Document:

Share Redemption Program

 Exhibit 4.4 
 SHARE REDEMPTION PROGRAM 
 The board of directors of Resource Real Estate
Opportunity REIT II, Inc., a Maryland corporation (the “Company”), has adopted a Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the same
meaning as set forth in the Company’s charter unless otherwise defined herein. 
 1. Qualifying Stockholders.
“Qualifying Stockholders” are (a) holders of the Company’s shares of Common Stock (the “Shares”) who have held their Shares for at least one year, provided that (i) if the Company is redeeming all of a
stockholder’s Shares, any Shares purchased pursuant to the Company’s distribution reinvestment plan may be excluded from the foregoing one-year holding period requirement, (ii) the board of directors, in its sole discretion, may waive
the one-year holding period in the event of involuntary, exigent circumstances affecting a stockholder, such as bankruptcy or a mandatory distribution requirement under a stockholder’s IRA, and (iii) the limited partners of RRE Opportunity
OP II, LP, the Company’s operating partnership (the “Operating Partnership”), who exchange their limited partnership units for Shares will be deemed to have owned such Shares as of the date such limited partners were issued
their limited partnership units in the Operating Partnership, and (b) stockholders or authorized representatives of stockholders qualifying for the special redemption provisions set forth in paragraphs 6, 7 and 8. In addition, only stockholders
who purchased their Shares directly from the Company or the transferees described in paragraph 5(b) will be considered Qualifying Stockholders. 
 2. Share Redemption. Subject to the terms and conditions of this SRP, including the limitations on redemptions set forth in paragraph 4 and the procedures for redemption set forth in paragraph 5,
the Company will redeem such number of Shares as requested by a Qualifying Stockholder on a periodic basis as determined from time to time by the board of directors and no less frequently than annually. The board of directors reserves the right in
its sole discretion at any time to reject any request for redemption. 
 3. Redemption Price. 

(a) Unless the Shares are being redeemed in connection with a stockholder’s death, Qualifying Disability (as defined in paragraph 7)
or confinement to a long-term care facility (subject to the limitations set forth in paragraph 8), the purchase price at which the Company will redeem Shares for Qualifying Stockholders is as follows: 

(i) Prior to the time the Company establishes an estimated value per Share, the amount by which (a) 90% of the average gross price
per Share the original purchaser or purchasers paid to acquire the Shares from the Company (the “issue price”) for all of such purchaser’s Shares (as adjusted for any stock combinations, splits, recapitalizations and the like
with respect to the Common Stock), exceeds (b) the aggregate amount of net sale or refinance proceeds per Share, if any, distributed to investors prior to the redemption date. Notwithstanding the foregoing, until the Company establishes an
estimated value per share, shares received as a stock distribution will be redeemed at a purchase price of $0, or 

  

 (ii) after the Company establishes an estimated value per Share, the lesser of (a) 90%
of the average issue price per Share for all of the Qualifying Stockholder’s Shares (as adjusted for any stock combinations, splits, recapitalizations and the like with respect to the Common Stock) or (b) 100% of the estimated value per
Share, as determined by the Company’s advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share after completion of its offering stage; however, the time frame before which the Company
establishes an estimated value per share may be different depending on regulatory requirements or if necessary to assist broker-dealers who sell shares in this offering. The Company will consider its offering stage complete when 18 months have
passed without the Company having sold shares in a public offering or equity securities, whether that last sale was in the Company’s initial public offering or a public follow-on offering. The Company will report the estimated value per share,
which will change the redemption price in a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is
complete, public equity offerings do not include offerings on behalf of selling stockholders or offerings related to any distribution reinvestment plan, employee benefit plan or the redemption of interests in the Operating Partnership. 

(b) Until the Company establishes an estimated value per Share, the purchase price per Share for redemptions sought upon a Qualifying
Stockholder’s death, Qualifying Disability, or confinement to a long-term care facility (provided that the condition causing such Qualifying Disability was not preexisting on the date that such person became a stockholder or that the
stockholder was not confined to a long-term care facility on the date the person became a stockholder), will be equal to the amount by which (a) the average issue price per Share for such Qualifying Stockholder’s Shares (as adjusted for
any stock combinations, splits, recapitalizations and the like with respect to the Common Stock) exceeds (b) the aggregate amount of net sale or refinance proceeds per Share, if any, distributed to investors prior to the redemption date as a
result of the sale of one or more of the Company’s investments. Notwithstanding the foregoing, until the Company establishes an estimated value per share, shares received as a stock distribution will be redeemed at a purchase price of $0. After
the Company establishes an estimated value per share, the purchase price will be the estimated value per Share, as determined by the advisor or another firm chosen for that purpose. 

4. Limitations on Redemption. Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to
redeem Shares pursuant to paragraphs 2 and 6 hereof is limited by each of the following: 
 (a) Only the Shares held by
Qualifying Stockholders are eligible for redemption. 

  
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 (b) The Company has no obligation to redeem Shares if the redemption would violate the
restrictions on distributions under Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 

(c) The Company will generally engage a third party to conduct a Uniform Commercial Code (“UCC”) search to ensure that
no liens or encumbrances are held against the Shares presented for redemption. The Company will cover the cost for these searches. Shares that are not subject to liens or encumbrances will be eligible for redemption following the completion of the
UCC search. The Company will not redeem Shares that are subject to liens or other encumbrances until the stockholder presents evidence that such liens or encumbrances have been removed. 

(d) The Company will not redeem in excess of 5% of the weighted-average number of Shares outstanding during the 12-month period
immediately prior to the effective date of redemption. The board of directors will determine at least quarterly whether the Company has sufficient excess cash to repurchase Shares. Generally, the cash available for redemption will be limited to
proceeds from the distribution reinvestment plan plus, if the Company had positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous fiscal year. 

5. Procedures for Redemption. 
 (a) A Qualifying Stockholder who wishes to have Shares redeemed must mail or deliver to the Company a written request on a form provided by the Company and executed by the stockholder, its trustee or
authorized agent. An estate, heir or beneficiary that wishes to have Shares redeemed following the death of a stockholder must mail or deliver to the Company a written request on a form provided by the Company, including evidence acceptable to the
board of directors of the death of the stockholder, and executed by the executor or executrix of the estate, the heir or beneficiary, or their trustee or authorized agent. A stockholder requesting the redemption of his or her Shares due to a
Qualifying Disability or confinement to a long-term care facility must mail or deliver to the Company a written request on a form provided by the Company, including the evidence and documentation described below. If the Shares are to be redeemed
under the conditions outlined herein, the Company will forward the documents necessary to affect the redemption, including any signature guaranty the Company may require. A request for redemption may be withdrawn in whole or in part by a stockholder
in writing at any time prior to redemption. 
 (b) The Qualifying Stockholder or his or her estate, heir or beneficiary must
certify to the Company that the stockholder acquired the Shares to be repurchased either (1) directly from the Company or (2) from the original investor by way of (i) a bona fide gift not for value to, or for the benefit of, a member
of the investor’s immediate or extended family (including the investor’s spouse, parents, siblings, children or grandchildren and including relatives by marriage), (ii) through a transfer to a custodian, trustee or other fiduciary for
the account of the investor or members of the investor’s immediate or extended family in connection with an estate planning transaction, including by bequest or inheritance upon death or (iii) operation of law. 

  
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 (c) The effective date of any redemption will be the last day of the calendar month
preceding the quarterly determination by the board of directors of the availability of funds for redemption. The Shares approved for redemption will accrue no distributions after the effective date of redemption. In making the determination of the
availability of funds for redemption, the board of directors will consider only properly completed redemption requests that the Company received on or before the last day of the calendar month preceding the determination of the availability of funds
for redemption. Payment for the Shares so approved for redemption, assuming sufficient funds for redemption and the satisfaction of all necessary conditions, will be made no later than 15 days after the date of the directors’ action to
determine the Shares approved for redemption. 
 (d) If the Company cannot accommodate a redemption request, the stockholder or
his or her estate, heir or beneficiary can (1) withdraw the request for redemption, or (2) ask that the Company honor the request at such time, if any, when the limitations no longer prevent redemption. Such pending requests will be
honored among all requests for redemptions in any given redemption period, as follows: first, pro rata as to redemptions sought upon a stockholder’s death, Qualifying Disability, or confinement to a long-term care facility; next, pro rata as to
redemptions to stockholders who demonstrate, in the discretion of the board of directors, other involuntary, exigent circumstances, such as bankruptcy; next, pro rata as to redemptions to stockholders subject to a mandatory distribution requirement
under their IRAs; and, finally, pro rata as to other redemption requests. The advisor and its affiliates will defer their own redemption requests, if any, until all other requests for redemption have been met. 

(e) A Qualifying Stockholder or his estate, heir or beneficiary may present to the Company fewer than all of the Shares then owned for
redemption, except that the minimum number of Shares that must be presented for redemption shall be at least 25% of the holder’s Shares. Notwithstanding the foregoing, as little as 10% of a Qualifying Stockholder’s Shares may be presented
for redemption if such redemption request is made within 270 days of the event giving rise to the special circumstances described in this sentence, where redemption is being requested (1) on behalf of a deceased stockholder; (2) by a
stockholder with a Qualifying Disability or upon confinement to a long-term care facility; (3) by a stockholder due to other involuntary, exigent circumstances, such as bankruptcy; or (4) by a stockholder due to a mandatory distribution
under such stockholder’s IRA; provided, however, that any future redemption request by such stockholder must present for redemption at least 25% of such stockholder’s remaining Shares. 

(f) Except in the case of redemptions due to a mandatory distribution under a stockholder’s IRA, the Company will treat a redemption
request that would cause the stockholder to own fewer than 200 Shares as a request to redeem all of such stockholder’s Shares, and the Company will vary from pro rata treatment of redemptions as necessary to avoid having stockholders holding
fewer than 200 Shares. In the case of 

  
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stockholders who undertake a series of partial redemptions, appropriate adjustments in the purchase price for the redeemed Shares will be made so that the blended price per Share for all redeemed
Shares is reflective of the issue price per Share of all Shares owned by such stockholder through the dates of each redemption. 

(g) Subject to the restrictions in the Operating Partnership’s limited partnership agreement and any other applicable agreement, the
Company may cause the Operating Partnership to offer to its limited partners (other than the Company’s subsidiaries) a partnership unit redemption program equivalent to the SRP. Any units redeemed under the partnership unit redemption program
will be redeemed upon terms substantially equivalent to the redemption terms of the SRP and will be treated as Shares for purposes of calculating the annual limitation on the number of Shares that may be redeemed under the SRP. 

(h) Any Shares purchased by the Company pursuant to the SRP will be cancelled. Neither the Company’s advisor, nor any member of the
board of directors of the Company nor any of their affiliates will receive any fee on the repurchase of Shares by the Company pursuant to the SRP. The foregoing provisions regarding the SRP in no way limit the Company’s ability to repurchase
Shares from stockholders by any other legally available means. 
 6. Special Provisions upon a Stockholder’s Death,
Qualifying Disability or Confinement to a Long-term Care Facility. The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability or confinement to a long-term care facility differently, as follows:

 (a) Provided that the redemption request is made within 270 days of the event giving rise to the following special
circumstances, the Company will waive the one-year holding requirement (a) upon the request of the estate, heir or beneficiary of a deceased stockholder or (b) upon the Qualifying Disability of a stockholder or upon a stockholder’s
confinement to a long-term care facility, provided that the condition causing such disability or need for long-term care was not preexisting on the date that such person became a stockholder. 

(b) Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death, Qualifying Disability or
confinement to a long-term care facility are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and the redemption request procedures set forth in
paragraph 5. 
 (c) Subject to the conditions and limitations described herein, the Company will redeem Shares at the prices
described in paragraph 3(b) upon the death of a Qualifying Stockholder who is a natural person, including Shares held by such stockholder through a revocable grantor trust or an IRA or other retirement or profit-sharing plan, after receiving written
notice from the estate of the stockholder, the recipient of the Shares through bequest or inheritance, or, in the case of a revocable grantor trust, the trustee of such trust, who shall have the sole ability to request

  
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redemption on behalf of the trust. The Company must receive the written notice within 270 days after the death of the Qualifying Stockholder. If spouses are joint registered holders of Shares,
the request to redeem the Shares may be made if either of the registered holders dies. If the Qualifying Stockholder is not a natural person, such as a trust other than a revocable grantor trust, partnership, corporation or other similar entity,
these special redemption rights upon death do not apply. 
 (d) Subject to the conditions and limitations described herein, the
Company will redeem Shares at the prices described in paragraph 3(b) held by a Qualifying Stockholder who is a natural person, including Shares held by such stockholder through a revocable grantor trust or an IRA or other retirement or
profit-sharing plan, with a Qualifying Disability or upon confinement to a long-term care facility, after receiving written notice from such stockholder, provided that the condition causing the Qualifying Disability was not preexisting on the date
that the person became a stockholder or that the stockholder seeking redemption was not confined to a long-term care facility on the date the person became a stockholder. The Company must receive written notice within 270 days after the
determination of such stockholder’s Qualifying Disability or, with respect to redemptions sought upon a stockholder’s confinement to a long-term care facility, within 270 days of the earlier of (1) the one-year anniversary of the
stockholder’s admittance to the long-term care facility or (2) the date of the determination of the stockholder’s indefinite confinement to the long-term care facility by a licensed physician. If the stockholder is not a natural
person, such as a trust (other than a revocable grantor trust), partnership, corporation or other similar entity, these special redemption rights do not apply. 
 7. Qualifying Disability Determinations. In order for a disability to entitle a stockholder to the special redemption terms described in paragraphs 5 and 6 (a “Qualifying
Disability”), (1) the stockholder would have to receive a determination of disability based upon a physical or mental condition or impairment arising after the date the stockholder acquired the Shares to be redeemed, and (2) such
determination of disability would have to be made by the governmental agency responsible for reviewing the disability retirement benefits that the stockholder could be eligible to receive (the “Applicable Government Agency”). The
Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and, therefore, could be eligible to receive Social Security disability benefits, then the applicable governmental agency would be
the Social Security Administration or the agency charged with responsibility for administering Social Security disability benefits at that time if other than the Social Security Administration; (ii) if the stockholder did not pay Social
Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the stockholder could be eligible to receive disability benefits under the Civil Service Retirement System (“CSRS”), then the
applicable governmental agency would be the U.S. Office of Personnel Management or the agency charged with responsibility for administering CSRS benefits at that time if other than the Office of Personnel Management; or (iii) if the stockholder
did not pay Social Security taxes and therefore could not be eligible to receive Social Security benefits but suffered a disability that resulted in the stockholder’s discharge from military service under conditions that were other than
dishonorable and, therefore, could be eligible to receive military disability benefits, then the applicable governmental agency would be the Department of Veterans Affairs or the agency charged with the responsibility for administering military
disability benefits at that time if other than the Department of Veterans Affairs. 

  
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 Disability determinations by governmental agencies for purposes other than those listed
above, including but not limited to worker’s compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums would not entitle a stockholder to the special
redemption terms described above. Redemption requests following an award by the applicable governmental agency of disability benefits would have to be accompanied by (1) the investor’s initial application for disability benefits and
(2) a Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs Administration record of disability related discharge or such other
documentation issued by the applicable governmental agency that the Company would deem acceptable and would demonstrate an award of the disability benefits. 
 We understand that the following disabilities do not entitle a worker to Social Security disability benefits: (i) disabilities occurring after the legal retirement age; (ii) temporary
disabilities; and (iii) disabilities that do not render a worker incapable of performing substantial gainful activity. 

Therefore, such disabilities would not qualify for the special redemption terms, except in the limited circumstances when the investor
would be awarded disability benefits by the other “applicable governmental agencies” described above. However, where a stockholder requests the redemption of his or her Share due to a disability, and such stockholder does not have a
“Qualifying Disability” under the terms described above, the board of directors may redeem the stockholder’s Shares in its sole discretion on the special terms available for a Qualifying Disability. 

8. Stockholder Confinement to Long-term Care Facility. With respect to redemptions sought upon a Qualifying Stockholder’s
confinement to a long-term care facility, a “long-term care facility” shall mean an institution that: (1) either (a) is approved by Medicare as a provider of skilled nursing care or (b) is licensed as a skilled nursing home
by the state or territory in which it is located (it must be within the United States, Puerto Rico, or U.S. Virgin Islands) and (2) meets all of the following requirements: (a) its main function is to provide skilled, intermediate or
custodial nursing care; (b) it provides continuous room and board to three or more persons; (c) it is supervised by a registered nurse or licensed practical nurse; (d) it keeps daily medical records of all medication dispensed; and
(e) its primary service is other than to provide housing for residents. Where a stockholder seeks redemption of his or her Shares due to confinement to a long-term care facility, the stockholder must submit a written statement from a licensed
physician certifying either (1) the stockholder’s continuous and continuing confinement to a long-term care facility over the course of the last year or (2) that the licensed physician has determined that the stockholder will be
indefinitely confined to a long-term care facility. Notwithstanding the above, where a stockholder requests redemption of his or her Shares due to confinement to a long-term care facility, and such stockholder does not meet the definition set forth
above, the board of directors may redeem the stockholder’s Shares in its sole discretion on the special terms available for confinement to a long-term care facility. 

  
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 9. Termination, Suspension or Amendment of the SRP by the Company. The board of
directors, in its sole discretion, may suspend, terminate or amend the SRP upon 30 days’ notice if it determines that such suspension, termination or amendment is in the Company’s best interest. The board of directors may also reduce the
number of Shares purchased under the SRP if it determines the funds otherwise available to fund the SRP are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder’s death,
qualifying disability or confinement to a long-term care facility. The SRP is intended to provide interim liquidity for Qualifying Stockholders until a secondary market develops for the Shares. The SRP will terminate if the Shares are listed for
trading on a national securities exchange. 
 10. Address for Notice of Redemption Requests. Qualifying Stockholders who
desire to redeem their Shares must provide written notice to the Company on the form provided by the Company. 
 11.
Liability of the Company. The Company shall not be liable for any act done in good faith or for any good faith omission to act. 

  
 8Form of Advisory Agreement

 Exhibit 10.1 
 FORM OF ADVISORY AGREEMENT 
 between 

RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC. 
 and 
 RESOURCE REAL ESTATE OPPORTUNITY ADVISOR II, LLC 

            ,
             

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 - DEFINITIONS
	  	 	1	  
	 ARTICLE 2 - APPOINTMENT
	  	 	8	  
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	8	  
	 3.01 Organizational and Offering Services
	  	 	8	  
	 3.02 Acquisition Services
	  	 	8	  
	 3.03 Asset Management Services
	  	 	9	  
	 3.04 Stockholder Services
	  	 	12	  
	 3.05 Other Services
	  	 	12	  
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	12	  
	 4.01 General
	  	 	12	  
	 4.02 Powers of the Advisor
	  	 	13	  
	 4.03 Approval by the Board
	  	 	13	  
	 4.04 Modification or Revocation of Authority of Advisor
	  	 	13	  
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	13	  
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	 	14	  
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	14	  
	 ARTICLE 8 - FEES
	  	 	15	  
	 8.01 Acquisition Fees
	  	 	15	  
	 8.02 Asset Management Fees
	  	 	15	  
	 8.03 Disposition Fees
	  	 	16	  
	 8.04 Debt Financing Fees
	  	 	16	  
	 8.05 Changes to Fee Structure
	  	 	17	  
	 8.06 Limitations on an Internalization Transaction
	  	 	17	  
	 ARTICLE 9 - EXPENSES
	  	 	18	  
	 9.01 General
	  	 	18	  
	 9.02 Timing of and Limitations on Reimbursements
	  	 	20	  
	 ARTICLE 10 – VOTING AGREEMENT
	  	 	21	  
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	21	  
	 11.01 Relationship
	  	 	21	  
	 11.02 Time Commitment
	  	 	21	  
	 11.03 Investment Opportunities and Allocation
	  	 	21	  
	 ARTICLE 12 - THE RESOURCE REAL ESTATE OPPORTUNITY NAME
	  	 	22	  
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	22	  
	 13.01 Term
	  	 	22	  
	 13.02 Termination by Either Party
	  	 	22	  
	 13.03 Payments on Termination
	  	 	23	  
	 13.04 Duties of Advisor Upon Termination
	  	 	23	  
	 ARTICLE 14 - ASSIGNMENT
	  	 	23	  
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	23	  
	 15.01 Indemnification
	  	 	23	  

  
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	 15.02 Limitation on Payment of Expenses
	  	 	24	  
	 15.03 Limitation on Indemnification
	  	 	24	  
	 ARTICLE 16 – GUARANTEE
	  	 	25	  
	 ARTICLE 17 - MISCELLANEOUS
	  	 	25	  
	 17.01 Notices
	  	 	25	  
	 17.02 Modification
	  	 	26	  
	 17.03 Severability
	  	 	26	  
	 17.04 Construction
	  	 	26	  
	 17.05 Entire Agreement
	  	 	26	  
	 17.06 Waiver
	  	 	26	  
	 17.07 Gender
	  	 	26	  
	 17.08 Titles Not to Affect Interpretation
	  	 	26	  
	 17.09 Counterparts
	  	 	26	  

  
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 ADVISORY AGREEMENT 
 This Advisory Agreement, dated as of             ,          (the “Agreement”), is between
Resource Real Estate Opportunity REIT II, Inc., a Maryland corporation (the “Company”), and Resource Real Estate Opportunity Advisor II, LLC, a Delaware limited liability company (the “Advisor”). 

W I T N E S S E T H 
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the
duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and 

WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and
agreements contained herein, the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in
connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications
expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by the Company or any of its
Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any Property by the Company or any of its Subsidiaries. Included in the computation
of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development
Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

  
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 “Advisor” means (i) Resource Real Estate Opportunity Advisor II, LLC, a
Delaware limited liability company, or (ii) any successor advisor to the Company. 
 “Affiliate” or
“Affiliated” means, with respect to any first Person, any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or
indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or
general partner; (iv) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or
general partner of such first Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a
majority of the board of directors (or equivalent governing body) of such program is composed of Affiliates of the entity. 

“Appraised Value” means the value according to an appraisal made by an Independent Appraiser. 

“Asset Management Fee” shall have the meaning set forth in Section 8.02. 

“Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company
invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such book values at the
end of each month during such period. 
 “Board” means the board of directors of the Company, as of any particular
time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 

“Charter” means the articles of incorporation of the Company, as amended from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 

“Company” means Resource Real Estate Opportunity REIT II, Inc., a corporation organized under the laws of the State of
Maryland. 

  
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 “Competitive Brokerage Commission” means a real estate or brokerage commission for
the purchase or sale of a Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 

“Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 

“Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct
improvements, supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract
Sales Price” means the total consideration received by the Company or one of its Subsidiaries for the sale of a Property, Loan or other Permitted Investment. 
 “Cost of Investments” means the sum of (i) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the
amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such
Property, Loan or other Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment and (ii) with respect to the acquisition or origination of a Property,
Loan or other Permitted Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the portion that is attributable to the
Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted
Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other
Permitted Investment. 
 “Dealer Manager” means (i) Resource Securities, Inc., or (ii) any successor dealer
manager to the Company. 
 “Debt Financing Fee” means the fee payable under Section 8.04. 

“Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to
assist in obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 “Director” means a member of the board of directors of the Company. 

“Disposition Fee” shall have the meaning set forth in Section 8.03. 

  
 3 

 “Distributions” means any distributions of money or other property by the Company
to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 

“GAAP” means accounting principles generally accepted in the United States. 

“Gross Proceeds” means the aggregate purchase price of all securities sold for the account of the Company through an Offering,
without deduction for Organization and Offering Expenses. 
 “Guaranteed Obligations” shall have the meaning set forth
in Article 16. 
 “Guarantor” means Resource Real Estate, Inc., a Delaware corporation, or any successor thereto or
assignee thereof. 
 “Independent Appraiser” means a person or entity with no material current or prior business or
personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company or its Subsidiaries, and who is a qualified appraiser
of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of
such qualification. 
 “Independently Appraised Value of Investments” means the sum of (i) with respect to
Properties, Loans or other Permitted Investments owned by the Company or a Subsidiary, the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt encumbering such Property, Loan or other Permitted
Investment and (ii) with respect to a Property, Loan or other Permitted Investment owned through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a
Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the Appraised Value of each such Property, Loan or other Permitted Investment without deduction for any debt
encumbering such Property, Loan or other Permitted Investment. 
 “Initial Escrow Release Date” shall have the meaning
set forth in Section 8.06. 
 “Initial Public Offering” means the public offering of Shares registered on
Registration Statement No. 333-             on Form S-11. 

“Internalization Transaction” shall have the meaning set forth in Section 8.06. 

“Joint Venture” means any joint venture, limited liability company or other arrangement between the Company and a third party
or an Affiliate of the Company that owns, in whole or in part, on behalf of the Company any Properties, Loans or other Permitted Investments. 
 “Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 

  
 4 

 “Loan Servicer” means an entity that has been retained to perform and carry out
loan servicing functions with respect to one or more Loans. 
 “Loans” means mortgage loans and other types of debt
financing investments made by the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible
mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 

“Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such
period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain included
in the Company’s consolidated accounts arising from the sale of assets. 
 “Offering” means any offering of the
Company’s securities that is registered with the SEC, excluding Shares offered under any employee benefit plan. 

“Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are
related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage,
listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate
commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such
as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 

“Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties,
(ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is,
directly or indirectly, a partner. 
 “Organization and Offering Expenses” means all expenses incurred by or on behalf
of the Company in connection with or preparing the Company for the offering and distributing of its Shares in an Offering, whether incurred before or after the date of this 

  
 5 

 
Agreement, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); placement agent fees and
expenses; expenses for printing, engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of obtaining exemption or
qualification of the sale of the securities under Federal and state laws, including taxes and fees, accountants’ and attorneys’ fees. 
 “Partnership” means RRE Opportunity OP II, LP, a Delaware limited partnership formed to own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 

“Permitted Investments” means all investments (other than Properties and Loans) in which the Company may acquire an interest,
either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term
investments acquired for purposes of cash management. 
 “Person” means an individual, corporation, partnership,
estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code,
association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes
of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “Property” means any real property or
properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an entity that has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent
contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 

“Registration Statement” means the registration statement filed by the Company with the SEC on Form S-11 (Reg.
No. 333-        ), as amended from time to time, in connection with the Initial Public Offering. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property,
Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a

  
 6 

 
significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint
Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or
other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any
partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A),
(i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180 days thereafter. 

“SEC” means the United States Securities and Exchange Commission. 

“Settlement” means (i) the prepayment, maturity, workout or other settlement of any Loan or other Permitted Investment or
portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner, but (ii) not including any
transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one or more Properties, Loans or other Permitted
Investments within 180 days thereafter. 
 “Shares” means shares of common stock of the Company, par value $.01 per
share. 
 “Stockholders” means the registered holders of the Shares. 

“Subject Shares” shall have the meaning set forth in Section 8.06. 

“Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power
or, in the case of a partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and
its Subsidiaries. 

  
 7 

 “Termination Date” means the date of termination of the Agreement determined in
accordance with Article 13 hereof. 
 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that,
in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period.

 ARTICLE 2 
 APPOINTMENT 
 The Company hereby appoints the Advisor to serve as its
advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 

The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its
assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Company’s Charter, the direction and
oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by
the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate
or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all
services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform directly or (iii) would
require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 

(i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii)
Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure 

  
 8 

 
and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of
Properties, Loans and other Permitted Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other
Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; 

(iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such
work; 
 (iv) With respect to prospective investments presented to the Board, prepare reports regarding such
prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 
 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company and its Subsidiaries; 

(vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the
Company’s and its Subsidiaries’ investments; and 
 (vii) Negotiate and execute approved investments
and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 
 3.03 Asset Management Services. 
 (i) Real Estate and Related
Services: 
 (a) Investigate, select and, on behalf of the Company, engage and conduct business with (including
enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers,
underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services; 
 (b) Negotiate and service
the Company’s and its Subsidiaries’ debt facilities and other financings; 

  
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 (c) Monitor applicable markets and obtain reports (which may be prepared by
the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries; 
 (d) Monitor and evaluate the performance of each asset of the Company and its Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services
to the Company and perform and supervise the various management and operational functions related to the Company’s and its Subsidiaries’ investments; 
 (e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition
of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
 (f) Consult with the
Company’s officers and the Board and assist the Board in the formulation and implementation of the Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the
Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its
Subsidiaries; 
 (g) Oversee the performance by the (1) Property Managers of their duties, including
collection and proper deposits of rental payments and payment of Property expenses and maintenance and (2) Loan Servicers of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting
for Loans; 
 (h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably
necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
 (i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Property Manager and aggregate these property budgets into the Company’s
overall budget; 
 (j) Coordinate and manage relationships between the Company and its Subsidiaries, on the one
hand, and any Joint Venture partners on the other; and 
 (k) Consult with the Company’s officers and the
Board and provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 

  
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 (ii) Accounting and Other Administrative Services: 

(a) Provide the day-to-day management of the Company and perform and supervise the various administrative functions
reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time to time, or at any
time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 

(c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs
sponsored by the Advisor or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the
Company’s and its Subsidiaries’ businesses and operations; 
 (e) Provide financial and operational
planning services; 
 (f) Maintain accounting and other record-keeping functions at the Company and investment
levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service
and any other regulatory agency; 
 (g) Maintain and preserve all appropriate books and records of the Company
and its Subsidiaries; 
 (h) Provide tax and compliance services and coordinate with appropriate third parties,
including the Company’s independent auditors and other consultants, on related tax matters; 
 (i) Provide
the Company and its Subsidiaries with all necessary cash management services; 
 (j) Manage and coordinate with
the transfer agent the periodic dividend process and payments to Stockholders; 
 (k) Consult with the
Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 

  
 11 

 (l) Consult with the Company’s officers and the Board relating to the
corporate governance structure and appropriate policies and procedures related thereto; 
 (m) Perform all
reporting, record keeping, internal controls and similar matters in a manner to allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the
Company’s officers and the Board with timely updates regarding the Company’s compliance with applicable law; 
 (n) Notify the Board of all proposed material transactions before they are completed and get approval where necessary; and 

(o) Do all things necessary to assure its ability to render the services described in this Agreement. 

3.04 Stockholder Services. 
 (i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; 

(ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 

(iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably
necessary for the admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall
perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4

 AUTHORITY OF ADVISOR 
 4.01 General. All rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to
delegate all or any part of its rights and powers to manage and control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem
appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 

  
 12 

 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement
and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be vested in the
Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform
all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
 4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the prior approval of the Board or duly authorized
committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the prior approval of the governing body of such
Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable, all documents required by it to evaluate such
investment, financing or disposition. 
 4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time
upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall
not be applicable to investment transactions to which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 

ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company (and its Subsidiaries) and may collect and deposit into any such account or accounts, and disburse from any such
account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and conditions as the Board (or the governing body of such Subsidiary) may approve, provided that no funds shall be commingled with the funds of the
Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

  
 13 

 ARTICLE 6 
 RECORDS AND FINANCIAL STATEMENTS 
 The Advisor, in the conduct of its
responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such
books and records are properly and accurately recorded. Such books and records shall be the property of the Company and its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the
Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures
to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the
Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and
independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate
any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state,
(v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding sentence but such action has been ordered by
the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the
Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 

  
 14 

 ARTICLE 8 
 FEES 
 8.01 Acquisition Fees. As compensation for the investigation,
selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition
or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount
actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other
Permitted Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Acquisition Fees will also include any amounts incurred or reserved for capital expenditures that
will be used to provide funds for capital improvements and repairs applied to any real property investment acquired where the Company plans to add value. With respect to the acquisition or origination of a Property, Loan or other Permitted
Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion
that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property,
Loan or other Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other
Permitted Investment. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall
submit an invoice to the Company following the closing or closings of each acquisition or origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the
transaction upon receipt of the invoice by the Company. However, the Acquisition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.02
Asset Management Fees. The Company shall pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.0% of the higher of the Cost
of Investments or the Independently Appraised Value of Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period.
Generally, the Asset Management Fee payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, 

  
 15 

 
the Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fees not taken as to any
fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.03
Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the
“Disposition Fee”) equal to the lesser of (i) (A) one-half of the aggregate brokerage commission paid, including the brokerage commission payable pursuant to this clause 8.03(i)(A) or (B) if none is paid, the Competitive
Brokerage Commission or (ii) 2.75% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any Sale if such Sale involves the Company selling all or substantially all of its assets in one or
more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided
above). The Company will not pay a disposition fee upon the maturity, prepayment or workout of a loan or other real estate related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a
loan or the Company provides substantial assistance during the course of a workout, the Company will pay a disposition fee upon the sale of such property or disposition of such loan or other real estate related debt investment. The payment of any
Disposition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the
total commissions (including such Disposition Fee) paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted
Investment or (ii) the Competitive Brokerage Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a
computation of the Disposition Fee. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or
in part, as to any year in the sole discretion of the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.

 8.04 Debt Financing Fees. In the event of any debt financing obtained by or for the Company or its Subsidiaries (and any
Joint Ventures that are not Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under
the financing. The Debt Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements
with third parties with respect to the Debt Financing Fee. All or any portion of the Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine.

  
 16 

 
In no event will the Debt Financing Fee be paid more than once in respect of the same debt. For example, upon refinancing, the Advisor would only receive 0.5% of the incremental amount of
additional debt financing obtained in the refinancing. 
 8.05 Changes to Fee Structure. In the event of Listing, the Company
and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
 8.06
Limitations on an Internalization Transaction. The Company may not acquire the Advisor or an Affiliate thereof in order to become self-managed, whether by means of a merger, stock acquisition, or asset purchase (an “Internalization
Transaction”), unless at least half of the consideration is payable in Shares and held in escrow and not released to the Advisor or an Affiliate thereof (or any transferee of either) until 

(i) the average closing price of the Shares over a five-trading-day period on a national securities exchange equals a
price that, when combined with prior distributions paid on the Shares issued in a public offering prior to listing and outstanding at the time of the Internalization Transaction (the “Subject Shares”), equals the amount necessary for the
holders of the Subject Shares to be deemed to have received in the aggregate the original issue price of the Subject Shares plus a 6% cumulative, non-compounded, annual return on the issue price of the Subject Shares or 

(ii) the consideration paid (or net sale proceeds distributed) to holders of the Subject Shares in an acquisition (whether
by means of a merger, stock acquisition, asset purchase, or similar transaction) or dissolution of the Company, when combined with prior distributions paid on the Subject Shares equals the amount necessary for the holders of the Subject Shares to
have received in the aggregate the original issue price of the Subject Shares plus a 6% cumulative, non-compounded, annual return on the issue price of the Subject Shares. 
 The date that one of these thresholds is met is the “Initial Escrow Release Date.” In the event a recapitalization causes some of the Subject Shares to be exchanged or converted into securities
that are not listed on a national securities exchange as of the Initial Escrow Release Date, then the shares to be released from escrow shall be reduced to reflect the percentage of Subject Shares (and their equivalents) that are then listed, with
the remaining shares in escrow to be subsequently released in proportion to and as the remaining Subject Shares (and their equivalents) become listed. 
 Shares held in escrow pursuant to the foregoing shall be entitled to dividends like all other Shares; however, such dividends shall also be placed in escrow and not released until the above thresholds are
reached. If the conditions to break escrow are not met within 10 years of the Internalization Transaction, all shares in the escrow account shall become authorized but unissued shares and all cash in the escrow account shall belong to the Company.
Shares held in escrow shall be voted on any matter in which Stockholders are entitled to vote in the same proportion as all other Shares that vote on the matter. 

  
 17 

 ARTICLE 9 
 EXPENSES 
 9.01 General. In addition to the compensation paid to the
Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the
Company pursuant to this Agreement, including, but not limited to: 
 (i) All Organization and Offering Expenses;
provided, however, that: 
 (a) the Company shall not reimburse the Advisor to the extent such reimbursement
would cause the total amount spent by the Company on Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 2.5% of Gross Proceeds raised in an Offering, as of the termination of the Offering;

 (b) within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the
Company to the extent the Company incurred Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) exceeding 2.5% of Gross Proceeds of raised in an Offering; and 

(c) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee
determines are not fair and commercially reasonable to the Company. 
 (ii) Acquisition Fees and Acquisition
Expenses incurred in connection with the selection and acquisition of Properties, Loans and other Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately
acquired by the Company or any of its Subsidiaries, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the
Company’s Charter; 
 (iii) The actual out-of-pocket cost of goods and services used by the Company and its
Subsidiaries and obtained from entities not Affiliated with the Advisor, including travel, meals and lodging expenses incurred by the Advisor in performing duties associated with the acquisition or origination of Properties, Loans or other Permitted
Investments; 
 (iv) Interest and other costs for borrowed money, including discounts, points and other similar
fees; 

  
 18 

 (v) Taxes and assessments on income or Properties, taxes as an expense of
doing business and any other taxes otherwise imposed on the Company and its Subsidiaries and their business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors or by its Subsidiaries; 

(vii) Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments
owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties, Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts and other settlements of
Loans and other Permitted Investments; 
 (viii) All out-of-pocket expenses in connection with payments to the
Board and meetings of the Board and Stockholders; 
 (ix) Personnel and related employment costs incurred by the
Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided
that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Disposition Fees or Debt Financing Fees; 

(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost
of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and its Subsidiaries and all such fees incurred at the request, or on behalf of,
the Board, the Conflicts Committee or any other committee of the Board; 
 (xii) Out-of-pocket costs for the
Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances; 
 (xiii) Expenses
connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
 (xiv)
Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

  
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 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) The Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount
spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the termination of the Offering and provided further that within 60 days after the end of the month in which an Offering terminates, the
Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the Advisor for any Organization and
Offering Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
 (iii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2
million in the Initial Public Offering. 
 (iv) Commencing four fiscal quarters after the earlier to occur of
(i) the Company’s acquisition of an asset or, (ii) the date that is six months after the commencement of the Initial Public Offering, the following limitation on Operating Expenses shall apply: The Company shall not reimburse the
Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net
Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee
does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of
any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in
writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors
the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation
shall be determined in accordance with GAAP applied on a consistent basis. 

  
 20 

 ARTICLE 10 
 VOTING AGREEMENT 
 The Advisor agrees that, with respect to any Shares now
or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company
or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 

ARTICLE 11 

RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
 11.01 Relationship. The Company and the
Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities,
including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the
right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the
Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has
knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 

11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote
to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their
respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a
continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated

  
 21 

 
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an
investment opportunity is located, the allocation procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration Statement shall
govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 ARTICLE 12 

THE RESOURCE REAL ESTATE OPPORTUNITY NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “RESOURCE REAL ESTATE OPPORTUNITY.” The Advisor hereby grants to the Company a non-transferable, non-assignable,
non-exclusive royalty-free right and license to use the name “RESOURCE REAL ESTATE OPPORTUNITY” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or
one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “RESOURCE REAL ESTATE OPPORTUNITY” or any
derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE REAL ESTATE OPPORTUNITY” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks
necessary to remove any references to the word “RESOURCE REAL ESTATE OPPORTUNITY.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future
organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “RESOURCE REAL ESTATE OPPORTUNITY” as a part of their name, all
without the need for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13 

TERM AND TERMINATION OF THE AGREEMENT 
 13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The
Company (acting through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the
Conflicts Committee. 
 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without
cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 17 shall survive termination of this Agreement. 

  
 22 

 13.03 Payments on Termination. Payments to the Advisor pursuant to this Section 13.03
shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days
after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 

13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination: 

(i) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued
compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full
accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(iii) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 

(iv) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 14 

ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate with the consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the
assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 

ARTICLE 15 

INDEMNIFICATION AND LIMITATION OF LIABILITY 
 15.01 Indemnification. Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend

  
 23 

 
and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in
the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of
the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing,
the Company shall not indemnify the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:
(i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should
be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to
indemnification for violations of securities laws. 
 15.02 Limitation on Indemnification. Notwithstanding the foregoing, the
Company shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following
conditions are met: 
 (i) The Advisor or its Affiliates have determined, in good faith, that the course of
conduct that caused the loss or liability was in the best interests of the Company. 
 (ii) The Advisor or its
Affiliates were acting on behalf of or performing services for the Company. 
 (iii) Such liability or loss was
not the result of negligence or misconduct by the Advisor or its Affiliates. 
 15.03 Limitation on Payment of Expenses. The
Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General
Corporation Law, as amended from time to time) all of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was
initiated by a third party who is not a stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount
paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

  
 24 

 ARTICLE 16 
 GUARANTEE 
 Resource Real Estate, Inc., the ultimate parent company of the
Advisor (the “Guarantor”) will in all respects guarantee the due and proper performance of the services to be provided under this Agreement by the Advisor, which guarantee shall extend to include any renewal or amendment to this Agreement,
provided Guarantor’s obligations are not materially increased by such renewal or amendment without the Guarantor’s consent, such consent not to be unreasonably withheld. If the Advisor fails to perform all or any of its obligations,
duties, undertakings, and covenants to provide services (collectively, the “Guaranteed Obligations”) under this Agreement (unless relieved from the performance of any part of this Agreement by statute, by the decision of a court or
tribunal of competent jurisdiction or by waiver of the Company), upon written notice from the Company, the Guarantor shall perform or cause to be performed such Guaranteed Obligations. This guarantee is a guarantee of performance of the Guaranteed
Obligations and not of payment of any liabilities of the Advisor. The termination of the Advisor shall constitute a termination of this guarantee. This guarantee will be applicable to and binding upon the successors and assigns of Guarantor.

 ARTICLE 17 
 MISCELLANEOUS 
 17.01 Notices. Any notice, report or other communication
required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given
by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
 To the
Company or the Board: 
 Resource Real Estate Opportunity REIT II, Inc. 

One Crescent Drive, Suite 203 
 Philadelphia, Pennsylvania 19112 
 Resource Real Estate Opportunity Advisor II,
LLC 
 One Crescent Drive, Suite 203 
 Philadelphia, Pennsylvania 19112 
 Either party may at any time give notice in
writing to the other party of a change in its address for the purposes of this Section 17.01. 

  
 25 

 17.02 Modification. This Agreement shall not be changed, modified, terminated or discharged,
in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 17.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that
for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 17.04 Construction. The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania. 
 17.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of
the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 17.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

17.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other
number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 17.08 Titles Not to
Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

17.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
first above written. 
  

			
	RESOURCE REAL ESTATE OPPORTUNITY REIT II, INC.
		
	    By:	 	  

		 	Alan F. Feldman, Chief Executive Officer
	
	RESOURCE REAL ESTATE OPPORTUNITY ADVISOR II, LLC
		
	    By:	 	  

		 	Kevin M. Finkel, President
	
	RESOURCE REAL ESTATE, INC., with respect to Article 16
		
	    By:	 	  

 [Signature Page to Advisory Agreement between Resource Real Estate Opportunity REIT II, Inc. and
Resource Real Estate Opportunity Advisor II, LLC]

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