EMERGENCY OR OTHERWISE, NOW OR HEREAFTER IN EFFECT. 

(l) Time of the Essence; Business Days. Time is of the essence of the obligations of the Parties hereto. As used herein,
“business day” or “Business Day” shall mean any day of the week other than Saturday, Sunday or a day on which banking institutions in the city and state in which the Property is located are obligated or authorized
by law or executive action to be closed to the transaction of normal banking business. 
 (m) Force Majeure. In the event that the
Landlord or Tenant shall be delayed or hindered in or prevented from doing or performing any act or thing required hereunder (but not because of insolvency, lack of funds, or other financial causes) by reason of any acts of God, governmental
restriction, strikes, labor disturbances, shortages of materials or supplies, third party suits which delay or prevent, withdrawal of previously committed governmental grants or governmental funding support (provided such delay, prevention, or
withdrawal is not due to the acts or omissions of the party claiming force majeure), the failure of any Governmental Authority to issue permits or approvals in a timely fashion (provided the party claiming force majeure has made application and is
diligently pursuing approval of the same) or any third-party appeals or contests with respect to any permits or approvals that have been initiated or supported by Landlord, any epidemic or pandemic, any governmentally required closure resulting from
any force majeure event, acts of war or terrorism, during the initial construction of the Improvements, any occurrence that is deemed a force majeure under the Development Agreement (as such force majeure provision is reasonably approved by
Landlord) or acts or failures to act by the other parties hereto in breach of such party’s obligations (collectively referred to in this Lease as “force majeure” or “Force Majeure”), then such party shall not
be liable or responsible for any such delays, and the doing or performing of such act or thing shall be excused for the period during which such performance is rendered impossible due to the force majeure, and the time for performance shall be
extended accordingly; provided, however, that (i) such party shall, within thirty (30) days after the beginning of any such delay, have first notified the other party in writing of the cause(s) thereof and requested an extension, and
(ii) such party must diligently seek removal or avoidance of the hindrance, and (iii) even though the time for performance may be extended as provided in this Section 27(m), the parties shall remain bound by the other terms,
covenants, and agreements of this Lease. 

  
 47 

 (n) [Guaranty. Simultaneously with the execution of this Lease, Tenant shall deliver
to Landlord a guaranty in the form attached hereto as Schedule 5, executed by Aimco OP, L.P., a Delaware limited partnership, as guarantor, said guaranty being an integral part of the consideration to be received by Landlord for entering into
this Lease.][Intentionally Omitted.]10 
 (o) Tax Treatment. The Parties agree
that this Lease is intended to be treated as _________11 for U.S. federal income tax purposes and will not take any position inconsistent with such treatment. 

(p) REIT Protections. 

(i) Tenant understands that certain owners of interests in Landlord (each, a “Landlord Parent REIT”) have
elected to be classified real estate investment trusts and, as a result, must comply with certain requirements (the “REIT Requirements”), including, without limitation, the provisions of Sections 856 through 860 of the Internal
Revenue Code of 1986, as amended (the “Code”). Accordingly, Tenant agrees, and agrees to cause its affiliates and any other parties subject to its control by ownership or contract, upon request of Landlord and at the expense of
Landlord, to use its commercially reasonable efforts and cooperate in good faith with Landlord to take actions to ensure that the REIT Requirements are satisfied, provided, however, that Tenant shall not be required to take any actions under this
Section 27(p) that would have a material adverse effect on Tenant. Tenant shall notify, and cause its affiliates to notify, Landlord immediately after Tenant or its affiliates becomes aware of any occurrence that could have a material impact on
Landlord’s compliance with the REIT Requirements. 
 (ii) In the event that counsel or independent accountants for any
Landlord Parent REIT determine that there exists a material risk that any amounts due to Landlord hereunder would be treated as gross income not described in Section 856(c)(2) or 856(c)(3) of the Code (“Nonqualifying Income”),
the amount paid to Landlord pursuant to this Lease in any tax year may not exceed the maximum amount that can be paid to Landlord in such year without causing such Landlord Parent REIT to fail to meet the REIT Requirements for such year, determined
as if the payment of such amount were Nonqualifying Income. If the amount payable for any tax year under the preceding sentence is less than the amount that Tenant would otherwise be obligated to pay to Landlord pursuant to this Lease (the
“Excess Amount”), then Tenant shall place the Excess Amount in escrow and shall not release any portion thereof to Landlord, and Landlord shall not be entitled to any such amount, unless and until Landlord delivers to Tenant, at the
sole option of the applicable Landlord Parent REIT, (A) notice that it has received advice of such Landlord Parent REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income,
(B) a letter from the independent accountants of such Landlord Parent REIT indicating the maximum amount that can be paid at that time to Landlord without causing such Landlord Parent REIT to fail to meet the REIT Requirements for any relevant
taxable year, in which case 
  

	10 	 NTD: Include first set of bracketed language if guaranty is required in connection with Lease execution;
include second set of bracketed language if guaranty will not be required. 

	11 	 NTD: Tax to advise on intended tax treatment once Lease terms are fully determined.

  
 48 

 
such maximum amount shall be paid to Landlord, or (C) a private letter ruling issued by the Internal Revenue Service to the applicable Landlord Parent REIT indicating that the receipt of any
Excess Amount hereunder would not cause such Landlord Parent REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall terminate five years from the original date such
amount would have been payable without regard to this provision and Landlord shall have no further right to receive any such amount. 

(iii) Tenant covenants and agrees that, to further compliance with the REIT Requirements, anything contained in this Lease to
the contrary notwithstanding: (A) no assignment of this Lease, subletting of the Property, change in control of Tenant, sale of substantially all of the assets of Tenant, or other transfer (each, a “Lease Transfer”) shall be
consummated on any basis such that the rental or other amounts to be paid by the transferee thereunder would be based, in whole or in part, on the income or profits of any person; (B) Tenant shall not consummate a Lease Transfer with any person
in which Landlord or any entity owning a direct or indirect interest in Landlord owns an interest, directly or indirectly (by applying constructive ownership rules set forth in Section 856(d)(5) of the Code); and (C) Tenant shall not
consummate a Lease Transfer with any person or in any manner which could cause any portion of the amounts received by Landlord pursuant to this Lease or any occupancy arrangement to fail to qualify as “rents from real property” within the
meaning of Section 856(d) of the Code, or any similar or successor provision thereto or which could cause any other income of Landlord to fail to qualify as income described in Section 856(c)(2) of the Code. 

[Remainder of Page Intentionally Blank] 

  
 49 

 IN WITNESS WHEREOF, the Parties have executed this Lease as of the day and year first set
forth above. 
  

					
	LANDLORD
	
                    ,

a                  

		
	By:	 	  

		 	Name:	 	
                     
    

		 	Title:	 	  

	
	TENANT
	 _________,

a                  

		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 50 

 EXHIBIT B 

Initial Leased Property 
  

					
	 Leased Property Name
	  	 Leased Property Address
	  	 Leased Property Description

	Prism Apartments	  	 50 Rogers Street
 Cambridge, Massachusetts
02142
	  	Multifamily residential
			
	The Fremont	  	 13021 E. 21st Avenue
 Aurora, Colorado
80045
	  	Multifamily residential
			
	Flamingo South Beach, North Tower	  	 1508 Bay Road
 Miami Beach, Florida
38139
	  	Multifamily residential
			
	707 Leahy Apartments	  	 707 Leahy Street
 Redwood City, CA
94061
	  	Multifamily residential

  
 B-1EX-10.6

 Exhibit 10.6 

 
  

MASTER LEASE AGREEMENT 

dated as of ___________, 20__ 

by and between 
 AIMCO
50 ROGERS STREET, LLC, 
 as Landlord, 

And 
 PRISM LESSEE, LLC,

 as Tenant 
  

 

 MASTER LEASE AGREEMENT 

TABLE OF CONTENTS 
  

					
	 1.  The Property
	  	 	1	 
		
	 (a)   Lease of Property
	  	 	1	 
	 (b)   Condition of Property
	  	 	1	 
	 (c)   Use
	  	 	2	 
		
	 2.  Term; Termination; Residual Value of the Property
	  	 	2	 
		
	 (a)   Lease Term
	  	 	2	 
	 (b)   Termination Option
	  	 	2	 
	 (c)   Residual Value of the Property
	  	 	6	 
		
	 3.  Rent
	  	 	7	 
		
	 (a)   Base Rent
	  	 	7	 
	 (b)   Additional Rent
	  	 	8	 
	 (c)   Payment of Rent
	  	 	8	 
	 (d)   Maintenance; Net Lease
	  	 	9	 
	 (e)   Late Fee; Interest
	  	 	9	 
		
	 4.  Taxes and Impositions
	  	 	9	 
		
	 (a)   Real Estate Taxes and Assessments
	  	 	9	 
	 (b)   Impositions
	  	 	10	 
	 (c)   Payment of Taxes and Impositions
	  	 	10	 
	 (d)   Tax Liens
	  	 	11	 
	 (e)   Right to Contest Taxes and Impositions
	  	 	11	 
	 (f)   Limitation on Taxes
	  	 	11	 
		
	 5.  Utilities
	  	 	11	 
		
	 6.  Redevelopment
	  	 	12	 
		
	 (a)   Development/Redevelopment of the Property
	  	 	12	 
	 (b)   Contractors and Supervision
	  	 	13	 
	 (c)   Construction Financing
	  	 	13	 
	 (d)   Governmental Approvals; Landlord Cooperation
	  	 	13	 
	 (e)   Compliance with Laws
	  	 	14	 
	 (f)   Compliance with Private Restrictions
	  	 	14	 
	 (g)   Inspection, Audit and Reporting Requirements
	  	 	14	 
	 (h)   Lease-Up of the
Property
	  	 	15	 
	 (i) Easements
	  	 	15	 
	 (j) Third Party Property Rights
	  	 	15	 
		
	 7.  Environmental
	  	 	15	 
		
	 (a)   Restrictions
	  	 	15	 
	 (b)   Hazardous Substances
	  	 	16	 
	 (c)   Environmental Audit
	  	 	16	 

					
	 (d)   Survival
	  	 	17	 
		
	 8.  Maintenance
	  	 	17	 
		
	 9.  Alteration; Demolition
	  	 	17	 
		
	 10.  Insurance
	  	 	17	 
		
	 (a)   Property Insurance
	  	 	17	 
	 (b)   Liability Insurance
	  	 	18	 
	 (c)   Business Automobile Liability Insurance
	  	 	18	 
	 (d)   Workers Compensation and Employer’s Liability Insurance
	  	 	18	 
	 (e)   Additional Insurance
	  	 	18	 
	 (f)   Insurer
	  	 	18	 
	 (g)   Umbrella Policies
	  	 	19	 
	 (h)   Self-Insurance
	  	 	19	 
	 (i) General Requirements
	  	 	19	 
	 (j) Release; Waiver of Subrogation Property
	  	 	19	 
	 (k)   Contractor’s Insurance
	  	 	20	 
		
	 11.  Casualty
	  	 	22	 
		
	 (a)   Notice of Casualty
	  	 	22	 
	 (b)   Restoration
	  	 	22	 
		
	 12.  Condemnation
	  	 	23	 
		
	 (a)   Taking
	  	 	23	 
	 (b)   Partial Taking
	  	 	23	 
	 (c)   Temporary Taking
	  	 	23	 
		
	 13.  Assignments and Subleases; Transfer by Landlord
	  	 	23	 
		
	 (a)   Transfers
	  	 	23	 
	 (b)   Permitted Transfers
	  	 	24	 
	 (c)   Sale of Leasehold Interest
	  	 	24	 
	 (d)   Conditions for Assignment
	  	 	25	 
	 (e)   Non-Release During
Term
	  	 	26	 
		
	 14.  Financing and Reporting
	  	 	26	 
		
	 (a)   Leasehold Mortgages
	  	 	26	 
	 (b)   Consents
	  	 	26	 
	 (c)   Default Notice
	  	 	26	 
	 (d)   Defaults
	  	 	27	 
	 (e)   Assignees
	  	 	27	 
	 (f)   New Lease
	  	 	27	 
	 (g)   Financial Condition
	  	 	28	 
	 (h)   Legal Proceedings
	  	 	28	 
	 (i) No Merger
	  	 	28	 
	 (j) Bankruptcy
	  	 	28	 
	 (k)   Further Assurances; Subordination
	  	 	29	 
	 (l) Landlord’s Mortgages
	  	 	29	 

  
 ii 

					
	 15.  Indemnification
	  	 	30	 
		
	 (a)   Indemnification by Tenant
	  	 	30	 
	 (b)   Environmental Indemnity
	  	 	30	 
	 (c)   General Indemnity Provisions
	  	 	30	 
	 (d)   Indemnification by Landlord
	  	 	31	 
	 (e)   Survival
	  	 	31	 
	 (f)   Limitation of Liability
	  	 	31	 
		
	 16.  Tenant Defaults and Remedies
	  	 	32	 
		
	 (a)   Default
	  	 	32	 
	 (b)   Remedies
	  	 	33	 
		
	 17.  Representations and Warranties
	  	 	34	 
		
	 (a)   Representations and Warranties of Tenant
	  	 	34	 
	 (b)   Representations and Warranties of Landlord
	  	 	35	 
		
	 18.  Notices
	  	 	36	 
		
	 (a)   Notices
	  	 	36	 
	 (b)   Additional Provisions
	  	 	36	 
		
	 19.  Mechanic’s Liens
	  	 	37	 
		
	 20.  Surrender
	  	 	37	 
		
	 21.  Brokers
	  	 	37	 
		
	 22.  Estoppel Certificates
	  	 	37	 
		
	 23.  Memorandum of Lease
	  	 	38	 
		
	 24.  Landlord Covenants
	  	 	38	 
		
	 (a)   Quiet Enjoyment
	  	 	38	 
	 (b)   Landlord’s Access
	  	 	38	 
		
	 25.  Holdover
	  	 	38	 
		
	 26.  Dispute Resolution
	  	 	39	 
		
	 (a)   Representatives
	  	 	39	 
	 (b)   Arbitration
	  	 	39	 
	 (c)   Binding Agreement
	  	 	42	 
		
	 27.  Miscellaneous
	  	 	42	 
		
	 (a)   Waiver
	  	 	42	 
	 (b)   Severability
	  	 	42	 
	 (c)   Modifications
	  	 	42	 
	 (d)   Binding Effect
	  	 	42	 
	 (e)   Entire Agreement
	  	 	42	 
	 (f)   Counterparts
	  	 	42	 
	 (g)   Expenses
	  	 	43	 
	 (h)   Interpretation
	  	 	43	 

  
 iii 

					
	 (i) No Third-Party Beneficiaries
	  	 	43	 
	 (j) Governing Law and Jurisdiction
	  	 	43	 
	 (k)   WAIVER OF JURY TRIAL
	  	 	43	 
	 (l) Time of the Essence; Business Days
	  	 	43	 
	 (m) Force Majeure
	  	 	44	 
	 (n)   Intentionally Omitted
	  	 	44	 
	 (o)   Tax Treatment
	  	 	44	 
	 (p)   REIT Protections
	  	 	44	 

 List of Schedules 
  

					
	    	 	The Property	  	Schedule 1
			
		 	Form of Purchase and Sale Agreement	  	Schedule 2
			
		 	Form of Memorandum of Lease	  	Schedule 3
			
		 	Redevelopment Plans	  	Schedule 4
			
		 	Intentionally Omitted	  	Schedule 5

  

  
 iv 

 MASTER LEASE AGREEMENT 

THIS MASTER LEASE AGREEMENT (this “Lease”) is made and entered into as of this __ day of ________, 20__ (the
“Effective Date”), by and between AIMCO 50 ROGERS STREET, LLC, a Delaware limited liability company, as landlord (“Landlord”), and PRISM LESSEE, LLC, a Delaware limited liability company, as tenant
(“Tenant”). Landlord and Tenant are referred to herein collectively as the “Parties”. 
 WITNESSETH: 

WHEREAS, AIMCO Properties, L.P., a Delaware limited partnership (“AIR”), and Aimco Development Company, LLC, a Delaware
limited liability company (“DevCo”, and together with AIR, collectively, the “MLA Parties”), entered into that certain Master Leasing Agreement, dated as of __________, 2020 (the “Master Leasing
Agreement”), pursuant to which the MLA Parties have agreed, among other things, to cause certain of their respective affiliates to enter into leases of certain real property that, in each case, is or will become subject to the Master
Leasing Agreement (each, a “MLA Property”), and under each such lease, the applicable affiliate of DevCo, as tenant thereunder, will cause the development, redevelopment and/or lease-up of the
subject MLA Property, as may be required and agreed upon by the MLA Parties; and 
 WHEREAS, Landlord owns certain real property more
particularly described on Schedule 1 attached hereto (the “Land”; and the Land, together with the improvements located thereon, the “Property”), which Property has been designated as a MLA Property under the
Master Leasing Agreement; and 
 WHEREAS, in accordance with the Master Leasing Agreement, Landlord desires to lease the Property to Tenant
and Tenant desires to lease the Property from Landlord, in order, among other things, to cause the lease-up of the Property, in accordance with the terms and conditions set forth in this Lease. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, the Parties agree as follows: 
 1. The Property. 

(a) Lease of Property. Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be
paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease. 

(b) Condition of Property. Tenant accepts the Property in its as-is, where-is condition, with all faults, subject to (i) all Laws (as hereinafter defined) including all zoning resolutions, restrictions, rules and ordinances, building restrictions and other laws and regulations
now or hereafter applicable to the Property, (ii) all covenants, conditions, restrictions, easements and other matters of record as of the date hereof or entered into after the date hereof in accordance with the terms of this Lease,
(iii) all matters an accurate survey of the Property would reveal, (iv) all express representations and warranties made by Landlord in this Lease, (v) all Known Existing 

 
Environmental Conditions (as hereinafter defined), and (vi) all Unknown Existing Environmental Conditions (as hereinafter defined). Tenant acknowledges that (x) Tenant and its agents
have had an opportunity to inspect the Property, including undertaking environmental studies of the Property; (y) Tenant has found the Property fit for its use; and (z) Landlord is not obligated to make any improvements or repairs to the
Property. Except for the representations and warranties by Landlord as expressly set forth in this Lease, Landlord makes no warranty or representation, express or implied, with respect to the Property or any part thereof, including, without
limitation, its fitness for use, design or condition for any particular use or purpose or otherwise, any environmental matters, or the quality of the material or any workmanship with respect to the Property, latent or patent, it being agreed that
all such risks are to be borne by Tenant. 
 (c) Use. Tenant may use the Property for any and all uses not inconsistent with this
Lease and otherwise permitted under applicable Law. Tenant shall not use the Property, or permit the Property to be used, in any manner, or do or suffer any act in or about the Property which: (i) violates or conflicts with any applicable Law;
(ii) causes or is reasonably likely to cause damage to the Property; (iii) violates a requirement or condition of any policy of insurance covering the Property; (iv) constitutes or is reasonably likely to constitute an unreasonable
nuisance, annoyance or inconvenience to, or interference with, tenants or occupants of the Property or its equipment, facilities or systems; or (v) is otherwise prohibited under the Private Restrictions. The uses permitted under this
Section 1(c) from time to time are the “Allowable Uses.” 
 2. Term; Termination; Residual Value of the
Property. 
 (a) Lease Term. The term of this Lease (the “Term”) shall commence on January 1, 2021 (the
“Commencement Date”) and shall expire on [December 31, 2045] (the “Expiration Date”), unless earlier terminated as provided in this Lease. The term “lease year” or “Lease Year” as
used in this Lease means a period of twelve (12) successive calendar months during the Term. The first Lease Year shall begin on the Commencement Date, unless the Commencement Date is a day other than the first day of a calendar month, in which
case the first Lease Year shall begin on the first day of the month following the Commencement Date. Each subsequent Lease Year shall be a period of twelve (12) calendar months, commencing at the expiration of the previous Lease Year. 

(b) Termination Option. 

(i) From and after the occurrence of a Termination Trigger (as defined below) with respect to the Property, but in any case, no later than
sixty (60) days following the date of such occurrence, Tenant will have the option to terminate this Lease by sending to Landlord a written notice (a “Termination Notice”) stating that Tenant desires to terminate this Lease,
together with reasonable documentation evidencing that a Termination Trigger has occurred and is continuing as of the date of such Termination Notice (including, without limitation, copies of paid invoices, lien releases (in statutory form, if
applicable) and a rent roll). A “Termination Trigger” will have occurred when the development or redevelopment of the Property has been substantially completed (if applicable) and the Property has reached at least ninety-five
percent (95%) occupancy for a minimum period of twelve (12) consecutive months (“Stabilization”). Notwithstanding the foregoing, if the Current FMV of the Property as of the date the Termination Trigger occurs is less than the
Lease Commencement FMV, then Tenant will not have a right or option to terminate this Lease pursuant to this Section 2(b) and this Lease will continue in full force and effect, and in accordance with the terms hereof. 

  
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 (ii) In the event that Landlord disputes that a Termination Trigger has occurred or that
such Termination Trigger is continuing as of the date the Termination Notice is sent to Landlord, Landlord will send to Tenant a Dispute Notice (as defined in and pursuant to Section 26(b)) containing an explanation of such dispute within
thirty (30) days following its receipt of the Termination Notice. If, following Landlord’s delivery to Tenant of a Dispute Notice, the Parties are unable to resolve the dispute within thirty (30) days thereafter, the Parties will
proceed to arbitration to resolve such dispute, in accordance with the terms of Section 26; provided, however, that the Parties will endeavor to conclude any such arbitration within thirty (30) days (e.g., the arbitrators will be selected
within ten (10) days and the hearing will be held and the decision rendered within twenty (20) days thereafter) or, if possible, by the Termination Date (as defined below), and the decision rendered thereby will be final, binding and non-appealable. If any such arbitration concludes on or prior to the applicable Termination Date, this Lease will terminate on such Termination Date. In the event that any arbitration has not concluded on or before
the applicable Termination Date, (a) Tenant will pay all rent amounts due after such date into an escrow account (which rent amounts will be paid over to Landlord in the event the arbitration is decided in favor of Landlord, or returned to
Tenant in the event the arbitration is decided in favor of Tenant), and (b) if the arbitration is decided in favor of Tenant, Landlord will reimburse Tenant for all other expenses incurred in the ordinary course in connection with the Property
(e.g., property management fees, repair and maintenance costs, taxes, assessments, etc.) from the first day following the Termination Date until and including the date on which this Lease actually terminates, which date will be fifteen
(15) days following the date on which the arbitration decision is rendered. Failure to send a Dispute Notice within the thirty (30) day period following Landlord’s receipt of the Termination Notice will be deemed an approval by
Landlord to terminate this Lease. 
 (iii) Upon the affirmative or deemed approval of Landlord to terminate this Lease, the Parties will
mutually collaborate to effect the termination of this Lease, which termination will be effective on the last day of the month in which occurs the sixtieth (60th) day following the date of
delivery to Landlord of the Termination Notice (the “Termination Date”). 
 (iv) On or prior to the Termination Date,
Landlord has the right, but not the obligation, to pay Tenant the Added Improvement Value Payment (as defined below) for this Lease. The “Added Improvement Value Payment” will be the amount calculated as of the Termination Date
pursuant to the following formula: ninety-five percent (95%) of the resulting difference of (A) the Current FMV (as hereinafter defined) of the Property (taking into account the value-add after the
development or redevelopment and/or lease up thereof), less (B)                     
($                    ), being the fair market value of the Property immediately prior to the Commencement Date (the “Lease
Commencement FMV”). As used herein, “Current FMV” means, as of any date of determination, the then-current fair market value of the Property, which shall be determined pursuant to the following procedures: Upon commencing
discussions regarding the same, the Parties shall collaborate in an effort to mutually agree on the then-current fair market value of the Property. If the Parties do not reach mutual agreement within thirty (30) days of commencing such
discussions, then within five (5) business days following the end of such thirty (30)-day period, each of the Parties will give notice to the other specifying the name and address of an appraiser; any
such appraiser shall be an independent 

  
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appraiser or valuation specialist or investment banker who is qualified to appraise property similar to the Property and is either a member of the Appraisal Institute (or any successor
association or body of comparable standing if such Institute is not then in existence) or is a recognized valuation professional within the multifamily residential real estate industry, and has been actively engaged in the appraisal of multifamily
residential properties for a period of not less than ten (10) years, immediately preceding its appointment under this Lease (any such appraiser, valuation specialist or investment banker meeting such standards shall be an
“Appraiser”). The two Appraisers so chosen will meet within ten (10) days after notice of the selection of the second Appraiser and will endeavor to agree on the Current FMV. If, within fifteen (15) days after such
notice, the two Appraisers do not agree unanimously on the Current FMV, the two Appraisers will together appoint a third Appraiser (the “Third Appraiser”). Within ten (10) days following the selection of the Third Appraiser,
each of the first two Appraisers will submit his or her designation of the Current FMV to the Third Appraiser in writing; and, within five (5) days following the earlier of the expiration of such ten (10) day period and the date by which
both designations have been submitted to the Third Appraiser, the Third Appraiser shall choose one of the designations presented, according to its determination of which such designation most comports with its assessment of the Current FMV
(thereafter, such chosen designation being the Current FMV for all purposes hereunder). Any failure of an Appraiser to timely deliver its designation of the Current FMV in accordance herewith shall be deemed for all purposes to constitute acceptance
of the other Appraiser’s timely designation of the Current FMV. The Parties agree that the fees and expenses of each of the first and second Appraiser shall be borne by the Party who appointed such Appraiser, and the fees and expenses of the
Third Appraiser shall be paid by the Party whose Appraiser’s designation is not chosen by the Third Appraiser. 
 (v) If Landlord
declines to pay Tenant the Added Improvement Value Payment hereunder, then this Lease will terminate and Tenant will have the right to cause a forced sale of Landlord’s fee interest in the Property. Any proceeds received from such forced sale
will be paid first to Landlord, in an amount equal to the Lease Commencement FMV, and then any proceeds remaining thereafter will be paid to Tenant. In connection with any forced sale, Tenant will manage the process thereof, determine the sale price
of the Property (which will be an arms’-length third party sale that maximizes the value of the Property) and negotiate the terms of the sale documentation, using the form of purchase and sale agreement attached hereto as Schedule 2).
Notwithstanding the foregoing, Tenant may be the purchaser of the Property at the forced sale, provided that in such event, Tenant shall pay a purchase price equal to the Lease Commencement FMV at such sale; and provided further, that, for the
period of time commencing on the date of such sale and expiring on the one (1) year anniversary thereof, in the event Tenant subsequently intends to sell the Property pursuant to an offer received from a third party, for a gross purchase price
that is less than the sum of (1) the Added Improvement Value Payment and (2) the Lease Commencement FMV, that Tenant is willing to accept (an “Offer”), then Landlord shall have a right of first refusal (a
“ROFR”) with respect to any such sale of the Property. 
 (vi) In the event Tenant receives an Offer, Tenant will send
Landlord a written notice (a “ROFR Notice”) detailing the material terms of the Offer (including purchase price and closing date), upon receipt of which Landlord will have thirty (30) days to accept or reject such Offer (or
such shorter time as such Offer may permit) by delivering to Tenant written notice of the same. If Landlord timely delivers a written notice to Tenant that it intends to exercise its ROFR and proceed with the acquisition of the Property (an
“Acceptance Notice”), Landlord 

  
 4 

 
will pay Tenant the purchase price set forth in the Offer (the “ROFR Purchase Price”), and the Parties will close on such ROFR pursuant to a purchase and sale agreement, which
shall be in the form attached hereto as Schedule 2, as modified to reflect the terms of the Offer. To the extent any closing mechanics applicable to the sale of the ROFR Property are not set forth in the Offer, the Parties shall apply the
closing mechanics set forth in paragraph (vii) below. If Landlord expressly declines to exercise its ROFR or otherwise fails to timely exercise its ROFR, Tenant may proceed with the transfer of the Property with the third party making the Offer
on substantially the same terms as those set forth therein. If the transfer to such third party has not been consummated on all such terms within one hundred eighty (180) days of Landlord so declining (or having been deemed to so decline) to
exercise its ROFR, the ROFR will be reinstated in accordance with the terms hereof. 
 (vii) In the event Landlord exercises its ROFR and
the Parties proceed to a sale of the Property, Landlord shall be required to make an earnest money deposit (the “ROFR Deposit”) in an amount equivalent to three percent (3%) of the ROFR Purchase Price. The ROFR Deposit shall be
delivered within five (5) Business Days following the delivery of the Acceptance Notice, by transfer of immediately available funds to a national title insurance company reasonably acceptable to Tenant, who shall perform the services of escrow
agent for the closing of the Property. The ROFR Deposit shall be nonrefundable to Landlord (except in the event of a material default of Tenant in performing its closing obligations pursuant to the purchase and sale agreement for the transaction).
The closing shall take place on the date set forth in the ROFR Notice (or on such earlier date as the Parties may mutually agree) (the “ROFR Closing Date”) and shall be completed through a customary closing escrow or held at the
principal office of Tenant or such other location as the Parties shall agree upon at least five (5) Business Days prior to the ROFR Closing Date. The ROFR Purchase Price shall be paid in immediately available funds and Tenant shall convey good
and marketable title (or other valid interests held by Tenant) in the subject ROFR Property to Landlord or its designee free and clear of all liens and encumbrances. If required by Landlord, all contracts and agreements between Tenant and any of its
Affiliates in respect of the Property shall be terminated effective as of the ROFR Closing Date. Each Party agrees to cooperate and to take all actions and execute all documents reasonably necessary or appropriate to reflect the acquisition of the
Property by Landlord (or its designee) pursuant to the terms hereof. The cost of any title insurance policy endorsements desired by Landlord shall be paid by Landlord. All other costs shall be borne by the Party who customarily bears such costs in
the city and state in which the Property is located. Any risk of casualty, condemnation or loss following the date that the Acceptance Notice is delivered to Tenant and prior to the ROFR Closing Date shall be borne by Landlord, who shall succeed to
all rights to insurance proceeds (other than loss of rent proceeds allocable to any period prior to the ROFR Closing Date) or condemnation awards. If the Parties fail to consummate the sale of the Property in accordance with the terms hereof within
one hundred eighty days (180) of the date of the ROFR Notice, then Landlord shall no longer have a ROFR with respect to the Property and Tenant may proceed to sell, or cause the sale, of the Property to a third party (subject to the terms
hereof). 
 (viii) In the event Landlord exercises its ROFR and proceeds to the acquisition of the Property (a “ROFR
Closing”), then, solely with respect to the period of time commencing on the date on which Tenant acquired the Property pursuant to paragraph (v) above (the “Applicable Tax Period”), the following provisions shall
apply: Landlord shall assume and agree to pay so much of the real estate taxes and other taxes in respect of the Property assessed for 

  
 5 

 
and first becoming a lien during the calendar year in which such ROFR Closing occurs (the “Current Year Taxes”) as shall be allocable to Landlord by proration (based upon the
number of days in such calendar year on and after such date of the ROFR Closing). Tenant shall pay or cause to be paid (i) all delinquent real estate taxes as of the date of the ROFR Closing (to the extent incurred during the Applicable Tax
Period) and (ii) so much of the Current Year Taxes as shall be allocable to Tenant (or its applicable Affiliate) by proration (based upon the number of days in such calendar year prior to the date of the ROFR Closing). Any Taxes which are
payable in the calendar year in which a ROFR Closing occurs but are not due and payable at the time of such ROFR Closing and the portion of the Current Year Taxes not assumed by Landlord hereunder shall be credited to Landlord through a credit
against the ROFR Purchase Price at the ROFR Closing reflected on the applicable closing statement. If the Current Year Taxes with respect to the Property have not been set as of the date thereof, the present tax rate and the most recent assessed
valuation for the Property shall be used for the purposes of making the adjustments at such ROFR Closing under this paragraph and the Parties shall re-prorate within thirty (30) days following receipt of
the actual final tax bill. Notwithstanding any of the foregoing to the contrary, Tenant shall have the right to prosecute (with Landlord’s reasonable cooperation after the ROFR Closing, at no expense or liability to Landlord) and retain any
recovery in connection with any tax appeals or contests with respect to taxes assessed against the Property for tax periods prior to the tax period that includes the ROFR Closing Date, provided such recovery action will not result in a deferral of
taxes or reassessment against the Property that negatively affects Landlord. 
 (ix) If a lender or third-party consent is required in
connection with the termination of this Lease pursuant to this Section 2, Tenant will bear the responsibility of obtaining such consent and Tenant will pay all costs incurred in connection therewith. The provisions of this Section 2 shall
survive the termination of this Lease. 
 (c) Residual Value of the Property. Within thirty (30) days following the Expiration
Date, or, if earlier, the date of any termination of this Lease pursuant to Section 16(b), Landlord shall deliver to Tenant a written notice (a “Residual Value Notice”) setting forth Landlord’s reasonable determination of
the then-current fair market value of each of (i) the Land and (ii) the improvements and fixtures situated on the Land, including any Improvements (as hereinafter defined) (collectively, the “Property Improvements”), in
each case as of the Expiration Date or earlier date of termination, as applicable, and the amount of the Residual Value Shortfall (as defined below) with respect to each of the Land and the Property Improvements, if any. If the then-current fair
market value of the Land as of such date (as reasonably determined by Landlord) is less than $                     (the “Guaranteed
Land Value”), and/or the then-current fair market value of the Property Improvements as of such date (as reasonably determined by Landlord) is less than
$                     (the “Guaranteed Improvements Value”), then Tenant shall pay to Landlord, within thirty (30) days
following the date of such Residual Value Notice, (A) the amount by which the then-current fair market value of the Land is less than the Guaranteed Land Value and (B) the amount by which the then-current fair market value of the Property
Improvements is less than the Guaranteed Improvements Value (any and all such amounts determined pursuant to clauses (A) and (B), collectively, the “Residual Value Shortfall”). Any failure of Landlord to timely send a Residual
Value Notice to Tenant shall be deemed an acknowledgement by Landlord that the then-current fair market value of the Land is at least equal to the Guaranteed Land Value and the then-current fair market value of the Property Improvements is at least
equal to the Guaranteed Improvements Value (and that the Residual Value Shortfall is 

  
 6 

 
“zero”), and the Parties shall have no further obligations under this Section 2(c). If Landlord sends a Residual Value Notice that does not include Landlord’s reasonable
determination of the then-current fair market value of either the Land or the Property Improvements, then Landlord shall be deemed to have failed to timely send a Residual Value Notice to Tenant with respect to such excluded Land or Property
Improvements, as applicable, and the immediately preceding sentence shall apply solely in respect thereto. In the event that Tenant disputes Landlord’s determination of the then-current fair market value of the Land and/or the Property
Improvements, Tenant shall send to Landlord a written notice containing an explanation of such dispute (a “FMV Dispute Notice”) within fifteen (15) days following its receipt of the Residual Value Notice. If the Parties are
unable to mutually agree upon the then-current fair market value of the Land and/or the Property Improvements, as applicable, within a period of thirty (30) days following Tenant’s delivery of the FMV Dispute Notice, then within five
(5) business days following the end of such thirty (30) day period, each of the Parties will give written notice to the other specifying the name and address of an Appraiser and the Parties will use the appraisal process described in
Section 2(b)(iv) to determine the then-current fair market value of the Land and/or the Property Improvements, as applicable, whereupon such determined value(s) shall be used for purposes of calculating the Residual Value Shortfall (if any)
hereunder. Within thirty (30) days following the conclusion of the appraisal process, the amount of any Residual Value Shortfall due to Landlord (if any) shall be so paid by Tenant. Any failure of Tenant to timely send an FMV Dispute Notice to
Landlord shall be deemed an acceptance by Tenant of Landlord’s determination of the then-current fair market value of the Land and/or the Property Improvements, as applicable (as set forth in the Residual Value Notice). The provisions of this
Section 2(c) shall survive the expiration or earlier termination of this Lease. 
 3. Rent. 

(a) Base Rent. 
 (i)
Tenant shall pay to Landlord, during the Term, an annual rent amount (the “Base Rent”), exclusive of any other charge to be paid by Tenant, payable in equal, consecutive monthly installments, in advance, without any abatement,
deductions, reduction or set-off whatsoever, on the first day of each calendar month throughout the Term and pro rata for any partial month during the Term. The Base Rent as of the Commencement Date shall be
                    
($                    ) (the “Initial Base Rent”). 

(ii) Following the Commencement Date, the Initial Base Rent shall be reset as of the earlier of (A) the first day of the month that
immediately follows the month in which Stabilization (as defined below) of the Property occurs and (B) [Insert Fixed Date] (such earlier date, the “Initial Rent Reset Date”), as follows: The Initial Base Rent shall be reset
to an amount equal to the sum of (1) the Initial Base Rent and (2) the aggregate sum of the CPI Rent Adjustment Amount (as hereinafter defined) for each lease year that would have been calculated during the period beginning on the
Commencement Date and ending on the Initial Rent Reset Date (including pro rata for any partial lease year during such period) had the Base Rent been increased annually by an amount equal to the CPI Rent Adjustment Amount on each anniversary of the
Commencement Date during such period, with, for the avoidance of doubt, each such CPI Rent Adjustment Amount compounded over the prior lease years. For the avoidance of doubt, the Initial Base Rent shall be fixed and without adjustment until it is
reset on the Initial Rent Reset Date, in accordance with the terms of this Section 3(a)(ii). 

  
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 (iii) Beginning on the first (1st)
anniversary of the Initial Rent Reset Date and on each anniversary thereafter during the Term of this Lease, the then-current Base Rent will increase by an amount equal to the CPI Rent Adjustment Amount. 

(iv) As used herein: 
 (A)
“CPI Rent Adjustment Amount” means, with respect to any sum (as may have been previously adjusted, the “Initial Sum”), an amount equal to the product of (1) the Initial Sum multiplied by (2) the sum
of (a) a fraction (i) the numerator of which is the difference between (x) the Consumer Price Index (as defined below) for the calendar month in which the last day of the Specified Interval (as defined below) falls and (y) the
Consumer Price Index for the calendar month immediately preceding the commencement of the Specified Interval, and (ii) the denominator of which is the Consumer Price Index for the calendar month immediately preceding the commencement of the
Specified Interval, expressed as a percentage (the “CPI Factor”), and (b) one and one-half percent (1.5%). Notwithstanding the foregoing, if the CPI Factor is less than two percent (2%),
then the foregoing formula shall be modified to replace the CPI Factor therein with “two percent (2%)”. 
 (B) “Consumer
Price Index” means the Consumer Price Index for Urban Consumers, Northeast, 1982-1984=100, published by the Bureau of Labor Statistics of the United States Department of Labor (or any successor index thereto, appropriately adjusted). 

(C) “Specified Interval” means, as of any date, the immediately preceding lease year or portion of such lease year, as may be
appropriate for purposes of such calculation. 
 (b) Additional Rent. In addition to Base Rent, Tenant shall pay (to the extent
provided in this Lease) all costs and expenses of the development, repair, replacement, management and operation of the Property, including, but not limited to all amounts, liabilities, obligations, and impositions which Tenant assumes or agrees to
pay under this Lease, and any fine, penalty, interest, charge, and cost which may be added for nonpayment or late payment of such items (collectively, the “Additional Rent”). The Base Rent and Additional Rent are hereinafter
referred to collectively as “Rent”. Landlord shall have all legal, equitable, and contractual rights, powers and remedies provided in this Lease or otherwise available at law or in equity in the case of nonpayment of Rent. 

(c) Payment of Rent. All payments of Rent and any other amounts payable by Tenant to Landlord pursuant to this Lease shall be sent to
Landlord at Tenant’s election by ACH transfer to Landlord’s bank as directed by Landlord or by check to c/o AIMCO Properties, L.P., 4582 S. Ulster Street, Suite 1700, Denver, CO 80237 or such other address as Landlord may designate in
writing to Tenant from time to time, at least five (5) business days prior to any required payment of Rent, without abatement, deductions, reduction or set-off (including, for the avoidance of doubt, in
connection with any force majeure events, delays in Tenant’s or Contractor’s (as hereinafter defined) ability to timely complete the Redevelopment (as hereinafter defined) in accordance with the Redevelopment Plans (as hereinafter defined)
or otherwise), except as otherwise expressly set forth herein. 

  
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 (d) Maintenance; Net Lease. It is the intent of Landlord and Tenant that this Lease
be absolutely net to Landlord such that Tenant shall be responsible for and pay any and all Operating Costs (defined below) associated with and relating to the Property and this Lease, except as specifically set forth herein with respect to Excluded
Taxes (as hereinafter defined). “Operating Costs” means, without limitation, (i) operating costs of the Property (including, without limitation, utilities, maintenance, operations, repairs and replacements, and the cost of
supplies, materials and labor directly related to the foregoing), (ii) costs of compliance with all applicable Laws (as hereinafter defined) and matters of record (including, without limitation, easement agreements), (iii) property management fees,
(iv) expenses and costs incurred in the management of the Redevelopment, (v) costs of insurance that Tenant is required to maintain, (vi) Taxes and Impositions (as hereinafter defined) and (vii) all other costs and expenses
related to the ownership and operation of the Property, whether capital or operating, foreseeable or unforeseeable, latent or patent, structural or non-structural, ordinary or extraordinary, to the extent
incurred during the Term. Notwithstanding the foregoing, Operating Costs, for purposes of this paragraph, shall not include (A) Landlord’s internal costs and expenses (including internal legal expenses), (B) costs and expenses (including
payments of interest, principal and rent) under Landlord’s financing in connection with the Property, (C) costs and fees of professionals and consultants hired by or on behalf of Landlord in connection with the Property or this Lease
(including accountants, attorneys and engineers), and (D) costs and expenses relating to the ownership or operation of the entity that is Landlord and each of its affiliates (including professional and consulting fees, salaries and wages of
Landlord’s personnel, and other office and administrative expenses of any kind). 
 (e) Late Fee; Interest. If payment of any
item of Base Rent or Additional Rent shall not be paid within five (5) days of the original due date thereof, then (i) a late fee of three percent (3%) of the amount of the late payment shall be assessed and payable by Tenant to Landlord,
and (ii) such late payment shall accrue interest from the date on which such payment was due until such payment has been paid in full, at a rate per annum equal to the lesser of (x) two percent (2%) over the then prime rate published in
the Wall Street Journal (or any successor publication) and (y) the maximum rate allowed by Law (the “Default Rate”) for the purpose of defraying Landlord’s administrative expenses incident to the handling of such overdue
payments. 
 4. Taxes and Impositions. Tenant shall pay, as Additional Rent, Impositions (as hereinafter defined) and Real Estate
Taxes (as hereinafter defined), as set forth herein. 
 (a) Real Estate Taxes and Assessments. Subject to Section 4(c) below,
Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the Property. If any such Real Estate
Taxes may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that
shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a
per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real  

  
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Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit
taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this
Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so
assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes.
“Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of
any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting
solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax bill to Landlord rather than Tenant. All special benefit taxes and special assessments shall be
amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease;
provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and
use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of
written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten
(10) days of receipt of Tenant’s request for such evidence of payment. 
 (b) Impositions. Subject to Section 4(c)
below, Tenant shall pay all assessments, water and sewer rents, rates and charges, levies, license, permit and inspection fees, and other governmental charges, both general and special, of any kind and nature whatsoever, including, without
limitation, condominium assessments (general and special) charged to the Property (collectively, the “Impositions” and, together with the Real Estate Taxes, collectively, the “Taxes and Impositions”) which shall be
assessed, levied, confirmed, imposed upon, or become due and payable out of or in respect of, or become a lien upon, the Property or the leasehold, or any part thereof or appurtenance thereto during the Term, whether such charges are made directly
to Tenant or through or in the name of Landlord. If any such Impositions may, at the option of the taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related
to such installment payment method. 
 (c) Payment of Taxes and Impositions. If the Property is taxed separately, then Tenant shall
pay all Taxes and Impositions directly to each body, agency, or authority imposing, assessing, levying, or otherwise collecting such Taxes and Impositions, prior to delinquency and in the manner specified by such body, agency, or authority, and
shall submit to Landlord evidence of such payment together with a copy of the bill or invoice for such Taxes and Impositions within 

  
 10 

 
ten (10) days after making such payment. If, on the other hand, the Property is not taxed separately and is therefore taxed under one tax bill along with other property owned by Landlord
(such other property together with the Property shall be collectively referred to herein as the “Tax Parcel”), then Tenant shall pay its proportionate share, as reasonably determined by Landlord and Tenant, of such Taxes and
Impositions assessed against the Tax Parcel within ten (10) business days of demand from Landlord. Landlord and Tenant shall in good faith make reasonable efforts to cause the Property to be separately taxed, and to cause all appropriate
Governmental Authorities to send directly to Tenant all pertinent statements and bills in respect of the Impositions relating to the Property. Subject to Section 4(c) below, all Taxes and Impositions which Tenant agrees to pay pursuant to this
Lease that are not paid prior to delinquency may be paid by Landlord if Tenant fails to pay such Taxes and Impositions within ten (10) days after written notice from Landlord to Tenant. Tenant shall reimburse Landlord for any such payments
(including, without limitation, any penalty and interest imposed in connection with Tenant’s failure to pay any Tax or Imposition prior to delinquency) within fifteen (15) days of receipt of an invoice therefor. Interest shall accrue on
such unpaid expenditures from the date of Tenant’s receipt of an invoice from Landlord until the date that payment is received by Landlord at the Default Rate. 

(d) Tax Liens. Tenant shall keep the Property free and clear of all liens from Taxes and Impositions (except for those created by or
through Landlord) and shall, subject to Section 4(c) below, cause the prompt discharge of all liens from Taxes and Impositions (except for those created by or through Landlord) imposed on the Property. 

(e) Right to Contest Taxes and Impositions. Tenant may, at its sole cost and expense, contest the amount or validity of Taxes and
Impositions upon the Property by appropriate proceedings. Nothing contained herein shall imply any right on the part of Tenant to postpone such payment unless such proceedings and/or security given shall, to the extent the same were paid or given by
Tenant, stay both the collection thereof and the sale of the Property to satisfy same. Landlord, at Tenant’s written request and sole cost and expense, shall join in such proceedings if any law shall so require. Tenant will pay such Taxes and
Impositions as they are finally levied, assessed or imposed as a result of any such proceeding. If there shall be any refund payable by the Governmental Authority (as hereinafter defined) with respect to any Taxes and Impositions paid by Tenant,
Tenant shall be entitled to receive and retain the same. 
 (f) Limitation on Taxes. Nothing contained herein shall obligate Tenant to
pay any general income, inheritance, estate, gift, succession, sales, use or revenue tax (or any substitution therefor) of, or levied or assessed against Landlord; nor any other tax, assessment, charge, or levy (or any substitution therefor) against
Landlord with respect to or because of the Rent and other income derived by Landlord under this Lease; nor shall Tenant be deemed obligated to pay any corporation, franchise, capital stock, payroll, excise, privilege, or any other tax of similar
nature (or any substitution therefor) which may be levied or assessed against Landlord. 
 5. Utilities. Tenant shall be solely
responsible for installing, arranging for, and maintaining satisfactory utility lines and services to and for the Property or any portion thereof, including, without limitation, water service, gas, oil, sanitary and storm sewer service, electricity,
steam, power, telephone and any other communication services, trash collection, and any and all other utility services desired, rendered, or supplied to or in connection with the Property (collectively, the “Utilities”) during the
Term. Tenant shall pay prior to delinquency all deposits, 

  
 11 

 
rents, costs, tap-in fees and other charges and fees for such Utilities directly to the provider of such Utilities during the Term. Tenant shall, at its
sole cost and expense, procure and keep in effect all necessary permits, licenses, and other authorizations required by any Governmental Authority or otherwise required by Laws (as hereinafter defined) and/or utility companies or providers for the
proper installation and maintenance upon the Property of the wires, pipes, shafts, ducts, conduits, tubes, and other equipment and appliances for use in supplying any such services to and upon the Property. Landlord shall not be required to furnish
any utility lines or services to the Property. Landlord shall, upon written request from Tenant and at no out of pocket cost to Landlord, reasonably cooperate with Tenant in connection with obtaining Utilities and the aforementioned permits,
licenses and authorizations and shall provide assistance as reasonably requested by Tenant in connection therewith. 
 6.
Redevelopment. 
 (a) Development/Redevelopment of the Property. As of the Commencement Date and throughout the Term, the
Parties agree that Tenant may, at its election and its sole cost and expense, but subject to the terms and provisions of the Private Restrictions (as hereinafter defined) and applicable Laws, endeavor to cause the development, redevelopment and/or
the lease-up of the Property, in each case, in accordance with the Redevelopment Plans (as hereinafter defined) for the Property (the “Redevelopment”); provided that, if and only if Tenant so
elects to undertake the Redevelopment, then (i) Tenant agrees that, once Tenant has commenced the Redevelopment (including, without limitation, entering into contracts with one or more Development Professionals (as defined below) or obtaining
construction financing, in each case, in connection with the Redevelopment), Tenant shall thereafter use commercially reasonable efforts to then cause the completion of such Redevelopment in accordance with the terms hereof and (ii) the
remaining provisions of this Section 6 shall apply and the Parties agree they shall be bound by such provisions. In such event, any such development or redevelopment shall include the construction, erection, alterations, improvements, repairs,
renovation, modification and/or installation of signage and other work, on, under, above and to the Property including, without limitation, one or more buildings, parking areas, parking garages, utility lines, conduits and facilities, electricity
and power generation facilities, sanitary sewer lines and pump stations, drainage and storm water management systems and similar and dissimilar improvements and facilities, as may be applicable (collectively, the “Improvements”),
substantially in accordance with the plans and specifications approved by the MLA Parties with respect to the Redevelopment and attached hereto as Schedule 4 (collectively, the “Redevelopment Plans”) and the terms of any
development agreement(s) entered into in connection with the Redevelopment (a “Development Agreement”). Any Improvements shall be constructed in a good and workmanlike manner, using good materials that are comparable to such
materials as are commonly used in the construction or redevelopment of similar buildings of similar grade in the city and state in which the Property is located. If the Redevelopment Plans contemplate the development of the Property, then all
Improvements, including, without limitation, any building or buildings, building equipment and/or other items, improvements, additions, changes or alterations on the Property, and all drawings, plans, licenses, permits, approvals and other tangible
and intangible personal property relating to or used at the Improvements, shall be and remain the sole property of Tenant and, as applicable, those claiming by, through or under Tenant (including subtenants), and Landlord shall have no interest
therein or rights with respect thereto until the end of the Term at which time the Improvements, if any, then located on the Property shall become the property of Landlord. The 

  
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Parties agree that Tenant will bear all market risk for the cost and pace of construction, rental rate achievement and absorption pace, in each case to the extent applicable and as each relates
to the Redevelopment; and the terms of this Lease shall not be amended or modified in any respect (including, without limitation, with respect to the Rent amounts payable under this Lease) in connection therewith. 

(b) Contractors and Supervision. If the Redevelopment Plans contemplate the development or redevelopment of the Property (or if, during
the Term, any capital projects are required on the Property), Tenant shall enter into contracts with such architects, engineers, contractors and other such professionals (each, a “Development Professional”) as may be required to
effect such development, redevelopment or other capital project. Any Development Professionals so engaged by Tenant shall be subject to the approval of Landlord, which approval shall not be unreasonably withheld, conditioned or delayed (it being
agreed that if Landlord does not respond to Tenant’s notice requesting Landlord’s consent to any such Development Professional on or prior to ten (10) Business Days after the date Tenant gives such notice to Landlord, then Landlord
shall be deemed to have consented to such Development Professional). 
 (c) Construction Financing. Tenant shall be solely responsible
for procuring and obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to grant one or more leasehold mortgages encumbering
its leasehold interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a construction-related completion bond. 

(d) Governmental Approvals; Landlord Cooperation. Tenant, at Tenant’s expense, prior to any construction of the Improvements
pursuant to the Redevelopment, shall obtain all permits, approvals and certificates required by any Governmental Authorities in connection therewith. Landlord shall have the right to require Tenant to make all filings with Governmental Authorities
to obtain such permits, approvals and certificates using an expeditor designated reasonably by Landlord (provided that the charges imposed by such expeditor are commercially reasonable and such expeditor performs in a reasonable and competent
manner) or another expeditor selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Upon the request of Tenant, Landlord shall join in and promptly execute any applications for any
permits, approvals or certificates required to be obtained by Tenant in connection with the Improvements (provided that applicable Laws require Landlord to join in such application) and shall otherwise cooperate with Tenant in connection therewith.
Tenant shall reimburse Landlord for any reasonable and actual out-of-pocket costs, including, without limitation, reasonable attorneys’ fees, charges and
disbursements, that Landlord incurs and pays to an unrelated third party in so joining in such applications and cooperating with Tenant, within thirty (30) days after the date that Landlord gives to Tenant an invoice therefor from time to time,
accompanied by reasonable supporting documentation of such costs. Upon completion of the Improvements, Tenant, at Tenant’s expense, shall (i) obtain certificates of final approval for the Improvements to the extent required by any
Governmental Authority, and (ii) furnish Landlord with copies of such certificates. 

  
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 (e) Compliance with Laws. Tenant shall, at its sole cost and expense, comply in all
material respects with all federal, state and local laws, rules, ordinances and regulations (including, without limitation, the Americans with Disabilities Act of 1990) (collectively, the “Laws”) applicable to the use, demolition,
construction or occupancy of the Improvements. Tenant shall, subject to any terms and conditions set forth in this Lease, diligently take all actions reasonably necessary to obtain, maintain and comply with all governmental, regulatory and
administrative permits or approvals (collectively, “Governmental Approvals”) required by any national, federal, state, local, or other government or political subdivision or any agency, authority, board, department, or
instrumentality thereof, or any court, arbitrator (to the extent required by the terms of this Lease) or tribunal or quasi-governmental agency (each, a “Governmental Authority”) having jurisdiction over the Property, this Lease,
and/or Tenant’s activities on the Property. Tenant shall be responsible for all costs and expenses associated with its activities under this Lease, including obtaining the Governmental Approvals. Landlord shall, upon written request from Tenant
and at no material cost to Landlord, reasonably cooperate with Tenant in connection with the Governmental Approvals process and shall provide assistance as reasonably requested by Tenant in connection with obtaining Governmental Approvals. 

(f) Compliance with Private Restrictions. Tenant shall not use, occupy or improve the Property, or permit the Property or the
Improvements or any part thereof, to be used, occupied or improved, so as to violate any condominium declaration (or similar documentation) that the Property may be subject to, if any, or any terms, conditions or covenants of any other
development-related documentation (including, without limitation, zoning declarations, community benefits agreements, or reciprocal easement agreements), and any recorded easements, restrictions, covenants, or agreements now or hereafter (subject to
the terms hereof) affecting the Property (“Private Restrictions”). Tenant shall at all times comply with all affirmative obligations, if any, imposed on Landlord by any Private Restrictions; provided, however, Tenant shall not be
responsible for the performance of obligations with which Tenant cannot comply because Tenant is not the fee owner of the Property. After the Commencement Date, Landlord shall not enter into any Private Restrictions affecting the Property without
Tenant’s prior written consent (which shall not be unreasonably withheld, conditioned, or delayed only if the proposed Private Restrictions or amendment do not increase the cost to Tenant to develop or operate the Improvements or interfere with
Tenant’s development or operation of the Improvements for the Allowable Uses). 
 (g) Inspection, Audit and Reporting
Requirements. 
 (i) In the event that Tenant elects to undertake the Redevelopment, then Landlord shall have the right to engage a
construction consultant (the “Construction Consultant”) at Landlord’s sole cost and expense. Tenant shall reasonably cooperate to permit representatives of Landlord and the Construction Consultant, at reasonable times and on
reasonable advance notice, to examine Tenant’s books of record and account, to make copies and abstracts therefrom, and to discuss its affairs, finances and accounts with its principal officers, engineers and independent accountants, in each
case in connection with the Redevelopment (and by this provision Tenant authorizes said accountants to discuss with such Persons such affairs, finances and accounts, but after prior notice to Tenant of such discussions). Without limiting the
foregoing, representatives of the Construction Consultant and Landlord shall have the right at reasonable times and on reasonable advance notice to (a) inspect the Property and all materials to be used in connection with the Redevelopment from
time to time and to witness the construction of the Improvements to ensure compliance with the Redevelopment Plans, (b) to conduct such 

  
 14 

 
environmental and engineering inspections and studies as Landlord may reasonably require, (c) to examine all detailed plans, shop drawings and change orders in connection with the
Redevelopment, and (d) meet with the representatives of any Development Professionals to discuss the status of and issues relating to the Redevelopment (and by this provision Tenant authorizes the Development Professionals to cooperate and
discuss with such Persons such construction matters, but after reasonable prior notice to Tenant of such discussions). Upon request, Tenant will furnish Landlord with any items in the possession of, under the control of, or reasonably obtainable by,
Tenant, that Landlord or the Construction Consultant may consider reasonably necessary or useful in connection with the performance of any inspection of the Improvements. Without limiting the generality of the foregoing, Tenant shall furnish or
cause to be furnished such items as working details, licenses, permits, approvals, certificates of public authorities, zoning ordinances, building codes and copies of the contracts to which Tenant is a party (if applicable). 

(ii) Following the date on which construction otherwise commences, Tenant shall provide to Landlord a quarterly reporting package with respect
to the ongoing work and construction at the Property in form and substance reasonably agreed upon by the Parties. 
 (h) Lease-Up of the Property. Tenant will direct the property manager for the Property (the “Property Manager”) to complete the lease-up of the Property in
accordance with the terms of the Redevelopment Plans. 
 (i) Easements. If the Redevelopment Plans contemplate the development of the
Property, Tenant shall have the right to enter into agreements with utility companies creating such easements relating solely to the Property in favor of such utility companies as are required in Tenant’s sole discretion; provided, however, any
easements or similar agreements made with parties other than providers of utilities shall, unless Landlord consents in writing in advance, which consent shall not be unreasonably withheld, delayed or conditioned, terminate upon the expiration or
sooner termination of the Term. 
 (j) Third Party Property Rights. Except as otherwise expressly limited or prohibited hereunder,
Tenant may enter into agreements relating to the acquisition, occupancy, easement, rights of way, or leasing of any real property relating to the construction of the Improvements or operation thereof (including the aggregation and allocation of air
rights) (collectively, “Third Party Rights”), provided that no Third Party Rights shall extend beyond the Term of this Lease without the prior consent of Landlord, which consent shall not be unreasonably withheld, conditioned or
delayed (excepting standard one (1) year residential leases on a form (and for rent amounts) approved by Landlord in connection with any lease-up of the Property). Subject to Landlord’s agreement to
be bound by the covenants regarding confidentiality contained in such Third Party Rights, Tenant shall provide all information and documentation to Landlord relating to Third Party Rights as reasonably requested by Landlord from time to time. 

7. Environmental. 
 (a)
Restrictions. Tenant shall not bring or otherwise cause to be brought or permit any of its agents, employees, contractors, invitees, subtenants, licensees or occupants to use, generate, transport, treat, dispose of or bring in, on or about
any part of the Property (or any improvements erected thereon), any Hazardous Substance (as hereinafter defined); provided, 

  
 15 

 
however, that Hazardous Substances may be brought, kept, used or disposed of in, on or about the Property in quantities and for purposes similar to those brought, kept, used or disposed of in, on
or about similar multifamily residential properties, and which are brought, kept, used and disposed of in strict compliance with all applicable Laws. 

(b) Hazardous Substances. For purposes of this Section 7, “Hazardous Substance” means any matter giving rise to
liability under the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Comprehensive Environmental Response, Compensation and Liability Act, U.S.C. Section 9601 et seq. (including the
so-called “Superfund” amendments thereto), any other applicable federal, state or local statute, law, ordinance, rule or regulation governing or pertaining to any hazardous substances, hazardous
wastes, chemicals or other materials, including, without limitation, asbestos, polychlorinated biphenyls, radon, petroleum and any derivative thereof or any common law theory based on nuisance or strict liability (all of the foregoing statutes,
laws, ordinances, rules, regulations and common law theories being sometimes hereinafter collectively referred to as “Hazardous Materials Laws”). Tenant shall cooperate with Landlord and permit Landlord and all Governmental
Authorities reasonable access to the Property in a manner that will not unreasonably interfere with Tenant’s (or any of its occupants’) use of the Property for purposes of operating, inspecting, maintaining and monitoring any environmental
controls, equipment, barriers and/or systems required by applicable Hazardous Materials Laws. Except for Known Existing Environmental Conditions (as hereinafter defined) to be removed and remediated pursuant to the Development Agreement (if any),
if, during the Term, the existence, presence, release, placement on or in the Property or the generation, transportation, storage, treatment or disposal at the Property of any Hazardous Substance (including Unknown Existing Environmental Conditions
(as hereinafter defined)) (i) gives rise to liability (including, but not limited to, a response action, remedial action or removal action) under Hazardous Materials Laws; (ii) causes a public health effect; or (iii) pollutes the
environment, Tenant, except to the extent such matters were caused by the Indemnified Landlord Parties (as hereinafter defined), shall promptly take any and all remedial and removal action necessary to clean up the Property and mitigate exposure to
liability arising from the Hazardous Substance, in accordance with Hazardous Material Laws. For purposes of this Lease, “Known Existing Environmental Conditions” means any environmental conditions at the Property disclosed on the
most recent Phase I Environmental Assessment available for the Property, such conditions discovered during the performance of the Improvements, and environmental conditions at the Property known by any of the Indemnified Landlord Parties, and
“Unknown Existing Environmental Conditions” means the existence, presence or release of Hazardous Substances in violation of Hazardous Materials Laws at the Property as of the Effective Date, other than the Known Existing
Environmental Conditions. 
 (c) Environmental Audit. Upon request by Landlord during the Term, prior to Tenant’s exercise of any
renewal right and/or prior to Tenant’s vacating the Property, Landlord at its sole cost and expense shall have reasonable access to the Property for conducting an environmental audit from an environmental company reasonably acceptable to
Landlord, at Landlord’s cost and expense, except as herein provided. In addition, if Landlord has a good faith and reasonable reason to believe that Hazardous Substances in violation of Hazardous Materials Laws exist at the Property, then
Landlord shall specify the reasons to Tenant, and if Tenant does not provide information to Landlord’s reasonable satisfaction regarding the suspected presence of Hazardous Substances in violation of Hazardous Materials Laws, Landlord may
request that Tenant perform an environmental audit from an environmental company reasonably acceptable to 

  
 16 

 
Landlord. If Tenant gives Landlord written notice that Tenant does not intend to perform such audit, or if Tenant fails to complete such audit within thirty (30) days following
Landlord’s request, then Landlord may perform such audit (a “Requested Audit”). If any environmental audit discloses the presence of Hazardous Substances, other than Known Existing Environmental Conditions, in violation of
Hazardous Materials Laws, then, except to the extent caused by any of the Indemnified Landlord Parties, to the extent the same are in violation of applicable Hazardous Materials Laws and are required to be remediated under Hazardous Materials Laws,
Tenant shall perform any required remediation promptly and in all events prior to surrendering possession of the Property to Landlord. If any Requested Audit discloses the presence of Hazardous Substances, other than Known Existing Environmental
Conditions, in violation of Hazardous Materials Laws, then, except to the extent caused by any of the Indemnified Landlord Parties, Tenant shall promptly reimburse Landlord for the reasonable out-of-pocket cost of the Requested Audit paid by Landlord to unrelated third parties. 
 (d)
Survival. The provisions of this Section 7 shall survive the expiration or earlier termination of this Lease. 
 8.
Maintenance. Tenant, at its sole cost and expense, shall, or shall cause the Property Manager to, keep and maintain the Property, and all private roadways, sidewalks and curbs appurtenant to the Property and which are under Tenant’s
control, in good and safe condition and repair (ordinary wear and tear and damages by fire and other casualty excepted), whether or not the need for such repairs occurs as a result of Tenant’s activities on the Property, the elements or the age
of the Property, and, with reasonable promptness, make all necessary and appropriate repairs thereto of every kind and nature, including those necessary to comply with changes in any Laws, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, to the extent such repairs are required hereunder by reason of a condition arising from and after the Commencement Date. Landlord shall not be
required to (a) furnish any services, including utilities, or facilities to the Property, (b) make any repairs, replacements, alterations, restorations or renewals of any nature to the Property, whether ordinary or extraordinary,
structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto, except as set forth herein or in the Master Leasing Agreement, or (c) maintain the
Property in any way. 
 9. Alteration; Demolition. In addition to the Improvements, Tenant may make
non-structural alterations, additions and improvements (collectively, “Alterations”) to the Property without the consent of Landlord. All Alterations undertaken by Tenant pursuant to this
Section 9, and use thereof, shall be in compliance with all then-applicable Laws, Private Restrictions, the Redevelopment Plans and the terms of this Lease. 

10. Insurance. 
 (a)
Property Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense, physical damage insurance providing physical loss or damage protection against any peril included within the classification “causes
of loss – special form property damage” (formerly “all-risk”) (including endorsements for increased costs of compliance, malicious mischief, vandalism, sprinkler leakage, flood, earth
movement and boiler and machinery coverage) for the 100% of replacement cost value new without deduction for depreciation of the 

  
 17 

 
covered items and in amounts that meet any co-insurance clauses of the policies of insurance, covering (i) all leasehold and tenant improvements in
and to the Property (including the Improvements and subsequent Alterations) and (ii) Tenant’s furniture, business and personal trade fixtures, equipment, furniture system and other personal property from time to time situated in the
Property (“Tenant’s Property Policy”). The proceeds of such insurance shall be used for the repair and replacement of the property so insured. If such physical damage insurance no longer becomes available in the future, Tenant
shall obtain such comparable insurance as is then available. Tenant has the right to satisfy Tenant’s obligations to carry Tenant’s Property Policy with a blanket insurance policy if such blanket insurance policy provides, on a per
occurrence basis, that a loss that relates to any other location does not impair or reduce the level of protection available for the Property below the amount required by this Lease. 

(b) Liability Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense for the protection of
Landlord as an additional insured and Tenant as the named insured, commercial general liability insurance applying to the use and occupancy of the Property and the business operated by Tenant (“Tenant’s Liability
Policy”). Such insurance shall have a combined single limit of liability of $________ per occurrence and a general aggregate limit of $________, and Tenant shall provide in addition excess liability insurance on a following form basis, with
overall limits of $________. All such policies shall be written to apply to bodily injury (including death), property damage and personal injury losses, shall include blanket contractual liability, broad form property damage, completed operations,
products liability, host liquor liability, cross liability and severance of interest clauses, and shall include Landlord and its agents, beneficiaries, partners, employees, and any Leasehold Mortgagee (as hereinafter defined) of any Leasehold
Mortgage (as hereinafter defined) designated by Landlord in writing as additional insureds. 
 (c) Business Automobile Liability
Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense for the protection of Landlord as an additional insured and Tenant as the named insured, primary automobile liability insurance with limits of
not less than $1,000,000 per occurrence covering owned, hired and non-owned vehicles used by Tenant. 

(d) Workers Compensation and Employer’s Liability Insurance. At all times during the Term (and prior to the
Commencement Date with respect to any use or activity of Tenant hereunder at the Property), Tenant shall procure and maintain Workers’ Compensation Insurance in accordance with the laws of the state in which the Property is located, and
employer’s liability insurance with a limit of $________ bodily injury each accident; $________ bodily injury by disease – each person; and $________ bodily injury by disease policy limit. 

(e) Additional Insurance. In addition to the insurance described above, Tenant shall maintain such additional insurance as may be
reasonably required from time to time by any Leasehold Mortgagee and shall further at all times maintain adequate coverage required by Law. 

(f) Insurer. Tenant shall cause Tenant’s Liability Policy and Tenant’s Property Policy to be issued by a reputable and
financially sound insurer that is (i) permitted to do business in the state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s Rating Guide or any
successor thereto (it being understood that if such ratings are no longer issued, then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the date hereof). 

  
 18 

 (g) Umbrella Policies. Tenant has the right to satisfy Tenant’s obligation to
carry Tenant’s Liability Policy with an umbrella insurance policy if such umbrella insurance policy contains an aggregate per location endorsement that provides the required level of protection for the Property. 

(h) Self-Insurance. Tenant shall have the option, in conjunction with Tenant’s ultimate parent corporation (or any subsidiaries or
affiliates thereof), to maintain self insurance or to provide or maintain any insurance required under this Lease under blanket insurance policies maintained by Tenant’s ultimate parent corporation (or any subsidiaries or affiliates thereof),
or to provide or maintain insurance through such alternative risk management programs as Tenant’s ultimate parent corporation (or any subsidiaries or affiliates thereof) may provide or participate in from time to time (any such types of
insurance programs being referred to herein collectively as “Self-Insurance Programs”). Any such Self Insurance Programs shall not operate to decrease the insurance coverage or limits set forth in this Section 10. Any such Self
Insurance Programs shall be deemed to contain all of the terms and conditions applicable to the requirements for Tenant’s insurance contained in this Section 10. If Tenant elects to provide its insurance through a Self-Insurance Program,
then, with respect to any claims which may result from incidents occurring during the Term, the insurance provided by such Self Insurance Program shall survive the expiration or earlier termination of this Lease to the same extent as the insurance
required would survive. 
 (i) General Requirements. The insurance requirements identified in this Section 10 shall not be
construed to modify, limit or reduce the indemnification requirements set forth herein or Tenant’s liability arising under or out of this Lease. Each policy of insurance required to be carried by Tenant under this Lease must be evidenced by a
certificate of insurance, which certificate must also evidence waiver of subrogation as to the Indemnified Landlord Parties on all insurance policies, including workers’ compensation. If policies purchased by Tenant above do not expressly allow
the insured to waive rights of subrogation prior to loss, the insured shall cause them to be endorsed with a waiver as required above. The required certificates of insurance shall be delivered no later than the Effective Date, with the exception of
any certificates of insurance relating to initial construction of the Property, which shall be delivered no later than fifteen (15) days before the commencement of construction to Landlord at the address designated in this Lease for service of
Notice upon Landlord or such other address as Landlord may specify by written notice to Tenant from time to time. 
 (j) Release; Waiver
of Subrogation Property. Landlord and Tenant each hereby release each other from liability for damage to the property of the other to the extent the loss, liability or damage is insured under the property insurance that such party is required to
obtain hereunder. Landlord and Tenant shall obtain waivers of subrogation rights by the insurer against Landlord or Tenant, as the case may be, in all property insurance policies affecting any portion of the Property. 

  
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 (k) Contractor’s Insurance. 

(i) With respect to all contractors and subcontractors performing any work on or about the Property (“Contractor”), Tenant
shall obtain or shall cause all of such Contractors to obtain, maintain throughout such work, and shall provide evidence reasonably satisfactory to Landlord of the following insurance coverages: 

(A) Commercial General Liability insurance all on an occurrence basis in an amount not less than $________ per occurrence limit per location
and/or project for bodily injury and property damage, $________ personal and advertising injury; $________ General Aggregate; $________ products/completed operations aggregate. Coverage is to include full contractual liability coverage. 

(B) Worker’s Compensation insurance in amounts required by law for all employees, and Employer’s Liability insurance with minimum
limits as follows: Bodily Injury by Accident $________ Each Accident, Bodily Injury by Disease $________ Policy Limit, Bodily Injury by Disease $________ Each Employee. 

(C) Contractor’s pollution liability (CPL) and Professional Liability Insurance including errors and omissions in an amount not less than
a minimum of $________ per loss/claim/occurrence (if applicable). 
 (D) Professional liability insurance including errors and omissions in
an amount no less than $________ per claim for all other professionals (other than contractor’s pollution professional noted in (C)) covering the services under this Lease and under the Development Agreement and shall be maintained for a
minimum of three years following completion of all services (if applicable). 
 (E) Comprehensive automobile liability, including owned, non-owned and hired vehicles, in the minimum amount of $________ combined single limit for bodily injury and property damage liability. 

(F) Umbrella Liability insurance all on an occurrence basis be following form over underlying Commercial General Liability, Business
Automobile, Employer’s Liability insurance policies with the following minimum limits: (1) $________ if the aggregate amount of such contract is less than $________; (2) $________ if the aggregate amount of such contract with the Contractor is
more than $1,000,000 but is less than $2,000,000; (3) $________ if the aggregate amount of such contract with the Contractor is $2,000,000 or more but is less than $25,000,000; (4)
$               if the aggregate amount of such contract with the Contractor is $25,000,000 or more but is less than $50,000,000; (5) $________ if the
aggregate amount of such contract with the Contractor is $50,000,000 or more but less than $100,000,000; and (6) $________ if the agreement amount of such contract with the Contractor is $100,000,000 to $150,000,000. 

(G) A Certificate of Insurance (on an ACORD form or other equivalent form reasonably acceptable to Landlord) is required to demonstrate
compliance with the above noted insurance requirements and should be furnished to Landlord prior to commencement of the applicable work. The Certificate of Insurance must name Landlord, Tenant 

  
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and their respective subsidiaries and affiliates, owners, trustees, officers, and/or agents as additional insureds under all policies with the exception of (B) and (D) above.
Contractor’s coverage shall be primary and non-contributing with or in excess of any coverage available to Landlord or Tenant. Tenant shall or shall cause Contractor to waive subrogation on all policies
including workers’ compensation. Contractor’s insurance certificate must also evidence waiver of subrogation on all insurance policies including the workers compensation. If policies purchased by Contractor do not expressly allow the
insured to waive rights of subrogation prior to loss, the insured shall cause them to be endorsed with a waiver as required above in favor of Landlord. Should any of the described policies be cancelled before the expiration date thereof, notice will
be delivered in accordance with the policy provisions. The required certificates of insurance shall be delivered to Landlord at the address designated in this Lease for service of Notice upon Landlord or such other address as Landlord may specify by
written notice to Tenant from time to time. 
 (H) Such policies of insurance shall be issued by a reputable and financially sound insurer
that is (i) permitted to do business in the state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s Rating Guide or any successor thereto (it being
understood that if such ratings are no longer issued, then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the date hereof). 

(I) Landlord and Tenant acknowledge that during the Term insurance practices, coverages and the forms and content of insurance policies and
certificates of insurance may change. Accordingly, Landlord and Tenant agree that on the fifth (5th) anniversary of the Commencement Date, and each five (5) years thereafter, Landlord and
Tenant shall discuss, in good faith, the implications of such changes in light of the nature of the insurance being maintained by contractors with respect to similar properties meeting the standards observed by prudent operators of facilities
similar to the Property in the city and state in which the Property is located, and shall agree in writing, acting reasonably, to change the nature or extent of the insurance or coverages required to be maintained by it pursuant to this
Section 10(k)(i) or increase or decrease the amount of any such coverage limits, retention or deductibles, in order to conform reasonably to prudent risk management practices consistent with such standards or change the required minimum ratings
of carriers or other provisions of this Section 10(k)(i) in order to conform reasonably to prudent risk management practices consistent with such standards. Notwithstanding the foregoing, Landlord may require Tenant to procure and maintain, or
require Tenant’s subtenants to procure and maintain, at any time upon written notice to Tenant during the Term, such policies of insurance with limits as may be required by Landlord’s lender to ensure that no breach exists pursuant to any
loan documents to which Landlord may be subject, including, but not limited to, any Lien (as hereinafter defined). 
 (ii) All
Contractor’s liability policies shall be endorsed to be primary and non-contributing with the policies of any other party being excess, secondary and
non-contributing. With the exception only of professional liability coverage, all such insurance shall be issued on an “occurrence” basis, and not on a “claims made” basis coverages shall
be maintained until the completion of the work by the applicable professional with “tail” coverage pertaining to such work for the duration of the applicable statute of repose following the completion of the work by the applicable
professional. The duration for which coverage for completed operations must be maintained may only be reduced with the express written consent of Landlord, not to be unreasonably withheld, in circumstances where (A) warranted based upon the
nature and scope of work; and (B) contractor declines or is unwilling to maintain coverage for the required term set forth herein. 

  
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 (iii) Neither the issuance of any insurance policy required under this Lease, nor the
minimum limits specified herein with respect to Tenant’s insurance coverage, shall be deemed to limit or restrict in any way Tenant’s liability arising under or out of this Lease. 

11. Casualty. 
 (a)
Notice of Casualty. If any Improvements shall be destroyed or damaged in whole or in substantial part by fire or other casualty (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or
extraordinary, foreseen or unforeseen (a “Casualty”), Tenant shall give to Landlord prompt written notice thereof (a “Damage Notice”). 

(b) Restoration. In the case of any damage to or destruction of the Improvements by Casualty, Tenant shall use its best efforts to,
within one hundred eighty (180) days of such Casualty, restore the affected portion of the Improvements (or construct such replacement Improvements as Tenant shall elect in its sole discretion) to substantially the same condition they were in
prior to such Casualty, or, if such affected portion is subject to Redevelopment, then to proceed with the development or redevelopment thereof to complete the Redevelopment in accordance with the Redevelopment Plans (the “Restoration
Work”). The Restoration Work by Tenant shall be commenced promptly following the Casualty and shall be performed in a good and workmanlike manner and in accordance with applicable Laws in all material respects. The net proceeds of
Tenant’s Property Policy (the “Insurance Proceeds”) shall be applied first to the Restoration Work and then as provided in any Leasehold Mortgage and if there is no Leasehold Mortgage, paid to Tenant. Landlord shall have no
interest in any Insurance Proceeds or policies of insurance maintained by Tenant at or which pertain in whole or in part to the Property. Tenant shall be, and any Leasehold Mortgage shall provide that Tenant is, entitled to settle all insurance and
other related claims, and to retain and utilize any Insurance Proceeds in accordance with the terms hereof. If, as indicated in the Damage Notice, a substantial portion of the Property is damaged as a result of the Casualty, then, as soon as
reasonably practicable following the Casualty, but in any event no later than sixty (60) days after the date of delivery of the Damage Notice to Landlord, Tenant shall deliver to Landlord a written notice (a “Restoration Work
Notice”) containing (i) a description of the Restoration Work to be performed and an estimate of the reasonable cost to complete such Restoration Work (a “Cost Estimate”), which such description and Cost Estimate shall
be prepared by the developer contracted by Tenant to perform the Redevelopment Work or another developer reasonably acceptable to Landlord, and (ii) an estimate of the amount of the Insurance Proceeds that are or will become available to Tenant
in connection with the Casualty. Notwithstanding anything contained in this Section 11 to the contrary, if a substantial portion of the Property is damaged and the amount of the Cost Estimate exceeds the amount of Insurance Proceeds that are or
will be available to Tenant, then, unless and except if Landlord agrees to fund such shortfall in connection with the Restoration Work, Tenant shall have the right, at its option, to terminate this Lease, it being expressly acknowledged and agreed
that all of Tenant’s obligations hereunder with respect to the Restoration Work are subject to Tenant’s receipt of Insurance Proceeds therefor and payment by Landlord of any shortfall 

  
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amount. Within fifteen (15) days following its receipt of the Restoration Work Notice, Landlord shall notify Tenant in writing whether Landlord agrees to fund such shortfall; any failure of
Landlord to timely provide such notice shall be deemed an election by Landlord not to fund the shortfall. Any right to terminate this Lease pursuant to this Section 11 shall be exercisable by Tenant by delivering written notice thereof to
Landlord no later than ninety (90) days following the date of the Casualty; following Tenant’s delivery of such notice, this Lease shall terminate on the last day of the month immediately following the month in which Tenant delivered such
notice to Landlord. Notwithstanding any other provision of this Lease to the contrary (but subject to Tenant’s right to terminate this Lease pursuant to this Section 11), Tenant shall not be entitled to any abatement or other reduction of
Rent in connection with such event or the period during which Tenant or any occupants of the Property are unable to utilize the Property for their intended uses. 

12. Condemnation. 
 (a)
Taking. In the case of a complete or substantially complete taking of the Property, this Lease shall not terminate; and the award shall be split between Tenant and Landlord based on an appraised valuation of their respective interests in the
Property, with Tenant receiving the amount equal to the value of its interest in this Lease and the Improvements immediately prior to the taking, and with Landlord receiving the value of its remainder interest in the fee estate after the termination
of this Lease. Any balance owed to Leasehold Mortgagees is to be paid solely out of Tenant’s share. 
 (b) Partial Taking. In the
case of a partial taking, Tenant shall elect, in its sole discretion, to either restore the Improvements or construct such replacement Improvements, to the extent possible to effect the Redevelopment as contemplated by the Redevelopment Plans. Such
restoration or construction shall be made by Tenant within one hundred eighty (180) days after receipt of notice of a taking. In either such election, the award will first be used to pay the costs of such restoration, and the remainder will be
paid to Tenant to the extent, if any, of the diminution in the value of its leasehold interest resulting from the taking (if any, as reasonably determined by the Parties), and Landlord will receive an amount equal to its remainder interest in that
portion of the fee estate that was taken. Any Leasehold Mortgage will permit condemnation awards to be paid to Tenant and provide that Tenant has the sole and exclusive right to participate in the adjustment of any claims in connection therewith;
and any amount required to be paid to the Leasehold Mortgagees will come solely from Tenant’s share after such restoration or construction of the Property. 

(c) Temporary Taking. In the case of a temporary taking, this Lease will continue, Tenant will continue to pay all Rent; and Tenant will
receive and retain all awards for such temporary taking payable on account of the use and occupancy (or the displacement of Tenant’s use and occupancy) of the Property. 

13. Assignments and Subleases; Transfer by Landlord. 

(a) Transfers. Without the prior written consent of Landlord, which may be granted or withheld in Landlord’s sole discretion,
Tenant shall not, either involuntarily or voluntarily or by operation of law or otherwise, assign, mortgage, pledge, hypothecate, encumber or permit any lien to attach to, or directly or indirectly transfer this Lease or any interest herein, or

  
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sublet the Property or any part thereof, or permit the Property to be occupied by anyone other than Tenant or Tenant’s employees (each a “Transfer” and any person or entity
to whom a Transfer is made or sought to be made is referred to herein as a “Transferee”). A Transfer shall include, without limitation, any assignment that otherwise occurs by merger, consolidation, reorganization, transfer, or
other direct or indirect change in either the Control (as defined below) of Tenant or in the corporate, partnership, or proprietary structure of Tenant or any entity that has a direct or indirect interest in Tenant. Notwithstanding the foregoing,
however, a Transfer shall not include any direct or indirect change in either the Control or ownership of Apartment Investment and Management Company or Aimco OP L.P. Any Transfer in violation of the provisions of this
Section 13 shall be void and shall constitute an Event of Default (as hereinafter defined). 
 (b) Permitted
Transfers. Notwithstanding anything contained in this Section 13 to the contrary, Tenant may, without the consent of Landlord, (i) grant a collateral assignment and/or a leasehold mortgage or other security instrument to a mortgagee in
connection with a loan used to finance the Redevelopment of the Property, (ii) assign this Lease to an Affiliate of Tenant (which remains an Affiliate of Tenant following such Transfer), and (iii) cause the
lease-up of the Property in accordance with the Redevelopment Plans. As used herein, “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, Controls, is controlled by, or is under common Control with, the specified Person. For purposes of this Section 13, “Control” of a Person means (x) the direct or indirect ownership of
fifty percent (50%) or more of the equity interests in such Person or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting
securities or other interests, by contract or otherwise; and “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, a union, an
unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 
 (c) Sale of Leasehold
Interest. Notwithstanding anything contained in this Lease to the contrary, if, following the occurrence of a Termination Trigger, Tenant declines or otherwise fails to timely exercise its option (or does not otherwise have the option) to
terminate this Lease pursuant to Section 2(b) hereof, then, at any time thereafter during the Term of this Lease, Tenant shall have the right to sell and assign its interest under this Lease to a third party, subject to (i) Landlord’s
Lease Purchase ROFR (as defined below), and, (ii) to the extent Landlord does not exercise its Lease Purchase ROFR, (A) the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, and
(B) satisfaction of the following conditions: (1) the assignee is of a character and reputation and engaged in a business which is consistent with a multifamily residential property of the class and nature of the Property, (2) such
assignee shall have a tangible net worth, after giving effect to the sale, of not less than the greater of the net worth of Tenant as of the Commencement Date or the net worth of Tenant immediately prior to such sale, (3) the satisfaction by
Tenant of the conditions set forth in Section 13(d) and (4) the delivery to Landlord of documentation reasonably evidencing the satisfaction of the conditions set forth in this clause (ii) and any other documentation reasonably
requested by Landlord (such additional documentation to be delivered to Landlord within five (5) business days following Landlord’s request therefor). In the event Tenant desires to sell and assign its interest under this Lease pursuant to
this Section 13(c), Landlord shall have a right of first refusal to acquire such interest (the “Lease Purchase ROFR”). If Tenant receives an offer to so sell and assign its interest hereunder which Tenant is willing to accept
(a “Lease Purchase Offer”), Tenant shall, no 

  
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later than ninety (90) days prior to the date of the proposed sale and assignment of its leasehold interest, send Landlord a written notice (a “Lease Purchase ROFR Notice”)
detailing the material terms of the Lease Purchase Offer (including purchase price and closing date), upon receipt of which Landlord will have thirty (30) days to accept or reject such Lease Purchase Offer by delivering to Tenant written notice
of the same. If Landlord timely delivers a written notice to Tenant that it intends to exercise its Lease Purchase ROFR and proceed with the acquisition of Tenant’s interest in this Lease, Landlord will pay Tenant the purchase price set forth
in the Lease Purchase Offer, and the Parties will close on such Lease Purchase ROFR and this Lease will terminate. To the extent any closing mechanics applicable to the sale of Tenant’s interest in the Property are not set forth in the Lease
Purchase Offer, the Parties shall apply the closing mechanics set forth in Section 2(b)(vii). If Landlord expressly declines to exercise, or otherwise fails to timely exercise, its Lease Purchase ROFR, then Landlord shall, within thirty
(30) days thereafter, grant or refuse to grant its consent to Tenant’s request to assign its interest under this Lease to the third party making the Lease Purchase Offer; any failure of Landlord to timely grant its consent to such
assignment shall be deemed to be a refusal to grant consent. If Landlord so grants its consent to such assignment, then upon and subject to the satisfaction of the conditions set forth in clause (ii) above, Tenant may proceed with the transfer
of its interest in this Lease to the third party making the Lease Purchase Offer on the same terms as those set forth therein. If such conditions have not been satisfied and the transfer to such third party has not been consummated on all such
terms, in each case, within one hundred eighty (180) days of Landlord so declining (or having been deemed to so decline) to exercise its Lease Purchase ROFR, the Lease Purchase ROFR will be reinstated in accordance with the terms hereof. 

(d) Conditions for Assignment. For each permitted assignment of this Lease (including, without limitation, pursuant to
Section 13(c) above), Tenant shall comply with the following (provided that any transfer of Tenant’s interest in this Lease pursuant to the exercise of Landlord’s Lease Purchase ROFR will not require satisfaction of the conditions set
forth in clauses (i) through (iii) below): 
 (i) Tenant, at least twenty (20) days prior to the date or the effective date of
such assignment, whichever date shall first occur, shall furnish Landlord with the name and business address of the proposed Transferee and the contact information of the manager, general partner, officer or other representative of the proposed
Transferee; 
 (ii) at the time of the Transfer, there shall be no uncured default of Tenant (after the expiration of all applicable notice
and cure periods) under this Lease; 
 (iii) Transferee shall deliver to Landlord, within thirty (30) days after its date or effective
date, whichever date shall first occur, an executed copy of the assignment and assumption agreement whereby the Transferee (A) has agreed to assume all obligations of Tenant, including but not limited to those pertaining to Rent, thereafter
arising, and (B) has agreed to be bound by all of the covenants, agreements, obligations, terms, provisions and conditions of this Lease, thereafter arising, on the part of Tenant to be fulfilled, performed or observed; and 

  
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 (iv) in the event that Landlord’s fee interest in the Property is subordinated to the
secured interest of a Leasehold Mortgagee pursuant to a Leasehold Mortgage, then, on or prior to the date of any assignment or other Transfer of Tenant’s interest under this Lease, Tenant shall repay to each Leasehold Mortgagee all outstanding
indebtedness secured by any Leasehold Mortgage so as to cause the release and discharge of such Leasehold Mortgage as of such date. 
 (e)
Non-Release During Term. Notwithstanding anything herein to the contrary, in the event of any assignment of this Lease, Tenant shall not be released or discharged from any liability,
whether past, present or future, under this Lease (provided, that, an assignment to Landlord pursuant to Section 13(c) shall serve to release Tenant from any liability under this Lease first arising from and after the date of such assignment).

 14. Financing and Reporting. 

(a) Leasehold Mortgages. In connection with the Redevelopment of the Property, Tenant may from time to time grant one or more mortgages,
deeds of trust or other security interests in its leasehold estate under this Lease (a “Leasehold Mortgage”) and assign this Lease as security for such Leasehold Mortgage(s). Such Leasehold Mortgages and any foreclosure, sale or
other realization proceeding pursuant to any Leasehold Mortgage granted by Tenant and any deed or assignment in lieu thereof (“Realization Proceedings”) shall not require the consent of Landlord and shall not be subject to the
provisions of Section 13 hereof. No Leasehold Mortgage shall place or create any lien or encumbrance affecting Landlord’s interest in the Property or the Improvements. The holder of any Leasehold Mortgage (a “Leasehold
Mortgagee”) hereunder shall provide Landlord with notice of such Leasehold Mortgage together with a true copy of such Leasehold Mortgage and the name and address of such Leasehold Mortgagee (“Leasehold Mortgagee Address”).
Following receipt of such notice by Landlord, the provisions of this Section 14 shall apply in respect to such Leasehold Mortgage. Tenant shall promptly provide to Landlord copies of the note and other instruments secured by any Leasehold
Mortgage and any and all amendments to any such instruments as may be made from time to time. 
 (b) Consents. No amendment,
cancellation, surrender or material modification of this Lease shall be effective with respect to any Leasehold Mortgagee, its successors or assigns unless consented to in writing by such Leasehold Mortgagee. 

(c) Default Notice. Landlord shall provide to any Leasehold Mortgagee at the Leasehold Mortgagee Address a copy of any notice of default
or notice of termination given by Landlord to Tenant under this Lease and no such notice shall be effective until a copy has been provided to each Leasehold Mortgagee. After receipt or rejection of such notice, any Leasehold Mortgagee shall have the
same period as Tenant after receipt of such notice by Tenant to cure such default and Landlord shall accept such performance by or on behalf of any Leasehold Mortgagee as if done by Tenant. A Leasehold Mortgagee shall be entitled to exercise all the
rights of Tenant under this Lease. Notwithstanding the provisions of Section 16 of this Lease, if Landlord shall give to Tenant any notice of termination of this Lease, a copy shall be delivered to any Leasehold Mortgagee at the Leasehold
Mortgagee Address and such Leasehold Mortgagee shall have thirty (30) days from receipt of such notice to cure such default (including payment of any sums then due to Landlord under the Lease), or, if such default does not involve the payment
of any moneys to Landlord and is of such a nature that it cannot be completely cured within such thirty (30)-day period, to commence curing the same within such thirty (30) days and thereafter to
diligently pursue curing the same in good faith, and in any such event this Lease shall not terminate but shall continue in full force and effect. 

  
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 (d) Defaults. No Leasehold Mortgagee shall be required to cure any default predicated
on the bankruptcy, insolvency or similar condition of Tenant. No Leasehold Mortgagee shall be required to pay or discharge any lien on the Tenant’s leasehold estate that is junior in priority to the lien of such Leasehold Mortgage; provided
that such lien is not also a lien against Landlord’s interest in the Property. If any default or other obligation of Tenant under this Lease is not reasonably susceptible of being cured or performed by such Leasehold Mortgagee, the same shall
not constitute a basis for termination of this Lease (or a condition to entering into a New Lease (as hereinafter defined) as provided in clause (f) below), and this Lease shall continue in full force and effect; provided that such Leasehold
Mortgagee shall pay or cause to be paid all monetary sums required to be paid by Tenant under this Lease in accordance with the terms of this Lease and continue in good faith to perform all of Tenant’s other obligations under this Lease that
are reasonably susceptible of performance by the Leasehold Mortgagee, and, in addition, such Leasehold Mortgagee, if not enjoined or stayed, shall take steps to acquire or sell Tenant’s interest in this Lease by foreclosure or other Realization
Proceedings and prosecute the same to completion with reasonable diligence. 
 (e) Assignees. No Leasehold Mortgagee, as such, shall
be deemed an assignee or Transferee of this Lease so as to require such Leasehold Mortgagee, as such, to assume the performance of any obligations of Tenant hereunder; but the purchaser, assignee or other acquirer of the leasehold estate pursuant to
any Realization Proceedings shall be deemed an assignee or Transferee hereunder and shall be deemed to have agreed to perform all the obligations of the Tenant under this Lease from and after the date of such purchase or acquisition, but only so
long as such purchaser, assignee, or other acquirer is the owner of the leasehold estate; provided that any Leasehold Mortgagee shall, in connection with a Realization Proceeding, have the right to assign this Lease without the consent of Landlord
hereunder. 
 (f) New Lease. In the event this Lease is terminated due to the default of Tenant, or in connection with the bankruptcy
of any party hereto, or for any other reason, Landlord shall provide any Leasehold Mortgagee with written notice thereof and a statement of all defaults of Tenant then known to Landlord and any sums then due under this Lease or that would be due but
for such termination. Upon written request by any Leasehold Mortgagee to Landlord within thirty (30) days after the receipt of such notice, Landlord and such Leasehold Mortgagee or its designee (the “New Tenant”) shall enter
into a new lease (the “New Lease”) of the Property for the remainder of the term of this Lease, effective as of the date of termination, at the Rent and upon all the terms, covenants and conditions (including any options to renew,
but excluding any requirements that are no longer applicable or that have already been fulfilled) of this Lease provided: 
 (i)
Performance. Such Leasehold Mortgagee or the New Tenant shall pay or cause to be paid all sums due to Landlord at the time of execution and delivery of the New Lease regardless of such termination, and all reasonable expenses of Landlord,
including reasonable attorneys’ fees, charges and disbursements, incurred by Landlord in connection with the termination of this Lease and the preparation of the New Lease (less any net income actually realized by Landlord from the Property
from the date of termination to the date of the beginning of the New Lease); and such New Tenant shall agree to remedy any other defaults of Tenant of which such Leasehold Mortgagee has been notified by Landlord and which are reasonably susceptible
of being cured by the New Tenant. 

  
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 (ii) Priority. Any New Lease made pursuant to this Section shall be prior to any
mortgage or other lien, charge or encumbrance on the fee or leasehold title to the Property and the New Tenant shall have the same right, title and interest in and to the Property and the Improvements thereon as Tenant had under this Lease. Landlord
shall assign without warranty to the New Tenant any interest of Landlord in and to any subleases of all or any portion of the Property. 

(iii) New Lease Priority. If more than one Leasehold Mortgagee shall request a New Lease under this clause (g), Landlord shall enter
into a New Lease with the Leasehold Mortgagee or its designee whose mortgage is prior in right. Landlord may rely upon a mortgagee title insurance policy issued by a licensed title insurance company doing business in the county in which the Property
is located to determine the priority of any Leasehold Mortgage, without liability to Landlord. 
 (g) Financial Condition. Any
Leasehold Mortgagee, New Tenant or successor to Tenant’s interest under this Lease (or the parent of such Leasehold Mortgagee, New Tenant or successor) shall have a minimum net worth equal to or greater than $100,000,000. 

(h) Legal Proceedings. Landlord shall give notice to any Leasehold Mortgagee at the Leasehold Mortgagee Address of any arbitration or
legal proceeding between Landlord and Tenant involving obligations under this Lease. Any Leasehold Mortgagee shall have the right to intervene in any such proceedings and be made a party thereto. 

(i) No Merger. So long as any Leasehold Mortgage is in existence, unless all Leasehold Mortgagees consent in writing, the fee title to
the Property and the leasehold estate of Tenant under this Lease shall not merge but shall remain separate estates, notwithstanding that the fee title and such leasehold estates shall be acquired by the same party. 

(j) Bankruptcy. If, in any bankruptcy proceeding, (i) this Lease is rejected by Tenant or a trustee for Tenant, such rejection
shall, as between Landlord and any Leasehold Mortgagee, be deemed an assignment of this Lease to such Leasehold Mortgagee (in order of priority, if more than one) made with the consent of Landlord, unless such Leasehold Mortgagee shall reject such
deemed assignment by notice in writing to Landlord within 30 days after the later of the date of (A) such rejection or deemed rejection or (B) the approval of such rejection by the bankruptcy court; any such rejection shall not affect the
rights of any Leasehold Mortgagee under clause (g) hereof; (ii) this Lease is rejected by Landlord or its trustee, Tenant shall not have the right to treat this Lease as terminated except with the prior written consent of all Leasehold
Mortgagees; and (iii) if the Property is sold or proposed to be sold free and clear of the interest of Tenant under this Lease, each of Tenant and any Leasehold Mortgagees shall be entitled to notice thereof, to contest such sale and to
petition for adequate protection of its interest hereunder. 

  
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 (k) Further Assurances; Subordination. 

(i) If any Leasehold Mortgagee requires any modification of this Lease or of any subordination,
non-disturbance and attornment agreement or other document to be provided under this Lease, or if any such modification is necessary or appropriate to comply with rating agency requirements, then Landlord
shall, at Tenant’s or any Leasehold Mortgagee’s request, promptly execute and deliver to Tenant such instruments in recordable form effecting such modification as such Leasehold Mortgagee or rating agency shall require, provided that any
such modification does not modify the Rent or the Term, and does not otherwise materially adversely affect Landlord’s rights, materially increase Landlord’s obligations, or materially decrease Tenant’s obligations under this Lease. If
any prospective Leasehold Mortgagee requires any such modification, then Landlord shall execute and deliver such modification, in accordance with and to the extent required by this paragraph, and place such modification in escrow with
Landlord’s counsel. Landlord’s counsel shall release such modification upon the closing of such prospective Leasehold Mortgagee’s loan to Tenant. 

(ii) Upon the request of any Leasehold Mortgagee, Landlord will agree to subordinate its fee interest in the Property to such Leasehold
Mortgagee’s secured interest in the Property pursuant to the Leasehold Mortgage (and any renewal, consolidation, extension, modification or replacement thereof), except to the extent that any such instrument expressly provides that this Lease
is subordinate thereto. To the extent any Leasehold Mortgagee does not make such a request, Landlord shall have the right to subordinate or cause to be subordinated its interest in the Property to such Leasehold Mortgage. 

(iii) In the event that Landlord’s fee interest in the Property is subordinated to the secured interest of a Leasehold Mortgagee pursuant
to a Leasehold Mortgage, then, following the date on which Stabilization of the Property occurs, the amount of any indebtedness secured by such Leasehold Mortgage shall, as of such date, be amortized on a straight-line basis, such that all such
indebtedness will be repaid and such Leasehold Mortgage released and discharged on or prior to the Expiration Date. Tenant shall promptly execute and deliver any instruments or other documents which may be reasonably required by Landlord or the
Leasehold Mortgagee to effect the foregoing. In the event this Lease terminates prior to the Expiration Date, then on or prior to the date of such earlier termination, Tenant shall repay to the Leasehold Mortgagee all outstanding indebtedness
secured by the Leasehold Mortgage so as to cause the release and discharge of the Leasehold Mortgage as of such date. 
 (l)
Landlord’s Mortgages. Landlord shall not grant or create any mortgage, deed of trust or other lien or encumbrance (“Lien”) against Landlord’s interest in the Property or this Lease unless the
instrument granting or creating such Lien shall by its terms state that such Lien is subordinate to this Lease and to any New Lease created pursuant to clause (g) hereof. Landlord agrees that, in connection with any Lien existing as of the
Effective Date, it will use commercially reasonable efforts to cause any mortgagee or other holder of a security interest in the Property pursuant to such Lien to execute a subordination, non-disturbance and
attornment agreement on a form customarily used by and reasonably acceptable to such mortgagee or holder, subordinating such Lien to this Lease and providing that, if any mortgagee or other holder of any Lien described herein (or its designee)
succeeds to Landlord’s interest in the Property and this Lease upon a foreclosure of the Lien or other transfer of Landlord’s interest in the Property (including pursuant to a sale of the Property at a foreclosure sale), such successor
will attorn to the rights and interests of Tenant under this Lease. 

  
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 15. Indemnification. 

(a) Indemnification by Tenant. Except to the extent caused by the sole negligence, gross negligence or willful misconduct of any of the
Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and Landlord’s trustees, and their respective officers, managers, agents directors, employees, subsidiaries, affiliates, successors and assigns
(collectively, the “Indemnified Landlord Parties”) against all costs (including reasonable attorneys’ fees, charges and disbursements), damages, liabilities, losses, suits or claims (collectively, “Claims”),
for bodily or personal injury or property damage occurring during the Term on the Property caused by Tenant or its officers, managers, agents, directors, subsidiaries, affiliates, successors, assigns, invitees, visitors or contractors, and shall, at
its own expense, defend, indemnify and save harmless Landlord and the other Indemnified Landlord Parties against all Claims brought against Landlord and/or the other Indemnified Landlord Parties, for which Tenant is responsible for indemnification
hereunder, and if Tenant fails to do so, Landlord or any Indemnified Landlord Party (at its option, but without being obligated to do so) may, at the reasonable cost and expense to Tenant and upon notice to Tenant in the manner set forth in
Section 18, defend such Claims and Tenant shall pay and discharge any and all judgments, costs, liabilities, losses, and expenses, including reasonable attorneys’ fees, charges and disbursements, that arise therefrom. In no event shall
Tenant be liable to Landlord or any Indemnified Landlord Party under this Lease or at law or in equity for punitive damages. 
 (b)
Environmental Indemnity. Except to the extent caused by the sole negligence, gross negligence or willful misconduct of any of the Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and the other
Indemnified Landlord Parties against all loss, liability or expense relating to personal, property or economic injury arising from the presence of Hazardous Substances located in, on, or about the Property during the Term caused by Tenant or its
officers, managers, agents, directors, subsidiaries, affiliates, successors, assigns, visitors, indemnitees, or contractors. 
 (c)
General Indemnity Provisions. The indemnities in this Section 15 are intended to specifically cover actions brought by the indemnifying party’s own employees, and with respect to acts or omissions during the Term shall survive
termination or expiration of this Lease. Tenant shall promptly notify Landlord of casualties or accidents occurring in or about the Property or the release of Hazardous Substances or any notice received by Tenant from any Governmental Authority or
other third party with respect to the release of Hazardous Substances. If any action or proceeding is brought against any Indemnified Landlord Party or Indemnified Tenant Party (as defined below), as applicable, then the indemnifying party, upon
notice from the indemnified party, shall defend the claim at the indemnifying party’s expense with counsel reasonably satisfactory to the indemnified party. If any action, suit, or proceeding is brought against an indemnified party by reason of
any such occurrence, the indemnifying party shall use its best efforts to defend such action, suit, or proceeding. Notwithstanding any provision contained in this Lease, Tenant is not obligated to indemnify the Indemnified Landlord Parties against
any Claims arising from Known Existing Environmental Conditions. 

  
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 (d) Indemnification by Landlord. Landlord shall indemnify, defend and hold harmless
Tenant and its directors, officers, employees, agents, contractors and attorneys, and their respective successors and assigns (each, an “Indemnified Tenant Party”) from any and all Claims to the extent arising from (x) any
acts, intentional omissions, or gross negligence or willful misconduct of Landlord or any person claiming under Landlord, or the contractors, subcontractors, agents, employees, invitees, or visitors of Landlord or any such person, including, without
limitation, any and all Claims related to or connected with personal injury (including death of any person) or property damage; and (y) any breach, violation, or nonperformance by Landlord or any person claiming under Landlord or the employees,
agents, contractors, subcontractors, invitees, or visitors of Landlord or of any such person, of any term, covenant, or provision of this Lease or any Laws. 

(e) Survival. The terms and provisions of this Section 15 shall survive the expiration or earlier termination of this Lease. 

(f) Limitation of Liability. 

(i) Neither Landlord, Tenant nor their respective agents and employees shall be liable for any loss, injury, death, or damage (including
consequential damages) to persons, property, or the other party occasioned by theft, act of God, public enemy, injunction, riot, strike, labor disturbances, insurrection, war, act of terrorism, court order, third party suits which prevent or delay,
requisition, order of governmental body or authority, withdrawal of previously committed Governmental Approvals, grants or governmental funding support, the failure of any Governmental Authority to issue permits or approvals in a timely fashion,
fire, explosion, falling objects, steam, water, rain or snow, leak or flow of water, rain or snow from the Property or into the Property or from the roof, street, subsurface, or from any other place, or by dampness or from the breakage, leakage,
obstruction, or other defects of the pipes, sprinklers, wires, appliances, plumbing, air conditioning, or lighting fixtures of the Property, or from construction, repair, or alteration of the Property, or from any acts or omissions of any other
occupant or visitor of the Property, or from any other cause, except to the extent arising from the gross negligence or willful act or omission of the other party and such party’s owners, trustees, directors, officers, employees, agents,
contractors and attorneys, and their respective successors and assigns. 
 (ii) Notwithstanding anything contained herein to the contrary,
Tenant agrees that Landlord shall have no personal liability with respect to any of the provisions of this Lease and Tenant shall look solely to the estate and property of Landlord in the Property together with any rents or profits therefrom for the
satisfaction of Tenant’s remedies, including, without limitation, the collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Landlord in the event of any default or breach by
Landlord with respect to any of the terms and provisions of this Lease to be observed and/or performed by Landlord, and no other assets of Landlord, any of Landlord’s affiliates, subsidiaries, parents or any of each of their (including
Landlord’s) respective officers, directors, trustees, shareholders, partners and members shall be subject to levy, execution, or other judicial process for the satisfaction of Tenant’s claims and in the event Tenant obtains a judgment
against Landlord, the judgment docket shall be so noted. This Section shall inure to the benefit of Landlord’s successors and assigns. 

  
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 (iii) Notwithstanding anything contained herein to the contrary, Landlord agrees that
Tenant shall have no personal liability with respect to any of the provisions of this Lease and Landlord shall look solely to the estate and property of Tenant in the Property together with any rents or profits therefrom for the satisfaction of
Landlord’s remedies, including, without limitation, the collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Tenant in the event of any default or breach by Tenant with respect
to any of the terms and provisions of this Lease to be observed and/or performed by Tenant, and no other assets of Tenant and no other assets of Tenant, any of Tenant’s affiliates, subsidiaries, parents or any of each of their (including
Tenant’s) respective officers, directors, shareholders, partners and members shall be subject to levy, execution, or other judicial process for the satisfaction of Landlord’s claims and in the event Landlord obtains a judgment against
Tenant, the judgment docket shall be so noted. This Section shall inure to the benefit of Tenant’s successors and assigns. 
 (iv) To
the extent any Liabilities (as defined below) are not specifically allocated herein between the Parties, Tenant agrees to assume all such Liabilities in respect of the Property (including, without limitation, any Environmental Liabilities (as
defined below), but excluding any legal proceedings relating to the Property or Landlord’s interest therein), relating to, arising out of or resulting from the actions, inactions, events, omissions, conditions, facts or circumstances occurring
or existing prior to [Insert Date of Distribution] (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after such date). As used in this Section 15,
“Liabilities” means any and all liabilities and obligations, whether accrued, fixed or contingent, mature or inchoate, known or unknown, including those arising under any Law, demand, claim, action, suit, countersuit, litigation,
inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority, or any judgment of any Governmental Authority or any award of any arbitrator of any kind; and “Environmental
Liabilities” means all Liabilities relating to, arising out of or resulting from any Hazardous Materials, Hazardous Materials Laws or contract or agreement relating to environmental, health or safety matters (including all removal,
remediation or cleanup costs, investigatory costs, response costs, natural resources damages, property damages, personal injury damages, costs of compliance with any product take-back requirements or with any settlement, judgment or other
determination of Liability and indemnity, contribution or similar obligations) and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith. 

16. Tenant Defaults and Remedies. 

(a) Default. It shall be an event of default hereunder (an “Event of Default”) in the event: (i) Tenant shall at
any time fail to pay Rent or other monetary amounts herein required to be paid by Tenant and such failure shall continue for five (5) days after receipt by Tenant and any Leasehold Mortgagee of written notice thereof from Landlord or
(ii) Tenant shall fail to observe or perform any of the other covenants and agreements required to be performed and observed by Tenant hereunder and any such default shall continue for a period of thirty (30) days after receipt by Tenant
and any Leasehold Mortgagee of written notice thereof from Landlord (provided that if such default is by its nature not reasonably susceptible of being cured within such thirty (30) day period, such
30-day period shall be extended as necessary to provide Tenant the opportunity to cure the default, provided Tenant within said period commences and thereafter diligently proceeds to cure such default without
interruption until such cure is completed). 

  
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 (b) Remedies. In the event that an Event of Default has occurred that has not been
cured and is continuing, then Landlord may, at its option: 
 (i) bring suit for the collection of the Rent or other amounts for which
Tenant may be in default, or for the performance of any other covenant or agreement of Tenant hereunder, all without entering into possession of the Property or terminating this Lease; or 

(ii) in the case of an Event of Default with respect to a payment of Rent by Tenant to Landlord,
re-enter the Property with process of law and take possession thereof, without thereby terminating this Lease, and thereupon Landlord may expel all persons and remove all property therefrom, without becoming
liable therefor, and re-let the Property and receive the Rent therefrom, applying the same first to the payment of the reasonable expenses of such re-entry and then to
the payment of the Rent accruing hereunder, with the balance, if any, to be held by Landlord for application against future Rent due hereunder. In such event, Landlord shall be obligated to use commercially reasonable good faith efforts to mitigate
its damages. The commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment, or otherwise, or the appointment of a receiver, or any execution of any decree obtained in any action to recover possession of the
Property, or any re-entry, shall not be construed as an election to terminate this Lease and, unless this Lease be expressly terminated pursuant to clause (iii) below, such
re-entry or entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the
remainder of the Term of this Lease; or 
 (iii) in the case of an Event of Default with respect to a payment of Rent by Tenant to Landlord,
terminate this Lease, re-enter the Property and take possession thereof, provided, however, in no event may Landlord terminate this Lease unless Landlord has first provided Tenant and any Leasehold Mortgagee
with written notice of Landlord’s intent to terminate this Lease, and Tenant (or such Leasehold Mortgagee) fails to cure such Event of Default within thirty (30) days following receipt of such termination notice (provided that if such
material Event of Default is by its nature not reasonably susceptible of being cured within such additional thirty (30) day cure period, such period shall be extended as necessary to provide Tenant the opportunity to cure such Event of Default,
provided Tenant within said period commences and thereafter diligently proceeds to cure such material Event of Default without interruption until such cure is completed). In the event Landlord shall elect to terminate this Lease, all rights and
obligations of Tenant, and of any permitted successors or assigns, shall cease and terminate, except that Landlord shall have and retain full right to sue for and collect all Rent of which Tenant shall then be in default and all damages to Landlord
by reason of any such breach. In such event, Landlord shall be obligated to use commercially reasonable good faith efforts to mitigate its damages. Tenant shall surrender and deliver up the Property to Landlord and upon any Event of Default by
Tenant in so doing, Landlord shall have the right to recover possession by summary proceedings or otherwise and to apply for the appointment of a receiver and for other ancillary relief in such action, provided that Tenant and any Leasehold
Mortgagee shall have fifteen (15) days written notice after such application may have been filed and before any hearing thereon. In such event, Landlord shall again have and enjoy the Property, fully and completely, as if this Lease had never
been made. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future Laws in the event of Landlord’s obtaining possession of the Property by reason of the breach or violation by Tenant of any of
the covenants and conditions in this Lease contained; or 

  
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 (iv) in the case of an Event of Default other than with respect to the payment of Rent by
Tenant, to cure such Event of Default, and Tenant shall, within thirty (30) days after receipt of a statement thereof, together with reasonable supporting documentation evidencing the expenses incurred by Landlord, reimburse Landlord for any
amount reasonably incurred by Landlord to cure such Event of Default. Any sum not paid when due shall accrue interest thereafter at the rate equal to the Default Rate. In the event of an emergency or where necessary to prevent injury to persons or
damage to the Property, Landlord may cure any such Event of Default by Tenant prior to expiration of the cure period set forth above, with such notice to Tenant and any Leasehold Mortgagee as is appropriate under the circumstances. In the event
Tenant fails to pay Landlord any sum due pursuant to this Section 16(b)(iv) within such thirty (30) day period, Landlord, subject to compliance by Landlord with Section 16(b)(iii) hereof, shall have the same remedies as for non-payment of Rent; or 
 (v) Landlord may enforce its rights hereunder by claims for specific
performance and/or injunctive relief. 
 All remedies of Landlord herein created and remedies otherwise existing at law or in equity are
cumulative and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other, but in no event shall Landlord have the right to accelerate the payment of Rent hereunder. All such rights
and remedies may be exercised and enforced concurrently and whenever and as often as Landlord shall deem necessary. 
 17. Representations
and Warranties. 
 (a) Representations and Warranties of Tenant. Tenant represents and warrants to Landlord, as of the date of
this Lease and continuing until expiration or earlier termination of this Lease: 
 (i) Tenant is a duly organized and presently subsisting
Delaware limited liability company and is duly authorized to do business, and in good standing under, the laws of the state in which the Property is located. 

(ii) Tenant has the right, power, and authority to enter into this Lease and to consummate the transactions contemplated herein in accordance
with the terms and conditions hereof. 
 (iii) The parties executing this Lease on behalf of Tenant have all requisite authority to execute
this Lease, and this Lease, as executed, is a valid, legal, and binding obligation of Tenant. 
 (iv) Neither the execution and delivery of
this Lease, nor compliance with the terms and conditions of this Lease by Tenant, nor the consummation of the transactions contemplated herein, constitutes or, to the best of Tenant’s knowledge, will constitute a violation or breach any lease
or other instrument to which it is a party or to which Tenant is subject or by which it is bound. 

  
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 (v) The execution and delivery of this Lease by Tenant has been duly authorized by all
necessary company action on the part of Tenant, and no consent is necessary in connection therewith from any court or corporate or Governmental Authority having jurisdiction over Tenant or the subject matter of this Lease. 

(vi) To Tenant’s knowledge, there is no administrative agency action, litigation, condemnation or other governmental proceeding of any
kind pending against Tenant which would prohibit or materially affect the ability of Tenant to comply with the terms and conditions of this Lease or to consummate the transactions contemplated herein. 

(vii) Tenant is not insolvent. 

(b) Representations and Warranties of Landlord. Landlord represents and warrants to Tenant, as of the date of this Lease and continuing
until the expiration or earlier termination of this Lease: 
 (i) Landlord is a presently subsisting Delaware limited liability company and
is duly authorized to do business, and in good standing under, the laws of the state in which the Property is located. 
 (ii) Landlord has
the right, power, and authority to enter into this Lease and to consummate the transactions contemplated herein in accordance with the terms and conditions hereof. 

(iii) The parties executing this Lease on behalf of Landlord have all requisite authority to execute this Lease, and this Lease, as executed,
is a valid, legal, and binding obligation of Landlord. 
 (iv) Neither the execution and delivery of this Lease, nor compliance with the
terms and conditions of this Lease by Landlord, nor the consummation of the transactions contemplated herein, constitutes or, to Landlord’s actual knowledge, will constitute a violation or breach of any agreement or other instrument to which
Landlord is a party or by which it is bound. 
 (v) The execution and delivery of this Lease by Landlord has been duly authorized by all
necessary corporate action on the part of Landlord and no consent is necessary in connection therewith from any court or Governmental Authority having jurisdiction over Landlord or the subject matter of this Lease. 

(vi) Landlord is not insolvent. 

  
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 18. Notices. 

(a) Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a
“Notice”) required or permitted to be given hereunder shall be given in writing and shall be sent by (a) e-mail (provided that a hardcopy of such Notice is provided to the addressee
within one (1) business day following the transmittal of such e-mail in the manner hereinafter provided), and (b) one of the following: (i) registered or certified United States mail, postage
prepaid, return receipt requested, (ii) a reputable overnight courier that provides a receipt for delivery, or (iii) delivered by hand (against confirmation of delivery), to the Party to be so notified at its address (or e-mail address, if applicable) hereinafter set forth, or to such other address (or e-mail address, if applicable) and Person as may be designated from time to time by any
party hereto in the manner provided for in this Section. Any Notice shall be deemed to have been received: (A) on the date of sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on a
business day (otherwise on the next business day), (B) three (3) days after the date such Notice is mailed, (C) one business day after delivery to a reputable overnight courier service if delivered prior to 5:00 P.M. (Eastern Standard
Time) on a business day (otherwise on the next business day) and (D) on the date of delivery by hand if delivered prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day), in each case addressed to
the Parties as follows: 
 To Landlord: 

                       
              

                       
              

                       
              
 Attention: ______________ 

Telephone: ______________ 

Email: ______________ 
 To
Tenant: 

                       
              

                       
              

                       
              
 Attention: ______________ 

Telephone: ______________ 

Email: ______________ 
 (b)
Additional Provisions. A notice given by counsel for either Party shall be deemed a valid notice if addressed and sent in accordance with the provisions of this Section. Any Party may change the address (or
e-mail address, if applicable) or person to which any such Notices are to be delivered hereunder by furnishing five (5) business days’ prior written notice of such change to the other Parties in
accordance with the provisions of this Section. Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given,
or there is a rejection or refusal to accept any Notice offered for delivery. Each of the Parties hereto waives personal or any other service other than as provided for in this Section. Notwithstanding the foregoing, either Party hereto may give the
other Party facsimile or verbal notice of the need of emergency repairs. Notices requesting after hours services may be given by delivery to the Property Manager or any other person on the Property designated by Landlord to receive such notices. Any
statements to be delivered by Landlord hereunder and all rent bills may be delivered by Landlord via ordinary United States mail. 

  
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 19. Mechanic’s Liens. If any mechanic’s, laborer’s, or
materialman’s lien shall at any time be filed against the Property, the underlying fee or leasehold, or any part thereof with respect to the performance of any labor or the furnishing of any materials to, by or for Tenant or anyone claiming by,
for or under Tenant, Tenant, within thirty (30) days after notice of the filing thereof, shall cause the same to be discharged of record by payment, deposit, bond, order of a court of competent jurisdiction, or otherwise (all in accordance with
applicable Law). If Tenant fails to timely remove such lien, Landlord may do so at Tenant’s expense and Tenant shall reimburse Landlord within ten (10) days after demand, the amount so expended by Landlord to remove such lien together with
interest at the Default Rate from the date that funds were paid by Landlord. Nothing contained in this Section 19 shall prevent Tenant from challenging the claim made by the Person that filed such mechanic’s lien, provided that Tenant
discharges such mechanic’s lien in accordance herewith. Tenant shall not be required to discharge any lien that derives from any act or omission of Landlord. Upon the Expiration Date or any earlier termination of this Lease (excepting a
termination event whereby Tenant purchases the Property pursuant to Section 2(b)(iv) hereof), Tenant shall deliver to Landlord lien waivers from the applicable Development Professionals (and any subcontractors and suppliers, as applicable) with
respect to any work performed by them in connection with the Redevelopment. 
 20. Surrender. Upon the Expiration Date or any earlier
termination of this Lease (subject to any rights of Tenant to purchase the Property pursuant to Section 2(b)(iv) hereof), Tenant shall quit and peacefully surrender and deliver up the Property, including any Alterations or other Improvements
thereon, to the possession and use of Landlord, without delay, free of any outstanding notices of violation issued by any local municipality and in a clean and sightly condition, with all portions of the Improvements in good order and repair, with
exceptions for ordinary wear and tear and damage by casualty or condemnation (subject to Sections 11 and 12). Tenant shall assign to Landlord, upon written request from Landlord, without any additional consideration, all right, title and/or interest
of Tenant in and to all Third Party Rights, free and clear of all liens and encumbrances. 
 21. Brokers. Each of Landlord and Tenant
represents and warrants to the other that it has not had any dealings with any broker, agent, or finder relating to the transactions contemplated hereby, and each agrees to pay for any claim for brokerage commissions, compensation or fees by any
broker, agent, or finder in connection with this Lease, or any other transactions contemplated hereby resulting from the acts of such party (including any legal fees and costs incurred because of a claim for such fees). The provisions of this
Section 21 shall survive any expiration or earlier termination of this Lease. 
 22. Estoppel Certificates. Tenant shall, within
ten (10) business days after receipt of written request from Landlord (but not more than twice per calendar year), deliver to Landlord or any prospective mortgagee or purchaser of Landlord’s interest in the Property, without charge, a
certificate certifying that this Lease is in full force and effect, and whether it has been modified (and if there have been modifications, stating them), and whether or not Tenant knows of any default, breach or violation by Landlord under any of
the terms of this Lease, and such other matters as may reasonably be requested; and such other matters as may reasonably be requested by Landlord or such prospective mortgagee or purchaser. Landlord shall, within ten (10) business days after
receipt of written request from Tenant (but not more than twice per calendar year), deliver to Tenant or any prospective Leasehold Mortgagee or purchaser of Tenant’s interest in the 

  
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Property, without charge, a certificate certifying that this Lease is in full force and effect, and whether it has been modified (and if there have been modifications, stating them), and whether
or not Landlord knows of any default, breach or violation by Tenant under any of the terms of this Lease, and such other matters as may reasonably be requested by Tenant or any such prospective Leasehold Mortgagee or prospective purchaser. Any
estoppel certificate requested hereunder by a mortgagee of Landlord or a Leasehold Mortgagee shall be in such form as may be reasonably requested by the requesting mortgagee, and otherwise in conformance with the terms of this Section 22. 

23. Memorandum of Lease. Each of Landlord and Tenant covenant and agree that this Lease shall not be recorded. Upon request by either
Landlord or Tenant, the parties hereto shall execute a Memorandum of Lease in the form attached as Schedule 3 hereto (the “Memorandum of Lease”). The cost of recording such Memorandum of Lease shall be borne by Tenant;
provided, however, that any real property transfer or similar taxes (“Transfer Taxes”) arising from or in connection with a transfer of the Property between Tenant and Landlord (or their designees) will be shared fifty percent (50%)
by Landlord and fifty percent (50%) by Tenant, if any (it being agreed that Tenant and Landlord believe that no such Transfer Taxes will be due or payable). 

24. Landlord Covenants. 

(a) Quiet Enjoyment. Landlord covenants that as of the Commencement Date it will have good and marketable leasehold title to, the
Property; that Landlord shall have the full right to make this Lease and that so long as Tenant shall pay the Rent herein provided within the respective times provided therefor, and provided and so long as Tenant timely observes and performs all the
covenants, terms and conditions on Tenant’s part to be observed and performed under this Lease, Landlord covenants that Tenant shall peaceably and quietly hold and enjoy the Property for the term hereby demised without hindrance or interruption
by the Landlord or any other person or persons lawfully claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease. 

(b) Landlord’s Access. Landlord and its agents, contractors, and representatives
(“Landlord’s Agents”) shall be permitted to enter upon the Property upon not less than two (2) days prior written notice, during normal business hours, to examine the condition thereof (subject to the rights
of tenants and other occupants), provided that Landlord and Landlord’s Agents shall use commercially reasonable efforts to prevent any interruption of the conduct of business at the Property; and further provided that a representative of Tenant
may accompany Landlord and Landlord’s Agents on any such entry. In case of emergency, Landlord’s Agents may enter upon the Property with such prior notice to Tenant as is reasonable under the circumstances. 

25. Holdover. Should Tenant hold over in possession of the Property after the expiration of the Term, such holding over shall not be
deemed to extend the Term or renew this Lease. Landlord’s remedies shall be limited solely to the termination of Tenant’s holdover occupancy and the treatment of Tenant’s occupancy as a month to month tenancy at a rent equal to 125%
of the then fair market rent for the Property as reasonably determined by Landlord. In no event shall Tenant be liable to Landlord under this Lease or at law or in equity for special, consequential, or punitive damages or loss profits. 

  
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 26. Dispute Resolution. 

(a) Representatives. Each Party shall appoint a representative who shall be responsible for administering the dispute resolution
provisions in this Section 26 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as defined below) on behalf of the Party appointing such representative. 

(b) Arbitration. Any dispute, controversy or claim arising out of, in connection with, or in relation to the interpretation,
performance, nonperformance, enforceability, validity, termination or breach of this Lease, whether arising in contract or tort, between the Parties (each, a “Dispute” and, collectively, “Disputes”) shall first be
referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in the manner provided by Section 18 (a “Dispute Notice”). All documents, communications and
information disclosed in the course of such negotiations that are not otherwise independently discoverable shall not be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been
disclosed for settlement purposes. 
 (i) If, for any reason, a Dispute is not resolved in writing by the Appointed Representatives within
thirty (30) days of the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding arbitration administered by the
American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii) The seat of the arbitration shall be Denver, Colorado. 

(iii) The arbitration shall be conducted by three arbitrators. The claimant and respondent shall each appoint one arbitrator within thirty
(30) days of receipt by respondent of the demand for arbitration. The two arbitrators so appointed shall appoint the third and presiding arbitrator (the “Chairperson”) within thirty (30) days of the appointment of the
second arbitrator. If any Party fails to appoint an arbitrator, or if the two Party-appointed arbitrators fail to appoint the Chairperson within the time periods specified herein, then any such arbitrator shall, upon any Party’s request, be
appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section shall be neutral and impartial and shall not be affiliated with or an interested person of any Party; further, any arbitrator appointed by AAA
shall be a retired judge or a practicing attorney with no less than fifteen (15) years of experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

(iv) By electing to proceed under the AAA Rules, the Parties confirm that any dispute, claim or controversy concerning the arbitrability of a
Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Lease is bound to arbitrate, or as to the existence, scope, validity interpretation or enforceability of the
Parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 

  
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 (v) Each Party shall submit its claims according to the timetable established by the
arbitral tribunal. With respect to each claim advanced in the arbitration and/or any claim under the indemnification provisions of Section 15, each side’s submissions shall specify the proposed determination or resolution that it contends
the arbitral tribunal should make (and, if applicable, any monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed Award, if applicable, may be expressed as
“zero.” As to each claim for monetary relief, each side’s Proposed Award shall also state whether pre- or post-award interest should be awarded, and if so, at what interest rate, and the date
from which such interest (if any) should be calculated. 
 (vi) There shall be only two Proposed Awards (one for each side of the claim).
Where there are more than two parties to the arbitration, the arbitral tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed Awards, in every instance to
ensure a proper alignment of parties with respect to each such claim. 
 (vii) In rendering the award or otherwise making any determination
or resolution, the Chairperson shall be limited to choosing, without modification, the Proposed Award of one of the sides, according to its determination of which Proposed Award most comports with its assessment of the case. Insofar as monetary
relief is claimed, the arbitral tribunal shall not award any monetary relief of any kind except as set forth in this Section 26, provided that this will not limit the power of the arbitral tribunal: (1) to award relief per paragraph
(viii) hereof; (2) to apply any statute of limitation that it determines is applicable to any claim; (3) to dismiss or exclude any claim that it determines is: (A) precluded by any part of this Lease, and/or (B) beyond the scope
of this Section 26; (4) to receive and determine dispositive motions in accordance with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 

(viii) In addition to monetary relief, and/or the making of any other determination or resolution that is primarily at issue in the Dispute,
the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this Lease, provided that a claim under the indemnification provisions of
Section 15 shall at all times be governed by the procedures set forth in paragraphs (v) through (vii) above. 
 (ix) The arbitral
tribunal shall award the prevailing Party its attorneys’ fees and costs reasonably incurred in the arbitration, including the prevailing Party’s share of the arbitrator fees and AAA administrative costs. 

(x) The Parties intend that this agreement to arbitrate shall be valid, enforceable and irrevocable, and any determination, resolution and/or
award made or rendered by the arbitration tribunal shall be final and binding on the Parties. The Parties agree to comply with any award made in any such arbitration proceedings. Judgment upon any award may be entered in any court of competent
jurisdiction, including any court having jurisdiction over any party or any of its assets. 
 (xi) By agreeing to arbitration, the Parties
do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and
the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the Parties to request
that any court 

  
 40 

 
modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. In any
such action brought in court for such provisional remedies or enforcement of any award, each of the Parties irrevocably and unconditionally (A) consents and submits to the non-exclusive jurisdiction and
venue of the Courts of the State of Colorado and the Federal Courts of the United States of America located within the State of Colorado (the “Colorado Courts”); (B) waives, to the fullest extent it may effectively do so, any
objection, including any objection to the laying of venue or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the
bringing of any such action or proceeding in any Colorado Court; (C) consents to service of process in the manner provided by Section 18 or in any other manner permitted by Law; and (D) WAIVES ANY RIGHT TO TRIAL BY JURY. 

(xii) This arbitration, and all prior, subsequent or concurrent judicial proceedings related thereto and permitted herein, shall be conducted
pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The Parties intend that the arbitration tribunal shall apply the substantive Laws of the State of Delaware to any Dispute hereunder, without regard to any choice of law
principles thereof that would mandate the application of the Laws of another jurisdiction. 
 (xiii) In order to facilitate the
comprehensive resolution of related disputes, all claims between the Parties that arise under or in connection with this Lease may be brought in a single arbitration. Upon the request of any Party constituted under this Lease, the arbitral tribunal
shall consolidate such arbitration proceeding with any other arbitration proceeding relating to this Lease, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a consolidated proceeding
would be more efficient than separate proceedings, and (B) no Party would be unduly prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitral tribunal
constituted hereunder and another arbitral tribunal constituted under this Lease, the ruling of the arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any consolidated arbitration.

 (xiv) In the event of a Dispute, each Party shall continue to perform its obligations under this Lease in good faith during the
resolution of such Dispute as if such Dispute had not arisen, unless and until this Lease is terminated in accordance with the provisions hereof. 

(xv) Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to disclose to any third party (A) the
existence or status of the arbitration, (B) all information made known and documents produced in the arbitration not otherwise in the public domain, and (C) all awards arising from the arbitration, except and to the extent that disclosure
is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the Party making such disclosure shall produce only those materials and information that are necessary and shall take reasonable steps to
safeguard the confidentiality of the materials and information. 

  
 41 

 (c) Binding Agreement. The Parties agree that the provisions of this Section 26
bind themselves and their Affiliates, and further agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of this Section 26. 

27. Miscellaneous. 
 (a)
Waiver. No delay or failure of Landlord or Tenant in exercising any right, power, or privilege, nor any single or partial exercise thereof or abandonment or discontinuance of steps to enforce such a right, power, or privilege, shall preclude
any further exercise thereof. Any waiver, permit, consent, or approval of any kind or character on the part of either party of any breach or default under this Lease, or any waiver of any provision or condition of this Lease, must be in writing and
shall be effective only to the extent specifically set forth in such writing. 
 (b) Severability. Wherever possible, each provision
of this Lease shall be interpreted in such manner as to be effective and valid under applicable Law. However, if any provision of this Lease is held to be illegal, invalid or unenforceable under present or future Laws, such provisions shall be fully
severable, this Lease shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of the contract, and the remaining provisions of this Lease shall remain in full force and effect and shall not
be affected by the illegal, invalid or unenforceable provision or by its severance from this Lease. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Lease, a provision as
similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid or enforceable. 
 (c)
Modifications. No modification, amendment, or waiver of any provision of this Lease will be effective unless the same is in writing and signed, and then such modification, amendment, or waiver or consent shall be effective only in the
specific instance and for the purpose for which given. 
 (d) Binding Effect. This Lease shall be binding upon and shall inure to the
benefit of the Parties hereto and their respective permitted successors and assigns. 
 (e) Entire Agreement. This Lease, including
the exhibits, schedules, documents and instruments attached hereto, constitutes the entire agreement among the Parties hereto and supersedes any and all prior agreements, understandings, letters of intent, negotiations and discussions, whether
written or oral, of the Parties with respect to the subject matter of this Lease. 
 (f) Counterparts. This Lease may be executed in
any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument binding on all Parties hereto. The Parties hereto irrevocably and unreservedly agree that this Lease may be
executed by way of electronic signatures (including, but not limited to, by way of electronic signatures generated by “DocuSign,” “Adobe Sign” or similar programs or replacements thereto) and delivered by electronic transmission.
The delivery by electronic means shall constitute effective execution and delivery hereof, and neither this Lease, nor any part or provision of this Lease, shall be challenged or denied any legal effect, validity and/or enforceability solely on the
grounds that it is in the form of an electronic record. 

  
 42 

 (g) Expenses. Except as otherwise set forth herein, whether or not the transactions
contemplated by this Lease shall be consummated, all fees and expenses (including, without limitation, attorneys’ fees, charges and disbursements) incurred by any Party hereto in connection with drafting and negotiating the terms of this Lease
shall be borne by such Party. 
 (h) Interpretation. In this Lease, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; the word “or” shall be deemed to include “and/or”; the words “including,” “includes” and “include” shall be deemed to be followed by the words
“without limitation”; references to articles, sections, paragraphs (or subdivisions of sections or paragraphs), or exhibits are to those of this Lease unless otherwise indicated; and references to agreements and other contractual
instruments shall be deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Lease. Caption and paragraph
headings in this Lease are included for convenience of reference only and shall not constitute a part of this Lease for any other purpose. Exhibits to this Lease (including exhibits and schedules to such exhibits), are incorporated into and made a
part of this Lease. 
 (i) No Third-Party Beneficiaries. Except as otherwise set forth herein, this Lease is not intended to, and
shall not, confer upon any person other than the parties hereto any rights or remedies hereunder, and no person shall have any right to enforce any rights, duties, or obligations of the parties hereunder other than the parties hereto. 

(j) Governing Law and Jurisdiction. This Lease shall be deemed to be made in the state in which the Property is located. THIS LEASE WILL
BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. The Parties hereby irrevocably consent to the exclusive
jurisdiction of any state or federal court seated in the state in which the Property is located. The Parties agree that the venue provided above is the most convenient forum. 

(k) WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHT TO
TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT IN ANY ACTION, PROCEEDING AND/OR HEARING BROUGHT BY EITHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH, THIS LEASE, AND ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR ARISING FROM ANY RELATIONSHIP OF THE PARTIES IN CONNECTION WITH THE FOREGOING, OR ANY CLAIM OF INJURY OR DAMAGE, OR THE ENFORCEMENT OF ANY
REMEDY UNDER ANY LAW, STATUTE OR REGULATION, EMERGENCY OR OTHERWISE, NOW OR HEREAFTER IN EFFECT. 
 (l) Time of the Essence; Business
Days. Time is of the essence of the obligations of the Parties hereto. As used herein, “business day” or “Business Day” shall mean any day of the week other than Saturday, Sunday or a day on which banking
institutions in the city and state in which the Property is located are obligated or authorized by law or executive action to be closed to the transaction of normal banking business. 

  
 43 

 (m) Force Majeure. In the event that the Landlord or Tenant shall be delayed or
hindered in or prevented from doing or performing any act or thing required hereunder (but not because of insolvency, lack of funds, or other financial causes) by reason of any acts of God, governmental restriction, strikes, labor disturbances,
shortages of materials or supplies, third party suits which delay or prevent, withdrawal of previously committed governmental grants or governmental funding support (provided such delay, prevention, or withdrawal is not due to the acts or omissions
of the party claiming force majeure), the failure of any Governmental Authority to issue permits or approvals in a timely fashion (provided the party claiming force majeure has made application and is diligently pursuing approval of the same) or any
third-party appeals or contests with respect to any permits or approvals that have been initiated or supported by Landlord, any epidemic or pandemic, any governmentally required closure resulting from any force majeure event, acts of war or
terrorism, during the initial construction of the Improvements, any occurrence that is deemed a force majeure under the Development Agreement (as such force majeure provision is reasonably approved by Landlord) or acts or failures to act by the
other parties hereto in breach of such party’s obligations (collectively referred to in this Lease as “force majeure” or “Force Majeure”), then such party shall not be liable or responsible for any such delays,
and the doing or performing of such act or thing shall be excused for the period during which such performance is rendered impossible due to the force majeure, and the time for performance shall be extended accordingly; provided, however, that
(i) such party shall, within thirty (30) days after the beginning of any such delay, have first notified the other party in writing of the cause(s) thereof and requested an extension, and (ii) such party must diligently seek removal
or avoidance of the hindrance, and (iii) even though the time for performance may be extended as provided in this Section 27(m), the parties shall remain bound by the other terms, covenants, and agreements of this Lease. 

(n) Intentionally Omitted. 

(o) Tax Treatment. The Parties agree that this Lease is intended to be treated as a true lease for U.S. federal income tax purposes and
will not take any position inconsistent with such treatment. 
 (p) REIT Protections. 

(i) Tenant understands that certain owners of interests in Landlord (each, a “Landlord Parent REIT”) have elected to be
classified real estate investment trusts and, as a result, must comply with certain requirements (the “REIT Requirements”), including, without limitation, the provisions of Sections 856 through 860 of the Internal Revenue Code of
1986, as amended (the “Code”). Accordingly, Tenant agrees, and agrees to cause its affiliates and any other parties subject to its control by ownership or contract, upon request of Landlord and at the expense of Landlord, to use its
commercially reasonable efforts and cooperate in good faith with Landlord to take actions to ensure that the REIT Requirements are satisfied, provided, however, that Tenant shall not be required to take any actions under this Section 27(p) that
would have a material adverse effect on Tenant. Tenant shall notify, and cause its affiliates to notify, Landlord immediately after Tenant or its affiliates becomes aware of any occurrence that could have a material impact on Landlord’s
compliance with the REIT Requirements. 

  
 44 

 (ii) In the event that counsel or independent accountants for any Landlord Parent REIT
determine that there exists a material risk that any amounts due to Landlord hereunder would be treated as gross income not described in Section 856(c)(2) or 856(c)(3) of the Code (“Nonqualifying Income”), the amount paid to
Landlord pursuant to this Lease in any tax year may not exceed the maximum amount that can be paid to Landlord in such year without causing such Landlord Parent REIT to fail to meet the REIT Requirements for such year, determined as if the payment
of such amount were Nonqualifying Income. If the amount payable for any tax year under the preceding sentence is less than the amount that Tenant would otherwise be obligated to pay to Landlord pursuant to this Lease (the “Excess
Amount”), then Tenant shall place the Excess Amount in escrow and shall not release any portion thereof to Landlord, and Landlord shall not be entitled to any such amount, unless and until Landlord delivers to Tenant, at the sole option of
the applicable Landlord Parent REIT, (A) notice that it has received advice of such Landlord Parent REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (B) a letter
from the independent accountants of such Landlord Parent REIT indicating the maximum amount that can be paid at that time to Landlord without causing such Landlord Parent REIT to fail to meet the REIT Requirements for any relevant taxable year, in
which case such maximum amount shall be paid to Landlord, or (C) a private letter ruling issued by the Internal Revenue Service to the applicable Landlord Parent REIT indicating that the receipt of any Excess Amount hereunder would not cause
such Landlord Parent REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall terminate five years from the original date such amount would have been payable without regard
to this provision and Landlord shall have no further right to receive any such amount. 
 (iii) Tenant covenants and agrees that, to further
compliance with the REIT Requirements, anything contained in this Lease to the contrary notwithstanding: (A) no assignment of this Lease, subletting of the Property, change in control of Tenant, sale of substantially all of the assets of
Tenant, or other transfer (each, a “Lease Transfer”) shall be consummated on any basis such that the rental or other amounts to be paid by the transferee thereunder would be based, in whole or in part, on the income or profits of
any person; (B) Tenant shall not consummate a Lease Transfer with any person in which Landlord or any entity owning a direct or indirect interest in Landlord owns an interest, directly or indirectly (by applying constructive ownership rules set
forth in Section 856(d)(5) of the Code); and (C) Tenant shall not consummate a Lease Transfer with any person or in any manner which could cause any portion of the amounts received by Landlord pursuant to this Lease or any occupancy
arrangement to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto or which could cause any other income of Landlord to fail to qualify as
income described in Section 856(c)(2) of the Code. 
 [Remainder of Page Intentionally Blank] 

  
 45 

 IN WITNESS WHEREOF, the Parties have executed this Lease as of the day and year first set
forth above. 
  

			
	LANDLORD
	
	AIMCO 50 ROGERS STREET, LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title:
	
	TENANT
	
	PRISM LESSEE, LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title:
		 	

 [Signature Page to Master Lease Agreement]

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