Document:

Exhibit 10.452

 

LIMITED LIABILITY COMPANY AGREEMENT OF

BRG HENDERSON BEACH, LLC

 

THIS LIMITED LIABILITY
COMPANY AGREEMENT of BRG HENDERSON BEACH, LLC, a Delaware limited liability company (the “Company”), as amended
from time to time, (the "Agreement") is entered into by Bluerock Residential Holdings, L.P., a Delaware limited
partnership, the sole member and manager of the Company (the "Member").

 

RECITALS

 

A.           The
Company was formed as a Delaware limited liability company in accordance with the Delaware Limited Liability Company Act, as amended
from time to time (the "Act").

 

B.           The
undersigned desires to execute this Agreement to set forth the terms and conditions under which the management, business, and financial
affairs of the Company will be conducted.

 

C.           Definitions
for this Agreement are set forth in Article XI.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the mutual promises, covenants, and conditions herein contained, the receipt and sufficiency of which
are hereby acknowledged, the undersigned party hereby covenants and agrees as follows:

 

ARTICLE I

PURPOSE AND POWERS OF COMP ANY

 

1.1          Purpose.
The Company's business and purpose shall consist solely of (x) the acquisition, ownership, operation, management, financing and
disposition of the multi-family real estate project consisting of approximately 340 units and located at 4101 Commons Drive West,
Destin, Florida 32541 and to be hereafter commonly known as The Preserve at Henderson Beach (the "Property"),
which will be owned by BR Henderson Beach, LLC, a Subsidiary of the Company, (y) the ownership and management of BR Henderson Beach,
LLC in connection with the Property, and (z) such activities as are necessary, incidental or appropriate in connection therewith.

 

1.2          Powers.
The Company shall have all powers of a limited liability company formed under the Act and not prohibited by the Act or this Agreement.

 

1.3          Title
to Company Property. All property owned by the Company shall be owned by the Company as an entity and, insofar as permitted
by applicable law, no member shall have any ownership interest in any Company property in its individual name or right, and each
member's Membership Interest shall be personal property for all purposes.

 

1.4          Term.
This Agreement shall not terminate until the Company is terminated in accordance with this Agreement.

 

     

     

    

 

1.5          Registered
Office and Registered Agent. The Company's initial registered office and initial registered agent shall be as provided in the
Certificate of Formation. The registered office and registered agent may be changed from time to time by filing the address of
the new registered office and/or the name of the new registered agent pursuant to the Act.

 

1.6          Formation
and Authorized Person. On or before execution of this Agreement, an authorized person within the meaning of the Act shall have
duly filed or caused to be filed the Certificate of Formation of the Company with the office of the Secretary of State of Delaware,
as provided in Section 18-201 of the Act, and the Manager hereby ratifies such filing. The Manager shall use its best efforts to
take such other actions as may be reasonably necessary to perfect and maintain the status of the Company as a limited liability
company under the laws of Delaware. Notwithstanding anything contained herein to the contrary, the Company shall not do business
in any jurisdiction that would jeopardize the limitation on liability afforded to the Member under the Act or this Agreement.

 

ARTICLE II

MEMBERS

 

2.1          Initial
Member.

 

(a)          The
name, address and initial Membership Interest of the initial Member is as follows:

 

	Name 	 	Membership Interest 
	Bluerock Residential Holdings, L.P.	 	100%
	c/o Bluerock Real Estate, L.L.C.	 	
	712 Fifth Avenue, 9th Floor	 	 
	New York, NY 10019	 	 

 

     

     

    

 

(b)          The
Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to this Agreement.

 

ARTICLE III

MANAGEMENT

 

3.1          Initial
Manager. The initial Manager shall be the Member.

 

3.2          In
General. The powers of the Company shall be exercised by, or under the authority of, the Manager. In addition, the business
and affairs of the Company shall be ·managed under the direction of the Manager. Subject to the limitations set forth in
this Agreement, the Manager shall be entitled to make all decisions and take all actions for the Company.

 

3.3          Management
by Manager. Except as otherwise limited by this Agreement, the Manager shall have the power to do any and all acts necessary,
convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise;
provided, however, that the Company may, at its election, appoint one or more officers to exercise its rights under this Agreement.
The Manager shall be entitled to make all decisions and take all actions for the Company, and the Manager has the authority to
bind the Company.

 

3.4          Required
Approval. Any provision in this Agreement that requires the approval of the members, but does not specify the particular percentage
interests or number of members required for such approval, shall be interpreted to require the affirmative vote of the members
holding a majority of the total Membership Interests from time to time, and specifically shall not be interpreted to require unanimous
consent of the members.

 

3.5          Action
By Manager. In exercising the voting or other approval rights as provided herein, the Manager may act through meetings and/or
written consents.

 

3.6          Term
of Manager. The Manager shall serve until the Member’s withdrawal from the Company. At such time any existing or new
Members may elect a new Manager through vote of the Members then owning more than 50% in Membership Interests.

 

3.7          Authorization.
The Company shall possess and may exercise all of the powers and privileges granted by the Act, and the Company is hereby authorized
to do any act, enter into any agreement, contract or other instrument, and otherwise to engage in any activity and to do any action
not prohibited under the Act or other applicable law which is necessary, useful, desirable or convenient to the conduct, promotion
and attainment of the business and purposes of the Company.

 

ARTICLE IV

 

[INTENTIONALLY OMITTED]

 

     

     

    

 

ARTICLE V

 

[INTENTIONALLY OMITTED]

 

ARTICLE VI

EFFECT OF BANKRUPTCY. DEATH OR INCOMPETENCY
OF A MEMBER

 

6.1         The bankruptcy,
death, dissolution, liquidation, termination or adjudication of incompetency of a member shall not cause the termination or dissolution
of the Company and the business of the Company shall continue. Upon any such occurrence, the trustee, receiver, executor, administrator,
committee, guardian or conservator of such member shall have all the rights of such member for the purpose of settling or managing
its estate or property, subject to satisfying conditions precedent to the admission of such assignee as a substitute member. The
transfer by such trustee, receiver, executor, administrator, committee, guardian or conservator of any Company Interest shall be
subject to all of the restrictions hereunder to which such transfer would have been subject if such transfer had been made by such
bankrupt, deceased, dissolved, liquidated, terminated or incompetent member. The foregoing shall apply to the extent permitted
by applicable law. Notwithstanding any other provision of the Certificate of Formation or this Agreement, no member of the Company
shall have any right under Section 18-801(b) of the Act to agree in writing to dissolve the Company upon the bankruptcy of a member
of the Company or the occurrence of any event that causes a member of the Company to cease to be a member of the Company. The existence
of the Company as a separate legal entity shall continue until the cancellation of its Certificate of Formation as provided in
the Act.

 

ARTICLE VII

CONTRIBUTIONS TO THE COMPANY AND DISTRIBUTIONS

 

7.1          Member
Capital Contributions. Upon execution of this Agreement, the Member shall contribute as the Member's initial Capital Contribution,
$100 in cash.

 

7.2          Distributions
and Allocations. All distributions of cash or other property (except upon the Company's dissolution, which shall be governed
by the applicable provisions of the Act and Article IX hereof) and all allocations of income, profits, and loss shall be made 100%
to the members in accordance with their Membership Interest. All amounts withheld pursuant to the Code or any provisions of state
or local tax law with respect to any payment or distribution to the members from the Company shall be treated as amounts distributed
to the members pursuant to this Section 7.2. Notwithstanding any provision to the contrary contained in this Agreement, the Company
shall not be required to make a distribution to the members on account of their interest in the Company if such distribution would
violate Section 18-607 of the Act or any other applicable law.

 

     

     

    

 

ARTICLE VIII

ASSIGNMENTS AND RESIGNATIONS

 

8.1          Assignment,
Resignation and Admission Generally.

 

(a)          Assignments.
A member may assign in whole or in part its Membership Interest in the Company. If a member transfers all of its Membership Interest
pursuant to this Section 8.1, the transferee shall be admitted to the Company as a member of the Company upon its execution of
an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart
signature page to this Agreement. Such admission shall be deemed effective immediately prior to the transfer and, immediately following
such admission, such member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary,
any successor to a member by merger or consolidation shall, without further act, be a member hereunder, and such merger or consolidation
shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.

 

(b)          Resignation.
A member is permitted to resign. If a member is permitted to resign pursuant to this Section 8.l (b), an additional member of the
Company shall be admitted to the Company upon its execution of an instrument signifying its agreement to be bound by the terms
and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall
be deemed effective immediately prior to the resignation and, immediately following such admission, and the resigning member shall
cease to be a member of the Company.

 

(c)          Admission
of Additional Members. One or more additional members may be admitted to the Company with the written consent of the Manager.

 

8.2          Absolute
Prohibition. Notwithstanding any other provision in this Article VIII, the Membership Interest of a member, in whole or in
part, or any rights to distributions therefrom, shall not be sold, exchanged, conveyed, transferred, pledged, hypothecated, subjected
to a security interest, or otherwise assigned or encumbered, if such action would result in a violation of federal or state securities
laws in the opinion of counsel for the Company.

 

8.3          Additional
Requirements. In addition to all requirements imposed in this Article VIII, any admission of a member or assignment of a Membership
Interest shall be subject to all restrictions relating thereto expressly imposed by the Act.

 

8.4          Effect
of Prohibited Action. Any assignment in violation of this Article VIII shall be, to the fullest extent permitted by law, void
and of no force or effect whatsoever.

 

ARTICLE IX

DISSOLUTION AND TERMINATION

 

9.1          Dissolution.
Subject to the other provisions of this Agreement, the Company shall be dissolved upon the first to occur of the following: (a)
the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining member of the Company unless the Company is continued without dissolution in a manner
permitted by this Agreement or the Act or (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act. Upon
the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that
causes the Manager to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon
an assignment by the Manager of all of its Membership Interest and the admission of the transferee pursuant to Section 8.1), to
the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within ninety
(90) days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing
(x) to continue the Company and (y) to admit the personal representative or its nominee or designee, as the case may be, as a substitute
member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining
member of the Company.

 

     

     

    

 

9.2          Liquidation.
Upon its dissolution, the Company shall wind up its affairs and distribute its assets in accordance with Section 9.4 below and
the Act by either or a combination of the following methods as the Manager (or the Person carrying out the liquidation) shall determine:

 

(a)          selling
the Company's assets and, after the satisfaction of Company liabilities, distributing the net proceeds therefrom to the members;
and/or

 

(b)          subject
to the satisfaction of Company liabilities, distributing the Company's assets to the members in kind in satisfaction of their Membership
Interests.

 

9.3          Orderly
Liquidation. A reasonable time as determined by the Manager (or the Person carrying out the liquidation) shall be allowed for
the orderly liquidation of the assets of the Company and the discharge of liabilities to the creditors so as to minimize any losses
attendant upon dissolution.

 

9.4          Distributions.
Upon dissolution, the Company's assets (including any cash on hand) shall be distributed in the following order and in accordance
with the following priorities:

 

(a)          first,
to the satisfaction of all debts and liabilities of the Company (whether by payment or the making of reasonable provision for payment
thereof) and the expenses of liquidation, including a sales commission to the selling agent, if any; then

 

(b)          second,
to the members.

 

9.5          Termination.
The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company, shall have been distributed to the members in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

 

ARTICLE X

MISCELLANEOUS PROVISIONS

 

10.1        Governing
Law. This Agreement shall be construed, enforced, and interpreted in accordance with the laws of the State of Delaware, without
regard to conflicts of law provisions and principles thereof.

 

     

     

    

 

10.2        Indemnity.
The Company shall indemnify and hold harmless any person who was or is a party to any proceeding, including any proceeding brought
by a member in the right of the Company or brought by or on behalf of any member of the Company, by reason of the fact that he
is or was a Manager or an officer of the Company, against any liability incurred by him in connection with such proceedings unless
he engaged in willful misconduct or knowing violation of the criminal law or any federal or state securities laws. Furthermore,
in any such proceedings brought by or on behalf of the Company or bought by or on behalf of the members of the Company, no Manager
or officer shall be liable to the Company or its members for any monetary damages with respect to any transaction, occurrence,
course of conduct or otherwise, except for liability resulting from such Manager’s or officer's having engaged in willful
misconduct or a knowing violation of the criminal law or any federal or state securities laws.

 

10.3        Integrated
and Binding Agreement; Amendment. This Agreement contains the entire understanding and agreement among the parties hereto with
respect to the subject matter hereof, and there are no other agreements, understandings, representations or warranties among the
parties hereto other than those set forth herein. This Agreement may be amended only by written agreement of the Manager and only
as provided in this Agreement. Notwithstanding any other provision of this Agreement, the parties hereto agree that this Agreement
constitutes a legal, valid and binding agreement, and is enforceable against each of them in accordance with its terms.

 

10.4        Construction.
Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural, and
the masculine gender shall include the feminine and neuter genders, and vice versa.

 

10.5        Headings.
The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision hereof.

 

10.6        Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same instrument.

 

10.7        Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance shall be invalid, illegal, or unenforceable
to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the
fullest extent permitted by law.

 

10.8        Notices.
All notices under this Agreement shall be in writing and shall be given to the party entitled thereto by personal service or by
mail, posted to the address maintained by the Company for such person or at such other address as he may specify in writing.

 

10.9        Rights
and Remedies Cumulative; Waivers. The rights and remedies provided by this Agreement are cumulative and the use of any one
right or remedy by any party shall not preclude or waive the right to use any or all other remedies, and are given in addition
to any other rights the parties may have by law, statute, ordinance, or otherwise. The failure of any party to seek redress for
violation of or to insist upon the strict performance of any covenant or condition of this Agreement shall not prevent a subsequent
act, which would have originally constituted a violation, from having the effect of an original violation.

 

     

     

    

 

10.10      Heirs.
Successors, and Assigns. Each and all of the covenants, terms, provisions, and agreements herein contained shall be binding
upon, and inure to the benefit of, the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal
representatives, successors, and assigns.

 

10.11      Partition.
Each member agrees that the assets of the Company are not and will not be suitable for partition. Accordingly, each member hereby
irrevocably waives (to the fullest extent permitted by law) any and all rights that he may have, or may obtain, to maintain any
action for partition of any of the assets of the Company.

 

10.12      Tax
Status. It is the intention of the Manager that the Company be a disregarded entity for federal income tax purposes under Section
7701 of the Code and the Treasury Regulations promulgated pursuant thereto.

 

10.13      Effective
Date. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the time of the filing of the Certificate
of Formation with the Office of the Delaware Secretary of State.

 

ARTICLE XI

DEFINITIONS

 

In addition to any other
defined terms herein, the following terms used in this Agreement shall have the following meanings (unless otherwise expressly
provided herein):

 

(a)          "Affiliate"
shall mean any Person controlling or controlled by or under common control with the Company, including, without limitation (i)
any person who has a familial relationship, by blood, marriage or otherwise with any Member or employee of the Company, or any
Affiliate thereof and (ii) any Person which receives compensation for administrative, legal or accounting services from the Company,
or any of its Affiliates. For purposes of this definition, "control" when used with respect to any specified Person,
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative
to the foregoing.

 

(b)          "Bankruptcy"
shall mean, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person's consent or acquiescence of a trustee, receiver or liquidator of such
Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the
expiration of any such stay, the appointment is not vacated. The foregoing definition of "Bankruptcy" is intended to
replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of
the Act.

 

     

     

    

 

(c)          "Capital
Contribution" shall mean any contribution to the capital of the Company by the Member in cash, property, or services, or a
binding obligation to contribute cash, property, or services, whenever made.

 

(d)          "Certificate
of Formation" shall mean the Certificate of Formation of the Company, as amended and in force from time to time.

 

(e)          “Company
Interest” shall mean any equity interest in the Company, direct or indirect.

 

(h)           “Code”
shall mean the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequent superseding federal revenue
laws and the rules and regulations promulgated thereunder.

 

(i)          “Company”
shall mean BRG HENDERSON BEACH, LLC, a Delaware limited liability company.

 

(j)          “Entity"
shall mean any general partnership, limited partnership, limited liability company, corporation, joint venture, trust, business
trust, cooperative, association or other entity.

 

(k)          “Manager”
shall mean Bluerock Residential Holdings, L.P. or any entity or individual subsequently elected as manager pursuant to Section
3.6 of this Agreement.

 

(l)          "Member"
shall mean the Person identified in Article II hereof and includes any Person admitted as an additional member or a substitute
member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company.

 

(m)          "Membership
Interest" shall mean the member's limited liability company interest in the Company and the other rights and obligations with
respect thereto as set forth in this Agreement. The Membership Interest is set forth beside the member's name in Article II of
this Agreement.

 

(n)          "Person"
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

 

(o)          “Property”
is defined in Section 1.1 of this Agreement.

 

(p)          “Subsidiary”
shall mean any Entity in which the Company owns, directly or indirectly, a membership or other equity interest equal to 50% or
more of the outstanding equity in that Entity.

 

     

     

    

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

     

     

    

 

The undersigned hereby agrees,
acknowledges, and certifies that the foregoing constitutes the sole and entire Limited Liability Company Agreement of the Company.

 

	 	Member and Manager:
	 	 
	 	Bluerock Residential Holdings, L.P., a Delaware limited partnership
	 	 	 	 
	 	By:	Bluerock Residential Growth REIT, Inc.,
	 	 	a Maryland corporation, its general partner
	 	 	 	 
	 	 	By:	/s/ Michael Konig
	 	 	Name:	Michael Konig
	 	 	Title:	Authorized SignatoryExhibit 10.453

 

FIRST AMENDMENT

TO

LIMITED LIABILITY COMPANY AGREEMENT

OF

BR VICKERS ROSWELL JV MEMBER, LLC

 

THIS FIRST AMENDMENT
to the Limited Liability Company Agreement (the “Amendment”) of BR VICKERS ROSWELL JV MEMBER, LLC, a Delaware
limited liability company (the “Company”), is made as of February 15, 2017 and shall be effective as of the
9th day of November, 2016 (the “Amendment Date”), by BRG VICKERS ROSWELL, LLC, a Delaware limited
liability company (“BRG”), and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC, a Delaware limited liability
company (“SOIF III”) (each, a “Member” and together, the “Members”).

 

RECITALS

 

WHEREAS, BR Vickers
Roswell JV Member, LLC was duly formed on November 9, 2016 pursuant to the Delaware Limited Liability Company Law, as amended from
time to time (the “Act”).

 

WHEREAS, the initial
members of the Company, BRG and SOIF III, entered into that certain Limited Liability Company Agreement for the Company dated effective
as of November 9, 2016 (the “LLC Agreement”).

 

WHEREAS, due to a scrivener's
error, the LLC Agreement erroneously referred to SOIF III as “Bluerock Special Opportunity + Income Fund II, LLC” and
“SOIF II.”

 

WHEREAS, the Members
desire to amend the LLC Agreement as of the Amendment Date to correct the scrivener’s error and otherwise on the terms and
conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree that the LLC Agreement is hereby modified and amended as set forth below.
Capitalized terms used herein without definition shall have the meanings given in the LLC Agreement.

 

1.            All
references in the LLC Agreement to “Bluerock Special Opportunity + Income Fund II, LLC” are hereby deleted in their
entirety and replaced with the following:

 

Bluerock Special
Opportunity + Income Fund III, LLC.

 

2.            All
references in the LLC Agreement to “SOIF II” are hereby deleted in their entirety and replaced with the following:

 

SOIF III.

 

3.            Section
4(a) is hereby deleted in its entirety and replaced with the following:

 

(a)      Subject to Sections
7(d) and 7(e), the Company, and each of the Manager and the Management Committee on behalf of the Company (as applicable), (i)
shall have and exercise all powers necessary, convenient, or incidental to accomplish its purposes as set forth in Section 3 and
(ii) subject to Section 3, shall have and exercise all of the powers and rights conferred upon limited liability companies formed
pursuant to the Act.

 

     

     

    

 

4.           The
last sentence of Section 5 is hereby deleted in its entirety and replaced with the following:

 

Subject to
Section 7, the Members may act by written consent.

 

5.           Sections
7(a), 7(b) and 7(c) are hereby deleted in their entirety, and are replaced with the following:

 

(a)          Subject
to Sections 7(d) and 7(e), as applicable, the business and affairs of the Company shall be managed by or under the direction of
the Manager. The initial Manager shall be BRG. The Manager shall hold office until such Manager’s dissolution, death or resignation.
Subject to the provisions of this Section 7 and Section 17, any successor Manager shall be appointed by a majority of the Membership
Interests. Upon exercise by BRG in its capacity as optionee under the Option Agreement, BRG shall automatically succeed as, and
become, Manager of the Company.

 

(b)          Powers.
Subject to Sections 3, 7(d) and 7(e), the Manager shall have the power to do any and all acts necessary, convenient or incidental
to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. Subject to Sections 3,
7(d) and 7(e), the Manager has the authority to bind the Company.

 

(c)          Manager
as Agent. To the extent of its powers set forth in this Agreement and subject to Sections 7(d) and 7(e), the Manager is an
agent of the Company for the purpose of the Company’s business, and the actions of the Manager taken in accordance with such
powers set forth in this Agreement shall bind the Company.

 

6.          A
new Section 7(e) is hereby added to the LLC Agreement, and shall read as follows:

 

(e)         Management
Committee. BRG and SOIF III hereby establish a management committee (the “Management Committee”) and, subject
to Section 7(d), grants to the Management Committee the sole and exclusive right, power and authority to make, approve or disapprove
all Major Decisions (as hereinafter defined) on behalf of the Company. The Management Committee may appoint individuals to act
its behalf pursuant to this Section 7(e), with such titles and authority as determined from time to time by the Management Committee.

 

 (i)        For
purposes of this Agreement, “Major Decision” means any decision for the Company to take, or refrain from taking,
any action or incurring any obligation with respect to the following matters (or the effectuation of any such action or obligation):

 

(A)     any
merger, conversion or consolidation involving the Company or any subsidiary or the sale, lease, transfer, exchange or other disposition
of all or substantially all of the Company’s assets or all of the interests of the Members in the Company, in one or a series
of related transactions;

 

(B)      any
liquidation, dissolution or termination of the Company or any subsidiary;

 

     

     

    

 

(C)      giving,
granting or undertaking any options, rights of first refusal, deeds of trust, mortgages, pledges, ground leases, security or other
interests in or encumbering any real property owned by BR Vickers Roswell, LLC (such real property, collectively, the “Property”),
any portion thereof or any other material assets;

 

(D)     selling,
conveying or effecting any other direct or indirect transfer of the Property, any subsidiary or other material asset of the Company
or any portion thereof or the entering into of any agreement, commitment or assumption with respect to any of the foregoing;

 

(E)      acquiring,
directly or through any subsidiaries, by purchase, ground lease or otherwise, any real property or other material asset or the
entry into of any agreement, commitment or assumption with respect to any of the foregoing, or the making or posting of any deposit
(refundable or non-refundable);

 

(F)      taking
any action by the Company or any subsidiary that is reasonably likely to result in any Member or any of its affiliates having individual
liability under any so called “bad boy” guaranties or similar agreements provided to third party lenders in respect
of financings relating to the Company, its subsidiaries or any of their assets which provide for recourse as a result of willful
misconduct, fraud or gross negligence or failure to comply with the covenants or any other provisions of such “bad boy”
guaranties;

 

(G)      institute
or settle any Company or subsidiary legal claims in excess of $50,000;

 

(H)      employ,
enter into any contract with (or materially modify any contract with), or otherwise compensate, directly or indirectly, the Manager
or any affiliate of the Manager;

 

(I)       amend,
modify, recast, refinance or replace any financing to which the Company or a subsidiary is a party or which encumbers the Property
or any portion thereof;

 

			

(J)       incur
on behalf of the Company or a subsidiary during any year any capital expenditures in excess of $50,000;

 

(K)      make
any loan to any Member, except as expressly provided for in this Agreement; or

 

(L)      cause
or permit the Company or a subsidiary to file for or fail to contest a bankruptcy proceeding, or seek or permit a receivership
or make an assignment for the benefit of its creditors.

 

     

     

    

 

 (ii)      The
Management Committee shall consist of four (4) individuals appointed to act as “representatives” of the Member that
appointed him or her (the “Representatives”) as follows: (a) BRG shall be entitled to designate two (2) Representatives
to represent BRG; and (b) SOIF III shall be entitled to designate two (2) Representatives to represent SOIF III. The initial Representatives
of BRG shall be Christopher J. Vohs and Michael. L. Konig. The initial Representatives of SOIF III shall be Jordan Ruddy and James
G. Babb. BRG and SOIF III each represents, warrants and covenants that the Representatives designated by them have, and shall at
all times have, the full power and authority to make decisions and vote as a member of the Management Committee, and that such
Representatives’ votes as members of the Management Committee will be binding on each of them and any transferee of all or
a portion of their Interest; unless and until such time as BRG or SOIF III or their transferee notifies the other Member of a change
in a Representative, after which time this sentence shall apply only with respect to the replacement Representative.

 

 (iii)     Each
member of the Management Committee shall hold office until death, resignation or removal at the pleasure of the Member that appointed
him or her. If a vacancy occurs on the Management Committee, the party with the right to appoint and remove such vacating Representative
shall appoint his or her successor. A Member shall lose its right to have Representatives on the Management Committee, and its
Representatives on the Management Committee shall be deemed to be automatically removed, as of the date on which such Member ceases
to be a Member or as otherwise provided in this Agreement. If either BRG or SOIF III, or any affiliate thereof (any such party,
for purposes of this Section 7(e), the “Transferor Party”), transfers all or a portion of its interest to any
affiliate thereof pursuant to Section 16 hereof, which affiliate is thereafter admitted as a Member pursuant to Section 18 hereof,
such affiliate (the “Transferee Affiliate”) shall automatically, and without any further action or authorization
by any Member, succeed to the rights and powers of BRG or SOIF III (or the applicable Transferee Affiliate) under this Section
7(e) as may be agreed to between the Transferor Party, on the one hand, and the Transferee Affiliate to which the interest is being
transferred, on the other hand, including the shared or unilateral right to appoint the Representatives that the Transferor Party
was theretofore entitled to appoint pursuant to Section 7(e)(ii) hereof.

 

 (iv)     The
only Representatives required to constitute a quorum for a meeting of the Management Committee shall be one (1) Representative
appointed by BRG and one (1) Representative appointed by SOIF III; provided, however, that if SOIF III has not appointed at least
one (1) Representative to the Management Committee at the time of such meeting (for example, if each SOIF III Representative has
been removed and not replaced), then a quorum for a meeting of the Management Committee shall be one (1) Representative appointed
by BRG. Each of the two (2) Representatives appointed by BRG shall be entitled to cast two (2) votes on any matter that comes before
the Management Committee, and each of the Representatives appointed by SOIF III shall be entitled to cast one (1) vote on any matter
that comes before the Management Committee. Approval by the Management Committee of any matter shall require the affirmative vote
(including votes cast by proxy) of at least a majority of the votes of the Representatives then in office voting at a duly held
meeting of the Management Committee.

 

     

     

    

 

 (v)      Any
meeting of the Management Committee may be held by conference telephone call, video conference or through similar communications
equipment by means of which all persons participating in the meeting can communicate with each other. Participation in a telephonic
and/or video conference meeting held pursuant to this Section 7(e) shall constitute presence in person at such meeting.

 

 (vi)     Any
action required or permitted to be taken at a meeting of the Management Committee may be taken without a meeting, without prior
notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the Representatives
having not less than the minimum of votes that would be necessary to authorize or take such action at a meeting at which all Representatives
entitled to vote thereon were present and voted. All consents shall be filed with the minutes of the proceedings of the Management
Committee.

 

 (vii)    Except
as otherwise expressly provided in this Agreement, none of the Members or their Representatives (in their capacities as members
of the Management Committee only) shall have any duties or liabilities to the Company or any other Member (including any fiduciary
duties), whether or not such duties or liabilities otherwise arise or exist in law or in equity, and each Member hereby expressly
waives any such duties or liabilities; provided, however, that this Section 7(e)(vii) shall not eliminate or limit the liability
of such Representatives or the Members (A) for acts or omissions that involve fraud, intentional misconduct or a knowing and culpable
violation of law, or (B) for any transaction not permitted or authorized under or pursuant to this Agreement from which such Representative
or Member derived a personal benefit unless the Management Committee has approved in writing such transaction in accordance with
this Agreement; provided, further, however, that the duty of care of each of such Representatives and the Members is to not act
with fraud, intentional misconduct or a knowing and culpable violation of law. Except as provided in this Agreement, whenever in
this Agreement a Representative of a Member and/or a Member is permitted or required to make a decision affecting or involving
the Company, any Member or any other person, such Representative and/or such Member shall be entitled to consider only such interests
and factors as he, she or it desires, including a particular Member’s interests, and shall, to the fullest extent permitted
by applicable law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or
any Member.

 

     

     

    

 

The LLC Agreement,
as amended, remains in full force and effect, unmodified except as specifically set forth herein. In the event of any conflict
between the provisions of this Amendment and the provisions of the LLC Agreement, the provisions of this Amendment shall govern
and control. This Amendment shall be governed by the laws of the State of Delaware.

 

[Remainder of page intentionally left
blank. Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the Members have
executed this Amendment to be effective as of the Amendment Date set forth above.

 

	 	MEMBERS:
	 	 
	 	BRG VICKERS ROSWELL, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	Bluerock Residential Holdings, L.P.,
	 	 	a Delaware limited partnership
	 	Its:	Sole Member

 

	 	 	By:	Bluerock Residential Growth REIT, Inc.,
	 	 	 	a Maryland corporation
	 	 	Its:	General Partner
	 	 	 	 
	 	 	 	By:	/s/ Michael L. Konig
	 	 	 	Name: 	Michael L. Konig
	 	 	 	Title:	Chief Operating Officer, Secretary and General Counsel

 

	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	BR SOIF III Manager, LLC,
	 	 	a Delaware limited liability company
	 	Its:	Manager

 

	 	 	By:	/s/ Jordan Ruddy
	 	 	Name: 	Jordan Ruddy
	 	 	Title:	Authorized Signatory

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