Document:

EX-10.84

 Exhibit 10.84 
 GUARANTY OF NON-RECOURSE OBLIGATIONS 
 This GUARANTY OF
NON-RECOURSE OBLIGATIONS (this “Guaranty”), dated as of June 7, 2013, is executed by the undersigned (“Guarantor”), to and for the benefit of PRUDENTIAL MULTIFAMILY MORTGAGE, LLC, a Delaware limited liability
company (“Lender”). 
 RECITALS: 
 A.        Pursuant to that certain Multifamily Loan and Security Agreement dated as of the date hereof, by and between KBS LEGACY PARTNERS MILLENNIUM LLC, a
Delaware limited liability company (“Borrower”) and Lender (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), Lender is making a loan to Borrower in the
original principal amount of Twenty One Million Eight Hundred Forty Thousand and No/100 Dollars ($21,840,000.00) (the “Mortgage Loan”), as evidenced by that certain Multifamily Note dated as of the date hereof, executed by Borrower
and made payable to the order of Lender in the amount of the Mortgage Loan (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”). 

B.        The Note will be secured by, among other things, a Security Instrument
(as defined in the Loan Agreement) encumbering the real property described in the Security Instrument (the “Property”). 
 C.        Guarantor has an economic interest in Borrower or will otherwise obtain a material financial benefit from the Mortgage Loan. 

D.        As a condition to making the Mortgage Loan to Borrower, Lender requires
that Guarantor execute this Guaranty. 
 NOW, THEREFORE, in order to induce Lender to make the Mortgage Loan to
Borrower, and in consideration thereof, Guarantor agrees as follows: 
 AGREEMENTS: 

 

	1.	Recitals. 

The recitals set forth above are incorporated herein by reference as if fully set forth in the body of this Guaranty.

  

	2.	Defined Terms. 

 Capitalized terms used and not specifically defined herein have the meanings given to such terms in the Loan Agreement. 

  

					
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	3.	Guaranteed Obligations. 

 Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration or
otherwise, and at all times thereafter, of: 
 (a)        all amounts,
obligations and liabilities owed to Lender under Article 3 (Personal Liability) of the Loan Agreement (including the payment and performance of all indemnity obligations of Borrower described in Section 3.03 (Personal Liability for
Indemnity Obligations) of the Loan Agreement and including all of Borrower’s obligations under the Environmental Indemnity Agreement); and 
 (b)        all costs and expenses, including reasonable fees and out-of-pocket expenses of attorneys and expert witnesses, incurred by Lender in enforcing its
rights under this Guaranty. 
  

	4.	 Survival of Guaranteed Obligations. 

The obligations of Guarantor under this Guaranty shall survive any Foreclosure Event, and any recorded release or
reconveyance of the Security Instrument or any release of any other security for any of the Indebtedness. 
  

	5.	 Guaranty of Payment; Community Property. 

Guarantor’s obligations under this Guaranty constitute a present and unconditional guaranty of payment and not
merely a guaranty of collection. If Guarantor (or any Guarantor, if more than one) is a married person, and the state of residence of Guarantor or Guarantor’s spouse is a community property jurisdiction, Guarantor (or each such married
Guarantor, if more than one) agrees that Lender may satisfy Guarantor’s obligations under this Guaranty to the extent of all Guarantor’s separate property and Guarantor’s interest in any community property. 

 

	6.	 Obligations Unsecured; Cross-Default. 

The obligations of Guarantor under this Guaranty shall not be secured by the Security Instrument or the Loan Agreement.
However, a default under this Guaranty shall be an Event of Default under the Loan Agreement, and a default under this Guaranty shall entitle Lender to be able to exercise all of its rights and remedies under the Loan Agreement and other Loan
Documents. 
  

	7.	 Continuing Guaranty. 

 The obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any provision of this Guaranty, the Note, the Loan
Agreement, the Security Instrument or any other Loan Document. Guarantor agrees that performance of the obligations hereunder shall be a primary obligation, shall not be subject to any counterclaim, set-off, recoupment, abatement, deferment or
defense based upon any claim that Guarantor may have against Lender, Borrower, any other guarantor of the obligations hereunder or any other person or entity, and shall remain in full force and effect without regard

  

					
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to, and shall not be released, discharged or affected in any way by any circumstance or condition (whether or not Guarantor shall have any knowledge thereof), including: 

(a)        any furnishing, exchange, substitution or release of any collateral
securing repayment of the Mortgage Loan, or any failure to perfect any lien in such collateral; 

(b)        any failure, omission or delay on the part of Borrower, Guarantor, any
other guarantor of the obligations hereunder or Lender to conform or comply with any term of any of the Loan Documents or failure of Lender to give notice of any Event of Default; 

(c)        any action or inaction by Lender under or in respect of any of the
Loan Documents, any failure, lack of diligence, omission or delay on the part of Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy conferred upon it in any of the Loan Documents, or any other action
or inaction on the part of Lender; 
 (d)        any Bankruptcy Event,
or any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or proceedings
with respect to Guarantor or any other guarantor of the obligations hereunder, or any of their respective property or creditors or any action taken by any trustee or receiver or by any court in such proceeding; 

(e)        any merger or consolidation of Borrower into or with any entity or any
sale, lease or Transfer of any asset of Borrower, Guarantor or any other guarantor of the obligations hereunder to any other Person; 
 (f)        any change in the ownership of Borrower or any change in the relationship between Borrower, Guarantor or any other guarantor of the obligations
hereunder, or any termination of such relationship; 
 (g)        any
release or discharge by operation of law of Borrower, Guarantor or any other guarantor of the obligations hereunder, any obligation or agreement contained in any of the Loan Documents; or 

(h)        any other occurrence, circumstance, happening or event, whether
similar or dissimilar to the foregoing, and whether seen or unforeseen, which otherwise might constitute a legal or equitable defense or discharge of the liabilities of a guarantor or surety or which otherwise might limit recourse against Borrower
or Guarantor to the fullest extent permitted by law. 
  

	8.	 Guarantor Waivers. 

 Guarantor hereby waives: 

(a)        the benefit of all principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms of this Guaranty (and agrees that Guarantor’s obligations 

  

					
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shall not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety or a guarantor); 

(b)        the benefits of any right of discharge under any and all statutes or
other laws relating to guarantors or sureties and any other rights of sureties and guarantors; 

(c)        diligence in collecting the Indebtedness, presentment, demand for
payment, protest and all notices with respect to the Loan Documents and this Guaranty which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including notice of acceptance,
notice of any amendment of the Loan Documents, notice of the occurrence of any Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest and notice of the incurring by
Borrower of any obligation or indebtedness; and 
 (d)        all rights
to require Lender to: 
 (1)        proceed against or
exhaust any collateral held by Lender to secure the repayment of the Indebtedness; 

(2)        proceed against or pursue any remedy it may now or
hereafter have against Borrower or any guarantor, or, if Borrower or any guarantor is a partnership, any general partner of Borrower or general partner of any guarantor; or 

(3)        demand or require collateral security from Borrower,
any other guarantor or any other Person as provided by applicable law or otherwise. 
  

	9.	No Effect Upon Obligations. 

 At any time or from time to time and any number of times, without notice to Guarantor and without releasing, discharging or affecting the liability of Guarantor: 

(a)        the time for payment of the principal of or interest on the
Indebtedness may be extended or the Indebtedness may be renewed in whole or in part; 

(b)        the rate of interest on or period of amortization of the Mortgage Loan
or the amount of the Monthly Debt Service Payments payable under the Loan Documents may be modified; 

(c)        the time for Borrower’s performance of or compliance with any
covenant or agreement contained in any Loan Document, whether presently existing or hereinafter entered into, may be extended or such performance or compliance may be waived; 

(d)        the maturity of the Indebtedness may be accelerated as provided in the
Loan Documents; 
 (e)        any or all payments due under the Loan
Agreement or any other Loan Document may be reduced; 

  

					
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 (f)        any Loan Document may be
modified or amended by Lender and Borrower in any respect, including an increase in the principal amount of the Mortgage Loan; 
 (g)        any amounts under the Loan Agreement or any other Loan Document may be released; 

(h)        any security for the Indebtedness may be modified, exchanged,
released, surrendered or otherwise dealt with or additional security may be pledged or mortgaged for the Indebtedness; 
 (i)        the payment of the Indebtedness or any security for the Indebtedness, or both, may be subordinated to the right to payment or the security, or both, of
any other present or future creditor of Borrower; 
 (j)        any
payments made by Borrower to Lender may be applied to the Indebtedness in such priority as Lender may determine in its discretion; and 
 (k)        any other terms of the Loan Documents may be modified as required by Lender. 

 

	10.	Joint and Several (or Solidary) Liability. 

 If more than one Person executes this Guaranty as Guarantor, such Persons shall be liable for the obligations hereunder on a joint and several (solidary instead for purposes of Louisiana law) basis.
Lender, in its discretion, may: 
 (a)        to the extent permitted by
applicable law, bring suit against Guarantor, or any one or more of the Persons constituting Guarantor, and any other guarantor, jointly and severally (solidarily instead for purposes of Louisiana law), or against any one or more of them;

 (b)        compromise or settle with any one or more of the Persons
constituting Guarantor, or any other guarantor, for such consideration as Lender may deem proper; 

(c)        discharge or release one or more of the Persons constituting
Guarantor, or any other guarantor, from liability or agree not to sue such Person; and 

(d)        otherwise deal with Guarantor and any guarantor, or any one or more of
them, in any manner, and no such action shall impair the rights of Lender to collect from Guarantor any amount guaranteed by Guarantor under this Guaranty. 
 Nothing contained in this Section 10 shall in any way affect or impair the rights or obligations of Guarantor with respect to any other guarantor. 

 

	11.	Subordination of Affiliated Debt. 

 Any indebtedness of Borrower held by Guarantor now or in the future is and shall be subordinated to the Indebtedness and any such indebtedness of Borrower shall be collected,

  

					
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enforced and received by Guarantor, as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 

 

	12.	Subrogation. 

 Guarantor shall have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any payment by Guarantor under this
Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter during which any payment made by Borrower to
Lender with respect to the Indebtedness could be deemed a preference under the Insolvency Laws. 
  

	13.	Voidable Transfer. 

 If any payment by Borrower is held to constitute a preference under any Insolvency Laws or similar laws, or if for any other reason Lender is required to refund any sums to Borrower, such refund shall not
constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty shall not be discharged except by Guarantor’s performance of such
obligations and then only to the extent of such performance. If any payment by any Guarantor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including
provisions of the Insolvency Laws relating to a Voidable Transfer, and if Lender is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the advice of its counsel, then the obligations guaranteed
hereunder shall automatically be revived, reinstated and restored by the amount of such Voidable Transfer or the amount of such Voidable Transfer that Lender is required or elects to repay or restore, including all reasonable costs, expenses and
legal fees incurred by Lender in connection therewith, and shall exist as though such Voidable Transfer had never been made, and any other guarantor, if any, shall remain liable for such obligations in full. 

 

	14.	Credit Report/Credit Score. 

 Guarantor acknowledges and agrees that Lender is authorized, no more frequently than once in any twelve (12) month period, to obtain a credit report (if applicable) on Guarantor, the cost of which
shall be paid for by Guarantor. Guarantor acknowledges and agrees that Lender is authorized to obtain a Credit Score (if applicable) for Guarantor at any time at Lender’s expense. 

 

	15.	Financial Reporting. 

 Guarantor shall deliver to Lender such Guarantor financial statements as required by Section 8.02 (Books and Records; Financial Reporting – Covenants) of the Loan Agreement. 

 

	16.	Further Assurances. 

 Guarantor acknowledges that Lender (including its successors and assigns) may sell or transfer the Mortgage Loan, or any interest in the Mortgage Loan. 

  

					
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 (a)        Guarantor shall, subject
to Section 16(b) below: 
 (1)        do anything
necessary to comply with the reasonable requirements of Lender or any Investor of the Mortgage Loan or provide, or cause to be provided, to Lender or any Investor of the Mortgage Loan within ten (10) days of the request, at Borrower’s and
Guarantor’s cost and expense, such further documentation or information as Lender or Investor may reasonably require, in order to enable: 
 (A)        Lender to sell the Mortgage Loan to such Investor; 

(B)        Lender to obtain a refund of any commitment fee from
any such Investor; or 
 (C)        any such Investor
to further sell or securitize the Mortgage Loan; 

(2)        confirm that Guarantor is not in default under this
Guaranty or in observing any of the covenants or agreements contained in this Guaranty (or, if Guarantor is in default, describing such default in reasonable detail); and 

(3)        execute and deliver to Lender and/or any Investor such
other documentation, including any amendments, corrections, deletions or additions to this Guaranty as is reasonably required by Lender or such Investor. 
 (b)        Nothing in this Section 16 shall require Guarantor to do any further act that has the effect of: 

(1)        changing the essential economic terms of the Mortgage
Loan set forth in the related commitment letter between Borrower and Lender; 

(2)        imposing on Borrower or Guarantor greater personal
liability under the Loan Documents than that set forth in the related commitment letter between Borrower and Lender; or 
 (3)        materially changing the rights and obligations of Borrower or Guarantor under the commitment letter. 

 

	17.	Successors and Assigns. 

 Lender may assign its rights under this Guaranty in whole or in part and, upon any such assignment, all the terms and provisions of this Guaranty shall inure to the benefit of such assignee to the extent
so assigned. Guarantor may not assign its rights, duties and obligations under this Guaranty, in whole or in part, without Lender’s prior written consent and any such assignment shall be deemed void ab initio. The terms used to designate any of
the parties herein shall be deemed to include the heirs, legal representatives, successors and assigns of such parties. 

  

					
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	18.	Final Agreement. 

 Guarantor acknowledges receipt of a copy of each of the Loan Documents and this Guaranty. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. All prior or contemporaneous agreements, understandings, representations and statements, oral or
written, are merged into this Guaranty. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged or terminated except by an agreement in writing signed by the party against which the enforcement of the waiver,
modification, amendment, discharge or termination is sought, and then only to the extent set forth in that agreement. 
  

	19.	Governing Law. 

 This Guaranty shall be governed by and construed in accordance with the substantive law of the Property Jurisdiction without regard to the application of choice of law principles that would result in the
application of the laws of another jurisdiction. 
  

	20.	Property Jurisdiction. 

 Guarantor agrees that any controversy arising under or in relation to this Guaranty shall be litigated exclusively in the Property Jurisdiction. The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over all controversies which shall arise under or in relation to this Guaranty or any other Loan Document with respect to the subject matter hereof. Guarantor 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. 

 

	21.	Time is of the Essence. 

 Guarantor agrees that, with respect to each and every obligation and covenant contained in this Guaranty, time is of the essence. 

 

	22.	Notices. 

Guarantor agrees to notify Lender of any change in Guarantor’s address within ten (10) Business Days after such
change of address occurs. All notices under this Guaranty shall be: 

(a)        in writing and shall be 

(1)        delivered, in person; 

(2)        mailed, postage prepaid, either by registered or
certified delivery, return receipt requested; 

  

					
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 (3)        sent by
overnight courier; or 
 (4)        sent by electronic
mail with originals to follow by overnight courier; 

(b)        addressed to the intended recipient at the notice addresses provided
under the signature block at the end of this Guaranty; and 

(c)        deemed given on the earlier to occur of: 

(1)        the date when the notice is received by the addressee;
or 
 (2)        if the recipient refuses or rejects
delivery, the date on which the notice is so refused or rejected, as conclusively established by the records of the United States Postal Service or such express courier service. 

 

	23.	Construction. 

 (a)        Any reference in this Guaranty to an “Exhibit” or “Schedule” or a “Section” or an “Article” shall, unless
otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Guaranty or to a Section or Article of this Guaranty. 

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

(c)        Use of the singular in this Guaranty includes the plural and use of
the plural includes the singular. 
 (d)        As used in this
Guaranty, the term “including” means “including, but not limited to” or “including, without limitation,” and is for example only, and not a limitation. 

(e)        Whenever Guarantor’s knowledge is implicated in this Guaranty or
the phrase “to Guarantor’s knowledge” or a similar phrase is used in this Guaranty, Guarantor’s knowledge or such phrase(s) shall be interpreted to mean to the best of Guarantor’s knowledge after reasonable and diligent
inquiry and investigation. 
 (f)        Unless otherwise provided in
this Guaranty, if Lender’s approval, designation, determination, selection, estimate, action or decision is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or decision shall
be made in Lender’s sole and absolute discretion. 
 (g)        All
references in this Guaranty to a separate instrument or agreement shall include such instrument or agreement as the same may be amended or supplemented from time to time pursuant to the applicable provisions thereof. 

(h)        “Lender may” shall mean at Lender’s discretion, but
shall not be an obligation. 

  

					
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	24.	WAIVER OF JURY TRIAL. 

 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF GUARANTOR AND LENDER (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR ANY LOAN DOCUMENT
OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B) 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 GUARANTOR AND LENDER, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 
  

	25.	Schedules. 

 The schedules, if any, attached to this Guaranty are incorporated fully into this Guaranty by this reference and each constitutes a substantive part of this Guaranty. 

ATTACHED SCHEDULE. The following Schedule is attached to this Guaranty: 

x        Schedule
1                 Modifications to Guaranty 

[Remainder of Page Intentionally Blank] 

  

					
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 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty
under seal (where applicable) or has caused this Guaranty to be signed and delivered under seal (where applicable) by its duly authorized representative. Where applicable law so provides, Guarantor intends that this Guaranty shall be deemed to be
signed and delivered as a sealed instrument. 
  

							
	GUARANTOR:
	
	 KBS Legacy Partners Properties LLC, a

	 Delaware limited liability company

		
	 By:
	 	 KBS Legacy Partners Limited

		 	 Partnership, a Delaware limited partnership, its sole member

			
		 	 By:
	 	 KBS Legacy Partners Apartment

		 		 	 REIT, Inc., a Maryland corporation,

		 		 	 its sole general partner

 
					
			
		 	 By:
	 	 /s/ Guy K. Hays

		 	 Name:
	 	 Guy K. Hays

		 	 Title:
	 	 Executive Vice President

	
	 Address for Notices to Guarantor:

	 c/o Legacy Partners Residential, Inc.

	 4000 E. Third Avenue, Suite 600

	 Foster City, CA 94404

 

			
	 Email address:
	 	dhenry@legacypartners.com
		 	 hays@legacypartners.com

  

					
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 SCHEDULE 1 TO 
 GUARANTY OF NON-RECOURSE OBLIGATIONS 
 State-Specific Provisions

 1.        Capitalized terms used and not specifically defined
herein have the meanings given to such terms in the Guaranty to which this Schedule is attached. 

2.        The additional provision(s) set forth below shall also apply and are
incorporated into the Guaranty: 
 SOUTH 

	 CAROLINA: 
	The following provision is hereby added to the Guaranty as Section 25: 

  

	 	25.        South Carolina State Specific Provision. 

 

	 	The laws of South Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked may within
thirty (30) days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency
owing in connection with the transaction. THE UNDERSIGNED HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE
MORTGAGED PROPERTY. 

  

									
		 	 GUARANTOR:

		
		 	 KBS Legacy Partners Properties LLC, a

		 	 Delaware limited liability company

			
		 	 By:
	 	 KBS Legacy Partners Limited

		 		 	 Partnership, a Delaware limited partnership,

		 		 	 its sole member

				
		 		 	 By:
	 	 KBS Legacy Partners Apartment

		 		 		 	 REIT, Inc., a Maryland corporation,

		 		 		 	 its sole general partner

					
		 		 		 	 By:
	  	 /s/ Guy K. Hays

		 		 		 	 Name:
	  	 Guy K. Hays

		 		 		 	 Title:
	  	 Executive Vice President

  

					
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	 	Form 6015	  	Page Sch. 1-1
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 Guarantor Initials 

  

					
	 Guaranty of Non-Recourse Obligations
	 	Form 6015	  	Page Sch. 1-2
	 Fannie Mae
	 	06-12	  	© 2012 Fannie MaeEX-10.85

 Exhibit 10.85 
 MILLENNIUM APARTMENTS, 
 GREENVILLE, SOUTH CAROLINA 

PROPERTY MANAGEMENT AGREEMENT 
 BETWEEN 
 GREP SOUTHEAST, LLC 

AND 
 KBS LEGACY
PARTNERS MILLENNIUM LLC 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	Recitals	  	 	1	  
	ARTICLE 1.        DEFINITIONS	  	 	1	  
	 1.01.       Definitions
	  	 	1	  
	ARTICLE 2.        APPOINTMENT AND SERVICES OF PROPERTY MANAGER	  	 	2	  
	 2.01.       Term
	  	 	2	  
	ARTICLE 3.        COMPENSATION AND EXPENSES OF PROPERTY MANAGER	  	 	9	  
	 3.01.       Fees
	  	 	9	  
	 3.02.       Expenses to be Borne by Property Manager
	  	 	10	  
	 3.04.       Nonperformance
	  	 	12	  
	ARTICLE 4.        PERSONNEL AND BONDING	  	 	12	  
	 4.01.       Stability of Management Team
	  	 	12	  
	 4.02.       Fidelity Bond
	  	 	12	  
	 4.03.       Affiliates
	  	 	13	  
	ARTICLE 5.        COMPLIANCE WITH LAWS	  	 	13	  
	 5.01.       Compliance
	  	 	13	  
	 5.02.       Notice
	  	 	13	  
	 5.03.       Hazardous Wastes
	  	 	13	  
	 5.04.       Asbestos and Similar Compliance Matters
	  	 	14	  
	ARTICLE 6.        FINANCIAL MATTERS	  	 	14	  
	 6.01.       Books and Records
	  	 	14	  
	 6.02.       Reports
	  	 	15	  
	 6.03.       Audit
	  	 	16	  
	 6.04.       Other Reports and Statements
	  	 	16	  
	 6.05.       Contracts and Other Agreements
	  	 	16	  
	 6.06.       Final Accounting
	  	 	16	  
	 6.07.       Tax Returns
	  	 	16	  
	 6.08.       Certification
	  	 	16	  
	ARTICLE 7.        BANK ACCOUNTS	  	 	17	  
	 7.01.       Property Accounts
	  	 	17	  
	 7.02.       Expenses Paid By Owner
	  	 	17	  
	ARTICLE 8.        INSURANCE AND INDEMNITY	  	 	17	  
	 8.01.       INDEMNIFICATION
	  	 	17	  
	 8.02.       Property Manager’s Insurance Responsibility
	  	 	20	  
	 8.03.       Contract Documents; Indemnity Provisions
	  	 	21	  
	 8.04.       Ratings of Insurance Companies
	  	 	21	  
	 8.05.       Owner’s Insurance Responsibility
	  	 	21	  
	ARTICLE 9.        RELATIONSHIP OF PARTIES and REPRESENTATIONS and WARRANTIES	  	 	22	  
	 9.01.       Nature of Relationship
	  	 	22	  
	 9.02.       Communications Between Parties
	  	 	22	  
	 9.03.       Relationship of Owner and Property Manager with Respect to Leasing
	  	 	22	  
	 9.04.       No Sales Brokerage Agreement
	  	 	22	  
	 9.05.       Confidentiality
	  	 	23	  
	 9.06.       Property Manager Not to Pledge Owner’s Credit
	  	 	23	  

					
	 9.07        Representations and Warranties
	  	 	23	  
	ARTICLE 10.        TERMINATION	  	 	23	  
	 10.01.     Termination by Owner Without Cause
	  	 	24	  
	 10.02.     Termination by Owner for Cause
	  	 	24	  
	 10.03.     Termination by Property Manager
	  	 	24	  
	 10.04.     Orderly Transition
	  	 	25	  
	 10.05.     Rights Which Survive Termination or Expiration
	  	 	25	  
	ARTICLE 11.        MISCELLANEOUS	  	 	25	  
	 11.01.     Governing Law
	  	 	25	  
	 11.02.     Table of Contents and Headings
	  	 	25	  
	 11.03.     Entire Agreement
	  	 	25	  
	 11.04.     Successors and Assigns
	  	 	26	  
	 11.05.     Waiver
	  	 	26	  
	 11.07.     Time
	  	 	26	  
	 11.08.     Attorneys’ Fees
	  	 	26	  
	 11.09.     Further Acts
	  	 	26	  
	 11.10.     No Advertising
	  	 	27	  
	 11.11.     Signs
	  	 	27	  
	 11.12.     Owner Exculpatory Clause; Waivers of Jury Trial and Punitive Damages
	  	 	27	  
	 11.14.     Notices
	  	 	27	  
	 11.15.     Counterparts
	  	 	28	  

 EXHIBITS: 
  

			
	A -	 	LEGAL DESCRIPTION
		
	B -	 	RENTAL GUIDELINES
		
	C -	 	STANDARD RESIDENTIAL LEASE FORM

 PROPERTY MANAGEMENT AGREEMENT 

This PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made as of June 7, 2013 (the “Effective
Date”) between GREP SOUTHEAST, LLC, a Delaware limited liability company (“Property Manager”), and KBS LEGACY PARTNERS MILLENNIUM LLC, a Delaware limited liability company (“Owner”). 

RECITALS 
 A. Owner is the record or beneficial owner of the Property (as defined below) and Property Manager is experienced in the management, operation, leasing, service, repair and supervision of residential
apartment projects similar to the Property. 
 B. The parties desire to enter into this Agreement and set forth the terms and
conditions under which Property Manager will manage the Property. 
 NOW, THEREFORE, in consideration of the mutual
covenants herein contained and other good and valuable consideration, Owner and Property Manager agree as follows: 

AGREEMENT 

ARTICLE 1. DEFINITIONS. 

1.01. Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Affiliate” shall mean, when used with respect to any person (a) if such person is a corporation, any officer or director
thereof and any person which is directly, or indirectly, the beneficial owner of more than 10% of any class of equity security (as defined in the Securities Exchange Act of 1934) thereof, or if any such beneficial owner is a partnership, any partner
thereof, or if any such beneficial owner is a corporation, any person controlling, controlled by or under common control with such beneficial owner or of any officer or director of such beneficial owner or of any corporation occupying any such
control relationship, (b) if such person is a partnership, any partner thereof, and (c) any other person which directly or indirectly controls or is controlled by or is under common control with such person. For the purpose of this
definition, “control” (including the correlative meanings of the term “controlling,” “controlled by” and “under common control with”), with respect to any person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities or by contract or otherwise. The term “Affiliate” shall also mean, when used with
respect to any individual, the parents and grandparents of such individual, the parents and grandparents of any other individual who is an Affiliate of such individual by virtue of any one or more of the foregoing clauses (a), (b) and
(c) of this definition, any descendant (whether natural or adopted) of any such parents or grandparents and any spouse of any such descendant. 

  
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 “Annual Business Plan” shall have the meaning described in Section 2.02(q).

 “Approved Capital Budget” and “Approved Operating Budget” shall have the meanings described in
Section 2.02(b). 
 “Fiscal Year” shall mean the twelve (12) months commencing January 1 and ending
December 31. 
 “Gross Monthly Collections” shall mean the total gross monthly collections received from the
Property, including, without limitation, tenant rental income, pet rents and other charges and miscellaneous income items of Owner as applicable. Any payments by tenants on account of any taxes imposed on rentals collected by Property Manager shall
be excluded from Gross Monthly Collections. Any advance rental payments shall be included in Gross Monthly Collections when received. Security and other deposits shall not be included therein unless the same are no longer used for security purposes
and are applied to income. Without limitation, any payment of money by a tenant to Owner or Property Manager in consideration for or in conjunction with a rental deposit, the termination, cancellation, expiration, renewal, extension or modification
of a tenant’s lease, property insurance loss proceeds, remodeling and tenant improvement charge costs, condemnation proceeds, or proceeds received by Owner in connection with the sale of any portion of the Property or the refinancing of any
indebtedness secured by a lien on any portion of the Property, shall be excluded from the Gross Monthly Collections. Proceeds of business interruption insurance shall be included in Gross Monthly Collections. 

“Legacy” shall mean Legacy Partners Residential L.P., a Delaware limited partnership. Legacy has been retained by Owner as an
independent contractor for the provision of certain record keeping and accounting services with respect to the Property. In the event Owner notifies Property Manager that Legacy is no longer retained by Owner, all references to Legacy shall be
deemed references to Owner. 
 “Property” shall mean that certain real property consisting of 305 residential units
(commonly known as the Millennium Apartments) and zero (-0-) square feet of retail space located at 221 Fairforest Way in Greenville, South Carolina as more particularly described on Exhibit A attached hereto. 

“Records Office” shall mean Property Manager’s offices located at the Property and its corporate office in Tampa, Florida.

 “Rental Guidelines” shall mean those guidelines attached hereto as Exhibit B, as amended from time to time.

 ARTICLE 2. APPOINTMENT AND SERVICES OF PROPERTY MANAGER. 
 2.01. Term. Owner hereby hires Property Manager as the exclusive manager of the Property upon the terms and conditions herein stated, and Property Manager hereby accepts said engagement, for a term
beginning on the date of this Agreement and ending at 12:00 midnight on 

  
 2 

 
the one-year anniversary of the beginning date, unless sooner terminated by Owner or Property Manager as provided in Article 10 of this Agreement. At the expiration of said term, this Agreement,
if not renewed in writing by Owner and Property Manager, shall then be deemed a month-to-month agreement cancelable by either party on not less than thirty (30) days’ advance written notice, which notice may be given at any time during a
month, provided that in any event the cancellation shall be effective at the end of the calendar month in which the thirty (30) day notice period ends. 
 2.02. Services of Property Manager. Property Manager shall direct, supervise, manage, operate, maintain and repair the Property and develop, institute and follow programs and policies to facilitate
the efficient operation of the Property in compliance with this Agreement, the Rental Guidelines and all written directions of Owner on as profitable a basis as reasonably possible. Without limiting the generality of the foregoing and subject at all
times to such procedures and directions that shall be set forth in this Agreement and the Rental Guidelines (as revised or amended from time to time), Property Manager shall do all of the following: 

(a) Employees. Property Manager shall select, employ, pay, supervise and discharge all employees and personnel
necessary for the operation, maintenance and protection of the Property (subject to the limitations set forth in Section 4.01 hereof). All persons so employed by Property Manager shall be employees of Property Manager or independent contractors
retained by Property Manager, and not by Owner. All costs of gross salary and wages, payroll taxes, medical and dental insurance, worker’s compensation insurance, incentive leasing bonuses and other costs and employee benefit expenses payable
on account of such employees, shall be included in the Approved Operating Budget. Property Manager shall fully comply with all applicable laws and regulations having to do with workers’ compensation, social security, unemployment insurance,
hours of labor, wages, working conditions and other employer/employee-related subjects. 
 (b) Records and
Budgets. Property Manager shall keep or cause to be kept at the Records Office suitable books of control as provided in this Agreement. Property Manager shall prepare on Microsoft Excel worksheets (using Yardi templates) and submit to Owner and
Legacy such monthly, quarterly, annual or other operating and capital budgets as shall be required by Owner. Without limitation, Property Manager shall prepare and submit to Owner and Legacy a proposed operating budget and a proposed capital budget
for the Property for the management and operation of the Property for the forthcoming Fiscal Year no later than November 1 of each year during the term hereof. All proposed operating budgets and capital budgets shall be on a form submitted by
Property Manager and approved by Owner. Owner will consider the proposed budgets and endeavor to approve such budgets by December 1 of each year during the term hereof. The proposed budgets shall become the Approved Capital Budget and the
Approved Operating Budget only when approved by Owner. 
 In the event an annual operating budget for a Property
has not been approved by Owner prior to the commencement of any Fiscal Year during the term hereof, the operating budget for each month (the “Current Month”) until the annual operating

  
 3 

 
budget is approved shall be the amount of the most recent Approved Operating Budget for the Property for the same calendar month (“Base Month”), as adjusted to reflect
(a) any increase or decrease between the Base Month and the Current Month in the Consumer Price Index for All Urban Consumers for the metropolitan area in which the Property is located (base year 1982-84=100) published by the United States
Department of Labor, Bureau of Labor Statistics and (b) any increase or decrease in the occupancy of the Property between the Base Month and the Current Month and (c) any increase or decrease in the taxes, insurance and utilities of the
Property. 
 Owner may revoke its approval of either Budget at any time upon twenty (20) days’ prior
written notice to Property Manager and Legacy. Owner may amend its approval of either Budget and cause the Budget to be amended to conform to such approval at any time upon twenty (20) days’ prior written notice to Property Manager and, in
such event, only the Budget as so amended shall be deemed approved. 
 With respect to the first Fiscal Year of
the term, if not a full twelve months, Property Manager shall submit to Owner and Legacy for approval an operating and capital budget for the balance of such calendar year as soon as possible and no later than thirty (30) days after the date
hereof. 
 Property Manager shall have the right, from time to time, during each calendar year to submit revised
Budgets to Owner and Legacy for approval. Property Manager agrees to use diligence and all reasonable efforts to ensure that the actual costs of maintaining and operating the Property shall not exceed the Approved Operating Budget or the Approved
Capital Budget pertaining thereto, as applicable. 
 (c) Leasing. Property Manager shall coordinate the
leasing activities of the Property and, subject to Section 9.03 below, shall use commercially reasonable efforts to obtain responsible tenants for all unleased units and to renew existing leases at rental rates at least equal to the Rental
Guidelines. Property Manager may negotiate and execute leases using the standard lease forms for Owner approved by Owner and attached hereto as Exhibit C. Any deviation from the standard lease forms or the Rental Guidelines shall require the prior
written consent of Owner. 
 (d) Rent. Property Manager shall use reasonable efforts to ensure that all
rents and all other monies payable under the leases are paid by the tenants of the Property as and when the same shall become due and payable directly to Property Manager. Property Manager shall adjust rentals and other required payments where
adjustment is contemplated by the leases, shall notify Owner and tenants of such adjustments and shall sign and serve in the name of Owner such notices (except as limited by Section 2.02(e) below), including without limitation letters demanding
past due and currently owed rents and other monies, as are deemed appropriate or necessary by Property Manager. Property Manager shall collect and identify any income due Owner from miscellaneous services provided to tenants or the public,
including, but not limited to, parking income, tenant storage and cable television charges. All rents and other monies so collected by Property Manager shall be immediately deposited in the Property Bank Account (as

  
 4 

 
defined below). 
 (e) Collections. Property Manager
shall undertake the collection of rents and monetary payments of every kind and of any form due from tenants of the Property. Property Manager shall use its best efforts to collect rent from new or renewing tenants of the Property using Electronic
Funds Transfer (EFT) or Automatic Clearing House (ACH) debits from tenant’s accounts and such form of payment shall be a requirements of the approved form of lease; Property Manager shall use commercially reasonable efforts to collect rent from
existing tenants of the Property using EFT or ACH debits from tenant’s accounts. Manager shall thereafter actively pursue collection of all such rent and payments. Except as allowed by applicable law, Property Manager shall not terminate any
lease, lock out a tenant, institute a suit for rent or for use and occupancy, or institute proceedings for recovery of possession. In the event that any tenant at the Property shall be delinquent in any payment due to Owner beyond any applicable
grace periods or otherwise be in default under the terms of its lease, Property Manager shall employ such methods as are commercially reasonable to either collect unpaid rent or to evict the tenant from the premises. Property Manager shall employ a
collection agency to pursue payment collection and, except as otherwise required by applicable law, shall utilize legal counsel only if a tenant refuses to vacate an apartment unit following proper notice. The commencement of any litigation (other
than for routine residential tenant eviction and residential rent collection matters, including bringing suit for and recovery of any delinquent rents or damages and possession of the premises in the name of Owner as an agent with a beneficial
interest), shall require the prior written approval of Owner. In connection with all suits or proceedings (other than for routine residential tenant eviction and residential rent collection matters, including bringing suit for and recovery of any
delinquent rents or damages and possession of the premises in the name of Owner as an agent with a beneficial interest), only legal counsel approved by Owner shall be retained, but Property Manager shall recommend legal counsel and furnish Owner
with the estimated costs of legal services to be incurred in bringing such suit or proceeding. 
 (f)
Maintenance. Property Manager shall maintain or cause to be maintained (to the extent not maintained by tenants) the Property and common areas thereof, external and internal, including, without limitation, sidewalks, signs, mechanical,
electrical and other systems, parking lots and landscaping, in good and clean condition and repair, provided no maintenance expense, repairs or alterations other than emergency repairs, which are not specifically identified within the Approved
Operating Budget, shall be undertaken without the prior written consent of Owner. Property Manager shall coordinate and supervise all construction activities (including, without limitation, tenant improvements, tenant refurbishment, common area
refurbishment, maintenance and repairs) on the Property. All maintenance expenses, repairs or alterations (including, without limitation, alterations required for the occupancy of new tenants) requiring expenditures in excess of $25,000 shall, at
Owner’s election, be planned and supervised by an architect, designer, inspector or general contractor designated by Property Manager and approved in writing by Owner. Property Manager shall institute and effectuate a preventative maintenance
program. Notwithstanding the foregoing, in the event of an emergency in which there is an immediate danger to persons or property or in which 

  
 5 

 
action is required in order to avoid suspension of services, Property Manager shall take such action as is reasonable and prudent under the circumstances and shall be reimbursed for any expense
incurred in such action, even if not in the Approved Operating Budget, so long as Property Manager attempts to consult with Owner in advance and, in any event, notifies Owner within 48 hours of taking such action explaining the reasons therefor.
Property Manager shall obtain all necessary receipts, releases, waivers, discharges and assurances necessary to keep the Property free of any mechanics’, laborers’, materials suppliers’ or vendors’ liens in connection with the
maintenance or operation of the Property. All such documentation shall be in such form as required by Owner. 

(g) Contracts. Property Manager shall not enter into any contract without Owner’s prior written approval
(including approval of the provisions of any equipment lease); provided, however, that Owner’s prior written approval shall not be required with respect to any utility or service contract which is (i) entered into in the usual course of
business, (ii) for a term of one year or less, and (iii) specifically provided for in the Approved Operating Budget. Without limiting the foregoing, each contract entered into by Property Manager pursuant to this Section 2.02(g) shall
contain a thirty (30) day (or less) cancellation clause exercisable by Owner without cause and without penalty or fee, unless otherwise approved in writing by Owner. All utility, supply, service, vending and related contracts or equipment
leases are to be entered into by Property Manager on behalf of Owner. Property Manager shall assure that any contractor performing work on the Property maintains insurance satisfactory to Owner, including, but not limited to, Workers’
Compensation Insurance (and, when required by law, compulsory Non-Occupational Disability Insurance) and insurance against liability for injury to persons and property arising out of all such contractor’s operations naming Property Manager and
Owner as additional insureds. Property Manager shall obtain certificates of insurance for all such insurance before the work begins and Property Manager shall furnish copies of the certificates to Owner if requested by Owner; notwithstanding the
forgoing, in lieu of delivering the required certificates Property Manager may use venders qualified through Compliance Depot. 
 (h) Purchases. Property Manager shall supervise and purchase or arrange for the purchase of all reasonable inventories, provisions, supplies and operating equipment which are provided for in the
Approved Operating Budget or otherwise specifically approved by Owner in writing. To the extent available, Property Manager shall give, or obtain for Owner, all volume purchasing benefits and discounts available to Property Manager or to properties
of the size and class of the Property. 
 (i) Operating Expenses. Property Manager shall approve payment
of all normal operating expenses specifically provided for in the Approved Operating Budget not paid for by tenants of the Property; Owner (or Legacy in its capacity as agent of Owner) shall pay such expenses in a manner commercially reasonable for
the Property . Property Manager shall recommend that Owner purchase major items of new or replacement equipment when Property Manager believes such purchase to be necessary or desirable. Owner may arrange to purchase and install such items itself or
may 

  
 6 

 
authorize Property Manager to do so subject to any supervision and specification requirements and conditions prescribed by Owner. Prior to purchasing, Property Manager must obtain Owner’s
specific written authorization for all capital expenditures that are not included in the Approved Capital Budget as well as for all capital expenditures of $25,000 or more that are included and itemized with specificity in any one (1) line item
in the Approved Capital Budget. Unless otherwise directed by Owner, Property Manager shall obtain at least three (3) written estimates from qualified bidders for any capital improvement project if the cost of such project is reasonably expected
to exceed $25,000. All capital improvement projects requiring expenditures in excess of $25,000 shall, at Owner’s election, be planned and supervised by an architect, designer, inspector or general contractor designated by Property Manager and
approved in writing by Owner. 
 (j) Conservation Techniques. Property Manager shall provide proper energy
management and utilize utility conservation techniques. 
 (k) Security. Property Manager shall not be
responsible for the security of the Property or its residents, but shall keep Owner informed as to whether the security measures put in place by Owner appear to be adequate. Property Manager shall promptly notify Owner of any incidents or conditions
which reflect on or affect the adequacy of the security provisions for the Property. 
 (l) Taxes.
Property Manager shall obtain and cause to be verified bills for real estate and personal property taxes, sales taxes on rental payments, improvement assessments and other like charges which are or may become liens against any portion of the
Property (collectively, “Taxes”). Property Manager shall remit all bills for Taxes to Owner and Legacy within fifteen (15) calendar days of receipt of such bills. 

(m) Compliance. Property Manager shall operate the Property in compliance with all terms and conditions of
applicable law, any ground lease, space lease, mortgage, deed of trust or other security instrument affecting the Property and of which Property Manager has knowledge, but Property Manager shall not be required to make any payment on account
thereof. Property Manager shall also comply or supervise compliance with the provisions of any insurance policy or policies insuring Owner in relation to the Property (so as not to decrease the insurance coverage or increase the insurance premiums).
Property Manager shall be responsible for performance by Owner under all license agreements, easement agreements, covenants, conditions, restrictions, documents of record, use permits, development agreements, operating agreements or other similar
documents governing or applicable to the title, operation, management, occupancy, promotion and leasing of the Property known to Property Manager. 
 (n) Licenses and Permits. Property Manager shall assist in obtaining at Owner’s expense all licenses, permits or other instruments required for the operation of the Property or any portion
thereof (collectively, “Licenses”). Property Manager shall send to Owner a copy of all initial or renewal license applications. Licenses shall be obtained in Owner’s name whenever possible. Any Licenses held in the name of
Property 

  
 7 

 
Manager shall be held by it on behalf of Owner, and upon the termination or expiration of this Agreement, Property Manager shall transfer or assign any such Licenses to Owner or to such person as
Owner may direct. Property Manager shall keep in full force and effect all licenses, permits, consents and authorizations as may be necessary for the proper performance by Property Manager of its duties and obligations under this Agreement
(including, without limitation, qualification to do business) or as may be required under any lease covering any portion of the Property. All such licenses, permits, consents and authorizations shall be in the name of Property Manager. 

(o) Notice and Cooperation in Legal Proceedings. Owner and Property Manager shall forthwith give notice to each
other of the commencement of any action, suit or proceeding against Owner or against Property Manager with respect to the operations of the Property or otherwise affecting the Property. Property Manager shall fully cooperate, and shall cause all its
employees to fully cooperate, in connection with the prosecution or defense of all legal proceedings affecting the Property. 
 (p) Other Complaints and Notices. Property Manager shall handle promptly complaints and requests from tenants, concessionaires and licensees and notify Owner of any major complaint made by a
tenant, concessionaire or licensee. Property Manager shall notify Owner promptly of: (i) any notice received by Property Manager or known to Property Manager of violation of any governmental requirements (and make recommendations regarding
compliance therewith); (ii) any defect or unsafe condition in the Property known to Property Manager; (iii) any notice received by Property Manager or known to Property Manager of violation of covenants, conditions and restrictions
affecting the Property or noncompliance with loan documents affecting the Property, if any; (iv) any fire, accident or other casualty or damage to the Property; (v) any condemnation proceedings, rezoning or other governmental order,
lawsuit or threat thereof involving the Property; (vi) any violations relative to the leasing, use, repair and maintenance of the Property under governmental laws, rules, regulations, ordinances or like provisions; (vii) defaults under any
leases or other agreements affecting the Property (excluding resident leases); or (viii) any violation of any insurance requirement. Property Manager shall promptly deliver to Owner copies of any documentation in its possession relating to such
matters. Property Manager shall keep Owner reasonably informed of the status of the particular matter through the final resolution thereof. In the case of any fire or other damage to the Property or violation or alleged violation of laws respecting
Hazardous Wastes (as defined in Section 5.03), Property Manager shall immediately give telephonic notice thereof to Owner. Property Manager shall complete all necessary and customary loss reports in connection with any fire or other damage to
the Property. Property Manager shall retain in the records it maintains for the Property copies of all supporting documentation with reference to such notices. 
 (q) Business Plan and Property Review Program. Property Manager shall provide Owner and Legacy with a draft of a business plan for the Property for the forthcoming Fiscal Year no later than
November 1 of each year during the term hereof containing such information as Owner may reasonably request, including (i) a list of all properties competitive with the Property, a list of the tenants of each and all other

  
 8 

 
reasonably available information respecting each, and (ii) basic demographic data relating to the market area of the Property, including population growth, major employers, employment and
unemployment levels and, if the Property is a retail property, retail sales and housing starts. With respect to the first Fiscal Year of the term, Property Manager shall submit to Owner for approval a draft of a business plan for the balance of such
calendar year as soon as possible and no later than thirty (30) days after the date hereof. Owner will consider the business plans and endeavor to approve such business plans within thirty (30) days of receipt of the draft of a business
plan for first Fiscal Year and by December 1 of each subsequent year during the term hereof. The proposed business plans shall become the Annual Business Plan only when approved by Owner. In addition, Property Manager shall participate in
Owner’s property review programs to the extent requested by Owner. Such review shall include asset, investment, financial and strategy profiles in form and substance satisfactory to Owner and such assistance as Owner may request in connection
with appraisals of the Property. Property Manager shall respond, within 10 days, to Owner’s management evaluation reports concerning actions to be taken by Property Manager to correct or modify its management standards for the operations or
financial services provided for the Property. 
 (r) General. Property Manager shall afford such
supervision, professional management and in-house staff services as may be necessary or desirable to operate the Property in the same manner as is customary and usual in the operation of other properties of substantially comparable location, class,
size and standing, and shall provide such services at the Property as are consistent with the Property’s size and existing facilities. Subject only to those express limitations set forth in this Agreement, Property Manager shall have control
and discretion in the management and operation of the Property and in the performance of the foregoing services. Without limiting the foregoing, if applicable, Property Manager shall review and, if so directed by Owner, conduct an audit of each
retail tenant’s compliance with its obligation to pay a percentage rent or any other amount determined on the basis of the tenant’s sales or gross or net income. 
 ARTICLE 3. COMPENSATION AND EXPENSES OF PROPERTY MANAGER. 
  

	3.01.	Fees. 

(a) Owner shall pay Property Manager, and Property Manager shall accept as full compensation for the property management
services to be rendered to Owner hereunder during the term hereof, a sum equivalent to two percent (2%) of Gross Monthly Collections (the “Management Fee”); provided, however, in no event shall the Management Fee be in an
amount less than Four Thousand and no/100ths Dollars ($4,000) per month. Such compensation shall be payable monthly on or before the 5th of the subsequent month. 

(b) In the event that Property Manager is requested by Owner to coordinate and supervise major repairs or improvements to
a Property (after its development is completed) that should be capitalized under generally accepted accounting principles 

  
 9 

 
(“Capital Expenditures”), Property Manager shall receive a mutually agreed upon construction supervision fee (the “Construction Supervision Fee”). 

(c) If the Property includes retail space, Owner may agree to pay a leasing commission (the “Retail
Commission”) to Property Manager, at a rate to be agreed upon, for retail leases executed during the term of this Agreement between Owner and the retail tenants procured or obtained by Property Manager. Notwithstanding the foregoing, Owner
shall have the right in its sole and absolute discretion to reject any prospective retail lease, renewal or extension agreement and, in such event, no Retail Commission or other compensation shall be earned or payable in connection with such
proposed retail lease, renewal or extension agreement or the activities of Property Manager, or any other broker in connection therewith. 
 (d) Except with respect to other services provided by Affiliates of Property Manager in accordance with Section 3.01(e), which shall be reimbursed by Owner pursuant to Section 3.01(e), Property
Manager shall pay from the Management Fee all costs associated with or relating to its own office overhead and management personnel not located or employed at the Property, including without limitation, the salaries, wages and all other
compensation, together with associated unemployment and social security taxes and contributions, as well as expenses specifically stated in this Agreement to be borne by Property Manager. 

(e) If included in the Approved Capital Budget or with the prior approval and direction of Owner, Property Manager may
obtain services and materials including, but not limited to, advertising, consulting, training, computer hardware and software, forms for use at the Property, contract services and building materials through the organization, subsidiaries or
Affiliates of Property Manager for the benefit of the Property, provided the quality of service and the price thereof is competitive with comparable prices and services offered by third parties, and the costs therefore shall be reimbursed by Owner.
All discounts, rebates and other savings realized thereon by Property Manager are to be passed on to Owner, in full. 
 3.02. Expenses to be
Borne by Property Manager. Unless otherwise provided in the Approved Operating Budget or Section 4.01(b) below, expenses incurred in rendering all overall supervisory, lease negotiation (exclusive of lease commissions, if any), rent and
other collection (exclusive of on-site personnel, attorneys’ fees and outside collection agency fees), lease enforcement (exclusive of on-site personnel and attorneys’ fees), lease termination (exclusive of on-site personnel and
attorneys’ fees), management and recordkeeping and other services to be rendered by Property Manager in connection with the operations of the Property shall be borne by Property Manager and not charged to Owner. Without limiting the generality
of the foregoing provisions of this section, the following expenses and costs incurred by and/or on behalf of Property Manager shall be at the sole cost and expense of Property Manager and shall not be reimbursed by Owner: 

(a) All costs of gross salary and wages, payroll taxes, insurance, workmen’s compensation and other costs of Property
Manager’s corporate office and executive 

  
 10 

 
personnel (other than full time or part time personnel whose positions and salaries are specifically authorized in the Approved Operating Budget); 

(b) Property Manager’s indemnification obligations under Section 8.01(A) below; 

(c) Unless otherwise provided in the Approved Operating Budget, all costs of forms, accounting materials, administrative
materials, papers, ledgers and other supplies and equipment used in Property Manager’s corporate office, all costs of Property Manager’s data processing equipment located at Property Manager’s corporate office and all costs of data
processing provided by computer service companies to Property Manager’s corporate office; 
 (d) All costs
of bonuses, incentive compensation, profit sharing or any pay advances to employees employed by Property Manager in connection with the operation and management of the Property, except for payments to individuals specifically set forth in the
Approved Operating Budget or otherwise approved in writing by Owner in advance; 
 (e) All costs of automobile
purchases and/or rentals, unless provided for in the Approved Operating Budget or Approved Capital Budget or the automobile is being provided by Owner; 
 (f) All costs of comprehensive crime insurance purchased by Property Manager for its own account; 
 (g) All costs of meals, travel and hotel accommodations for Property Manager’s home or regional office personnel who travel to and from the Property, unless expressly authorized by Owner; and

 (h) All costs (exclusive of fees that are directly property related, e.g., registration fee) of
obtaining and maintaining such licenses, permits, consents and authorizations as are required by Section 2.02(n). 
 3.03. Noncustomary
Services. Notwithstanding anything provided in this Agreement to the contrary, Property Manager shall not furnish or render to the tenants of the Property services other than those services customarily furnished to tenants of properties similar
to the Property unless: (a) Property Manager makes a separate, adequate charge to tenants for such services; (b) such separate charge is received and retained by Property Manager; (c) Property Manager bears the cost of providing such
services; (d) Property Manager first obtains the consent in writing of Owner; and (e) Property Manager certifies in writing to Owner that (i) Property Manager qualifies as an independent contractor with respect to Owner (and
Owner’s direct and indirect beneficial owners) under Section 856(d)(3) of the Internal Revenue Code, and (ii) Owner (and Owner’s direct and indirect beneficial owners) does not derive or receive any income from Property Manager.
For purposes of this Section 3.03, it is agreed, without limitation, that the furnishing of water, heat, light and air conditioning, public entrances and exits, the performance 

  
 11 

 
of general maintenance and of janitorial services and cleaning services, the collection of trash, watchmen or guard services and parking facilities are examples of services customarily furnished
to the tenants of similar properties. 
 3.04. Nonperformance. If Property Manager fails to perform any act required under this
Agreement, then Owner, after ten (10) days’ written notice to Property Manager (or, in the case of any emergency, without notice) and without waiving or releasing Property Manager from any of its obligations hereunder, may (but shall not
be required to) perform such act. Owner shall have (in addition to any other right or remedy) the right to offset all costs and expenses incurred in exercising its rights under this Section 3.04 against any sums due or to become due to Property
Manager, including, without limitation, the Management Fee. 
 ARTICLE 4. PERSONNEL AND BONDING. 

4.01. Stability of Management Team. Owner and Property Manager recognize the benefits inherent in promoting stability in the management team
engaged in the operation of the Property. 
 (a) Property Manager shall, in the hiring of all employees and in
retaining independent contractors, use reasonable care to select qualified, competent and trustworthy employees and independent contractors. Subject to the provisions of this Section 4.01, the selection, terms of employment (including rates of
compensation) and termination thereof, and the supervision, training and assignment of duties of all employees of Property Manager engaged in the operation of the Property shall be the duty and responsibility of and shall be determined by Property
Manager. All personnel at the Property shall be employees of Property Manager and/or contractors of Property Manager. 
 (b) Property Manager shall employ at Property Manager’s sole cost and expense (unless otherwise provided in the Approved Operating Budget) a regional manager who works from the Records Office and
manages the Property and other properties (the costs and expenses for whom, if provided for in the Approved Operating Budget, shall be pro rated in light of the time spent managing the Property as opposed to other properties). 

4.02. Fidelity Bond. Property Manager, at Property Manager’s cost, shall obtain a fidelity bond or bonds covering Property Manager, and all
employees and agents of Property Manager (but not Legacy or its employees or agents) who handle, have access to, or are responsible for, Owner’s monies in such amount and in such forms as are reasonably acceptable to Owner, at all times and to
cover all periods, during the term of this Agreement. Any changes in such bond(s) must be approved by Owner. Property Manager hereby agrees to add Owner as a joint loss payee under its blanket crime policy as it pertains to the Property. Property
Manager hereby assigns all proceeds of said bond(s) as they relate to the Property to Owner and agrees to execute such further assignments and notices thereof as shall be required by Owner. Such bond(s) shall indemnify Owner against any loss of
money or other property which Owner shall sustain through any criminal, fraudulent or dishonest act or acts committed by Property Manager or any of its employees or agents, during the performance of their obligations under this Agreement or their

  
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employment. Alternatively, Property Manager may obtain a crime insurance policy covering the Property Manager, and all employees and agents of Property Manager (but not Legacy or its employees or
agents) who handle, have access to, or are responsible for, Owner’s monies which shall be obtained at Manager’s sole expense and shall provide Owner coverage of Two Million Dollars ($2,000,000.00) per occurrence with a Fifty Thousand
Dollar ($50,000.00) deductible which deductible shall be an expense of Manager. Owner shall be furnished by Property Manager with a certificate or other satisfactory documentation relating to the bond(s) or alternative crime insurance policy
immediately upon issuance thereof. 
 4.03. Affiliates. Property Manager shall not contract for outside services for the Property with
any Affiliate of Property Manager without the prior written consent of Owner. 
 ARTICLE 5. COMPLIANCE WITH LAWS. 

5.01. Compliance. Property Manager shall comply fully with and abide by all laws, rules, regulations, requirements, orders, notices, determinations
and ordinances (collectively, “Requirements”) of any federal, state or municipal authority to the extent applicable, including, but not by way of limitation, the federal Occupational Safety and Health Act (OSHA) statutes, rules and
regulations, and all requirements of the insurers of the Property and Owner’s liabilities with regard thereto. If the cost of compliance is (i) not included in the Approved Operating Budget or Approved Capital Budget or (ii) in excess
of $10,000, Property Manager shall notify Owner promptly and obtain Owner’s prior written approval prior to making the expenditure. 

5.02. Notice. Property Manager shall promptly notify Owner of any non-compliance with, or alleged violation of, any Requirement after becoming
aware of the same. 
  

	5.03.	Hazardous Wastes. 

 (a) Property Manager shall not place, cause or permit to be placed on the Property, other than in the ordinary course of performing its obligations under this Agreement and in compliance with applicable
law, any hazardous or toxic wastes or substances, as such terms are defined by federal, state or municipal statutes or regulations promulgated thereunder (collectively, “Hazardous Wastes”). If Property Manager discovers the
existence of any Hazardous Wastes on the Property (other than Hazardous Wastes used, generated or stored in the ordinary course of business and in compliance with applicable law), Property Manager shall immediately notify Owner. If such Hazardous
Wastes were placed or knowingly permitted to be placed on the Property by Property Manager, Property Manager shall, at its cost, diligently arrange for and complete the immediate removal thereof in accordance with applicable laws and Owner’s
directions. Except as expressly provided herein to the contrary, Property Manager shall not be responsible for any Hazardous Wastes present on the Property prior to the Effective Date hereof, unless deposited thereon by Property Manager, nor shall
Property Manager be responsible for any Hazardous Wastes brought onto the Property by a person other than Property Manager, its agents or employees. Property Manager shall immediately notify Owner of any notice received by Property Manager from any
governmental authority of any actual or threatened violation of any applicable laws, regulations or ordinances governing 

  
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the use, storage or disposal of any Hazardous Wastes and shall cooperate with Owner in responding to such notice and correcting or contesting any alleged violation at Owner’s expense.

 (b) Property Manager shall provide its employees, agents, consultants, governmental entities and the public
with any notices or disclosures concerning Hazardous Wastes associated with the Property required to be delivered by Property Manager under any applicable laws, including without limitation, any notices or disclosures concerning Hazardous Waste
which Property Manager has received from Owner. Owner shall have the right to review such notices and disclosures before their distribution or submission by Property Manager and shall have the right, but not the obligation, to prescribe the form and
content of any such notices or disclosures as long as the form and content prescribed by Owner comply with all applicable laws relating to such notices or disclosures. Owner shall provide Property Manager with any notices or disclosures concerning
Hazardous Waste associated with the Property required to be delivered by Owner under any applicable laws. 
 (c)
Without limiting any other indemnification obligations provided by law or specified in this Agreement, Property Manager shall indemnify, defend (at Property Manager’s sole cost and expense and with legal counsel approved by Owner which approval
shall not be unreasonably withheld) and hold harmless the Owner, its agents, employees and contractors from and against any and all claims, demands, losses, damage, disbursements, liabilities, obligations, fines, penalties, actions, causes of
action, suits, costs and expenses, including without limitation, reasonable attorneys’ fees and costs, and all other professionals’ or consultants’ expenses incurred in investigating, preparing for, serving as a witness in, or
defending any action or proceeding, whether actually commenced or threatened, or in removing or remediating any Hazardous Wastes on, under, from or about the Property, arising out of or relating to, directly or indirectly, Property Manager’s
breach of any of the terms of this Section 5.03. This indemnity shall survive termination of this Agreement. 
 5.04. Asbestos and
Similar Compliance Matters. If the Property is subject to the Occupational Safety and Health Administration’s regulations relating to asbestos, or to any state law or regulation relating to asbestos or to any state law or regulation
relating to carcinogenic or toxic chemicals, Property Manager shall, at Owner’s expense, comply with such laws and regulations as they relate to the Property. 
 ARTICLE 6. FINANCIAL MATTERS. 
 6.01. Books and Records. Property Manager shall cause
to be kept for Owner at the Records Office books and records of the Property, pursuant to methods and systems, and in form and substance, approved by Owner and Legacy, showing all receipts, expenditures and all other records necessary or convenient
for the recording of the results of operations of the Property. Such books are to be maintained utilizing the Yardi accounting software hosted by Legacy. Original records maintained by Property Manager shall be kept in a secure location at the
Records Office and shall be open to inspection by Owner and Legacy and their representatives during normal business hours and Property Manager agrees to cooperate in making such books and records available for inspection. Upon the effective date of
any termination of this 

  
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Agreement, all of such records shall be delivered forthwith to Owner so as to ensure the orderly continuance of the operation of the Property. Cut-off date for books on a monthly basis will be
the 23nd day of each month or as modified by Legacy.

  

	6.02.	Reports. 

(a) On or before the last day of each month, Property Manager shall provide such reports and data to Owner and Legacy as
shall be required from time to time by Owner. Without limitation, Property Manager shall provide the following to Owner for the current calendar month: 
 (i) Reports and data necessary to generate detailed report of all monies collected (identified by tenant or other source) which shall include, but not be limited to, rents collected (including laundry or
other vending income, garage or parking income, percentage rent and other amounts payable under any retail leases, if any), rents prepaid beyond the current month, and security deposits collected, and of vacancies and delinquent rents. 

(ii) Reports and data necessary to generate a detailed report of all expenses paid. 

(iii) A comparison of the current month and year-to-date account of actual revenue and expenses to budgeted amounts;
calculations of monthly and year-to-date variances from the Approved Operating and Capital Budgets, appropriate descriptions of any significant monthly or year-to-date variances, and, if requested by Owner, a revised annualized projection of monies
to be collected and expenses to be paid for the balance of the calendar year. 
 (iv) A written report describing
any material changes in the Property which occurred during the month or are anticipated to occur. 
 (v) A
reconciliation of amounts receivable or due to Owner. 
 (vii) Any other special information as required from
time to time by Owner. 
 (b) Property Manager shall provide a monthly management report to be submitted with the
applicable monthly financial statements which shall contain without limitation, the recommendations of Property Manager regarding the physical condition or operation of the Property and leasing status reports. In addition, if applicable, on or
before January 30 after the end of each calendar year, Property Manager shall at its sole cost and expense submit to Owner an annual report summarizing all retail leasing activities, if any. 

  
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 (c) Periodically, Property Manager shall furnish to Owner as reasonably
requested: 
 (i) Market surveys and any other tenant information in accordance with Section 2.02(q) above.

 (ii) Reports covering on-site physical inspections and operating reviews. 

(iii) A current inventory of personal property and equipment used in connection with the Property. Such an inventory shall
be submitted to Owner no later than thirty (30) days prior to the end of each calendar year. 
 6.03. Audit. Owner shall have the
right to conduct an audit of the Property’s operations at any time. Property Manager, to the extent responsible under the terms of this Agreement, shall promptly correct all weaknesses and errors disclosed by Owner’s audits, and shall
timely inform Owner in writing of all corrective actions taken. Owner’s audit shall be at Owner’s expense unless an error is discovered attributable to the services provided under this Agreement that is equal to or greater than two percent
(2%) of annual gross receipts of the Property for the period audited, in which case Property Manager shall bear the full cost of the subject audit. Any adjustments in amounts due and owing from Owner or Property Manager shall be paid within
fifteen (15) calendar days following Owner’s receipt of the audit. 
 6.04. Other Reports and Statements. Property Manager
shall furnish to Owner, as promptly as practicable, such other reports, statements or other information with respect to the operations of the Property as Owner may from time to time reasonably request. 

6.05. Contracts and Other Agreements. Property Manager shall maintain at the Records Office one original (or a copy, if no original is available)
of all contracts, occupancy leases, lease abstracts, tenant income certifications, equipment leases, maintenance agreements and all other agreements relating to the Property. 
 6.06. Final Accounting. Following termination of this Agreement, whether by expiration of the term hereof or sooner, Property Manager shall be responsible for preparing a final report within thirty
(30) days after the effective date of said termination. Such final report shall set forth all current income, all current expenses, and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the
Property. The final report shall also include all other items reasonably requested by Owner. Property Manager shall be entitled to receive a prorated share of its Management Fee to the date of termination and all earned but unpaid Construction
Supervision Fees. 
 6.07. Tax Returns. Property Manager shall file all tax returns for all payroll taxes and other taxes directly
related to the Property; excluding, however, federal and state income tax returns of Owner; Property Manager will advise and assist Legacy in the preparation and filling of any required sales tax returns. 

6.08. Certification. All financial reports prepared solely by Property Manager shall be certified

  
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as true and correct in all material respects by Property Manager. 
 ARTICLE 7. BANK
ACCOUNTS. 
  

	7.01.	Property Accounts. 

 (a) All funds received by Property Manager derived from the operation of the Property, as well as working capital furnished by Owner, shall be deposited in an account (the “Property Bank
Account”) in the Property’s name, as established by Legacy, which such account will be in compliance with applicable law. All funds so deposited shall be deemed to be trust funds held for the benefit of Owner. Legacy shall establish
another custodial and/or trust account as required by applicable law or the Owner for the deposit of tenant security deposits (the “TSD Account”). 

(b) No non-Property funds shall be commingled with the funds in the Property Bank Account or TSD Account (collectively,
the “Accounts”). 
 (c) Only officer’s, employees or agents of Legacy specifically
authorized by Owner shall have authority to write checks from the Accounts. 
 7.02. Expenses Paid by Owner. The following costs are to
be paid directly by Owner (or Legacy, acting on Owners behalf): 
 (a) Any and all costs necessary for the
management, operation and maintenance of the Property, provided such costs are provided for and are within the limits of the Approved Operating Budget or specifically approved in writing by Owner; 

(b) Capital expenditures provided for in the Approved Capital Budget or authorized in writing by Owner and directed by
Owner to be incurred by Property Manager; and 
 (c) Any and all costs necessary for emergency expenses as
provided in Section 2.02(f). 
 Property Manager shall not be obligated to make any advance to or for the account of Owner
or to pay any sums except as otherwise provided in this Agreement. 
 ARTICLE 8. INSURANCE AND INDEMNITY. 

8.01. INDEMNIFICATION. 
 (A) PROPERTY MANAGER AGREES TO AND SHALL, COMPLETELY AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, INDEMNIFY, DEFEND (WITH COUNSEL REASONABLY ACCEPTABLE TO OWNER), PROTECT AND HOLD OWNER AND ITS
RESPECTIVE PRINCIPALS, OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, 

  
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MEMBERS, EMPLOYEES, AUTHORIZED SUCCESSORS, AUTHORIZED ASSIGNS AND AGENTS HARMLESS FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, ACTIONS, FINES, PENALTIES, LIABILITIES, LOSSES, TAXES, DAMAGES,
INJURIES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, ACTUAL ATTORNEYS’, CONSULTANTS’ AND EXPERT WITNESS’ FEES, AND DEFENSE COSTS AT BOTH THE TRIAL AND APPELLATE LEVELS) (COLLECTIVELY, “DAMAGES”) IN ANY MANNER RELATED TO,
ARISING OUT OF OR RESULTING FROM (I) ANY FAILURE OF PROPERTY MANAGER TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT CAUSING DAMAGE TO OWNER, BUT ONLY TO THE EXTENT SUCH DAMAGES ARE NOT COVERED BY THE INSURANCE MAINTAINED BY OWNER UNDER SECTION
8.05 BELOW, (II) ANY ACTS OF PROPERTY MANAGER BEYOND THE SCOPE OF ITS AUTHORITY UNDER THIS AGREEMENT, (III) ANY GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR OTHER WRONGFUL OR INTENTIONAL ACTS OR OMISSIONS OF PROPERTY MANAGER, AND (IV) ANY INJURY, DAMAGE
OR DEATH TO PROPERTY MANAGER, ITS OFFICERS, DIRECTORS, PARTNERS, EMPLOYEES, AGENTS AND OTHER REPRESENTATIVES. THE OBLIGATIONS OF PROPERTY MANAGER UNDER THIS SUBSECTION (A) NOT ARISING FROM GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR OTHER WRONGFUL
OR INTENTIONAL ACTS OR OMISSIONS OF PROPERTY MANAGER SHALL APPLY ONLY TO THE EXTENT DAMAGES OF AN INDEMNIFIED PARTY ARE NOT FULLY PAID BY OWNER’S COMMERCIAL GENERAL LIABILITY INSURANCE DESCRIBED BELOW IN SECTION 8.05(B). NOTWITHSTANDING ANY
OTHER PROVISIONS OF THIS AGREEMENT TO THE CONTRARY, PROPERTY MANAGER’S OBLIGATIONS UNDER THIS SECTION 8.01 SHALL SURVIVE THE EXPIRATION, TERMINATION OR CANCELLATION OF THIS AGREEMENT, AND SHALL BIND ANY AND ALL OF THE HEIRS, SUCCESSORS,
ASSIGNS, TRANSFEREES AND REPRESENTATIVES OF PROPERTY MANAGER. THE RIGHTS OF OWNER UNDER THIS SECTION 8.01 SHALL ALSO INURE TO THE BENEFIT OF ANY AND ALL OF THEIR PRINCIPALS, OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS,
TRUSTEES, HEIRS, BENEFICIARIES, TRUSTS, SUCCESSORS, ASSIGNS, TRANSFEREES AND REPRESENTATIVES, AND TO THE BENEFIT OF ANY AND ALL PERSONS AND LEGAL ENTITIES WHO ARE, COULD BE OR ARE ALLEGED TO BE, LIABLE FOR THE OBLIGATIONS OF OWNER OR SUCH
PRINCIPALS, OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS, TRUSTEES, HEIRS, BENEFICIARIES, TRUSTS, SUCCESSORS, ASSIGNS, TRANSFEREES AND REPRESENTATIVES. 

(B) OWNER AGREES TO AND SHALL, COMPLETELY AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, INDEMNIFY, DEFEND (WITH COUNSEL
REASONABLY ACCEPTABLE TO PROPERTY MANAGER), PROTECT AND HOLD PROPERTY MANAGER (AND ITS 

  
 18 

 
EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS AND TRANSFEREES) HARMLESS FROM AND AGAINST ANY AND ALL DAMAGES IN ANY MANNER RELATED TO OR ARISING OUT OF PROPERTY MANAGER’S PERFORMANCE OF ITS
OBLIGATIONS UNDER THIS AGREEMENT WHICH ARE (A) WITHIN THE SCOPE OF ITS AUTHORITY UNDER THIS AGREEMENT, (B) NOT RELATED TO, ARISING OUT OF OR RESULTING FROM ANY NEGLIGENCE, WILLFUL MISCONDUCT OR OTHER WRONGFUL OR INTENTIONAL ACTS OR
OMISSIONS OF PROPERTY MANAGER (PROVIDED, HOWEVER, NOTWITHSTANDING THIS CLAUSE (B) WITH RESPECT TO CLAIMS, ACTIONS, SUITS, AND PROCEEDINGS MADE BY UNAFFILIATED THIRD PARTIES ARISING OUT OF OR RESULTING FROM BODILY INJURY, PROPERTY DAMAGE,
ADVERTISING INJURY OR PERSONAL INJURY, THE INDEMNIFICATION, DEFENSE AND HOLD HARMLESS OBLIGATIONS UNDER THIS SUBSECTION 8.01(B) SHALL APPLY UNLESS THE ACT OR OMISSION OF PROPERTY MANAGER CONSTITUTES GROSS NEGLIGENCE (AS OPPOSED TO MERE NEGLIGENCE),
FRAUD, MALFEASANCE, OR WILLFUL, RECKLESS OR CRIMINAL MISCONDUCT) AND (C) NOT OTHERWISE WITHIN THE SCOPE OF PROPERTY MANAGER’S INDEMNITY SET FORTH IN SECTION 8.01(A) ABOVE. NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS AGREEMENT TO THE
CONTRARY, OWNER’S OBLIGATIONS UNDER THIS SECTION 8.01 SHALL SURVIVE THE EXPIRATION, TERMINATION OR CANCELLATION OF THIS AGREEMENT, AND SHALL BIND ANY AND ALL OF THE HEIRS, SUCCESSORS, ASSIGNS, TRANSFEREES AND REPRESENTATIVES OF OWNER. THE
RIGHTS OF PROPERTY MANAGER UNDER THIS SECTION 8.01 SHALL ALSO INURE TO THE BENEFIT OF ANY AND ALL OF THEIR PRINCIPALS, OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, MEMBERS, EMPLOYEES, AGENTS, TRUSTEES, HEIRS, BENEFICIARIES, TRUSTS, SUCCESSORS,
ASSIGNS, TRANSFEREES AND REPRESENTATIVES, AND TO THE BENEFIT OF ANY AND ALL PERSONS AND LEGAL ENTITIES WHO ARE, COULD BE OR ARE ALLEGED TO BE, LIABLE FOR THE OBLIGATIONS OF PROPERTY MANAGER OR SUCH PRINCIPALS, OFFICERS, DIRECTORS, SHAREHOLDERS,
PARTNERS, MEMBERS, EMPLOYEES, AGENTS, TRUSTEES, HEIRS, BENEFICIARIES, TRUSTS, SUCCESSORS, ASSIGNS, TRANSFEREES AND REPRESENTATIVES. 
 (C) THE RIGHTS AND OBLIGATIONS OF INDEMNITY PROVIDED IN THIS SECTION 8.01 SHALL NOT BE EXCLUSIVE AND SHALL BE IN ADDITION TO SUCH OTHER RIGHTS AND OBLIGATIONS AS OTHERWISE EXIST INDEPENDENT OF THE
PROVISIONS OF THIS SECTION 8.01. 

  
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	8.02.	Property Manager’s Insurance Responsibility. 

 (a) The Property Manager shall maintain during the term of this Agreement, and any extensions or renewals thereof, each of the following insurance coverages with deductibles, if applicable: 

(i) Workers’ Compensation Insurance at no less than statutory requirements including employer’s liability with a
limit of not less than $1,000,000 each accident for bodily injury accident and $1,000,000 each employee and policy limit for bodily injury by disease. 
 (ii) Non-Occupational Disability Insurance when required by law, if applicable. 
 (iii) Commercial General Liability Insurance with a minimum combined bodily injury and property damage per occurrence limit of liability of $5,000,000, a products-completed operations aggregate limit of
$5,000,000 and a general aggregate limit of $10,000,000. Limits of liability may be satisfied through the maintenance of a combination of primary and umbrella/excess liability policies. 

(iv) Automobile Liability Insurance covering owned, hired and nonowned vehicles, separate coverage in an amount not less
than $1,000,000 combined single limit for bodily injury and property damage of $1,000,000 each accident. 
 (v)
Errors and Omissions Insurance coverage in an amount not less than $1,000,000 each claim and general aggregate. 

(b) Property Manager shall promptly provide Owner no later than three (3) days after the Effective Date with
certificates of insurance or other satisfactory documentation which evidence that all required insurance is in full force and effect. Upon request, Property Manager shall provide Owner with a copy of the foregoing insurance policies. The insurance
as required in Subsections 8.02(a)(i), (ii) and (v) to be maintained by Property Manager shall provide that the insurer shall provide to Owner thirty (30) days’ advance notice of cancellation or material change. The liability
policies required by Subsections 8.02(a)(iii) and (iv) shall provide that the insurer shall provide to Owner thirty (30) days’ advance notice of cancellation or material change and shall name Owner and its principals, officers,
directors, shareholders, partners, members, trustees, beneficiaries and employees as additional insureds. All liability policies shall be written to apply to all bodily injury, property damage, personal injury and other covered loss, however
occasioned, which occurred or arose (or the onset of which occurred or arose) in whole or in part during the policy period. Such liability policies also shall contain endorsements including cross-liability and waiver of subrogation, and shall
contain such other endorsements as may be reasonably required by Owner. The liability policies 

  
 20 

 
required by Subsections 8.02(a)(iii) shall include broad form contractual liability insurance coverage. 
 8.03. Contract Documents; Indemnity Provisions. Property Manager shall use its best efforts to include in service and supply contracts prepared or executed by Property Manager respecting the
Property provisions to the effect that the other contracting party shall, to maximum extent permitted by law, indemnify, defend (with counsel reasonably acceptable to Owner), protect and hold harmless Property Manager and Owner and their respective
principals, officers, directors, shareholders, partners, members, managers, trustees, beneficiaries and employees from and against any and all Damages in any manner related to, arising out of and/or resulting from any damage to or injury to, or
death of, persons or property caused or occasioned by or in connection with or arising out of any acts or omissions of said contracting party or its employees or agents or contractors and agree that no principal, officer, director, shareholder,
partner, member, manager, investor, trustee, officer, employee or agent of Owner shall be personally liable for any of the obligations of Owner hereunder. 
 8.04. Ratings of Insurance Companies. All insurance required to be carried by Property Manager shall be written with companies having a policyholder and asset rate, as circulated by Best’s
Insurance Reports, of A-:VIII or better unless an exception is approved by Owner. 
 8.05. Owner’s Insurance Responsibility. Owner
shall maintain during the term of this Agreement, and any extensions thereof, each of the following insurance coverages which shall be primary and noncontributory insurance with respect to the Property: 

(a) All-Risk Property Damage Insurance and Loss of Rents Insurance coverage on the Property. 

(b) Commercial General Liability Insurance coverage with a minimum general aggregate limit of not less than $10,000,000.
Property Manager shall be designated an insured under Owner’s commercial general liability insurance policy while acting within the scope of its authority as Owner’s property manager. All other terms and conditions of this Agreement
(including, without limitation, the indemnification provisions of Section 8.01 and Property Manager’s obligation to maintain insurance described in Section 8.02) shall not be affected by this Section 8.05(b). 

8.06. Property Manager’s Duties in Case of Loss. Property Manager shall: 

(a) Immediately notify Owner of any fire or other damage to the Property; and in the event of any serious damage to the
Property or any releases of hazardous materials or contaminants, telephone Owner so that an insurance adjustor may view the Property before repairs are started, but in no event shall Property Manager settle any losses, complete loss reports or
adjust losses on behalf of Owner or meet with any federal, state or local regulatory agency without the prior written consent of Owner. 
 (b) Promptly notify Owner of any personal injury or property damage occurring to or claimed by any tenant or third party on or with respect to the Property;

  
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and immediately forward copies to Owner of any summons, subpoena or other like legal document served upon Property Manager relating to actual or alleged potential liability of Owner, Property
Manager or the Property. 
 ARTICLE 9. RELATIONSHIP OF PARTIES and REPRESENTATIONS and WARRANTIES. 

9.01. Nature of Relationship. In taking any action pursuant to this Agreement, Property Manager will be acting only as an independent contractor,
and nothing in this Agreement, expressed or implied, shall be construed as creating a partnership or joint venture or an employment relationship or that of principal and agent between Property Manager (or any person employed by Property Manager) and
Owner or any other relationship between the parties hereto except that of property owner and independent contractor. 
 9.02. Communications
Between Parties. Owner shall rely on Property Manager to direct and control all operations at the Property; provided, however, Owner reserves the right to communicate directly with the manager specified in Subsection 4.01(b)(i), Property
Manager’s bookkeeper(s) working on Property matters, all tenants and tenants’ representatives, all lease prospects, all advertising, management, cleaning and servicing firms doing work for the Property, and all parties contracting with
Owner or Property Manager with respect to the Property. 
 9.03. Relationship of Owner and Property Manager with Respect to Leasing.
Property Manager shall not be entitled to any commission or other fee in connection with the leasing of apartment units at the Property, except as specifically provided in Article 3 hereof. On-site employees of Property Manager shall be entitled to
receive incentive leasing bonuses as may be included in the Approved Operating Budget. Property Manager shall procure references from prospective tenants, investigate such references, and use its best judgment in the selection of prospective
tenants. As soon as practicable prior to any residential unit vacancy, Property Manager shall prepare rental listings and attempt to find a new tenant for such unit. The parties intend that Property Manager shall be obligated to give available
residential units at the Property exposure at least equal to the exposure Property Manager gives other available residential units in similar projects owned, leased, managed or operated by Property Manager or an Affiliate within a five (5) mile
radius of the Property, and Owner shall have the right to terminate this Agreement pursuant to Section 10.02(e) below if Property Manager fails so to do. The parties also intend that the Property Manager shall be obligated to use reasonable
efforts in accordance with the Annual Business Plan to retain existing tenants at the Property, and Owner shall have the right to terminate this Agreement pursuant to Section 10.02(e) below if Property Manager fails so to do. 

9.04. No Sales Brokerage Agreement. There are no sales brokerage agreements between Owner and Property Manager; Property Manager has no brokerage
agreement or understanding (exclusive or otherwise) with respect to the sale of all or part of the Property on behalf of Owner; and in the event that Owner effects a sale of the Property, whether on its own or through the use of others, brokers or
otherwise, Property Manager shall be entitled to no compensation, fee or 

  
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commission or other payment on account of such sale under this Agreement. Unless specifically approved by Owner, Property Manager shall have no right to obligate Owner for the payment of any fees
or commissions to any outside real estate agent or broker for tenant leases. Except as expressly provided to the contrary elsewhere herein or as otherwise approved by Owner in writing, Property Manager shall be fully responsible for any compensation
due employees of Property Manager and any real estate brokers cooperating with Property Manager. Property Manager shall indemnify and hold Owner harmless with respect to any action, proceeding, claim, liability, loss, cost or expense (including
reasonable attorneys’ fees) arising in connection with any claim for brokerage or finder’s fees or any other like payment payable as a result of a breach under this Section 9.04 by Property Manager. Property Manager’s obligations
with respect to the foregoing indemnity shall survive the expiration or earlier termination of this Agreement. 
 9.05. Confidentiality.
Except as may be otherwise required by law, Property Manager and Owner shall maintain the confidentiality of all matters pertaining to this Agreement and all operations and transactions relating to the Property. Owner shall cause Legacy not to
disclose any such confidential information other than as permitted in this Agreement 
 9.06. Property Manager Not to Pledge Owner’s
Credit. Property Manager shall not, except in the purchase of goods, wares, merchandise, materials, supplies and services reasonably required in the ordinary course of business in the operation of the Property or as may be otherwise required in
the performance of its obligations under this Agreement and in either case as previously approved by Owner, pledge the credit of Owner; nor shall Property Manager, in the name or on behalf of Owner, borrow any money or execute any promissory note,
installment purchase agreement, bill of exchange or other obligation binding on Owner or the Property. 
  

	9.07	Representations and Warranties. 

 (a) Property Manager represents and warrants that (i) Property Manager has full power, authority and legal right to execute, deliver and perform this Agreement and to perform all of its obligations
hereunder and (ii) the execution, delivery and performance of all or any portion of this Agreement do not and will not (x) require any consent or approval from any governmental authority, (y) violate any provisions of law or any
government order or (z) conflict with, result in a breach of, or constitute a default under, the charter or bylaws of Property Manager or any instrument to which Property Manager is a party or by which it or any of its property is bound.

 (b) Owner represents and warrants that it has full power, authority and legal right to execute, deliver and
perform this Agreement. 
 (c) Property Manager acknowledges and agrees that Owner is relying upon the
representations and warranties set forth in Sections 9.07 (a) in entering into this Agreement, and Owner acknowledges and agrees that Property Manager is relying upon the representations and warranties set forth in Section 9.07 (b) in
entering into this Agreement. 
 ARTICLE 10. TERMINATION. 
  

  
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 10.01. Termination by Owner Without Cause. This Agreement may be terminated by Owner at any time
without cause and upon written notice to Property Manager by Owner, effective thirty (30) days from the date of such notice, which shall be considered the effective date of termination; provided, however, in the event Owner terminates the
Agreement without cause under this Section 10.1 prior to the date which is six (6) months after the Effective Date, Owner shall pay Manager a termination fee equal to one (1) month’s Management Fee (such monthly fee to be
determined by calculating the average monthly Management Fee over such initial term) upon receipt of the materials required under Section 6.06. 
 10.02. Termination by Owner for Cause. This Agreement may be terminated by Owner (or the Property Manager may be required by Owner to change its personnel assigned as Property Manager for the
Property) at any time during the term hereof upon written notice to Property Manager effective immediately for any of the following causes: 
 (a) If Property Manager shall suspend or discontinue business; 

(b) If a court shall enter a decree or order for relief in respect of Property Manager in an involuntary case under the
federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal, state or foreign bankruptcy, insolvency or other similar law, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of Property Manager or for any substantial part of its property, or for the winding-up, dissolution or liquidation of its affairs, and such decree or order shall continue unstayed and in effect for a period of sixty (60) consecutive
days or if Property Manager shall consent to any of the foregoing; 
 (c) If Property Manager shall commence a
voluntary case or action under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy insolvency or other similar law, or consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Property Manager or for any substantial part of its property, or make any assignment for the benefit of creditors, or admit in writing that it is unable, or fail
generally to pay its debts as such debts become due, or take action in furtherance of any of the foregoing; 

(d) If Property Manager is grossly negligent or engages in willful misconduct with respect to its duties or obligations to
Owner under this Agreement; or 
 (e) If Property Manager commits any other material default in the performance
of any of its obligations under this Agreement, unless such default is cured with thirty (30) days after written notice of such default is given to Property Manager, or, if not curable within thirty (30) days, commenced within such thirty
(30) days and diligently prosecuted to completion. 
 10.03. Termination by Property Manager. This Agreement may be terminated by
Property Manager, without cause, upon sixty (60) days’ written notice to Owner. This Agreement may be terminated by Property Manager for cause if Owner commits any material default in the

  
 24 

 
performance of any of its obligations under this Agreement, including, without limitation, its obligation to pay to Property Manager any fees due and payable under Section 3.01 above, and
such default shall continue for a period of thirty (30) days after notice thereof by Property Manager to Owner for non-monetary default or ten (10) days after notice for monetary default. 

10.04. Orderly Transition. In the event of any termination or expiration of this Agreement, Property Manager shall use its best efforts to effect
an orderly transition of the management and operation of the Property to an agent designated by Owner and to cooperate with such agent. Upon termination or expiration of this Agreement, Property Manager’s rights, if any, to withdraw funds from
any account which contains funds collected in connection with the Property shall terminate. Property Manager shall remove all signs that it may have placed at the Property containing its name and repair any resulting damage. In addition, Property
Manager shall deliver the following to Owner on or before thirty (30) days following the termination or expiration date: 
 (a) Deliver such information as is necessary to prepare a final report, reflecting the balance of income and expenses for the Property as of the date of termination or expiration; and 

(c) All keys, property, supplies, records, contracts, drawings, leases and correspondence, in existence at the time of
termination or expiration and all other papers or documents pertaining to the Property. All data, information and documents shall at all times be the property of Owner. 
 10.05. Rights Which Survive Termination or Expiration. Termination and/or expiration of this Agreement shall in no event terminate or prejudice any right arising out of or accruing in connection
with the terms of this Agreement attributable to events and circumstances occurring prior to termination or expiration of this Agreement, and/or all rights and obligations specified in this Agreement to survive such termination and/or expiration.

 ARTICLE 11. MISCELLANEOUS. 

11.01. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State in which the property is located
without giving effect to the conflict of law principles of such State. 
 11.02. Table of Contents and Headings. The Table of Contents
preceding this Agreement and the headings of the various articles and sections of this Agreement have been inserted for convenient reference only and shall not have the effect of modifying or amending the express terms and provisions of this
Agreement. 
 11.03. Entire Agreement. This Agreement contains the entire agreement between the parties with regard to the subject matter
hereof, and this Agreement shall not be amended, modified or cancelled except in writing signed by both parties or by their duly authorized agents. 

  
 25 

 11.04. Successors and Assigns. All terms, conditions and agreements herein set forth shall inure to
the benefit of, and be binding upon the parties, and any and all of their respective permitted heirs, successors, representatives and assigns. Notwithstanding the foregoing, this Agreement may not be assigned by Property Manager nor shall Property
Manager delegate any of its duties hereunder without Owner’s prior written consent, which consent may be granted or withheld in Owner’s sole and absolute discretion. Any attempted assignment or delegation by Property Manager hereunder in
violation of this Section 11.04 shall be null and void and of no force or effect. 
 11.05. Waiver. The failure of either party to
insist upon a strict performance of any of the terms or provisions of this Agreement or to exercise any option, right or remedy herein contained, shall not be construed as a waiver or as a relinquishment for the future of such terms, provisions,
option, right or remedy, but the same shall continue and remain in full force and effect. No waiver by either party of any terms or provisions hereof shall be deemed to have been made unless expressed in writing and signed by such party. In the
event of consent by Owner to an assignment of this Agreement, no further assignment shall be made without the express written consent of Owner. 

11.06. Severability. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under all
applicable laws. However, if any provision of this Agreement is invalid under any applicable law, such provision shall be ineffective only to the extent of such invalidity without invalidating the remaining provisions of this Agreement and, to the
fullest extent possible, this Agreement shall be interpreted so as to give effect to the stated written intent of the parties. 
  

	11.07.	Time. Time is of the essence of this Agreement. 

 11.08. Attorneys’ Fees. In the event of any legal or equitable proceeding for enforcement of any of the terms or conditions of this Agreement, or any alleged disputes, breaches, defaults or
misrepresentations in connection with any provision of this Agreement, the prevailing party in such proceeding, or the non-dismissing party where the dismissal occurs other than by reason of a settlement, shall be entitled to recover its reasonable
costs and expenses, including without limitation reasonable attorneys’ fees and costs, paid or incurred in good faith at the pre-trial, trial and appellate levels, and in enforcing any award or judgment granted pursuant thereto. Any award,
judgment or order entered in any such proceeding shall contain a specific provision providing for the recovery of attorneys’ fees and costs incurred in enforcing such award or judgment, including without limitation (a) post-award or
post-judgment motions, (b) contempt proceedings, (c) garnishment, levy, and debtor and third party examinations, (d) discovery and (e) bankruptcy litigation. The “prevailing party”, for purposes of this Agreement, shall
be deemed to be that party that obtains substantially the result sought, whether by dismissal, award or judgment. 
 11.09. Further Acts.
Owner and Property Manager shall execute such other documents and perform such other acts as may be reasonably necessary and/or helpful to carry out the purposes of this Agreement. 

  
 26 

 11.10. No Advertising. No publication, announcement or other public advertisement of the name of
Owner in connection with the Property shall be made by Property Manager, except as may be required by applicable law or with the prior written consent of Owner. 
 11.11. Signs. Signs and building directories are prohibited unless specifically approved by Owner. Property Manager may place reasonable leasing signs as required with the prior approval of Owner.
All signs must meet all requirements of local sign codes and ordinances. 
 11.12. Owner Exculpatory Clause; Waivers of Jury Trial and
Punitive Damages. Property Manager agrees that no principal, officer, director, shareholder, partner, member, investor, manager, representative, trustee, officer, employee or agent of Owner or of its members or partners shall be personally
liable for any of the obligations of Owner hereunder and that Property Manager must look solely to the assets of Owner for the enforcement of any claims against Owner arising hereunder. In addition, Property Manager hereby waives in connection with
any such claim any right it may have to a jury trial and any punitive or consequential damages. 
 11.14. Notices. Any notice required or
desired to be given under this Agreement shall be given in writing and shall be deemed sufficiently given and served for all purposes when personally delivered or delivered by any generally recognized courier, or by certified or registered mail,
addressed to the appropriate address shown below. Any notice given by depositing it in the United States mail as certified or registered mail, postage prepaid, shall be deemed given five (5) business days after deposit. 

 

			
	Owner:	 	 KBS Legacy Partners Millennium LLC
 c/o KBS Capital Advisors, LLC
 620 Newport Center Drive, Suite 1300

Newport Beach, California 92660
 Attn: David
Snyder

		
	With a copy to:	 	 KBS Legacy Partners Millennium LLC
 c/o Legacy Partners Residential Realty LLC
 5141 California Avenue, Suite 100

Irvine, California 92617
 Attention: Timothy J.
O’Brien and Scott Morrison

		
	With a copy to:	 	 KBS Legacy Partners Millennium LLC
 c/o Legacy Partners Residential Realty LLC
 4000 E. Third Avenue, Sixth Floor

Foster City, California 94404
 Attn: W. Dean
Henry/Guy K. Hays

		
	Property Manager:	 	 GREP Southeast, LLC
 4030
Boy Scout Blvd., Suite 800
 Tampa, Florida 33607
 Attn: Hans Knobel

  
 27 

			
	Legacy:	 	 Legacy Partners Residential L.P.
 4000 E. Third Avenue, Sixth Floor
 Foster City, California 94404

Attn: Carol Foster

		
	With a copy to:	 	 Legacy Partners Residential L.P.
 4000 E. Third Avenue, Sixth Floor
 Foster City, California 94404

Attn: W. Dean Henry/Guy K. Hays

 11.15. Counterparts. This Agreement may be executed in any number of counterparts and each such counterpart shall
be deemed to be an original instrument, but all such executed counterparts together shall constitute one and the same instrument. 
 [remainder of page intentionally left blank] 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as
of the Effective Date. 
  

							
	 OWNER:
	  	KBS LEGACY PARTNERS MILLENNIUM LLC,
 a Delaware limited
liability company

			
		  	 By:
	  	 KBS LEGACY PARTNERS PROPERTIES
 LLC, a Delaware limited liability company, its
 sole member

			
		  		  	 By: KBS LEGACY PARTNERS LIMITED

PARTNERSHIP, a Delaware
 limited partnership, its sole member

			
		  		  	 By:KBS LEGACY PARTNERS APARTMENT REIT,

INC., a Maryland corporation, its
 sole general partner

				
		  		  	 By:
	 	 /s/ Guy K. Hays

		  		  	 Name:
	 	Guy K. Hays
		  		  	 Title:
	 	Executive Vice President

  

									
	 PROPERTY MANAGER:
	  	 GREP SOUTHEAST, LLC, a Delaware limited
 liability company
	  	
				
		  	By:	  	 GREP General Partner, LLC
 a Delaware Limited Liability Company
 Its: General Partner
	  	
					
		  		  	By: 	  	 /s/ Hans Knobel
	  	
		  		  	Name: 	  	 Hans Knobel
	  	
		  		  	Title: 	  	 Vice President
	  	

  
 29 

 EXHIBIT A 
 LEGAL DESCRIPTION OF PROPERTY 

  
 A-1

 EXHIBIT B 
 RENTAL GUIDELINES 
 Property Manager may enter into new leases for space at the Property and renew
or extend existing leases without Owner’s prior written consent provided that each such lease: 
  

	1)	for residential apartment units: 

  

	 	a)	is documented using, and does not materially deviate from, the standard lease form attached as Exhibit C to this Agreement, other than changes required by law or any
governmental agency; and 

  

	 	b)	shall be for initial terms of at least six (6) months and not more than twelve (12) months, unless a longer lease is included in the Annual Business Plan.

  

	2)	provides for rental rates and terms no less than the suggested daily rates provided by YieldStar unless otherwise approved by Owner. 

 

	3)	is not for a corporate apartment unit except that the Property Manager may enter into an arms-length lease for corporate apartment units of up to ten percent
(10%) of the total number of apartment units, unless the Annual Business Plan provides for more than ten percent (10%) of the total number of apartment units to be available as corporate apartment units; provided, however, unless otherwise
approved by Owner Property Manager will not allow more than 10 corporate leases to expire in any given month. 

  

	4)	is an arms-length transaction with a tenant that is not an Affiliate of Owner or Property Manager (with the exception of apartment units which may be leased to
employees of an Affiliate of the Owner or Property Manager as designated in, and at rental rates no less than those set forth in, the Annual Business Plan). 

 

	5)	Equal Housing Opportunity: Property Manager will do business in accordance with the Federal Fair Housing Law. 

 

	6)	Resident Income: Except as approved by Owner in writing, prospective residents will have monthly income which will at a minimum be three times the monthly rent.

  

	7)	Credit: All prospective residents must have satisfactory credit as determined in the best judgment of Property Manager. As evidence of prospective residents’
satisfactory credit history, Property Manager shall procure a background check and credit report for prospective tenants from a national reporting agency. 

  

	8)	Employment: Property Manager shall confirm employment and salary for prospective tenants for at least the prior three years by, among other satisfactory methods,
contacting prior employers of prospective tenants. 

  

	9)	Previous Residence: If appropriate, Property Manager shall confirm satisfactory residency for prospective tenants, including without limitation, contacting previous
landlords of prospective tenants. 

  

	10)	Rental Guideline Changes: Any material changes in the above guidelines shall be submitted to the Owner for review and approval. 

  
 B-1

 EXHIBIT C 
 STANDARD RESIDENTIAL LEASE FORM 

  
 C-2

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