Document:

10.1 Indendent Contractor Agmt (1)

EXECUTION VERSION

INDEPENDENT CONTRACTOR AGREEMENT

THIS INDEPENDENT CONTRACTOR AGREEMENT (“Agreement”) is made and entered into effective as of the 12th day of May, 2014 (the “Effective Date”), by and between Homeland Energy Solutions, LLC (“HES”) and Walter W. Wendland (“Wendland”).

W I T N E S S E T H:

WHEREAS, Wendland has experience in the ethanol industry and currently serves as HES’s President and Chief Executive Officer; and

WHEREAS, HES desires to retain Wendland on a part-time basis and Wendland desires to be retained by HES on a part-time basis; and

WHEREAS, Wendland, as a result of such retention will become familiar with all aspects of HES, including but not limited to, the activities, agents, employees, independent contractors, members, loan applicants, loan recipients, co-signors for loan recipients, vendors, technology, software, procedures, processes, inventions, marketing materials and strategies, trade secrets and other information of a sensitive and confidential nature (“Confidential Information”); and
WHEREAS, Wendland, as a result of such retention may create, produce or contribute to inventions and the development of intellectual property on behalf of HES; and
WHEREAS, HES desires to protect its Confidential Information and inventions and intellectual property from disclosure or improper use by Wendland.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.    Duties.  HES hereby retains Wendland on a part-time basis and Wendland hereby agrees to be retained upon the terms and conditions set forth in this Agreement.  Wendland shall report to HES’s Board of Directors (the “Board”).  Wendland shall be responsible for performing the duties delegated to him by the Board, which duties may be periodically communicated to Wendland in a written document approved by the Board or the executive committee of the Board.  The Board or executive committee of the Board may adjust these responsibilities from time to time in its discretion.  HES and Wendland expect that Wendland will provide approximately twenty (20) hours per week of service to HES, which shall be review by HES on a monthly basis.  Wendland shall provide a written account of the hours he is devoting to HES on a weekly basis.  Wendland may be flexible in the hours he spends on behalf of HES such that if he provides in excess of twenty (20) hours in one week, he may provide less hours in subsequent weeks so he continues to provide the half-time performance anticipated by this Agreement.  

2.    Term and Termination.  Wendland’s retention by HES under this Agreement shall commence on the Effective Date of this Agreement and shall continue thereafter until December 31, 2014, unless this Agreement is earlier terminated as provided in this Agreement.  This Agreement will be automatically extended on a month to month basis unless either party provides written notice not less than thirty (30) days prior to December 31, 2014.  This Agreement shall terminate upon the death or permanent mental or physical disability of Wendland, if such disability materially impacts his ability to perform his duties hereunder.  HES reserves the right to terminate this Agreement immediately upon Wendland’s default, as provided in section 9, for failing to provide the services or information as outlined in this Agreement, or without cause at any time upon thirty (30) days prior written notice.  All of Wendland’s right to compensation hereunder shall terminate upon the date this Agreement terminates except that any compensation that has accrued prior to the termination date shall still be paid to Wendland. 

3.    Compensation.  For services rendered by Wendland to HES hereunder, Wendland shall be paid a gross sum of Ten Thousand Eight Hundred Fifty and 00/100 dollars ($10,850.00) per month, from which HES shall deduct certain standard employee withholdings as set forth in paragraph 10 below.  Notwithstanding the foregoing withholdings, Wendland is ultimately responsible for all tax payments due as a result of the gross compensation set forth above.  Wendland shall not be entitled to participate in HES’s employee benefits including health insurance, dental insurance, IRA, etc.  In addition, Wendland’s prior granted executive compensation bonus of Thirty Thousand Five Hundred Sixty-Two and 86/100 dollars ($30,562.86) shall continue to vest according to the terms of HES’s Executive Bonus Compensation Plan effective January 1, 2011 (the “Bonus Plan”).  Further, Wendland shall be entitled to continue to participate in HES’s Bonus Plan, on the same terms and conditions as if he were a “Shared Manager” as that term is defined in the Bonus Plan.

4.    Status Reports.  Wendland shall provide the Board weekly written status reports.  In addition, Wendland shall return his HES credit card and shall instead seek reimbursement for all business related expenses he incurs on behalf of HES.  Wendland shall submit his requests for reimbursement for expenses incurred on behalf of HES no less than fifteen (15) days following the last day of the month in which the expenses were incurred.

5.    Covenant Not to Disclose.  During Wendland’s retention by HES and after such relationship terminates, Wendland shall not, directly or indirectly divulge, communicate, use or disclose, or permit others to use or disclose, any nonpublic information concerning HES or HES’s business, including, but not limited to, its activities, agents, employees, independent contractors, members, loan applicants, loan recipients, co-signors for loan recipients, vendors, technology, software, procedures, processes, inventions, marketing materials and strategies, trade secrets and other information of a sensitive and confidential nature (“Confidential Information”); and upon request by HES, shall return to HES all materials, documents and any other Confidential Information as requested by HES.

6.    Ownership of Inventions.  Wendland acknowledges and agrees that any and all inventions devised on behalf of HES or other intellectual property developed on behalf of HES, through any of its agents or contractors, belong to HES.  Wendland agrees that all rights to inventions devised or developed on behalf of HES belong to and are the sole and exclusive property of HES.  If for any reason any work created by Wendland would not be considered a work made for hire under applicable law, Wendland agrees to the following:

Wendland does hereby sell, assign, and transfer to HES, its successors and assigns, the entire right, title and interest in and to the copyright and any registrations and copyright applications relating thereto and any renewals and extensions thereof, and in and to all works based upon, derived from or incorporating any inventions or other intellectual property created by or contributed to HES by Wendland, and in and to all income, royalties, damages, claims and payments now or hereafter due or payable with respect thereto, and in and to all causes of action, either in law or in equity for past, present, or future infringement based on the copyrights, and in and to all rights corresponding to the foregoing throughout the world.  

Wendland agrees to execute all papers and to perform such other proper acts as HES may deem necessary to secure for HES or its designee the rights herein assigned.  Wendland further agrees to provide such non-financial assistance as necessary for prosecuting patent applications anywhere in the world.

7.    Compliance with All Laws - Wendland’s Sole Responsibility.  Wendland agrees that he has sole responsibility for complying with all federal, state and local statutes, ordinances, regulations, Executive Orders and standards, except that Wendland is permitted to rely on advice of HES agents and counsel without any further duty or obligation to independently investigate.  

8.    Indemnification.  HES agrees that for so long as Wendland continues to act as HES’s President and Chief Executive Officer, the indemnification obligations included in HES’s Amended and Restated Operating Agreement dated April 4, 2013, as amended (the “Operating Agreement”) continue to apply to Wendland.  Further, HES has certain insurance coverage for directors and officers as well as employment practices insurance which provide coverage to Wendland, as limited by the policy language.  In addition, Wendland agrees to indemnify and hold HES harmless from all claims or demands brought under any laws, rules, and regulations by any person or entity, arising 

out of Wendland’s actions or omissions in performing his duties pursuant to this Agreement which fall outside of HES’s obligation to indemnify Wendland pursuant to the Operating Agreement in its current form because Wendland failed to meet the applicable standard of conduct to trigger such indemnification.  

9.    Default.  Neither party shall be deemed to be in default unless, after written notice, the matter complained of remains uncured for a period of ten (10) consecutive calendar days.  Written notices shall be addressed to the following:
To HES:

Homeland Energy Solutions, LLC
Attn: Chief Financial Officer
2779 Hwy 24
Lawler, Iowa 52154

With Copy To:

BrownWinick
Attn: Joe Leo
666 Grand Avenue, Suite 2000
Des Moines, Iowa 50309

To Wendland:

Walt Wendland 
2260 Country Club Drive
Mason City, Iowa 50401

With Copy To:

Joe Yunek Law Firm
Attn: Joe Yunek
P.O. Box 270
Mason City, Iowa 50402-0270
        
10.    Relationship of the Parties.  The relationship created by this Agreement is that of independent contractor only and nothing contained herein is intended or shall be construed as creating any partnership, agency, employer-employee or other relationship.  While it is the intention of the parties that this relationship and Agreement represents an independent contractor arrangement, for the convenience of the parties, HES shall withhold state and Federal income taxes and FICA (Social Security and Medicare) from the amounts paid to Wendland pursuant to this Agreement.  No amounts shall be withheld from Wendland’s compensation related to any of HES’s employee benefits to which Wendland is not entitled, including health insurance, dental insurance, IRA, etc.  Nothing herein should be construed to limit Wendland’s abilities to provide services to parties besides HES as long as the services do not otherwise violate Wendland’s obligations under sections 5 and 6 of this Agreement.

11.    Governing Law.  This Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of Iowa.

12.    Further Acts.  The parties hereto agree to perform such other acts that may be required to carry out the terms of this Agreement.

13.    Binding Effect.  This Agreement shall be binding upon the heirs, successors, legal representatives and assigns of the parties hereto, all of whom, regardless of the number of intervening transfers, shall be bound in the same manner as the parties hereto.

14.    Assignment; Benefit.  This Agreement shall not be assigned by any party hereto except upon the written consent of the other party.  Nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies under or by reason of this Agreement.

15.    Amendment.  This Agreement sets forth the entire understanding of the parties and may not be amended, altered or modified except by written agreement between the parties.

16.    Waiver.  Any waiver of any of the terms and/or conditions of this Agreement by any party shall not be construed to be a general waiver of such terms and/or conditions by such party, and party shall be free to reinstate any such terms and/or conditions, with or without notice to the other parties. 

17.    Captions.  The captions herein are inserted for convenience of reference only and shall be ignored in the construction or interpretation hereof.

18.    Enforcement.  The necessity of protection against disclosure in violation of section 5 by Wendland and the nature and scope of such protection has been carefully considered by the parties hereto.  The parties agree and acknowledge that the nature and scope of the covenant not to disclose in this Agreement is fair, reasonable and necessary, that adequate compensation has been received by Wendland for such obligations, and that these obligations do not prevent Wendland from earning a livelihood.  If, however, any court determines that any of the restrictions are not reasonable, the parties hereby give the court the right and power to interpret, alter, amend or modify any of the terms contained herein as will render such restrictions enforceable.  If either party seeks to enforce any provision of this Agreement in light of a violation by the other party, the prevailing party shall be entitled to reimbursement for costs and reasonable attorney fees from the other party.  An enforcement action may include seeking injunctive relief and/or monetary damages.  Any decision by any party not to enforce any provision of this Agreement shall not be deemed a waiver.    

19.    Integration.  This Agreement contains the entire understanding of the parties with respect to the subject of this Agreement and all prior agreements, understandings, representations and statements, oral or written, are merged into this Agreement.  Neither this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument in writing signed by the party against which the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.

20.    Review By Counsel.  The parties hereto acknowledge and agree that this Agreement was drafted by the law firm of Brown, Winick, Graves, Gross, Baskerville & Schoenebaum, P.L.C. as legal counsel to HES, and not as legal counsel to Wendland.  Wendland further acknowledges and agree that he has been advised by such law firm that he may wish to seek the advice of independent legal counsel to represent and protect his individual interests prior to and in connection with the execution of this Agreement.  Finally, the parties acknowledge and agree that they have carefully reviewed this Agreement and are executing the same with full knowledge of its legal significance and effect.

IN WITNESS WHEREOF, each party hereto has executed this Agreement effective as of the date first above written.

	
			
	HOMELAND ENERGY SOLUTIONS, LLC:    
	 
	WENDLAND:

	 
	 
	 

	By: /s/ Patrick Boyle
	 
	/s/ Walter Wendland

	Patrick Boyle, ChairmanEX-10.6

 Exhibit 10.6 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

FIFTH AMENDMENT, dated as of January 22, 2014 (this “Agreement”), to the Credit Agreement (as heretofore amended,
amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), dated as of March 7, 2013, among LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, LP, a Virginia limited
partnership (the “Borrower”), LANDMARK APARTMENT TRUST OF AMERICA, INC., a Maryland corporation (the “REIT”) and the other GUARANTORS from time to time party thereto, each lender from time to time party hereto
(collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any successor administrative agent, the “Administrative
Agent”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 

WHEREAS, the Borrower has informed the Administrative Agent that it wishes to incur certain Indebtedness in an aggregate amount not to exceed
$10,000,000 under a Line of Credit provided by Bank Hapoalim B.M., which Indebtedness will be guaranteed by the REIT and secured by a Lien on Equity Interests of certain other Loan Parties and cash collateral of up to $2,500,000 maintained in a bank
account established with Bank Hapoalim B.M.; and 
 WHEREAS, the Required Lenders are willing, subject to the terms and conditions set forth
herein, to permit the incurrence of such Indebtedness and the granting of such Liens. 
 NOW THEREFORE, subject to all of the terms and
conditions set forth herein, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Amendments to Credit Agreement. 

1.1 Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in the appropriate alphabetical
location: 
 “Bank Hapoalim” means Bank Hapoalim B.M. 

“BHI Cash Collateral” means cash described in Section 7.01(a)(xii)(y) that is pledged by the
Borrower to Bank Hapoalim pursuant to the BHI Loan Documents. 
 “BHI Collateral” means the assets described
in Section 7.01(a)(xii) that are pledged by the Borrower to Bank Hapoalim pursuant to the BHI Loan Documents. 

“BHI Indebtedness” means the Indebtedness incurred by the Borrower and the REIT under or pursuant to the BHI
Loan Documents. 
 “BHI Intercreditor Agreement” means the Intercreditor Agreement, dated as of
January 22, 2014 entered into by and between Bank Hapoalim and the Administrative Agent. 

 “BHI Loan Documents” means, collectively, (i) the letter
agreement, dated January 22, 2014, by and between BHI, the Borrower and the REIT, (ii) the Promissory Note, dated January 22, 2014, executed by the Borrower in favor of BHI, and (iii) all guaranties, security agreements, pledge
agreements, and all other agreements, documents and instruments executed and/or delivered and/or at any time in connection with any of the foregoing. 

“Collateral Subsidiaries” has the meaning specified in Section 7.01(a)(xii). 

“Fifth Amendment” means the Fifth Amendment, dated as of January 22, 2014, to this Agreement, among the
Borrower, the REIT, the other Guarantors, the Lenders and the Administrative Agent. 
 1.2 Section 7.01(a) of the Credit
Agreement is hereby amended by (i) deleting “and” appearing at the end of clause (x) thereof and (ii) adding a new clause (xii) thereto which reads as follows: 

(xii) Liens on the following assets pledged by the Borrower to Bank Hapoalim pursuant to the BHI Loan Documents
(x) subject to the BHI Intercreditor Agreement, (1) the Borrower’s share of the profits and losses of the Subsidiaries of the Borrower listed on Exhibit A to the Fifth Amendment (collectively, the “Collateral
Subsidiaries”) and the Borrower’s right to receive distributions of such Collateral Subsidiaries’ assets and (2) to the extent not included in the foregoing clause (1), all cash and other property (real and personal) now or
hereafter distributed by the Collateral Subsidiaries with respect to the limited liability company interests and limited partnership interests in the Collateral Subsidiaries, the Borrower’s records with respect to the foregoing, and the
proceeds of all of the foregoing and (y) cash of the Borrower maintained with Bank Hapoalim in an aggregate amount not to exceed at any time $2,500,000 securing Indebtedness permitted under Section 7.02(f). 

1.3 Section 7.02 of the Credit Agreement is hereby amended by (i) deleting “and” appearing at the end of clause
(d) thereof, (ii) replacing the period at the end of clause (e) thereof with “; and” and (iii) adding a new clause (f) thereto which reads as follows: 

(f) the BHI Indebtedness; provided that the Loan Parties shall be in compliance, on a pro forma basis, with the
provisions of Section 7.12 (as if such Indebtedness occurred on the last day of the most recently ended fiscal quarter prior to such occurrence); provided further that the aggregate outstanding principal amount of such
Indebtedness shall not exceed at any time $10,000,000. 
 1.4 Section 7.09 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 7.09 Burdensome Agreements. Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Loan Document) that (a) limits the ability of any Loan Party to (i) make Restricted Payments to the Borrower or any Guarantor, (ii) otherwise transfer property to the Borrower or any
Guarantor (other than limitations contained in the BHI Loan Documents on the transfer of BHI Cash Collateral 

  
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to a Guarantor) or to invest in any Guarantor, (iii) Guarantee the Obligations (or any portion thereof) or (iv) create, incur, assume or suffer to exist Liens on property of such Person
to secure the Obligations or any portion thereof (other than limitations contained in the BHI Loan Documents on the creation of Liens on BHI Cash Collateral); provided, however, that this clause (iv) shall not prohibit any
negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.02(d) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness;
provided further that nothing in this Section 7.09 shall restrict the rights of the Permitted Investors, as holders of the Preferred Investment Preferred Stock, the Preferred Investment Partnership Units or the Preferred
Investment Common Stock as set forth in any Preferred Investment Articles Supplementary, any Preferred Investment Designation or any Preferred Investment Common Stock, as applicable; or (b) requires the grant of a Lien to secure an obligation
of such Person if a Lien is granted to secure another obligation of such Person. No Subsidiary Guarantor shall enter into any agreement or instrument or become subject to any restriction which could reasonably be expected to have a Material Adverse
Effect or a Material Adverse Property Effect. No Loan Party has made any contract or arrangement of any kind the performance of which by the other party thereto would give rise to a Lien on any Collateral Property other than Permitted Encumbrances.

 1.5 Clause (e) of Section 8.01 of the Credit Agreement is hereby amended by inserting “or in respect of the
BHI Indebtedness” at the end of clause (i)(A) thereof, immediately following the phrase “Threshold Amount”. 
 SECTION 2.
Conditions Precedent. This Agreement shall become effective upon receipt by the Administrative Agent of the following, in each case in form and substance satisfactory to the Administrative Agent: 

2.1 executed counterparts of this Agreement duly executed by each of the Loan Parties, the Administrative Agent and the Required Lenders; and

 2.2 executed counterparts of the BHI Intercreditor Agreement duly executed by the Administrative Agent and Bank Hapoalim. 

SECTION 3. Representations and Warranties. After giving effect to this Agreement, the Loan Parties, jointly and severally, reaffirm and
restate the representations and warranties set forth in the Credit Agreement and in the other Loan Documents and all such representations and warranties shall be true and correct in all material respects on and as of the date hereof with the same
force and effect as if made on such date, except (i) to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date,
(ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such date after giving effect to
such qualification and (iii) that for purposes of this Section 3, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most
recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement. Each of the Loan Parties represents and warrants (which representations and warranties shall survive the execution and
delivery hereof) to the Administrative Agent and the Lenders that: 

  
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 (a) it has the requisite power and authority to execute, deliver and carry out
the terms and provisions of this Agreement and the transactions contemplated hereby and has taken or caused to be taken all necessary action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated
hereby; 
 (b) other than any consent that has been obtained and is in full force and effect, no consent of any Person
(including, without limitation, any of its equity holders or creditors), and no action of, or filing with, any governmental or public body or authority is required to authorize, or is otherwise required in connection with, the execution, delivery
and performance of this Agreement; 
 (c) this Agreement has been duly executed and delivered on its behalf by a duly
authorized officer, and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 
 (d) no
Default has occurred and is continuing; and 
 (e) the execution, delivery and performance of this Agreement will not
(i) conflict with or result in any breach or contravention of, or the creation of any Lien (other than Liens created under the Loan Documents) under, or require any payment to be made under (x) any Contractual Obligation to which such
Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is
subject; or (ii) violate any Law. 
 SECTION 4. Affirmation of Guarantors. Each Guarantor hereby approves and consents to this
Agreement and the transactions contemplated by this Agreement and agrees and affirms that its guarantee of the Obligations continues to be in full force and effect and is hereby ratified and confirmed in all respects and shall apply to (i) the
Credit Agreement, as amended by this Agreement and (ii) all of the other Loan Documents, as such are amended, restated, supplemented or otherwise modified from time to time in accordance with their terms. 

SECTION 5. Costs and Expenses. The Borrower acknowledges and agrees that its payment obligations set forth in Section 11.04
of the Credit Agreement include the costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and any other documentation contemplated hereby (whether or not this Agreement
becomes effective or the transactions contemplated hereby are consummated and whether or not a Default has occurred or is continuing), including, but not limited to, the reasonable fees and disbursements of Kaye Scholer LLP, counsel to the
Administrative Agent. 

  
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 SECTION 6. Ratification. 

(a) Except as herein agreed, the Credit Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and
affirmed by the Loan Parties. Each of the Loan Parties hereby (i) confirms and agrees that the Borrower is truly and justly indebted to the Administrative Agent and the Lenders in the aggregate amount of the Obligations without defense,
counterclaim or offset of any kind whatsoever, and (ii) reaffirms and admits the validity and enforceability of the Credit Agreement and the other Loan Documents. 

(b) This Agreement shall be limited precisely as written and, except as expressly provided herein, shall not be deemed (i) to be a
consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Credit Agreement or any of the instruments or agreements referred to therein or a waiver of any Default under the Credit Agreement, whether or not
known to the Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent or any of the Lenders may now have or have in the future against any Person under or in connection with the Credit
Agreement, any of the instruments or agreements referred to therein or any of the transactions contemplated thereby. 
 SECTION 7.
Waivers; Amendments. Neither this Agreement, nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Required Lenders. 

SECTION 8. References. All references to the “Credit Agreement”, “thereunder”, “thereof” or words of like
import in the Credit Agreement or any other Loan Document and the other documents and instruments delivered pursuant to or in connection therewith shall mean and be a reference to the Credit Agreement as modified hereby and as each may in the future
be amended, restated, supplemented or modified from time to time. 
 SECTION 9. Counterparts. This Agreement may be executed by the
parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by telecopier or
electronic mail (in a .pdf format) shall be effective as delivery of a manually executed counterpart. 
 SECTION 10. Successors and
Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

SECTION 11. Severability. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any
jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the
remaining provisions of this Agreement in any jurisdiction. 

  
 5 

 SECTION 12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 SECTION 13. Loan Document. The Loan Parties acknowledge and agree that this
Agreement constitutes a Loan Document and that the failure of any of the Loan Parties to comply with the provisions of this Agreement shall constitute an Event of Default. 

SECTION 14. Headings. Section headings in this Agreement are included for convenience of reference only and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement. 
 [The remainder of this page left blank intentionally]

  
 6 

 IN WITNESS WHEREOF, the Loan Parties, the Administrative Agent and the Required Lenders
have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
 BORROWER: 

 

					
	LANDMARK APARTMENT TRUST OF
AMERICA HOLDINGS, LP
		
	By:	 	Landmark Apartment Trust of America,
Inc., its general partner
			
		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 	Name:	 	Stanley J. Olander, Jr.
		 	Title:	 	Chief Executive Officer

 GUARANTORS: 
  

			
	LANDMARK APARTMENT TRUST OF
AMERICA, INC.
		
	By:	 	 /s/ Stanley J. Olander, Jr.

	Name:	 	Stanley J. Olander, Jr.
	Title:	 	Chief Executive Officer

  

							
	LANDMARK AT HERITAGE FIELDS, LLC
		
	By:	 	Landmark Apartment Trust of America
Holdings, LP, its manager
			
		 	By:	 	Landmark Apartment Trust of
America, Inc., its general partner
				
		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
							
	 LANDMARK AT RIDGEWOOD PRESERVE,

LLC

		
	By:	 	Landmark Apartment Trust of America Holdings, LP, its manager
			
		 	By:	 	 Landmark Apartment Trust of

America, Inc., its general partner

				
		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 	Title:	 	Chief Executive Officer

  

							
	MANCHESTER PARK, LLC
		
	By:	 	Landmark Apartment Trust of America Holdings, LP, its manager
			
		 	By:	 	 Landmark Apartment Trust of

America, Inc., its general partner

				
		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 	Title:	 	Chief Executive Officer

  

							
	BAYMEADOWS PARTNERS, LLC
		
	By:	 	Landmark Apartment Trust of America Holdings, LP, its manager
			
		 	By:	 	 Landmark Apartment Trust of

America, Inc., its general partner

				
		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
									
	 G&E APARTMENT REIT KEDRON VILLAGE,

	 LLC

		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	BEAR CREEK PARTNERS, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	BEDFORD PARTNERS, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
									
	 COTTONWOOD PARTNERS, LLC

		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	 PEAR RIDGE PARTNERS, LLC

		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	RIVERVIEW PARTNERS SC, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
									
	HAMPTON RIDGE PARTNERS, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	CROWN RIDGE PARTNERS, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

  

									
	LANDMARK AT COLLIN CREEK, LLC
		
	 By:
	 	Landmark Apartment Trust of America
		 	Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust of
		 		 		 	America, Inc., its general partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
									
	LANDMARK AT BELLA VISTA, L.P.
		
	By:	 	Landmark at Bella Vista GP, LLC, its
general partner
			
		 	By:	 	Landmark Apartment Trust of
America Holdings, LP, its manager
				
		 		 	By:	 	Landmark Apartment Trust
of America, Inc., its general
partner
					
		 		 		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 		 		 	Name:	 	Stanley J. Olander, Jr.
		 		 		 	Title:	 	Chief Executive Officer

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Simon Stephens

	Name:	 	Simon Stephens
	Title:	 	Assistant Vice President

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Simon Stephens

	Name:	 	Simon Stephens
	Title:	 	Assistant Vice President

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 
			
	CITIBANK, N.A., as a lender
		
	By:	 	 /s/ John C. Rowland

	Name:	 	John C. Rowland
	Title:	 	Vice President

 [Signature page to Fifth Amendment to LATA Credit Agreement] 

 EXHIBIT A 

LANDMARK AT HERITAGE FIELDS, LLC 

LANDMARK AT RIDGEWOOD PRESERVE, LLC 

MANCHESTER PARK, LLC 
 BAYMEADOWS
PARTNERS, LLC 
 G&E APARTMENT REIT KEDRON VILLAGE, LLC 

BEAR CREEK PARTNERS, LLC 
 BEDFORD
PARTNERS, LLC 
 COTTONWOOD PARTNERS, LLC 

PEAR RIDGE PARTNERS, LLC 

RIVERVIEW PARTNERS SC, LLC 

HAMPTON RIDGE PARTNERS, LLC 

CROWN RIDGE PARTNERS, LLC 

LANDMARK AT COLLIN CREEK, LLC 

LANDMARK AT BELLA VISTA, L.P. 

  
 EXHIBIT A

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