Document:

Exhibit 10.275

 

Loan No. 341018

 

GUARANTEE OF RECOURSE OBLIGATIONS

(Multiple Guarantors)

 

In consideration of the benefits which the
undersigned (herein called "Guarantors") will receive as a result of The Northwestern Mutual Life Insurance Company ("Lender")
making the above-numbered loan to BR Carroll Keller Crossing, LLC, a Delaware limited liability company, ("Borrower")
evidenced by that certain Promissory Note (the "Note") of even date herewith in the original principal amount of $28,880,000.00
and secured by that certain Deed of Trust and Security Agreement of even date herewith, from Borrower in favor of Lender (the "Lien
Instrument") covering property in the City of Fort Worth, County of Tarrant, State of Texas (the "Property"), and
as an inducement required by Lender to fund said loan, Guarantors have agreed to guarantee:

 

(A)         The
Recourse Obligations (as such term is defined in paragraph 9 hereof); and,

 

(B)         Following
the occurrence of a Triggering Event (as such term is defined in paragraph 9 hereof), the payment of the Note and all amounts at
any time owed to Lender under the other Loan Documents (as hereinafter defined) and the performance of all terms, covenants and
conditions in the Loan Documents.

 

1.          Therefore,
for value received, Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to Lender and its successors
and assigns the full, prompt and faithful payment of all of the Recourse Obligations, (i) notwithstanding any invalidity of, or
defect or deficiency in any Loan Documents, (ii) notwithstanding the fact that Borrower may have no personal liability for all
or a portion of the Indebtedness and Lender's recourse against Borrower and Borrower's assets may be limited, and (iii) notwithstanding
any act, omission or thing which might otherwise operate as a legal or equitable discharge of Guarantors. Guarantors shall, within
five business days from the date notice is given to each Guarantor that any of the Recourse Obligations is due and owing, pay such
Recourse Obligations.

 

"Loan Documents" means the Note,
the Lien Instrument, that certain Loan Application dated September 30, 2015 from Borrower to Lender and that certain acceptance
letter issued by Lender dated October 22, 2015 (together, the "Commitment"), that certain Absolute Assignment of Leases
and Rents of even date herewith between Borrower and Lender (the "Absolute Assignment"), that certain Certification of
Borrower of even date herewith, any other supplements and authorizations required by Lender and all other instruments and documents
(as the same may be amended from time to time) executed by Borrower and delivered to Lender in connection with, or as security
for, the indebtedness evidenced by the Note, except any separate environmental indemnity agreement.

 

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2.          In
addition, for value received, Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to Lender and
its successors and assigns the full, prompt and faithful payment of the full amount of the principal, interest and any other sums
due or to become due under the Loan Documents (the "Indebtedness") upon and following the occurrence of a Triggering
Event, it being the intention hereof that, following the occurrence of a Triggering Event, Guarantors shall remain liable until
the Indebtedness shall be fully paid, (i) notwithstanding any invalidity of, or defect or deficiency in any Loan Document, (ii)
notwithstanding the fact that Borrower may have no personal liability for all or a portion of the Indebtedness and Lender's recourse
against Borrower and Borrower's assets may be limited, and (iii) notwithstanding any act, omission or thing which might otherwise
operate as a legal or equitable discharge of Guarantors.

 

Following the occurrence of a Triggering
Event, Guarantors shall, within five business days from the date a notice is given to any Guarantor that an Event of Default (as
defined in the Lien Instrument) has occurred and is continuing, cure such Event of Default. If any Event of Default shall not be
cured by Guarantors within said five business day period, Lender may, at its option, accelerate the Indebtedness (if operation
of a stay under the federal bankruptcy code or under any other state or federal bankruptcy, insolvency or similar proceeding, prohibits
or delays acceleration of the Indebtedness as to Borrower, Guarantors agree that Guarantors' obligations hereunder shall not be
postponed or reduced) and, within five business days from the date a written demand from Lender is given to any Guarantor, Guarantors
shall pay all of the Indebtedness, whether or not acceleration of the Indebtedness has occurred as to Borrower.

 

3.          Any
obligations not paid when due hereunder shall bear interest from the date due until paid at the Default Rate (as defined in the
Note). Guarantors hereby waive absolutely and irrevocably, until the Indebtedness shall have been paid in full, any right of subrogation
whatsoever to Lender's claims against Borrower and any right of indemnity, reimbursement or contribution from Borrower with respect
to any payment made or performance undertaken by any Guarantor pursuant hereto. If Borrower shall become a debtor under the federal
bankruptcy code or the subject of any other state or federal bankruptcy, insolvency or similar proceeding, neither the operation
of a stay nor the discharge of the Indebtedness thereunder shall affect the liability of Guarantors hereunder. If any of the Guarantors
shall become a debtor under the federal bankruptcy code or the subject of any other state or federal bankruptcy, insolvency or
similar proceeding, neither the operation of a stay thereunder nor the discharge thereunder of any obligations under this Guarantee
shall affect the liability of any of the other Guarantors hereunder.

 

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4.          Without
limiting or lessening the liability of any Guarantor under this Guarantee (except as otherwise provided in clause (A) below), Lender
may, without notice to Guarantors:

 

(A)         Release
or partially release any Guarantor from any liability hereunder without affecting the liability of any other Guarantor;

 

(B)         Grant
extensions of time or any other indulgences on the Indebtedness;

 

(C)         Take,
give up, modify, vary, exchange, renew or abstain from perfecting or taking advantage of any security for the Indebtedness; and

 

(D)         Accept
or make compositions or other arrangements with Borrower, realize on any security, and otherwise deal with Borrower, other parties
and any security as Lender may deem expedient.

 

5.          This
Guarantee shall be a continuing guarantee, shall not be revoked by death, shall inure to the benefit of, and be enforceable by,
any subsequent holder of the Note and the Lien Instrument and shall be binding upon, and enforceable against, Guarantors and Guarantors'
heirs, legal representatives, successors and assigns.

 

6.          All
additional demands, presentments, notices of protest and dishonor, and notices of every kind and nature, including those of any
action or no action on the part of Borrower, Lender or Guarantors are expressly waived by Guarantors. This is a guarantee of payment
and not of collection. Guarantors hereby waive the right to require Lender to proceed against Borrower or any other party, or to
proceed against or apply any security it may hold, waive the right to require Lender to pursue any other remedy for the benefit
of Guarantors, and agree that Lender may proceed against Guarantors without taking any action against any other party and without
proceeding against or applying any security it may hold. Lender may, at its election, foreclose upon any security held by it in
one or more judicial or non-judicial sales, whether or not every aspect of such sale is commercially reasonable, without affecting
or impairing the liability of Guarantors, except to the extent the Indebtedness shall have been paid. Guarantors waive any defense
arising out of such an election, notwithstanding that such election may operate to impair or extinguish any right or any remedy
of Guarantors against Borrower or any other security.

 

7.          Guarantors
jointly and severally agree to pay reasonable attorneys' fees and all other costs and expenses which may be incurred by Lender
in the enforcement of this Guarantee.

 

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8.          Any
notices, demands, requests and consents permitted or required hereunder or under any other Loan Document shall be in writing, may
be delivered personally or sent by certified mail with postage prepaid or by reputable courier service with charges prepaid. Any
notice or demand sent to any Guarantor by certified mail or reputable courier service shall be addressed to such Guarantor at the
address set forth opposite such Guarantor's name below or such other address in the United States of America as such Guarantor
shall designate in a notice to Lender given in the manner described herein. Any notice sent to Lender by certified mail or reputable
courier service shall be addressed to The Northwestern Mutual Life Insurance Company to the attention of the Real Estate Investment
Department at 720 East Wisconsin Avenue, Milwaukee, WI 53202 or at such other addresses as Lender shall designate in a notice given
in the manner described herein. Any notice given to Lender shall refer to the Loan No. set forth above. Any notice or demand hereunder
shall be deemed given when received. Any notice or demand which is rejected, the acceptance of delivery of which is refused or
which is incapable of being delivered during normal business hours at the address specified herein or such other address designated
pursuant hereto shall be deemed received as of the date of attempted delivery.

 

9.          The
following terms shall be defined as set forth below:

 

"Recourse Obligations" means the
following:

 

(A)         Rents
and other income from the Property received by Borrower, any Guarantor, or any authorized agent of Borrower from and after the
date of any Non-Monetary Default (as defined in the Lien Instrument) of which Borrower has received notice or any Monetary Default
(as defined in the Lien Instrument) remaining uncured prior to the Conveyance Date (as hereinafter defined), which rents and other
income have not been applied to the payment of principal and interest on this Note or to reasonable operating expenses of the Property
(it being agreed by Lender that operating expenses shall be reasonable if they were included in Borrower's original annual budget
for the particular calendar year);

 

(B)         Amounts
necessary to repair any damage to the Property caused by the gross negligence or intentional misconduct of Borrower, any Guarantor,
or any authorized agent of Borrower;

 

(C)         Insurance
loss and Condemnation Proceeds (as defined in the Lien Instrument) released to Borrower but not applied in accordance with the
Loan Documents;

 

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(D)         The
amount of insurance loss proceeds which would have been available with respect to a casualty on the Property occurring prior to
the Conveyance Date, but that were not available due to the default by Borrower in carrying all insurance required by Lender under
the Loan Documents;

 

(E)         Damages
suffered by Lender as a result of fraud or intentional misrepresentation in connection with the Indebtedness by Borrower, any Guarantor,
or any authorized agent of Borrower;

 

(F)         Amounts
in excess of any rents or other revenues collected by Lender from operation of the Property from and after acceleration of the
Indebtedness until the Conveyance Date, which amounts are necessary to pay real estate taxes, special assessments and insurance
premiums with respect to the Property, and amounts required to fulfill Borrower's obligations as lessor under any leases of the
Property, in each case, either paid by Lender and not reimbursed prior to, or remaining due or delinquent on the Conveyance Date;

 

(G)         All
security deposits under leases of the Property or any portion of the Property actually received by or credited to Borrower, any
Guarantor, or any authorized agent of Borrower or any predecessor of Borrower, and not refunded to the tenants under said leases
in accordance with their respective leases or delivered to Lender on or prior to the Conveyance Date, except to the extent any
such security deposits were applied in accordance with the terms and conditions of any of said leases prior to the occurrence of
the Event of Default that gave rise to such conveyance on the Conveyance Date, and all advance rents collected by Borrower, any
Guarantor, any agent of Borrower or any predecessor of Borrower, and not applied in accordance with the leases of the Property
or delivered to Lender;

 

(H)         Any
losses suffered by Lender as a result of the Property not being in compliance with all applicable zoning and land use ordinances,
covenants, statutes, and regulations; and;

 

(I)         Reasonable
attorneys' fees and expenses incurred by Lender to the extent suit is brought by Lender to collect any of the amounts described
in subparagraphs (A) through (H) above.

 

"Conveyance Date" means the first
to occur of: (i) the later of (a) the date on which title vests in the purchaser at the foreclosure sale of the Property pursuant
to the Lien Instrument or (b) the date on which Borrower's statutory right of redemption shall expire or be waived, (ii) a Valid
Tender Date or (iii) the date of the conveyance of the Property to Lender in lieu of foreclosure.

 

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Notwithstanding anything herein to the contrary,
no Guarantor shall have any liability for Recourse Obligation (F) above if a Valid Tender is made within the Tender Period.

 

As used herein, "Tender Period" means the 60-day period
immediately following the earlier of (i) Borrower’s receipt of written notice that the Indebtedness has been accelerated
by Lender or (ii) the maturity date of the Note.

 

"Valid Tender Date" means the
date on which a Tender is made which, with the passage of time, becomes a Valid Tender.

 

"Tender" means the tender by Borrower
of (i) true, complete and accurate copies of all leases of the Property with an instrument assigning them to Lender or Lender's
designee and (ii) a special warranty or bargain and sale deed conveying good and marketable title to the Property to Lender or
Lender's designee, subject to no liens or encumbrances subordinate to the lien securing the Indebtedness not previously approved
in writing by Lender.

 

"Valid Tender" means (i) a Tender
and (ii) the passage of the Review Period, during which period, Borrower shall not create any consensual liens on the Property
or become a debtor in any bankruptcy proceeding or the subject of any other insolvency proceeding (other than a bankruptcy or other
insolvency proceeding commenced by Lender or any of its affiliates).

 

"Review Period" means the period
of time from the date of the Tender until the earlier of (i) sixty (60) days thereafter or (ii) the date of acceptance of the Tender
by Lender or Lender's designee.

 

Lender or Lender's designee shall have the
Review Period to accept or reject a Tender to enable Lender or Lender's designee to review title to, and obtain an environmental
assessment of, the Property, and, at Lender's or Lender's designee's option, the deed and lease assignment shall be deposited into
an escrow during the Review Period.

 

If Lender or Lender's designee shall not
accept such Tender within the Review Period, the Tender shall be deemed to be rejected, but a Valid Tender shall remain a Valid
Tender despite such rejection.

 

"Triggering Event" means any of
the following:

 

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(A)         A
violation of the provision of the Lien Instrument entitled "Prohibition on Transfer/One-Time Transfer";

 

(B)         The
filing by Borrower of a voluntary petition for relief under the federal bankruptcy code;

 

(C)         The
filing of an involuntary petition against Borrower by parties other than Lender under the federal bankruptcy code shall remain
undismissed for a period of ninety (90) days; or

 

(D)         Borrower
shall become the subject of any liquidation, receivership or other similar proceedings (other than any such proceedings initiated
by Lender) and, if such proceeding is involuntary, such proceeding shall remain undismissed for a period of ninety (90) days.

 

10.         This
Guarantee shall be governed by and construed in all respects in accordance with the laws of the State of Texas without regard to
any conflict of law principles. With respect to any action, lawsuit or other legal proceeding concerning any dispute arising under
or related to this Guarantee, Guarantors hereby irrevocably consent to the jurisdiction of the courts located in the State of Texas
and irrevocably waive any defense of improper venue, forum nonconveniens or lack of personal jurisdiction in any such action, lawsuit
or other legal proceeding brought in any court located in the State of Texas. Nothing contained herein shall affect the rights
of Lender to commence an action, lawsuit or other legal proceeding against Guarantors in any other jurisdiction.

 

(Remainder of page intentionally left
blank;

Signatures of Guarantors follow on next
page)

 

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Executed as of the 22nd day of October, 2015.

 

	Mailing Addresses:	CARROLL MULTIFAMILY REAL ESTATE FUND III, LP,
	 	 a Delaware limited partnership
	 	 
	c/o Carroll Organization	By:	/s/ M. Patrick Carroll
	3340 Peachtree Rd NE	Name: M. Patrick Carroll
	Suite 2250	Title: Chief Executive Officer
	Atlanta, GA 30326	 
	Attn:  M. Patrick Carroll	 

 

(Signatures of Guarantors continue on
following page)

 

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(Signatures of Guarantors continued from
previous page)

 

	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.,
	 	 a Maryland corporation
	 	 
	712 Fifth Avenue, 9th Floor	By:	/s/ Michael Konig
	New York, New York  10019	Name: Michael Konig
	Attn:  Jordan Ruddy and	Title:  Authorized Signatory
	   Michael Konig, Esq.	 

 

    	 	9Exhibit 10.276

 

Loan No. 341018

 

ENVIRONMENTAL INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL INDEMNITY AGREEMENT is
entered into as of October 22, 2015 by the undersigned ("Indemnitors") in favor of The Northwestern Mutual Life Insurance
Company ("Northwestern") and the other Indemnified Parties referred to herein.

 

RECITALS

 

A.           Northwestern
is contemporaneously herewith making a loan (the "Loan") to BR Carroll Keller Crossing, LLC, a Delaware limited liability
company, ("Borrower") secured or to be secured by that certain Deed of Trust and Security Agreement of even date herewith,
from Borrower in favor of Northwestern (the "Lien Instrument") on the fee title in the Property described in Exhibit
"A" attached hereto (the Lien Instrument and all other agreements, certificates and documents (as they may be amended
from time to time) at any time executed by or for the benefit of Borrower in connection with the Loan, other than this Environmental
Indemnity Agreement, hereinafter, collectively, the "Loan Documents").

 

B.           In
order to induce Northwestern to make the Loan, Indemnitors have agreed to execute and deliver this Environmental Indemnity Agreement.

 

C.           Each
of the Indemnitors has a substantial direct or indirect interest in the Property, financial or otherwise.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors hereby
agree and covenant for the benefit of Northwestern and the other Indemnified Parties as follows:

 

1.          The
following definitions shall apply to this Environmental Indemnity Agreement:

 

(a)          "Environmental
Activity or Condition" means the presence, use, generation, manufacture, production, storage, release, threatened release,
discharge, disposal or transportation of any Hazardous Substance on, onto, in, under, over or from the Property or the violation
of any Environmental Law because of the condition of, or activity on, the Property.

 

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(b)          "Environmental
Law" means all law relating to hazardous waste, chemical substances or mixtures or hazardous, toxic, dangerous or unhealthy
substances or conditions or relating to the interaction of the use or ownership of property and the environment, whether such law
is: (i) criminal or civil, (ii) federal, state or local, (iii) statutory, common law or administrative regulation, or (iv) currently
in effect or enacted in the future.

 

(c)          "Hazardous
Substance" means any substance which (i) is designated or characterized as hazardous, toxic or dangerous or similarly designated
or characterized under any Environmental Law, (ii) is regulated under any Environmental Law or by any governmental or quasi-governmental
agency, or (iii) could be a hazard to health, safety or property values. Without limiting the foregoing, Hazardous Substances shall
include underground storage tanks and the contents thereof, asbestos, urea formaldehyde insulation, polychlorinated biphenyls,
dioxins and petroleum products, and fungus, mildew or mold, including, but not limited to allergens, spores, mycotoxins, or by-products
produced or released by fungi.

 

(d)          "Property"
means the property described in Exhibit "A" attached hereto, including the soil, surface water, ground water, air and
improvements on, beneath or above such property.

 

2.          Indemnitors
hereby agree to indemnify, defend and hold Northwestern and its wholly-owned affiliates and their respective trustees, officers,
policyholders, employees and agents (collectively, the "Indemnified Parties") harmless from and against any and all damages,
liabilities, losses, costs and expenses, including reasonable attorneys' fees (collectively, "Damages"), suffered or
incurred by any of the Indemnified Parties as a result of any Environmental Activity or Condition which would not have been suffered
or incurred if Northwestern had not made the Loan (other than any Damages arising out of the gross negligence or willful misconduct
of Northwestern, its employees, its agents, or its representatives occurring at any time they are present on the Property except
as provided in the last paragraph of this Section 2). The liability of Indemnitors as set forth in the preceding sentence includes,
without limitation, the following:

 

(a)          Any
costs of, or liability for, investigation, cleanup, removal, treatment, remediation or monitoring of any Hazardous Substance;

 

(b)          Any
damages resulting from the diminution in value or unmarketability of the Property or any other property;

 

(c)          Any
consequential or punitive damages suffered or incurred by any of the Indemnified Parties;

 

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(d)          Any
fines, penalties, assessments, judgments or other liabilities resulting from any claim, judgment or finding concerning the violation
of any Environmental Law; and

 

(e)          Any
amounts expended by any of the Indemnified Parties in good faith to settle or compromise any claim or allegation of liability covered
by this Environmental Indemnity Agreement.

 

The liability of Indemnitors hereunder shall continue, without
reduction or change, upon and subsequent to Northwestern becoming owner of the Property through foreclosure, deed-in-lieu of foreclosure
or otherwise, excepting only Damages resulting from actions taken either by Northwestern, by successive owners of the Property
acquiring title from or through Northwestern or by those contracting with Northwestern or any such successive owner, subsequent
to Northwestern becoming owner of the Property; provided, however, that Indemnitors shall nonetheless be responsible for the actions
of any party investigating or cleaning up Hazardous Substances, whether or not contracted for by Northwestern, if Indemnitors are
otherwise liable hereunder or otherwise for such investigation or clean up. The liability of Indemnitors hereunder shall not be
reduced or otherwise affected by any Environmental Activity or Condition occurring or existing prior to Northwestern becoming owner
of the Property even if caused in whole or part by a predecessor in title, tenant, trespasser or other third person, whether on
or off of the Property.

 

3.          The
liability of Indemnitors under this Environmental Indemnity Agreement (i) shall not be subject to any limitations on liability
set forth in any of the documents evidencing the Loan and (ii) shall be an unsecured obligation of Indemnitors to each of the Indemnified
Parties, notwithstanding the terms of the Lien Instrument or any other agreement.

 

4.          Without
limitation, the obligations and liability of any Indemnitor under this Environmental Indemnity Agreement shall in no way be waived,
released, discharged, reduced, mitigated or otherwise affected by:

 

(a)         The
repayment of the Loan and/or the satisfaction or release, invalidity, defect or deficiency of the Lien Instrument or any other
Loan Document, and notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of
the Borrower, any other Indemnitor or any guarantor of the Loan;

 

(b)         Any
neglect, delay or forbearance of Northwestern in demanding, requiring or enforcing payment of the indemnity due hereunder;

 

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(c)         The
receivership, bankruptcy, insolvency or dissolution of Borrower or any Indemnitor or any affiliate thereof, notwithstanding the
operation of a stay in connection with any such proceeding or the discharge of any obligations of Borrower or any other Indemnitor
or affiliate with respect to liability that constitutes Damages covered by this Environmental Indemnity Agreement;

 

(d)         Any
sale or refinancing of, or other transactions related to, the Property by Borrower or Northwestern; or

 

(e)         Any
of the Indemnitors transferring or divesting any or all of his, her or its estate, right, title or interest in or to the Property
or any interest in any entity (unless, in connection with such transfer, such party is specifically released).

 

5.          Without
limiting the other provisions hereof, in the event any claim (whether or not a judicial or administrative action is involved) is
asserted against any of the Indemnified Parties with respect to any Environmental Activity or Condition, Northwestern shall have
the right to select the engineers, other consultants and attorneys for the defense of the Indemnified Parties, to determine the
appropriate legal strategy for such defense and to compromise or settle such claim, all in Northwestern's discretion, and Indemnitors
shall be liable to Northwestern in accordance with the terms hereof for all Damages suffered or incurred by Northwestern in this
regard. Notwithstanding the foregoing, Northwestern shall, upon written request of Indemnitors, grant Indemnitors the right, subject
to the following provisions and subject to Northwestern's prior written approval in each instance, to select the engineers, other
consultants and attorneys for the defense of the Indemnified Parties, to determine the appropriate legal strategy for such defense
and, at the Indemnitors' sole cost and expense, to compromise or settle such claims if and only if all the following conditions
are satisfied at all times:

 

(a)         Northwestern
has not acquired legal possession and/or title to the Property, and

 

(b)         No
receiver or trustee has been appointed to manage the Property, and

 

(c)         There
is no default hereunder or under any document evidencing or given in connection with the Loan, and

 

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(d)         Indemnitors
have provided Northwestern prior to granting the rights described above and whenever subsequently requested with evidence satisfactory
to Northwestern that: (x) remediation of all Hazardous Substances was promptly commenced and is being diligently pursued, and (y)
following remediation, there will be no violations of Environmental Law with respect to the Property, and (z) Indemnitors have
sufficient financial, technical and other capabilities to handle any potential claim and the settlement thereof.

 

Northwestern's approvals and determinations
in the immediately preceding provisions shall not be unreasonably withheld or delayed.

 

6.          Without
limiting the other provisions hereof, if Northwestern acquires legal possession and/or title to the Property and Northwestern becomes
aware of any Environmental Activity or Condition for which Indemnitors may have liability in accordance with the other provisions
of this Environmental Indemnity Agreement, whether or not a claim is asserted against Northwestern or any of the other Indemnified
Parties, Northwestern shall have the right to take such action as Northwestern shall deem reasonably necessary, in Northwestern's
discretion, to comply with Environmental Laws, to protect health, safety, the environment or property values and to minimize the
probability or extent of liability to Northwestern and the other Indemnified Parties, including, without limitation, investigation,
remediation and/or cleanup, and Indemnitors shall be liable to Northwestern in accordance with the terms hereof for all Damages
suffered or incurred by Northwestern in this regard.

 

7.          The
liability of Indemnitors shall be joint and several. No action or proceeding brought or instituted under this Environmental Indemnity
Agreement and no recovery made as a result thereon shall be a bar or defense to any further action or proceeding under this Environmental
Indemnity Agreement.

 

8.          No
Indemnitor may assign its obligations under this Environmental Indemnity Agreement without the prior written consent of Northwestern,
which may be withheld in its sole discretion. The covenants, agreements, indemnities, terms and conditions contained in this Environmental
Indemnity Agreement shall extend to, and be binding upon, the Indemnitors, their heirs, executors, administrators, successors and
permitted assigns, and shall inure to the benefit of, and may be enforced by, Northwestern or any of the other Indemnified Parties
and its and their successors and assigns.

 

9.          Each
provision of this Environmental Indemnity Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Environmental Indemnity Agreement shall be prohibited, invalid or ineffective under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder
of such provision or the remaining provisions of this Environmental Indemnity Agreement.

 

    	 	5	 

     

    

 

10.         Indemnitors
shall reimburse Northwestern and the other Indemnified Parties for all reasonable attorneys' fees and expenses incurred in connection
with the enforcement of the Indemnified Parties' rights under this Environmental Indemnity Agreement, including those incurred
in any case, action, proceeding, claim under the Federal Bankruptcy Code or any successor statute. Indemnitors shall, within five
business days from the date notice is given to each Indemnitor that any amounts hereunder are due and owing, pay any and all such
amounts. Any and all amounts not paid by Indemnitors within such five business day period shall bear interest from the date due
until the date paid at the Default Rate (as defined in that certain Promissory Note of even date herewith executed by Borrower
in connection with the Loan).

 

11.         Any
notices, demands, requests and consents permitted or required hereunder shall be in writing, may be delivered personally or sent
by certified mail with postage prepaid or by reputable courier service with charges prepaid. Any notice or demand sent to any Indemnitor
by certified mail or reputable courier service shall be addressed to such Indemnitor at the address set forth opposite such Indemnitor's
name below or at such other address in the United States of America as such Indemnitor shall designate in a notice to Northwestern
given in the manner described herein. Any notice sent to Northwestern by certified mail or reputable courier service shall be addressed
to The Northwestern Mutual Life Insurance Company to the attention of the Real Estate Investment Department at 720 East Wisconsin
Avenue, Milwaukee, WI 53202, or at such other addresses as Northwestern shall designate in a notice given in the manner described
herein. Any notice given to Northwestern shall refer to the Loan No. set forth above. Any notice or demand hereunder shall be deemed
given when received. Any notice or demand which is rejected, the acceptance of delivery of which is refused or which is incapable
of being delivered during normal business hours at the address specified herein or such other address designated pursuant hereto
shall be deemed received as of the date of attempted delivery.

 

12.         As
additional assurance for the timely performance of the obligations of Indemnitors hereunder, each Indemnitor hereby assigns to
Northwestern any rights such Indemnitor may have against any other person or entity (including, without limitation, any present,
future or former owners, tenants or other occupants or users of the Property or any portion thereof) relating to the matters covered
by this Environmental Indemnity Agreement. Notwithstanding the foregoing, Northwestern shall, at the written request of Indemnitors,
grant Indemnitors a license, subject to the following provisions, to pursue and enforce any and all such rights against third parties
and to apply any settlements, judgments or other proceeds recovered thereby, toward payment or reimbursement of the obligations
of Indemnitors hereunder if and only if all of the following conditions are satisfied at all times:

 

(a)          Northwestern
has not acquired legal possession and/or title to the Property,

 

(b)          No
receiver or trustee has been appointed to manage the Property,

 

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(c)          There
is no default hereunder or under any document evidencing or given in connection with the Loan,

 

(d)          Indemnitors
have provided Northwestern prior to granting such license and whenever subsequently requested with evidence satisfactory to Northwestern
that: (x) remediation of all Hazardous Substances was promptly commenced and is being diligently pursued, and (y) following remediation,
there will be no violations of Environmental Law with respect to the Property, and (z) Indemnitors have sufficient financial, technical
and other capabilities to handle any potential claim and the settlement thereof, and

 

(e)          Indemnitors
have established an escrow or other arrangement satisfactory to Northwestern to ensure that all settlements, judgments or other
proceeds recovered can be used only for remediation of Hazardous Substances on or affecting the Property or payment of any fines
or punitive damages payable with respect to Environmental Activities or Conditions, and Indemnitors have granted a first lien on
all settlements, judgments or other proceeds which may ever be recovered to Northwestern, together with a legal opinion and other
evidence satisfactory to Northwestern that such lien is a valid and perfected first lien. Notwithstanding the foregoing, the provisions
of this paragraph 12(e) shall be inapplicable if and so long as, in Northwestern's judgment, all Hazardous Substances have been
remediated, there are no violations of Environmental Law with respect to the Property, and any fines or punitive damages payable
with respect to Environmental Activities or Conditions have been paid by Indemnitors.

 

13.         This
Environmental Indemnity Agreement is not intended to be, and shall not be construed to be, a guaranty, but rather is intended to
constitute the primary obligation of each Indemnitor. Each Indemnitor is primarily liable for the Damages and other obligations
hereunder, and is not intended to be a guarantor or surety or otherwise secondarily liable with respect to matters covered hereby,
notwithstanding the fact that the Borrower and/or other Indemnitors may also be signatories hereto or that they or other parties
(such as guarantors of the Loan) may have liability under the Loan Documents for environmental losses covered hereby. Without limiting
or lessening the primary liability of Indemnitors hereunder, Northwestern may, without notice to Indemnitors,

 

(a)          grant
extensions of time or any other indulgences on the Loan and related obligations;

 

(b)          take,
give up, modify, vary, exchange, renew or abstain from perfecting or taking advantage of any security for the Loan and related
obligations; and

 

(c)          accept
or make compositions or other arrangements with Borrower under the Loan Documents, realize on any security, and otherwise deal
with Borrower and other parties and security as Northwestern may deem expedient; and

 

    	 	7	 

     

    

 

each Indemnitor hereby waives any right to require Northwestern:

 

(d)          to
proceed against Borrower or any other party or to proceed against or apply any security it may hold for the Loan or otherwise,
before proceeding against one or more of the Indemnitors; and

 

(e)          to
require Northwestern to pursue any other remedy for the benefit of Indemnitors.

 

Indemnitors waive all rights or defenses arising out of any
election of remedies by Northwestern, notwithstanding that such election may operate to impair or extinguish any right or remedy
of Indemnitors against Borrower or any other security.

 

By executing this Environmental Indemnity
Agreement, each Indemnitor acknowledges that its liability hereunder shall be joint and several and shall survive the dissolution
of any or all of the Borrower or the other Indemnitors, and that any of the Indemnified Parties may recover from any or all of
the Indemnitors without first proceeding against the Borrower, any other Indemnitor or any guarantor of the obligations of any
of them.

 

14.         In
addition, except to the extent that any obligation hereunder has been fully and completely satisfied by any of the Indemnitors,
each Indemnitor hereby waives absolutely and irrevocably any right of subrogation whatsoever to the claims of any Indemnified Party
against Borrower or any other Indemnitor and any right of indemnity, reimbursement or contribution from or against Borrower or
any other Indemnitor with respect to any amounts paid by an Indemnified Party hereunder. Each Indemnitor further agrees that, to
the extent that the waiver of its rights of subrogation and contribution as set forth herein is found by a court of competent jurisdiction
to be void or voidable for any reason, any rights of subrogation or contribution such Indemnitor may have shall be junior and subordinate
to the rights of the Indemnified Parties against any Indemnitor hereunder.

 

15.         No
consent by any Indemnitor shall be required for any assignment or reassignment of the rights of Northwestern hereunder to one or
more purchasers of the Loan or the Property or any portion of either.

 

    	 	8	 

     

    

 

16.         This
Environmental Indemnity Agreement shall be governed by and construed in all respects in accordance with the laws of the State of
Texas without regard to any conflict of law principles. With respect to any action, lawsuit or other legal proceeding concerning
any dispute arising under or related to this Environmental Indemnity Agreement, Indemnitors hereby irrevocably consent to the jurisdiction
of the courts located in the State of Texas and irrevocably waive any defense of improper venue, forum nonconveniens or lack of
personal jurisdiction in any such action, lawsuit or other legal proceeding brought in any court located in the State of Texas.
Nothing contained herein shall affect the rights of Northwestern to commence any action, lawsuit or other legal proceeding, or
otherwise to proceed, against any Indemnitor in any other jurisdiction.

 

(Remainder of page intentionally left
blank;

Signatures contained on following page)

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the undersigned Indemnitors
have executed this Environmental Indemnity Agreement as of the day and year first above written.

 

	Mailing Addresses:	 	Indemnitors
	 	 	 
	 	 	BR CARROLL KELLER CROSSING, LLC,
	 	 	a Delaware limited liability company

 

	with copy to:	 	By:	/s/ Jordan Ruddy
	c/o Bluerock Real Estate, LLC	 	Name: Jordan Ruddy
	712 Fifth Avenue, 9th Floor	 	Title: Authorized Signatory
	New York, NY  10019	 	 
	Attn:  Jordan Ruddy and	 	 
	Michael Konig, Esq.	 	 

 

(Signatures of Indemnitors continue on
following page)

 

    	 	10	 

     

    

 

(Signatures of Indemnitors continued
from previous page)

 

	 	 	CARROLL MULTIFAMILY REAL ESTATE
	 	 	FUND III, LP, a Delaware limited partnership
	 	 	 
	c/o Carroll Organization	 	By:	/s/ M. Patrick Carroll
	3340 Peachtree Rd NE	 	Name: M. Patrick Carroll 
	Suite 2250	 	Title: Chief Executive Officer
	Atlanta, GA 30326	 	 
	Attn:  M. Patrick Carroll	 	 

 

(Signatures of Indemnitors continue on
following page)

 

    	 	11	 

     

    

 

(Signatures of Indemnitors continued
from previous page)

 

	 	 	BLUEROCK RESIDENTIAL GROWTH
	 	 	REIT, INC., a Maryland corporation
	 	 	 
	 	 	By:	/s/ Michael Konig
	c/o Bluerock Real Estate, LLC	 	Name: Michael Konig
	712 Fifth Avenue, 9th Floor	 	Title: Authorized Signatory 
	New York, NY  10019	 	 
	Attn:  Jordan Ruddy and	 	 
	Michael Konig, Esq.	 	 

 

    	 	12	 

     

    

 

EXHIBIT "A"

 

(Description of Property)

 

BEING 19.729 acres of land situated in
the John Edmonds Survey, Abstract Number 457 and being all of Lot 1, Block 1, The Sovereign Addition, an addition to the City of
Fort Worth, recorded in instrument number D213119066 of County Records, Tarrant County, Texas and being all of those tracts of
land (TRACT 1 and TRACT 2) described in deed to FW Tarrant Partners, LLC, recorded in instrument number D212119066 of said County
Records and being more particularly described by metes and bounds as follows:

 

TRACT 1

 

BEING a tract of lands situated in the
John Edmonds Survey, Abstract Number 457, City of Fort Worth, Tarrant County, Texas and being all that certain tract (TRACT 1)
of land described in deed to Fw Tarrant Partners, LLC recorded in Instrument Number D212074583 of County Records, Tarrant county,
Texas and being more particularly described by metes and bounds as follows:

 

BEGINNING at a railroad spike, found at
the southeast corner of said Lot 1, Block 1, being the Southeast corner of said Tract 1 and being the Southwest corner Lot 1, Block
A of Aventine at Parkway, an addition to the City of Fort Worth recorded in Cabinet "A", Slide 9634 of said County Records
and being in the North right-of-way of North Tarrant Parkway (a 200 foot public right-of-way);

 

THENCE S 89°36'34" W, 645.08 feet,
with said North right-of-way, to a 5/8 inch iron rod with plastic cap, stamped "Peleton", found at the Southwest corner
of said Lot 1, Block 1;

 

THENCE N 00°04'12" W, 1017.37
feet, departing said North right-of-way, to a 5/8 inch iron rod with plastic cap, stamped "Peleton" found in North line
of said Lot 1, Block 1 and being in the South line of Lot 8, Block 3, of Vineyards at Heritage, an addition to the City of Fort
Worth, recorded in Cabinet "A", Slide 6724 of said County Records;

 

THENCE N 42°31'20" E, 3.71 feet
with said common line, to a 5/8 inch iron rod with plastic cap stamped "Carter & Burgess", found;

 

THENCE N 56°28'50" E, 599.66 feet,
continuing with said common line, to a 5/8 inch iron rod with plastic cap, stamped "Peleton", found;

 

    	 	13	 

     

    

 

THENCE N 46°57'14" E, 40.36 feet,
to a 5/8 inch iron rod with plastic cap stamped "Carter & Burgess", found at the Northerly Northeast corner of said
Lot 1, Block 1 and being the Northwest corner of Lot 25x, Block 17 of Valley Brook, an addition to the City of Fort Worth, recorded
in Instrument Number D212271248 of said County Records;

 

THENCE S 60°30'46" E, 121.09 feet,
to a 5/8 inch iron rod, with plastic cap stamped "Carter & Burgess", found at the Northwest corner of aforesaid Lot
1, Block A, Aventine at Parkway addition;

 

THENCE S 00°23'26" E, 1314.83
feet with the west line of said Lot 1, Block A, to the POINT OF BEGINNING and containing 781,651 square feet or 17.944 acres of
land more or less.

 

TRACT 2

 

COMMENCING at a railroad spike, found at
the Southeast corner of said Lot 1, Block 1, being the Southeast corner of said Tract 1 and being the Southwest corner Lot 1, Block
a of Aventine at Parkway, an addition to the City of Fort Worth recorded in Cabinet "A", Slide 9634 of said county records
and being in the north right-of-way of north Tarrant Parkway (a 200 foot public right-of-way);

 

THENCE S 89°36'34" W, 645.08 feet,
with said North right-of-way, to a 5/8 inch iron rod with plastic cap, stamped "Peleton", found at the Southwest corner
of said Lot 1 Block 1;

 

THENCE N 00°04'12" W, 456.15 feet,
departing said North right-of-way, with the west line of said Lot 1, Block 1, Sovereign Addition, to a 5/8 inch iron rod with plastic
cap, stamped "Peloton" found at the South corner of aforementioned tract 2 for the POINT OF BEGINNING;

 

THENCE N 46°55'14" W, 379.84 feet,
to a 5/8 inch iron rod with plastic cap, stamped "Peleton", found;

 

THENCE N 42°31'20" E, 409.47 feet
to a 5/8 inch iron rod with plastic cap, stamped "Peleton", found;

 

THENCE S 00°04'12" E, 561.22 feet
to the POINT OF BEGINNING and containing 77,762 square feet or 1.785 acres of land, more or less.

 

    	 	14	 

     

    

 

TRACT 3: Easement Estate

 

Together with non-exclusive, perpetual
easements for pedestrian and vehicular ingress and egress, landscaping maintenance, and temporary construction granted in the Access
Easement and Maintenance Agreement recorded as Instrument No. D212074584, Real Property Records, Tarrant County, Texas, as amended
by First Amendment to Access Easement and Maintenance Agreement recorded February 28, 2014 under Tarrant County Clerk's File Number
D214039440 Official Public Records of Tarrant County, Texas.

 

FOR INFORMATIONAL PURPOSES ONLY:

 

TAX ID NO. 41652207

 

    	 	15

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