Document:

Exhibit 10.2

 

Bluerock Residential Growth REIT,
Inc. 

and 

American Stock Transfer & Trust Company,
LLC, 

 

as

 

Warrant Agent 

 

 

 

Warrant Agreement 

Dated as of December 17, 2015

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	Certain Definitions	1
	 	 	 
	Section 2.	Appointment of Warrant Agent	2
	 	 	 
	Section 3.	Issuance and Form of Global Warrant Certificate	3
	 	 	 
	Section 4.	[RESERVED]	3
	 	 	 
	Section 5.	Transfer and Exchange of Warrants	3
	 	 	 
	Section 6.	Exercise of Warrants; Mechanics of Exercise	4
	 	 	 
	Section 7.  	Adjustment of Exercise Price	6
	 	 	 
	Section 8.	Certain Representations; Reservation and Availability of Shares of Common Stock or Cash	7
	 	 	 
	Section 9.	Fractional Shares of Common Stock.	8
	 	 	 
	Section 10.  	Warrant Holder Not Deemed a Stockholder	8
	 	 	 
	Section 11.  	The Warrant Agent	9
	 	 	 
	Section 12.  	Purchase or Consolidation or Change of Name of Warrant Agent	10
	 	 	 
	Section 13.  	Duties of Warrant Agent	11
	 	 	 
	Section 14.  	Change of Warrant Agent	12
	 	 	 
	Section 15	.  Issuance of New Global Warrant Certificates	13
	 	 	 
	Section 16.  	Notices	13
	 	 	 
	Section 17.  	Supplements and Amendments	14
	 	 	 
	Section 18.  	Successors	14
	 	 	 
	Section 19.  	Benefits of this Agreement	14
	 	 	 
	Section 20.  	Governing Law	14
	 	 	 
	Section 21.  	Counterparts	14
	 	 	 
	Section 22.  	Captions	14
	 	 	 
	Section 23.	Information	15
	 	 	 
	Section 24.  	Force Majeure	15
	 	 	 
	Exhibit A - Form
    of Global Warrant Certificate

 

     

     

    

 

WARRANT AGREEMENT

 

WARRANT AGREEMENT dated as of December 17,
2015 (this “Agreement”), between Bluerock Residential Growth REIT, Inc., a Maryland corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Warrant Agent”).

 

WITNESSETH

 

WHEREAS, the Company proposes to issue
up to 150,000 units (the “Units”) in connection with the Company’s public offering (the “Series
B Offering”), with each unit comprised of (i) one share of Series B Redeemable Preferred Stock (the “Series
B Preferred Stock”), and (ii) one warrant (each, a “Warrant,” and collectively, the “Warrants”)
to purchase 20 shares of Class A common stock of the Company, par value $0.01 (the “Common Stock”). The Units
will not be certificated. The shares of Series B Preferred Stock and the Warrants are immediately detachable and will be issued
separately;

 

WHEREAS, the Company desires that the
Warrant Agent act on behalf of the Company in connection with the issuance, transfer, exchange, exercise and replacement of the
Warrants, and this Agreement sets forth, among other things, the form and provisions of the Warrants and the terms and conditions
on which they may be issued, transferred, exchanged, exercised and replaced;

 

NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein set forth, the receipt and sufficiency of which hereby are acknowledged, the parties
hereto hereby agree this Agreement hereby is stated in its entirety to read as follows:

 

Section 1

Certain Definitions

 

For purposes of this Agreement, the following
terms have the meanings indicated:

 

“Affiliate” has the meaning
ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

“Business Day” means
any day other than a Saturday, Sunday or a day on which the New York Stock Exchange is authorized or obligated by law or executive
order to close.

 

“Close of Business” on
any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date
is not a Business Day, it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

“Exercise Price”, for
any particular Warrant, means the Initial Exercise Price, as adjusted from time to time pursuant to Section 7.

 

“Holder” means a holder
of beneficial interest in a Warrant.

 

     

     

    

 

“Initial Exercise Price”,
for any particular Warrant, means the greater of (i) $11.00 and (ii) 120% of the VWAP for the consecutive 20 Trading Days immediately
prior to the date of issuance of such Warrant.

 

“NYSE MKT” means the
NYSE MKT exchange.

 

“OP Units” means units
of limited partnership interest in Bluerock Residential Holdings, L.P., a Delaware limited partnership, which is a subsidiary of
the Company.

 

“Person” means an individual,
corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government
or political subdivision thereof or governmental agency or other entity.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Trading Day” means,
(i) if the Common Stock is listed or admitted to trading on the NYSE MKT, a day on which the NYSE MKT is open for the transaction
of business, (ii) if the Common Stock is not listed or admitted to trading on the NYSE MKT but is listed or admitted to trading
on another national securities exchange or automated quotation system, a day on which the principal national securities exchange
or automated quotation system, as the case may be, on which the Common Stock is listed or admitted to trading is open for the transaction
of business, or (iii) if the Common Stock is not listed or admitted to trading on any national securities exchange or automated
quotation system, any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized
or obligated by law or executive order to close.

 

“VWAP” means, for any
Trading Day, the volume-weighted average price, calculated by dividing the aggregate value of Common Stock traded on the NYSE MKT
or on another national securities exchange or automated quotation system during regular hours (price per share multiplied by number
of shares traded) by the total volume (number of shares) of Common Stock traded on the NYSE MKT for such Trading Day, or if such
volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day as determined by
the Board of Directors of the Company in a commercially reasonable manner, using a volume-weighted average price method.

 

“Warrant Shares” means
shares of Common Stock issuable upon exercise of Warrants. Initially, the number of shares of Common Stock with respect to which
a Warrant may be exercised is 20.

 

Section 2

Appointment of Warrant Agent

 

The Company hereby appoints the Warrant
Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts
such appointment. The Company may from time to time appoint such Co-Warrant Agents as it may, in its sole discretion, deems necessary
or desirable.

 

    	 	2	 

     

    

 

Section 3 

Issuance and Form of Global Warrant Certificate

 

(a) The Company shall execute and the Warrant
Agent shall countersign and deliver one or more global certificates (each, a “Global Warrant Certificate”),
evidencing the Warrants, and each such Global Warrant Certificate (i) shall be registered in the name of The Depository Trust Company
(the “Depository”) or of the nominee of the Depository, and (ii) shall be delivered by the Warrant Agent to
the Depository or pursuant to the Depository’s instructions or held by the Warrant Agent as custodian for the Depository.
Each Global Warrant Certificate shall evidence such number of Warrants as is set forth therein.

 

(b)    Each Global Warrant
Certificate shall be substantially in the form set forth in Exhibit A attached hereto. The Global Warrant Certificate
may bear such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules and regulations of the Depository, any law or with any rules made pursuant thereto or with any rules of
any securities exchange or as may, consistently herewith, be determined by the officers of the Company executing such Global Warrant
Certificate, as evidenced by their execution of the Global Warrant Certificate, which shall be reasonably acceptable to the Warrant
Agent.

 

(c)    The Company shall
supply the Warrant Agent with an opinion of counsel indicating that the Warrants and any shares of Common Stock issued upon exercise
thereof were registered under the Securities Act or issued pursuant to an exemption from the registration requirements of the Securities
Act and that the Warrants and any shares of Common Stock issued upon exercise thereof will be, when issued, validly issued, fully
paid and non-assessable.

 

Section 4

[RESERVED]

 

Section 5 

Transfer and Exchange of Warrants

 

(a)    The registration
of the transfer and exchange of Warrants or beneficial interests therein shall be effected through the Depository in accordance
with this Agreement and the procedures and requirements of the Depository. Such requirements shall include, inter alia,
a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities
Transfer Association. The Company may instruct the Warrant Agent from time to time that certain Warrants are subject to restrictions
on transfer, in which case the Warrant Agent shall not permit the transfer of such Warrants without the consent of the Company.
A Global Warrant Certificate may only be transferred as a whole, and not in part, and only by (i) the Depository to a nominee of
the Depository, (ii) a nominee of the Depository to the Depository or another nominee of the Depository, or (iii) the Depository
or any such nominee to a successor Depository or its nominee.

    	 	3	 

     

    

 

(b)    To permit registrations
of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign, by either manual or facsimile or
other electronic submission, each Global Warrant Certificate. No service charge shall be made for any registration of transfer
or exchange. Any transfer tax, assessments, or similar governmental charge payable in connection with any registration of transfer
or exchange shall be paid by the Holder. All Warrants issued upon any transfer or exchange pursuant to the terms of this Agreement
shall be valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrants surrendered upon
such transfer or exchange.

 

(c)    If any Global
Warrant Certificate shall be mutilated, lost, stolen or destroyed, the Company shall issue, and the Warrant Agent shall countersign
and deliver, in exchange and substitution for, and upon cancellation of the mutilated Global Warrant Certificate, or in lieu of
and substitution for the Global Warrant Certificate lost, stolen or destroyed, a new Global Warrant Certificate of like tenor and
representing an equivalent number of Warrants, but only upon receipt of evidence reasonably satisfactory to the Warrant Agent of
the loss, theft or destruction of such Global Warrant Certificate and an affidavit and the posting of an indemnity or bond satisfactory
to it. Applicants for such substitute Global Warrant Certificates shall also comply with such other reasonable regulations and
pay such other reasonable charges as the Warrant Agent may prescribe and as required by Section 8-405 of the Uniform Commercial
Code as in effect in the State of New York.

 

(d)Notwithstanding anything to the contrary
contained herein, no Person may Beneficially Own or Constructively Own more than 9.8% of the outstanding Warrants, or such other
percentage as determined by the Board of Directors in its sole and absolute discretion. Any Transfer of Warrants in violation of
the foregoing restriction will be subject to the provisions in Section 6.1.1(b) of the Company’s charter as though such
Transfer of Warrants were a Transfer of Shares that violated the Ownership Limits. For purposes of the foregoing restriction, Warrants
will be treated as though they are Shares for purposes of the definitions and other provisions in Article VI of the Company’s
charter, including for purposes of the definitions of Beneficial Ownership and Constructive Ownership therein. Defined terms used
in this Section 5(d) that are not otherwise defined in this Agreement shall have the meaning provided for in the Company’s
charter.

 

Section 6 

Exercise of Warrants; Mechanics of Exercise

 

(a)    Subject to the
terms and conditions set forth herein and set forth in each Global Warrant Certificate, each Warrant shall be exercisable for 20
shares of Common Stock at the Exercise Price (subject to any adjustment pursuant to Section 7) commencing one year
from the date of issuance thereof (the “Initial Exercise Date”). Such Warrant shall cease to be exercisable
and shall terminate and become void, and all rights thereunder and under this Agreement shall cease, at the Close of Business on
the third anniversary of the Initial Exercise Date (the “Expiration Date”).

 

    	 	4	 

     

    

 

(b)    A Holder may
exercise a Warrant in whole, but not in part, by delivering, not later than 5:00 p.m. New York time, on any Business Day to the
Warrant Agent at its office: (i) the exercise notice set forth in Exhibit A to the Global Warrant Certificate (the “Exercise
Notice”) and (ii) payment, for the account of the Company, of an amount equal to the product of (A) the Exercise Price
and (B) 20. Such payment shall be made in United States dollars by certified or official bank check payable to the order of the
Company or by wire transfer of funds to an account designated by the Company for such purpose. Any Holder shall effect compliance
with the requirements in clauses (i) and (ii) above through the relevant members of the Depository in accordance with the procedures
of the Depository. If the Exercise Notice or the Exercise Price is received by the Warrant Agent after the Close of Business, the
Warrant will be deemed to be received and exercised on the next Business Day. If the Warrant is received or deemed to be received
after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned
to the Holder as soon as practicable. In no event will interest accrue on funds deposited with the Warrant Agent in respect of
an exercise or attempted exercise of a Warrant.

 

(c)    Notwithstanding
any provision herein to the contrary, if on the date of any exercise of any Warrant a registration statement covering the Warrant
Shares is not effective and an exemption from registration is not available for the resale of such Warrant Shares, the Holder may
satisfy its obligation to pay the Exercise Price through a “cashless exercise,” in which event the Warrant Agent shall
issue to the Holder, subject to confirmation by the Company, the number of Warrant Shares as follows (the “Cashless Exercise
Ratio”):

 

X = Y [(A-B)/A]

where:

 

X = the number of shares of Common Stock
to be issued to the Holder

 

Y = the number of shares of Common Stock with respect
to which the Warrant is being exercised

 

A = the Fair Market Value of one share
of Common Stock

 

B = the Exercise Price

 

For the purpose of computation of the Cashless Exercise Ratio,
the “Fair Market Value” per share of Common Stock at any date shall be deemed to be the closing price of the Common
Stock on the Trading Day immediately preceding the date as of which the Fair Market Value is being determined.

 

(d)    No payment or
adjustment shall be made on account of any distributions or dividends on the Warrant Shares. The Company shall calculate and transmit
to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate, the Cashless Exercise Ratio.

 

(e)    If less than
all the Warrants evidenced by a Global Warrant Certificate surrendered are exercised, a new Global Warrant Certificate shall be
issued for the remaining number of Warrants evidenced by the Global Warrant Certificate so surrendered, and the Warrant Agent is
hereby authorized to countersign the new Global Warrant Certificate pursuant to the provisions of Section 3 and
this Section 6.

 

    	 	5	 

     

    

 

(f)    The Warrant Agent
shall not effect any exercise of any Warrant, and a Holder shall not have the right to exercise a Warrant to the extent that after
giving effect to such issuance, the Holder would Beneficially Own or Constructively Own outstanding shares of Common Stock in excess
of the Ownership Limits or Excepted Holder Limit. Defined terms used in this Section 6(f) that are not otherwise defined shall
have the meaning provided for in the Company’s charter. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 6 to correct this paragraph (or
any portion hereof) which may be defective or inconsistent with the intended Ownership Limits herein contained or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor Holder.

 

(g)    As soon as reasonably
practicable after the exercise of any Warrant, the Company shall issue, or otherwise deliver, in authorized denominations to or
upon the order of the Holder of such by same-day or next-day credit to the Depository for the account of such Holder or for the
account of a participant in the Depository the Warrant Shares to which such Holder is entitled, in each case registered in such
name and delivered to such account as directed in the Exercise Notice by such Holder or by the direct participant in the Depository
through which such Holder is acting.

 

(h)    The Company
acknowledges that the bank accounts maintained by Warrant Agent in connection with the services provided under this Agreement will
be in its name and that Warrant Agent may receive investment earnings in connection with the investment with Warrant Agent for
the benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any
deposits or Exercise Price.

 

Section 7

Adjustment of Exercise Price

 

The Exercise Price and the Warrant Shares
are subject to adjustment from time to time as set forth in this Section 7.

 

(a)    In case the Company
shall, while any Warrants remain outstanding and unexpired, (i) declare a dividend or make a distribution on its outstanding Common
Stock in Common Stock, (ii) subdivide or reclassify its outstanding Common Stock into a greater number of shares, (iii) combine
or reclassify its outstanding Common Stock into a smaller number of shares, or (iv) enter into any transaction whereby the outstanding
shares of Common Stock are at any time changed into or exchanged for a different number or kind of shares or other securities of
the Company or of another entity through reorganization, merger, consolidation, liquidation or recapitalization, then an appropriate
adjustment in the number of shares of Common Stock (or other securities for which such shares of Common Stock have previously been
exchanged or converted) purchasable under the Warrants shall be made and the Exercise Price in effect at the time of the record
date for such dividend or distribution or of the effective date of such subdivision, combination, reclassification, reorganization,
merger, consolidation, liquidation or recapitalization shall be proportionately adjusted so that the Holder of the warrant exercised
after such date shall be entitled to receive the aggregate number and kind of shares or other securities which, if the Warrant
had been exercised by such Holder immediately prior to such date, the Holder would have been entitled to receive upon such dividend,
distribution, subdivision, combination, reclassification, reorganization, merger, consolidation, liquidation or recapitalization.
For example, if the Company declares a two-for-one stock subdivision (split) and the Exercise Price hereof immediately prior to
such event was $20.00 and the number of shares of Common Stock issuable upon exercise of the Warrant was 20, the adjusted Exercise
Price immediately after such event would be $10.00 and the adjusted number of shares of Common Stock issuable upon exercise of
the Warrant would be 40. Any such adjustment shall be made successively whenever any event listed above shall occur.

 

    	 	6	 

     

    

 

(b)    No adjustment
in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least one percent (1%)
in the number of shares of Common Stock purchasable upon the exercise of each Warrant; provided, however,
that any adjustments which by reason of this Section 7(b) are not required to be made shall be carried forward
and taken into account in any subsequent adjustment(s). All calculations shall be made to the nearest one hundredth (1/100) of
a share.

 

(c)    When a specified
event requiring an adjustment occurs, the Company shall promptly prepare a certificate setting forth, as applicable: (i) the Exercise
Price of each Warrant, and (ii) the number of Warrant Shares covering each Warrant, each as adjusted, and a brief statement of
the facts accounting for such adjustment. The Company shall promptly file with the Warrant Agent and with each transfer agent for
the Common Stock a copy of such certificate and instruct the Warrant Agent to mail a brief summary thereof to each Holder.

 

Section 8

Certain Representations; Reservation
and 

Availability of Shares of Common Stock

 

(a)    This Agreement
has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof
by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance
with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication
thereof by the Warrant Agent pursuant hereto, constitute valid and legally binding obligations of the Company enforceable against
the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally
or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)    As of the date
hereof, the authorized capital stock of the Company consists of (i) 747,586,185 shares of common stock, of which (A) 19,202,112
shares of Common Stock are issued and outstanding, (B) 353,629 shares of Class B-3 common stock are issued and outstanding, (C)
3,000,000 shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (D) 475,000 shares of Common Stock
are authorized for issuance upon exercise of an award made under an equity incentive plan, and (ii) 250,000,000 shares of preferred
stock, $0.01 par value per share, of which 5,000,000 shares have been classified as shares of Series A Preferred Stock, of which
2,875,000 shares are issued and outstanding. As of the date hereof, there are no other outstanding obligations, warrants, options
or other rights to subscribe for or purchase from the Company any class of capital stock of the Company, other than the rights
of holders of OP Units to convert their OP Units into shares of Common Stock.

    	 	7	 

     

    

  

(c)    The Company covenants
and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its
authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common
Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.

 

(d)    The Company further
covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be
payable in respect of the original issuance or delivery of the Global Warrant Certificate or the Warrant Shares. The Company shall
not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the
transfer or delivery of a Global Warrant Certificate or the issuance of Warrant Shares in a name other than that of the Holder
until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder
at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental
charge is due.

 

Section 9

Fractional Shares of Common Stock

 

(a)    The Company shall
not issue fractions of Warrant Shares. Whenever any fraction of Warrant Shares would otherwise be required to be issued or distributed,
(i) a cash adjustment shall be paid in respect of such fraction in an amount equal to such fraction multiplied by the Exercise
Price, or (ii) the actual issuance or distribution made shall reflect a rounding of such fraction to the nearest whole share (up
or down), with half shares or less being rounded down and fractions in excess of half of a share being rounded up.

 

(b)    The Holder, by
the acceptance of the Warrant, expressly waives his right to receive any fractional Warrant Share.

 

Section 10

Holder Not Deemed a Stockholder

 

No Holder or record holder of a Global Warrant
Certificate shall be entitled to vote, receive dividends or distributions on, or be deemed for any purpose the holder of Common
Stock or any other securities of the Company which may at any time be issuable on the exercise of the Warrants represented thereby,
nor shall anything contained herein or in any Global Warrant Certificate be construed to confer upon the Holder or record holder
of a Global Warrant Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election
of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action, or to receive notice of meetings or other actions affecting stockholders, or to receive dividends or distributions or subscription
rights, or otherwise, until such Warrant(s) evidenced by such Global Warrant Certificate shall have been exercised in accordance
with the provisions hereof.

 

    	 	8	 

     

    

 

Section 11

The Warrant Agent

 

(a)    The Company agrees
to pay to the Warrant Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand
of the Warrant Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution
of this Agreement and the exercise and performance of its duties hereunder, as set forth in the Fee Schedule provided to the Company
and attached hereto as Schedule 1.

 

(b)    The Company covenants
and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable fees of its legal
counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out
of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent pursuant hereto; provided, that
such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses,
losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence, bad faith,
or willful misconduct.

 

(c)    Promptly after
the receipt by the Warrant Agent of notice of any demand or claim or the commencement of any action, suit, proceeding or investigation,
the Warrant Agent shall, if a claim in respect thereof is to be made against the Company, notify the Company thereof in writing.
The Company shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and, if it so elects
at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or of any other
legal action or proceeding. For the purposes of this Section 11, the term “expense or loss” means any amount
paid or payable to satisfy any claim, demand, action, suit or proceeding settled with the express written consent of the Warrant
Agent, and all reasonable costs and expenses, including, but not limited to, reasonable counsel fees and disbursements, paid or
incurred in investigating or defending against any such claim, demand, action, suit, proceeding or investigation.

 

(d)    The Warrant Agent
shall be responsible for and shall indemnify and hold the Company harmless from and against any and all losses, damages, costs,
charges, counsel fees, payments, expenses and liability arising out of or attributable to the Warrant Agent’s refusal or
failure to comply with the terms of this Agreement, or which arise out of Warrant Agent’s negligence or willful misconduct
or which arise out of the breach of any representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent
is not entitled to indemnification under this Agreement; provided, however, that Warrant Agent’s aggregate liability during
any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided
or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed,
the amounts paid under this Agreement by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses.

 

    	 	9	 

     

    

 

(e)    Promptly after
the receipt by the Company of notice of any demand or claim or the commencement of any action, suit, proceeding or investigation,
the Company shall, if a claim in respect thereof is to be made against the Warrant Agent, notify the Warrant Agent thereof in writing.
The Warrant Agent shall be entitled to participate at its own expense in the defense of any such claim or proceeding, and, if it
so elects at any time after receipt of such notice, it may assume the defense of any suit brought to enforce any such claim or
of any other legal action or proceeding. For the purposes of this Section 11, the term “expense or loss”
means any amount paid or payable to satisfy any claim, demand, action, suit or proceeding settled with the express written consent
of the Company, and all reasonable costs and expenses, including, but not limited to, reasonable counsel fees and disbursements,
paid or incurred in investigating or defending against any such claim, demand, action, suit, proceeding or investigation.

 

(f)    Neither party
to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions
of this Agreement or for any consequential, indirect, penal, special or incidental damages arising out of any act or failure to
act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

Section 12

Purchase or Consolidation or Change of
Name of Warrant Agent

 

(a)    Any corporation
into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation
succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant
Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 14.
In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the Global Warrant
Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of
the predecessor Warrant Agent and deliver such Global Warrant Certificates so countersigned; and in case at that time any of the
Global Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Global Warrant
Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such
cases such Global Warrant Certificates shall have the full force provided in the Global Warrant Certificates and in this Agreement.

 

(b)    If at any time
the name of the Warrant Agent shall be changed and at such time any of the Global Warrant Certificates shall have been countersigned
but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Global Warrant Certificates
so countersigned; and in case at that time any of the Global Warrant Certificates shall not have been countersigned, the Warrant
Agent may countersign such Global Warrant Certificates either in its prior name or in its changed name; and in all such cases such
Global Warrant Certificates shall have the full force provided in the Global Warrant Certificates and in this Agreement.

 

 

    	 	10	 

     

    

 

Section 13

Duties of Warrant Agent

 

The Warrant Agent undertakes the duties
and obligations imposed by this Agreement upon the following terms and conditions, by all of which the Company and the Holders,
by their acceptance thereof, shall be bound:

 

(a)    The Warrant Agent
may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall be full and complete
authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with
such opinion.

 

(b)    Whenever in the
performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be
proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate
signed by the Chairman, President or any Vice President of the Company and by the Treasurer or any Assistant Treasurer or the Secretary
of the Company and delivered to the Warrant Agent; and such certificate shall be full authentication to the Warrant Agent for any
action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate.

 

(c)    The Warrant Agent
shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct pursuant to Section 11.

 

(d)    The Warrant Agent
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Global
Warrant Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals
are and shall be deemed to have been made by the Company only.

 

(e)    The Warrant Agent
shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except
the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Global Warrant Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Global Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or
the making of any change in the number of Warrant Shares required under the provisions of Section 7 or responsible
for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment
or change (except with respect to the exercise of Warrants evidenced by a Global Warrant Certificate after actual notice of any
adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Global Warrant Certificate
or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

 

(f)    The Company agrees
that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing
by the Warrant Agent of the provisions of this Agreement.

 

    	 	11	 

     

    

 

(g)    The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chairman or the President
or any Vice President or the Secretary of the Company, and to apply to such officers for advice or instructions in connection with
its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken
by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without
gross negligence, bad faith or willful misconduct.

 

(h)    The Warrant Agent
and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities
of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or
lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing
herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

 

(i)    The Warrant Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided
reasonable care was exercised in the selection and continued employment thereof.

 

Section 14

Change of Warrant Agent

 

The Warrant Agent may resign and be discharged
from its duties under this Agreement upon 30 days’ notice in writing mailed to the Company and to each transfer agent of
the Common Stock by registered or certified mail, and to the Holders by first-class mail. The Company may remove the Warrant Agent
or any successor Warrant Agent upon 30 days’ notice in writing, mailed to the Warrant Agent or successor Warrant Agent, as
the case may be, and to each transfer agent of the Common Stock by registered or certified mail, and to the Depository by first-class
mail. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint
a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal
or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by
the Depository, then the Depository may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent.
Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to the Warrant Agent and to the Company
an instrument accepting such appointment hereunder and thereupon such new warrant agent without any further act or deed shall become
vested with all the rights, powers, duties and responsibilities of the Warrant Agent hereunder with like effect as if it had been
named as warrant agent; but if for any reason it becomes necessary or expedient to have the former warrant agent execute and deliver
any further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly
executed and delivered by the former warrant agent. Not later than the effective date of any such appointment, the Company shall
file notice thereof with the former Warrant Agent and each transfer agent for the Common Stock, and shall forthwith mail notice
thereof to the registered Holders at their addresses as they appear on the registry books. Failure to file or mail such notice,
or any defect therein, shall not affect the legality or validity of the appointment of the successor Warrant Agent.

    	 	12	 

     

    

 

Section 15 

Issuance of New Global Warrant Certificates

 

Notwithstanding any of the provisions of
this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Global Warrant Certificate(s) evidencing
the Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price
per share and the number or kind or class of shares of stock or other securities or property purchasable under Global Warrant Certificate(s)
made in accordance with the provisions of this Agreement.

 

Section 16

Notices

 

All notices, demands, approvals, consents
and other communications provided for or permitted hereunder (each a “Notice”) shall be in writing and shall
be sent by (a) registered or certified first-class mail (return receipt requested), (b) courier service, (c) personal
delivery, or (d) telecopier (provided that, in the case of this clause (d), such Notice also is sent concurrently by another means
specified above) as follows:

 

(a)    If to the
Company, to:

 

Bluerock Residential Growth REIT, Inc. 

c/o Bluerock Real Estate, L.L.C.

712 Fifth
Avenue, 9th Floor

New York,
NY 10019

 

(b)    If to the
Warrant Agent, to:

 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue

Brooklyn, NY 11219

 

Any notice required to be delivered by the
Company to the registered holder of any Global Warrant Certificate may be given by the Warrant Agent on behalf of the Company.

 

Each Notice shall be deemed to have been
duly given and effective upon actual receipt (or refusal of receipt). Any party may by Notice to the other parties given in accordance
with this Section 16 designate another address or person for receipt of Notices hereunder. If the address of a
party has changed, then such party promptly shall by Notice to the other parties given in accordance with this Section
16 designate a new address for receipt of Notices hereunder. For the avoidance of doubt, if a Notice given in accordance
with this Section 16 to a party is returned to the sender as being refused or undeliverable (or having a similar status),
then such Notice to such party shall be deemed to have been duly given and effective on the date that such Notice was originally
sent.

 

    	 	13	 

     

    

 

Section 17

Supplements and Amendments

 

The Company and the Warrant Agent may from
time to time supplement or amend this Agreement without the approval of any Holders in order to cure any ambiguity, to correct
or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make
any other provisions with regard to matters or questions arising hereunder which the Company and the Warrant Agent may deem necessary
or desirable and which shall not adversely affect the interests of the Holders.

 

Section 18

Successors

 

All covenants and provisions of this Agreement
by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and
assigns hereunder.

 

Section 19

Benefits of this Agreement

 

Nothing in this Agreement shall be construed
to give any Person other than the Company and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement;
but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders.

 

Section 20

Governing Law

 

This Agreement and each Global Warrant Certificate
issued hereunder shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect
to the conflicts of law principles thereof.

 

Section 21

Counterparts

 

This Agreement may be executed (including
by facsimile or other electronic transmission) with counterpart signature pages or in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

Section 22

Captions

 

The captions of the sections of this Agreement
have been inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

 

    	 	14	 

     

    

 

Section 23

Information

 

The Company agrees to promptly provide the
Holders the information it is required to provide to the holders of the Common Stock, which information may be provided via the
Securities and Exchange Commission's EDGAR filing system.

 

Section 24

Force Majeure

 

Notwithstanding anything to the contrary
contained herein, Warrant Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable
control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions
or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage
or retrieval systems, labor difficulties, war, or civil unrest.

 

[Remainder of Page Intentionally
Left Blank. Signature Page Follows.]

  

    	 	15	 

     

    

 

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

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.
	 	 	 
	 	By:	/s/ R. Ramin Kamfar 
	 	Name: 	R. Ramin Kamfar
	 	Title:	Chairman of the Board, Chief Executive Officer and President
	 	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By:	/s/ Michael
    A. Nespoli 
	 	Name:	 Michael
    A. Nespoli
	 	Its:	Executive Director

 

    	 	16	 

     

    

 

Exhibit A

 

Form of Global Warrant Certificate

 

     

     

    

  

FORM OF GLOBAL WARRANT CERTIFICATE

 

FORM OF FACE OF GLOBAL WARRANT CERTIFICATE

 

VOID AFTER 5:00 P.M., NEW YORK CITY TIME,
ON [              ], 20[    ]

 

THE SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE, EXCHANGE OR OTHER
TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS OF THE WARRANT AGREEMENT DATED AS OF[],
20[ ] (THE “WARRANT AGREEMENT”), BETWEEN THE ISSUER OF THIS CERTIFICATE AND THE WARRANT AGENT NAMED THEREIN.
BY ACCEPTING ANY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE, THE RECIPIENT OF SUCH SECURITIES SHALL BE DEEMED TO
AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THE WARRANT AGREEMENT.  A COPY OF THE WARRANT AGREEMENT MAY
BE OBTAINED UPON WRITTEN REQUEST TO THE CORPORATE SECRETARY OF THE ISSUER OF THIS CERTIFICATE.

 

	NO. [        ]	 	
        [          ]
        WARRANTS TO PURCHASE [      ]

        SHARES OF COMMON STOCK

 

BLUEROCK RESIDENTIAL GROWTH REIT, INC.

 

WARRANT TO PURCHASE COMMON STOCK, PAR
VALUE $0.01 PER SHARE

 

CUSIP # [          ]

 

DISTRIBUTION DATE:  [            ],
20[     ]

 

This Global Warrant Certificate (this
“Global Warrant Certificate”) certifies that Cede & Co., or its registered assigns, is the registered holder
of the number of warrants (each a “Warrant”) of BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland
corporation (the “Company”), set forth above to purchase the number of shares of Class A common stock, par value
$0.01 per share (“Common Stock”), of the Company set forth above (as adjusted from time to time in accordance
with the terms of the Warrant Agreement). This Global Warrant Certificate is exercisable beginning on [    ],
20[     ] (the “Initial Exercise Date”), which is one year from the date of issuance, and expires at 5:00
p.m., New York City time on [         ], 20[   ] (the “Expiration
Date”) and entitles the holder upon exercise at any time, and from time to time, in whole or in part, on or after the
Initial Exercise Date and prior to the Expiration Date to purchase from the Company up to the number of fully paid and nonassessable
shares of Common Stock set forth above at an exercise price equal to $[   ] per share of Common Stock (the
“Exercise Price”).  Each Warrant may be exercised in whole (and not in part) to purchase 20 shares
of Common Stock.  The Exercise Price and the number of shares of Common Stock purchasable upon exercise of a Warrant
are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL
WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS
THOUGH FULLY SET FORTH AT THIS PLACE.

 

This Global Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent.

 

All capitalized terms used herein and not defined herein shall
have the respective meanings assigned to them in the Warrant Agreement.

  

     

     

    

  

IN WITNESS WHEREOF, the Company has caused
this Global Warrant Certificate to be signed by its duly authorized officer as of the date set forth below.

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

	Acknowledged and Agreed to	 
	as of the date first written above:	 
	 	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

[Signature Page to Global Warrant Certificate]

 

     

     

    

 

FORM OF REVERSE SIDE OF GLOBAL WARRANT
CERTIFICATE

 

Each Warrant evidenced by this Global Warrant Certificate
is a part of a duly authorized issue of Warrants.  The Warrant Agreement is hereby incorporated by reference herein and
made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the registered holders of Global Warrant Certificates.

 

Upon due presentment for registration of transfer and surrender
of the Warrants at the office of the Warrant Agent designated for such purpose, a new Global Warrant Certificate or Global
Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee
in exchange for this Global Warrant Certificate, subject to the limitations set forth in the Warrant Agreement, without charge
except for any applicable tax or other charge.

 

Subject to Section 9 of the Warrant Agreement, the Company shall
not be required to issue fractional shares of Common Stock.

 

No Warrants may be sold, exchanged or otherwise transferred
in violation of the Securities Act of 1933, as amended, state securities laws or other applicable law. The Warrants do not entitle
the registered holder hereof or the Holders to any of the rights of a stockholder of the Company.

 

The Company and Warrant Agent may deem and treat the registered
holder hereof as the absolute owner of this Global Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone other than the Company or the Warrant Agent) for the purpose of any exercise hereof and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

This Global Warrant Certificate is held by The Depository
Trust Company (the “Depository”) or its nominee in custody for the benefit of the beneficial owners hereof,
and is not transferable to any Person under any circumstances except that (i) this Global Warrant Certificate may be transferred
pursuant to Section 5 of the Warrant Agreement, and (ii) this Global Warrant Certificate may be delivered to the Warrant Agent
for cancellation pursuant to Section 6(d) of the Warrant Agreement.

 

Unless this Global Warrant Certificate is presented by
an authorized representative of the Depository to the Company or the Warrant Agent for registration of transfer, exchange or payment
and any certificate issued is registered in the name of Cede & Co., or such other entity as is requested by an authorized representative
of the Depository (and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized representative
of the Depository), any transfer, pledge or other use hereof for value or otherwise by or to any Person is wrongful because the
registered owner hereof, Cede & Co., has an interest herein.

 

No registration or transfer of the securities issuable pursuant
to the Warrants will be recorded on the books and records of the Company or the Warrant Agent until the provisions set forth in
the Warrant Agreement have been complied with.

  

In the event of any conflict or inconsistency between this Global
Warrant Certificate and the Warrant Agreement, the Warrant Agreement shall control.

  

     

     

    

  

EXHIBIT A 

TO GLOBAL WARRANT CERTIFICATE

 

EXERCISE NOTICE FORM FOR HOLDERS

HOLDING WARRANTS THROUGH THE DEPOSITORY
TRUST COMPANY

 

TO BE COMPLETED BY DIRECT PARTICIPANT

IN THE DEPOSITORY TRUST COMPANY

 

To be executed upon exercise of the Warrant(s)

 

The undersigned hereby irrevocably elects to exercise the right,
represented by Global Warrant Certificate No. ___ held for its benefit through the book-entry facilities of The Depository
Trust Company (the “Depository”), to purchase shares of Class A Common Stock (“Common Stock”)
of Bluerock Residential Growth REIT, Inc. and (check one or both):

 

	o	herewith tenders in payment for such shares an amount of $            by certified or official bank check made payable to the order of Bluerock Residential Growth REIT, Inc. or by wire transfer in immediately available funds to an account arranged with Bluerock Residential Growth REIT, Inc.; and/or

 

	o	herewith tenders Warrant(s) for shares of Common Stock pursuant to the cashless exercise provision of Section 6(c) of the Warrant Agreement.

 

The undersigned requests that the shares of Common Stock issuable
upon exercise of the Warrant(s) be in registered form in the authorized denominations, registered in such names and delivered,
all as specified in accordance with the instructions set forth below; provided, however, that if the shares
of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository
or its nominee.

 

Dated: _________, 20___

 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT,
PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU OF (A) THE WARRANT AGENT’S
ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANT(S) ON THE EXERCISE DATE, AND (B) THE ADDRESS, PHONE NUMBER AND
FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.

 

ALL CAPITALIZED TERMS USED HEREIN BUT NOT DEFINED HEREIN SHALL
HAVE THE MEANINGS ASSIGNED TO THEM IN THE WARRANT AGREEMENT.

 

     

     

    

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

  

	Account Name	 	 	 
	 	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Contact Name:	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

Social Security Number or Other Taxpayer Identification Number
(if applicable): ___________________

Account from which Warrant(s) are Being Delivered: ___________________

Depository Account Number: ___________________

 

FILL IN IF YOUR PRIME BROKER IS PICKING UP COMMON STOCK ON
YOUR BEHALF:

 

	Exact Name that your shares of Common Stock are to be registered in:	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	
        Name of DTC

        Participant:
	 	 	 
	 	 	 	 
	
        DTC Participant

        Number:
	 	 	 
	 	 	 	 
	Name of Account at DTC Participant being credited with the Common Stock:	 	 	 

 

WARRANT HOLDER DELIVERING WARRANT(S), IF OTHER THAN THE DIRECT
PARTICIPANT:

 

	Name:	 	 	 
	 	 	 	 
	
        Contact Name:
	 	 	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

     

     

    

  

Account from which the shares of Common Stock are to be Credited:
___________________

Depository Account Number: ___________________

 

FILL IN FOR DELIVERY OF THE SHARES OF COMMON STOCK, IF OTHER
THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

 

	Name:	 	 	 
	 	 	 	 
	 	 	(Please Print)	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Contact Name:	 	 	 
	 	 	 	 
	Telephone:	 	 	 
	 	 	 	 
	Fax:	 	 	 

 

Social Security Number or Other Taxpayer Identification Number
(if applicable):

 

 

	Signature:	 	 	 
	 	 	 	 
	Name:	 	 	 

 

	Capacity in which Signing:	 	 	 	 
	 	 	 	 	 
	Signature Guaranteed By:	 	 	 	 

 

     

     

    

 

Schedule 1 

 

Warrant Agent Proposal For 

Bluerock Residential Growth REIT, Inc.Exhibit 10.3

 

SUBSCRIPTION ESCROW AGREEMENT

 

THIS SUBSCRIPTION ESCROW AGREEMENT dated
as of December 17, 2015 (this “Agreement”), is entered into among Bluerock Capital Markets, LLC (the “Dealer
Manager”), Bluerock Residential Growth REIT, Inc. (the “Company”) and UMB Bank, National Association,
a national banking association, as escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company intends to raise
cash funds from Investors (as defined below) pursuant to a public offering (the “Offering”) of not more than
150,000 units consisting of (i) 150,000 shares of Series B Redeemable Preferred Stock, and (ii) warrants to purchase up to 3,000,000
shares of Class A common stock, par value $0.01 per share, of the Company (collectively, the “Securities”),
pursuant to the registration statement on Form S-3 of the Company (No. 333- 200359)
(as amended, the “Offering Document”) a copy of which is attached as Exhibit A hereto.

 

WHEREAS, the Escrow Agent is willing
to accept appointment as escrow agent only for the express duties set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto, intending to be legally bound,
hereby agree as follows:

 

1.          Proceeds
to be Escrowed.  On or before the date the Offering Document is declared effective by the Securities and Exchange Commission
(the “SEC”), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance
with Section 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF UNITS OF BLUEROCK RESIDENTIAL GROWTH
REIT INC” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”).
All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment
for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one business day following
the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent,
be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its
agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the
Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account.

 

The Escrow Agent shall have no duty to make
any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited
in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow
Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the
Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce
collection of any check delivered to it hereunder. 

 

2.          Investors.
 Investors will be instructed by the Dealer Manager or any soliciting dealers retained by the Dealer Manager (the “Soliciting
Dealers”) to remit the purchase price in the form of checks (hereinafter “instruments of payment”) payable
to the order of, or funds wired in favor of, “UMB BANK, NATIONAL ASSOCIATION, ESCROW AGENT FOR BLUEROCK RESIDENTIAL GROWTH
REIT, INC.” Any checks made payable to a party other than the Escrow Agent shall be returned to the Dealer Manager or Soliciting
Dealer that submitted the check. By 12:00 p.m. (EST) the next business day after receipt of instruments of payment from the Offering,
the Company or the Dealer Manager shall furnish the Escrow Agent with a list of the Investors who have paid for the Securities
showing the name, address, tax identification number, the amount of Securities subscribed for purchase and the amount paid. The
information comprising the identity of Investors shall be provided to the Escrow Agent in substantially the format set forth in
the “List of Investors” attached hereto as Exhibit B.

 

     

     

    

  

When a Soliciting Dealer’s internal
supervisory procedures are conducted at the site at which the subscription agreement and check were initially received by Soliciting
Dealer from the subscriber, such Soliciting Dealer shall transmit the subscription agreement and check for the purchase of Securities
to the Escrow Agent by the end of the next business day following receipt of the check and subscription agreement for the purchase
of Securities. When, pursuant to such Soliciting Dealer’s internal supervisory procedures, such Soliciting Dealer’s
final internal supervisory procedures are conducted at a different location (the “Final Review Office”), such
Soliciting Dealer shall transmit the check and subscription agreement to the Final Review Office by the end of the next business
day following Soliciting Dealer’s receipt of the subscription agreement and check for the purchase of Securities. The Final
Review Office will, by the end of the next business day following its receipt of the subscription agreement and check for the purchase
of Securities, forward both the subscription agreement and check to the Escrow Agent. If any subscription agreement for the purchase
of Securities solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the subscription agreement
and check for the purchase of Securities will be returned to the rejected subscriber within ten business days from the date of
rejection.

 

All Investor Funds deposited in the Escrow
Account shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments or creditors’ claims
against the Company, until and unless released to the Company as hereinafter provided. The Company understands and agrees that
the Company shall not be entitled to any Investor Funds on deposit in the Escrow Account and no such funds shall become the property
of the Company, or any other entity except as released to the Company pursuant to Section 3. The Escrow Agent will not use
the information provided to it by the Company for any purpose other than to fulfill its obligations as Escrow Agent hereunder.
The Company and the Escrow Agent will treat all Investor information as confidential. The Escrow Agent shall not be required to
accept any Investor Funds which are not accompanied by the information on the List of Investors.

 

3.          Disbursement
of Funds. Once the Offering has closed, the Company shall notify the Escrow Agent of the same in writing. Further, if the Minimum
Amount has not been sold on or prior to the Termination Date, the Company shall notify the Escrow Agent in writing of such. Additionally,
at the end of the third business day following the Termination Date (as defined in Section 4), the Escrow Agent shall notify
the Company of the amount of the Investor Funds received. The Escrow Agent agrees that funds in the Escrow Account shall not be
released to the Company until and unless the Escrow Agent receives written instructions to release the funds from the Company’s
Chief Executive Officer, President or Chief Accounting Officer.

 

If the Company notifies the Escrow Agent
in writing that the Minimum Amount has not been sold prior to the Termination Date, the Escrow Agent shall, promptly following
the Termination Date, but in no event more than 30 days after the Termination Date, refund to each Investor by check, funds deposited
in the Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been processed
for collection prior to such time, directly to each Investor at the address provided on the List of Investors. Included in the
remittance shall be a proportionate share of the income earned in the account allocable to each Investor’s investment in
accordance with the terms and conditions specified herein, except that in the case of Investors who have not provided an executed
Form W-9 or substitute Form W-9 (or the applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold
the applicable percentage of the earnings attributable to those Investors in accordance with Internal Revenue Service (“IRS”)
regulations. Notwithstanding the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented
by such payments have been collected by the Escrow Agent.

 

    	 	2	 

     

    

  

If the Escrow Agent receives written notice
from the Company that the Company intends to reject an Investor’s subscription, the Escrow Agent shall pay to the applicable
Investor, within a reasonable time not to exceed ten business days after receiving notice of the rejection, by first class United
States Mail at the address provided on the List of Investors, or at such other address as shall be furnished to the Escrow Agent
by the Investor in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent, together with
the interest earned on such Investor Funds (determined in accordance with the terms and conditions specified herein).

 

4.          Term
of Escrow. The “Termination Date” shall be the earliest of: (a) the close of business on December 19, 2017
as such date may be extended until June 17, 2018 upon written notice to the Escrow Agent by the Company; (b) the date that all
funds held in the Escrow Account are distributed to the Company or to Investors pursuant to Section 3 and the Company has
informed the Escrow Agent in writing to close the Escrow Account; (c) the date all the Securities are sold; (d) the date the Escrow
Agent receives written notice from the Company that it is abandoning the sale of the Securities; and (e) the date the Escrow Agent
receives notice from the Securities and Exchange Commission or any other federal or state regulatory authority that a stop or similar
order has been issued with respect to the Offering Document and has remained in effect for at least 20 days. After the Termination
Date the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments
by prospective Investors.

 

5.          Duty
and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and hold them subject
to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company or any Dealer
Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in tendering the
Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be considered as
adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may be referred to
herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically but without limitation
the Offering Document or any other document related to the Offering (including the subscription agreement and exhibits thereto),
and the Escrow Agent’s rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not
be responsible for or be required to enforce any of the terms or conditions of the Offering Document or any other document related
to the Offering (including the subscription agreement and exhibits thereto) or other agreement between the Company and any other
party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any statement, certificate, notice, request,
consent, order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.
The Escrow Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or
other document, and its sole responsibility shall be to act only as expressly set forth in this Agreement. Concurrent with the
execution of this Agreement, the Company and the Dealer Manager shall each deliver to the Escrow Agent an authorized signers form
in the form of Exhibit C or Exhibit C-1 to this Agreement, as applicable. The Escrow Agent shall be under no obligation
to institute or defend any action, suit or proceeding in connection with this Agreement unless first indemnified to its satisfaction.
The Escrow Agent may consult counsel of its own choice with respect to any question arising under this Agreement and the Escrow
Agent shall not be liable for any action taken or omitted in good faith upon advice of such counsel. The Escrow Agent shall not
be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines
that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss. The Escrow Agent is acting
solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any other person by reason
of this Agreement, except as otherwise stated herein, and no implied duties, covenants or obligations, fiduciary or otherwise,
shall be read into this Agreement against the Escrow Agent.  If any disagreement between any of the parties to this Agreement,
or between any of them and any other person, including any Investor, resulting in adverse claims or demands being made in connection
with the matters covered by this Agreement, or if the Escrow Agent is in doubt as to what action it should take hereunder, the
Escrow Agent may, at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder,
so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable
in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain
from acting until (a) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent
jurisdiction, or (b) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons,
and the Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the
Escrow Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction
and the Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or
levies. If any controversy should arise with respect to this Agreement the Escrow Agent shall have the right, at its option, to
institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties. IN NO EVENT SHALL
THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER
(INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES
AND REGARDLESS OF THE FORM OF ACTION. The parties hereto agree that the Escrow Agent has no role in the preparation of the Offering
Documents (including the subscription agreement and exhibits thereto) and makes no representations or warranties with respect to
the information contained therein or omitted therefrom. The Escrow Agent shall have no obligation, duty or liability with respect
to compliance with any federal or state securities, disclosure or tax laws concerning the Offering Documents or any other document
related to the Offering (including the subscription agreement and exhibits thereto) or the issuance, offering or sale of the Securities.
The Escrow Agent shall have no duty or obligation to monitor the application and use of the Investor Funds once transferred to
the Company, that being the sole obligation and responsibility of the Company.

 

    	 	3	 

     

    

  

6.          Escrow
Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached
hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder
is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided, however, that
if (a) the conditions for the disbursement of funds under this Agreement are not fulfilled, (b) the Escrow Agent renders any material
service not contemplated in this Agreement, (c) there is any assignment of interest in the subject matter of this Agreement, (d)
there is any material modification hereof, e) any material controversy arises hereunder, or (f) the Escrow Agent is made a party
to any litigation pertaining to this Agreement or the subject matter hereof, then the Escrow Agent shall be reasonably compensated
for such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s fees, occasioned
by any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s obligations
under this Section 6 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this
Agreement.

 

7.          Investment
of Investor Funds.  The Investor Funds shall be deposited in the Escrow Account in accordance with Section 1 and held
un-invested in the Escrow Account, which shall be non-interest bearing.

 

8.          Notices.
All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have
been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission
if sent by facsimile/email transmission bearing an authorized signature to the facsimile number/email address given below, and
written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day after delivery to Federal
Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the
fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage
prepaid, and properly addressed, return receipt requested, to the party as follows:

 

    	 	4	 

     

    

  

If to the Company:

 

Bluerock Residential Growth REIT, Inc.

712 Fifth Avenue, 9th Floor

New York, NY 10019

Attn: Michael L. Konig

 

With a copy to:

 

Kaplan Voekler Cunningham & Frank, PLC

1401 E. Cary St.

Richmond, VA 23219

Attn: Richard P. Cunningham, Jr., Esq.

 

If to the Dealer Manager:

 

Bluerock Capital Markets, LLC

17900 Sky Part Circle, Suite 260

Irvine, CA 92614

Attn: Paul Dunn

 

If to the Escrow Agent:

 

UMB Bank, National Association

Attn: Lara Stevens

Corporate Trust & Escrow Services

1010 Grand Blvd. 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Telephone: (816) 860-3017

Fax: (816) 860-3029

Email: lara.stevens@umb.com

 

Any party may change its address for purposes of this Section
by giving the other party written notice of the new address in the manner set forth above.

 

9.          Indemnification
of Escrow Agent. The Company and the Dealer Managers hereby agree to, jointly and severally, indemnify, defend and hold harmless
the Escrow Agent from and against, any and all losses, liabilities, costs, damages and expenses, including, without limitation,
reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought
against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates
unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily
caused by the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination
of this Agreement and the resignation or removal of the Escrow Agent.

 

    	 	5	 

     

    

  

10.         Successors
and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall be binding upon the successors
and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted or merged,
or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business
and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor Escrow Agent under this
Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution
or filing of any instrument or paper or the performance of any further act.

 

11.         Governing
Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the internal
laws of the State of New York, without giving effect to the principles of conflicts of laws thereof.

 

12.         Severability.
If any provision of this Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable,
said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall remain
in full force and effect.

 

13.         Amendments;
Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations, warranties, or conditions
hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of a waiver, by the party waiving
compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant, representation, or warranty
contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed as further or continuing waiver
of any such condition, or of the breach of any other provision, term, covenant, representation, or warranty of this Agreement.
The Company and the Dealer Managers agree that any requested waiver, modification or amendment of this Agreement shall be consistent
with the terms of the Offering.

 

14.         Entire
Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the escrow
contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral or written, with
regard to such escrow.

 

15.         Section
Headings. The section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

 

16.         Counterparts.
This Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in counterparts, each
of which shall be deemed an original, but all of which shall constitute the same instrument. The parties hereto agree that the
transactions described herein may be conducted and related documents may be stored by electronic means. Copies, telecopies, facsimilies,
electronic files and other reproductions of original executed documents shall be deemed to be authentic and valid counterparts
of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law.

 

17.         Resignation.
The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor escrow agent is
not appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any court of competent
jurisdiction to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon the Escrow Agent’s
duties hereunder shall terminate.

 

    	 	6	 

     

    

  

18.         References
to Escrow Agent. Other than the Offering Document, any of the other documents related to the Offering (including the subscription
agreement and exhibits thereto) and any amendments thereof or supplements thereto, no printed or other matter in any language (including,
without limitation, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers,
or duties of the Escrow Agent shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s
behalf, unless the Escrow Agent shall first have given its specific written consent thereto. Notwithstanding the foregoing, any
amendment or supplement to the Offering Document or any other document related to the Offering (including the subscription agreement
and exhibits thereto) that revises, alters, modifies, changes or adds to the description of the Escrow Agent or its rights, powers
or duties hereunder shall not be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s
behalf, unless the Escrow Agent has first given specific written consent thereto.

 

19.         Patriot
Act Compliance. The Company shall provide to the Escrow Agent upon the execution of this Agreement any documentation requested
and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to
time.

 

[Signature page follows.]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed the date and year first set forth above.

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.
	 	 	 
	 	By:	/s/ R. Ramin Kamfar
	 	Name:	 R. Ramin Kamfar
	 	Title:	President and CEO
	 	 	 
	 	BLUEROCK CAPITAL MARKETS, LLC
	 	 	 
	 	By:	/s/ Paul E. Dunn
	 	Name:	Paul Dunn
	 	Title:	Senior Managing Director
	 	 	 
	 	UMB BANK, N.A., as Escrow Agent
	 	 	 
	 	By:	/s/ Lara L. Stevens
	 	Name:	Lara L. Stevens
	 	Title:	Vice President

 

    	 	8	 

     

    

  

Exhibit A

 

Copy of Offering Document

 

    	 	9	 

     

    

  

Exhibit B

 

List of Investors

 

Pursuant to the Escrow Agreement dated as
of December 17, 2015, among Bluerock Capital Markets, LLC, Bluerock Residential Growth REIT, Inc. (the “Company”),
and UMB Bank, National Association (the “Escrow Agent”), the Company or its agent hereby certifies that the
following Investors have paid money for the purchase of shares of the Company’s units (“Securities”),
and the money has been deposited with the Escrow Agent:

 

	1.	Name of Investor:

Address:

Tax Identification Number:

Amount of Securities subscribed for:

Amount of money paid and deposited with Escrow Agent:

 

	2.	Name of Investor:

Address:

Tax Identification Number:

Amount of Securities subscribed for:

Amount of money paid and deposited with Escrow Agent:

 

	Dated:	 	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	10	 

     

    

  

Exhibit C

 

Certificate
as to Authorized Signatures

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of Bluerock Residential Growth
REIT, Inc. and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Bluerock
Residential Growth REIT, Inc.

 

	Name/Title	Specimen Signature
	 	 
	 	/s/ R. Ramin Kamfar
	 	Signature
	 	 
	 	/s/ Michael Konig
	 	Signature
	 	 
	 	/s/ Jordan Ruddy
	 	Signature
	 	 
	 	 
	 	Signature

 

    	 	11	 

     

    

  

Exhibit C-1

 

Certificate
as to Authorized Signatures

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as Authorized Representatives of Bluerock Capital Markets,
LLC and are authorized to initiate and approve transactions of all types for the above-mentioned account on behalf of Bluerock
Capital Markets, LLC.

 

	Name/Title	Specimen Signature
	 	 
	Paul Dunn	/s/ Paul E. Dunn
	Senior Managing Director	Signature
	 	 
	 	 
	 	Signature

 

    	 	12	 

     

    

 

Exhibit D

 

ESCROW FEES AND EXPENSES

 

	
        Acceptance Fee

         
	 
	Draft/Review document, establish account	$3,000
	 	 
	
        Annual Fees

         
	 
	Annual Escrow Agent	$3,000
	 	 
	Transactional Fees	 
	Outgoing Wire Transfers	$35 each
	Overnight Delivery/Mailings	$16.50 each
	Expense Reimbursement*	6% of Annual Fee

 

Acceptance will be payable at the initiation of the escrow.
The annual fees and transactional fees, if any, will be billed quarterly in arrears. Other fees and expenses will be billed as
incurred.

 

*In addition to the specified fees, all expenses related to
the administration of the Escrow Agreement, such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile,
supplies, legal fees, accounting fees, etc., will be reimbursable.

 

Fees specified are for the regular, routine services contemplated
by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a
dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based
upon time required at the then standard hourly rate.

 

    	 	13

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