Document:

EX-10.23.10

 Exhibit 10.23.10 

Freddie Mac Loan Number: 708122299 
 Property Name: Jamestown at
St. Matthews 
 MULTIFAMILY NOTE 

FIXED RATE DEFEASANCE 

(Revised 9-25-2014) 
  

			
	US $22,880,000.00		Effective Date: December 8, 2014

 FOR VALUE RECEIVED, Jamestown CRA-B1, LLC, a Delaware limited liability company (together with such party’s or
parties’ successors and assigns, “Borrower”) jointly and severally (if more than one), promises to pay to the order of NorthMarq Capital, LLC, a Minnesota limited liability company, the principal sum of $22,880,000.00, with
interest on the unpaid principal balance, as hereinafter provided. 
  

	1.	Defined Terms. 

  

	 	(a)	As used in this Note: 

 “Base Recourse” means a portion of the Indebtedness
equal to 0% of the original principal balance of this Note. 
 “Business Day” means any day other than a Saturday, a Sunday
or any other day on which Lender or the national banking associations are not open for business. 
 “Cut-off Date” means
the 12th Installment Due Date. 
 “Defeasance Date” means the 2nd anniversary of the “startup date” of the last
REMIC within the meaning of Section 860G(a)(9) of the Tax Code which holds all or any portion of the Loan. 
 “Default
Rate” means an annual interest rate equal to 4 percentage points above the Fixed Interest Rate. However, at no time will the Default Rate exceed the Maximum Interest Rate. 

“Defeasance Period” is the period beginning the day after the Defeasance Date until but not including the first day of the
Window Period. The Defeasance Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off Date. 
 “First
Installment Due Date” means February 1, 2015. 
 “First Principal and Interest Installment Due Date” means
February 1, 2020. 
 “Fixed Interest Rate” means the annual interest rate of 3.590%. 

 “Installment Due Date” means, for any monthly installment of interest-only or
principal and interest, the date on which such monthly installment is due and payable pursuant to Section 3 of this Note. 

“Lender” means the holder from time to time of this Note. 

“Loan” means the loan evidenced by this Note. 

“Loan Agreement” means the Multifamily Loan and Security Agreement entered into by and between Borrower and Lender, effective
as of the effective date of this Note, as amended, modified or supplemented from time to time. 
 “Lockout Period” means
the period beginning on the day that this Note is assigned to a REMIC trust until and including the Defeasance Date. The Lockout Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off Date. 

“Maturity Date” means the earlier of (i) January 1, 2025 (“Scheduled Maturity Date”) and
(ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document; provided, however,
that if the unpaid principal balance of this Note becomes due and payable by acceleration but such acceleration is rendered null and void and of no further force and effect by operation of law or agreement by Lender, such acceleration will have no
effect on the Maturity Date. 
 “Maximum Interest Rate” means the rate of interest which results in the maximum amount of
interest allowed by applicable law. 
 “Prepayment Premium Period” means the period during which, if a prepayment of
principal occurs, a prepayment premium will be payable by Borrower to Lender. 
  

	 	(a)	If this Note is assigned to a REMIC trust prior to the Cut-off Date, then the Prepayment Premium Period is the period from and including the date of this Note until but not including the day that this Note is assigned
to a REMIC trust. 

  

	 	(b)	If this Note is assigned to a REMIC trust after the Cut-off Date or is not assigned to a REMIC trust, then the Prepayment Premium Period is the period from and including the date of this Note until but not including the
first day of the Window Period. 

 “Security Instrument” means the multifamily mortgage, deed to secure debt
or deed of trust effective as of the effective date of this Note, from Borrower to or for the benefit of Lender and securing this Note, as amended, modified or supplemented from time to time. 

  

			
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 “Window Period” means the 3 consecutive calendar month period prior to the
Scheduled Maturity Date. 
 “Yield Maintenance Expiration Date” means July 1, 2024. 

“Yield Maintenance Period” means the period from and including the date of this Note until but not including (i) the day
that this Note is assigned to a REMIC trust, if this Note is assigned to a REMIC trust prior to the Cut-off Date, or (ii) the Yield Maintenance Expiration Date, if this Note is not assigned to a REMIC trust or if this Note is assigned to a
REMIC trust on or after the Cut-off Date. 
  

	 	(b)	Other capitalized terms used but not defined in this Note will have the meanings given to such terms in the Loan Agreement. 

  

	2.	Address for Payment. All payments due under this Note will be payable at 3500 American Boulevard West, Suite 500, Bloomington, Minnesota 55431, or such other place as may be designated by Notice to Borrower from
or on behalf of Lender. 

  

	3.	Payments. 

  

	 	(a)	Interest will accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section 8 of this Note. 

 

	 	(b)	Interest under this Note will be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s
interest is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing the product by 360, and multiplying the quotient by the
number of days in the month for which interest is being calculated). The portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable to interest will vary based upon the number
of days in the month for which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment paid by Borrower will be credited to
principal. 

  

	 	(c)	 Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest for the period beginning on the date of
disbursement and ending on and including the last day of such calendar month will be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower on the first day of a calendar month,
then no payment will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under 

  

			
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Section 3(d) of interest-only or principal and interest, as applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this
Section 3(c), Section 10, and in Section 11, accrued interest will be payable in arrears. 

  

							
	(d)				  (i)		 Beginning on the First Installment Due Date, and continuing until and including the Installment Due Date immediately prior to the First Principal and
Interest Installment Due Date, accrued interest-only will be payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar month. The amount of each monthly installment of interest-only payable pursuant to
this Section 3(d)(i) on an Installment Due Date will vary, and will equal $2,281.64444 multiplied by the number of days in the month prior to the Installment Due Date.

					  (ii)		 Beginning on the First Principal and Interest Installment Due Date, and continuing until and including the monthly installment due on the Maturity Date,
principal and accrued interest will be payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of principal and interest payable pursuant to this
Section 3(d)(ii) on an Installment Due Date will be $103,894.33.

  

	 	(e)	Reserved. 

  

	 	(f)	Reserved. 

  

	 	(g)	Reserved. 

  

	 	(h)	All remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date. 

  

	 	(i)	Reserved. 

  

	 	(j)	All payments under this Note must be made in immediately available U.S. funds. 

  

	 	(k)	Any regularly scheduled monthly installment of interest-only or principal and interest payable pursuant to this Section 3 that is received by Lender before the date it is due will be deemed to have been received on
the due date for the purpose of calculating interest due. 

  

	 	(l)	Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and become part of the unpaid principal balance of this Note and any reference to “accrued interest”
will refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan Documents will bear interest at the applicable rate or rates specified in this Note and will be payable with
such interest upon demand by Lender and absent such demand, as provided in this Note for the payment of principal and interest. 

  

			
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	 	(m)	Reserved. 

  

	 	(n)	Reserved. 

  

	4.	Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply
the amount received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all
amounts then due and payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction. 

 

	5.	Security. The Indebtedness is secured by, among other things, the Security Instrument and reference is made to the Security Instrument and the Loan Agreement for other rights with respect to collateral for the
Indebtedness. 

  

	6.	Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, any prepayment premium payable under Section 10 and Section 11, and all
other amounts payable under this Note and any other Loan Document, will at once become due and payable, at the option of Lender, without any prior Notice to Borrower (except if notice is required by applicable law, then after such notice). Lender
may exercise this option to accelerate regardless of any prior forbearance. For purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred on the date of acceleration. If prepayment occurs thereafter,
Lender will recalculate the prepayment premium as of the actual prepayment date. 

  

	7.	Late Charge. 

  

	 	(a)	If any monthly installment of interest or principal and interest or other amount payable under this Note or under the Loan Agreement or any other Loan Document is not received in full by Lender within 10 days after the
installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may be imposed, in which event such longer period will be
substituted), Borrower must pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless applicable law requires a lesser amount be charged, in which event such lesser amount will
be substituted). If the Loan is not fully amortizing, the late charge will not be due on the final payment of principal owed on the Maturity Date if such payment is not timely made. 

  

			
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	 	(b)	Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan and that it is extremely difficult and impractical to determine those
additional expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will
incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 8. 

 

	8.	Default Rate. 

  

	 	(a)	So long as (i) any monthly installment under this Note remains past due for 30 days or more or (ii) any other Event of Default has occurred and is continuing, then notwithstanding anything in Section 3 of
this Note to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the
Default Rate. 

  

	 	(b)	From and after the Maturity Date, the unpaid principal balance will continue to bear interest at the Default Rate until and including the date on which the entire principal balance is paid in full. 

 

	 	(c)	Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan, (ii) during the time that any monthly installment under
this Note is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage
of other investment opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the time that any monthly installment under this Note is delinquent
for 30 days or more or any other Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and Lender is entitled to be compensated for such increased risk. Borrower agrees that the
increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this Note, of the additional costs and expenses Lender will incur
by reason of the Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent loan. 

 

	9.	Limits on Personal Liability. 

  

	 	(a)	 Except as otherwise provided in this Section 9, Borrower will have no personal liability under this Note, the Loan Agreement or any other Loan
Document for the repayment of the Indebtedness or for the performance of or compliance with any 

  

			
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other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will be Lender’s
exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s enforcement
of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower. 

  

	 	(b)	Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for which Borrower has personal liability under this Section 9. 

 

	 	(c)	In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment of a further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of
any of the following events: 

  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower
from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument
because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

  

	 	(ii)	Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan Agreement. However, Borrower will not be personally liable for any failure described in this Section 9(c)(ii) if
Borrower is unable to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

 

	 	(iii)	Either of the following occurs: 

  

	 	(A)	Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the Loan Agreement and Lender exercises its right to audit those statements, schedules and reports. 

 

	 	(B)	If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and records relating to the Mortgaged Property or its operation in accordance with the provisions of Section 6.07 of the
Loan Agreement. 

  

			
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	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item below marked “Deferred”; provided however, that if no item is marked “Deferred”, this
Section 9(c)(iv) will be of no force or effect. 

  

			
	[Deferred]		Hazard Insurance premiums or other Insurance premiums
		
	[Collect]		Taxes or payments in lieu of taxes (PILOT)
		
	[Deferred]		water and sewer charges (that could become a lien on the Mortgaged Property)
		
	[N/A]		Ground Rents
		
	[Deferred]		assessments or other charges (that could become a lien on the Mortgaged Property)

  

	 	(v)	Borrower engages in any willful act of material waste of the Mortgaged Property. 

  

	 	(vi)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through
(v) of the Loan Agreement (subject to possible full recourse liability as set forth in Section 9(f)(ii)). 

  

	 	(vii)	Any of the following Transfers occurs: 

  

	 	(A)	Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or encumbrance against the Mortgaged Property and Borrower has not complied with the provisions of the Loan Agreement.

  

	 	(B)	A Transfer of property by devise, descent or operation of law occurs upon the death of a natural person and such Transfer does not meet the requirements set forth in the Loan Agreement. 

 

	 	(C)	Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement. 

  

	 	(D)	Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement. 

  

	 	(viii)	Reserved. 

  

	 	(ix)	through (xviii) are Reserved. 

  

			
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	 	(d)	In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following: 

  

	 	(i)	Borrower will be personally liable for the performance of all of Borrower’s obligations under Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters). 

 

	 	(ii)	Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan Agreement. 

  

	 	(iii)	Borrower will be personally liable for any costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable under this Section 9, including
Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 

	 	(iv)	Reserved. 

  

	 	(v)	Reserved. 

  

	 	(e)	All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement and the other Loan Documents will be applied first to the
portion of the Indebtedness for which Borrower has no personal liability. 

  

	 	(f)	Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment of all of the Indebtedness upon the occurrence of any of the following Events of Default: 

 

	 	(i)	Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE Equity Owner fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement. 

 

	 	(ii)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through
(v) of the Loan Agreement and a court of competent jurisdiction holds or determines that such failure or combination of failures is the basis, in whole or in part, for the substantive consolidation of the assets and liabilities of Borrower or
any SPE Equity Owner with the assets and liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code. 

  

	 	(iii)	A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other than a Transfer set forth in Section 9(c)(vii) above (for which Borrower will have personal liability for
Lender’s loss or damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary removal or involuntary withdrawal of a general partner in a limited partnership or a manager in
a limited liability company. 

  

			
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	 	(iv)	There was fraud or written material misrepresentation by Borrower or any officer, director, partner, member, or employee of Borrower in connection with the application for or creation of the Indebtedness or there is
fraud in connection with any request for any action or consent by Lender. 

  

	 	(v)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

  

	 	(vi)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and
creditor rights. 

  

	 	(vii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary
proceeding pursuant to any other federal or state law affecting debtor and creditor rights. 

  

	 	(viii)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding
initiated or joined in by a Related Party. 

  

	 	(ix)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use
commercially reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts” will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or
cause the contribution of additional capital to Borrower or any SPE Equity Owner. 

  

	 	(x)	through (xii) are reserved. 

  

	 	(g)	For purposes of Sections 9(f) and (h), the term “Related Party” will include all of the following: 

  

	 	(i)	Borrower, any Guarantor, or any SPE Equity Owner. 

  

	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower, any Guarantor, or any SPE Equity Owner or any Person that has a right to manage Borrower,
any Guarantor, or any SPE Equity Owner. 

  

			
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	 	(iii)	Any Person in which Borrower, any Guarantor, or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage. 

 

	 	(iv)	Any Person in which any partner, shareholder, or member of Borrower, any Guarantor, or any SPE Equity Owner has an ownership interest or right to manage. 

 

	 	(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor, or any SPE Equity Owner also has any ownership interest. 

 

	 	(vi)	Any creditor of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor, or any SPE Equity Owner. 

  

	 	(vii)	Any creditor of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower, any Guarantor, or any SPE Equity Owner. 

 

	 	(h)	If Borrower, any Guarantor, any SPE Equity Owner, or any Related Party has solicited creditors to initiate or participate in any proceeding referred to in Section 9(f), regardless of whether any of the creditors
solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related Party. 

  

	 	(i)	To the extent that Borrower has personal liability under this Section 9, Lender may, to the fullest extent permitted by applicable law, exercise its rights against Borrower personally without regard to whether
Lender has exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any Guarantor, or pursued any other rights available to Lender under this Note, the Loan Agreement, any other Loan Document, or
applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Section 9, Borrower waives any right to set off the value of the Mortgaged Property against such personal
liability. 

  

	10.	Voluntary and Involuntary Prepayments (Section Applies unless and until Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

 

	 	(a)	This Section 10 will apply: 

  

	 	(i)	Until this Note is assigned to the REMIC trust, if this Note is assigned to a REMIC trust prior to the Cut-off Date. 

  

	 	(ii)	If this Note is assigned to a REMIC trust on or after the Cut-off Date. 

  

	 	(iii)	If this Note is not assigned to a REMIC trust. 

  

			
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 This Section 10 will be of no effect after this Note is assigned to a REMIC trust, if this
Note is assigned to the REMIC trust prior to the Cut-off Date. 
  

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under
this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment
under this Note. 

  

	 	(c)	To make a voluntary prepayment of all of the unpaid principal balance of this Note, Borrower must designate the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of
such prepayment. Upon receipt of such Notice from Borrower, if a voluntary prepayment is not permitted, Lender will notify Borrower. If a voluntary prepayment is permitted, Borrower may voluntarily prepay all of the unpaid principal balance of this
Note on an Installment Due Date. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, then the term “Installment Due
Date” will mean the Business Day immediately preceding the scheduled Installment Due Date. 

  

	 	(d)	If a voluntary prepayment is permitted, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice
set forth in Section 10(c) and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because
Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower must pay to Lender all interest that would have
been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. 

  

	 	(e)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal
of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus
(iii) if the prepayment occurs during the Prepayment Premium Period, any prepayment premium calculated pursuant to Section 10(f). 

  

			
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	 	(f)	Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment
premium will be computed as follows: 

  

	 	(i)	For any prepayment made during the Yield Maintenance Period, the prepayment premium will be whichever is the greater of Sections 10(f)(i)(A) and (B) below: 

 

	 	(A)	1.0% of the amount of principal being prepaid; or 

  

	 	(B)	the product obtained by multiplying: 

  

	 	(1)	the amount of principal being prepaid or accelerated, 

  

	 	    	by 

  

	 	(2)	the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

  

	 	    	by 

  

	 	(3)	the Present Value Factor. 

 For purposes of Section 10(f)(i)(B), the following definitions
will apply: 
 Monthly Note Rate: 1/12 of the Fixed Interest Rate, expressed as a decimal calculated to 5 digits. 

Prepayment Date: in the case of a voluntary prepayment, the date on which the prepayment is made; in the case of the application by
Lender of collateral or security to a portion of the principal balance, the date of such application. 
 Assumed Reinvestment Rate:
1/12 of the yield rate expressed as a decimal to 2 digits, as of the close of the trading session which is 5 Business Days before the Prepayment Date, found among the Daily Treasury Yield Curve Rates, commonly known as Constant Maturity Treasury
(“CMT”) rates, with a maturity equal to the remaining Yield Maintenance Period, as reported on the U.S. Department of the Treasury website. 

  

			
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 If no published CMT maturity matches the remaining Yield Maintenance Period, Lender will
interpolate as a decimal to 2 digits the yield rate between (a) the CMT with a maturity closest to, but shorter than, the remaining Yield Maintenance Period, and (b) the CMT with a maturity closest to, but longer than, the remaining Yield
Maintenance Period, as follows: 
  
 

 
  

			
	A =		yield rate for the CMT with a maturity shorter than the remaining Yield Maintenance Period
		
	B =		yield rate for the CMT with a maturity longer than the remaining Yield Maintenance Period
		
	C =		number of months to maturity for the CMT maturity shorter than the remaining Yield Maintenance Period
		
	D =		number of months to maturity for the CMT maturity longer than the remaining Yield Maintenance Period
		
	E =		number of months remaining in the Yield Maintenance Period

 In the event the U.S. Department of the Treasury ceases publication of the CMT rates, the Assumed Reinvestment
Rate will equal the yield rate on the first U.S. Treasury security which is not callable or indexed to inflation and which matures after the expiration of the Yield Maintenance Period. 

The Assumed Reinvestment Rate may be a positive number, a negative number or zero. 

If the Assumed Reinvestment Rate is a positive number or a negative number, Lender will calculate the prepayment premium using such positive
number or negative number, as appropriate, as the Assumed Reinvestment Rate in 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

If the Assumed Reinvestment Rate is zero, Lender will calculate the prepayment premium twice as set forth in (I) and (II) below and will
average the results to determine the actual prepayment premium. 
  

	 	(I)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of one basis point (+0.01%) in Section 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

 

	 	(II)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of negative one basis point (-0.01%) in Section 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

  

			
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 Present Value Factor: the factor that discounts to present value the costs resulting to
Lender from the difference in interest rates during the months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding, expressed numerically as follows: 

 
             

 
  

			
	 n = the number of months remaining in Yield Maintenance Period; provided, however, if a prepayment occurs
on an Installment Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month in which such prepayment occurs and if such prepayment occurs on a Business Day other than an Installment Due
Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month immediately following the date of such prepayment.

	
	ARR = Assumed Reinvestment Rate

  

	 	(ii)	For any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period, the prepayment premium will be 1.0% of the amount of principal being prepaid.

  

	 	(g)	Notwithstanding any other provision of this Section 10, no prepayment premium will be payable with respect to any of the following: 

 

	 	(i)	Any prepayment made during the Window Period. 

  

	 	(ii)	Any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award. 

  

	 	(iii)	Any prepayment required under the terms of the Loan Agreement in connection with a Condemnation proceeding. 

  

	 	(iv)	Reserved. 

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or
change the amount of such installments. 

  

			
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		Page 15

	 	(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring
loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment,
and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums set forth in this Note represents a reasonable
estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the Loan, and that the terms of this Note are in other
respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

  

	11.	Voluntary and Involuntary Prepayments During the Lockout Period and During the Defeasance Period (Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

 

	 	(a)	This Section 11 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 11 will be of no effect if this Note is assigned to a REMIC trust on or after the Cut-off
Date or if this Note is not assigned to a REMIC trust. 

  

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under
this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment
under this Note. 

  

	 	(c)	Borrower may not voluntarily prepay any portion of the principal balance of this Note during the Lockout Period or during the Defeasance Period; provided, however, any prepayment occurring as a result of the application
of any Insurance proceeds or Condemnation award under the Loan Agreement will be permitted during the Lockout Period and during the Defeasance Period. If any portion of the principal balance of this Note is prepaid during the Lockout Period or
during the Defeasance Period by reason of the application by Lender of any proceeds of collateral or other security to any portion of the unpaid principal balance of this Note or following a determination that the prohibition on voluntary
prepayments during the Lockout Period or during the Defeasance Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a prepayment premium equal to 5.0% of the amount of principal being prepaid.

  

	 	(d)	Notwithstanding any other provision of this Section 11, no prepayment premium will be payable with respect to (i) any prepayment made during the Window Period, or (ii) any prepayment occurring as a result
of the application of any Insurance proceeds or Condemnation award under the Loan Agreement. 

  

			
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		Page 16

	 	(e)	After the expiration of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date
for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to
payments made under this Section 11 only, the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date. 

 

	 	(f)	Notwithstanding Section 11(e) above, following the end of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than
an Installment Due Date if Borrower provides Lender with the Notice set forth in Section 11(e) and meets the other requirements set forth in this Section 11(f). Borrower acknowledges that Lender has agreed that Borrower may prepay
principal on a Business Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such
prepayment and Borrower must pay to Lender all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. 

 

	 	(g)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal
of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment.

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or
change the amount of such installments. 

  

	 	(i)	 Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an
Event of Default by Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to
Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating
prepayment premiums set forth in Section 11(c) of this Note 

  

			
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		Page 17

	 	
represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the lockout and prepayment premium provisions of this Note are a
material part of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

 

	 	(j)	If, after the expiration of the Lockout Period, Borrower defeases the Loan as described in Section 11.12 of the Loan Agreement during the Defeasance Period, Borrower will not have the right to voluntarily prepay
any of the principal of this Note at any time. 

  

	12.	Defeasance (Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

  

	 	(a)	This Section 12 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 12 will be of no effect if this Note is assigned to a REMIC trust on or after the Cut-off
Date or if this Note is not assigned to a REMIC trust. 

  

	 	(b)	Section 5 of this Note is amended by adding a new paragraph at the end of the Section as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, the Indebtedness will be secured by the Pledge Agreement and reference will be made to the Pledge Agreement for other rights of Lender as to collateral for the Indebtedness. 

 

	 	(c)	Section 9 of this Note is amended by adding a new paragraph at the end thereof as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, Borrower will have no personal liability under this Note or the Pledge Agreement for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under this Note or the Pledge Agreement (other than any
liability under Section 6.12 or Section 10.02 of the Loan Agreement for events that occur prior to the Defeasance Closing Date, whether discovered before or after the Defeasance Closing Date), and Lender’s only recourse for the
satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the collateral held by Lender under the Pledge Agreement as security for the Indebtedness. 

  

			
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		Page 18

	 	(d)	Section 21(a) of this Note is amended by adding a new paragraph at the end of that subsection as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the Loan
Agreement, all Notices, demands and other communications required or permitted to be given pursuant to this Note will be given in accordance with the Pledge Agreement. 
  

	13.	Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this
Note or in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including
any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each request by Borrower under this Note or any Loan Document,
Borrower must pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies (if applicable), regardless of whether the matter is approved, denied or withdrawn. 

 

	14.	Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Loan Agreement, or any other Loan Document, or otherwise afforded by applicable law, will not be a waiver of or
preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, will not be a waiver of Lender’s right to require
prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower’s obligations under this Note will not constitute an
election by Lender of remedies so as to preclude the exercise of any other right or remedy available to Lender. 

  

	15.	Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or
accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness. 

  

	16.	 Loan Charges. Neither this Note nor any of the other Loan Documents will be construed to create a contract for the use, forbearance, or
detention of money requiring payment of interest at a rate greater than the Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in connection with the Loan is
interpreted so that any interest or other charge provided for in any Loan Document, whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower is entitled to the benefit of
that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid principal
balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all

  

			
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		Page 19

	 	
Indebtedness that constitutes interest, as well as all other charges made in connection with the Indebtedness that constitute interest, will be deemed to be allocated and spread ratably over the
stated term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner that the rate of interest so computed is uniform throughout the stated term of this Note. 

 

	17.	Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or
agricultural purposes. 

  

	18.	Counting of Days. Any reference in this Note to a period of “days” means calendar days, not Business Days, except where otherwise specifically provided. 

 

	19.	Governing Law. This Note will be governed by the law of the Property Jurisdiction. 

  

	20.	Captions. The captions of the Sections of this Note are for convenience only and will be disregarded in construing this Note. 

 

	21.	Notices; Written Modifications. 

  

	 	(a)	All Notices, demands, and other communications required or permitted to be given pursuant to this Note will be given in accordance with Section 11.03 of the Loan Agreement. 

 

	 	(b)	Any modification or amendment to this Note will be ineffective unless in writing and signed by the party sought to be charged with such modification or amendment; provided, however, in the event of a Transfer under the
terms of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by Notice to
Borrower and the transferee, as a condition of Lender’s consent. 

  

	22.	Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated in the Property Jurisdiction. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation and
waives any other venue to which it might be entitled by virtue of domicile, habitual residence, or otherwise. However, nothing in this Note is intended to limit any right that Lender may have to bring any suit, action, or proceeding relating to
matters arising under this Note in any court of any other jurisdiction. 

  

	23.	 WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT
OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT 

  

			
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BY A JURY AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

	24.	State-Specific Provisions. N/A. 

  

	25.	Attached Riders. The following Riders are attached to this Note: 

  

			
	 Name of Rider
	  	 Date Revised

	RIDER TO MULTIFAMILY NOTE – RECYCLED BORROWER AND/OR RECYCLED SPE EQUITY OWNER	  	3-1-2014

  

	26.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Note: 

  

					
	x        Exhibit A        Modifications to Multifamily Note

 [The remainder of this page intentionally left blank; signature page follows.] 

  

			
	 Multifamily Note
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	  	Page 21

 IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the principal amount set
forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative. Borrower intends that this Note will be deemed to be signed and delivered as a
sealed instrument. 
  

			
	BORROWER:
	
	 Jamestown CRA-B1, LLC,
 a Delaware
limited liability company

		
	By:		  

	Name:		  

	Its:		  

	
	Borrower’s Employer ID Number 26-4567188

  

			
	 Multifamily Note
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 Signature Page - Jamestown at St. Matthews
		Page S - 1

 FHLMC Loan No. 708122299 

PAY TO THE ORDER OF
                                        ,
WITHOUT RECOURSE, AS OF THE      DAY OF DECEMBER, 2014. 
  

			
	NorthMarq Capital, LLC,
	a Minnesota limited liability company
		
	By:		  

	Name:		Paul W. Cairns
	Its:		Senior Vice President

  

			
	 Multifamily Note
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 Signature Page - Jamestown at St. Matthews
		Page S - 2

 RIDER TO MULTIFAMILY NOTE 

RECYCLED BORROWER AND/OR RECYCLED SPE EQUITY OWNER 

(Revised 3-1-2014) 
 The following changes
are made to the Note which precedes this Rider: 
  

	A.	Section 9(c)(ix) is restated as follows: 

  

	 	(ix)	Any of the Underwriting Representations or Separateness Representations set forth in Sections 5.40(a) and (b) of the Loan Agreement are false or misleading in any material respect. 

  

			
	 Multifamily Note
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		Page R - 1

 EXHIBIT A 

MODIFICATIONS TO MULTIFAMILY NOTE 
 The following
modifications are made to the text of the Note that precedes this Exhibit. 
  

	1.	Section 9(d)(iv) is deleted and replaced with the following: 

  

	 	(iv)	Borrower will be personally liable for any costs, loss or damage incurred or suffered by Lender as a result of the existence at the Mortgaged Property of Stab-Lok electric circuit breakers, such loss or damage to
include, without limitation, the cost of replacing all such circuit breakers in all buildings located on the Mortgaged Property if required under the Loan Agreement. 

 

	2.	Section 9(g) is modified by adding a new sub-section (viii) as follows: 

  

	 	(viii)	Notwithstanding the foregoing, the term “Related Party” shall not include (x) shareholders of Independence Realty Trust, Inc. (“IRT”) owning less than 9.8%, so long as IRT remains a publicly
traded company, or (y) any limited partners of Independence Realty Operating Partnership, LP, that are not affiliated with RAIT Financial Trust or IRT. 

  

			
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		Page A - 1EX-10.23.11

 Exhibit 10.23.11 

Freddie Mac Loan Number: 708122299 
 Property Name: Jamestown at
St. Matthews 
 GUARANTY 

MULTISTATE 
 (Revised
10-24-2014) 
 THIS GUARANTY (“Guaranty”) is entered into to be effective as of December 8, 2014, by Independence Realty Operating
Partnership, LP, a Delaware limited partnership (“Guarantor”, collectively if more than one), for the benefit of NorthMarq Capital, LLC, a Minnesota limited liability company (“Lender”). 

RECITALS 
  

	A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this Guaranty (as amended, modified or supplemented from time to time, the “Loan Agreement”), Jamestown CRA-B1,
LLC, a Delaware limited liability company (“Borrower”) has requested that Lender make a loan to Borrower in the amount of $22,880,000.00 (“Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to
Lender dated effective as of the effective date of this Guaranty (as amended, modified or supplemented from time to time, the “Note”). The Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated
effective as of the effective date of the Note (as amended, modified or supplemented from time to time, the “Security Instrument”), encumbering the Mortgaged Property described in the Loan Agreement. 

 

	B.	As a condition to making the Loan to Borrower, Lender requires that Guarantor execute this Guaranty. 

  

	C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material benefit from the making of the Loan. 

AGREEMENT 
 NOW, THEREFORE, in order to
induce Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 

 

	1.	Defined Terms. The terms “Indebtedness”, “Loan Documents”, and “Property Jurisdiction”, and other capitalized terms used but not defined in this Guaranty, will have the meanings
assigned to them in the Loan Agreement. 

  
 Guaranty - Multistate 

	2.	Scope of Guaranty. 

  

	 	(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following: 

  

	 	(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, of each of the following: 

 

	 	(A)	Guarantor guarantees a portion of the Indebtedness equal to 0% of the original principal balance of the Note (“Base Guaranty”). 

 

	 	(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under Sections 9(c), 9(d) and 9(f) of the Note (provided, however, that Guarantor will have no
liability for failure of Borrower or SPE Equity Owner to comply with (I) Section 6.13(a)(xviii) of the Loan Agreement, and (II) the requirement in Section 6.13(a)(x)(B) of the Loan Agreement as to payment of trade payables within 60
days of the date incurred). 

  

	 	(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty. 

 

	 	(ii)	Guarantor guarantees the full and prompt payment and performance of and/or compliance with all of Borrower’s obligations under Sections 6.12, 10.02(b) and 10.02(d) of the Loan Agreement when due and the accuracy of
Borrower’s representations and warranties under Section 5.05 of the Loan Agreement. 

  

	 	(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then the following will be applicable: 

 

	 	(i)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender, the full and complete prompt payment of the entire Indebtedness, the performance of and/or
compliance with all of Borrower’s obligations under the Loan Documents when due, and the accuracy of Borrower’s representations and warranties contained in the Loan Documents. 

 

	 	(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the obligations guaranteed pursuant to
Sections 2(a)(i)(B) and 2(a)(i)(C) will be part of, and not in addition to or in limitation of, the Base Guaranty. 

  

	 	(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then Section 2(b) will be completely inapplicable. 

 

	 	(d)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement
and the other Loan Documents (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability. 

  

			
	Guaranty - Multistate		Page 2

	3.	Additional Guaranty Relating to Bankruptcy. 

  

	 	(a)	Notwithstanding any limitation on liability provided for elsewhere in this Guaranty, Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due, whether at the
Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, the entire Indebtedness, in the event that: 

  

	 	(i)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

  

	 	(ii)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and
creditor rights. 

  

	 	(iii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary
proceeding pursuant to any other federal or state law affecting debtor and creditor rights. 

  

	 	(iv)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding
initiated or joined in by a Related Party. 

  

	 	(v)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use
commercially reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts” will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or
cause the contribution of additional capital to Borrower or any SPE Equity Owner. 

  

	 	(b)	For purposes of Section 3(a) the term “Related Party” will include all of the following: 

  

	 	(i)	Borrower, any Guarantor or any SPE Equity Owner. 

  

			
	Guaranty - Multistate		Page 3

	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower, any Guarantor or any SPE Equity Owner or any Person that has a right to manage Borrower,
any Guarantor or any SPE Equity Owner. 

  

	 	(iii)	Any Person in which Borrower, any Guarantor or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage. 

 

	 	(iv)	Any Person in which any partner, shareholder or member of Borrower, any Guarantor or any SPE Equity Owner has an ownership interest or right to manage. 

 

	 	(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor or any SPE Equity Owner also has any ownership interest. 

 

	 	(vi)	Any creditor of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor or any SPE Equity Owner. 

  

	 	(vii)	Any creditor of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower, any Guarantor or any SPE Equity Owner. 

 

	 	(c)	If Borrower, any Guarantor, any SPE Equity Owner or any Related Party has solicited creditors to initiate or participate in any proceeding referred to in Section 3(a), regardless of whether any of the creditors
solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related Party. 

  

	4.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure,
and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement, and Borrower’s obligations under
Sections 6.12 and 10.02(b) of the Loan Agreement will survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged Property,
Guarantor will have no obligation under this Guaranty relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement or Borrower’s obligations relating to environmental matters under Sections 6.12 and
10.02(b) of the Loan Agreement after the date of the release of record of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date or by voluntary prepayment in full. 

  

			
	Guaranty - Multistate		Page 4

	5.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection. 

 

	6.	No Demand by Lender Necessary; Waivers by Guarantor – All States Except California. The obligations of Guarantor under this Guaranty must be performed without demand by Lender and will be unconditional
regardless of the genuineness, validity, regularity or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a
surety, a guarantor, a borrower or a mortgagor. Guarantor hereby waives, to the fullest extent permitted by applicable law, all of the following: 

  

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

 

	 	(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor
under such statutes or laws. 

  

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

  

	 	(d)	All rights to cause a marshalling of the Borrower’s assets or to require Lender to do any of the following: 

  

	 	(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (an “Other Guarantor”). 

 

	 	(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership. 

  

	 	(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness. 

  

	 	(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower. 

  

			
	Guaranty - Multistate		Page 5

	 	(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the Loan Documents. 

  

	 	(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan Agreement to protect Lender’s interest in the Mortgaged Property. 

 

	7.	Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply:

  

	 	(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. 

 

	 	(b)	Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into
after the date of this Guaranty, or waive such performance or compliance. 

  

	 	(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. 

 

	 	(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount. 

 

	 	(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness. 

 

	8.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole and absolute discretion, may
take any of the following actions: 

  

	 	(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them. 

 

	 	(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper. 

 

	 	(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability. 

  

	 	(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner. 

  

			
	Guaranty - Multistate		Page 6

 No action of Lender described in this Section 8 will affect or impair the rights of Lender
to collect from any one or more of the parties named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty. 
  

	9.	Limited Release of Guarantor Upon Transfer of Mortgaged Property. If Guarantor requests a release of its liability under this Guaranty in connection with a Transfer which Lender has approved pursuant to
Section 7.05(a) of the Loan Agreement, and Borrower has provided a replacement Guarantor acceptable to Lender, then one of the following will apply: 

  

	 	(a)	If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from all of Guarantor’s obligations except Guarantor’s obligation to guaranty Borrower’s liability under
Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement with respect to any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any
Prohibited Activities or Conditions existing prior to the date of the Transfer. 

  

	 	(b)	If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) of the Loan Agreement, then Lender will release Guarantor from all of Guarantor’s obligations except for Guarantor’s
obligation to guaranty Borrower’s liability under Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement. 

 

	10.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in the future is and will be subordinated to the Indebtedness and Guarantor will collect, enforce
and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 

 

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

  

	12.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required to refund any sums to
Borrower, such refund will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty will not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance. 

  

			
	Guaranty - Multistate		Page 7

	13.	Financial Information and Litigation. Guarantor, from time to time upon written request by Lender, will deliver to Lender (a) such financial statements as Lender may reasonably require and (b) written
updates on the status of all litigation proceedings that were disclosed or should have been disclosed by Guarantor to Lender as of the date of this Guaranty. If an Event of Default has occurred and is continuing, Guarantor will deliver to Lender
upon written request copies of its state and federal tax returns. 

  

	14.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the terms and provisions of this Guaranty will inure to the benefit of such assignee to the
extent so assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and assigns of such parties, and the term “Lender” will also include any lawful
owner, holder or pledgee of the Note. 

  

	15.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor
acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or terminated except by a writing signed by the party against
which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that writing. 

  

	16.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that
would require the application of the laws of a jurisdiction other than the Property Jurisdiction. 

  

	17.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities with
jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which will arise under or in relation to this Guaranty. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation
and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Guaranty is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters
arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

  

			
	Guaranty - Multistate		Page 8

	18.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material financial
benefit from the making of the Loan. 

  

	19.	Reserved. 

  

	20.	Reserved. 

  

	21.	Reserved. 

  

	22.	Reserved. 

  

	23.	Reserved. 

  

	24.	Reserved. 

  

	25.	State-Specific Provisions. For purposes of KRS 371.065, (a) the maximum aggregate liability of Guarantor hereunder is the product of the Indebtedness multiplied by 10, plus all interest accruing on the
obligations guaranteed under Sections 2 and 3 above (the “Guaranteed Obligations”) and fees, charges and costs of collecting the Guaranteed Obligations, including reasonable attorneys’ fees, and (b) this Guaranty will
terminate on the date which is 6 years after the Maturity Date, provided that such termination will not affect the liability of Guarantor with respect to Guaranteed Obligations created or incurred prior to such date or extensions or renewals of,
interest accruing on, or fees, costs or expenses incurred with respect to the Guaranteed Obligations on or after such date. 

  

	26.	Community Property Provision. Not applicable. 

  

	27.	WAIVER OF TRIAL BY JURY. 

  

	 	(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF
RIGHT BY A JURY. 

  

	 	(b)	GUARANTOR AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH
PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

			
	Guaranty - Multistate		Page 9

	28.	Attached Riders. The following Riders, if marked with an “X” in the space provided, are attached to this Guaranty: 

  

	 	 ̈	None 

  

	 	 ̈	Material Adverse Change Rider 

  

	 	x	Minimum Net Worth/Liquidity Rider 

  

	 	x	Other: Completion Guaranty for Property Improvement Alterations Rider and Significant Loan or Sponsor Rider 

  

	29.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Guaranty: 

 

	 	x	Exhibit A        Modifications to Guaranty 

(Remainder of page intentionally left blank; signature pages follow.) 

  

			
	Guaranty - Multistate		Page 10

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this Guaranty to be
signed and delivered under seal by its duly authorized representative. Guarantor intends that this Guaranty will be deemed to be signed and delivered as a sealed instrument. 

 

							
	GUARANTOR:
	
	Independence Realty Operating Partnership, LP,
a Delaware limited partnership
		
	By:		Independence Realty Trust, Inc.,
a Maryland corporation, its general partner
			
			By:		Independence Realty Advisors, LLC,
a Delaware limited liability company, its
authorized agent
				
					By:		  

							Farrell Ender, President

  

					
	STATE OF				)
					) SS
	COUNTY OF				)

 On             , 2014, before me
                    , Notary Public, personally appeared Farrell Ender, who proved to me on the basis of satisfactory evidence to be the person whose
name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of
                     that the foregoing paragraph is true and correct. 

WITNESS my hand and official seal. 
  

	
	  

  

	(a)	Name and Address of Guarantor 

					
			Name:		Independence Realty Operating Partnership, LP,
			Address:		The Cira Centre
					2929 Arch Street, 17th Floor
					Philadelphia, Pennsylvania 19104

  

	(b)	Guarantor represents and warrants that Guarantor is: 

  

	 	 ̈	single 

  

	 	 ̈	married 

  

	 	x	an entity 

  

	(c)	Guarantor represents and warrants that Guarantor’s state of residence is N/A. 

  

			
	Guaranty – Multistate		
	Signature Page - Jamestown at St. Matthews		Page S - 1

 RIDER TO GUARANTY 

MINIMUM NET WORTH/LIQUIDITY 

(Revised 3-1-2014) 
 The following changes
are made to the Guaranty which precedes this Rider: 
  

	A.	Section 20 is deleted and replaced with the following: 

  

	 	20.	Minimum Net Worth/Liquidity Requirements. 

  

	 	(a)	Guarantor must maintain a minimum net worth of $10,000,000 with liquid assets of at least $2,288,000 (collectively, “Minimum Net Worth Requirement”). 

 

	 	(b)	In addition to the financial information that Guarantor is required to provide pursuant to Section 13 of this Guaranty, annually within 90 days after the end of each fiscal year of Guarantor, Guarantor must
provide Lender with a written certification (“Guarantor Certification”) of the net worth and liquid assets of Guarantor, derived in accordance with customarily acceptable accounting practices. The Guarantor must certify the
Guarantor Certification under penalty of perjury as true and complete. 

  

	 	(c)	Within 30 days of receipt of Notice from Lender that Guarantor has failed to maintain the Minimum Net Worth Requirement, Guarantor must either: 

 

	 	(i)	cause one or more natural persons or entities who individually or collectively, as applicable, meet the Minimum Net Worth Requirement and is/are acceptable to Lender, in its sole discretion, to execute and deliver to
Lender a guaranty in the same form as this Guaranty, without any cost or expense to Lender; or 

  

	 	(ii)	deliver to Lender a letter of credit or other collateral acceptable to Lender in its discretion meeting the following conditions, as applicable: 

 

	 	(A)	If Guarantor supplies a letter of credit, the letter of credit must be in the form required by Lender and satisfy the requirements for Letters of Credit set forth in Section 11.15 of the Loan Agreement.

  

			
	Guaranty - Multistate		R - 1

	 	(B)	The letter of credit or other collateral must be in an amount equal to the greatest of: 

  

	 	(X)	the positive difference, if any, obtained by subtracting the net worth identified in the Guarantor Certification from the minimum net worth required under the Minimum Net Worth Requirement, 

 

	 	(Y)	the positive difference, if any, obtained by subtracting the liquid assets identified in the Guarantor Certification from the minimum liquid assets required under the Minimum Net Worth Requirement, and

  

	 	(Z)	$100,000. 

  

	 	(d)	Lender will hold the letter of credit or other collateral until one of the following occurs: 

  

	 	(i)	Lender has a claim against the Guarantor, in which case Lender will be entitled to draw on the letter of credit and apply the proceeds or the other collateral to such claim(s), in Lender’s sole discretion.

  

	 	(ii)	Lender returns the letter of credit or other collateral to Guarantor pursuant to Section (e). 

  

	 	(e)	Provided no Event of Default then exists, Guarantor will be entitled to request a return of the unused portion, if any, of the letter of credit or other collateral in the event it delivers to Lender evidence in form and
substance satisfactory to Lender, including a Guarantor Certification, that Guarantor has satisfied the Minimum Net Worth Requirement. 

  

			
	Guaranty - Multistate		R - 2

 RIDER TO GUARANTY 

COMPLETION GUARANTY FOR 

PROPERTY IMPROVEMENT ALTERATIONS 

(Revised 9-25-2014) 
 The following
changes are made to the Guaranty which precedes this Rider: 
  

	A.	Section 2(a) is amended to include the following new subsection (iii): 

  

	 	(iii)	Guarantor guarantees the full and prompt payment and performance of, and compliance with, Borrower’s obligations under Section 6.09(e)(v) of the Loan Agreement to the extent Property Improvement Alterations
have commenced and remain uncompleted. 

  

			
	Guaranty - Multistate		R - 3

 RIDER TO GUARANTY 

SIGNIFICANT LOAN OR SPONSOR 

(Revised 3-1-2014) 
 The following changes
are made to the Guaranty which precedes this Rider: 
  

	A.	Sections 23 and 24 are restated as follows: 

  

	 	23.	Disclosure of Information. Guarantor acknowledges that Lender may provide to third parties with an existing or prospective interest in the servicing, enforcement, evaluation, performance, ownership, purchase,
participation or Securitization (if applicable) of the Loan, including any of the Rating Agencies, any entity maintaining databases on the underwriting and performance of commercial mortgage loans, as well as governmental regulatory agencies having
regulatory authority over Lender, any and all information which Lender now has or may hereafter acquire relating to the Loan, the Mortgaged Property, Borrower, any SPE Equity Owner or any Guarantor, as Lender determines is reasonably
necessary or desirable and that such information may be included in one or more Disclosure Documents and also may be included in any filing with the Securities and Exchange Commission pursuant to the Securities Act or the Securities
Exchange Act. To the fullest extent permitted under applicable law, Guarantor irrevocably waives all rights, if any, to prohibit such disclosure, including any right of privacy. 

 

	 	24.	Lender’s Rights to Sell or Securitize. Guarantor acknowledges that Lender, and each successor to Lender’s interest, may (without prior Notice to Guarantor or Guarantor’s prior consent), sell or
grant participations in the Loan (or any part of the Loan), sell or subcontract the servicing rights related to the Loan, securitize the Loan or include the Loan as part of a trust. Guarantor, at its expense, agrees to cooperate with all reasonable
requests of Lender in connection with any of the foregoing including (i) reviewing information contained in any Disclosure Document and providing a mortgagor estoppel and indemnification certificate with respect to such information and
(ii) providing such other information about Guarantor as Lender may require for Lender’s offering materials, including the information required by Section 13 of this Guaranty. 

  

			
	Guaranty - Multistate		R - 4

 EXHIBIT A 

MODIFICATIONS TO GUARANTY 
 The following
modifications are made to the text of the Guaranty that precedes this Exhibit: 
  

	1.	Section 3(b) shall be modified by adding a new sub-section (viii) as follows: 

  

	 	(viii)	Notwithstanding the foregoing, the term “Related Party” shall not include (x) shareholders of Independence Realty Trust, Inc. (“IRT”) owning less than 9.8%, so long as IRT remains a
publicly traded company, or (y) any limited partners of Independence Realty Operating Partnership, LP, that are not affiliated with RAIT Financial Trust or IRT. 

  

			
	Guaranty - Multistate		Exhibit A - 1

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