Document:

Property Management Agreement

	PROPERTY/PROJECT:	Enders at Baldwin Park	 
	LEGAL NAME:	Waypoint Enders Owner, LLC	 
	COMMENCEMENT DATE: 	October 2, 2012 	TERMINATION DATE: October 1, 2013
	OWNER: 	Waypoint Residential	 
	MANAGER: 	Bridge Real Estate Group, LLC, (DB/A Waypoint Management)	 
	 	 	 

 

 

	List of Provisions	 	Page No.	 	List of Provisions	 	Page No.
	 	 	 	 	 	 	 
	Section 1	Definitions	2	 	Section 6	General Covenants of Owner and Manager	
         

        8

	               1.01	Term	2	 	              6.01	Operating Expenses	8
	               1.02	Fee	2	 	              6.02	Owner’s Right of Inspection and Review	
         

        8

	               1.03	Depository	2	 	              6.03	Indemnification and Hold Harmless	8
	               1.04	Working Capital Reserve	2	 	              6.04	Indemnification by Manager	8
	               1.05	Fiscal Year	2	 	              6.05	Survival of Indemnity Obligations	9
	               1.06	Budget	2	 	 	 	 
	               1.07	Gross Receipts	2	 	Section 7	Defaults and Termination Rights	9
	               1.08	Project Employees	2	 	              7.01	Default by Manager	9
	              	 	 	 	              7.02	Remedies by Owner	9
	 	 	 	 	              7.03	Defaults by Owner	9
	Section 2	Duties and Rights of Manager	3	 	              7.04	Remedies of Manager	9
	               2.01	Appointment of Manager	3	 	              7.05	Expiration of Term	9
	               2.02	General Operation	3	 	              7.06	Termination	10
	               2.03	Budget	4	 	 	 	 
	               2.04	Project Employees & Other Personnel	
        4
	 	Section 8	Insurance and Indemnification	10
	               2.05	Contracts and Supplies	4	 	              8.01	Property Insurance	10
	               2.06	Manager’s Services	4	 	              8.02	Owner’s Liability Insurance	10
	               2.07	Alterations, Repairs & Maintenance	5	 	              8.03	Manager’s Liability Insurance	10
	               2.08	Licenses and Permits	5	 	              8.04	Owner’s Liability Shall Be Primary	10
	               2.09	Compliance with Laws	5	 	              8.05	Waiver of Subrogation	10
	               2.10	Legal Proceedings	5	 	              8.06	Handling Claims	11
	               2.11	Debts of Owner	5	 	              8.07	Workers’ Compensation Ins.	11
	 	 	 	 	              8.08	Dishonesty Insurance	11
	Section 3	Management Fees	6	 	              8.09	Environmental Indemnification	11
	               3.01	Management Fees	6	 	 	 	 
	               3.02	Place of Payment	6	 	Section 9	Miscellaneous Provisions	11
	 	 	 	 	              9.01	Governing Law	11
	Section 4	Procedures for Handling Receipts and Operations
    Capital	
        6
	 	              9.02	Notices	11
	               4.01	Bank Deposits	6	 	              9.03	Severability	12
	               4.02	Security Deposit Account	6	 	              9.04	No Joint Venture or Partnership	12
	               4.03	Disbursement of Deposits	6	 	              9.05	Modification Termination	12
	               4.04	Working Capital	6	 	              9.06	Attorneys’ Fees	12
	               4.05	Excess Funds	6	 	              9.07	Total Agreement	12
	               4.06	Authorized Signatures	7	 	              9.08	Approvals and Consents	12
	 	 	 	 	              9.09	Casualty	12
	Section 5	Accounting	7	 	              9.10	Special Agreements	13
	               5.01	Books and Records	7	 	              9.11	Competitive Projects	13
	               5.02	Periodic Statements	7	 	              9.12	Successors and Assigns	13
	 	 	 	 	 	 	 
	               5.03	Expenses	8	 	              9.13	Additional Compensation	13
	 	 	 	 	 	 	 
	 	 	 	 	Section 10	Signatures	14
	 	 	 	 	 	 	 
	 	 	 	 	Exhibit A	Statements and Reports	15
	 	 	 	 	Exhibit B	Operating Budget	17

 

    	 

    	 

    
 

Section 1DEFINITIONS

1.01TERM

The term
of this agreement shall commence on October 2, 2012 (the "Initial Commencement Date") and shall, subject to the provisions
hereof terminate one year following the date hereof. This agreement will automatically renew on a year to year basis thereafter
until and unless terminated in accordance with the terms hereof.

1.02 FEE

 

(a)The
base management fee payable each month by Owner to Manager hereunder shall be an amount equal to 3.3675% of Gross Receipts, as
defined, per month.

(b)If
at the end of each calendar quarter, the last three month's actual Controllable Net Operating Income (which excludes insurance,
association fees, property taxes and management fees) that exceeds budgeted guidelines for such previous three (3) month period,
Owner shall pay to Manager an additional Incentive Fee which shall be equal to 0.3825% of Gross Receipts during such three (3)
month period. Unless otherwise defined, Controllable Net Operating Income shall have the meaning and definition assigned to it
in the operations Budget attached as exhibit B.

1.03DEPOSITORY

 

An FDIC
insured bank located in the United States of America, designated by Manager and approved by Owner.

 

1.04 WORKING CAPITAL RESERVE

An amount
of S15,000 to be maintained by Manager during the term hereof, to be used in connection with

the operation of the Project in accordance with the terms hereof, and restored per the terms of Section 4.04.

1.05FISCAL YEAR

The year beginning JANUARY
1st and ending DECEMBER 31st.

 

1.06BUDGET

A composite
of (i) an operations Budget, which shall be an estimate of receipts and expenditures for the operation of the Project during a
Fiscal Year, including a schedule of expected apartment rentals (excluding security deposits) for the period stated herein and
a schedule of expected special repairs and maintenance projects, and (ii) a capital Budget, which shall be an estimate of capital
replacements, substitutions of, and additions to, the Project for the Fiscal Year.

 

1.07GROSS RECEIPTS

The entire
amount of all receipts, determined on a cash basis, from (a) tenant rentals, parking rent and other charges collected pursuant
to tenant leases for each month during the term hereof; provided, however, that there shall be excluded from tenant rentals any
tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in
such period; (c) laundry and vending machine income; (d) any and all receipts from the operation of the Project received and relating
to such period; (e) proceeds from rental interruption insurance; and (f) any other sums and charges collected in connection with
termination of the tenant leases. Gross Receipts do not include the proceeds of (i) any sale, exchange, refinancing, condemnation,
or other disposition of all or any part of the Project, (ii) any loans to the Owner whether or not secured by all or any part of
the Project, (iii) any capital contributions to the Owner, (iv) any insurance (other than rental interruption insurance) maintained
with regard to the Project, or (v) proceeds of casualty insurance or damage claims as a result of damage or loss to the Project.

 

1.08PROJECT EMPLOYEES

Those persons employed
by Manager on-site as a management staff; e.g., senior manager, manager, assistant managers, leasing agents, maintenance personnel,
courtesy officers, and other personnel necessary to be employed in order to maintain and operate the Project.

Section 2DUTIES AND RIGHTS OF MANAGER

 

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2.01APPOINTMENT OF MANAGER

During
the term of this agreement, Manager agrees, for and in consideration of the compensation provided in section 1.02, and Owner hereby
grants to Manager the sole and exclusive right, to supervise and direct the leasing, management, and operation of the Project as
per the authority granted herein. All services performed by Manager under this Agreement shall be done as an independent contractor
of Owner. All obligations or expenses incurred hereunder, including the pro rata portion used in connection with, or for the benefit
of the Project for all purchases, contracts, sales or services in bulk or volume which Manager may obtain for discount or convenience
in connection thereof shall be for the account of, on behalf of, and at the expense of, Owner except as otherwise specifically
provided. Owner shall not be obligated to reimburse Manager for (a) expenses for office equipment or office supplies of Manager
unless incurred for the Project in accordance with the Budget (b) for any overhead expenses of Manager incurred with respect to
its general offices, costs relating to accounting services performed hereunder, or duties performed on a supervisory level or services
rendered for other apartment projects.

 

2.02GENERAL OPERATION

Manager
shall operate the Project in the same manner as is customary and usual in the operation of comparable facilities, and shall provide
such services as are customarily provided by operators of apartment projects of comparable class and standing consistent with the
Project's facilities, subject, however, in all events to the limitations of the Budget. In addition to the other obligations of
Manager set forth herein, Manager shall render the following services and perform the following duties for Owner in a timely, faithful,
diligent and efficient manner: (a) coordinate the plans of tenants for moving their personal effects into the Project or out of
it, with a view toward scheduling such movements so that there shall be a minimum of inconvenience to other tenants; (b) maintain
businesslike relations with tenants whose service request shall be received, considered and recorded in systematic fashion in order
to show the action taken with respect to each; (c) use its commercially reasonable efforts to collect all monthly rents due from
tenants and rent for users or lessees of other non-dwelling facilities in the Project, if any; request, demand, collect, receive
and receipt for any and all charges or rents which become due to Owner, and at Owner's expense, take such legal action as may be
necessary or desirable to evict tenants delinquent in payment of monthly rental, other charges (security deposits, late charges,
etc.); (d) prepare or cause to be prepared for execution and filing by the Manager as an independent contractor all forms, reports
and returns required by all federal, state or local laws in connection with the unemployment insurance, workers' compensation insurance,
disability benefits, Social Security and other similar taxes now in effect or hereafter imposed, and also any other requirements
relating to the employment of personnel; (e) use its commercially reasonable efforts at all times during the term of this agreement
to operate and maintain the Project according to the highest standards achievable consistent with the operation of comparable quality
units and the limitations of the Budget; (I) supervise all maintenance, construction, work and repairs except for nonrecurring
capital improvements costing in excess of $25,000; (g) advertise when necessary, at Owner's expense, the availability for rental
for the Project units and display "for rent" or other similar signs upon the Project, it being understood that Manager
may install one or more signs on or about the Project stating that same is under management of Manager and may use in a tasteful
manner Manager's name and logo in any display advertising which may be done on behalf of the Project; and (h) sign, renew and cancel
tenant leases for the Project, write apartment leases for terms of not less than seven (7) months (or on a month to month basis
following the expiration of the initial term of a tenant lease) to bona fide individuals, for monthly rental established from time
to time by Owner, based upon Manager's recommendations; provided, however, that if set forth in the Budget Project employees may
occupy apartment units on a month to month basis with or without an executed tenant lease. Manager shall exercise its commercially
reasonable efforts to include the Project in signage advertising rentals available to be placed at the Project during the lease-up
period.

 

2.03BUDGET

(a)Manager
shall submit for Owner's approval no later than thirty (30) days prior to the beginning of each successive Fiscal Year the Budget
for the ensuing Fiscal Year. The Budget shall be approved by Owner thirty (30) days after receipt, and in the event Owner fails
to disapprove all or part of the Budget within such period, the Budget shall be deemed to be approved. In the event Owner disapproves
the Budget, in whole or in part, Owner and Manager shall jointly prepare the Budget a soon as may be reasonably practicable. Until
a complete new Budget is approved, Manager shall operate on the Budget or part thereof which is approved and the disapproved items
shall be governed by the like item approved for the prior Fiscal Year, with the exception of expenses for personnel which may be
reasonably increased based on existing competitive conditions unless the increase for personnel is the item that is being disputed,
in which case expenses for personnel will not be increased. The Budget shall reflect the schedule of monthly rents proposed for
the new Fiscal Year. It shall also constitute a major control under which Manager shall operate the Project, and there shall be
no substantial variances therefrom except for the variations which are in compliance with Section 2.07(a). Consequently, no expenses
may be incurred or commitments made by Manager in connection with the maintenance and operation of the Project which reasonably
exceed the amounts allocated to any particular operating expense category (i.e. Payroll/Landscape/Security/Redecorating/ Maintenance/
Marketing/Administrative/Capital) in the Budget for the period in question in the approved Budget by more than the greater of (x)
$10,000 or (y) ten percent (10%) without the prior consent of Owner; provided, however, that the foregoing limitation with respect
to incurring any expense not covered by the Budget shall not apply to expense relating to taxes, insurance or utilities. Manager
makes no guaranty, warranty or representation whatsoever in connection with the Budgets or the operational results of owning the
Project, such being intended as estimates only. Manager will use its commercially reasonable efforts to develop the Budget and
manage the Project in accordance with the Budget.

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(b)In
the event there shall be a substantial variance of greater than 10% between the results of operations for any month and the estimated
results of operations for such month as set forth in the Budget, Manager shall furnish to Owner, within twenty (20) days after
the expiration of such month, a written explanation as to reasons for such variance. If substantial variances have occurred or
are anticipated by Manager during the remainder of any Fiscal Year, Manager shall prepare and submit to Owner a revised Budget
covering the remainder of the Fiscal Year with an explanation for the revision.

 

2.04PROJECT EMPLOYEES AND OTHER PERSONNEL

(a)Manager
shall investigate, hire, train, instruct, pay, promote, discharge and supervise the work of the Project employees and shall supervise,
through the Project employees, the firing, promotion, discharge and work of all other operating and service employees performing
services in, for or about the Project, all in the name of Manager. Manager shall be solely responsible for legal compliance concerning
the foregoing activities and shall indemnify and hold harmless Owner from employee claims and violations of law by Manager in respect
to employment matters. As some of the Project employees may be required to reside at the Project and be available on a full-time
basis in order to perform properly the duties of his/her employment, it is further understood and agreed that the Project employees
(including his/her spouse and dependent children), in addition to his/her salary and fringe benefits, may receive up to a 20% discount
on the normal rental rates for any unit such employee is required to occupy.

 

(b)The
Project employees shall be employees of Manager. Owner shall reimburse Manager bi-weekly, for the total aggregate compensation,
including salary and fringe benefits, payable with respect to the Project employees and any temporary employees performing duties
at the Project. The term "fringe" benefits, as used herein, shall mean and include the employee's contribution of FICA,
unemployment compensation and other employment taxes, workers' compensation, group life and accident and health insurance premiums,
and disability and other similar benefits paid or payable to employees on other projects operated by Manager. The cost of such
Project employees shall be outlined and approved in the Annual Budget.

2.05CONTRACTS AND SUPPLIES

 

Subject to
the Budget the Manager shall, in the name of, and on behalf of, Owner and at Owner's expense, consummate arrangements with unrelated
third party concessionaires, licensees, tenants or other intended users of the facilities of the Project, shall enter into contracts
for furnishing to the Project electricity, gas, water, steam, telephone, cleaning, vermin exterminators, furnace and air-conditioning
maintenance, security protection, pest control, landscaping, and any other utilities, services and concessions which are provided
in connection with the maintenance and operation of apartment projects which are comparable to the Project and in accordance with
standards comparable to those prevailing in other comparable apartment projects, and shall place purchase orders for such equipment,
tools, appliances, materials and supplies as are reflected in the Budget and necessary to maintain the Project. Manager will attempt
to make all contracts cancelable within (30) days written notice and assignable to mortgagee(s) of the Project. Any contracts that
are not terminable on 30 days notice requires Owners written consent.

2.06MANAGER'S SERVICES

 

In the performance
of its duties under this agreement, it is agreed that Manager may enter into any contract on behalf of Owner with subsidiaries
and affiliates of Manager for the furnishing of services to the Project, including but not limited to the purchasing of furniture,
operating equipment, operating supplies, maintenance and landscaping services, and advertising, provided, however, that the net
cost for similar quality of supplies and services to Owner of such contracting is competitive with such services or supplies customarily
used in the industry, whose services or supplies are reasonably available to the industry and whose services or supplies are reasonably
available to the Project. Manager shall provide to Owner, upon submission of the Budget, or upon reasonable interim requests by
Owner, evidence of solicitation for competitive pricing on those outside services enumerated above.

 

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2.07ALTERATIONS, REPAIRS AND MAINTENANCE

 

(a)To the
extent adequate funds are made available to Manager by Owner for these purposes, Manager shall make or install, or cause to be
made and installed at Owner's expense, and in the name of Owner, all necessary or desirable repairs, interior and exterior cleaning,
painting and decorating, plumbing, alterations, replacements, improvements and other normal maintenance and repair work on and
to the Project as are customarily made by Manager in the operation of apartment Projects or are required by any lease; provided,
however, that no unbudgeted expenditures in excess of $1,000 per item, or a total of $5,000 annually, may be made for such purposes
without the prior approval of Owner. Manager may make emergency repairs involving manifest danger to life or property which are
immediately necessary for the preservation of the safety of the Project, or for the safety of the tenants, or are required to avoid
the suspension of any necessary service to the Project, in which event such reasonable expenditures may be made by the Manager
without prior approval and irrespective of the cost limitations imposed by this Section 2.07, provided that Owner or its successor
in interest is notified in a timely manner and thereafter given written notice of such situation and such costs incurred.

 

(b)In accordance
with the terms of the Budget or upon written demand and/or approval (except in the case of emergency) of Owner, Manager shall,
at Owner's expense, from time to time during the term hereof, make all required capital replacements or repairs to the Project.
Subject to obtaining Owner's prior written approval with regard to sums necessary to cover costs of such capital replacement or
repairs, Manager shall first use any excess funds available from operations and/or reserves and upon exhausting such funds will
then request funds to be furnished by the Owner. All extraordinary supervision cost incurred by Manager or Manager's employees
shall be paid for out of funds for replacements or repairs. Manager shall provide cap ex and/or due diligence type services on
a time and materials basis. The rate for such services shall be determined jointly by Manager and Owner.

 

2.08LICENSES AND PERMITS

 

Manager shall,
in a timely manner, apply for, and thereafter use commercially reasonable efforts to obtain and maintain in the name and at the
expense of Owner all licenses and permits (including deposits and bonds) required of Owner or Manager in connection with the management
and operation of the Project. Owner agrees to execute and deliver any and all applications and other documents and to otherwise
cooperate to the fullest extent with Manager in applying for, obtaining and maintaining such licenses and permits.

 

2.09COMPLIANCE WITH LAWS

 

Manager, at
Owner's expense, shall use its commercially reasonable efforts to cause all acts and duties to be done in and about the Project
to comply with all laws, regulations and requirements of any federal, state, regional, county or municipal government, having jurisdiction
respecting the use or manner of use of the Project or the maintenance, alteration or operation thereof.

 

2.10LEGAL PROCEEDINGS

 

Manager shall
institute, in its own name or in the name of Owner, but in any event at the expense of Owner, any and all legal actions or proceedings
which Manager deems reasonable to collect charges, rent or other income from the Project, or to dispossess tenants or other persons
in possession, or to cancel or terminate any lease, license or concessions agreement for the breach thereof, or default thereunder
by any tenant, licensee or concessionaire, provided, that the legal fees and related costs in connection with such proceeding do
not exceed the Budget.

 

2.11DEBTS OF OWNER

 

In the performance
of its duties as Manager, Manager shall act solely as the representative of the Owner. All debts and liabilities to third persons
incurred by Manager in the course of its operation and management of the Project shall be the debts and liabilities of the Owner
only, and Manager shall not be liable for any such debts or liabilities incurred within the scope of this agreement.

 

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Section 3 MANAGEMENT FEES

 

3.01MANAGEMENT FEE

 

The Owner shall
pay to Manager, during the term hereof, the management fee for the current month on or before the tenth (10th) day of each month;
provided, however that with respect to the management fee due for the last month of the term hereof, such management fee shall
be payable on the last day of such month. Any amounts not paid when due will accrue simple interest at prime plus five percent
(5%). Manager shall have the right to withdraw the monthly fee from the operating account established by Manager.

 

3.02 PLACE OF PAYMENT

 

All sums payable
by Owner to Manager hereunder shall be payable to Manager at 1701 West Hillsboro Blvd., Suite 401, Deerfield Beach, FL 33442, unless
the Manager shall, from time to time, specify a different address in writing.

 

Section 4 PROCEDURE FOR HANDLING RECEIPTS
AND OPERATING CAPITAL

 

4.01BANK DEPOSITS

 

All monies
received by Manager for, or on behalf of, Owner shall be deposited by Manager with the Depository. Manager shall maintain separate
accounts for such funds consistent with the system of accounting of the Project. All funds on deposit shall be managed by Manager
subject to the terms hereof. All monies of Owner held by Manager pursuant to the terms hereof shall be held by Manager in trust
for the benefit of Owner to be held and disbursed as herein provided. In no event shall Manager be responsible for any loss to
amounts on deposit caused by the insolvency or other similar event or occurrence with respect to the Depository.

 

4.02SECURITY DEPOSIT ACCOUNT

 

Manager shall comply with
all applicable laws with respect to security deposits paid by tenants. All security deposit funds held by Manager shall at all
times be the property of Owner, subject to all applicable laws with respect thereto.

 

4.03DISBURSEMENT OF DEPOSITS

 

Manager shall disburse
and pay all funds on deposit on behalf of and in the name of Owner, in such amounts and at such times as the same are required
in connection with the ownership, maintenance and operation of the Project on account of all taxes, assessments and charges of
every kind imposed by any governmental authority having jurisdiction over the Project, and all costs and expenses of maintaining,
operating and supervising the operation of the Project, including, but not limited to, the management fee due hereunder, salaries,
fringe benefits and expenses of the Project employees, insurance premiums, debt service, legal and accounting fees and the cost
and expense of utilities, services, marketing, advertising and concessions. To the extent there are insufficient funds to pay all
of such costs and expenses, Manager shall pay such of the foregoing items in the order and manner selected by Manager

 

4.04WORKING CAPITAL

 

In addition to the funds
derived from the operation of the Project, Owner shall furnish and maintain in the operating accounts in such bank or banks at
least $15,000 and or such other funds as may be necessary to discharge financial commitments required to efficiently operate the
Project, to meet all payrolls and the management fee, and satisfy, before delinquency, all accounts payable. Manager shall have
no responsibility or obligation with respect to the furnishing of such funds.

 

4.05EXCESS FUNDS

 

Any excess operating funds
shall be transferred to Owner by deposit to a bank account opened and maintained solely by Owner, provided the Manager shall not
be required to make any such transfer if the transfer would reduce the balance of operating funds below those funds reasonably
required to pay ongoing or anticipated operating expenses and provide for recurring expenses such as real estate taxes and insurance
premiums which may be due in large lump sum payments.

 

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4.06AUTHORIZED SIGNATURES

 

Any persons from time
to time designated by Manager and agreed to in writing by Owner shall be authorized signatories on all bank accounts established
by Manager hereunder and shall have authority to make disbursements from such accounts. Funds may be withdrawn from all bank accounts
established by Manager, in accordance with this Section 4, only upon the signature of an individual who has been granted that authority
by Owner. Owner may at any time and at Owner's sole discretion direct Manager to withdraw funds and make disbursements from such
accounts. All persons who are authorized signatories or who in any way handle funds for the Project shall be bonded in the minimum
amount of $100,000. At the beginning of each year and as new persons shall be designated authorized signatories, Manager shall
provide Owner with evidence of such bonding. Any expenses relating to such bond for on-site employees and for off-site employees
shall be borne by Manager.

 

Section 5ACCOUNTING

 

5.01BOOKS AND RECORDS

 

Manager shall keep on a
GAAP basis on behalf of Owner and shall supervise and direct the keeping of a comprehensive system of office records, books and
accounts pertaining to the Project. The cutoff date of the accounting shall be the last of day of each calendar month. Such records
shall be subject to examination at the office where they are maintained by Owner or its authorized agents, attorneys and accountant
at all reasonable business hours and upon reasonable, advance notice to Manager

 

5.02PERIODIC STATEMENTS

 

(a)On or before twenty
(20) days following the end of each calendar month, Manager shall deliver, or cause to be delivered, to Owner (i) an income and
expense statement showing the results of operation of the Project for the preceding calendar month and the Fiscal Year to date;
(ii) a comparison of income and expense statement showing the results of operation of the Project for the preceding calendar month
and the Fiscal Year to date; (iii) a comparison of income and expenses to the Budget; and (iv) cash balances for savings and operating
accounts as of the last day of such month. Manager shall, at its option, (i) preserve all invoices for a period of four (4) years
or (ii) at the expiration of each Fiscal Year deliver all invoices to Owner. Such statements and computations shall be prepared
from the books on account of the Project and shall be subject to change from time to time by owner or manager, provided, however
manager shall not substantively decrease the quality of the information provided

 

(b)Within forty-five
(45) days after the end of such Fiscal Year, Manager will deliver to the Owner, an income and expense statement as of Fiscal Year
end, and the results of operation of the Project during the preceding Fiscal Year (anything contained herein to the contrary notwithstanding,
however, Manager shall not be obligated to prepare any of Owner's state or federal income tax returns).

 

(c)Manager should also
prepare and provide to owners such reports and information as required by owner to prepare all required tax reports.

 

(d)In the
event that Owner or Owner's Mortgagee(s) requires an audit, the Manager shall cooperate with the auditors. In addition, manager
shall reasonably corporate with the auditors in connection with the request of any indirect owner of Owner, and shall work in good
faith with its designated representatives, accountants, or auditors to enable compliance with its public reporting, attestation,
certificates, and other requirements under applicable securities laws and regulations, including for testing internal controls
or procedures.

 

(e)Owner may request and
Manager shall provide when available such monthly, quarterly and/or annual leasing and management reports that relate to the operations
of the project as Manager customarily provides the Owners of properties it manages.

 

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(f)Owner may make reasonable
request for additional reporting as may be required for REIT compliance, SEC filing, and disclosure requirements.

 

5.03EXPENSES

 

All costs and expenses
incurred in connection with the preparation of any statements, budgets, schedules, computations and other reports required under
this Section 5, or under any other provisions of this agreement, shall be borne by the Manager. Any costs and expenses incurred
in connection with the preparation of any statement or report not provided for under this Section 5, or any other provisions of
this agreement, shall be borne by Owner.

 

 

Section 6GENERAL COVENANTS OF OWNER
AND MANAGER

 

 6.01 OPERATING EXPENSES

 

The Owner shall
be solely liable for the costs and expenses of maintaining and operating the Project, and shall pay, or Manager shall pay on Owner's
behalf, all such costs and expenses, including, without limitation, the salaries of all Project employees. Owner covenants to pay
all sums for operating expenses (including the fees due Manager hereunder) in excess of Gross Receipts required to operate the
Project upon written notice and demand from Manager within ten (10) days after receipt of written notice. Owner further recognizes
that the Project may be operated in conjunction with other projects and that costs may be allocated or shared between such projects
on a more efficient and less expensive method of operation. In such regard, Owner consents to the allocation of costs and/or the
sharing of any expenses in an effort to save costs and operate the Project in a more efficient manner to be allocated in a manner
not prejudicial to Owner, provided that such sharing arrangements are approved by Owner in writing.

 

6.02OWNER'S RIGHT OF INSPECTION AND REVIEW

 

Owner and Owner's
accountants, attorneys and agents have the right to enter upon any part of the Project at any reasonable time during the Term of
this Agreement for the purpose of examining or inspecting the Project or examining or making copies of books and records of the
Project. Any inspection shall be done with as little disruption to the business of the Project as possible. Books and records of
the Project shall be kept, as of the commencement date, at the Project or at the location where any central accounting and bookkeeping
services are performed by Manager but at all times shall be the property of Owner.

 

6.03INDEMNIFICATION AND HOLD HARMLESS BY
OWNER

 

Except for the
gross negligence or willful misconduct of Manager in connection with actions or policies which have not been expressly approved
or required by Owner in writing, Owner shall indemnify, hold harmless, and defend Manager (and Manager's partners, directors, shareholders,
officers, employees, and agents), with counsel reasonably satisfactory to Manager, from and against any and all liabilities, claims,
causes of action, suits, losses, demands and expenses whatsoever including, but not limited to attorneys' fees, paralegal expenses
and costs arising out of or in the connection with the ownership, maintenance or operation of the Property or this Agreement or
the performance of Manager's agreements hereunder (collectively "Claims"), including but not limited to, Claims involving
the operation and maintenance of the security alarm system located at the property, matters in which Manager is acting under the
express or implied directions of Owner, and the loss of use of property following and resulting from damage or destruction. In
all cases, Owner's Liability Insurance, as defined in Section 8.01 below, will be required to cover all actions of Manager such
that the Owner's insurer agrees to provide Owner and Manager a defense (whether or not such defense is provided with a reservation
of rights by the insurer). The indemnification by Owner contained in this Section 6.03 is in addition to any other indemnification
obligations of Owner contained in this agreement, and is not limited by or to Owner's liability insurance.

 

6.04INDEMNIFICATION BY MANAGER

 

Manager
shall indemnify Owner from and against all Claims for bodily injury and property damage which (i) arise out of or are a result
of the gross negligence or willful misconduct of Manager except where attributable to actions or policies expressly approved or
required by Owner in writing and (ii) result in liability to Owner, including but not limited to, liability to Owner as a result
of a final adjudication or judgment on the merits by a court or arbitration proceeding and liability to Owner as a result of a
good faith settlement by Owner of such Claims. Manager shall have no obligation to furnish Owner with a defense or with counsel
to defend any Claims which may be asserted or made against Owner, regardless of the nature of the allegations. If, however, any
such Claims result in liability to Owner, Manager shall reimburse Owner for any attorneys' fees and costs actually and reasonably
incurred by Owner to defend the portion or portions of such Claims against Owner which arise out of or are a result of the gross
negligence or willful misconduct of Manager (except actions or policies expressly approved or required in writing by Owner).

 

    	8

    	 

    

6.05SURVIVAL OF INDEMNITY OBLIGATIONS

 

The indemnification
and hold harmless obligations of the parties in the Sections 6.02 and 6.03 shall survive the expiration or earlier termination
of this agreement.

 

Section 7DEFAULTS AND TERMINATION RIGHTS

 

7.01DEFAULT BY MANAGER

 

Manager shall be deemed
to be in default hereunder in the event Manager shall fail to keep, observe or perform any material covenant, agreement, term or
provision of this Agreement to be kept, observed or performed by Manager, and such default shall continue for a period of, in the
case of any default which can be cured by the payment of a liquidated sum of money, ten (10) days and, in the case of all other
defaults, thirty (30) days after notice thereof by Owner to Manager.

 

7.02REMEDIES OF OWNER

 

Upon the occurrence of
an event of default by Manager as specified in Section 7.01 hereof, Owner shall have the right to pursue any remedy it may have
at law or in equity (provided that in no event shall Manager ever be liable to Owner for, and Owner hereby waives all rights to
receive, punitive, consequential or exemplary damages), it being expressly understood that although Owner has no further obligation
to pay any fee due hereunder, Manager shall remain liable for any losses suffered as a result of Manager's default and the resulting
termination of this agreement. Upon such termination, Manager shall deliver to Owner any funds, books and records of Owner then
in the possession or control of Manager and all accounts established by Manager for security deposits.

 

7.03DEFAULTS BY OWNER

 

Owner shall be deemed to
be in default hereunder in the event Owner shall fail to keep, observe or perform any material covenant, agreement, term or provision
of this Agreement to be kept, observed or performed by Owner, and such default shall continue for a period of, in the case of any
default which can be cured by the payment of a liquidated sum of money, ten (10) days and, in the case of all other defaults, thirty
(30) days after notice thereof by Manager to Owner.

 

7.04REMEDIES OF MANAGER

 

Upon the occurrence of
an event of default by Owner as specified in Section 7.03 hereof, Manager shall be entitled to terminate this Agreement, and upon
any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any remedy it may have or
in equity (provided that in no event shall Owner ever be liable to Manager for, and Manager hereby waives all rights to receive,
punitive, consequential or exemplary damages), except that Owner shall continue to be obligated to pay and perform all of its obligations
which have accrued as of the date of termination and provided further that the fee payable under Section 3.01 shall continue to
be paid.

 

7.05EXPIRATION OF TERM

 

Upon the expiration of
the Term hereof pursuant to Section 1.01 hereof, unless sooner terminated pursuant to Sections 7.02, 7.03, 9.09 or 9.12, Manager
shall deliver to Owner all funds, including tenant security deposits, books and records of Owner then in possession or control
of Manager, save and except such sums as are then due and owing to Manager hereunder.

 

 

    	9

    	 

    

 

7.06TERMINATION

 

Owner or Manager
may terminate this Agreement for any reason upon a 30 day notice.

 

Section 8INSURANCE AND INDEMNIFICATION

 

8.01PROPERTY INSURANCE

 

Owner shall cause to be
placed and kept in force property damage insurance in the amount of the full replacement cost of the Project, and such other property
insurance as Owner may elect, at Owner's expense. Owner shall furnish to Manager appropriate endorsement and certificate of insurance.

 

8.02OWNER'S LIABILITY INSURANCE

 

During the term of this
Agreement and all renewals hereof, Owner, at Owner's expense, shall carry and maintain primary commercial general liability insurance
and blanket contractual liability insurance on an "occurrence" basis, naming Manager as an additional insured (through
endorsements in form and substance satisfactory to Manager), with limits of not less than One Million Dollars ($1,000,000.00) per
occurrence (the "Owner's Liability Insurance"). The Owner's Liability Insurance shall include coverage for losses arising
from the ownership, management, and operation of the Property. Owner shall provide to Manager a Certificate of Insurance evidencing
such coverage from an insurance carrier reasonably acceptable to Manager (A.M. Best Rating of A VIII or higher) reflecting that
the Owner's Liability Insurance is effective in accordance with this section and that the Owner's Liability Insurance will not
be canceled without at least thirty (30) days prior written notice to Manager.

 

8.03MANAGER'S LIABILITY INSURANCE

 

During the term of this
Agreement and all renewals thereof, Manager, at Manager's expense, shall carry and maintain liability insurance for the benefit
of Manager (the "Manager's Liability Insurance"). Such insurance shall include employment, auto liability and commercial
general liability equal to or greater than $1,000,000. Owner shall be named additional insured.

 

8.04OWNER'S LIABILITY INSURANCE SHALL BE
PRIMARY

 

In connection with claims
by third parties, as between Owner's Liability Insurance and Manager's Liability Insurance, Owner's Liability Insurance shall for
all purposes be deemed the primary coverage. No claim shall be made by Owner or its insurance company under or with respect to
any insurance maintained by Manager except in the event that Owner's Liability Insurance is exhausted (and then only to the extent
Manager has liability for the insured event) or in the event such claim is caused solely by gross negligence (except actions or
policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or
required by Owner) on the part of Manager or Manager's employees. The Owner shall have its insurance carrier accept and endorse
these coverage requirements.

 

8.05WAIVER OF SUBROGATION

 

Each insurance policy maintained
by Owner or by Manager with respect to the Property shall contain a waiver of subrogation clause, so that no insurers shall have
any claim over or against Owner or Manager, as the case may be, by way of subrogation or otherwise, with respect to any claims
that are insured under such policy. All insurance relating to the Property shall be only for the benefit of the party securing
said insurance and all others named as insureds. Notwithstanding any contrary provision of this agreement, Owner and Manager hereby
release each other from and waive all rights of recovery and claims under or through subrogation or otherwise for any and all losses
and damages to property to the extent caused by a peril insured or insurable under the policies of insurance required to be maintained
under this agreement by the waiving party and agree that no insurer shall have a right to recover any amounts paid with respect
to any claim against Owner or Manager by subrogation, assignment or otherwise.

 

 

    	10

    	 

    

 

 

8.06HANDLING CLAIMS

 

Manager shall report within
a reasonable amount of time to Owner all accidents and claims of which it is aware for damage and injury relating to the ownership,
operation, and maintenance of the Property and any damage or destruction to the Property coming to the attention of Manager and
will assist Owner in Owner's attempts to comply with all reporting and cooperation provisions in all applicable policies. Manager
is authorized to settle on Owner's behalf any and all claims against property insurers not in excess of $1,000, which includes
authority for the execution of proof of loss, the adjustment of losses, signing of receipts, and the collection of money. If the
claim is greater than $1,000, Manager shall act only with the prior written approval of Owner.

 

8.07WORKERS' COMPENSATION INSURANCE

 

Manager shall cause to
be placed and kept in force workers' compensation insurance in compliance with all applicable federal, state, and local laws and
regulations covering all employees of Manager and Manager shall furnish Owner certificates of same. Owner shall reimburse Manager
for its expense on the basis of Manager's current workers' compensation rates, the payroll of the Project, and Manager's current
premium discounts. This will include any increase to expense derived from subsequent audits. In the event subsequent audits result
in an increase in Manager's Workers' Compensation costs, then Owner shall reimburse Manager for the increased amount.

 

8.08DISHONESTY INSURANCE

 

Manager, at its expense
which is not reimbursable, shall furnish employee dishonesty insurance with limits of at least $1,000,000 per loss and in an amount
sufficient to cover all employees (whether on-site or off-site) employed by Manager who shall be responsible for handling any moneys
belonging to Owner that come under custody or control of Manager.

 

 8.09 ENVIRONMENTAL INDEMNIFICATION

 

Owner agrees to defend,
indemnify, and hold harmless Manager and Manager's partners, directors, shareholders, officers, and agents, against and from any
and all actions, administrative proceedings, causes of action, charges, claims, commissions, costs, damages, decreed, demands,
duties, expenses, fees, fines, judgments, liabilities, losses, obligations, orders, penalties, recourses, remedies, responsibilities,
rights, suits, and undertakings of every nature and kind whatsoever, including, but not limited to, attorneys' fees and litigation
expenses, from the presence of Hazardous Substances (as defined below) on, under or about the Project unless introduced to the
property by Manager, or its agents or its employees.. Without limiting the generality of the foregoing, the indemnification provided
by this paragraph shall specifically cover costs incurred in connection with any investigation of site conditions or any remediation,
removal or restoration work required by any federal, state or local governmental agency because of the presence of Hazardous Substances
in, on, under or about the Property, except to the extent that the Hazardous Substances are present as a result of gross negligence,
criminal activity, or any willful misconduct of Manager or its employees. For purposes of this section, "Hazardous Substances"
shall mean all substances defined as hazardous materials, hazardous wastes, hazardous substances, or extremely hazardous waste
under any federal, state or local law or regulation.

 

Section 9MISCELLANEOUS PROVISIONS

 

 9.01 GOVERNING LAW

 

This Agreement shall be
governed by and construed and interpreted in accordance with the laws of the State where the property is located. Manager represents
that it has qualified and licenses as necessary to do business in the State and submits generally to the jurisdiction of the courts
in such State connection with all actions based on or arising out of this Agreement.

 

 9.02 NOTICES

 

Owner shall
designate a representative in all dealings with Manager, who shall, until further notice, be the person whose name is indicated
beneath Owner's address set forth on the signature page hereof. Any notice or communication hereunder must be in writing, and may
be given by registered or certified mail, and if given by registered or certified mail, same shall be deemed to have been given
and received when a registered or certified letter containing such notice, property addressed, with postage prepaid, is acknowledged
or refused; and if given otherwise than by registered mail, it shall be deemed to have been given when delivered to and received
by the party to whom it is addressed. Such notices or communications shall be given to the parties hereto at the addresses set
forth opposite the names of the respective parties on the signature page hereof. Any party hereto may at any time by giving ten
(10) days written notice to the other party hereto designate any other address in substitution of the foregoing address to which
such notice or communication shall be given.

 

    	11

    	 

    

 9.03 SEVERABILITY

 

If any term,
covenant or condition of this agreement or the application thereof to any person or circumstance shall, to any extent, be invalid
or unenforceable, the remainder of this agreement or the application thereof to any person or circumstances shall, to any extent,
be invalid or unenforceable, the remainder of this agreement or such other documents, or the application of such term, covenant
or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term, covenant or condition of this Agreement or such other documents shall be valid and shall be enforced to
the fullest extent permitted by law.

 

9.04NO JOINT VENTURE OR PARTNERSHIP

 

Owner and Manager
hereby agree that nothing contained herein or in any document executed in connection herewith shall be construed as making Manager
and Owner joint venturers or partners. In no event shall Manager have any obligation or liability whatsoever with respect to any
debts, obligations or liabilities of Owner or visa versa, except as set forth herein.

 

9.05MODIFICATION TERMINATION

 

This agreement
terminates any and all prior management agreements between Owner and Manager relating to the Project, and any amendment, modification,
termination or release hereof may be effected only by a written document executed by Manager and Owner.

 

9.06ATTORNEYS' FEES

 

Should either
party be required to employ an attorney or attorneys to enforce any of the provisions hereof or to protect its interest in any
manner arising under this agreement, or to recover damages for the breach of this agreement, the non-prevailing party in any actions
(the finality of which is not legally contested) agrees to pay to the prevailing party all reasonable costs, damages and expenses,
including attorneys' fees, expended or incurred in connection therewith. Each party is responsible for its own appellate fees and
costs, if any.

 

9.07TOTAL AGREEMENT

 

This agreement
is a total and complete integration of any and all undertakings existing between Manager and Owner and supersedes any prior oral
or written agreements, promises or representations between them regarding the subject matter hereof.

 

9.08APPROVALS AND CONSENTS

 

If any provision
hereof requires the approval or consent of Owner or Manager to any act or omission, such approval or consent shall not be unreasonably
withheld or delayed.

 

9.09CASUALTY

 

In the event
that the Project, or any portion thereof, is substantially or totally damaged or destroyed by fire, tornado, windstorm, flood or
other casualty during the term of this Agreement, Manager or Owner may terminate this Agreement upon giving the other party written
notice of termination on or before the date which is thirty (30) days after the date of such casualty. In the event of termination
pursuant to this Section 9.09, neither party hereto shall have any further liability hereunder.

 

    	12

    	 

    

9.10SPECIAL AGREEMENTS

 

Notwithstanding
Manager's review of and recommendations in respect to capital repairs and replacements for the Property, Owner acknowledges that
Manager is not an architect or engineer, and that all capital repairs, replacements and other construction in the Property will
be designed and performed by independent architects, engineers and contractors. Accordingly, Manager does not guarantee or warrant
that the construction documents for such work will comply with Applicable Law or will be free from errors or omissions, nor that
any such work will be free from defects, and Manager will have no liability therefor. In the event of such errors, omissions, or
defects, Manager will use reasonable efforts to cooperate in any action Owner desires to bring against such parties. Notwithstanding
any contrary provision hereof, Owner agrees that no partner, agent, director, member, officer, shareholder, or affiliate of Manager
shall be personally liable to Owner or anyone claiming by, through or under Owner, by reason of any default by Manager under this
agreement, any obligation of Manager to Owner, or for any amount that may become due to Owner by Manager under the terms of this
agreement otherwise. Further, notwithstanding any contrary provision of this agreement, the liability of Manager hereunder shall
be limited to, in the aggregate, the face amount of any general liability insurance of Manager in accordance with section 8.03
hereof liability is finally determined less the aggregate amount of liability theretofore asserted against Manager hereunder.

 

9.11COMPETITIVE PROJECTS

 

Manager may, individually
or with others, provide management services in regard to and possess an interest in any other projects and ventures of every nature
and description, including, but not limited to, the ownership, financing, leasing, operation, management, brokerage, development
and sale of real property and apartment projects other than the Project, whether or not such other ventures or projects are competitive
with the Project, and Owner shall not have any right to the income or profits derived therefrom.

 

9.12SUCCESSORS AND ASSIGNS

 

This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their permitted successors and assigns. Either Manager or
Owner may assign this Agreement upon obtaining the other party's prior written consent, provided that no consent shall be required
for assignment to Owner's Mortgagee(s).

 

9.13ADDITIONAL COMPENSATION

 

If additional services
are required by Owner or Manager, not outlined herein, Owner agrees to pay Manager for such additional services under terms and
conditions to be agreed upon by the parties. In addition, should the property sell Owner agrees to pay a $2,500 monthly accounting
and reporting fee for each full or partial month required following the date of sale.

 

 

 

 

 

(Remainder of page left intentionally blank)

 

 

    	13

    	 

    

 

 

Section 10SIGNATURES

 

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

 

	 	 
	 	Owner:
	 	 
	 	WAYPOINT ENDERS OWNER, LLC,
	 	a Delaware limited liability company
	 	 
	 	 
	 	By: /s/ Linda Lewis (Seal)
	 	Name: Linda Lewis
	 	Title: Authorized Signatory
	 	 
	 	 
	 	Manager:
	 	 
	 	BRIDGE REAL ESTATE GROUP, LLC
	 	d/b/a Waypoint Management
	 	 
	 	 
	 	By: /s/ Michael Oliveri (Seal)
	 	Name: Michael Oliveri
	 	Title: Managing Member

 

    	14

    	 

    
Exhibit A

Statements and Reports

 

1.Within fifteen (15) days following
the end of each month, a statement of Operating Cash Flow

for each month;

 

2.Within fifteen (15) days following
the end of each month, a monthly GAAP basis balance sheet and GAAP basis profit and loss statement, with a cumulative calendar
year cash basis balance sheet and GAAP basis profit and loss statement to date, and a statement of change in the Capital Account
for each Member of Owner ("Member") the preceding month and year to date.

 

3.Within fifteen (15) days following
the end of each month, the monthly and year to date activity

which shall be furnished (without
notice or demand) as follows:

 

a.Balance Sheet, including
monthly comparison and comparison to year end (if applicable)

b.Budget Comparison, including
month-to-date and year-to-date variances- Detailed Income Statement, including prior 12 months

c.Profit and loss statement
compared to budget with narrative for any large fluctuations compared to budget.

d.Trial Balance that includes
mapping of the accounts to the financial statements

e.Account reconciliations
for each balance sheet account within the trial balance.

 

f.Detailed support for each
account reconciliation including the following:

 

		i.	Detail Accounts Payable Aging Listing— 0-30
days, 31-60 days, 61-90 days and over 90 days

		ii.	Detail Accounts Receivable/Delinquency Aging Report - 0-30 days, 31-60 days, 61-90 days, over 90

days and prepayments

		iii.	Fixed asset roll-forward and support (invoices and checks) for any new acquisition/additions and/or

support for any disposals to fixed assets. Purchases will be accounted for using Bluerock's capitalization policy.

		iv.	Security Deposit Activity

		v.	Mortgage Statement

		vi.	Monthly Management Fee Calculation

		vii.	Monthly Distribution Calculation

		viii.	General Ledger, with description and balance detail

		ix.	Monthly Check Register including copies of all checks
disbursed and copies of cancelled checks.

		x.	Market Survey, including property comparison, trends,
and concessions

		xi.	Rent Roll

 

g.Variance
Report, including the following:

 

		i.	Cap Ex Summary and Commentary

		ii.	Monthly lncome/Expense Variance with note Yearly Income/Expense Variance with notes

		iii.	Occupancy Commentary

		iv.	Market/Competition Commentary

		v.	Rent Movement/Concessions Commentary

		vi.	Crime Commentary

		vii.	Staffing Commentary

		viii.	Operating Summary, with leasing and traffic reporting -Other reasonable reporting, as requested (e.g.
Renovation/Rehab report)

 

h.All reports
shall be prepared on an Accrual Basis in accordance with generally accepted accounting principles, and shall be as of each calendar
month end. Agent shall furnish to Owner such other reports as may be reasonably requested by Members in order for such Members
to be able to comply with any reporting requirements that are applicable to any such Member (or any Affiliate of any such Member)
under any applicable organizational or offering documents affecting such Member or its Affiliates; and

 

    	15

    	 

    

i.Within
twenty (20) days of the end of each quarter of each Fiscal Year, Agent shall furnish to Owner such information as requested by
Owner or its Members or affiliates as is necessary for any REIT Member of Owner (whether a direct or indirect owner) to determine
its qualification as a real estate investment trust (a "REIT") and its compliance with any requirements for qualifying
as a REIT (the "REIT Requirements") as shall be requested by Owner or its Members. Further, Agent shall cooperate in
a reasonable manner at the request of any Member to work in good faith with any designated accountants or auditors of such Member
or its Affiliates so that such Member or its Affiliate is able to comply with its public reporting, attestation, certification
and other requirements under the Securities Exchange Act of 1934, as amended, applicable to such entity, and to work in good faith
with the designated accountants or auditors of the Member or any of its Affiliates in connection therewith, including for purposes
of testing internal controls and procedures of such Member or its Affiliates. The requesting Member shall bear the cost of any
information or reports provided to Investor pursuant to this Section subpart (d).

 

		[*]	Budget Comparison shall include (i) an unaudited income and expense statement showing the results
of operation of the Project for the preceding calendar month and the Fiscal Year to-date; (ii) a comparison of monthly line item
actual income and expenses with the monthly line item income and expenses projected in the Budget. The balance sheet will show
the cash balances for reserves and operating accounts as of the cutoff date for such month.

 

 

    	16

    	 

    

 

Operating Budget

 

[See Attached]

 

 

    	17ASSET MANAGEMENT AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made and entered into as of the 2nd day of October, 2012, by and between WAYPOINT ENDERS OWNER, LLC, a Delaware limited
liability company (“Owner”) and WAYPOINT RESIDENTIAL, LLC, a Delaware limited liability company (the “Asset
Manager”).

 

RECITALS

 

WHEREAS, Owner owns
certain real property interests in and to the property and improvements set forth on Exhibit A attached hereto known as
Enders Place at Baldwin Park and located at 4248 New Broad Street, Orlando, Florida 33814 (the “Property”; together
with Owner, collectively the “Assets”);

 

WHEREAS, Owner has
engaged Bridge Real Estate Group LLC (“Property Manager”) to provide property management services under that
certain Property Management Agreement dated as of the date hereof by and between Owner and Property Manager (the “Property
Management Agreement”);

 

WHEREAS, Asset Manager
has unique experience and skills in performing the Services (as defined herein); and

 

WHEREAS, Owner desires
to engage Asset Manager to provide the Services with respect to the Assets, and Asset Manager has agreed to provide such services
upon the terms and conditions hereinafter set forth.

 

NOW THEREFORE, in
consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Whenever used herein,
the following words and phrases, unless the context otherwise requires, shall have the following meanings, applicable equally to
the singular and plural nouns and verbs of any tense:

 

AGREEMENT: This
Asset Management Agreement and all amendments hereof and supplements hereto.

 

AFFILIATE: With
respect to any Person, (a) a Person directly or indirectly controlling, controlled by, or under common control with, such Person
(for purposes of this Agreement, “control”, as applied to any person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting
securities, by contract, or otherwise), or (b) a Person in which such Person owns 100% of the controlling interests and has the
ability to actually exercise control by virtue of such ownership.

 

    	 

    	 

    

 

ASSETS: The
term “Assets” is defined in the Recitals hereto.

 

ASSET MANAGER:
The term “Asset Manager” is defined in the first paragraph hereof.

 

ASSET MANAGER EVENT
OF DEFAULT: The term “Asset Manager Event of Default” is defined in Article VI hereof.

 

DISPOSITION:
The sale or other disposition of the Asset.

 

INITIAL TERM:
The term “Initial Term” is defined in Article III hereof.

 

MAJOR DECISION:
The term “Major Decision” shall have the meaning set forth in that certain Amended and Restated Limited Liability Company
Agreement of Owner dated as of September 27, 2012, as the same may be further modified, amended or restated.

 

MORTGAGE LOAN:
With respect to the Property, that certain mortgage loan given by the Federal Home Loan Mortgage Corporation (Freddie Mac), and
any amendments, modifications or restatements thereof and any refinancing thereof.

 

NET CASH FLOW:
Available net cash flow actually received by Owner from operations (after payment of debt service (including any default interest
or late charges, if any, and all amounts retained by the lender for loan reserves), operating expenses, capital expenditures and
operating reserves) and net proceeds from capital transactions with respect to the Owner (after payment of closing costs, underlying
liabilities and capital reserves).

 

OPERATING AGREEMENT:
That certain Amended and Restated Limited Liability Company Agreement of Owner dated as of September 27, 2012, as the same may
be further modified, amended or restated.

 

OWNER: The term
“Owner” is defined in the first paragraph hereof.

 

OWNER EVENT OF DEFAULT:
The term “Owner Event of Default” is defined in Article VI hereof.

 

GUARANTEES:
Any non-recourse carveout guaranties and/or environmental indemnity agreements, in connection with the Mortgage Loan.

 

PERSON: Any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, entity,
unincorporated organization or government or any agency or political subdivision thereof.

 

PROPERTY MANAGEMENT
AGREEMENT: The term “Property Management Agreement” is defined in the Recitals hereto.

 

PROPERTY MANAGER:
The term “Property Manager” is defined in the Recitals hereto.

 

    	- 2 -

    	 

    

 

ARTICLE
II

RETENTION OF ASSET MANAGER

 

(a)          Owner
hereby retains Asset Manager as an independent contractor for the purpose of performing the Services.

 

(b)          Subject
to the terms and conditions set forth herein, Asset Manager agrees to provide advisory, consultation and asset management services
with respect to the Assets in accordance with this Agreement, including, without limitation Article IV hereof (collectively, the
“Services”).

 

ARTICLE
III

TERM OF AGREEMENT

 

Subject to the next
two sentences of this Article III, this Agreement shall initially continue in force and automatically renew annually (the “Term”)
unless earlier terminated in accordance with the terms and conditions of this Article III or Article VI hereof. Notwithstanding
the foregoing, this Agreement shall automatically terminate with respect to the Property and be of no further force or effect with
respect to the Property upon a disposition of the Property or the sale of the 100% of the interests in Owner held by Waypoint Investors
LP to a Person who is not an Affiliate of Asset Manager.

 

ARTICLE
IV

ASSET MANAGEMENT DUTIES

 

4.1.          Asset
Manager’s Duties and Responsibilities. Asset Manager’s duties under this Agreement shall be to provide customary
and commercially reasonable advisory, consulting and asset management services for the Asset (i.e., the Services). Subject in all
events to the Limitations on Authority (as defined in Section 4.3 hereof), Asset Manager’s duties shall include, but not
be limited to, the following:

 

(a)          to
the extent not prohibited by the documents evidencing the applicable Mortgage Loan and not reasonably likely to cause a default
or liability under the applicable Guarantees, acting on behalf of Owner with respect to all
matters concerning property management, leasing, financing, personnel and asset management with respect to the Property; provided
that Asset Manager may not take any action that would constitute a Major Decision;

 

(b)          in
coordination with Property Manager, maintaining all books of account and records showing the assets and liabilities, operations,
transactions and financial condition of Owner and its assets;

 

(c)          
in coordination with Owner, managing negotiations with respect to a modification or extension of the Mortgage Loan, the replacement
of the Mortgage Loan with any new financing or any recapitalization or restructuring of the Property or Owner;

 

    	- 3 -

    	 

    

 

(d)          proposing
business and leasing plans and annual budgets for the Property;

 

(e)          to
the extent not prohibited by the documents evidencing the Mortgage Loan and not reasonably likely to cause a default or liability
under the applicable Guarantees, calculating of Net Cash Flow, managing distributions of Net Cash Flow, including (subject to the
Owner’s prior written consent in each instance) the right to withhold distributions of Net Cash Flow and retain Net Cash
Flow for Owner; and

 

(f)          such
other advice, consultation or asset management services that Owner may request from time to time.

 

(g)          upon
request of the Company, the Asset Manager shall coordinate and supervise lawyers, accountants and other professionals rendering
services to the Company in connection with the Property and otherwise.

 

(h)          upon
request of the Company, the Asset Manager shall monitor the financial situation and progress of the Company and the Projects and
assist the Company with the design and supervision of measures directed towards increasing the yield and value of the Property.

 

(i)          the
Asset Manager shall perform standard banking services within the reasonable scope of Asset Manager’s responsibility to Company.
Standard banking services shall include, without limitation, the following: (i) balance reporting and inquiry, (ii) photocopying
and other office services, (iii) electronic lockbox processing, (iv) funds transfers, including federal funds wire transfers, (v)
check disbursement, (vi) stop payments, and (vii) annual audit confirmation requests.

 

(j)          the
Asset Manager shall timely provide to the Company reports and other information as set forth in the Operating Agreement.

 

(k)          the
Asset Manager shall timely provide all reports and other information and attention required pursuant to the Mortgage Loan and any
documents related thereto.

 

(l)          the
Asset Manager shall oversee the Property Manager in the day-to-day management of the Property.

 

4.2.          Standard
of Performance. It is acknowledged and agreed that any recommendations made by Asset Manager in connection with the performance
of its services under this Agreement involve subjective judgments and may result in unanticipated consequences. Notwithstanding
the foregoing, the Asset Manager hereby agrees to (i) use the same effort, care, prudence, and skill as it and its Affiliates use
with respect to their own similar assets and in the best interest of the Company and (ii) use its diligent efforts to perform its
duties under this Agreement, provided that neither it nor any of its directors, officers, employees or agents shall, in
the absence of gross negligence, bad faith or fraud on its part or on the part of any director, manager, member, shareholder, officer,
employee or agent, be liable for any loss or damage which the Company may sustain or suffer as a result or in the course of the
discharge, by the Asset Manager or any such person of its duties hereunder. Neither the Asset Manager nor any of its directors,
managers, members, shareholders, officers, employees or agents shall in any case be liable for any act or omission taken or omitted
to be taken pursuant to the instructions of the Company properly given in accordance with the provisions of the Operating Agreement
or pursuant to the requirements of applicable laws.

 

    	- 4 -

    	 

    

 

4.3.          Limitations
on Authority. The following subsections shall constitute “Limitations on Authority”:

 

(a)          Asset
Manager hereby acknowledges and agrees that this Agreement is entered into pursuant to the Operating Agreement and that the Operating
Agreement sets forth certain parameters for the management of the Owner and the Project, including “Major Decisions”
and ‘Prohibited Actions.” In case of any conflict or inconsistency between any terms, provisions or requirements contained
in this Agreement and those terms, provisions or requirements of the Operating Agreement, the terms, provisions or requirements
of the Operating Agreement shall govern and control. Asset Manager is familiar with the terms and conditions of the Operating Agreement
and shall not, and shall have no authority to, take or cause to be taken any action that would constitute a Major Decision or Prohibited
Action without first receiving reasonable evidence that such action has been duly authorized, to the extent required by the Operating
Agreement.

 

(b)          Asset
Manager acknowledges and agrees that the BR Enders Managing Member, LLC (through Waypoint Bluerock Enders JV, LLC (the “JV”))
shall have the authority to (i) enforce, on behalf of the Company, any agreement between the Owner and the Asset Manager and (ii)
make all determinations on behalf of the Owner with respect to said enforcement, to the extent set forth in the Operating Agreement.
Asset Manager and the Company acknowledge and agree that the provisions of Section 4.3(a) and this Section 4.3(b) are intended
to, and shall, govern over any conflicting or inconsistent provision of this Agreement, notwithstanding anything to the contrary
contained in this Agreement.

 

(c)          The
parties to this Agreement acknowledge that the Owner shall retain ownership of the real property interests in and exclusive control
of the Projects and that the Asset Manager shall not acquire title to, any real property interest in, any security interest in,
or any rights of any kind in or to the Project (or any income, receipts or revenues therefrom). The parties further acknowledge
that the retention of the Asset Manager shall in no event constitute an agency and under no circumstance shall the Asset Manager
be deemed an agent of the Owner for any purpose. Under no circumstance shall the Asset Manager (in its capacity as Asset Manager)
represent or hold itself out to any third party as an agent of the Owner.

 

(d)          The
parties acknowledge that the activities of the Asset Manager hereunder shall be subject to the overall right of the Company to
supervise and monitor the Asset Manager and the Asset Manager shall be subject to direction by the Company.

 

(e)          The
Asset Manager shall not have the authority, without obtaining the Company’s prior written approval, which approval may be
given or withheld in the Company’s sole and absolute discretion, to sell, transfer, finance, pledge or hypothecate the Property
(or any portion thereof) or any interest in the Company.

 

    	- 5 -

    	 

    

 

ARTICLE
V

asset manager’s compensation

 

Asset Manager shall not be entitled to compensation for its
services under this Agreement. Notwithstanding the foregoing, Asset Manager shall be entitled to reimbursement from Owner of its
reasonable out-of-pocket expenses incurred in connection with the performance of the Services under Article IV of this Agreement;
provided, however, that any costs incurred by the Asset Manager for the performance of any Services which are not typically performed
by Asset Manager in its normal course of business as an asset manager for properties owned by Waypoint or its affiliates shall
be paid for solely by BR Enders Managing Member, LLC.

 

ARTICLE
VI

termination of agreement; procedures upon

termination or expiration of agreement

 

6.1.          Termination.

 

(a)          Owner
may terminate this Agreement by written notice to Asset Manager at any time following the occurrence of an Asset Manager Event
of Default. As used herein, the term “Asset Manager Event of Default” shall mean the occurrence of one or more
of the following:

 

(i)          the
gross negligence of Asset Manager’s senior management in performing Asset Manager’s obligations hereunder; or

 

(ii)         the
committing by Asset Manager of fraud or any act constituting willful misconduct or bad faith in any aspect of Asset Manager’s
obligations under this Agreement; or

 

(iii)        the
Asset Manager has failed to observe or perform in any material respect any of the covenants or agreements on the part of the Asset
Manager to be performed under this Agreement, which failure continues unremedied for a period ten (10) Business Days after the
date on which written notice of such failure requiring the same to be remedied, shall have been given to the Asset Manager by the
Company; provided that if such failure is of such nature that it cannot reasonably be corrected within such ten (10) Business
Day period, such failure shall not constitute a basis for termination so long as the Asset Manager institutes curative action within
such ten (10) Business Day period and diligently pursues such action to completion and such completion occurs within sixty (60)
days following notice; or

 

    	- 6 -

    	 

    

 

(iv)        proceedings
are initiated by the Asset Manager to be adjudicated a voluntary bankrupt, or the Asset Manager voluntarily commences of a case
under the bankruptcy code, or voluntarily files a petition or consent seeking reorganization, readjustment, arrangement, composition
or similar relief under the federal bankruptcy laws, or any other similar applicable federal or state law, or consenting to or
failing reasonably to oppose any such proceeding, or consenting to the appointment of a receiver or liquidator or trustee or assignee
in bankruptcy or insolvency of the Asset Manager or of a substantial part of the Asset Manager’s property, or making of a
general assignment for the benefit of creditors, or the Asset Manager admits in writing its inability to pay its debts generally
as they become due; or an involuntary filing in bankruptcy is made against the Asset Manager if any such action is not dismissed
within sixty (60) days after written notice thereof to the Asset Manager; or

 

(v)         the
removal of the Asset Manager is required pursuant to the Mortgage Loan or by any other documents evidencing financing to the Property
or by any secured lender thereunder; or

 

(vi)        if
the BR Enders Managing Member, LLC or a third party acquires the interests of Waypoint Enders Investors, LP or Waypoint Enders
GP, LLC in the Owner or the JV, respectively, whether or not pursuant to any buy/sell right.

 

(b)          Asset
Manager may terminate this Agreement by written notice to Owner at any time following the occurrence of an Owner Event of Default
and the failure to cure such Owner Event of Default within 30 days after written notice thereof. As used herein, the term “Owner
Event of Default” shall mean the failure by Owner to perform any of its obligations in accordance with the terms of this
Agreement or the breach of any agreement or covenant under this Agreement.

 

6.2.          Effect
of Termination. The termination of this Agreement under Section 6.1 shall not affect any right, obligation or liability that
has previously accrued under this Agreement. In the case of the termination by Asset Manager under Section 6.1, Owner shall remain
obligated to pay any amounts provided for in Article V.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

7.1.          No
Partnership Intended. Nothing in this Agreement shall be deemed or construed to create a co-partnership or joint venture between
the parties hereto, nor shall the parties hereto have any rights or obligations of joint venturers or partners and Asset Manager
shall be an independent contractor.

 

7.2.          Entire
Agreement. This Agreement embodies the entire Agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, covenants or undertakings other than those expressly set forth or referred
to herein. This Agreement supersedes any and all prior agreements and understandings between the parties with respect to such subject
matter hereof.

 

7.3.          Amendment;
Counterparts. This Agreement may only be amended in writing signed by both of the parties. This Agreement and any amendment
hereto may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one in the same instrument.

 

    	- 7 -

    	 

    

 

7.4.          Benefit
and Burden. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors
and assigns; provided, however, that neither party may assign this Agreement without the prior consent of the other party hereto
except to an Affiliate of the assigning party (which Affiliate shall expressly assume the obligations of the assigning party).
It shall be a condition to the assignment hereof that the assigning party shall execute and deliver such documents as may reasonably
be required to provide for its secondary (contingent) liability in the event that the assignee fails to perform the assigning party’s
obligations hereunder.

 

7.5.          Notices.
Except as otherwise provided in this Agreement, all notices, demands, requests, consents, approvals or other communications (for
the purposes of this Article collectively referred to as “Notices”) required or permitted to be given hereunder
or which are given with respect to this Agreement, in order to constitute effective and valid notice to the other party, shall
be in writing and shall be deemed to have been given when (a) personally delivered with signed delivery receipt obtained, (b) when
transmitted by facsimile machine, if followed by giving of, pursuant to one of the other means set forth in this Section 7.5 before
the end of the first business day thereafter, printed confirmation of successful transmission to the appropriate facsimile number
of the address listed below as obtained by the sender from the sender’s facsimile machine, (c) upon receipt, when sent by
prepaid reputable overnight courier or (d) three (3) days after the date so mailed if sent postage prepaid by registered or certified
mail, return receipt requested, in each case addressed as follows:

 

If to
Owner, to:

 

Waypoint
Enders Owner, LLC

c/o
Bluerock Real Estate

Heron
Tower

70 East
55th Street, 9th Floor

New
York, New York 10022

Attention:
Michael K. Konig, Esq.

Email:
mkonig@bluerockre.com

 

If to
Asset Manager, to:

 

Waypoint Residential, LLC

c/o Waypoint Partners

Three Pickwick Plaza, 4th Floor

Greenwich, Connecticut 06830

Attention: Scott Lawlor

Facsimile: (212) 658-9380

Email: SLawlor@WaypointResidential.com

 

with a copy to:

 

Reed Smith LLP

599 Lexington Avenue

 

    	- 8 -

    	 

    

 

New York, New York 10022

Attention: Thomas G. Maira, Esq.

Facsimile: (212) 521-5400

Email: tmaira@reedsmith.com

 

7.6.          Separability.
The invalidity or unenforceability of any provision of this Agreement shall not impair the validity of enforceability of any other
provision.

 

7.7.          Governing
Law. This Agreement shall be governed by the internal laws of the State of New York without giving effect to the choice of
law provisions thereof. The parties hereby agree to submit all controversies, claims and disputes between them to a court of competent
jurisdiction in the City and State of New York, The parties hereto hereby waive their right to a jury trial of any such controversies,
claims or disputes.

 

7.8.          Headings.
The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction
or interpretation of this Agreement.

 

7.9.          No
Waiver. No waiver shall be effective against either party unless it is in writing, signed by that party. No waiver by either
party of any breach of any term or covenant contained in this Agreement shall operate as a waiver of such term or covenant itself
or of any subsequent breach thereof.

 

7.10.         Survival.
The covenants contained in this Agreement which, by their terms, require their performance after the expiration or termination
of this Agreement shall be enforceable notwithstanding the expiration or other termination of this Agreement.

 

7.11.         Limitation
on Liability. No stockholder, partner, member, principal, parent or employee of Asset Manager shall have any liability to Owner
arising hereunder

 

7.12.         Books
and Records. Upon the expiration of this Agreement, the Asset Manager shall deliver to the Company or its designee all books
of account, correspondence and records belonging to the Company which are in Asset Manager’s possession.

(Remainder of page intentionally blank;
signature page follows.)

 

    	- 9 -

    	 

    

 

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

 

	 	OWNER:
	 	 	 
	 	WAYPOINT ENDERS OWNER, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Scott Lawlor
	 	 	Name: Scott Lawlor
	 	 	Title: Authorized Signatory
	 	 	 
	 	ASSET MANAGER:
	 	 	 
	 	WAYPOINT RESIDENTIAL,
	 	LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Scott Lawlor
	 	 	Name: Scott Lawlor
	 	 	Title: Authorized Signatory

 

    	- 10 -

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

[SEE ATTACHED]

 

    	- 11 -

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