Document:

Exhibit 10.11

 

Tenside

 

GUARANTY OF NON-RECOURSE OBLIGATIONS

 

This GUARANTY OF NON-RECOURSE
OBLIGATIONS (this “Guaranty”), dated as of July 14, 2016, is executed by the undersigned (“Guarantor”),
to and for the benefit of WALKER & DUNLOP, LLC, a Delaware limited liability company (“Lender”).

 

RECITALS:

 

A.           Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between BR Carroll Tenside, LLC, a
Delaware limited liability company (“Borrower”) and Lender (as amended, restated, replaced, supplemented or
otherwise modified from time to time, the “Loan Agreement”), Lender is making a loan to Borrower in the original
principal amount of Fifty-Two Million One Hundred Fifty Thousand and 00/100 Dollars ($52,150,000.00) (the “Mortgage Loan”),
as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of
Lender in the amount of the Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time,
the “Note”).

 

B.           The
Note will be secured by, among other things, a Security Instrument (as defined in the Loan Agreement) encumbering the real
property described in the Security Instrument (the “Property”).

 

C.           Guarantor
has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan.

 

D.           As
a condition to making the Mortgage Loan to Borrower, Lender requires that Guarantor execute this Guaranty.

 

NOW, THEREFORE, in
order to induce Lender to make the Mortgage Loan to Borrower, and in consideration thereof, Guarantor agrees as follows:

 

AGREEMENTS:

 

1.            Recitals.

 

The recitals set forth
above are incorporated herein by reference as if fully set forth in the body of this Guaranty.

 

2.            Defined
Terms.

 

Capitalized terms used
and not specifically defined herein have the meanings given to such terms in the Loan Agreement.

 

3.            Guaranteed
Obligations.

 

Guarantor hereby absolutely,
unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity
or earlier, by reason of acceleration or otherwise, and at all times thereafter, of:

    
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(a)          all
amounts, obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including
the payment and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for Indemnity
Obligations) of the Loan Agreement and including all of Borrower’s obligations under the Environmental Indemnity Agreement);
and

 

(b)          all
costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender
in enforcing its rights under this Guaranty.

 

4.            Survival
of Guaranteed Obligations.

 

The obligations of
Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or reconveyance of the Security Instrument
or any release of any other security for any of the Indebtedness.

 

5.            Guaranty
of Payment; Community Property.

 

Guarantor’s obligations
under this Guaranty constitute a present and unconditional guaranty of payment and not merely a guaranty of collection. If Guarantor
(or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or Guarantor’s spouse is
a community property jurisdiction, Guarantor (or each such married Guarantor, if more than one) agrees that Lender may satisfy
Guarantor’s obligations under this Guaranty to the extent of all Guarantor’s separate property and Guarantor’s
interest in any community property.

 

6.            Obligations
Unsecured; Cross-Default.

 

The obligations of
Guarantor under this Guaranty shall not be secured by the Security Instrument or the Loan Agreement. However, a default under this
Guaranty shall be an Event of Default under the Loan Agreement, and a default under this Guaranty shall entitle Lender to be able
to exercise all of its rights and remedies under the Loan Agreement and the other Loan Documents.

 

7.            Continuing
Guaranty.

 

The obligations of
Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of
any provision of this Guaranty, the Note, the Loan Agreement, the Security Instrument or any other Loan Document. Guarantor agrees
that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim, set-off,
recoupment, abatement, deferment or defense based upon any claim that Guarantor may have against Lender, Borrower, any other guarantor
of the obligations hereunder or any other Person, and shall remain in full force and effect without regard to, and shall not be
released, discharged or affected in any way by any circumstance or condition (whether or not Guarantor shall have any knowledge
thereof), including:

 

(a)          any
furnishing, exchange, substitution or release of any collateral securing repayment of the Mortgage Loan, or any failure to perfect
any lien in such collateral;

 

(b)          any
failure, omission or delay on the part of Borrower, Guarantor, any other guarantor of the obligations hereunder or Lender to conform
or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default;

    
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(c)          any
action or inaction by Lender under or in respect of any of the Loan Documents, any failure, lack of diligence, omission or delay
on the part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon
it in any of the Loan Documents, or any other action or inaction on the part of Lender;

 

(d)          any
Bankruptcy Event, or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment
for the benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or
proceedings with respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective property
or creditors or any action taken by any trustee or receiver or by any court in such proceeding;

 

(e)          any
merger or consolidation of Borrower into or with any entity or any sale, lease or Transfer of any asset of Borrower, Guarantor
or any other guarantor of the obligations hereunder to any other Person;

 

(f)          any
change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the
obligations hereunder, or any termination of such relationship;

 

(g)          any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, or any obligation
or agreement contained in any of the Loan Documents; or

 

(h)          any
other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing, and whether seen or unforeseen,
which otherwise might constitute a legal or equitable defense or discharge of the liabilities of a guarantor or surety or which
otherwise might limit recourse against Borrower or Guarantor to the fullest extent permitted by law.

 

8.            Guarantor
Waivers.

 

Guarantor hereby waives:

 

(a)          the
benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this
Guaranty (and agrees that Guarantor’s obligations shall not be affected by any circumstances, whether or not referred to
in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor);

 

(b)          the
benefits of any right of discharge under any and all statutes or other laws relating to guarantors or sureties and any other rights
of sureties and guarantors;

 

(c)          diligence
in collecting the Indebtedness, presentment, demand for payment, protest and all notices with respect to the Loan Documents and
this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under
this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any Event
of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest
and notice of the incurring by Borrower of any obligation or indebtedness; and

 

(d)          all
rights to require Lender to:

 

(1)         proceed
against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness; 

    
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(2)         proceed
against or pursue any remedy it may now or hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor
is a partnership, any general partner of Borrower or general partner of any guarantor; or

 

(3)         demand
or require collateral security from Borrower, any other guarantor or any other Person as provided by applicable law or otherwise.

 

9.            No
Effect Upon Obligations.

 

At any time or from
time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability
of Guarantor:

 

(a)          the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;

 

(b)          the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;

 

(c)          the
time for Borrower’s performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

(d)          the
maturity of the Indebtedness may be accelerated as provided in the Loan Documents;

 

(e)          any
or all payments due under the Loan Agreement or any other Loan Document may be reduced;

 

(f)          any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;

 

(g)          any
amounts under the Loan Agreement or any other Loan Document may be released;

 

(h)          any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;

 

(i)          the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(j)          any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion;
and

 

(k)          any
other terms of the Loan Documents may be modified as required by Lender.

 

10.          Joint
and Several (or Solidary) Liability.

 

If more than one Person
executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several (solidary
instead for purposes of Louisiana law) basis. Lender, in its discretion, may:

    
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(a)          to
the extent permitted by applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor,
and any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or
more of them;

 

(b)          compromise
or settle with any one or more of the Persons constituting Guarantor, or any other guarantor, for such consideration as Lender
may deem proper;

 

(c)          discharge
or release one or more of the Persons constituting Guarantor, or any other guarantor, from liability or agree not to sue such Person;
and

 

(d)          otherwise
deal with Guarantor and any guarantor, or any one or more of them, in any manner, and no such action shall impair the rights of
Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty.

 

Nothing contained in this Section 10
shall in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor.

 

11.          Subordination
of Affiliated Debt.

 

Any indebtedness of
Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness of Borrower
shall be collected, enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in any manner
the liability of Guarantor under the other provisions of this Guaranty.

 

12.          Subrogation.

 

Guarantor shall have
no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower
by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any
contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter
during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the Insolvency
Laws.

 

13.          Voidable
Transfer.

 

If any payment by Borrower
is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to
refund any sums to Borrower, such refund shall not constitute a release of any liability of Guarantor under this Guaranty. It is
the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance. If any payment by any Guarantor
should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’
rights, including provisions of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore,
in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the obligations guaranteed
hereunder shall automatically be revived, reinstated and restored by the amount of such Voidable Transfer or the amount of such
Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and legal fees
incurred by Lender in connection therewith, and shall exist as though such Voidable Transfer had never been made, and any other
guarantor, if any, shall remain liable for such obligations in full.

    
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14.          Credit
Report/Credit Score.

 

Guarantor acknowledges
and agrees that Lender is authorized, no more frequently than once in any twelve (12) month period, to obtain a credit report
(if applicable) on Guarantor, the cost of which shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is
authorized to obtain a Credit Score (if applicable) for Guarantor at any time at Lender’s expense.

 

15.          Financial
Reporting.

 

Guarantor shall deliver
to Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial Reporting –
Covenants) of the Loan Agreement.

 

16.          Further
Assurances.

 

Guarantor
acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the
Mortgage Loan.

 

(a)          Guarantor
shall, subject to Section 16(b) below:

 

(1)         do
anything necessary to comply with the reasonable requirements of Lender or any Investor of the Mortgage Loan or provide, or cause
to be provided, to Lender or any Investor of the Mortgage Loan within ten (10) days of the request, at Borrower’s and
Guarantor’s cost and expense, such further documentation or information as Lender or Investor may reasonably require,
in order to enable:

 

(A)         Lender
to sell the Mortgage Loan to such Investor;

 

(B)         Lender
to obtain a refund of any commitment fee from any such Investor; or

 

(C)         any
such Investor to further sell or securitize the Mortgage Loan;

 

(2)         confirm
that Guarantor is not in default under this Guaranty or in observing any of the covenants or agreements contained in this Guaranty
(or, if Guarantor is in default, describing such default in reasonable detail); and

 

(3)         execute
and deliver to Lender or any Investor such other documentation, including any amendments, corrections, deletions or additions to
this Guaranty as is reasonably required by Lender or such Investor.

 

(b)          Nothing
in this Section 16 shall require Guarantor to do any further act that has the effect
of:

 

(1)         changing
the essential economic terms of the Mortgage Loan set forth in the related commitment letter between Borrower and Lender;

 

(2)         imposing
on Borrower or Guarantor greater personal liability under the Loan Documents than that set forth in the related commitment letter
between Borrower and Lender; or

 

(3)         materially
changing the rights and obligations of Borrower or Guarantor under the commitment letter.

    
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17.          Successors
and Assigns.

 

Lender may assign its
rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this Guaranty shall
inure to the benefit of such assignee to the extent so assigned. Guarantor may not assign its rights, duties or obligations under
this Guaranty, in whole or in part, without Lender’s prior written consent and any such assignment shall be deemed void ab
initio. The terms used to designate any of the parties herein shall be deemed to include the heirs, legal representatives, successors
and assigns of such parties.

 

18.          Final
Agreement.

 

Guarantor acknowledges
receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings,
representations and statements, oral or written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions
may be waived, modified, amended, discharged or terminated except by an agreement in writing signed by the party against which
the enforcement of the waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth
in that agreement.

 

19.          Governing
Law.

 

This Guaranty shall
be governed by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application
of choice of law principles that would result in the application of the laws of another jurisdiction.

 

20.          Property
Jurisdiction.

 

Guarantor agrees that
any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property Jurisdiction. The
state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over
all controversies which shall arise under or in relation to this Guaranty or any other Loan Document with respect to the subject
matter hereof. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives
any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.

 

21.          Time
is of the Essence.

 

Guarantor agrees that,
with respect to each and every obligation and covenant contained in this Guaranty, time is of the essence.

 

22.          No
Reliance.

 

Guarantor acknowledges,
represents and warrants that:

 

(a)          it
understands the nature and structure of the transactions contemplated by this Guaranty and the other Loan Documents;

 

(b)          it
is familiar with the provisions of all of the documents and instruments relating to such transactions; 

    
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(c)          it
understands the risks inherent in such transactions, including the risk of loss of all or any part of the Mortgaged Property or
of the assets of Guarantor;

 

(d)          it
has had the opportunity to consult counsel; and

 

(e)          it
has not relied on Lender for any guidance or expertise in analyzing the financial or other consequences of the transactions contemplated
by this Guaranty or any other Loan Document or otherwise relied on Lender in any manner in connection with interpreting, entering
into or otherwise in connection with this Guaranty, any other Loan Document or any of the matters contemplated hereby or thereby.

 

23.          Notices.

 

Guarantor agrees to
notify Lender of any change in Guarantor’s address within ten (10) Business Days after such change of address occurs.
All notices under this Guaranty shall be:

 

(a)          in
writing and shall be

 

(1)         delivered,
in person;

 

(2)         mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(3)         sent
by overnight courier; or

 

(4)         sent
by electronic mail with originals to follow by overnight courier;

 

(b)          addressed
to the intended recipient at the notice addresses provided under the signature block at the end of this Guaranty; and

 

(c)          deemed
given on the earlier to occur of:

 

(1)         the
date when the notice is received by the addressee; or

 

(2)         if
the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected, as conclusively established
by the records of the United States Postal Service or such express courier service.

 

24.          Construction.

 

(a)          Any
reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this
Guaranty or to a Section or Article of this Guaranty.

 

(b)          Any
reference in this Guaranty to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

(c)          Use
of the singular in this Guaranty includes the plural and use of the plural includes the singular.

 

(d)          As
used in this Guaranty, the term “including” means “including, but not limited to” or “including,
without limitation,” and is for example only, and not a limitation. 

    
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(e)          Whenever
Guarantor’s knowledge is implicated in this Guaranty or the phrase “to Guarantor’s knowledge” or a similar
phrase is used in this Guaranty, Guarantor’s knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor’s
knowledge after reasonable and diligent inquiry and investigation.

 

(f)          Unless
otherwise provided in this Guaranty, if Lender’s approval, designation, determination, selection, estimate, action or decision
is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or decision
shall be made in Lender’s sole and absolute discretion.

 

(g)          All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be
amended or supplemented from time to time pursuant to the applicable provisions thereof.

 

(h)          “Lender
may” shall mean at Lender’s discretion, but shall not be an obligation.

 

25.          WAIVER
OF JURY TRIAL.

 

TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS
TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH
RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY GUARANTOR AND LENDER, KNOWINGLY
AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

26.          Schedules.

 

The schedules, if any,
attached to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a substantive part of
this Guaranty.

 

ATTACHED SCHEDULE. The following
Schedule is attached to this Guaranty:

 

x        Schedule
1      Modifications to Guaranty

 

IN WITNESS WHEREOF,
Guarantor has signed and delivered this Guaranty under seal (where applicable) or has caused this Guaranty to be signed and delivered
under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this
Guaranty shall be deemed to be signed and delivered as a sealed instrument.

 

[Remainder of Page Intentionally Blank] 

    
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	 	Guarantor:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT,

INC., a Maryland corporation
	 	 	 
	 	By:	/s/ Michael L. Konig
	 	 	Michael L. Konig, Chief Operating Officer,
	 	 	Secretary and General Counsel
	 	 	 
	 	Address for Notices to Guarantor:
	 	c/o Bluerock Residential Holdings, L.P.
	 	712 Fifth Avenue, 9th Floor
	 	New York, New York 10019
	 	Attention: Michael Konig, Esq. and Jordan Ruddy

 

	 	Email address:  	mkonig@bluerockre.com
	 	 	jruddy@bluerockre.com

 

    
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	 	Guarantor:
	 	 
	 	CARROLL MULTIFAMILY REAL ESTATE

FUND IV, LP, a Delaware limited partnership
	 	 	 
	 	By:	MPC Property Holdings IV, LLC, a Georgia limited liability company, its general partner
	 	 	 
	 	 	By:	MPC Partnership Holdings LLC, a Georgia limited liability company, its sole member and manager
	 	 	 	 
	 	 	 	By:  	/s/ Josh Champion
	 	 	 	 	Josh Champion
	 	 	 	 	President
	 	 	 	 	 
	 	Address for Notices to Guarantor:
	 	c/o Carroll Organization, LLC
	 	3340 Peachtree Road NE, Suite 2250
	 	Atlanta, Georgia  30326
	 	 	 	 
	 	Email address:  josh.champion@carrollorg.com

 

    
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SCHEDULE 1 TO

GUARANTY OF NON-RECOURSE OBLIGATIONS

 

State-Specific Provisions

 

1.          Capitalized
terms used and not specifically defined herein have the meanings given to such terms in the Guaranty to which this Schedule is
attached.

 

2.          The
additional provision(s) set forth below shall also apply and are incorporated into the Guaranty:

 

Section 7 of the Guaranty is hereby
amended by adding the following new language to the end thereof:

 

(i)          Guarantor
acknowledges and agrees that Lender has the right to collect on other collateral and to apply the receipts and proceeds therefrom
to the amount due on the Indebtedness and that such application of such receipts and proceeds shall not reduce, affect or impair
the liability of Guarantor under this Guaranty.

 

Section 8 of the Guaranty
is hereby amended by adding the following new language to the end thereof:

 

(e)          In
addition, Guarantor waives the benefit of O.C.G.A. Section 10-7-24.

 

(f)          Guarantor
also waives any and all defenses, claims and discharges of Borrower, or any other obligor, pertaining to the Indebtedness, except
the defense of discharge by payment in full. Without limiting the generality of the foregoing in this subparagraph (f), Guarantor
will not assert, plead or enforce against Lender any defense of waiver, release, statute of limitations, res judicata, statute
of frauds, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or any other
person liable in respect of any of the Indebtedness, or any setoff available against Lender to Borrower or any such other person,
whether or not on account of a related transaction. Guarantor expressly agrees that Guarantor shall be and remain liable, to the
fullest extent permitted by applicable law, for any deficiency remaining after foreclosure of any deed to secure debt or security
interest securing the Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged
pursuant to statute or judicial decision. Guarantor shall remain obligated, to the fullest extent permitted by law, to pay such
amounts as though Borrower’s obligations had not been discharged. 

    
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	 	/s/ MK
	 	Guarantor Initials (BRG REIT)

 

    
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	 	/s/ JC
	 	Guarantor Initials (CMREF IV)

 

    
	Guaranty of Non-Recourse Obligations	Form 6015	Page Sch. 1-3

	Fannie Mae	01-16	© 2016 Fannie MaeExhibit 10.12

 

Tenside

 

ENVIRONMENTAL INDEMNITY AGREEMENT

 

This ENVIRONMENTAL INDEMNITY
AGREEMENT (this “Agreement”), dated as of July 14, 2016, is executed by BR CARROLL TENSIDE, LLC, a Delaware
limited liability company (“Borrower”), to and for the benefit of WALKER & DUNLOP, LLC, a Delaware
limited liability company (“Lender”).

 

RECITALS:

 

A.           Borrower
is the owner of the real property more particularly described on Exhibit A attached hereto and made a part hereof (the
“Mortgaged Property”).

 

B.           Pursuant
to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between Borrower and Lender (as amended,
restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), Lender is making
a loan to Borrower in the original principal amount of $52,150,000.00 (the “Mortgage Loan”), as evidenced by
that certain Multifamily Note dated as of the date hereof, executed by Borrower and made payable to the order of Lender in the
amount of the Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”).

 

C.           The
Mortgage Loan is evidenced by the Note issued pursuant to the Loan Agreement and is secured by, among other things, the Security
Instrument and the Loan Agreement.

 

D.           As
a condition to the making of the Mortgage Loan to Borrower, Lender requires Borrower to deliver this Agreement.

 

AGREEMENTS:

 

NOW, THEREFORE, for and
in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, Borrower agrees as follows:

 

1.          Recitals.

 

The recitals set forth
above are true and correct and are hereby incorporated by reference.

 

2.          Defined
Terms.

 

All capitalized terms used
but not defined in this Agreement shall have the meanings assigned to them in the Loan Agreement. As used in this Agreement, the
following terms shall have the following meanings:

 

“2016 Blackstone Phase I ESA Report”
means the Phase I Environmental Site Assessment for the Mortgaged Property prepared by Blackstone Consulting LLC for Lender, dated
June 7, 2016 (Blackstone Consulting LLC Project No. CORGGA014.01), and all attachments and exhibits thereto.

 

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“Environmental Inspections”
means environmental inspections, reports, tests, investigations, studies, audits, reviews or other analyses (including those related
to Significant Mold) with respect to the Mortgaged Property.

 

“Environmental Laws” means
all present and future federal, state, and local laws, ordinances, regulations, standards, rules, policies, and other governmental
requirements, administrative rulings, court judgments, and decrees, and all amendments thereto, relating to pollution or protection
of human health, wildlife, wetlands, natural resources or the environment (including ambient air, surface water, ground water,
land surface, or subsurface strata) including such laws governing or regulating the use, generation, storage, removal, remediation,
recovery, treatment, handling, transport, disposal, control, release, discharge of, or exposure to, Hazardous Materials. Environmental
Laws include (a) the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. Section 9601, et
seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Toxic Substances Control
Act, 15 U.S.C. Section 2601, et seq., the Federal Water Pollution Control Act, 33 U.S.C. Section 1251, et seq.,
the Hazardous Materials Transportation Act, 49 U.S.C. Section 5101, et seq., the Clean Air Act, 42 U.S.C. Section 7401,
et seq., the Safe Drinking Water Act, 42 U.S.C. Section 300f, et seq., the Occupational Safety and Health Act,
29 U.S.C. Chapter 15, et seq., the Oil Pollution Act of 1990, 33 U.S.C. Section 2701, et seq., the Federal Insecticide,
Fungicide, and Rodenticide Act, 7 U.S.C. Section 136, et seq., and the River and Harbors Appropriation Act, 33 U.S.C.
Section 403, et seq., and their state and local analogs, as any such statutes may be amended, restated, modified, or
supplemented from time to time, and (b) all voluntary cleanup programs and/or brownfields programs under federal, state or local
law, as may be amended, restated, modified, or supplemented from time to time.

 

“Environmental Permit” means
any permit, license, agreement (including any agreement or undertaking pursuant to a voluntary cleanup program and/or a brownfields
program) or other authorization issued under any Environmental Law with respect to any activities or businesses conducted on or
in relation to the Mortgaged Property.

 

“GEPD” means the Georgia
Environmental Protection Division or any replacement thereof or successor thereto.

 

“Hazardous Materials” means
any substance, chemical, material or waste now or in the future defined as a “hazardous substance,” “hazardous
material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,”
or “pollutant” within the meaning of or regulated or addressed under any Environmental Law. Without limiting the generality
of the foregoing, Hazardous Materials includes: Significant Mold; petroleum and petroleum products and compounds containing them
or derived from them, including natural gas, gasoline, diesel fuel, oil and other fuels and petroleum products or fractions thereof;
radon; carcinogenic materials; explosives; flammable materials; infectious materials; corrosive materials; mutagenic materials;
radioactive materials; polychlorinated biphenyls (PCBs) and compounds containing them; lead and lead-based paint; asbestos or asbestos-containing
materials in any form that is or could become friable; underground or above-ground storage tanks, whether empty or containing any
substance; pipelines constructed for the purpose of transporting Hazardous Materials, whether empty or containing any substance;
any substance the presence of which on, under or about the Mortgaged Property is regulated or prohibited by any Governmental Authority;
any substance that is designated, classified or regulated pursuant to any Environmental Law; and any medical products or devices,
including those materials defined as “medical waste” or “biological waste” under relevant statutes or regulations
pertaining to any Environmental Law.

 

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“Historic Impacts” means
any current, past or future contamination of, pollution of, or impact to the soil, groundwater, surface water or any other media
on, under or about, or the indoor or outdoor air of, the Mortgaged Property arising from, caused by, in connection with or otherwise
related in any manner to any prior release and/or condition described, discussed or referenced in the 2016 Blackstone Phase I ESA
Report.

 

“Indemnitees” means, collectively:

 

(a)          Lender;

 

(b)          any
prior owner or holder of the Note;

 

(c)          the
Loan Servicer;

 

(d)          any
prior Loan Servicer;

 

(e)          the
officers, directors, shareholders, partners, managers, members, employees and trustees of any of the foregoing; and

 

(f)          the
heirs, legal representatives, successors and assigns of each of the foregoing.

 

“O&M Plan” means a written
plan, document, or agreement containing ongoing operating, maintenance, or monitoring actions for the Mortgaged Property or Improvements
thereon.

 

“Prohibited Activities or Conditions”
means any of the following:

 

(a)          the
presence, use, generation, release, treatment, processing, storage, handling or disposal of any Hazardous Materials on, about or
under the Mortgaged Property or any other property owned, leased or otherwise controlled by Borrower, Guarantor, Key Principal
or any Borrower Affiliate that is adjacent to the Mortgaged Property and which impacts the Mortgaged Property;

 

(b)          the
transportation of any Hazardous Materials to, from or across the Mortgaged Property;

 

(c)          any
Remedial Work at, about or under the Mortgaged Property that has not been fully conducted in accordance with an O&M Plan approved
in writing by Lender;

 

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(d)          any
activity on the Mortgaged Property that requires an Environmental Permit or other written authorization under Environmental Laws
without Lender’s prior written consent;

 

(e)          any
occurrence or condition on the Mortgaged Property, which occurrence or condition is or is expected to be in violation of or noncompliance
with Environmental Laws, or in violation of or noncompliance with the terms of any Environmental Permit;

 

(f)          any
occurrence or condition on any other property owned, leased or otherwise controlled by Borrower, Guarantor, Key Principal or any
Borrower Affiliate that is adjacent to the Mortgaged Property, which occurrence or condition impacts the Mortgaged Property and
is or is expected to be (1) in violation of or noncompliance with Environmental Laws, or (2) in violation of or noncompliance with
the terms of any Environmental Permit; or

 

(g)          any
activities on the Mortgaged Property that directly or indirectly result in other property (whether adjacent to the Mortgaged Property
or otherwise) being contaminated with Hazardous Materials or which causes such other property to be in violation of or noncompliance
with Environmental Laws.

 

Provided, however, excluded from this definition
shall be the safe and lawful use and storage of:

 

(1)         pre-packaged
supplies, cleaning materials and petroleum products in such quantities and types as are customarily used for residential purposes
or in the operation and maintenance of comparable multifamily properties so long as all of the foregoing are used, stored, handled,
transported and disposed of in compliance with Environmental Laws;

 

(2)         cleaning
materials, personal grooming items and other items sold in pre-packaged containers for consumer use in such quantities and types
as are customarily found in comparable multifamily properties and which are used by tenants and occupants of residential dwelling
units in the Mortgaged Property;

 

(3)         petroleum
products used in the operation and maintenance of motor vehicles from time to time located on the Mortgaged Property’s parking
areas, in such quantities and types as are customarily used in the operation and maintenance of comparable multifamily properties
and so long as all of the foregoing are used, stored, handled, transported and disposed of in compliance with Environmental Laws;

 

(4)         petroleum
products stored in above-ground and underground storage tanks, so long as the existence of such above-ground and underground storage
tanks has been previously disclosed by Borrower to Lender in writing and any such tank complies with and at all times continues
to comply with all requirements of Environmental Laws; and

 

(5)         natural
gas when transported and used for residential purposes in combustion appliances.

 

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“Remedial Work” means any
investigation, site monitoring, containment, abatement, clean-up, removal, restoration or other remedial work in connection with
the Historic Impacts, any Hazardous Materials, any Significant Mold, any Environmental Laws, or any order of or agreement with
any Governmental Authority that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or improvement
of the Mortgaged Property under any Environmental Law or as recommended in writing by an environmental professional, certified
industrial hygienist or person with similar qualifications with respect to Significant Mold.

 

“Significant Mold” means
any mold, fungus, bacterial, viral, or microbial matter or pathogenic organisms at, in or about the Mortgaged Property of a type
or quantity that:

 

(a)          results
in, or should reasonably result in, Remedial Work or a significant risk to human health or the environment as determined by a written
analysis prepared by an environmental professional, certified industrial hygienist or person with similar qualifications reasonably
acceptable to Lender;

 

(b)          is
required or recommended to be addressed pursuant to Environmental Law, or written recommendation of an environmental professional,
certified industrial hygienist or person with similar qualifications; or

 

(c)          would
materially and negatively impact the value of the Mortgaged Property.

 

3.          Environmental
Representations and Warranties.

 

Borrower represents and
warrants to Lender that as of the Effective Date, except as previously disclosed by Borrower to Lender in writing or as set forth
in any Environmental Inspection performed with respect to the origination of the Mortgage Loan dated prior to the Effective Date:

 

(a)          neither
Borrower nor any Borrower Affiliates are in possession of any Environmental Inspections that have not been provided to Lender,
nor have any Environmental Inspections been conducted by or on behalf of Borrower that have not been provided to Lender;

 

(b)          Borrower
has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions other than Prohibited Activities or
Conditions that are the subject of an O&M Plan approved in writing by Lender;

 

(c)          Guarantor
has not at any time engaged in, caused or permitted any Prohibited Activities or Conditions with respect to the Mortgaged Property
or any adjacent property owned by Borrower, Guarantor, Key Principal or any Borrower Affiliate;

 

(d)          to
Borrower’s knowledge, no Prohibited Activities or Conditions exist or have existed;

 

(e)          the
Mortgaged Property does not now contain any above-ground or underground storage tanks, and, to Borrower’s knowledge, the
Mortgaged Property has not contained any above-ground or underground storage tanks in the past. If there is or was any storage
tank located on the Mortgaged Property which has been previously disclosed by Borrower to Lender in writing or in any Environmental
Inspection, that tank complies with, or has been removed in accordance with, all requirements of Environmental Laws;

 

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(f)          Borrower
has complied with all Environmental Laws, including all requirements for notification regarding the presence of or any releases
of Hazardous Materials. Without limiting the generality of the foregoing, Borrower has obtained all Environmental Permits required
for the operation of the Mortgaged Property in accordance with Environmental Laws now in effect, Borrower has disclosed all such
Environmental Permits to Lender, and all such Environmental Permits are in full force and effect;

 

(g)          to
Borrower’s knowledge, no event has occurred with respect to the Mortgaged Property that constitutes, or with the passing
of time or the giving of notice would constitute, noncompliance with the terms of any Environmental Permit;

 

(h)          there
are no actions, suits, claims, orders, proceedings pending or, to Borrower’s knowledge, threatened that involve the Mortgaged
Property and allege, arise out of or relate to any Prohibited Activity or Condition;

 

(i)          Borrower
has not received any written complaint, order, notice of violation or other communication from any Governmental Authority with
regard to air emissions, water discharges, noise emissions or Hazardous Materials, or any other environmental, health or safety
matters affecting the Mortgaged Property or any other property owned, leased or otherwise controlled by Borrower, Guarantor, Key
Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property and, other than as set forth in the 2016 Blackstone
Phase I ESA Report, Borrower is not responsible or liable for or in connection with the current, past or threatened presence or
release of any Hazardous Materials at, on, to or about the Mortgaged Property, including in connection with the Historic Impacts,
and the Historic Impacts have not and will not impede the intended residential and commercial use of the Mortgaged Property;

 

(j)          With
respect to the Mortgaged Property, Borrower has conducted “all appropriate inquiries” into the previous ownership and
uses of the Mortgaged Property and is a “bona fide prospective purchaser,” as those terms are defined in the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., as the foregoing may be amended,
restated, modified or supplemented from time to time, and is eligible for the prospective purchaser limitation to liability under
the Georgia Hazardous Site Reuse and Redevelopment Act, O.C.G.A. Section 12-8-200 et seq., as the foregoing may be amended,
restated, modified or supplemented from time to time.

 

4.          Environmental
Covenants.

 

(a)          Borrower
shall not engage in, cause or permit any Prohibited Activities or Conditions other than Prohibited Activities or Conditions that
are the subject of an O&M Plan approved in writing by Lender so long as Borrower remains in full compliance therewith.

 

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(b)          Borrower
shall take all commercially reasonable actions (including the inclusion of appropriate provisions in any Leases executed after
the date of this Agreement) to prevent its employees, agents and contractors, and all tenants and other occupants from causing
or permitting any Prohibited Activities or Conditions. Borrower shall not lease or allow the sublease or use of all or any portion
of the Mortgaged Property to any tenant or subtenant for nonresidential use by any user that, in the ordinary course of its business,
would cause or permit any Prohibited Activity or Condition.

 

(c)          Borrower
shall not permit Guarantor to engage in, cause or permit any Prohibited Activities or Conditions with respect to any property that
is adjacent to the Mortgaged Property that is owned, leased or otherwise controlled by Borrower, Guarantor, Key Principal or any
Borrower Affiliate.

 

(d)          Lender
shall have the right to require the establishment of, monitor and review an O&M Plan with respect to Hazardous Materials on
the Mortgaged Property or any other property owned, leased or otherwise controlled by Borrower, Guarantor, Key Principal or any
Borrower Affiliate that is adjacent to the Mortgaged Property. If an O&M Plan has been established, Borrower and its employees
shall comply in a timely manner with, and shall use all commercially reasonable efforts to cause all agents and contractors of
Borrower and any other persons present on the Mortgaged Property to comply with, the O&M Plan. All costs of performance of
Borrower’s obligations under any O&M Plan shall be paid by Borrower, and Lender’s reasonable out-of-pocket costs
incurred in connection with the monitoring and review of the O&M Plan and Borrower’s performance shall be paid by Borrower
within ten (10) days of demand by Lender. Any such out-of-pocket costs of Lender which Borrower fails to pay promptly shall
become an additional part of the Indebtedness as provided in the Security Instrument.

 

(e)          Borrower
shall comply with all Environmental Laws applicable to the Mortgaged Property, including (1) all requirements for notification
regarding the presence of or any releases of Hazardous Materials, and (2) all requirements governing the presence or removal of
any above-ground or underground storage tank located on the Mortgaged Property. Without limiting the generality of the previous
sentence, Borrower shall obtain and maintain all Environmental Permits required by Environmental Laws, shall comply with all conditions
of such Environmental Permits and all such Environmental Permits shall be kept in full force and effect.

 

(f)          Borrower
shall not utilize, contact or permit contact with any groundwater at, under or about, or any contaminated soils beneath, the Mortgaged
Property unless required by GEPD or another Governmental Authority for purposes of investigation, monitoring and/or Remedial Work,
in which case such investigation, monitoring and/or Remedial Work shall be conducted in a safe and proper manner and in compliance
with all Environmental Laws and Environmental Permits.

 

(g)          Borrower
shall, at its sole cost and expense, observe and fully comply with all deed restrictions, easements, institutional and/or engineering
controls and land use limitations applicable to the Mortgaged Property, whether existing now or in the future.

 

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(h)          Borrower
shall promptly and fully implement, at its sole cost and expense, (1) all recommendations of any environmental professional(s)
set forth in the 2016 Blackstone Phase I ESA Report, in any Environmental Inspection required under this Agreement and/or in any
Environmental Inspection prepared or issued after the date of this Agreement by an environmental professional retained by or on
behalf of Borrower, any Borrower Affiliate or Lender, and (2) all recommendations necessary to protect the environment or human
health or safety, or to ensure the Mortgaged Property is in compliance with all Environmental Laws and Environmental Permits, set
forth in any other Environmental Inspection related to the Mortgaged Property.

 

(i)          Borrower
shall, as soon as possible and in no case later than thirty (30) days from the Initial Effective Date, and at its sole cost and
expense, (1) identify and correct the source of the moisture identified in the 2016 Blackstone Phase I ESA Report in those portions
of the Mortgaged Property identified as Suite 300 and Suite 950 or in the surrounding areas, (2) engage a qualified environmental
professional or professionals to evaluate any actual or potential mold growth (or other moisture-related growth) in Suite 300,
Suite 950 and any other area, unit or portion of the Mortgaged Property, (3) cause such qualified environmental professional(s)
to promptly complete remediation of all such mold or other moisture-related growth in a safe, proper and effective manner, consistent
with recognized best practices for mold remediation, and (4) provide Lender written certification of the completion of all such
activities. The required time for completion of the activities and/or work described in clauses (i)(3) and (i)(4) of this paragraph
may, on Borrower’s reasonable request and subject to Lender’s approval (such approval by Lender not to be unreasonably
withheld), be extended to such reasonable time as agreed to in writing by Lender, provided (i) Borrower has diligently undertaken
and pursued execution of all activities and work required under or described in this paragraph, (ii) such request is made in writing
to Lender within twenty-five (25) days of the Initial Effective Date, and (iii) Borrower demonstrates in writing that it fulfilled
the requirement of clause (i)(2) of this paragraph within five (5) business days of the Initial Effective Date.

 

(j)          Borrower
shall provide GEPD and any other Governmental Authority with jurisdiction over the Mortgaged Property, and any of their consultants
or environmental professionals, as well as any responsible party associated with the Historic Impacts and any of their consultants
or environmental professionals, with reasonable access to the Mortgaged Property to conduct investigation, monitoring and/or Remedial
Work associated with the Historic Impacts, and shall comply with all requirements, directives, orders and recommendations of GEPD
and/or any other Governmental Authority with jurisdiction over the Mortgaged Property related to the current, past or threatened
presence or release of Hazardous Materials at, on, about or to the Mortgaged Property. Borrower shall keep Lender fully and timely
informed of such access and/or activities.

 

(k)          Borrower
shall, at its sole cost and expense, fully and timely comply with all requirements, directives, orders and recommendations of GEPD
associated with, arising out of, or otherwise related to the Historic Impacts.

 

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(l)          Borrower
shall take all steps necessary to maintain its eligibility (1) as a “bona fide prospective purchaser,” as such term
is defined in the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.,
as the foregoing may be amended, restated, modified or supplemented from time to time, and (2) for the prospective purchaser liability
protection provided under the Georgia Hazardous Site Reuse and Redevelopment Act, O.C.G.A. Section 12-8-200 et seq., as
the foregoing may be amended, restated, modified or supplemented from time to time. Without limiting the generality of the foregoing,
Borrower shall take reasonable steps to (i) stop any continuing release of Hazardous Materials on, from or to the Mortgaged Property,
(ii) prevent any threatened future release of Hazardous Materials on, from or to the Mortgaged Property, and (iii) prevent or limit
human, environmental and natural resource exposure to earlier Hazardous Materials releases on or to the Mortgaged Property.

 

(m)          Borrower
shall promptly notify Lender in writing upon the occurrence of any of the following events:

 

(1)         Borrower’s
discovery of any Prohibited Activity or Condition;

 

(2)         any
plans or requirements to pay any amount in connection with the Historic Impact or to conduct any Remedial Work;

 

(3)         Borrower’s
receipt of notice of any action, suit, claim, proceeding, order, notice of violation or other communication from any property management
agents, Governmental Authority or other Person with regard to present or future alleged Prohibited Activities or Conditions or
any other environmental, health or safety matters affecting the Mortgaged Property or any other property owned, leased or otherwise
controlled by Borrower, Guarantor, Key Principal or any Borrower Affiliate that is adjacent to the Mortgaged Property; and

 

(4)         any
representation or warranty in Section 3 of this Agreement was untrue as of the date of this Agreement, or Borrower’s
breach of any of its obligations under this Section 4.

 

Any such notice given by Borrower shall not
relieve Borrower of, or result in a waiver of, any obligation under this Agreement, the Note or any other Loan Document.

 

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5.          Inspections.

 

Lender shall have the right
to cause to be undertaken and thereafter obtain any Environmental Inspections in connection with any Foreclosure Event, or as a
condition of Lender’s consent to any Transfer, or required by Lender following a reasonable determination by Lender that
Prohibited Activities or Conditions may exist. Borrower shall pay within ten (10) days after written demand from Lender the
reasonable costs of any Environmental Inspections required by Lender in accordance with this Section 5. Any such costs incurred
by Lender (including the fees and out-of-pocket costs of attorneys and technical consultants whether incurred in connection with
any judicial or administrative process or otherwise) which Borrower fails to pay promptly after notice and request by Lender shall
become an additional part of the Indebtedness as provided in the Security Instrument. The results of all Environmental Inspections
made by Lender shall at all times remain the property of Lender and Lender shall have no obligation to disclose or otherwise make
available to Borrower or any other party such results or any other information obtained by Lender in connection with its Environmental
Inspections; provided, however, if Borrower reimbursed Lender for the cost of such Environmental Inspections, upon request by Borrower,
Lender shall provide a copy of such Environmental Inspections to Borrower. Lender hereby reserves the right, and Borrower hereby
expressly authorizes Lender, to make available to any party, including any prospective bidder at a foreclosure sale of the Mortgaged
Property, the results of any Environmental Inspections made by Lender or Borrower with respect to the Mortgaged Property. Borrower
consents to Lender notifying any party (either as part of a notice of sale or otherwise) of the results of any Environmental Inspections.
Borrower acknowledges that Lender cannot control or otherwise assure the truthfulness or accuracy of the results of any Environmental
Inspections and that the release of such results to prospective bidders at a foreclosure sale of the Mortgaged Property may have
a material and adverse effect upon the amount which a party may bid at such sale. Borrower agrees that Lender shall have no liability
whatsoever as a result of delivering the results of any Environmental Inspections to any third party, and Borrower hereby releases
and forever discharges Lender from any and all actions, suits, claims, proceedings, orders, damages or causes of action, arising
out of, connected with or incidental to conducting any such Environmental Inspections or providing the results of the same or delivering
the same to any person or entity.

 

6.          Remedial
Work.

 

If any Remedial Work is
contemplated, planned or undertaken at or about the Mortgaged Property or is (a) necessary to comply with or required by any Environmental
Law or order (that has not been stayed on appeal) of any Governmental Authority that has or acquires jurisdiction over the Mortgaged
Property or the use, operation or improvement of the Mortgaged Property under any Environmental Law or order, or (b) required by
Lender based on written recommendation from an environmental professional, certified industrial hygienist or person with similar
qualifications with respect to Significant Mold, or (c) is otherwise required by Lender as a consequence of any Prohibited Activity
or Condition or to prevent the occurrence of a Prohibited Activity or Condition, Borrower shall, at its sole cost and expense and
by the earlier of (1) thirty (30) days after notice from Lender demanding such action, or (2) the applicable deadline
required by Environmental Law or order, begin performing the Remedial Work, and thereafter diligently prosecute it to completion,
and shall in any event complete the work by the time required by applicable Environmental Law or order or relevant Governmental
Authority. If Borrower fails to begin on a timely basis or diligently prosecute any required Remedial Work, Lender may, at its
option, cause the Remedial Work to be completed, in which case Borrower shall reimburse Lender on demand for the cost of doing
so (including any related reasonable attorneys’ fees). Any reimbursement due from Borrower to Lender shall be due and payable
within ten (10) days of demand by Lender.

 

7.          Cooperation.

 

Borrower, at its sole cost
and expense, shall cooperate with any inquiry by any Governmental Authority and any determination of Lender that Prohibited Activities
or Conditions may exist (as provided in Section 5), and shall timely comply with any governmental or judicial order which arises
from any alleged Prohibited Activity or Condition.

 

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8.          Indemnification.

 

(a)          Except
(1) in connection with any Prohibited Activity or Condition caused directly by Lender or its agents or employees after it takes
possession as mortgagee-in-possession or otherwise, (2) as set forth in Section 8(g), or (3) to the extent that any such items
occur solely as a result of the gross negligence or willful misconduct of Lender or its affiliates, employees or representatives,
as determined by a court of competent jurisdiction pursuant to a final non-appealable court order, Borrower shall indemnify, hold
harmless and defend the Indemnitees for, from and against all actions, suits, claims, proceedings, orders, damages, penalties and
costs (whether initiated or sought by Governmental Authorities or private parties), including any reasonable fees and out-of-pocket
expenses of attorneys and expert witnesses, investigatory fees and remediation costs, whether incurred in connection with any judicial
or administrative process or otherwise, arising directly or indirectly from any of the following:

 

(A)         any
breach of any representation or warranty of Borrower in this Agreement;

 

(B)         any
failure by Borrower to perform any of its obligations under this Agreement;

 

(C)         the
Historic Impacts and/or any Remedial Work required of Borrower and/or others on, under, at, or about the Mortgaged Property (including
the subsurface, groundwater, or soils at, under or about, or the indoor or outdoor air of, the Mortgaged Property) or any impact
that the Historic Impacts have on the Mortgaged Property or any current or future use thereof;

 

(D)         any
actual or alleged exposure of any tenant or occupant of the Mortgaged Property to mold or other moisture-related growth at the
Mortgaged Property;

 

(E)         any
requirement of GEPD or any other Governmental Authority, including with respect to the subsurface, groundwater, surface water or
soils at, on, under or about, or the indoor or outdoor air of, the Mortgaged Property;

 

(F)         any
Remedial Work;

 

(G)         the
existence or alleged existence of any Prohibited Activity or Condition, including any loss, cost or damage arising out of the existence
of any underground storage tank on the Mortgaged Property, whether known or unknown to any Borrower;

 

(H)         the
presence or alleged presence of Hazardous Materials on or under (i) the Mortgaged Property or (ii) any other property if the Hazardous
Materials were derived from, or alleged to have derived from, the Mortgaged Property; and

 

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(I)         the
actual or alleged violation of any Environmental Law at the Mortgaged Property.

 

(b)          Borrower
shall be fully and personally liable for its obligations under this Agreement. To the extent permitted by law, Borrower’s
liability shall not be limited by the amount of the Indebtedness, the repayment of the Indebtedness or otherwise (including as
a result of any limitation on personal liability set forth in the Loan Agreement or any other Loan Document).

 

(c)          Counsel
selected by Borrower to defend Indemnitees shall be subject to the approval of those Indemnitees, which approval shall not be unreasonably
withheld, conditioned or delayed. However, any Indemnitee may elect to defend any action, suit, claim, proceeding, or order at
Borrower’s expense if such Indemnitee reasonably determines that there is a conflict between the interests of Borrower and
such Indemnitee, or if such Indemnitee reasonably determines that such election is necessary to protect Indemnitee’s security
under the Security Instrument. Notwithstanding the foregoing, Lender may employ at its own cost and expense its own legal counsel
and consultants to prosecute, defend or negotiate any action, suit, claim, proceeding, or order. Further, with the prior written
consent of Borrower (which shall not be unreasonably withheld, delayed or conditioned), Lender may settle or compromise any action,
suit, claim, proceeding, or order. Borrower shall reimburse Lender within fifteen (15) days of its receipt of written demand
from Lender for all reasonable costs and expenses incurred by Lender which are required to be reimbursed under the terms of this
provision, including all costs of settlements entered into in good faith, and the reasonable fees and out-of-pocket expenses of
attorneys and consultants.

 

(d)          Borrower
shall not, without the prior written consent of those Indemnitees who are named as parties to any action, suit, claim, proceeding,
or order, settle or compromise such action, suit, claim, proceeding, or order if the settlement may materially and adversely affect
any Indemnitee, as determined by Lender, or results in the entry of any judgment that does not include as an unconditional term
the delivery by the claimant or plaintiff to Lender of a written release of the applicable Indemnitees (such release satisfactory
in form and substance to Lender).

 

(e)          Borrower’s
obligation to indemnify the Indemnitees shall not be limited or impaired by any of the following, or by any failure of Borrower
or any guarantor to receive notice of or consideration for any of the following:

 

(1)         the
time for payment of the principal of or interest on the Indebtedness may be extended or the Indebtedness may be renewed in whole
or in part;

 

(2)         the
rate of interest on or period of amortization of the Mortgage Loan or the amount of the Monthly Debt Service Payments payable under
the Loan Documents may be modified;

 

(3)         the
time for Borrower’s performance of or compliance with any covenant or agreement contained in any Loan Document, whether presently
existing or hereinafter entered into, may be extended or such performance or compliance may be waived;

 

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(4)         the
maturity of the Indebtedness may be accelerated as provided in the Loan Documents;

 

(5)         any
or all payments due under the Loan Agreement or any other Loan Document may be reduced;

 

(6)         any
Loan Document may be modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of
the Mortgage Loan;

 

(7)         any
amounts under the Loan Agreement or any other Loan Document may be released;

 

(8)         any
security for the Indebtedness may be modified, exchanged, released, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Indebtedness;

 

(9)         the
payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security,
or both, of any other present or future creditor of Borrower;

 

(10)        any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine; and

 

(11)        any
other terms of the Loan Documents may be modified as required by Lender.

 

(f)          Borrower
shall, at its own cost and expense, do all of the following:

 

(1)         pay
or satisfy any judgment or decree that may be entered against any Indemnitee in any legal or administrative proceeding incident
to any matters against which Indemnitees are entitled to be indemnified under this Agreement;

 

(2)         reimburse
Indemnitees for any expenses paid or incurred in connection with any matters against which Indemnitees are entitled to be indemnified
under this Agreement; and

 

(3)         reimburse
Indemnitees for any and all expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, paid
or incurred in connection with the enforcement by Indemnitees of their rights under this Agreement, or in monitoring and participating
in any legal or administrative proceeding.

 

(g)          The
provisions of this Agreement shall be in addition to any and all other obligations and liabilities that Borrower may have under
applicable law or under other Loan Documents, and each Indemnitee shall be entitled to indemnification under this Agreement without
regard to whether Lender or that Indemnitee has exercised any rights against the Mortgaged Property or any other security, pursued
any rights against any guarantor, or pursued any other rights available under the Loan Documents or applicable law. The obligation
of Borrower to indemnify the Indemnitees under this Agreement shall not be applicable to any Prohibited Activities or Conditions
or any other environmental contamination that occurs after:

 

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	Form 6085
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(1)         the
date of any Foreclosure Event, or

 

(2)         if
Borrower has a right under applicable law to physical possession or control of the Mortgaged Property following the date of any
Foreclosure Event, the earlier of the date:

 

(A)         Lender
takes physical possession and control of the Mortgaged Property, or

 

(B)         Lender
has the legal right to take physical possession and control of the Mortgaged Property;

 

provided, however, that in any such
event, Borrower (i) must have relinquished physical possession and control of the Mortgaged Property as of such date, and (ii)
shall have the burden of providing evidence to Lender’s satisfaction that any Prohibited Activities or Conditions or any
other environmental contamination occurred after such date.

 

9.          Event
of Default.

 

Borrower understands that
a default of its obligations under this Agreement that is not cured after the expiration of all applicable notice and cure periods,
if any, shall be an Event of Default under the Loan Agreement (as provided in Article 14 thereof), and that in addition to any
remedies specified in this Agreement, Lender shall be entitled to exercise all of its rights and remedies under the Loan Agreement
and other Loan Documents, however, the obligations hereunder shall not be secured by the Security Instrument.

 

10.         Subrogation.

 

Borrower shall at its sole
cost and expense take any and all reasonable actions, including institution of legal action against third-parties, necessary or
appropriate to obtain reimbursement, payment or compensation from such persons responsible for any Prohibited Activities or Conditions
or for the presence of any Hazardous Materials at, in, on, under or near the Mortgaged Property or otherwise obligated by law to
bear the cost of any of the foregoing. Indemnitees shall be and hereby are subrogated to all of Borrower’s rights now or
hereafter in such actions, suits, claims, or proceedings arising out of or relating to any Prohibited Activity or Condition or
any Hazardous Materials.

 

11.         Termination
of Indemnification Obligations.

 

Except as provided in Section
11(a) and Section 11(b), upon full performance by Borrower of all of its obligations under the Loan Documents, including payment
in full by Borrower of all Indebtedness pursuant to the terms of the Loan Documents, either at the Maturity Date or by voluntary
prepayment, Borrower shall have no obligation to indemnify the Indemnitees from and after the date of the receipt by Lender of
payment in full of all Indebtedness under the Loan Documents (the “Repayment Date”). Notwithstanding the foregoing:

 

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(a)          If
the payment of all or any part of the Indebtedness by Borrower, any Guarantor or any other Person should for any reason subsequently
be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of
the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore, in whole or in part, any such
Voidable Transfer, or elects to do so upon the advice of its counsel, then this Agreement and the indemnification obligations of
Borrower under this Agreement shall automatically be revived, reinstated and restored, and shall exist as though such Voidable
Transfer had never been made and the Lien of the Security Instrument not been released.

 

(b)          The
indemnification obligations of Borrower under this Agreement shall survive past the Repayment Date with respect to any claims,
suits, orders, proceedings or actions existing as of the Repayment Date or which subsequently come into existence prior
to the date on which Lender repays or restores, in whole or in part, any such Voidable Transfer as set forth in Section 11(a).

 

(c)          The
obligation of Borrower to indemnify the Indemnitees under this Agreement, as limited by Section 8(g), shall survive the occurrence
of any Foreclosure Event, even if, as a result of the occurrence of such Foreclosure Event, the Indebtedness is paid or satisfied
in full.

 

12.         Entity
Representations.

 

Borrower represents and
warrants that:

 

(a)          Borrower
has the full corporate, trust, limited liability company or partnership power and authority, as applicable, to execute and deliver
this Agreement and to perform its obligations hereunder;

 

(b)          the
execution, delivery and performance of this Agreement by Borrower has been duly and validly authorized;

 

(c)          all
requisite corporate, trust, limited liability company or partnership action, as applicable has been taken by Borrower to make this
Agreement valid and binding upon Borrower, enforceable in accordance with its terms, except as such enforceability may be limited
by applicable Insolvency Laws or by the exercise of discretion by any court; and

 

(d)          this
Agreement constitutes a valid, legal and binding obligation of Borrower, enforceable against it in accordance with the terms hereof,
except as such enforceability may be limited by applicable Insolvency Laws or by the exercise of discretion by any court.

 

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13.         Waiver.

 

Borrower hereby waives
and relinquishes:

 

(a)          any
right or claim of right to cause a marshaling of Borrower’s assets or to cause any Indemnitee to proceed against any other
Person or any of the security for the Indebtedness before proceeding under this Agreement against Borrower;

 

(b)          all
rights and remedies accorded by applicable law to indemnitors or guarantors or sureties, except any rights of subrogation which
Borrower may have, provided that the indemnity provided for hereunder shall neither be contingent upon the existence of any such
rights of subrogation nor subject to any actions, suits, claims, proceedings, orders or defenses whatsoever which may be asserted
in connection with the enforcement or attempted enforcement of such subrogation rights including any actions, suits, claims, proceedings,
or orders that such subrogation rights were abrogated by any acts of any Indemnitee;

 

(c)          the
right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against
or by any Indemnitee;

 

(d)          notice
of acceptance hereof and of any action taken or omitted in reliance hereon;

 

(e)          presentment
for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or
demand under this Agreement;

 

(f)          all
homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose; and

 

(g)          any
limitation on the amount or type of damages, compensation or benefits payable by or for Borrower under workers’ compensation
acts, disability benefit acts or other employee benefit acts.

 

Notwithstanding anything to the contrary contained
herein, Borrower hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the
Indebtedness until the Indebtedness shall have been paid in full. No delay by any Indemnitee in exercising any right, power or
privilege under this Agreement shall operate as a waiver of any such power, privilege or right.

 

14.         Notices.

 

All notices, demands and
other communications under or concerning this Agreement shall be in writing and given in accordance with the provisions of Section 15.02
(Notice) of the Loan Agreement.

 

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	Form 6085
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15.         Rights
Cumulative.

 

The rights and remedies
provided herein are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Note, the Loan Agreement,
the Security Instrument or any other Loan Document or would otherwise have at law or in equity.

 

16.         Entire
Agreement.

 

This Agreement constitutes
the entire agreement of Borrower for the benefit of Lender and supersedes any prior agreements with respect to the subject matter
hereof.

 

17.         No
Modification Without Writing.

 

This Agreement may not
be terminated or modified in any way nor can any right of Lender or any obligation of Borrower be waived or modified, except by
a writing signed by Lender and Borrower.

 

18.         Severability.

 

Each provision of this
Agreement shall be interpreted so as to be effective and valid under applicable law, but if any provision of this Agreement shall
in any respect be ineffective or invalid under such law, such ineffectiveness or invalidity shall not affect the remainder of such
provision or the remaining provisions of this Agreement.

 

19.         Governing
Law.

 

This Agreement shall be
governed by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application
of choice of law principles that would result in the application of the laws of another jurisdiction.

 

20.         Jurisdiction.

 

Any controversy arising
under or in relation to this Agreement shall be litigated exclusively in the Property Jurisdiction without regard to conflict of
laws principles. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction shall have exclusive
jurisdiction over all controversies which shall arise under or in relation to this Agreement or any other Loan Document. Borrower
irrevocably consents to service, jurisdiction and venue of such courts for any such litigation and waives any other venue to which
it might be entitled by virtue of domicile, habitual residence or otherwise.

 

21.         Successors
and Assigns.

 

Subject to the terms of
the Loan Agreement, no Borrower may transfer or assign any of its rights or obligations under this Agreement without the prior
written consent of Lender. Subject to the foregoing, this Agreement shall be continuing, irrevocable and binding on each Borrower
and its successors and assigns and shall inure to the benefit of Lender and the other Indemnitees, and Lender’s successors
and assigns, including to any transferee pursuant to a Foreclosure Event.

 

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22.         Time
is of the Essence.

 

Borrower agrees that, with
respect to each and every obligation and covenant contained in this Agreement, time is of the essence.

 

23.         Joint
and Several (or Solidary) Liability.

 

If more than one Person
executes this Agreement as Borrower, the obligations of such Persons shall be joint and several (solidary instead for purposes
of Louisiana law).

 

24.         Construction.

 

(a)          The
captions and headings of the sections of this Agreement are for convenience only and shall be disregarded in construing this Agreement.

 

(b)          Any
reference in this Agreement to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this
Agreement or to a Section or Article of this Agreement.

 

(c)          Any
reference in this Agreement to a statute or regulation shall be construed as referring to that statute or regulation as amended
from time to time.

 

(d)          Any
reference in this Agreement to the “Mortgaged Property” shall be construed as referring to the Mortgaged Property in
its entirety or to any portion thereof, including any portion of the Mortgaged Property used for any residential, commercial or
other purpose.

 

(e)          Use
of the singular in this Agreement includes the plural and use of the plural includes the singular.

 

(f)          As
used in this Agreement, the term “including” means “including, but not limited to” or “including,
without limitation,” and is for example only, and not a limitation.

 

(g)          Whenever
Borrower’s knowledge is implicated in this Agreement or the phrase “to Borrower’s knowledge” is used in
this Agreement, Borrower’s knowledge or such phrase(s) shall be interpreted to mean to the best of Borrower’s knowledge
after reasonable and diligent inquiry and investigation.

 

(h)          Unless
otherwise provided in this Agreement, if Lender’s designation, determination, selection, estimate, action, approval or decision
is required, permitted or contemplated hereunder, such designation, determination, selection, estimate, action, approval or decision
shall be made or withheld in Lender’s sole and absolute discretion.

 

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(i)          All
references in this Agreement to a separate instrument or agreement shall include such instrument or agreement as the same may be
amended or supplemented from time to time pursuant to the applicable provisions thereof.

 

25.         WAIVER
OF TRIAL BY JURY.

 

TO THE MAXIMUM EXTENT PERMITTED
BY APPLICABLE LAW, EACH OF BORROWER AND LENDER (A) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE
ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL
BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS GIVEN BY BORROWER AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

[Remainder of Page Intentionally Blank]

 

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IN WITNESS WHEREOF, Borrower
has signed and delivered this Agreement under seal (where applicable) or has caused this Agreement to be signed and delivered under
seal (where applicable) by its duly authorized representative. Where applicable law so provides, Borrower intends that this Agreement
shall be deemed to be signed and delivered as a sealed instrument.

 

	 	BORROWER:
	 	 
	 	BR CARROLL TENSIDE, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Authorized Signatory

 

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Exhibit
A

TO

ENVIRONMENTAL INDEMNITY AGREEMENT

 

[Description of the Land]

 

ALL THAT TRACT OR PARCEL OF LAND lying and
being in Land Lot(s) 149 & 150 of the 17TH District, Fulton County, Georgia and being more particularly described as follows:

 

Beginning at a pk nail set at the southwest
end of the mitered intersection of the westerly right-of-way line of Northside Drive (90' R/W) and the northerly right-of-way line
of Tenth Street (60' R/W) said point being the POINT OF BEGINNING; thence along the northerly right-of-way line of Tenth Street
(60' R/W the following courses and distances: North 89 degrees 35 minutes 01 seconds West a distance of 27.90 feet to a point;
thence, North 89 degrees 34 minutes 09 seconds West a distance of 243.08 feet to a point; thence North 89 degrees 31 minutes 07
seconds West a distance of 149.89 feet to a pk nail set at the intersection of said right-of-way line and the easterly right-of-way
line of Watkins street (R/W Varies); thence along the easterly right-of-way line of Watkins Street (R/W Varies) North 02 degrees
59 minutes 27 seconds East a distance of 245.14 feet to a pk nail set at the intersection of said right-of-way line and the southerly
right-of-way line of Edgehill Avenue (40' R/W); thence along the southerly right-of-way line of Edgehill Avenue (40' R/W) South
84 degrees 28 minutes 25 seconds East a distance of 149.84 feet to a point; thence leaving said right-of-way line North 00 degrees
03 minutes 05 seconds West a distance of 40.33 feet to a point; thence North 00 degrees 05 minutes 47 seconds East, a distance
of 107.91 feet to a pk nail set; thence South 89 degrees 42 minutes 31 seconds East a distance of 39.73 feet to a pk nail set;
thence North 00 degrees 22 minutes 13 seconds East a distance of 100.06 feet to a pk nail set on the southerly right-of-way line
of Eleventh Street (40' R/W); thence along said right-of-way line the following courses and distances: North 89 degrees 56 minutes
42 seconds East a distance of 142.12 feet to a point; thence South 89 degrees 58 minutes 43 seconds East a distance of 105.45 feet
to a pk nail set of the intersection of said right-of-way line and the westerly right-of-way line of Northside Drive (90' R/W);
thence along the westerly right-of-way line of Northside Drive (90' R/W) the following courses and distances: South 00 degrees
19 minutes 26 seconds West a distance of 147.18 feet to a point; thence South 00 degrees 26 minutes 51 seconds West a distance
of 69.53 feet to a point; thence South 00 degrees 32 minutes 10 seconds West a distance of 242.59 feet to a pk nail set; thence
South 48 degrees 31 minutes 09 seconds West a distance of 34.07 feet to a pk nail set and the TRUE POINT OF BEGINNING.

 

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	Form 6085
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	Fannie Mae	01-16	© 2016 Fannie Mae

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