Document:

EX-10.5

ASSIGNMENT AND ASSUMPTION OF

REAL ESTATE PURCHASE AGREEMENT

This ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT (“Assignment Agreement”) is made
as of June 27, 2008 by and between

GRUBB & ELLIS REALTY INVESTORS, LLC, a Virginia limited liability company (“Assignor”) and G&E
APARTMENT REIT KEDRON VILLAGE, LLC, a Delaware limited liability company (“Assignee”).

RECITALS

A. Assignor, AMLI at Peachtree City-Phase I, LLC. (“PC Seller”) and AMLI at Peachtree
City-Phase II, LLC (“KV Seller”) entered into that certain Purchase and Sale Agreement dated as of
June 23, 2008 (as amended, the “Purchase Agreement”). Pursuant to the Purchase Agreement, Assignor
agreed to purchase from PC Seller that certain real property known as the Peachtree City apartments
in Peachtree City, Georgia (the “PC Property”), and agreed to purchase from KV Seller that certain
real property known as the Kedron Village apartments in Peachtree City Georgia (the “KV Property”),
all as more particularly described in the Purchase Agreement.

B. Assignor desires to assign all of its rights and obligations under the Purchase Agreement
vis-à-vis the KV Seller and with respect to the KV Property to Assignee, and Assignee desires to
assume such rights and obligations of Assignor under the Purchase Agreement on the terms and
conditions set forth below.

NOW, THEREFORE, in consideration of the covenants contained herein, the premises set forth
above and for other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as set forth below.

1. Assignment and Assumption. In consideration of the covenants contained
herein, Assignor hereby assigns to Assignee all of its right, title, obligations, liabilities and
interest under the Purchase Agreement vis-à-vis the KV Seller and in and to the KV Property, and
Assignee hereby assumes all such right, title, obligations, liabilities and interest under the
Purchase Agreement vis-à-vis the KV Seller and in and to the KV Property, including, without
limitation, all post-Closing obligations of Assignor under the Purchase Agreement with respect
thereto (“Assigned Rights and Obligations”). Assignor and Assignee agree to execute any further
documents or instruments reasonably required to effectuate the assignment of the Assigned Rights
and Obligations.

2. Successors and Assigns. Each and all of the covenants and conditions of
this Assignment Agreement shall inure to the benefit of and shall be binding upon the
successors-ininterest, assigns, and representatives of the parties hereto.

3. Miscellaneous. Assignor and Assignee each hereby represents and warrants
that it has full right, power and authority to enter into this Assignment Agreement and that the
person executing this Assignment Agreement on behalf of Assignor and Assignee, respectively, is
duly authorized to do so. This Assignment Agreement may be executed in one or more counterparts,
each of which shall constitute an original and all of which when taken together shall constitute

\4707871 I

1

\4707871.1

one and the same instrument. This Assignment Agreement may be executed by facsimile
transmission.

IN WITNESS WHEREOF, this Assignment Agreement has been made and executed as of the date first
above written.

ASSIGNOR:

GRUBB & ELLIS REALTY INVESTORS, LLC, a Virginia
limited liability company

By: /s/ Jeff Hanson

Name: Jeff Hanson

Title: Chief Investment Officer

ASSIGNEE:

G&E APARTMENT REIT KEDRON VILLAGE, LLC, a Delaware limited

liability company

	 	 	 
	By:

Name:

	 	/s/ Gus G. Remppies

Gus G. Remppies

	 	 	Its: Authorized Signatory

2EX-10.6

FHLMC Loan No. 504132695

Creekside Crossing Apartments

MULTIFAMILY NOTE

MULTISTATE – ADJUSTABLE RATE

(REVISION DATE 2-15-2008)

	 	 	 
	US $17,000,000.00

	 	Effective Date: As of June 26, 2008

FOR VALUE RECEIVED, the undersigned (together with such party’s or parties’ successors and
assigns, “Borrower”), jointly and severally (if more than one) promises to pay to the order of
CAPMARK BANK, a Utah industrial bank the principal sum of Seventeen Million and 00/100 Dollars
(US $17,000,000.00), with interest on the unpaid principal balance as hereinafter provided.

1. Defined Terms.

(a) As used in this Note:

"Adjustable Interest Rate” means the variable annual interest rate calculated for
each Interest Adjustment Period so as to equal the Index Rate for such Interest
Adjustment Period (truncated at the fifth (5th) decimal place if
necessary) plus the Margin. However, in no event will the Adjustable Interest Rate
exceed the Capped Interest Rate.

"Amortization Period” means a period of -0- full consecutive calendar months.

"Base Recourse” means a portion of the Indebtedness equal to zero percent (-0-%) of
the original principal balance of this Note.

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

"Capped Interest Rate” means six and five tenths percent (6.5%) per annum.

"Default Rate” means a variable annual interest rate equal to four (4) percentage
points above the Adjustable Interest Rate in effect from time to time. However, at
no time will the Default Rate exceed the Maximum Interest Rate.

"Index Rate” means, for any Interest Adjustment Period, the Reference Bill Index
Rate for such Interest Adjustment Period.

"Installment Due Date” means, for any monthly installment of interest only or
principal and interest, the date on which such monthly installment is due and
payable pursuant to Section 3 of this Note. The “First Installment Due Date” under
this Note is August 1, 2008.

"Interest Adjustment Period” means each successive one (1) calendar month period
until the entire Indebtedness is paid in full, except that the first Interest
Adjustment Period is the period from the date of this Note through June 30, 2008.
Therefore, the second Interest Adjustment Period shall be the period from July 1,
2008 through July 31, 2008, and so on until the entire Indebtedness is paid in full.

"Lender” means the holder from time to time of this Note.

"LIBOR Index” means the British Bankers Association’s (BBA) one (1) month LIBOR Rate
for United States Dollar deposits, as displayed on the LIBOR Index Page used to
establish the LIBOR Index Rate.

"LIBOR Index Rate” means, for any Interest Adjustment Period after the first
Interest Adjustment Period, the BBA’s LIBOR Rate for the LIBOR Index released by the
BBA most recently preceding the first day of such Interest Adjustment Period, as
such LIBOR Rate is displayed on the LIBOR Index Page. The LIBOR Index Rate for the
first Interest Adjustment Period means the British Bankers Association’s (BBA) LIBOR
Rate for the LIBOR Index released by the BBA most recently preceding the first day
of the month in which the first Interest Adjustment Period begins, as such LIBOR
Rate is displayed on the LIBOR Index Page. “LIBOR Index Page” is the Bloomberg
L.P., page “BBAM”, or such other page for the LIBOR Index as may replace page BBAM
on that service, or at the option of Lender (i) the applicable page for the LIBOR
Index on another service which electronically transmits or displays BBA LIBOR Rates,
or (ii) any publication of LIBOR rates available from the BBA. In the event the BBA
ceases to set or publish a LIBOR rate/interest settlement rate for the LIBOR Index,
Lender will designate an alternative index, and such alternative index shall
constitute the LIBOR Index Page.

"Loan” means the loan evidenced by this Note.

"Lockout Period” is not applicable, there is no Lockout Period under this Note.

"Margin” means two hundred thirty-six (236) percentage points (236 basis points).

"Maturity Date” means the earlier of (i) July 1, 2015 (the “Scheduled Maturity
Date”), and (ii) the date on which the unpaid principal balance of this Note becomes
due and payable by acceleration or otherwise pursuant to the Loan Documents or the
exercise by Lender of any right or remedy under any Loan Document.

"Maximum Interest Rate” means the rate of interest that results in the maximum
amount of interest allowed by applicable law.

"Prepayment Premium Period” means the period during which, if a prepayment of
principal occurs, a prepayment premium will be payable by Borrower to Lender. The
Prepayment Premium Period is the period from and including the date of this Note
until but not including the first day of the Window Period.

"Reference Billsâ” means the unsecured general obligations of the Federal Home
Loan Mortgage Corporation (“Freddie Mac”) designated by Freddie Mac as “Reference
Billsâ Securities” and having original durations to maturity most comparable
to the term of the Reference Bill Index, and issued by Freddie Mac at regularly
scheduled auctions. In the event Freddie Mac shall at any time cease to designate
any unsecured general obligations of Freddie Mac as “Reference Bills Securities”,
then at the option of Lender (i) Lender may select from time to time another
unsecured general obligation of Freddie Mac having original durations to maturity
most comparable to the term of the Reference Bill Index and issued by Freddie Mac at
regularly scheduled auctions, and the term “Reference Bills” as used in this Note
shall mean such other unsecured general obligations as selected by Lender; or (ii)
for any one or more Interest Adjustment Periods, Lender may use the applicable LIBOR
Index Rate as the Index Rate for such Interest Adjustment Period(s).

"Reference Bill Index” means the one month Reference Bills. One-month reference
bills have original durations to maturity of approximately 30 days.

"Reference Bill Index Rate” means, for any Interest Adjustment Period after the
first Interest Adjustment Period, the Money Market Yield for the Reference Bills as
established by the Reference Bill auction conducted by Freddie Mac most recently
preceding the first day of such Interest Adjustment Period, as displayed on the
Reference Bill Index Page. The Reference Bill Index Rate for the first Interest
Adjustment Period means the Money Market Yield for the Reference Bills as
established by the Reference Bill auction conducted by Freddie Mac most recently
preceding the first day of the month in which the first Interest Adjustment Period
begins, as displayed on the Reference Bill Index Page. The “Reference Bill Index
Page” is the Freddie Mac Debt Securities Web Page (accessed via the Freddie Mac
internet site at www.freddiemac.com), or at the option of Lender, any publication of
Reference Bills auction results available from Freddie Mac. However, if Freddie Mac
has not conducted a Reference Bill auction within the 60-calendar day period prior
to the first day of an Interest Adjustment Period, the Reference Bill Index Rate for
such Interest Adjustment Period will be the LIBOR Index Rate for such Interest
Adjustment Period.

"Remaining Amortization Period” means, at any point in time, the number of
consecutive calendar months equal to the number of months in the Amortization Period
minus the number of scheduled monthly installments of principal and interest
that have elapsed since the date of this Note.

"Security Instrument” means the multifamily mortgage, deed to secure debt or deed of
trust effective as of the effective date of this Note, from Borrower to or for the
benefit of Lender and securing this Note.

"Window Period” means the three (3) consecutive calendar month period prior to the
Scheduled Maturity Date.

"Yield Maintenance Period” is not applicable, there is no Yield Maintenance Period
under this Note.

(b) Other capitalized terms used but not defined in this Note shall have the meanings given to
such terms in the Security Instrument.

2. Address for Payment. All payments due under this Note shall be payable at c/o Capmark
Finance Inc., 116 Welsh Road, Horsham, Pennsylvania 19044, Attn: Servicing — Account Manager, or
such other place as may be designated by Notice to Borrower from or on behalf of Lender.

3. Payments.

(a) Interest will accrue on the outstanding principal balance of this Note at the Adjustable
Interest Rate, subject to the provisions of Section 8 of this Note.

(b) Interest under this Note shall be computed, payable and allocated on the basis of an
actual/360 interest calculation schedule (interest is payable for the actual number of days in each
month, and each month’s interest is calculated by multiplying the unpaid principal amount of this
Note as of the first day of the month for which interest is being calculated by the applicable
Adjustable Interest Rate, dividing the product by 360, and multiplying the quotient by the number
of days in the month for which interest is being calculated). For convenience in determining the
amount of a monthly installment of principal and interest under this Note, Lender will use a 30/360
interest calculation payment schedule (each year is treated as consisting of twelve 30-day months).
However, as provided above, the portion of the monthly installment actually payable as and
allocated to interest will be based upon an actual/360 interest calculation schedule, and the
amount of each installment attributable to principal and the amount attributable to interest will
vary based upon the number of days in the month for which such installment is paid. Each monthly
payment of principal and interest will first be applied to pay in full interest due, and the
balance of the monthly payment paid by Borrower will be credited to principal.

(c) Unless disbursement of principal is made by Lender to Borrower on the first day of a
calendar month, interest for the period beginning on the date of disbursement and ending on and
including the last day of such calendar month shall be payable by Borrower simultaneously with the
execution of this Note. If disbursement of principal is made by Lender to Borrower on the first
day of a calendar month, then no payment will be due from Borrower at the time of the execution of
this Note. The Installment Due Date for the first monthly installment payment under Section 3(d)
of interest only or principal and interest, as applicable, will be the First Installment Due Date
set forth in Section 1(a) of this Note. Except as provided in this Section 3(c) and in Section 10,
accrued interest will be payable in arrears.

(d) Beginning on the First Installment Due Date, and continuing until and including the
monthly installment due on the Maturity Date, accrued interest only shall be payable by Borrower in
consecutive monthly installments due and payable on the first day of each calendar month. The
amount of the monthly installment of interest only payable pursuant to this Section 3(d) on an
Installment Due Date shall equal the product of (i) annual interest on the unpaid principal balance
of this Note as of the first day of the Interest Adjustment Period immediately preceding the
Installment Due Date at the Adjustable Interest Rate in effect for such Interest Adjustment Period,
divided by 360, multiplied by (ii) the number of days in such Interest Adjustment Period.

(e) All remaining Indebtedness, including all principal and interest, shall be due and payable
by Borrower on the Maturity Date.

(f) Lender shall provide Borrower with Notice, given in the manner specified in the Security
Instrument, of the amount of each monthly installment due under this Note. However, if Lender has
not provided Borrower with prior notice of the monthly payment due on any Installment Due Date,
then Borrower shall pay on that Installment Due Date an amount equal to the monthly installment
payment for which Borrower last received notice. If Lender at any time determines that Borrower
has paid one or more monthly installments in an incorrect amount because of the operation of the
preceding sentence, or because Lender has miscalculated the Adjustable Interest Rate or has
otherwise miscalculated the amount of any monthly installment, then Lender shall give notice to
Borrower of such determination. If such determination discloses that Borrower has paid less than
the full amount due for the period for which the determination was made, Borrower, within 30
calendar days after receipt of the notice from Lender, shall pay to Lender the full amount of the
deficiency. If such determination discloses that Borrower has paid more than the full amount due
for the period for which the determination was made, then the amount of the overpayment shall be
credited to the next installment(s) of interest only or principal and interest, as applicable, due
under this Note (or, if an Event of Default has occurred and is continuing, such overpayment shall
be credited against any amount owing by Borrower to Lender).

(g) All payments under this Note shall be made in immediately available U.S. funds.

(h) Any regularly scheduled monthly installment of interest only or principal and interest
payable pursuant to this Section 3 that is received by Lender before the date it is due shall be
deemed to have been received on the due date for the purpose of calculating interest due.

(i) Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may
be added to and become part of the unpaid principal balance of this Note and any reference to
“accrued interest” shall refer to accrued interest which has not become part of the unpaid
principal balance. Any amount added to principal pursuant to the Loan Documents shall bear
interest at the applicable rate or rates specified in this Note and shall be payable with such
interest upon demand by Lender and absent such demand, as provided in this Note for the payment of
principal and interest.

(j) In accordance with Section 14, interest charged under this Note cannot exceed the Maximum
Interest Rate. If the Adjustable Interest Rate at any time exceeds the Maximum Interest Rate,
resulting in the charging of interest hereunder to be limited to the Maximum Interest Rate, then
any subsequent reduction in the Adjustable Interest Rate shall not reduce the rate at which
interest under this Note accrues below the Maximum Interest Rate until the total amount of interest
accrued hereunder equals the amount of interest which would have accrued had the Adjustable
Interest Rate at all times been in effect.

4. Application of Payments. If at any time Lender receives, from Borrower or otherwise, any
amount applicable to the Indebtedness which is less than all amounts due and payable at such time,
Lender may apply the amount received to amounts then due and payable in any manner and in any order
determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of
a payment from Borrower in an amount that is less than all amounts then due and payable nor
Lender’s application of such payment shall constitute or be deemed to constitute either a waiver of
the unpaid amounts or an accord and satisfaction.

5. Security. The Indebtedness is secured by, among other things, the Security Instrument, and
reference is made to the Security Instrument for other rights of Lender as to collateral for the
Indebtedness.

6. Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid
principal balance, any accrued interest, any prepayment premium payable under Section 10, and all
other amounts payable under this Note and any other Loan Document, shall at once become due and
payable, at the option of Lender, without any prior notice to Borrower (except if notice is
required by applicable law, then after such notice). Lender may exercise this option to accelerate
regardless of any prior forbearance. For purposes of exercising such option, Lender shall
calculate the prepayment premium as if prepayment occurred on the date of acceleration. If
prepayment occurs thereafter, Lender shall recalculate the prepayment premium as of the actual
prepayment date.

7. Late Charge.

(a) If any monthly installment of interest or principal and interest or other amount payable
under this Note or under the Security Instrument or any other Loan Document is not received in full
by Lender within five (5) days after the installment or other amount is due, counting from and
including the date such installment or other amount is due (unless applicable law requires a longer
period of time before a late charge may be imposed, in which event such longer period shall be
substituted), Borrower shall pay to Lender, immediately and without demand by Lender, a late charge
equal to five percent (5%) of such installment or other amount due (unless applicable law requires
a lesser amount be charged, in which event such lesser amount shall be substituted).

(b) Borrower acknowledges that its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Loan and that it is extremely difficult and
impractical to determine those additional expenses. Borrower agrees that the late charge payable
pursuant to this Section represents a fair and reasonable estimate, taking into account all
circumstances existing on the date of this Note, of the additional expenses Lender will incur by
reason of such late payment. The late charge is payable in addition to, and not in lieu of, any
interest payable at the Default Rate pursuant to Section 8.

8. Default Rate.

(a) So long as (i) any monthly installment under this Note remains past due for thirty (30)
days or more or (ii) any other Event of Default has occurred and is continuing, then
notwithstanding anything in Section 3 of this Note to the contrary, interest under this Note shall
accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid
monthly installment or the occurrence of such other Event of Default, as applicable, at the Default
Rate.

(b) From and after the Maturity Date, the unpaid principal balance shall continue to bear
interest at the Default Rate until and including the date on which the entire principal balance is
paid in full.

(c) Borrower acknowledges that (i) its failure to make timely payments will cause Lender to
incur additional expenses in servicing and processing the Loan, (ii) during the time that any
monthly installment under this Note is delinquent for thirty (30) days or more, Lender will incur
additional costs and expenses arising from its loss of the use of the money due and from the
adverse impact on Lender’s ability to meet its other obligations and to take advantage of other
investment opportunities; and (iii)  it is extremely difficult and impractical to determine those
additional costs and expenses. Borrower also acknowledges that, during the time that any monthly
installment under this Note is delinquent for thirty (30) days or more or any other Event of
Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially
increased and Lender is entitled to be compensated for such increased risk. Borrower agrees that
the increase in the rate of interest payable under this Note to the Default Rate represents a fair
and reasonable estimate, taking into account all circumstances existing on the date of this Note,
of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent
payment and the additional compensation Lender is entitled to receive for the increased risks of
nonpayment associated with a delinquent loan.

9. Limits on Personal Liability.

(a) Except as otherwise provided in this Section 9, Borrower shall have no personal liability
under this Note, the Security Instrument or any other Loan Document for the repayment of the
Indebtedness or for the performance of any other obligations of Borrower under the Loan Documents
and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such
obligations shall be Lender’s exercise of its rights and remedies with respect to the Mortgaged
Property and to any other collateral held by Lender as security for the Indebtedness. This
limitation on Borrower’s liability shall not limit or impair Lender’s enforcement of its rights
against any guarantor of the Indebtedness or any guarantor of any other obligations of Borrower.

(b) Borrower shall be personally liable to Lender for the amount of the Base Recourse, plus
any other amounts for which Borrower has personal liability under this Section 9.

(c) In addition to the Base Recourse, Borrower shall be personally liable to Lender for the
repayment of a further portion of the Indebtedness equal to any loss or damage suffered by Lender
as a result of the occurrence of any of the following events:

	 	(i)	 	Borrower fails to pay to Lender upon demand after an Event of
Default all Rents to which Lender is entitled under Section 3(a) of the
Security Instrument and the amount of all security deposits collected by
Borrower from tenants then in residence. However, Borrower will not be
personally liable for any failure described in this subsection (i) if Borrower
is unable to pay to Lender all Rents and security deposits as required by the
Security Instrument because of a valid order issued in a bankruptcy,
receivership, or similar judicial proceeding.

	 	(ii)	 	Borrower fails to apply all insurance proceeds and condemnation
proceeds as required by the Security Instrument. However, Borrower will not be
personally liable for any failure described in this subsection (ii) if Borrower
is unable to apply insurance or condemnation proceeds as required by the
Security Instrument because of a valid order issued in a bankruptcy,
receivership, or similar judicial proceeding.

	 	(iii)	 	Borrower fails to comply with Section 14(g) or (h) of the
Security Instrument relating to the delivery of books and records, statements,
schedules and reports.

	 	(iv)	 	Borrower fails to pay when due in accordance with the terms of
the Security Instrument the amount of any item below marked “Deferred”;
provided however, that if no item is marked “Deferred”, this Section 9(c)(iv)
shall be of no force or effect.

	 	 	 
	[ Collect ]

	 	Hazard Insurance premiums or other insurance premiums,
	 

	 	

	[ Collect ]

	 	Taxes,
	 

	 	

	 	 	 	[Deferred] water and sewer charges (that could become a lien
on the Mortgaged Property),	 

[   N/A    ] ground rents,

	 	 	 	[Deferred] assessments or other charges (that could become a
lien on the Mortgaged Property)	 

(d) In addition to the Base Recourse, Borrower shall be personally liable to Lender for:

	 	(i)	 	the performance of all of Borrower’s obligations under
Section 18 of the Security Instrument (relating to environmental matters);

	 	(ii)	 	the costs of any audit under Section 14(g) of the Security
Instrument; and

	 	(iii)	 	any costs and expenses incurred by Lender in connection with
the collection of any amount for which Borrower is personally liable under this
Section 9, including Attorneys’ Fees and Costs and the costs of conducting any
independent audit of Borrower’s books and records to determine the amount for
which Borrower has personal liability.

(e) All payments made by Borrower with respect to the Indebtedness and all amounts received by
Lender from the enforcement of its rights under the Security Instrument and the other Loan
Documents shall be applied first to the portion of the Indebtedness for which Borrower has no
personal liability.

(f) Notwithstanding the Base Recourse, Borrower shall become personally liable to Lender for
the repayment of all of the Indebtedness upon the occurrence of any of the following Events of
Default:

	 	(i)	 	Borrower’s ownership of any property or operation of any
business not permitted by Section 33 of the Security Instrument;

	 	(ii)	 	a Transfer (including, but not limited to, a lien or
encumbrance) that is an Event of Default under Section 21 of the Security
Instrument, other than a Transfer consisting solely of the involuntary removal
or involuntary withdrawal of a general partner in a limited partnership or a
manager in a limited liability company; or

	 	(iii)	 	fraud or written material misrepresentation by Borrower or any
officer, director, partner, member or employee of Borrower in connection with
the application for or creation of the Indebtedness or any request for any
action or consent by Lender.

(g) To the extent that Borrower has personal liability under this Section 9, Lender may
exercise its rights against Borrower personally without regard to whether Lender has exercised any
rights against the Mortgaged Property or any other security, or pursued any rights against any
guarantor, or pursued any other rights available to Lender under this Note, the Security
Instrument, any other Loan Document or applicable law. To the fullest extent permitted by
applicable law, in any action to enforce Borrower’s personal liability under this Section 9,
Borrower waives any right to set off the value of the Mortgaged Property against such personal
liability.

10. Voluntary and Involuntary Prepayments.

(a) Any receipt by Lender of principal due under this Note prior to the Maturity Date, other
than principal required to be paid in monthly installments pursuant to Section 3, constitutes a
prepayment of principal under this Note. Without limiting the foregoing, any application by
Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the
repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment
under this Note.

(b) Borrower may not voluntarily prepay any portion of the principal balance of this Note
during the Lockout Period, if a Lockout Period is applicable to this Note. However, if any portion
of the principal balance of this Note is prepaid during the Lockout Period by reason of the
application by Lender of any proceeds of collateral or other security to any portion of the unpaid
principal balance of this Note or following a determination that the prohibition on voluntary
prepayments during the Lockout Period is in contravention of applicable law, then Borrower must
also pay to Lender upon demand by Lender, a prepayment premium equal to five percent (5.0%) of the
amount of principal being prepaid.

(c) Following the end of the Lockout Period, Borrower may voluntarily prepay all of the unpaid
principal balance of this Note on an Installment Due Date so long as Borrower designates the date
for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of
such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is
not a Business Day, then with respect to payments made under this Section 10 only, the term
“Installment Due Date” shall mean the Business Day immediately preceding the scheduled Installment
Due Date.

(d) Notwithstanding subsection (c) above, Borrower may voluntarily prepay all of the unpaid
principal balance of this Note on a Business Day other than an Installment Due Date if Borrower
provides Lender with the Notice set forth in subsection (c) and meets the other requirements set
forth in this subsection. Borrower acknowledges that Lender has agreed that Borrower may prepay
principal on a Business Day other than an Installment Due Date only because Lender shall deem any
prepayment received by Lender on any day other than an Installment Due Date to have been received
on the Installment Due Date immediately following such prepayment and Borrower shall be responsible
for all interest that would have been due if the prepayment had actually been made on the
Installment Due Date immediately following such prepayment.

(e) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily
prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay
all or any part of the principal of this Note, Borrower must also pay to Lender, together with the
amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus
(ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium
calculated pursuant to Section 10(f).

(f) Except as provided in Section 10(g), a prepayment premium shall be due and payable by
Borrower in connection with any prepayment of principal under this Note during the Prepayment
Premium Period. The prepayment premium shall be:

	 	(i)	 	5.0% of the amount of principal being prepaid if the prepayment
occurs prior to the twelfth (12th) Installment Due Date under this Note; or

	 	(ii)	 	4.0% of the amount of principal being prepaid if the prepayment
occurs on or after the twelfth (12th) Installment Due Date under this Note and
prior to the twenty-fourth (24th) Installment Due Date under this Note; or

	 	(iii)	 	3.0% of the amount of principal being prepaid if the
prepayment occurs on or after the twenty-fourth (24th) Installment Due Date
under this Note and prior to the thirty-sixth (36th) Installment Due Date under
this Note; or

	 	(iv)	 	2.0% of the amount of principal being prepaid if the prepayment
occurs on or after the thirty-sixth (36th) Installment Due Date under this Note
and prior to the forty-eighth (48th) Installment Due Date under this Note; or

	 	(v)	 	1.0% of the amount of principal being prepaid if the prepayment
occurs on or after the forty-eighth (48th) Installment Due Date under this
Note.

(g) Notwithstanding any other provision of this Section 10, no prepayment premium shall be
payable with respect to (i) any prepayment made during the Window Period, or (ii) any prepayment
occurring as a result of the application of any insurance proceeds or condemnation award under the
Security Instrument, or (iii) any prepayment of the entire principal balance of this Note that
occurs on or after the sixtieth (60th) Installment Due Date under this Note with the proceeds of a
fixed interest rate or fixed-to-float interest rate mortgage loan that is the subject of a binding
commitment for purchase between the Freddie Mac and a Freddie Mac-approved Program Plusâ
Seller/Servicer.

(h) Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than
the unpaid principal balance of this Note shall not extend or postpone the due date of any
subsequent monthly installments or change the amount of such installments.

(i) Borrower recognizes that any prepayment of any of the unpaid principal balance of this
Note, whether voluntary or involuntary or resulting from an Event of Default by Borrower, will
result in Lender’s incurring loss, including reinvestment loss, additional expense and frustration
or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay
to Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is
extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore
acknowledges and agrees that the formula for calculating prepayment premiums set forth in this Note
represents a reasonable estimate of the damages Lender will incur because of a prepayment.
Borrower further acknowledges that any lockout and prepayment premium provisions of this Note are a
material part of the consideration for the Loan, and that the terms of this Note are in other
respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the
lockout and prepayment premium provisions.

11. Costs and Expenses. To the fullest extent allowed by applicable law, Borrower shall pay
all expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any
default under this Note or in connection with efforts to collect any amount due under this Note, or
to enforce the provisions of any of the other Loan Documents, including those incurred in
post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief
from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure
proceeding.

12. Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note,
the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall
not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance
by Lender of any payment after the due date of such payment, or in an amount which is less than the
required payment, shall not be a waiver of Lender’s right to require prompt payment when due of all
other payments or to exercise any right or remedy with respect to any failure to make prompt
payment. Enforcement by Lender of any security for Borrower’s obligations under this Note shall
not constitute an election by Lender of remedies so as to preclude the exercise of any other right
or remedy available to Lender.

13. Waivers. Borrower and all endorsers and guarantors of this Note and all other third party
obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of
intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment,
grace, and diligence in collecting the Indebtedness.

14. Loan Charges. Neither this Note nor any of the other Loan Documents shall be construed to
create a contract for the use, forbearance or detention of money requiring payment of interest at a
rate greater than the Maximum Interest Rate. If any applicable law limiting the amount of interest
or other charges permitted to be collected from Borrower in connection with the Loan is interpreted
so that any interest or other charge provided for in any Loan Document, whether considered
separately or together with other charges provided for in any other Loan Document, violates that
law, and Borrower is entitled to the benefit of that law, that interest or charge is hereby reduced
to the extent necessary to eliminate that violation. The amounts, if any, previously paid to
Lender in excess of the permitted amounts shall be applied by Lender to reduce the unpaid principal
balance of this Note. For the purpose of determining whether any applicable law limiting the amount
of interest or other charges permitted to be collected from Borrower has been violated, all
Indebtedness that constitutes interest, as well as all other charges made in connection with the
Indebtedness that constitute interest, shall be deemed to be allocated and spread ratably over the
stated term of this Note. Unless otherwise required by applicable law, such allocation and
spreading shall be effected in such a manner that the rate of interest so computed is uniform
throughout the stated term of this Note.

15. Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness
solely for the purpose of carrying on a business or commercial enterprise, and not for personal,
family, household, or agricultural purposes.

16. Counting of Days. Except where otherwise specifically provided, any reference in this
Note to a period of “days” means calendar days, not Business Days.

17. Governing Law. This Note shall be governed by the law of the Property Jurisdiction.

18. Captions. The captions of the Sections of this Note are for convenience only and shall be
disregarded in construing this Note.

19. Notices; Written Modifications.

(a) All Notices, demands and other communications required or permitted to be given pursuant
to this Note shall be given in accordance with Section 31 of the Security Instrument.

(b) Any modification or amendment to this Note shall be ineffective unless in writing signed
by the party sought to be charged with such modification or amendment; provided, however, that in
the event of a Transfer under the terms of the Security Instrument that requires Lender’s consent,
any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may
be modified or rendered void by Lender at Lender’s option, by Notice to Borrower and the
transferee, as a condition of Lender’s consent.

20. Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or
in relation to this Note may be litigated in the Property Jurisdiction. The state and federal
courts and authorities with jurisdiction in the Property Jurisdiction shall have jurisdiction over
all controversies that shall arise under or in relation to this Note. Borrower irrevocably
consents to service, jurisdiction, and venue of such courts for any such litigation and waives any
other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.
However, nothing in this Note is intended to limit any right that Lender may have to bring any
suit, action or proceeding relating to matters arising under this Note in any court of any other
jurisdiction.

21. WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY
WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS
LENDER AND BORROWER 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 EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH
THE BENEFIT OF COMPETENT LEGAL COUNSEL.

22. State-Specific Provisions. N/A

ATTACHED EXHIBIT. The Exhibit noted below, if marked with an “X” in the space provided, is
attached to this Note:

	 	 	 
	Exhibit A

	 	Modifications to Multifamily Note

IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the
principal amount set forth above, Borrower has signed and delivered this Note under seal or has
caused this Note to be signed and delivered under seal by its duly authorized representative.
Borrower intends that this Note shall be deemed to be signed and delivered as a sealed instrument.

1

	 	 	 	G&E
APARTMENT REIT CREEKSIDE CROSSING, LLC, a
Delaware limited liability company

By: /s/ Gus G. Remppies (SEAL)

	 	 	Name: Gus G. Remppies

Authorized Signatory

26-2823742

Borrower’s Social Security/Employer ID Number

2

PAY TO THE ORDER OF FEDERAL HOME LOAN MORTGAGE
CORPORATION, WITHOUT RECOURSE.

	 	 	CAPMARK BANK, a Utah industrial bank	 

By: /s/ Max W. Foore (SEAL)

	 	 	Max W. Foore

Limited Signer

FHLMC Loan No. 504132695

3

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