Document:

EX-10.40

 Exhibit 10.40 

FORM OF MASTER SERVICES AGREEMENT 

EFFECTIVE DATE: February 1, 2015 

THIS MASTER SERVICES AGREEMENT (“MSA” or “Agreement”) is made by and
between UTi, United States, Inc., a New York corporation, having its principal place of business at 100 Oceangate, Suite 1500, Long Beach, CA 90802 (“UTi” or the “Company”), and Gene Ochi of 210 Camino del Campo, Redondo Beach,
California 90277 (“Consultant”). 
 1. Engagement. UTi may issue statements of work to Consultant in a form to be mutually agreed
(“SOW”). These SOWs will reference this MSA and will be incorporated into this MSA by such reference. Subject to the terms of this MSA, Consultant will render the services (“Services”) and deliver the Work Product (as defined
below) as more fully set forth in the SOW. 
 2. Compensation. UTi will pay Consultant the fee set forth in each SOW for Work Product delivered and
accepted by UTi pursuant to this MSA. Consultant will be reimbursed only for expenses which are expressly provided for in a SOW or which have been approved in advance in writing by UTi, provided Consultant has furnished such documentation for
authorized expenses as UTi may reasonably request. Payment of Consultant’s fees and expenses will be due 30 days from receipt by Company of Consultant’s correct and undisputed invoice. 

3. Restrictive Covenants. 
  

	3.1	Definition. Consultant hereby acknowledges that Consultant possesses and may make use of, acquire, create, develop or add to certain confidential and/or proprietary information regarding UTi and its
affiliates (collectively, the “UTi Group”) and their respective businesses (whether in existence prior to, as of or after the date hereof, collectively, “Proprietary Information”), which Proprietary Information shall include,
without limitation, all of the following materials and information (whether or not reduced to writing and whether or not patentable or protected by copyright): trade secrets, inventions, processes, formulae, programs, technical data,
“know-how,” procedures, manuals, confidential reports and communications, marketing methods, product sales or cost information, new product ideas or improvements, customer-tailored solutions and other consulting products and processes, new
packaging ideas or improvements, research and development programs, identities or lists of suppliers, vendors or customers, financial information and financial projections or any other confidential or proprietary information relating to the UTi
Group and/or its business. The term “Proprietary Information” shall also include, without limitation, any confidential or non-public information of suppliers or customers of the UTi Group obtained by Consultant in the course of
Consultant’s association with the Company or any other member of the UTi Group. The term “Proprietary Information” does not include any information that (a) at the time of disclosure is generally available to and known by the
public (other than as a result of its disclosure by Consultant), or (b) becomes available to Consultant on a lawful, non-confidential basis from a person other than the UTi Group or its suppliers or customers or its or their representatives,
provided that the source of such information was not known by Consultant to be subject to an obligation of confidentiality or otherwise disclosed such information to Consultant with the reasonable expectation that it would remain confidential.

  

	3.2	Nondisclosure. During the term of this Agreement and thereafter, Consultant will not, without the prior express written consent of the Chief Executive Officer of UTi Worldwide Inc., disclose or make any
use of any Proprietary Information except as may be required in the course of the performance of Consultant’s services under this Agreement. 

  

	3.3	Agreement Not to Solicit Employees and Customers. To protect the Proprietary Information and trade secrets of the UTi Group, Consultant agrees, until the later of (a) the termination of this Agreement
and (b) the second anniversary of the Effective Date (the “Restricted Period”), not to, directly or indirectly, either on Consultant’s own behalf or on behalf of any other person or entity, (i) to attempt to persuade, induce
or solicit or employ any person who is an employee of the UTi Group or otherwise encourage such employee to cease or terminate his or her employment with the UTi Group or (ii) use or otherwise disclose any Proprietary Information in any attempt
to persuade any customer of the UTi Group to cease to do business or to reduce the amount of business which any customer of the UTi Group has customarily done or contemplates doing with the UTi Group or to expand its business with a competitor of
the UTi Group. 

  

			
	UTi MSA / Confidential		Page 1

	3.4	Agreement Not to Compete. As an inducement for the Company to enter into this Agreement, Consultant further agrees, during the Restricted Period, not to, directly or indirectly, engage or invest in, own,
manage, operate, finance, control, or participate in the ownership, management, operation, financing, or control of, be associated with, or in any manner connected with, or render services or advice to, any business whose products, services or
activities compete in whole or in part with the products, services or activities of the UTi Group anywhere in the United States; provided, however, that Consultant may purchase or otherwise acquire up to (but not more than) one percent of any
class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the
Securities Exchange Act of 1934. 

  

	3.5	Reasonableness. Consultant agrees that the covenants and agreements contained in this Section 3 are reasonable and necessary to protect the Proprietary Information of the UTi Group and that the
covenants and agreements by Consultant contained in this Section 3 shall be in addition to any other agreements and covenants Consultant may have agreed to in any other confidentiality, non-disclosure or other similar agreement and that this
Section 3 shall not be deemed to limit such other covenants and agreements, all of which shall continue to survive the termination of this Agreement to the extent set forth above. A breach of the terms and covenants of such other covenants and
agreements shall be deemed to be a breach of the provisions of this Section 3 and this Agreement. 

 4. UTi’s Ownership and
License. UTi shall own all right, title and interest in and to all UTi pre-existing property, UTi Confidential Information (as defined below), Work Product and documentation therefore, and all derivatives, modifications and improvements thereof,
including all patents, copyrights, trade secrets and other intellectual property rights (“Intellectual Property Rights”) therein anywhere in the world (“UTi Property”). Consultant hereby assigns to UTi all right, title and
interest in and to any original work product created by Consultant, to which Consultant contributes, or which relates in any way to UTi Property pursuant to this MSA (“Work Product”), including all Intellectual Property Rights therein and
thereto. Work Product shall not include any intellectual property owned by another third party or Consultant’s pre-existing property used to accomplish the Work Product (“Consultant’s Pre-existing Property”). Consultant retains
no rights in the Work Product and agrees not to challenge the validity of UTi’s ownership in the Work Product. Consultant agrees to execute, at UTi’s request and expense, all documents and other instruments necessary or desirable to
confirm such assignment. In the event that Consultant does not, for any reason, execute such documents within a reasonable time of UTi’s request, Consultant hereby irrevocably appoints UTi as Consultant’s attorney-in-fact for the purpose
of executing such documents on Consultant’s behalf. UTi hereby grants Consultant a limited, non-transferable, personal license to use and copy the UTi Property solely to perform the work pursuant to this MSA. 

5. Consultant’s Ownership and License. Consultant shall own all right, title and interest in and to Consultant’s Pre-Existing Property and
all intellectual property rights therein. Consultant hereby grants UTi a perpetual, irrevocable, worldwide, royalty-free, non-exclusive license, with the right to sublicense and authorize the granting of sublicenses, to exploit and exercise all
rights in Consultant’s Pre-Existing Property actually deployed in support of UTi’s exercise or exploitation of all Work Product and any UTi Property identified in this MSA or a SOW. If Consultant has any rights, including without
limitation “artist’s rights” or “moral rights,” in the Work Product which cannot be assigned, Consultant agrees to waive enforcement worldwide of such rights against UTi. In the event that Consultant has any such rights,
that cannot be assigned or waived, Consultant hereby grants to UTi an exclusive, worldwide, irrevocable, perpetual license to use, reproduce, distribute, create derivative works of, publicly perform and publicly display the Work Product in any
medium or format, whether now known or later developed. 
 6. Representations and Warranties. Consultant represents and warrants that:
(a) Consultant has the right and unrestricted ability to assign all intellectual property rights set forth in Section 5, (b) the Work Product, and the use thereof by UTi, its representatives, customers or end users, do not and will
not infringe upon any Intellectual Property Rights, right of publicity or privacy, or any other proprietary right of any person or entity, whether contractual, statutory or common law, (c) Consultant will not enter into any obligation which
requires or facilitates the unauthorized disclosure or use of UTi Property, (d) Consultant will not disclose to UTi, or bring onto UTi’s premises, or induce UTi to use any Confidential Information that belongs to anyone other than UTi or
Consultant, and (e) all Work Product provided by Consultant hereunder will perform in accordance with the applicable published or mutually agreed upon specifications and related documentation provided by Consultant. NO OTHER WARRANTIES ARE
EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

  

			
	UTi MSA / Confidential		Page 2

 7. Indemnity by UTi. UTi agrees to defend, indemnify, and hold Consultant harmless from and against any
and all loss, damages, costs, claims, expenses, settlements or other liability (including reasonable attorneys’ fees and the expenses of other professionals) arising from or relating to (i) any acts or omissions of UTi within the scope of
this Agreement or (ii) any third party claims arising out of any acts or omissions of Consultant that do not constitute gross negligence or willful misconduct within the scope of this Agreement. 

8. Independent Contractor Relationship. Consultant’s relationship with UTi is that of an independent contractor, and nothing in this MSA is
intended to, or should be construed to, create a partnership, agency, joint venture or employment relationship. Consultant will not be entitled to any of the benefits which UTi may make available to its employees. Consultant is not authorized to
make any representation, contract or commitment on behalf of UTi. Consultant is solely responsible for all taxes, withholdings, and other statutory obligations with respect to the Work Product and receipt of fees under this MSA, and Consultant will
defend, indemnify, and hold UTi harmless from any and all claims made by any entity on account of an alleged failure by Consultant to satisfy any such tax or withholding obligation. Consultant is solely responsible for, and must maintain adequate
records of, expenses incurred in the course of performing services under this MSA. No part of Consultant’s fees will be subject to withholding by UTi for the payment of any social security, federal, state or any other employee payroll taxes.

 9. Compliance with Laws. Consultant hereby represents and warrants that it shall comply with all applicable, local and national laws and
regulations, including, but not limited to all applicable environmental, OSHA, FCPA and export laws and regulations. Upon request, Consultant agrees to issue certificates certifying compliance with any of the aforementioned laws or regulations as
may be applicable to the services being furnished hereunder. 
 10. Term and Termination. 

10.1 Term. This MSA will commence on the Effective Date and will continue until January 31, 2017. 

10.2 Termination for Convenience. Either party may terminate this MSA, or any SOW, in whole or in part, for convenience
upon thirty (30) days written notice to the other party. Immediately upon the effective date of any such termination, Consultant will stop the development of all Work Product. 

10.3 Termination for Breach. Either party may terminate this MSA or any SOW immediately (a) upon ten (10) days
written notice to the other in the event of a material breach, provided that, such breach remains uncured at the end of such ten (10) day period, (b) when either party commences, or has commenced against it, proceedings under any
bankruptcy, insolvency, or debtor’s relief law, which proceedings are not dismissed within thirty (30) days, or (c) when either party makes a general assignment for the benefit of its creditors. 

10.4 Death or Disability. This Agreement shall terminate automatically upon the death or disability of Consultant.
Consultant shall be deemed to be “disabled” if Consultant can objectively show that: 
 (a) he is unable to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 

(b) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, he is receiving disability insurance benefits under any applicable insurance policies maintained by Consultant. 

10.5 Survival. The rights and obligations contained in Sections 3, 4, 5, 6, 7, 7A, 8, 10.5 and 12 through 18 will
survive any termination or expiration of this MSA. 
 11. Assignment. This MSA shall be binding upon, and inure to the benefit of, the parties hereto
and their respective heirs, successors and permitted assigns; provided, however, that this MSA and the rights and obligations hereunder are not assignable by either party without the other party’s prior written consent, except that UTi may
assign this agreement without Consultant’s consent in the case of any assignment to a member of the UTi Group or in connection with a sale or transfer of all or substantially all its assets (including by means of a merger or similar
transaction). 

  

			
	UTi MSA / Confidential		Page 3

 12. CONSEQUENTIAL DAMAGES WAIVER. NOTWITHSTANDING ANYTHING ELSE IN THIS MSA OR OTHERWISE, EXCEPT FOR
CLAIMS UNDER SECTION 3 HEREOF, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS MSA UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL, INCIDENTAL OR EXEMPLARY DAMAGES INCLUDING WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES, BUSINESS INTERRUPTIONS OR LOSS OF INFORMATION, EVEN IF SUCH PARTY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS SECTION DOES NOT LIMIT ANY PARTY’S LIABILITY FOR BODILY INJURY OF A PERSON, DEATH, OR PHYSICAL DAMAGE TO PROPERTY OR ANY DAMAGES ARISING FROM A BREACH BY CONSULTANT OF SECTION 3 HEREOF. 

13. Notices. Any notice to be given hereunder shall be in writing and sent through (a) hand delivery, (b) express overnight courier with a
reliable system for tracking delivery, or (c) confirmed facsimile or electronic mail with a copy sent by another means specified herein and shall be addressed to the party and address stated above, or such other address as the party may
designate from time to time by written notice in accordance with this Section and shall be effective, in the case of (a) or (c) above, on the date the action is taken, and, in the case of (b) above, one business day after the date
sent. 
 14. Governing Law. This MSA shall be governed, controlled, interpreted, and defined by and under in all respects by the laws of the State of
New York, without regard to the conflicts of laws provisions thereof. 
 15. Severability. Whenever possible each provision and term of this MSA will
be interpreted in a manner to be effective and valid but if any provision or term of this MSA is held to be prohibited by or invalid, then such provision or term will be ineffective only to the extent of such prohibition or invalidity, without
invalidating or affecting in any manner whatsoever the remainder of such provision or term or the remaining provisions or terms of this Agreement. If any of the covenants set forth in Section 3 of this Agreement are held to be unreasonable,
arbitrary, or against public policy, such covenants will be considered divisible with respect to scope, time, and geographic area, and in such lesser scope, time and geographic area, will be effective, binding and enforceable against Consultant.

 16. Waiver. The waiver by one party of a breach of any provision of this MSA by the other party shall not operate or be construed as a waiver of
any other or subsequent breach by such party. 
 17. Injunctive Relief for Breach. Each party’s obligations under this MSA are of a unique
character that gives them particular value such that breach of any of such obligations may result in irreparable and continuing damage to the non-breaching party for which there will be no adequate remedy at law; and, in the event of such breach,
the non-breaching party will be entitled to injunctive relief and/or a decree for specific performance, and such other and further relief as may be proper (including monetary damages if appropriate). 

18. Entire MSA. This MSA and all executed Statements of Work constitute the entire agreement between the parties relating to this subject matter and
supersede all prior or contemporaneous oral or written agreements concerning such subject matter. The parties expressly agree that any and all previous agreements between the parties shall have no further force and effect. The terms of this MSA will
govern all work undertaken by Consultant for UTi; provided, however, that in the event of any conflict between the terms of this MSA and any SOW, the terms of this MSA will control unless specific sections of the applicable SOW
expressly state that they are intended to control over specific sections of this MSA. This MSA may only be changed by mutual agreement of authorized representatives of the parties and evidenced in a signed writing. 

  

			
	UTi MSA / Confidential		Page 4

 IN WITNESS WHEREOF, the parties have executed this MSA as of
the date written below. 
  

									
	UTI, UNITED STATES, INC.				CONSULTANT
					
	By:		 /s/ Lance D’Amico
				By:		 /s/ Gene Ochi

					
	Name:		 Lance D’Amico
				Name:		 Gene Ochi

					
	Title:		 Vice President
				Title:		 Consultant

			
	Date: March 30, 2015				Date: March 30, 2015

  

			
	UTi MSA / Confidential		Page 5

 Statement of Work #1 to Master Services Agreement 

dated February 1, 2015, between UTi, United States, Inc. and Gene Ochi 

This SOW forms an integral part of the Master Services Agreement referenced above. 

 

	 	1.	Compensation: Consultant shall be paid a monthly fee of $12,292 for the term of the Agreement. Consultant shall invoice the Company on a monthly basis and such invoice shall be paid on a net 30 basis as provided
in Section 2 of the Agreement. In the event the Agreement is terminated prior to January 31, 2017, Consultant shall be paid a pro rata portion of the total fee for the last month worked based on the number of days actually worked during
such month. 

 In the event the Agreement or this SOW is terminated (a) by the Company for convenience, (b) by the
Consultant for material breach by the Company or (c) due to the death or disability of Consultant, then all fees due to Consultant for the remainder of the term shall be immediately due and payable to Consultant. 

In the event this Agreement or this SOW is terminated for any reason other than (a) by the Company for convenience or (b) by the
Consultant for material breach by the Company (excluding due to the death or disability of Consultant), except as provided in the immediately following paragraph, Consultant shall not be entitled to any additional fees hereunder. 

Subject to Consultant’s ongoing compliance with the requirements of the Consulting Agreement, including Section 3 thereof, for as
long as Consultant provides Services to UTi under the Agreement, such services shall constitute “Continuous Service” under the terms of the UTi Worldwide Inc. 2009 Long Term Incentive Plan; provided that (a) if the Agreement or this
SOW is terminated (i) by the Company for convenience or (ii) by Consultant for material breach by the Company, then all restricted share units that would have vested during the term but for such termination shall immediately vest and
(b) if the Agreement shall automatically terminate due to Consultant’s death or disability, then all restricted share units held by Consultant immediately prior to such event shall immediately vest. 

 

	 	2.	Place of Performance: Unless otherwise agreed, Consultant shall not be required to perform the Services at the Company’s corporate offices in Long Beach, California, or at any other specific location.

  

	 	3.	Description of Services: Consultant shall perform Services for the Company under the direction of the Chief Executive Officer or his/her designee. Such Services will be mutually agreed upon between the Chief
Executive Officer and Consultant from time to time. Under no circumstances will Consultant be expected to work on average more than 5 hours per week, it being understood and agreed that Consultant shall have at least 6 weeks per year where no
Services will be performed. For the purpose of clarity, subject to any termination of this Agreement or SOW pursuant to the third paragraph of Section 1 above, Consultant shall be entitled to the fees set forth in the first paragraph of
Section 1 of this SOW whether or not the Company calls upon him to perform any Services. 

 In addition to the Services
mutually agreed as provided above, Consultant agrees to reasonably cooperate, at no charge, with the Company’s and its affiliates’ and its or their counsel’s reasonable requests for information or assistance related to the
Company’s and its affiliates’ defense of, or other participation in, any investigation or inquiry or any administrative, judicial, or other proceeding arising from any charge, complaint or other action which has been or may be filed
relating to the period during which Consultant was employed by the Company and its affiliates. 

  

			
	UTi MSA / Confidential		Page 6Exhibit 10.1

 

AGREEMENT OF PURCHASE AND SALE

 

	Property Name:	 	288 Units – Fox Hill Apartments
	 	 	8800 Hwy 290 West, Austin, TX 78736
	Date:       	 	January 19, 2015

  

    	 

    	 

    

 

AGREEMENT OF PURCHASE AND SALE

 

THIS AGREEMENT OF PURCHASE
AND SALE (this “Agreement”) is made as of the 19th day of January, 2015, by and between WRPV XI FH
AUSTIN, L.P., a Delaware limited partnership (the “Seller”), and BLUEROCK REAL ESTATE, L.L.C., a Delaware limited
liability company (the “Buyer”).

 

RECITALS

 

Seller is the owner
of the Property described below. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, the Property, subject
to and in accordance with the terms, conditions and other provisions of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION
1

CERTAIN DEFINITIONS

 

The following capitalized
terms shall have the meanings set forth in this Section 1 for all purposes under this Agreement:

 

Additional Property. Seller’s
right, title and interest in, to and under any licenses, permits and warranties, applicable or appurtenant to the other components
of the Property, if any. 

 

Broker. Holiday Fenoglio
Fowler, L.P.

 

Closing. The consummation
of the transactions described herein as more fully described in Section 4 below.

 

Closing Date. March 19,
2015, or such earlier date mutually agreed upon by Seller and Buyer, unless extended by Buyer as provided in Section 4.1
below.

 

Due Diligence Expiration Date.
February 18, 2015.

 

Due Diligence Period.
The period commencing on the date hereof and continuing until 5:00 p.m. eastern time on the Due Diligence Expiration Date.

 

Earnest Money. Defined
in Section 2.2(a) below.

 

Effective Date. January
19, 2015.

 

Escrow Company. Heritage
Title Company of Austin through its office located at 401 Congress, Suite 1500, Austin, TX, 78701, Attention: John Bruce - Senior
Vice President, Commercial Escrow (email: jbruce@heritage-title.com and telephone: (512-505-5012)).

 

Excluded Documents. All
(a) correspondence, documents or reports prepared by or for Seller in connection with the proposed sale of the Property, (b) communications
between Seller or any affiliate and their attorneys or other agents or representatives, (c) appraisals, assessments or other evaluations
of the Property in the possession of Seller or its representatives, and (d) other correspondence, memoranda and documents prepared
or intended for internal use of Seller and/or its representatives.

 

    	 

    	 

    

 

Excluded Personal Property.
The rights to any and all operating systems, operating manuals, software and information associated with or contained in any computers
and telephone equipment located at the Property or used in connection with the Property (exclusive of the computer and telecommunication
equipment and hardware); the rights to any websites or domain names maintained by Seller or Property Manager with respect to the
Property; and all mobile shop tools and parts systems.

 

Improvements. The buildings
and other improvements situated on the Land (excluding, however, any building or other improvements situated on any easement parcels
described in Exhibit A attached hereto).

 

Indemnified Seller Parties.
Defined in Section 3.2(d) below.

 

Land. The parcel(s) of
land legally described in Exhibit A attached hereto.

 

Leases. All leases, licenses,
and other agreements to use or occupy all or any part of the Land or Improvements, together with all amendments thereto for those
tenants listed on the Rent Roll attached hereto as Exhibit B attached hereto.

 

Personal Property. The
items of personal property listed on Exhibit C attached hereto, but specifically excluding the Excluded Personal
Property.

 

Property. Collectively,
the Real Property, the Personal Property and all of Seller's right, title and interest in, to and under the Leases, the Service
Contracts and the Additional Property.

 

Property Manager. Waterton
Property Management, L.L.C.

 

Public Records. The official
public records of the recording division of the Travis County Clerk’s office in Travis County, Texas.

 

Purchase Price. THIRTY
EIGHT MILLION ONE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($38,150,000.00).

 

Real Property. The Land
and Improvements, together with all rights and appurtenances pertaining to the Land and Improvements, including, without limitation,
any and all rights of Seller in and to all air and development rights, all mineral and subsurface rights, roads, alleys, easements,
streets and ways adjacent to the Land, rights of ingress and egress thereto, any strips and gores within or bounding the Land and
in the profits, rights or other appurtenances with respect to the beneficial use or enjoyment of the Land and the Improvements.

 

Seller Parties. Collectively,
(a) Seller, (b) its counsel, (c) Property Manager, (d) any direct or indirect equity owner, officer, director, employee, or agent
of Seller, its counsel or Property Manager, and (e) any other entity or individual affiliated or related in any way to any of the
foregoing.

 

Service Contracts. The
service contracts and equipment leases listed in Exhibit D attached hereto.

 

Termination Surviving Obligations.
Buyer’s obligations under Sections 3.1 and 3.2 hereof and Buyer’s and Seller’s obligations
under Sections 10 and 14.3 hereof.

 

Title Company. First American
Title Insurance Company through its agent, Escrow Company.

 

Transaction. The purchase
and sale transaction contemplated by this Agreement.

 

    	2

    	 

    

 

SECTION
2

AGREEMENT TO SELL AND PURCHASE: PURCHASE PRICE

 

		2.1	Agreement to Sell and Purchase. Seller agrees to sell to Buyer, and Buyer agrees to purchase
from Seller, the Property, subject to and in accordance with the terms, conditions and provisions hereof.

 

		2.2	Payment of Purchase Price. The total purchase price to be paid by Buyer to Seller for the
Property shall be the Purchase Price described in Section 1 above. The Purchase Price shall be payable in the following
manner:

 

		(a)	Earnest Money. Buyer shall, within two business days after the Effective Date, deposit with
the Escrow Company, as escrow agent, the sum of $250,000, as earnest money (said amount being referred to herein as the “Initial
Earnest Money”, and, together with (i) the “Additional Earnest Money” deposit described below, and (ii) the
Extension Deposit (as defined in Section 4.1 below), and all interest accruing thereon, being herein referred to
collectively as the “Earnest Money”), which shall be in the form of a wire transfer of immediately available
funds. Provided that Buyer has not terminated this Agreement pursuant to Section 3.2 below, within two business days
after the Due Diligence Expiration Date, Buyer shall increase the Earnest Money to $400,000 by depositing with the Escrow Company
an additional $150,000 by wire transfer of immediately available funds (the “Additional Earnest Money”). Upon
expiration of the Due Diligence Period, all of the Earnest Money shall become fully non-refundable and payable to Seller, except
as otherwise expressly provided herein. The Earnest Money shall be held and disbursed by the Escrow Company pursuant to the escrow
agreement in the form of Exhibit J attached hereto (the "Escrow Agreement"), which the parties have
executed and delivered simultaneously with the execution and delivery of this Agreement. The Earnest Money shall be invested as
provided in said Escrow Agreement, with all interest accruing thereon being deemed part of the Earnest Money for all purposes hereunder.
In the event Buyer fails to deliver any portion of the Earnest Money within the time provided in this Agreement, Seller may, prior
to Buyer’s deposit of such portion of the Earnest Money with the Escrow Company, at Seller’s option and without limiting
any of its other rights or remedies, terminate this Agreement by written notice to Buyer, whereupon any portion of the Earnest
Money previously delivered to Escrow Company shall be immediately delivered to Seller, this Agreement shall terminate, and the
parties hereto shall have no further obligations to the other except for the Termination Surviving Obligations. If the sale hereunder
is consummated in accordance with the terms hereof, the Earnest Money shall be paid to Seller and applied to the Purchase Price
to be paid by Buyer at the Closing. In all other instances, the Earnest Money shall be paid to Seller or Buyer as provided in other
provisions of this Agreement.

 

		(b)	Balance of Purchase Price. Buyer shall pay to Seller the balance of the Purchase Price,
plus or minus net proration credits (as such credits may be determined in accordance with Section 5 and other applicable
provisions of this Agreement) and as otherwise adjusted pursuant to the provisions of this Agreement (including, without limitation,
Section 13(e)), at Closing by wire transfer of immediately available funds. Such funds must be received by the Escrow
Company, and Buyer shall authorize the disbursement thereof to Seller, no later than the time reasonably required by the Escrow
Company to deliver the payoff for Seller's loan on the Property prior to the lender's payoff deadline on the Closing Date (the
"Payoff Deadline"). Notwithstanding the foregoing, if such payoff is delivered to Seller’s lender after
the Payoff Deadline on the Closing Date, and Seller is charged additional interest, Buyer shall be responsible for the payment
of such additional interest. Further, notwithstanding anything to the contrary in this Agreement, if on or before the Closing Date
Buyer fails to deliver the funds due by Buyer pursuant to this Agreement, Buyer shall be in default of this Agreement.

 

    	3

    	 

    

 

SECTION
3

SELLER’S DELIVERIES; CONDITIONS PRECEDENT

 

		3.1	Seller’s Deliveries. Except for any Excluded Documents, Seller shall provide to Buyer,
or make available at the Property as specified below, promptly after the date hereof the following items relating to the ownership
and operation of the Property:

 

		(a)	the Leases and lease files containing related documentation, which shall be made available at the
Property;

 

		(b)	the Service Contracts;

 

		(c)	Seller’s existing owner’s title policy with respect to the Property;

 

		(d)	the plans and specifications relating to the Property in Seller’s possession, if any, which
shall be made available at the Property;

 

		(e)	schedule of insurance losses for the prior three (3) years (but in any event, for not longer than
Seller has owned the Property);

 

		(f)	real estate and personal property tax bills for calendar years 2012, 2013 and 2014 (but in any
event, for not longer than Seller has owned the Property);

 

		(g)	operating statements with respect to the Property for 2012, 2013 and 2014 (but in any event, for
not longer than Seller has owned the Property);

 

		(h)	any environmental reports with respect to the Property in Seller’s possession;

 

		(i)	copies of assessments for calendar years 2012, 2013, and 2014, if any, imposed by reason of the
Property’s inclusion in a utility or statutorily created district providing water, sewer, drainage, or floor control facilities
and services, as determined pursuant to Chapter 49 of the Texas Water Code;

 

		(j)	copies of assessments for calendar years 2012, 2013, and 2014, if any, imposed by reason of the
Property’s inclusion in a certificated water or sewer area, which is authorized by law to provide water or sewer service
to the properties in the certificated area, pursuant to Section 13.257 of the Texas Water Code; and

 

		(k)	copies of assessments for calendar years 2012, 2013, and 2014, if any, imposed by reason of the
Property’s inclusion in a public improvement district as defined in Section 5.014 of the Texas Property Code.

 

In the event that this Agreement
terminates for any reason, Buyer shall promptly return to Seller all written and other physical materials (whether from Seller,
Seller’s agents or otherwise) received by Buyer relating to the Property or Seller (collectively, the “Seller Provided
Materials”).

 

Except as otherwise expressly
set forth in this Agreement and in the documents delivered by Seller at Closing, Seller makes no representations or warranties,
either expressed or implied, and shall have no liability with respect to the accuracy or completeness of the information, data
or conclusions contained in the information provided to Buyer, and Buyer shall make its own independent inquiry regarding the economic
feasibility, physical condition and environmental state of the Property during the Due Diligence Period.

 

    	4

    	 

    

 

		3.2	Inspections and Access. Buyer and its representatives shall be permitted to enter upon the
Property during business hours upon forty-eight hours prior written notice to Seller’s agent, Field Stern via email (fstern@wallc.com)
during the Due Diligence Period to examine, inspect and investigate the Property and all books, records, drawings and other documentation
relating thereto in Seller’s possession (collectively, the “Inspections”), subject to the terms, conditions
and limitations set forth in the following provisions of this Section 3.2. All of the Inspections shall be conducted
at the expense of Buyer without contribution from Seller of any kind or amount.

 

		(a)	Subject to the rights of tenants under the Leases, Buyer shall have a right to enter the Property
for the purpose of conducting the Inspections and for no other purpose, provided that in each such instance (i) Buyer notifies
Seller’s agent of the intended Inspections not less than 48 hours prior to such entry; (ii) such Inspections are scheduled
with Field Stern by electronic mail (fstern@wallc.com); and (iii) Buyer is in full compliance with Section 3.2(d)
hereof. At Seller’s election, a representative of Seller shall be present during any entry by Buyer or its representatives
upon the Property for conducting said Inspections. Buyer shall take all necessary actions to insure that neither it nor any of
its representatives shall interfere with the ongoing operations occurring at the Property during the course of performing any such
Inspections, including, without limitation, any activities of tenants. Buyer shall not cause or permit any mechanics’ liens
or other liens to be filed against the Property as a result of the Inspections. Notwithstanding anything set forth herein to the
contrary, Buyer shall not be permitted to: (w) perform any Phase II environmental assessments or any other tests that require the
physical alteration of the Property (including, without limitation, borings or samplings) without the prior written consent of
Seller, which may be withheld by Seller in its sole discretion; (x) review any of the Excluded Documents; (y) interview any tenants,
owners or other occupants of the Property; or (z) discuss employment opportunities with any employees of Seller or Property Manager.
Promptly upon (i) receipt of the written request of Seller; or (ii) termination of this Agreement for any reason, Buyer shall deliver
to Seller a complete copy of any written studies, reports, tests results or similar documents prepared by or on behalf of Buyer
or its agents (collectively, the “Third Party Reports”).

 

		(b)	Buyer shall have until the Due Diligence Expiration Date in which to conduct its due diligence
investigations and analysis of the Property and of all information pertaining to the Property to determine whether the Property
is acceptable to Buyer. If during the Due Diligence Period, Buyer so elects, for any reason or no reason, Buyer may, as its sole
and exclusive right and remedy, terminate this Agreement by giving written notice of termination to Seller on or before the Due
Diligence Expiration Date. If Buyer does not give such notice of termination on or before the Due Diligence Expiration Date, Buyer
shall be deemed to have waived its right to terminate this Agreement pursuant to this Section 3.2 and this Agreement
shall continue in full force and effect. In the event of such termination the Earnest Money shall be returned to Buyer and neither
party shall have any further obligations to the other party hereunder, except for the Termination Surviving Obligations.

 

		(c)	Buyer agrees and covenants with Seller not to disclose to any third party (other than lenders,
accountants, equity partners, attorneys and other professionals and consultants working for Buyer in connection with the acquisition
of the Property) without Seller’s prior written consent, unless Buyer is obligated by law to make such disclosure (in which
case Buyer shall provide concurrent written notice of such mandatory disclosure to Seller), any of the reports or any other documentation
or information obtained by Buyer which relates to the Property, the Property or Seller in any way, all of which shall be used by
Buyer and its agents solely in connection with the transactions contemplated hereby.

 

    	5

    	 

    

 

		(d)	Buyer agrees to indemnify, defend and hold Seller and its members, managers, partners, trustees,
beneficiaries, shareholders, directors, officers, advisors and other agents and their respective employees and affiliates (collectively,
the “Indemnified Seller Parties”) harmless from and against any and all claims, losses, damages, costs and expense
(including, without limitation, attorneys fees’ and court costs) (collectively, “Claims”) suffered or
incurred by any of the Indemnified Seller Parties as a result of or in connection with any activities of Buyer (including activities
of any of Buyer’s employees, consultants, contractors or other agents) conducted pursuant to or in violation of this Section
3.2 or otherwise, including, without limitation, mechanics’ liens, damage to the Property, and injury to persons
or property resulting from such activities; provided, however, in no event shall Buyer have any obligation to indemnify any of
the Indemnified Seller Parties with respect to Claims arising (x) as a result of Buyer’s mere discovery, without exacerbation,
of an existing environmental or other condition on the Property; or (y) solely due to the negligence or intentional misconduct
of any of the Indemnified Seller Parties. In connection with the foregoing indemnity, in the event that the Property is damaged,
disturbed or altered in any way as a result of such activities, Buyer shall promptly restore the Property to its condition existing
prior to the commencement of such activities. Furthermore, Buyer agrees to maintain and to cause all of its representatives or
agents conducting any Inspections to maintain and have in effect workers’ compensation insurance, with statutory limits of
coverage, and commercial general liability insurance with (i) appropriate coverages, (ii) waiver of subrogation, and (iii) limits
of not less than Three Million and 00/100 Dollars ($3,000,000.00) for personal injury, including bodily injury and death, and property
damage. Such insurance shall name Seller, Waterton Property Management, L.L.C., and Waterton Associates L.L.C. as additional insured
parties and shall be with companies, with deductibles and otherwise in form reasonably acceptable to Seller. Buyer shall deliver
to Seller prior to commencing any of the activities described in this Section 3.2, evidence reasonably satisfactory
to Seller that the insurance required hereunder is in full force and effect.

 

		3.3	Title. No later than three (3) business days following the Effective Date, Seller shall
deliver to Buyer for its review a title commitment (or preliminary title report) covering the Property issued by the Title Company
(the “Title Commitment”). Seller has previously delivered or made available to Buyer for its review, an existing
plat of survey of the Property in Seller’s possession (the “Existing Survey”). If Buyer so elects, Buyer
may order an update of the Existing Survey (the “Updated Survey”) at Buyer’s sole cost. Buyer shall have
until 5:00 p.m. Eastern Standard Time on the date that is five (5) business days before the Due Diligence Expiration Date (the
“Title Review Deadline”) for examination of the Title Commitment and the Existing Survey (or the Updated Survey
if obtained by Buyer prior to the Title Review Date) and the making of any objections thereto, said objections to be made in writing
(the “Objections”) and delivered to Seller on or before the Title Review Deadline. If Buyer shall have obtained
an Updated Survey prior to the Title Review Deadline, such Updated Survey shall be the “Survey,” as hereinafter
described; otherwise, the Existing Survey shall be the “Survey,” as hereinafter described . Buyer shall be deemed
to have accepted all exceptions to the Title Commitment and the form and substance of the Survey, except only for matters expressly
objected to in a written notice delivered to Seller on or before the Title Review Deadline. If any objections to the Title Commitment
or Survey are properly made on or before the Title Review Deadline, Seller shall have the right, but not the obligation (except
with respect to the Mandatory Cure Items, as described below), on or before the date that is five (5) business days
after receipt of the Objections (the “Seller Cure Date”), to cure such Objections (by removal or by endorsement
or other method reasonably acceptable to Buyer) or to agree in writing to cure same prior to Closing. If the Objections are not
so cured by Seller (or agreed to be cured by Seller), or waived by Buyer, on or before the Seller Cure Date, then Buyer may, at
its option, and as its sole and exclusive right and remedy, terminate this Agreement by written notice thereof delivered to Seller
on or before the date (the “Election Date”) that is the earlier of the Due Diligence Expiration Date or five
(5) days after the Seller Cure Date. If Buyer does not give such notice of termination on or before the Election Date, Buyer shall
be deemed to have waived its right to terminate this Agreement pursuant to this Section 3.3 and this Agreement
shall continue in full force and effect. In the event of such termination, the Earnest Money shall be returned to Buyer and neither
party shall have any further obligations to the other party hereunder, except for the Termination Surviving Obligations. Notwithstanding
the foregoing, Seller agrees to pay off at Closing Seller's mortgage loans encumbering the Property and any and all judgment liens,
tax liens and mechanics’ and materialmens’ liens caused by, through, or under Seller, and to cause the mortgage evidencing
such loans and all such liens, if any, to be removed from the Title Commitment (the “Mandatory Cure Items”).

 

    	6

    	 

    

 

		3.4	New Title Matters. At any time prior to Closing, Buyer shall have the right to obtain an
updated Title Commitment. If, after the effective date of the most-recently updated Title Commitment new adverse matters are revealed
by any update of the Title Commitment (collectively, “New Matters”), Buyer shall have the right to submit to
Seller additional Objections, provided that such new Objections must be submitted by Buyer on or prior to the date that is the
earlier to occur of (a) the Closing Date, or (b) the date that is five (5) days after Buyer’s receipt of such update, as
applicable. If Buyer timely notifies Seller in writing of such New Matters, Seller, in Seller’s sole discretion, may, but
shall have no obligation to, cure such New Matters on or prior to Closing. Seller shall be deemed to have given notice to Buyer
that Seller refuses to cure any such New Matters, which Seller may so do in its sole discretion, unless Seller, within five (5)
days after receipt of Objections from Buyer, shall deliver a notice indicating whether Seller will attempt to cure (whether by
removal or by endorsement or other method reasonably acceptable to Buyer) or refuses to cure such New Matters. If Seller’s
Notice indicates that Seller refuses to cure said New Matters (or if Seller is deemed to refuse to cure said New Matters), Buyer
may (a) terminate this Agreement within two (2) business days after (i) receipt of such notice from Seller, or (ii) if no such
notice is given by Seller, the date that Seller is deemed to have given notice that Seller refuses to cure such New Matters (which
shall be deemed to have occurred on the date that is five (5) days after receipt of Buyer’s Objections to the New Matters),
and in either event the Earnest Money shall be returned to Buyer, and neither party shall have further rights or obligations pursuant
to this Agreement, except for the Termination Surviving Obligations; or (b) if Buyer fails to so terminate, Buyer shall be deemed
to have waived such New Matters and shall accept the Property subject thereto, in which event there shall be no reduction in the
Purchase Price. If applicable, the Closing shall be extended to provide Seller and Buyer with the full response periods provided
in this Section 3.4.

 

		3.5	Approvals Not a Condition to Buyer’s Performance Subject to Buyer’s right to
terminate this Agreement prior to the expiration of the Due Diligence Period in accordance with the terms of Section 3.2(b)
hereof, Buyer acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Buyer’s
ability to obtain any (a) governmental or quasi-governmental approval of changes or modifications in use or zoning, (b) modification
of any existing land use restriction, or (c) mortgage financing.

 

SECTION
4

CLOSING

 

		4.1	Time and Place. The Closing shall be administered by the Escrow Company via a deed and money
escrow closing (also referred to as a so-called “New York style” closing) on the Closing Date. Notwithstanding the
foregoing, Buyer shall have the one-time right to extend the Closing Date by up to fourteen (14) days by providing Seller with
written notice no later than seven (7) business days prior to the scheduled Closing Date and delivering to the Escrow Company the
sum of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (the “Extension Deposit”), which Extension
Deposit become a part of the Earnest Money for all intents and purposes under this Agreement, shall be non-refundable to Buyer
except as otherwise expressly provided herein, but shall be credited against the Purchase Price at Closing.

 

    	7

    	 

    

 

		4.2	Deliveries. At Closing Seller and Buyer shall execute and deliver the following items:

 

		(a)	Seller shall deliver to the Escrow Company (for delivery to Buyer upon Closing):

 

		(i)	a special warranty deed conveying the Real Property in the form of Exhibit E attached
hereto (the “Deed”);

 

		(ii)	a bill of sale in the form of Exhibit F attached hereto, conveying to Buyer all of
Seller’s right, title and interest in and to the Personal Property, if any;

 

		(iii)	a non-foreign transferor certification as required under Section 1445 of the Internal Revenue Code;

 

		(iv)	evidence of Seller’s authority to consummate the transactions described herein, as required
by the Title Company; and

 

		(v)	Evidence of Termination of the existing management and leasing agreement with Property Manager.

 

		(b)	Buyer shall pay or deliver to the Escrow Company (for delivery to Seller upon Closing):

 

		(i)	the balance of the Purchase Price, by wire transfer, as provided in Section 2.2(b);
and

 

		(ii)	evidence of Buyer’s authority to consummate the transactions described herein, as required
by the Title Company; and

 

		(c)	Seller and Buyer shall jointly deliver to the Escrow Company (for delivery to each other upon Closing):

 

		(i)	an assignment and assumption of Leases in the form of Exhibit G attached hereto;

 

		(ii)	an assignment and assumption of contracts and additional property in the form of Exhibit
H attached hereto, whereby Seller assigns to Buyer and Buyer assumes all of Seller’s assignable rights, title, interests,
duties, obligations and liabilities under and with respect to the Service Contracts and Additional Property;

 

		(iii)	a closing statement describing all prorations and other applicable credits; and

 

		(iv)	a notice to the tenants under the Leases in the form of Exhibit I attached hereto.

 

		(d)	Seller shall deliver to the Escrow Company:

 

		(i)	a title or owner’s affidavit as may be reasonably required by the Title Company in connection
with the issuance of the title policy to Buyer at Closing;

 

		(ii)	such other documentation as is reasonably required by the Title Company to remove or satisfy applicable
requirements or other Objections which Seller is obligated to cure pursuant to Section 3 above; and

 

    	8

    	 

    

		(iii)	any tax-related documentation as required in the jurisdiction in which the Property is located
in connection with the transfer of real property and such other tax-related documentation (including, without limitation, a 1099-S
Information sheet) as may be reasonably required by the Title Company in connection with its performance of its duties as the “Designated
Representative” with respect to the transaction contemplated by this Agreement.

 

		(e)	Simultaneously with the Closing Seller shall deliver to the Buyer at the Property: (i) copies of
all books, records, warranties, guaranties, certificates of occupancy, plans, specifications, lease files, credit reports and other
documents related to the ownership, operation and leasing of the Property, in Seller’s possession, except to the extent that
any such items are Excluded Documents; (ii) originals (or copies to the extent originals are unavailable) of the Leases; and (iii)
all keys, combinations and other similar items required to properly deliver possession and control of the Property to Buyer.

 

SECTION
5

PRORATIONS

 

All items of income and expense applicable
to the Property shall be paid, prorated or adjusted as of the close of business on the day prior to the Closing Date in the manner
hereinafter set forth:

 

		5.1	Real Estate Taxes and Assessments. Real estate taxes and special assessments shall be prorated
as follows:

 

		(a)	For purposes of this Section 5.1, the term “Taxes” shall mean
(i) the real estate taxes and special assessments levied against the Property by any governmental or quasi-governmental authority,
plus (ii) all reasonable out-of-pocket costs incurred by Seller, or with Seller’s consent, of contesting the assessed valuation
or otherwise protesting such taxes or assessment, minus (iii) any refunds or reduction of such taxes or assessments, which, after
payment of the reasonable out-of-pocket costs and expenses incurred in obtaining such refunds or reductions, shall be paid or credited
to the party or parties obligated for such taxes or assessments in the same manner and proportions as otherwise provided herein.

 

		(b)	Seller, at its sole expense, shall be obligated for and shall pay all Taxes applicable to any year
prior to 2015, and Buyer, at its sole expense, shall be obligated for and shall pay all Taxes applicable to 2015 and any year after
the Closing occurs, subject to the prorations set forth herein. With respect to the Taxes applicable to 2015: (i) Seller shall
be obligated for a prorated portion of such Taxes from the beginning of 2015 to but excluding the Closing Date determined by multiplying
the total amount of such Taxes by a fraction, the numerator of which is the number of days from and including the first day of
such tax year to and including the day prior to the Closing Date and the denominator of which is 365; and (ii) Buyer shall be obligated
for the balance of such Taxes determined by multiplying the total amount of such Taxes by a fraction, the numerator of which is
the number of days from and including the Closing Date to and including the last day of 2015 and the denominator of which is 365.

 

		(c)	Seller shall pay all of the Taxes due and payable prior to the Closing and Buyer shall pay all
of the Taxes due and payable after the Closing. To the extent that, as of the Closing Date, the amount so paid by Seller or to
be paid by Buyer exceeds the amount for which such party is obligated in accordance with Paragraph (b) above, such party shall
be entitled to a credit at Closing for such excess from the other party.

 

    	9

    	 

    

		(d)	To the extent that the actual amount of Taxes for 2015 to be prorated hereunder is not known at
Closing, or tax contests or protests are outstanding or reasonably anticipated that may cause a reduction in Taxes, then, at Closing,
Taxes for 2015 shall be prorated using one hundred percent (100%) of the Taxes on the tax bill for the Property for 2014. In such
event, within ninety (90) days following receipt by Buyer (or Seller, if applicable) of the actual bill for Taxes for 2015, Seller
and Buyer shall reprorate such Taxes, and if such reproration results in an adjustment to the proration calculated at Closing,
the party owing the other party shall pay the amount owed within fifteen (15) days after the reproration is determined. The terms
of this Section 5.1(d) shall survive the Closing.

 

		5.2	Rent. All rent and other amounts paid by the tenants under the Leases (collectively, “Rent”),
for the month of Closing shall be prorated as of the Closing Date based on the respective number of days of ownership of Seller
and Buyer for such month; provided, however, that neither Buyer nor Seller shall receive credit at Closing for any Rent that is
past due (the “Past Due Rent”). Following the Closing, if Buyer or Seller receives any payment from any tenant
for which Past Due Rent is outstanding, such payment shall be distributed in the following order of priority: (a) first, to Buyer
for Rent then due and payable by such tenant under its Lease which accrues on or after the Closing Date, (b) next, on a prorated
basis to Buyer and Seller for Rent due and payable by such tenant under its Lease which accrues in the month in which the Closing
Date occurs, and (c) then, after payment in full of all such amounts then due and payable to Buyer from such tenant, to Seller
to the extent of all Past Due Rent owed by such tenant, together with interest and late charges, if applicable. If any Past Due
Rent is not paid to Seller within sixty (60) days after Closing, Seller shall have the right to attempt to effect collection by
litigation or otherwise so long as Seller does not take any action to terminate the tenant’s lease or right to possession.
Buyer shall cooperate with Seller in its efforts to collect Past Due Rent but shall not be required to incur any cost with respect
to such cooperation or take any action against any tenant to terminate the tenant’s lease or right to possession.

 

		5.3	Security Deposits. Buyer shall receive a credit at Closing for all refundable security deposits
and other refundable deposits (if any) paid to Seller under the Leases to the extent that such deposits have not been applied by
Seller to cure tenants’ defaults.  Seller shall retain, and Buyer shall not receive any credit for, any non-refundable
tenant fees, including, without limitation, payments made under the Sure Deposit or Lease Protect programs, cleaning fees, redecorating
fees and pet fees.

 

		5.4	Utilities. Utility meters for utility services payable by Seller and not directly metered
to tenants shall be read on or immediately prior to the Closing Date, if possible, and the amounts due as disclosed by such readings
shall be paid by Seller or credited to Buyer. Otherwise all utility charges and billings shall be prorated using the prior month’s
bill as of the Closing Date and shall be reprorated upon receipt of actual bills for the period in question. Seller shall retain,
and Buyer shall not receive any credit for, any utility deposits or deposits with governmental or quasi-governmental authorities.

 

		5.5	Expenses. Except as otherwise expressly provided in this Agreement (concerning taxes, assessments
and utility charges), operating expenses of Seller or Property Manager for the Property shall be payable by Seller and Buyer on
an accrual basis in accordance with the parties’ respective periods of ownership so that Seller pays all expenses accruing
prior to the Closing Date and Buyer pays all expenses accruing on or after the Closing Date. In the event either party receives
a bill for expenses for which the other party is obligated, such other party shall pay such bill promptly after receipt thereof.

 

		5.6	Lump Sum Payments from Vendors. Under no circumstances shall Buyer be entitled to receive
any portion of any lump sum, inducement or similar payments made to Seller (or Seller’s predecessor owners) by cable or other
utility companies or other vendors in exchange for the right of those companies or vendors to install equipment or provide services
or other benefits to the Property or its tenants.

 

    	10

    	 

    

		5.7	Miscellaneous. In the event any prorations or computations made under this Section 5
are based on estimates or prove to be incorrect, then either party shall be entitled to an adjustment to correct the same, provided
that it makes written demand on the party from whom it is entitled to such adjustment within ninety (90) days after the end of
the calendar year in which the Closing occurs (except with respect to Taxes, which adjustment must occur, if at all, within ninety
(90) days after the actual Taxes are determined). For purposes of calculating the prorations provided for in this Agreement, Buyer
shall be deemed to be the owner of the Property on the Closing Date.

 

SECTION
6

SELLER’S REPRESENTATIONS AND WARRANTIES

 

		6.1	List of Representations and Warranties. Seller hereby represents and warrants to Buyer as
follows:

 

		(a)	Authority; Organization; Employees. Seller has the legal power, right and authority to enter
into this Agreement and to consummate the transactions contemplated hereby. Seller is a duly organized and validly existing limited
partnership, is in good standing in Delaware and is authorized to transact business in the State of Texas. There are no employees
of the Property or Seller who will become employees of Buyer or for which Buyer shall become responsible as an employer in any
way. There are no collective bargaining agreements, other union contracts of any nature, pension plans or other benefit plans of
any nature in existence to which Seller is a party and which affect the Property or the operation thereof.

 

		(b)	Conflicts. Neither the execution and delivery of this Agreement nor the consummation of
the transactions herein contemplated conflict with or result in the material breach of any terms, conditions or provisions of or
constitute a default under, any bond, note, or other evidence of indebtedness or any agreement to which Seller is a party. Except
as set forth in this Agreement, no order, permission, consent, approval, license, authorization, registration or validation of,
or filing with, or exemption by, any governmental agency or public authority is required to authorize, or is required in connection
with, the execution, delivery and performance of this Agreement by Seller or the taking by Seller of any action contemplated by
this Agreement.

 

		(c)	Leases; Rent Roll. To Seller’s knowledge, (1) the rent roll attached hereto as Exhibit
B is true, correct and complete in all material respects, (2) the Leases to which Buyer was given access to at the Property
were true, correct and complete copies thereof, (3) Seller is not in default of any of its obligations as “Landlord”
under any of the Leases, and (4) the receivables report Seller provided to Buyer is the form of report Seller relies on in considering
tenant delinquencies at the Property.

 

		(d)	Service Contracts. To Seller’s knowledge, attached hereto as Exhibit D
is a complete and accurate list of the Service Contracts and equipment leases which apply to the operation of the Property and
will be binding on Buyer after the Closing. To Seller’s knowledge, all of the copies of the Service Contracts delivered by
Seller to Buyer are true, correct and complete copies thereof, and Seller has not received any written notice from any third party
of any defaults under any of the Service Contracts, nor is Seller aware of any defaults by any such third party.

 

		(e)	Violations of Laws. To Seller’s knowledge, except as set forth on Schedule 6.1(e)
attached hereto, Seller has not received any written notice that the Property is currently in violation of any applicable zoning,
building, fire or other safety laws or regulations (specifically excluding any environmental matters, none of which are not intended
to be covered by this Agreement).

 

		(f)	Litigation. To Seller’s knowledge, except as set forth on Schedule 6.1(f)
attached hereto, no litigation has been served upon Seller, or threatened in writing, with respect to Seller or the Property that
remains outstanding and which would adversely affect Seller’s ability to convey the Property or Buyer’s ability to
operate the Property after Closing.

 

    	11

    	 

    

 

		(g)	Leasing Commissions. There are no locator fees, leasing or brokerage commissions due and
payable with respect to any of the Leases for tenants occupying the Improvements at Closing, other than those which will be paid
by Seller as of Closing. All fees associated with tenants moving into the Improvements post-closing will be the obligation of Buyer.

 

		(h)	Eminent Domain. Seller has not received any written notice of any pending eminent domain,
condemnation proceedings, or other governmental taking of the Property or any part thereof and, to Seller’s knowledge, no
such proceedings have been threatened.

 

		(i)	No Options/Rights of First Refusal. Seller has granted no options, rights of first refusal
or any other right to acquire any interest in the Property to any party, other than granting occupancy rights to tenants pursuant
to the Leases.

 

		6.2	Survival. The representations and warranties of Seller set forth in this Agreement shall
be deemed remade as of Closing, provided that Seller may give Buyer on or before the Closing Date one or more notices of any modifications
(each a “Statement of Modifications”) to such representations and warranties which arise after the date hereof,
and said representations and warranties as so remade and modified shall survive Closing for a period of six (6) months after the
Closing Date (the “Survival Period”), after which all of the representations and warranties of Seller shall
become void and of no further force or effect, except for Seller’s representations and warranties concerning its authority
in Section 6.1(a), which shall survive Closing without limitation on duration. In the event Buyer is either (i) notified
by Seller prior to Closing, or (ii) otherwise obtains knowledge prior to Closing, that any representation or warranty of Seller
in this Agreement is materially untrue or incorrect in any material respect (including in a Statement of Modifications), and in
either event Seller does not (y) agree to either cure the untrue or incorrect representation or warranty prior to Closing, or (z)
give Buyer a credit at Closing for the lesser of the cost to cure such untrue or incorrect representation or warranty, or the actual
out of pocket damages suffered by Buyer due to such untrue or incorrect representation or warranty, Buyer shall have the right,
as its sole and exclusive remedy, to either (a) terminate this Agreement, in which event the Earnest Money shall be promptly returned
to Buyer and neither party shall have any further obligations to the other party hereunder except for the Termination Surviving
Obligations, or (b) to close and take title to the Property notwithstanding that such representation or warranty is untrue or incorrect,
and Buyer shall be deemed to have waived any rights or remedies against Seller because of such untrue or incorrect representation
or warranty. The provisions of this Section 6.2 shall survive the Closing.

 

		6.3	Definition of Knowledge. As used in this Section 6.3 or other provisions of
this Agreement, the term “to Seller’s knowledge” or “best of Seller’s knowledge”
or any other reference to the knowledge of Seller (a) shall mean and apply to the actual knowledge of Russe Vrana (the Property
Manager’s Regional Manager with responsibility for the Property) and Erin Ankin (the General Counsel of Seller’s and
Property Manager’s affiliate), with respect to the Property (collectively, the “Knowledge Individuals”)
and not to any other persons or entities, (b) shall mean the actual (and not implied or constructive) knowledge of such individuals,
without any duty on such individuals to conduct any investigation or inquiry of any kind, other than such investigation or inquiry
would otherwise be regularly made in connection with the performance of their respective duties in their above-referenced capacities,
and (c) shall not apply to or be construed to apply to information or material which may be in the possession of Seller generally
or incidentally, but which is not actually known to the Knowledge Individuals. Similarly, any reference to any written notice,
claim, litigation, filing or other correspondence or transmittal to Seller set forth herein shall be limited to refer to only those
actually received by or known to one or more of the Knowledge Individuals in the limited manner provided in clauses (a) - (c) above.
Under no circumstances shall the Knowledge Individuals have any personal obligations or liabilities under this Agreement or otherwise.
The provisions of this Section 6.3 shall survive the Closing.

 

    	12

    	 

    

 

		6.4	Limitations Concerning Buyer’s Knowledge. Notwithstanding anything contained in this
Agreement to the contrary, all of the representations, warranties and certifications (collectively, the “Representations”)
which are made by Seller and set forth herein or in any of the documents or instruments required to be delivered by Seller
hereunder, shall be subject to the following conditions and limitations: (a) there shall be no liability on the part of Seller
for any breach of a Representation arising from any matter or circumstance of which Buyer had actual knowledge at Closing (including
matters and circumstances described in any Statement of Modifications); (b) in the event that prior to the time of Closing, during
the course of Buyer’s inspections, studies, tests and investigations conducted pursuant to Section 3.2 hereof,
or through other sources (including any Statement of Modifications), Buyer gains actual knowledge of a fact or circumstance which,
by its nature, indicates that a Representation was or has become materially untrue or incorrect in any material respect, and such
fact or circumstance was not intentionally withheld from Buyer by Seller with the intent to defraud Buyer and in either event Seller
does not either (y) agree to cure the untrue or incorrect representation or warranty prior to Closing, or (z) give Buyer a credit
at Closing for the lesser of the cost to cure such untrue or incorrect representation or warranty, or the actual out of pocket
damages suffered by Buyer due to such untrue or incorrect representation or warranty, then Buyer shall not have the right to bring
any lawsuit or other legal action against Seller, nor pursue any other remedies against Seller, as a result of the breach of the
Representation caused thereby, but Buyer’s sole and exclusive right and remedy shall be to terminate this Agreement, in which
event the Earnest Money shall be returned to Buyer and neither party shall have any further obligations to the other party hereunder,
except for the Termination Surviving Obligations. Without limiting Section 15.6 or any other provision hereof, the
parties hereto expressly acknowledge and agree that none of Seller’s representations, warranties or covenants herein may
be relied on by the Title Company or Escrow Company, whether by subrogation or otherwise. The provisions of this Section
6.4 shall survive the Closing.

 

		6.5	Other Limitations. Notwithstanding anything to the contrary set forth in this Agreement
or in any other agreement or document delivered in connection herewith, Seller shall have no liability whatsoever to Buyer for
a breach of any representation, warranty, covenant agreement or other requirement or provision hereof or thereof unless (i) the
valid claims for all such breaches collectively aggregate to more than Fifty Thousand Dollars ($50,000), in which event the full
amount of such valid claims shall be actionable up to, but not in excess of, Four Hundred Fifty Thousand Dollars ($450,000) (the
“Cap”) in the aggregate for all liability, and (ii) written notice containing a description of the specific
nature of such breach shall have been given by Buyer to Seller prior to the end of the Survival Period and an action shall have
been commenced by Buyer against Seller within nine (9) months after the Closing Date. In no event shall Seller be liable for any
incidental, consequential or punitive damages, or for any damages in excess of the Cap, except as otherwise expressly provided
in this Agreement. The provisions of this Section 6.5 shall survive the Closing.

 

    	13

    	 

    

 

SECTION
7

AS-IS AND RELEASE

 

		7.1	AS-IS. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS
AGREEMENT AND IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING, BUYER WARRANTS AND ACKNOWLEDGES TO AND AGREES WITH SELLER THAT BUYER
IS PURCHASING THE PROPERTY IN ITS “AS-IS, WHERE IS” CONDITION “WITH ALL FAULTS” AS OF THE CLOSING DATE
AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, AS TO ITS CONDITION,
FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, OR ANY OTHER WARRANTY OF ANY KIND, NATURE, OR TYPE WHATSOEVER FROM OR ON BEHALF
OF SELLER. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN THE DOCUMENTS DELIVERED
BY SELLER AT CLOSING, SELLER SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT,
EXPRESS OR IMPLIED, CONCERNING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE
WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES
AND USES WHICH BUYER MAY CONDUCT THEREON, INCLUDING THE POSSIBILITIES FOR FUTURE DEVELOPMENT OF THE PROPERTY, (D) THE COMPLIANCE
OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY
OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY,
(F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY,
STATE OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, (H) THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS AT, ON, UNDER, OR ADJACENT
TO THE PROPERTY OR ANY OTHER ENVIRONMENTAL MATTER OR CONDITION OF THE PROPERTY, (I) THE LEASES OR OTHER AGREEMENTS AFFECTING THE
PROPERTY, OR (J) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS
AND WARRANTIES OF SELLER CONTAINED IN THIS AGREEMENT AND IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING, ANY INFORMATION PROVIDED
BY OR ON BEHALF OF SELLER WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY
INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR
COMPLETENESS OF SUCH INFORMATION. SELLER SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS
OR INFORMATION PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF, FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT
OR OTHER PERSON EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT. BUYER FURTHER ACKNOWLEDGES AND
AGREES THAT BUYER IS A SOPHISTICATED AND EXPERIENCED BUYER OF PROPERTIES SUCH AS THE PROPERTY AND HAS BEEN DULY REPRESENTED BY
COUNSEL IN CONNECTION WITH THE NEGOTIATION OF THIS AGREEMENT. SELLER HAS MADE NO AGREEMENT TO ALTER, REPAIR OR IMPROVE ANY OF THE
PROPERTY.

 

		7.2	Release of Seller.
                                         Buyer acknowledges that it will have the opportunity to inspect the Property during the
                                         Due Diligence Period, and during such period, observe its physical characteristics and
                                         existing conditions and the opportunity to conduct such investigation and study on and
                                         of the Property and adjacent areas as Buyer deems necessary, and, except as otherwise
                                         expressly provided in the provisions of this Agreement, Buyer hereby FOREVER RELEASES
                                         AND DISCHARGES Seller from all duties, obligations, responsibility and liability pertaining
                                         to the Property in any way, including its condition, valuation, salability, financability
                                         or utility of the Property, or its suitability for any purpose whatsoever (including,
                                         but not limited to, with respect to the presence in the soil, air, structures and surface
                                         and subsurface waters, of Hazardous Materials or other materials or substances that have
                                         been or may in the future be determined to be toxic, hazardous, undesirable or subject
                                         to regulation and that may need to be specially treated, handled and/or removed from
                                         the Property under current or future federal, state and local laws, regulations or guidelines,
                                         and any structural and geologic conditions, subsurface soil and water conditions and
                                         solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise
                                         affecting the Property), including without limitation liabilities under any Environmental
                                         Laws. By Closing this transaction, Buyer will be deemed to have WAIVED any and all objections
                                         and complaints (including, but not limited to, federal, state and local statutory and
                                         common law based actions, and any private right of action under any federal, state or
                                         local laws, regulations or guidelines to which the Property is or may be subject, including,
                                         but not limited to, CERCLA) concerning the any physical characteristics and any existing
                                         conditions of the Property, whether arising before or after the date of this Agreement,
                                         including, without limitation, any obligations relating to the physical, environmental
                                         or legal compliance status of the Property, and the lessor’s obligations under
                                         the Leases. Buyer further hereby assumes the risk of changes in applicable laws and regulations
                                         relating to past, present and future environmental conditions on the Property and the
                                         risk that adverse physical characteristics and conditions, including, without limitation,
                                         the presence of Hazardous Materials or other contaminants, may not have been revealed
                                         by its investigation. Buyer, for Buyer and Buyer’s successors and assigns, hereby
                                         waives any right it may have to commence a judicial proceeding or arbitration naming
                                         Seller or any other Seller Parties as a defendant alleging Seller is a “Developer”
                                         of the Property.

 

    	14

    	 

    

 

		7.3	Definitions. For purposes, of
                                         this Agreement, the term “Environmental Laws” includes without limitation
                                         the Resource Conservation and Recovery Act and the Comprehensive Environmental Response
                                         Compensation and Liability Act (“CERCLA”) and other federal laws governing
                                         Hazardous Materials as in effect on the date of this Agreement, together with their implementing
                                         regulations and guidelines as of the date of this Agreement, and all state and local
                                         laws, regulations and ordinances that regulate Hazardous Materials in effect as of the
                                         date of this Agreement. “Hazardous Materials” means any substance
                                         which is (i) designated, defined, classified or regulated as a hazardous substance, hazardous
                                         material, hazardous waste, pollutant or contaminant under any applicable law, as currently
                                         in effect as of the date of this Agreement (ii) petroleum hydrocarbon, including crude
                                         oil or any fraction thereof and all petroleum products, (iii) PCBs, (iv) lead, (v) radon,
                                         (vi) asbestos, (vii) flammable explosives, (viii) mold or other bacteria or infectious
                                         materials, or (ix) radioactive materials.

 

		7.4	Survival. The provisions of this Section 7 shall expressly survive the Closing,
not merge with the provisions of any closing documents and shall be deemed incorporated into the Deed. Buyer acknowledges and agrees
that the releases, waivers and disclaimers and other agreements set forth herein are an integral part of this Agreement and that
Seller would not have agreed to sell the Property to Buyer for the Purchase Price without the releases, waivers and disclaimers
and other agreements set forth above.

 

SECTION
8

BUYER’S REPRESENTATIONS AND WARRANTIES

 

Buyer hereby represents and warrants to
Seller as follows:

		(a)	Authority. Buyer has the legal power, right and authority to enter into this Agreement and
to consummate the transactions contemplated hereby. Buyer is a duly organized and validly existing limited liability company and
is in good standing in its state of organization.

 

		(b)	Conflicts. Neither the execution nor delivery of this Agreement nor the consummation of
the transactions herein contemplated conflict with or result in the material breach of any terms, conditions or provisions of or
constitute a default under, any bond, note, or other evidence of indebtedness or any agreement to which Buyer is a party.

 

		(c)	Litigation. There is no action, suit or proceeding pending or, to Buyer’s knowledge,
threatened against Buyer in any court or by or before any other governmental agency or instrumentality which would materially and
adversely affect the ability of Buyer to carry out the transactions contemplated by this Agreement.

 

    	15

    	 

    

		(d)	No Bankruptcy. Buyer has not (i) made a general assignment for the benefit of creditors,
(ii) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Buyer’s creditors,
(iii) suffered the appointment of a receiver to take possession of all, or substantially all, of Buyer’s assets, (iv) suffered
the attachment or other judicial seizure of all, or substantially all, of Buyer’s assets, (v) admitted in writing its inability
to pay its debts as they come due, or (vi) made an offer of settlement, extension or composition to its creditors generally.

 

		(e)	Patriot Act Compliance. Neither Buyer nor any person, group, entity or nation that Buyer
is acting, directly or indirectly, for or on behalf of, is named by any Executive Order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the
United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise
a banned or blocked person, group, entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign
Assets Control, and Buyer is not engaging in this transaction, directly or indirectly, on behalf of, or instigating or facilitating
this transaction, directly or indirectly, on behalf of, any such person, group, entity or nation. To the extent Buyer’s representations
and warranties in the preceding sentence cover persons owning publicly traded securities in one or more of Buyer’s affiliates,
which securities were acquired through a regulated securities exchange, such representations and warranties are made only to Buyer’s
knowledge. Buyer is not engaging in this transaction, directly or indirectly, in violation of any laws relating to drug trafficking,
money laundering or predicate crimes to money laundering. None of the funds of Buyer have been or will be derived from any unlawful
activity with the result that the investment of direct or indirect equity owners in Buyer is prohibited by law or that the transaction
or this Agreement is or will be in violation of law. Buyer has and will continue to implement procedures, and has consistently
and will continue to consistently apply those procedures, to ensure the foregoing representations and warranties remain true and
correct at all times prior to Closing.

 

		(f)	ERISA. Buyer is not (and, throughout the period transactions are occurring pursuant to this
Agreement, will not be) and is not acting on behalf of (and, throughout the period transactions are occurring pursuant to this
Agreement, will not be acting on behalf of) an “employee benefit plan” as defined in Section 3(3) of ERISA, that is
subject to Title I of ERISA, a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986,
as amended, or an entity deemed to hold the plan assets of any of the foregoing pursuant to 29 C.F.R. Section 2510.3-101, as modified
by Section 3(42) of ERISA.  Buyer is either not, and is not using the assets of, a “governmental plan” as defined
in Section 3(32) of ERISA or, if Buyer is, or is using the assets of, a governmental plan, the transactions contemplated by this
Agreement are not in violation of any laws applicable to Buyer, regulating investments of, or fiduciary obligations with respect
to, governmental plans.

 

The representations and warranties of Buyer
set forth in this Agreement shall be deemed remade as of Closing, and said representations and warranties as so remade shall survive
the Closing without limitation on duration.

 

SECTION
9

Closing costs

 

Seller shall pay the following expenses
incurred in connection with the transactions described herein: (i) costs to obtain a standard Texas owner’s title policy
(excluding any endorsements, (ii) one-half of all closing fees charged by the Escrow Agent (including earnest money, escrow and
New York style closing charges), (iii) Seller’s legal fees and expenses, (iv) costs to cure any of the Objections with respect
to which Seller is obligated to cure pursuant to Section 3 above, and (v) all deed documentary stamp taxes, if any.
Buyer shall pay the following expenses incurred in connection with the transaction described herein: (a) the costs to obtain extended
coverage title insurance and any title endorsements), and the cost of any Updated Survey obtained by Buyer, (b) one-half of all
closing fees charged by the Escrow Agent (including earnest money, escrow and New York style closing charges), (c) the fee for
the recording of the Deed, (d) Buyer’s legal fees and expenses, and (e) all financing costs, whether for new loans or loan
assumptions (provided that the foregoing is not intended to imply that financing is a condition of the closing), including, without
limitation, all documentary stamp taxes and intangible taxes in connection with any loan documents.

 

    	16

    	 

    

 

SECTION
10

Brokerage Commissions

 

Seller shall be solely responsible for
the payment of the commission to Broker (subject to and in accordance with a separate listing agreement between Seller and Broker).
Seller and Buyer each warrant and represent to the other that, other than Broker, neither has had any dealings with any broker,
agent or finder relating to the sale of the Property or the other transactions contemplated hereby, and each agrees to indemnify,
defend and hold the other harmless from and against any claim for brokerage commissions, compensation or fees by any broker, agent
or finder in connection the sale of the Property or the other transactions contemplated hereby resulting from the acts of the indemnifying
party. This provision shall survive a Closing or a termination of this Agreement.

 

SECTION
11

NOTICE

 

All notices, demands and communications
(a “Notice”) under this Agreement shall be delivered or sent by: (a) hand delivery, (b) first class, registered
or certified mail, postage prepaid, return receipt requested (c) facsimile transmission; or (d) nationally recognized overnight
carrier; or (e) by e-mailing a .pdf or .tif file (provided that such e-mail shall be immediately followed by delivery of such notice
pursuant to clause (a), (b) or (d) above), delivered to the address, fax number or e-mail address of the intended recipient set
forth below or to such other address or fax number as either party may designate by notice pursuant to this Section:

 

	
        Notices to Seller:

         
	
        c/o Waterton Associates

        30 South Wacker, Suite 3600

        Chicago, Illinois 60606

        Attn: Erin Ankin, Esq.

        Fax: (312) 476-2060

        Email: eankin@wallc.com

 

	
        With a copy to:

         
	
        Dentons US LLP

        233 South Wacker Drive, Suite 7800

        Chicago, Illinois 60606

        Attn: Scott B. Toban

        Fax: (312) 876-7934

        Email: scott.toban@dentons.com

         

	
        Notices to Buyer:

         

         
	
        Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, NY 10019

        Attn: Mike Konig & James Babb

        Fax: (646) 278-4220

         

        Email: mkonig@bluerockre.com

            jbabb@bluerockre.com 

         

 

    	17

    	 

    

 

	
        With a copy to:

         

         
	
        Morris, Manning & Martin, LLP

        1600 Atlanta Financial Center

        3343 Peachtree Road NE

        Atlanta, Georgia 30326

        Attn: Corey May, Esq.

        Fax: (404) 365-9532

        Email: cmay@mmmlaw.com

 

Notices shall be deemed given:
(i) on the date delivered, if sent by hand delivery; (ii) on the date of transmission if sent by facsimile or electronic mail (and
in respect of a facsimile only, confirmation of completed transmission is received) prior to 5:00 P.M. Eastern Standard Time (and
if sent later than such time, then the next business day); (iii) one business day after delivery to the overnight carrier, if sent
by nationally recognized overnight carrier or (iv) upon receipt (or refusal of delivery), if sent by first class, registered or
certified mail, postage prepaid, return receipt requested. Notices may be sent by counsel for a party and such shall be deemed
notice by the party so represented. Notices shall be deemed served as set forth above, even if such notices are rejected by the
intended recipient.

 

SECTION
12

CASUALTY AND CONDEMNATION

 

		12.1	Casualty. If the Property or any part thereof is damaged by fire or other casualty prior
to the Closing Date which would cost in excess of $763,000 to repair (as determined by an insurance adjuster mutually selected
by Buyer and Seller), Buyer may, as its sole and exclusive right and remedy, terminate this Agreement by written notice to Seller
given on or before the earlier of (a) fifteen (15) days following such casualty or (b) the Closing Date. In the event of such termination,
the Earnest Money shall be returned to Buyer and neither party shall have any further obligation under this Agreement, except for
the Termination Surviving Obligations. If Buyer is not entitled to or does not timely elect to so terminate this Agreement, then
the Closing shall take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to
Buyer on the Closing Date, without warranty or recourse, all of Seller’s right, title and interest in and to all insurance
proceeds paid or payable to Seller on account of such fire or casualty (including, without limitation, rent loss proceeds applicable
to the period on and after the Closing Date), less Seller’s reasonable costs of collection thereof and of amounts used for
reasonable repair. Notwithstanding the foregoing to the contrary, if proceeds have not been disbursed to Seller by Seller’s
insurance company, and Seller’s insurance company refuses to transfer or assign to Buyer the right to the balance of any
such insurance proceeds at or prior to Closing, then, regardless of whether the casualty is deemed material pursuant to this Section
12.1, Buyer shall have the right to terminate this Agreement and receive a return of the Earnest Money, unless, in lieu
of such transfer by Seller’s insurance company, Seller agrees to provide Buyer with a credit at Closing equal to the amount
the Buyer is otherwise entitled pursuant to this Section 12.1 as a result of such casualty.

 

		12.2	Condemnation. If any material portion of the Property is taken in eminent domain proceedings
prior to Closing, Buyer may, as its sole and exclusive right and remedy, terminate this Agreement by notice to Seller given on
or before the earlier of (a) fifteen (15) days after such taking or (b) the Closing Date, and, in the event of such termination
the Earnest Money shall be returned to Buyer and neither party shall have any further obligation under this Agreement, except for
the Termination Surviving Obligations. If Buyer is not entitled to or does not timely elect to so terminate, the Closing shall
take place as herein provided without abatement of the Purchase Price, and Seller shall assign and transfer to Buyer on the Closing
Date, without warranty or recourse, all of Seller’s right, title and interest in and to all condemnation awards paid or payable
to Seller on account of such eminent domain proceedings (less Seller’s reasonable costs of collection thereof and of amounts
used for reasonable repair). For purposes of this Section 12.2, a “material portion” of the Property
shall be deemed taken if the cost of repair or restoration of the damage to the Property on account of such condemnation shall
exceed an amount equal to $763,000 or if the condemnation would materially impede access to the Property or reduce available parking
below that which is required by laws or any agreement applicable to the Property, or otherwise cause the Property to no longer
be compliant with applicable zoning and use regulations.

 

    	18

    	 

    

 

SECTION
13

OPERATIONS PRIOR TO CLOSING OR TERMINATION

 

Seller covenants and agrees with Buyer
that after the date hereof until the Closing or termination of this Agreement, Seller shall conduct its business involving the
Property as follows:

 

		(a)	Seller shall refrain from transferring title to any of the Property (other than use of regular
business inventory or transfer of Personal Property no longer used in the operation of the Real Property, all in the ordinary course
of business) or creating on the Property any mortgages which will survive Closing.

 

		(b)	Seller shall refrain from entering into or amending any contracts or other agreements (excluding
leases, which Seller may continue to do in the ordinary course of business) pertaining to the Property, other than contracts or
other agreements entered into in the ordinary course of business and which are cancelable by the owner of the Property without
penalty within thirty (30) days after giving notice thereof.

 

		(c)	Seller shall refrain from offering the Property for sale or marketing the same.

 

		(d)	Seller shall terminate any terminable Service Contract promptly after receiving written notice
from Buyer during the Due Diligence Period requesting such termination; provided, however, that Buyer acknowledges and agrees that:
(i) all costs and expenses associated with any such termination shall be paid by Buyer; (ii) any such termination may be conditioned
on the completion of the Closing; and (iii) any such termination shall be effective only after expiration of any notice or grace
period specified in the provisions of the applicable Service Contract (which may not occur until after the Closing). Any and all
Service Contracts not fully and effectively terminated as of Closing shall be assumed by Buyer at Closing as contemplated under
Section 4.2(c)(ii) above.

 

		(e)	Seller agrees to keep all vacant apartment units at the Property in so-called “rent ready”
condition as defined herein; provided, however, that Seller shall have no such obligation with respect to any units that become
vacant on or after the date that is five (5) days prior to the Closing Date (the "Cut-off Date"). In the event
that (i) any apartment unit at the Property becomes vacant prior to the Cut-off Date, (ii) such unit remains vacant at Closing,
and (iii) Seller has not made such unit “rent ready” in accordance with Seller’s customary procedures, then at
Closing Buyer shall be entitled to a credit of $500 with respect to such unit as Buyer's sole compensation. For purposes
of this Section 13(e), “rent ready” shall mean that interior carpets have been cleaned, interior walls
have been freshly painted, unit contains working appliances (and water heaters and HVAC to the extent such items serve only the
individual vacant unit(s)), and the unit has no material damage to the doors, walls, ceilings, floors or windows.

 

    	19

    	 

    

 

SECTION
14

DEFAULTS AND REMEDIES

 

		14.1	Seller Defaults. In the event that Seller, on or prior to the Closing Date, shall default
in the performance of its obligations hereunder, Buyer, as its sole and exclusive remedy, may either (a) seek specific performance
of Seller’s obligations hereunder, or (b) terminate this Agreement and receive a refund of the Earnest Money, together with
reimbursement by Seller of up to Seventy Five Thousand and no/100 Dollars ($75,000.00) of Buyer’s reasonable out-of-pocket
costs and expenses actually incurred in connection with the transaction contemplated by this Agreement, including, without limitation,
legal fees and expenses, loan fees, rate lock fees, deposits, third party inspection costs and travel expenses actually incurred
in connection with the transaction contemplated by this Agreement, whereupon neither party shall have any further obligation to
the other party hereunder except for the Termination Surviving Obligations. Notwithstanding the foregoing to the contrary, if Buyer
elects to pursue the equitable remedy of specific performance, and, due to the wrongful or intentional act of Seller, the equitable
remedy of specific performance is not available, Buyer may seek any other right or remedy available at law or in equity except
as otherwise limited by this Agreement. Further, notwithstanding anything to the contrary in this Agreement, Seller shall not be
liable to Buyer for any damages, including, without limitation, any direct, punitive, speculative or consequential damages. The
provisions of this Section shall not limit Buyer’s or Seller’s right to pursue and recover on a claim with respect
to any of the Termination Surviving Obligations.

 

		14.2	Buyer Defaults. In the event that Buyer, on or prior to the Closing Date, shall default
in the performance of its obligations under this Agreement, it will be impractical and extremely difficult to estimate the damages
that Seller may suffer. Therefore, the parties have agreed that a reasonable estimate of the total net detriment that Seller would
suffer in such event is the amount of the Earnest Money and Seller, as its sole and exclusive remedy, may terminate this Agreement
by notifying Buyer thereof and receive and retain the Earnest Money as liquidated damages, provided that this provision shall not
limit Seller’s or Buyer’s rights to pursue and recover on a claim with respect to any of the Termination Surviving
Obligations. Such liquidated damages are not intended as a forfeiture or penalty within the meaning of applicable law. Buyer shall
not be liable to Seller for any other damages, including, without limitation, direct, punitive, speculative or consequential damages.
In the event Seller is entitled to the Earnest Money as liquidated damages, and to the extent Seller has not already received the
Earnest Money, the Earnest Money shall, subject to the terms of the Escrow Agreement, be immediately paid to Seller by the Escrow
Company upon receipt of written notice from Seller that Buyer has defaulted under this Agreement, and Buyer agrees to take all
such actions and execute and deliver all such documents necessary or appropriate to effect such payment.

 

		14.3	Attorneys’ Fees and Costs. In the event legal action is instituted to interpret or
enforce the provisions of this Agreement, the prevailing party shall be entitled to recover from the other party the prevailing
party’s costs and attorney’s fees, including, without limitation, all costs and fees that are incurred in any trial,
on any appeal and/or in any bankruptcy proceeding.

 

SECTION
15

MISCELLANEOUS

 

		15.1	Entire Agreement; Amendments. This Agreement, together with the exhibits attached hereto,
constitute the entire agreement of the parties hereto regarding the purchase and sale of the Property, and all prior agreements,
understandings, representations and statements, oral or written, including any so-called letters of intent, are hereby merged herein
and superseded hereby. This Agreement may only be amended or modified by an instrument in writing, signed by the party or parties
intended to be bound thereby.

 

		15.2	Time. All parties hereto agree that time is of the essence in the performance of the provisions
of this Agreement.

 

		15.3	Counterpart/Electronic Execution. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original. Furthermore, executed counterparts of this Agreement may be delivered by facsimile or
other reliable electronic means (including emails of pdf documents), and such facsimile or other electronic transmission shall
be valid and binding for all purposes when transmitted to and actually received by the other party. Notwithstanding the foregoing,
each party delivering executed documents by facsimile or other electronic means agrees to provide the other party with an original,
hard copy of the relevant signed documents promptly after the request of the other party.

 

    	20

    	 

    

 

		15.4	Governing Law. This Agreement shall be deemed to be a contract made under the laws of the
State of Texas and for all purposes shall be governed by and interpreted in accordance with the laws of the State of Texas.

 

		15.5	Recordation. Buyer shall not record this Agreement or a memorandum or other notice thereof
in any public office or records, including the Public Records, without the express written consent of Seller. A breach by Buyer
of this covenant shall constitute a material default by Buyer under this Agreement.

 

		15.6	Assignment; Third Party Beneficiaries. Buyer shall not assign this Agreement without Seller’s
prior written consent, which consent may be withheld for any reason or no reason in Seller’s sole discretion; provided, however,
that, upon 5 business days prior written notice to Seller, Buyer, at Closing, may assign this Agreement to (a) an entity or entities
with respect to which the day-to-day operations are, directly or indirectly, controlled by the principals of Buyer, or (b) multiple
entities which will take title to the Property as tenants in common, provided, however, that Buyer or an entity or entities which
are directly or indirectly controlled by the principals of Buyer, is the majority owner of the interests in the Property (any of
which, a “Permitted Assignee”), in which case such Permitted Assignee or each Permitted Assignee, as the case
may be, and Buyer shall be jointly and severally liable for Buyer’s obligations hereunder. Subject to the previous sentence,
this Agreement shall inure to the benefit of and be binding on and enforceable against the parties hereto and their respective
successors and assigns. In addition, Buyer shall not re-sell the Property or assign its rights or obligations under this Agreement
(or make an offer or enter into negotiations to do so) through a “double escrow” or other similar mechanism without
Seller’s prior written consent. This Agreement is intended for the benefit of Buyer and Seller, and except as provided in
the indemnities granted by Buyer to the Indemnified Seller Parties herein, no other person or entity shall be entitled to rely
on this Agreement, receive any benefit from it or enforce any provisions of it against Buyer or Seller.

 

		15.7	Section Headings. The Section headings contained in this Agreement are for convenience only
and shall in no way enlarge or limit the scope or meaning of the various and several Sections hereof.

 

		15.8	Severability. If any portion of this Agreement is held to be unenforceable by a court of
competent jurisdiction, the remainder of this Agreement shall remain in full force and effect.

 

		15.9	WAIVER OF TRIAL BY JURY. SELLER AND BUYER, TO THE EXTENT THEY MAY LEGALLY DO SO, HEREBY
EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION OR PROCEEDING ARISING UNDER OR WITH RESPECT
TO THIS AGREEMENT, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT
TO THIS AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE
OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, SELLER AND BUYER HEREBY AGREE THAT ANY
SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTY
OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY.

 

    	21

    	 

    

 

		15.10	Exculpation of Related Parties. Notwithstanding anything to the contrary contained in this
Agreement or in any of the documents executed pursuant to this Agreement (this Agreement and said documents being hereinafter collectively
referred to as the “Documents”) or provided under or required by law, the Documents shall not be binding on
the members, partners, shareholders, beneficiaries, or any other direct or indirect equity holders of Seller, or any of their managers,
employees, advisors, representatives or other agents or affiliates, but shall only be binding on Seller and its assets, subject
to the other limitations set forth herein. No present or future partner, member, manager, director, officer, shareholder, employee,
advisor, affiliate or agent of or in Seller or any affiliate of Seller shall have any personal liability, directly or indirectly,
under or in connection with this Agreement or any agreement made or entered into under or in connection with the provisions of
this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and
Buyer and its successors and assigns and, without limitation, all other persons and entities, shall look solely to Seller’s
assets for the payment of any claim or for any performance, and Buyer hereby waives any and all such personal liability. For purposes
of this Section, no negative capital account or any contribution or payment obligation of any partner or member in Seller shall
constitute an asset of Seller. The limitations of liability contained in this Section shall survive the termination of this Agreement
or the Closing Date, as applicable, and are in addition to, and not in limitation of, any limitation on liability applicable to
Seller provided elsewhere in this Agreement or by law or by any other contract, agreement or instrument.

 

		15.11	Independent Counsel; Interpretation. Buyer and Seller each acknowledge that: (a) they have
been represented by independent counsel in connection with this Agreement; (b) they have executed this Agreement with the advice
of such counsel; and (c) this Agreement is the result of arms length negotiations between the parties hereto and the advice and
assistance of their respective counsel. Notwithstanding any rule of law to the contrary: (i) the fact that this Agreement was prepared
by Seller’s counsel as a matter of convenience shall have no import or significance, and any uncertainty or ambiguity in
this Agreement shall not be construed against Seller because Seller’s counsel prepared this Agreement; and (ii) no deletions
from prior drafts of this Agreement shall be construed to create the opposite intent of the deleted provisions.

 

		15.12	Governmental Approvals. Nothing contained in this Agreement shall be construed as authorizing
Buyer to apply for a zoning change, variance, subdivision maps, lot line adjustment, or other discretionary governmental act, approval
or permit with respect to the Property prior to the Closing, and Buyer agrees not to do so. Buyer agrees not to submit any reports,
studies or other documents, including, without limitation, plans and specifications, impact statements for water, sewage, drainage
or traffic, environmental review forms, or energy conservation checklists to any governmental agency, or any amendment or modification
to any such instruments or documents prior to the Closing. Buyer’s obligation to purchase the Property shall not be subject
to or conditioned upon Buyer’s obtaining any variances, zoning amendments, subdivision, condominium, lot line adjustment
or other discretionary governmental act, approval or permit.

 

		15.13	No Waiver. No covenant, term or condition of this Agreement, other than as expressly set
forth herein, shall be deemed to have been waived by Seller or Buyer unless such waiver is in writing and executed by Seller or
Buyer, as the case may be.

 

    	22

    	 

    

		15.14	1031 Exchange. Seller or Buyer may desire to effectuate a tax-deferred exchange also known
as a §1031 exchange (an “Exchange”) in connection with the purchase and sale of the Property. Buyer and
Seller each hereby agrees to cooperate with the other in connection with the Exchange, provided that: (1) all documents executed
by a party in connection with the Exchange shall be subject to the prior reasonable approval of the respective party and shall
recognize that (x) in the case of a Seller Exchange, Buyer is acting solely as an accommodating party to the Exchange, shall have
no liability with respect thereto, shall incur no additional out-of-pocket expense in connection therewith without reimbursement
from Seller, and is making no representation or warranty that the Exchange qualified as a tax-free exchange under §1031 of
the Code or any applicable state or local laws, and (y) in the case of a Buyer Exchange, Seller is acting solely as an accommodating
party to the Exchange, shall have no liability with respect thereto, shall incur no additional expense in connection therewith
without reimbursement from Buyer, and is making no representation or warranty that the Exchange qualified as a tax-free exchange
under §1031 of the Code or any applicable state or local laws; and (2) in no event shall Buyer be obligated to acquire any
property or otherwise be obligated to take title, or appear in the Public Records, to any property other than the Property in connection
with the Exchange.

 

		15.15	Survival. The Termination Surviving Obligations shall survive any termination of this Agreement.
Except as otherwise expressly provided herein, no conditions and no representations, warranties, covenants, agreements or other
obligations of Seller in this Agreement shall survive the Closing and no action based thereon shall be commenced after the Closing.

 

		15.16	Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and permitted assigns.

 

		15.17	Attorneys’ Fees. Subject to the provisions of Section 14.3, should either party employ
attorneys to enforce any of the provisions hereof, the party against whom any final judgment is entered agrees to pay the prevailing
party all reasonable costs, charges and expenses, including attorneys’ fees and expenses and court costs, expended or incurred
in connection therewith.

 

		15.18	Designation Agreement. Section 6045e of the United States Internal Revenue Code and the
regulations promulgated thereunder (herein collectively called the “Reporting Requirements”) require an information
return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection with
the Transaction. Escrow Agent is either (i) the person responsible for closing the Transaction (as described in the Reporting Requirements)
or (ii) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in connection with
the Transaction (as described in the Reporting Requirements). Accordingly:

 

		(a)	Escrow Agent is hereby designated as the “Reporting Person” (as defined in the Reporting
Requirements) for the Transaction. Escrow Agent shall perform all duties that are required by the Reporting Requirements to be
performed by the Reporting Person for the Transaction.

 

		(b)	Seller and Buyer shall furnish to Escrow Agent, in a timely manner, any information requested by
Escrow Agent and necessary for Escrow Agent to perform its duties as Reporting Person for the Transaction.

 

		(c)	Escrow Agent hereby requests Seller to furnish to Escrow Agent Seller’s correct taxpayer
identification number. Seller acknowledges that any failure by Seller to provide Escrow Agent with Seller’s correct taxpayer
identification number may subject Seller to civil or criminal penalties imposed by law. Accordingly, Seller hereby certifies to
Escrow Agent, under penalties of perjury, that Sellers’ correct taxpayer identification numbers are as follows:

 

	(i)	Seller:	45-3418588
	 	 	 
	(ii)	Buyer:	71-0962325

 

		(d)	Each of the parties hereto shall retain this Agreement for a period of four (4) years following
the calendar year during which Closing occurs.

 

    	23

    	 

    

 

		15.19	Texas Notices.

 

		(a)	Chapter 49 Notice. If the Property is situated in a utility or other statutorily created
district providing water, sewer, drainage, or flood control facilities and services, Chapter 49, Section 49.452, of the Texas Water
Code requires Seller to deliver and Buyer to sign the statutory notice relating to the tax rate, bonded indebtedness, or standby
fee of the district prior to final execution of this Agreement. To the extent such provisions be applicable, such required notices
shall be conclusively deemed to have been given by Seller to Buyer.

 

		(b)	Coastal Property. If the Property adjoins or shares a common boundary with the tidally influenced
submerged lands of the state, Section 33.135 of the Texas Natural Resources Code, requires a notice regarding coastal area property
to be included in this Agreement.

 

		(c)	Notices from Brokers. Buyer should not rely upon any oral representations about the Property
from any source. Brokers are not qualified to render property inspections, surveys, engineering studies, environmental assessments,
or inspections to determine compliance with zoning, governmental regulations, or laws. Buyer should seek experts to render such
services. Selection of inspectors and repairmen is the responsibility of Buyer and not the Broker.

 

		(d)	Texas RELA Notice. The Texas Real Estate License Act requires written notice to Buyer that
Buyer should have an attorney examine an abstract of title to the Property or, in the alternative, obtain a title insurance policy.
Notice to that effect is, therefore, hereby given to Buyer.

 

		(e)	Rollback Taxes Notice. The following disclosure is made for the purpose of complying with
the provisions of Section 5.010 of the Texas Property Code and is not intended to and does not alter or affect the rights and obligations
of Buyer and Seller relating thereto as set forth above:

 

NOTICE
REGARDING POSSIBLE LIABILITY FOR ADDITIONAL TAXES

 

If for the current
ad valorem tax year the taxable value of the land that is the subject of this Agreement is determined by a special appraisal method
that allows for the appraisal of the land at less than its market value, the person to whom the land is transferred may not be
allowed to qualify the land for that special appraisal in a subsequent tax year and the land may then be appraised at its full
market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition
of an additional tax plus interest as a penalty for the transfer or the change in use of the land. The taxable value of the land
and the applicable method of appraisal for current tax year is public information and may be obtained from the tax appraisal district
established for the county in which the Property is located.

 

		(f)	Annexation Notice. The following disclosure is made for the purpose of complying with the
provisions of Section 5.011 of the Texas Property Code and is not intended to and does not alter or affect the rights and obligations
of Buyer and Seller:

 

NOTICE
REGARDING POSSIBLE ANNEXATION

 

If the property
that is the subject of this Agreement is located outside the limits of a municipality, the property may now or later be included
in the extraterritorial jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each
municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the property is located
within a municipality's extraterritorial jurisdiction or is likely to be located within a municipality's extraterritorial jurisdiction,
contact all municipalities located in the general proximity of the property for further information.

 

    	24

    	 

    

 

		(g)	Property Located in a Certificated Service Area of a Utility Service Provider.

 

Notice required
by § 13.257, Water Code: The real property, described in this Agreement, that you are about to purchase may be located in
a certificated water or sewer service area, which is authorized by law to provide water or sewer service to the properties in the
certificated area. If your property is located in a certificated area there may be special costs or charges that you will be required
to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary
to provide water or sewer service to your property. You are advised to determine if the property is in a certificated area and
contact the utility service provider to determine the cost that you will be required to pay and the period, if any, that is required
to provide water or sewer service to your property. The undersigned Buyer hereby acknowledges receipt of the foregoing notice at
or before the execution of a binding contract for the purchase of the Property or at closing of purchase of the Property.

 

		(h)	Public Improvement Districts. If the Property is in a public improvement district, §5.014,
Property Code, requires Seller to notify Buyer as follows: As a purchaser of this parcel of real property you are obligated to
pay an assessment to a municipality or county for an improvement project undertaken by a public improvement district under Chapter
372, Local Government Code. The assessment may be due annually or in periodic installments. More information concerning the amount
of the assessment and the due dates of that assessment may be obtained from the municipality or county levying the assessment.
The amount of the assessments is subject to change. Your failure to pay the assessments could result in a lien on and the foreclosure
of your property.

 

		15.20	CONDOMINIUM INDEMNITY, DISCLAIMER AND RELEASE. AS AN ESSENTIAL INDUCEMENT TO SELLER TO ENTER
INTO THIS AGREEMENT, BUYER ACKNOWLEDGES, UNDERSTANDS AND AGREES AS OF THE DATE HEREOF AND AS OF THE CLOSING DATE AS FOLLOWS:

 

SELLER ACKNOWLEDGES
THAT BUYER MAY CONVERT THE LAND AND IMPROVEMENTS TO A CONDOMINIUM. IN SUCH CASE, BUYER AND/OR ITS PERMITTED ASSIGNEES WILL BE THE
“DEVELOPER” OF THE CONDOMINIUM AND THE DECLARANT UNDER ANY CONDOMINIUM DOCUMENTS. BUYER HEREBY AGREES TO INDEMNIFY,
DEFEND AND HOLD THE INDEMNIFIED SELLER PARTIES HARMLESS FROM ALL CLAIMS, DEMANDS, LOSSES, JUDGMENTS, LIABILITIES, COSTS, DAMAGES
AND EXPENSES (INCLUDING ATTORNEYS’ FEES AND COSTS), OF WHATEVER KIND, NATURE OR DESCRIPTION, ARISING DIRECTLY OR INDIRECTLY
OUT OF OR IN CONNECTION WITH ANY CONVERSION OF THE APARTMENT UNITS LOCATED ON THE PROPERTY TO CONDOMINIUM UNITS BY BUYER OR ANY
PERMITTED ASSIGNEE(S), INCLUDING, WITHOUT LIMITATION; (A) CONSTRUCTION WARRANTY CLAIMS (WHETHER ARISING BY CONTRACT OR BY LAW),
(B) CONSTRUCTION DISPUTES, (C) CLAIMS FOR INJURY TO PERSON OR PROPERTY ARISING OUT OF THE CONDITION OF THE PROPERTY, INCLUDING,
WITHOUT LIMITATION, CONSTRUCTION DEFECTS, (D) CLAIMS RISING UNDER THE CONSUMER PROTECTION ACT, THE CONDOMINIUM ACT IN EFFECT IN
THE STATE(S) WHERE THE PROPERTY IS LOCATED, OR ANY ADDITIONAL, RELATED OR SUCCESSOR LEGISLATION GOVERNING THE CONVERSION OF APARTMENTS
TO CONDOMINIUMS, AND (E) ANY CLAIMS MADE BY ANY SUCCESSOR OWNER OR OCCUPANT OF THE PROPERTY, INCLUDING ANY BUYER OF A CONDOMINIUM
UNIT AT THE PROPERTY. UPON NOTICE FROM ANY OF THE INDEMNIFIED SELLER PARTIES OF A CLAIM FOR WHICH SUCH PARTY IS INDEMNIFIED HEREUNDER,
BUYER WILL DEFEND SUCH PARTY, AT BUYER’S EXPENSE, USING COUNSEL APPROVED IN WRITING BY THE INDEMNIFIED SELLER PARTY REQUESTING
SUCH DEFENSE. THE PROVISIONS OF THIS SECTION 15.20 SHALL SURVIVE THE CLOSING AND SHALL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING
DOCUMENTS AND SHALL BE DEEMED INCORPORATED INTO THE DEED.

 

    	25

    	 

    

 

		15.21	Post Closing Obligations Regarding Financial Information. Buyer has advised Seller that
Buyer may be required to file, in compliance with certain laws and regulations (including, without limitation, Regulation S-X of
the Securities and Exchange Commission [“SEC”]), audited financial statements, pro forma financial statements
and other financial information related to the Property for up to one (1) fiscal year prior to Closing and any interim period during
the fiscal year in which the Closing occurs (the “Financial Information”). If Buyer or its principals give notice
to Seller that it is (or they are) obligated to provide such information, following the Closing and for a period of ninety (90)
days thereafter, Seller agrees to use its commercially reasonable efforts to cooperate with Buyer and its representatives and agents
in the preparation of the Financial Information; provided, however, Seller shall not be required to (i) incur any out of pocket
expenses or costs unless Buyer reimburses Seller for the same, or (ii) provide information that was previously made available to
Buyer.  For a period of ninety (90) days after Closing, Seller shall maintain, and after reasonable advance written notice
from Buyer, Seller shall provide access to such books and records of Seller and Property Manager reasonably related to the Property
except as otherwise limited by this Section 15.21. Further, so long as the persons in charge of management of the
Property at the time of Closing remain in the employ of Seller or an affiliate of Seller, after reasonable written notice to Seller,
it will make such persons available for interview; provided, however, that Seller shall be allowed to have other representatives
present during any such interviews.  Notwithstanding the foregoing, Seller shall not be required to provide any information
concerning (a) Seller’s, or any of Seller's affiliates’ or partners’ (collectively with Seller, the "Seller
Financial Parties"), capital structure or debt, (b) any Seller Financial Parties' financial analyses or projections, investment
analyses, account summaries or other documents prepared solely for any Seller Financial Parties' internal purposes or not directly
related to the operation of the Property, (c) any Seller Financial Parties' tax returns, or (d) any Seller Financial Parties' financial
statements (other than Property-level financial statements otherwise required pursuant to this Section 15.21). Seller
acknowledges and agrees that any information provided or made available pursuant to this Section 15.21 will, to Seller's
knowledge at the time provided, be true, accurate and complete in all material respects.  Buyer acknowledges and agrees that
Buyer may not use any information provided pursuant to this Section 15.21 or the results of its review or interviews
pursuant to this Section 15.21 to pursue any claim against any Indemnified Seller Parties.

 

[Remainder of Page
Left Intentionally Blank.

Signature Page Follows.]

 

    	26

    	 

    

IN WITNESS WHEREOF,
each party hereto has caused this Agreement to be duly executed as of the Effective Date.

 

	 	SELLER:
	 	 
	 	WRPV XI FH AUSTIN, L.P., 
	 	a Delaware limited partnership
	 	 	 
	 	By: 	/s/ David R. Schwartz
	 	Name: 	David R. Schwartz
	 	Title: 	Authorized Signatory
	 	 	 
	 	BUYER:
	 	 
	 	BLUEROCK REAL ESTATE, L.L.C.,
	 	a Delaware limited liability company
	 	 	 
	 	By: 	/s/ James G. Babb, III
	 	Name: 	James G. Babb, III
	 	Title: 	Chief Investment Officer

 

    	27

    	 

    

 

LIST OF SCHEDULES AND EXHIBITS

 

SCHEDULES

 

	Schedule 6.1(e)	Violations of Laws
	 	 
	Schedule 6.1(f)	Litigation

 

EXHIBITS

 

		A	Legal Description

		B	Rent Roll

		C	Personal Property

		D	Service Contracts and Equipment Leases

		E	Form of Deed

		F	Form of Bill of Sale

		G	Form of Assignment of Leases

		H	Form of Assignment of Contracts and Additional Property

		I	Form of Notice to Tenants

		J	Escrow Agreement

 

    	 

    	 

    

 

SCHEDULE 6.1(e)

 

VIOLATION OF LAWS 

 

    	 

    	 

    

 

SCHEDULE 6.1(f)

 

LITIGATION

 

    	 

    	 

    

 

EXHIBIT A

LEGAL DESCRIPTION 

 

Lots 2 and 3, Block "A", PEDERNALES
ELECTRIC COOPERATIVE-CIRCLE DRIVE, AUSTIN SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat thereof,
recorded under Document No. 200600156 of the Official Public Records of Travis County, Texas.

 

    	 

    	 

    

 

EXHIBIT B

 

RENT ROLL

 

    	B-1

    	 

    

 

EXHIBIT C

LIST OF PERSONAL PROPERTY

 

    	 

    	 

    

 

	Fox Hill 	Personal Property List

 

Clubhouse Kitchen:

 

1
Black & Decker Coffee Maker

1
Coffee Warmer

1
Coffee cups & Creamer holder

1
Metal syrup holder

4
Small plants

4
Decorative baskets

2
Decorative pears

1
Microwave

1
Dishwasher

1
Refrigerator

1
Decorative fox cookie jar

 

Main Clubhouse Area:

 

2
Wooden Tables

8
Wooden Arm Chairs

2
Mats

1
Wood Table

1
White Lamp

2
Decorative Pineapples

3
Large Trees

4
Small Plants

4
Medium Plants

1
Black Leather Couch

2
Arm Chairs

1
Beige Suede Couch

2
Armless Chairs

1
Brown Lather Ottoman

1
Wood Coffee Table

4
Decorative pillows

2
Large Decorative Pictures

1
Black Sharp Aquos Flat screen TV

5
Decorations (Bowls, bases)

2
Small Wood Tables

1
Brown Metal Treasure Chest

1
Faux light brown wood plant

2
Area Rugs

 

Main Office Hallway:

 

2
Waterton Door Mats

1
Personal size black Fridge

2
Picture frames (Accent wall program)

2
Leather Benches

 

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

7
Faux Potted Plants

1
Framed Site Map

4
Floor plan Photos

1
Vizio Flat screen TV

1
Brown Wooden TV Table

1
DVD Player

 

Clubhouse Patio:

 

3
Round Iron Bar Height Tables

10
Iron Stools

4
Potted Plants

1
Picnic Table

1
Picnic Bench

1
Trashcan

1
Entry Mat

 

Leasing Office:

 

2
Executive Desks

2
2-Drawer Wood File Cabinets

2
Rolling Computer desk Chairs

2
Wooden Guest Chairs

2
Comdial Office Phones

2
Framed Tree Pictures

2
Business Card Holders

1
Large Canvas Picture

1
Ceramic Scentsy Pot

1
Framed dry erase

2
Nobilis Computers

2
Logitech Keyboards & Mouse

2
V7 Flat screen Monitors

1
Mesh File Holder

2
Trash Cans

1
2-punch hole punch

1
Label Maker

1
Staples Calculator

1
Swingline Stapler

1
Scotch Tape Dispenser

 

Managers Office:

 

3
Large Framed wood photos

2
Large potted plants

1
2-drawer wood file cabinet

1
Large Executive Desk

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

1
Rolling Computer Desk Chair

2
Metal Guest Chairs

1
Tall wood book 3 Shelve Bookcase

1
Samsung Flat screen Monitor

1
Comdial Phone

1
Casio Calculator

1
HP Keyboard & mouse

1
HP Pro Computer

1
Trash Can

1
Set Logitech Speakers

1
3-punch hole puncher

 

Assistant Managers Office:

 

2
Wood Guest Chairs

1
Large Executive Desk

1
Large Computer Desk

1
Rolling Computer Chair

2
2-drawer File Cabinets

2
Mesh File divider/organizers

1
Trash Can

1
Paper Shredder

1
2-hole hole puncher

1
Sharp Calculator

1
Comdial Phone

1
Logitech Keyboard & Mouse

1
V7 Flatscreen Monitor

1
HP Computer

1
Desktop Monitor Stand

1
Business Card Holder

1
Tape Dispenser

1
Large Potted Plant

1
Digital Check Scanner

 

Office Supply/Copy Room:

 

1
4-drawer Metal File Cabinet

1
Sentry Safe

1
Classic Cut paper cutter

1
Staples Stapler

1
Small Dry Erase Board w/ markers& eraser

1
Large Dry Erase Board w/ markers& eraser

1
Short 3-shelve Bookcase

1
Handy track Keypad & Key Box

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

Pool:

 

12
Light Brown Chairs

12
Light Brown Lounge Chairs

16
Table Chairs

8
Beach Style Chairs (low sitting)

4
Patio/Pool Tables

4
Umbrellas

5
Small round side Tables

7
Potted Plants

2
Trash Cans

2
Smoke Ashcans

Fitness
Center:

1
Purell Sanitizer holder

2
Vizio TV’s

1
Towel (wet) dispenser(antibacterial)

1
Brown wood cabinet

2
BH Fitness Treadmills

1
BH Fitness Elliptical

1
BH Fitness Recumbent bicycle

1
BH Fitness Curlbar bicycle

1
Hoist Bench

1
Free weight Rack

1
Set of 8lb Weights

1
Set of 15lbs Weights

1
Set of 20lbs Weights

1
Set of 10lbs Weights

1
Set of 35lbs Weights

1
Set of 25lbs Weights

1
Set of 40lbs Weights

1
Set of 50lbs Weights

1
Set of 45lbs Weights

1
Set of 55lbs Weights

1
Large Blue Yoga Ball

5
Med ball w/ Rack

1
Vision Fitness ST710 Multi- Station machine

 

Laundry Room:

 

4
Coinmatch coin operated washers

4
Coinmatch coin operated dryers

1
Folding Table

1
Trash Can

 

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

Model (Kitchen):

 

3 Wicker baskets

1 Decorative Cow

1 Wooden Plate

1 Decorative Apple

1 Ceramic Utensils holder

1 Decorative Rooster

3 Wooden cooking utensils

1 Ceramic Chili Spoon holder

1 Cookbook

1 Bookstand

4 Red Dinner plates

4 Wine Glasses

4 Black napkins

4 Placemats

1 Cherry Wood Dining Table

4 Cherry Wood Chairs

4 Plastic plates

 

Model (Living Room):

 

1 Metal Bow/Candle

2 Bar Stools (Beige Suede)

1 Green Sofa

1 Green Arm Chair

5 Decorative Pillows

1 Area Rug

1 Oval Glass Coffee Table

1 Wooden End Table

2 Metal Lamps

1 Center Piece w/ Faux Flowers

2 Candle Sticks

2 White Candles

1 Small CD Player/ Radio

1 Large Wall Entertainment Center

2 Bookshelves

1 Faux Book

1 “Happy” Decoration

1 Decorative Dice

1 Decorative Metal Jack

1 Metal Feather Decoration

2 Red Vases

2 Red Candles

1 Set Brown Curtains w/ Rod

2 Faux Potted Plants

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

Model (Guest Bedroom):

 

1 Oval End Table

1 Lamp

1 Set Curtains w Rod

1 Brown Blanket

1 Decorative Pillow

1 Paisley Chair

1 Fabric Desk Chair

1 Wooden Desk

1 Faux Book Decoration

1 Faux Red Flower

1 Green Candle w/plate

2 Wicker Drawers

2 Faux Plants

 

Model (Guest Bathroom):

 

2 Wash Cloths

1 Hand Towel

2 Bath Towels

1 Ceramic Tooth Brush Holder

1 Shower Curtain & Rings

1 Red Bath Mat

 

Model (Master Bedroom):

 

1 Set of Curtains w/ Rod

1 Lamp

1 Night Stand

1 Head Board/ Footboard

1 Queen Box Spring

1 Queen Mattress

1 Frame

8 Decorative Pillows

2 Comforters

1 Dresser w/ Mirror

1 Center Piece

1 Faux Plant

 

Model (Master Bathroom):

 

1 Shower Curtain w/ Rod

1 Candle/Rock Tray

5 Candles

2 Bath Towels

 

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

6 Hand Towels

1 Wicker Basket

1 Small Plant

 

Maintenance Office:

 

2 Desk

2 Desk chairs

1 Dell computer

1 Charging scale

1 Filing cabinet

1 Studio one Dell Monitor

 

Maintenance Shop:

 

1 Speed key machine

1 Louisville 6ft ladder

2 Boxes of plank flooring

1 Just rite yellow fire cabinet

1 52'' fan

1 OccuFresh Eye Wash Station

1 Large trash can

1 First aid kit

1 Microwave

3 Mini space heaters

2 Large space heaters

1 Lock out tagout kit

2 6 Ft Ladders

 

Maintenance Tool Garage:

 

1 A\C recovery machine

1 Vacuum pump

1 35 lbs recovery tank

1 30 lbs tank (R22)

1 Handheld pipe auger

1 Oxygen & acetylene torch kit

1 MI-T-T-M power washer

1 25 ft garden hose

2 50 ft garden hoses

2 4 ft fiberglass ladders

2 12 ft fiberglass ladders

1 12 gal Louisville wet/dry vacuum

1 Ozone machine

1 General mini rooter

1 Back pack sprayer

    	 

    	 

    

 

	Fox Hill	Personal Property List

 

4 Miscellaneous shovels

1 Blue EZ Lesion Golf Cart (Good Shape)

1 Maroon EZ GO Golf Cart (Fair Shape)

1 White Gas Powered Yamaha (Fair Shape)

 

Business Center:

 

1 Round Granite Top Table

2 Wooden Guest Chairs

5 Rolling brown Computer Chairs

1 Rule Sign

1 Large framed Canvas Picture

1 Brother printer/scanner

1 Apple Keyboard & Mouse

1 iMac Computer/monitor combo

4 HP Computer/monitor combo

4 HP Keyboard & Mice

1 Large framed photo

1 Large Faux tree

 

Maid Closet:

 

1 Hoover Vacuum

3 Wet Floor Signs

3 Caution Orange Pylons

3 Mop & Mop Bucket

1 Dustpan

1 Broom

1 Swiffer

1 Aloha breeze Portable Fan

 

Package Closet:

 

1 4-Drawer Metal File Cabinet

1 Folding Table

1 Sherwood Surround Sound System

 

Telephone Closet:

 

3 Rolling Office Chairs

2 Tubs of Holiday Decorations

 

 

    	 

    	 

    

 

EXHIBIT D

LIST OF SERVICE CONTRACTS AND EQUIPMENT LEASES

 

    	 

    	 

    

 

FOX HILL

 

SERVICE CONTRACT SCHEDULE

 

	#	 	Vendor	 	Type of Service
	1	 	Absolute Pest Management	 	Pest Control
	2	 	Coinmach Corporation 1	 	Laundry Equipment
	3	 	Complete Landscapes, Inc.	 	Landscape Services
	4	 	Everbank Commercial Finance, Inc. 1	 	Copier Rental Agreement
	5	 	Granite Security Systems	 	Security for Clubhouse
	6	 	GSC Industries, Inc.	 	Fire Alarm Monitoring
	7	 	HandyTrac 2	 	Key System
	8	 	Kings III Emergency Communications	 	Emergency Telephone Services
	9	 	Muzak	 	Office Music
	10	 	Nelfredo Inc.	 	Painting, Carpet Cleaning, Housekeeping & Resurfacing
	11	 	Park Right Solutions	 	Towing Services
	12	 	Service Depot Carpet	 	Cleaning Carpet Cleaning Services
	13	 	Time Warner 3	 	Office Internet
	14	 	Time Warner Entertainment - Advance/Newhouse Partnership	 	Cable / Data / Phone Services
	15	 	Valet Waste, LLC	 	Valet Trash Pick-Up
	16	 	Waste Management of Texas Inc.	 	Dumpster & Recycling Service
	17	 	Waste Reduction Consultants, Inc.	 	Waste Reduction Consulting
	18	 	Xylem	 	Lift Station Maintenance

 

		1.	This agreement requires a new purchaser to assume
the contract.

		2.	This agreement is not assumable by the Purchaser.
Therefore, Purchaser will need to establish a new agreement for service with this vendor.

		3.	An invoice for office internet provided by Time Warner
has been provided in lieu of an agreement.

 

    	 

    	 

    

 

EXHIBIT E

 

FORM OF DEED 

 

SPECIAL WARRANTY DEED

 

NOTICE OF CONFIDENTIALITY RIGHTS: IF
YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED
FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

 

	THE STATE OF TEXAS	§	 
	 	§	KNOW ALL BY THESE PRESENTS:
	COUNTY OF TRAVIS	§	 

 

That WRPV
XI FH AUSTIN L.P., a Texas limited partnership (“Grantor”), for the sum of TEN DOLLARS ($10.00)
and other good and valuable consideration paid to Grantor by _____________________ (“Grantee”), whose
address is ______________________________, the receipt and sufficiency of which considerations are hereby acknowledged and confessed
by Grantor, has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does GRANT, BARGAIN, SELL and CONVEY unto Grantee
the real property situated in Travis County, Texas and more particularly described on the attached Exhibit A (the “Property”),
together with the Seller’s right, title and interest, if any, in and to all buildings and
other improvements situated upon said Property; adjacent and/or contiguous streets, roads, avenues, alleys, and rights of way;
all right, title and interest of Seller in rivers, streams, and strips and gores of land adjoining, adjacent and contiguous thereto;
all easements, rights of ingress and egress, rights of way, and rights under any covenants, conditions and/or restrictions appurtenant
to or affecting the Property; all riparian rights, surface and underground water rights, and any and all other water rights pertaining
to the Property; all right title, and interest of Seller in and to all oil, gas, coal, and other minerals, whether hydrocarbon
or not, in, on or under or that may be produced from the Property; and all rights, titles and interests appurtenant to the Property
and the foregoing items;

 

TO HAVE AND TO HOLD
the Property, together with all and singular the rights and appurtenances thereto belonging, unto Grantee and Grantee’s successors
and assigns, forever; and Grantor binds itself, its successors and assigns, TO WARRANT AND FOREVER DEFEND the Property, together
with all and singular the rights and appurtenances thereto belonging, unto Grantee and Grantee’s successors and assigns against
every person whomsoever lawfully claiming or to claim the same or any part thereof by, through, or under Grantor but not otherwise.

 

This Special Warranty
Deed may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument. Any facsimile copies hereof or signature hereon shall, for all purposes, be deemed originals.

 

[The remainder of this page is intentionally
left blank.]

 

    	 

    	 

    

 

Executed on the date of the acknowledgment
herein below taken, to be effective as of the ___ day of ____________, 20__.

 

	GRANTOR:
	 	 	 
	 	WRPV XI FH AUSTIN L.P., a Texas limited partnership
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Authorized Signatory

 

	THE STATE OF ________________	§
	 	§
	COUNTY OF  ________________	§

 

This instrument was acknowledged before
me on the ________ day of __________, 20__, by ___________, Authorized Signatory of WRPV XI FH AUSTIN L.P., a Texas limited partnership,
on behalf of and as the act and deed of said company.

 

[SEAL]

 

	 	 
	 	Notary Public in and for
	 	Said State

  

    	 

    	 

    

 

EXHIBIT A

TO

SPECIAL WARRANTY DEED

LEGAL DESCRIPTION

 

Lots 2 and 3, Block "A", PEDERNALES
ELECTRIC COOPERATIVE-CIRCLE DRIVE, AUSTIN SUBDIVISION, a subdivision in Travis County, Texas, according to the map or plat thereof,
recorded under Document No. 200600156 of the Official Public Records of Travis County, Texas.

  

    	E-1

    	 

    

 

EXHIBIT F

 

FORM OF BILL OF SALE

 

BILL OF SALE

 

KNOW ALL MEN BY THESE
PRESENTS, that WRPV XI FH AUSTIN, L.P., a Delaware limited partnership ("Seller"), in consideration of Ten and 00/00
Dollars ($10.00), the receipt and sufficiency of which are hereby acknowledged, does hereby sell, assign, transfer, quit claim
and set over unto _________________________________, a _______________________________ ("Buyer"), all personal property
described on Exhibit A attached hereto (the "Personal Property") located at the property legally described on
Exhibit B attached hereto.

 

TO HAVE AND TO HOLD
the Personal Property unto Buyer and Buyer's legal representatives, successors and assigns forever.

 

THE PERSONAL PROPERTY
SOLD HEREUNDER IS SOLD IN ITS "AS IS", "WHERE IS" CONDITION WITHOUT ANY REPRESENTATION OR WARRANTY BY SELLER.
The covenants, agreements, indemnities and limitations provided in that certain Agreement of Purchase and Sale, dated as of ___________,
201__ (the "Agreement"), by and between Seller and Buyer, with respect to the property conveyed hereunder are hereby
incorporated herein by this reference as if herein set out in full and shall inure to the benefit of and shall be binding upon
Seller and Buyer and their respective successors and assigns.

 

This Bill of Sale shall
be governed by Sections 7.1, 7.2, 14.3, 15.4 and 15.9 of the Agreement.

 

(remainder of page intentionally left blank)

 

    	F-1

    	 

    

 

IN WITNESS WHEREOF,
Seller has executed this Bill of Sale as of the ___ day of ________, 2015.

 

	 	SELLER:
	 	 
	 	WRPV XI FH AUSTIN, L.P.,
	 	a Delaware limited partnership 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

  

    	F-2

    	 

    

 

EXHIBIT G

 

FORM OF ASSIGNMENT OF LEASES

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

FOR AND IN CONSIDERATION
of the sum of Ten Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, WRPV XI FH AUSTIN, L.P., a Delaware limited partnership ("Assignor"), hereby sells, transfers, assigns,
delegates and sets over unto ___________________________, a _______________________________ ("Assignee"), its legal representatives,
successors and assigns, all of Assignor's rights, title, interests, duties, obligations and liabilities accruing on or after the
date hereof in, to and under those certain leases and other leasing agreements referred to on Exhibit A attached
hereto (the "Leases") affecting the property legally described on Exhibit B attached hereto.

 

Assignee does hereby
accept the foregoing assignment of the Leases, and does hereby assume and agree to perform, fulfill and observe all of the duties,
obligations and liabilities to be performed, fulfilled or observed by the landlord under the Leases arising on and after the date
hereof, as if Assignee was the original landlord under the Leases. Assignor shall defend, indemnify and hold harmless Assignee
from and against any all Claims (as defined below) asserted against or incurred by Assignee as a result of any acts or omissions
of Assignor prior to the date of this Assignment and Assignee shall defend, indemnify and hold harmless Assignor from and against
any all Claims asserted against or incurred by Assignor as a result of any acts or omissions of Assignee on or after the date of
this Assignment. "Claims" means claims, demands, causes of action, losses, damages, liabilities, judgments, costs and
expenses (including attorneys' fees, whether suit is instituted or not). Notwithstanding the foregoing, Assignor shall have no
liability whatsoever to Assignee for any Claims: (a) unless the valid Claims collectively aggregate more than Fifty Thousand
Dollars ($50,000), in which event the full amount of such valid Claims along with (i) any amount due by Assignor pursuant to the
Assignment and Assumption of Contracts and Additional Property of even date herewith made by Assignor and Assignee, and (ii) Section
6.5 of the Agreement shall be actionable up to, but not in excess of Four Hundred Fifty Thousand Dollars ($450,000) (the
“Cap”) in the aggregate for all liability; and (b) unless written notice containing a description of the specific
nature of any such Claims shall have been given by Assignee to Assignor prior to the end of the Survival Period and an action shall
have been commenced by Assignor against Assignee within nine (9) months after the date of this Assignment. In no event shall Assignor
be liable for any incidental, consequential or punitive damages, or for any damages in excess of the Cap.

 

The covenants, agreements,
indemnities and limitations provided in that certain Agreement of Purchase and Sale, dated as of January __, 2015, by and between
Assignor and Assignee (the “Agreement”), with respect to the property conveyed hereunder are hereby incorporated herein
by this reference as if herein set out in full and shall inure to the benefit of and shall be binding upon Assignor and Assignee,
and their respective successors and assigns.

 

This Assignment and
Assumption of Leases shall be governed by Sections 7.1, 7.2, 14.3, 15.4 and 15.9 of the Agreement.

 

This Assignment and
Assumption of Leases may be executed in counterparts, and as so executed shall constitute one and the same agreement.

 

(remainder of page intentionally left blank)

 

    	G-1

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment and Assumption of Leases as of the ____ day of ___________, 2015.

 

	 	ASSIGNOR:
	 	 
	 	WRPV XI FH AUSTIN, L.P., a Delaware limited partnership 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

    	G-2

    	 

    

 

	 	ASSIGNEE:
	 	 
	 	_________________________________________, a

 _______________________________________
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

 

    	G-3

    	 

    

 

EXHIBIT H

 

FORM OF ASSIGNMENT OF CONTRACTS AND
ADDITIONAL PROPERTY

 

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

AND ADDITIONAL PROPERTY

 

FOR AND IN CONSIDERATION
of the sum of Ten Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, WRPV XI FH AUSTIN, L.P., a Delaware limited partnership (“Assignor”), hereby sells, transfers, assigns,
delegates and sets over unto _____________________________, a _____________________________ (“Assignee”), its legal
representatives, successors and assigns, all of Assignor’s rights, title, interests, duties, obligations and liabilities
accruing on or after the date hereof under or with respect to the “Service Contracts” and “Additional Property,”
as such terms are defined and described in that certain Agreement of Purchase and Sale, dated as of ___________, 2015, by and between
Assignor and Assignee (the “Agreement”), which relate to the operation of the property described on Exhibit A
attached hereto (the “Property”).

 

Assignee does hereby
accept the foregoing assignment of the Service Contracts and the Additional Property, and does hereby assume and agree to perform,
fulfill and observe all of the duties, obligations and liabilities to be performed, fulfilled or observed by the owner of the Property
under or with respect to the Service Contracts or the Additional Property arising on and after the date hereof, as if Assignee
was the original named party under the Service Contracts and with respect to the Additional Property. Assignor shall defend, indemnify
and hold harmless Assignee from and against any all Claims (as defined below) asserted against or incurred by Assignee as a result
of any acts or omissions of Assignor prior to the date of this Assignment and Assignee shall defend, indemnify and hold harmless
Assignor from and against any all Claims asserted against or incurred by Assignor as a result of any acts or omissions of Assignee
on or after the date of this Assignment. "Claims" means claims, demands, causes of action, losses, damages, liabilities,
judgments, costs and expenses (including attorneys' fees, whether suit is instituted or not). Notwithstanding the foregoing, Assignor
shall have no liability whatsoever to Assignee for any Claims: (a) unless the valid Claims collectively aggregate more than
Fifty Thousand Dollars ($50,000), in which event the full amount of such valid Claims along with (i) any amount due by Assignor
pursuant to the Assignment and Assumption of Leases of even date herewith made by Assignor and Assignee, and (ii) Section
6.5 of the Agreement shall be actionable up to, but not in excess of Four Hundred Fifty Thousand Dollars ($450,000) (the
“Cap”) in the aggregate for all liability; and (b) unless written notice containing a description of the specific
nature of any such Claims shall have been given by Assignee to Assignor prior to the end of the Survival Period and an action shall
have been commenced by Assignor against Assignee within nine (9) months after the date of this Assignment. In no event shall Assignor
be liable for any incidental, consequential or punitive damages, or for any damages in excess of the Cap.

 

The covenants, agreements,
representations, warranties, indemnities and limitations provided in the Agreement, with respect to the interests conveyed hereunder
are hereby incorporated herein by this reference as if herein set out in full. This Assignment and Assumption of Contracts and
Additional Property shall be binding on and shall inure to the benefit of Assignor and Assignee, and their respective legal representatives,
heirs, successors and assigns, and shall also be governed by Sections 7.1, 7.2, 14.3, 15.4 and 15.9 of the Agreement.

 

This Assignment and
Assumption of Contracts and Additional Property may be executed in counterparts, and as so executed shall constitute one and the
same agreement.

 

    	I-1

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Assignment and Assumption of Contracts and Additional Property as of the ___________, 2015.

 

	 	ASSIGNOR:
	 	 
	 	WRPV XI FH AUSTIN, L.P., 
	 	a Delaware limited partnership 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

    	I-2

    	 

    

 

	 	ASSIGNEE:
	 	 
	 	_________________________________________,

 a _______________________________________
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Its:	 

 

 

    	I-3

    	 

    

 

EXHIBIT I

 

FORM OF NOTICE TO TENANTS

 

_____________, 2015

 

	Re:	 	 
	 	 	 
	 	 	 
	 	 	 

 

Ladies and Gentlemen:

 

You are hereby advised that the above referenced
property in which you are a tenant was sold and your lease was assigned and transferred effective as the date of this letter to
[BUYER]. Responsibility for your security deposit, if any, has been transferred to the new owner, whose address is set forth below.
The above referenced property will  be managed by [MANAGEMENT COMPANY] and all checks for rent and other charges should be
made payable to [BUYER] and  forwarded to:

 

[MANAGEMENT COMPANY]

[Property Address]

 

In accordance with the terms of your lease, copies of all future
notices to landlord should be sent to:

 

[BUYER]

 

If you have any questions or need any additional
information, please feel free to contact the management office at  [Telephone Number].

 

Sincerely,

 

	 	SELLER:
	 	 
	 	WRPV XI FH AUSTIN, L.P.
	 	a Delaware limited partnership 
	 	 	 
	 	By:	 
	 	Its: 	 
	 	 
	 	BUYER:
	 	 
	 	 
	 	 	 
	 	By:	 
	 	Its: 	 

  

    	 

    	 

    

 

EXHIBIT J

 

ESCROW AGREEMENT

 

Escrow No.:____________

Date: January ___, 2015

 

EARNEST MONEY ESCROW AGREEMENT

 

The sum of $250,000 of earnest money will
be deposited with Heritage Title Company of Austin, as escrowee ("Escrowee"), on or about the time of the execution of
this Escrow Agreement, and an additional $150,000 of earnest money may be deposited with Escrowee, subject to and in accordance
with the terms and conditions of Section 2.2 of the Agreement of Purchase and Sale described below. All of the funds deposited
with Escrowee hereunder shall be disbursed by Escrowee only in accordance with this Earnest Money Escrow Agreement (this “Escrow
Agreement”).

 

Escrowee is hereby expressly authorized
to comply with and obey any and all orders or decrees entered or issued by any court, with or without jurisdiction, and in case
Escrowee obeys or complies with any such order or decree of any court it shall not be liable to any of the parties hereto or any
other person, firm or corporation by reason of such compliance, notwithstanding any such order or decree being entered without
jurisdiction or being subsequently reversed, modified, annulled, set aside or vacated. In case of any suit or proceeding regarding
this Escrow Agreement to which Escrowee is or may at any time become a party (except a suit or proceeding arising from Escrowee’s
breach of its obligations hereunder), Escrowee shall have a lien on the contents hereof for any and all out-of-pocket costs, including
reasonable attorneys' fees, whether such attorneys shall be regularly retained or specially employed, and any other reasonable
expenses which it may have incurred or become liable for on account thereof, and it shall be entitled to reimburse itself therefor
out of said deposit, and the undersigned jointly and severally agree to pay Escrowee, upon demand, all such costs, fees and expenses
so incurred. In no case shall the above mentioned deposits be surrendered except on an order signed by the parties hereto, their
respective legal representatives or assigns, or in obedience of the process or order of court as aforesaid, or in compliance with
the Agreement of Purchase and Sale described below.

 

Deposits made pursuant to these instructions
shall be invested on behalf of Buyer; provided that any direction to Escrowee for such investment shall be expressed in writing,
and also provided that Escrowee is in receipt of the taxpayer's identification number and investment forms as required. Escrowee
will, upon request, furnish information concerning its procedures and fee schedules for investment.

 

In the event the Escrowee is requested
to invest deposits hereunder, Escrowee is not to be held responsible for any loss of principal or interest which may be incurred
as a result of making the investment for the purposes of these escrow instructions unless such loss results from the gross negligence
or intentional misconduct of Escrowee.

 

Except as to deposits of funds for which
Escrowee has received express written direction concerning investment or other handling, the parties hereto agree that the Escrowee
shall be under no duty to invest or reinvest any deposits at any time held by it hereunder. Escrowee may commingle any uninvested
deposits with other deposits or with its own funds in the manner permitted under applicable law; provided, however, nothing herein
shall diminish Escrowee's obligation to apply the full amount of the deposits, plus all interest and earnings thereon, in accordance
with the terms of this Escrow Agreement.

 

    	 

    	 

    

 

The undersigned Buyer and Seller acknowledge
that the amount deposited hereunder is the Earnest Money described in and governed by that certain Agreement of Purchase and Sale
dated January ___ 2015, between the undersigned Seller and Buyer (the "Agreement"). Seller and Buyer agree to execute
all joint directions and take all other actions required hereunder to cause the Earnest Money to be disbursed and applied in the
manner required under said Agreement. If Escrowee shall receive an instruction (hereinafter the “Instruction”) with
respect to the Earnest Money that is contrary to the Agreement, or any part thereof, from Seller but not from Buyer, or from Buyer
but not from Seller (the party giving the Instruction being hereinafter referred to as the “Instructing Party” and
the party which shall not have given the Instruction being hereinafter referred to as the “Non-Instructing Party”),
Escrowee shall transmit a copy of the Instruction received from the Instructing Party to the Non-Instructing Party. Escrowee shall
refrain from acting in accordance with the Instruction for three (3) business days after receipt of such Instruction, and thereafter
shall act in accordance with the Instruction unless the Non-Instructing Party shall have notified Escrowee in writing within such
three (3) business day period objecting to the disbursement of the Earnest Money in accordance with the Instruction. Each party
shall only object if it has a good faith basis to do so. If the Non-Instructing Party shall advise Escrowee not to comply with
the Instruction within such three (3) business day period, Escrowee shall not act in accordance with the Instruction, but may thereafter
either

 

(a)        act solely
in accordance with any of the following:

 

(i)      a new
Instruction signed jointly by Seller and Buyer;

 

(ii)     separate
Instructions of like tenor from each of Seller and Buyer;

 

(iii)    a
certified copy of an arbitrator’s award issued under the rules of the American Arbitration Association as to which Escrowee
shall have received an opinion of a law firm satisfactory to Escrowee in its sole and absolute discretion that such award is final
beyond appeal; or

 

(iv)    a certified
copy of a judgment of a court of competent jurisdiction as to which Escrowee shall have received an opinion of a law firm satisfactory
to Escrowee in its sole and absolute discretion that such award is final beyond appeal; or

 

(b)       deposit
the Earnest Money with a court selected by Escrowee and in such event all liability and responsibility of Escrowee shall terminate
upon such deposit having been made.

 

Escrowee is acting only for the accommodation
of the parties and in performing its duties, shall not be liable for: a) any loss, costs or damage which it may incur as result
of serving as Escrowee hereunder, except for any loss, costs or damage arising out of its intentional misconduct or gross negligence,
b) any action taken or omitted to be taken in reliance upon any document, escrow instructions, including any written instructions
provided for in this Escrow Agreement, which Escrowee shall in good faith believe to be genuine, and c) any loss or impairment
of the deposits deposited with a federally insured financial institution, resulting from the failure, insolvency, or suspension
of the depository. Buyer and Seller hereby agree to indemnify and hold Escrowee harmless against any and all losses, claims, damages,
liabilities and expenses, including reasonable attorneys’ fees, which may be incurred by Escrowee in connection with it serving
as Escrowee hereunder.

 

Any notice, report, demand or instruction
required or permitted under this Escrow Agreement shall be deemed to have been sufficiently transmitted, delivered, given or served
for all purposes if delivered by nationally recognized overnight courier service which provides a receipt to the parties at their
addresses hereinabove set forth below or at such other address as a party may hereafter designate by written notice as herein provided.
The effective date of delivery or transmittal of a notice, report, demand or instruction shall be the actual date that delivery
is effected.

 

    	 

    	 

    

 

	
        Notices to Seller:

         
	
        c/o Waterton Associates

        30 South Wacker, Suite 3600

        Chicago, Illinois 60606

        Attn: Erin Ankin, Esq.

        Fax: (312) 476-2060

        Email: eankin@wallc.com

         

 

	
        With a copy to:

         
	
        Dentons US LLP

        233 South Wacker Drive, Suite 7800

        Chicago, Illinois 60606

        Attn: Scott B. Toban

        Fax: (312) 876-7934

        Email: scott.toban@dentons.com

         

	
        Notices to Buyer:

         

         
	
        Bluerock Real Estate, L.L.C.

        712 Fifth Avenue, 9th Floor

        New York, NY 10019

        Attn: Mike Konig & James Babb

        Fax: (646) 278-4220

         

        Email: mkonig@bluerockre.com

        jbabb@bluerockre.com

         

	
        With a copy to:

         

         
	
        Morris, Manning & Martin, LLP

        1600 Atlanta Financial Center

        3343 Peachtree Road NE

        Atlanta, Georgia 30326

        Attn: Corey May, Esq.

        Fax: (404) 365-9532

        Email: cmay@mmmlaw.com 

 

	
        Notices to Escrow Agent:

         

         
	
        Heritage Title Company of Austin

        401 Congress
        Avenue

        Suite 1500

        Austin, Texas 78701

        Attn: John Bruce

        Fax: (512) 505-5024

        Email: jbruce@heritage-title.com

         

 

(remainder of page intentionally left blank)

 

    	 

    	 

    

 

	 	SELLER:
	 	 
	 	WRPV XI FH AUSTIN, L.P., 
	 	a Delaware limited partnership
    
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	Authorized Signatory 
	 	 
	 	BUYER:
	 	 
	 	BLUEROCK
    REAL ESTATE, L.L.C.,
	 	a Delaware limited liability
    company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 
	 	 
	 	ESCROWEE:
	 	 
	 	HERITAGE TITLE COMPANY
    OF AUSTIN
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]