Document:

Exhibit 10.7

 

Prepared by, and after recording

return to:

 

S.R. Sidarth, Esquire

Troutman Sanders LLP

P.O. Box 1122

Richmond, VA 23218

 

MULTIFAMILY DEED TO SECURE DEBT,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

GEORGIA

 

(Revised 3-1-2014)

 

     

     

    

 

Exhibit 10.7

 

Freddie Mac Loan No. 708657427

Nevadan Apartments

 

MULTIFAMILY DEED TO SECURE DEBT,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

GEORGIA

 

(Revised 3-1-2014)

 

THIS MULTIFAMILY DEED TO SECURE DEBT, ASSIGNMENT
OF RENTS AND SECURITY AGREEMENT (“Instrument”) is made to be effective as of the 13th day of October, 2016,
between BR CARROLL GLENRIDGE, LLC, a limited liability company organized and existing under the laws of Delaware, whose
address is c/o Carroll Organization, LLC, 3340 Peachtree Road, NE, Suite 2250, Atlanta, Georgia 30326, as grantor (“Borrower”),
and KEYBANK NATIONAL ASSOCIATION, a national banking association, whose address is c/o KeyBank Real Estate Capital - Servicing
Department, 11501 Outlook Street, Suite 300, Overland Park, Kansas 66211, Mailcode: KS-01-11-0501, Attn: Servicing Manager, as
grantee (“Lender”). Borrower’s organizational identification number, if applicable, is 6113182.

 

RECITAL

 

Borrower is indebted to Lender in the principal
amount of $48,431,000.00, as evidenced by Borrower’s Multifamily Note payable to Lender, dated as of the date of this Instrument,
and maturing on November 1, 2023 (“Maturity Date”).

 

AGREEMENT

 

TO SECURE TO LENDER the repayment of the
Indebtedness, and all renewals, extensions and modifications of the Indebtedness, and the performance of the covenants and agreements
of Borrower contained in the Loan Documents, Borrower grants, conveys and assigns to Lender and Lender’s successors and assigns,
with power of sale, the Mortgaged Property, including the Land located in Fulton County, State of Georgia and described in Exhibit
A attached to this Instrument. To have and to hold the Mortgaged Property unto Lender and Lender’s successors and assigns
forever. As used in this Instrument, the term “Mortgaged Property” is synonymous with the term “Secured Property,”
and the term “Lien” is synonymous with the term “security interest and title.”

 

Borrower covenants that Borrower is lawfully
seized of the Mortgaged Property and has the right, power and authority to grant, convey and assign the Mortgaged Property, that
the Mortgaged Property is unencumbered, except as shown on the schedule of exceptions to coverage in the title policy issued to
and accepted by Lender contemporaneously with the execution and recordation of this Instrument and insuring Lender’s interest
in the Mortgaged Property (the “Schedule of Title Exceptions”). Borrower covenants that Borrower will warrant
and defend generally the title to the Mortgaged Property against all claims and demands, subject to any easements and restrictions
listed in the Schedule of Title Exceptions.

 

    
	 Georgia
Multifamily Deed to Secure Debt, Assignment of Rents
and Security Agreement 
	

     

    

 

UNIFORM COVENANTS

 

(Revised 7-17-2014)

 

Covenants. In consideration of the
mutual promises set forth in this Instrument, Borrower and Lender covenant and agree as follows:

 

		1.	Definitions. The following terms, when used in this Instrument (including when used in the
above recitals), will have the following meanings and any capitalized term not specifically defined in this Instrument will have
the meaning ascribed to that term in the Loan Agreement:

 

“Attorneys’ Fees
and Costs” means (a) fees and out-of-pocket costs of Lender’s and Loan Servicer’s attorneys, as applicable,
including costs of Lender’s and Loan Servicer’s in-house counsel, support staff costs, costs of preparing for litigation,
computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process
service, videotaping and similar costs and expenses; (b) costs and fees of expert witnesses, including appraisers; (c) investigatory
fees; and (d) the costs for any opinion required by Lender pursuant to the terms of the Loan Documents.

 

“Borrower”
means all Persons identified as “Borrower” in the first paragraph of this Instrument, together with their successors
and assigns.

 

“Business Day”
means any day other than a Saturday, a Sunday or any other day on which Lender or the national banking associations are not
open for business.

 

“Event of Default”
means the occurrence of any event described in Section 8.

 

“Fixtures”
means all property owned by Borrower which is attached to the Land or the Improvements so as to constitute a fixture under applicable
law, including: machinery, equipment, engines, boilers, incinerators and installed building materials; systems and equipment for
the purpose of supplying or distributing heating, cooling, electricity, gas, water, air or light; antennas, cable, wiring and conduits
used in connection with radio, television, security, fire prevention or fire detection or otherwise used to carry electronic signals;
telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems
and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens,
refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and
storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall
coverings; fences, trees and plants; swimming pools; and exercise equipment.

 

“Governmental Authority”
means any board, commission, department, agency or body of any municipal, county, state or federal governmental unit, or any subdivision
of any of them, that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or improvement of the Mortgaged
Property, or over Borrower.

 

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“Ground Lease”
means the lease described in the Loan Agreement pursuant to which Borrower leases the Land, as such lease may from time to time
be amended, modified, supplemented, renewed and extended.

 

“Improvements”
means the buildings, structures, improvements now constructed or at any time in the future constructed or placed upon the Land,
including any future alterations, replacements and additions.

 

“Indebtedness”
means the principal of, interest at the fixed or variable rate set forth in the Note on, and all other amounts due at any time
under, the Note, this Instrument or any other Loan Document, including prepayment premiums, late charges, default interest, and
advances as provided in Section 7 to protect the security of this Instrument.

 

“Land” means
the land described in Exhibit A.

 

“Leasehold Estate”
means Borrower’s interest in the Land and any other real property leased by Borrower pursuant to the Ground Lease, if applicable,
including all of the following:

 

		(a)	All rights of Borrower to renew or extend the term of the Ground Lease.

 

		(b)	All amounts deposited by Borrower with Ground Lessor under the Ground Lease.

 

		(c)	Borrower’s right or privilege to terminate, cancel, surrender, modify or amend the Ground
Lease.

 

		(d)	All other options, privileges and rights granted and demised to Borrower under the Ground Lease
and all appurtenances with respect to the Ground Lease.

 

“Leases” means
all present and future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter in force,
whether oral or written, covering or affecting the Mortgaged Property, or any portion of the Mortgaged Property (including proprietary
leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications, extensions or renewals.

 

“Lender” means
the entity identified as “Lender” in the first paragraph of this Instrument, or any subsequent holder of the Note.

 

“Loan Agreement”
means the Multifamily Loan and Security Agreement executed by Borrower in favor of Lender and dated as of the date of this Instrument,
as such agreement may be amended from time to time.

 

“Loan Documents”
means the Note, this Instrument, the Loan Agreement, all guaranties, all indemnity agreements, all collateral agreements, UCC filings,
O&M Programs, the MMP and any other documents now or in the future executed by Borrower, any guarantor or any other Person
in connection with the loan evidenced by the Note, as such documents may be amended from time to time.

 

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“Loan Servicer”
means the entity that from time to time is designated by Lender or its designee to collect payments and deposits and receive Notices
under the Note, this Instrument and any other Loan Document, and otherwise to service the loan evidenced by the Note for the benefit
of Lender. Unless Borrower receives Notice to the contrary, the Loan Servicer is the entity identified as “Lender”
in the first paragraph of this Instrument.

 

“Mortgaged Property”
means all of Borrower’s present and future right, title and interest in and to all of the following:

 

		(a)	The Land, or, if Borrower’s interest in the Land is pursuant to a Ground Lease, the Ground
Lease and the Leasehold Estate.

 

		(b)	The Improvements.

 

		(c)	The Fixtures.

 

		(d)	The Personalty.

 

		(e)	All current and future rights, including air rights, development rights, zoning rights and other
similar rights or interests, easements, tenements, rights of way, strips and gores of land, streets, alleys, roads, sewer rights,
waters, watercourses and appurtenances related to or benefiting the Land or the Improvements, or both, and all rights-of-way, streets,
alleys and roads which may have been or may in the future be vacated.

 

		(f)	All proceeds paid or to be paid by any insurer of the Land, the Improvements, the Fixtures, the
Personalty or any other part of the Mortgaged Property, whether or not Borrower obtained the insurance pursuant to Lender’s
requirement.

 

		(g)	All awards, payments and other compensation made or to be made by any municipal, state or federal
authority with respect to the Land, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property,
including any awards or settlements resulting from condemnation proceedings or the total or partial taking of the Land, the Improvements,
the Fixtures, the Personalty or any other part of the Mortgaged Property under the power of eminent domain or otherwise and including
any conveyance in lieu thereof.

 

		(h)	All contracts, options and other agreements for the sale of the Land, or the Leasehold Estate,
as applicable, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property entered into by Borrower
now or in the future, including cash or securities deposited to secure performance by parties of their obligations.

 

		(i)	All proceeds from the conversion, voluntary or involuntary, of any of the items described in subsections
(a) through (h) inclusive into cash or liquidated claims, and the right to collect such proceeds.

 

		(j)	All Rents and Leases.

 

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		(k)	All earnings, royalties, accounts receivable, issues and profits from the Land, the Improvements
or any other part of the Mortgaged Property, and all undisbursed proceeds of the loan secured by this Instrument.

 

		(l)	All Imposition Reserve Deposits.

 

		(m)	All refunds or rebates of Impositions by Governmental Authority or insurance company (other than
refunds applicable to periods before the real property tax year in which this Instrument is dated).

 

		(n)	All tenant security deposits which have not been forfeited by any tenant under any Lease and any
bond or other security in lieu of such deposits.

 

		(o)	All names under or by which any of the above Mortgaged Property may be operated or known, and all
trademarks, trade names, and goodwill relating to any of the Mortgaged Property.

 

		(p)	If required by the terms of Section 4.05 of the Loan Agreement, all rights under the Letter
of Credit and the Proceeds, as such Proceeds may increase or decrease from time to time.

 

		(q)	If the Note provides for interest to accrue at a floating or variable rate and there is a Cap Agreement,
the Cap Collateral.

 

“Note” means
the Multifamily Note (including any Amended and Restated Note, Consolidated, Amended and Restated Note, or Extended and Restated
Note) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules, riders, allonges
and addenda, as such Multifamily Note may be amended, modified and/or restated from time to time.

 

“Notice” or
“Notices” means all notices, demands and other communication required under the Loan Documents, provided in
accordance with the requirements of Section 11.03 of the Loan Agreement.

 

“Person”
means any natural person, sole proprietorship, corporation, general partnership, limited partnership, limited liability company,
limited liability partnership, limited liability limited partnership, joint venture, association, joint stock company, bank, trust,
estate, unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision
thereof), endowment fund or any other form of entity.

 

“Personalty”
means all of the following:

 

		(a)	Accounts (including deposit accounts) of Borrower related to the Mortgaged Property.

 

		(b)	Equipment and inventory owned by Borrower, which are used now or in the future in connection with
the ownership, management or operation of the Land or Improvements or are located on the Land or Improvements, including furniture,
furnishings, machinery, building materials, goods, supplies, tools, books, records (whether in written or electronic form) and
computer equipment (hardware and software).

 

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		(c)	Other tangible personal property owned by Borrower which is used now or in the future in connection
with the ownership, management or operation of the Land or Improvements or is located on the Land or in the Improvements, including
ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances (other than
Fixtures).

 

		(d)	Any operating agreements relating to the Land or the Improvements.

 

		(e)	Any surveys, plans and specifications and contracts for architectural, engineering and construction
services relating to the Land or the Improvements.

 

		(f)	All other intangible property, general intangibles and rights relating to the operation of, or
used in connection with, the Land or the Improvements, including all governmental permits relating to any activities on the Land
and including subsidy or similar payments received from any sources, including a Governmental Authority.

 

		(g)	Any rights of Borrower in or under letters of credit.

 

“Property Jurisdiction”
means the jurisdiction in which the Land is located.

 

“Rents” means
all rents (whether from residential or non-residential space), revenues and other income of the Land or the Improvements, parking
fees, laundry and vending machine income and fees and charges for food, health care and other services provided at the Mortgaged
Property, whether now due, past due or to become due, and deposits forfeited by tenants,
and, if Borrower is a cooperative housing corporation or
association, maintenance fees, charges or assessments payable by shareholders or residents under proprietary leases or occupancy
agreements, whether now due, past due, or to become due.

 

“Taxes” means
all taxes, assessments, vault rentals and other charges, if any, whether general, special or otherwise, including all assessments
for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority
or quasi-public authority, and which, if not paid, will become a Lien on the Land or the Improvements.

 

		2.	Uniform Commercial Code Security Agreement.

 

		(a)	This Instrument is also a security agreement under the Uniform Commercial Code for any of the Mortgaged
Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, for the purpose
of securing Borrower’s obligations under this Instrument and to further secure Borrower’s obligations under the Note,
this Instrument and other Loan Documents, whether such Mortgaged Property is owned now or acquired in the future, and all products
and cash and non-cash proceeds thereof (collectively, “UCC Collateral”), and by this Instrument, Borrower grants
to Lender a security interest in the UCC Collateral. To the extent necessary under applicable law, Borrower hereby authorizes Lender
to prepare and file financing statements, continuation statements and financing statement amendments in such form as Lender may
require to perfect or continue the perfection of this security interest.

 

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		(b)	Unless Borrower gives Notice to Lender within 30 days after the occurrence of any of the following,
and executes and delivers to Lender modifications or supplements of this Instrument (and any financing statement which may be filed
in connection with this Instrument) as Lender may require, Borrower will not (i) change its name, identity, structure or jurisdiction
of organization; (ii) change the location of its place of business (or chief executive office if more than one place of business);
or (iii) add to or change any location at which any of the Mortgaged Property is stored, held or located.

 

		(c)	If an Event of Default has occurred and is continuing, Lender will have the remedies of a secured
party under the Uniform Commercial Code, in addition to all remedies provided by this Instrument or existing under applicable law.
In exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order,
without in any way affecting the availability of Lender’s other remedies.

 

		(d)	This Instrument also constitutes a financing statement with respect to any part of the Mortgaged
Property that is or may become a Fixture, if permitted by applicable law.

 

		3.	Assignment of Rents; Appointment of Receiver; Lender in Possession.

 

		(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all Rents.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all Rents and to authorize and empower Lender to collect and receive all Rents without the necessity of further action
on the part of Borrower.

 

		(ii)	Promptly upon request by Lender, Borrower agrees to execute and deliver such further assignments
as Lender may from time to time require. Borrower and Lender intend this assignment of Rents to be immediately effective and to
constitute an absolute present assignment and not an assignment for additional security only.

 

		(iii)	For purposes of giving effect to this absolute assignment of Rents, and for no other purpose, Rents
will not be deemed to be a part of the Mortgaged Property. However, if this present, absolute and unconditional assignment of Rents
is not enforceable by its terms under the laws of the Property Jurisdiction, then the Rents will be included as a part of the Mortgaged
Property and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on Rents in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

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		(b)	(i)	Until the occurrence of an Event of Default, Lender
hereby grants to Borrower a revocable license to collect and receive all Rents, to hold all Rents in trust for the benefit of
Lender and to apply all Rents to pay the installments of interest and principal then due and payable under the Note and the other
amounts then due and payable under the other Loan Documents, including Imposition Reserve Deposits, and to pay the current costs
and expenses of managing, operating and maintaining the Mortgaged Property, including utilities, Taxes and insurance premiums
(to the extent not included in Imposition Reserve Deposits), tenant improvements and other capital expenditures.

 

		(ii)	So long as no Event of Default has occurred and is continuing, the Rents remaining after application
pursuant to the preceding sentence may be retained by Borrower free and clear of, and released from, Lender’s rights with
respect to Rents under this Instrument.

 

		(iii)	After the occurrence of an Event of Default, and during the continuance of such Event of Default,
Borrower authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all
Rents to, or as directed by, Lender. From and after the occurrence of an Event of Default, and during the continuance of such Event
of Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly,
or by a receiver, Borrower’s license to collect Rents will automatically terminate and Lender will without Notice be entitled
to all Rents as they become due and payable, including Rents then due and unpaid. Borrower will pay to Lender upon demand all Rents
to which Lender is entitled.

 

		(iv)	At any time on or after the date of Lender’s demand for Rents, Lender may give, and Borrower
hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents
to Lender. No tenant will be obligated to inquire further as to the occurrence or continuance of an Event of Default. No tenant
will be obligated to pay to Borrower any amounts which are actually paid to Lender in response to such a notice. Any such notice
by Lender will be delivered to each tenant personally, by mail or by delivering such demand to each rental unit. Borrower will
not interfere with and will cooperate with Lender’s collection of such Rents.

 

		(c)	If an Event of Default has occurred and is continuing, then Lender will have each of the following
rights and may take any of the following actions:

 

		(i)	Lender may, regardless of the adequacy of Lender’s security or the solvency of Borrower and
even in the absence of waste, enter upon and take and maintain full control of the Mortgaged Property in order to perform all acts
that Lender in its discretion determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property,
including the execution, cancellation or modification of Leases, the collection of all Rents, the making of Repairs to the Mortgaged
Property and the execution or termination of contracts providing for the management, operation or maintenance of the Mortgaged
Property, for the purposes of enforcing the assignment of Rents pursuant to Section 3(a), protecting the Mortgaged Property
or the security of this Instrument, or for such other purposes as Lender in its discretion may deem necessary or desirable.

 

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		(ii)	Alternatively, if an Event of Default has occurred and is continuing, regardless of the adequacy
of Lender’s security, without regard to Borrower’s solvency and without the necessity of giving prior notice (oral
or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of a receiver for the Mortgaged
Property to take any or all of the actions set forth in the preceding sentence. If Lender elects to seek the appointment of a receiver
for the Mortgaged Property at any time after an Event of Default has occurred and is continuing, Borrower, by its execution of
this Instrument, expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte
if permitted by applicable law.

 

		(iii)	If
                                         Borrower is a housing cooperative corporation or association, Borrower hereby agrees
                                         that if a receiver is appointed, the order appointing the receiver may contain a provision
                                         requiring the receiver to pay the installments of interest and principal then due and
                                         payable under the Note and the other amounts then due and payable under the other Loan
                                         Documents, including Imposition Reserve Deposits, it being acknowledged and agreed that
                                         the Indebtedness is an obligation of Borrower and must be paid out of maintenance charges
                                         payable by Borrower’s tenant shareholders under their proprietary leases or occupancy
                                         agreements.

 

		(iv)	Lender or the receiver, as the case may be, will be entitled to receive a reasonable fee for managing
the Mortgaged Property.

 

		(v)	Immediately upon appointment of a receiver or immediately upon Lender’s entering upon and
taking possession and control of the Mortgaged Property, Borrower will surrender possession of the Mortgaged Property to Lender
or the receiver, as the case may be, and will deliver to Lender or the receiver, as the case may be, all documents, records (including
records on electronic or magnetic media), accounts, surveys, plans, and specifications relating to the Mortgaged Property and all
security deposits and prepaid Rents.

 

		(vi)	If Lender takes possession and control of the Mortgaged Property, then Lender may exclude Borrower
and its representatives from the Mortgaged Property.

 

Borrower acknowledges and agrees
that the exercise by Lender of any of the rights conferred under this Section 3 will not be construed to make Lender a mortgagee-in-possession
of the Mortgaged Property so long as Lender has not itself entered into actual possession of the Land and Improvements.

 

		(d)	If Lender enters the Mortgaged Property, Lender will be liable to account only to Borrower and
only for those Rents actually received. Except to the extent of Lender’s gross negligence or willful misconduct, Lender will
not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property, by
reason of any act or omission of Lender under Section 3(c), and Borrower hereby releases and discharges Lender from any such
liability to the fullest extent permitted by law.

 

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		(e)	If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged
Property and collecting the Rents, any funds expended by Lender for such purposes will become an additional part of the Indebtedness
as provided in Section 7.

 

		(f)	Any entering upon and taking of control of the Mortgaged Property by Lender or the receiver, as
the case may be, and any application of Rents as provided in this Instrument will not cure or waive any Event of Default or invalidate
any other right or remedy of Lender under applicable law or provided for in this Instrument.

 

		4.	Assignment of Leases; Leases Affecting the Mortgaged Property.

 

		(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all of Borrower’s right, title and interest in, to and under the Leases, including Borrower’s
right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all of Borrower’s right, title and interest in, to and under the Leases. Borrower and Lender intend this assignment
of the Leases to be immediately effective and to constitute an absolute present assignment and not an assignment for additional
security only.

 

		(ii)	For purposes of giving effect to this absolute assignment of the Leases, and for no other purpose,
the Leases will not be deemed to be a part of the Mortgaged Property.

 

		(iii)	However, if this present, absolute and unconditional assignment of the Leases is not enforceable
by its terms under the laws of the Property Jurisdiction, then the Leases will be included as a part of the Mortgaged Property
and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on the Leases in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

		(b)	Until Lender gives Notice to Borrower of Lender’s exercise of its rights under this Section 4,
Borrower will have all rights, power and authority granted to Borrower under any Lease (except as otherwise limited by this Section or
any other provision of this Instrument), including the right, power and authority to modify the terms of any Lease or extend or
terminate any Lease. Upon the occurrence of an Event of Default, and during the continuance of such Event of Default, the permission
given to Borrower pursuant to the preceding sentence to exercise all rights, power and authority under Leases will automatically
terminate. Borrower will comply with and observe Borrower’s obligations under all Leases, including Borrower’s obligations
pertaining to the maintenance and disposition of tenant security deposits.

 

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		(c)	(i)	Borrower acknowledges and agrees that the exercise
by Lender, either directly or by a receiver, of any of the rights conferred under this Section 4 will not be construed to
make Lender a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession
of the Land and the Improvements.

 

		(ii)	The acceptance by Lender of the assignment of the Leases pursuant to Section 4(a) will
not at any time or in any event obligate Lender to take any action under this Instrument or to expend any money or to incur any
expenses.

 

		(iii)	Except to the extent of Lender’s gross negligence or willful misconduct, Lender will not
be liable in any way for any injury or damage to person or property sustained by any Person or Persons in or about the Mortgaged
Property.

 

		(iv)	Prior to Lender’s actual entry into and taking possession of the Mortgaged Property, Lender
will not be obligated for any of the following:

 

		(A)	Lender will not be obligated to perform any of the terms,
covenants and conditions contained in any Lease (or otherwise have any obligation with respect to any Lease).

 

		(B)	Lender will not be obligated to appear in or defend any
action or proceeding relating to the Lease or the Mortgaged Property.

 

		(C)	Lender will not be responsible for the operation, control,
care, management or repair of the Mortgaged Property or any portion of the Mortgaged Property. The execution of this Instrument
by Borrower will constitute conclusive evidence that all responsibility for the operation, control, care, management and repair
of the Mortgaged Property is and will be that of Borrower, prior to such actual entry and taking of possession.

 

		(d)	Upon delivery of Notice by Lender to Borrower of Lender’s exercise of Lender’s rights
under this Section 4 at any time after the occurrence of an Event of Default, and during the continuance of such Event of
Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly,
by a receiver, or by any other manner or proceeding permitted by the laws of the Property Jurisdiction, Lender immediately will
have all rights, powers and authority granted to Borrower under any Lease, including the right, power and authority to modify the
terms of any such Lease, or extend or terminate any such Lease.

 

		(e)	Borrower will, promptly upon Lender’s request, deliver to Lender an executed copy of each
residential Lease then in effect.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 11 

     

    

 

		(f)	If Borrower is a cooperative housing corporation or association, notwithstanding anything to the
contrary contained in this Instrument, so long as Borrower remains a cooperative housing corporation or association and is not
in breach of any covenant of this Instrument, Lender consents to the following:

 

		(i)	Borrower may execute leases of apartments for a term in excess of 2 years to a tenant shareholder
of Borrower, so long as such leases, including proprietary leases, are and will remain subordinate to the Lien of this Instrument.

 

		(ii)	Borrower may surrender or terminate such leases of apartments where the surrendered or terminated
lease is immediately replaced or where Borrower makes its best efforts to secure such immediate replacement by a newly-executed
lease of the same apartment to a tenant shareholder of Borrower. However, no consent is given by Lender to any execution, surrender,
termination or assignment of a lease under terms that would waive or reduce the obligation of the resulting tenant shareholder
under such lease to pay cooperative assessments in full when due or the obligation of the former tenant shareholder to pay any
unpaid portion of such assessments.

 

		5.	Prepayment Premium. Borrower will be required to pay a prepayment premium in connection
with certain prepayments of the Indebtedness, including a payment made after Lender’s exercise of any right of acceleration
of the Indebtedness, as provided in the Note.

 

		6.	Application of Payments. If at any time Lender receives, from Borrower or otherwise, any
amount applicable to the Indebtedness which is less than all amounts due and payable at such time, then Lender may apply that payment
to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Neither Lender’s
acceptance of an amount that is less than all amounts then due and payable nor Lender’s application of such payment in the
manner authorized will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction.
Notwithstanding the application of any such amount to the Indebtedness, Borrower’s obligations under this Instrument, the
Note and all other Loan Documents will remain unchanged.

 

		7.	Protection of Lender’s Security; Instrument Secures Future Advances.

 

		(a)	If Borrower fails to perform any of its obligations under this Instrument or any other Loan Document,
or if any action or proceeding is commenced which purports to affect the Mortgaged Property, Lender’s security or Lender’s
rights under this Instrument, including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement
of Hazardous Materials Laws, fraudulent conveyance or reorganizations or proceedings involving a bankrupt or decedent, then Lender
at Lender’s option may make such appearances, file such documents, disburse such sums and take such actions as Lender reasonably
deems necessary to perform such obligations of Borrower and to protect Lender’s interest, including all of the following:

 

		(i)	Lender may pay Attorneys’ Fees and Costs.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 12 

     

    

 

		(ii)	Lender may pay fees and out-of-pocket expenses of accountants, inspectors and consultants.

 

		(iii)	Lender may enter upon the Mortgaged Property to make Repairs or secure the Mortgaged Property.

 

		(iv)	Lender may procure the Insurance required by the Loan Agreement.

 

		(v)	Lender may pay any amounts which Borrower has failed to pay under the Loan Agreement.

 

		(vi)	Lender may perform any of Borrower’s obligations under the Loan Agreement.

 

		(vii)	Lender may make advances to pay, satisfy or discharge any obligation of Borrower for the payment
of money that is secured by a Prior Lien.

 

		(b)	Any amounts disbursed by Lender under this Section 7, or under any other provision of this Instrument
that treats such disbursement as being made under this Section 7, will be secured by this Instrument, will be added to, and become
part of, the principal component of the Indebtedness, will be immediately due and payable and will bear interest from the date
of disbursement until paid at the Default Rate.

 

		(c)	Nothing in this Section 7 will require Lender to incur any expense or take any action.

 

		8.	Events of Default. An Event of Default under the Loan Agreement will constitute an Event
of Default under this Instrument.

 

		9.	Remedies Cumulative. Each right and remedy provided in this Instrument is distinct from
all other rights or remedies under this Instrument, the Loan Agreement or any other Loan Document or afforded by applicable law
or equity, and each will be cumulative and may be exercised concurrently, independently or successively, in any order. Lender’s
exercise of any particular right or remedy will not in any way prevent Lender from exercising any other right or remedy available
to Lender. Lender may exercise any such remedies from time to time and as often as Lender chooses.

 

		10.	Waiver of Statute of Limitations, Offsets, and Counterclaims. Borrower waives the right
to assert any statute of limitations as a bar to the enforcement of the Lien of this Instrument or to any action brought to enforce
any Loan Document. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action
or proceeding brought against it by Lender or otherwise to offset any obligations to make the payments required by the Loan Documents.
No failure by Lender to perform any of its obligations under this Instrument will be a valid defense to, or result in any offset
against, any payments that Borrower is obligated to make under any of the Loan Documents.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 13 

     

    

 

		11.	Waiver of Marshalling.

 

		(a)	Notwithstanding the existence of any other security interests in the Mortgaged Property held by
Lender or by any other party, Lender will have the right to determine the order in which any or all of the Mortgaged Property will
be subjected to the remedies provided in this Instrument, the Note, the Loan Agreement or any other Loan Document or applicable
law. Lender will have the right to determine the order in which any or all portions of the Indebtedness are satisfied from the
proceeds realized upon the exercise of such remedies.

 

		(b)	Borrower and any party who now or in the future acquires a security interest in the Mortgaged Property
and who has actual or constructive notice of this Instrument waives any and all right to require the marshalling of assets or to
require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of the Mortgaged Property be
sold in parcels or as an entirety in connection with the exercise of any of the remedies permitted by applicable law or provided
in this Instrument.

 

		12.	Further Assurances; Lender’s Expenses. 

 

		(a)	Borrower will deliver, at its sole cost and expense, all further acts, deeds, conveyances, assignments,
estoppel certificates, financing statements or amendments, transfers and assurances as Lender may require from time to time in
order to better assure, grant and convey to Lender the rights intended to be granted, now or in the future, to Lender under this
Instrument and the Loan Documents or in connection with Lender’s consent rights under Article VII of the Loan Agreement.

 

		(b)	Borrower acknowledges and agrees that, in connection with each request by Borrower under this Instrument
or any Loan Document, Borrower will pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including
any fees payable in accordance with any request for further assurances or an estoppel certificate pursuant to the Loan Agreement,
regardless of whether the matter is approved, denied or withdrawn. Any amounts payable by Borrower under this Instrument or under
any other Loan Document will be deemed a part of the Indebtedness, will be secured by this Instrument and will bear interest at
the Default Rate if not fully paid within 10 days of written demand for payment.

 

		13.	Governing Law; Consent to Jurisdiction and Venue. This Instrument, and any Loan Document
which does not itself expressly identify the law that is to apply to it, will be governed by the laws of the Property Jurisdiction.
Borrower agrees that any controversy arising under or in relation to the Note, this Instrument or any other Loan Document may be
litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
will have jurisdiction over all controversies that may arise under or in relation to the Note, any security for the Indebtedness
or any other Loan Document. Borrower irrevocably consents to service, jurisdiction and venue of such courts for any such litigation
and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing
in this Section 13 is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters under
this Instrument in any court of any other jurisdiction.

 

		14.	Notice. All Notices, demands and other communications under or concerning this Instrument
will be governed by the terms set forth in the Loan Agreement.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 14 

     

    

 

		15.	Successors and Assigns Bound. This Instrument will bind the respective successors and assigns
of Borrower and Lender, and the rights granted by this Instrument will inure to Lender’s successors and assigns.

 

		16.	Joint and Several Liability. If more than one Person signs this Instrument as Borrower,
the obligations of such Persons will be joint and several.

 

		17.	Relationship of Parties; No Third Party Beneficiary.

 

		(a)	The relationship between Lender and Borrower will be solely that of creditor and debtor, respectively,
and nothing contained in this Instrument will create any other relationship between Lender and Borrower. Nothing contained in this
Instrument will constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable for any debts, obligations,
acts, omissions, representations or contracts of Borrower.

 

		(b)	No creditor of any party to this Instrument and no other Person will be a third party beneficiary
of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (“Servicing
Arrangement”) between Lender and any Loan Servicer for loss sharing or interim advancement of funds will constitute a
contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness,
(ii) Borrower will not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under
any Servicing Arrangement will reduce the amount of the Indebtedness.

 

		18.	Severability; Amendments.

 

		(a)	The invalidity or unenforceability of any provision of this Instrument will not affect the validity
or enforceability of any other provision, and all other provisions will remain in full force and effect. This Instrument contains
the entire agreement among the parties as to the rights granted and the obligations assumed in this Instrument.

 

		(b)	This Instrument may not be amended or modified except by a writing signed by the party against
whom enforcement is sought; provided, however, that in the event of a Transfer prohibited by or requiring Lender’s approval
under Article VII of the Loan Agreement, some or all of the modifications to the Loan Documents (if any) may be modified or rendered
void by Lender at Lender’s option by Notice to Borrower and the transferee(s).

 

		19.	Construction. 

 

		(a)	The captions and headings of the Sections of this Instrument are for convenience only and will
be disregarded in construing this Instrument. Any reference in this Instrument to a “Section” will, unless otherwise
explicitly provided, be construed as referring to a Section of this Instrument.

 

		(b)	Any reference in this Instrument to a statute or regulation will be construed as referring to that
statute or regulation as amended from time to time.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 15 

     

    

 

		(c)	Use of the singular in this Instrument includes the plural and use of the plural includes the singular.

 

		(d)	As used in this Instrument, the term “including” means “including, but not limited
to” and the term “includes” means “includes without limitation.”

 

		(e)	The use of one gender includes the other gender, as the context may require.

 

		(f)	Unless the context requires otherwise any definition of or reference to any agreement, instrument
or other document in this Instrument will be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth in this Instrument).

 

		(g)	Any reference in this Instrument to any person will be construed to include such person’s
successors and assigns.

 

		20.	Subrogation. If, and to the extent that, the proceeds of the loan evidenced by the Note,
or subsequent advances under Section 7, are used to pay, satisfy or discharge a
Prior Lien, such loan proceeds or advances will
be deemed to have been advanced by Lender at Borrower’s request, and Lender will automatically, and without further action
on its part, be subrogated to the rights, including Lien priority, of the owner or holder of the obligation secured by the Prior
Lien, whether or not the Prior Lien is released.

 

		21-30.	Reserved.

 

		31.	Acceleration; Remedies.

 

		(a)	At any time during the existence of an Event of Default, Lender, at Lender’s option, may
declare the Indebtedness to be immediately due and payable without further demand, and may invoke the power of sale granted in
this Instrument (and Borrower appoints Lender as Borrower’s agent and attorney-in-fact to exercise such power of sale in
the name and on behalf of Borrower) and any other remedies permitted by Georgia law or provided in this Instrument or in any other
Loan Document. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior
judicial hearing. Lender will be entitled to collect all costs and expenses incurred in pursuing such remedies, including reasonable
Attorneys’ Fees and Costs and costs of documentary evidence, abstracts and title reports.

 

		(b)	Lender may sell and dispose of the Mortgaged Property at public auction, at the usual place for
conducting sales at the courthouse in the county where all or any part of the Mortgaged Property is located, to the highest bidder
for cash, first advertising the time, terms and place of such sale by publishing a notice of sale once a week for four consecutive
weeks (without regard to the actual number of days) in a newspaper in which sheriff’s advertisements are published in such
county, all other notice being waived by Borrower; and Lender may thereupon execute and deliver to the purchaser a sufficient instrument
of conveyance of the Mortgaged Property in fee simple, which may contain recitals as to the happening of the default upon which
the execution of the power of sale granted by this Section depends. The recitals in the instrument of conveyance will be presumptive
evidence that Lender duly complied with all preliminary acts prerequisite to the sale and instrument of conveyance. Borrower constitutes
and appoints Lender as Borrower’s agent and attorney-in-fact to make such recitals, sale and conveyance. Borrower ratifies
all of Lender’s acts, as such attorney-in-fact, and Borrower agrees that such recitals will be binding and conclusive upon
Borrower and that the conveyance to be made by Lender (and in the event of a deed in lieu of foreclosure, then as to such conveyance)
will be effectual to bar all right, title and interest, equity of redemption, including all statutory redemption, homestead, dower,
curtsey and all other exemptions of Borrower, or its successors in interest, in and to the Mortgaged Property.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 16 

     

    

 

		(c)	The Mortgaged Property may be sold in one parcel and as an entirety, or in such parcels, manner
or order as Lender, in its discretion, may elect, and one or more exercises of the powers granted in this Section will not extinguish
or exhaust the power unless the entire Mortgaged Property is sold or the Indebtedness is paid in full, and Lender will collect
the proceeds of such sale, applying such proceeds as provided in this Section. In the event of a deficiency, Borrower will immediately
on demand from Lender pay such deficiency to Lender, subject to the provisions of the Note limiting Borrower’s personal liability
for payment of the Indebtedness. Borrower acknowledges that Lender may bid for and purchase the Mortgaged Property at any foreclosure
sale and will be entitled to apply all or any part of the Indebtedness as a credit to the purchase price. Borrower covenants and
agrees that Lender will apply the proceeds of the sale in the following order: (i) to all reasonable costs and expenses of the
sale, including reasonable Attorneys’ Fees and Costs and costs of title evidence; (ii) to the Indebtedness in such order
as Lender, in Lender’s discretion, directs; and (iii) the excess, if any, to the person or persons legally entitled to the
excess. The power and agency granted in this Section 31 are coupled with an interest, are irrevocable by death or otherwise and
are in addition to the remedies for collection of the Indebtedness as provided by law.

 

		(d)	If the Mortgaged Property is sold pursuant to this Section 31, Borrower, or any person holding
possession of the Mortgaged Property through Borrower, will surrender possession of the Mortgaged Property to the purchaser at
such sale on demand. If possession is not surrendered on demand, Borrower or such person will be a tenant holding over and may
be dispossessed in accordance with Georgia law.

 

		32.	Release. Upon payment of the Indebtedness, Lender will cancel this Instrument. Borrower
will pay Lender’s reasonable costs incurred in canceling this Instrument.

 

		33.	Borrower’s Waiver Of Certain Rights. To the fullest extent permitted by law, Borrower
agrees that Borrower will not at any time insist upon, plead, claim or take the benefit or advantage of any present or future law
providing for any appraisement, valuation, stay, extension or redemption, homestead, moratorium, reinstatement, marshalling or
forbearance, and Borrower, for Borrower, Borrower’s heirs, devisees, representatives, successors and assigns, and for any
and all persons ever claiming any interest in the Mortgaged Property, to the fullest extent permitted by law, waives and releases
all rights of redemption, valuation, appraisement, stay of execution, reinstatement (including all rights under O.C.G.A. Section
44-14-85), notice of intention to mature or declare due the whole of the Indebtedness, and all rights to a marshalling of assets
of Borrower, including the Mortgaged Property.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 17 

     

    

 

		34.	Deed To Secure Debt. This conveyance is to be construed under the existing laws of the State
of Georgia as a deed passing title, and not as a mortgage, and is intended to secure the payment of the Indebtedness.

 

		35.	Assumption Not a Novation. Lender’s acceptance of an assumption of the obligations
of this Instrument and the Note, and the release of Borrower pursuant to Article VII of the Loan Agreement or otherwise, will not
constitute a novation and will not affect the priority of the Lien created by this Instrument.

 

		36.	WAIVER OF TRIAL BY JURY.

 

		(a)	BORROWER AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE OF RIGHT BY
A JURY. 

 

		(b)	BORROWER AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE
EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		37.	Incorporation of Riders. The following Riders are attached to this Instrument: NONE.

		38.	Attached Exhibits. The following Exhibits, if marked with an “X” in the space
provided, are attached to this Instrument:

 

	x	 	Exhibit A	Description of the Land (required)
	 	 	 	 
	 ̈	 	Exhibit B	Modifications to Instrument
	 	 	 	 
	 ̈	 	Exhibit C	Ground Lease Description (if applicable)

 

IN WITNESS WHEREOF, Borrower has signed and delivered this Instrument
or has caused this Instrument to be signed and delivered by its duly authorized representative.

 

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
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	Page 18 

     

    

 

	 	BR CARROLL GLENRIDGE, LLC, a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ Jordan Ruddy	(SEAL)
	 	 	Jordan Ruddy	 
	 	 	Authorized Signatory	 

 

	Signed, sealed and delivered in the presence of:	 
	 	 
	/s/ Molly Brown	 
	 	 
	Print Name: Molly Brown, Unofficial Witness	 
	 	 
	/s/ Dale Pozzi	 
	Notary Public, New York	 
	County, New York	 
	[SEAL]	 
	 	 
	Date:  September 27, 2016	 
	 	 
	My commission expires: January 28, 2017	 

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page 19 

     

    

 

EXHIBIT A

 

DESCRIPTION OF THE LAND

 

(Nevadan Apartments)

 

TRACT ONE:

 

ALL THAT TRACT of land in Land Lots 38
and 69 of the 17th District of Fulton County, Georgia, described as follows:

 

BEGINNING at the intersection of the northeast
right-of-way line of Northland Drive (variable right-of-way) with the south right-of-way line of Glenridge Drive (variable right-of-way);
thence, running along the south and southeast right-of-way line of Glenridge Drive, the following courses and distances: (1) North
79 degrees 10 minutes 20 seconds East 175.27 feet to a point, (2) along the arc of a curve to the left (which arc is subtended
by a chord having a bearing and distance of North 75 degrees 22 minutes 49 seconds East 62.93 feet and a radius of 475.00 feet)
62.87 feet to a point, (3) North 89 degrees 12 minutes 57 seconds East 22.82 feet to a point, (4) along the arc of a curve to the
left (which arc is subtended by a chord having a bearing and distance of North 57 degrees 07 minutes 19 seconds East 231.76 feet
and a radius of 449.22 feet) 234.42 feet to a point, (5) North 47 degrees 51 minutes 39 seconds West 11.78 feet to a point, and
(6) along the arc of a curve to the left (which arc is subtended by a chord having a bearing and distance of North 38 degrees 00
minutes 36 seconds East 62.84 feet and a of 436.44 feet) 62.90 feet to a point; thence, leaving said right-of-way line, South 54
degrees 00 minutes 00 seconds East 91.00 feet to a point; thence South 36 degrees 30 minutes 00 seconds, West 26.00 feet to a point;
thence South 54 degrees 30 minutes 00 seconds East 325.00 feet to a point; thence North 28 decrees 56 minutes 16 seconds East 79.00
feet to a point; thence South 66 degrees 57 minutes 51 seconds East 37.00 feet to a point; thence South 58 degrees 54 minutes 02
seconds East 194.00 feet to a point thence South 28 degrees 02 minutes 54 seconds West 164.00 feet to a point; thence South 18
degrees 12 minutes 19 seconds West 250.86 feet to a 1-inch crimp top iron pin found; thence North 89 degrees 40 minutes 49 seconds
West 340.60 feet to a 1-1/2-inch crimp top iron pin found; thence North 20 degrees 01 minute 13 seconds West 267.84 feet along
the northeast boundary line of Lot 1, Block B, Unit Two, Glenridge Manor Subdivision to a 1-1/2-inch crimp top iron pin found;
thence South 62 degrees 43 minutes 16 seconds West 229.10 feet along the northwest boundary line of said Lot 1 to a point on the
northeast right-of-way line of said Northland Drive; thence, along said northeast right-of-way line, the following courses and
distances: (1) North 20 degrees 24 minutes 30 seconds West 24.58 feet to a point, (2) along the arc of a curve to the left (which
arc is subtended by a chord having a bearing and distance of North 25 degrees 52 minutes 13 second West 123.95 feet and a radius
of 651.08 feet) 124.14 feet to a point; (3) North 31 degrees 19 minutes 57 seconds West 12.81 feet to a point, (4) along the arc
of a curve to the left (which arc is subtended by a chord having a bearing and distance of North 45 degrees 14 minutes 44 seconds
West 96.68 feet and a radius of 201.03 feet) 97.53 feet to a point, and (5) along the arc of a curve to the right (which arc is
subtended by a chord having a bearing and distance of North 49 degrees 03 minutes 48 seconds West 148.42 feet and a radius of 423.36
feet) 149.19 feet to the POINT OF BEGINNING, said tract containing 8.41301 acres.

 

TOGETHER WITH a non-exclusive right,
title and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Andrew E. Chandler
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 107, Fulton County, Georgia
records.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page A-1 

     

    

 

TOGETHER WITH a non-exclusive right,
title and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Sarah J. Carpenter
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 98, aforesaid records.

 

TRACT TWO:

 

ALL THAT TRACT of land in Land Lots 38
and 69 of the 17th District of Fulton County, Georgia, described as follows:

 

TO FIND THE TRUE POINT OF BEGINNING, commence
at the intersection of the northeast right-of-way line of Northland Drive (variable right-of-way) with the south right-of-way line
of Glenridge Drive (variable right-of-way); thence, running along the south and southeast right-of-way line of Glenridge Drive,
the following courses and distances: (1) North 79 degrees 10 minutes 20 second East 175.27 feet to a point, (2) along the arc of
a curve to the left (which arc is subtended by a chord having a bearing and distance of North 75 degrees 22 minutes 49 seconds
East 62.83 feet and a radius of 475.00 feet) 62.87 feet to a point, (3) North 89 degrees 12 minutes 57 seconds East 22.82 feet
to a point, (4) along the arc of a curve to the left (which arc is subtended by a chord having a bearing and distance of North
57 degrees 07 minutes 19 seconds East 231.76 feet and a radius of 448.22 feet) 234.42 feet to a point, (5) North 47 degrees 51
minutes 39 seconds West 11.78 feet to a point, and (6) along the arc of a curve to the left (which arc is subtended by a chord
having a bearing and distance of North 38 degrees 00 minutes 36 seconds East 62.84 feet and a radius of 436.44 feet) 62.90 feet
to a point and the TRUE POINT OF BEGINNING: from the TRUE POINT OF BEGINNING as thus established, continuing thence along said
right-of-way line, the following courses and distances: (1) along the arc of a curve to the left (which arc is subtended by a chord
having a bearing and distance of North 29 degrees 56 minutes 36 seconds East 59.95 feet and a radius of 436.44 feet) 60.00 feet
to a point, (2) North 26 degrees 00 minutes 18 seconds East 174.82 feet to a point, (3) along the arc of a curve to the right (which
arc is subtended by a chord having a bearing and distance of North 38 degrees 40 minutes 03 seconds East 220.49 feet and a radius
of 502.92 feet) 222.29 feet to a point, and (4) North 51 degrees 19 minutes 49 seconds East 120.96 feet to a point on the southwest
boundary line of Lot 4, Block A, Unit One, Glenridge Manor Subdivision; thence, leaving said right-of-way line, South 39 degrees
07 minutes 55 seconds East 216.57 feet along the southwest boundary line of said Lot 4 to a point; thence North 46 degrees 30 Minutes
16 seconds East 59.50 feet along the South boundary line of said Lot 4 to a 3/8-inch reinforcing, rod found at the northwest corner
of Lot 6. Block A, Unit Two, Glenridge Manor Subdivision thence South 49 degrees 50 minutes 45 seconds East 193.19 feet along the
southwest boundary line of said Lot 6 to a 1-3/4-inch crimp top iron pin found on the northwest right-of-way line of Royervista
Drive; (a 50 foot-right-of-way) thence along said northwest right-of-way line, the following courses and distances: (1) along the
arc of a curve to the left (which arc is subtended by a chord having a bearing and distance of South 27 degrees 55 minutes 01 second
West 285.75 feet and a radius of 741 197 feet) 287.55 feet to a point, and (2) South 16 degrees 48 minutes 11 seconds West 125.89
feet to a point; thence, leaving said northwest right-of-way line South 64 degrees 30 minutes 58 seconds East 278.84 feet to a
point on the northwest boundary line of Lot 23, Block B, Unit Two, Glenridge Manor Subdivision; thence South 17 degrees 40 minutes
41 seconds West 249.84 feet along the northwest boundary line of said, Lot 23 and along the northwest boundary line of Lot 24 Block
B, Unit Two, Glenridge Manor Subdivision to an angle iron found, thence South 44 degrees 07 minutes 25 seconds West 231.89 feet
along the northwest boundary line of Lot 25 Block B Unit Two, Glenridge Manor Subdivision to a 1-1/2-inch reinforcing rod found
on the land lot line common to said Land Lots 38 and 69; thence North 89 degrees 40 minutes 51 seconds West 104.85 feet to a 1-inch
crimp top iron pin found; thence North 18 degrees 12 minutes 19 seconds East 250.86 feet to a point; thence North 28 degrees 02
minutes 54 seconds East 164.00 feet to a point; thence North 58 degrees 54 minutes 02 seconds West 194.00 feet to a point; thence
North 66 degrees 57 minutes 51 seconds West 37.00 feet to a point; thence South 28 degrees 56 minutes 16 seconds West 79.00 feet
to a point; thence North 54 degrees 30 minutes 00 seconds West 325.00 feet to a point thence North 36 degrees 30 minutes 00 seconds
East 26.00 feet to a point; thence North 54 degrees 00 minutes 00 seconds West 91.00 feet to the TRUE POINT OF BEGINNING, said
tract containing 8.30101 acres.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page A-2 

     

    

 

TOGETHER WITH a non-exclusive right,
title and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Andrew E. Chandler
and Independent Living International Corp. dated as of July 20,1989, recorded in Deed Book 12661, Page 107, Fulton County, Georgia
records.

 

TOGETHER WITH a non-exclusive right,
title and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Sarah J. Carpenter
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 98, aforesaid records.

 

    	Georgia
 Multifamily Deed to Secure Debt, Assignment of Rents
 and Security Agreement
	Page A-3Exhibit 10.8

 

Freddie Mac Loan Number: 708657427

Property Name: Nevadan Apartments

 

ASSIGNMENT OF MANAGEMENT AGREEMENT AND

SUBORDINATION OF MANAGEMENT FEES 

 

(Revised 7-12-2016)

 

THIS ASSIGNMENT OF MANAGEMENT
AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES (“Assignment”) is made effective as of the 13th day of October,
2016, by and among BR CARROLL GLENRIDGE, LLC, a Delaware limited liability company (“Borrower”), KEYBANK
NATIONAL ASSOCIATION, a national banking association (“Lender”), and CARROLL MANAGEMENT GROUP, LLC,
a Georgia limited liability company (“Property Manager”).

 

RECITALS:

 

		A.	Borrower has requested that Lender make a loan to Borrower (“Loan”). The Loan
will be evidenced by a Multifamily Note from Borrower to Lender effective as of the date of this Assignment (“Note”).
The Note is secured by, among other things, a Multifamily Loan and Security Agreement (“Loan Agreement”) and
a Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement (“Security Instrument”), dated
as of the date of this Assignment, which grants Lender a first lien on the property encumbered by the Security Instrument (“Mortgaged
Property”). The Note, the Loan Agreement, the Security Instrument, this Assignment and any of the other documents evidencing
the Loan are collectively referred to as the “Loan Documents”. Other capitalized terms used but not defined
in this Assignment will have the meanings given to those terms in the Loan Agreement.

 

		B.	Pursuant to a Management Agreement between Borrower and Property Manager (“Management
Agreement”) (a true and correct copy of which is attached as Exhibit B), Borrower employed Property Manager exclusively
to lease, operate and manage the Mortgaged Property, and Property Manager is entitled to certain management fees (“Management
Fees”) pursuant to the Management Agreement.

 

		C.	Lender requires as a condition to the making of the Loan that Borrower assign the Management Agreement
and that Property Manager subordinate its interest in the Management Fees in lien and payment to the Loan as set forth below.

 

For good and valuable
consideration the parties agree as follows:

 

		1.	Assignment of Management Agreement. As additional collateral security for the Loan, Borrower
conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management
Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment,
at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the
other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default
within any applicable grace period.

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	 

     

    

 

		2.	Subordination of Management Fees. The Management Fees and all rights and privileges of Property
Manager to the Management Fees are and will at all times continue to be subject and unconditionally subordinate in all respects
in lien and payment to the lien and payment of the Loan Agreement, the Security Instrument, the Note, and the other Loan Documents,
and to any renewals, extensions, modifications, assignments, replacements, or consolidations of the Loan Documents and the rights,
privileges, and powers of Lender under the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents.

 

		3.	Estoppel. Property Manager and Borrower represent and warrant that all of the following
are true as of the date of this Assignment:

 

		(a)	The Management Agreement is in full force and effect and has not been modified, amended or assigned
other than pursuant to this Assignment.

 

		(b)	Neither Property Manager nor Borrower is in default under any of the terms, covenants or provisions
of the Management Agreement and Property Manager knows of no event which, but for the passage of time or the giving of notice or
both, would constitute an event of default under the Management Agreement.

 

		(c)	Neither Property Manager nor Borrower has commenced any action or given or received any notice
for the purpose of terminating the Management Agreement.

 

		(d)	The Management Fees and all other sums due and payable to the Property Manager under the Management
Agreement have been paid in full.

 

		4.	Agreement by Borrower and Property Manager. Borrower and Property Manager agree that if
there is an Event of Default by Borrower (continuing beyond any applicable grace period) under the Note, the Loan Agreement, the
Security Instrument or any of the other Loan Documents during the term of this Assignment or upon the occurrence of any event which
would entitle Lender to terminate the Management Agreement in accordance with the terms of the Loan Documents, Lender may terminate
the Management Agreement without payment of any cancellation fee or penalty and require Property Manager to transfer its responsibility
for the management of the Mortgaged Property to a management company selected by Lender in Lender’s sole discretion, effective
as of the date set forth in Lender’s notice to Property Manager. Following any such termination, Property Manager agrees
to apply all rents, security deposits, issues, proceeds and profits of the Mortgaged Property in accordance with Lender’s
written directions to Property Manager.

 

		5.	Lender’s Right to Replace Property Manager. If Lender, in Lender’s reasonable
discretion, at any time during the term of this Assignment, determines that the Mortgaged Property is not being managed in accordance
with generally accepted management practices for properties similar to the Mortgaged Property, Lender will deliver written notice
to Borrower and Property Manager, which notice will specify with particularity the grounds for Lender’s determination. If
Lender reasonably determines that the conditions specified in Lender’s notice are not remedied to Lender’s reasonable
satisfaction by Borrower or Property Manager within 30 days from receipt of such notice or that Borrower or Property Manager have
failed to diligently undertake correcting such conditions within such 30-day period, Lender may direct Borrower to terminate Property
Manager as manager of the Mortgaged Property and terminate the Management Agreement without payment of any cancellation fee or
penalty and to replace Property Manager with a management company acceptable to Lender in Lender’s sole discretion pursuant
to a management agreement acceptable to Lender in Lender’s sole discretion.

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 2 

     

    

  

		6.	Receipt of Management Fees. Property Manager will not be obligated to return or refund to
Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the
Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any
Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be
received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents.

 

		7.	Consent and Agreement by Property Manager. Property Manager acknowledges and consents to
this Assignment and agrees that Property Manager will act in conformity with the provisions of this Assignment and Lender’s
rights under this Assignment or otherwise related to the Management Agreement. If the responsibility for the management of the
Mortgaged Property is transferred from Property Manager in accordance with the provisions of this Assignment, then Property Manager
will fully cooperate in transferring its responsibility to a new management company and complete such transfer no later than 30
days from the date the Management Agreement is terminated. Further, Property Manager agrees as follows:

 

		(a)	It will not contest or impede the exercise by Lender of any right Lender has under or in connection
with this Assignment.

 

		(b)	It will give at least 30 days prior written notice to Lender of its intention to terminate the
Management Agreement or otherwise discontinue its management of the Mortgaged Property, in the manner provided for in this Assignment.

 

		(c)	It will not amend any of the provisions or terms of the Management Agreement without the prior
consent of Lender.

 

		8.	Termination. When the Loan is paid in full and the Security Instrument is released or assigned
of record, this Assignment and all of Lender’s right, title and interest hereunder with respect to the Management Agreement
will terminate.

 

		9.	Notices.

 

		(a)	All notices under or concerning this Assignment (“Notice”) will be in writing.
Each Notice will be deemed given on the earliest to occur of: (i) the date when the Notice is received by the addressee, (ii) the
first Business Day after the Notice is delivered to a recognized overnight courier service, with arrangements made for payment
of charges for next Business Day delivery, or (iii) the third Business Day after the Notice is deposited in the United States mail
with postage prepaid, certified mail, return receipt requested. Addresses for Notice are as follows:

 

	If to Lender:	KeyBank National Association

c/o KeyBank Real Estate Capital - Servicing 

Department, 11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Mailcode: KS-01-11-0501, Attn:  Servicing Manager

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 3 

     

    

  

	If to Borrower:	
        BR Carroll Glenridge, LLC

c/o Carroll Organization, LLC

3340 Peachtree Road, NE, Suite 2250

Atlanta, Georgia 30326

Attention: Josh Champion

	 	 
	If to Property Manager:	
        Carroll Management Group, LLC

c/o Carroll Organization, LLC

3340 Peachtree Road, NE, Suite 2250

Atlanta, Georgia 30326

Attention: Josh Champion

 

		(b)	Any party to this Assignment may change the address to which Notices intended for it are to be
directed by means of Notice given to the other parties in accordance with this Section 9. Each party agrees that it will not refuse
or reject delivery of any Notice given in accordance with this Section 9, that it will acknowledge, in writing, the receipt of
any Notice upon request by the other party and that any Notice rejected or refused by it will be deemed for purposes of this Section
9 to have been received by the rejecting party on the date so refused or rejected, as conclusively established by the records of
the U.S. Postal Service or the courier service.

 

		10.	Governing Law; Consent to Jurisdiction and Venue.

 

		(a)	This Assignment will be construed in accordance with and governed by the laws of the Property Jurisdiction.

 

		(b)	Borrower and Property Manager agree that any controversy arising under or in relation to this Assignment
may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
will have jurisdiction over all controversies that may arise under or in relation to this Assignment. Borrower and Property Manager
irrevocably consent to service, jurisdiction and venue of such courts for any such litigation and waive any other venue to which
it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Section 10 is intended
to limit Lender’s right to bring any suit, action or proceeding relating to matters under this Assignment in any court of
any other jurisdiction.

 

		11.	Captions, Cross References and Exhibits. The captions assigned to provisions of this Assignment
are for convenience only and will be disregarded in construing this Assignment. Any reference in this Assignment to an “Exhibit”
or a “Section,” unless otherwise explicitly provided, will be construed as referring, respectively, to an Exhibit attached
to this Assignment or to a section of this Assignment. All Exhibits attached to or referred to in this Assignment are incorporated
by reference into this Assignment.

 

		12.	Number and Gender. Use of the singular in this Assignment includes the plural, use of the
plural includes the singular, and use of one gender includes all other genders, as the context may require.

 

		13.	No Partnership. This Assignment is not intended to, and will not, create a partnership or
joint venture among the parties, and no party to this Assignment will have the power or authority to bind any other party except
as explicitly provided in this Assignment.

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 4 

     

    

  

		14.	Severability. The invalidity or unenforceability of any provision of this Assignment will
not affect the validity of any other provision, and all other provisions will remain in full force and effect.

 

		15.	Entire Assignment. This Assignment contains the entire agreement among the parties as to
the rights granted and the obligations assumed in this Assignment.

 

		16.	No Waiver; No Remedy Exclusive. Any forbearance by a party to this Assignment in exercising
any right or remedy given under this Assignment or existing at law or in equity will not constitute a waiver of or preclude the
exercise of that or any other right or remedy. Unless otherwise explicitly provided, no remedy under this Assignment is intended
to be exclusive of any other available remedy, but each remedy will be cumulative and will be in addition to other remedies given
under this Assignment or existing at law or in equity.

 

		17.	Third Party Beneficiaries. Neither any creditor of any party to this Assignment, nor any
other person, is intended to be a third party beneficiary of this Assignment.

 

		18.	Further Assurances and Corrective Instruments. To the extent permitted by law, the parties
will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements
to this Assignment and such further instruments as may reasonably be required for carrying out the intention of or facilitating
the performance of this Assignment.

 

		19.	Counterparts. This Assignment may be executed in multiple counterparts, each of which will
constitute an original document and all of which together will constitute one agreement.

 

		20.	Indemnity. By executing this Assignment Borrower agrees to indemnify and hold harmless Lender
and its successors and assigns from and against any and all losses, claims, damages, liabilities and expenses including Attorneys’
Fees and Costs, which may be imposed or incurred in connection with this Assignment.

 

		21.	Costs and Expenses. Wherever pursuant to this Assignment it is provided that Borrower will
pay any costs and expenses, such costs and expenses will include Lender’s Attorneys’ Fees and Costs.

 

		22.	Determinations by Lender. In any instance where the consent or approval of Lender may be
given or is required, or where any determination, judgment or decision is to be rendered by Lender under this Assignment, the granting,
withholding or denial of such consent or approval and the rendering of such determination, judgment or decision will be made or
exercised by Lender (or its designated representative) at its sole and exclusive option and in its sole and absolute discretion
and will be final and conclusive, except as may be otherwise expressly and specifically provided in this Assignment.

 

		23.	Successors and Assigns. This Assignment will be binding upon and inure to the benefit of
Borrower, Lender and Property Manager and their respective successors and assigns forever.

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 5 

     

    

  

		24.	Secondary Market.  Lender may sell, transfer and deliver the Note and assign the Loan
Agreement, the Security Instrument, this Assignment and the other Loan Documents to one or more investors in the secondary mortgage
market (“Investors”). In connection with such sale, Lender may retain or assign responsibility for servicing
the Loan, including the Note, the Loan Agreement, the Security Instrument, this Assignment and the other Loan Documents, or may
delegate some or all of such responsibility and/or obligations to a servicer including any subservicer or master servicer, on behalf
of the Investors. All references to Lender in this Assignment will refer to and include any such servicer to the extent applicable.

 

		25.	Attached Exhibits. The following Exhibits, if marked with an “X” in the space
provided, are attached to this Assignment:

 

	x	 	Exhibit A	Modifications to Assignment
	 	 	 	 
	x	 	Exhibit B	Copy of Management Agreement

 

IN WITNESS WHEREOF the
undersigned have executed this Assignment as of the date and year first written above.

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 6 

     

    

  

	 	BORROWER:
	 	 
	 	BR CARROLL GLENRIDGE, LLC, a Delaware limited liability company
	 	 
	 	By:  	/s/ Jordan Ruddy
	 	 	Jordan Ruddy
	 	 	Authorized Signatory

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 7 

     

    

  

	 	LENDER:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION, a national banking association
	 	 
	 	By:  	/s/ Tonya E. Barnes
	 	 	Tonya E. Barnes
	 	 	Vice President

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 8 

     

    

  

	 	PROPERTY MANAGER:
	 	 
	 	CARROLL MANAGEMENT GROUP, LLC, a Georgia limited
    liability company
	 	 
	 	By:  	/s/ Josh Champion
	 	 	Name: Josh Champion
	 	 	Title: President

 

    	Assignment of Management Agreement and

Subordination of Management Fees
	Page 9 

     

    

 

EXHIBIT A

 

MODIFICATIONS TO ASSIGNMENT

 

The following modifications are made to the
text of the Assignment that precedes this Exhibit:

 

None.

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page A-1

     

    

  

EXHIBIT B

MANAGEMENT AGREEMENT

 

See Attached

 

    	Assignment of Management Agreement and
Subordination of Management Fees
	Page B-1

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