Document:

EX-10.81

EXHIBIT 10.81

 

LAS VEGAS SANDS CORP.

LAS VEGAS SANDS, LLC

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

 

December 9, 2014

 

Robert G. Goldstein

 

 

 

Re:  Terms of Continued Employment

 

 

Dear Robert:

 

This letter agreement (this “Agreement”) sets forth the terms and conditions of your continued employment with Las Vegas Sands Corp., a Nevada corporation (“LVSC”), and Las Vegas Sands, LLC, a wholly-owned subsidiary of LVSC (together with LVSC, the “Company”), as mutually agreed upon by you and the Company.  For valuable consideration and intending to be legally bound, the parties agree as follows:

 

1.             Prior Employment Agreements.  Effective as of January 1, 2015 (the “Effective Date”), the employment agreement between the Company and you, dated as of January 11, 2011 (the “Existing Employment Agreement”), shall terminate and be of no further force and effect; provided, that you shall not forfeit your right to any Incentive Award (as defined in the 2004 Employment Agreement), Option Incentive Award (as defined in the 2009 Employment Agreement), Restricted Stock Award or 2012 Restricted Stock Award (each as defined in the Existing Employment Agreement) that is outstanding as of the Effective Date.  Effective as of the Effective Date, except as provided in the preceding sentence, this Agreement will constitute the entire agreement between the Company and you with respect to your terms and conditions of employment.  For the sake of clarity, the status (as of November 21, 2014) of your Incentive Awards, Option Incentive Award, Restricted Stock Award and 2012 Restricted Stock Award that are outstanding as of the Effective Date are set forth on Annex A.  For purposes of this Agreement, the “2009 Employment Agreement” means the prior employment agreement between the Company and you, dated as of July 10, 2009; the “2004 Employment Agreement” shall have the meaning given such term in the 2009 Employment Agreement; and the “Prior Employment Agreements” means, collectively, the Existing Employment Agreement, the 2009 Employment Agreement and the 2004 Employment Agreement.

 

2.             Duties and Responsibilities.

 

(a)             You shall serve in the capacity of and have such powers, duties and responsibilities as are generally associated with the office of President and Chief Operating Officer of the Company.  In this capacity, you shall report directly to the Company’s Chief Executive Officer.

 

(b)             From and after the Effective Date, in the event the Company fails to maintain you as an executive officer of the Company, reduces the Base Salary (as defined below), or materially changes the duties and responsibilities of your office that would cause your position to 

 

 

  

  

  

 

 

have less dignity, importance or scope than intended at the Effective Date, including but not limited to changes to scope and duties which occur solely as a result of a transaction in which the Company becomes a subsidiary of another company, you may voluntarily terminate your employment with the Company without further restrictions or liability; provided, that the restrictions set forth in Section 18 below shall continue to apply following such termination of employment and provided, further, that if such termination of employment is due to a “Change in Control” subject to Section 13 below, the restrictions set forth in Section 19 also shall continue to apply following such termination of employment.

 

3.             Business Travel; Use of Airplane.  The Company shall make available to you a private jet aircraft for business and personal use (however, at your election, you shall be entitled to travel First Class on commercial airlines for all Company business trips).  If you are otherwise taking a trip on a private jet made available by the Company for you, then you may bring one or more members of your immediate family to accompany you on such trip.  When you travel for business purposes, the Company shall reimburse you (in accordance with Section 10) for first class hotel accommodations expenses (for up to a one-bedroom suite).

 

4.             Performance.  You covenant and agree to faithfully and diligently perform all of the duties of your employment, devoting your full business and professional time, attention, energy and ability to promote the business interests of the Company and all its properties.  You further agree that during the period of your employment with the Company, you will not engage in any other business or professional pursuit whatsoever unless the Board of Directors of the Company (the “Board”) shall consent thereto in writing; provided, however, that the foregoing shall not preclude you from engaging in civic, charitable, or religious activities or from devoting a reasonable amount of time to private investments that do not unreasonably interfere or conflict with the performance of your duties under this Agreement.

 

5.             Term.  The term of your employment under this Agreement shall commence as of the Effective Date and shall expire on December 31, 2019 (the “Initial Term”), unless sooner terminated as provided under the terms of this Agreement.  Upon the scheduled expiration of the Initial Term, your employment may thereafter only be extended upon the express mutual written agreement of both you and the Company.

 

6.             Licensing Requirement. You are presently licensed as a casino key employee (the “License”) by the Nevada Gaming Commission and the Nevada State Gaming Control Board, the gaming authorities with jurisdiction over the Company or its affiliates in Singapore, Macao and Pennsylvania, as applicable, and any other gaming authority with jurisdiction over the Company or its affiliates (collectively, the “Gaming Authorities”), pursuant to the provisions of applicable Nevada gaming laws and the regulations of the Nevada Gaming Commission and the gaming laws and regulations of the jurisdictions of Singapore, Macao, Pennsylvania and such other Gaming Authorities. You agree, at the Company’s sole cost and expense, to cooperate with the Gaming Authorities to maintain the License in full force and effect and in good standing.  You further agree to apply for a license as a casino key employee (or similar status) in any jurisdiction in which the Company’s casino key employees are required to be licensed.

 

7.             Base Salary and Annual Bonus.

 

 

 

 

 

  

- 2 -

  

 

(a)              Beginning as of the Effective Date and throughout the duration of the Initial Term, you shall receive a base annual salary of $3,250,000 (the “Base Salary”), payable in substantially equal installments every two weeks or otherwise in accordance with the regular payroll practices of the Company.

 

(b)              You will be eligible for an annual bonus (“Bonus”) under the applicable executive bonus program in which the Company’s senior executives participate for each calendar year of the Initial Term (with a target Bonus of 100% of Base Salary), subject to the achievement of performance criteria established by the Compensation Committee of the Board (the “Compensation Committee”).  The actual amount of the Bonus for each such calendar year shall be determined by the Compensation Committee in its sole discretion in accordance with the Company’s Management Incentive Plan in effect at the time of such determination, after consultation with the Company’s Chief Executive Officer.  The Bonus for any year shall be payable at the same time as annual bonuses are paid to other senior executives of the Company, but no later than March 15 of the year immediately following the year to which the Bonus relates, subject to your continued employment through the payment date except (i) for the Bonus for the 2019 calendar year, which is subject to your continued employment through the end of the Initial Term and (ii) as otherwise provided in Sections 13(a) and 14(a).

 

8.             Equity Award.  On the date this Agreement is signed by all parties (the “Date of Grant”), you shall be granted a one-time award of options to purchase 2,250,000 shares of LVSC common stock (the “New Option Grant”) under the LVSC 2004 Equity Award Plan (the “Plan”).  The New Option Grant shall vest in its entirety in accordance with the following schedule, subject to your continued employment through each such date, except as otherwise provided below:

 

	250,000 Options 	First Anniversary of the Date of Grant 
	 	 
	350,000 Options 	Second Anniversary of the Date of Grant 
	 	 
	400,000 Options    	Third Anniversary of the Date of Grant 
	 	 
	250,000 Options   	Fourth Anniversary of the Date of Grant 
	 	 
	1,000,000 Options  	December 31, 2019

                                                               

The Company covenants that on the Date of Grant, without the need for shareholder approval, there will be 2,250,000 shares of LVSC common stock available under the Plan for the unconditional grant of the New Option Grant.  The New Option Grant shall have a 10-year term from the Date of Grant, and shall have a per share exercise price equal to the Fair Market Value (as defined in the Plan) on the Date of Grant.  Except as otherwise provided herein, the New Option Grant shall otherwise be subject to the terms and conditions of the Plan and the Company’s form of stock option agreement for its senior executives.

 

9.             Employee Benefit Plans.  During the Initial Term and any renewal, you shall be entitled to participate in any fringe group health, medical, dental, hospitalization, life, accident insurance or other welfare plans, and any tax-qualified pension, tax-qualified profit sharing or tax-qualified retirement plans, which may be placed in effect or maintained by the Company for the benefit of its employees generally, or for its senior executives subject to all restrictions and limitations 

 

 

 

 

 

  

- 3 -

  

 

contained in such plans or established by governmental regulation.  In addition to the foregoing, you shall be entitled to participate in such executive retirement and capital accumulation plans as may be established, sponsored or maintained by the Company and in effect from time to time for the benefit of its senior executives.

 

10.           Expense Reimbursement.  You are authorized to incur such reasonable expenses as may be necessary for the performance of your duties hereunder in accordance with the policies of the Company established and in effect from time to time and, except as may be otherwise agreed, the Company will reimburse you for all such authorized expenses upon submission of an itemized accounting and substantiation of such expenditures adequate to secure for the Company a tax deduction for the same, in accordance with applicable Internal Revenue Service guidelines.

 

11.           Vacations and Holidays.  You shall be entitled to vacations and holidays as provided in the Company’s Flex Day Plan as in effect from time to time, but no less than four (4) weeks of paid vacation leave per year, at such times as may be requested by you and approved by the Company.  No more than three (3) weeks of vacation shall be taken consecutively.

 

12.           Termination by the Company; Termination by You for Good Reason.  The Company may terminate your employment hereunder for Cause (as defined below).  The Company may terminate your employment without Cause (and other than due to death or Disability (as defined below)) upon 30 days advance written notice.  You may terminate your employment for Good Reason (as defined below).

 

(a)             In the event the Company terminates your employment for Cause, you shall be entitled to receive:  (i) Base Salary at the rate in effect at the time of the termination through the date of termination of employmen; (ii) reimbursement for expenses incurred, but not paid prior to such termination of employment, subject to the receipt of supporting information by the Company; and (iii) such other compensation and benefits as may be provided in applicable plans and programs of the Company, according to the terms and conditions of such plans and programs.  The restrictions set forth in Sections 18 and 19 shall continue to apply following such termination of employment.

 

(b)             In the event that the Company terminates your employment without Cause (and other than due to death or Disability), or you terminate your employment for Good Reason, you shall be entitled to receive:  (i) continuation of Base Salary for 12 months following termination of employment (or, if shorter, the remainder of the Initial Term); (ii) reimbursement for expenses incurred, but not paid prior to such termination of employment, subject to the receipt of supporting information by the Company; and (iii) such other compensation and benefits as may be provided in applicable plans and programs of the Company, according to the terms and conditions of such plans and programs.  The restrictions set forth in Section 18 shall continue to apply following such termination of employment.

 

(c)             “Cause,” as used above, shall mean:  (i) conviction of a felony, misappropriation of any material funds or material property of the Company, its subsidiaries or affiliates; (ii) commission of fraud or embezzlement with respect to the Company, its subsidiaries or affiliates; (iii) any material act of dishonesty relating to your employment by the Company resulting in direct or indirect personal gain or enrichment at the expense of the Company, its 

 

 

 

 

 

  

- 4 -

  

 

subsidiaries or affiliates; (iv) use of alcohol or drugs that renders you materially unable to perform the functions of your job or carry out your duties to the Company; (v) a material breach of this Agreement by you; (vi) committing any act or acts of serious and willful misconduct (including disclosure of confidential information) that is likely to cause a material adverse effect on the business of the Company, its subsidiaries or affiliates; or (vii) the withdrawal with prejudice, denial, revocation or suspension of the License by the Gaming Authorities; provided, that, with respect to (iv), (v) and (vii) above, the Company shall have first provided you with written notice stating with specificity the acts, duties or directives you have committed or failed to observe or perform, and you shall not have corrected the acts or omissions complained of within thirty (30) days of receipt of such notice.

 

(d)              “Good Reason,” as used above, shall mean the occurrence of any of the following without your consent:  (i) the Company’s removal of you from the position of President and Chief Operating Officer of the Company or (ii) any other material adverse change in your status, position, duties or responsibilities (which shall include any adverse change in the reporting relationships described in this Agreement) which is not cured within thirty (30) days after written notice thereof is delivered by you to the Company.  No purported termination for Good Reason shall be effective unless you deliver a written notice of termination (specifying in reasonable detail the facts and circumstances claimed to provide a basis for termination for Good Reason) to the Company within 90 days following your first obtaining actual knowledge that facts or circumstances constituting Good Reason exist.

 

(e)              Except as otherwise provided herein, the exercise and/or termination of the Incentive Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment Agreement, the Restricted Stock Award and the 2012 Restricted Stock Award under the Existing Employment Agreement, and the New Option Grant under this Agreement shall be governed by the Plan and the applicable award agreements (including, for the avoidance of doubt, any terms of the foregoing awards as set forth in the Prior Employment Agreements).

 

13.           Termination by You Following a Change in Control.  You may voluntarily terminate this Agreement and your employment with the Company upon 30 days’ written notice to the Company without further restrictions or liability if there is a “Change in Control” as that term is defined in the Plan; provided, that such notice may not be effective any earlier than the expiration of the twelve-month period immediately following such Change in Control; and provided, further, that the restrictions set forth in Sections 18 and 19 shall continue to apply following such termination of employment.

 

(a)              In the case of a termination of this Agreement and your employment with the Company by you following a Change in Control in accordance with the foregoing provisions of this Section 13, then you shall be entitled to receive promptly following the date of such termination (for the sake of clarity, such date may not be earlier than the expiration of the twelve-month period immediately following the Change in Control), (i) all accrued and unpaid Base Salary and previously earned bonus(es) through the date of termination; (ii) a lump sum payment of two (2) times the Base Salary; (iii) accelerated vesting of all equity awards (including the Incentive Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment Agreement, the Restricted Stock Award and the 2012 Restricted Stock Award 

 

 

 

 

  

- 5 -

  

 

under the Existing Employment Agreement, and the New Option Grant under this Agreement) so that all such awards are fully vested as of the date of termination; and (iv) continued participation in the health and welfare benefit plans of the Company and employer contributions to non-qualified retirement plans and deferred compensation plans, if any, for two years following the date of termination; provided, that the Company’s obligation to provide such benefits shall cease at the time you and your covered dependents become eligible for comparable benefits from another employer that do not exclude any pre-existing condition of you or any covered dependent that was not excluded under the Company’s health and welfare plans immediately prior to the date of termination.

 

(b)              To the extent that the health and welfare benefits provided for in Section 13(a)(iv) are not permissible after termination of employment under the terms of the benefit plans of the Company then in effect (and cannot be provided through the Company’s paying the applicable premium for you under COBRA), the Company shall pay you such amount as is necessary to provide you, after tax, with an amount equal to the cost of acquiring, for you and your spouse and dependents, if any, on a non-group basis, for the required period, those health and other welfare benefits that would otherwise be lost to you and your spouse and dependents as a result of your termination.  Any amount payable under this Section 13(b) shall be determined as soon as practicable following termination of employment and shall be paid to you within 60 days following termination of employment.

 

(c)              Except as otherwise provided herein, the exercise and/or termination of the Incentive Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment Agreement, the Restricted Stock Award and the 2012 Restricted Stock Award under the Existing Employment Agreement, and the New Option Grant under this Agreement shall be governed by the Plan and the applicable award agreements (including, for the avoidance of doubt, any terms of the foregoing awards as set forth in the Prior Employment Agreements).

 

14.           Termination Due to Death or Disability.  Your employment hereunder shall terminate upon the occurrence of your death.  The Company may terminate your employment due to Disability.  The restrictions set forth in Section 18 shall continue to apply following the termination of employment due to Disability.

 

(a)             In the event of a termination of your employment due to your death or Disability, you or your estate, as the case may be, shall be entitled to receive:  (i) continuation of Base Salary for 12 months following termination of employment (or, if shorter, the remainder of the Initial Term), less any short term disability insurance proceeds you receive during such period in the event termination of your employment is due to your Disability, and less any life insurance proceeds you receive from any company-paid life insurance policies in the event of your death; (ii) accelerated vesting of the 2012 Restricted Stock Award such that the portion of such award that would have vested during the twelve (12) month period following the date of termination had you remained employed during such period shall be immediately vested as of the date of termination; (iii) in the event your employment terminates due to your death or Disability during the 2019 calendar year, accelerated vesting of a portion of the New Option Grant such that the pro-rata portion of such award that would have vested (calculated on a straight line basis based on the number of days in the 2019 calendar year prior to the date of termination) shall be immediately vested (and the restrictions on such pro-rated number of restricted shares shall lapse) 

 

 

 

 

 

  

- 6 -

  

 

as of the date of termination; (iv) reimbursement for expenses incurred, but not paid prior to such termination of employment, subject to the receipt of supporting information by the Company; and (v) such other compensation and benefits as may be provided in applicable plans and programs of the Company, according to the terms and conditions of such plans and programs.

 

(b)             Except as otherwise provided herein, the exercise and/or termination of the Incentive Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment Agreement, the Restricted Stock Award and the 2012 Restricted Stock Award under the Existing Employment Agreement, and the New Option Grant under this Agreement shall be governed by the Plan and the applicable award agreements (including, for the avoidance of doubt, any terms of the foregoing awards as set forth in the Prior Employment Agreements).

 

(c)             “Disability” as used above shall mean that, during your employment with the Company, you shall, in the opinion of an independent physician selected by agreement between the Board and you, become so physically or mentally incapacitated that you are unable to perform the duties of your employment for an aggregate of 180 days in any 365 day consecutive period or for a continuous period of six (6) consecutive months.

 

15.           Post-Termination Exercise Period for Options; Treatment of Equity on Certain Sales/Change in Ownership.

 

(a)              For purposes of this Section 15(a), capitalized terms that are not otherwise defined in this Agreement shall have the meaning given such terms in the Plan.  If Adelson or any Designated Holder sells, transfers or otherwise disposes of (whether by Business Combination or otherwise), shares of LVSC common stock ((i) to any Person or Persons other than Adelson or any Designated Holder, and (ii) other than pursuant to a transaction described in clauses (I) through (V) of subsection (i) of the definition of “Change in Control” under the Plan), and as a result such Person or Persons acquires beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more (on a fully diluted basis) of either (i) the Outstanding Company Common Stock or (ii) the combined voting power of the Outstanding Company Voting Securities (the “Change in Ownership Transaction”), then you shall be able to exercise your outstanding unvested options to acquire LVSC common stock (including any outstanding unvested portions of the New Option Grant) and sell any shares of outstanding unvested LVSC common stock (including any outstanding unvested portions of the Restricted Stock Award and 2012 Restricted Stock Award); provided, that the after-tax proceeds of such exercise and/or sale (whether such proceeds are cash or shares of LVSC common stock, net of applicable withholding taxes) shall be retained and held by the Company in escrow and invested in one or more interest bearing accounts at one or more financial institutions reasonably acceptable to you, and shall be payable to you on the first anniversary of such Change in Ownership Transaction (or, if earlier, upon the termination of your employment by the Company without Cause, or the termination of your employment by you for Good Reason, or the termination of your employment because of death or Disability) subject to your continued employment through such date (and if you otherwise are not continuously employed through such date then such after-tax proceeds shall be forfeited upon such other termination of employment).

 

(b)              Except as otherwise provided herein, the exercise and/or termination of the 

 

 

 

 

  

- 7 -

  

 

Incentive Awards, Option Incentive Award, the Restricted Stock Award, the 2012 Restricted Stock Award and the New Option Grant shall be governed by the Plan and the applicable award agreements, provided, that for the avoidance of doubt, in the event your employment terminates (other than (i) by the Company for Cause, or (ii) due to death or Disability), you shall have not more than 90 days following termination of your employment to exercise the vested portion of the Option Incentive Awards under the 2004 Employment Agreement and the Option Incentive Award under the 2009 Employment Agreement and the New Option Grant.

 

16.           Timing of Certain Payments. Subject to Sections 17 and 20: (a) any amounts payable under Sections 12(a)(i), 13(a)(i) or 13(c)(i) shall be paid as soon as practicable, and in any event within 30 days following termination of employment; and (b) any reimbursements for expenses incurred under Sections 12(a)(ii), 12(b)(ii), 13(c)(ii) or 14(a)(iv) (to the extent such reimbursements are treated as deferred compensation subject to Section 409A) shall be paid as soon as practicable following submission of the claims but in any event not later than the third calendar year following the calendar year in which your separation from service occurs.

 

17.           Release.  Notwithstanding any other provision of this Agreement to the contrary, you acknowledge and agree that any and all payments to which you are entitled under Sections 12, 13, 14 or 15 (other than payments under Section 15 that are payable while you are still employed) are conditional upon and subject to your execution of the General Release and Covenant Not to Sue in the form attached hereto as Exhibit A (which form may be reasonably modified to reflect changes in the law), of all claims you may have against the Company and its directors, officers and affiliates, except as to matters covered by provisions of this Agreement that expressly survive the termination of this Agreement.  You shall execute and deliver such General Release and Covenant Not to Sue within 60 days following termination of employment, and, except as otherwise provided in Section 20, any payments that are subject to the execution of such General Release and Covenant Not to Sue shall commence to be paid on the 61st day following termination of employment (with the first such installment including any prior unpaid installments).

 

18.           Confidentiality. You agree that you will hold in strictest confidence and, without the prior express written approval of the Board, will not disclose to any person, firm, corporation or other entity, any confidential information which you have acquired or may hereafter acquire during your employment by the Company pertaining to the business or affairs of the Company or any of its subsidiaries or affiliates, including but not limited to (a) proprietary information or other documents concerning the Company’s or its subsidiaries’ or affiliates’ policies, prices, systems, methods of operation, contractual arrangements, customers or suppliers; (b) the Company’s or its subsidiaries’ or affiliates’ marketing methods, credit and collection techniques and files; or (c) the Company’s or its subsidiaries’ or affiliates’ trade secrets and other “know how” or information concerning its business and affairs not of a public nature. The covenant and agreement set forth in this Section shall apply during your employment by the Company and shall survive termination of this Agreement, and your employment hereunder, for any reason and shall remain binding upon you without regard to the passage of time or other events.

 

 

 

 

 

  

- 8 -

  

 

19.           Restrictive Covenant.  You acknowledge and recognize the highly competitive nature of the businesses of the Company and its subsidiaries and affiliates and accordingly agrees as follows:

 

(a)             Except as specifically provided for in Sections 2(b), 12(b), 13 and 14, during your employment with the Company and for a period of one (1) year from the date of termination of your employment for any reason (the “Restriction Period”), you shall not directly or indirectly, either as principal, agent, employee, consultant, partner, officer, director, shareholder, or in any other individual or representative capacity, own, manage, finance, operate, control or otherwise engage or participate in any manner or fashion in, any hotel or casino in (i) Clark County, Nevada (including, without limitation, the City of Las Vegas), (ii) the Macau Special Administrative Region of The People’s Republic of China, (iii) Bethlehem, Pennsylvania, (iv) Japan, (v) Korea, (vi) Vietnam, (vii) New Jersey, (viii) Singapore or (ix) any other location in which the Company or any of its affiliates is doing business or has made substantial plans to commence doing business, in each case at the time of your termination.  For the avoidance of doubt, and consistent with previous discussions between a then-current (now former) member of the Compensation Committee of the Board and you, the foregoing is not intended to prevent you from providing consulting services to investment banks or other financial firms doing business with entities in the hotel, casino, retail or hospitality industries during the Restriction Period; provided that you may not provide consulting services to investment banks or other financial firms on matters relating to hotels or casinos doing business in the locations specified in clauses (i) - (iv) in the prior sentence.

 

(b)              In addition to, and not in limitation of, the provisions of Section 19(a), you agree, for the benefit of the Company and its affiliates, that during the Restriction Period, you shall not, directly or indirectly, either as principal, agent, employee, consultant, partner, officer, director, shareholder, or in any other individual or representative capacity, on your behalf or any other person or entity other than the Company or its affiliates (i) solicit or induce, or attempt to solicit or induce, directly or indirectly, any person who is, or during the six months prior to the termination of your employment with the Company was, an employee or agent of, or consultant to, the Company or any of its affiliates to terminate its, his or her relationship therewith, or (ii) hire or engage any person who is, or during the six months prior to the termination of your employment with the Company was, an employee, agent of or consultant to the Company or any of its affiliates.

 

(c)              You understand that the provisions of this Section 19 may limit your ability to earn a livelihood in a business similar to the business of the Company but you nevertheless agree and hereby acknowledge that (i) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company, (ii) such provisions contain reasonable limitations as to time and scope of activity to be restrained, (iii) such provisions are not harmful to the general public, (iv) such provisions are not unduly burdensome to you, and (v) the consideration provided hereunder is sufficient to compensate you for the restrictions contained in this Section 19.  In consideration of the foregoing and in light of your education, skills and abilities, you agree that you shall not assert that, and it should not be considered that, any provisions of Section 19 otherwise are void, voidable or unenforceable or should be voided or held unenforceable.

 

 

 

 

 

  

- 9 -

  

 

(d)              It is expressly understood and agreed that although you and the Company consider the restrictions contained in this Section 19 to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against you, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

 

(e)              In the event that you violate any of the restrictive covenants set forth in Sections 19(a) or 19(b), in addition to any other remedy which may be available (i) at law or in equity, (ii) pursuant to any other provision of this Agreement or (iii) pursuant to any applicable equity award agreement, all outstanding stock options to purchase shares of LVSC common stock and other unvested equity awards granted to you shall be automatically forfeited effective as of the date on which such violation first occurs.

 

20.           Section 409A.

 

(a)             For purposes of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder (and such other Treasury or Internal Revenue Service guidance) as in effect from time to time. In addition, for purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment” (and substantially similar phrases) shall be deemed to refer to “separation from service” within the meaning of Section 409A (without application of any alternative definitions permitted thereunder) and shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A.

 

(b)              It is intended that the provisions of this Agreement comply with Section 409A, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. In this regard, the provisions of this Section 20 shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A. In light of the uncertainty as of the date hereof with respect to the proper application of Section 409A, the Company and you agree to negotiate in good faith to make amendments to this Agreement as the parties mutually agree are necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. Notwithstanding the foregoing, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for your account in connection with this Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold you (or any beneficiary) harmless from any or all of such taxes or penalties.

 

(c)              Except as permitted under Section 409A, any deferred compensation that is subject to Section 409A and is payable to or for your benefit under any Company-sponsored 

 

 

 

 

 

  

- 10 -

  

 

plan, program, agreement or arrangement may not be reduced by, or offset against, any amount owing by you to the Company.

 

(d)              Notwithstanding anything in this Agreement to the contrary, in the event that you are deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments under Sections 12, 13 or 14 that are “deferred compensation” subject to Section 409A shall be made to you prior to the date that is six (6) months after the date of your “separation from service” or, if earlier, your date of death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest permissible payment date. In addition, for a period of six months following the date of separation from service, to the extent that the Company reasonably determines that any of the benefit plan coverages described in Section 13 may not be exempt from U.S. federal income tax, you shall in advance pay to the Company an amount equal to the stated taxable cost of such coverages for six months. At the end of such six-month period, you shall be entitled to receive from the Company a reimbursement of the amounts paid by you for such coverages.

 

(e)              For purposes of Section 409A, each of the payments that may be made under the Agreement are designated as separate payments.

 

(f)              To the extent that any reimbursements pursuant to Section 10 or 21 are taxable to you, any such reimbursement payment due to you shall be paid to you as promptly as practicable, and in all events on or before the last day of your taxable year following the taxable year in which the related expense was incurred. Any such reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that you receive in one taxable year shall not affect the amount of such benefits or reimbursements that you receive in any other taxable year.

 

21.           Miscellaneous.

 

(a)             Assignment and Assumption.  This Agreement is personal to you and shall not be assignable by you otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by your legal representatives.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

(b)             Notices.  All notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been given if sent via a national overnight courier service or by certified mail, return receipt requested, postage prepaid, addressed to the parties as follows:

 

  If to you, to:

 

 

 

 

  

- 11 -

  

 

  Robert G. Goldstein

 

 

 

  If to the Company, to:

 

  Las Vegas Sands Corp.

  3355 Las Vegas Boulevard South

  Las Vegas, Nevada 89109

  Attn: Chairman and Chief Executive Officer

 

  With a copy to:

 

  Las Vegas Sands Corp.

  3355 Las Vegas Boulevard South

  Las Vegas, Nevada 89109

  Attn: General Counsel

 

 

or to such other address as any party shall request of the others by giving notice in accordance with this Section.

 

(c)             Waiver of Provisions.  The failure of either party to insist upon a strict performance of any of the terms or provisions of this Agreement or to exercise any option, right, or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such term, provision, option, right, or remedy, but the same shall continue and remain in full force and effect. No waiver by either party of any term or provision hereof shall be deemed to have been made unless expressed in writing and signed by such party.

 

(d)             Severability; Integration.  If any provision of this Agreement shall be declared void or unenforceable by any judicial or administrative authority, the validity of any other provision and of the entire Agreement shall not be affected thereby.  Subject to Section 1, this Agreement constitutes the entire agreement between the parties as of the date hereof and supersedes all previous agreements and understandings between the parties with respect to the subject matter hereof including the Employment Agreement.

 

(e)             Governing Law.  This Agreement shall be governed by and construed and interpreted in accordance with the laws of Nevada, without reference to the principles of conflict of laws thereof.  Any action to enforce this Agreement must be brought in a court situated in Clark County, Nevada.  Each party hereby waives the right to claim that any such court is an inconvenient forum for the resolution of any such action.

 

(f)             JURY TRIAL WAIVER.  THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR YOUR EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT.

 

 

 

  

- 12 -

  

 

(g)             Dispute Resolution.

 

(i)           You acknowledge and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Sections 18 or 19 herein would be inadequate and, in recognition of this fact, you agree that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.  In addition, and without limiting Section 19(e) hereof, the Company shall be entitled to immediately cease paying any amounts remaining due or providing any benefits (including the vesting of equity) to you pursuant to Sections 12, 13, 14 or 15 if you have violated any provision of Section 18 or 19. 

 

(ii)           Any controversy or claim arising out of or relating to Sections 18 or 19 of this Agreement (or the breach thereof) shall be settled by a state or federal court located in Las Vegas, Nevada.

 

(iii)           The reasonable legal fees and expenses of the prevailing party in any dispute shall be paid or reimbursed by the losing party.  If there is no prevailing party, then each party shall be responsible for its own fees and expenses.

 

(iv)           Any court action under this Agreement shall be brought under seal to the extent permitted by the court in order to maintain the confidentiality of the matter as well as the confidentiality of the decision and award, any personal information and the confidentiality of any information which any party is required to keep confidential pursuant to this Agreement or any other agreement involving the parties.  Each party to any such judicial action shall make every effort in any pleadings filed with the court and in his or its conduct of any court litigation to maintain the confidentiality of any personal information and any information which any party is required to keep confidential pursuant to this Agreement or any other agreement involving the parties.  To this end, the court shall, inter alia, be informed of the confidentiality obligations of this Agreement and shall be requested that the proceedings be heard privately, and that any decision, opinion or order issued by the court be written in such a manner as to protect the confidentiality of any information which is required to be kept confidential pursuant to this Agreement or any other agreement involving the parties.

 

(h)            Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

(i)           Continuation of Employment.  Unless the parties otherwise agree in writing, continuation of your employment with the Company beyond the expiration of the Initial Term shall be deemed an employment at will and shall not be deemed to extend any of the provisions of this Agreement, and your employment may thereafter be terminated “at will” by you or the Company.

 

(j)             No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or 

 

 

 

  

- 13 -

  

 

deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

(k)             No Mitigation.  You shall not be required to mitigate the value of any payments or benefits contemplated by this Agreement, nor shall any such benefits be reduced from any earnings or benefits that you may receive from any other source.

 

(l)             Survival. Sections 18 and 19 shall survive and continue in full force and effect in accordance with their terms notwithstanding the termination of this Agreement and your employment for any reason.

 

(m)             Amendments.  This Agreement may not be amended, changed or modified except by a written document signed by each of the parties to this Agreement.

 

(n)             Headings. Section headings in this Agreement are included for convenience of reference only and are not intended to define, limit or describe the scope or intent of any provision of this Agreement.

 

(o)             Counterparts.  This Agreement may be executed in several counterparts, each of which shall be considered an original, but which when taken together, shall constitute one agreement.

 

[Remainder of page deliberately left blank]

 

 

 

 

 

 

 

  

- 14 -

  

 

Please indicate your understanding and acceptance of this Agreement by executing both copies below, and retaining one fully executed original for your files and returning one fully executed original to the Company.

 

	 	
Very truly yours,

	 
	 	 	 
	 	
LAS VEGAS SANDS CORP.

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Sheldon G. Adelson	 
	 	Name:	Sheldon G. Adelson 	 
	 	Title:	
Chairman of the Board and Chief Executive 

Officer 

	 
	 	 	 	 

 

	 	
LAS VEGAS SANDS, LLC

	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Sheldon G. Adelson	 
	 	Name:	Sheldon G. Adelson 	 
	 	Title:	Chairman of the Board and Treasurer	 
	 	 	 	 

 

 

I hereby accept the terms of this Agreement and agree to abide by the provisions hereof:

 

	 	 	 
	/s/ Robert G. Goldstein	 	 
	
Robert G. Goldstein

	 	 
	 	 	 
	Date:  12-9-14 	 	 

 

 

 

 

Signature page to 2014  letter agreement from Las Vegas Sands Corp. and Las Vegas Sands, LLC to Robert G. Goldstein

  

- 15 -

  

 

ANNEX A

 

LAS VEGAS SANDS CORP.

Share Ownership, Including Equity Grants

(as of November 21, 2014)

 

 

	
Name

	
Grant Date

	 	
Grant Type

	 	
Exercise 

Price

(re-priced)

	 	
Number 

Granted

	 	
Total 

Vested

	 	
Exercised / sold 

/ Donated

	 	
Remaining 

Vested / Exercisable

	 	
Unvested

	 	
Vesting 

Schedule

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Robert Goldstein

	
12/15/2004

	 	
Options

	 	
$26.25

	 	
62,620

	 	
62,620

	 	
0

	 	
62,620

	 	
0

	 	
4 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 

	
1/11/2006

	 	
Options

	 	
$39.84

	 	
53,254

	 	
53,254

	 	
0

	 	
53,254

	 	
0

	 	
4 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
3/30/2007

	 	
Options

	 	
$83.86

	 	
30,988

	 	
30,988

	 	
0

	 	
30,988

	 	
0

	 	
4 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
3/29/2008

	 	
Options

	 	
$70.84

	 	
39,155

	 	
39,155

	 	
0

	 	
39,155

	 	
0

	 	
4 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
2/6/2009

	 	
Options

	 	
$1.39

	 	
448,028

	 	
448,028

	 	
448,028

	 	
0

	 	
0

	 	
4 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
7/10/2009

	 	
Options

	 	
$4.09

	 	
500,000

	 	
500,000

	 	
200,000

	 	
300,000

	 	
0

	 	
50% 1/1/10

50% 1/1/11

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
1/11/2006

	 	
RSA

	 	
n/a

	 	
17,609

	 	
17,609

	 	
17,609

	 	
0

	 	
0

	 	
3 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
3/30/2007

	 	
RSA

	 	
n/a

	 	
10,391

	 	
10,391

	 	
10,391

	 	
0

	 	
0

	 	
3 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
3/29/2008

	 	
RSA

	 	
n/a

	 	
5,071

	 	
5,071

	 	
5,071

	 	
0

	 	
0

	 	
3 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
2/6/2009

	 	
RSA

	 	
n/a

	 	
4,024

	 	
4,024

	 	
4,024

	 	
0

	 	
0

	 	
3 years

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
1/11/2011

	 	
RSA

	 	
n/a

	 	
125,000

	 	
125,000

	 	
45,865

	 	
0

	 	
0

	 	
12/21/2012

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	  	
3/8/2012

	 	
RSA

	 	
n/a

	 	
375,000

	 	
75,000

	 	
0

	 	
75,000

	 	
300,000

	 	
20% 12/31/13

20% 12/31/14

60% 12/31/15

	 

 

 

 

 

  

- 16 -

  

Exhibit A

 

General Release and

Covenant Not to Sue

 

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

Robert G. Goldstein (“Executive”), on Executive’s own behalf and on behalf of Executive’s descendants, dependents, heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable and benefits to be provided to Executive under that letter agreement dated as of December 9, 2014, and effective as of January 1, 2015 (the “Letter Agreement”) by and among Executive, Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and Las Vegas Sands LLC, a wholly-owned subsidiary of LVSC (together with LVSC, the “Company”) does hereby covenant not to sue or pursue any litigation against, and waives, releases and discharges the Company, its assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present shareholders, employees, officers, directors, representatives and agents of any of them (collectively, the “Company Group”), from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that Executive ever had, now has or shall or may have or assert as of the date of this General Release and Covenant Not to Sue against the Company Group relating to his employment with the Company or the termination thereof or his service as an officer or director of any subsidiary or affiliate of the Company or the termination of such service, including, without limiting the generality of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action related to employment or termination of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however, that nothing herein shall release the Company from any of its obligations to Executive under the Letter Agreement (including, without limitation, its obligation to pay the amounts and provide the benefits upon which this General Release and Covenant Not to Sue is conditioned) or any rights Executive may have to indemnification under any charter or by-laws (or similar documents) of any member of the Company Group or any insurance coverage under any directors and officers insurance or similar policies.

 

Executive further agrees that this General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit or other proceeding covered by the terms hereof that is or may be initiated, prosecuted or maintained by Executive or Executive’s heirs or assigns.  Executive understands and confirms that Executive is executing this General Release and Covenant Not to Sue voluntarily and knowingly, but that this General Release and Covenant Not 

 

 

 

 

  

- 17 -

  

 

Exhibit A

 

 

to Sue does not affect Executive’s right to claim otherwise under ADEA.  In addition, Executive shall not be precluded by this General Release and Covenant Not to Sue from filing a charge with any relevant Federal, state or local administrative agency, but Executive agrees to waive Executive’s rights with respect to any monetary or other financial relief arising from any such administrative proceeding.

In furtherance of the agreements set forth above, Executive hereby expressly waives and relinquishes any and all rights under any applicable statute, doctrine or principle of law restricting the right of any person to release claims that such person does not know or suspect to exist at the time of executing a release, which claims, if known, may have materially affected such person’s decision to give such a release.  In connection with such waiver and relinquishment, Executive acknowledges that Executive is aware that Executive may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those that Executive now knows or believes to be true, with respect to the matters released herein.  Nevertheless, it is the intention of Executive to fully, finally and forever release all such matters, and all claims relating thereto, that now exist, may exist or theretofore have existed, as specifically provided herein.  The parties hereto acknowledge and agree that this waiver shall be an essential and material term of the release contained above.  Nothing in this paragraph is intended to expand the scope of the release as specified herein.

This General Release and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of Nevada, applicable to agreements made and to be performed entirely within such State.

To the extent that Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that Executive has been offered a period of time of at least twenty-one (21) days to consider whether to sign this General Release and Covenant Not to Sue, which Executive has waived, and the Company agrees that Executive may cancel this General Release and Covenant Not to Sue at any time during the seven (7) days following the date on which this General Release and Covenant Not to Sue has been signed by all parties to this General Release and Covenant Not to Sue.  In order to cancel or revoke this General Release and Covenant Not to Sue, Executive must deliver to the General Counsel of the Company written notice stating that Executive is canceling or revoking this General Release and Covenant Not to Sue.  If this General Release and Covenant Not to Sue is timely cancelled or revoked, none of the provisions of this General Release and Covenant Not to Sue shall be effective or enforceable and the Company shall not be obligated to make the payments to Executive or to provide Executive with the other benefits described in the Letter Agreement and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior hereto.

 

 

 

 

 

  

- 18 -

  

 

Exhibit A

 

 

Executive acknowledges and agrees that Executive has entered into this General Release and Covenant Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue.

IN WITNESS WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to be executed on this day of , ____.

 

 

	 	
EXECUTIVE

	 
	 	 	 
	
 

	/s/ Robert G. Goldstein	 
	 	
Robert G. Goldstein

	 
	 	 	 

 

 

 

 

 

 

 

 

- 19 -EX-10.6

 Exhibit 10.6 

AGREEMENT OF PURCHASE AND SALE 

between 
 ORION-FORT WORTH
ASSOCIATES LLC, as SELLER 
 and 

RRE OPPORTUNITY OP II, LP, as BUYER 

Dated as of December 2, 2014 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1. Defined Terms
	  	 	1	  
		
	 ARTICLE II SALE, PURCHASE PRICE AND CLOSING
	  	 	7	  
	 SECTION 2.1. Sale of Asset
	  	 	7	  
	 SECTION 2.2. Purchase Price
	  	 	9	  
	 SECTION 2.3. The Closing
	  	 	10	  
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER
	  	 	11	  
	 SECTION 3.1. General Seller Representations and Warranties
	  	 	11	  
	 SECTION 3.2. Representations and Warranties of Seller as to the Asset
	  	 	12	  
	 SECTION 3.3. Amendments to Schedules, Limitations on Representations and Warranties of Seller
	  	 	13	  
	 SECTION 3.4. Covenants of Seller Prior to Closing
	  	 	14	  
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER
	  	 	15	  
	 SECTION 4.1. Representations and Warranties of Buyer
	  	 	15	  
	 SECTION 4.2. Covenants of Buyer
	  	 	16	  
		
	 ARTICLE V CONDITIONS PRECEDENT TO CLOSING
	  	 	17	  
	 SECTION 5.1. Conditions Precedent to Seller’s Obligations
	  	 	17	  
	 SECTION 5.2. Conditions Precedent to Buyer’s Obligations
	  	 	17	  
	 SECTION 5.3. Waiver of Conditions Precedent
	  	 	18	  
		
	 ARTICLE VI CLOSING DELIVERIES
	  	 	18	  
	 SECTION 6.1. Buyer Closing Deliveries
	  	 	18	  
	 SECTION 6.2. Seller Closing Deliveries
	  	 	19	  
	 SECTION 6.3. Cooperation
	  	 	20	  
		
	 ARTICLE VII INSPECTIONS; DUE DILIGENCE; RELEASE
	  	 	20	  
	 SECTION 7.1. Right of Inspection
	  	 	20	  

  
 i 

							
	 SECTION 7.2.
		Termination Right		 	21	  
	 SECTION 7.3.
		DISCLAIMER		 	21	  
	 SECTION 7.4.
		EXAMINATION; NO CONTINGENCIES		 	22	  
	 SECTION 7.5.
		RELEASE		 	25	  
	 SECTION 7.6.
		WAIVER OF LEAD-BASED PAINT INSPECTION		 	27	  
		
	 ARTICLE VIII TITLE AND PERMITTED EXCEPTIONS
		 	27	  
	 SECTION 8.1.
		Title Insurance and Survey		 	27	  
	 SECTION 8.2.
		Title Commitment; Survey		 	28	  
	 SECTION 8.3.
		Certain Exceptions to Title; Inability to Convey		 	29	  
	 SECTION 8.4.
		Buyer’s Right to Accept Title		 	30	  
	 SECTION 8.5.
		Cooperation		 	30	  
		
	 ARTICLE IX TRANSACTION COSTS; RISK OF LOSS
		 	31	  
	 SECTION 9.1.
		Transaction Costs		 	31	  
	 SECTION 9.2.
		Risk of Loss		 	31	  
		
	 ARTICLE X ADJUSTMENTS
		 	32	  
	 SECTION 10.1.
		Rents		 	33	  
	 SECTION 10.2.
		Taxes and Assessments		 	34	  
	 SECTION 10.3.
		Water and Sewer Charges		 	34	  
	 SECTION 10.4.
		Utility Charges		 	35	  
	 SECTION 10.5.
		Miscellaneous Revenues		 	35	  
	 SECTION 10.6.
		Intentionally Omitted		 	35	  
	 SECTION 10.7.
		Assumed Contracts		 	35	  
	 SECTION 10.8.
		Association Fees		 	35	  
	 SECTION 10.9.
		Security Deposits		 	35	  
	 SECTION 10.10.
		Other Adjustments		 	35	  
	 SECTION 10.11.
		Re-Adjustment		 	36	  
		
	 ARTICLE XI INDEMNIFICATION
		 	36	  
	 SECTION 11.1.
		Indemnification by Seller		 	36	  
	 SECTION 11.2.
		Indemnification by Buyer		 	36	  
	 SECTION 11.3.
		Limitations on Indemnification		 	36	  

  
 ii 

							
	 SECTION 11.4.
		Survival		 	37	  
	 SECTION 11.5.
		Notification		 	37	  
	 SECTION 11.6.
		Indemnification as Sole Remedy		 	37	  
		
	 ARTICLE XII TAX CERTIORARI PROCEEDINGS
		 	38	  
	 SECTION 12.1.
		Prosecution and Settlement of Proceedings		 	38	  
	 SECTION 12.2.
		Application of Refunds or Savings		 	38	  
	 SECTION 12.3.
		Survival		 	38	  
		
	 ARTICLE XIII DEFAULT
		 	38	  
	 SECTION 13.1.
		Buyer’s Default		 	38	  
	 SECTION 13.2.
		Seller’s Default; Failure of Conditions		 	39	  
		
	 ARTICLE XIV MISCELLANEOUS
		 	40	  
	 SECTION 14.1.
		Exculpation		 	40	  
	 SECTION 14.2.
		Brokers		 	40	  
	 SECTION 14.3.
		Confidentiality; Press Release; IRS Reporting Requirements		 	41	  
	 SECTION 14.4.
		Escrow Provisions		 	42	  
	 SECTION 14.5.
		Earnest Money Escrow Account		 	42	  
	 SECTION 14.6.
		Successors and Assigns; No Third-Party Beneficiaries		 	42	  
	 SECTION 14.7.
		Assignment		 	43	  
	 SECTION 14.8.
		Further Assurances		 	43	  
	 SECTION 14.9.
		Notices		 	43	  
	 SECTION 14.10.
		Entire Agreement		 	45	  
	 SECTION 14.11.
		Amendments		 	45	  
	 SECTION 14.12.
		No Waiver		 	45	  
	 SECTION 14.13.
		Governing Law		 	45	  
	 SECTION 14.14.
		Submission to Jurisdiction		 	45	  
	 SECTION 14.15.
		Severability		 	45	  
	 SECTION 14.16.
		Section Headings		 	45	  
	 SECTION 14.17.
		Counterparts		 	46	  
	 SECTION 14.18.
		Acceptance of Deed		 	46	  
	 SECTION 14.19.
		Construction		 	46	  
	 SECTION 14.20.
		Recordation		 	46	  

  
 iii 

							
	 SECTION 14.21.
		Time is of the Essence		 	46	  
	 SECTION 14.22.
		Schedules		 	46	  
	 SECTION 14.23.
		Waiver of Jury Trial		 	46	  
	 SECTION 14.24.
		Survival		 	46	  
	 SECTION 14.25.
		1031 Exchange		 	46	  
	 SECTION 14.26.
		Water/Sewer Services		 	47	  
	 SECTION 14.27.
		Water District Disclosure		 	47	  
	 SECTION 14.28.
		Annexation Notice		 	48	  
	 SECTION 14.29.
		Legal Costs		 	48	  
	 SECTION 14.30.
		Signage Removal		 	48	  

  
 iv 

					
	Schedules				
			
	Schedule A		—		Legal Description
	Schedule B		—		Asset File
	Schedule C		—		List of Personal Property
	Schedule 3.1(c)		—		Consents
	Schedule 3.2(a)		—		Rent Roll
	Schedule 3.2(c)		—		Litigation
	Schedule 3.2(d)		—		Violations
	Schedule 4.2(a)		—		Assumed Contracts

  

					
	Exhibits				
			
	Exhibit A		—		Form of Assignment of Leases
	Exhibit B		—		Form of Assignment of Contracts
	Exhibit C		—		Form of Tenant Notices
	Exhibit D		—		From of Assignment of Licenses, Permits, Warranties and General Intangibles
	Exhibit E		—		Form of Deed
	Exhibit F		—		Form of Bill of Sale
	Exhibit G		—		Form of FIRPTA Certificate
	Exhibit H		—		Form of Title Affidavit
	Exhibit I		—		Form of Water District Disclosure

  

  
 v 

 AGREEMENT OF PURCHASE AND SALE 

AGREEMENT OF PURCHASE AND SALE, made as of December 2, 2014, between Orion-Fort Worth Associates LLC, a Delaware limited liability
company (“Seller”), and RRE Opportunity OP II, LP, a Delaware limited partnership (“Buyer”). 

Background 
 A. Seller is
the owner of the real property known as Orion at Oak Hill Apartments, located at 2450 Oak Hill Circle in Fort Worth, Texas, as more particularly described on Schedule A annexed hereto (the “Property”, together with the
Asset-Related Property (as defined below), but excluding any “Mineral, Oil and Gas Rights” as defined below, collectively, the “Asset”). 

B. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, Seller’s right, title and interest in the Asset on the
terms and conditions hereinafter set forth. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Defined Terms . The capitalized terms used herein will have the following meanings. 
 “Adjustment Point” shall have
the meaning assigned thereto in Article X. 
 “Affiliate” shall mean any Person (as defined below) that directly or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with another Person. The term “control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and shall in any event include the ownership or power to vote fifty percent (50%) or more of the outstanding equity or voting
interests, respectively, of such other Person. 
 “Agreement” shall mean this Agreement of Purchase and Sale, together with
the exhibits and schedules attached hereto, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Anti-Money Laundering and Anti-Terrorism Laws” shall have the meaning assigned thereto in Section 3.1(g)(i). 

  
 1 

 “Applicable Law” shall mean all statutes, laws, common law, rules, regulations,
ordinances, codes or other legal requirements of any Governmental Authority, board of fire underwriters and similar quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree or other judicial or regulatory
requirement of any Governmental Authority of competent jurisdiction affecting or relating to the Person or property in question. 

“Asset” shall have the meaning assigned thereto in “Background” paragraph A. 

“Asset File” shall mean the materials with respect to the Asset set forth on Schedule B, which have been or will
be delivered to Buyer or its representatives by Seller or Seller’s Broker or made available to Buyer at the Property or on an on-line virtual data website (and which Seller shall use commercially reasonable efforts to deliver or make available
within two (2) Business Days after the Effective Date). 
 “Asset-Related Property” shall have the meaning assigned
thereto in Section 2.1(b). 
 “Assignment of Contracts” shall have the meaning assigned thereto in
Section 6.1(a)(ii). 
 “Assignment of Leases” shall have the meaning assigned thereto in Section 6.1(a)(i). 

“Assignment of Licenses, Permits, Warranties and General Intangibles” shall have the meaning assigned thereto in
Section 6.1(a)(iv). 
 “Assumed Contracts” shall have the meaning assigned thereto in Section 4.2(a). 

“Basket Limitation” shall mean an amount equal to $27,500. 

“Broker” shall mean Holliday Fenoglio Fowler, L.P. 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks are authorized or required by law
to be closed in the cities of Dallas, Texas, Philadelphia, Pennsylvania, or New York, New York or by United States federal laws. 

“Buyer” shall have the meaning assigned thereto in the Preamble to this Agreement. 

“Buyer-Related Entities” shall have the meaning assigned thereto in Section 11.1. 

“Buyer Waived Breach” shall have the meaning assigned thereto in Section 11.3. 

“Cable Contract” shall mean that certain contract captioned “AT&T Connected Communities MDU Exclusive Marketing
Contract”, between Seller and AT&T Operations, Inc., a Delaware corporation. 

  
 2 

 “Cable Contract Encumbrances” shall mean any easement, memorandum of, or similar
matter, relating to or memorializing the Cable Contract or the vendor’s rights thereunder. 
 “Cap Limitation” shall
mean an amount equal to $650,000. 
 “Claims” shall have the meaning assigned thereto in Section 7.5(a). 

“Closing” shall have the meaning assigned thereto in Section 2.3(a). 

“Closing Date” shall have the meaning assigned thereto in Section 2.3(a). 

“Closing Documents” shall mean any certificate, assignment, instrument or other document delivered pursuant to this
Agreement, including, without limitation, each of the documents to be delivered by Seller pursuant to Section 6.2 and by Buyer pursuant to Section 6.1. 

“Closing Statement” shall have the meaning assigned thereto in Section 6.1(b)(ii). 

“Condition of the Asset” shall have the meaning assigned thereto in Section 7.4(b). 

“Contracts” shall mean, collectively, all written agreements or contracts of Seller, or entered into on behalf of Seller,
relating to the ownership or operation of the Asset, but excluding the Space Leases, the Existing Management Agreement and any contract pertaining to the operation of the Asset that also pertains to the operation of another property. 

“Deed” shall have the meaning assigned thereto in Section 6.2(a)(i). 

“Diligence Notice” shall have the meaning assigned thereto in Section 7.2(a). 

“Due Diligence Period” shall mean the period of time from the Effective Date to 5:00 p.m. (Central Time) on
December 2, 2014. 
 “Earnest Money” shall have the meaning assigned thereto in Section 2.2(a)(i). 

“Earnest Money Escrow Account” shall have the meaning assigned thereto in Section 14.5(a). 

“Effective Date” shall mean the date of this Agreement. 

“Escrow Agent” shall have the meaning assigned thereto in Section 2.2(a)(i). 

“Excluded Assets” shall have the meaning assigned thereto in Section 2.1(c). 

“Executive Order” shall have the meaning assigned thereto in Section 3.1(g)(i). 

“Existing Financing Exceptions” shall mean (i) that certain Multifamily Deed of Trust, Assignment of Rents and Security
Agreement and Fixture Filing recorded as Document No. D213278275, as assigned by that certain Assignment of Security Instrument recorded as 

  
 3 

 
Document No. D213278276, and (ii) that certain UCC Financing Statement recorded as Document No. D213278277, each in the Official Public Records of Tarrant County, Texas (as such financing
statement has been continued). 
 “Existing Management Agreement” shall mean the existing property management agreement
between Seller and its property manager with respect to management of the Property, as the same may be amended, modified or supplemented from time to time. 

“Financing Liens” shall have the meaning assigned thereto in Section 8.3(a). 

“Governmental Authority” shall mean any federal, state or local government or other political subdivision thereof, including,
without limitation, any agency or entity exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent the same has jurisdiction over the Person or property in question. 

“Government List” shall mean any of (i) the two lists maintained by the United States Department of Commerce (Denied
Persons and Entities), (ii) the list maintained by the United States Department of Treasury (Specially Designated Nationals and Blocked Persons), and (iii) the two lists maintained by the United States Department of State (Terrorist
Organizations and Debarred Parties). 
 “Hazardous Materials” shall have the meaning assigned thereto in subparagraph
7.4(b)(i). 
 “Indemnification Claim” shall have the meaning assigned thereto in Section 11.5. 

“Indemnified Party” shall have the meaning assigned thereto in Section 11.5. 

“Indemnifying Party” shall have the meaning assigned thereto in Section 11.5. 

“Independent Contract Consideration” shall have the meaning assigned thereto in Section 2.2(c). 

“IRS” shall mean the Internal Revenue Service. 

“IRS Reporting Requirements” shall have the meaning assigned thereto in Section 14.3(c). 

“Losses” shall have the meaning assigned thereto in Section 11.1. 

“Material Casualty” shall have the meaning assigned thereto in Section 9.2(b). 

“Material Condemnation” shall have the meaning assigned thereto in Section 9.2(b). 

“Monetary Encumbrance” shall have the meaning assigned thereto in Section 8.3(a). 

  
 4 

 “Permitted Exceptions” shall mean all of the following: (i) the matters set
forth in the Title Commitment or the Survey or any matters disclosed on any updated title reports or any Updated Survey, in each case which are approved or deemed approved by Buyer pursuant to Article 8, (ii) the Space Leases, all contracts
affecting the Property and any Space Lease, or other contracts entered into after the Effective Date in accordance with the terms of this Agreement, (iii) liens for current real estate taxes and special assessments which are not yet due and
payable, (iv) standard exceptions and provisions contained in the standard form of title insurance policy issued by Title Company in the State of Texas, (v) subject to the adjustments provided for herein, any utility installation,
connection or maintenance charge due after Closing and charges for sewer, water, electricity, telephone, cable television or gas after Closing, (vi) the rights of tenants, as tenants only, under the Space Leases and any Space Lease entered into
after the Effective Date in accordance with the terms of this Agreement, (vii) any exceptions caused by Buyer, its agents, representatives or employees, (viii) subject to the provisions of Section 8.3, mechanics liens arising by or
through the tenants under the Space Leases affecting the Property, and (ix) the Cable Contract Encumbrances. 

“Person” shall mean a natural person, partnership, limited partnership, limited liability company, corporation, trust,
estate, association, unincorporated association or other entity. 
 “Post-Effective Date Voluntary Encumbrance” shall have
the meaning assigned thereto in Section 8.3(a). 
 “Property” shall have the meaning assigned thereto in
“Background” paragraph A. For the avoidance of doubt, the Property shall not include any Mineral, Oil and Gas Rights. 

“Property Manager” shall mean Seller’s existing property manager. 

“Purchase Price” shall have the meaning assigned thereto in Section 2.2(a). 

“Refundable Security Deposits” shall mean all Security Deposits that are refundable to tenants pursuant to Space Leases and
have not been applied by Seller prior to the Closing Date. 
 “Releasees” shall have the meaning assigned thereto in
Section 7.5. 
 “Rent Roll” shall have the meaning assigned thereto in Section 3.2(a). 

“Rents” shall have the meaning assigned thereto in Section 10.1(a). 

“Rents Collected In Arrears” shall have the meaning assigned thereto in Section 10.1(a). 

“Reporting Person” shall have the meaning assigned thereto in Section 14.3(c). 

“Scheduled Closing Date” shall have the meaning assigned thereto in Section 2.3(a). 

  
 5 

 “Security Deposits” shall mean all security and escrow deposits received by
Seller in connection with the Space Leases. 
 “Seller” shall have the meaning assigned thereto in the Preamble to this
Agreement. 
 “Seller-Related Entities” shall have the meaning assigned thereto in Section 11.2. 

“Seller’s Knowledge” shall mean the actual knowledge of Seller based upon the actual knowledge of Ralph Pickett with
respect to the Asset, without any duty on the part of such Persons to conduct any independent investigation or make any inquiry of any Person. The named individual shall have no personal liability by virtue of his inclusion in this definition. 

“Space Leases” shall mean any leases or other written agreements for occupancy of the Property. 

“Survey” shall mean that certain ALTA survey of the Property, last revised October 22, 2013, and prepared by Millman
National Land Services as Project No. 30124. 
 “Taxes” shall mean any and all fees (including, without limitation,
documentation, recording, license and registration fees), taxes (including, without limitation, net income, alternative, unitary, alternative minimum, franchise, value added, ad valorem, income, receipts, capital, excise, sales, use, leasing, fuel,
excess profits, turnover, occupation, property (including, personal, real, tangible and intangible property taxes), transfer, recording and stamp taxes, levies, imposts, duties, charges, fees, assessments, or withholdings of any nature whatsoever,
general or special, ordinary or extraordinary, and any transaction privileges or similar taxes) imposed by or on behalf of a Governmental Authority, together with any and all penalties, fines, additions to tax and interest thereon, whether disputed
or not. 
 “Tenant Notices” shall have the meaning assigned thereto in Section 6.1(a)(iii). 

“Title Commitment” shall mean that certain owner’s title commitment issued by the Title Company with an effective date
of October 23, 2014, and Commitment Number: NCS-698910-CHI2, and any updates thereto. 
 “Title Company” shall mean
First American Title Insurance Company. 
 “Title Policy” shall mean an owner’s policy of title insurance in the form
prescribed by the Texas Department of Insurance without any endorsements issued by the Title Company insuring Buyer’s fee simple title to the Property subject only to the Permitted Exceptions in an amount equal to the Purchase Price. 

“Updated Survey” shall mean any updated survey of the Property obtained by Buyer. 

“Violations” shall mean all violations of Applicable Law now or hereafter issued or noted, including any open building
permits and any fines or penalties associated with the foregoing. 

  
 6 

 “Voluntary Encumbrance” shall mean with respect to the Property, title
exceptions affecting the Property that are knowingly and intentionally created by Seller through the execution by Seller of one or more instruments creating or granting such title exceptions; provided, however, that the term “Voluntary
Encumbrances” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any title exception created pursuant to a Space Lease by a tenant thereunder; (c) any title exceptions that are approved,
waived or deemed to have been approved or waived by Buyer or that are created in accordance with the provisions of this Agreement; and (d) any title exceptions which, pursuant to a Space Lease for the Property or otherwise, are to be discharged
by a tenant or occupant of the Property. 
 ARTICLE II 

SALE, PURCHASE PRICE AND CLOSING 

SECTION 2.1. Sale of Asset. 

(a) On the Closing Date and pursuant to the terms and subject to the conditions set forth in this Agreement, Seller shall sell to Buyer, and
Buyer shall purchase from Seller, Seller’s right, title and interest in the Asset; provided that, Seller hereby reserves (and shall at the Closing reserve and retain) all Mineral, Oil and Gas Rights. 

(b) The transfer of the Asset to Buyer shall include the transfer of all Asset-Related Property. For purposes of this Agreement,
“Asset-Related Property” shall mean all of Seller’s right, title and interest in and to the following (but excluding any of the Mineral, Oil and Gas Rights): 

(i) all buildings and improvements located on the Property; 

(ii) all easements, covenants and other rights appurtenant to the Property and all right, title and interest of Seller, if any,
in and to any land lying in the bed of any street, road, avenue or alley, open or closed, in front of or adjoining the Property and to the center line thereof; 

(iii) all furniture, fixtures, equipment and other personal property which are now, or may hereafter prior to the Closing Date
may be, placed in or attached to the Property and are used solely in connection with the operation of the Property (but not including items owned or leased by tenants or the Property Manager, or which are leased by Seller) (the “Personal
Property”), a list of which is attached hereto as Schedule C; 
 (iv) to the extent they may be transferred
under Applicable Law without consent, all entitlements and intangible personal property in connection with the design, construction, ownership, occupancy, use, operation, maintenance or repair of all or any part of the Property, including, without
limitation, licenses, permits, authorizations, approvals, certificates of occupancy, the right to use the name “Oak Hill” (but expressly excluding the name “Orion”) and all phone numbers and facsimile numbers for the Property
(the “General Intangible Property”); 

  
 7 

 (v) to the extent assignable without consent, all warranties, if any, issued to
Seller by any manufacturer or contractor in connection with construction or installation of equipment or any component of the improvements included as part of the Property (the “Warranties”); 

(vi) all Space Leases, all Refundable Security Deposits and all intangible property relating to the Property in Seller’s
possession; 
 (vii) all Assumed Contracts; 

(viii) all books and records, tenant files, tenant lists and tenant marketing information relating to the Property. 

(c) Notwithstanding anything to the contrary contained in this Agreement, it is expressly agreed by the parties hereto that the following
items are expressly excluded from the Asset to be sold to Buyer (collectively, the “Excluded Assets”): 

(i) all cash on hand or on deposit in any house bank, operating account or other account maintained in connection with the
ownership, operation or management of the Property or the Asset; 
 (ii) all Security Deposits, other than Refundable
Security Deposits, including non-refundable pet deposits, if any; 
 (iii) all right, title and interest in any purchase
agreement or other closing document entered into in connection with Seller’s acquisition of the Property; 
 (iv) any
fixtures, personal property, equipment, trademarks or other intellectual property or other assets which are owned by (A) the supplier or vendor under any Contract, (B) the tenant under any Space Lease and (C) the Property Manager;

 (v) any insurance claims or proceeds arising out of or relating to events that occur prior to the Closing Date subject to
the terms of Section 9.2(a); 
 (vi) any proprietary or confidential materials (including any materials relating to the
background or financial condition of a present or prior direct or indirect partner or member of Seller), the internal books and records of Seller relating, for example, to contributions and distributions prior to the Closing, any software, the names
“Blackstone” and “LivCor”, and any derivations thereof, and any trademarks, trade names, brand marks, brand names, trade dress or logos relating thereto, any development bonds, letters of credit or other collateral held by or
posted with any Governmental Authority or other third party with respect to any improvement, subdivision or development obligations concerning the Property or any other real property, and any other intangible property that is not used exclusively in
connection with the Property; and 

  
 8 

 (vii) the Mineral, Oil and Gas Rights and any indemnities that Seller has
received or hereafter receives in connection the removal or extraction of oil, gas and minerals pursuant to the reservation of Mineral, Oil and Gas Rights set forth in the Deed. “Mineral, Oil and Gas Rights” shall mean all rights to
oil, gas and other minerals, without the right to use the surface of the Property or any portion thereof to a depth of 200 feet below the surface, including the rights to remove and extract and use such oil, gas and other minerals. For purposes
hereof, “oil, gas and other minerals” shall be construed in the broadest sense to include all oil, gas, and associated liquid or gaseous hydrocarbons, all sulfur, coal, uranium, lignite, and all other minerals, whether similar or
dissimilar to those named above, regardless of how such mineral may be produced, subject however to the restriction on use of the surface estate of the Property set forth herein. 

SECTION 2.2. Purchase Price. 

(a) The consideration to be paid by Buyer to Seller for the purchase of the Asset shall be an amount equal to Forty-Seven Million and No/100
Dollars ($47,000,000.00) (the “Purchase Price”), and shall be paid by Buyer to Seller on the Closing Date as follows: 

(i) Within three (3) Business Days after the Effective Date, Buyer shall deliver to First American Title Insurance
Company, located at 30 N. LaSalle, Suite 310, Chicago, Illinois 60602, Attention: Deanna Wilkie (Telephone: (312) 917-7238; E-mail: dawilkie@firstam.com) as escrow agent (in such capacity, “Escrow
Agent”), cash in an amount equal to Eight Hundred Fifty Thousand and No/100 Dollars ($850,000.00) (together with all accrued interest thereon, the “Earnest Money”) in immediately available funds by wire transfer to the
Earnest Money Escrow Account. The Earnest Money shall be non-refundable to Buyer except as expressly provided in this Agreement. If the Earnest Money is not deposited by Buyer as and when due and payable hereunder, Seller shall have the right in
Seller’s sole and absolute discretion to terminate this Agreement, whereupon neither party shall have any further rights or obligations hereunder except for those that expressly survive the termination of this Agreement. 

(ii) On or prior to the expiration of the Due Diligence Period, Buyer shall have the right to terminate this Agreement and
receive a return of the Earnest Money by delivering a Diligence Notice pursuant to the requirements of Section 7.2(a)(i) of this Agreement. 

(iii) At the Closing, Buyer shall deposit with the Escrow Agent, by wire transfer of immediately available funds, an amount
equal to the sum of (A) (x) the Purchase Price minus (y) the Earnest Money plus or minus, as applicable, (B) the closing prorations and adjustments to be made in accordance with this Agreement. 

(b) Upon delivery by Buyer to Escrow Agent, the Earnest Money will be deposited by Escrow Agent in the Earnest Money Escrow Account, and shall
be held in escrow in accordance with the provisions of Section 14.5. All interest earned on the Earnest Money while held by Escrow Agent shall be paid to the party to whom the Earnest Money is paid, except that if the Closing occurs, Buyer
shall receive a credit against the Purchase Price for such interest in accordance with the terms of this Agreement. 

  
 9 

 (c) Notwithstanding any other provision of this Agreement to the contrary, in the event this
Agreement is terminated by either party prior to the Closing (as hereinafter defined) pursuant to any right to do so in this Agreement, or, if not so terminated, at the Closing, One Hundred Dollars ($100.00) (“Independent Contract
Consideration”) of the Earnest Money shall be paid to Seller, which amount the parties bargained for and agreed to as consideration for Buyer’s right to inspect and purchase the Property pursuant to this Agreement and for Seller’s
execution, delivery and performance of this Agreement. The Independent Contract Consideration is in addition to and independent of any other consideration or payment provided in this Agreement, is nonrefundable, and it is fully earned and shall be
retained by Seller notwithstanding any other provision of this Agreement, provided, the Independent Contract Consideration shall be applied as a credit to the Purchase Price at Closing. 

(d) No adjustment shall be made to the Purchase Price except as explicitly set forth in this Agreement. 

SECTION 2.3. The Closing. 

(a) The closing of the sale and purchase of the Asset (the “Closing”) shall take place on December 19, 2014 (the
“Scheduled Closing Date”). Time shall be of the essence with respect to Buyer’s obligations under this Agreement, subject to such adjournments of the Closing Date as are expressly permitted hereunder (the Scheduled Closing
Date, as such date may be extended as expressly provided in this Agreement, the “Closing Date”). 
 (b) Notwithstanding the
foregoing, (i) if Seller does not obtain its lender’s consent to pay off the Existing Financing Liens and close the sale of the Property on the Scheduled Closing Date (after using commercially reasonable efforts to obtain such consent),
then Seller shall have the right to adjourn the Closing Date to not later than December 31, 2014 so long as Seller gives Buyer written notice of such adjournment at least two (2) Business Days prior to the then-scheduled Closing Date, and
(ii) if Buyer is unable to obtain financing for its acquisition of the Property on the Scheduled Closing Date (after using commercially reasonable efforts to obtain the same), then Buyer shall have the right to adjourn the Closing Date to not
later than December 31, 2014 so long as Buyer gives Seller written notice of such adjournment at least two (2) Business Days prior to the then-scheduled Closing Date. Buyer acknowledges and agrees that obtaining financing for its
acquisition of the Property shall not be a condition to Buyer’s obligation to consummate the Closing hereunder. 
 (c) The Closing
shall be held on the Closing Date not later than 11:00 A.M. (Central Time) by mutually acceptable escrow arrangements. There shall be no requirement that Seller and Buyer physically attend the Closing, and all funds and documents to be delivered at
the Closing shall be delivered to the Escrow Agent unless the parties hereto mutually agree otherwise. Buyer and Seller hereby authorize their respective attorneys to execute and deliver to the Escrow Agent any additional or supplementary
instructions as may be necessary or convenient to implement the terms of this Agreement and facilitate the closing of the transactions contemplated hereby, provided, however, that such instructions are consistent with and merely
supplement this Agreement and shall not in any way modify, amend or supersede this Agreement. 

  
 10 

 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER 

SECTION 3.1. General Seller Representations and Warranties . Subject to the information disclosed in the Asset File, Seller hereby
represents and warrants to Buyer as follows: 
 (a) Formation; Existence. Seller is a limited liability company duly formed, validly
existing and in good standing under the laws of the State of Delaware. 
 (b) Power and Authority. Seller has all requisite power and
authority to enter into this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of the transactions provided for in
this Agreement have been duly authorized by all necessary action on its part. This Agreement has been duly executed and delivered by Seller and constitutes Seller’s legal, valid and binding obligation, enforceable against Seller in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in
equity). 
 (c) No Consents. No consent, license, approval, order, permit or authorization of, or registration, filing or declaration
with, any court, administrative agency or commission or other Governmental Authority is required to be obtained or made in connection with the execution, delivery and performance of this Agreement by Seller or any of Seller’s obligations in
connection with the transactions required or contemplated hereby, except as shown on Schedule 3.1(c). 
 (d) No Conflicts.
Seller’s execution, delivery and compliance with, and performance of the terms and provisions of, this Agreement, and the sale of the Asset, will not (i) conflict with or result in any violation of its organizational documents,
(ii) conflict with or result in any violation of any provision of any bond, note or other instrument of indebtedness, contract, indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which Seller is a
party in its individual capacity, or (iii) violate any Applicable Law relating to Seller or its assets or properties except, in each case, for any conflict or violation which will not materially adversely affect (A) Seller’s ability
to consummate the transactions contemplated by this Agreement, (B) Seller’s interest in the Asset or (C) the operation of the Property. 

(e) Foreign Person. Seller is not a “foreign person” as defined in Internal Revenue Code Section 1445 and the
regulations issued thereunder. 
 (f) Bankruptcy. Seller has not (i) made a general assignment for the benefit of creditors,
(ii) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors, (iii) suffered the appointment of a receiver to take possession of all, or substantially all, of Seller’s
assets, which remains pending or (iv) suffered the attachment or other judicial seizure of all, or substantially all of Seller’s assets, which remains pending. 

  
 11 

 (g) Contracts. To Seller’s Knowledge, there is no existing material default under any
of the Assumed Contracts. 
 (h) Anti-Terrorism Laws. 

(i) None of Seller or, to Seller’s Knowledge, its Affiliates, is in violation of any laws relating to terrorism, money
laundering or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Action of 2001, Public Law 107-56, as amended, and Executive Order No. 13224 (Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) (the “Executive Order”) (collectively, the “Anti-Money Laundering and Anti-Terrorism Laws”). 

(ii) None of Seller or, to Seller’s Knowledge, its Affiliates, is acting, directly or indirectly, on behalf of terrorists,
terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Annex to the Executive Order, or are included on any relevant lists maintained by the Office of Foreign Assets Control of U.S. Department of
Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended from time to time. 
 (iii)
Neither Seller, nor any person controlling or controlled by Seller, is a country, territory, individual or entity named on a Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not
and are not derived from any activities that contravene any applicable anti-money laundering or anti-bribery laws and regulations (including funds being derived from any person, entity, country or territory on a Government List or engaged in any
unlawful activity defined under Title 18 of the United States Code, Section 1956(c)(7)). 
 SECTION 3.2. Representations and
Warranties of Seller as to the Asset . Subject to the information disclosed in the Asset File and matters of public record relating to or in connection with the Property, Seller hereby represents and warrants to Buyer as follows: 

(a) Space Leases; Rent Roll. To Seller’s Knowledge as of the Effective Date, Seller has not entered into any leases or other rental
or occupancy agreements with respect to the Property other than the Space Leases identified in the rent roll attached hereto as Schedule 3.2(a) (the “Rent Roll”). To Seller’s Knowledge as of the Effective Date, the Rent
Roll is true, complete and correct in all material respects as of the date stated therein. At Closing, Seller shall deliver to Buyer an updated Rent Roll dated within three (3) Business Days of Closing and, to Seller’s Knowledge, such Rent
Roll shall be true and correct in all material respects as of such date. To Seller’s Knowledge, Seller is not in material default or material breach under the Space Leases, except as set forth in Schedule 3.2(a). 

  
 12 

 (b) Condemnation. As of the Effective Date, there are no pending condemnations or
eminent domain proceedings affecting the Property, and to Seller’s Knowledge, no such action is threatened in writing against the Property. 

(c) Litigation. Except as set forth on Schedule 3.2(c), as of the Effective Date, there are no litigations, actions, suits,
arbitrations, orders, decrees, claims, writs, injunctions, government investigations, proceedings pending or, to Seller’s Knowledge, threatened in writing against Seller which, if determined adversely to such entity, would adversely affect the
ability of Seller to perform its material obligations hereunder. As of the Effective Date, Seller is not a party to or subject to the provision of any judgment, order, writ, injunction, decree or award of any Governmental Authority which would
adversely affect the ability of Seller to perform its obligations hereunder. 
 (d) Violations. Except as set forth on Schedule
3.2(d), to Seller’s Knowledge, Seller has not received written notice from any Governmental Authority of any Violation that remains uncured or not rescinded. To Seller’s Knowledge, Seller has not received or delivered written notice of
any existing material default under those certain Protective Covenants recorded under Volume 7671, Page 1984 and under Volume 7671, Page 1992 in the Real Property Records of Tarrant County, Texas. 

(e) Employees. Seller does not have any employees. 

(f) Seller Knowledge Individual. Ralph Pickett is an individual affiliated with Seller or its affiliates who has been materially
involved in the asset management of the Property and in negotiation of the transactions contemplated by this Agreement and is in a position to confirm the truth and accuracy of Seller’s knowledge representations hereunder concerning the
Property. 
 (g) Third Party Options. Except for this Agreement, Seller has not granted to any third party any option to purchase the
Property which is currently binding on the Property. 
 SECTION 3.3. Amendments to Schedules, Limitations on Representations and
Warranties of Seller. 
 (a) Seller shall have the right to amend and supplement the schedules to this Agreement from time to time prior
to the Closing by providing a written copy of such amendment or supplement to Buyer; provided, however, that any amendment or supplement to the schedules to this Agreement shall have no effect for the purposes of determining whether
Buyer’s Closing condition set forth in Section 5.2(a) has been satisfied and shall not be deemed to cure any breach of a Seller representation or warranty that is untrue as of the Effective Date, but shall have effect only for the purposes
of limiting the defense and indemnification obligations of Seller for the inaccuracy or untruth of the representation or warranty qualified by such amendment or supplement following the Closing. 

  
 13 

 (b) Notwithstanding anything in this Agreement to the contrary, if the representations and
warranties relating to the Rent Roll set forth in Section 3.2 and the status of the tenants thereunder (other than Seller or its Affiliates) were true and correct in all material respects as of the Effective Date, no change in circumstances or
status of such tenants (e.g., defaults, bankruptcies, below market status or other adverse matters relating to such tenants or a tenant’s exercise following the Effective Date of any contractual termination rights not caused by the actions of
Seller) occurring after the Effective Date shall permit Buyer to terminate this Agreement or constitute grounds for Buyer’s failure to close or otherwise constitute a breach of any representation or warranty by Seller. 

SECTION 3.4. Covenants of Seller Prior to Closing. 

(a) From the Effective Date until the Closing or earlier termination of this Agreement, Seller or Seller’s agents shall: 

(i) Operation. Operate and maintain the Property substantially in accordance with Seller’s past practices with
respect to the Property (including entering into new Space Leases, marketing the Property for lease, maintaining the Property and making ordinary and necessary repairs), except that Seller shall not be required to make any capital improvements or
replacements to the Property or cure or remove any Violations. Seller shall promptly give Buyer copies of all written correspondence received by Seller asserting any breach or default under the Space Leases or the Assumed Contracts or any
Violations. 
 (ii) Litigation. Advise Buyer promptly of any litigation, arbitration proceeding or administrative
hearing (including condemnation) before any governmental agency which affects the Asset in any material respect, which is instituted after the Effective Date and which, if adversely determined, would materially adversely affect
(i) Seller’s ability to consummate the transactions contemplated by this Agreement, (ii) the ownership of the Asset or (iii) the operation of the Property. 

(iii) Insurance. Keep the Property insured against fire and other hazards in such amounts and under such terms as are
substantially consistent with Seller’s existing insurance program. 
 (iv) Performance Under Space Leases.
Perform, or cause its agents to perform, in all material respects, all obligations of landlord or lessor under the Space Leases. 

(v) Taxes, Charges, etc. Continue to pay or cause to be paid all Taxes, water and sewer charges in the ordinary course
of business. 
 (vi) Rent Ready. At Closing, any units at the Property that are vacated at least seven
(7) Business Days prior to Closing shall be put in rent ready condition by Seller in accordance with Seller’s customary management practices at the Property and, if not put in such condition by Seller, Buyer shall receive a credit at
Closing in an amount necessary to put any such unit in rent ready 

  
 14 

 
condition; provided, however, the amount of any such credit shall not exceed the sum of $750 per unit. Within two (2) Business Days prior to the Closing Date, Buyer will be permitted to
inspect the vacant units at the Property described in this Section 3.4(a)(vi) with a representative of Seller upon not less than 24 hours’ prior notice to Seller. 

(b) Existing Management Agreement. Seller shall terminate the Existing Management Agreement at or prior to Closing. All termination
fees and any other costs and expenses relating to such termination shall be the responsibility solely of Seller, and Buyer shall not have any responsibility or liability therefor. 

(c) Contracts. Seller shall deliver to each vendor a notice of termination with respect to the Contracts except the Assumed Contracts.
Seller shall not enter into any new contracts or agreements with respect to the Property without Buyer’s written consent, which consent shall not be unreasonably withheld. 

(d) Excluded Assets. Nothing in this Section 3.4 shall restrict Seller’s rights with respect to any Excluded Asset or give
Buyer any approval, consent or other rights with respect thereto. 
 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER 

SECTION 4.1. Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller as follows: 

(a) Formation; Existence. Buyer is a limited partnership duly formed, validly existing and in good standing under the laws of the State
of Delaware. 
 (b) Power; Authority. Buyer has all requisite power and authority to enter into this Agreement, to perform its
obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement, the purchase of the Asset and the consummation of the transactions provided for herein have been duly authorized
by all necessary action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer and constitutes the legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). 

(c) No Consents. No consent, license, approval, order, permit or authorization of, or registration, filing or declaration with, any
court, administrative agency or commission or other Governmental Authority, is required to be obtained or made in connection with the execution, delivery and performance of this Agreement by Buyer or any of Buyer’s obligations in connection
with the transactions required or contemplated hereby. 

  
 15 

 (d) No Conflicts. Buyer’s execution, delivery and compliance with, and performance of
the terms and provisions of, this Agreement, and the purchase of the Asset, will not (i) conflict with or result in any violation of its organizational documents, (ii) conflict with or result in any violation of any provision of any bond,
note or other instrument of indebtedness, contract, indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which Buyer is a party in its individual capacity, or (iii) violate any Applicable Law relating to
Buyer or its assets or properties, except for any conflict or violation which will not materially adversely affect Buyer’s ability to consummate the transactions contemplated by this Agreement. 

(e) Bankruptcy. Buyer has not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary petition
in bankruptcy or suffered the filing of any involuntary petition by Buyer’s creditors (iii) suffered the appointment of a receiver to take possession of all, or substantially all, of Buyer’s assets, which remains pending or
(iv) suffered the attachment or other judicial seizure of all, or substantially all of Buyer’s assets, which remains pending. 

(f) Anti-Terrorism Laws. 

(i) None of Buyer or, to Buyer’s knowledge, its Affiliates, is in violation of the Anti-Money Laundering and Anti-Terrorism Laws. 
 (ii) None of Buyer or, to Buyer’s knowledge, its Affiliates,
is acting, directly or indirectly, on behalf of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Annex to the Executive Order, or are included on any relevant lists maintained by
the Office of Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended from time to time. 

(iii) Neither Buyer, nor any person controlling or controlled by Buyer, is a country, territory, individual or entity named on
a Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not and are not derived from any activities that contravene any applicable anti-money laundering or anti-bribery laws and
regulations (including funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under Title 18 of the United States Code, Section 1956(c)(7)). 

(g) Buyer acknowledges that it has the financial resources and authority over the same to purchase the Asset at the Purchase Price. 

SECTION 4.2. Covenants of Buyer. 

(a) Assumed Contracts. Buyer shall assume as of the Closing all Contracts listed on Schedule 4.2(a), including the Cable
Contract (collectively, the “Assumed Contracts”) which can be transferred without the consent of a third party or for which such consent has been obtained. In connection with such assumption, Buyer shall execute and deliver any
addendum or transfer acknowledgement required to be signed pursuant to the terms of an Assumed Contract. 

  
 16 

 ARTICLE V 

CONDITIONS PRECEDENT TO CLOSING 

SECTION 5.1. Conditions Precedent to Seller’s Obligations. The obligation of Seller to consummate the transfer of the Asset to
Buyer on the Closing Date is subject to the satisfaction (or waiver by Seller) as of the Closing of the following conditions: 
 (a) Each of
the representations and warranties made by Buyer in this Agreement shall be true and correct in all material respects when made and on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date
(unless such representation or warranty is made on and as of a specific date, in which case it shall be true and correct in all material respects as of such date). 

(b) Buyer shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be
performed or complied with by Buyer on or before the Closing. 
 (c) No order or injunction of any court or administrative agency of
competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any Governmental Authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the Asset or the
consummation of any other transaction contemplated hereby. 
 (d) No action, suit or other proceeding shall be pending which shall have been
brought by a Person to restrain or prohibit the transactions contemplated under this Agreement. 
 (e) Seller or Escrow Agent shall have
received all of the documents required to be delivered by Buyer under Section 6.1. 
 (f) Seller or Escrow Agent shall have received
the Purchase Price in accordance with Section 2.2 and all other amounts due to Seller hereunder. 
 SECTION 5.2. Conditions
Precedent to Buyer’s Obligations. The obligation of Buyer to purchase and pay for the Asset is subject to the satisfaction (or waiver by Buyer) as of the Closing of the following conditions: 

(a) Each of the representations and warranties made by Seller in this Agreement shall be true and correct in all material respects when made
and on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date (unless such representation or warranty is made on and as of a specific date, in which case it shall be true and correct in all
material respects as of such date, subject to any change in circumstances permitted or contemplated in this Agreement). 
 (b) Seller shall
have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed or complied with by Seller on or before the Closing. 

  
 17 

 (c) No order or injunction of any court or administrative agency of competent jurisdiction nor
any statute, rule, regulation or executive order promulgated by any Governmental Authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the Asset or the consummation of any other
transaction contemplated hereby. 
 (d) No action, suit or other proceeding shall be pending which shall have been brought by a Person,
other than Buyer or an affiliate of Buyer, that restrains or prohibits the transactions contemplated under this Agreement. 
 (e)
Seller’s interest in the Property shall be delivered to Buyer in the manner required under Section 8.1. 
 (f) Buyer or Escrow
Agent shall have received all of the documents required to be delivered by Seller under Section 6.2. 
 SECTION 5.3. Waiver of
Conditions Precedent. The occurrence of the Closing shall constitute conclusive evidence that Seller and Buyer have respectively waived any conditions which are not satisfied as of the Closing. 

ARTICLE VI 
 CLOSING
DELIVERIES 
 SECTION 6.1. Buyer Closing Deliveries. Buyer shall deliver the following documents to the Escrow Agent on or before
the Closing Date: 
 (a) With respect to the Asset: 

(i) an assignment and assumption of Seller’s interest in the Space Leases (the “Assignment of Leases”)
duly executed by Buyer in substantially the form of Exhibit A attached hereto; 
 (ii) an assignment and assumption of
the Assumed Contracts (the “Assignment of Contracts”) duly executed by Buyer in substantially the form of Exhibit B attached hereto; 

(iii) notice letters to the tenants at the Property (the “Tenant Notices”) duly executed by Buyer, in
substantially the form of Exhibit C attached hereto, provided that drafts of the Tenant Notices are delivered to Buyer to review at least two (2) Business Days prior to Closing. Buyer shall promptly deliver the same to all tenants upon
the Closing and shall provide Seller with confirmation of such delivery upon Seller’s request; 
 (iv) an assignment of
all licenses, permits, warranties and intangibles with respect to the Property to the extent assignable (but excluding any Excluded Assets) (an “Assignment of Licenses, Permits, Warranties and General Intangibles”) duly executed by
Buyer in substantially the form of Exhibit D attached hereto; and 

  
 18 

 (v) a special warranty deed (the “Deed”) in substantially the
form of Exhibit E attached hereto duly executed by Buyer; 
 (b) With respect to the transactions contemplated hereunder: 

(i) all transfer tax returns to the extent required by law and the regulations issued pursuant thereto in connection with the
payment of all state or local real property transfer taxes that are payable or arise as a result of the consummation of the transactions contemplated by this Agreement, in each case, as prepared by Seller and Buyer and duly executed by Buyer; and

 (ii) a closing statement prepared and approved by Seller and Buyer, consistent with the terms of this Agreement (the
“Closing Statement”) duly executed by Buyer. 
 SECTION 6.2. Seller Closing Deliveries. Seller shall deliver the
following documents to the Escrow Agent on or before the Closing Date: 
 (a) With respect to the Asset: 

(i) the Deed duly executed by Seller; 

(ii) the Assignment of Leases duly executed by Seller; 

(iii) a bill of sale duly executed by Seller in substantially the form of Exhibit F attached hereto, relating to all
fixtures, chattels, equipment and articles of Personal Property owned by Seller which are currently located upon or attached to the Property and used solely in connection with the operation of the Property (but not including items owned or leased by
tenants, the Property Manager, or which are leased by Seller or any Excluded Assets); 
 (iv) the Assignment of Contracts
duly executed by Seller; 
 (v) the Tenant Notices duly executed by Seller; 

(vi) notice letters to the vendors under the Assumed Contracts duly executed by Seller; 

(vii) an affidavit that Seller is not a “foreign person” within the meaning of the Foreign Investment in Real
Property Tax Act of 1980, as amended, in substantially the form of Exhibit G attached hereto; 
 (viii) the Assignment
of Licenses, Permits, Warranties and General Intangibles duly executed by Seller; and 

  
 19 

 (ix) to the extent in Seller’s possession, copies of the Space Leases which
delivery may be satisfied by delivery of the on-site property management office at the Property. 
 (b) With respect to the transactions
contemplated hereunder: 
 (i) all transfer tax returns to the extent required by law and the regulations issued pursuant
thereto in connection with the payment of all state or local real property transfer taxes that are payable or arise as a result of the consummation of the transactions contemplated by this Agreement, in each case, as prepared by Seller and Buyer and
duly executed by Seller; and 
 (ii) a Closing Statement duly executed by Seller. 

SECTION 6.3. Cooperation. In the event any Asset-Related Property is not assignable (such as a letter of credit that is not
transferable), Seller shall provide written notice thereof to Buyer and use commercially reasonable efforts after the Closing to provide Buyer, at no cost to Seller, with the economic benefits of such property by enforcing such property (at
Buyer’s direction) for the benefit and at the expense of Buyer. The provisions of this Section 6.3 shall survive the Closing hereunder. 

ARTICLE VII 
 INSPECTIONS; DUE
DILIGENCE; RELEASE 
 SECTION 7.1. Right of Inspection. During the Due Diligence Period and through the earlier of Closing or the
earlier termination of this Agreement in accordance with the terms hereof, Buyer and its agents, attorneys, advisors, consultants and employees shall have the right, upon reasonable prior written notice to Seller (which shall in any event be at
least 24 hours in advance) and at Buyer’s sole cost, risk and expense to inspect the Property during business hours on Business Days, provided that any such inspection shall not unreasonably impede the normal day-to-day business operation of the Property, and provided further that Seller shall be entitled to accompany Buyer and its agents on such inspection. Notwithstanding the foregoing, Buyer shall not have the
right to interview the tenants or subtenants under Space Leases or to do any invasive testing of the Property, in each case, without the prior written consent of Seller in its sole discretion and Seller shall be entitled to accompany Buyer and its
agents on any such permitted interviews and testing. Buyer’s right of inspection of the Property shall be subject to the rights of tenants under the Space Leases. Prior to any such inspection, Buyer shall deliver to Seller certificates
reasonably satisfactory to Seller evidencing that Buyer’s and agents carry and maintain such general liability insurance policies with such companies and in such scope and amounts as are acceptable to Seller in its reasonable discretion, in all
cases naming Seller as an additional insured and loss payee thereunder. Buyer hereby indemnifies and agrees to defend and hold Seller and Seller-Related Entities harmless from and against (i) any Losses arising out of, resulting from relating
to or in connection with or from damage to property or injury to persons arising from any such inspection by Buyer or its agents and (ii) any breach of the provisions of this Section 7.1; provided, however, the foregoing indemnity shall
not apply to the extent any Loss arises out of the gross negligence or willful misconduct of Seller, the Property 

  
 20 

 
Manager or their respective affiliates, officers, managers, members, partners, agents, contractors and employees. The provisions of this Section 7.1 shall survive for one (1) year
following the Closing or the termination of this Agreement. 
 SECTION 7.2. Termination Right. 

(a) On or before the expiration of the Due Diligence Period, Buyer shall deliver written notice (the “Diligence Notice”) to
Seller stating either (i) that Buyer elects to terminate this Agreement, in which event Seller shall direct the Escrow Agent to return the Earnest Money to Buyer and neither party shall have any further rights or obligations under this
Agreement (except for provisions hereof that are expressly stated to survive a termination of this Agreement), or (ii) that Buyer elects not to terminate this Agreement, in which event (A) Buyer shall thereupon be deemed to have waived any
right to terminate this Agreement pursuant to the provisions of this Section 7.2(a) and this Agreement shall continue in full force and effect in accordance with its terms and (B) the Earnest Money shall thereupon become nonrefundable,
except as expressly specified in this Agreement. The failure of Buyer to deliver any Diligence Notice to Seller by the expiration of the Due Diligence Period shall be deemed to be the delivery of a Diligence Notice by Buyer under clause
(ii) above. For the avoidance of doubt, Buyer’s right to terminate this Agreement pursuant to clause (i) above shall be made at the sole discretion of Buyer and for any or no reason, and Seller shall have no right of objection. Time
shall be of the essence with respect to Buyer’s right and obligation to deliver the Diligence Notice. 
 (b) Buyer hereby agrees that
in the event Buyer delivers (or is deemed to have delivered) a Diligence Notice under clause (ii) of Section 7.2(a) the same shall constitute an acknowledgment that Seller has given Buyer every opportunity to consider, inspect and review
to its satisfaction the physical, environmental, economic and legal condition of the Asset and all files and information provided or made available to Buyer by Seller that Buyer deems material to the purchase of the Asset. 

SECTION 7.3. DISCLAIMER. ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE ASSET IS SOLELY FOR BUYER’S CONVENIENCE
AND WAS OR WILL BE OBTAINED FROM A VARIETY OF SOURCES. SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO (AND EXPRESSLY DISCLAIMS ALL) REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION EXCEPT AS SET FORTH IN THIS AGREEMENT. SELLER SHALL NOT BE LIABLE FOR ANY MISTAKES, OMISSIONS, MISREPRESENTATION OR ANY FAILURE TO INVESTIGATE THE ASSET NOR SHALL SELLER BE BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS,
REPRESENTATIONS, APPRAISALS, ENVIRONMENTAL ASSESSMENT REPORTS OR OTHER INFORMATION PERTAINING TO THE ASSET OR THE OPERATION THEREOF, FURNISHED BY SELLER, ITS REPRESENTATIVES OR OTHER PERSON ACTING ON SELLER’S BEHALF EXCEPT AS SET FORTH IN THIS
AGREEMENT. 

  
 21 

 SECTION 7.4. EXAMINATION; NO CONTINGENCIES. 

(A) IN ENTERING INTO THIS AGREEMENT, BUYER HAS NOT BEEN INDUCED BY AND HAS NOT RELIED UPON ANY WRITTEN OR ORAL REPRESENTATIONS, WARRANTIES
OR STATEMENTS, WHETHER EXPRESS OR IMPLIED, MADE BY SELLER, OR ANY PARTNER OF SELLER, OR ANY AFFILIATE, AGENT, EMPLOYEE, OR OTHER REPRESENTATIVE OF ANY OF THE FOREGOING OR BY ANY BROKER OR ANY OTHER PERSON REPRESENTING OR PURPORTING TO REPRESENT
SELLER WITH RESPECT TO THE ASSET, THE CONDITION OF THE ASSET OR ANY OTHER MATTER AFFECTING OR RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT. BUYER’S OBLIGATIONS UNDER THIS AGREEMENT
SHALL NOT BE SUBJECT TO ANY CONTINGENCIES, DILIGENCE OR CONDITIONS EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN THE DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT
CLOSING, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW, WITH RESPECT TO THE ASSET OR THE CONDITION OF THE ASSET. DURING ITS DUE DILIGENCE PERIOD AND PURSUANT TO THE TERMS OF THIS
AGREEMENT, BUYER IS ENCOURAGED TO CONDUCT AN INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY, UTILIZING SUCH EXPERTS AS BUYER DEEMS TO BE NECESSARY FOR AN INDEPENDENT ASSESSMENT OF THE STRUCTURAL AND OPERATIONAL INTEGRITY OF THE
IMPROVEMENTS AND EQUIPMENT USED IN THE OPERATION OF THE PROPERTY, AND COMPLIANCE OF THE PROPERTY (INCLUDING SPECIFICALLY THE IMPROVEMENTS) WITH APPLICABLE LAWS, INCLUDING THE FEDERAL AMERICANS WITH DISABILITIES ACT, THE TEXAS ARCHITECTURAL BARRIERS
ACT, AND/OR APPLICABLE ENVIRONMENTAL LAWS. BUYER AGREES THAT THE ASSET WILL BE SOLD AND CONVEYED TO (AND ACCEPTED BY) BUYER AT THE CLOSING IN THE THEN EXISTING CONDITION OF THE ASSET, AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT ANY WRITTEN OR
VERBAL REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW, OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT CLOSING. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, EXCEPT AS SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT CLOSING, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT ARE WITHOUT STATUTORY, EXPRESS OR IMPLIED WARRANTY, REPRESENTATION,
AGREEMENT, STATEMENT OR EXPRESSION OF OPINION OF OR WITH RESPECT TO THE CONDITION OF THE ASSET OR ANY ASPECT THEREOF, INCLUDING, WITHOUT LIMITATION, (I) ANY AND ALL STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES RELATED TO THE
SUITABILITY FOR HABITATION, MERCHANTABILITY, WORKMANLIKE CONSTRUCTION OR FITNESS FOR USE OR ACCEPTABILITY FOR THE PURPOSE 

  
 22 

 
INTENDED BY BUYER OR ANY WARRANTIES OR COVENANTS REFERRED TO IN SECTION 5.023 OF THE TEXAS PROPERTY CODE (OR ITS SUCCESSORS) WITH RESPECT TO THE PROPERTY OR ITS CONDITION OR THE CONSTRUCTION,
PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF THE PROPERTY, (II) ANY STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE, BY ANY DESCRIPTION OF THE ASSET OR BY OPERATION OF LAW, AND
(III) ALL OTHER STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES BY SELLER WHATSOEVER. BUYER ACKNOWLEDGES THAT BUYER HAS KNOWLEDGE AND EXPERTISE IN FINANCIAL AND BUSINESS MATTERS THAT ENABLE BUYER TO EVALUATE THE MERITS AND RISKS OF
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 
 (B) FOR PURPOSES OF THIS AGREEMENT, THE TERM “CONDITION OF THE
ASSET” MEANS THE FOLLOWING MATTERS: 
 (I) PHYSICAL CONDITION OF THE PROPERTY. THE QUALITY, NATURE AND
ADEQUACY OF THE PHYSICAL CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE QUALITY OF THE DESIGN, LABOR AND MATERIALS USED TO CONSTRUCT THE IMPROVEMENTS INCLUDED IN THE PROPERTY; THE CONDITION OF STRUCTURAL ELEMENTS, FOUNDATIONS, ROOFS,
GLASS, MECHANICAL, PLUMBING, ELECTRICAL, HVAC, SEWAGE, AND UTILITY COMPONENTS AND SYSTEMS; THE CAPACITY OR AVAILABILITY OF SEWER, WATER, OR OTHER UTILITIES; THE GEOLOGY, FLORA, FAUNA, SOILS, SUBSURFACE CONDITIONS, GROUNDWATER, LANDSCAPING, AND
IRRIGATION OF OR WITH RESPECT TO THE PROPERTY, THE LOCATION OF THE PROPERTY IN OR NEAR ANY SPECIAL TAXING DISTRICT, FLOOD HAZARD ZONE, WETLANDS AREA, PROTECTED HABITAT, GEOLOGICAL FAULT OR SUBSIDENCE ZONE, HAZARDOUS WASTE DISPOSAL OR CLEAN-UP SITE,
OR OTHER SPECIAL AREA, THE EXISTENCE, LOCATION, OR CONDITION OF INGRESS, EGRESS, ACCESS, AND PARKING; THE CONDITION OF THE PERSONAL PROPERTY AND ANY FIXTURES; AND THE PRESENCE OF ANY ASBESTOS OR OTHER HAZARDOUS MATERIALS, DANGEROUS, OR TOXIC
SUBSTANCE, MATERIAL OR WASTE IN, ON, UNDER OR ABOUT THE PROPERTY AND THE IMPROVEMENTS LOCATED THEREON. “HAZARDOUS MATERIALS” MEANS (A) THOSE SUBSTANCES INCLUDED WITHIN THE DEFINITIONS OF ANY ONE OR MORE OF THE TERMS
“HAZARDOUS SUBSTANCES,” “TOXIC POLLUTANTS”, “HAZARDOUS MATERIALS”, “TOXIC SUBSTANCES”, AND “HAZARDOUS WASTE” IN THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT, 42 U.S.C.
§ 9601 ET SEQ. (AS AMENDED), THE TEXAS SOLID 

  
 23 

 
WASTE DISPOSAL ACT (TEXAS HEALTH AND SAFETY CODE § 361.001 ET SEQ. (VERNON 2001) (AS AMENDED), THE HAZARDOUS MATERIALS TRANSPORTATION ACT, AS AMENDED, 49 U.S.C. SECTIONS 1801 ET SEQ., THE
RESOURCE CONSERVATION AND RECOVERY ACT OF 1976 AS AMENDED, 42 U.S.C. SECTION 6901 ET SEQ., SECTION 311 OF THE CLEAN WATER ACT, 15 U.S.C. § 2601 ET SEQ., 33 U.S.C. § 1251 ET SEQ., 42 U.S.C. 7401 ET SEQ., THE TOXIC SUBSTANCES
CONTROL ACT, 15 U.S.C. § 2601 ET SEQ, AND THE REGULATIONS AND PUBLICATIONS ISSUED UNDER ANY SUCH LAWS, (B) PETROLEUM, RADON GAS, LEAD BASED PAINT, ASBESTOS OR ASBESTOS CONTAINING MATERIAL AND POLYCHLORINATED BIPHENYLS AND (C) MOLD OR
WATER CONDITIONS WHICH MAY EXIST AT THE PROPERTY OR OTHER SUBSTANCES, WASTES OR MATERIALS LISTED OR DEFINED BY ANY STATE OR LOCAL STATUTES, REGULATIONS AND ORDINANCES PERTAINING TO THE PROTECTION OF HUMAN HEALTH AND THE ENVIRONMENT. 

(II) ADEQUACY OF THE ASSET. THE ECONOMIC FEASIBILITY, CASH FLOW AND EXPENSES OF THE ASSET, AND HABITABILITY,
MERCHANTABILITY, FITNESS, SUITABILITY AND ADEQUACY OF THE PROPERTY FOR ANY PARTICULAR USE OR PURPOSE. 
 (III)
LEGAL COMPLIANCE OF THE ASSET. THE COMPLIANCE OR NON-COMPLIANCE OF SELLER OR THE OPERATION OF THE ASSET OR ANY PART THEREOF IN ACCORDANCE WITH, AND THE CONTENTS OF, (A) ALL CODES, LAWS, ORDINANCES, REGULATIONS, AGREEMENTS, LICENSES,
PERMITS, APPROVALS AND APPLICATIONS OF OR WITH ANY GOVERNMENTAL AUTHORITIES ASSERTING JURISDICTION OVER THE ASSET, INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO ZONING, BUILDING, PUBLIC WORKS, PARKING, FIRE AND POLICE ACCESS, HANDICAP ACCESS,
LIFE SAFETY, SUBDIVISION AND SUBDIVISION SALES, AND HAZARDOUS MATERIALS, DANGEROUS, AND TOXIC SUBSTANCES, MATERIALS, CONDITIONS OR WASTE, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OF HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE ASSET THAT WOULD
CAUSE STATE OR FEDERAL AGENCIES TO ORDER A CLEAN UP OF THE ASSET UNDER ANY APPLICABLE LEGAL REQUIREMENTS AND (B) ALL AGREEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS (PUBLIC OR PRIVATE), CONDOMINIUM PLANS, DEVELOPMENT AGREEMENTS, SITE PLANS,
BUILDING PERMITS, BUILDING RULES, AND OTHER INSTRUMENTS AND DOCUMENTS GOVERNING OR AFFECTING THE USE, MANAGEMENT, AND OPERATION OF THE ASSET. 

  
 24 

 (IV) MATTERS DISCLOSED IN THE SCHEDULES AND THE ASSET FILE. THOSE
MATTERS REFERRED TO IN THIS AGREEMENT AND THE DOCUMENTS LISTED ON THE SCHEDULES ATTACHED HERETO AND THE MATTERS DISCLOSED IN THE ASSET FILE. 

(V) INSURANCE. THE AVAILABILITY, COST, TERMS AND COVERAGE OF LIABILITY, HAZARD, COMPREHENSIVE AND ANY OTHER INSURANCE
OF OR WITH RESPECT TO THE ASSET. 
 (VI) CONDITION OF TITLE. SUBJECT TO SECTION 8.3, THE CONDITION OF
TITLE TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, VESTING, LEGAL DESCRIPTION, MATTERS AFFECTING TITLE, TITLE DEFECTS, LIENS, ENCUMBRANCES, BOUNDARIES, ENCROACHMENTS, MINERAL RIGHTS, OPTIONS, EASEMENTS, AND ACCESS; VIOLATIONS OF RESTRICTIVE
COVENANTS, ZONING ORDINANCES, SETBACK LINES, OR DEVELOPMENT AGREEMENTS; THE AVAILABILITY, COST, AND COVERAGE OF TITLE INSURANCE; LEASES, RENTAL AGREEMENTS, OCCUPANCY AGREEMENTS, RIGHTS OF PARTIES IN POSSESSION OF, USING, OR OCCUPYING THE PROPERTY;
AND STANDBY FEES, TAXES, BONDS AND ASSESSMENTS. 
 SECTION 7.5. RELEASE. (a) BUYER HEREBY AGREES THAT SELLER, AND EACH OF
SELLER’S PARTNERS, MEMBERS, TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, PROPERTY MANAGERS, ASSET MANAGERS, AGENTS, ATTORNEYS, AFFILIATES AND RELATED ENTITIES, HEIRS, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE
“RELEASEES”) SHALL BE, AND ARE HEREBY, FULLY AND FOREVER RELEASED AND DISCHARGED FROM ANY AND ALL LIABILITIES, LOSSES, CLAIMS (INCLUDING THIRD PARTY CLAIMS), DEMANDS, DAMAGES (OF ANY NATURE WHATSOEVER), CAUSES OF ACTION, COSTS,
PENALTIES, FINES, JUDGMENTS, REASONABLY ATTORNEYS’ FEES, CONSULTANTS’ FEES AND COSTS AND EXPERTS’ FEES (COLLECTIVELY, THE “CLAIMS”) WITH RESPECT TO ANY AND ALL CLAIMS, WHETHER DIRECT OR INDIRECT, KNOWN OR UNKNOWN,
FORESEEN OR UNFORESEEN, THAT MAY ARISE ON ACCOUNT OF OR IN ANY WAY BE CONNECTED WITH THE ASSET OR THE PROPERTY INCLUDING, WITHOUT LIMITATION, THE PHYSICAL, ENVIRONMENTAL AND STRUCTURAL CONDITION OF THE ASSET OR THE PROPERTY OR ANY LAW OR REGULATION
APPLICABLE THERETO, INCLUDING, WITHOUT LIMITATION, ANY CLAIM OR MATTER (REGARDLESS OF WHEN IT FIRST APPEARED) RELATING TO OR ARISING FROM (A) THE PRESENCE OF ANY ENVIRONMENTAL PROBLEMS, OR THE USE, PRESENCE, STORAGE, RELEASE, DISCHARGE, OR
MIGRATION OF HAZARDOUS MATERIALS ON, IN, UNDER OR AROUND THE PROPERTY REGARDLESS OF WHEN SUCH HAZARDOUS MATERIALS WERE FIRST INTRODUCED IN, ON OR ABOUT THE PROPERTY, (B) ANY PATENT OR LATENT DEFECTS OR DEFICIENCIES WITH RESPECT TO THE

  
 25 

 
ASSET, (C) ANY AND ALL MATTERS RELATED TO THE ASSET OR ANY PORTION THEREOF, INCLUDING WITHOUT LIMITATION, THE CONDITION AND/OR OPERATION OF THE ASSET AND EACH PART THEREOF, (D) ANY AND
ALL MATTERS RELATED TO THE CURRENT OR FUTURE ZONING OR USE OF THE PROPERTY, AND (E) THE PRESENCE, RELEASE AND/OR REMEDIATION OF ASBESTOS AND ASBESTOS CONTAINING MATERIALS IN, ON OR ABOUT THE PROPERTY REGARDLESS OF WHEN SUCH ASBESTOS AND
ASBESTOS CONTAINING MATERIALS WERE FIRST INTRODUCED IN, ON OR ABOUT THE PROPERTY; PROVIDED, HOWEVER, THAT IN NO EVENT SHALL RELEASEES BE RELEASED FROM ANY CLAIMS ARISING PURSUANT TO THE PROVISIONS OF THIS AGREEMENT OR SELLER’S
OBLIGATIONS, IF ANY, UNDER THE CLOSING DOCUMENTS. BUYER HEREBY WAIVES AND AGREES NOT TO COMMENCE ANY ACTION, LEGAL PROCEEDING, CAUSE OF ACTION OR SUITS IN LAW OR EQUITY, OF WHATEVER KIND OR NATURE, INCLUDING, BUT NOT LIMITED TO, A PRIVATE RIGHT OF
ACTION UNDER THE FEDERAL SUPERFUND LAWS, 42 U.S.C. SECTIONS 9601 ET SEQ., THE RESOURCE CONSERVATION AND RECOVERY ACT, 42 U.S.C. § 6901 ET SEQ., THE FEDERAL WATER POLLUTION CONTROL ACT, 33 U.S.C. § 2601 ET SEQ., THE TOXIC SUBSTANCES CONTROL
ACT, 15 U.S.C. § 2601 ET SEQ., THE CLEAN WATER ACT, 33 U.S.C. § 1251 ET SEQ., THE CLEAN AIR ACT, 42 U.S.C. § 7401 ET SEQ., THE HAZARDOUS MATERIALS TRANSPORTATION ACT, 49 U.S.C. § 1801 ET SEQ., THE OCCUPATIONAL SAFETY AND HEALTH
ACT, 29 U.S.C. § 651 ET SEQ., AND SIMILAR STATE AND LOCAL ENVIRONMENTAL LAWS (AS SUCH LAWS AND STATUTES MAY BE AMENDED, SUPPLEMENTED OR REPLACED FROM TIME TO TIME), OR ANY APPLICABLE LAWS WHICH REGULATE OR CONTROL HAZARDOUS MATERIALS,
POLLUTION, CONTAMINATION, NOISE, RADIATION, WATER, SOIL, SEDIMENT, AIR OR OTHER ENVIRONMENTAL MEDIA, OR AN ACTUAL OR POTENTIAL SPILL, LEAK, EMISSION, DISCHARGE, RELEASE OR DISPOSAL OF ANY HAZARDOUS MATERIALS OR OTHER MATERIALS, SUBSTANCES OR WASTE
INTO WATER, SOIL, SEDIMENT, AIR OR ANY OTHER ENVIRONMENTAL MEDIA, DIRECTLY OR INDIRECTLY, AGAINST THE RELEASEES OR THEIR AGENTS IN CONNECTION WITH CLAIMS DESCRIBED ABOVE. 

(B) IN THIS CONNECTION AND TO THE GREATEST EXTENT PERMITTED BY LAW, BUYER HEREBY AGREES, REPRESENTS AND WARRANTS THAT BUYER REALIZES AND
ACKNOWLEDGES THAT FACTUAL MATTERS NOW KNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGE, COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED,
AND BUYER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT BUYER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER FROM ANY SUCH
UNKNOWN CLAIMS, DEBTS, AND CONTROVERSIES WHICH MIGHT IN ANY WAY BE INCLUDED AS A MATERIAL PORTION OF THE CONSIDERATION GIVEN TO SELLER BY BUYER IN EXCHANGE FOR SELLER’S PERFORMANCE HEREUNDER. 

  
 26 

 (C) THIS RELEASE SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF ITS EXPRESSED TERMS
AND PROVISIONS, INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION. 
 (D) SELLER HAS GIVEN
BUYER MATERIAL CONCESSIONS REGARDING THIS TRANSACTION IN EXCHANGE FOR BUYER AGREEING TO THE PROVISIONS OF THIS SECTION 7.5. THE PROVISIONS OF THIS SECTION 7.5 SHALL SURVIVE THE CLOSING AND SHALL NOT BE DEEMED MERGED INTO ANY INSTRUMENT OR
CONVEYANCE DELIVERED AT THE CLOSING. 
 SECTION 7.6. WAIVER OF LEAD-BASED PAINT INSPECTION. Buyer acknowledges that
it has had or will have the opportunity to undertake studies, inspections or investigations of the Property as Buyer deemed or deems necessary to evaluate the presence of lead-based paint and/or lead-based paint hazards on the Property. To the
extent that Buyer has waived or otherwise declined the opportunity to undertake such inspections and investigations as a condition to the completion of the transaction under the terms of the Agreement, Buyer has knowingly and voluntarily done so.
Buyer understands and acknowledges that the Property may have been built prior to 1978 and lead-based paint and/or lead-based paint hazards may be present on the Property. Seller shall have no responsibility or liability with respect to any such
occurrence of lead-based paint. It is understood by the parties that Seller does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information contained in Seller’s files or in the documents
produced by Seller or its agents, including, without limitation, any environmental audit or report. Buyer acknowledges that Seller and Seller’s affiliates shall have no responsibility for the contents and accuracy of such disclosures, and Buyer
agrees that the obligations of Seller in connection with the purchase of the Property shall be governed by the Agreement irrespective of the contents of any such disclosures or the timing or delivery thereof. 

ARTICLE VIII 
 TITLE AND
PERMITTED EXCEPTIONS 
 SECTION 8.1. Title Insurance and Survey. 

(a) Buyer shall notify Seller in writing (the “Title Notice”) no later than 5:00 p.m. (Central Time) on November 25,
2014 (the “Title Notice Deadline”) as to which matters, if any, within the Title Commitment, the Survey and any Updated Survey are not acceptable to Buyer (individually, a “Disapproved Title Matter”). Any
matter within the Title Commitment, the Survey, any Updated Survey, and any matter that would be disclosed by a current, accurate survey of the Property that Buyer fails to so disapprove in a Title Notice delivered prior to the Title Notice Deadline
shall be conclusively deemed to have been approved by Buyer. If Buyer timely delivers a Title Notice indicating a Disapproved Title Matter, then Seller shall have one (1) Business Day after receipt of such Title Notice to elect to notify Buyer
in writing (a “Title  

  
 27 

 
Response Notice”) that Seller either (a) will in good faith attempt to remove such Disapproved Title Matter from title to the Property on or before the Closing, or
(b) elects not to cause such Disapproved Title Matter to be removed from title to the Property. If Seller fails to deliver a Title Response Notice as to a particular Disapproved Title Matter within such one (1) Business Day period, then
Seller shall be deemed to have made the election in clause (b) above as to such Disapproved Title Matter. The procurement by Seller, at its option, of a written commitment from the Title Company to issue the Title Policy or an endorsement
thereto reasonably satisfactory to Buyer as of the Closing and insuring Buyer against any Disapproved Title Matter (or any “Additional Title Matter” as defined below) shall be deemed a removal thereof from title to the Property. If Seller
makes (or is deemed to have made) the election in clause (b) above as to any Disapproved Title Matter, then Buyer shall have two (2) Business Days from the earlier of (i) the date it receives the Title Response Notice making such
election, or (ii) the date that Seller is deemed to have made such election as to such Disapproved Title Matter (but in any case not later than 5:00 p.m. (Central Time) on December 1, 2014), within which to notify Seller in writing that
Buyer elects to either (x) nevertheless proceed with the purchase and take title to the Property subject to such Disapproved Title Matter, or (y) terminate this Agreement. If Buyer makes the election set forth in clause (y) above,
then this Agreement shall immediately terminate, Buyer shall be entitled to a return of the Earnest Money, and Seller and Buyer shall have no further rights or obligations hereunder, except for the provisions hereof that expressly survive
termination of this Agreement. If Buyer fails to notify Seller in writing of its election within said two (2) Business Days period, then Buyer shall be deemed to have made the election set forth in clause (x) above. 

(b) Approval by Buyer of any additional material, adverse title exceptions, defects, encumbrances or other title matters first disclosed in
writing after the Title Notice Deadline (“Additional Title Matters”) shall be a condition precedent to Buyer’s obligations to purchase the Property (Buyer hereby agreeing that its approval of Additional Title Matters shall not
be unreasonably withheld). Unless Buyer gives written notice (“Title Disapproval Notice”) that it disapproves any Additional Title Matters, stating the Additional Title Matters so disapproved, before the sooner to occur of the
Closing or five (5) days after receipt of written notice of such Additional Title Matters, Buyer shall be deemed to have approved such Additional Title Matters. Seller shall have until the Closing within which to remove the disapproved
Additional Title Matters set forth therein from title (Seller having the right but not the obligation to do so). In the event Seller determines at any time that it is unable or unwilling to remove any one or more of such disapproved Additional Title
Matters, Seller shall give written notice to Buyer to such effect; in such event, Buyer may, at its option, terminate this Agreement upon written notice to Seller but only if given prior to the sooner to occur of the Closing or five (5) days
after Buyer receives Seller’s notice, in which case this Agreement shall immediately terminate, Buyer shall be entitled to a return of the Earnest Money, and Seller and Buyer shall have no further rights or obligations hereunder, except for the
provisions hereof that expressly survive termination of this Agreement. If Buyer fails to give such termination notice by such date, Buyer shall be deemed to have waived its objection to, and to have approved, the matters set forth in Seller’s
notice. 
 SECTION 8.2. Title Commitment; Survey. Except as expressly set forth in Section 8.1 and Section 8.3(a), all
title exceptions and matters set forth in the Title Commitment and on the Survey or any Updated Survey shall be deemed Permitted Exceptions. Buyer is solely responsible for obtaining any updated title commitments, surveys, or any other title related
matters Buyer desires with respect to the Property. 

  
 28 

 SECTION 8.3. Certain Exceptions to Title; Inability to Convey. 

(a) Seller’s interest in the Property shall be conveyed by Seller, and Buyer agrees to acquire Seller’s interest in the Property,
subject only to the Permitted Exceptions. Notwithstanding any provision to the contrary contained in this Agreement or any of the Closing Documents, any or all of the Permitted Exceptions may be omitted by Seller in the Deed without giving rise to
any liability of Seller, irrespective of any covenant or warranty of Seller that may be contained or implied in the Deed (and the provisions of this sentence shall survive the Closing and shall not be merged therein). Notwithstanding anything in
this Agreement to the contrary, Seller shall be obligated at or prior to the Closing to cause the release or discharge of (i) any Voluntary Encumbrance created by Seller on or after the Effective Date (each, a “Post-Effective Date
Voluntary Encumbrance”) other than the Cable Contract Encumbrances, if any, (ii) any financing lien of an ascertainable amount voluntarily created by, under or through Seller, including without limitation the Existing Financing
Exceptions (collectively, the “Financing Liens”), and (iii) any lien other than the Financing Liens that encumbers the Property that is not a Permitted Exception and that may be removed by the payment of a sum of money (each
lien described in this clause (iii) being referred to as a “Monetary Encumbrance”). Notwithstanding the foregoing, Seller shall not be obligated to spend more than $100,000 in the aggregate with respect to any Monetary
Encumbrances; provided that, such limitation shall not apply with respect to any Financing Liens; and provided, further, that if a Post-Effective Date Voluntary Encumbrance, Financing Lien or Monetary Encumbrance is bonded over by Seller or others
at or prior to the Closing or if Seller escrows sufficient funds with the Title Company such that it is omitted from the Title Policy (or is otherwise insured over by the Title Company) then Seller shall be deemed to have satisfied the provisions of
this subsection 8.3(a) and caused the release of such Post-Effective Date Voluntary Encumbrance, Financing Lien or Monetary Encumbrance. The parties acknowledge and agree that Seller shall have the right to
apply or cause Escrow Agent to apply all or any portion of the Purchase Price to cause the release of any Post-Effective Date Voluntary Encumbrance, Financing Lien or any Monetary Encumbrance when escrow is broken at Closing. 

(b) Except as expressly set forth in Section 8.3(a), nothing contained in this Agreement shall be deemed to require Seller to take or
bring any action or proceeding or any other steps to remove any title exception or to expend any moneys therefor, nor shall Buyer have any right of action against Seller, at law or in equity, for Seller’s inability to convey its interest in the
Property subject only to the Permitted Exceptions. 
 (c) Buyer agrees to purchase Seller’s interest in the Property subject to any and
all Violations relating to the Property, or any condition or state of repair or disrepair or other matter or thing, whether or not noted, which, if noted, would result in a Violation being placed on the Property. Seller shall have no duty to remove
or comply with or repair any condition, matter or thing whether or not noted, which, if noted, would result in a Violation being placed on the Property. Seller shall have no duty to remove or comply with or repair any of the aforementioned
Violations (and shall have no duty to remove or close any open building permits), or other conditions, and Buyer shall accept the Property subject to all such Violations 

  
 29 

 
(and any open building permits), the existence of any conditions at the Property which would give rise to such Violations (and any open building permits), if any, and any governmental claims
arising from the existence of such Violations, in each case without any abatement of or credit against the Purchase Price. Notwithstanding the foregoing, Buyer shall not be obligated to purchase Seller’s interest in the Property, and shall have
the right to terminate this Agreement in accordance with Section 13.2, in the event that the Violations and potential Violations in the aggregate would require more than Five Hundred Thousand Dollars ($500,000) to cure and Seller does not elect
to pay or deliver a credit to Buyer at Closing equal to the amount by which the cost to cure exceeds Five Hundred Thousand Dollars ($500,000) (Seller having the right, but not the obligation to do so). 

SECTION 8.4. Buyer’s Right to Accept Title. 

(a) Notwithstanding the foregoing provisions of this Article VIII, Buyer may, by notice given to Seller at any time prior to the earlier of
(x) the Closing Date and (y) the termination of this Agreement, elect to accept such title as Seller can convey, notwithstanding the existence of any title exceptions which are not Permitted Exceptions. In such event, this Agreement shall
remain in effect and the parties shall proceed to Closing but Buyer shall not be entitled to any abatement of the Purchase Price, any credit or allowance of any kind or any claim or right of action against Seller for damages or otherwise by reason
of the existence of any title exceptions which are not Permitted Exceptions. 
 (b) Buyer shall be entitled to request that the Title
Company provide such endorsements (or amendments) to the Title Policy as Buyer may reasonably require, provided that (i) such endorsements (or amendments), other than any curative endorsements that Seller may elect to obtain pursuant to
Section 8.1 or Section 8.3, shall be at no cost to, and shall impose no additional liability on, Seller, (ii) Buyer’s obligations under this Agreement shall not be conditioned upon Buyer’s ability to obtain such endorsements
(other than any curative endorsements that Seller may elect to obtain pursuant to Section 8.1 or Section 8.3), and, if Buyer is unable to obtain such endorsements, Buyer shall nevertheless be obligated to proceed to close the transactions
contemplated by this Agreement without reduction of or set off against the Purchase Price, and (iii) the Closing shall not be delayed as a result of Buyer’s request hereunder. 

SECTION 8.5. Cooperation. In connection with obtaining the Title Policy, Buyer and Seller, as applicable, and to the extent requested
by the Title Company, shall deliver to the Title Company (a) evidence sufficient to establish (i) the legal existence of Buyer and Seller and (ii) the authority of the respective signatories of Seller and Buyer to bind Seller and
Buyer, as the case may be, and (b) a certificate of good standing of Seller. In addition, Seller will deliver to the Title Company at Closing, if and to the extent requested by Title Company, an owner’s title affidavit in the form attached
hereto as Exhibit H. 

  
 30 

 ARTICLE IX 

TRANSACTION COSTS; RISK OF LOSS 

SECTION 9.1. Transaction Costs. 

(a) Buyer and Seller agree to comply with all real estate transfer tax laws applicable to the sale of the Asset. At Closing, Seller shall pay
or cause to be paid (i) the base Title Policy premium, (ii) the cost to record the Deed, (iii) any costs in connection with discharging any encumbrances that Seller specifically agrees to or is obligated to pay pursuant to the terms
of this Agreement, (iv) one-half (1/2) of all escrow charges, and (iv) one-half (1/2) of the interest accruing under the Existing Financing Liens for the period starting on the Closing Date and ending on December 31, 2014.
At Closing, Buyer shall pay (i) except for the base Title Policy premium, all costs for the Title Policy including premiums for any extended coverage or any lender title policy, endorsements, search costs, update charges and other title charges
(other than the costs in connection with discharging any encumbrances which are the obligation of Seller hereunder), (ii) one-half (1/2) of all escrow charges, (iii) Buyer’s cost to obtain a new survey or to update the Survey,
(iv) all fees, costs or expenses in connection with Buyer’s due diligence reviews and analyses hereunder, and (v) one-half (1/2) of the interest accruing under the Existing Financing Liens for the period starting on the Closing
Date and ending on December 31, 2014. Any other closing costs shall be allocated in accordance with local custom. Seller and Buyer shall pay their respective shares of prorations as hereinafter provided. Except as otherwise expressly provided
in this Agreement, each party shall pay the fees of its own attorneys, accountants and other professionals. 
 (b) Each party to this
Agreement shall indemnify the other parties and their respective successors and assigns from and against any and all loss, damage, cost, charge, liability or expense (including court costs and reasonable attorneys’ fees) which such other party
may sustain or incur as a result of the failure of either party to timely pay any of the aforementioned fees or other charges for which it has assumed responsibility under this Section. The provisions of this Section 9.1 shall survive the
Closing or the termination of this Agreement. 
 SECTION 9.2. Risk of Loss. 

(a) If, on or before the Closing Date, the Property or any portion thereof shall be (i) damaged or destroyed by fire or other casualty or
(ii) taken as a result of any condemnation or eminent domain proceeding, Seller shall promptly notify Buyer and, at Closing, Seller will credit against the Purchase Price payable by Buyer at the Closing an amount equal to the net proceeds
(other than on account of business or rental interruption relating to the period prior to Closing), if any, received by Seller as a result of such casualty or condemnation, together with a credit for any deductible under such insurance, less any
amounts spent to restore the Property. If as of the Closing Date, Seller has not received any such insurance or condemnation proceeds, then the parties shall nevertheless consummate on the Closing Date the conveyance of the Asset (without any credit
for such insurance or condemnation proceeds except for a credit for any deductible under such insurance) and Seller will at Closing assign to Buyer all rights of Seller, if any, to the insurance or condemnation proceeds (other than on account of
business or rental interruption relating to the period prior to Closing) and to all other rights or claims arising out of or in connection with such casualty or condemnation. 

  
 31 

 (b) Notwithstanding the provisions of Section 9.2(a), if, on or before the Closing Date, the
Property or any portion thereof shall be (i) damaged or destroyed by a Material Casualty or (ii) taken as a result of a Material Condemnation, Buyer shall have the right, exercised by written notice to Seller no more than five
(5) days after Buyer has received notice of such Material Casualty or Material Condemnation, to terminate this Agreement, in which event the Earnest Money shall be refunded to Buyer and neither party shall have any further rights or obligations
hereunder other than those which expressly survive the termination of this Agreement. If Buyer fails to timely terminate this Agreement in accordance with this Section 9.2(b), the provisions of Section 9.2(a) shall apply. As used in this
Section 9.2(b), a “Material Casualty” shall mean (x) any damage to the Property or any portion thereof by fire or other casualty that is expected to cost in excess of Two Million Five Hundred Thousand Dollars ($2,500,000)
to repair, as determined by an independent third party general contractor selected by Seller, Seller’s insurance company or Seller’s lender, or (y) that is uninsured or underinsured and Seller does not elect to credit Buyer at Closing
with an amount equal to the cost to repair such uninsured or underinsured casualty (Seller having the right, but not the obligation, to do so). As used in this Section 9.2(b), a “Material Condemnation” shall mean a taking of
the Property or any material portion thereof (which shall include any taking of more than fifteen percent (15%) of either the land area or the total number of apartment units at the Property), or a taking that in Seller’s reasonable
judgment permanently and materially adversely affects access to the Property, as a result of a condemnation or eminent domain proceedings that, permanently and materially impairs the use of the Property, and which, in each instance, cannot be
restored to substantially the same use as before the taking. 
 (c) Seller and Buyer hereby agree that the Uniform Vendor and Purchaser Risk
Act, Section 5.007 of the Texas Property Code, shall not be applicable to this Agreement or the transaction contemplated hereby. 

ARTICLE X 
 ADJUSTMENTS 

Unless otherwise provided below, the following are to be adjusted and prorated between Seller and Buyer as of 11:59 P.M. on the day preceding
the Closing the “Adjustment Point”), based upon a 365-day year, with Buyer being deemed to be the owner of the Asset during the entire day of the Closing Date and being entitled to receive all operating income of the Asset, and
being obligated to pay all operating expenses of the Asset, with respect to the Closing Date and the net amount thereof under this Article X shall be added to (if such net amount is in Seller’s favor) or deducted from (if such net amount is in
Buyer’s favor) the Purchase Price payable at Closing. Seller shall prepare the Closing Statement prorations and adjustments required by this Agreement and submit the same to Buyer for review and approval at least two (2) Business Days
prior to the Closing Date. 

  
 32 

 SECTION 10.1. Rents. 

(a) All Rents (as hereinafter defined) paid or payable by tenants under the Space Leases in connection with their occupancy of the Property
shall be adjusted and prorated on an “if, as and when collected” basis; provided, however, with respect to (1) any Rents that are billed to tenants in arrears and are not due and payable prior to the Adjustment Point (“Rents
Collected In Arrears”), Buyer shall provide a credit to Seller at Closing in the amount of such Rents Collected In Arrears for up to two (2) months; and (2) any “Reimbursable Tenant Expenses” (as defined below), such
Reimbursable Tenant Expenses shall be prorated at the Closing based on Seller’s reasonable estimate at the Closing of the Reimbursable Tenant Expenses actually paid or incurred by Seller (“Seller’s Actual Reimbursable Tenant
Expenses”) and the tenant reimbursements for such Reimbursable Tenant Expenses actually paid to Seller by tenants (“Seller’s Actual Tenant Reimbursements”). Seller shall be entitled to all Rents under Space Leases
attributable to the period prior to the Adjustment Point and Buyer shall be entitled to all Rents under Space Leases attributable to the period from and after the Adjustment Point. All prepaid Rents for periods of occupancy after Closing shall be
credited to Buyer at Closing. Any Rents collected by Buyer or Seller after the Closing from any tenant who owes Rents for periods prior to the Closing shall be applied (i) first, in payment of Rents owed by such tenant for the month in which
the Closing occurs, (ii) second, in payment of current Rents at the time of receipt, (iii) third, to delinquent Rents, if any, which became due after the Closing and (iv) fourth, then to delinquent Rents, if any, which became due and
payable prior to the Closing or otherwise attributable to the period prior to the Closing. “Rents” for purposes of this Agreement shall mean (whether paid in advance of the date when such payment is due or otherwise) all fixed rents
and other charges or amounts payable by tenants under the Space Leases or in connection with their use or occupancy of the Property or any service or amenity relating thereto, including water, electricity, gas, sewage or other utilities charges or
other pass-through fees and charges (the “Reimbursable Tenant Expenses”). With respect to Reimbursable Tenant Expenses, Seller shall deliver to Buyer a reconciliation statement (“Seller’s Reconciliation
Statement”) within sixty (60) days after the Closing setting forth (i) Seller’s Actual Reimbursable Tenant Expenses, (ii) Seller’s Actual Tenant Reimbursements, and (iii) a calculation of the difference, if
any, between the two (i.e., establishing that Seller’s Actual Reimbursable Tenant Expenses were either more or less than or equal to Seller’s Actual Tenant Reimbursements). Any amount due Seller pursuant to the foregoing calculation (in
the event Seller’s Actual Tenant Reimbursements are less than Seller’s Actual Reimbursable Tenant Expenses) or Buyer (in the event Seller’s Actual Tenant Reimbursements are more than Seller’s Actual Reimbursable Tenant Expenses),
as the case may be, shall be paid by Buyer to Seller or by Seller to Buyer, as the case may be, within thirty (30) days after delivery of Seller’s Reconciliation Statement to Buyer. If Buyer is paid any such amount by Seller (or credited
any amount at Closing for Reimbursable Tenant Expenses), Buyer thereafter shall be obligated to promptly remit the applicable portion to the particular tenants entitled thereto. Buyer shall indemnify, defend, and hold Seller and the other
Seller-Related Entities harmless from and against any losses, costs, claims, damages, and liabilities, including, without limitation, reasonable attorneys’ fees and expenses incurred in connection therewith, arising out of or resulting from
Buyer’s failure to remit any amounts actually received from Seller to tenants in accordance with the provisions hereof. 
 (b) For a
period of six (6) months after Closing, Buyer shall bill tenants who owe Rents for periods prior to the Closing following the Closing (and Buyer will deliver to 

  
 33 

 
Seller, concurrently with the delivery to such tenants, copies of all statements relating to Rent for periods prior to the Closing) and use commercially reasonable efforts to pursue collection of
such past due Rents to the full extent that Buyer would endeavor to collect delinquent Rents owed to Buyer, but shall not be obligated to engage a collection agency or take legal action or other enforcement action under the applicable Space Lease to
collect such amount unless Buyer would do so for its own Rents. Buyer may not waive any delinquent (or unpaid) Rents or modify a Space Lease so as to reduce or otherwise affect amounts owed thereunder for any period in which Seller is entitled to
receive a share of charges or amounts without first obtaining Seller’s written consent. Seller shall have the right from time to time for six (6) months following the Closing, upon at least three (3) days’ prior notice to Buyer
and during ordinary business hours, to review Buyer’s rental records with respect to such Space Leases. In addition, Seller hereby reserves the right to pursue any remedy for damages against any tenant owing delinquent Rents and any other
amounts to Seller (including, without limitation, the prosecution of one or more lawsuits, but shall not be entitled to terminate any Space Lease or any tenant’s right to possession). With respect to delinquent or other uncollected Rents and
any other amounts or other rights of any kind respecting tenants who are no longer tenants of the Asset as of the Closing Date, Seller shall retain all of the rights relating thereto. 

SECTION 10.2. Taxes and Assessments. All non-delinquent real estate, ad valorem real property and personal property taxes and
assessments with respect to the Asset for the current year shall be prorated between Seller and Buyer as of the Closing Date (on the basis of the actual number of days elapsed over the applicable period). Seller shall be responsible for the payment
of any such real estate and personal property taxes that are delinquent before Closing. If the Closing shall occur before the tax rate is fixed for the then current year, the apportionment of the taxes and assessments shall be made upon the basis of
the tax rate for the immediately preceding tax year applied to the latest assessed valuation of the Property. In no event shall Seller be charged with or be responsible for any increase in the taxes on the Asset resulting from the sale of the Asset
contemplated by this Agreement, any change in use of the Asset or Property on or after the Closing Date, or from any improvements made or leases entered into on or after the Closing Date. If any assessments on the Asset or Property are payable in
installments, then the installment allocable to the current period shall be prorated (with Buyer being allocated the obligation to pay any installments due on or after the Closing Date). If for the current ad valorem tax year the taxable value of
the land that is the subject of this contract is determined by a special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that
special appraisal in a subsequent tax year and the land may then be appraised at its full market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus
interest as a penalty for the transfer or the change in the use of the land. The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district
established for the county in which the land is located. 
 SECTION 10.3. Water and Sewer Charges. Water rates, water meter
charges, sewer rents and vault charges, if any, shall be adjusted and prorated on the basis of the fiscal period for which assessed. If there is a water meter, or meters, on the Asset, Seller agrees that it shall at the Closing furnish a reading of
same to a date not more than thirty (30) days prior to the 

  
 34 

 
Closing and the unfixed meter charges and the unfixed sewer rent thereon for the time intervening from the date of the last reading shall be apportioned on the basis of such last reading, and
shall be appropriately readjusted after the Closing on the basis of the next subsequent bills. Unmetered water charges shall be apportioned on the basis of the charges therefor for the same period of the preceding calendar year, but applying the
current rate thereto. 
 SECTION 10.4. Utility Charges. Gas, steam, electricity and other public utility charges will be paid by
Seller to the utility company on or prior to the Closing Date. Seller shall arrange for a final reading of all utility meters (covering gas, water, steam and electricity) as of the Closing. To the extent necessary, Seller and Buyer shall jointly
execute a letter to each such utility company advising it of the termination of Seller’s responsibility for utilities furnished to the Property as of the Closing Date and commencement of Buyer’s responsibilities therefor from and after
such date. If a bill is obtained from any such utility company as of the Closing, Seller shall pay such bill on or before the Closing. Any utilities not read or billed as of the Closing Date will be prorated based on estimates at Closing, and
adjusted once the final amounts are known. Additionally, Seller shall receive credits at Closing for the amount of any utility deposits with respect to the Property paid by Seller to the extent Buyer receives a credit from the applicable utility
company on account of such deposit. 
 SECTION 10.5. Miscellaneous Revenues. Periodic revenues, if any, arising out of telephone
booths, vending machines, laundry machines, cable or other income-producing agreements shall be adjusted and prorated between Buyer and Seller as of the Closing (provided that, one-time inducement fees, “door fees” or similar non-recurring
payments shall not be prorated as of the Closing). 
 SECTION 10.6. Intentionally Omitted. 

SECTION 10.7. Assumed Contracts. Amounts due under the Assumed Contracts with Buyer to receive a credit at Closing for any amounts
unpaid and attributable for the period prior to the Closing Date and Seller to receive a credit at Closing for any amounts previously paid and attributable to the period on and following the Closing Date. 

SECTION 10.8. Association Fees. If applicable, all owner’s association fees or similar fees and assessments due and payable with
respect to the Property with respect to the year in which the Closing occurs shall be adjusted and prorated based on the periods of ownership by Seller and Buyer during such year. 

SECTION 10.9. Security Deposits. The actual amounts of the Refundable Security Deposits held by Seller as landlord under the Space
Leases shall be credited to Buyer against the balance of the Purchase Price at Closing. Any such Refundable Security Deposits in form other than cash (including letters of credit) shall be transferred to Buyer on the Closing Date by way of
appropriate instruments of transfer or assignment, subject to Section 6.3. 
 SECTION 10.10. Other Adjustments. If applicable,
the Purchase Price shall be adjusted at Closing to reflect the adjustment of any other item which, under the explicit terms of this Agreement, is to be apportioned at Closing. Any other items of operating income or operating expense that are
customarily apportioned between the parties in real estate closings of 

  
 35 

 
comparable commercial properties in the metropolitan area where the Property is located shall be prorated as applicable; however, there will be no prorations for debt service, insurance premiums
or payroll (because Buyer is not acquiring or assuming Seller’s financing, insurance or employees). 
 SECTION 10.11.
Re-Adjustment. In the event any prorations or apportionments made under this Article X shall prove to be incorrect for any reason, then any party shall be entitled to an adjustment to correct the same. Any item that cannot be finally prorated
because of the unavailability of information shall be tentatively prorated on the basis of the best data then available and reprorated when the information is available. Notwithstanding anything to the contrary set forth herein, all reprorations
contemplated by this Agreement shall be completed within three (3) months after Closing (subject to extension solely as necessary due to the unavailability of final information but in no event to exceed six (6) months after Closing). The
obligations of Seller and Buyer under this Article X shall survive the Closing for six (6) months. 
 ARTICLE XI 

INDEMNIFICATION 
 SECTION
11.1. Indemnification by Seller. Following the Closing and subject to Sections 11.3, 11.4 and 11.5, Seller shall indemnify and hold Buyer and its Affiliates, members, partners, shareholders, officers and directors (collectively, the
“Buyer-Related Entities”) harmless from and against any and all costs, fees, expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or
incurred by any such indemnified party in connection with any and all losses, liabilities, claims, damages and expenses (“Losses”), arising out of, or resulting from, (a) any breach of any representation or warranty of Seller
contained in this Agreement or in any Closing Document and (b) any breach of any covenant of Seller contained in this Agreement or in any Closing Document that expressly survives the Closing. 

SECTION 11.2. Indemnification by Buyer. From and after the Closing and subject to Sections 11.4 and 11.5, Buyer shall indemnify and
hold Seller and its Affiliates, members, partners, shareholders, officers and directors (collectively, the “Seller-Related Entities”) harmless from any and all Losses arising out of, or in any way resulting from, (a) any breach
of any representation or warranty by Buyer contained in this Agreement or in any Closing Document, and (b) any breach of any covenant of Buyer contained in this Agreement or in any Closing Document that expressly survives the Closing. 

SECTION 11.3. Limitations on Indemnification. Notwithstanding the foregoing provisions of Section 11.1, (a) Seller shall not
be required to indemnify Buyer or any Buyer-Related Entities under Section 11.1 unless the aggregate of all amounts for which an indemnity would otherwise be payable by Seller under Section 11.1 exceeds the Basket Limitation and, in such
event, Seller shall be responsible only for such amount in excess of the Basket Limitation, (b) in no event shall the liability of Seller with respect to the indemnification provided for in Section 11.1 exceed in the aggregate the Cap
Limitation (provided that Seller’s obligations under Article X with respect to prorations and adjustments and Seller’s obligations under Section 14.2 with respect to the brokers shall not be subject to the Basket Limitation or the Cap
Limitation), 

  
 36 

 
and (c) in the event Buyer obtains knowledge of or is aware of any inaccuracy or breach of any representation, warranty, or covenant of Seller contained in this Agreement (a “Buyer
Waived Breach”) after the Effective Date but prior to the Closing, and nonetheless proceeds with and consummates the Closing, then Buyer and any Buyer-Related Entities shall be deemed to have waived and forever renounced any right to assert
a claim for indemnification under this Article XI for, or any other claim or cause of action under this Agreement, whether at law or in equity on account of any such Buyer Waived Breach. In no event shall Buyer be entitled to seek or obtain
consequential, speculative, special, punitive or exemplary damages against Seller. In no event shall Seller be entitled to seek or obtain consequential, speculative, special, punitive or exemplary damages against Buyer. 

SECTION 11.4. Survival. The representations, warranties and covenants contained in this Agreement and the Closing Documents that
expressly survive the Closing shall survive for a period of six (6) months after the Closing unless a longer or shorter survival period is expressly provided for in this Agreement. Each party shall have the right to bring an action or
proceeding against the other for the breach of any such representation, warranty or covenant, but only if the party bringing the action for breach (i) first learns of the breach after the Closing, (ii) gives written notice of such breach
to the other party within six (6) months following the Closing Date, and (iii) files such action for such breach on or before the first day following the second anniversary of the Closing Date. 

SECTION 11.5. Notification. In the event that any indemnified party (“Indemnified Party”) becomes aware of any claim
or demand for which an indemnifying party (an “Indemnifying Party”) may have liability to such Indemnified Party hereunder (an “Indemnification Claim”), such Indemnified Party shall promptly, but in no event more
than thirty (30) days following such Indemnified Party’s having become aware of such Indemnification Claim, notify the Indemnifying Party in writing of such Indemnification Claim, the amount or the estimated amount of damages sought
thereunder to the extent then ascertainable (which estimate shall not be conclusive of the final amount of such Indemnification Claim), any other remedy sought thereunder, any relevant time constraints relating thereto and, to the extent
practicable, any other material details pertaining thereto; provided, that no delay on the part of the Indemnified Party in giving any such notice of a Indemnification Claim shall relieve the Indemnifying Party of any indemnification
obligations hereunder except to the extent that the Indemnifying Party is prejudiced by such delay. 
 SECTION 11.6. Indemnification as
Sole Remedy. If the Closing has occurred, the sole and exclusive remedy available to a party in the event of a breach by the other party to this Agreement of any representation, warranty, covenant or other provision of this Agreement or any
Closing Document which expressly survives the Closing shall be the indemnifications provided for under this Article XI, except as it relates to proration obligations under Article X and the indemnification obligations under Section 7.1 and
Section 14.2. 

  
 37 

 ARTICLE XII 

TAX CERTIORARI PROCEEDINGS 

SECTION 12.1. Prosecution and Settlement of Proceedings. If any tax reduction proceedings in respect of the Property, relating to any
fiscal years ending prior to the fiscal year in which the Closing occurs are pending at the time of the Closing, Seller reserves and shall have the right to continue to prosecute and/or settle the same. If any tax reduction proceedings in respect of
the Property, relating to the fiscal year in which the Closing occurs, are pending at the time of Closing, then Seller reserves and shall have the right to continue to prosecute and/or settle the same; provided, however, that Seller shall not settle
any such proceeding without Buyer’s prior written consent, which consent shall not be unreasonably withheld or delayed. Buyer shall reasonably cooperate with Seller in connection with the prosecution of any such tax reduction proceedings. 

SECTION 12.2. Application of Refunds or Savings. Any refunds or savings in the payment of taxes resulting from such tax reduction
proceedings applicable to taxes payable during the period prior to the date of the Closing shall belong to and be the property of Seller, and any refunds or savings in the payment of taxes applicable to taxes payable from and after the date of the
Closing shall belong to and be the property of Buyer. All attorneys’ fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between Seller and Buyer in proportion to the gross amount of such refunds or
savings payable to Seller and Buyer, respectively (without regard to any amounts reimbursable to tenants); provided, however, that neither Seller nor Buyer shall have any liability for any such fees or expenses in excess of the refund
or savings paid to such party unless such party initiated such proceeding. 
 SECTION 12.3. Survival. The provisions of this
Article XII shall survive the Closing. 
 ARTICLE XIII 

DEFAULT 
 SECTION 13.1.
Buyer’s Default. 
 (a) This Agreement may be terminated by Seller prior to the Closing if (i) any of the conditions
precedent to Seller’s obligations set forth in Section 5.1 have not been satisfied or waived by Seller on or prior to the Closing Date or (ii) there is a material breach or default by Buyer in the performance of its obligations under
this Agreement of which Seller has provided Buyer written notice of and Buyer has failed to cure within ten (10) days of such notice (but in all events such material breach or default is not cured prior to the Closing Date, if earlier). 

(b) In the event this Agreement is terminated pursuant to Section 13.1(a), this Agreement shall be null and void and of no further force
or effect and neither party shall have any rights or obligations against or to the other except (i) for those provisions hereof which by their terms expressly survive the termination of this Agreement and (ii) as set forth in
Section 13.1(c). 

  
 38 

 (c) In the event Seller terminates this Agreement as a result of a material breach or default by
Buyer in any of its obligations under this Agreement, the Escrow Agent shall immediately disburse the Earnest Money to Seller, and upon such disbursement Seller and Buyer shall have no further obligations under this Agreement, except those which
expressly survive such termination. Buyer and Seller hereby acknowledge and agree that it would be impractical and/or extremely difficult to fix or establish the actual damage sustained by Seller as a result of such default by Buyer, and agree that
the Earnest Money is a reasonable approximation thereof. Accordingly, in the event that Buyer breaches this Agreement by materially defaulting in the performance of any of its obligations under this Agreement, the Earnest Money shall constitute and
be deemed to be the agreed and liquidated damages of Seller, and shall be paid by the Escrow Agent to Seller as Seller’s sole and exclusive remedy hereunder; provided, however, that the foregoing shall not limit Buyer’s
obligation to pay to Seller all attorney’s fees and costs of Seller to enforce the provisions of this Section 13.1. 
 SECTION
13.2. Seller’s Default; Failure of Conditions. 
 (a) This Agreement may be terminated by Buyer prior to the Closing if
(i) any of the conditions precedent to Buyer’s obligations set forth in Section 5.2 have not been satisfied or waived by Buyer on or prior to the Closing Date or (ii) there is a material breach or default by Seller in the
performance of its obligations under this Agreement of which Buyer has provided Seller written notice of and Seller has failed to cure within fifteen (15) Business Days of such notice (but in all events such material breach or default is not
cured prior to the Closing Date, if earlier), provided that Seller shall not be entitled to such notice and opportunity to cure for failure to cause the sale of the Asset on the Closing Date. 

(b) Upon termination of this Agreement by Buyer pursuant to Section 13.2(a), the Escrow Agent shall disburse the Earnest Money to Buyer,
and upon such disbursement Seller and Buyer shall have no further obligations under this Agreement, except those which expressly survive such termination and as set forth in Section 13.2(c). 

(c) If Seller shall materially default in the performance of its obligations under this Agreement to cause the sale of the Asset on the
Closing Date, Buyer, at its option, as its sole and exclusive remedy, may (i) terminate this Agreement, direct the Escrow Agent to deliver the Earnest Money to Buyer and retain the Earnest Money, at which time this Agreement shall be terminated
and of no further force and effect except for the provisions which explicitly survive such termination or (ii) specifically enforce the terms and conditions of this Agreement; provided that such specific enforcement action must be initiated no
later than thirty (30) days following such default. The foregoing shall not limit any obligation of Seller pursuant to Section 14.29 to pay to Buyer all attorney’s fees and costs of Buyer to enforce the provisions of this
Section 13.2. 

  
 39 

 ARTICLE XIV 

MISCELLANEOUS 
 SECTION
14.1. Exculpation. 
 (a) Notwithstanding anything to the contrary contained herein, Seller’s shareholders, partners, members,
the partners or members of such partners or members, the shareholders of such partners or members, and the trustees, officers, directors, employees, agents and security holders of Seller and the partners or members of Seller assume no personal
liability for any obligations entered into on behalf of Seller and its individual assets shall not be subject to any claims of any person relating to such obligations. The foregoing shall govern any direct and indirect obligations of Seller under
this Agreement. 
 (b) Notwithstanding anything to the contrary contained herein, Buyer’s shareholders, partners, members, the partners
or members of such partners or members, the shareholders of such partners or members, and the trustees, officers, directors, employees, agents and security holders of Buyer and the partners or members of Buyer assume no personal liability for any
obligations entered into on behalf of Buyer and their individual assets shall not be subject to any claims of any person relating to such obligations. The foregoing shall govern any direct and indirect obligations of Buyer under this Agreement. 

SECTION 14.2. Brokers. 

(a) Seller represents and warrants to Buyer that it has dealt with no broker, salesman, finder or consultant with respect to this Agreement or
the transactions contemplated hereby other than Broker. Seller shall be responsible for the payment of any commission or fee due to Broker in connection with the subject transaction. Seller agrees to indemnify, protect, defend and hold Buyer and the
Buyer-Related Entities harmless from and against all claims, losses, damages, liabilities, costs, expenses (including reasonable attorneys’ fees and disbursements) and charges resulting from Seller’s breach of the foregoing representation
in this Section 14.2(a). The provisions of this Section 14.2(a) shall survive the Closing or any termination of this Agreement. 

(b) Buyer represents and warrants to Seller that it has dealt with no broker, salesman, finder or consultant with respect to this Agreement or
the transactions contemplated hereby other than Broker. Buyer agrees to indemnify, protect, defend and hold Seller and the Seller-Related Entities harmless from and against all claims, losses, damages, liabilities, costs, expenses (including
reasonable attorneys’ fees and disbursements) and charges resulting from Buyer’s breach of the foregoing representations in this Section 14.2(b). The provisions of this Section 14.2(b) shall survive the Closing or any termination
of this Agreement. 
 (c) The Texas Real Estate License Act requires a real estate agent to advise Buyer that Buyer should have an attorney
examine an abstract of title to the Property being purchased; or a title insurance policy should be obtained. Notice to that effect is hereby given to Buyer on behalf of Seller’s broker. 

  
 40 

 SECTION 14.3. Confidentiality; Press Release; IRS Reporting Requirements.

(a) Buyer and Seller, and each of their respective Affiliates, shall hold as confidential all information disclosed in connection with the
transaction contemplated hereby and concerning each other, the Asset, this Agreement and the transactions contemplated hereby and shall not release any such information to third parties without the prior written consent of the other parties hereto,
except (i) any information which was previously or is hereafter publicly disclosed (other than in violation of this Agreement or other confidentiality agreements to which Affiliates of Buyer are parties), (ii) to their partners, advisers,
underwriters, analysts, employees, Affiliates, officers, directors, consultants, lenders, accountants, legal counsel, title companies or other advisors of any of the foregoing, provided that they are advised as to the confidential nature of such
information and are instructed to maintain such confidentiality and (iii) to comply with any law, rule or regulation. The foregoing shall constitute a modification of any prior confidentiality agreement that may have been entered into by the
parties. The provisions of this Section 14.3(a) shall survive the Closing and the termination of this Agreement for a period of one year. 

(b) Neither Seller nor Buyer may issue a press release or other media publicity of any kind whatsoever with respect to this Agreement and the
transactions contemplated hereby unless such press release or such other media publicity has been approved by the other party in writing, provided that in no event shall any such press release or such other media publicity (i) if issued by
Buyer, disclose the identity of Seller’s direct or indirect beneficial owners by name or (ii) in either case, the consideration paid to Seller for the Asset. Notwithstanding the foregoing, both Seller and Buyer shall be permitted to make
filings and disclosures related to the transactions contemplated by this Agreement as may, in such party’s reasonable judgment, be required by applicable law, including, without limitation, disclosures required to be made to the Securities and
Exchange Commission. 
 (c) For the purpose of complying with any information reporting requirements or other rules and regulations of the
IRS that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement, including, but not limited to, any requirements set forth in proposed Income Tax Regulation Section 1.6045-4 and any
final or successor version thereof (collectively, the “IRS Reporting Requirements”), Seller and Buyer hereby designate and appoint the Escrow Agent to act as the “Reporting Person” (as that term is defined in the
IRS Reporting Requirements) to be responsible for complying with any IRS Reporting Requirements. The Escrow Agent hereby acknowledges and accepts such designation and appointment and agrees to fully comply with any IRS Reporting Requirements that
are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement. Without limiting the responsibility and obligations of the Escrow Agent as the Reporting Person, Seller and Buyer hereby agree to
comply with any provisions of the IRS Reporting Requirements that are not identified therein as the responsibility of the Reporting Person, including, but not limited to, the requirement that Seller and Buyer each retain an original counterpart of
this Agreement for at least four years following the calendar year of the Closing. 

  
 41 

 SECTION 14.4. Escrow Provisions. 

(a) The parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the
Escrow Agent shall not be deemed to be the agent of either of the parties, and the Escrow Agent shall not be liable to either of the parties for any act or omission on its part, other than for its gross negligence or willful misconduct. Seller and
Buyer shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all costs, claims and expenses, including attorneys’ fees and disbursements, incurred in connection with the performance of the Escrow Agent’s
duties hereunder. 
 (b) The Escrow Agent has acknowledged its agreement to these provisions by signing this Agreement in the place
indicated following the signatures of Seller and Buyer. 
 SECTION 14.5. Earnest Money Escrow Account. 

(a) The Escrow Agent shall hold the Earnest Money in escrow in an interest-bearing bank account reasonably approved by Seller and Buyer (the
“Earnest Money Escrow Account”). Escrow Agent shall not be liable for any failure, refusal, insolvency, or inability of the depository into which the Earnest Money is deposited to pay the Earnest Money at Escrow Agent’s
direction, or for levies by taxing authorities based upon the taxpayer identification number used to establish this interest bearing account. 

(b) The Escrow Agent shall hold the Earnest Money in escrow in the Earnest Money Escrow Account until the Closing or sooner termination of
this Agreement and shall hold or apply such proceeds in accordance with the terms of this Section 14.5(b). Seller and Buyer understand that no interest is earned on the Earnest Money during the time it takes to transfer into and out of the
Earnest Money Escrow Account. At the Closing, the Earnest Money shall be paid by the Escrow Agent to, or at the direction of, Seller and credited against the Purchase Price. If for any reason the Closing does not occur and either party makes a
written demand upon the Escrow Agent for payment of such amount, the Escrow Agent shall, within 24 hours give written notice to the other party of such demand. If the Escrow Agent does not receive a written objection from such other party within
five (5) Business Days after the giving of such notice, the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does receive such written objection within such five (5) Business Day period or if for any other reason
the Escrow Agent in good faith shall elect not to make such payment, the Escrow Agent shall continue to hold such amount until otherwise directed by joint written instructions from the parties to this Agreement or a final judgment of a court of
competent jurisdiction. The Escrow Agent shall give written notice of such deposit to Seller and Buyer. Upon such deposit the Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder. 

SECTION 14.6. Successors and Assigns; No Third-Party Beneficiaries. The stipulations, terms, covenants and agreements contained in this
Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective permitted successors and assigns (including any successor entity after a public offering of stock, merger, consolidation, purchase or other
similar transaction involving a party hereto) and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

  
 42 

 SECTION 14.7. Assignment. This Agreement may not be assigned by Buyer without the prior
written consent of Seller. Any transfer of direct or indirect interests in Buyer shall be deemed to be an assignment of this Agreement by Buyer. Notwithstanding the foregoing, Buyer may designate an Affiliate that is majority owned and controlled by
Buyer to which this Agreement will be assigned at the Closing, provided that (i) Buyer will continue to remain primarily liable under this Agreement notwithstanding any such designation, (ii) Buyer shall deliver written notice to Seller of
any such designation at least seven (7) Business Days prior to the Closing Date (which notice shall include the name, vesting and signature block of the designee), (iii) Buyer and Buyer’s designee shall execute and deliver an
assignment and assumption agreement in form reasonably satisfactory to Seller prior to the Closing, and (iv) the consideration paid for such assignment shall not exceed the Purchase Price. Notwithstanding the foregoing, Seller may assign or
transfer its rights or obligations under this Agreement and title to the Property, without Buyer’s consent, to a Delaware limited partnership in which Seller is (directly or indirectly) a 99% (or more) limited partner and an affiliate of Seller
is the sole general partner of such limited partnership. In no event shall Seller originally named in this Agreement be released from any liability or obligation under this Agreement as a result of any such assignment or transfer. 

SECTION 14.8. Further Assurances. From time to time, as and when requested by any party hereto, the other party shall execute and
deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as such other party may reasonably deem necessary or desirable to consummate the transactions
contemplated by this Agreement. 
 SECTION 14.9. Notices. All notices, demands or requests made pursuant to, under or by virtue of
this Agreement must be in writing and shall be (i) personally delivered, (ii) delivered by express mail, Federal Express or other comparable overnight courier service, (iii) telecopied, with telephone or written confirmation within
one (1) Business Day (iv) mailed to the party to which the notice, demand or request is being made by certified or registered mail, postage prepaid, return receipt requested, or (v) sent by electronic mail, with telephone or written
confirmation within one (1) Business Day, as follows: 
  

	 	(a)	To Seller: 

 c/o LivCor, LLC 

Two North Riverside Plaza, Suite 2100 

Chicago, Illinois 60606 

Attention:    Chris Brace 

Facsimile:    (312) 279-9882 

Telephone:   (312) 466-3300 

Email: brace@livcor.com 

  
 43 

 with copy thereof to: 

Pircher Nichols & Meeks 

1925 Century Park East, Suite 1700 

Los Angeles, California 90067 

Attention:     Real Estate Notices (JHI/ABR) 

Facsimile:     (310) 201-8922 

Telephone:   (310) 201-8900 

Email: jirons@pircher.com; abrobinson@pircher.com 
  

	 	(b)	To Buyer: 

 RRE Opportunity OP II, LP 

c/o Resource Real Estate, Inc. 

1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Attention: Pamela Arms, Director of Underwriting and Due Diligence 

Facsimile: (215) 761-0491 

Telephone: (215) 640-6607 

Email: parms@resourcerei.com 

with copy thereof to: 
 Resource
Real Estate, Inc. 
 1845 Walnut Street, 18th Floor 

Philadelphia, Pennsylvania 19103 

Attention: Shelle Weisbaum, SVP and General Counsel 

Facsimile: (215) 761-0452 

Telephone: (215) 832-4187 

Email: sweisbaum@resourcerei.com 
  

	 	(c)	To the Title Company/Escrow Agent: 

 First American Title Insurance Company 

30 N. LaSalle, Suite 310 

Chicago, Illinois 60602 

Attention: Deanna Wilkie 

Facsimile: (866) 578-7587 

Telephone: (312) 917-7238 

Email: dawilkie@firstam.com 
 All notices
(i) shall be deemed to have been given on the date that the same shall have been delivered in accordance with the provisions of this Section and (ii) may be given either by a party or by such party’s attorneys. Any party may, from
time to time, specify as its address for purposes of this Agreement any other address upon the giving of ten (10) days’ prior notice thereof to the other parties. 

  
 44 

 SECTION 14.10. Entire Agreement. This Agreement, along with the Exhibits and Schedules
hereto contains all of the terms agreed upon between the parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore had or made among the parties hereto are merged in this Agreement which alone fully
and completely expresses the agreement of the parties hereto. 
 SECTION 14.11. Amendments. This Agreement may not be amended,
modified, supplemented or terminated, nor may any of the obligations of Seller or Buyer hereunder be waived, except by written agreement executed by the party or parties to be charged. 

SECTION 14.12. No Waiver. No waiver by either party of any failure or refusal by the other party to comply with its obligations
hereunder shall be deemed a waiver of any other or subsequent failure or refusal to so comply. 
 SECTION 14.13. Governing Law. This
Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of Texas. 
 SECTION
14.14. Submission to Jurisdiction. To the fullest extent permissible by Applicable Law, each of Buyer, Seller and Guarantor irrevocably submits to the jurisdiction of (a) the District Court of Tarrant County, Texas and (b) the
United States District Court for the Northern District of Texas for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby. Each of Buyer, Seller and Guarantor further agrees that
service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in Texas with respect to any matters to
which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of Buyer, Seller and Guarantor irrevocably and unconditionally waives trial by jury and irrevocably and, to the fullest extent permissible by
Applicable Law, unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (x) the District Court of Tarrant County, Texas and
(y) the United States District Court for the Northern District of Texas, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum. 
 SECTION 14.15. Severability. If any term or provision of this Agreement or the
application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held
invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

SECTION 14.16. Section Headings. The headings of the various Sections of this Agreement have been inserted only for purposes of
convenience, are not part of this Agreement and shall not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this Agreement. 

  
 45 

 SECTION 14.17. Counterparts. This Agreement may be executed in two or more counterparts
and by facsimile or electronic (e.g., pdf) signatures, which taken together still constitute collectively one agreement. In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart with each
party’s counterpart, facsimile or electronic signature. 
 SECTION 14.18. Acceptance of Deed. The acceptance of the Deed by
Buyer shall be deemed full compliance by Seller of all of Seller’s obligations under this Agreement except for those obligations of Seller which are specifically stated to survive the delivery of the Deed or the Closing hereunder. 

SECTION 14.19. Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and
that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto. 

SECTION 14.20. Recordation. Neither this Agreement nor any memorandum or notice of this Agreement may be recorded by any party hereto
without the prior written consent of the other party hereto. The provisions of this Section shall survive the Closing or any termination of this Agreement. In furtherance of the foregoing, Buyer hereby indemnifies Seller from and against any and all
Losses arising out of a breach of this Section 14.20. The provisions of this Section 14.20 shall survive the Closing or any termination of this Agreement. 

SECTION 14.21. Time is of the Essence. Seller and Buyer agree that time is of the essence with respect to the obligations of Buyer
under this Agreement. 
 SECTION 14.22. Schedules. Seller and Buyer agree that disclosure of any fact or item on any schedule
attached to this Agreement shall, should the existence of such fact or item be relevant to any other schedule, be deemed to be disclosed with respect to that other schedule so long as the relevance of such disclosure to such other section is
reasonably apparent. 
 SECTION 14.23. Waiver of Jury Trial. Seller and Buyer hereby irrevocably waive trial by jury in any action,
proceeding or counterclaim brought by one party against another party on any matter arising out of or in any way connected with this Agreement. 

SECTION 14.24. Survival. 

(a) Any obligations or liabilities of Seller or Buyer hereunder shall survive the Closing or earlier termination of this Agreement solely to
the extent expressly provided herein. 
 (b) Unless expressly stated otherwise, all terms and provisions contained in this Agreement shall
not survive the Closing. 
 SECTION 14.25. 1031 Exchange. Buyer may desire to effectuate a tax-deferred exchange (also known as a
“1031” exchange) (an “Exchange”) in connection with the purchase and sale of the Property. Buyer and Seller hereby agree to cooperate with each other in connection with an Exchange, provided that: (a) all documents
executed by Seller in connection with the Exchange shall be subject to the prior reasonable approval of Seller and shall recognize 

  
 46 

 
that Seller is acting solely as an accommodating party to such Exchange, Seller shall have no liability with respect thereto, and is making no representation or warranty that the transactions
qualify as a tax-free exchange under Section 1031 of the Internal Revenue Code or any applicable state or local laws and shall have no liability whatsoever if any such transactions fail to so qualify; (b) such Exchange shall not result in
Seller incurring any additional costs or liabilities; (c) the Exchange shall not result in any increased risks or any adverse tax consequences to Seller; (d) in no event shall Seller be obligated to acquire any property or otherwise be
obligated to take title, or appear in the records of title, to any property in connection with the Exchange; and (e) in no event shall Buyer’s consummation of such Exchange constitute a condition precedent to Buyer’s obligations under
this Agreement, and Buyer’s failure or inability to consummate such Exchange for any reason or for no reason at all shall not be deemed to excuse or release Buyer from its obligations under this Agreement. Buyer shall indemnify and hold Seller
harmless from and against all claims, demands, actions, proceedings, damages, losses, liabilities, costs and expenses resulting from such tax deferred exchange by Buyer. Buyer unconditionally guarantees the full and timely performance by any
Exchange intermediary (“Intermediary”) of each and every one of the representations, warranties, covenants, indemnities, obligations and undertakings of Intermediary in connection with the purchase of the Property and such Exchange.

 SECTION 14.26. Water/Sewer Services. The Property described herein may be located in a special water or sewer service area . If
so, no other retail public utility may be authorized to provide water or sewer to your Property. There may be special costs or charges that you will be required to pay before you can receive water or sewer service. There may be a period required to
construct lines or other facilities necessary to provide water or sewer service to the Property. Buyer is advised to contact the utility service provider to determine the cost that Buyer will be required to pay and the period, if any, that is
required to provide water or sewer services to the Property. The undersigned Buyer hereby acknowledges receipt of the foregoing notice at or before the execution of a binding contract for the purchase of the Property described in this notice. 

SECTION 14.27. Water District Disclosure. SELLER DOES NOT HAVE ANY REASON TO BELIEVE THAT ANY OF THE PROPERTY IS LOCATED IN A DISTRICT
CREATED BY THE STATE OF TEXAS PROVIDING OR PROPOSING TO PROVIDE, AS THE DISTRICT’S PRINCIPAL FUNCTION, WATER, SEWER, DRAINAGE, AND FLOOD CONTROL OR PROTECTION FACILITIES OR SERVICES. HOWEVER, IF AFTER THE EFFECTIVE DATE ANY OF THE PROPERTY IS
DETERMINED TO BE LOCATED IN OR BECOMES PART OF SUCH DISTRICT, SUCH DISTRICT SHALL HAVE TAXING AUTHORITY SEPARATE FROM ANY OTHER TAXING AUTHORITY, AND MAY ISSUE BONDS AND/OR LEVY ADDITIONAL TAXES TO PROVIDE UTILITY FACILITIES AND/OR SERVICES WITHIN
THE DISTRICT. SUCH DISTRICTS ALSO HAVE AUTHORITY TO ADOPT AND IMPOSE STANDBY FEES ON PROPERTY IN THE DISTRICT. A DISTRICT MAY EXERCISE AUTHORITY WITHOUT HOLDING AN ELECTION ON THE MATTER. Buyer acknowledges that Chapter 50 of the Texas Water Code
requires Seller to deliver and Buyer to sign and deliver a statutory notice relating to the tax rate, bonded indebtedness, or standby fee of the district prior to final execution of this Agreement in substantially the form of Exhibit I
attached hereto and incorporated herein for all purposes. Buyer hereby (i) acknowledges receipt of the notice contained in this Section and this 

  
 47 

 
Agreement, (ii) waives any other rights Buyer may have under this Agreement or applicable law with respect to notice that the Property is situated in utility or other statutorily created
district providing water, sewer, drainage or flood control facilities and services, and (c) agrees to execute and deliver such statutory notice contemporaneously with Buyer’s execution of this Agreement and at or prior to the Closing, if
requested by Seller. 
 SECTION 14.28. Annexation Notice. To the extent Section 5.011 of the Texas Property Code is applicable
to all or any portion of the Property or this transaction, Buyer hereby acknowledges and agrees that Seller delivered the following notice to Buyer prior to execution of this Agreement: 

“NOTICE REGARDING POSSIBLE ANNEXATION 

If the property that is the subject of this Agreement is located outside the limits of a municipality, the property may now or later be
included in the extraterritorial jurisdiction. To determine if the property is located within a municipality’s extraterritorial jurisdiction or is likely to be located with a municipality’s extraterritorial jurisdiction, contact all
municipalities located in the general proximity of the property for further information. The foregoing notice has been given solely in order to comply with Section 5.011 of the Texas Property Code and Seller makes no representation whether and
to what extent the property may already be located within the limits of a municipality.” 
 SECTION 14.29. Legal Costs. The
parties hereto agree that they shall pay directly any and all legal costs which they have incurred on their own behalf in the preparation of this Agreement, all deeds and other agreements pertaining to this transaction and that such legal costs
shall not be part of the closing costs. In addition, if either Buyer or Seller brings any suit or other proceeding, including an arbitration proceeding, with respect to the subject matter or the enforcement of this Agreement, the prevailing party
(as determined by the court, agency, arbitrator or other authority before which such suit or proceeding is commenced), in addition to such other relief as may be awarded, shall be entitled to recover reasonable attorneys’ fees, expenses and
costs of investigation actually incurred. The foregoing includes attorneys’ fees, expenses and costs of investigation (including those incurred in appellate proceedings), costs incurred in establishing the right to indemnification, or in any
action or participation in, or in connection with, any case or proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code (11 United States Code Sections 101 et seq.), or any successor statutes. The provisions of this Section shall survive the
Closing without limitation or any termination of this Agreement. 
 SECTION 14.30. Signage Removal. Promptly after the Closing, Buyer
shall “banner” or otherwise temporarily mask the portion of all signage containing the “Orion” name and the Orion half circle or “swoosh” logo, so as to indicate the new ownership, failing which upon five (5) days
prior written notice, Seller may do so at Buyer’s expense. Within sixty (60) days after the Closing with respect to the main signage, and within ninety (90) days after the Closing with respect to the remaining signage, Buyer shall
cause the portion of all signage containing the “Orion” name and such logo to be replaced, failing which Seller may remove such portion of the signage at Buyer’s expense upon fifteen (15) days prior written notice. The provisions
of this Section shall survive the Closing without limitation. 

  
 48 

 SECTION 14.31. 3-14 Compliance. Buyer has advised Seller that Buyer may be required to
cause an auditor to conduct an audit (the “Rule 3-14 Audit”), in accordance with Rule 3-14 of Securities and Exchange Commission Regulation S-X, of the income statements of the Property for the year immediately preceding the
calendar year in which the Closing occurs. No later than January 30, 2015, Seller shall provide to McGladrey LLP (“Buyer’s Auditor”) copies of the financial information listed on Exhibit J attached hereto (the
“Rule 3-14 Audit Information”) in order to enable Buyer’s Auditor to conduct such audit, to the extent such information is in the possession of Seller or its property manager or accountants; provided however, that (a) such
audit shall not include an audit of asset management fees internally allocated by Seller (as opposed to paid to a third party) or interest expenses attributable to Seller, (b) the underlying financial documents provided by Seller to
Buyer’s Auditor shall not be disclosed to Buyer and Buyer shall have no right to copy or review such documents, and (c) Buyer’s Auditor shall execute and deliver to Seller a confidentiality agreement in a form reasonably satisfactory
to Seller and Buyer’s Auditor with respect to the information provided by Seller or its property manager or accountants hereunder, as a condition to, and prior to performing any Rule 3-14 Audit services. If Buyer’s Auditor is required to
make any adjustments to the financial statements prepared by Buyer for the Rule 3-14 Audit, then Buyer’s Auditor may disclose to Buyer the portions (and only such portions) of the Rule 3-14 Audit Information that are necessary to be disclosed
to Buyer in connection with such adjustments, but in no event shall Buyer’s Auditor disclose any information relating to assets of Seller or its Affiliates other than the Property. If any Rule 3-14 Audit Information is disclosed to Buyer, then
Buyer shall keep such information confidential (which obligation shall survive the Closing indefinitely, regardless of any shorter survival period stated herein). Notwithstanding anything to the contrary contained in this Agreement or in the Closing
Documents, Seller shall have no liability to Buyer for any breach of Seller’s representations or warranties under this Agreement or the Closing Documents that may be disclosed by or that result from any such Rule 3-14 Audit
Information. Buyer shall be responsible for all out-of-pocket costs associated with the Rule 3-14 Audit. Seller shall use reasonable efforts to cooperate (at no cost to Seller) with Buyer’s Auditor in the conduct of the Rule 3-14
Audit. Notwithstanding anything contained in this Section 14.31 to the contrary, in no event shall Seller be obligated to (i) make and/or obtain from Seller (or an Affiliate of Seller or any of Seller’s or its Affiliates’
auditors) any representations or certificates regarding such financial information, or (ii) disclose any confidential or non-public financial information with respect to any Affiliate of Seller or any property of any such Affiliate.
Seller’s obligation to maintain its records for use under this Section 14.31 shall be an on-going covenant for Buyer’s benefit until the Closing. Within forty-five (45) days following the Closing, Seller shall provide to Buyer
(x) a profit and loss statement for the Property covering the period from January 1, 2014 to the Closing Date, and (y) accounts payable and accounts receivable details and aging report as of the Closing Date, all of which may be
reviewed by Buyer’s Auditor in connection with the Rule 3-14 Audit. Seller shall maintain its records for use under this Section 14.31 for a period of not less than six (6) months after the Closing Date. Except as otherwise
stated herein, the provisions of this Section shall survive Closing for a period of six (6) months. 

  
 49 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

							
	SELLER:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		/s/ Olivia John
					Name:		Olivia John
					Title:		Vice President

  

							
	BUYER:
	
	 RRE OPPORTUNITY OP II, LP,
 a
Delaware limited partnership

		
	By:		Resource Real Estate Opportunity REIT II, Inc.,
			Its general partner
			
			By:		/s/ Alan F. Feldman
			Name:		Alan F. Feldman
			Title:		CEO

 Signature Page 

 JOINDER BY ESCROW AGENT 

First American Title Insurance Company, referred to in this Agreement as the “Escrow Agent,” hereby acknowledges that it received this Agreement
executed by Seller and Buyer as of November 26, 2014, and accepts the obligations of the Escrow Agent as set forth herein. 
  

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:		/s/ Deanna Wilkie
	Name:		Deanna Wilkie
	Title:		Escrow Officer

  
 Joinder 

 ACKNOWLEDGEMENT BY ESCROW AGENT OF RECEIPT OF EARNEST MONEY 

First American Title Insurance Company, referred to in this Agreement as the “Escrow Agent,” hereby acknowledges that it received the Earnest Money
on December 3, 2014. The Escrow Agent hereby agrees to hold and distribute the Earnest Money in accordance with the terms and provisions of the Agreement. 

 

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:		/s/ Deanna Wilkie
	Name:		Deanna Wilkie
	Title:		Escrow Officer

  
 Acknowledgement

 Schedule A 

Legal Description 
 PARCEL 1: 

ALL OF BLOCK 7R, STONEGATE ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO PLAT RECORDED IN CABINET A, SLIDE 7586, DEED RECORDS OF
TARRANT COUNTY, TEXAS; AND 
 AS SURVEYED DESCRIPTION 
 BEING
A TRACT OF LAND SITUATED IN THE S.C. INMAN SURVEY, A-824, CITY OF FT. WORTH, TARRANT COUNTY, TEXAS, AND BEING ALL OF BLOCK 7R, STONEGATE ADDITION, AN ADDITION TO THE CITY OF FT. WORTH, TARRANT COUNTY, TEXAS, AS RECORDED IN CABINET A, SLIDE 7586, OF
THE PLAT RECORDS OF TARRANT COUNTY, TEXAS, AND BEING FURTHER DESCRIBED AS FOLLOWS: 
 BEGINNING AT AN “X” FOUND IN THE TOP OF CURB, FOR THE
NORTHWEST CORNER OF SAID BLOCK 7R, BEING THE WESTERLY SOUTHWEST CORNER OF THAT CALLED BLOCK 11R, STONEGATE ADDITION, AN ADDITION TO THE CITY OF FT. WORTH, RECORDED IN CABINET A, SLIDE 7767 OF SAID PLAT RECORDS, AND BEING IN THE EAST RIGHT-OF-WAY OF
OAK HILL CIRCLE, AN 85’ WIDE RIGHT-OF-WAY; 
 THENCE N 89 DEGREES 54 MINUTES 16 SECONDS E, WITH THE WESTERLY NORTH LINE OF SAID BLOCK 7R, AND SAID
BLOCK 11R, A DISTANCE OF 195.97 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR THE NORTHERLY NORTHEAST CORNER OF SAID BLOCK 7R, AND BEING IN THE WEST LINE OF LOT A, BLOCK 8R OF STONEGATE ADDITION,
RECORDED IN CABINET A, SLIDE 1300 OF SAID PLAT RECORDS; 
 THENCE S 02 DEGREES 08 MINUTES 16 SECONDS W, WITH THE EASTERLY LINE OF SAID BLOCK 7R, AND THE
WESTERLY LINE OF SAID LOT A, BLOCK 8R, A DISTANCE OF 175.29 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN SAME, AND BEING THE POINT OF CURVATURE OF A NON-TANGENT CURVE TO THE LEFT, HAVING A
RADIUS OF 132.97 FEET, AND A CENTRAL ANGLE OF 60 DEGREES 30 MINUTES 50 SECONDS, 
 THENCE WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 140.44 FEET,
(CHORD BEARS S 71°58’57” E—134.00 FEET) TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN SAME, AND BEING THE POINT OF CURVATURE, OF A NON TANGENT CURVE TO THE RIGHT, HAVING A
RADIUS OF 185.35 FEET, AND A CENTRAL ANGLE OF 28 DEGREES 35 MINUTES 27 SECONDS; 
 THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 91.49 FEET,
(CHORD BEARS N 78°03’07” E—90.55 FEET) TO A 5/8” IRON ROD FOUND WITH CAP 

  
 Schedules 

 
STAMPED “CARTER & BURGESS” FOR THE EASTERLY NORTH CORNER OF SAID BLOCK 7R, BEING IN THE WEST LINE OF SAID LOT A, BLOCK 8R, AND BEING AN ANGLE POINT OF SAID BLOCK 11R; 

THENCE SOUTH 45 DEGREES 00 MINUTES 00 SECONDS EAST, CONTINUING WITH SAID BLOCK 7R, AND SAID BLOCK 11R, A DISTANCE OF 70.01 FEET TO A 5/8” IRON ROD FOUND
WITH CAP STAMPED “CARTER & BURGESS”, AND BEING A CONTROLLING MONUMENT OF THIS SURVEY, FOR THE EASTERLY SOUTHEAST CORNER OF SAID BLOCK 7R, BEING THE NORTH CORNER OF THE VILLAGES OF STONEGATE ADDITION, RECORDED IN CABINET A, SLIDE
1686, OF SAID PLAT RECORDS; 
 THENCE SOUTH 45 DEGREES 00 MINUTES 00 SECONDS WEST, (BEARING BASIS), WITH THE SOUTH LINE OF SAID BLOCK 7R, AND THE NORTHWEST
LINE OF SAID VILLAGES OF STONEGATE, A DISTANCE OF 501.76 FEET TO A 5/8” IRON ROD FOUND FOR THE SOUTH CORNER OF SAID BLOCK 7R, BEING THE WEST CORNER OF SAID VILLAGES OF STONEGATE, AND BEING IN SAID EAST RIGHT-OF-WAY OF OAK HILL CIRCLE, AND BEING
IN A CURVE TO THE RIGHT, HAVING A RADIUS OF 557.50 FEET, AND A CENTRAL ANGLE OF 35 DEGREES 34 MINUTES 55 SECONDS, 
 THENCE WITH SAID CURVE TO THE RIGHT, AN
ARC DISTANCE OF 346.22 FEET, (CHORD BEARS N17°25’34” W—340.68 FEET), TO A  1⁄2” IRON ROD SET FOR CORNER IN SAME; 

THENCE N 00 DEGREES 23 MINUTES 16 SECONDS EAST, WITH SAID BLOCK 7R, AND SAID RIGHT-OF-WAY, A DISTANCE OF 276.81 FEET, TO THE PLACE OF BEGINNING, CONTAINING
146,291 SQUARE FEET, OR 3.358 ACRES OF LAND. 
 PARCEL 2 
 ALL
OF BLOCK 11R, STONEGATE ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO PLAT RECORDED IN CABINET A, SLIDE 7767, OF THE PLAT RECORDS OF TARRANT COUNTY, TEXAS; AND 

AS SURVEYED DESCRIPTION 
 BEING A TRACT OF LAND SITUATED IN THE
S.C. INMAN SURVEY, A-824, CITY OF FT. WORTH, TARRANT COUNTY, TEXAS, AND BEING ALL OF BLOCK 11R, STONEGATE ADDITION, AN ADDITION TO THE CITY OF FT. WORTH, TARRANT COUNTY, TEXAS, AS RECORDED IN CABINET A, SLIDE 7767 OF THE PLAT RECORDS OF TARRANT
COUNTY, TEXAS, AND BEING FURTHER DESCRIBED AS FOLLOWS: 
 BEGINNING AT AN “X” FOUND IN THE TOP OF CURB, FOR THE NORTHWEST CORNER OF SAID BLOCK 11R,
BEING THE NORTHWEST CORNER OF THAT CALLED BLOCK 7R, STONEGATE ADDITION, AN ADDITION TO THE CITY OF FT. WORTH, 

  
 Schedules 

 
RECORDED IN CABINET A, SLIDE 7586 OF SAID PLAT RECORDS, AND BEING IN THE EAST RIGHT-OF-WAY OF OAK HILL CIRCLE, A VARIABLE WIDTH RIGHT-OF-WAY; 

THENCE N 00 DEGREES 21 MINUTES 56 SECONDS E, WITH THE WEST LINE OF SAID BLOCK 11R, AND SAID RIGHT-OF-WAY, A DISTANCE OF 490.04 FEET TO A 5/8” IRON ROD
FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN SAME, AND BEING THE POINT OF CURVE TO THE RIGHT, HAVING A RADIUS OF 377.36 FEET AND A CENTRAL ANGLE OF 38 DEGREES 42 MINUTES 01 SECONDS; 

THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 254.89 FEET, (CHORD BEARS N 19°41’17” E—250.07 FEET) TO A 5/8” IRON ROD FOUND,
WITH CAP STAMPED “CARTER & BURGESS” FOR THE POINT OF COMPOUND CURVE TO THE RIGHT, HAVING A RADIUS OF 390.23 FEET AND A CENTRAL ANGLE OF 29 DEGREES 32 MINUTES 52 SECONDS; 

THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 201.24 FEET, (CHORD BEARS N 53°51’55” E—199.02 FEET) TO A 5/8” IRON ROD FOUND
WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN SAME; 
 THENCE N 68 DEGREES 36 MINUTES 59 SECONDS EAST, CONTINUING WITH BLOCK 11R, AND
SAID RIGHT-OF-WAY, A DISTANCE OF 432.71 FEET TO AN “X” FOUND IN CONCRETE, FOR THE POINT OF CURVE TO THE RIGHT, HAVING A RADIUS OF 541.00 FEET, AND A CENTRAL ANGLE OF 47 DEGREES 31 MINUTES 13 SECONDS; 

THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 448.70 FEET, (CHORD BEARS S 87°37’45” E—435.95 FEET) TO A 5/8” IRON ROD FOUND
WITH CAP STAMPED “CARTER & BURGESS” FOR THE POINT OF COMPOUND CURVE TO THE RIGHT, HAVING A RADIUS OF 557.50 FEET AND A CENTRAL ANGLE OF 44 DEGREES 39 MINUTES 25 SECONDS; 

THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 434.52 FEET, (CHORD BEARS S 41°32’37” E—423.61 FEET) TO A 5/8” IRON ROD FOUND
FOR EAST CORNER OF SAID BLOCK 11R, BEING THE NORTHEAST CORNER OF THAT TRACT OF LAND CONVEYED TO STONEGATE PARTNERS, L.P., RECORDED IN VOLUME 11193, PAGE 1892 OF THE DEED RECORDS OF TARRANT COUNTY, TEXAS, AND BEING A CONTROLLING MONUMENT OF THIS
SURVEY; 
 THENCE S 45 DEGREES 00 MINUTES 00 SECONDS WEST, (BEARING BASIS), WITH THE SOUTH LINE OF SAID BLOCK 11R, A DISTANCE OF 890.53 FEET TO A 5/8”
IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS”, AND BEING IN A NON TANGENT CURVE TO THE RIGHT, HAVING A RADIUS OF 200.03 FEET, AND A CENTRAL ANGLE OF 180 DEGREES 00 MINUTES 00 SECONDS; 

THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 628.42 FEET, (CHORD BEARS S 45°00’00” W—400.06 FEET) TO A 5/8” IRON ROD FOUND
WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN SAID BLOCK 11R, BEING THE SOUTHEASTERLY CORNER OF BLOCK 7R; 

  
 Schedules 

 THENCE NORTH 45 DEGREES 00 MINUTES 00 SECONDS WEST, CONTINUING WITH BLOCK 11R, A DISTANCE OF 70.01 FEET TO A
5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER IN LOT A, BLOCK 8R, OF STONEGATE ADDITION, RECORDED IN CABINET B, SLIDE 1300, OF SAID PLAT RECORDS, AND BEING IN A NON TANGENT CURVE TO THE RIGHT, HAVING A
RADIUS OF 183.35 FEET, AND A CENTRAL ANGLE OF 19 DEGREES 41 MINUTES 34 SECONDS; 
 THENCE WITH SAID CURVE TO THE RIGHT, AN ARC DISTANCE OF 63.02 FEET,
(CHORD BEARS S 77°23’47” E—62.71 FEET) TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 

THENCE SOUTH 13 DEGREES 18 MINUTES 22 SECONDS WEST, A DISTANCE OF 32.70 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER &
BURGESS” FOR CORNER; 
 THENCE S 77 DEGREES 44 MINUTES 49 SECONDS EAST, A DISTANCE OF 31.31 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED
“CARTER & BURGESS” FOR CORNER; 
 THENCE N 13 DEGREES 54 MINUTES 46 SECONDS EAST, A DISTANCE OF 33.05 FEET TO A 5/8” IRON ROD FOUND
WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER, 
 THENCE N 89 DEGREES 56 MINUTES 16 SECONDS EAST, A DISTANCE OF 102.65 FEET TO A POINT
FOR CORNER, FROM WHICH A 1/2” IRON ROD FOUND BEARS S 00°03’44” E—2.00 FEET, AND BEING THE POINT OF CURVE TO THE LEFT, HAVING A RADIUS OF 169.19 FEET, AND A CENTRAL ANGLE OF 20 DEGREES 03 MINUTES 00 SECONDS; 

THENCE WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF 59.21 FEET, (CHORD BEARS N 74°24’03” E—58.90 FEET) TO A 1/2” IRON ROD FOUND FOR
CORNER; 
 THENCE N 25 DEGREES 33 MINUTES 11 SECONDS WEST, A DISTANCE OF 150.74 FEET TO A 1/2” IRON ROD FOUND FOR CORNER IN A NON TANGENT CURVE TO THE
RIGHT HAVING A RADIUS OF 170.38 FEET, AND A CENTRAL ANGLE OF 16 DEGREES 18 MINUTES 19 SECONDS; 
 THENCE WITH SAID CURVE TO THE LEFT, AN ARC DISTANCE OF
48.49 FEET, (CHORD BEARS S 66°55’52” W—48.32 FEET) TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 

  
 Schedules 

 THENCE S 75 DEGREES 26 MINUTES 02 SECONDS WEST, A DISTANCE OF 35.76 FEET TO A 5/8” IRON ROD FOUND WITH CAP
STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE N 88 DEGREES 02 MINUTES 42 SECONDS WEST, A DISTANCE OF 19.14 FEET TO A 5/8” IRON
ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE NORTH 52 DEGREES 06 MINUTES 17 SECONDS WEST, A DISTANCE OF 23.37 FEET
TO A 1/2” IRON ROD FOUND FOR CORNER; 
 THENCE NORTH 32 DEGREES 24 MINUTES 04 SECONDS EAST, A DISTANCE OF 80.14 FEET TO A 5/8” IRON ROD FOUND WITH
CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE NORTH 30 DEGREES 57 MINUTES 04 SECONDS EAST, A DISTANCE OF 51.86 FEET TO A 5/8”
IRON ROD FOUND WITH CAP STAMPED “CARTER A BURGESS” FOR CORNER; 
 THENCE NORTH 23 DEGREES 55 MINUTES 21 SECONDS WEST, A DISTANCE OF 125.17 FEET TO
A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE NORTH 57 DEGREES 47 MINUTES 06 SECONDS WEST, A
DISTANCE OF 66.19 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE NORTH 88 DEGREES 40
MINUTES 38 SECONDS WEST, A DISTANCE OF 52.59 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE
NORTH 69 DEGREES 52 MINUTES 31 SECONDS WEST, A DISTANCE OF 68.95 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 

THENCE NORTH 69 DEGREES 27 MINUTES 16 SECONDS WEST, A DISTANCE OF 11.41 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER &
BURGESS” FOR CORNER, 
 THENCE SOUTH 21 DEGREES 43 MINUTES 34 SECONDS WEST, A DISTANCE OF 10.92 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED
“CARTER & BURGESS” FOR CORNER; 
 THENCE SOUTH 69 DEGREES 33 MINUTES 48 SECONDS EAST, A DISTANCE OF 6.64 FEET TO A 5/8” IRON ROD
FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 

  
 Schedules 

 THENCE SOUTH 25 DEGREES 21 MINUTES 53 SECONDS EAST, A DISTANCE OF 27.72 FEET TO A 5/8” IRON ROD FOUND WITH
CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE SOUTH 35 DEGREES 25 MINUTES 23 SECONDS WEST, A DISTANCE OF 91.21 FEET TO A 5/8”
IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE SOUTH 00 DEGREES 44 MINUTES 31 SECONDS EAST, A DISTANCE OF 15.76
FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER & BURGESS” FOR CORNER; 
 THENCE SOUTH 07 DEGREES 26 MINUTES 27 SECONDS EAST,
A DISTANCE OF 29.55 FEET TO A 1/2” IRON ROD FOUND FOR CORNER; 
 THENCE SOUTH 65 DEGREES 06 MINUTES 41 SECONDS WEST, A DISTANCE OF 59.20 FEET TO AN
“X” FOUND IN TOP OF CURB FOR CORNER; 
 THENCE SOUTH 67 DEGREES 30 MINUTES 10 SECONDS WEST, A DISTANCE OF 27.17 FEET TO A 40d NAIL SET FOR CORNER;

 THENCE SOUTH 01 DEGREES 59 MINUTES 35 SECONDS WEST, A DISTANCE OF 19.67 FEET TO A 5/8” IRON ROD FOUND WITH CAP STAMPED “CARTER &
BURGESS” FOR CORNER; 
 THENCE SOUTH 89 DEGREES 54 MINUTES 16 SECONDS WEST, A DISTANCE OF 195.97 FEET TO THE PLACE OF BEGINNING AND CONTAINING
1,043,041 SQ. FT. OR 23.945 ACRES OF LAND. 

  
 Schedules 

 Schedule B 

Asset File 
  

	 	•	 	Monthly income statements for the Property for 2012, 2013, and 2014 through date of sale 

  

	 	•	 	Current rent roll and rent rolls December 2012 and December 2013 (to the extent available) 

  

	 	•	 	Current account payable and account receivable detail listing/aging reports as well as reports on the date of sale 

  

	 	•	 	Current resident ledger report as well as a report on the date of sale 

  

	 	•	 	Current notices to vacate report 

  

	 	•	 	Copies of all insurance invoices for past 12 months (to the extent available as stand-alone invoices and not part of aggregate invoices covering multiple properties) 

 

	 	•	 	Standard Lease form with respect to the Property 

  

	 	•	 	Copies of all utility bills for past 12 months 

  

	 	•	 	Copies of tenant utility billing reports for past 12 months if applicable 

  

	 	•	 	On-site access to review the Tenant Leases including any and all modifications, supplements or amendments thereto and all tenant lease files 

 

	 	•	 	A schedule of all tenant deposits in the form customarily utilized by Seller 

  

	 	•	 	Contracts relating to the maintenance and operation of the Property and access at the Property to all maintenance and service logs for the Property 

 

	 	•	 	To the extent available at the property, copies of or access to any and all site plans, as-built, boundary and topographical surveys of the Property, zoning reports, soil and compaction studies or tests for the
Property, architectural drawings, plans and specifications with respect to the Property 

  

	 	•	 	Insurance loss runs during the period of Seller’s ownership of the Property 

  

	 	•	 	To the extent available, copies of all guaranties or warranties currently in effect related to the roof or any structure or operating system at the Property 

 

	 	•	 	A list of employee units and model/office units, and employee rental and discount information 

  

	 	•	 	A monthly schedule of capital improvements completed during the prior 2 years of Seller’s ownership 

  

	 	•	 	Documentation related to eviction activity for the past 12 months as well as the status of all evictions currently in-process 

  

	 	•	 	List of all personal property to be conveyed with the Property 

  

	 	•	 	Historical real property tax bills and personal property tax bills for the past three years and the most recent notice of reassessment, if one exists 

 

	 	•	 	To the extent available, the most recent tax, license fee and permit bills and copies of all such licenses and permits, including the certificates of occupancy 

 

	 	•	 	List of positions and salary of current employees of the Property 

  

	 	•	 	All environmental reports and termite inspections, to the extent available and in the Seller’s possession, which relate to its Property and were prepared for such Seller by third parties 

  
 Schedules 

	 	•	 	The most recent Title and Survey in Seller’s possession, which relate to its Property and were prepared for such Seller by third parties 

 

	 	•	 	Monthly occupancy and turnover percentages for 2012, 2013, and 2014 

  

	 	•	 	Summary of bad debt written-off in 2012, 2013, and 2014 

  

	 	•	 	Such other information, documents and materials relating to the Asset as Seller may deliver to Buyer or otherwise make available to Buyer on the on-line virtual data website, at Manager’s offices, or at the
Property. 

  
 Schedules 

 Schedule C 

Personal Property List 
 Leasing
Office 
  

							
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

				
	Asst Manager	  	1	  	72X36 Desk w/return	  	
		  	1	  	Desk Chair	  	
		  	1	  	Receiving Chair	  	
		  	1	  	36X24 2 drawer lateral file	  	
		  	2	  	Misc. desk chairs	  	
		  	1	  	lamp	  	
		  	1	  	silk plant	  	
		  	1	  	framed print	  	
		  	2	  	wooden vases	  	
		  	1	  	Ricoh Copier MP C3002	  	Model#126885614
				
	Computer/Equip	  		  		  	
		  	1	  	Panini Check Scanner	  	6263875
		  	1	  	HP Pro	  	Serial#2VA41912KN
		  	1	  	Samsung Monitor	  	2232BW
		  	1	  	HP Speaker Set	  	
		  	1	  	HP Key Board	  	
		  	1	  	Microsoft Mouse	  	
		  	1	  	Dell Optiplex—main gate computer	  	9010
		  	1	  	Dell monitor—main gate	  	REV A02
		  	1	  	Dell keyboard and mouse—main gate	  	
		  	1	  	Dell Optiplex—secondary gate	  	GX620
		  	1	  	Phillips monitor—secondary gate	  	15054FB
		  	1	  	Dell keyboard and mouse—secondary gate	  	
		  	2	  	Norstar Multiline Phone	  	
				
	Manager Office	  	1	  	72X36 Desk w/return	  	
		  	2	  	32x24 2 Drawer Lateral File	  	
		  	1	  	36X24 2 Drawer Lateral File w. shelving unit	  	
		  	1	  	Desk chair	  	
		  	2	  	Receiving Chair	  	
		  	1	  	Lamp	  	

  
 Schedules 

							
			1		48x31 White Board		
			2		Framed Print		
			1		22x17 wooden side table		
				
	Computer/Equip		1		DellOptiplex 390		Model#D12M
			1		Samsung Sync Master2232 MonitorModel#2232BW		LE1901W
			1		HP Officejet 6310 Printer		Model#SDGOB-0506
			1		Kensington keyboard		
			1		HP Speaker Set		Model# UC230
			1		Microsoft Mouse		
			1		Norstar Multiline Phone		
				
	Leasing		2		36X72 Wooden Desk		
			1		36X24 2 drawer wooden lateral		
			2		Desk chairs		
			4		Receiving chairs		
			2		Lamps		
			2		Large framed prints		
			1		Canvas print		
			2		Misc. round glass side table		
			1		52 X 13 wooden rectangle side table		
			1		46” round reception table		
			3		Sm canvas prints		
			1		Large silver framed mirror		
			1		Large wooden print		
			1		Large framed print		
			4		Receiving Chair at table		
			6		Misc. vases		
				
	Computer/Equip						
					
			1		HP Pro Computer		Model # 600G1
			1		Dell Monitor		Model #REV A01
			1		Logitec keyboard and mouse		
			1		Dell Optiplex computer		Model # 300
			1		HP monitor		Model#52031
			1		Microsoft keyboard and mouse		
			2		Norstar Multiline Phone		

  
 Schedules 

 Equipment Room 
  

							
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

		  	1	  	Samsung DVD/VCR	  	61BW2025 / 40N1XAA
		  	1	  	Creston control processor	  	2161462
		  	1	  	JWD mixer/amplifier	  	CA-60M
		  	1	  	Kenwood Surround sound receiver	  	81001624
		  	1	  	Kenwood CD player	  	80700202
		  	1	  	Maranitz surround receiver	  	Sr5002/U1B
		  	1	  	Staples shredder	  	345HD354FT1
		  	1	  	Hoover vacuum	  	CH53010
		  	1	  	Keytrack monitor—Dell	  	E177Fpb
		  	1	  	Keytrack computer—	  	KTXp003208
		  	1	  	Monitor for cameras—Viewsonic	  	T9t124890887
		  	1	  	DVR for camera system—Shadow	  	
		  	3	  	white boards	  	
		  	1	  	Norstar multiline phon	  	
				
	Storage closet in business center	  		  		  	
		  	1	  	popcorn machine	  	
		  	1	  	40” Samsung TVs	  	

 Common 
  

							
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

				
	Club house side	  	1	  	44” round glass table w/ 4 wood/leather side chairs	  	
		  	4	  	Orange occasional chairs	  	
		  	1	  	Wood and glass round coffee table	  	
		  	2	  	Patternd occasional chairs	  	
		  	1	  	Brown fabric couch	  	
		  	1	  	Wood and glass rectangular coffee table	  	
		  	1	  	Wood sofa table	  	
		  	10	  	Misc throw pillows	  	
		  	1	  	Large potted silk palm plant	  	
		  	1	  	Mosiac framed mirro	  	
		  	2	  	Large framed prints	  	
		  		  	Misc vases, books, and small silk plants	  	
				
	Lounge side	  	2	  	Patterend occasional chairs	  	
		  	1	  	Leather couch	  	
		  	1	  	Wood and glass oval coffee table	  	

  
 Schedules 

							
		  	2	  	Pub table w/ 6 bar stools	  	
		  	2	  	Tan cube ottomans	  	
		  	4	  	42” Sharp TV’s	  	
		  	1	  	60” Sharp TV	  	
		  	1	  	Wood entertainment table	  	
		  	1	  	Golden fabric sectional couch	  	
		  	1	  	Large brown leathr ottoman	  	
		  	1	  	60” Sharp TV	  	
		  	1	  	Wood entertainment table	  	
		  	1	  	Foosbal table	  	
		  	1	  	7’ Olhausen pool table	  	
		  	3	  	Patterned bar stools	  	
		  	1	  	GE Stainless built in microwave	  	
		  	1	  	GE Stainless stove	  	
		  	1	  	GE side by side refrigerator	  	
		  	1	  	Crescent water filter	  	
		  		  	Misc. vases and silk plants	  	
		  	1	  	Large potted silk palm plant	  	
		  	2	  	Medium silk plants	  	
		  	4	  	Large framed prints	  	
		  	1	  	Sony DVD player	  	
		  	1	  	Brother printer	  	Model#2270DW
		  	2	  	HP Pro Desk Computers	  	Model#600G1SFF
		  	2	  	Acer Monitors	  	
		  	2	  	Dell keyboard and mouse	  	
		  	1	  	Trash can	  	

 Amenity Area 
  

							
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

	Pool	  	13	  	planters	  	
		  	5	  	large round tables	  	
		  	3	  	umbrellas	  	
		  	17	  	small round tables	  	
		  	6	  	trash cans	  	
		  	30	  	chaise lounge chairs	  	
		  	29	  	standard chairs	  	
		  	6	  	wood standard chairs	  	
		  	1	  	wood double seat chair	  	

  
 Schedules 

							
		  	1	  	life hook	  	
				
	Fitness Center	  	1	  	Dumbell rack	  	
		  	2	  	Dumbells each—5, 10, 15, 20, 25, 30, 35, 40, 45, 50	  	
		  	1	  	Detecto scale	  	
		  	3	  	Medicine balls—8, 10, 12 lbs	  	
		  	4	  	fitness mats	  	
		  	2	  	toga balls	  	
		  	2	  	body solid benches	  	
		  	1	  	lat/mid row machine	  	
		  	1	  	leg extension/curl machine	  	
		  	1	  	Precor cable machine	  	
		  	1	  	Precor seated bike	  	
		  	2	  	Precor tread mills	  	
		  	2	  	Precor Elliptical	  	
		  	1	  	Fitco ab crunch/back extension	  	
		  	3	  	42” Insignia plasma TV	  	
		  	2	  	Silk plants	  	
		  	1	  	Very large framed mirror	  	
		  	1	  	trash can	  	

 Maintenance 
  

							
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

		  	5	  	Motorola 2 way Radio	  	
		  	1	  	Ryobi 10” miter saw	  	M# TSS101-1 / S# Z121546265
		  	1	  	Black & Decker heat gun	  	M# HG1300
		  	2	  	Stinger 2.5 gal shop vac	  	
		  	1	  	Kwik set keying kit	  	#272
		  	1	  	Bostitch compressor 6 gal	  	M# BTFP02011 / S3 296193340
		  	3	  	4’ Louisville alum. Ladder	  	
		  	1	  	8’ Red fiberglass Louisville ladders	  	
		  	1	  	12’ Werner orange fiberglass ladder	  	
		  	2	  	6’ Louisville alum ladder	  	
		  	1	  	Bostitch 16 gauge finish nailer	  	M# SB-1664FN
		  	1	  	Bostitch 18 guage brad nailer	  	M# SB-1850BN

  
 Schedules 

							
			1		Bostitch 18 guage stapler		M# SB-1505X
			1		Portable AC unit commercial cool		m#CPN12XC9 / S#C110513505
			2		50 lb recovery tanks		
			2		40 cu nitrogen bottles		
			2		Acetalyne “B” tank		
			1		Acetalyne turbo torch		
			1		Nitrogen regulator		
			1		Stainless Rigid shop vac 16 gal		M#WD19560 / S#13197R0406
			1		Inficon tek-mate leak detector		
			1		25’ hand held drain auger (black)		
			1		JB Platinum vac pump		M#DV-200N / S#07138
			1		Inficon vortec recovery machine		M#714-202-G1 / S#09-12098
			2		36 VDC Thunderball battery charger for maintenance and one leasing cart		
			1		Ryobi 18V skillsaw		M# P501 / S# CS112035381
			1		Lasko utility fan (yellow & black)		M#4900
			1		JB AC gauges		
			4		red 1 gallon plastic gas cans		
			1		Echo backpack blower		M#PB770T / S#PO3012053493
			1		2 door fire cabinet (yellow)		
			1		1 door fire cabinet (yellow)		
			1		closet auger		
			1		Deck brush (yellow/black handle)		
			1		black metal wheelbarrow		
			1		Milwaukee alum. appliance dolly		
			1		General mini-rooter pro		S# MR9Y0991
			1		EZ broadcast spreader		
			1		DriEaz dehumidifier		M#F203-A S/#104021
			1		Tornado carpet fan		M# SD3500
			1		DriEaz air scrubber 500		M# F284 / S# 47161

  
 Schedules 

							
		  	1	  	Work pro power wasehr 4000psi	  	M# HP-4000-HDHB / S#10430579
		  	1	  	Yamaha 480 battery charger	  	M#JW9-82107-01 / S#1112Y8022
		  	1	  	Utility water pump—Campbell Hesfield 1/2 hp	  	S# / 3132
		  	1	  	limo leasing golf cart	  	
		  	1	  	4 seater leasing golf cart	  	
		  	2	  	maintenance golf carts	  	
		  	1	  	Speedex key machine	  	
		  	1	  	AirZone Ozone Machine	  	
		  	1	  	Ryobi One + Too Set—6 pc.	  	
		  		  	Reciprovating saw	  	M#P514 / S#CS13481N090142
		  		  	Circular saw	  	M#P506 / S#CS13456N080388
		  		  	Multi tool	  	M#P570 / S#CS134560060550
		  		  	Flashlight	  	M#P704 / M#GU13466D016624
		  		  	Drill	  	M#P208B / S#CS13455D040724
		  		  	Impact Driver	  	M#P236 / S#CS13464D020330
		  		  	48 WH Battery	  	M#P105 -/ S#CS13452D440451
		  		  	24 WH Battery	  	M#P102 / S#CS13452D471264
		  		  	Battery Charger	  	M#P118 / S#CS13473D330074

  

							
	Model	  	#2514	  		  	
				
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

	Living Room	  	1	  	couch	  	
		  	1	  	occassional chair	  	
		  	2	  	ottoman cubes	  	
		  	1	  	end table	  	
		  	1	  	TV table	  	
		  	1	  	glass coffee table	  	
		  	1	  	Insignia TV w/ DVD player	  	
		  	1	  	wood desk	  	

  
 Schedules 

							
	Dinning Room	  	1	  	desk chair	  	
		  	2	  	bar stools	  	
		  	1	  	curtian and rod	  	
		  	2	  	wall sconces	  	
		  	1	  	lamp	  	
		  		  	assorted throw pillows	  	
		  	1	  	framed print	  	
		  		  	misc accessories	  	
				
	Kitchen	  	1	  	rug	  	
		  	3	  	vases	  	
		  		  	misc accessories	  	
				
	Bedroom	  	2	  	Queen mattresses	  	
		  	1	  	end table	  	
		  	1	  	dresser	  	
		  	1	  	bed frame and headboard	  	
		  	1	  	curtians and rod	  	
		  	1	  	lamp	  	
		  	1	  	linen set incl. sheets, pillow, comforter	  	
		  	1	  	large silk plant	  	
		  	1	  	framed print	  	
		  		  	misc accessories	  	
				
	Bathroom	  	2	  	sets of towls	  	
		  	1	  	framed print	  	
		  	1	  	shower curtain	  	
		  	1	  	bath rug	  	
		  	1	  	small silk plant	  	
		  		  	misc accessories	  	
				
	Hallway	  	2	  	framed prints	  	
		  	1	  	framed mirrors	  	
		  	2	  	vases with silk plants	  	

  

							
	Model	  		  	#2616	  	
				
	 Area
	  	 	  	 	  	 
	 	  	Qty	  	 Item
	  	 Serial or Model Number

	Living Room	  	1	  	couch	  	
		  	1	  	occassional chair	  	
		  	1	  	coffee table	  	
		  	1	  	end table	  	

  
 Schedules 

							
			2		Framed Prints		
			2		large prints		
			1		lamp		
			1		decorataive telephone		
			3		wall sconces		
			1		Insignia Tv		
			1		TV table		
					misc accessories		
				
	Dinning Room		1		Round Glass Top Table		
			4		fabric chairs		
			4		place setting incl dishes and flatware		
			1		framed mirror		
			2		large framed prints		
			2		large prints		
			2		small prints		
			1		spice rack		
					misc accessories		
				
	Bedroom #2		1		daybed with linens & pillow		
			2		Lamp		
			1		twin mattress		
			1		Side Table		
			1		dresser		
			2		small prints		
			3		large prints		
			2		framed prints		
			1		writing desk		
			1		desk chair		
					misc accessories		
				
	Master Bedroom		1		queen size box spring and mattress		
			1		bed frame and headboard		
			1		dresser		
			2		lamps		
			1		Side Table		
			2		Lamp		
			4		prints		
					misc accessories		
				
	Master Bathroom		1		rug		
			1		shower curtian		
			1		print		
			1		towel set		
					misc accessories		

  
 Schedules 

							
				
	2nd Bathroom		2		Shower Curtain		
			2		towel set		
			1		print		
					misc accessories		

  
 Schedules 

 Schedule 3.1(c) 

Consents 
 None. 

  
 Schedules 

 Schedule 3.2(a) 

Rent Roll 
 (See
attached.) 

  
 Schedules 

 Schedule 3.2(c) 

Litigation 
 None.

  
 Schedules 

 Schedule 3.2(d) 

Violations 
 None.

  
 Schedules 

 Schedule 4.2(a) 

Assumed Contracts 
  

											
	 Vendor
	  	Agmt.
Date/Effective
Date	  	 Service
	  	Price	  	 Term
	  	 Termination

	 Trashbusters, Inc
	  	1/1/2014	  	Curbside trash pick up	  	$972/month	  	1/1/14-12/31/14	  	30 day written notice
	 Trashbusters, Inc
	  	1/1/2014	  	Curbside recycling	  	$360/month	  	1/1/14-12/31/14	  	30 day written notice
	 A-Aarlington Abondonded Vehicle
	  	3/15/2005	  	Vehicle removal	  	$0	  	month-to-month	  	30 day written notice
	 KeyTrak, Inc
	  	8/12/2008	  	Key tracking	  	$147.70	  	one year extension term (8/1/13-7/31/14)	  	45 day advance written notice prior to beginning of extension term
	 G.E.S. CO
	  	2/1/2013	  	Quarterly fitness equipment maintenance	  	$175/month	  	2/1/13-1/31/14	  	30 day written notice
	 Waste Management
	  	6/1/2004	  	Trash compactor removal/hauling	  	$595.59	  	6/1/14-5/31/15	  	60 day advance written notice prior to expiration of extension period
	 Republic Services/Allied Waste
	  	1/1/2014	  	Trash compactor removal/hauling	  	$2281/
month
minimum	  	1/1/14-12/31/16	  	60 day advance written notice prior to expiration
	 AT&T
	  	9/19/2008	  	Phone/internet/cable	  		  	9/19/08-9/18/15	  	30 day written notice
	 Kings III
	  	12/11/2003	  	Emergency telephone	  	$25/month	  	12/11/13-12/10/16	  	90 day advance written notice prior to expiration

  
 Schedules 

 EXHIBIT A 

Form of Assignment of Leases 

Assignment and Assumption of Leases 

THIS ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT (this “Assignment”) is entered into as of this
            day of             , 2014 (the “Effective Date”), by and between Orion-Fort Worth
Associates LLC, a Delaware limited liability company (“Assignor”), and [            ], a
[            ] limited liability company (“Assignee”). 

WITNESSETH 
 WHEREAS,
Assignor, as seller, and Assignee, as buyer, have entered into that certain Agreement of Purchase and Sale, dated as of November             , 2014 (as the same may be amended,
modified and/or supplemented from time to time, the “Agreement”); and 
 WHEREAS, under the Agreement, Assignor has agreed
to assign to Assignee, and Assignee has agreed to accept and assume, all of the interests of the “landlord”, “lessor”, or “owner” in and to those certain lease agreements described in the rent roll attached as
Exhibit A together with all amendments, extensions or other modifications thereto (the “Leases”). 
 NOW, THEREFORE,
effective as of the Effective Date, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows: 
  

	 	1.	Assignor hereby assigns, sells, transfers, sets over and delivers unto Assignee as of the Effective Date, all of the interests of the “landlord”, “lessor”, or “owner” in and to the Leases.

  

	 	2.	Assignee hereby assumes from and after the Effective Date the performance of all of the terms, covenants and conditions of the Leases on Assignor’s part to be performed thereunder. 

 

	 	3.	This Assignment shall be binding upon, and inure to the benefit of, Assignor, Assignee and their respective successors and assigns. 

  

	 	4.	This Assignment shall be governed by, interpreted under, and construed and enforceable in accordance with, the laws of the State of Texas. 

 

	 	5.	No amendment or modification to any terms of this Assignment, waiver of the obligations of Assignor or Assignee hereunder, or termination of this Assignment, shall be valid unless in writing and signed by Assignor and
Assignee. In the event that the terms of this Assignment conflict with the terms of the Agreement, the Agreement shall control. 

  
 Exhibit A – Page 1

 This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which, together, shall constitute one and the same instrument. 
 [Remainder of page left blank; 

Signatures follow on next page] 

  
 Exhibit A – Page 2

 IN WITNESS WHEREOF, and intending to be legally bound hereby, Assignor and Assignee have executed
this Assignment as of the day and year first above written. 
  

							
	ASSIGNOR:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  

							
	ASSIGNEE:
	
	[            ], a [            ]
		
	By:		 
			Name:		
			Title:		

  
 Exhibit A – Page 3

 Exhibit A 

(See Attached) 

  
 Exhibit A – Page 4

 EXHIBIT B 

Form of Assignment of Contracts 

Contract Assignment and Assumption 

THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT AGREEMENT (this “Assignment”) is entered into as of this
            day of             , 2014 (the “Effective Date”), by and between Orion-Fort Worth
Associates LLC, a Delaware limited liability company (“Assignor”) and [            ], a
[            ] (“Assignee”). 
 WITNESSETH 

WHEREAS, Assignor, as seller, and Assignee, as buyer, have entered into that certain Agreement of Purchase and Sale, dated as of November __,
2014 (as the same may be amended, modified and/or supplemented from time to time, the “Agreement”); and 
 WHEREAS, under
the Agreement, Assignor has agreed to assign to Assignee, and Assignee has agreed to accept and assume, all of those certain agreements described on Exhibit A (the “Contracts”). 

NOW, THEREFORE, effective as of the Effective Date, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Assignee agree as follows: 
  

	 	1.	Assignor hereby assigns, sells, transfers, sets over and delivers unto Assignee as of the Effective Date, all of the Contracts. 

  

	 	2.	Assignee hereby assumes from and after the Effective Date the performance of all of the terms, covenants and conditions of the Contracts on Assignor’s part to be performed thereunder. 

 

	 	3.	This Assignment shall be binding upon, and inure to the benefit of, Assignor and Assignee and their respective successors and assigns. 

 

	 	4.	This Assignment shall be governed by, interpreted under, and construed and enforceable in accordance with, the laws of the State of Texas. 

 

	 	5.	No amendment or modification to any terms of this Assignment, waiver of the obligations of Assignor or Assignee hereunder, or termination of this Assignment, shall be valid unless in writing and signed by Assignor and
Assignee. In the event that the terms of this Assignment conflict with the terms of the Agreement, the Agreement shall control. 

  
 Exhibit B – Page 1

 This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which, together, shall constitute one and the same instrument. 
 [Remainder of page left blank; 

Signatures follow on next page] 

  
 Exhibit B – Page 2

 IN WITNESS WHEREOF, and intending to be legally bound hereby, Assignor and Assignee have executed
this Assignment as of the day and year first above written. 
  

							
	ASSIGNOR:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  

							
	ASSIGNEE:
	
	[            ], a [            ]
		
	By:		 
			Name:		
			Title:		

  
 Exhibit B – Page 3

 Exhibit A 

Contracts 

  
 Exhibit B – Page 4

 EXHIBIT C 

Form of Tenant Notices 

                 , 2014 

To All Tenants: 
 Re: Orion at Oak Hill
Apartments, located at 2450 Oak Hill Circle, Fort Worth, Texas (the “Property”) 
 Dear Tenant: 

1. As of the date of this letter, Orion-Fort Worth Associates LLC, a Delaware limited liability company (“Seller”) has transferred its
ownership interest in the Property to [            ] (“Purchaser”). Seller’s interest in your lease has been assigned to Purchaser and Purchaser has assumed the
obligations as landlord under your lease which accrue from and after the date hereof. 
 2. Your refundable security deposit, if any, has been transferred
to Purchaser. 
 3. From this date on, please remit all rent payments and future correspondence to Purchaser at the address listed on Schedule A.

 4. Purchaser’s management group will contact all tenants with further information. 

  
 Exhibit C – Page 1

 
							
	SELLER:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  

							
	BUYER:
	
	[            ], a [            ]
		
	By:		 
			Name:		
			Title:		

  
 Exhibit C – Page 2

 SCHEDULE A 

For all notices and written correspondence: 
 [Assignee/Buyer]

 [Address] 
 [Attention:
            ] 
 with a copy to: 

[Assignee/Buyer] 
 [Address] 

[Attention:             ] 

For all rent and other payments by wire: 
 [to be provided
separately] 

  
 Exhibit C – Page 3

 EXHIBIT D 

Form of Assignment of License, Permits, Warranties and General Intangibles 

Assignment and Assumption of Licenses, Permits and Intangibles 

THIS ASSIGNMENT AND ASSUMPTION OF LICENSES, PERMITS AND INTANGIBLES AGREEMENT (this “Assignment”) is entered into as of this
            day of             , 2014 (the “Effective Date”), by and between Orion-Fort Worth
Associates LLC, a Delaware limited liability company (“Assignor”) and [            ], a
[            ] (“Assignee”). 
 WITNESSETH 

WHEREAS, Assignor, as seller, and Assignee, as buyer, have entered into that certain Agreement of Purchase and Sale, dated as of November
            , 2014 (as the same may be amended, modified and/or supplemented from time to time, the “Agreement”); and 

WHEREAS, under the Agreement, Assignor has agreed to assign to Assignee, and Assignee has agreed to accept and assume, any and all of
Assignor’s right, title and interest in and to the “General Intangible Property” and “Warranties” (as such terms are defined in the Agreement) (collectively, the “Assigned Property”), to the extent such
Assigned Property is assignable, pertaining to the construction, repairs and improvements located on the real property described on Exhibit A. 

NOW, THEREFORE, effective as of the Effective Date, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Assignee agree as follows: 
  

	1.	Assignor hereby assigns, sells, transfers, sets over and delivers unto Assignee as of the Effective Date, all of its rights, title and interest in and to the Assigned Property. 

 

	2.	Assignee hereby assumes from and after the Effective Date the performance of all of the terms, covenants and conditions of the Assigned Property on Assignor’s part to be performed thereunder. 

 

	3.	This Assignment shall be binding upon, and inure to the benefit of, Assignor and Assignee and their respective successors and assigns. 

 

	4.	This Assignment shall be governed by, interpreted under, and construed and enforceable in accordance with, the laws of the State of Texas. 

 

	5.	No amendment or modification to any terms of this Assignment, waiver of the obligations of Assignor or Assignee hereunder, or termination of this Assignment, shall be valid unless in writing and signed by Assignor and
Assignee. In the event that the terms of this Assignment conflict with the terms of the Agreement, the Agreement shall control. 

  
 Exhibit D – Page 1

 This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, and all of which, together, shall constitute one and the same instrument. 
 [Remainder of page left blank; 

Signatures follow on next page] 

  
 Exhibit D – Page 2

 IN WITNESS WHEREOF, and intending to be legally bound hereby, Assignor and Assignee have executed
this Assignment as of the day and year first above written. 
  

							
	ASSIGNOR:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  

							
	ASSIGNEE:
	
	[            ], a [            ]
		
	By:		 
	Name:				 
	Title:				 

  
 Exhibit D – Page 3

 Exhibit A 

Legal Description of Property 

  
 Exhibit D – Page 4

 EXHIBIT E 

Form of Deed 
 NOTICE OF CONFIDENTIALITY RIGHTS:
IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR
DRIVER’S LICENSE NUMBER. 
 SPECIAL WARRANTY DEED 
  

					
	STATE OF TEXAS		§		
			§		
	COUNTY OF TARRANT		§		

 Orion-Fort Worth Associates LLC, a Delaware limited liability company (“Grantor”), for
and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other valuable consideration, the receipt and sufficiency of which consideration are hereby acknowledged, by these presents does hereby Grant, Bargain, Sell, and Convey, unto
[            ], a [            ] (“Grantee”), having an address at
            , for itself and its successors and assigns (i) all that real property situated in the County of Tarrant, State of Texas, and more particularly described on
Exhibit A attached hereto and made a part hereof for all purposes, and (ii) together with all improvements now or hereafter situated thereon, and Grantor’s interest as lessor or landlord in all space leases or
occupancy agreements covering all or any portion of such real property and the improvements situated thereon (collectively, the “Property”), TOGETHER with all and singular tenements, hereditaments and appurtenances thereunto
belonging or in any way appertaining thereto. 
 This Deed is made and accepted expressly subject to the matters set forth in
Exhibit B attached hereto and made a part hereof for all purposes. 
 GRANTEE ACKNOWLEDGES THAT NEITHER GRANTOR NOR ANY
OF ITS DEVELOPERS, CONTRACTORS, CONSULTANTS, ENGINEERS AND/OR ARCHITECTS HAVE MADE ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST,
PRESENT OR FUTURE, CONCERNING THE SUITABILITY, MANNER OR STANDARD OF CONSTRUCTION OR APPROPRIATENESS OF THE IMPROVEMENTS FOR UTILIZATION AS A CONDOMINIUM OR OTHER FORM OF SEPARATE OWNERSHIP. 

Notwithstanding the foregoing, Grantor specifically retains and reserves for Grantor and Grantor’s successors, transferees and/or assigns
all oil, gas and all other minerals, as defined hereinbelow, that are in and under the Property. Grantor, on its own behalf and on behalf of its successors, transferees, assigns, and/or lessees, hereby expressly and forever releases, waives and
relinquishes all surface rights in the Property, including rights of ingress and egress and all other rights of every kind and character whatsoever to enter upon or otherwise utilize all or any portion of the surface of the Property or any area
below the surface of the Property at a depth of less than 200 feet (the “Minimum Depth”) in the exploration, drilling, production or marketing of oil, gas and all other minerals or otherwise and Grantor hereby agrees that no
portion of any well shall be drilled under and/or through the Property at a depth of 

  
 Exhibit E – Page 1

 
less than the Minimum Depth measured vertically from the surface of the Property; provided, however, Grantor and its lessees shall have the right to produce oil, gas and all other minerals in and
under the Property below the Minimum Depth but only by directional drilling from lands other than the Property or by horizontal drilling, pooling or other techniques (whether presently known or later developed) which do not require entry or use of
the surface of the Property or any area below the surface of the Property above the Minimum Depth. Any Operations shall create an obligation upon the Operating Party actually conducting such exploration, development, production or other operations
to procure commercial general liability insurance and commercial auto insurance (or equivalent liability insurance) with limits of insurance reasonably calculated to cover the liability risks of the Operations, and to cause Grantee or its successors
to be added as an additional insured under such insurance policies, which shall contain a waiver of subrogation against the additional insureds (if available), and which shall be primary and non-contributory with any other available insurance. This
provision shall be binding upon Grantor and its successors, transferees, assigns, and/or lessees and shall be enforceable by Grantee and its successors or assigns (including any subsequent owner of the Property). As used herein, the term “oil,
gas and all other minerals” shall be construed in the broadest sense to include all oil, gas, and associated liquid or gaseous hydrocarbons, all sulfur, coal, uranium, lignite, and all other minerals, whether similar or dissimilar to those
named above, regardless of how such mineral may be produced, subject however to the restriction on use of the surface estate of the Property set forth herein. 

TO HAVE AND TO HOLD the Property, together with all and singular the rights and appurtenances belonging in any way to the Property, unto the
said Grantee, its successors and assigns forever, and Grantor binds itself and its successors and assigns to warrant and forever defend all and singular the Property to Grantee, its successors and assigns against every person lawfully claiming or to
claim all or any part of the Property, by, through or under Grantor, but not otherwise. 
 [Signature Pages Follow] 

  
 Exhibit E – Page 2

 IN WITNESS WHEREOF, the parties have executed this Special Warranty Deed to be effective as of
this             day of             , 2014. 

 

							
	GRANTOR:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

 [Notary acknowledgement for applicable state to be inserted before execution.] 

  
 Exhibit E – Page 3

 
							
	GRANTEE:
	
	[            ],
	a              limited liability company
		
	By:		 
	Name:				 
	Title:				 

 [Notary acknowledgement for applicable state to be inserted before execution.] 

  
 Exhibit E – Page 4

 EXHIBIT A 

Legal Description 

  
 Exhibit E – Page 5

 EXHIBIT B 

To Special Warranty Deed 
 [To be
inserted.] 

  
 Exhibit E – Page 6

 EXHIBIT F 

Form of Bill of Sale 

Bill of Sale 
 Orion-Fort
Worth Associates LLC, a Delaware limited liability company, as seller (“Seller”), and [                ], a
[                ] as buyer (“Buyer”), have entered into that certain Agreement of Purchase and Sale, dated as of November
            , 2014 (as the same may be amended, modified and/or supplemented from time to time, the “Agreement”). Defined terms used herein but not otherwise defined
shall have the meanings assigned to such terms in the Agreement. 
 Pursuant to the Agreement, Seller has agreed to sell to Buyer all
furniture, fixtures, equipment and other personal property which are placed in or attached to the Property and are owned by Seller and used solely in connection with the operation of the Property (the “Transferred Assets”), but not
including (i) items owned or leased by tenants or the Property Manager, (ii) items leased by Seller or (iii) any other Excluded Assets. (but not including (i) items owned or leased by tenants or the Property Manager,
(ii) items leased by Seller or (iii) Excluded Assets. 
 Seller, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, does hereby sell, grant, assign, convey, transfer and set over unto Buyer, its successors and assigns, all of Seller’s right, title and interest in and to the Transferred Assets. 

TO HAVE AND TO HOLD the same unto Buyer, its successors and assigns forever from and after the date hereof. 

This Bill of Sale is made without warranty or representation, express or implied, by or recourse against Seller of any kind or nature
whatsoever except as set forth in the Agreement. 

  
 Exhibit F – Page 1

 This Bill of Sale has been duly executed by Seller as of the
            day of             2014. 

 

							
	SELLER:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  
 Exhibit F – Page 2

 EXHIBIT G 

CERTIFICATE OF NON-FOREIGN STATUS 
  

	1.	The undersigned (“Transferor”) hereby certifies: 

 a. That
Transferor is not a foreign entity (as said term is defined in the Internal Revenue Code and Income Tax Regulations) with respect to the transfer of that certain property known as “Orion at Oak Hill Apartments” located in the City of Forth
Worth, Texas (the “Property”). 
 b. That Transferor is the sole member of Orion-Fort Worth Associates LLC
(the “Limited Liability Company”). The Limited Liability Company is the record title owner of the Property. 

c. The tax identification number of Transferor is
            , and the offices of Transferor are located at 345 Park Avenue, New York, New York 10154. 

d. Transferor is not a disregarded entity as defined in §1.1445-2(b)(2)(iii) of the Income Tax Regulations. 

 

	2.	Transferor understands that this Certificate may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punishable by fine, imprisonment or both.

  
 Exhibit G – Page 1

 Under penalties of perjury I declare that I have examined this certification and to the best of
my knowledge and belief it is true, correct, and complete, and I further declare that I have authority to sign this document on behalf of Transferor. 

Dated as of                      , 2014.

  

					
	 ORION-G MASTER II, LLC,
 a
Delaware limited liability company]

		
	By:		BRE Apartment Holdings, LLC,
			a Delaware limited liability company
			its authorized member
			
			By:		 
			Name:		 
			Title:		 

  
 Exhibit G – Page 2

 EXHIBIT H 

Form of Title Affidavit 

Title Affidavit & Indemnity 

dated as of                     ,
2014 
 Oak Hill Apartments, Fort Worth, Texas 

Certifications: 
 This Certificate is given with reference
to that certain preliminary title report or title commitment dated as of                     , 2014 under Order No.
             (such report or commitment being referred to herein as the “Commitment”), and issued by First American Title Insurance Company (“Title Insurer”). The
undersigned (“Owner”) certifies the following to Title Insurer as to the above-referenced premises (the “Premises”) but only as to the period between
                    , 2014, and the date hereof (subject to any exceptions expressly noted below): 

Mechanics Liens: 
 A. 

All labor, services or materials rendered or furnished to date in connection with the Premises or with the construction or repair of any building or
improvements on the Premises contracted for or requested by Owner have been completed and paid for in full, with the possible exception of routine repairs and/or maintenance which have been or will be duly paid in the ordinary course of business;
and 
 B. 
 To the actual knowledge of Owner, all other labor,
services or materials that were contracted for or requested by Owner and that have been rendered or furnished in connection with the Premises or with the construction or repair of any building or improvements on the Premises have been completed and
paid for in full. 
 Tenants/Parties in Possession: 

Except as shown in the Commitment (with respect to tenancies of record), including matters disclosed in the underlying exceptions of record referenced therein,
there are no tenants or other parties who are in possession or have the right to be in possession of said Premises, other than those tenants identified on the lease chart annexed hereto (and any subtenants thereunder), which tenants have rights as
tenants only and do not have an option to purchase all or part of the Premises or right of first refusal affecting all or part of the Premises. 

Options To Purchase or Rights of First Refusal: 
 But for
the instant transaction, Owner has not entered into any unrecorded sale contracts, deeds, mortgages, or purchase options or rights of first refusal affecting the Premises or improvements thereon, which are presently in effect and will survive the
transfer of the Premises in connection with the instant transaction, except as set forth in the Commitment. [Confirm no ROFO or ROFR, or identify any applicable ROFO or ROFR] 

Covenants & Restrictions: 
 To the actual
knowledge of Owner, (a) Owner has received no written notice of past or present violations of any effective covenants, conditions or restrictions set forth in the Commitment (the “CC&Rs”) which remain uncured, and (b) any
charge or assessment provided for in any of the CC&Rs has been or will be duly paid. 
 Bankruptcy: 

No proceedings in bankruptcy or receivership have been instituted by or against Owner (or its constituent entities) which are now pending, nor has Owner (or
its constituent entities) made any assignment for the benefit of creditors which is in effect as to said Premises. 
 Exceptions to any of the foregoing:
[At the Closing, Seller will list any exceptions, including any TI credit being given to Buyer at Closing or any TIs for which Buyer is responsible under the PSA pursuant to Schedule 1.] 

Gap Indemnification: 
 Between the date
hereof and the date of recording of the insured conveyance but in no event later than five (5) business days from the date of Title Insurer’s receipt of the insured conveyance in final form (hereinafter, the “Gap Period”), Owner
has not taken or allowed and will not voluntarily take or allow any action to encumber the Premises in the Gap Period. 

  
 Exhibit H – Page 1

 Further Assurances: 

Owner hereby undertakes and agrees to fully cooperate with Title Insurer in correcting any errors in the execution and acknowledgment of the insured
conveyance. 
 Counterparts: 
 This document may be
executed in counterparts. 
 Inducement and Indemnification: 

Owner provides this document to induce Title Insurer to insure title to said Premises well knowing that it will do so only in complete reliance upon the
matters asserted hereinabove and further, will indemnify and hold Title Insurer harmless against any loss or damage sustained as a result of any inaccuracy in the matters asserted hereinabove. 

Knowledge/Survival: 
 Any statement “to the actual
knowledge of Owner” (or similar phrase) shall mean that the “Designated Representative” (as hereinafter defined) of Owner has no knowledge that such statement is untrue (and, for this purpose, Owner’s knowledge shall mean the
present actual knowledge [excluding constructive or imputed knowledge] of the Designated Representative, but such Designated Representative shall not have any liability in connection herewith. Notwithstanding anything to the contrary herein,
(1) any cause of action for a breach of this document shall survive until six (6) months after the date hereof, at which time the provisions hereof (and any cause of action resulting from any breach not then in litigation in the
jurisdiction where the Premises are situated) shall terminate; and (2) to the extent Title Insurer shall have knowledge as of the date hereof that any of the statements contained herein is false or inaccurate, then Owner shall have no liability
with respect to the same. The “Designated Representative” for Owner is [            ]. The Designated Representative of Owner is an individual affiliated with, or employed
by, Owner or its affiliates who has been directly involved in the asset management or property management of the Premises and is in a position to confirm the truth and accuracy of Owner’s knowledge certifications hereunder concerning the
Premises. 
 See annexed Title Affidavit & Indemnity signature pages 

  
 Exhibit H – Page 2

 Signature Page to Title Affidavit & Indemnity 

 

							
	Owner:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company,

		
	By:		Orion-G Master II, LLC
			 a Delaware limited liability company

Its sole member

			
			By:		BRE Apartment Holdings, LLC,
					a Delaware limited liability company
					its authorized member
				
					By:		 
					Name:		 
					Title:		 

  
 Exhibit H – Page 3

 Lease Chart 

see annexed 

  
 Exhibit H – Page 4

 EXHIBIT I 

Form of Water District Disclosure 

NOTICE REGARDING TEXAS WATER CODE 

THE UNDERSIGNED PARTIES CONCERNING THE PROPERTY LOCATED IN 

TARRANT COUNTY, TEXAS 
 The
real property, described below, which you are about to purchase is located in the [                    ] utility/water district. The district
has taxing authority separate from any other taxing authority, and may, subject to voter approval, issue an unlimited amount of bonds and levy an unlimited rate of tax in payment of such bonds. As of this date, the rate of taxes levied by the
district on real property located in the district is $[            ] on each $[            ] of assessed valuation.
If the district has not yet levied taxes, the most recent projected rate of debt service tax, as of this date, is n/a on each $[            ] of assessed valuation. The total amount
of bonds which has been approved by the voters and which have been or may, at this date, be issued is $[            ], and the aggregate initial principal amounts of all bonds issued
for one or more of the specified facilities of the district and payable in whole or in part from property taxes is $[            ]. 

The district has the authority to adopt and impose a standby fee on property in the district that has water, sewer, sanitary, or drainage
facilities and services available but not connected and which does not have a house, building, or other improvement located thereon and does not substantially utilize the utility capacity available to the property. The district may exercise the
authority without holding an election on the matter. As of this date, the amount of the standby fee is [                ]. An unpaid standby fee is a personal
obligation of the person that owned the property at the time of imposition and is secured by a lien on the property. Any person may request a certificate from the district stating the amount, if any, of unpaid standby fees on a tract of property in
the district. 
 The purpose of this district is to provide water, sewer, drainage, or flood control facilities and services within the
district through the issuance of bonds payable in whole or in part from property taxes. The cost of these utility facilities is not included in the purchase price of your property, and these utility facilities are owned or to be owned by the
district. The legal description of the property which you are acquiring is as follows: 

  
 Exhibit I – Page 1

 SEE ATTACHED DESCRIPTION ON EXHIBIT A 

 

			
	BUYER:
	                                    
                                         
           ,
	a                                    
                                         
        
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

							
	SELLER:
	  
 Orion-Fort Worth Associates LLC,

a Delaware limited liability company

		
	By:	 	Orion-G Master II, LLC
		 	 a Delaware limited liability company

Its sole member

			
		 	By:	 	BRE Apartment Holdings, LLC,
		 		 	a Delaware limited liability company
		 		 	its authorized member
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 

  
 Exhibit I – Page 2

 BUYER IS ADVISED THAT THE INFORMATION SHOWN ON THIS FORM IS SUBJECT TO CHANGE BY THE DISTRICT AT ANY TIME. THE
DISTRICT ROUTINELY ESTABLISHES TAX RATES DURING THE MONTHS OF SEPTEMBER THROUGH DECEMBER OF EACH YEAR, EFFECTIVE FOR THE YEAR IN WHICH THE TAX RATES ARE APPROVED BY THE DISTRICT. BUYER IS ADVISED TO CONTACT THE DISTRICT TO DETERMINE THE STATUS OF
ANY CURRENT OR PROPOSED CHANGES TO THE INFORMATION SHOWN ON THIS FORM. 

  
 Exhibit I – Page 3

 Exhibit A Legal Description 

[To be attached.] 

  
 Exhibit I – Page 4

 Exhibit J 

SEC Rule 3-14 Document Request List 

(1) Monthly bank statements for the Property for the following dates: 12/31/12, 1/31/13, 12/31/13, 1/31/14, 9/30/14, 10/31/14; 

(2) Reconciliations to aforementioned bank statements; 

(3) Trial Balances as of 12/31/12, 12/31/13, 9/30/14, and the last date the seller owns the Property; 

(4) Balance Sheet at 12/31/12, 12/31/13, 9/30/14 and the last month the seller owns the Property; 

(5) Account payable and account receivable detail listing/aging reports at 12/31/12 and 12/31/13; 

(6) Check registers and payables registers for January 2013, February 2013, January 2014, February 2014, October 2014 and
November 2014; and 
 (7) General Ledger for 2013 and 2014. 

  
 Exhibit J – Page 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]