Document:

EX-10.8

 EXHIBIT 10.8 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT (this “Agreement” or
“Guaranty”) is made as of January 26, 2012, by STEADFAST INCOME REIT, INC., a Maryland corporation (the “Guarantor”) in favor of PNC BANK, NATIONAL ASSOCIATION, a national banking association (“Bank”), to secure
obligations of SIR WINDSOR ON THE RIVER, LLC, a Delaware limited liability company (“Borrower”) to Bank. 

Background 
 A. Iowa Finance Authority (“Issuer”) has issued its Variable Rate Demand Multifamily Housing Revenue Bonds (Windsor on the River, LLC Project) Series 2007A in the original aggregate principal
amount of $24,000,000 (the “Bonds”) under an Indenture of Trust dated as of May 1, 2007 between Issuer and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”) (with permitted amendments and
supplements, the “Indenture”) the proceeds of which were loaned to Borrower’s predecessor-in-interest, Windsor on the River, LLC, a Delaware limited liability company (“Original Borrower”) pursuant to a Loan Agreement dated
as of May 1, 2007 between Issuer and Original Borrower (the “Loan Agreement”) to finance the Project (as defined in the Loan Agreement) undertaken by Original Borrower. Borrower has assumed all of Original Borrower’s interests
under the Loan Agreement pursuant to that certain Assumption Agreement of even date herewith between Borrower, Original Borrower and Trustee. The aggregate outstanding principal amount of the Bonds on the date hereof is $23,500,000. 

B. In order to enhance the marketability of the Bonds and thereby achieve interest cost savings and other savings to Borrower, Borrower
has asked Bank to issue, pursuant to a Reimbursement and Credit Agreement of even date herewith between Borrower and Bank (the “Reimbursement Agreement”), its Irrevocable Letter of Credit (together with any substitute letter of credit
issued pursuant to the terms thereof, the “Letter of Credit”) to Trustee for the account of Borrower authorizing Trustee to make one or more draws on Bank up to an aggregate of $23,789,727. 

C. As a condition to entering into the Reimbursement Agreement and issuing the Letter of Credit, Bank has required the execution and
delivery of this Guaranty. Capitalized terms not otherwise defined herein shall have the meaning given them in the Reimbursement Agreement. 
 NOW, THEREFORE, in consideration of Bank’s agreement to issue the Letter of Credit, and intending to be legally bound, Guarantor hereby agrees as follows: 

1. Payment and Performance of the Obligations. In order to secure payment and performance by Borrower of its obligations under the
Reimbursement Agreement, Guarantor hereby irrevocably and unconditionally guarantees to Bank, and become surety to Bank for, the due and punctual payment and performance of the principal and any interest accruing thereon

  
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owed by Borrower to Bank under the Reimbursement Agreement (hereinafter referred to individually as “Obligation” and collectively as “Obligations”); plus all interest accrued
thereon pursuant to the Reimbursement Agreement, plus all reasonable costs and expenses, including without limitation reasonable counsel fees, which may be incurred by Bank in collection or enforcement of the Obligations under this Guaranty. If any
Obligation is not paid or performed by Borrower punctually when due, subject to any applicable notice and grace period, Guarantor will, upon Bank’s written demand, immediately pay or perform such Obligation or cause the same to be paid or
performed strictly in accordance with the terms thereof. Guarantor will pay to Bank, upon written demand, all reasonable costs and expenses, including without limitation reasonable counsel fees, which are incurred by Bank in the collection or
enforcement of Guarantor’s obligations under this Agreement. No reference hereinafter or in any other document to Obligations or to Borrower’s performance or to this Guaranty or to Guarantor shall change the nature or limits of this
Guaranty as defined in this Section 1. 
 2. Representations and Warranties of Guarantor. Guarantor represents and
warrants to Bank as of the date of this Agreement that: 
 (a) Guarantor is a corporation duly organized, validly existing and
in good standing under the laws of the State of Maryland, is duly qualified and in good standing to conduct business in those jurisdictions in which its ownership of property or the conduct of its business requires such qualification, and has the
requisite power and authority to make and perform this Guaranty; 
 (b) This Guaranty has been duly authorized, executed and
delivered by Guarantor and such execution and delivery and the performance by Guarantor of its obligations hereunder will not violate any applicable provision of law or any rule, regulation, order, writ, judgment, injunction, decree, determination
or award applicable to Guarantor nor conflict with or constitute a breach of or a default under the certificate of incorporation or by-laws of Guarantor or any instrument to which Guarantor is a party or by which Guarantor or Guarantor’s
property is bound, and this Guaranty is a valid and binding obligation of Guarantor enforceable in accordance with its terms; 

(c) There is no litigation, proceeding or investigation pending or, to the knowledge of Guarantor, threatened against Guarantor, or
against any of its properties or revenues, as to which there is a reasonable likelihood of an adverse determination and which if adversely determined, would have or constitute a Material Adverse Effect, and Guarantor is not in violation in any
material respect of any statute, rule, order or regulation of any governmental body applicable to Guarantor which individually or collectively could have or constitute a Material Adverse Effect, except for notices of violations received in the
ordinary course of business which Guarantor is diligently proceeding in good faith and in full compliance with all Requirements of Law to remove or correct; 
 (d) The consolidated and consolidating financial statements of Guarantor as of December 31, 2010 are complete and correct, were prepared in accordance with generally accepted accounting principles
consistently applied and fairly set forth the financial condition of Guarantor and its Subsidiaries as of the date thereof and the results of Guarantor’s operations for the period covered thereby; and there has occurred no material adverse
change in the financial condition of Guarantor as shown thereon since the date thereof, except such changes as have been heretofore disclosed to Bank in writing; and 

  
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 (e) Guarantor has filed all income tax returns and all other material tax returns required
to be filed by it and has paid all taxes due pursuant to such returns or pursuant to any assessments received by it. 
 3.
Affirmative Covenants. Guarantor covenants and agrees that so long as any Obligations are outstanding and unpaid, or not fully performed, and, except to the extent Bank shall otherwise consent in writing, Guarantor will: 

(a) Comply in all material respects with all Requirements of Law applicable to its business, operations or facilities the noncompliance
with which would have or constitute a Material Adverse Effect, except for any such laws, rules, regulations and orders which it is contesting in good faith by appropriate proceedings; 

(b) Notify Bank in writing immediately upon the occurrence of any Event of Default hereunder or any default or event of default under
any other agreement or instrument of debt of Guarantor or any litigation or proceeding which, if adversely determined, could have or constitute a Material Adverse Effect or any other event which has had or constitutes a Material Adverse Effect;

 (c) Furnish or cause to be furnished to Bank the financial statements and other information required by the Reimbursement
Agreement; 
 (d) Permit any of the officers or authorized employees or representatives of Bank to visit and inspect during
normal business hours any of its properties and to examine and make excerpts from its books and records, except to the extent Guarantor is precluded by any Requirement of Law from disclosing any such information, and to discuss its business affairs,
finances and accounts with any of its officers, all in such detail and at such times and as often as Bank may reasonably request, provided that Bank shall provide it with reasonable notice prior to any visit or inspection; 

(e) Furnish Bank with prompt and detailed notice of any event which has or may have or constitutes a Material Adverse Effect; and

 (f) (i) Maintain a Consolidated Net Worth of at least $100,000,000, as of the last day of each fiscal quarter of Guarantor,
starting with the fiscal quarter ending December 31, 2013. 
 (ii) Maintain Liquidity of not less than $5,000,000, as of
the last day of each fiscal quarter of Guarantor, starting with the fiscal quarter ending December 31, 2013. 
 (iii) Not
pay any distributions or dividends during any fiscal quarter in excess of Adjusted Funds From Operations, starting with the fiscal quarter ending December 31, 2013. 

  
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 Any failure to meet any of the requirements of clauses (i) through (iii) above shall not
constitute an Event of Default hereunder, provided that and as long as the Guarantor shall immediately establish and thereafter maintain with Bank a restricted deposit account for the purpose of accumulating and reserving amounts for the
payment of principal and interest in respect of the Bonds (the “Sinking Fund Account”). Beginning on the date the Guarantor fails to meet any of the requirements of clauses (i) through (iii) above (the “Sinking Fund Creation
Date”) and continuing until the Stated Expiration Date, Guarantor shall deposit, on or before the 15th day of each month, an amount in the Sinking Fund Account equal to $500,000 divided by the number of months remaining, as of the
Sinking Fund Creation Date (including the current month), until the Stated Expiration Date. 
 Guarantor hereby grants to Bank a security
interest in all rights of the Guarantor in and to the Sinking Fund Account established pursuant to the previous paragraph, and all sums deposited therein. Guarantor hereby acknowledges and agrees that Bank shall have sole dominion and control of the
Sinking Fund Account. Guarantor shall not close the Sinking Fund Account without obtaining the prior consent of Bank. Guarantor shall maintain the Sinking Fund Account and shall pay all fees and charges with respect thereto when due. All interest
earned on amounts deposited in the Sinking Fund Account shall be re-deposited therein and become part thereof. No funds in the Sinking Fund Account may be commingled with any other funds of Guarantor or of any other Person. Except to the extent
resulting solely from the gross negligence or willful misconduct of Bank, Bank shall not be liable for any loss of interest on or any penalty or charge assessed against the funds in, payable on, or credited to the Sinking Fund Account as a result of
the exercise by the Bank of any of its rights, remedies or obligations under this Agreement. All sums held in the Sinking Fund Account shall constitute additional security for the Obligations. At any time following the occurrence and during the
continuance of an Event of Default, Bank may apply any funds on deposit in the Sinking Fund Account to repay the Obligations. 

As used herein: 
 (A) “Adjusted Funds from Operations” means, as of the end of any fiscal quarter of Guarantor, Funds from Operations during such quarter less Capital Reserves; 

(B) “Capital Reserves” means the quotient obtained by multiplying Three Hundred Fifty and 00/100 Dollars
($350.00) by the sum of the number of units owned by Guarantor plus any entity directly or indirectly owned by Guarantor (“Guarantor Subsidiary Owned Units”) and dividing the resulting product by four (4) (i.e. ($350 x (units
owned by Guarantor plus Guarantor Subsidiary Owned Units))/4); 
 (C) “Consolidated Net Worth”
means, on any date, all amounts that would be included under stockholders’ equity on a consolidated balance sheet of Guarantor and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP; 

(D) “Funds From Operations” has the meaning promulgated by the National Association of Real Estate Investment
Trusts on the Date of Issuance; 

  
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 (E) “Liquidity” means, at any time, the aggregate amount of
Unrestricted Cash at such time; and 
 (F) “Unrestricted Cash” means unrestricted cash and cash
equivalents owned by the Guarantor and not controlled by or subject to any Lien in favor of any creditor. 
 (g) Concurrently
with the delivery of the financial statements referred to in Sections 6.08(a) and (c) of the Reimbursement Agreement, a certificate of the chief financial officer of the Guarantor in substantially the form of Exhibit A attached hereto
(each a “Compliance Certificate”) showing in detail the calculations demonstrating compliance with the financial covenant set forth in Section 3(g) above, and stating that, to the best of such officer’s knowledge, the Guarantor
during such period has kept, observed, performed and fulfilled each and every covenant and condition contained in this Agreement in all material respects. 
 4. Negative Covenants. Guarantor covenants and agrees that so long as any Obligations are outstanding and unpaid, or any Obligation is not fully performed, Guarantor will not: 

(a) Wind-up, liquidate or dissolve its affairs, or convey, sell, lease or otherwise dispose of (whether in one transaction or in a
series of transactions) all or substantially all of its properties or assets (whether now owned or hereafter acquired); 
 (b)
Sell or transfer or permit or suffer to be sold or transferred, voluntarily or by operation of law a material amount of its property, other than in the ordinary course of business for equivalent value contemporaneously given; or 

(c) Make or permit any material change in the nature of its business as carried on as of the date hereof. 

5. Events of Default; Remedies. (a) The occurrence of any of the following and its continuance after any applicable notice
and cure period herein provided shall be an “Event of Default”: (i) Guarantor’s failure to pay or perform any of its obligations hereunder when due which in the case of any payment obligation continues for ten (10) days
after written notice from Bank, or in the case of any other obligation which continues for thirty (30) days after the earlier of the effective date of written notice from Bank, or the date on which Guarantor otherwise acquires knowledge that
such failure has occurred, provided, however, that if Guarantor shall proceed to take any curative action that, if begun and prosecuted with due diligence, cannot be completed within such 30 day period, then such period shall be increased to such
extent as shall be reasonably necessary to enable Guarantor to complete such curative action through the exercise of due diligence; (ii) the material falsity, material inaccuracy or material breach by Guarantor of any written warranty,
representation or statement made or furnished to Bank by or on behalf of Guarantor; or (iii) the termination or attempted termination of this Guaranty except as provided for in Section 7. 

(b) Upon the occurrence of any Event of Default under this Guaranty, (i) Guarantor shall pay to Bank the amount of the Obligations
then and at any time thereafter due under the Reimbursement Agreement; and (ii) Bank in its discretion may exercise, or cause to be exercised, from time to time any other rights and remedies available to it under this Guaranty or at law, in
equity or otherwise. 

  
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 6. General Terms and Conditions. 

(a) All payments by Guarantor hereunder shall be made in Dollars of the United States of America. 

(b) Guarantor hereby waives (i) notice of acceptance of this Agreement and of any action by Bank in reliance thereon,
(ii) presentment, demand of payment, notice of dishonor or nonpayment, protest and notice of protest with respect to the Obligations, and giving any notice of default or other notice to, or making any demand on anyone (including without
limitation Borrower and Guarantor) liable in any manner for the payment of the Obligations, (iii) any right to require Bank to proceed initially against Borrower or any other collateral for the Obligations upon any default in the payment or
performance of the Obligations, and (iv) notice of any election by Bank to sell any of the property mortgaged, assigned or pledged as security for any of the Obligations at a public or private sale, provided that nothing contained in this
paragraph shall be deemed to be a waiver of any notice expressly required to be given to Borrower pursuant to the Reimbursement Agreement. 
 (c) Bank may at any time and from time to time without the consent of or notice to Guarantor and without increasing, impairing or releasing the obligations of Guarantor hereunder (i) exercise or
refrain from exercising any right or remedy against Borrower or others, including without limitation Guarantor, or against any of the collateral and (ii) modify, amend, extend, supplement or waive or consent to the breach of any provision of
the Reimbursement Agreement or any of the collateral, to which modifications, amendments, extensions, supplements, waivers and consents Guarantor hereby assents. Without limiting the foregoing, it is specifically understood that any modification,
limitation or discharge of Borrower’s liability under the Reimbursement Agreement or any of the collateral arising out of or by virtue of any bankruptcy, arrangement, reorganization or similar proceeding for relief of debtors under federal or
state law hereafter initiated by or against Borrower will not affect, modify, or discharge the liability of Guarantor in any manner and this Guaranty shall remain in full force and effect and shall be enforceable against Guarantor to the same extent
and with the same effect as if such proceedings had not been instituted. 
 (d) The guaranty and surety contained in paragraph
1 hereof is absolute and unconditional, primary, direct and immediate and shall be valid and binding upon Guarantor regardless of (i) any invalidity, irregularity, defect or unenforceability of or in the Reimbursement Agreement or any of the
collateral for the Obligations or any other obligation or agreement of Borrower or Guarantor, (ii) any action or inaction by Bank or other occurrence referred to in subsection 6(c) above, or (iii) any other circumstance which might
otherwise constitute a defense available to, or a discharge or release of, Borrower or Guarantor, by operation of law. 
 (e)
No failure or delay on the part of Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further
exercise thereof 

  
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or the exercise of any other right, power or privilege. The rights and remedies of Bank hereunder are cumulative and concurrent and not exclusive of any other rights or remedies Bank may have.

 (f) Guarantor hereby waives and releases all relief from any and all appraisement, stay or execution law of any state now in
force or hereafter enacted. 
 (g) No set-off, permissive counterclaim, reduction or diminution of an obligation, or any
defense of any kind or nature that Guarantor has or may have against Borrower or Bank except payment, satisfaction or defeasance of Borrower’s obligations that Guarantor is guaranteeing and acting as surety for under this Guaranty shall affect,
modify or impair Guarantor’s obligations hereunder. Any claim, if any, that Guarantor now or hereafter has against Borrower by way of subrogation under this Agreement or otherwise shall be fully subordinate in lien and payment to any claim that
Bank now or hereafter has against Borrower. 
 (h) Guarantor hereby subordinates any claim, remedy or other right they may now
or hereafter acquire against Borrower that arises from the existence or performance of the Obligations, including without limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification against Borrower or any
right to participate in any collateral for the Obligations, whether or not such claim, remedy or right arises in equity, under contract, statute, or common law, to any right, claim or cause of action the Bank may now or hereafter have against
Borrower with respect to the Obligations until the termination of this Agreement in accordance with Section 7 hereof. 

(i) Upon the occurrence and during the continuance of any Event of Default under this Guaranty, Bank is hereby authorized at any time
and from time to time to set off any or all of the property of Guarantor in Bank’s possession (including all deposits and other indebtedness owing by Bank to or for the credit or the account of Guarantor) at or subsequent to the occurrence of
the Event of Default against any and all of the obligations of Guarantor now or hereafter existing under this Agreement, irrespective of whether or not Bank shall have made any demand under this Agreement and although such obligations may be
contingent and unmatured. 
 (j) For the purpose of any suit, action or proceeding arising out of or relating to this
Agreement, Guarantor hereby irrevocably consents and submits to the jurisdiction and venue of any of the courts of the Commonwealth of Pennsylvania, and irrevocably agree to service of process by certified mail, return receipt requested, postage
prepaid, to its address set forth in Section 8(b) of this Agreement. Guarantor irrevocably waive any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such court and any
claim that such suit, action or proceeding brought in such a court has been brought in an inconvenient forum and agree that service of process in accordance with the foregoing sentence shall be deemed in every respect effective and valid personal
service of process upon Guarantor. The provisions of this paragraph shall not limit or otherwise affect the right of Bank to institute and conduct an action in any other appropriate manner, jurisdiction or court. 

(k) Bank and Guarantor hereby waive all right to a trial by jury in any litigation relating to this Agreement. 

  
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 7. Termination. This Agreement shall terminate and be of no further force or effect
upon Borrower’s or Guarantor’s payment in full of all of the Obligations and termination of Bank’s obligations under the Reimbursement Agreement and the Letter of Credit, provided that this Agreement shall continue to be effective or
be reinstated, (as the case may be) if at any time payment of any of the Obligations is refunded or must otherwise be returned by Bank or if Bank’s obligations under the Reimbursement Agreement or Letter of Credit are reinstated as a result of
any bankruptcy, arrangement, reorganization or similar proceeding for relief of debtors under state or federal law, all as though such payment had not been made. 
 8. Miscellaneous. 
 (a) This Agreement shall be binding upon Guarantor and
Guarantor’s successors and assigns and shall inure to the benefit of Bank and its successors and assigns. 
 (b) Any
notice, demand or request under this Agreement shall be in writing, and shall be delivered by personal service or shall be sent by postage prepaid, first class mail, return receipt requested or by reputable overnight courier (e.g., Federal Express)
addressed, if to Guarantor or Bank, at the address set forth below, or at such other address as the addressee may designate in writing: 
 If to Bank: 
 PNC Bank, National Association 

26901 Agoura Road, Suite 200 
 Calabasas Hills, CA 91301 
 Attention: Sandeep Patel 

Facsimile No.: (818) 880-3303 
 If to Guarantor: 
 Steadfast Income REIT, Inc. 

18100 Von Karman Ave., Suite 500 
 Irvine, CA 926122 
 Attention: Ana Marie del Rio, Esquire 

Facsimile No.: (949) 777-8316 
 Each notice, demand or request hereunder shall be deemed given on the date it is delivered, in the case of personal service, or two days after it is deposited with the United States Postal Service, in the
case of first class mail, or the day after deposit with an overnight courier. 
 (c) No amendment, modification or release from
or waiver of any provision hereof shall be effective unless in writing and signed by Bank and shall be effective only in the specific instance and for the specific purpose for which given. 

(d) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 

  
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 (e) This Agreement and the rights and obligations hereunder shall be construed in
accordance with and governed by the substantive laws of the Commonwealth of Pennsylvania. 
 (f) The paragraph headings used
herein are for convenience only and do not affect or modify the terms and conditions hereof. 
 (g) If any provision hereof is
found by a court of competent jurisdiction to be prohibited or unenforceable it shall be ineffective only to the extent of such prohibition or unenforceability, and such prohibition or unenforceability shall not invalidate the balance of such
provision to the extent it is not prohibited or unenforceable, nor invalidate the other provisions hereof, all of which shall be liberally construed in favor of Bank in order to effect the provisions hereof. 

(h) If the date (“Performance Date”) on which any action is to be taken, any obligation is to be performed, or any notice is
to be given under this Guaranty falls on any day other than a business day (i.e., any day which is not a Saturday, Sunday or legal holiday), such Performance Date shall be automatically extended to the next business day. 

  
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 IN WITNESS WHEREOF, Guarantor has executed this Agreement as of the day and year first above
written. 
  

			
	 STEADFAST INCOME REIT, INC.,
 a Maryland corporation

		
	By:	 	 /s/ Rodney F. Emery

		 	Name: Rodney F. Emery
		 	Title: CEO and President

 EXHIBIT A 
 COMPLIANCE CERTIFICATE 
 This Compliance Certificate is executed and delivered by
STEADFAST INCOME REIT, INC. (the “Guarantor”), in connection with the Guaranty Agreement (the “Guaranty”) dated as of January 26, 2012 between the Borrower and PNC Bank, National Association
(“PNC”). All capitalized terms used in this Compliance Certificate as defined terms shall have the meanings given them in the Guaranty. 
 The undersigned,                     , Chief Financial Officer of the Guarantor, hereby attests on
behalf of the Guarantor to PNC, with respect to the fiscal quarter ended                     ,         (the
“Fiscal Period”), as follows: 
 1. As of the date of this Compliance Certificate, and since the date of the
most recent Compliance Certificate submitted to PNC by the Guarantor, to the actual knowledge of the Guarantor, the Guarantor has kept, observed, performed and fulfilled in all material respects each and every covenant and condition contained in the
Guaranty Agreement. 
 2. Pursuant to and determined in accordance with the provisions of Section 3(f)(i) of the Guaranty,
the Guarantor maintained as of the end of the Fiscal Period a Consolidated Net Worth of at least $100,000,000. 
 3. Pursuant to
and determined in accordance with the provisions of Section 3(f)(ii) of the Guaranty, the Guarantor maintained as of the end of the Fiscal Liquidity of not less than $5,000,000. 

4. Pursuant to and determined in accordance with the provisions of Section 3(f)(iii) of the Guaranty, the Guarantor did not pay any
distributions or dividends during the Fiscal Period in excess of Adjusted Funds From Operations. 
 Computations demonstrating
the foregoing are attached hereto. 
  

			
	STEADFAST INCOME REIT, INC.
		
	By:	 	  

		 	Name:
		 	Title: Chief Financial OfficerEX-10.9

 EXHIBIT 10.9 
 HAZARDOUS MATERIALS INDEMNITY AGREEMENT 
 THIS HAZARDOUS MATERIALS INDEMNITY AGREEMENT
(Unsecured) (“Indemnity”) is given January 26, 2012 by SIR WINDSOR ON THE RIVER, LLC, a Delaware limited liability company (“Borrower”) and STEADFAST INCOME REIT, INC., a Maryland corporation (the
“Guarantor” and together with Borrower, “Indemnitors”) to PNC BANK, NATIONAL ASSOCIATION (“Lender”), on the basis of the following facts and understandings: 

 

	A.	Pursuant to the terms of a Reimbursement and Credit Agreement (“Reimbursement Agreement”) between Borrower and Lender, of even date herewith, Lender
has agreed to issue a letter of credit to The Bank of New York Trust Company, N.A., as trustee under the Indenture (as defined in the Reimbursement Agreement), on behalf of Borrower in the principal sum of $23,789,727.00 (Twenty-Three Million Seven
Hundred Eighty Nine Thousand Seven Hundred Twenty Seven and 00/100 Dollars) (the “Letter of Credit”) for the purposes specified in the Reimbursement Agreement. The Reimbursement Agreement provides that amounts owing to Lender under
the Reimbursement Agreement or otherwise shall be secured by, among other things, a mortgage (the “Mortgage”), executed by Borrower, as Mortgagor, to Lender, as Mortgagee. The Mortgage encumbers the real property and any and all
improvements thereon described on Exhibit A attached hereto and incorporated herein by this reference (“Property”). Capitalized terms not otherwise defined herein shall have the meanings given them in the Reimbursement
Agreement. 

  

	B.	Each Indemnitor has a direct financial interest in the Property and will benefit from Lender issuing the Letter of Credit on behalf of Borrower.

  

	C.	Lender is willing to issue the Letter of Credit only on the condition, among others, that Indemnitors defend, indemnify and hold harmless Lender from and against any
and all claims, loss, damage, cost, expense or liability arising out of the presence of Hazardous Materials (as defined below) on the Property, subject to the provisions of this Indemnity. 

 

	D.	Since the presence of Hazardous Materials on the Property may reduce the value of the Property to an extent that is unforeseeable and indeterminable and may, in fact,
cause the value of the Property to be substantially less than the claims against Lender or the liabilities associated with ownership of such Property, Lender also is willing to issue the Letter of Credit only on the condition that this Indemnity be
and remain an unsecured personal obligation of Indemnitors. 

 NOW, THEREFORE, in consideration of Lender contemporaneously
herewith issuing the Letter of Credit as requested by Borrower, and for other good, valuable and adequate consideration, receipt of which is hereby acknowledged, Indemnitors agree as follows: 

 

	1.	 INDEMNITY. EACH INDEMNITOR HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS LENDER, ANY AFFILIATE (AS DEFINED IN THE
REIMBURSEMENT AGREEMENT) OF LENDER, AND EACH OF THEIR 

	 	
RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS (INCLUDING, WITHOUT LIMITATION, ANY PARTICIPANTS IN THE CREDIT EXTENDED TO BORROWER) FROM AND AGAINST ANY AND ALL LOSSES,
DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH LENDER MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF: (A) THE USE,
GENERATION, MANUFACTURE, STORAGE, TREATMENT, RELEASE, THREATENED RELEASE, DISCHARGE, DISPOSAL, TRANSPORTATION OR PRESENCE OF ANY HAZARDOUS MATERIALS, WHICH ARE FOUND IN, ON, UNDER OR ABOUT THE PROPERTY; OR (B) THE BREACH OF ANY COVENANTS (OR
REPRESENTATION AND WARRANTY) OF ANY INDEMNITOR UNDER THIS INDEMNITY. SUCH INDEMNITY SHALL INCLUDE, WITHOUT LIMITATION: (i) THE COSTS, WHETHER FORESEEABLE OR UNFORESEEABLE, OF ANY REPAIR, CLEANUP OR DETOXIFICATION OF THE PROPERTY WHICH IS
REQUIRED BY ANY GOVERNMENTAL AUTHORITY (AS DEFINED IN THE REIMBURSEMENT AGREEMENT) OR IS OTHERWISE NECESSARY TO RENDER THE PROPERTY IN COMPLIANCE WITH ALL LAWS AND REGULATIONS PERTAINING TO HAZARDOUS MATERIALS; (ii) ALL OTHER DIRECT OR INDIRECT
CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ANY THIRD PARTY TORT CLAIMS OR GOVERNMENTAL CLAIMS, FINES OR PENALTIES AGAINST LENDER, ANY AFFILIATE OF LENDER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS OR
ASSIGNS); AND (iii) ALL COURT COSTS AND REASONABLE ATTORNEYS’ FEES AND EXPENSES PAID OR INCURRED BY LENDER, ANY AFFILIATE OF LENDER, OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS OR ASSIGNS. NOTWITHSTANDING
THE FOREGOING, THE INDEMNIFICATION OBLIGATIONS SET FORTH HEREIN SHALL NOT APPLY WITH RESPECT TO THE PRESENCE OF ANY HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE PROPERTY AS THE SOLE RESULT OF ANY ACT OR OMISSION BY LENDER, ANY AFFILIATE OF LENDER,
OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS OR ASSIGNS. 

  

	2.	HAZARDOUS MATERIALS, 

  

	 	2.1	Representations and Warranties. Each Indemnitor hereby specially represents and warrants to such Indemnitor’s actual knowledge as of the date of this
Indemnity, as follows: 

  

	 	(a)	 Hazardous Materials. Except as previously disclosed to Lender in (i) that certain Phase I Environmental Site Assessment, ASTM 1527-00, with
respect to the Property dated December 22, 2011 and prepared by EMG, Inc., and (ii) that certain report dated January 18, 2012 regarding Radon Resampling at: Windsor on the River prepared by EMG Inc. for EMG Project Number
99862.11R-003.173, the Property is not and has not been 

  
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a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any oil, flammable explosives, asbestos, urea
formaldehyde insulation, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous wastes,”
“hazardous materials,” “toxic substances,” “wastes,” “regulated substances,” “industrial solid wastes,” or “pollutants” under the Hazardous Materials Laws, as described below, and/or other
applicable environmental laws, ordinances and regulations (collectively, the “Hazardous Materials”). “Hazardous Materials” shall not include commercially reasonable amounts of such materials used in the ordinary course of
operation of the Property which are used and stored in accordance with all applicable environmental laws, ordinances and regulations. 

  

	 	(b)	Hazardous Materials Laws. The Property is in compliance with all laws, ordinances and regulations relating to Hazardous Materials (“Hazardous Materials
Laws”), including, without limitation: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource
Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization
Act of 1986, “CERCLA”), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29
U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the
Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 

 

	 	(c)	Hazardous Materials Claims. There are no claims or actions (“Hazardous Materials Claims”) pending or threatened against any Indemnitor or the
Property by any Governmental Authority or by any other person or entity relating to Hazardous Materials or pursuant to the Hazardous Materials Laws. 

  

	 	2.2	Hazardous Materials Covenants. Each Indemnitor agrees as follows: 

 

	 	(a)	No Hazardous Activities. Such Indemnitor shall not cause or permit the Property to be used as a site for the use, generation, manufacture, storage, treatment,
release, discharge, disposal, transportation or presence of any Hazardous Materials. 

  
 3 

	 	(b)	Compliance. Such Indemnitor shall comply and cause the Property to comply with all Hazardous Materials Laws. 

 

	 	(c)	Notices. Such Indemnitor shall immediately notify Lender in writing of: (1) the Indemnitor’s discovery of any Hazardous Materials on, under or about
the Property in violation of Hazardous Materials Laws; (2) any knowledge by such Indemnitor that the Property does not comply with any Hazardous Materials Laws; and (3) any Hazardous Materials Claims. 

 

	 	(d)	Remedial Action. In response to the presence of any Hazardous Materials on, under or about the Property, Indemnitors shall immediately take, at Indemnitors’
sole expense, all remedial action required by any Hazardous Materials Laws or any judgment, consent decree, settlement or compromise in respect to any Hazardous Materials Claims. 

 

	3.	TERM. The term of the Indemnity provided for herein will commence on the date hereof and continue until such time as no legal action can be successfully
brought against Lender due to applicable statutes of limitation. WITHOUT IN ANY WAY LIMITING THE ABOVE, IT IS EXPRESSLY UNDERSTOOD THAT INDEMNITOR’S DUTY TO INDEMNIFY LENDER SHALL SURVIVE: (a) ANY JUDICIAL OR NON-JUDICIAL FORECLOSURE UNDER
THE MORTGAGE, OR TRANSFER OF THE PROPERTY IN LIEU THEREOF; (b) THE RELEASE AND RECONVEYANCE OR CANCELLATION OF THE MORTGAGE; AND (c) THE SATISFACTION OF ALL OF BORROWER’S OBLIGATIONS UNDER THE CREDIT DOCUMENTS (AS DEFINED IN THE
REIMBURSEMENT AGREEMENT). 

  

	4.	INDEPENDENT AND UNSECURED OBLIGATIONS. Each Indemnitor acknowledges that, notwithstanding any other provision of this Indemnity or any of the Credit
Documents to the contrary (including, without limitation, any non-recourse provision under the Credit Documents) the obligations of Indemnitors under this Indemnity are unlimited obligations of Indemnitors. 

 

	5.	SETTLEMENTS; CLAIMS; JUDGMENTS. Indemnitors shall not, without the prior written consent of Lender: (a) settle or compromise any action, suit,
proceeding, or claim in which Lender is named as a party or consent to the entry of any judgment in such a matter that does not include as an unconditional term thereof the delivery by the claimant or plaintiff to Lender of a written release of
Lender (in form, scope and substance satisfactory to Lender in its sole discretion) from all liability in respect of such action, suit, or proceeding; or (b) settle or compromise any action, suit, proceeding, or claim in which Lender is named
as a party in any manner that may materially and adversely affect Lender as determined by Lender in its sole discretion. 

  

	6.	INTEREST. Indemnitors shall pay Lender, on demand, interest, at the Default Rate (as defined in the Reimbursement Agreement) on any costs or expenses
incurred by Lender in the enforcement of this Indemnity or on any sums Lender is obligated to pay in respect to the matters with respect to which this Indemnity is given, accruing from and after the date of Lender’s demand.

  
 4 

	7.	RIGHTS NOT EXCLUSIVE. The rights of Lender under this Indemnity shall be in addition to any other rights and remedies of Lender against any Indemnitor
under any other document or instrument now or hereafter executed by such Indemnitor, or at law or in equity (including, without limitation, any right of reimbursement or contribution pursuant to the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601 et seq., as heretofore or hereafter amended from time to time). 

  

	8.	RIGHTS OF LENDER. Each Indemnitor authorizes Lender, without giving notice to any Indemnitor or obtaining any Indemnitor’s consent and without
affecting the liability of Indemnitors, from time to time to: (a) renew or extend all or any portion of Borrower’s obligations under the Reimbursement Agreement or any of the other Credit Documents; (b) declare all sums owing to
Lender under the Reimbursement Agreement and the other Credit Documents due and payable upon the occurrence of a default under the Credit Documents; (c) make nonmaterial changes in the dates specified for payments of any item payable in
periodic installments under the Reimbursement Agreement or any of the other Credit Documents; (d) otherwise modify the terms of any of the Credit Documents; (e) take and hold security for the performance of Borrower’s obligations
under the Reimbursement Agreement or the other Credit Documents and exchange, enforce, waive and release any such security; (f) apply such security and direct the order or manner of sale thereof as Lender in its discretion may determine;
(g) release, substitute or add any one or more guarantors of Borrower’s obligations under the Reimbursement Agreement or the other Credit Documents; (h) apply payments received by Lender from Borrower to any obligations of Borrower to
Lender, in such order as Lender shall determine in its sole discretion, whether or not any such obligations are covered by this Indemnity; and (i) assign this Indemnity in whole or in part. 

 

	9.	 INDEMNITOR’S WAIVERS. Each Indemnitor waives: (a) any defense based upon any legal disability to enter into the Reimbursement
Agreement or other defense of Borrower, any other guarantor or other person, or by reason of the cessation or limitation of the liability of Borrower from any cause; (b) any defense based upon any lack of authority of the officers, directors,
partners, joint venturers, members or agents acting or purporting to act on behalf of Borrower or any principal of Borrower, or any defect in the formation of Borrower or any principal of Borrower; (c) any defense based upon the application of
the proceeds of the Bonds by Borrower for purposes other than the purposes represented by Borrower to Lender or intended or understood by Lender or Indemnitors; (d) any and all rights and defenses arising out of an election of remedies by
Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such Indemnitor’s rights of subrogation and reimbursement against the principal; (e) any
defense based upon Lender’s failure to disclose to such Indemnitor any information concerning Borrower’s financial condition or any other circumstances bearing on Borrower’s ability to perform its obligations under the Reimbursement
Agreement or any of the other Loan Documents; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a
principal; (g) any defense based upon Lender’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b) (2) of

  
 5 

	 	
the Federal Bankruptcy Code or any successor statute; (h) any defense based upon any borrowing or any grant of a security Interest under Section 364 of the Federal Bankruptcy Code;
(i) any right of subrogation, any right to enforce any remedy which Lender may have against Borrower and any right to participate in, or benefit from, any security for the obligations of the Borrower under the Reimbursement Agreement or the
other Credit Documents now or hereafter held by Lender (j) presentment, demand, protest and notice of any kind, (k) any right or claim of right to cause a marshalling of any of Borrower’s assets or the assets of any other party now or
hereafter held as security for Borrower’s obligations; and (l) the benefit of any statute of limitations affecting the liability of Indemnitor hereunder or the enforcement hereof. Each Indemnitor agrees that the payment of all sums payable
under the Reimbursement Agreement or any of the other Credit Documents or any part thereof or other act which toils any statute of limitations applicable to the Reimbursement Agreement or the other Credit Documents shall similarly operate to toll
the statute of limitations applicable to such Indemnitor’s liability hereunder. In addition, each Indemnitor understands that such Indemnitor’s duties, obligations and liabilities under this Indemnity are not limited in any way by any
information (whether obtained from Borrower, from an Indemnitor, or from Lender’s own investigations) which Lender may have concerning the Property and the presence of any Hazardous Materials on the Property. 

 

	10.	PARTICIPATIONS; DISCLOSURE OF INFORMATION. Each Indemnitor agrees that Lender may elect, at any time, to sell, assign or grant participations in all or
any portion of its rights and obligations under the Credit Documents and this Indemnity, and that any such sale, assignment or participation may be to one or more financial institutions, private investors, and/or other entities, at Lender’s
sole discretion. Each Indemnitor further agrees that Lender may disseminate to any such actual or potential purchaser(s), assignee(s) or participants) all documents and information (including, without limitation, all financial information) which has
been or is hereafter provided to or known to Lender with respect to: (a) the Property and its operation; (b) any party connected with the Reimbursement Agreement (including, without limitation, such Indemnitor, Borrower, any partner, joint
venturer or member of Borrower, any constituent partner, joint venturer or member of Borrower, any guarantor and any non-borrower mortgagor); and/or (c) any lending relationship other than the Letter of Credit which Lender may have with any
party connected with the Letter of Credit in the event of any such sale, assignment or participation, Lender and the parties to such transaction shall share in the rights and obligations of Lender as set forth in the Credit Documents only as and to
the extent they agree among themselves, in connection with any such sale, assignment or participation, such Indemnitor further agrees that this Indemnity shall be sufficient evidence of the obligations of such Indemnitor to each purchaser, assignee,
or participant, and upon written request by Lender, such Indemnitor shall consent to such amendments or modifications to the Credit Documents as may be reasonably required in order to evidence any such sale, assignment or participation.

 Anything in this Indemnity to the contrary notwithstanding, and without the need to comply with any of the
formal or procedural requirements of this Indemnity including this section, Lender may at any time and from time to time pledge and assign all or any portion of its rights under all or any of the Credit Documents to a Federal Reserve Bank; provided
that no such pledge or assignment shall release Lender from its obligations thereunder. 

  
 6 

	11.	ATTORNEYS’ FEES. If any attorney is engaged by Lender to enforce or defend any provision of this Indemnity, or as a consequence of any default under
the Indemnity, with or without the filing of any legal action or proceeding, Indemnitors shall immediately pay to Lender, upon receipt of written demand therefor, the amount of all reasonable attorneys’ fees and expenses and all costs incurred
by Lender in connection therewith, including all trial and appellate proceedings in any legal action, suit, bankruptcy or other proceeding, together with interest thereon accruing from the date that is ten (10) days after Indemnitor’s
receipt of such demand until paid at the Default Rate. 

  

	12.	ENFORCEABILITY. Each Indemnitor hereby acknowledges that: (a) the obligations undertaken by such Indemnitor in this Indemnity are complex in nature,
and (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter, and (c) as part of Lender’s consideration for entering into this transaction, Lender has specifically
bargained for the waiver and relinquishment by such Indemnitor of all such defenses, and (d) such Indemnitor has had the opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type
contemplated herein. Given all of the above, each Indemnitor does hereby represent and confirm to Lender that such Indemnitor is fully informed regarding, and that such Indemnitor does thoroughly understand: (i) the nature of all such possible
defenses, and (ii) the circumstances under which such defenses may arise, and (iii) the benefits which such defenses might confer upon such Indemnitor, and (iv) the legal consequences to such Indemnitor of waiving such defenses. Each
Indemnitor acknowledges that such Indemnitor makes this Indemnity with the intent that this Indemnity and all of the informed waivers herein shall each and all be fully enforceable by Lender, and that Lender is induced to enter into this transaction
in material reliance upon the presumed full enforceability thereof. 

  

	13.	ADDITIONAL OBLIGATIONS; AMENDMENTS. The obligations of Indemnitors hereunder shall be in addition to and shall not limit or in any way affect the
obligations of Indemnitors under any other existing or future guaranties or indemnities unless said other guaranties or indemnities are expressly modified or revoked in writing. No modification, waiver, amendment, discharge or change of this
Indemnity shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver or amendment, discharge or change is or may be sought. 

 

	14.	SUCCESSORS AND ASSIGNS. All terms of this Indemnity shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective legal representatives, successors and assigns. 

  

	15.	GOVERNING LAW. This Indemnity shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, except to the extent
preempted by federal laws. 

  
 7 

	16.	MISCELLANEOUS. Time is of the essence with respect to all provisions hereof. The liability of all persons and entities who are in any manner obligated
hereunder to Lender as an Indemnitor shall be joint and several. If any provision of this Indemnity shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed from this
Indemnity and the remaining parts shall remain in full force as though the invalid, illegal or unenforceable portion had never been part of this Indemnity. 

 

	17.	PERFORMANCE DATE. If the date (“Performance Date”) on which any action is to be taken, any obligation is to be performed, or any notice is to be
given under this Indemnity falls on any day other than a business day (i.e., any day which is not a Saturday, Sunday or legal holiday), such Performance Date shall be automatically extended to the next business day. 

 

	18.	WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS INDEMNITY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION (a) ARISING UNDER THE CREDIT DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO THE CREDIT DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS INDEMNITY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Indemnity has been executed as of the date first set forth above.

  

			
	 SIR WINDSOR ON THE RIVER, LLC, a
 Delaware limited liability company

		
	By:	 	Steadfast Income Advisor, LLC, a
		 	Delaware limited liability company
		
	By:	 	 /s/ Rodney F. Emery

		 	Name: Rodney F. Emery
		 	Title: CEO and President
	
	STEADFAST INCOME REIT, INC.
		
	By:	 	 /s/ Rodney F. Emery

		 	Name: Rodney F. Emery
		 	Title: CEO and President
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Sandeep K. Patel

		 	Name: Sandeep K. Patel
		 	Title: Vice President

 EXHIBIT A 
 Real property in the City of Cedar Rapids, County of Linn, State of Iowa, described as follows: 

Lot 1 of Windsor-on-the-River First Addition and Lot 2 and Lot 3 of Windsor-on-the-River Second Addition and Lot 4 of Windsor-on-the-River Third Addition
and Lot 5 of Windsor-on-the-River Fourth Addition, all in the North one-half of the Northeast Quarter of Section 18, Township 83 North, Range 7 West of the 5th Principal Meridian, Cedar Rapids, Linn County, Iowa. 

APN: 14-18-1-01-002-0-0000 and 14-18-1-03-001-0-0000 and 14-18-1-26-001-0-0000 and 14-18-1-26-002-0-0000 and 14-18-1-26-003-0-0000

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