Document:

Exhibit
10.94

 

ENVIRONMENTAL
AND HAZARDOUS

SUBSTANCES
INDEMNITY AGREEMENT

 

This
Environmental and Hazardous Substances Indemnity Agreement (this “Indemnity Agreement”) is executed and delivered
as of the 14th day of May, 2014, by UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP
Colonial Trust Agreement dated December 15, 2013 (“Borrower”), ALSAR LIMITED PARTNERSHIP, a Nevada limited
partnership (“Alsar”), ROBERT S. FISHEL, a resident of the State of Florida (“Fishel”),
MARK MECHLOWITZ, a resident of the State of Georgia ("Mechlowitz"), ROBERT G. MEYER, a resident of the State
of Georgia (“Meyer”), and JORGE L. SARDINAS, a resident of the State of Florida ("Sardinas"),
to and for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association, its successors and assigns (“Lender”).

 

RECITALS:

 

1.          On
or about the date hereof, Borrower and Lender entered into that certain Construction Loan Agreement (“Loan Agreement”)
whereby Lender agreed to make a secured loan to Borrower (the “Loan”) available to Borrower in the maximum
aggregate amount at any time outstanding not to exceed the sum of Twenty-Seven Million Five Hundred Thousand and No/100 Dollars
($27,500,000.00), to finance the development and construction of a multi-family residential project located on East Colonial Drive,
Orlando, Florida (the “Project”).

 

2.          In
connection with the Loan, Borrower has executed and delivered to Lender a Note in favor of Lender of even date herewith (the “Note”)
in the principal amount of the Loan and other Loan Documents.

 

3.          Fishel,
Mechlowitz, Meyer, and Sardinas will derive financial benefit from the Loan evidenced and secured by the Note, the Mortgage and
the other Loan Documents.

 

4.          Borrower,
Alsar, Fishel, Mechlowitz, Meyer, and Sardinas are referred to individually herein as an “Indemnitor” and collectively
as "Indemnitors". As a condition to making the Loan, Lender requires the Indemnitors to indemnify Lender upon
the occurrence of certain events.

 

5.          Lender
has relied on the statements and agreements contained herein in agreeing to make the Loan.

 

AGREEMENTS:

 

In
consideration of the Recitals set forth above and hereby incorporated herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Indemnitors hereby agree as follows:

 

1.     Definitions.
Initially capitalized terms used and not otherwise defined herein shall have the meanings respectively ascribed to them in the
Loan Agreement.

 

    	PAGE 1

    	 

    

 

2.     Representations
and Warranties. Each Indemnitor hereby represents and warrants to Lender, except as set forth in the Environmental Reports
(as defined below), (i) that, to the best of its knowledge (a) the Project has been and is free from contamination by Hazardous
Material, and (b) no release of any Hazardous Material has occurred on, onto or about the Project; (ii) that the Project currently
complies, and will comply based on its anticipated use, with all Laws relating to Hazardous Material; (iii) that, to Indemnitor's
knowledge in connection with the ownership, operation, and use of the Project, all necessary notices have been filed and all required
permits, licenses and other authorizations have been obtained, including those relating to the generation, treatment, storage,
disposal or use of Hazardous Material; (iv) that to the best of its knowledge, there is no present, past or threatened investigation,
inquiry or proceeding relating to the environmental condition of, or to events on or about, the Project; and (v) it has not, nor
will it, release or waive the liability of any previous owner, lessee or operator of the Project or any party who may be potentially
responsible for the presence of or removal of Hazardous Material from the Project, nor has it made promises of indemnification
regarding Hazardous Material on the Project to any party except as set forth in the Purchase and Sale Agreement pursuant to which
Borrower acquired the Property.

 

3.     Covenants.
Indemnitors shall:

 

a.           comply,
and cause all other persons on or occupying the Project to comply, with all Laws relating to Hazardous Material;

 

b.           not
install, use, generate, manufacture, store, treat, release or dispose of, nor permit the installation, use, generation, storage,
treatment, release or disposal of, Hazardous Material on, under or about the Project; provided, however, that "Hazardous
Material" shall not include commercially reasonable amounts of such materials used in the ordinary course of construction,
maintenance and operation of the Project which are used and stored in accordance with all applicable Laws relating to Hazardous
Material;

 

c.           immediately
advise Lender in writing of:

 

(i)          any
and all Environmental Proceedings affecting the Project;

 

(ii)         the
presence of any Hazardous Material on, under or about the Project of which Lender has not previously been advised in writing;

 

(iii)        any
remedial action taken by, or on behalf of, any Indemnitor in response to any Hazardous Material on, under or about the Project
or to any Environmental Proceedings of which Lender has not previously been advised in writing;

 

(iv)        the
discovery by any Indemnitor of the presence of any Hazardous Material on, under or about any real property or bodies of water
adjoining or in the vicinity of the Project; and

 

(v)         the
discovery by any Indemnitor of any occurrence or condition on any real property adjoining or in the vicinity of the Project that
could cause the Project or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or
use of the Project under any Laws relating to Hazardous Material;

 

    	PAGE 2

    	 

    

 

d.           provide
Lender with copies of all reports, analyses, notices, licenses, approvals, orders, correspondences or other written materials
in its possession or reasonable control relating to the environmental condition of the Project or real property or bodies of water
adjoining or in the vicinity of the Project or Environmental Proceedings immediately upon receipt, completion or delivery of such
materials;

 

e.           not
install or allow to be installed any tanks on, at or under the Project;

 

f.            not
create or permit to continue in existence any lien (whether or not such lien has priority over the lien created by the Mortgage)
upon the Project imposed pursuant to any Laws relating to Hazardous Material; and

 

g.           not
change or alter the present use of the Project unless Indemnitors shall have notified Lender thereof in writing and Lender shall
have determined, in its sole and absolute discretion, that such change or modification will not result in the presence of Hazardous
Material on the Project in question in such a level that would increase the potential liability for Environmental Proceedings.

 

4.     Right
of Entry and Disclosure of Environmental Reports. Subject to the rights of tenants under the Leases, Borrower hereby grants
to Lender and its agents, employees, consultants and contractors, an irrevocable license and authorization to enter upon and inspect
the Project at reasonable times and upon reasonable advance notice, and conduct such environmental audits and tests, including,
without limitation, subsurface testing, soils and groundwater testing, and other tests which may physically invade the Project,
in its reasonable discretion, determine are necessary or desirable. With respect to invasive testing, such as soil borings, Lender
shall consult with Borrower in advance of such tests. Lender agrees, however, that it shall not conduct any such audits, unless
an Event of Default exists under the Loan Documents or Lender reasonably believes that such audit may disclose the presence or
release of Hazardous Material or unless an environmental audit deems further testing necessary. Without limiting the generality
of the foregoing, Borrower agrees that Lender shall have the right to appoint a receiver to enforce this right to enter and inspect
the Project to the extent such authority is provided under applicable law. All reasonable out-of-pocket costs and expenses incurred
by Lender in connection with any inspection, audit or testing conducted in accordance with this Section 4 shall be paid
by Indemnitors. The results of all investigations and reports prepared by Lender shall be and at all times remain the property
of Lender and under no circumstances shall Lender have any obligation whatsoever to disclose or otherwise make available to Indemnitors
or any other party such results or any other information obtained by it in connection with such investigations and reports; provided,
however, that if there exists no Event of Default under the Loan Documents, if requested by Borrower, Lender shall provide to
Borrower a copy of the written report with respect to any inspection, audit or testing for which Indemnitors have paid hereunder.
Lender hereby reserves the right, and Indemnitors hereby expressly authorize Lender to make available to any party in connection
with a sale of the Project any and all reports, whether prepared by Lender or prepared by Borrower and provided to Lender (collectively,
the "Environmental Reports") which Lender may have with respect to the Project. Borrower consents to Lender notifying
any party under such circumstances of the availability of any or all of the Environmental Reports and the information contained
therein. Each Indemnitor further agrees that Lender may disclose such Environmental Reports to any governmental agency or authority
if they reasonably believe that they are legally required to disclose any matter contained therein to such agency or authority;
provided that Lender shall give Borrower at least 48 hours prior written notice before so doing. Each Indemnitor acknowledges
that Lender cannot control or otherwise assure the truthfulness or accuracy of the Environmental Reports, and that the release
of the Environmental Reports, or any information contained therein, to prospective bidders at any foreclosure sale of the Project
may have a material and adverse effect upon the amount which a party may bid at such sale. Each Indemnitor agrees that Lender
shall not have any liability whatsoever as a result of delivering any or all of the Environmental Reports or any information contained
therein to any third party, and each Indemnitor hereby releases and forever discharges Lender from any and all claims, damages,
or causes of action arising out of, connected with or incidental to the Environmental Reports or the delivery thereof.

 

    	PAGE 3

    	 

    

  

5.     Indemnitor's
Remedial Work. Indemnitors shall promptly perform any and all necessary remedial work ("Remedial Work")
in response to any Environmental Proceedings or the presence, storage, use, disposal, transportation, discharge or release of
any Hazardous Material on, under or about any of the Project; provided, however, that Indemnitors shall perform or cause to be
performed such Remedial Work so as to minimize any impairment to Lender's security under the Loan Documents.

 

All
Remedial Work shall be conducted:

 

a.     in
a diligent and timely fashion by licensed contractors acting under the supervision of a consulting environmental engineer;

 

b.     pursuant
to a detailed written plan for the Remedial Work approved by any public or private agencies or persons with a legal or contractual
right to such approval;

 

c.     with
such insurance coverage pertaining to liabilities arising out of the Remedial Work as is then customarily maintained with respect
to such activities; and

 

d.     only
following receipt of any required permits, licenses or approvals.

 

The
selection of the Remedial Work contractors and consulting environmental engineer, the contracts entered into with such parties,
any disclosures to or agreements with any public or private agencies or parties relating to Remedial Work and the written plan
for the Remedial Work (and any changes thereto) shall each be subject to Lender’s prior written approval, which shall not
be unreasonably withheld or delayed. In addition, Indemnitors shall submit to Lender, promptly upon receipt or preparation, copies
of any and all reports, studies, analyses, correspondence, governmental comments or approvals, proposed removal or other Remedial
Work contracts and similar information prepared or received by Indemnitors in connection with any Remedial Work, or Hazardous
Material relating to the Project. All costs and expenses of such Remedial Work shall be paid by Indemnitors, including, without
limitation, the charges of the Remedial Work contractors and the consulting environmental engineer, any taxes or penalties assessed
in connection with the Remedial Work and Lender’s reasonable fees and out-of-pocket costs incurred in connection with monitoring
or review of such Remedial Work. Lender shall have the right but not the obligation to join and participate in, as a party if
it so elects, any legal proceedings or actions initiated in connection with any Environmental Proceedings.

 

    	PAGE 4

    	 

    

  

6.     Indemnity.
Indemnitors shall protect, indemnify, defend and hold Lender and any successors to Lender’s interest in the Project, and
any other Person who acquires any portion of the Project at a foreclosure sale or otherwise through the exercise of Lender's rights
and remedies under the Loan Documents, and all directors, officers, employees and agents of all of the aforementioned indemnified
parties, harmless from and against any and all actual or potential claims, liabilities, damages (direct or indirect), losses,
fines, penalties, judgments, awards, costs and expenses (including, without limitation, all attorneys' fees and costs and expenses
of investigation) (collectively, "Expenses") which arise out of or relate in any way to any breach of any representation,
warranty or covenant contained herein, or any Environmental Proceedings or any use, handling, production, transportation, disposal,
release or storage of any Hazardous Material in, under or on the Project, whether by any Indemnitor or any other person, including,
without limitation:

 

a.     all
foreseeable and all unforeseeable Expenses arising out of:

 

(i)          Environmental
Proceedings or the use, generation, storage, discharge or disposal of Hazardous Material by Indemnitors, any prior owner or operator
of the Project or any person on or about the Project;

 

(ii)         any
residual contamination affecting any natural resource or the environment; or

 

(iii)        any
exercise by Lender of any of its rights and remedies hereunder; and

 

b.     the
costs of any required or necessary investigation, assessment, testing, remediation, repair, cleanup, or detoxification of the
Project and the preparation of any closure or other required plans.

 

Indemnitors'
liability to the aforementioned indemnified parties shall arise upon the earlier to occur of (1) discovery of any Hazardous Material
on, under or about the Project, or (2) the institution of any Environmental Proceedings, and not upon the realization of loss
or damage, and Indemnitors shall pay to Lender from time to time, immediately upon request, an amount equal to such Expenses,
as reasonably determined by Lender. In addition, in the event any Hazardous Material is removed, or caused to be removed from
the Project, by Indemnitors, Lender or any other person, the number assigned by the U.S. Environmental Protection Agency to such
Environmental Proceedings or any similar identification shall in no event be in the name of Lender or identify the Lender as a
generator, arranger or other designation. The foregoing indemnity shall not include Expenses arising solely from Hazardous Material
which first exist on the Project following the date on which the Lender takes title to the Project, whether by foreclosure of
the Mortgage, deed-in-lieu thereof or otherwise or which are otherwise caused by the gross negligence or willful actions of Lender.

 

    	PAGE 5

    	 

    

 

7.     Remedies
Upon Default.      In addition to any other rights or remedies Lender may have under this
Indemnity Agreement, at law or in equity, in the event that Indemnitors shall fail to timely comply with any of the provisions
hereof, or in the event that any representation or warranty made herein proves to be false or misleading in any material respect,
then, in such event,

 

		(a)	after
                                         delivering written notice to Indemnitors, which notice specifically states that Indemnitors
                                         have failed to comply with the provisions of this Indemnity Agreement; and

 

		(b)	after
                                         the expiration of the earlier to occur of the thirty (30) day period after receipt of
                                         such notice or the cure period, if any, permitted under any applicable law, rule, regulation
                                         or order with which Indemnitors shall have failed to comply [provided that if no shorter
                                         cure period applies under any applicable law, rule, regulation or order, and such failure
                                         is susceptible to cure and cannot reasonably be cured within said thirty (30) day period,
                                         then Indemnitors shall have an additional ninety (90) day period to cure such failure
                                         hereunder so long as (Y) Indemnitors commence such cure within the initial thirty (30)
                                         day period and diligently and in good faith pursues such cure to completion within such
                                         resulting one hundred twenty (120) day period from the date of Lender’s notice],

 

Lender
may declare an Event of Default under the Loan Documents and exercise any and all remedies provided for therein, and/or do or
cause to be done whatever is reasonably necessary to cause the Project to comply with all Laws relating to Hazardous Material
and other applicable Laws, rules, regulations or orders and the cost thereof shall constitute an Expense hereunder and shall become
immediately due and payable without notice and with interest thereon at the Default Rate until paid. Subject to the rights of
tenants under the Leases, Indemnitors shall give to Lender and its agents and employees access to the Project for the purpose
of effecting such compliance and hereby specifically grant to Lender a license, effective upon expiration of the applicable period
as described above, if any, to do whatever is necessary to cause the Project to so comply, including, without limitation, to enter
the Project and remove therefrom any Hazardous Material or otherwise comply with any Laws relating to Hazardous Material.

 

8.     Obligations.
     The obligations set forth herein, including, without limitation, Indemnitors' obligation to
pay Expenses hereunder, are collectively referred to as, the "Environmental Obligations". Notwithstanding any
term or provision contained herein or in the Loan Documents, the Environmental Obligations are unconditional. Indemnitors shall
be fully and personally liable for the Environmental Obligations hereunder, and such liability shall not be limited to the original
principal amount of the Loan. The Environmental Obligations shall survive the repayment of the Loan and any foreclosure, deed-in-lieu
of foreclosure or similar proceedings by or through which Lender or any of its affiliates, nominees, successors or assigns or
any other person bidding at a foreclosure sale may obtain title to the Project or any portion thereof. Notwithstanding anything
to the contrary herein, the Environmental Obligations of each Indemnitor under this Indemnity Agreement shall terminate and be
of no further force or effect on the date that is four (4) years following repayment in full of all amounts due and owing by Borrower
under the Loan, provided that (i) if requested by Lender, Borrower shall have delivered to Lender an environmental site assessment
report dated within ninety (90) days of the fourth (4th) anniversary and acceptable to Lender in its reasonable discretion
prepared by a properly licensed environmental consultant acceptable to Lender in its reasonable discretion reflecting that the
Project is free of contamination by Hazardous Material and that no violation of any applicable Laws relating to Hazardous Material
exists with respect to the Project; (ii) as of such fourth (4th) anniversary, neither Lender nor any of its successors, assigns,
affiliates or participants at any time or in any manner through exercise of any rights or remedies (including any deed-in-lieu
of foreclosure) under the Loan Documents has taken possession of the Project or any portion thereof, or taken title to the Project
or any portion thereof; and (iii) the Environmental Obligations of the Indemnitors under this Indemnity Agreement shall nonetheless
survive as to any claims, actions, litigation or other proceedings that are then pending or subject to further appeal as of the
fourth (4th) anniversary of such repayment in full.

 

    	PAGE 6

    	 

    

  

9.     Waiver.
No waiver of any provision of this Indemnity Agreement nor consent to any departure by Indemnitors therefrom shall in any event
be effective unless the same shall be in writing and signed by Lender and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No notice to or demand on Indemnitors shall in any case
entitle Indemnitors to any other or further notice or demand in similar or other circumstances.

 

10.     Exercise
of Remedies. No failure on the part of Lender to exercise and no delay in exercising any right or remedy hereunder, at
law or in equity, shall operate as a waiver thereof. Lender shall not be estopped to exercise any such right or remedy at any
future time because of any such failure or delay; nor shall any single or partial exercise of any such right or remedy preclude
any other or further exercise of such right or remedy or the exercise of any other right or remedy.

 

11.     Assignment.
Lender may assign its interest under this Indemnity Agreement to any successor to its respective interests in the Project or the
Loan Documents. This Indemnity Agreement may not be assigned or transferred, in whole or in part, by Indemnitors and any purported
assignment by Indemnitors of this Indemnity Agreement shall be void ab initio and of no force or effect.

 

12.     Counterparts.
This Indemnity Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and all of such counterparts taken together shall constitute
but one and the same instrument.

 

13.     Governing
Law. This Indemnity Agreement shall be governed by, and shall be construed in accordance with, the laws of the State of
Georgia.

 

14.     
Modifications. This Indemnity Agreement may be amended or modified only by an instrument in writing which by its
express terms refers to this Indemnity Agreement and which is duly executed by Indemnitors and consented to in writing by Lender.

 

15.     Attorneys'
Fees. If Lender commences litigation for the interpretation, enforcement, termination, cancellation or rescission of this
Indemnity Agreement, or for damages for the breach of this Indemnity Agreement, Lender shall be entitled to its reasonable and
actual attorney’s fees at standard hourly rates without regard to any presumptive statutory attorney’s fees (including,
but not limited to, in-house counsel fees) and court and other costs incurred in connection therewith.

 

    	PAGE 7

    	 

    

  

16.     Interpretation.
This Indemnity Agreement has been negotiated by parties knowledgeable in the matters contained herein, with the advice of counsel,
is to be construed and interpreted in absolute parity, and shall not be construed or interpreted against any party by reason of
such party's preparation of the initial or any subsequent draft of the Loan Documents or this Indemnity Agreement.

 

17.     Severability.
If any term or provision of this Indemnity Agreement shall be determined to be illegal or unenforceable, all other terms and provisions
in this Indemnity Agreement shall nevertheless remain effective and shall be enforced to the fullest extent permitted by law.

 

18.     Other
Laws. Nothing in this Indemnity Agreement, and no exercise by Lender of its rights or remedies under this Indemnity Agreement,
shall impair, constitute a waiver of, or in any way affect Lender's rights and remedies with respect to Indemnitors under any
Laws relating to Hazardous Material, including without limitation, contribution provisions or private right of action provisions
under such Laws relating to Hazardous Material.

 

19.     Notices.     Any
notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be
in writing and shall be deemed to have been properly given (a) if hand delivered, when delivered; (b) if mailed by United States
Certified Mail (postage prepaid, return receipt requested), three Business Days after mailing (c) if by Federal Express or other
reliable overnight courier service, on the next Business Day after delivered to such courier service or (d) if by telecopier on
the day of transmission so long as copy is sent on the same day by overnight courier as set forth below:

 

	If to Borrower:	UCFP Owner, LLC, as Trustee under 
	 	the BR/CDP Colonial Trust Agreement 
	 	dated December 15, 2013
	 	880 Glenwood Avenue SE, Suite H
	 	Atlanta, GA 30316
	 	Attn:  Rob Meyer
	 	Phone: (678) 949-9678
	 	Fax: (404) 890-5681
	 	 
	With a copy to:	BLUEROCK REAL ESTATE, LLC
	 	712 Fifth Avenue, 9th Floor
	 	New York, NY  10019
	 	Attn: Jordan Ruddy and Michael L. Konig
	 	Phone: 908.415.8869 
	 	Fax: (646) 278-4220
	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Tel: 404.322.6469
	 	Fax: 404.322.6050

 

    	PAGE 8

    	 

    

 

 

	With a copy to:	Hirschler Fleischer
	 	2100 East Cary Street
	 	Richmond, VA  23223
	 	Attn: S. Edward Flanagan, Esq.
	 	Phone:  (804) 771-9592
	 	Fax: (804) 644-0957
	 	 
	Alsar:	Alsar Limited Partnership
	 	4425 Spring Mountain Road, Suite 350
	 	Las Vegas, NV 89102
		Telephone: 	(561) 279-8350
		Facsimile: 	None
	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Tel: 404.322.6469
	 	Fax: 404.322.6050
	 	 
	Fishel:	Robert S. Fishel
	 	5511 S. Congress Avenue, Suite 125
	 	Atlantis, FL 33462
		Telephone: 	(561) 279-8350
		Facsimile: 	None
	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Tel: 404.322.6469
	 	Fax: 404.322.6050
	 	 
	Mechlowitz:	Mark Mechlowitz
	 	880 Glenwood Ave SE, Suite H
	 	Atlanta, Georgia  30316
	 	Telephone:  (678) 949-9678
		Facsimile:     (404) 890-5681
	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Tel: 404.322.6469
	 	Fax: 404.322.6050

 

    	PAGE 9

    	 

    

 

 

	Meyer:	Rob Meyer
	 	880 Glenwood Ave SE, Suite H
	 	Atlanta, Georgia  30316
	 	Telephone:  	(678) 949-9678
	 	Facsimile:	(404) 890-5681
	 	 	 
	Sardinas:	Jorge Sardinas
	 	136 Clearlake Drive
	 	Ponte Vedra Beach, Florida 32082
	 	Telephone:	(904) 473-5271
	 	Facsimile:	None
	 	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Tel: 404.322.6469
	 	Fax: 404.322.6050
	 	 	 
	Lender:	KEYBANK NATIONAL ASSOCIATION
	 	66 South Pearl St., 5th Floor
	 	MSC: NY-31-66-0567 
	 	Albany, NY  12207 
	 	Attn: Terry Hill 
	 	Direct:  (518) 257-8569
	 	Phone:  (518) 257-8572
	 	 	 
	With a copy to:	KEYBANK NATIONAL ASSOCIATION
	 	1200 Abernathy Road, NE, Suite 1550 
	 	Atlanta, GA 30328 
	 	Attn: Joe Fadus
	 	Direct:  (770 510-2162
	 	Phone:  (770) 510-2195
	 	 	 
	With a copy to:	Troutman Sanders LLP
	 	600 Peachtree Street, Suite 5200
	 	Atlanta, Georgia 30308
	 	Attention:	Jeff Greenway 
	 	Telephone:	(404) 885-3257
	 	Fax:	(404) 962-6776

 

    	PAGE 10

    	 

    

  

or at such
other address as the party to be served with notice may have furnished in writing to the party seeking or desiring to serve notice
as a place for the service of notice.

 

20.         Joint
and Several Liability. Indemnitors agree that they shall each be jointly and severally liable for the performance of the
Environmental Obligations and all other obligations of the Indemnitors contained herein.

 

21.         Captions.
The headings of each section herein are for convenience only and do not limit or construe the contents of any provisions of
this Indemnity Agreement.

 

[Signatures
commence on following page]

 

    	PAGE 11

    	 

    

 

IN WITNESS
WHEREOF, Indemnitors have caused this Indemnity Agreement to be executed under seal as of the day and year first above written.

 

	 	Borrower:
	 	 
	 	UCFP OWNER, LLC, a Delaware limited liability company,
	 	as Trustee under the BR/CDP Colonial Trust Agreement
	 	dated December 15, 2013
	 	 	 
	 	By:	/s/ Robert Meyer
	 	Name:	Robert Meyer
	 	Title:	Vice President

 

[SEAL]

 

    	PAGE 12

    	 

    

 

	 	INDEMNITORS:
	 	 
	 	ALSAR LIMITED PARTNERSHIP, 
	 	a Nevada limited partnership
	 	 	 
	 	By:	Saral Corporation,
	 	 	a Nevada corporation, its general partner

 

	 	By:	 /s/ Robert S. Fishel
	 	 	Name: Robert S. Fishel
	 	 	Title: President

 

	 	/s/ Robert S. Fishel	(SEAL)
	 	Robert S. Fishel	 
	 	 	 
	 	/s/ Mark Mechlowitz	(SEAL)
	 	Mark Mechlowitz	 
	 	 	 
	 	/s/ Robert G. Meyer	(SEAL)
	 	Robert G. Meyer	 
	 	 	 
	 	/s/ Jorge Sardinas	(SEAL)
	 	Jorge Sardinas	 

 

    	PAGE 13Exhibit 10.95

 

This document prepared by and

after recording return to:

 

Troutman Sanders LLP

600 Peachtree Street, N.E.

Suite 5200

Atlanta, Georgia 30308-2216

Attention: S. Jefferson Greenway, Esq.

 

SUBORDINATION
AGREEMENT

 

This Subordination
Agreement (this “Agreement”), dated for reference purposes this 14th day of May, 2014, is made by
and among UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated
December 15, 2013 (“Borrower”); ELDORADO, LLC, an Ohio limited liability company (“EP”),
SPYGLASS HILL, LLC, an Ohio limited liability company (“SH”), and BR/CDP UCFP VENTURE, LLC, a
Delaware limited liability company (‘BR/CDP”; BR/CDP, EP and SH each individually a “Beneficiary”
and collectively, “Beneficiaries”); and KEYBANK NATIONAL ASSOCIATION, a national banking association
(“Lender”).

 

RECITALS

 

A.           Beneficiaries
have entered into (i) that certain BR/CDP Colonial Trust Agreement dated December 15, 2013 (“Trust Agreement”),
creating the BR/ CDP Colonial Trust (“Trust”), pursuant to which UCFP Owner, LLC, is trustee (“Trustee”);
(ii) that certain Tenancy-In-Common Agreement dated as of January 31, 2014 (as may have been amended or supplemented or may hereafter
be amended or supplemented, the “TIC Agreement”; the Trust Agreement and the TIC Agreement collectively, the
“Ownership Documents”).

 

B.           Beneficiaries
are the beneficial owners of the Property (as hereinafter defined) and, pursuant to the Ownership Documents, are entitled to certain
revenues and profits realized therefrom and have certain rights with respect thereto.

 

    	 

    	 

    

  

C.           Borrower
has requested, and Lender has agreed, to make a secured construction loan (the “Loan”) available to Borrower
in the maximum aggregate amount at any time outstanding not to exceed the sum of Twenty-Seven Million Five Hundred Thousand and
No/100 Dollars ($27,500,000.00), to finance the development and construction of a multi-family project located on certain real
property more particularly described on Exhibit A attached hereto and made a part hereof (the “Property”),
subject to the terms and conditions of that certain Construction Loan Agreement dated on or about the date hereof by and between
Borrower and Lender (the “Loan Agreement”).

 

D.           Beneficiaries
are the sole beneficiaries under the Trust, and will directly benefit from Lender making of the Loan to Borrower.

 

E.           To
induce Lender to make the Loan to Borrower, Borrower and Beneficiaries hereby agree to certain terms of subordination as set forth
herein.

 

F.           The
parties have entered into this Agreement in order to set forth the terms of the subordination and other agreements required by
Lender.

 

AGREEMENTS

 

1.          Unconditional
Subordination. Beneficiaries hereby acknowledge and agree that any and all obligations, liabilities, and indebtedness of every
kind, nature and description of the Borrower to any Beneficiary, or otherwise arising from the Ownership Documents in favor of
any Beneficiary, and any and all rights of any Beneficiary to any payments of any revenue, profits or other sums arising from or
in connection with the Property, in each case whether existing at the time of the making of this Agreement or hereafter (collectively,
the “Subordinated Interests”) are and shall be absolutely subordinated and junior in right of payment to all
existing and future indebtedness of Borrower to Lender, including, without limitation, the Loan and all principal thereof, interest
accrued and to accrue thereon, and costs and attorneys’ fees associated therewith (collectively, the “Priority Debt”).
Such agreed subordination shall be without prejudice to Lender’s right to assert that any and all obligations of Borrower
on the Subordinated Interests are also subordinate to the Priority Debt pursuant to applicable law. Notwithstanding the foregoing,
if a Beneficiary (a “Receiving Beneficiary”) receives a distribution or payment from Borrower that is expressly
permitted under Section 15.1(ff) of the Loan Agreement during a period in which no Event of Default has occurred and is continuing
(a “Valid Payment”), and another Beneficiary (“Other Beneficiary”) has a claim against such
Receiving Beneficiary pursuant to the Ownership Documents, such Other Beneficiary may pursue such claim against the Receiving Beneficiary
and such claim may be satisfied from the proceeds of the Valid Payment.

 

2.          Payments
to Beneficiaries. Borrower shall not make, nor shall any Beneficiary accept, any payment (in any form whatsoever) upon any
portion of the Subordinated Interests except upon the terms and to the extent expressly permitted under Section 15.1(ff) the Loan
Agreement.

 

3.          Turnover
of Payments. Subject to Section 2 of this Agreement, any and all payments made by or on behalf of Borrower on the Subordinated
Interests shall be received and held by Beneficiaries in trust for Lender pending payment in full of the Priority Debt. Upon the
occurrence and during the continuance of an Event of Default (as defined in the Loan Agreement), Lender shall have the right to
compel Beneficiaries to turn over to Lender any payments made to Beneficiaries by or on behalf of Borrower on the Subordinated
Interests made after the occurrence and during the continuance of an Event of Default, until the Priority Debt has been paid in
full.

    	page 2

    	 

    

 

 

4.          Evidence
of Debt. So long as this Agreement remains in effect, Beneficiaries agree to deliver to Lender, at Lender’s request,
copies of any notes and related documents evidencing outstanding obligations of Borrower to Beneficiaries. Beneficiaries agree
that no notes or other documents evidencing, securing, or otherwise governing the Subordinated Interests shall be sold, assigned,
or transferred by Beneficiaries without the prior written consent of Lender.

 

5.          Insolvency
or Liquidation Proceedings. In connection with any insolvency or liquidation proceedings relating to Borrower or the Priority
Debt, this Agreement shall remain in full force and effect and constitute an assignment by Beneficiaries to Lender of any payments,
dividends, distributions, or other amounts payable to Beneficiaries from assets of Borrower, and Lender shall be entitled to payment
in full of the Priority Debt prior to any payments to Beneficiaries on the Subordinated Interests. Any and all payments or distributions
that Beneficiaries would, but for the terms of this Agreement, be entitled to receive, shall be paid or distributed by the person
authorized under law to make such payments or distributions directly to Lender for application to the Priority Debt, until the
Priority Debt has been paid in full. The parties hereto shall not file any proofs of claim, objections, pleadings, or other papers,
or take any other actions, that are or would be inconsistent with the system of priorities set forth in this Agreement.

 

6.          Waiver
of Right to Partition. Each Beneficiary hereby fully and irrevocably waives its right to partition the Property until repayment
in full of all amounts due and owing by Borrower under the Loan.

 

7.          Authorized
Representative; Trustee’s Authority. Beneficiaries acknowledge that Rob Meyer and Mark Mechlowitz have been appointed
as Borrower’s “Authorized Representative” for purposes of dealing with Lender on behalf of Borrower in respect
of any and all matters in connection with the Loan Agreement, the other Loan Documents, and the Loan. The Authorized Representative
shall have the power, in his discretion, to give and receive all notices, monies, approvals, and other documents and instruments,
and to take any other action on behalf of Borrower. Each Beneficiary hereby acknowledges and agrees that (i) in dealing with the
Authorized Representative, Lender shall in no event be obligated to verify that the terms of any of the Ownership Documents have
been complied with, and (ii) Lender may rely on any instrument executed, or direction given, by the Authorized Representative as
conclusive evidence that (a) at the time of the delivery thereof, the Trust was in full force and effect, (b) such instrument or
direction was executed or given, as applicable, in accordance with the terms and conditions of the Ownership Documents and is binding
upon the Beneficiaries (and the Beneficiaries hereby agree that they shall be bound thereby), and (c) the Authorized Representative
was duly authorized and empowered to execute such instrument or give such direction.

 

8.          Transfers
Prohibited. Each Beneficiary agrees not to transfer or assign any of its co-tenancy interest in the Trust except upon the terms
and to the extent expressly provided in Section 17.2 of the Loan Agreement. Each Beneficiary further agrees not to grant a lien
or security interest in, or otherwise encumber, its beneficial interest in the Property.

 

9.          Continuing
Agreement. This Agreement shall in all respects be a continuing agreement, and this Agreement and the agreements and obligations
of the parties hereto shall remain in full force and effect until the Priority Debt has been paid in full.

    	page 3

    	 

    

 

 

10.         Actions
by Lender. Beneficiaries hereby expressly waive all notices with respect to the creation, renewal, modification, extension
or enlargement of the Loan.

 

11.         No
Waiver.   No right, power or remedy of Lender as provided in this Agreement
is intended to be exclusive of any other right, power, or remedy of Lender provided in any document executed in connection with
the Loan, but each and every such right, power and remedy shall be cumulative and concurrent and in addition to any other right,
power or remedy available to Lender now or hereafter existing at law or in equity and may be pursued separately, successively or
together at the sole discretion of Lender. The delay or failure of Lender to exercise any right, power or remedy shall in no event
be construed as a waiver or release thereof. No waiver of any breach of this Agreement shall extend to or affect any subsequent
or other breach then existing, or impair any rights, powers, or remedies consequent thereon, and no delay or omission of Lender
to exercise any right, power, or remedy shall be construed to waive any such breach or to constitute acquiescence therein.

 

12.         Assignment.
This Agreement shall extend to and bind the respective heirs, personal representatives, successors and assigns of the parties hereto,
and the covenants of Borrower and Beneficiaries set forth herein respecting subordination shall extend to, include, and be enforceable
by any transferee or endorsee to whom Lender may transfer all or any portion of the Priority Debt.

 

13.         Governing
Law. This Agreement shall be governed by the laws of the State of Florida without regard to that state’s choice of law
rules, and Borrower and Beneficiaries consent to the jurisdiction of the courts of the State of Florida.

 

14.         Lender
Discretion. Nothing in this Agreement shall be construed as requiring Lender to grant any financial assistance to Borrower
or as limiting or precluding Lender from the exercise of Lender’s independent judgment and discretion in connection with
Lender’s financial arrangements with Borrower.

 

15.         WAIVER
OF JURY TRIAL THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT, OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, OR TO
ANY ACTS OR OMISSIONS OF LENDER IN CONNECTION THEREWITH.

 

[signature page follows]

 

    	page 4

    	 

    

  

	BORROWER	 	BENEFICIARIES:
	 	 	 
	UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013	 	ELDORADO, LLC, an Ohio limited liability company

 

	By:  	/s/ Robert Meyer	 	By:  	/s/ Jeanne C. Miller
	 	Name: 	Robert Meyer	 	 	Name: 	Jeanne C. Miller
	 	Its 	Vice President	 	 	Its 	Manager

  

	LENDER	 	SPYGLASS HILL, LLC, an Ohio limited liability company
	 	 	 
	KEYBANK NATIONAL ASSOCIATION, a national banking association	 	By:	/s/ J. Robert Brown
	 	 	 	Name: 	J. Robert Brown
	By:  	/s/ Joseph A. Fadus	 	 	Its 	Manager
	 	Joseph A. Fadus	 	 
	Its  	Senior Vice President	 	 

 

	 	BR/CDP UCFP VENTURE, LLC, a Delaware limited liability company
	 	 	 
	 	By:	CDP UCFP Developer, LLC,
	 	 	a Georgia limited liability company,
	 	 	a Manager

 

	 	By: 	Catalyst Development
	 	 	Partners II, LLC,
	 	 	a Georgia limited
	 	 	liability company, as its
	 	 	Manager

 

	 	By:	/s/ Robert Meyer
	 	Name:	Robert Meyer
	 	Its	Manager

 

    	page 5

    	 

    

  

Exhibit A

Legal Description

  

The land referred to herein below is situated in the County
of ORANGE, State of Florida, and is described as follows:

 

A PORTION OF THE NORTHEAST 1/4 OF SECTION
22, TOWNSHIP 22 SOUTH, RANGE 31 EAST, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

 

COMMENCE AT THE NORTHEAST CORNER OF SAID
NORTHEAST 1/4 OF SECTION 22; THENCE RUN S87°58'03"W ALONG THE NORTH LINE OF SAID NORTHEAST 1/4, A DISTANCE OF 45.02 FEET,
SAID POINT BEING THE INTERSECTION OF A LINE 45.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF THE NORTHEAST 1/4 OF SAID SECTION
22 AND THE NORTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 22; THENCE CONTINUE ALONG SAID NORTH LINE OF THE NORTHEAST 1/4 S87°58'03"W,
A DISTANCE OF 610.44 FEET TO THE POINT OF BEGINNING; THENCE RUN S00°56'14"E, A DISTANCE OF 842.92 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 31.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 98°26'21", AN ARC DISTANCE OF 53.26 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 41.52 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 109.00 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 12°16'52", AN ARC DISTANCE OF 23.36 FEET; THENCE RUN S07°30'07"W, A DISTANCE OF 287.92
FEET TO THE NORTHERLY RIGHT OF WAY LINE OF STATE ROAD NUMBER 50, AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF
WAY MAP, SECTION 7506-201, PAGE 9; THENCE RUN N82°29'53"W ALONG SAID NORTHERLY RIGHT OF WAY LINE, A DISTANCE OF 45.95
FEET; THENCE RUN N07°30'07"E, A DISTANCE OF 20.00 FEET; THENCE RUN S82°29'53"E, A DISTANCE OF 2.05 FEET; THENCE
RUN N07°30'07"E, A DISTANCE OF 248.38 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE TO THE NORTH, HAVING A RADIUS OF
129.00 FEET; THENCE FROM A RADIAL BEARING OF N20°31'47"W, RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE
OF 28°01'54", AN ARC DISTANCE OF 63.11 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 339.09 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 89.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 17°07'59", AN ARC DISTANCE OF 26.76 FEET TO A POINT OF COMPOUND CURVATURE OF A CURVE CONCAVE TO THE SOUTH, HAVING
A RADIUS OF 208.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 18°25'26", AN ARC
DISTANCE OF 67.04 FEET; THENCE RUN N00°56'14"W, A DISTANCE OF 844.21 FEET TO THE SAID NORTH LINE OF THE NORTHEAST 1/4;
THENCE RUN N87°58'03"E ALONG SAID NORTH LINE A DISTANCE OF 634.12 FEET TO THE POINT OF BEGINNING.

 

    	page 6

    	 

    

  

TOGETHER WITH THE EASEMENT FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE EASEMENT AGREEMENT RECORDED IN 0. R. BOOK 10470 AT PAGE 6879 0F THE
PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND:

 

TOGETHER WITH COVENANTS AND NON-EXCLUSIVE
EASEMENTS CONTAINED IN DECLARATION OF COVENANTS, OPERATIONS & RECIPROCAL EASEMENTS RECORDED IN 0. R. BOOK 10498, PAGE 2464,
AS AMENDED BY FIRST AMENDMENT TO DECLARATION OF COVENANTS, OPERATIONS AND RECIPROCAL EASEMENTS RECORDED IN O.R. BOOK 10699, PAGE
7086, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

AND ALSO:

 

TOGETHER WITH COVENANTS AND NON-EXCLUSIVE EASEMENTS CONTAINED
IN AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED IN 0. R. BOOK 8838, PAGE 3758, AS AMENDED BY FIRST AMENDMENT
TO AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED IN 0. R, BOOK 9338, PAGE 4682, OF THE PUBLIC RECORDS OF ORANGE
COUNTY, FLORIDA.

 

AND ALSO:

 

TOGETHER WITH THE EASEMENTS FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE RECIPROCAL EASEMENT AGREEMENT RECORDED IN O.R. BOOK 10699, PAGE 7102,
OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.

 

    	page 7

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