Document:

Exhibit 10.7

 

JOINDER
AGREEMENT

(Subsidiary Guarantor)

 

THIS JOINDER AGREEMENT
(“Joinder Agreement”) is executed as of October 30, 2017, by BR METROWEST, LLC, a Delaware limited liability company
(“Joining Party”), and delivered to KeyBank National Association, as Agent, pursuant to §5.5 of the Credit Agreement
dated as of October 4, 2017, as from time to time in effect (the “Credit Agreement”), among BLUEROCK
RESIDENTIAL HOLDINGS, L.P. (the “Parent Borrower”), the other Borrowers, KeyBank National Association, for itself
and as Agent, and the other Lenders from time to time party thereto. Terms used but not defined in this Joinder Agreement shall
have the meanings defined for those terms in the Credit Agreement.

 

RECITALS

 

A.       Joining
Party is required, pursuant to §5.5 of the Credit Agreement, to become an additional Subsidiary Credit Party under the Credit
Agreement; provided however, because the Joining Party is joining the Credit Agreement as a Subsidiary Guarantor, Joining Party
is expressly not joining the Notes and shall have no liability under the Notes except as set forth in any Subsidiary Guaranty as
a guarantor thereof.

 

B.       Joining
Party expects to realize direct and indirect benefits as a result of the availability to Borrowers of the credit facilities under
the Credit Agreement.

 

NOW, THEREFORE, Joining
Party agrees as follows:

 

AGREEMENT

 

Joinder. By
this Joinder Agreement, Joining Party hereby becomes a “Subsidiary Credit Party” under the Credit Agreement, the Guaranty
and the other Loan Documents (other than the Notes) with respect to all the Obligations of Subsidiary Credit Parties now or hereafter
incurred under the Credit Agreement and the other Loan Documents (other than the Notes). Joining Party agrees that Joining Party
is and shall be bound by, and hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers
applicable to a Subsidiary Credit Party under the Credit Agreement, the Guaranty and the other Loan Documents from and after the
Effective Date, including such provisions that apply to any Subsidiary Borrower as the same may be modified to reflect Joining
Party’s status as a Subsidiary Guarantor of, rather than a party to, the Notes.

 

Representations
and Warranties of Joining Party. Joining Party represents and warrants to Agent that, as of the Effective Date (as defined
below), except as disclosed in writing by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing
(which disclosures shall be deemed to amend the Schedules and other disclosures delivered as contemplated in the Credit Agreement),
the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material
respects as applied to Joining Party as a Subsidiary Credit Party and a Subsidiary Guarantor on and as of the Effective Date as
though made on that date. As of the Effective Date, all covenants and agreements in the Loan Documents of the Credit Parties are
true and correct with respect to Joining Party and no Default or Event of Default shall exist or might exist upon the Effective
Date in the event that Joining Party becomes a Subsidiary Credit Party.

 

     

     

    

 

Joint and Several.
Joining Party hereby agrees that, as of the Effective Date, the Credit Agreement, the Guaranty and the other Loan Documents heretofore
delivered to the Agent and the Lenders shall be a joint and several obligation of Joining Party to the same extent as if executed
and delivered by Joining Party (provided however, because the Joining Party is joining the Credit Agreement as a Subsidiary Guarantor,
Joining Party is expressly not joining the Notes and shall have no liability under the Notes except as set forth in any Subsidiary
Guaranty as a guarantor thereof), and upon request by Agent, will promptly become a party to the Credit Agreement, the Guaranty
and the other Loan Documents (excluding the Notes) to confirm such obligation.

 

Further Assurances.
Joining Party agrees to execute and deliver such other instruments and documents and take such other action, as the Agent may reasonably
request, in connection with the transactions contemplated by this Joinder Agreement.

 

GOVERNING LAW.
THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION
5-1401, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Counterparts.
This Agreement may be executed in any number of counterparts which shall together constitute but one and the same agreement.

 

The effective date
(the “Effective Date”) of this Joinder Agreement is October 30, 2017.

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

 

IN WITNESS WHEREOF,
Joining Party has executed this Joinder Agreement under seal as of the day and year first above written.

 

	 	“JOINING PARTY”
	 	 
	 	BR METROWEST, LLC, 
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan
    Ruddy
	 	Name:  	Jordan Ruddy
	 	Title:	Authorized Signatory

 

[Signatures
Continue on Following Page]

 

[Signature Page to Joinder Agreement - Metrowest]

 

     

     

    

 

	ACKNOWLEDGED:	 
	 	 
	KEYBANK NATIONAL ASSOCIATION, 	 
	as Agent	 
	 	 	 
	By:	/s/ Christopher T. Neil	 
	Name:     	Christopher T. Neil	 
	Title:      	Vice President	 

 

[Signature Page to Joinder Agreement - Metrowest]Exhibit 10.8

 

SUBSIDIARY GUARANTY

 

THIS SUBSIDIARY GUARANTY
(this “Guaranty”) dated as of October 30, 2017, executed and delivered by the undersigned BR METROWEST, LLC,
a Delaware limited liability company (the “Guarantor”), in favor of (a) KeyBank
National Association, in its capacity as Administrative Agent (the “Agent”) for the Lenders under that
certain Credit Agreement dated as of October 4, 2017, between and among BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited
partnership, and various other Subsidiaries thereof as “Borrower” (collectively, the “Borrower”),
the financial institutions party thereto and their assignees in accordance therewith (the “Lenders”), and the
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms,
the “Credit Agreement”) and (b) the Lenders.

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have made available to the Borrower certain financial accommodations on the terms and conditions
set forth in the Credit Agreement;

 

WHEREAS, the Borrower
and Guarantor, though separate legal entities, are mutually dependent on each other in the conduct of their respective businesses
as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Agent and the
Lenders through their collective efforts;

 

WHEREAS, Guarantor
acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making such financial accommodations
available to the Borrower under the Credit Agreement and, accordingly, Guarantor is willing to guarantee the Borrower’s obligations
to the Agent and the Lenders on the terms and conditions contained herein;

 

WHEREAS, Guarantor’s
guarantee of the Borrower’s obligations to Agent and the Lenders under this Guaranty shall be secured by a Mortgage, Assignment
of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”), and a Collateral Assignment of
Leases and Rents (the “Assignment of Leases”), both dated as of October 30, 2017, and executed by Guarantor
in favor of Agent; and

 

WHEREAS, Guarantor’s
execution and delivery of this Guaranty is one of the conditions precedent to the Agent and the Lenders making, or continuing to
make, such financial accommodations to the Borrower.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Guarantor, Guarantor agrees as
follows:

 

Section 1. Guaranty.
Guarantor hereby absolutely and unconditionally guaranties the due and punctual payment and performance of all of the following
when due (collectively referred to as the “Obligations”): (a) all indebtedness and obligations owing by the
Borrower to any of the Lenders or the Agent under or in connection with the Credit Agreement and any other Loan Document, including
without limitation, the repayment of all principal of the Loans made by the Lenders to the Borrower under the Credit Agreement
and the payment of all interest, fees, charges, reasonable attorneys fees and other amounts payable to any Lender or the Agent
thereunder or in connection therewith (including any Hedge Obligations but expressly excluding any Excluded Swap Obligations);
(b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; and (c) all expenses, including,
without limitation, reasonable attorneys’ fees and disbursements, that are incurred by the Lenders or the Agent in the enforcement
of any of the foregoing or any obligation of Guarantor hereunder.

 

     

     

    

 

Section 2. Guaranty
of Payment and Not of Collection. This Guaranty is a guaranty of payment, and not of collection, and a debt of Guarantor for
its own account. Accordingly, the Lenders and the Agent shall not be obligated or required before enforcing this Guaranty against
Guarantor: (a) to pursue any right or remedy the Lenders or the Agent may have against the Borrower, any other guarantor or any
other Person or commence any suit or other proceeding against the Borrower, any other guarantor or any other Person in any court
or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other guarantor or any other Person;
or (c) to make demand of the Borrower, any other guarantor or any other Person or to enforce or seek to enforce or realize upon
any collateral security held by the Lenders or the Agent which may secure any of the Obligations. In this connection, Guarantor
hereby waives, to the extent permitted by applicable law, the right of Guarantor to require any holder of the Obligations to take
action against the Borrower as provided by any legal requirement of any Governmental Authority.

 

This Guaranty shall
be secured by the Mortgage and Assignment of Leases.

 

Section 3. Guaranty
Absolute. Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the documents evidencing
the same, regardless of any legal requirement now or hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Agent or the Lenders with respect thereto. The liability of Guarantor under this Guaranty shall be absolute and unconditional
in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (except in accordance with Section 5.6
of the Credit Agreement if all Collateral Properties owned by Guarantor are released in accordance with the terms of the Credit
Agreement), including, without limitation, the following (whether or not Guarantor consents thereto or has notice thereof):

 

(a)       (i)
any change in the amount, interest rate or due date or other term of any of the Obligations; (ii) any change in the time, place
or manner of payment of all or any portion of the Obligations; (iii) any amendment or waiver of, or consent to the departure from
or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing
or relating to any Obligations; or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other
action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments
or agreements relating to the Obligations or any other instrument or agreement referred to therein or evidencing any Obligations
or any assignment or transfer of any of the foregoing;

 

(b)       any
lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument
or agreement referred to therein or evidencing any Obligations or any assignment or transfer of any of the foregoing;

 

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(c)       any
furnishing to the Agent or the Lenders of any security for the Obligations, or any sale, exchange, release or surrender of, or
realization on, any collateral security for the Obligations;

 

(d)       any
settlement or compromise of any of the Obligations, any security therefor, or any liability of any other party with respect to
the Obligations, or any subordination of the payment of the Obligations to the payment of any other liability of the Borrower;

 

(e)       any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to
any other guarantor, the Borrower or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver,
or by any court, in any such proceeding;

 

(f)       any
nonperfection of any security interest or other Lien on any of the collateral securing any of the Obligations;

 

(g)      any
act or failure to act by the Borrower or any other Person which may adversely affect Guarantor’s subrogation rights, if any,
against the Borrower to recover payments made under this Guaranty;

 

(h)      any
application of sums paid by the Borrower or any other Person with respect to the liabilities of the Borrower to the Agent or the
Lenders, regardless of what liabilities of the Borrower remain unpaid;

 

(i)       any
defect, limitation or insufficiency in the borrowing powers of the Borrower or in the exercise thereof; or

 

(j)       any
other circumstance which might otherwise constitute a defense available to, or a discharge of, Guarantor hereunder (other than
payment or satisfaction of such Obligations).

 

Section 4. Action
with Respect to Obligations. The Lenders and the Agent may in accordance with the Credit Agreement, at any time and from time
to time, without the consent of, or notice to, Guarantor, and without discharging Guarantor from its obligations hereunder take
any and all actions described in Section 3 and may otherwise: (a) amend, modify, alter or supplement the terms of any of
the Obligations, including, but not limited to, extending or shortening the time of payment of any of the Obligations or the interest
rate that may accrue on any of the Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document;
(c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release
any Person (other than Guarantor) liable in any manner for the payment or collection of the Obligations; (e) exercise, or refrain
from exercising, any rights against the Borrower or any other Person (including, without limitation, any other guarantor); and
(f) apply any sum, by whomsoever paid or however realized, to the Obligations in such order as the Lenders or the Agent shall elect
in accordance with the Credit Agreement.

 

Section 5. Representations
and Warranties. Guarantor hereby makes to the Agent and the Lenders all of the representations and warranties with respect
to or in any way relating to a Subsidiary Credit Party in the Credit Agreement and the other Loan Documents, as if the same were
set forth herein in full.

 

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Section 6. Covenants.
Guarantor will comply with all covenants which a Subsidiary Credit Party is to comply with under the terms of the Credit Agreement
or any other Loan Documents.

 

Section 7. Waiver.
Guarantor, to the fullest extent permitted by applicable law, hereby waives notice of acceptance hereof or any presentment, demand,
protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner
or to any extent might vary the risk of Guarantor or which otherwise might operate to discharge Guarantor from its obligations
hereunder.

 

Section 8. Inability
to Accelerate Loan. If the Agent and/or the Lenders are prevented from demanding or accelerating payment of any Loan under
the Credit Agreement by reason of any automatic stay or otherwise, the Agent and/or the Lenders shall be entitled to receive from
Guarantor, upon demand therefor, the sums which otherwise would have been due with respect to such Loan had such demand or acceleration
occurred.

 

Section 9. Reinstatement
of Obligations. Subject to Section 5.6 of the Credit Agreement, Guarantor agrees that this Guaranty shall continue to be effective
or be reinstated, as the case may be, with respect to any Obligations if at any time payment of any such Obligations is rescinded
or otherwise must be restored by the Agent and/or the Lenders upon the bankruptcy or reorganization of the Borrower or Guarantor
or otherwise.

 

Section 10. Subrogation.
Subject to Section 5.6 of the Credit Agreement, until all of the Obligations shall have been indefeasibly paid in full, any right
of subrogation Guarantor may have with respect to the Obligations shall be subordinate to the rights of Agent and the Lenders and
Guarantor hereby waives any right to enforce any remedy which the Agent and/or the Lenders now have or may hereafter have against
the Borrower with respect to the Obligations, and, other than with respect to any Collateral Property owned by Guarantor, Guarantor
hereby waives any benefit of, and any right to participate in, any security or collateral given to the Agent and the Lenders to
secure payment or performance of any of the Obligations.

 

Section 11. Payments
Free and Clear. All sums payable by Guarantor hereunder shall be made free and clear of and without deduction for any tax or
other charge; provided that if Guarantor shall be required by applicable law to deduct any taxes or other charge from such
payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section), the Agent or any Lender (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made; (ii) Guarantor shall make such deductions; and (iii) Guarantor
shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

Section 12. Set-off.
Guarantor hereby grants to Agent, on behalf of the Lenders, a security interest in and lien on all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by Agent to or for the credit or
the account of Guarantor. In addition to any rights now or hereafter granted under applicable law and not by way of limitation
of any such rights, each Lender is hereby authorized, with the consent of Agent, at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final but
excluding any funds held by the Guarantor on behalf of tenants or other third parties) at any time held and other obligations at
any time owing by such Lender to or for the credit or the account of Guarantor against any of and all the obligations of Guarantor
now or hereafter existing under this Guaranty held by such Lender then due and payable.

 

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Section 13. Subordination.
Other than with respect to any Distributions permitted under the Credit Agreement, Guarantor hereby expressly covenants and agrees
for the benefit of the Agent and the Lenders that all obligations and liabilities of the Borrower or any other guarantor to Guarantor
of whatever description, including without limitation, all intercompany receivables of Guarantor from the Borrower or any other
guarantor (collectively, the “Junior Claims”) shall be subordinate and junior in right of payment to all Obligations;
provided, however, that payment thereof may be made so long as no Event of Default shall have occurred and be continuing. Other
than with respect to any Distributions permitted under the Credit Agreement, if an Event of Default shall have occurred and be
continuing, then Guarantor shall not accept any direct or indirect payment (in cash, property, securities by setoff or otherwise)
from the Borrower or any other guarantor on account of or in any manner in respect of any Junior Claim until all of the Obligations
have been indefeasibly paid in full.

 

Section 14. Avoidance
Provisions. It is the intent of Guarantor, the Agent and the Lenders that in any Proceeding, Guarantor’s maximum Obligations
hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of Guarantor hereunder
(or any other obligations of Guarantor to the Agent and the Lenders) to be avoidable or unenforceable against Guarantor in such
Proceeding as a result of applicable law, including without limitation, (a) Section 548 of the Bankruptcy Code of 1978, as amended
(the “Bankruptcy Code”) and (b) any state fraudulent transfer or fraudulent conveyance act or statute applied in such
Proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The applicable laws under which the possible
avoidance or unenforceability of the obligations of Guarantor hereunder (or any other obligations of Guarantor to the Agent and
the Lenders) shall be determined in any such Proceeding are referred to as the “Avoidance Provisions.” Accordingly,
to the extent that the obligations of Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions,
the maximum Obligations for which Guarantor shall be liable hereunder shall be reduced to that amount which, as of the time any
of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of Guarantor
hereunder (or any other obligations of Guarantor to the Agent and the Lenders), to be subject to avoidance under the Avoidance
Provisions. This Section is intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent
that would not cause the obligations of Guarantor hereunder to be subject to avoidance under the Avoidance Provisions, and neither
Guarantor nor any other Person shall have any right or claim under this Section as against the Agent and the Lenders that would
not otherwise be available to such Person under the Avoidance Provisions.

 

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Section 15. Information.
Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower, of any other
guarantors and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and
extent of the risks that Guarantor assumes and incurs hereunder, and agrees that none of the Agent or any Lender shall have any
duty whatsoever to advise Guarantor of information regarding such circumstances or risks.

 

Section 16. Governing
Law. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO CONFLICTS OF LAWS PRINCIPLES.

 

Section 17. Jurisdiction;
Venue; JURY WAIVER.

 

(a)       Jurisdiction;
Venue. GUARANTOR AND (BY THEIR ACCEPTANCE HEREOF) THE AGENT AND THE LENDERS AGREE THAT ANY SUIT FOR THE ENFORCEMENT OF THIS
GUARANTY MAY BE BROUGHT IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT SITTING THEREIN).
GUARANTOR AND (BY THE ACCEPTANCE HEREOF) THE AGENT AND THE LENDERS FURTHER ACCEPT, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF SUCH COURTS AND ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
WITH RESPECT TO THIS GUARANTY AND (ii) WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION ANY OF THEM MAY
NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH A COURT IS AN INCONVENIENT FORUM.
IN ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR ANY LENDER MAY BRING ACTION(S)
FOR ENFORCEMENT ON A NON-EXCLUSIVE BASIS WHERE ANY ASSETS OF GUARANTOR EXIST AND GUARANTOR CONSENTS TO THE NON-EXCLUSIVE JURISDICTION
OF SUCH COURTS. GUARANTOR EXPRESSLY ACKNOWLEDGES AND AGREES THAT THE FOREGOING CHOICE OF NEW YORK LAW WAS A MATERIAL INDUCEMENT
TO THE AGENT AND THE LENDERS IN ENTERING INTO THE CREDIT AGREEMENT AND IN MAKING THE LOANS THEREUNDER. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

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(b)       WAIVER
OF JURY TRIAL. EACH OF GUARANTOR AND (BY THEIR ACCEPTANCE HEREOF) THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A JURY
TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS
HEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS AND AGREES THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION
WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH OF GUARANTOR AND (BY THEIR ACCEPTANCE HEREOF)
THE AGENT AND THE LENDERS HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT,
OR CONSEQUENTIAL DAMAGES AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN OR IN ADDITION TO ACTUAL
DAMAGES. EACH OF GUARANTOR AND (BY THEIR ACCEPTANCE HEREOF) THE AGENT AND THE LENDERS (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES, BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS
CONTAINED IN THIS SECTION. EACH OF GUARANTOR AND (BY THEIR ACCEPTANCE HEREOF) THE AGENT AND THE LENDERS ACKNOWLEDGES THAT IT HAS
HAD AN OPPORTUNITY TO REVIEW THIS SECTION WITH LEGAL COUNSEL AND THAT EACH PARTY AGREES TO THE FOREGOING AS ITS FREE, KNOWING,
AND VOLUNTARY ACT.

 

Section 18. Loan
Accounts. The Agent may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and
payable with respect to the Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt
of Obligation or otherwise, the entries in such account shall be binding upon Guarantor as to the outstanding amount of such Obligations
and the amounts paid and payable with respect thereto absent manifest error. The failure of the Agent to maintain such books and
accounts shall not in any way relieve or discharge Guarantor of any of its obligations hereunder.

 

Section 19. Waiver
of Remedies. No delay or failure on the part of the Agent or the Lenders in the exercise of any right or remedy it may have
against Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by the Agent or the
Lenders of any such right or remedy shall preclude other or further exercise thereof or the exercise of any other such right or
remedy.

 

Section 20. Successors
and Assigns. Each reference herein to the Agent or the Lenders shall be deemed to include such Person’s respective successors
and assigns (including, but not limited to, any holder of the Obligations) in whose favor the provisions of this Guaranty also
shall inure, and each reference herein to Guarantor shall be deemed to include the Guarantor’s successors and assigns, upon
whom this Guaranty also shall be binding. The Lenders and the Agent may, in accordance with, and subject to the limitations under,
the applicable provisions of the Credit Agreement, assign, transfer or sell any Obligation, or grant or sell participation in any
Obligations, to any Person or entity without the consent of, or notice to, Guarantor and without releasing, discharging or modifying
Guarantor’s obligations hereunder. Subject to the terms of the Credit Agreement, Guarantor hereby consents to the delivery
by the Agent or any Lender to any assignee, transferee or participant of any financial or other information regarding the Borrower
or Guarantor. Guarantor may not assign or transfer its obligations hereunder to any Person.

 

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Section 21. Amendments.
This Guaranty may not be amended except as provided in the Credit Agreement.

 

Section 22. Payments.
All payments made by Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Agent
at the place and time provided for in the Credit Agreement on the date one (1) Business Day after written demand therefor to Guarantor
by the Agent.

 

Section 23. Notices.
All notices, requests and other communications hereunder shall be in writing and shall be given as provided in the Loan Agreement.
Guarantor’s address for notice is set forth below its signature hereto.

 

Section 24. Severability.
In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 25. Headings.
Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty.

 

Section 26. Definitions.
(a) For the purposes of this Guaranty:

 

“Proceeding”
means any of the following: (i) a voluntary or involuntary case concerning Guarantor shall be commenced under the Bankruptcy Code
or any other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy Code or any other applicable bankruptcy
laws) is appointed for, or takes charge of, all or any substantial part of the property of Guarantor; (iii) any other proceeding
under any applicable law, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up or composition for
adjustment of debts, whether now or hereafter in effect, is commenced relating to Guarantor; (iv) Guarantor is adjudicated insolvent
or bankrupt; (v) any order of relief or other order approving any such case or proceeding is entered by a court of competent jurisdiction;
(vi) Guarantor makes a general assignment for the benefit of creditors; (vii) Guarantor shall fail to pay, or shall state that
it is unable to pay, or shall be unable to pay, its debts generally as they become due; (viii) Guarantor shall call a meeting of
its creditors with a view to arranging a composition or adjustment of its debts; (ix) Guarantor shall by any act or failure to
act indicate its consent to, approval of or acquiescence in any of the foregoing; or (x) any corporate action shall be taken by
Guarantor for the purpose of effecting any of the foregoing.

 

(b)       Capitalized
terms not otherwise defined herein are used herein with the respective meanings given them in the Credit Agreement.

 

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Left Blank]

 

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IN WITNESS WHEREOF,
Guarantor has duly executed and delivered this Guaranty as of the date and year first written above.

 

	 	BR METROWEST, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory
	 	 
	 	Address for Notices:
	 	 
	 	c/o Bluerock Real Estate, L.L.C.
	 	712 Fifth Avenue
	 	9th Floor
	 	New York, New York 10019
	 	Attn:  Michael Konig, Esq.
	 	Fax:  (646) 278-4220
	 	 
	 	With a copy to:
	 	 
	 	Kaplan Voekler Cunningham & Frank PLC
	 	1401 East Cary Street
	 	Richmond, VA  23219
	 	Attn:  Richard Cunningham, Esquire
	 	Fax:  (804) 823-4099

 

[Signature Page to Subsidiary Guaranty]

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