Document:

Exhibit 10.68

 

If:
2014083633 BK: 18349         PG:
945, 03/25/2014 at 04:49 PM, RECORDING 4 PAGES

$35.50         M
DOC STAMP COLLECTION: $90599.60 KEN BURKE, CLERK OF COURT AND COMPTROLLER PINELLAS COUNTY, FL BY DEPUTY CLERK: CLKDU10

 

PREPARED BY:

 

Stephen F. Katz, Esq.

Greenberg Traurig, P.A.

40 l East Las Olas Boulevard Suite 2000

Fort Lauderdale, Florida 33301

 

ASSUMPTION AGREEMENT

 

THIS ASSUMPTION AGREEMENT (this "Agreement")
is made and entered into as the 21st day of March, 2014 by and between GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation ("Lender") and BR CARROLL LANSBROOK, LLC, a Delaware limited liabi1ity company ("Borrower").

 

RECITALS

 

A.           Lender
is now the owner and holder of that certain Mortgage, Assignment of Rents, Security Agreement and Fixture Filing dated September
28, 2012 (the "Mortgage") made by Waterton Lansbrook Venture, L.L.C. (the "Original Borrower"),
in favor of Bank of America, N.A. The Mortgage was recorded in Official Records Book 17747,
Page 111, as amended by that certain Amendment to Mortgage, Assignment of Rents, Security
Agreement and Fixture Filing, Notice of Future Advance and Spreader Agreement recorded in Official Records Book 18055, Page 262
and by that certain Second Amendment to Mortgage, Assignment of Rents, Security Agreement and Fixture Filing, Notice of Future
Advance and Spreader Agreement recorded in Official Records Book 18275, Page 1005, all of the Public Records of Pinellas County,
Florida.

 

B.           The
Mortgage secures a promissory note in the original principal amount of $34,000,000.00 (the "Original Indebtedness"),
the outstanding balance under which is $25,885,543.15 (the “Indebtedness”).

 

C.           In
connection with the Borrower's acquisition of the property secured by the Mortgage, Borrower has agreed to assume the Indebtedness.

 

       NOW, THEREFORE, in consideration
of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby

 

DOCUMENTARY STAMP TAX ON THE INDEBTEDNESS IN THE AMOUNT $90,599.60
IS BEING PAID UPON RECORDATION OF THIS AGREEMENT.

 

    	 

    	 

    

 

acknowledged, the undersigned hereby agrees as follows:

 

1.          Borrower
hereby assumes the Indebtedness and all of the other obligations of the Original Borrower under the Mortgage (if and to the extent
the same accrues from and after the date hereof), subject to the modifications to the Mortgage set forth in that certain Amended
and Restated Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing of even date herewith ("Amended
Mortgage") to be entered into by Borrower.

 

2.

 

3.          Except
as set forth herein and in the Amended Mortgage, all the terms and conditions of the Mortgage shall remain in full force and effect
and shall not be modified hereby.

 

4.          Each
of Lender and Borrower, on behalf of itself and its respective successors, assignees, predecessors, heirs, administrators, executors,
personal representatives, agents, consultants and grantees (collectively with Lender and Borrower, the "Releasing Parties"),
hereby waive, remise, release and forever discharge Original Borrower, Waterton Venture XI Holdings, LL.C., a Delaware limited
liability company ("WV"), and each of their respective successors, assignees, predecessors, managers, members,
investors, directors, officers, employees, agents, consultants, affiliates, trustees, and personal and legal representatives (collectively
with Original Borrower and V./V, the "Original Borrower Released Parties") from any and all obligations,
claims, actions, suits, causes of action, complaints, grievances, allegations, promises, damages, expenses, liabilities, controversies,
accounts and demands of whatever kind, nature or description, known or unknown, direct or indirect, in contract or in tort, at
law or in equity, whether arising by statute, common law or 0¢.erwise (collectively, “Claims”),
which the Releasing Parties had, may have had or may now have, of any type or nature, if any, that arise out of or are in any way
related to any indebtedness owed by any of the Original Borrower Released Parties pursuant to the Note, the Mortgage, the amendments
to the Mortgage described above, and any other documents evidencing, securing or guaranteeing the Original Indebtedness.

 

5.          In
consideration of Original Borrower and WV cooperating with Borrower in regard to the assignment of the Original Indebtedness to
Lender, except for any defaults under the Original Indebtedness, if any, for which either Original Borrower or WV have received
written notice from Bank of America, N.A. prior to the date of this Agreement, Borrower hereby agrees to defend, indemnify and
hold harmless each of the Original Borrower Release Parties from and against any all Claims asserted against or incurred by any
one or more of the Original Borrower Release Parties that arise out of or are in any way related to this Agreement, the assignment
of the Original Indebtedness to Lender, and/or any indebtedness owed by any of the Original Borrower Released Parties pursuant
to the Note, the Mortgage, the amendments to the Mortgage described above, or any other documents evidencing, securing or guaranteeing
the Original Indebtedness.

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF. the undersigned
has executed this Agreement as of the day and year first above written.

 

	 	LENDER:
	 	 
	 	GENERAL ELECTRIC CAPITAL
	 	CORPORATION, a Delaware corporation
	 	 	 
	 	By:	/s/ Curtis L. Wunschel
	 	 	Name: Curtis L. Wunschel
	 	 	Title: Authorized Signatory

 

	STATE OF TEXAS	)
	 	)ss.:
	COUNTY OF DALLAS	)

 

This instrument
was acknowledged before me this 20th day of March, 2014 by Curtis L. Wunschel, as Authorized
Signatory of General Electric Capital Corporation, a Delaware corporation who executed the foregoing instrument
on behalf of said entity for the purposes therein expressed. He personally appeared before me and is personally known to me.

 

	 	Notary Public, State of	Texas
	 	Print Name:	Marsha Chandler
	 	My Commission Expires:	3/24/2017

 

MARSHA CHANDLER

Notary Public, State of Texas

My Commission Expires

March 24, 2017

/s/ Marsha Chandler

 

Signature Page to Assumption Agreement

 

    	 

    	 

    

 

	 	BORROWER:
	 	 
	 	BR CARROLL LANSBROOK, LLC. a Delaware
	 	limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Name: Jordan Ruddy
	 	 	Title: Chief Executive Officer

 

	STATE OF New York           	)
	 	)ss.:
	COUNTY OF New York        	)

 

This instrument
was acknowledged before me this 18 day of March, 2014 by Jordan Ruddy, as Chief Executive
Officer of BR Carroll Lansbrook, LLC, a Delaware limited liability company who executed the
foregoing instrument on behalf of said entity for the purposes therein expressed. He personally appeared before me, is personally
known to me or produced Driver’s License as identification.

 

	 	Notary Public, State of	New York
	 	Print Name:	Mark Faham
	 	My Commission Expires:	11/17/2015
	 	 	 
	 	[SEAL]	 

 

	 	MARK FAHAM
	 	Notary Public, State of New York
	 	No. 01FA6101480
	 	Qualified in Kings County
	 	Commission Expires November 17, 2015

 

Signature Page to Assumption AgreementExhibit 10.69

 

LIMITED LIABILITY COMPANY AGREEMENT

OF

BRG T&C BLVD HOUSTON, LLC

 

THIS LIMITED LIABILITY
AGREEMENT (“Agreement”) of BRG T&C BLVD HOUSTON, LLC, a Delaware limited liability company (the “Company”),
is effective as of June 30, 2014, between the Company and Bluerock Residential Holdings, LP, a Delaware limited partnership,
as the sole member of the Company (the “Member”).

 

RECITALS

 

A.           The
Member has caused the Company to be organized as a Delaware limited liability company in accordance with the Delaware Limited Liability
Company Act, as amended and in force from time to time (the “Act”).

 

B.           The
undersigned desires to execute this Agreement in order to set forth the terms and conditions under which the management, business,
and financial affairs of the Company will be conducted.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual promises, covenants, and conditions herein contained, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby covenants and agrees as follows:

 

ARTICLE I

PURPOSE AND POWERS OF COMPANY

 

1.01         Purpose.
The Company’s purpose is to acquire, hold, invest, sell or otherwise dispose of assets which it shall from time to time own,
and to engage in any and all other related business activities.

 

1.02         Powers.
The Company shall have all powers of a limited liability company organized under the Act and not proscribed by the Act, its Certificate
of Formation, or this Agreement.

 

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ARTICLE II

NAME AND ADDRESS OF INITIAL MEMBER

 

2.01         Name
and Address. The name, address, and initial membership interest of the initial Member is as follows:

 

	Name/Address	Membership Interest
	Bluerock Residential Holdings, LP,	100%
	a Delaware limited partnership	 
	712 Fifth Avenue, 9th Floor	 
	New York, New York 10019	 

 

ARTICLE III

MANAGEMENT BY SOLE MEMBER

 

3.01         In
General. The powers of the Company shall be exercised by, or under the authority of, and the business and affairs of the Company
shall be managed under the direction of, the Member. Subject to the other provisions of this Agreement, the Member shall be entitled
to make all decisions and take all actions for the Company, including the execution of all documents, agreements, certificates,
and other writings in the name of, and on behalf of, the Company.

 

3.02         Indemnification.
The Company shall indemnify, defend, and hold harmless the Member (including its partners, members, officers, directors, agents,
employees, and affiliates) to the fullest extent permitted under the Act against any and all liability, damage, loss, cost, or
expense (including, without limitation, attorneys’ fees) incurred by the Member arising out of any transaction or course
of conduct relating to the business and affairs of the Company.

 

3.03         Elimination
of Liability. In any proceeding brought in the right of the Company or by or on behalf of the Members of the Company, the damages
assessed against a Member arising out of a single transaction, occurrence, or course of conduct shall not exceed one dollar, unless
such member engaged in willful misconduct or a knowing violation of the criminal law.

 

3.04         Advances.
Expenses (including legal fees and expenses) of the Member (including its partners, members, officers, directors, agents, employees,
and affiliates) incurred by the Member arising out of any transaction or course of conduct relating to the business and affairs
of the Company may be paid by the Company in advance of the final disposition of any proceeding relating thereto.

 

ARTICLE IV

CONTRIBUTIONS TO THE COMPANY AND DISTRIBUTIONS

 

4.01         Member
Capital Contributions. The Member, upon execution of this Agreement, shall have contributed as the Member’s initial capital
contribution the cash and/or other property set forth on Exhibit A attached hereto.

 

4.02         Distributions
and Allocations. All distributions of cash or other property (except upon the Company’s dissolution which shall be governed
by the applicable provisions of the Act) and all allocations of income, profits, and loss shall be made 100% to the Member in accordance
with its membership interest in the Company.

 

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ARTICLE V

MISCELLANEOUS PROVISIONS

 

5.01         Governing
Law. This Agreement shall be construed, enforced, and interpreted in accordance with the laws of the State of Delaware without
regard to conflicts of law provisions and principles thereof.

 

5.02         Amendments.
No amendment or modification of this Agreement shall be effective unless approved in writing by the Member.

 

5.03         Construction.
Whenever the singular is used in this Agreement and when required by the context, the same shall include the plural, and the masculine
gender shall include the feminine and neuter genders, and vice versa.

 

5.04         Headings.
The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision hereof.

 

5.05         Heirs,
Successors, and Assigns. Each and all of the covenants, terms, provisions, and agreements herein contained shall be binding
upon, and inure to the benefit of, the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal
representatives, successors, and assigns.

 

5.06         Creditors.
None of the provisions of this Agreement shall be for the benefit of, or enforceable by, any creditor of the Company or the Member.

 

[SIGNATURES ON FOLLOWING PAGE]

 

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The undersigned hereby agree, acknowledge,
and certify that the foregoing constitutes the sole and entire Limited Liability Company Agreement of the Company, effective as
of the date first written above.

 

	SOLE MEMBER:	Bluerock residential holdings, lp,
	 	a Delaware limited partnership
	 	 	 
	 	By:	Bluerock Multifamily Growth REIT, Inc.,
	 	 	a Maryland corporation
	 	Its:	General Partner
	 	 	 
	 	 	By:	/s/ R. Ramin Kamfar
	 	 	 	R. Ramin Kamfar
	 	 	Its:	Chief Executive Officer

 

	COMPANY:	BRG T&C BLVD HOUSTON, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Bluerock Residential Holdings, LP,
	 	 	a Delaware limited partnership
	 	Its:	Sole Member
	 	 	 
	 	 	By:	Bluerock Multifamily Growth REIT, Inc.
	 	 	 	a Maryland corporation
	 	 	Its:	General Partner
	 	 	 	 
	 	 	 	By:	/s/ R. Ramin Kamfar
	 	 	 	 	R. Ramin Kamfar
	 	 	 	Its:	Chief Executive Officer

 

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EXHIBIT A

 

Initial Capital Contribution of the Member

 

	Members	 	Cash or Property Contributed	 	 	Amount	 
	 	 	 	 	 	 	 
	Bluerock Residential Holdings, LP	 	 	 	 	 	$	100	 
	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	$	100

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