Document:

Exhibit

EXHIBIT 10.46
REAFFIRMATION, JOINDER AND FIRST AMENDMENT TO 
MASTER CREDIT FACILITY AGREEMENT
This REAFFIRMATION, JOINDER AND FIRST AMENDMENT TO MASTER CREDIT FACILITY AGREEMENT (this “Amendment”) is made as of March 30, 2017 (“Effective Date”), by and among (i) the entities identified as Original Borrower set forth on Schedule I attached hereto (individually and collectively, “Original Borrower”); (ii) the entities identified as Additional Borrower set forth on Schedule II attached hereto (individually and collectively, “Additional Borrower”; together with Original Borrower, “Borrower”); (iii) CAPITAL ONE MULTIFAMILY FINANCE, LLC, a Delaware limited liability company (“Lender”); and (iv) FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”).
RECITALS
A.    Original Borrower and Lender are parties to that certain Master Credit Facility Agreement dated as of October 31, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Master Agreement”).
B.    All of Lender’s right, title and interest in the Master Agreement and the Loan Documents executed in connection with the Master Agreement or the transactions contemplated by the Master Agreement have been assigned to Fannie Mae pursuant to that certain Assignment of Master Credit Facility Agreement and Other Loan Documents, dated as of October 31, 2016 (the “Assignment”).  Fannie Mae has not assumed (i) any of the obligations of Lender to make Future Advances (once an agreement is made for Lender to make a Future Advance) under the Master Agreement or (ii) any of the obligations of Lender which are servicing obligations delegated to Lender as servicer of the Advances.  Fannie Mae has designated Lender as the servicer of the Advances contemplated by the Master Agreement.
C.    Borrower has requested that Lender make a Future Advance pursuant to the Master Agreement.
D.    Additional Borrower desires to join into the Master Agreement as if it were an Original Borrower thereunder, subject to certain exclusions and exceptions set forth herein.      
E.    The parties are executing this Amendment pursuant to the Master Agreement to reflect (i) the making of a Future Advance by Lender in the amount of $53,439,000.00 pursuant to Section 2.02(c)(2)(B) (Making Advances) of the Master Agreement (the “Future Advance”); (ii) the joinder of Additional Borrower into the Master Agreement and other Loan Documents (excluding the $30,000,000 Variable Note evidencing the Initial Advance and executed and delivered by Original Borrower on the Initial Effective Date (the “Initial Note”)) as if it were an Original 

	
			
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Borrower thereunder, and (iv) the modification of certain terms and provisions of the Master Agreement, all as more particularly set forth herein.
NOW, THEREFORE, the parties hereto, in consideration of the mutual promises and agreements contained in this Amendment and the Master Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agree as follows:
Section 1.Recitals.  The recitals set forth above are incorporated herein by reference as if fully set forth in the body of this Amendment.
Section 2.Future Advance.  In connection with this Amendment, Lender is making a Future Advance to Borrower in the amount of $53,439,000.
Section 3.Joinder.  Additional Borrower hereby joins the Master Agreement and Loan Documents (excluding the Initial Note and the Security Instruments delivered by Original Borrower (as the same may be amended, restated, supplemented, or otherwise modified from time to time)) as if it were an Original Borrower thereunder.  Borrower agrees that all references to “Borrower” in the Loan Documents (including, but not limited to, the Master Agreement and the Note, but excluding the Initial Note and the Security Instruments delivered by Original Borrower (as the same may be amended, restated, supplemented, or otherwise modified from time to time)) shall be deemed to include Additional Borrower and Original Borrower (except that Additional Borrower is not hereby included in any reference in any Loan Document to the “Borrower” as (x) the maker of or borrower under the Initial Note or any renewal of the Initial Note and (y) mortgagor or borrower under the Security Instruments delivered by Original Borrower or any amendments, restatements, supplements or modifications thereof).
Section 4.Payment Guaranty.  In consideration of the making of the Future Advance and as a material inducement to Lender and Fannie Mae to enter into this Amendment, Additional Borrower is executing and delivering to Lender and Fannie Mae that certain Payment Guaranty dated of even date herewith guaranteeing, among other things, payment and performance of all obligations and liabilities of Original Borrower under the Initial Note in lieu of joining into the Initial Note as if it were an Original Borrower thereunder.  Additional Borrower has not assumed any liability as maker or borrower with respect to the Indebtedness evidenced by the Initial Note or any renewal of the Initial Note.
Section 5.Reaffirmation and Consent.  Original Borrower hereby reaffirms its obligations pursuant to the Master Agreement and consents to the terms hereof.
Section 6.Schedule 1 to the Master Agreement.  Schedule 1 to the Master Agreement is hereby amended as follows: 
(A)The definition of “Facility Debt Service” set forth in Schedule 1 to the Master Agreement is hereby amended and restated in its entirety as follows: 
“Facility Debt Service” means, as of any date, for all purposes other than determining the Strike Rate, the sum of the amount of interest and principal amortization that would be 

	
			
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payable during the applicable period determined by Lender immediately succeeding the date of determination, except that:
(a)          each Variable Structured ARM Advance to be obtained shall be deemed to require payments equal to the sum of (1) level monthly payments of principal and interest (with the interest rate calculated as (A) the Applicable Index, plus (B) the Margin (or until rate locked, the indicative pricing, as determined pursuant to the Underwriting and Servicing Requirements), plus (C) a stressed underwriting margin of 300 basis points (3.00%) or such lower stressed underwriting margin determined pursuant to the Underwriting and Servicing Requirements in an amount necessary to fully amortize the original principal amount of the Variable Structured ARM Advance over the Amortization Period), plus (2) the Monthly Cap Escrow Payment;
 (b)          with respect to each Variable Structured ARM Advance Outstanding:
(1)          where an amortizing Interest Rate Cap has been purchased and is then effective, such Advance shall be deemed to require payments equal to the sum of (A) level monthly payments of principal and interest (with the interest rate calculated as (i) the Strike Rate applicable to such Advance, plus (ii) the Margin applicable to such Advance in an amount necessary to fully amortize the original principal amount of the Variable Structured ARM Advance over the Amortization Period), plus (B) any Monthly Cap Escrow Payment applicable to such Advance; and
(2)          where an interest-only Interest Rate Cap has been purchased and is then effective, such Advance shall be deemed to require payments equal to the sum of (A) level monthly payments of interest (with the interest rate calculated as (i) the Strike Rate applicable to such Advance, plus (ii) the Margin applicable to such Advance), plus (B) any Monthly Cap Escrow Payment applicable to such Advance;
(c)           [intentionally deleted];
(d)          each Fixed Advance to be obtained or Variable Advance to be converted shall be deemed to require level monthly payments of principal and interest (at an interest rate equal to the sum of the base United States Treasury Index Rate for securities having a maturity substantially similar to the maturity of the Fixed Advance, plus the Fixed Fee (or until rate locked, the estimated Fixed Fee as determined pursuant to the Underwriting and Servicing Requirements)) in an amount necessary to fully amortize the original principal amount of the Fixed Advance over the Amortization Period; and
(e)          each Fixed Advance Outstanding shall be deemed to require level monthly payments of principal and interest (at the Interest Rate for such Fixed Advance as set forth in the Schedule of Advance Terms) in an amount necessary to fully amortize the original principal amount of such Fixed Advance over the Amortization Period.

	
			
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(B)The definition of “Guarantor” set forth in Schedule 1 to the Master Agreement is hereby amended and restated in its entirety as follows:
“Guarantor” means, individually and collectively, any guarantor of the Indebtedness or any other obligation of Borrower under any Loan Document other than Payment Guarantor. Guarantor must be a Key Principal.
(C)The definition of “Payment Guaranty” set forth in Schedule 1 to the Master Agreement is hereby amended and restated in its entirety as follows:
“Payment Guaranty” means that certain Guaranty (Payment) dated as of March 30, 2017 executed by Payment Guarantor to and for the benefit of Lender and Fannie Mae, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
(D)Schedule 1 to the Master Agreement is hereby amended to add the following definitions in appropriate alphabetical order:
“Payment Guarantor” means Shell Borrower.
“Shell Borrower” means individually and collectively, (i) ARHC CO Borrower 1, LLC, (ii) ARHC CO Borrower 2, LLC, (iii) ARHC CO Borrower 3, LLC, (iv) ARHC CO Borrower 4, LLC, (v) ARHC CO Borrower 5, LLC, (vi) ARHC CO Borrower 6, LLC, (vii) ARHC CO Borrower 7, LLC, (viii) ARHC CO Borrower 8, LLC, (ix) ARHC CO Borrower 9, LLC, (x) ARHC CO Borrower 10, LLC, (xi) ARHC CO Borrower 11, LLC, (xii) ARHC CO Borrower 12, LLC, (xiii) ARHC CO Borrower 13, LLC, (xiv) ARHC CO Borrower 14, LLC and (xv) ARHC CO Borrower 15, LLC, each a Delaware limited liability company.
(E)The definition of “Strike Rate” set forth in Schedule 1 to the Master Agreement is hereby amended and restated in its entirety as follows: 
“Strike Rate” means: 
(a)        In determining the Strike Rate for new Interest Rate Caps (other than replacement Interest Rate Caps) purchased in connection with Future Advances that are Variable Advances made under this Master Agreement, the Strike Rate shall be the lower of (x) the percentage approved by Lender and (y) the percentage derived by taking:
(1)          the Net Operating Income for all Mortgaged Properties, minus
(A)          the product of (i) 1.40 and (ii) the payment due on each Fixed Advance provided that:
(1)          each Fixed Advance to be obtained or Variable Advance to be converted shall be deemed to require level monthly payments of principal and interest (at an interest rate equal to the sum of (A) the base United States Treasury Index Rate for securities having a maturity substantially similar to the maturity of the Fixed Advance, plus (B) the Fixed Fee (or until rate locked, the estimated 

	
			
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Fixed Fee as determined pursuant to the Underwriting and Servicing Requirements), in an amount necessary to fully amortize the original principal amount of the Fixed Advance over the Amortization Period) (provided, however, if there are no principal payments due on a Fixed Advance during the Interest Rate Cap term for which the Strike Rate is being calculated, then the payments relating to such Fixed Advance shall not be required to include principal amortization for purposes of this calculation);
(2)          each Fixed Advance Outstanding shall be deemed to require level monthly payments of principal and interest (at the Interest Rate for such Fixed Advance as set forth in the Schedule of Advance Terms, in an amount necessary to fully amortize the original principal amount of such Fixed Advance over the Amortization Period) (provided, however, if there are no principal payments due on a Fixed Advance during the Interest Rate Cap term for which the Strike Rate is being calculated, then the payments relating to such Fixed Advance shall not be required to include principal amortization for purposes of this calculation);
minus
(B)          the product of (i) 1.15 and (ii) the payment due on each Variable Structured ARM Advance Outstanding, provided that each Variable Structured ARM Advance Outstanding shall be deemed to require payments equal to the sum of (1) monthly payments of principal and interest (with the interest rate calculated as (A) the weighted average Strike Rate for all outstanding Interest Rate Caps plus (B) the Margin applicable to such non-replacement Interest Rate Caps, in an amount necessary to fully amortize the original principal amount of the Variable Structured ARM Advance over the Amortization Period, and the principal component of the Variable Structured ARM Advance payment(s) equal to the Fixed Monthly Principal Component as set forth in the Schedule of Advance Terms), plus (2) the Monthly Cap Escrow Payments, if any, for the succeeding twelve (12) month period (provided, however, if there are no principal payments due on a Variable Structured ARM Advance during the Interest Rate Cap term for which the Strike Rate is being calculated, then the payments relating to such Variable Structured ARM Advance shall not be required to include principal amortization for purposes of this calculation). Notwithstanding the foregoing, if there are Variable Structured ARM Advances Outstanding for which there are no Interest Rate Caps outstanding at the time of the calculation, then such Variable Advances shall be included in (3) below;
divided by
(2)          1.15
divided by

	
			
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(3)          the total of all Variable Advances to be obtained or Variable Advances Outstanding, that were not included in (a)(1)(B), at the time of the calculation of the Strike Rate
minus
(4)          the amortization factor for all Variable Advances to be obtained or Variable Advances Outstanding if principal is to be paid during the Interest Rate Cap term
minus
(5)          the Margin (or for Variable Structured ARM Advances to be obtained, until rate locked, the indicative pricing as determined pursuant to the Underwriting and Servicing Requirements).
(b)          In determining the Strike Rate for any replacement Interest Rate Cap purchased in connection with this Master Agreement pursuant to the Cap Security Agreement, the Strike Rate shall be the lower of (x) the percentage approved by Lender and (y) the percentage derived by taking:
(1)          the Net Operating Income for all Mortgaged Properties, minus
(A)          the product of (i) 1.40 and (ii) the payment due on each Fixed Advance provided that each Fixed Advance Outstanding shall be deemed to require level monthly payments of principal and interest (at the Interest Rate for such Fixed Advance as set forth in the Schedule of Advance Terms, in an amount necessary to fully amortize the original principal amount of such Fixed Advance over the Amortization Period) (provided, however, if there are no principal payments due on a Fixed Advance during the Interest Rate Cap term for which the Strike Rate is being calculated, then the payments  relating to such Fixed Advance shall not be required to include principal amortization for purposes of this calculation) 
minus
(B)          the product of (i) 1.15 and (ii) the payment due on each Variable Structured ARM Advance Outstanding where the applicable Interest Rate Cap is not being replaced in connection with the calculation of the Strike Rate, provided that each Variable Structured ARM Advance Outstanding shall be deemed to require payments equal to the sum of (1) monthly payments of principal and interest (with the interest rate calculated as (A) the weighted average Strike Rate for all outstanding Interest Rate Caps plus (B) the Margin applicable to such non-replacement Interest Rate Caps, in an amount necessary to fully amortize the original principal amount of the Variable Structured ARM Advance over the Amortization Period, and the principal component of the Variable Structured ARM Advance payment(s) equal to the Fixed Monthly Principal Component as set forth in the Schedule of Advance Terms), plus (2) the Monthly Cap Escrow Payments, if any, for the succeeding twelve 

	
			
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(12) month period (provided, however, if there are no principal payments due on a Variable Structured ARM Advance during the Interest Rate Cap term for which the Strike Rate is being calculated, then the payments relating to such Variable Structured ARM Advance shall not be required to include principal amortization for purposes of this calculation).  Notwithstanding the foregoing, if there are Variable Structured ARM Advances Outstanding for which there are no Interest Rate Caps outstanding at the time of the calculation, then such Variable Advances shall be included in (3) below
divided by
(2)          1.15 
divided by
(3)          the total of all Variable Advances Outstanding, that were not included in (b)(1)(B), at the time of the calculation
minus
(4)          the amortization factor for all Variable Advances to be obtained or Variable Advances Outstanding if principal is to be paid during the Interest Rate Cap term
minus
(5)          the Margin (or for Variable Structured ARM Advances to be obtained, until rate locked, the indicative pricing as determined pursuant to the Underwriting and Servicing Requirements).
Section 7.Summary of Master Terms.  Section I of Schedule 2 to the Master Agreement is hereby deleted in its entirety and replaced with Schedule 2 attached hereto.
Section 8.Schedule of Advance Terms.  The Schedule of Advance Terms to the Master Agreement is hereby supplemented with Schedule 3.2 attached hereto.
Section 9.Prepayment Premium Schedule.  The Prepayment Premium Schedule to the Master Agreement is hereby supplemented with Schedule 4.2 attached hereto. 
Section 10.Required Repair Schedule.  Schedule 6 to the Master Agreement is hereby supplemented with Schedule 6.1 attached hereto.
Section 11.Ownership Interest Schedule.  Schedule 13 to the Master Agreement is hereby deleted in its entirety and replaced with Schedule 13 attached hereto.
Section 12.Exceptions to Representations and Warranties.  Schedule 16 of the Master Agreement is hereby supplemented with Schedule 16.1 attached hereto. 

	
			
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Section 13.Exhibit A.  Exhibit A to the Master Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto. 
Section 14.Exhibit E.  The parties hereby acknowledge that Exhibit E to the Master Agreement contains a scrivener’s error, in which Section 2 (Fees) of such Exhibit incorrectly suggests that it is a condition to the closing of a Future Advance that Borrower pay the Re-Underwriting Fee or the Additional Origination Fee, but not both.  Pursuant to Schedule 14 of the Master Agreement, if a Future Advance is being made under Section 2.02(c)(2)(B) (Making Advances) of the Master Agreement, receipt by Lender of the non-refundable Re-Underwriting Fee and the Additional Origination Fee is a condition precedent to the funding of such Future Advance.  Accordingly, Exhibit E to the Master Agreement is hereby deleted in its entirety and replaced with Exhibit E attached hereto. 
Section 15.Section 11.03(h) (Permitted Transfers) of the Master Agreement.  A new subsection (2) of Section 11.03(h) (Additional Permitted Transfers) of the Master Agreement is hereby added as follows:
(2)    Acquisition of Multifamily Residential Property by Shell Borrower. Upon satisfaction of the terms and conditions of Section 2.02(c) (Making Advances) and Section 2.10(c) (Right to Add Additional Mortgaged Properties As Collateral) of the Master Agreement in connection with the making of a Future Advance in connection with the addition of an Additional Mortgaged Property pursuant to Section 2.02(c) (Making Advances) of the Master Agreement, Shell Borrower is permitted to acquire, hold, own, lease, and manage a Multifamily Residential Property (either in fee simple or as tenant under a ground lease meeting all of the Underwriting and Servicing Requirements) so long as such Shell Borrower adds such Mortgaged Property to the Collateral Pool as an Additional Mortgaged Property.
Section 16.Capitalized Terms.  All capitalized terms used in this Amendment which are not specifically defined herein shall have the respective meanings set forth in the Master Agreement, as amended hereby.
Section 17.Full Force and Effect.  Except as expressly modified by this Amendment, all terms and conditions of the Master Agreement shall continue in full force and effect.
Section 18.Counterparts.  This Amendment may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.
Section 19.Applicable Law.  The provisions of Section 15.01 of the Master Agreement (entitled Choice of Law; Consent to Jurisdiction) and Section 15.02 (Waiver of Jury Trial) are hereby incorporated into this Amendment by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein.

	
			
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Section 20.Authorization.  Borrower represents and warrants that Borrower is duly authorized to execute and deliver this Amendment and is and will continue to be duly authorized to perform its obligations under the Master Agreement, as amended hereby.
Section 21.Compliance with Loan Documents.  The representations and warranties set forth in the Loan Documents executed or assumed by Borrower, as amended hereby, are true and correct with the same effect as if such representations and warranties had been made on the date hereof, except for such changes as are specifically permitted under the Loan Documents and except for the exceptions to representations and warranties set forth on Schedule 16.1 attached hereto.  In addition, Borrower has complied with and is in compliance with all of its covenants set forth in the Loan Documents, as amended hereby.
Section 22.No Event of Default.  Borrower represents and warrants that, as of the date hereof, no Event of Default under the Loan Documents executed or assumed by Borrower, as amended hereby, or event or condition which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, has occurred and is continuing.
Section 23.Costs.  Borrower agrees to pay all fees and costs (including attorneys’ fees) incurred by Fannie Mae and Lender in connection with this Amendment.
Section 24.Continuing Force and Effect of Loan Documents.  Except as specifically modified or amended by the terms of this Amendment, all other terms and provisions of the Master Agreement and the other Loan Documents are incorporated by reference herein and in all respects shall continue in full force and effect.  Each Borrower, by execution of this Amendment, hereby reaffirms, assumes and binds itself to all of the obligations, duties, rights, covenants, terms and conditions that are contained in the Master Agreement and the other Loan Documents executed or assumed by it, including Section 15.01 (Choice of Law; Consent to Jurisdiction), Section 15.02 (Waiver of Jury Trial), Section 15.05 (Counterparts), Section 15.08 (Severability; Entire Agreement; Amendments) and Section 15.09 (Construction) of the Master Agreement, except that Additional Borrower does not reaffirm, assume or bind itself to any liability as maker or borrower with respect to the Indebtedness evidenced by the Initial Note or any renewal of the Initial Note.

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have signed and delivered this Amendment under seal (where applicable) or have caused this Amendment to be signed and delivered under seal (where applicable) by their duly authorized representatives.  Where Applicable Law so provides, the parties hereto intend that this Amendment shall be deemed to be signed and delivered as a sealed instrument.
ORIGINAL BORROWER:

ARHC ALSTUFL01, LLC
ARHC ALJUPFL01, LLC,
each a Delaware limited liability company

By:    /s/ James A. Tanaka (SEAL)
Name:    James A. Tanaka
Title:    Authorized Signatory
ADDITIONAL BORROWER: 
ARHC CO BORROWER 1, LLC
ARHC CO BORROWER 2, LLC
ARHC CO BORROWER 3, LLC
ARHC CO BORROWER 4, LLC
ARHC CO BORROWER 5, LLC
ARHC CO BORROWER 6, LLC
ARHC CO BORROWER 7, LLC
ARHC CO BORROWER 8, LLC
ARHC CO BORROWER 9, LLC
ARHC CO BORROWER 10, LLC
ARHC CO BORROWER 11, LLC
ARHC CO BORROWER 12, LLC
ARHC CO BORROWER 13, LLC
ARHC CO BORROWER 14, LLC
ARHC CO BORROWER 15, LLC,
each a Delaware limited liability company

By:    /s/ James A. Tanaka (SEAL)
Name:    James A. Tanaka
Title:    Authorized Signatory

[Signatures continue on following page]

LENDER:

CAPITAL ONE MULTIFAMILY FINANCE, LLC,
a Delaware limited liability company

By:    /s/ Anita S. Clarke (SEAL)
Name:    Anita S. Clarke
Title:    Senior Vice President

[Signatures continue on following page]

FANNIE MAE:
FANNIE MAE

By:    /s/ Michael W. Dick (SEAL)
Name:    Michael W. Dick
Title:    Assistant Vice President

    

SCHEDULE I

ORIGINAL BORROWER 

ARHC ALSTUFL01, LLC, a Delaware limited liability company
ARHC ALJUPFL01, LLC, a Delaware limited liability company

SCHEDULE II

ADDITIONAL BORROWER 

ARHC CO Borrower 1, LLC, a Delaware limited liability company
ARHC CO Borrower 2, LLC, a Delaware limited liability company
ARHC CO Borrower 3, LLC, a Delaware limited liability company
ARHC CO Borrower 4, LLC, a Delaware limited liability company
ARHC CO Borrower 5, LLC, a Delaware limited liability company
ARHC CO Borrower 6, LLC, a Delaware limited liability company
ARHC CO Borrower 7, LLC, a Delaware limited liability company
ARHC CO Borrower 8, LLC, a Delaware limited liability company
ARHC CO Borrower 9, LLC, a Delaware limited liability company
ARHC CO Borrower 10, LLC, a Delaware limited liability company
ARHC CO Borrower 11, LLC, a Delaware limited liability company
ARHC CO Borrower 12, LLC, a Delaware limited liability company
ARHC CO Borrower 13, LLC, a Delaware limited liability company
ARHC CO Borrower 14, LLC, a Delaware limited liability company
ARHC CO Borrower 15, LLC, a Delaware limited liability company

SCHEDULE 2 (SECTION I) TO
MASTER CREDIT FACILITY AGREEMENT
Summary of Master Terms
	
		
	I.   GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATION

	Borrower
	(a)    ARHC ALSTUFL01, LLC
(b)    ARHC ALJUPFL01, LLC
(c)    ARHC CO Borrower 1, LLC
(d)    ARHC CO Borrower 2, LLC
(e)    ARHC CO Borrower 3, LLC
(f)    ARHC CO Borrower 4, LLC
(g)    ARHC CO Borrower 5, LLC
(h)    ARHC CO Borrower 6, LLC
(i)    ARHC CO Borrower 7, LLC
(j)    ARHC CO Borrower 8, LLC
(k)    ARHC CO Borrower 9, LLC
(l)    ARHC CO Borrower 10, LLC
(m)    ARHC CO Borrower 11, LLC
(n)    ARHC CO Borrower 12, LLC
(o)    ARHC CO Borrower 13, LLC
(p)    ARHC CO Borrower 14, LLC
(q)    ARHC CO Borrower 15, LLC

	Lender
	Capital One Multifamily Finance, LLC

	Key Principal
	Healthcare Trust Operating Partnership, LP (f/k/a American Realty Capital Healthcare Trust II Operating Partnership, L.P.) and Healthcare Trust, Inc. (f/k/a American Realty Capital Healthcare Trust II, Inc.)

	Guarantor
	Healthcare Trust Operating Partnership, LP

	Multifamily Project
	As shown on Exhibit A

	Type of Property
	As shown on the SASA for each Mortgaged Property

	Seniors Housing Facility Licensing Designation
	As shown on the SASA for each Mortgaged Property

	HIPAA Covered Entity
	Allegro at Stuart
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Allegro at Jupiter
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

	Medicaid Participant
	Allegro at Stuart
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Allegro at Jupiter
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

	Property Operator(s)
	Allegro at Stuart
Operator   ARHC ALSTUFL01 TRS, LLC
Manager   Love Management Company, LLC (d/b/a Allegro Management Company)

Allegro at Jupiter
Operator   ARHC ALJUPFL01 TRS, LLC
Manager   Love Management Company, LLC (d/b/a Allegro Management Company)

	Affiliated Property Operator(s)
	   Yes – All Operators listed above are Affiliated Property Operator(s)
   No

	Maximum Permitted Equipment Financing
	Two percent (2%) of the Outstanding Advance Amount.

	ADDRESSES

	Borrower’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Borrower’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com

	Multifamily Project Address
	As shown on Exhibit A

	Key Principal’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Key Principal’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Guarantor’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Guarantor’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Payment Guarantor’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Payment Guarantor’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Lender’s General Business Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management 

	Lender’s Notice Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management

	Lender’s Payment Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management

	Manager’s General Business Address
	Allegro Management Company
212 South Central Avenue, Suite 301
St. Louis, MO 63105
Attention: CFO 
rkarn@allegroliving.com

	Manager’s Notice Address
	Allegro Management Company
212 South Central Avenue, Suite 301
St. Louis, MO 63105
Attention: CFO
rkarn@allegroliving.com

With copy to:

Theresa Marie Kenney, Esq., B.C.S.
Duss, Kenney, Safer, Hampton & Joos, P.A.
4348 Southpoint Boulevard, Suite 101
Jacksonville, Florida 32216
Tkenney@jaxfirm.com

	Operator’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue, 7th Floor
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Operator’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue, 7th Floor
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue, 14th Floor
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Sublessee’s General Business Address
	N/A

	Sublessee’s Notice Address
	N/A

INITIAL PAGE TO SCHEDULE 2 (SECTION I) TO
MASTER CREDIT FACILITY AGREEMENT
Summary of Master Terms
	
		
	 
	____________________
BORROWER INITIALS

	 
	 

SCHEDULE 3.2 TO
MASTER CREDIT FACILITY AGREEMENT
Schedule of Advance Terms
	
			
	III.   INFORMATION FOR $53,439,000.00 VARIABLE ADVANCE MADE 
MARCH 30, 2017

	Adjustable Rate
	Until the first Rate Change Date, the Initial Adjustable Rate, and from and after each Rate Change Date following the first Rate Change Date until the next Rate Change Date, a per annum interest rate that is the sum of (i) the Current Index, and (ii) the Margin, which sum is then rounded to the nearest three (3) decimal places; provided, however, that the Adjustable Rate shall never be less than the Margin.

	Advance Amount
	$53,439,000

	Advance Term
	115 months.

	Advance Year
	The period beginning on the Effective Date and ending on the last day of March, 2018, and each successive twelve (12) month period thereafter.

	Amortization Type
	   Amortizing
   Full Term Interest Only
   Partial Interest Only

	Current Index
	The published Index that is effective on the Business Day immediately preceding the applicable Rate Change Date.

	Effective Date
	March 30, 2017

	First Payment Date
	The first day of May, 2017.

	First Principal and Interest Payment Date
	The first day of May, 2022.

	Fixed Monthly Principal Component
	$72,268.14

	Fixed Rate Amortization Factor
	4.69% per annum

	Index
	One Month LIBOR

	Initial Adjustable Rate
	3.393% per annum.

	Initial Monthly Debt Service Payment
	$151,098.77

	Interest Accrual Method
	Actual/360 (computed on the basis of a three hundred sixty (360) day year and the actual number of calendar days during the applicable month, calculated by multiplying the unpaid principal balance of the Advance by the Interest Rate, dividing the product by three hundred sixty (360), and multiplying the quotient obtained by the actual number of days elapsed in the applicable month).

	Interest Only Term
	60 months.

	Interest Rate Type
	Structured ARM

	Last Interest Only Payment Date
	The first day of April, 2022.

	Margin
	2.410%

	Maturity Date
	The first day of November, 2026, or any later date to which the Maturity Date may be extended (if at all) pursuant to this Master Agreement in connection with an election by Borrower to convert the Interest Rate on the Advance to a fixed rate pursuant to the terms of this Master Agreement, or any earlier date on which the unpaid principal balance of the Advance becomes due and payable by acceleration or otherwise.

	Monthly Debt Service Payment
	(i)   for the First Payment Date, the Initial Monthly Debt Service Payment;
(ii)   for each Payment Date thereafter through and including the Last Interest Only Payment Date, the amount obtained by multiplying the unpaid principal balance of the Advance by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed in the applicable month;
(iii)   for the First Principal and Interest Payment Date and each Payment Date thereafter until the Advance is fully paid, an amount equal to the sum of:
(1)    the Fixed Monthly Principal Component; plus
(2)   an interest payment equal to the amount obtained by multiplying the unpaid principal balance of the Advance by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed in the applicable month.

	Payment Change Date
	The first (1st) day of the month following each Rate Change Date until the Advance is fully paid.

	Prepayment Lockout Period
	The first (1st) Advance Year of the term of the Advance.

	Rate Change Date
	The First Payment Date and the first (1st) day of each month thereafter until the Advance is fully paid.

	Remaining Amortization Period
	As of the First Principal and Interest Payment Date and each Payment Date thereafter, the Amortization Period minus the number of scheduled principal and interest Monthly Debt Service Payments that have elapsed since the Effective Date.

	IV.   YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATION

	Prepayment Premium Term
	The period beginning on the Effective Date and ending on the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs.

[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 3.2 TO
MASTER CREDIT FACILITY AGREEMENT
SCHEDULE OF ADVANCE TERMS
	
		
	 
	____________________
BORROWER INITIALS

	 
	 

SCHEDULE 4.2 TO
MASTER CREDIT FACILITY AGREEMENT
Prepayment Premium Schedule
(1% Prepayment Premium – ARM, SARM)
1.Defined Terms.
All capitalized terms used but not defined in this Prepayment Premium Schedule shall have the meanings assigned to them in the Master Agreement.
2.Prepayment Premium.
(a)    Any Prepayment Premium payable under Section 2.04 (Prepayment; Prepayment Lockout; Prepayment Premium) of the Master Agreement shall be equal to the following percentage of the amount of principal being prepaid at the time of such prepayment, acceleration or application:
	
		
	Prepayment Lockout Period
	5.00%

	Second Loan Year, and each Loan Year thereafter
	1.00%

	 
	 

(b)    Notwithstanding the provisions of Section 2.04 (Prepayment; Prepayment Lockout; Prepayment Premium) of the Master Agreement or anything to the contrary in this Prepayment Premium Schedule, no Prepayment Premium shall be payable with respect to any prepayment made on or after the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs
[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 4.2 TO
MASTER CREDIT FACILITY AGREEMENT
Prepayment Premium Schedule

____________________
Borrower Initials

SCHEDULE 6.1 TO
MASTER CREDIT FACILITY AGREEMENT
Required Repair Schedule 

Mortgaged Property Name:  Allegro at Stuart

	
					
	ITEM
	COST
	%
	TOTAL
	REQUIRED COMPLETION TIMEFRAME

	Per the contract with SweetWater Restoration, Inc. dated January 30, 2017, repair the kitchen area ceiling, duct work and flooring as outlined in the scope of work
	$39,782.36
	100%
	$39,782.36
	90 days

	TOTAL ESCROW
	 
	 
	Collection WAIVED
	 

INITIAL PAGE TO SCHEDULE 6.1 TO
MASTER CREDIT FACILITY AGREEMENT
Required Repair Schedule

____________________
Borrower Initials

    
    

SCHEDULE 13 TO
MASTER CREDIT FACILITY AGREEMENT
Ownership Interests Schedule
[See attached.]

    
    

INITIAL PAGE TO SCHEDULE 13 TO
MASTER CREDIT FACILITY AGREEMENT
Ownership Interest Schedule
	
		
	 
	____________________
Borrower Initials

SCHEDULE 16.1 TO
MASTER CREDIT FACILITY AGREEMENT
Exceptions to Representations and Warranties and Exceptions to Covenants
1.Section 4.01(f) (Effect of Master Agreement on Financial Condition) and Section 4.01(i) (No Bankruptcies or Judgments).  Until such time as a Multifamily Residential Property meeting all of the Underwriting and Servicing Requirements is acquired by such Shell Borrower and concurrently added to the Collateral Pool in connection with a Future Advance made subject to and in accordance with the terms of the Master Agreement, such Shell Borrower will be rendered Insolvent by the transactions contemplated by the provisions of the Master Agreement and other Loan Documents and such Shell Borrower will not have sufficient working capital to pay all of such Shell Borrower’s outstanding debts as they come due, including all Debt Service Amounts.

INITIAL PAGE TO SCHEDULE 16.1 TO
MASTER CREDIT FACILITY AGREEMENT
Exceptions to Representations and Warranties and Exceptions to Covenants
	
		
	

	____________________
Borrower Initials

    
    

EXHIBIT A TO MASTER CREDIT FACILITY AGREEMENT
SCHEDULE OF MORTGAGED PROPERTIES
AND VALUATIONS
(Seniors Housing)
	
					
	PROPERTY
	LOCATION
	OWNER
	INITIAL VALUATION
	CURRENT ALLOCABLE FACILITY AMOUNT

	Allegro at Stuart
	3400 SE Aster Lane
Stuart, Martin County, FL 34994
	ARHC ALSTUFL01, LLC, a Delaware limited liability company
	$71,000,000
	$44,846,094

	Allegro at Jupiter
	1031 Community Drive, Jupiter, Palm Beach County, FL 33458
	ARHC ALJUPFL01, LLC, a Delaware limited liability company
	$61,100,000
	$38,592,906

EXHIBIT E TO MASTER CREDIT FACILITY AGREEMENT 
FUTURE ADVANCE REQUEST
(Seniors Housing)
CAPITAL ONE MULTIFAMILY FINANCE, LLC, 
a Delaware limited liability company (“Lender”)
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management
[Note: Subject to change in the event Lender or its address changes]
		
	Re: 
	FUTURE ADVANCE REQUEST issued pursuant to that certain Master Credit Facility Agreement (Seniors Housing), dated as of October 31, 2016, by and among the undersigned (“Borrower”) and Lender (as amended, restated or otherwise modified from time to time, the “Master Agreement”)

Ladies and Gentlemen:
This constitutes a Future Advance Request pursuant to the terms of the above-referenced Master Agreement.
Section 1.Request.  Borrower hereby requests that Lender make a Future Advance in accordance with the terms of the Master Agreement.  Following is the information required by the Master Agreement with respect to this Request:
(a)Amount.  The amount of the Future Advance shall be $_____________.
(b)Designation of Advance.  The Future Advance is a: [Check one]
Fixed Advance
Variable Advance
(c)Maturity Date.  The Maturity Date of the Future Advance is as follows: _____________.
(d)Accompanying Documents.  All documents, instruments and certificates required to be delivered pursuant to the conditions contained in Section 2.02 (Advances) of the Master Agreement, including %3. a Variable Note (for Variable Advances), %3. a Fixed Note (for Fixed Advances), %3. a Compliance Certificate, and %3. an Organizational Certificate, will be delivered on or before the Effective Date.
Section 2.Fees.  Pursuant to the terms of the Master Agreement, Borrower shall pay the Additional Origination Fee and, as applicable, the Re-Underwriting Fee, as a condition to the closing of the Future Advance.
Section 3.Capitalized Terms.  All capitalized terms used but not defined in this Request shall have the meanings ascribed to such terms in the Master Agreement.
[Remainder of Page Intentionally Blank]
Sincerely,
BORROWER:

[INSERT BORROWER SIGNATURE BLOCK(S)]

By:                        (SEAL)
Name:                            
Title:                            

	
			
	Reaffirmation, Joinder and First Amendment to Master Credit Facility Agreement
	 
	9

	HTI/Capital One (Borrow Up)Exhibit

EXHIBIT 10.47
SECOND AMENDMENT TO 
MASTER CREDIT FACILITY AGREEMENT
This SECOND AMENDMENT TO MASTER CREDIT FACILITY AGREEMENT (this “Amendment”) is made as of October 26, 2017 (“Effective Date”), by and among (i) the entities identified as Borrower set forth on Schedule I attached hereto (individually and collectively, “Borrower”); (ii) CAPITAL ONE MULTIFAMILY FINANCE, LLC, a Delaware limited liability company (“Lender”); and (iii) FANNIE MAE, the corporation duly organized under the Federal National Mortgage Association Charter Act, as amended, 12 U.S.C. §1716 et seq. and duly organized and existing under the laws of the United States (“Fannie Mae”).
RECITALS
A.    Borrower and Lender are parties to or joined in that certain Master Credit Facility Agreement dated as of October 31, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Master Agreement”).
B.    All of Lender’s right, title and interest in the Master Agreement and the Loan Documents executed in connection with the Master Agreement or the transactions contemplated by the Master Agreement have been assigned to Fannie Mae pursuant to that certain Assignment of Master Credit Facility Agreement and Other Loan Documents, dated as of October 31, 2016 (the “Assignment”).  Fannie Mae has not assumed (i) any of the obligations of Lender to make Future Advances (once an agreement is made for Lender to make a Future Advance) under the Master Agreement or (ii) any of the obligations of Lender which are servicing obligations delegated to Lender as servicer of the Advances.  Fannie Mae has designated Lender as the servicer of the Advances contemplated by the Master Agreement.
C.    Borrower has requested that Lender make a Future Advance pursuant to the Master Agreement and that the Mortgaged Properties commonly known as (i) Sunnybrook of Burlington located in Burlington, Iowa, (ii) Renaissance on Peachtree located in Atlanta, Georgia, and (iii) Prairie Hills at Des Moines located in Des Moines, Iowa (individually and collectively, the “Additional Mortgaged Property”) be added to the Collateral Pool.
D.    The parties are executing this Amendment pursuant to the Master Agreement to reflect (i) the making of a Future Advance by Lender in the amount of $69,022,000 pursuant to Section 2.02(c)(2)(B) (Making Advances) of the Master Agreement (the “Future Advance”); (ii) the addition of the Additional Mortgaged Property to the Collateral Pool; and (iii) the modification of certain terms and provisions of the Master Agreement, all as more particularly set forth herein.
NOW, THEREFORE, the parties hereto, in consideration of the mutual promises and agreements contained in this Amendment and the Master Agreement, and other good and valuable 

	
			
	Second Amendment to Master Credit Facility Agreement
	 
	1

	HTI/Capital One (Addition of 3)
	 
	 

consideration, the receipt and sufficiency of which are hereby acknowledged, hereby agree as follows:
Section 1.Recitals.  The recitals set forth above are incorporated herein by reference as if fully set forth in the body of this Amendment.
Section 2.Future Advance.  In connection with this Amendment, Lender is making a Future Advance to Borrower in the amount of $69,022,000.
Section 3.Addition of Mortgaged Property.  The Additional Mortgaged Property is hereby added to the Collateral Pool under the Master Agreement.
Section 4.Summary of Master Terms.  Section I of Schedule 2 to the Master Agreement is hereby deleted in its entirety and replaced with Section I of Schedule 2 attached hereto.
Section 5.Schedule of Advance Terms.  The Schedule of Advance Terms to the Master Agreement is hereby supplemented with Schedule 3.3 attached hereto.
Section 6.Prepayment Premium Schedule.  The Prepayment Premium Schedule to the Master Agreement is hereby supplemented with Schedule 4.3 attached hereto.
Section 7.Required Replacement Schedule.  Schedule 5 to the Master Agreement is hereby supplemented with Schedule 5.1 attached hereto.
Section 8.Required Repair Schedule.  Schedule 6 to the Master Agreement is hereby supplemented with Schedule 6.2 attached hereto.
Section 9.Ownership Interest Schedule.  Schedule 13 to the Master Agreement is hereby deleted in its entirety and replaced with Schedule 13 attached hereto.
Section 10.Exceptions to Representations and Warranties.  Schedule 16 of the Master Agreement is hereby supplemented with Schedule 16.2 attached hereto.
Section 11.Condominium Provisions – Prairie Hills at Des Moines.
(a)    The Additional Mortgaged Property commonly known as Prairie Hills at Des Moines is subject to a condo regime as established by that certain Declaration of Submission of Property to Horizontal Property Regime dated November 23, 2009, as recorded December 29, 2009 in the official records of Polk County, Iowa.
(b)    Section 6.01(d) of the Master Agreement is hereby deleted in its entirety and replaced with the following:
(d)    Property Ownership.
Borrower is the sole owner or ground lessee of the Mortgaged Property.  If any Mortgaged Property is a condominium, a legal, valid, and binding declaration 

	
			
	Second Amendment to Master Credit Facility Agreement
	 
	2

	HTI/Capital One (Addition of 3)
	 
	 

establishing such condominium is in full force and effect, and Borrower has good, valid, marketable, and indefeasible title in fee to each and every condominium unit and its appurtenant undivided interest in the applicable common elements related to each condominium unit subject to such declaration and the condominium units and their appurtenant interests created by the declaration in the aggregate comprise the entire integrated structure of which each such unit is a part.
(b)    The Master Agreement is hereby amended by adding Schedule 19 attached hereto.
Section 12.Exhibit A.  Exhibit A to the Master Agreement and the Environmental Indemnity Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto.
Section 13.Confirmation of Certain Other Matters.  Without limiting the generality of the foregoing, Section 19 (Advance Terms) to the $53,439,000 Variable Note executed and delivered by Borrower to Lender on March 30, 2017 (the “March 2017 Note”) contained a scrivener’s error in which such Section 19 incorporated the provisions of Schedule 3.1 and Schedule 4.1 of the Master Agreement by reference, instead of incorporating the provisions of Schedule 3.2 and Schedule 4.2 of the Master Agreement by reference.  Accordingly, it is hereby acknowledged and agreed that the references to “Schedule 3.1” and “Schedule 4.1” set forth in Section 19 of the March 2017 Note shall be deemed to mean Schedule 3.2 and Schedule 4.2 of the Master Agreement, respectively.
Section 14.Security Instruments.  Section 4 of Exhibit B-1 to each of the Security Instruments executed by certain of the Borrowers in connection with the October 31, 2016 Initial Advance (as amended and assigned from time to time, the “October 2016 Security Instrument”) incorrectly referenced that Section 11 of each such Security Instrument was being amended and restated, when the correct reference should have been to Section 12 of the Security Instrument.  Accordingly, the references to Section 11 set forth in Section 4 of Exhibit B-1 to each of the October 2016 Security Instruments are hereby deemed to mean Section 12.
Section 15.Section 11.03(h) (Permitted Transfers) of the Master Agreement.  Subsection (2) of Section 11.03(h) (Additional Permitted Transfers) of the Master Agreement is hereby deleted in its entirety and replaced with the following:
(2)    Acquisition of Multifamily Residential Property by Shell Borrower.
Upon satisfaction of the terms and conditions of Section 2.02(c) (Making Advances) and Section 2.10(c) (Right to Add Additional Mortgaged Properties As Collateral) of the Master Agreement in connection with the making of a Future Advance in connection with the addition of an Additional Mortgaged Property pursuant to Section 2.02(c) (Making Advances) of the Master Agreement, Shell Borrower is permitted to (i) acquire, hold, own, lease, and manage a Multifamily Residential Property (either in fee simple or as tenant under a ground lease meeting all of the Underwriting and Servicing Requirements) so long as such Shell Borrower adds such Mortgaged Property to the Collateral Pool as an Additional Mortgaged Property, and (ii) merge with the entity that owned the Additional Mortgaged 

	
			
	Second Amendment to Master Credit Facility Agreement
	 
	3

	HTI/Capital One (Addition of 3)
	 
	 

Property immediately prior to Shell Borrower (“Prior Owner”), so long as such Prior Owner is a Borrower Affiliate and Shell Borrower is the surviving entity following the completion of the merger.
Section 16.Capitalized Terms.  All capitalized terms used in this Amendment which are not specifically defined herein shall have the respective meanings set forth in the Master Agreement, as amended hereby.
Section 17.Full Force and Effect.  Except as expressly modified by this Amendment, all terms and conditions of the Master Agreement shall continue in full force and effect.
Section 18.Counterparts.  This Amendment may be executed in counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.
Section 19.Applicable Law.  The provisions of Section 15.01 of the Master Agreement (entitled Choice of Law; Consent to Jurisdiction) and Section 15.02 (Waiver of Jury Trial) are hereby incorporated into this Amendment by this reference to the fullest extent as if the text of such provisions were set forth in their entirety herein.
Section 20.Authorization.  Borrower represents and warrants that Borrower is duly authorized to execute and deliver this Amendment and is and will continue to be duly authorized to perform its obligations under the Master Agreement, as amended hereby.
Section 21.Compliance with Loan Documents.  The representations and warranties set forth in the Loan Documents executed or assumed by Borrower, as amended hereby, are true and correct with the same effect as if such representations and warranties had been made on the date hereof, except for such changes as are specifically permitted under the Loan Documents and except for the exceptions to representations and warranties set forth on Schedule 16.2 attached hereto.  In addition, Borrower has complied with and is in compliance with all of its covenants set forth in the Loan Documents, as amended hereby.
Section 22.No Event of Default.  Borrower represents and warrants that, as of the date hereof, no Event of Default under the Loan Documents executed or assumed by Borrower, as amended hereby, or event or condition which, with the giving of notice or the passage of time, or both, would constitute an Event of Default, has occurred and is continuing.
Section 23.Costs.  Borrower agrees to pay all fees and costs (including attorneys’ fees) incurred by Fannie Mae and Lender in connection with this Amendment.
Section 24.Continuing Force and Effect of Loan Documents.  Except as specifically modified or amended by the terms of this Amendment, all other terms and provisions of the Master Agreement and the other Loan Documents are incorporated by reference herein and in all respects shall continue in full force and effect.  Each Borrower, by execution of this Amendment, hereby reaffirms, assumes and binds itself to all of the obligations, duties, rights, covenants, terms and conditions that are contained in the Master Agreement and the other Loan Documents executed or 

	
			
	Second Amendment to Master Credit Facility Agreement
	 
	4

	HTI/Capital One (Addition of 3)
	 
	 

assumed by it, including Section 15.01 (Choice of Law; Consent to Jurisdiction), Section 15.02 (Waiver of Jury Trial), Section 15.05 (Counterparts), Section 15.08 (Severability; Entire Agreement; Amendments) and Section 15.09 (Construction) of the Master Agreement, except that Additional Borrower does not reaffirm, assume or bind itself to any liability as maker or borrower with respect to the Indebtedness evidenced by the Initial Note or any renewal of the Initial Note.
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have signed and delivered this Amendment under seal (where applicable) or have caused this Amendment to be signed and delivered under seal (where applicable) by their duly authorized representatives.  Where Applicable Law so provides, the parties hereto intend that this Amendment shall be deemed to be signed and delivered as a sealed instrument.
BORROWER:

ARHC ALSTUFL01, LLC
ARHC ALJUPFL01, LLC,
ARHC SBBURIA01, LLC (f/k/a ARHC CO Borrower 1, LLC)
ARHC PHDESIA01, LLC (f/k/a ARHC CO Borrower 2, LLC)
ARHC RPATLGA01, LLC (f/k/a ARHC CO Borrower 3, LLC)
ARHC CO BORROWER 4, LLC
ARHC CO BORROWER 5, LLC
ARHC CO BORROWER 6, LLC
ARHC CO BORROWER 7, LLC
ARHC CO BORROWER 8, LLC
ARHC CO BORROWER 9, LLC
ARHC CO BORROWER 10, LLC
ARHC CO BORROWER 11, LLC
ARHC CO BORROWER 12, LLC
ARHC CO BORROWER 13, LLC
ARHC CO BORROWER 14, LLC
ARHC CO BORROWER 15, LLC,
each a Delaware limited liability company

By:    /s/ Jesse Galloway (SEAL)
Name:    Jesse Galloway
Title:    Authorized Signatory
[Signatures continue on following page]

LENDER:

CAPITAL ONE MULTIFAMILY FINANCE, LLC,
a Delaware limited liability company

By:    /s/ Anita S. Clarke (SEAL)
Name:    Anita S. Clarke
Title:    Senior Vice President

[Signatures continue on following page]
FANNIE MAE:
FANNIE MAE

By:    /s/ Michael W. Dick (SEAL)
Name:    Michael W. Dick
Title:    Assistant Vice President

SCHEDULE I

BORROWER

ARHC ALSTUFL01, LLC, a Delaware limited liability company
ARHC ALJUPFL01, LLC, a Delaware limited liability company
ARHC SBBURIA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 1, LLC, a Delaware limited liability company)
ARHC PHDESIA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 2, LLC, a Delaware limited liability company)
ARHC RPATLGA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 3, LLC, a Delaware limited liability company)
ARHC CO Borrower 4, LLC, a Delaware limited liability company
ARHC CO Borrower 5, LLC, a Delaware limited liability company
ARHC CO Borrower 6, LLC, a Delaware limited liability company
ARHC CO Borrower 7, LLC, a Delaware limited liability company
ARHC CO Borrower 8, LLC, a Delaware limited liability company
ARHC CO Borrower 9, LLC, a Delaware limited liability company
ARHC CO Borrower 10, LLC, a Delaware limited liability company
ARHC CO Borrower 11, LLC, a Delaware limited liability company
ARHC CO Borrower 12, LLC, a Delaware limited liability company
ARHC CO Borrower 13, LLC, a Delaware limited liability company
ARHC CO Borrower 14, LLC, a Delaware limited liability company
ARHC CO Borrower 15, LLC, a Delaware limited liability company

SCHEDULE 2 (SECTION I) TO
MASTER CREDIT FACILITY AGREEMENT
Summary of Master Terms
	
		
	I.   GENERAL PARTY AND MULTIFAMILY PROJECT INFORMATION

	Borrower
	(a)    ARHC ALSTUFL01, LLC
(b)    ARHC ALJUPFL01, LLC
(c)    ARHC SBBURIA01, LLC (f/k/a ARHC CO Borrower 1, LLC)
(d)    ARHC PHDESIA01, LLC (f/k/a ARHC CO Borrower 2, LLC)
(e)    ARHC RPATLGA01, LLC (f/k/a ARHC CO Borrower 3, LLC)
(f)    ARHC CO Borrower 4, LLC
(g)    ARHC CO Borrower 5, LLC
(h)    ARHC CO Borrower 6, LLC
(i)    ARHC CO Borrower 7, LLC
(j)    ARHC CO Borrower 8, LLC
(k)    ARHC CO Borrower 9, LLC
(l)    ARHC CO Borrower 10, LLC
(m)    ARHC CO Borrower 11, LLC
(n)    ARHC CO Borrower 12, LLC
(o)    ARHC CO Borrower 13, LLC
(p)    ARHC CO Borrower 14, LLC
(q)    ARHC CO Borrower 15, LLC

	Lender
	Capital One Multifamily Finance, LLC

	Key Principal
	Healthcare Trust Operating Partnership, L.P. (f/k/a American Realty Capital Healthcare Trust II Operating Partnership, L.P.) and Healthcare Trust, Inc. (f/k/a American Realty Capital Healthcare Trust II, Inc.)

	Guarantor
	Healthcare Trust Operating Partnership, L.P.

	Multifamily Project
	(a)    Allegro at Stuart
(b)    Allegro at Jupiter
(c)    Sunnybrook of Burlington
(d)    Prairie Hills at Des Moines
(e)    Renaissance on Peachtree

	Type of Property
	As shown on the SASA for each Mortgaged Property

	Seniors Housing Facility Licensing Designation
	As shown on the SASA for each Mortgaged Property

	HIPAA Covered Entity
	Allegro at Stuart
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Allegro at Jupiter
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Sunnybrook of Burlington
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Prairie Hills at Des Moines
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Renaissance on Peachtree
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

	Medicaid Participant
	Allegro at Stuart
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Allegro at Jupiter
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Sunnybrook of Burlington
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Prairie Hills at Des Moines
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

Renaissance on Peachtree
Borrower       Yes       No
Operator       Yes       No
Manager       Yes       No

	Property Operator(s)
	Allegro at Stuart
Operator   ARHC ALSTUFL01 TRS, LLC
Manager   Love Management Company, LLC (d/b/a Allegro Management Company)

Allegro at Jupiter
Operator   ARHC ALJUPFL01 TRS, LLC
Manager   Love Management Company, LLC (d/b/a Allegro Management Company)

Sunnybrook of Burlington
Operator   ARHC SUBBURIA01 TRS, LLC
Manager   Burlington Care Properties, LLC

Prairie Hills at Des Moines
Operator   ARHC PHDESIA01 TRS, LLC
Manager   Symerica Senior Living Limited Partnership

Renaissance on Peachtree
Operator   ARHC RPATLGA01 TRS, LLC
Manager   Blue Ridge Senior Housing, LLC

	Affiliated Property Operator(s)
	   Yes – All Operators listed above are Affiliated Property Operator(s)
   No

	Maximum Permitted Equipment Financing
	Two percent (2%) of the Outstanding Advance Amount.

	ADDRESSES

	Borrower’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Borrower’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com

	Multifamily Project Address
	(a)    Allegro at Stuart
3400 SE Aster Lane, Stuart, Martin County, FL 34994
(b)    Allegro at Jupiter
1031 Community Drive, Jupiter, Palm Beach County, FL 33458
(c)    Sunnybrook of Burlington
5175 West Avenue, Burlington, Des Moines County, IA 52601
(d)    Prairie Hills at Des Moines
5815 SE 27th Street, Des Moines, Polk County, IA 50320
(e)    Renaissance on Peachtree
3755 Peachtree Road NE, Atlanta, Fulton County, GA 30319

	Key Principal’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Key Principal’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Guarantor’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Guarantor’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Payment Guarantor’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Payment Guarantor’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Lender’s General Business Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management 

	Lender’s Notice Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management

	Lender’s Payment Address
	Capital One Multifamily Finance, LLC
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814 
Attn:  Asset Management

	Manager’s General Business Address
	Allegro at Jupiter and Allegro at Stuart

Allegro Management Company
212 South Central Avenue, Suite 301
St. Louis, MO 63105
Attention: CFO 

Prairie Hills at Des Moines

Symerica Senior Living Limited Partnership
2189 Cleveland Street, Suite 235
Clearwater, Florida 33765
Attention: Lisa Brush

Sunnybrook of Burlington

Burlington Care Properties, LLC
7420 SW Bridgeport Road, Suite 105
Portland, OR 97224
Attention: Gregory Roderick

Renaissance on Peachtree

Blue Ridge Senior Housing, LLC
3715 Northside Parkway
Building 300, Suite 110
Atlanta, Georgia 30327
Attention: Ellison W. Thomas

	Manager’s Notice Address
	Allegro at Jupiter and Allegro at Stuart

Allegro Management Company
212 South Central Avenue, Suite 301
St. Louis, MO 63105
Attention: CFO
Email: rkarn@allegroliving.com

With copy to:

Theresa Marie Kenney, Esq., B.C.S.
Duss, Kenney, Safer, Hampton & Joos, P.A.
4348 Southpoint Boulevard, Suite 101
Jacksonville, Florida 32216
Email: Tkenney@jaxfirm.com

Prairie Hills at Des Moines

Symerica Senior Living Limited Partnership
2189 Cleveland Street, Suite 235
Clearwater, Florida 33765
Attention: Lisa Brush

Sunnybrook of Burlington

Burlington Care Properties, LLC
7420 SW Bridgeport Road, Suite 105
Portland, OR 97224
Attention: Gregory Roderick

Renaissance on Peachtree

Blue Ridge Senior Housing, LLC
3715 Northside Parkway
Building 300, Suite 110
Atlanta, Georgia 30327
Attention: Ellison W. Thomas
Email: ethomas@arborcompany.com

With copy to:

Schreeder, Wheeler & Flint, LLP 
1100 Peachtree Street NE, Suite 800 
Atlanta, Georgia 30309 
Attention: Patricia P. Williamson, Esq. 
Email: pwilliamson@swfllp.com

	Operator’s General Business Address
	c/o Healthcare Trust, Inc.
405 Park Avenue, 7th Floor
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

	Operator’s Notice Address
	c/o Healthcare Trust, Inc.
405 Park Avenue, 7th Floor
New York, NY 10022
Attention: W. Todd Jensen
Email: tjensen@ar-global.com

With a copy to:

c/o Healthcare Trust, Inc.
405 Park Avenue, 14th Floor
New York, New York 10022
Attention: Jeremy Eichel
Email: JEichel@ar-global.com

and to

Katten Muchin Rosenman LLP 
2900 K Street NW, North Tower - Suite 200 
Washington, DC 20007-5118 
Attention: Jeffrey S. Scharff 
Email: jeff.scharff@kattenlaw.com 

	Sublessee’s General Business Address
	N/A

	Sublessee’s Notice Address
	N/A

INITIAL PAGE TO SCHEDULE 2 (SECTION I) TO
MASTER CREDIT FACILITY AGREEMENT
Summary of Master Terms
__________________________
Borrower Initials

SCHEDULE 3.3 TO
MASTER CREDIT FACILITY AGREEMENT
Schedule of Advance Terms
	
		
	III.   INFORMATION FOR $69,022,000 VARIABLE ADVANCE MADE
OCTOBER 26, 2017

	Adjustable Rate
	Until the first Rate Change Date, the Initial Adjustable Rate, and from and after each Rate Change Date following the first Rate Change Date until the next Rate Change Date, a per annum interest rate that is the sum of (i) the Current Index, and (ii) the Margin, which sum is then rounded to the nearest three (3) decimal places; provided, however, that the Adjustable Rate shall never be less than the Margin.

	Advance Amount
	$69,022,000

	Advance Term
	108 months.

	Advance Year
	The period beginning on the Effective Date and ending on the last day of October, 2018, and each successive twelve (12) month period thereafter.

	Amortization Type
	   Amortizing
   Full Term Interest Only
   Partial Interest Only

	Current Index
	The published Index that is effective on the Business Day immediately preceding the applicable Rate Change Date.

	Effective Date
	October 26, 2017

	First Payment Date
	The first day of December, 2017.

	First Principal and Interest Payment Date
	The first day of December, 2022.

	Fixed Monthly Principal Component
	$89,391.86

	Fixed Rate Amortization Factor
	4.86% per annum

	Index
	One Month LIBOR

	Initial Adjustable Rate
	3.648% per annum.

	Initial Monthly Debt Service Payment
	$209,826.88

	Interest Accrual Method
	Actual/360 (computed on the basis of a three hundred sixty (360) day year and the actual number of calendar days during the applicable month, calculated by multiplying the unpaid principal balance of the Advance by the Interest Rate, dividing the product by three hundred sixty (360), and multiplying the quotient obtained by the actual number of days elapsed in the applicable month).

	Interest Only Term
	60 months.

	Interest Rate Type
	Structured ARM

	Last Interest Only Payment Date
	The first day of November, 2022.

	Margin
	2.410%

	Maturity Date
	The first day of November, 2026, or any later date to which the Maturity Date may be extended (if at all) pursuant to this Master Agreement in connection with an election by Borrower to convert the Interest Rate on the Advance to a fixed rate pursuant to the terms of this Master Agreement, or any earlier date on which the unpaid principal balance of the Advance becomes due and payable by acceleration or otherwise.

	Monthly Debt Service Payment
	(i)   for the First Payment Date, the Initial Monthly Debt Service Payment;
(ii)   for each Payment Date thereafter through and including the Last Interest Only Payment Date, the amount obtained by multiplying the unpaid principal balance of the Advance by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed in the applicable month;
(iii)   for the First Principal and Interest Payment Date and each Payment Date thereafter until the Advance is fully paid, an amount equal to the sum of:
(1)   the Fixed Monthly Principal Component; plus
(2)   an interest payment equal to the amount obtained by multiplying the unpaid principal balance of the Advance by the Adjustable Rate, dividing the product by three hundred sixty (360), and multiplying the quotient by the actual number of days elapsed in the applicable month.

	Payment Change Date
	The first (1st) day of the month following each Rate Change Date until the Advance is fully paid.

	Prepayment Lockout Period
	The first (1st) Advance Year of the term of the Advance.

	Rate Change Date
	The First Payment Date and the first (1st) day of each month thereafter until the Advance is fully paid.

	Remaining Amortization Period
	As of the First Principal and Interest Payment Date and each Payment Date thereafter, the Amortization Period minus the number of scheduled principal and interest Monthly Debt Service Payments that have elapsed since the Effective Date.

	
		
	IV.   YIELD MAINTENANCE/PREPAYMENT PREMIUM INFORMATION

	Prepayment Premium Term
	The period beginning on the Effective Date and ending on the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs.

[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 3.3 TO
MASTER CREDIT FACILITY AGREEMENT
Schedule of Advance Terms
__________________________
Borrower Initials

SCHEDULE 4.3 TO
MASTER CREDIT FACILITY AGREEMENT
Prepayment Premium Schedule
(1% Prepayment Premium – ARM, SARM)
1.    Defined Terms.
All capitalized terms used but not defined in this Prepayment Premium Schedule shall have the meanings assigned to them in the Master Agreement.
2.    Prepayment Premium.
(a)    Any Prepayment Premium payable under Section 2.04 (Prepayment; Prepayment Lockout; Prepayment Premium) of the Master Agreement shall be equal to the following percentage of the amount of principal being prepaid at the time of such prepayment, acceleration or application:
	
		
	Prepayment Lockout Period
	5.00%

	Second Loan Year, and each Loan Year thereafter
	1.00%

(b)    Notwithstanding the provisions of Section 2.04 (Prepayment; Prepayment Lockout; Prepayment Premium) of the Master Agreement or anything to the contrary in this Prepayment Premium Schedule, no Prepayment Premium shall be payable with respect to any prepayment made on or after the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs.
[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 4.3 TO
MASTER CREDIT FACILITY AGREEMENT
Prepayment Premium Schedule
__________________________
Borrower Initials

SCHEDULE 5.1 TO
MASTER CREDIT FACILITY AGREEMENT
Required Replacement Schedule
Mortgaged Property Name:    Sunnybrook of Burlington
	
			
	 
	 
	Per Unit

	Initial Deposit
	$0
	$0

	 
	 
	 

	Monthly Deposit
	$1,831.50
	$27.75

Item:
		
	•
	Concrete Pavement Striping

		
	•
	Paint/Caulk – Cladding

		
	•
	Common Area – Carpet

		
	•
	Common Area - FFE

		
	•
	Condenser, Remote - Component

		
	•
	Packaged Terminal Air Conditioning Unit (PTAC)

		
	•
	Packaged Vertical Terminal Air Conditioning Unit

		
	•
	Domestic Hot Water Heater Tank 

		
	•
	Common Kitchen Equipment

		
	•
	Common Laundry Equipment

		
	•
	Carpet Flooring Replacement

		
	•
	Vinyl Flooring Replacement

		
	•
	Mini Refrigerators

		
	•
	Microwave

Mortgaged Property Name:    Renaissance on Peachtree
	
			
	 
	 
	Per Unit

	Initial Deposit
	$0
	$0

	 
	 
	 

	Monthly Deposit
	$6,488.33
	$28.33

Item:
		
	•
	Asphalt Pavement Repairs/Replacements

		
	•
	Asphalt Seal Coat and Striping

		
	•
	Paint/Caulk – Cladding

		
	•
	Common Area Carpet

		
	•
	Common Area FFE

		
	•
	Domestic Hot Water Heater Tank Type

		
	•
	Commercial Kitchen Equipment

		
	•
	Commercial Laundry Equipment

		
	•
	Carpet Flooring Replacement

		
	•
	Vinyl Flooring Replacement

		
	•
	Refrigerators

		
	•
	Range

		
	•
	Dishwasher

Mortgaged Property Name:    Prairie Hills at Des Moines

	
			
	 
	 
	Per Unit

	Initial Deposit
	$0
	$0

	 
	 
	 

	Monthly Deposit
	$2,454.33
	$33.17

Item:
		
	•
	Concrete Pavement Striping

		
	•
	Exterior Paint/Caulk - Cladding

		
	•
	Common Area – FF&E

		
	•
	Commercial Kitchen Equipment

		
	•
	Common Area Carpet

		
	•
	Commercial Laundry Equipment

		
	•
	Condenser, Remote - Component

		
	•
	Packaged Terminal Air Conditioning Unit (PTAC) - Vertical

		
	•
	Carpet Flooring Replacement

		
	•
	Mini-Refrigerators

		
	•
	Microwaves

INITIAL PAGE TO SCHEDULE 5.1 TO
MASTER CREDIT FACILITY AGREEMENT
Required Replacement Schedule

____________________
Borrower Initials

SCHEDULE 6.2 TO
MASTER CREDIT FACILITY AGREEMENT
Required Repair Schedule
Mortgaged Property Name:  Sunnybrook of Burlington
	
					
	ITEM
	COST
	%
	TOTAL
	REQUIRED COMPLETION TIMEFRAME

	Water Heater Repair – Repair leaking water heaters
	$2,000
	150%
	$3,000
	90 days

	Sidewalk Trip Hazards – Replace cracking/settled concrete sections found throughout the property
	$7,200
	150%
	$10,800
	90 days

	Exterior Paint and Trim Repair – Replace rotting trim, scrape and repaint fascia, and wood trim components
	$6,700
	150%
	$10,050
	180 days

	Water line for Water Fall – Install water line to waterfall for automatic fill/operation. Replace non-operational water filter system
	$4,000
	150%
	$6,000
	180 days

	TOTAL ESCROW
	$19,900
	 
	$29,850
	 

Mortgaged Property Name:  Renaissance on Peachtree
	
					
	ITEM
	COST
	%
	TOTAL
	REQUIRED COMPLETION TIMEFRAME

	Fencing – Several locations around the property were noticed where the fence is corroding and missing pickets. Perform repairs to the perimeter fence system  
	$5,000
	150%
	$7,500
	180 days

	Fire Protection Equipment – Some of the fire extinguishers throughout the property had expired tags, the fire riser in the stairwells have expired tags, the Ansel system in the kitchen does not have a tag at all, and the fire alarm panel has an expired tag. Inspect all fire protection equipment with expired/missing tags. 
	$4,500
	150%
	$6,750
	180 days

	Mold Removal - Unit 701 and 1006 have moisture intrusion above the showers in the bathroom. Remove the presence of mold on the ceilings
	$500
	150%
	$750
	180 days

	TOTAL ESCROW
	$10,000
	 
	$15,000
	 

Mortgaged Property Name:  Prairie Hills at Des Moines
	
					
	ITEM
	COST
	%
	TOTAL
	REQUIRED COMPLETION TIMEFRAME

	Mold Remediation & HVAC Restoration – Remediate areas of mold and restore mold affected HVAC equipment in utility closet near dining area
	$6,111
	150%
	$9,166.50
	90 days

	Repair Damaged Concrete Systems – Repair damaged areas of concrete pavement, sidewalks, and curbing noted at the Property. Concrete Flatwork repairs (i.e. sidewalks and curbing) are needed along the north and east building elevations. Concrete-paved drives and parking area repairs are localized to the east and south of the assisted living building. 
	$7,513
	150%
	$11,269.50
	180 days

	TOTAL ESCROW
	$13,624
	 
	$20,436
	 

[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 6.2 TO
MASTER CREDIT FACILITY AGREEMENT
Required Repair Schedule
__________________________
Borrower Initials

SCHEDULE 13 TO
MASTER CREDIT FACILITY AGREEMENT
Ownership Interests Schedule

INITIAL PAGE TO SCHEDULE 13 TO
MASTER CREDIT FACILITY AGREEMENT
Ownership Interests Schedule
__________________________
Borrower Initials

SCHEDULE 16.2 TO
MASTER CREDIT FACILITY AGREEMENT
Exceptions to Representations and Warranties and Exceptions to Covenants
		
	1.
	Section 4.01(f) (Effect of Master Agreement on Financial Condition) and Section 4.01(i) (No Bankruptcies or Judgments).  Until such time as a Multifamily Residential Property meeting all of the Underwriting and Servicing Requirements is acquired by such Shell Borrower and concurrently added to the Collateral Pool in connection with a Future Advance made subject to and in accordance with the terms of the Master Agreement, such Shell Borrower will be rendered Insolvent by the transactions contemplated by the provisions of the Master Agreement and other Loan Documents and such Shell Borrower will not have sufficient working capital to pay all of such Shell Borrower’s outstanding debts as they come due, including all Debt Service Amounts.

		
	2.
	Section 4.01(h)(10) (Single Purpose Status).  ARHC SBBURIA01, LLC, formerly known as ARHC CO Borrower 1, LLC, as the surviving entity to the merger with ARHC SBBURIA01, LLC, has acquired the obligations of ARHC SBBURIA01, LLC. ARHC PHDESIA01, LLC, formerly known as ARHC CO Borrower 2, LLC, as the surviving entity to the merger with ARHC PHDESIA01, LLC, has acquired the obligations of ARHC PHDESIA01, LLC.  ARHC RPATLGA01, LLC, formerly known as ARHC CO Borrower 3, LLC, as the surviving entity to the merger with ARHC RPATLGA01, LLC, has acquired the obligations of ARHC RPATLGA01, LLC. 

		
	3.
	Section 4.01(j) (No Actions or Litigation).  Charles Lockhart Sr. v. Renaissance Retirement Home – Arbor Company Staffing.  On October 17, 2016, the petitioner, a former employee of Renaissance on Peachtree, filed a Charge of Discrimination with the U.S. Equal Employment Opportunity Commission, Atlanta District Office (the “EEOC”), alleging disability discrimination, wrongful termination and retaliation.  Neither Borrower nor Affiliated Property Operator are named in the complaint.  Blue Ridge Senior Housing, LLC, the Manager of Renaissance on Peachtree, has engaged counsel and is actively defending the matter.  Manager’s counsel delivered a position statement to the EEOC on March 3, 2017, disputing the merits of the petitioner’s claims.  As of the date hereof, the EEOC have not issued a response to counsel’s position statement.

Section 4.01(j) (No Actions or Litigation).  Jacquicia Brown v. Allegro Senior Living.  On August 16, 2017, the petitioner, a former employee of Allegro at Stuart, filed an Employment Complaint of Discrimination with the Florida Commission on Human Relations, alleging race and color discrimination, wrongful termination and retaliation.  Neither Borrower nor Affiliated Property Operator are named in the complaint.  Love Management Company, LLC, the Manager of Allegro at Stuart, has engaged counsel and is actively defending the matter. 

INITIAL PAGE TO SCHEDULE 16.2 TO
MASTER CREDIT FACILITY AGREEMENT
Exceptions to Representations and Warranties and Exceptions to Covenants
__________________________
Borrower Initials

SCHEDULE 19 TO
MASTER CREDIT FACILITY AGREEMENT
Condominium Provisions
(Prairie Hills at Des Moines)
The foregoing Master Agreement is hereby modified as follows:
1.Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Master Agreement.
2.The Definitions Schedule is hereby amended by adding the following new definitions in the appropriate alphabetical order:
“Condominium” has the meaning set forth in the Security Instrument securing the Mortgaged Property commonly known as Prairie Hills at Des Moines (the “Prairie Hills Security Instrument”).
“Condominium Act” has the meaning set forth in the Prairie Hills Security Instrument.
“Condominium Documents” has the meaning set forth in the Prairie Hills Security Instrument.
3.Section 14.01(a) (Events of Default – Automatic Events of Default) of the Master Agreement is hereby amended by adding the following provision to the end thereof:
(22)    Borrower (A) terminates or revokes or attempts to terminate or revoke the appointment of Lender as Borrower’s proxy or attorney-in-fact either permanently or as to any election in the Condominium Act or Condominium Documents, or (B) modifies or attempts to modify the terms of the Condominium Documents without the prior written consent of Lender.
4.Section 14.03(c) (Appointment of Lender as Attorney-in-Fact) of the Master Agreement is hereby amended by adding the following provision to the end thereof:
(15)    perform all of the obligations and exercise all of the rights and powers of Borrower under the Condominium Documents.
5.The following article is hereby added to the Master Agreement as Article 16 (Condominium Provisions):
ARTICLE 16 - CONDOMINIUM PROVISIONS
Section 16.01    Representations and Warranties.
The representations and warranties made by Borrower to Lender in this Section 16.01 (Condominium Provisions – Representations and Warranties) are made as of the Effective Date of the Addition of the Mortgaged Property commonly known as Prairie Hills at Des Moines to the Collateral Pool and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule.
(a)    The Mortgaged Property commonly known as Prairie Hills at Des Moines is a Condominium and constitutes all of the condominium units and all of the common elements comprising the Condominium as set forth in the Condominium Documents.
(b)    None of the condominium units and no portion of the common elements comprising the Condominium have been sold, conveyed or encumbered or are subject to any agreement to sell, convey or encumber.
Section 16.02    Covenants.
(a)    Condominium Assessments.
Notwithstanding Borrower’s payment of annual assessments or special assessments levied under the terms of the Condominium Documents to provide any repairs to or maintenance of any of the common elements, Borrower shall deposit any Initial Replacement Reserve Deposit, Repairs Deposit and Monthly Replacement Reserve Deposit required pursuant to the terms of this Master Agreement.
(b)    Insurance.
Borrower shall maintain insurance in accordance with Lender’s guidelines on all of the Mortgaged Property commonly known as Prairie Hills at Des Moines, including any common areas.
(c)    Indemnification.
Borrower agrees to indemnify and hold Lender harmless from and against any and all losses, costs, liabilities, or damages (including reasonable attorneys’ fees and disbursements) arising out of (1) the failure of Borrower to comply with any state or local law, ordinance, statute, rule, or regulation by any Governmental Authority covering the Condominium, (2) any claim of any unit owner or tenant of any unit owner as a result of any violation, breach, misrepresentation, fraud, act, or omission of any obligation of Borrower as set forth in the Condominium Documents, or (3) the performance by Lender of any of the rights and powers of Borrower under the Condominium Documents, provided that Borrower shall have no indemnity obligation if such losses, costs, liabilities, or damages arise as a result of the willful misconduct or gross negligence of Lender, Lender’s agents, employees or representatives as determined by a court of competent jurisdiction pursuant to a final non-appealable court order.
(d)    Power of Attorney.
Borrower acknowledges and consents to the exercise by Lender of the power of attorney and proxy granted by Borrower to Lender with respect to rights of Borrower in connection with the Condominium.
[Remainder of Page Intentionally Blank]

INITIAL PAGE TO SCHEDULE 19 TO
MASTER CREDIT FACILITY AGREEMENT
Condominium Provisions
(Prairie Hills at Des Moines)
__________________________
Borrower Initials

EXHIBIT A TO MASTER CREDIT FACILITY AGREEMENT
SCHEDULE OF MORTGAGED PROPERTIES
AND VALUATIONS
(Seniors Housing)
	
					
	PROPERTY
	LOCATION
	OWNER
	INITIAL VALUATION
	INITIAL ALLOCABLE FACILITY AMOUNT

	Allegro at Stuart
	3400 SE Aster Lane
Stuart, Martin County, FL 34994
	ARHC ALSTUFL01, LLC, a Delaware limited liability company
	$71,000,000
	$15,000,000

	Allegro at Jupiter
	1031 Community Drive, Jupiter, Palm Beach County, FL 33458
	ARHC ALJUPFL01, LLC, a Delaware limited liability company
	$61,100,000
	$15,000,000

	Sunnybrook of Burlington
	5175 West Avenue, Burlington, Des Moines County, IA 52601
	ARHC SBBURIA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 1, LLC)
	$22,550,000
	$12,783,000

	Prairie Hills at Des Moines
	5815 SE 27th Street, Des Moines, Polk County, IA 50320
	ARHC PHDESIA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 2, LLC)
	$9,830,000
	$5,418,000

	Renaissance on Peachtree
	3755 Peachtree Road NE, Atlanta, Fulton County, GA 30319
	ARHC RPATLGA01, LLC, a Delaware limited liability company (f/k/a ARHC CO Borrower 3, LLC)
	$84,690,000
	$50,821,000

	
			
	Second Amendment to Master Credit Facility Agreement
	 
	5

	HTI/Capital One (Addition of 3)

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