Document:

Promissory Note

 Exhibit 10.5 

PROMISSORY NOTE 
  

					
	 $32,060,000.00
	  	 	December 20, 2013	  

 FOR VALUE RECEIVED, the undersigned, GGT SPRING TOWN TX, LLC, a Delaware limited liability
company (“Borrower”), promises to pay to the order of SYNOVUS BANK, a Georgia state banking corporation (“Lender”), at the main office of Lender or at such other place as the holder of this Note may from time to time
designate in writing, the principal sum of THIRTY-TWO MILLION SIXTY THOUSAND AND NO/100 DOLLARS ($32,060,000.00), or so much as may be advanced and outstanding, together with interest on the unpaid principal amount from time to time
outstanding at the per annum rates set forth herein. 
 1. Defined Terms. As used herein, the following terms shall
have the following meanings: 
 “Assumed Annual Debt Service” means the principal and interest for a 12-month period that
would be due on a loan equal to the outstanding principal balance of the Loan amortized in substantially equal monthly payments at an assumed rate of interest at the then current Standard Note Rate or six percent (6%) per annum, whichever is
greater, and payable over an assumed term of 360 months or, if any rate swap, rate cap, rate collar or other interest rate hedge reasonably satisfactory to Lender is in effect for the entire Loan, the rate equal to the established rate (if fixed) or
highest rate (if capped) pursuant to the rate swap, rate cap, rate collar or other interest rate hedge. 
 “Debt Service Coverage
Ratio” means a ratio in which the numerator is the sum of the Net Operating Income of the Project and the denominator is Assumed Annual Debt Service. 

“Default” means the occurrence or existence of any condition or event which would, with the passage of time, the giving of
notice, or both, constitute an Event of Default. 
 “Default Rate” shall have the meaning set forth in
Section 2(c) hereof. 
 “Event of Default” shall have the meaning set forth in the Loan Agreement. 

“Extension Term” shall have the meaning set forth in Section 3(d) hereof. 

“Financial Contract” means any rate swap, rate cap, rate collar or other interest rate hedge provided by Lender or any
affiliate of Lender in order to offer protection against fluctuations in interest rates with respect to all or any portion of the principal amount of this Note. 

“Guarantor” means MCRT West Assurance XIX LLC, a Delaware limited liability company. 

“Guaranty” means the Payment and Performance Guaranty Agreement, dated of even date herewith, from Guarantor to Lender, as
the same may be amended from time to time. 

  
 Promissory Note - Page 1

 “Loan” means the loan of $32,060,000.00 from Lender to Borrower as
evidenced by this Note. 
 “Loan Agreement” means that certain Loan Agreement, dated of even date herewith, between
Borrower and Lender, as the same may be amended from time to time. 
 “Loan Documents” has the meaning set forth in the
Loan Agreement and, without limiting the foregoing, includes the Loan Agreement, the Assignment, the Mortgage, the Indemnity, the Guaranty and this Note, as such documents are defined in the Loan Agreement. 

“Maturity Date” means June 20, 2017, subject to extension as provided in Section 3 below. 

“Mortgage” means that certain Deed of Trust and Security Agreement, dated of even date herewith, from Borrower to Lender,
granting a first lien on and security interest in the Property and Project, as the same may be amended from time to time. 
 “Net
Operating Income” means the actual net operating income of the Project for the three-month period immediately preceding the date of calculation and adjusted to include, as necessary, a prorated three (3) months of annual taxes, annual
insurance premiums and other property expenses not payable on a monthly basis, a repair and maintenance reserve of $200/unit/annum and a management fee equal to the greater of 2  3⁄4% or the actual management fee, with the three-month calculation then multiplied by four to provide an annualized amount. 

“Optional Note Rate” has the meaning set forth in the Loan Agreement. 

“Payment Date” has the meaning set forth in Section 3 below. 

“Project” has the meaning set forth in the Loan Agreement. 

“Property” has the meaning set forth in the Loan Agreement. 

“Reserve Percentage” means the reserve percentage (expressed as a decimal), if any, from time to time in effect under
Regulation D for loans and obligations making reference to LIBOR. The Reserve Percentage shall be based on Regulation D or other regulations from time to time in effect concerning reserves for Eurocurrency Liabilities as defined in Regulation D from
related institutions as though Lender were in a net borrowing position, as promulgated by the Board of Governors of the Federal Reserve System, or its successor. 

“Standard Note Rate” means the per annum rate of interest equal to (a) the sum of (i) two and twenty-five
hundredths percent (2.25%), plus (ii) the rate of interest that is quoted by Lender (based upon rates obtained by Lender from Thomson Reuters or such other reliable third-party provider of rate quotes as Lender may from time to time select)
from time to time as the London Interbank Offered Rate (the “LIBOR”) for deposits in U.S. Dollars, at approximately 9:00 a.m. (Birmingham, Alabama time), for a period of 30 days (each, a “30-Day LIBOR Period”), divided by
(b) one (1) minus the Reserve Percentage. The Standard Note Rate will initially be established two (2) business days prior to the initial advance of the Loan evidenced by this Note and will change and be reset on the Payment Date most
closely approximating the 

  
 Promissory Note - Page 2

 
end of each 30-Day LIBOR Period. Borrower may from time to time create tranches to which different Optional Note Rates and rate periods will apply with respect to all or any portion of the
outstanding principal balance of the Loan subject to and in accordance with the terms of the Loan Agreement provided that there shall not be at any one time outstanding more than four (4) borrowing tranches in addition to the part of the Loan
if any bearing interest at the Standard Note Rate. In the event the use of LIBOR for any reason should become prohibited or unavailable to Lender, or, if in Lender’s good faith judgment, it is not possible or practical for Lender to set or
determine the LIBOR, or if LIBOR does not in Lender’s commercially reasonable judgment reflect its cost of making or maintaining loans, then the Lender shall establish and notify Borrower of a revised Standard Note Rate equal to the Federal
Funds Rate applicable to overnight funds transactions with members of the Federal Reserve plus a margin determined by Lender in its discretion that, when added to the Federal Funds Rate, would result in a rate approximately equivalent to the prior
Standard Note Rate, and the same shall apply as the Standard Note Rate until Lender notifies Borrower that such condition no longer exists. 

2. Interest Rate. 

(a) Except as provided in subsections (b) or (c), the outstanding principal balance hereof shall bear interest at a per annum rate equal
to the Standard Note Rate. 
 (b) Subject to the terms and conditions of the Loan Agreement, Borrower may elect to designate certain
tranches of the outstanding principal balance of this Note to bear interest at an Optional Note Rate in lieu of the Standard Note Rate. 

(c) Notwithstanding subsections (a) and (b) above, from and after the occurrence of any Event of Default, the outstanding principal
balance of this Note will bear interest at a rate equal to five percent (5%) in excess of the Standard Note Rate otherwise in effect (the “Default Rate”) except that any part of the Loan that bears interest at an Optional Note Rate
will bear interest at a rate equal to five percent (5%) in excess of the Optional Note Rate, in each case until the Event of Default is either (i) cured within any applicable cure period or any extension thereof granted by Lender in
writing in its discretion or (ii) waived by Lender in writing in its discretion. 
 3. Payment Terms. 

(a) On January 20, 2014, and on the same day of each successive calendar month thereafter (each, a “Payment Date”), through and
including June 20, 2017, Borrower will pay Lender accrued but unpaid interest on the outstanding principal balance hereof. 
 (b) On
the Maturity Date, Borrower will pay Lender the outstanding principal balance of this Note, together with all accrued and unpaid interest thereon. 

(c) If the Maturity Date is extended as hereinafter provided, then on June 20, 2017, and on each Payment Date thereafter prior to the
Maturity Date as extended, Borrower will pay Lender an installment of principal and interest in an amount equal to the sum of (1) accrued but unpaid interest and (2) a principal reduction payment equal to the principal portion of the
substantially equal payments of principal and interest that would be due on a loan in the principal sum of $32,060,000 bearing interest at an assumed annual rate of six percent (6%) and amortized over an assumed term of 360 months commencing on
the first day of such Extension Term. 

  
 Promissory Note - Page 3

 (d) Borrower shall have the option to extend the Maturity Date of this Note for one additional
period of eighteen (18) months (the “Extension Term”) provided as conditions of such extension and in order to properly exercise such option: (i) no Event of Default shall then exist; (ii) Borrower must provide Lender
written notice of exercise of such extension option not later than thirty (30) days or more than sixty (60) days prior to the otherwise applicable Maturity Date; (iii) Borrower must pay Lender a fee of thirty-five hundredths percent
(.35%) of the amount of the then outstanding principal balance of this Note upon confirmation from Lender that the Debt Service Coverage Ratio requirement (as hereinafter set forth) has been satisfied; and (iv) Borrower must provide Lender with
evidence that (A) the Project has been completed (as evidenced by final unconditional certificates of occupancy) in accordance in all material respects with Plans and Specifications approved by Lender, and no unsatisfied construction-related
liens exist, and (B) for the three (3) calendar month period ending with the calendar month preceding notice of exercise of the extension option, the Project has achieved a Debt Service Coverage Ratio, calculated on an annualized basis, of
not less than 1.20 to 1. 
 (e) Principal and interest shall be payable in lawful money of the United States of America. Simple interest on
the principal amount shall be calculated on the basis of a 360-day year by multiplying the current outstanding principal amount by the applicable per annum rate, multiplying the product thereof by the actual number of days elapsed, and dividing the
product so obtained by 360. Each payment hereunder shall be applied first to accrued but unpaid interest on the outstanding principal balance hereof, and then to reduction of principal. Time is of the essence with respect to the amounts due
hereunder. 
 (f) Borrower may at any time prepay all or any part of the principal amount hereof, without premium, but with all accrued
interest to the date of prepayment. Partial prepayments will be applied to installments coming due in their inverse order of maturity. Amounts prepaid may not be reborrowed. Borrower must pay to Lender (i) any loss or cost with respect to any
prepayment, other than a prepayment occurring on a Payment Date corresponding to the last day of the current LIBOR Period, which loss or cost shall be calculated based upon the difference by which the Standard Note Rate or Optional Note Rate
(whichever applies to the applicable portion of the Loan being prepaid) exceeds the then applicable LIBOR (for a LIBOR Period most closely approximating the remaining period to the end of the current selected LIBOR Period, determined as of the
prepayment date), converted to a daily rate and applied to the principal amount being prepaid and calculated for the remaining days in the current LIBOR Period; and (ii) any breakage costs arising under any Financial Contract in effect at the
time of such prepayment by reason of the termination, in whole or in part, of such Financial Contract. The determination of such amounts by Lender shall be conclusive absent manifest error. 

(g) Borrower will pay to Lender a late charge equal to five percent (5%) of any principal and/or interest payment not received by Lender
within ten (10) days following the due date thereof (except that such late charge shall not be payable with respect to the balloon payment due on the Maturity Date or upon acceleration of the Loan). The late charge is not a penalty, but
liquidated damages to defray administrative and related expenses due to such late payment. The acceptance of a late payment, or late charges, shall not constitute a waiver of any Default then existing or thereafter arising. 

  
 Promissory Note - Page 4

 4. Disbursements; Security. Proceeds of this Note will be advanced in
accordance with the Loan Agreement. This Note is secured by the Mortgage. This Note is guaranteed by Guarantor pursuant to and to the extent provided in the Guaranty. 

5. Events of Default. The principal sum evidenced by this Note, together with accrued interest, shall become immediately
due and payable at the option of Lender upon any Event of Default. 
 6. Miscellaneous. 

(a) With respect to the amounts due under this Note, Borrower waives the following: 

(i) All rights of exemption of property from levy or sale under execution or other process for the collection of debts under
the Constitution or laws of the United States or any state thereof; 
 (ii) Demand, presentment, protest, notice of dishonor,
notice of non-payment, diligence in collection, and, except to the extent specifically required by the loan documents executed in connection herewith, notice of intent to accelerate, and all other requirements necessary to charge or hold the
undersigned liable on any obligations hereunder (but nothing herein shall constitute a waiver of any notice and cure period expressly set forth in the Loan Documents); and 

(iii) Any further receipt for or acknowledgment of any collateral (including the Project and Property) now or hereafter
deposited as security for the obligations hereunder. 
 (b) Lender (or any subsequent holder hereof) shall be entitled to recover all
actual, out-of-pocket expenses of collecting this Note, including without limitation court costs and reasonable attorneys’ fees, including costs and reasonable attorneys’ fees in any appellate or bankruptcy proceeding. 

(c) In no event shall the amount of interest contracted for or charged hereunder exceed the maximum rate of interest allowed by applicable
law, and in the event any such payment is inadvertently paid by Borrower or inadvertently received by Lender (or any holder), then such excess sum shall be credited as a payment of principal, unless Borrower elects to have such excess sum refunded
to Borrower forthwith. It is the express intent hereof that Borrower not pay and Lender (or any holder) not receive, directly or indirectly, interest in excess of that which may be legally paid by Borrower under applicable law. 

(d) Lender shall not by any act, delay, omission, or otherwise be deemed to have waived any of its rights or remedies, and no waiver of any
kind shall be valid unless in writing and signed by Lender. All rights and remedies of Lender under the terms of the Loan Documents or applicable statutes or rules of law shall be cumulative and may be exercised successively or concurrently.
Borrower agrees that, as of the date hereof, there are no defenses, equities or setoffs in respect to the obligations set forth herein. 

  
 Promissory Note - Page 5

 (e) The obligations of Borrower hereunder shall be binding upon and enforceable against Borrower
and its successors and assigns. 
 (f) This Note shall be governed by, and construed in accordance with, the laws of the State of Texas.

 (g) Any provision in this Note which may be unenforceable or invalid under any law shall be ineffective to the extent of such
unenforceability or invalidity without affecting the enforceability or validity of any other provision hereof. 
 (h) Lender may, at its
option, release Guarantor from the obligations of its Guaranty or release any collateral (including the Project and Property) given to secure the indebtedness evidenced hereby, and no such release shall impair the obligations of Borrower to Lender.

 (i) BORROWER AND LENDER HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, COUNTERCLAIM, SETOFF, DEMAND, ACTION OR CAUSE OF ACTION
(1) ARISING OUT OF OR IN ANY WAY PERTAINING OR RELATING TO THE LOAN DOCUMENTS OR (2) IN ANY WAY CONNECTED WITH OR PERTAINING OR RELATED TO OR INCIDENTAL TO ANY DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THE LOAN DOCUMENTS OR IN
CONNECTION WITH THE TRANSACTIONS RELATED THERETO OR CONTEMPLATED THEREBY OR THE EXERCISE OF EITHER PARTY’S RIGHTS AND REMEDIES THEREUNDER, IN ALL OF THE FOREGOING CASES WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE. BORROWER AND LENDER AGREE THAT EITHER OR BOTH OF THEM MAY FILE A COPY OF THIS SUBSECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED AGREEMENT BETWEEN THE PARTIES IRREVOCABLY TO WAIVE TRIAL
BY JURY, AND THAT ANY DISPUTE OR CONTROVERSY WHATSOEVER BETWEEN THEM SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 

[Remainder of page left intentionally blank] 

  
 Promissory Note - Page 6

 IN WITNESS WHEREOF, Borrower has caused this instrument to be executed as of the day and
year first above written. 
  

			
	 BORROWER:
  

GGT SPRING TOWN TX, LLC,
 a Delaware limited liability
company
  

BY:        MCRT Spring Town LLC,

              a Delaware limited liability
company,
               Its Operating
Member

		
	              BY:	 	/s/ Eric Lezak
	              Name:	 	Eric J. Lezak
	              Its	 	Managing Director

  
 Promissory Note -
Signature PageEX-10.7

 Exhibit 10.7 

SIXTH AMENDMENT TO 

AGREEMENT OF LIMITED PARTNERSHIP OF 

AMERICAN HOMES 4 RENT, L.P. 

DESIGNATION OF 5.000% SERIES B PARTICIPATING PREFERRED UNITS 

December 27, 2013 

Pursuant to Section 4.2 and Section 14.1.B of the Agreement of Limited Partnership of American Homes 4 Rent, L.P., as amended by the
First Amendment, dated as of December 31, 2012, the Second Amendment, dated as of February 28, 2013, the Third Amendment, dated as of June 10, 2013, the Fourth Amendment, dated as of June 10, 2013, and the Fifth Amendment, dated
as of October 24, 2013 (collectively, the “Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection with the issuance to American Homes 4 Rent (“AH4R”) of 5.000% Series B
Participating Preferred Units (as defined below) of American Homes 4 Rent, L.P. (the “Partnership”) in exchange for the contribution by AH4R of the net proceeds from the public offering of 5.000% Series B Participating Preferred Shares of
beneficial interest, par value $0.01 per share, of AH4R (the “5.000% Series B Participating Preferred Shares”): 
 1. Designation and
Number. A series of Preferred Units (as defined below), designated the “5.000% Series B Participating Preferred Units,” is hereby established. The number of 5.000% Series B Participating Preferred Units shall be 4,600,000.
The 5.000% Series B Participating Preferred Units are being issued to AH4R in connection with the issuance by AH4R of 5.000% Series B Participating Preferred Shares. The designations, preferences and other rights of the 5.000% Series B Participating
Preferred Units contained in this Sixth Amendment are intended to be substantially similar to the designations, preferences and other rights (except voting rights) contained in the Articles Supplementary for the 5.000% Series B Participating
Preferred Shares, and AH4R shall interpret this Sixth Amendment in a manner to consistent with such intent. 
 2. Defined Terms. Capitalized terms
used herein and not otherwise defined shall have the meanings given to such terms in the Partnership Agreement. The following defined terms used in this Sixth Amendment to the Partnership Agreement shall have the meanings specified below: 

“Absence of Suitable Indices Event” shall have the meaning provided in the Articles Supplementary (as defined below). 

“Absence of Suitable Indices Redemption Right” shall have the meaning provided in Section 7(e)(i). 

“Adjusted Value” shall have the meaning provided in Section 7(c)(ii). 

“Articles Supplementary” means the Articles Supplementary dated December 26, 2013 to the Articles of Amendment and Restatement
of Declaration of Trust of AH4R designating the 5.000% Series B Participating Preferred Shares. 
 “Change of Control” shall have
the meaning provided in the Articles Supplementary. 
 “Change of Control Conversion Date” shall have the meaning provided in the
Articles Supplementary. 
 “Change of Control Conversion Right” shall have the meaning provided in Section 9(d)(i). 

“Class A Shares” means the Class A Shares of AH4R. 

“Class A Share Price” shall have the meaning provided in the Articles Supplementary. 

“Conversion Date” shall have the meaning provided in Section 9(c)(ii). 

 “Distribution Record Date” shall have the meaning provided in Section 5(a). 

“Final Liquidation Preference” shall have the meaning provided in Section 6(a). 

“HPA Amount” shall have the meaning provided in the Articles Supplementary. 

“Initial Liquidation Preference” means $25.00 per 5.000% Series B Participating Preferred Unit. 

“Junior Preferred Units” shall have the meaning provided in Section 4. 

“NYSE” shall have the meaning provided in the Articles Supplementary. 

“Original Issue Date” means December 30, 2013, the first date of issue of any 5.000% Series B Participating Preferred Units.

 “Parity Preferred Units” shall have the meaning provided in Section 4. 

“Preferred Return” shall have the meaning provided in Section 5(a). 

“Preferred Unit Distribution Payment Date” shall have the meaning provided in Section 5(a). 

“Preferred Units” means all Partnership Interests designated as preferred units by the General Partner from time to time in
accordance with Section 4.2 of the Partnership Agreement. 
 “Redemption Date” shall have the meaning provided in section
7(c)(i). 
 “Regular Redemption Right” shall have the meaning provided in Section 7(c)(i). 

“Senior Preferred Units” shall have the meaning provided in Section 4. 

“Share Cap” shall have the meaning provided in the Articles Supplementary. 

“Special Redemption Price” shall have the meaning provided in Section 7(d)(i). 

“Special Redemption Right” shall have the meaning provided in Section 7(d)(i). 

“VWAP” shall have the meaning provided in the Articles Supplementary. 

3. Maturity. The 5.000% Series B Participating Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory
redemption except as provided in Sections 7(e) and 9(e). 
 4. Rank. The 5.000% Series B Participating Preferred Units will, with respect to
distribution rights and rights upon liquidation, dissolution or winding up of the Partnership, rank (a) senior to all Class A Units, Class B Units, LTIP Units, and any class or series of Partnership Units expressly designated as ranking
junior to the 5.000% Series B Participating Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (collectively, the “Junior Preferred Units”); (b) on a parity with any
class or series of Partnership Units issued by the Partnership expressly designated as ranking on a parity with the 5.000% Series B Participating Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the
Partnership (the “Parity Preferred Units”); and (c) junior to any class or series of Partnership Units issued by the Partnership expressly designated as ranking senior to the 5.000% Series B Participating Preferred Units as to
distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Senior Preferred Units”). The term “Partnership Units” does not include convertible or exchangeable debt securities of the
Partnership, which will rank senior to the 5.000% Series B Participating Preferred Units prior to conversion or exchange. The 5.000% Series B Participating Preferred Units will also rank junior in right of payment to the Partnership’s
existing and future indebtedness. 

  
 2 

 5. Distributions. 

(a) Subject to the preferential rights of holders of any class or series of Senior Preferred Units of the Partnership, the holders of 5.000%
Series B Participating Preferred Units shall be entitled to receive, when, as and if authorized by the General Partner and declared by the Partnership, out of funds of the Partnership legally available for payment of distributions, cumulative cash
distributions at the applicable annual rate (the “Preferred Return”): 
  

					
	 	  	
Original Issue Date to but excluding Sept-30,

2020
	  	 On and after Sept-30, 2020

	 Distribution Rate:
	  	5.000% per annum on the Initial Liquidation Preference	  	10.000% per annum on the sum of: the Initial Liquidation Preference plus the HPA Amount (as calculated with respect to the period ended Jun-30, 2020) (if the HPA Amount for such period is a positive number) per 5.000%
Series B Participating Preferred Unit

 Distributions on the 5.000% Series B Participating Preferred Units shall accrue and be cumulative from (and including) the
Original Issue Date and shall be payable quarterly, in equal amounts, in arrears, on the last day of each March, June, September and December of each year (each, a “Preferred Unit Distribution Payment Date”); provided, however, if any
Preferred Unit Distribution Payment Date is not a business day, then the distribution which would otherwise have been payable on such Preferred Unit Distribution Payment Date may be paid on the next succeeding business day with the same force and
effect as if paid on such Preferred Unit Distribution Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Preferred Unit Distribution Payment Date to such next succeeding business
day. “Business day” shall mean any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions in New York, New York are authorized or required to close. A “distribution
period” shall mean the period commencing from, and including, the Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Preferred Unit Distribution Payment Date. The initial distribution period shall be the period
from, and including, the Original Issue Date to, but excluding, March 31, 2014 to holders of record of the 5.000% Series B Participating Preferred Units as of March 15, 2014. The amount of any distribution payable on the 5.000% Series B
Participating Preferred Units for any partial distribution period will be prorated and computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of the 5.000% Series B
Participating Preferred Units as they appear on the records of the Partnership at 5:00 P.M., New York time, on the applicable record date, which shall be the March 15, June 15, September 15, or December 15
immediately preceding the Preferred Unit Distribution Payment Date (each, a “Distribution Record Date”). 
 (b) No distributions
on the 5.000% Series B Participating Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the General Partner or the
Partnership, including any agreement relating to the indebtedness of any of them, prohibits such authorization, declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 
 (c)
Notwithstanding anything to the contrary contained herein, distributions on the 5.000% Series B Participating Preferred Units will accrue whether or not the restrictions referred to in Section 5(b) exist, whether or not the Partnership has
earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized or declared. For the avoidance of doubt, no distributions on the 5.000% Series B Participating
Preferred Units shall accrue on any HPA Amount prior to September 30, 2020. 
 (d) Except as provided in Section 5(e) below, no
distributions shall be declared and paid or set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on 

  
 3 

 
or with respect to, any Class A Units, Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred Units of the Partnership (other than a distribution paid in units of, or options,
warrants or rights to subscribe for or purchase units of, Class A Units, Class B Units, LTIP Units or Junior Preferred Units) for any period, nor shall Class A Units, Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred
Units be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of any such units by the Partnership, directly or indirectly (except by conversion into or
exchange for, or options, warrants or rights to purchase or subscribe for, Class A Units, Class B Units, LTIP Units or Junior Preferred Units, and except for purchases or exchanges pursuant to a purchase or exchange offer made on the same terms
to all holders of 5.000% Series B Participating Preferred Units and all holders of Parity Preferred Units), unless full cumulative distributions on the 5.000% Series B Participating Preferred Units for all past distribution periods shall have been
or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment. 
 (e)
When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the 5.000% Series B Participating Preferred Units and any Parity Preferred Units, all distributions declared on the 5.000% Series B
Participating Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount of distributions declared per 5.000% Series B Participating Preferred Unit and such Parity Preferred Units shall in all cases bear to each
other the same ratio that accrued distributions per 5.000% Series B Participating Preferred Unit and such Parity Preferred Units (which shall not include any accrual in respect of unpaid distributions on any Parity Preferred Units for prior
distribution periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on 5.000%
Series B Participating Preferred Units which may be in arrears. 
 (f) Holders of 5.000% Series B Participating Preferred Units shall not be
entitled to any distribution, whether payable in cash, property or units of the Partnership, in excess of full cumulative distributions on the 5.000% Series B Participating Preferred Units as provided above. Any distribution made on the 5.000%
Series B Participating Preferred Units shall first be credited against the earliest accrued but unpaid distributions due with respect to such units which remains payable. Accrued but unpaid distributions on 5.000% Series B Participating
Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable or on the date of redemption, as the case may be. 

(g) For the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation), redemption or
other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy the preferential rights
upon dissolution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
 6. Liquidation
Preference. 
 (a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before
any distribution or payment shall be made to the holders of any Class A Units, Class B Units, LTIP Units, or Junior Preferred Units, the holders of the 5.000% Series B Participating Preferred Units then outstanding shall be entitled to be paid,
or have the Partnership declare and set apart for payment, out of the assets of the Partnership legally available for distribution to its Partners after payment or provision for payment of all debts and other liabilities of the Partnership and any
liquidation preference owing in respect of any Senior Preferred Units, a liquidation preference in cash or property at fair market value, as determined by the General Partner, the sum of: (i) the Initial Liquidation Preference, (ii) the
HPA Amount (if positive), and (iii) an amount per unit equal to any accrued and unpaid distributions to, but excluding, the date of payment or the date the amount for payment is set apart for payment (the “Final Liquidation
Preference”). 
 (b) If upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available
assets of the Partnership are insufficient to pay the full amount of the Final Liquidation Preference on all outstanding 5.000% Series B Participating Preferred Units and the corresponding amounts payable on all outstanding Parity Preferred Units,
then the holders of 5.000% Series B Participating Preferred Units and Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full amount of the Final Liquidation Preference to which they would otherwise be
respectively entitled. 

  
 4 

 (c) Until September 30, 2020, the HPA Amount payable upon any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Partnership, shall be subject to a cap as provided in Section 6(e) of the Articles Supplementary. 

(d) Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full to
the holders of the 5.000% Series B Participating Preferred Units and any Parity Preferred Units, any other series or class or classes of Junior Preferred Units shall be entitled to receive any and all assets remaining to be paid or distributed, and
the holders of the 5.000% Series B Participating Preferred Units and any Parity Preferred Units shall not be entitled to share therein. 

(e) After payment of the full amount of the Final Liquidation Preference to which they are entitled, holders of 5.000% Series B Participating
Preferred Units will have no right or claim to any of the remaining assets of the Partnership. 
 (f) For the avoidance of doubt, the
consolidation or merger of the Partnership with or into another entity, the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or substantially all of
the assets or business of the Partnership shall not be considered a liquidation, dissolution or winding up of the affairs of the Partnership. 

(g) Notice of liquidation, dissolution or winding up of the Partnership shall be consistent with the notice procedures set forth in
Section 5(d) of the Articles Supplementary. 
 7. Redemption. 

(a) The 5.000% Series B Participating Preferred Units are not redeemable except as otherwise provided in this Section 7.

(b) Until September 30, 2020, the HPA Amount payable upon any redemption shall be subject to a cap as provided in Section 6(e) of
the Articles Supplementary. 
 (c) Redemption by the Partnership. 

 

	 	i.	After September 30, 2017 but prior to September 30, 2020, if and when AH4R exercises its option to redeem 5.000% Series B Participating Preferred Shares as provided in Section 7(a)(i) of the Articles
Supplementary, the Partnership will redeem all but not less than all of the 5.000% Series B Participating Preferred Units (no partial redemptions are permitted), for cash, at a redemption price equal to the Final Liquidation Preference to, but
excluding, the date fixed for redemption (such date, the “Redemption Date”) (such right, the “Regular Redemption Right”).

  

	 	ii.	At any time on or after September 30, 2020, if and when AH4R exercises its option to redeem 5.000% Series B Participating Preferred Shares as provided in Section 7(a)(ii) of the Articles Supplementary, the
Partnership, will redeem all but not less than all of the 5.000% Series B Participating Preferred Units (no partial redemptions are permitted), for cash, at a redemption price equal to the Initial Liquidation Preference, plus the HPA Amount
calculated with respect to the period ended June 30, 2020 (if the HPA Amount for such period is a positive number) (the “Adjusted Value”), plus any accrued and unpaid distributions on the 5.000% Series B Participating Preferred Units
to, but excluding, the Redemption Date. 

  

	 	iii.	 Unless full cumulative distributions on all 5.000% Series B Participating Preferred Units shall have been or contemporaneously are declared and paid
or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to
or be made available for a sinking fund for 

  
 5 

	 	
the redemption of, any 5.000% Series B Participating Preferred Units (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for Class A Units,
Class B Units, LTIP Units or Junior Preferred Units of the Partnership); provided, however, that the foregoing shall not prevent the redemption or purchase of 5.000% Series B Participating Preferred Units by the Partnership in order to ensure that
the General Partner remains qualified as a REIT for federal income tax purposes, or the purchase or acquisition of 5.000% Series B Participating Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all
outstanding 5.000% Series B Participating Preferred Units. 

  

	 	iv.	Immediately prior to any redemption of 5.000% Series B Participating Preferred Units, the Partnership shall pay, in cash, any accrued and unpaid distributions on the 5.000% Series B Participating Preferred Units to, but
excluding, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, in which case each holder of 5.000% Series B Participating Preferred Units at
the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for prior distribution
periods) notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date. Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on
5.000% Series B Participating Preferred Units for which a notice of redemption has been given. 

  

	 	v.	Notice of redemption of the 5.000% Series B Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(a)(iii)(A) of the Articles Supplementary.

 

	 	vi.	Holders of 5.000% Series B Participating Preferred Units to be redeemed shall surrender such 5.000% Series B Participating Preferred Units at the place or places designated in such notice and, upon surrender of the
units, such 5.000% Series B Participating Preferred Units shall be redeemed by the Partnership at the redemption price plus any accrued and unpaid distributions payable upon such redemption. If notice of redemption of any of the 5.000% Series B
Participating Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any 5.000% Series B Participating Preferred Units so called for redemption, then,
from and after the Redemption Date, distributions will cease to accrue on such 5.000% Series B Participating Preferred Units, such 5.000% Series B Participating Preferred Units shall no longer be deemed outstanding and all rights of the holders of
such 5.000% Series B Participating Preferred Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions to, but excluding, the Redemption Date; provided, however, if the Redemption Date falls
after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, each holder of 5.000% Series B Participating Preferred Units so called for redemption at the close of business on such Distribution Record Date
shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date. 

 

	 	vii.	All 5.000% Series B Participating Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and reclassified as authorized but unissued Preferred Units, without
designation as to class or series, and may thereafter be reissued as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement. 

  
 6 

 (d) Special Redemption Right upon a Change of Control. 

 

	 	i.	Upon the occurrence of a Change of Control, if and when AH4R exercises its option to redeem 5.000% Series B Participating Preferred Shares as provided in Section 7(b)(i) of the Articles Supplementary, the
Partnership will redeem all but not less than all of the 5.000% Series B Participating Preferred Units (no partial redemptions are permitted) at any time within 120 days after the date on which the Change of Control has occurred (the “Special
Redemption Right”), for cash equal to the Final Liquidation Preference, to, but excluding, the Redemption Date (the “Special Redemption Price”). If, prior to the Change of Control Conversion Date, the Partnership exercises its Regular
Redemption Right, Special Redemption Right, or Absence of Suitable Indices Redemption Right in connection with a Change of Control, holders of the 5.000% Series B Participating Preferred Units shall not be permitted to exercise their Change of
Control Conversion Right (as defined in Section 9(d)(i) below). 

  

	 	ii.	Unless full cumulative distributions on all 5.000% Series B Participating Preferred Units shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for
payment for all past distribution periods, the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the redemption of, any
5.000% Series B Participating Preferred Units (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for Class A Units, Class B Units, LTIP Units or Junior Preferred Units of the Partnership);
provided, however, that the foregoing shall not prevent the redemption or purchase of 5.000% Series B Participating Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax
purposes, or the purchase or acquisition of 5.000% Series B Participating Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding 5.000% Series B Participating Preferred Units. 

 

	 	iii.	Immediately prior to any redemption of 5.000% Series B Participating Preferred Units, the Partnership shall pay, in cash, any accrued and unpaid distributions on the 5.000% Series B Participating Preferred Units to, but
excluding, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, in which case each holder of 5.000% Series B Participating Preferred Units at
the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for prior distribution
periods) notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date. Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on
5.000% Series B Participating Preferred Units for which a notice of redemption has been given. 

  

	 	iv.	Notice of redemption of the 5.000% Series B Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(b)(ii)(A) of the Articles Supplementary. 

 

	 	v.	 Holders of 5.000% Series B Participating Preferred Units to be redeemed shall surrender such 5.000% Series B Participating Preferred Units at the
place or places designated in such notice and, upon surrender of the units, such 5.000% Series B Participating Preferred Units shall be redeemed by the Partnership at the redemption price plus any accrued and unpaid distributions payable upon such
redemption. If notice of redemption of any of the 5.000% Series B Participating Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any 5.000%
Series B Participating Preferred Units so called for redemption, then, from and after the Redemption Date, distributions will cease to accrue on such 5.000% Series B Participating Preferred Units, such 5.000% Series B Participating Preferred Units
shall no longer be deemed outstanding and all rights of the 

  
 7 

	 	
holders of such 5.000% Series B Participating Preferred Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions to, but excluding, the
Redemption Date; provided, however, if the Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, each holder of 5.000% Series B Participating Preferred Units so called for
redemption at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such units before such
Preferred Unit Distribution Payment Date. 

  

	 	vi.	All 5.000% Series B Participating Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and reclassified as authorized but unissued Preferred Units, without
designation as to class or series, and may thereafter be reissued as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement. 

(e) Redemption upon Absence of Suitable Indices Event 
  

	 	i.	If, following an Absence of Suitable Indices Event, AH4R exercises its option to redeem the 5.000% Series B Participating Preferred Shares as provided in Section 7(c) of the Articles Supplementary, the Partnership
shall redeem all of the 5.000% Series B Participating Preferred Units for cash at a redemption price equal to the Final Liquidation Preference (the “Absence of Suitable Indices Redemption Right”). 

 

	 	ii.	Notice of redemption of the 5.000% Series B Participating Preferred Units shall be consistent with the notice procedures set forth in Section 7(c)(ii)(A) of the Articles Supplementary. 

 

	 	iii.	Upon any redemption of the 5.000% Series B Participating Preferred Units, the Partnership shall pay any accrued and unpaid distributions in arrears for any distribution period ending on or prior to the redemption date.
If a redemption date falls after a Distribution Record Date for a 5.000% Series B Participating Preferred Unit distribution payment and prior to the corresponding Preferred Unit Distribution Payment Date, then each holder of the 5.000% Series B
Participating Preferred Units at the close of business on such Distribution Record Date shall be entitled to the distribution payable on such 5.000% Series B Participating Preferred Units on the corresponding Preferred Unit Distribution Payment Date
notwithstanding the redemption of such 5.000% Series B Participating Preferred Units before such Preferred Unit Distribution Payment Date. Except as provided above, the Partnership shall make no payment or allowance for unpaid distributions, whether
or not in arrears, on any 5.000% Series B Participating Preferred Units called for redemption. 

  

	 	iv.	If full cumulative distributions on the 5.000% Series B Participating Preferred Units and any other series or class or classes of Parity Preferred Units have not been paid or declared and set apart for payment, except
as otherwise permitted under the Partnership Agreement, the Partnership may not purchase, redeem or otherwise acquire 5.000% Series B Participating Preferred Units or any Parity Preferred Units other than in exchange for Parity Preferred Units.

  

	 	v.	 On and after the date fixed for redemption, distributions shall cease to accrue on the 5.000% Series B Participating Preferred Units called for
redemption (except that, in the case of a redemption date after a Distribution Record Date and prior to the related Preferred Unit Distribution Payment Date, holders of 5.000% Series B Participating Preferred Units on the applicable Distribution
Record Date will be entitled on such Preferred Unit Distribution Payment Date to receive the distribution payable on such shares on the corresponding Preferred Unit Distribution Payment Date), such shares shall

  
 8 

	 	
no longer be deemed to be outstanding and all rights of the holders of such shares as holders of 5.000% Series B Participating Preferred Units shall cease except the right to receive the cash
payable upon such redemption, without interest from the date of such redemption. 

 8. Voting Rights. Holders of the 5.000% Series B
Participating Preferred Units will not have any voting rights. 
 9. Conversion.

(a) The 5.000% Series B Participating Preferred Units are not convertible or exchangeable for any other property or securities except as
otherwise provided in this Section 9. 
 (b) Until September 30, 2020, the HPA Amount payable upon any conversion shall be subject
to a cap as provided in Section 6(e) of the Articles Supplementary. 
 (c) Conversion by the Partnership. 

 

	 	i.	After September 30, 2017, if and when AH4R exercises its option to convert 5.000% Series B Participating Preferred Shares as provided in Section 11(a) of the Articles Supplementary, the Partnership will
convert all (no partial conversions are permitted) of the 5.000% Series B Participating Preferred Units into Class A Units in the Partnership in accordance with this Section 9. 

 

	 	ii.	If such one-time conversion occurs after September 30, 2017 but before September 30, 2020, the formula for determining the conversion ratio per 5.000% Series B Participating Preferred Unit shall be equal to:
(A) the sum of (1) the Initial Liquidation Preference, (2) the HPA Amount for the relevant period (if positive), and (3) any accrued and unpaid distributions thereon to, but excluding, the 4th business day following the notice of conversion (the “Conversion Date”), divided by (B) the VWAP on the date the notice of conversion is issued. 

 

	 	iii.	If such one-time conversion occurs at any time on or after September 30, 2020, the Partnership will convert all but not less than all (no partial redemptions are permitted) of the 5.000% Series B Participating
Preferred Units using a conversion formula equal to: (A) the Adjusted Value, plus any accrued and unpaid distributions thereon to, but excluding, the Conversion Date, divided by (B) the VWAP on the date the notice of conversion is issued.

  

	 	iv.	The foregoing shall not prevent the conversion of 5.000% Series B Participating Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax purposes.

  

	 	v.	No fractional Class A Units shall be issued upon conversion of the 5.000% Series B Participating Preferred Units. In lieu of fractional units, holders of the 5.000% Series B Participating Preferred Units shall be
entitled to receive the cash value of such fractional units based on the applicable per share VWAP. 

 (d) Conversion Upon
a Change of Control. 
  

	 	i.	 Upon the occurrence of a Change of Control, each holder of the 5.000% Series B Participating Preferred Units shall have the right (the “Change of
Control Conversion Right”), subject to the Special Redemption Right of the Partnership, to convert some or all of the 5.000% Series B Participating Preferred Units held by such holder on the relevant Change of Control Conversion Date into a
number of Class A Units per 5.000% 

  
 9 

	 	
Series B Participating Preferred Unit equal to the lesser of (A) the quotient obtained by dividing (1) the sum of (x) the Initial Liquidation Preference, plus (y) the HPA
Amount for the relevant period (if positive), plus (z) any accrued and unpaid distributions thereon to, but excluding, the Change of Control Conversion Date, except if such Change of Control Conversion Date is after a Distribution Record Date
for a Preferred Unit Distribution Payment Date for which distributions have been declared and prior to the corresponding Preferred Unit Distribution Payment Date, in which case the amount pursuant to this clause (1)(z) shall equal $0.00 in
respect of such distribution payment date to be made on such Preferred Unit Distribution Payment Date and such declared distribution shall instead be paid, on such distribution payment date, to the holder of record of the 5.000% Series B
Participating Preferred Units to be converted as of 5:00 P.M. New York time, on such record date), by (2) the Class A Share Price, and (B) the Share Cap. 

 

	 	ii.	Notice of occurrence of the Change of Control shall be consistent with the notice procedures set forth in Section 11(b)(ii) of the Articles Supplementary. 

 

	 	iii.	Exercise of the Change of Control Conversion Right shall be consistent with the procedures set forth in Sections 11(b)(iv) and (v) of the Articles Supplementary. 

 

	 	iv.	No fractional Class A Units shall be issued upon conversion of the 5.000% Series B Participating Preferred Units. In lieu of fractional units, holders of the 5.000% Series B Participating Preferred Units shall be
entitled to receive the cash value of such fractional units based on the Class A Unit Price. 

  

	 	v.	The Partnership will deliver all Class A Units (including, without limitation, cash in lieu of fractional Class A Units) and any other property owing upon conversion no later than the 4th business day following the Change of Control Conversion Date. 

 (e)
Conversion upon an Absence of Suitable Indices Event. 
  

	 	i.	If, following an Absence of Suitable Indices Event, AH4R exercises its option to convert the 5.000% Series B Participating Preferred Shares as provided in Section 11(c) of the Articles Supplementary, the
Partnership shall convert all but not less than all of the 5.000% Series B Participating Preferred Units into Class A Units in accordance with this Section (9)(e). 

 

	 	ii.	The formula for determining the conversion ratio per 5.000% Series B Participating Preferred Unit shall be equal to (A) the Adjusted Value, plus any accrued and unpaid distributions to, but not including, the
Conversion Date, divided by (B) the VWAP on the date the notice of conversion is issued. 

  

	 	iii.	 The Partnership will reserve and keep available at all times, free of any preemptive rights arising by operation of law, under the Partnership
Agreement, under any agreement or instrument to which the Partnership or any of its subsidiaries is a party or otherwise, out of its authorized but unissued units a sufficient number of Class A Units issuable upon conversion of the outstanding
5.000% Series B Participating Preferred Units until such time as all of the outstanding 5.000% Series B Participating Preferred Units shall have been converted, repurchased and retired or redeemed and retired. Upon conversion of each 5.000% Series B
Participating Preferred Unit, the Partnership shall take all such actions as are necessary in order to ensure that the Class A Units issuable with respect to such conversion shall be validly issued, fully paid and nonassessable, free and clear
of all taxes, liens, charges and encumbrances with respect to the issuance thereof, other than those imposed by the holder of such 5.000% Series B Participating Preferred Unit. The Partnership shall not close its books against the transfer of 5.000%
Series B Participating Preferred Units or of Class A Units issued or issuable upon conversion of 5.000% Series 

  
 10 

	 	
B Participating Preferred Units in any manner which interferes with the timely conversion of 5.000% Series B Participating Preferred Units. The Partnership shall assist and cooperate with any
holder of 5.000% Series B Participating Preferred Units required to make any governmental filings or obtain any governmental approval prior to or in connection with any conversion of 5.000% Series B Participating Preferred Units hereunder
(including, without limitation, making any filings required to be made by the Partnership). All Class A Units which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and
charges. 

  

	 	iv.	No fractional Class A Units shall be issued upon conversion of the 5.000% Series B Participating Preferred Units. In lieu of fractional units, holders of the 5.000% Series B Participating Preferred Units shall be
entitled to receive the cash value of such fractional units based on the Class A Unit Price. 

 10. Allocation of Profit and Loss.
Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among holders of 5.000% Series B Participating Preferred Units in accordance with Article VI of the Partnership Agreement. 

11. Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the
General Partner hereby ratifies and confirms. 

  
 11 

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

					
	GENERAL PARTNER:
	
	AMERICAN HOMES 4 RENT
			
	By:	 		 	 /s/ Sara Vogt-Lowell

	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice-President and Chief Legal Officer

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