Document:

SINGLE FAMILY HOMES

 

REAL ESTATE PURCHASE AND SALE AGREEMENT

 

by and between

 

RED DOOR HOUSING LLC,

a Texas limited liability company

 

as Seller

 

and

 

REVEN HOUSING TEXAS, LLC,

a Delaware limited liability company,

as Buyer

 

 

September 27, 2016

 

     

     

    

  

THIS SINGLE FAMILY
HOMES PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of September 27, 2016
(“Effective Date”), by and between RED DOOR HOUSING LLC, a Texas limited liability company (“Seller”)
and REVEN HOUSING TEXAS, LLC, a Delaware limited liability company, “Buyer”).

 

BASIC TERMS

 

The following terms,
as used in this Agreement, will have the meanings assigned to such terms in this Basic Terms section of the Agreement, subject
to any adjustments set forth elsewhere in this Agreement.

 

Purchase
Price: Nine Million Two Hundred Fifty Thousand and 00/100 Dollars ($9,250,000.00), subject to adjustment in accordance with
the provisions of this Agreement. 

 

Deposit:
Ninety-Two Thousand Five Hundred and 00/100 Dollars ($92,500.00).

 

Closing Date:
Subject to the terms of this Agreement, the Closing will take place on or before November 30, 2016.

 

Due Diligence
Period: Subject to the provisions of Section 7 below, the period commencing on the Effective Date and expiring on the
Closing Date, during which Buyer will be provided the opportunity to review all aspects of the Property.

 

Escrow Holder:
Fidelity National Title Insurance Company.

 

Title Company:
Fidelity National Title Insurance Company.

 

Seller’s Broker:
None.

 

Buyer’s Broker:
None

 

PRELIMINARY
STATEMENTS

 

A.                 Seller
is the owner of the Property (as defined herein); and

 

B.                 Seller
desires to sell, and Buyer desires to buy, the Property, at the price and on the terms and conditions hereafter set forth.

 

In consideration of
the recitals, mutual covenants, and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are mutually acknowledged, Seller and Buyer hereby agree as follows:

 

1.                 Premises. The real estate which is the subject of this Agreement consists of one hundred (100) single family homes,
in the State of Texas, which are identified and generally described on Exhibit A attached hereto, together with all of the
improvements and structures located thereon (“Improvements”), any heating and ventilating systems, appliances,
and other fixtures located therein or thereon, and all rights, interests, benefits, privileges, easements and appurtenances to
the land and the Improvements, if any (collectively, the “Premises”).

 

    	 	1	 

     

    

 

2.                 Personal
Property and Leases.

 

(a)               
The “Personal Property” referred to herein shall consist of all right, title, and interest
of Seller, if any, in all tangible (including all advertising materials, plans and specifications) and intangible personal property,
including any equipment, appliances, or furnishings that remain in the Premises at the Closing, and any and all existing licenses
and permits held by Seller and not constituting part of the real estate, located on and used in connection with the Premises.

 

(b)              
The “Leases” referred to herein shall consist of the leases, occupancy and rental agreements
between the Seller, as landlord and tenants of the single family homes that comprise the Premises that are in effect as of the
date of the Closing (defined below), as well as service contracts relating to the maintenance and repair of such homes.

 

3.                 
Sale/Conveyance and Assignment. Seller agrees to sell, convey and assign to Buyer, and Buyer agrees to buy and assume
from Seller, at the price and upon the other terms and conditions hereafter set forth (a) the Premises, (b) the Personal Property,
(c) the Improvements, and (d) the Leases (a-d collectively, the “Property”).

 

4.                 
Transfer of Title.

 

(a)               
Title to the Property shall be conveyed to Buyer by a Special Warranty Deed (the “Deed”) executed
by Seller, in the form attached hereto as Exhibit C.

 

(b)              
The Personal Property shall be conveyed to Buyer by a bill of sale (the “Bill of Sale”) executed
by Seller, in the form attached hereto as Exhibit D.

 

(c)               
The Leases shall be assigned by Seller and assumed by Buyer by an Assignment Leases and Contracts (the “Assignment
of Leases and Contracts”), in the form attached hereto as Exhibit E.

 

5.                 
Purchase Price; Deposit; Excluded Properties; Deferred Closing(a).

 

(a)               
Delivery of Purchase Price. The purchase price for the Property shall be the price identified in the Basic Terms
(the “Purchase Price”), which shall be subject to adjustment in accordance with the terms of this Agreement
and payable by Buyer to Seller as follows:

 

(1)              
Within five (5) business days after the execution of this Agreement, Buyer shall deposit into an escrow account (the “Escrow”)
established with Escrow Holder (as identified in the Basic Terms), which will serve as escrow holder for this transaction a deposit
in the amount of the Deposit (as identified in the Basic Terms above). If Buyer notifies Seller that it elects to proceed to purchase
the Property in accordance with the terms of Section 7, then the Deposit (as defined in the Basic Terms) will become non-refundable
to Buyer, except in the event of a default or breach of this Agreement by Seller; provided that as consideration to Seller for
entering into this Agreement, $250 will become non-refundable to Buyer, and payable to Seller, upon delivery of the Deposit to
Escrow except in the event of a default hereunder by Seller. The Deposit shall at all times prior to Closing be invested in United
States treasury obligations or such other interest bearing accounts or securities as are approved by Buyer in writing; all interest
earned on the Deposit will be administered, paid or credited (as the case may be) in the same manner as the Deposit and, when credited
to the escrow account shall constitute additional Deposit. At the closing of the transaction contemplated by this Agreement (the
“Closing”), Buyer shall receive a credit against the Purchase Price for the Deposit.

 

    	 	2	 

     

    

 

(2)              
The Purchase Price, less a credit for the Deposit, and plus or minus prorations and adjustments as set forth in Section
17 hereof, shall be paid by Buyer to Seller by wire transfer of immediately available federal funds on the Closing Date.

 

(b)              
Valuation. Buyer may elect to retain an independent, third-party valuation consultant to prepare a report ("Valuation
Report") of the Property. Buyer and Seller acknowledge and agree that Carrington Real Estate Services is an acceptable
party to perform the Valuation Report. If the Valuation Report shows the total value of the Property to be less than the Purchase
Price (the "Total Valuation"), then Buyer may notify Seller of such discrepancy prior to the expiration
of the Due Diligence Period. Thereafter, for a period of seven (7) days (the "Disputed Property Period"),
Buyer and Seller shall negotiate in good faith to agree on an adjusted Purchase Price. In the event that the Due Diligence Period
is scheduled to expire during the Disputed Property Period, the Due Diligence Period shall be automatically extended through the
end of the Disputed Property Period, or such earlier time as the parties may agree on an adjusted Purchase Price. If, at the end
of the Disputed Property Period, Buyer and Seller are unable to come to an agreement with respect to the Purchase Price, then Buyer
may, upon written notice to Seller within two (2) business days after the expiration of seven (7) day period, terminate this Agreement.

 

(c)               
Notwithstanding Section 5(b) above, Buyer and Seller may jointly agree in writing, in lieu of an adjustment to the
Purchase Price as a result of a Total Valuation that is less than the Purchase Price in accordance with those provisions, to exclude
specific properties from the properties identified on Exhibit A ("Excluded Properties"). Upon the
written agreement of Buyer and Seller to remove the Excluded Properties from the properties identified on Exhibit A, (i)
the description of the properties that comprise the Property, as identified on Exhibit A, will be deemed modified to exclude
the Excluded Properties; and (ii) the Purchase Price will be reduced by the sum of the valuations of the Excluded Properties mutually
agreed to by Seller and Buyer (the “Assigned Home Value”). Once a property has been identified as an
Excluded Property under this Section, it will no longer be the subject of this Agreement, and Seller will be free to sell it to
another party or take any action that Seller elects with respect to such Excluded Property. Notwithstanding anything herein to
the contrary, Buyer’s rights under Sections 18(b)(2) and 21(a)(1) - (2) shall be dependent upon the determination
of an Assigned Home Value in accordance with this Section.

 

    	 	3	 

     

    

 

6.                 
Representations, Warranties and Covenants.

 

(a)               
Seller’s Representations and Warranties. As a material inducement to Buyer to execute this Agreement and consummate
this transaction, Seller represents and warrants to Buyer as follows:

 

(1)              
Organization and Authority. Seller has been duly organized and is validly existing as a Texas limited liability company.
Seller has the full right and authority and has obtained any and all consents required therefor to enter into this Agreement, consummate
or cause to be consummated the sale and make or cause to be made transfers and assignments contemplated herein. The persons signing
this Agreement on behalf of Seller are authorized to do so. This Agreement and all of the documents to be delivered by Seller at
the Closing have been authorized and properly executed and will constitute the valid and binding obligations of Seller, enforceable
against Seller in accordance with their terms.

 

(2)              
Conflicts. There is no agreement to which Seller is a party or, to Seller’s Knowledge, binding on Seller or
the Property, that is in conflict with this Agreement or that would limit or restrict the timely performance by Seller of its obligations
pursuant to this Agreement.

 

(3)              
Documents and Records. To Seller’s Knowledge, Seller has provided (or upon the execution hereof will provide)
Buyer with, or has made available to Buyer, true, correct and complete copies of the items scheduled in Schedule 6(a)(3)
attached hereto (all of the foregoing collectively the “Property Information”). The Property Information
consists of all documents relating to the Property in Seller’s possession or control.

 

(4)              
Litigation. There is no action, suit or proceeding pending or to Seller’s Knowledge threatened which (i) if
adversely determined, would not be covered by insurance (subject to the payment of a customary insurance deductible) or adversely
affect the Property, or (ii) which challenges or impairs Seller’s ability to execute, deliver or perform this Agreement or
consummate the transaction contemplated hereby.

 

(5)              
Leases. Schedule 6(a)(5) sets forth a list of the leases and all contracts (including all service, maintenance,
and warranty contracts) that apply to the properties identified on Exhibit A which, to Seller’s Knowledge, is true
and correct and complete list of such leases and contracts as of the date of each such schedule. To Seller’s Knowledge, except
as scheduled in Schedule 6(a)(5), neither Seller nor any other party is in default with respect to any of its obligations
or liabilities pertaining to the Leases. To Seller’s Knowledge, other than the Leases and any other matters disclosed in
the Title Report, there are no leases, licenses or other occupancy agreements to which Seller is a party or is bound affecting
any portion of the Property as of the date hereof, which will be in force on the Closing Date. Seller has delivered or made available
at the Property, true and correct copies of the Leases to Buyer. No lessee under any Lease has any right of first refusal or option
to purchase the property that is the subject of their Lease. With respect to any property identified on Exhibit A, if any
Lease expires and is extended or renewed, or if Seller elects to sign a new Lease, during the period this Agreement is in effect,
then such new Lease must be submitted to Buyer for review and approval, may not have a term shorter than one year, and may not
include any free rent period or cancellation right on the part of the tenant, unless such terms are approved by Buyer in writing.
Seller hereby represents and warrants that each tenant is occupying its respective home and is current in the payment of rent,
and no default currently exists and no condition exists, which, with the passage of time may become a material default under any
of the Leases. If, on the closing date, fewer than 90% of the residences comprising the Property are unoccupied, Buyer shall have
the right to terminate this Agreement.

 

    	 	4	 

     

    

 

(6)              
Contracts. Exhibit B sets forth all contracts presently outstanding with respect to the Property. To Seller’s
Knowledge, neither Seller nor any other party is in default with respect to any of its obligations or liabilities pertaining to
any contracts that will survive the Close of Escrow.

 

(7)              
Notice of Violations. Seller has received no written notice that either the Property or the use thereof violates
any laws, rules and regulations of any federal, state, city or county government or any agency, body, or subdivision thereof having
any jurisdiction over the Property that have not been resolved to the satisfaction of the issuer of the notice.

 

(8)              
Withholding Obligation. Seller is not a “foreign person” within the meaning of Section 1445 of the
Internal Revenue Code of 1986, as amended.

 

(9)              
Condemnation. Except for any condemnation proceedings which Seller has not yet been served with process, there are
no pending or, to Seller’s Knowledge, threatened condemnation or similar proceedings affecting the Property or any individual
property that is a part thereof.

 

(10)          
Employees.Seller has no employees at the Property.

 

(11)          
No Bankruptcy Proceedings. Seller has not (i) made a general assignment for the benefit of creditors, (ii)
filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors, (iii)
suffered the appointment of a receiver to take possession of all or substantially all of Seller’s assets, or (iv)
suffered the attachment or other judicial seizure of all or substantially all of Seller’s assets.

 

(12)          
Unrecorded Documents. Other than as disclosed in the Property Information, the Title Commitment, or any other documents
delivered to Buyer, Seller has not entered into any unrecorded contracts, leases, easements or other agreements with respect to
the Property that would be binding on Buyer or the Property following the Closing. Seller has no knowledge of any claim of any
third party affecting the use, title, occupancy or development of the Property that has not been disclosed to Buyer. Seller has
not granted any right of first refusal, option or other right to acquire all or any part of the Property.

 

    	 	5	 

     

    

 

For purposes of this
Section 6(a), the term “Seller’s Knowledge” means the current actual knowledge, without
investigation, of Rickey Williams, the person who Seller represents to be the most knowledgeable about the Property. The foregoing
shall not result in any personal liability or be deemed to be Rickey Williams making any representations, warranties or covenants
in his individual capacity.

 

(b)              
Buyer’s Representations and Warranties. As a material inducement to Seller to execute this Agreement and consummate
this transaction, Buyer represents and warrants to Seller that Buyer has been duly organized and is validly existing as a Delaware
limited liability company. Buyer has the full right and authority and has obtained any and all consents required therefore to enter
into this Agreement, consummate or cause to be consummated the purchase, and make or cause to be made the deliveries and undertakings
contemplated herein or hereby. The persons signing this Agreement on behalf of Buyer are authorized to do so. This Agreement and
all of the documents to be delivered by Buyer at the Closing have been authorized and properly executed and will constitute the
valid and binding obligations of Buyer, enforceable against Buyer in accordance with their terms.

 

(c)               
Covenants of Seller. Seller covenants and agrees that during the period from the date of this Agreement through and
including the Closing Date:

 

(1)              
Seller will timely pay and perform its obligations under the Leases and any contracts to be assumed by Buyer pursuant hereto.

 

(2)              
Following the expiration of the Due Diligence Period, Seller will not enter into any contract (other than new Leases approved
by Buyer in writing) that will be an obligation affecting the Property subsequent to the Closing Date except for contracts entered
into in the ordinary course of business that are terminable without cause and without payment of a penalty on not more than 30-days’
notice.

 

(3)              
Seller will not remove any Personal Property from the Property except as may be required for necessary repair or replacement,
and in the event of such replacement, the replacement shall be of materially equal or better quality and quantity as existed as
of the time of its removal.

 

(4)              
Seller will continue to operate and maintain the Property in accordance with past practices and will not make any material
alterations or changes thereto;

 

(5)              
Seller will maintain casualty and liability insurance of a level and type consistent with the insurance maintained by Seller
prior to the execution of this Agreement with respect to the Property;

 

(6)              
Seller will not do anything, or authorize anything to be done, that would adversely affect the condition of title as shown
on the Title Commitment.

 

    	 	6	 

     

    

 

(7)              
Seller agrees to terminate by written notice to the other parties thereto, effective as of Closing, any service contracts
that Buyer, pursuant to written notice to Seller prior to the expiration of the Due Diligence Period, requests Seller to terminate.
Seller shall deliver to Buyer copies of all notices of termination given by Seller pursuant to this subsection.

 

(8)              
Upon request from Buyer, Seller agrees to prepare for delivery to Buyer, unaudited income statements, along with accompanying
notes, with respect to the Property for the twelve months ended December 31, 2015 and for the portion of the current calendar year
ending September 30, 2016 (collectively, “Annual Income Statement”). The Annual Income Statement shall
be (a) in accordance with the books and records of Seller, (b) present fairly in all material respects the results of operations
of the Property for the periods therein specified, (c) prepared in accordance with U.S. generally accepted accounting principles,
consistently applied, and Rule 8-06 of Regulation S-X (17 C.F.R. Part 210), and (d) otherwise acceptable to Buyer in its reasonable
discretion. Upon request from Buyer, Seller shall also provide to Buyer, any schedules or supporting documentation that Buyer may
reasonably request that relate to the transactions included or to be included in the Annual Income Statement. Upon request from
Buyer, Seller agrees to cooperate with Buyer, and provide all assistance and access to the books and records of Seller, as required
for the audit of the Annual Income Statement, to be completed no later than the 70th day following the Closing. The
audit of the Annual Income Statement shall be at Buyer’s expense and shall be conducted by an independent accounting firm
registered with the Public Company Accounting Oversight Board retained by Buyer. Upon request from Buyer, Seller shall provide
the items listed in Exhibit G attached hereto and incorporated herein, to the extent in Seller’s possession or control.

 

(d)              
Representations and Warranties Prior to Closing. The continued validity in all respects of the foregoing representations
and warranties shall be a condition precedent to the obligation of the party to whom the representation and warranty is given to
close this transaction. If any of Seller’s representations and warranties are not true and correct on the closing date, then
Buyer may, at Buyer’s option, exercised by written notice to Seller (and as its sole and exclusive remedy), either (i) proceed
with this transaction, accepting the applicable representation and warranty as being modified by such subsequent matters or knowledge
and waiving any right relating thereto, if any, or (ii) terminate this Agreement and declare this Agreement of no further force
and effect and in which event Escrow Holder shall, without further instruction, return the Deposit to Buyer and Seller shall have
no further liability hereunder by reason thereof; provided, that if the breach of any representation or warranty of Seller hereunder
results from the willful and intentional act of Seller, Buyer will have the rights and remedies available to Buyer under Section 18(b)
of this Agreement upon a default by Seller of its obligations under this Agreement. Notwithstanding anything herein to the contrary,
nothing in this Agreement shall serve to undo a closing which has already occurred.

 

7.                 
Due Diligence Period; Post-Closing Inspection Reports; .

 

    	 	7	 

     

    

 

(a)               
Buyer may, during the Due Diligence Period (as defined in the Basic Terms) examine, inspect, and investigate the Property
and, in Buyer’s sole judgment and discretion, to determine whether Buyer desires to purchase the Property.

 

(b)              
Buyer may terminate this Agreement for any or no reason by giving written notice of such termination to Seller on or before
the last day of the Due Diligence Period. If this Agreement is terminated pursuant to this Section 7, the Deposit shall
be immediately refunded to Buyer, and neither party shall have any further liability or obligation to the other under this Agreement
except for the indemnity provisions set forth in Section 7(c) of this Agreement and any other provision of this Agreement
that is expressly intended to survive the termination of this Agreement. In the event this Agreement is terminated, Escrow Holder
is required to return Buyer’s Deposit immediately, and Seller agrees to not cause Escrow Holder to delay the return of the
Deposit to Buyer for any reason; provided, that Seller shall be entitled to retain $250.00 of the Deposit as consideration for
Seller’s entering this Agreement. If Buyer does not elect to exercise its right to terminate this Agreement during the Due
Diligence Period, then Buyer shall notify Seller of Buyer’s intention to acquire the Property before the expiration of the
Due Diligence Period. If Buyer does not, before the expiration of the Due Diligence Period, either affirmatively notify Seller
of its desire to acquire the Property or send a termination notice to Seller, then Buyer will be deemed to have elected to terminate
this Agreement. If Buyer elects to proceed to purchase the Property, and this Agreement is not terminated or deemed terminated
before the expiration of the Due Diligence Period, then the Deposit shall be non-refundable except in the event of a default hereunder
by Seller.

 

(c)               
Subject to the rights of tenants under the Leases, Seller will provide to Buyer reasonable access to the Property for the
purpose of examining any or all aspects thereof, including conducting on a non-destructive basis, surveys, architectural, engineering,
non-invasive geo-technical and environmental inspections and tests, and any other inspections, studies, or tests reasonably required
by Buyer. Buyer shall give Seller reasonable notice by telephone or e-mail before entering onto any of the properties that comprise
the Property to perform inspections or tests, and in the case of tests (i) Buyer shall specify to Seller in writing the precise
nature of the test to be performed, and (ii) Seller may require, as a condition precedent to Buyer’s right to perform any
such test, that Buyer deliver Seller evidence of public liability and other appropriate insurance naming Seller as an additional
insured thereunder. Such examination of the physical condition of the Property, including the Third Party Inspection Report (defined
in Section 7(d) below) may include an examination for the presence or absence of hazardous or toxic materials, substances
or wastes, which shall be performed or arranged by Buyer at Buyer’s sole expense. Buyer shall keep the Property free and
clear of any liens and will indemnify, protect, defend, and hold each Seller Related Party (defined below) harmless from and against
all losses, costs, damages, claims, liabilities and expenses (including reasonable attorneys’ fees and court costs) (collectively,
“Losses”) arising from damage to the Property and injury to persons asserted against or incurred by any
Seller Related Party as a result of such entry by Buyer, its agents, employees or representatives (except that Buyer shall have
no liability or indemnity obligation for any diminution in the value of the Property as a result of any unfavorable analysis, test,
study, opinion or recommendation made to or for or reach by Buyer). If any inspection or test disturbs the Property and Buyer does
not acquire the Property, Buyer will restore the Property to substantially the same condition as existed prior to any such inspection
or test. Buyer and its agents, employees, and representatives may, upon not less than 24 hours prior telephonic notice to Seller,
examine and make copies of all books and records and other materials relating to the condition of the Property in Seller’s
possession at the office where such records are maintained. Any information provided to or obtained by Buyer with respect to the
Property shall be subject to the provisions of Section 22(p) of this Agreement. The obligations of Buyer under this Section
shall survive the termination of the Agreement.

 

    	 	8	 

     

    

 

(d)              
Within 30 days after the Effective Date, Buyer may retain a contractor or home inspector mutually acceptable to Buyer and
Seller to prepare a report or reports describing the physical condition of the Property and identify any necessary repairs and
the cost to make such repairs (“Third Party Inspection Report”). The person or entity preparing the Third
Party Inspection Report must be (i) a licensed contractor or otherwise qualified to perform such inspections in the jurisdiction
where the Property is located, (ii) qualified by experience to remodel and repair properties of the type comprising the Property,
and (iii) may not be, or have ever been, owned or controlled by Buyer or an affiliate of Buyer. Notwithstanding the foregoing,
Buyer and Seller mutually agree that Criterium Engineers is an acceptable party to prepare Third Party Inspection Reports. Buyer
will provide a copy of the Third Party Inspection Report to Seller, when finalized. Within 90 days after the Closing, Seller will
pay for all repairs identified in the Third Party Inspection Report which are reasonably estimated in the Inspection Report to
cost more than $1,000.00 per single repair item. In determining whether Seller is responsible for paying for any single repair
item over $1,000 under this Section, small items may not be aggregated in order to reach the $1,000.00 threshold. (For example,
if an electrical panel needs to be replaced at a cost of $1,200.00, Seller will bear the expense; if 20 electrical outlets need
to be replaced at an individual cost of $60.00 – total of $1,200.0 – Seller will not bear the expense.) Buyer shall
be solely responsible for supervision of the contractor, and Seller shall not be liable for any additional costs which may be incurred
above the amounts specified in the Third Party Inspection Report. If Seller disagrees with the conclusions of the Third Party Inspection
Report with respect to any parcel of the Property, Seller shall so notify Buyer within 14 days after actual receipt by Seller of
a complete copy of the Third Party Inspection Report. In that event, Buyer and Seller shall negotiate in good faith to resolve
Seller’s objections and come to agreement with respect to all items for which Seller will be responsible in accordance with
this Section 7(d). If Buyer and Seller cannot reach agreement with respect to any parcel of the Property, then Buyer and Seller
shall designate a mutually agreeable third party home inspector or contractor to prepare a second Third Party Inspection Report
to identify any necessary repairs and the cost to make such repairs (the “Second Third Party Inspection Report”).
The person or entity preparing the Second Third Party Inspection Report must be (i) a licensed contractor or otherwise qualified
to perform such inspections in the jurisdiction where the Property is located, (ii) qualified by experience to remodel and
repair properties of the type comprising the Property, and (iii) may not be, or have ever been, owned or controlled by Buyer
or Seller or an affiliate of Buyer or Seller. The determination of the Second Third Party Inspection Report shall be binding on
both parties, and Seller shall be responsible for any repairs over $1,000.00 in accordance with the terms of this subsection (d).
The obligations of Seller and Buyer under this Section 7(d) shall survive the Closing.

 

    	 	9	 

     

    

 

 

8.                 
As Is Sale.

 

(a)               
BUYER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT SELLER IS SELLING AND BUYER IS PURCHASING THE PROPERTY ON AN “AS IS
WITH ALL FAULTS” BASIS AND THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS DELIVERED BY SELLER
TO BUYER AT CLOSING, BUYER IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM
SELLER, ITS AGENTS, OR BROKERS AS TO ANY MATTERS CONCERNING THE PROPERTY, INCLUDING WITHOUT LIMITATION: (I) THE QUALITY, NATURE,
ADEQUACY AND PHYSICAL CONDITION OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO THE STRUCTURAL ELEMENTS, FOUNDATION, ROOF, APPURTENANCES,
ACCESS, LANDSCAPING, PARKING FACILITIES AND THE ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND UTILITY SYSTEMS, FACILITIES
AND APPLIANCES, (II) THE QUALITY, NATURE, ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY GROUNDWATER, (III) THE EXISTENCE,
QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES SERVING THE PROPERTY, (IV) THE DEVELOPMENT POTENTIAL OF THE PROPERTY,
AND THE PROPERTY’ USE, HABITABILITY, MERCHANTABILITY, OR FITNESS, SUITABILITY, VALUE OR ADEQUACY OF THE PROPERTY FOR ANY
PARTICULAR PURPOSE, (V) THE ZONING OR OTHER LEGAL STATUS OF THE PROPERTY OR ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE OF
THE PROPERTY, (VI) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH ANY APPLICABLE CODES, LAWS, REGULATIONS, STATUTES, ORDINANCES,
COVENANTS, CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR OF ANY OTHER PERSON OR ENTITY, (VII)
THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS (AS DEFINED IN ANY ENVIRONMENTAL STATUTE) ON, UNDER OR ABOUT THE PROPERTY OR THE
ADJOINING OR NEIGHBORING PROPERTY, (VIII) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE PROPERTY, (IX)
THE CONDITION OF TITLE TO THE PROPERTY, (X) THE LEASES (INCLUDING ALL SERVICE CONTRACTS) AND ANY OTHER AGREEMENTS AFFECTING THE
PROPERTY AND (XI) THE ECONOMICS OF ANY PAST OR FUTURE OPERATIONS OF THE PROPERTY.

 

9.                 
Survival of Representations and Warranties After Closing.

 

(a)               
All representations and warranties of Seller herein shall survive the Closing for a period of one (1) year (the “Limitation
Period”).

 

(b)              
Buyer shall provide actual written notice to Seller of any breach of any of Seller’s warranties or representations
of which Buyer acquires knowledge, through any means, at any time after the Closing Date but prior to the expiration of the Limitation
Period, and shall allow Seller thirty (30) days within which to cure such breach, or, if such breach is susceptible of cure but
cannot reasonably be cured within thirty (30) days, an additional reasonable time period required to effect such cure so long as
such cure has been commenced within such thirty (30) days and diligently pursued but in no event more than ninety (90) days. If
Seller fails to cure such breach after actual written notice and within such cure period (as extended), Buyer’s sole remedy
shall be an action at law for damages as a consequence thereof, which must be commenced, if at all, within the six (6) months after
the expiration of the Limitation Period. Nothing herein shall permit the award of consequential damages.

 

    	 	10	 

     

    

 

10.             
Closing.

 

(a)               
The purchase and sale transaction contemplated in this Agreement shall occur on the date specified in the Basic Terms section
of this Agreement, and if a portion of the Closing is deferred, then on the two dates identified in the Basic Terms Section (each
a “Closing Date”), and accomplished by recording a Deed (as defined in Section 14) with respect
to each of the properties that are on Exhibit A (except for any Excluded Properties) in the Official Records of the particular
County in which each of the individual properties that constitute the Property is located (the “Official Records”),
provided that all conditions precedent to the Closing have been fulfilled or have been waived in writing by the respective party
entitled to waive same. If the parties close the transactions contemplated hereby, they shall be deemed to have waived any unfulfilled
conditions precedent.

 

(b)              
On or before the Closing Date, the parties shall establish the usual form of money escrow with Escrow Holder. Counsel for
the respective parties is hereby authorized to execute the escrow trust instructions as well as any amendments thereto.

 

11.             
Conditions to Buyer’s Obligation to Close.

 

(a)               
Buyer will not be obligated to proceed with the Closing unless and until each of the following conditions has been either
fulfilled or waived in writing by Buyer:

 

(1)              
This Agreement shall not have been previously terminated pursuant to any other provision hereof;

 

(2)              
Seller shall be prepared to deliver or cause to be delivered to Buyer all instruments and documents to be delivered to Buyer
at the Closing pursuant to Section 14 and Section 16 or any other provision of this Agreement; and

 

(3)              
All property managing services provided to the Property under any property management agreement shall have been terminated
on or prior to the Closing at no cost, liability or expense to Buyer.

 

(b)              
If any of the foregoing conditions are not fulfilled on or before the time for Closing hereunder, then subject to the provisions
of Section 18(b) hereof, Buyer may elect, upon notice to Seller, to terminate this Agreement, in which event the Deposit
shall be returned to Buyer, and neither party shall have any further liability or obligation to the other, except for the provisions
of this Agreement which are expressly stated to survive the termination of this Agreement. Notwithstanding the foregoing, Seller
shall be entitled to retain $250.00 of the Deposit as consideration for Seller’s entering this Agreement.

 

    	 	11	 

     

    

 

12.             
Conditions to Seller’s Obligation to Close.

 

(a)               
Seller will not be obligated to proceed with the Closing unless and until each of the following conditions has been fulfilled
or waived in writing by Seller:

 

(1)              
Title Company shall have received the Purchase Price and all other amounts otherwise payable by Buyer under this Agreement
in immediately available funds, and all conditions to disbursing the Purchase Price to Seller shall have been satisfied;

 

(2)              
Buyer shall be prepared to deliver to Seller all instruments and documents to be delivered to Seller at the Closing pursuant
to Section 15 and Section 16 or any other provision of this Agreement;

 

(3)              
This Agreement shall not have been previously terminated pursuant to any other provision hereof; and

 

(4)              
Buyer’s representations and warranties hereunder shall be true and correct as of the Closing Date.

 

(b)              
If the foregoing conditions are not fulfilled on or before the time for Closing hereunder, then subject to the provisions
of Section 18(a) hereof, Seller may elect, upon notice to Buyer, to terminate this Agreement, in which event the Deposit
shall be returned to Buyer, and neither party shall have any further liability or obligation to the other, except for the provisions
of this Agreement which are expressly stated to survive the termination of this Agreement.

 

13.             
Title Insurance. (a) Following the execution and delivery of this Agreement, Buyer shall cause Title Company to deliver
to Buyer a commitment for the Title Policy described in subsection (b) below (the “Title Commitment”),
together with legible copies of all of the underlying documentation described in such Title Commitment. Seller shall, within two
business days after the execution of this Agreement, deliver to Buyer the most recent surveys of the properties that comprise the
Property in Seller’s possession or control (the “Surveys”).

 

(a)               
At Closing, and as a condition thereof, Seller, at its sole cost and expense, shall cause to be delivered to Buyer an owner’s
title insurance policy (the “Title Policy”) issued by Title Company, dated the day of Closing, with liability
in the full amount of the Purchase Price, and in a form promulgated pursuant to applicable state insurance regulations in the state
where the Property is located, subject only to the Permitted Exceptions (defined below). Buyer shall be responsible for the cost
of any endorsements and/or modifications to the Title Policy requested by Buyer.

 

(b)              
Prior to the expiration of the Due Diligence Period, Buyer shall review title to the Property as disclosed by the Title
Commitment and the Surveys, and satisfy itself as to the availability from the Title Company of the Title Policy and all requested
endorsements and modifications to such Title Policy. Buyer shall have the right to obtain an update of the Surveys or to secure
new surveys at any time prior to the expiration of the Due Diligence Period.

 

    	 	12	 

     

    

 

(c)               
Seller shall have no obligation to remove or cure title objections, except for (1) liens of an ascertainable amount created
by Seller, which liens Seller shall cause to be released at the Closing or affirmatively insured over by the Title Company with
Buyer’s approval, (2) any exceptions or encumbrances to title which are created by Seller after the date of this Agreement
without Buyer’s consent, and (3) non-consensual liens which liens Seller shall cause to be released at the Closing or affirmatively
insured over by the Title Company. In addition, Seller shall provide the Title Company with any affidavits or personal undertakings
(collectively, an “Owner’s Affidavit”), in form and substance reasonably acceptable to the Title
Company, that will permit the Title Company to issue the Title Policy in the form reasonably required by Buyer.

 

(d)              
“Permitted Exceptions” shall mean: (1) any exception arising out of an act of Buyer or its representatives,
agents, employees or independent contractors; (2) zoning and subdivision ordinances and regulations; (3) the specific exceptions
in the Title Commitment that the Title Company has not agreed to insure over or remove from the Title Commitment as of the end
of the Due Diligence Period and that Seller is not required to remove as provided above; (4) items shown on the Surveys or any
updated or new surveys of the Property which have not been removed as of the end of the Due Diligence Period; (5) real estate taxes
and assessments not yet due and payable; and (6) rights of tenants under the Leases, as occupancy tenants only and without any
rights of first refusal, rights of first offer or purchase options.

 

14.             
Documents to be Delivered to Buyer at Closing. At Closing, Seller shall deliver or cause to be delivered to Buyer
each of the following instruments and documents:

 

(a)               
Deed. The Deed, in the form attached hereto as Exhibit C.

 

(b)              
Bill of Sale. The Bill of Sale covering the Personal Property, in the form attached hereto as Exhibit D.

 

(c)               
The Title Policy. The Title Policy; provided, however, the Title Policy may be delivered after the Closing if at
the Closing the Title Company issues a currently effective, duly-executed “marked-up” Title Commitment and irrevocably
commits in writing to issue the Title Policy in the form of the “marked-up” Title Commitment after the Closing.

 

(d)              
Assignment of Leases and Contracts. An Assignment of Leases and Contracts, in the form attached hereto as Exhibit E,
transferring and assigning to Buyer, to the extent the same are assignable, all right, title and interest of Seller in the Leases
and the other property described therein.

 

(e)               
Transfer Tax Declarations. If required by applicable law, original copies of any required real estate transfer tax
or documentary stamp tax declarations executed by Seller or any other similar documentation required to evidence the payment of
any tax imposed by the state, county and city on the transaction contemplated hereby.

 

    	 	13	 

     

    

 

(f)               
FIRPTA. An affidavit, in the form attached hereto as Exhibit F, stating Seller’s U.S. taxpayer
identification number and that Seller is a “United States person”, as defined by Internal Revenue Code Section 1445(f)(3)
and Section 7701(b).

 

(g)              
Owner’s Affidavit. The Owner’s Affidavit materials referred to in Section 13(d) above.

 

(h)              
Surveys, Plans, Permits and Specifications.All existing surveys, blueprints, drawings, plans and specifications,
permits, and operating manuals for or with respect to any of the properties that comprise the Property or any part thereof to the
extent the same are in Seller’s possession.

 

(i)                
Keys.All keys to the improvements, to the extent the same are in Seller’s possession.

 

(j)                
Leases. Originals of all Leases in effect on the Closing Date (or copies thereof in the event the originals are
not in Seller’s possession, or in the possession of Sellers’ property manager and such copies of Leases are in Seller’s
possession), and the tenant files with respect to such Leases, to the extent the same are in Seller’s possession.

 

(k)              
Certificate.A certificate (the “Update”) of Seller dated as of the Closing Date certifying
that the representations and warranties of Seller set forth in Section 6(a) of this Agreement as applicable, remain true
and correct in all material respects as of the Closing Date, except as to Schedule 6(a)(5), which Update shall be dated
no earlier than three (3) days prior to Closing.

 

(l)                
Notice to Tenants. A duly executed notice to each of the tenants under the Leases, in a form that satisfies applicable
laws.

 

(m)            
Other Deliveries. Such other documents and instruments as may be required by any other provision of this Agreement
or as may reasonably be required to carry out the terms and intent of this Agreement.

 

15.             
Documents to be Delivered to Seller at Closing. At Closing, Buyer shall deliver or cause to be delivered to Seller
each of the following instruments, documents and amounts:

 

(a)               
Purchase Price. The Purchase Price, subject to adjustment and proration as provided in Section 17 below.

 

(b)              
Transfer Tax Declarations. If required by applicable law, original copies of any required real estate transfer tax
or documentary stamp tax declarations executed by Buyer or any other similar documentation required to evidence the payment of
any tax imposed by the state, county and city on the transaction contemplated hereby.

 

(c)               
Bill of Sale. A counterpart of the Bill of Sale, in the form attached hereto as Exhibit D.

 

    	 	14	 

     

    

 

(d)              
Assignment of Leases. A counterpart of the Assignment of Leases and Contracts, in the form attached hereto as Exhibit
E.

 

(e)               
Certificate.A certificate of Buyer (the “Buyer’s Update”) dated as of the Closing
Date certifying that the representations and warranties of Buyer set forth in Section 6(b) of this Agreement as applicable,
remain true and correct in all material respects as of the Closing Date, which Buyer’s Update shall be dated no earlier than
three (3) days prior to Closing.

 

(f)               
Other Documents. Such other documents and instruments as may be required by any other provision of this Agreement
or as may reasonably be required to carry out the terms and intent of this Agreement.

 

16.             
Documents to be Delivered by Seller and Buyer at Closing. At Closing, Buyer and Seller shall deliver or cause to
be delivered each of the following instruments and documents:

 

(a)               
Escrow Instructions. Escrow instructions (as described in Section 10(b)).

 

(b)              
Settlement Statement. A fully executed settlement statement.

 

17.             
Prorations and Adjustments.

 

(a)               
The following items shall be prorated and adjusted based upon the number of calendar days in the measuring period between
Seller and Buyer as of midnight on the date of Closing, except as otherwise specified:

 

(1)              
Taxes. All real estate taxes and assessments (“Taxes”) assessed against the Property for
the year of Closing shall be prorated as follows: Seller will be responsible for the payment of Taxes applicable to the period
before the Closing Date, and Buyer will be responsible for the period on and after the Closing Date. If the actual taxes and assessments
cannot be determined for such year as of the Closing Date, then the parties shall make such proration based upon One Hundred percent
(100%) of the most recently issued tax bill for the Property and thereafter, make a final adjustment of such Taxes upon receipt
of the final bill. The provisions of this Section 17(a)(1) shall survive Closing.

 

(2)              
Utilities. All utilities shall be prorated based upon estimates using the most recent actual invoices. Seller shall
receive a credit for the amount of deposits, if any, with utility companies that are transferable and that are assigned to Buyer
at the Closing. In the case of non-transferable deposits, Buyer shall be responsible for making any security deposits required
by utility companies providing service to the Property.

 

(3)              
Collected Rent. Buyer shall receive a credit for any rent and other income (and any applicable state or local tax
on rent) under Leases collected by Seller before Closing that applies to any period after Closing. Uncollected rent and other uncollected
income shall not be prorated at Closing. After Closing, Buyer shall apply all rent and income collected by Buyer from a tenant
(x) first to such tenant’s rental obligations for the month in which the Closing occurs, (y) next to such tenant’s
monthly rental for the month in which the payment is made, and (z) then to arrearages in the reverse order in which they were due,
remitting to Seller, after deducting collection costs, any rent or expense reimbursements properly allocable to Seller’s
period of ownership. Buyer shall bill and attempt to collect such rent arrearages in the ordinary course of business, but shall
not be obligated to engage a collection agency or take legal action to collect any rent arrearages. Any rent or other income received
by Seller or Buyer after Closing which are owed to Seller or Buyer shall be remitted to Seller or Buyer as applicable, promptly
after receipt.

 

    	 	15	 

     

    

 

(b)              
Tenant Security Deposits. All unapplied tenant security deposits (and interest thereon if required by law or contract
to be earned thereon) under the Leases, shall be credited to Buyer at Closing.

 

(c)               
Service Contracts. With respect to any contracts that are assumed by Buyer and survive the Closing, Seller shall
receive a credit for prepaid charges and premiums applicable to Buyer’s period of ownership. The Buyer shall receive a credit
for any payments made in arrears. In addition and without limitation of the foregoing, Buyer shall receive a credit under any assumed
contract (each a “Service Provider Contract”) in which Seller has received any advance payments or other
income from the servicer provider under such Service Provider Contract in exchange for agreeing to enter into such Service Provider
Contract (regardless of whether such advance payment or other income was paid in a lump sum or in installments). Any lump sum payments
shall be pro-rated on a straight line basis over the term of any applicable Service Provider Contract.

 

(d)              
Owner Deposits. Seller shall be entitled to the return of all bonds, deposits, letters of credit, set aside letters
or other similar items, if any, that are outstanding with respect to the Property that have been provided by Seller or any of its
affiliates, agents or investment advisors to any governmental agency, public utility, or similar entity (collectively, “Owner
Deposits”). Buyer shall replace such Owner Deposits. To the extent that any funds are released as a result of the
termination of any Owner Deposits for which Seller did not receive a credit, such funds shall be delivered to Seller immediately
upon their receipt.

 

(e)               
Final Prorations. With regards to any prorations set forth in this Section 17 that are based upon estimates,
such prorations shall be readjusted based upon the actual bills after the Closing and before the expiration of the Limitation Period.
The provisions of this Section 17(c) shall survive Closing.

 

18.             
Default; Termination(a). (a) IF THE CLOSING FAILS TO OCCUR BECAUSE OF BUYER’S DEFAULT, THE DEPOSIT SHALL BE
RETAINED BY SELLER AS LIQUIDATED DAMAGES. THE PARTIES HERETO EXPRESSLY AGREE AND ACKNOWLEDGE THAT SELLER’S ACTUAL DAMAGES
IN THE EVENT OF A DEFAULT BY BUYER WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO ASCERTAIN BECAUSE OF THE NATURE OF THE PROPERTY
AND THAT THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’ REASONABLE ESTIMATE OF SUCH DAMAGES. THE PAYMENT OF SUCH AMOUNT
AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF ANY APPLICABLE LAWS, BUT IS INTENDED TO
CONSTITUTE LIQUIDATED DAMAGES TO SELLER. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 18, SELLER AND
BUYER AGREE THAT THIS LIQUIDATED DAMAGES PROVISION IS INTENDED TO BE SELLER’S SOLE AND EXCLUSIVE REMEDY FOR A DEFAULT BY
BUYER, BUT IS NOT INTENDED AND SHOULD NOT BE DEEMED OR CONSTRUED TO LIMIT IN ANY WAY BUYER’S INDEMNIFICATION OBLIGATIONS
UNDER THIS AGREEMENT.

 

	SELLER’S INITIALS: _____	BUYER’S INITIALS: _____

 

    	 	16	 

     

    

 

(b)              
If Seller defaults in any material respect hereunder, then provided Buyer is not in default any material respect, Buyer
may, at its sole election, either:

 

(1)              
Terminate this Agreement, whereupon the Deposit shall be promptly returned to Buyer and neither party shall have any further
liability or obligation to the other, except for the provisions of this Agreement which are expressly stated to survive the termination
of this Agreement; or

 

(2)              
Assert and seek judgment against Seller for specific performance with respect to one or more (at Buyer’s election)
of the properties that comprise the Property; provided that if Buyer elects to purchase less than all of the properties, then the
Purchase Price will be reduced by the aggregate Assigned Home Value of the Excluded Properties. If a court of competent jurisdiction
determines that the remedy of specific performance is not available to Buyer, then Buyer shall have the right to assert and seek
judgment against Seller for actual contract damages.

 

19.             
Expenses.

 

(a)               
All recording fees respecting the Deed, title insurance premiums for the Title Policy, all state and county transfer taxes
(if any), and one half (1/2) of the fee charged by Escrow Holder, shall be borne and paid by Seller.

 

(b)              
One half (1/2) of the fee charged by Escrow Holder shall be borne and paid by Buyer.

 

(c)               
Any Homeowners Association transfer fee and/or Homeowners Association processing fee shall be paid by Buyer only.

 

(d)              
All other costs, charges, and expenses shall be borne and paid as provided in this Agreement, or in the absence of such
provision, in accordance with custom where the properties in question are located.

 

    	 	17	 

     

    

 

20.             
Intermediaries(a). (a) Buyer and Seller acknowledge and agree that there are no brokers involved in connection with
this transaction. Seller represents to Buyer, and Buyer represents to Seller, that there are no fees owed to any broker, finder,
or intermediary of any kind with whom such party has dealt in connection with this transaction. If any claim is made for broker’s
or finder’s fees or commissions in connection with the negotiation, execution or consummation of this Agreement or the transactions
contemplated hereby, each party shall defend, indemnify and hold harmless the other party from and against any such claim based
upon any statement, representation or agreement of such party, which obligation shall survive Closing.

 

21.             
Destruction of Improvements.

 

(a)               
If, prior to Closing, any of the Improvements on any of the properties that comprise the Property are damaged or destroyed
such that the cost of repair or replacement of such improvements is material (“Material Damage”), or
a condemnation proceeding is commenced or threatened in writing by a governmental or quasi-governmental agency with the power of
eminent domain (“Condemnation”), then:

 

(1)              
Buyer may elect, within fourteen (14) days from receipt of notice of said Material Damage, or notice of a Condemnation,
by written notice to Seller, to cause the individual property affected by such event to be an Excluded Property; provided that
if more than twenty-five percent (25%) of the properties that comprise the Property suffer Material Damage, or become the subject
of a Condemnation, then Buyer may terminate this Agreement. If necessary, the time of Closing shall be extended to permit Buyer
to evaluate and make the elections contemplated in this Section 21. If Buyer elects to terminate this Agreement in accordance
with this Section 21, then the Deposit shall be returned to Buyer and, except for the provisions of this Agreement that
expressly survive Closing or earlier termination of this Agreement, this Agreement shall be void and of no further force and effect,
and neither party shall have any liability to the other by reason hereof; or

 

(2)              
If Buyer elects to exclude certain properties from this transaction, and proceed to the Closing, then the Purchase Price
will be reduced by the aggregate Assigned Home Value of the excluded properties. If, however, it is determined that any damage
to one or more properties does not constitute a Material Damage, or Buyer elects to purchase one or more properties that have suffered
Material Damage, then the transaction contemplated hereby shall be closed without a reduction in the Purchase Price, and Seller
shall assign to Buyer Seller’s rights in any insurance proceeds or Condemnation award to be paid to Seller in connection
with such damage or Condemnation, and, in the case of Material Damage, Seller shall pay to Buyer an amount equal to the deductible
under Seller’s policy of casualty insurance and Seller shall execute and deliver to Buyer all required proofs of loss, assignments
of claims and other similar items.

 

    	 	18	 

     

    

 

(b)              
For purposes of this Section 21, damage or destruction will be considered “Material Damage” if one or
more of the properties that comprise the Property are rendered uninhabitable, or if the time to repair such damage, despite reasonable
expectations with respect to repairs, is reasonably determined by Buyer to exceed three months. If, prior to Closing, any of the
improvements on the Property are damaged or destroyed and such damage is not Material Damage, Buyer shall remain obligated to close
hereunder with no abatement in the Purchase Price. At Closing, Seller shall assign to Buyer Seller’s rights in any insurance
proceeds to be paid to Seller in connection with such damage or destruction, and Buyer shall receive a credit against the Purchase
Price in an amount equal to the deductible amount under Seller’s casualty insurance policy.

 

22.             
General Provisions.

 

(a)               
Entire Agreement. This written Agreement, including all Exhibits attached hereto and documents to be delivered pursuant
hereto, shall constitute the entire agreement and understanding of the parties, and there are no other prior or contemporaneous
written or oral agreements, undertakings, promises, warranties, or covenants not contained herein.

 

(b)              
Amendments in Writing. This Agreement may be amended only by a written memorandum subsequently executed by all of
the parties hereto.

 

(c)               
Waiver. Except as provided in Section 10(a), no waiver of any provision or condition of this Agreement by any
party shall be valid unless in writing signed by such party. No such waiver shall be taken as a waiver of any other or similar
provision or of any future event, act, or default.

 

(d)              
Time of the Essence. Time is of the essence of this Agreement. However, if Buyer is acting diligently and in good
faith to proceed with the consummation of the transaction contemplated by this Agreement on the Closing Date, Seller will agree,
upon the written request of Buyer, to extend the Closing Date up to three (3) business days. In the computation of any period of
time provided for in this Agreement or by law, any date falling on a Saturday, Sunday or legal holiday when banks are not open
for business in the State where the Property is located, will be deemed to refer to the next day which is not a Saturday, Sunday,
or legal holiday when banks are not open for business in such State.

 

(e)               
Severability. If any provision of this Agreement is rendered unenforceable in whole or in part, such provision will
be limited to the extent necessary to render the remainder of the Agreement valid, or will be deemed to be removed from this Agreement,
as circumstances require, and this Agreement shall be construed as if said provision had been incorporated herein as so limited,
or as if said provision has not been included herein, as the case may be; provided that this Section shall not permit a change
in Purchase Price or payment terms or increase Seller’s liability or obligations.

 

(f)               
Headings. Headings of sections are for convenience of reference only, and shall not be construed as a part of this
Agreement.

 

    	 	19	 

     

    

 

(g)              
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefits of the parties hereto,
and their respective successors, and permitted assigns. This Agreement may not be assigned by either party without the consent
of the other party, except that Buyer may, without consent from Seller, assign this Agreement to an affiliate of Buyer, Reven Housing
REIT, Inc., or any affiliate of Reven Housing REIT, Inc. or any entity formed by Buyer for the purpose of acquiring or taking title
to the Property; provided that such assignment will not release Buyer from its obligations under this Agreement. Any assignment
in accordance with this Section 22(g) will entitle the assignee thereunder to all rights and benefits, and subject such
assignee to all obligations, of Buyer hereunder.

 

(h)              
Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed,
or sent by Federal Express, UPS or other recognized overnight courier service for next business day delivery, or sent by facsimile
transmission or electronic mail (so long as reasonable evidence that such notice was sent and received is obtained by the sending
party). Any notice provided hereunder shall be deemed to be given when sent in accordance with this provision, but any time to
respond to such notice as provided in this Agreement will not commence until the actual receipt of the notice. Notices will be
deemed valid if sent to the parties as follows:

 

	 	IF TO BUYER	 	 
	 	 	 	Reven Housing Texas, LLC	 
	 	 	 	P.O. Box 1459	 
	 	 	 	La Jolla, California  92038-1459	 
	 	 	 	Phone:  858-459-4000	 
	 	 	 	e-mail: cmc@revenhousingreit.com	 
	 	 	 	e-mail: mps@revenhousingreit.com	 
	 	 	 	Attention: Chad Carpenter and Michael Soni	 
	 	 	 	 	 
	 	 	with a copy to:	 
	 	 	 	Greenberg Traurig, LLP	 
	 	 	 	1000 Louisiana	 
	 	 	 	Suite 1700	 
	 	 	 	Houston, Texas 77002	 
	 	 	 	Phone: (713) 374-3521	 
	 	 	 	e-mail: parkerd@gtlaw.com	 
	 	 	 	Attention: David W. Parker	 
	 	 	 	 	 
	 	IF TO SELLER:	 	 
	 	 	 	Red Door Housing, LLC	 
	 	 	 	110 Avenue B	 
	 	 	 	Suite 100	 
	 	 	 	Stafford, Texas 77477	 
	 	 	 	Phone:  832-539-1101	 
	 	 	 	e-mail: rickey.williams@homevestors.com

	 
	 	 	 	Attention: Rickey Williams

	 

 

 

    	 	20	 

     

    

 

 

	 	 	With copies to:
	 	 	 	Harmon Law Firm, P.C.
	 	 	 	14860 Montfort Drive
	 	 	 	Suite 111
	 	 	 	Dallas, Texas 75254
	 	 	 	Phone:  214-874-0019 ext. 231
	 	 	 	e-mail:  cliff_harmon@harmonlawfirm.com
	 	 	 	Attention:  Clifford D. Harmon
	 	 	 	 
	 	IF TO ESCROW HOLDER:
	 	 	 	 
	 	 	 	Fidelity National Title Insurance Company
	 	 	 	1300 Dove Street, Suite 130
	 	 	 	Newport Beach, California  92660
	 	 	 	Phone: (949) 221-4715
	 	 	 	e-mail: paul.mcdonald@fnf.com
	 	 	 	Attention:  Paul McDonald

 

 

or to such additional or other persons,
at such other address or addresses as may be designated by notice from Buyer or Seller, as the case may be, to the other. Notices
by mail shall be sent by United States certified or registered mail, return receipt requested, postage prepaid, and shall be deemed
given upon receipt or refusal of receipt. Notices by facsimile or electronic mail shall be deemed given and effective upon receipt
or refusal of receipt. Notices by overnight courier shall be deemed given and effective upon receipt or refusal of receipt from
Federal Express, UPS or another recognized overnight courier service.

 

(i)                
Governing Law; Venue. To the extent enforceable, the parties agree that this Agreement shall be governed in all respects
by the internal laws of the State of Texas; provided that if the dispute involves an individual property the law of the State where
such property is located will apply. In any dispute arising out of or related to this Agreement, an action must be brought in Federal
or State court, as applicable, in the County of Harris, Texas. The provisions of this Section 22(i) will survive the termination
of this Agreement.

 

(j)                
Counterparts. This Agreement may be executed in any number of identical counterparts, any or all of which may contain
the signatures of less than all of the parties, and all of which shall be construed together as but a single instrument.

 

    	 	21	 

     

    

 

(k)              
Attorneys’ Fees. If any action or proceeding brought by either party against the other under this Agreement,
the prevailing party shall be entitled to recover all costs and expenses including its attorneys’ fees in such action or
proceeding in such amount as the court may adjudge reasonable. The prevailing party shall be determined by the court based upon
an assessment of which party’s major arguments made or positions taken in the proceedings could fairly be said to have prevailed
over the other party’s major arguments or positions on major disputed issues in the court’s decision. If the party
that commenced or instituted the action, suit or proceeding dismisses or discontinues it without the concurrence of the other party,
such other party shall be deemed the prevailing party. The provisions of this Section 22(k) will survive any termination
of this Agreement.

 

(l)                
Construction. This Agreement will not be construed more strictly against either party by virtue of the fact that
it was prepared by one party or its counsel, it being recognized that each party hereto has had the opportunity to review, have
its counsel review, and provide input into this Agreement. All words herein that are expressed in the neuter gender shall be deemed
to include the masculine, feminine and neuter genders and any word herein that is expressed in the singular or plural shall be
deemed, whenever appropriate in the context, to include the plural and the singular.

 

(m)            
Reporting Obligations. Seller and Buyer hereby designate Escrow Holder to act as and perform the duties and obligations
of the “reporting person” with respect to the transaction contemplated by this Agreement for purposes of 26 C.F.R.
Section 1.6045-4(e)(5) relating to the requirements for information reporting on real estate transactions. If required under
applicable law, Seller, Buyer and Escrow Holder shall execute at Closing a Designation Agreement designating the Escrow Holder
as the reporting person with respect to the transaction contemplated by this Agreement.

 

(n)              
1031 Exchange. Either party may involve this transaction in a like-kind exchange under Internal Revenue Code Section
1031, the cost and expense of which will be borne solely by the party invoking such tax deferral strategy. Each party shall reasonably
cooperate with the other in such structure, provided that the party that is not participating in a like-kind exchange shall incur
no material costs, expenses or liabilities in connection with the other’s exchange and will not be required to take title
to or contract for purchase of any other property. If either party uses a qualified intermediary or exchange accommodator to effectuate
the exchange, any assignment of the rights or obligations of such party shall not relieve, release or absolve such party of its
obligations to the other.

 

(o)              
Bulk Sales. Seller agrees to indemnify and hold Buyer, any permitted assignee of Buyer’s rights under this
Agreement and any of their respective affiliates, officers, directors, shareholders, members, partners, agents, employees and advisors
(collectively, the “Indemnified Parties”) harmless from and against any and all claims, damages, losses,
costs, expenses, liens, actions and causes of actions (including, without limitation, reasonable attorneys’ fees and expenses)
that may be incurred by, or asserted against, Buyer, any of the other Indemnified Parties or the Property by reason of either such
noncompliance with the Bulk Sales laws applicable in the state or states where the Property is located, or the failure of Seller
to have paid any taxes, penalties or interest which are the subject of such laws. The provisions and obligations of this Section
24(o) shall survive the Closing.

 

    	 	22	 

     

    

 

(p)              
Confidentiality. Buyer, Seller, and their respective representatives shall hold in strictest confidence all data
and information obtained with respect to the transaction contemplated herein, including, without limitation, the operation and
management of the Property, whether obtained before or after the execution and delivery hereof, as well as of Buyer’s plans
to purchase the Property or other properties in other locations, and shall not use such data or information for purposes unrelated
to this Agreement or disclose the same to others except as expressly permitted hereunder. The preceding sentence shall not be construed
to prevent Buyer or Seller from disclosing to their prospective lenders or investors, or to its officers, directors, attorneys,
accountants, architects, engineers and consultants to perform their designated tasks in connection with Buyer’s inspection
and proposed acquisition of the Property, provided Buyer advises any such party of the confidential nature of the information disclosed.
However, neither party shall have this obligation concerning information which: (a) is published or becomes publicly available
through no fault of either the Buyer or Seller; (b) is rightfully received from a third party; or (c) is required to
be disclosed by law. Notwithstanding the preceding, nothing in this Agreement will prevent or be deemed to limit Buyer’s
ability to disclose the existence of this Agreement, and the nature of any material terms herein, to the Securities and Exchange
Commission or any other governmental agency to which Buyer, or its successors hereunder, have a disclosure obligation under any
applicable law. The terms of this Section 22(p) shall survive the consummation of the transaction contemplated herein or the earlier
termination of this Agreement.

 

(q)              
Post-Closing Return of Properties. If during the ninety (90) day period after Closing Buyer learns that any leases,
other occupancy agreements or contracts of any kind on properties that comprise the Property provide the tenant, occupant or any
other third party with an option to purchase the property, a right of first refusal, a right of first offer or any other contractual
option or right to purchase the property, then the sale of such property to Buyer shall be rescinded and the purchase price of
such property shall be refunded by Seller to Buyer within thirty (30) days of Buyer’s written notice to Seller. Buyer’s
notice to Seller shall include back-up documentation reasonably satisfactory to Seller demonstrating the existence of the option
to purchase the property, a right of first refusal, a right of first offer, or any other contractual option or right to purchase
the property.

 

23.             
Closing Procedures. Notwithstanding anything herein to the contrary, the closing will be held in accordance
with standard Texas procedures for real estate closings, including, but not limited to, the closing location being the offices
of the Title Company, and that the Buyer will remit the Purchase Price to the Title Company to be disbursed in accordance with
the provisions of this Agreement.

 

 

 

[Remainder of
page deliberately left blank; signature page follows]

 

    	 	23	 

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed as of the day and year first above written.

 

	 	SELLER	 
	 	 	 
	 	RED DOOR HOUSING, LLC,	 
	 	a Texas limited liability company	 
	 	 	 	 	 
	 	By:	/s/ Ricky Williams	 
	 	 	Ricky Williams, Manager	 
	 	 	 	 	 
	 	 	 	 	 
	 	BUYER	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	REVEN HOUSING TEXAS, LLC,	 
	 	a Delaware  limited liability company	 
	 	 	 	 	 
	 	By: 	REVEN HOUSING REIT, INC., 	 
	 	 	a Maryland corporation, 	 
	 	 	its sole member	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:   	/s/ Chad Carpenter	 
	 	 	 	Chad Carpenter,	 
	 	 	 	Chief Executive Officer	 

 

    	 	24	 

     

    

 

LIST OF EXHIBITS AND SCHEDULES

 

	EXHIBITS	DESCRIPTIONS
	1.EXHIBIT A	DESCRIPTION OF THE PROPERTIES
	2. EXHIBIT B	LIST OF CONTRACTS
	3. EXHIBIT C	FORM OF DEED
	4. EXHIBIT D	FORM OF BILL OF SALE
	5. EXHIBIT E	FORM OF ASSIGNMENT OF LEASES AND CONTRACTS 
	6. EXHIBIT F	FORM OF FIRPTA AFFIDAVIT
	7. EXHIBIT G	FINANCIAL INFORMATION FOR 3-14 AUDIT
	 	 
	SCHEDULES	DESCRIPTIONS
	1. 6(a)(3)	PROPERTY INFORMATION
	2. 6(a)(5)	LIST OF LEASES

 

 

    	 	 	 

     

    

 

EXHIBIT
A

 

DESCRIPTION
OF PROPERTies

 

 

 

    	 	 Exhibit A - Page 1	 

     

    

 

EXHIBIT
B

 

LIST
OF CONTRACTS

 

 

 

    	 	 2	 

     

    

 

EXHIBIT
C

 

FORM
OF DEED

 

SPECIAL WARRANTY DEED 

 

NOTICE OF CONFIDENTIALITY RIGHTS: IF
YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN
INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE
NUMBER.

 

 

	STATE OF  TEXAS	§	 
	 	§	KNOW ALL MEN BY THESE PRESENTS
	COUNTY OF    	§	 

General Warranty Deed ("Deed")

For and in consideration
of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
and confessed, the undersigned, Red Door Housing, LLC, a Texas limited liability company (“Grantor”), whose address
is ____________ has granted, sold, and conveyed, and by these presents does grant, sell and convey, unto _____________________,
a _______________ ("Grantee"), whose address is _________________________, _______________, ________________, the real
property ("Property") located in ___________ County, Texas, more particularly described as follows:

 

 

______________________________________,
commonly known as _________________, ___________, Texas ____________.

 

TO HAVE AND TO HOLD said premises, together
with all and singular improvements, easements, rights, and appurtenances thereto in any way belonging, unto the said grantees,
their heirs, administrators, executors, successors and assigns forever, and the said grantors hereby bind themselves, their heirs,
successors, and assigns to warrant and forever defend, all and singular, the said premises unto the said grantees, their heirs,
administrators, executors, successors and assigns, against every person whomsoever lawfully claiming or to claim the same, or any
part thereof, by, through or under Grantor, but not otherwise, subject to all matters recorded in the property records of ________
County, Texas, but only to the extent that the same are enforceable and affect or relate to the Property.

 

 

Executed as of ________________,
201__.

 

	 	 
		Red Door Housing, LLC
	 	 
	 	 
	 	By:  _________________________________

 

 

 

    	 	  	 

     

    

 

	STATE OF TEXAS	§	 
	 	§	 
	COUNTY OF 	§	 

 

This instrument was
acknowledged before me on ______________, 201__ by ________________, ___________________ of Red Door Housing, LLC, a Texas limited
liability company, known to me to be the person whose name is subscribed to the foregoing instrument and who acknowledged to me
that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated.

 

 

	 	 	 
	 	Notary Public, State of Texas	 

 

 

 

RETURN TO:

 

 

    	 	Exhibit C - Page 2	 

     

    

 

EXHIBIT
D

 

FORM OF BILL OF SALE

 

____________________________,
a(n) _________________ (“Seller”), for good and valuable considerations, receipt and sufficiency of which are hereby
acknowledged, does hereby quitclaim, sell, assign, transfer and set over to _________________, a ____________ limited liability
company (“Buyer”), all of its right, title and interest, if any, in and to any Personal Property located on and used
in connection with the Property. Seller warrants that it owns such Personal Property free and clear of liens and encumbrances of
any persons claiming by, through or under Seller.

 

Capitalized terms used
herein shall have the meanings given to them in that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated
as of _____, 2016, between Seller and Buyer.

 

IN WITNESS WHEREOF,
Seller has caused this bill of sale to be signed and sealed in his name by its officer thereunto duly authorized this ____ day
of _________, 201__.

 

	 	SELLER:	 	 
	 	 	 	 
	 	_____________, a(n) _________ limited liability company	 	 
	 	 	 	 
	 	By:                                                       	 	 
	 	Name:                                                        	 	 
	 	Its:                                                        	 	 
	 	 	 	 
	 	BUYER:	 	 
	 	_____________, a(n) _________	 	 
	 	By:                                                        	 	 
	 	Name:                                                        	 	 
	 	Its:                                                       	 	 

 

 

    	 	Exhibit D - Page 1	 

     

    

 

EXHIBIT
E

 

FORM OF ASSIGNMENT OF LEASES AND CONTRACTS
AND CONTRACTS 

 

THIS ASSIGNMENT OF LEASES AND CONTRACTS
AND CONTRACTS (this “Assignment”) is entered into as of the ____ of _______, 201__ (the “Effective
Date”), between ______________, a(n) ___________ limited liability company (“Assignor”)
and ________________, a(n) __________ limited liability company (“Assignee”)

 

RECITALS

 

Assignor has conveyed
to Assignee those certain parcels of real property and improvements located at the address shown on Exhibit A hereto pursuant to
that certain Single Family Homes Real Estate Purchase and Sale Agreement, dated as of __________, 2016 (the “Agreement”)
by and between Assignor, as Seller, and Assignee, as Buyer. Capitalized terms not otherwise defined herein shall have the meaning
given to them in the Agreement.

 

Assignor now desires
to assign and transfer to Assignee all of Assignor’s right, title and interest in, to and under the Leases and the Contracts.

 

1.       Property.
The “Property” means the parcels of real property located in __________ County, Texas, legally described
in Exhibit A attached to this Assignment, together with the building, structures and other improvements located thereon.

 

2.       Leases.
The “Leases” means those leases and occupancy agreements affecting the Property which are described in
Exhibit B attached to this Assignment.

 

3.       Contracts.
“Assumed Contracts” means those agreements (including any service, maintenance, or repair contracts)
that are listed on Exhibit C attached to this Assignment that will survive the Closing.

 

4.       Assignment.
For good and valuable consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor
hereby grants, transfers and assigns to Assignee the entire right, title and interest of Assignor in and to the Leases and the
Contracts.

 

5.       Assumption.
Assignee hereby assumes and agrees to perform the obligations of Assignor under the Leases and Contracts which accrue and are attributable
to the period from and after the Effective Date. Additionally, Assignee agrees to pay all monetary obligations when due under the
Contracts arising before the Effective Date to the extent Assignee received a credit on the settlement statement in connection
with its purchase of the Property.

 

6.       Successors
and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors
and assigns.

 

    	 	Exhibit E - Page 1	 

     

    

 

7.       Counterparts.
This Assignment may be executed in any number of identical counterparts, any or all of which may contain the signatures of fewer
than all of the parties but all of which shall be taken together as a single instrument.

 

8.       Governing
Law. This Assignment shall be governed and interpreted in accordance with the laws of the State of Texas. Venue for any legal
action brought hereunder shall lie exclusively in the state and federal courts situated in Harris County, Texas.

 

IN WITNESS WHEREOF,
Assignor and Assignee have caused this Assignment of Leases and Contracts to be executed as of this ______ day of ________________,
201__.

 

ASSIGNOR

 

______________, a(n)_____________
limited liability

company

 

By:

Name:

Its:

 

ASSIGNEE

 

_____________________

 

By:

Name:

Its:

 

    	 	Exhibit E - Page 2	 

     

    

 

EXHIBIT
F

 

FORM
OF FIRPTA AFFIDAVIT

 

Section 1445 of the
Internal Revenue Code, as amended, provides that a transferee of a United States real property interest must withhold tax if the
transferor is a foreign person. To inform the Transferee (hereinafter defined) that withholding of tax is not required upon the
disposition of a United States real property interest by ______________, a(n) ________ limited liability company (the “Transferor”)
to ___________________, a(n) _______ limited liability company (the “Transferee”) relating to the real property
described on Schedule A hereto (the “Transferred Interests”), the undersigned, being first duly
sworn upon oath, does hereby depose and say, and does hereby on behalf of the Transferor represent that the following is true as
of the date hereof:

 

1.       __________________
is the______________________ of the Transferor, and is familiar with the affairs and business of the Transferor;

 

2.       The
Transferor is not a foreign person; that is, the Transferor is not a nonresident alien, a foreign corporation, foreign partnership,
foreign trust or foreign estate (as all such terms are defined in the Internal Revenue Code of 1986, as amended, and United States
Treasury Department Income Tax Regulations in effect as of the date hereof);

 

3.       The
Transferor is a ______________ duly organized, validly existing and in good standing under the laws of the State of _________;

 

4.       The
Transferor’s United States employer identification number is ______________; and

 

5.       The
Transferor’s office address and principal place of business is c/o __________________________.

 

6.       Transferor
is not a disregarded entity as defined in §1.1445-2(b)(2)(iii);

 

The undersigned and
the Transferor understand that this affidavit and certification may be disclosed to the United States Internal Revenue Service
by the Transferee and that any false statement contained herein could be punished by fine, imprisonment, or both.

 

All terms (whether
capitalized or not) used but not defined herein shall have the same respective meanings as in the Internal Revenue Code of 1986,
as amended, and the United States Treasury Department Income Tax Regulations in effect as of the date hereof.

 

Under penalties of
perjury, we declare that we have examined this affidavit and certificate, and to the best of our knowledge and belief, it is true,
correct and complete. We further declare that we have authority to sign this affidavit and certificate on behalf of the Transferor.

 

    	 	Exhibit F - Page 1	 

     

    

 

IN WITNESS WHEREOF,
Affiant has executed and delivered this FIRPTA Affidavit as of _____, 201__.

 

Name:

 

 

 

STATE OF TEXAS§

§

COUNTY OF §

 

This instrument was acknowledged before
me on ______________, 201___ by ________________, known to me to be the person whose name is subscribed to the foregoing instrument
and who acknowledged to me that he executed the same for the purposes and consideration therein expressed.

 

 

Notary Public, State of Texas

 

    	 	Exhibit F - Page 2	 

     

    

 

EXHIBIT
G

 

 

 

	 	FINANCIAL INFORMATION FOR 3-14 AUDIT
	1	Monthly operating statements, YTD & prior full fiscal year 
	2	Property tax bills and Assessment, current and prior year with proof of payment (including special assessments or districts and appeals) 
	3	Insurance bills, current and prior year with proof of payment
	 4	Utility bills for any master-metered utility expenses and any resident unit utilities paid by the Property, monthly YTD and past calendar year
	5	General Ledger, prior year, and YTD (in Excel format)
	6	Trial Balance, prior year, and YTD (in Excel format)
	7	Bank Statements and Reconciliations, prior year, and YTD (monthly)
	8	Cash Disbursement Journal, prior year, and YTD
	9	Check Register, prior year, and YTD
	10	Accounts Payable Aging Detail, prior year, and YTD
	11	Tenant Ledger for the property, prior year and YTD
	12	Aged Delinquency Report (showing total rent outstanding) with status of any files placed for eviction or collection
	13	Rent and expense selections, prior year, and YTD (25 respective selections to be made by Buyer’s independent REIT 3-14 auditors based upon items received above)
	14	Property management contracts and support for payments under the contract for prior year, and YTD.
	15	Other applicable long-term contracts and payments under such contracts for prior year, and YTD.
	16	Current leases for all tenants with all available tenant correspondence files (including amendments/letters/agreements/default notices given or received)
	17	Copies of back-up for rents received prior year and YTD (25 selections to be made by Buyer’s independent RIET 3-14 auditors)
	18	List of leases under negotiation or currently out for signature
	19	Pending litigation information, if applicable

 

     

     

    

 

SCHEDULE 6(a)(3)

PROPERTY INFORMATION

 

		1.	Copies of all Contracts listed in Exhibit B to this Agreement.

 

		2.	Leases and rental applications for each property that comprises the Property. A copy of Seller’s
rent rolls for the calendar month in which the Closing occurs and the eleven calendar months preceding the month in which the Closing
occurs.

 

		3.	To the extent available, copies of all certificates of occupancy and other licenses and permits.

 

		4.	To the extent available, copies of all environmental, engineering, geo-technical reports.

.

		5.	To the extent available, insurance loss histories for preceding three calendar years.

 

		6.	Copies of three most recent real estate tax bills.

 

		7.	To the extent available, a copy of the most recent surveys for the properties that comprise the
Property.

 

		8.	All internal operating statements prepared by Seller, all cash receipt journals and bank statements
relating to the properties, and Seller’s general ledger, each for the period commencing in January 2011 and ending in the
month in which the Closing occurs

 

		9	Schedule of tangible personal property.

 

		10	Detailed reports, including but not limited to aging summary, prepaid rents, refundable security
deposits, misc. income.

 

		11	Copies of utility bills for the past three months.

 

		12	Summary of pending litigation and claims.

 

		13	A schedule of all items of repair and maintenance performed by, or at the direction of, Seller
during the 12-month period preceding the Closing. Copies of tenant maintenance and service request logs for the past three months.

 

		14	Capital expenses and fixed asset additions made by, or at the direction of, Seller during the year
preceding the Closing.

 

		15	Any proposed capital improvement budgets and pending proposals or executed contracts for repairs
and maintenance.

 

     

     

    

 

 

SCHEDULE 6(a)(5)

 

[LIST OF LEASES]EX-4.2

 Exhibit 4.2 
  

 
 Exhibit 4.2 

	8.50%	 SERIES I 8.50% SERIES I 

CUMULATIVE REDEEMABLE PREFERRED STOCK CUMULATIVE REDEEMABLE PREFERRED STOCK

LIQUIDATION PREFERENCE LIQUIDATION PREFERENCE 
$50 PER SHARE $50 PER SHARE

MAI 
INCORPORATED UNDER THE LAWS 
OF THE STATE OF TENNESSEE 
CUSIP 59522J 88 9 
SEE REVERSE FOR CERTAIN DEFINITIONS 
MID-AMERICA APARTMENT COMMUNITIES, INC. 
THIS IS TO CERTIFY that 
is the owner of 
FULLY PAID AND NON-ASSESSABLE SHARES OF THE 8.50% SERIES I CUMULATIVE REDEEMABLE PREFERRED STOCK LIQUIDATION PREFERENCE $50 PER SHARE, OF 
Mid-America Apartment Communities, Inc. (the “Corporation”) transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the Charter of the Corporation, as amended and restated, and its Bylaws, as amended, to all of which
the holder, by acceptance hereof assents. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. 
Witness the
facsimile seal and the facsimile signatures of its duly authorized officers. 
Dated: 
ATTEST: 
Countersigned and Registered: 
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC 
(Brooklyn, NY) 
Transfer Agent 
and Registrar, 
By: 
Authorized Signature. 
Senior Vice President, Chief Ethics and Compliance Officer 
and Corporate Secretary 
Chief Executive Officer 

 

 
 MID-AMERICA APARTMENT COMMUNITIES, INC. 
TO
PRESERVE THE QUALIFICATION OF THE COMPANY AS A “REAL ESTATE INVESTMENT TRUST” UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, TRANSFER OF THE SHARES REPRESENTED HEREBY IS RESTRICTED AND MAY BE STOPPED PURSUANT TO THE TERMS OF THE
COMPANY’S CHARTER, AS AMENDED FROM TIME TO TIME. 
THE COMPANY MAY REQUIRE EVIDENCE OF A PROPOSED TRANSFEREE’S STATUS AND OWNERSHIP INTEREST BEFORE
PERMITTING ANY TRANSFER AND MAY REDEEM ANY SHARES HELD IN VIOLATION OF THE PRECEDING PARAGRAPH. THE COMPANY WILL FURNISH TO ANY SHAREHOLDER WITHOUT CHARGE A FULL STATEMENT OF THE TRANSFER RESTRICTIONS UPON REQUEST MADE TO THE SECRETARY OF THE
COMPANY AT ITS PRINCIPAL OFFICE. THE SHARES REPRESENTED HEREBY ARE SUBJECT TO ALL OF THE PROVISIONS OF THE CHARTER AND BYLAWS OF THE CORPORATION, EACH AS AMENDED FROM TIME TO TIME, TO ALL OF WHICH THE HOLDER BY ACCEPTANCE HEREOF ASSENTS. THE
CORPORATION WILL FURNISH TO ANY SHAREHOLDER, UPON REQUEST AND WITHOUT CHARGE, A FULL STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS OF THE SHARES OF EACH CLASS AUTHORIZED TO BE ISSUED, AS WELL AS VARIATIONS IN THE
RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR FACH SERIES OF A CLASS, SO FAR AS THE SAME HAS BEEN DETERMINED BY THE BOARD OF DIRECTORS UNDER ITS AUTHORITY.

The following abbreviations, when used in the inscription on the face of this certificate shall be construed as though they were written out in full according to
applicable laws and regulations: UNIF GIFT MIN ACT Custodian 
TEN COM as tenants in common 
(Cust) (Minor) 
TEN ENT as tenants by the entireties under Uniform Gifts to Minors JT TEN as
joint tenants with right tenants of survivorship in common and not as Act (State) 
Additional abbreviations may also be used though not in the above list.

For value received, hereby sell, assign and transfer unto 
PLEASE IDENTIFYING
INSERT SOCIAL NUMBER SECURITY OF ASSIGNEE OR OTHER 
Please print or typewrite name and address including postal zip code of assignee 
shares constitute represented and by this appoint Certificate, and do hereby irrevocably attorney to transfer the said shares on the books of the Corporation before power of
substitution and the premises. Date: 
NOTICE: THE THE CERTIFICATEIN SIGNATURE TO EVERY THIS ASSIGNMENT PARTICULAR, WITHOUT MUST CORRESPOND ALTERATION WITH OR
ENLARGEMENT, THE NAME AS OR WRITTEN ANY CHANGE UPON WHATSOEVER. THE FACE OF 
SIGNATURE GUARANTEED: THE SIGNATURES SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, MEMBERS; STOCKBROKERS, APPROVED SIGNATURE SAVINGS AND GUARANTEE LOAN ASSOCIATIONS MEDALLION PROGRAM), AND CREDIT PURSUANT UNIONS WITH TO 
S.E.C.
RULE 17Ad-15.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]