Document:

UNSECURED ENVIRONMENTAL INDEMNITY

 

THIS UNSECURED ENVIRONMENTAL INDEMNITY
(this "Agreement") is entered into as of June 12, 2014 by REVEN HOUSING TEXAS, LLC, a Delaware limited liability
company ("Indemnitor"), in favor of SILVERGATE BANK, a California corporation ("Indemnitee").

 

R E C I T A L S

 

A. Indemnitee
has agreed to make a loan to Indemnitor (the "Loan") to be evidenced by a promissory note in the face amount
of up to Seven Million Five Hundred Seventy Thousand and No/100 Dollars ($7,570,000.00) and secured by, among other things,
deeds of trust on the Properties dated as of the date hereof (individually, a "Deed of Trust", and
collectively, the “Deeds of Trust”).

 

B. Indemnitor
owns certain real property located in the Counties of Harris County, Fort Bend County, Galveston County, Chambers County, and
Brazoria County, Texas, as more particularly described in the applicable Deed of Trust (individually, a
“Property”, and collectively, the "Properties").

 

C. If Indemnitor
were to default under the Loan and as a consequence Indemnitee were to acquire title to any of the Properties through foreclosure
or by a conveyance in lieu of foreclosure or otherwise, Indemnitee could incur liability as the owner of the applicable Property
for claims arising out of any hazardous materials or toxic substances present on such Property on or before the date of Indemnitee's
acquisition of title or arising out of the migration of such materials or substances onto other real property. Indemnitee has required
that Indemnitor indemnify Indemnitee against such liability pursuant to this Agreement as a condition to the making of the Loan
to Indemnitor.

 

NOW, THEREFORE, in
consideration of Indemnitee's making of the Loan to Indemnitor, Indemnitor agrees as follows:

 

I. Definitions.
As used in this Agreement, the following terms shall have the meanings attributed to them below:

 

1.1
"Acquisition Date" means the date on which Indemnitee or any person or entity directly or indirectly
affiliated in any way with Indemnitee first acquires title to the applicable Property or any portion of or interest in such
Property in connection with any judicial or non-judicial foreclosure of the lien of the applicable Deed of Trust or by means
of a conveyance (whether or not in lieu of foreclosure) made by Indemnitor or any direct or indirect successor to any of
Indemnitor's interest in such Property or any portion of such Property.

 

1.2
"Environmental Law" means any federal, state or local law, ordinance or regulation or any rule adopted or
guideline promulgated pursuant thereto, or any order, ruling or directive of any federal, state, local, executive, judicial,
legislative, administrative or other governmental or public agency, board, body or authority relating to health, industrial
hygiene, the environment, or the occupational or environmental conditions on, under or about any Property (including ambient
air, soil, soil vapor, groundwater, surface water or land use), whether now or hereafter in force, including those relating
to the release, emission or discharge of Hazardous Materials, and those in connection with the construction, fuel supply,
power generation and transmission, waste disposal or any other operations or processes relating to any Property.
"Environmental Law" shall include the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
the Hazardous Materials Transportation Act, the Resource Conservation and Recovery Act, the Solid Waste Disposal Act, the
Clean Water Act, and the Clean Air Act, as the same are now or hereafter amended.

 

    	 	 	SILVERGATE BANK

Unsecured Environmental Idemnity

    	 

    

 

1.3
"Hazardous Material" means any chemical substance, object, condition, material or waste that is or may be
hazardous to human health or safety or to the environment, due to its radioactivity, ignitability, corrosivity, flammability,
reproductive toxicity, infectiousness or other harmful properties or effects, including all chemicals, substances, materials
and wastes that are now or hereafter may be regulated in any manner classified as dangerous, hazardous or toxic, or as
pollutants or contaminants, or to which exposure is prohibited or restricted by any federal, state or local governmental or
public agency, board, body or authority or by any Environmental Law. "Hazardous Materials" include flammable
explosives, radioactive materials, polychlorinated biphenyls, asbestos, hazardous waste, radon, toxic substances or other
related materials whether in the form of a chemical, element, compound, solution, mixture or otherwise, including those
materials defined as "hazardous substances", "hazardous materials", "toxic substances",
"air pollutants", "toxic pollutants", "hazardous wastes", "extremely hazardous waste"
or "restricted hazardous waste" by any Environmental Law. Notwithstanding anything to the contrary
contained herein, the use of commonly used household items, such as, without limitation, paint and cleaning supplies and
substances, in the ordinary course of business of operating the Property in compliance with Environmental Law is not
prohibited by this Agreement.

 

1.4
"Hazardous Materials Claim" means any claim, demand, liability, loss, duty, obligation, offset, lien, right
or cause of action of any nature (whether or not known, anticipated or suspected by Indemnitor or capable of being known,
anticipated or suspected by Indemnitor) made, incurred, threatened, instituted or brought at any time before or after the
Acquisition Date, directly or indirectly and in any manner or forum, by reason of or in connection with any (i) use,
generation, manufacture, production, transportation, treatment, storage, release, threatened release, discharge, disposal, or
presence or suspected presence of, or exposure of any person or property to, any Hazardous Material on, under, or about any
Property at any time on or before the Acquisition Date; (ii) migration, escape, seepage, leakage, spillage, emission or
release from any Property at any time before or after the Acquisition Date of any Hazardous Material present on, under or
about such Property on or before the Acquisition Date; or (iii) violation of or failure to materially comply with any
Environmental Law by Indemnitor or any predecessor in title to Indemnitor at any time before or after the Acquisition Date,
whether relating to such Property or to any other real property.

 

1.5
"Hazardous Materials Claimant" means any person or entity that makes, threatens, institutes or brings any
Hazardous Materials Claim against any Indemnified Party or that demands payment of any Hazardous Materials Costs from any
Indemnified Party or to whom any Indemnified Party becomes obligated to pay any Hazardous Materials Costs.

 

1.6
"Hazardous Materials Costs" means any and all damages, losses, fines, penalties, awards, assessments,
charges, fees, costs and expenses of any nature suffered or incurred by any person as a result of or in connection with any
Hazardous Materials Claim, including (i) compensatory, exemplary, consequential and incidental damages, including
damages for injuries to persons or property, (ii) remediation, removal, response, abatement, cleanup, compliance, legal,
investigative, preventive, planning, monitoring and related costs, (iii) costs relating to any judicial, administrative,
arbitration or mediation action, suit, hearing or proceeding, including court costs, filing fees, charges for transcripts,
arbitrators' or mediators' fees and witness fees, and (iv) the actual fees and disbursements of outside legal counsel
and accountants and the reasonable charges of in-house counsel and accountants, but Hazardous Materials Costs shall not
include any damages, losses, fines, penalties, awards, assessments, charges, fees, costs or expenses to the extent determined
by a final decision of a court of competent jurisdiction to arise out of conditions not existing as of the Acquisition
Date.

 

1.7
"Indemnified Parties" means Indemnitee and any successor to Indemnitee, any assignee of Indemnitee's
interest in the Loan, the directors, officers, employees, partners, shareholders and agents of Indemnitee and such assignees
and successors, and their respective heirs, executors, administrators, legal representatives, successors and assigns.

 

    	 	2	SILVERGATE BANK

    	 

    

 

2.
Indemnity. From and after the Acquisition Date, Indemnitor agrees to indemnify, defend (with counsel satisfactory to each
affected Indemnified Party), protect, save and hold harmless the Indemnified Parties from and against any and all Hazardous
Materials Claims and documented out-of-pocket Hazardous Materials Costs suffered or incurred by any of the Indemnified
Parties at any time on or after the Acquisition Date.

 

2.1 Obligation
to Advance or Reimburse Hazardous Materials Costs. Within five business days after Indemnitor's receipt from any Indemnified
Party of any demand that Indemnitor pay or reimburse such Indemnified Party for having paid any Hazardous Materials Costs, and
provided that such demand is accompanied by bills, invoices, receipts or other documentation reasonably establishing the amount
and nature of such Hazardous Materials Costs, Indemnitor shall pay the full amount of such Hazardous Materials Costs that such
Indemnified Party has not yet paid (with such payment to be made either to the Indemnified Party or directly to the Hazardous Materials
Claimant, as directed in the Indemnified Party's demand) and shall reimburse such Indemnified Party for the full amount of Hazardous
Materials Costs that the Indemnified Party already has paid. Without in any way implying that Indemnitor's strict compliance with
the foregoing payment obligation is not required, any such payment or portion thereof that Indemnitor fails to pay within five
business days after Indemnitor's receipt of any Indemnified Party's demand for such payment shall bear interest from the date of
Indemnitor's receipt of the demand at the “Past Due Rate” (as defined in the Note by Indemnitor in favor of Indemnitee
of even date herewith).

 

2.2 Right of
Contest. Indemnitor shall have the right to make any payment hereunder under protest to, and reserving rights against,
the Hazardous Materials Claimant to whom the Indemnified Party has paid, pays or directs Indemnitor to pay the Hazardous
Materials Costs which are the basis for such payment. Indemnitor's obligations under this Agreement shall not be reduced or
affected by reason of any impairment or destruction of the foregoing right of subrogation that may result from any payment,
settlement, compromise or other action by any Indemnified Party in connection with any Hazardous Materials Claim, regardless
of whether Indemnitor receives notice of, or consents to, such payment, settlement, compromise or action.

 

2.3
Participation by Indemnified Parties. All Indemnified Parties affected by any Hazardous Materials Claim shall have the
right to participate, with counsel of their choice (which must be reasonably acceptable to Indemnitor, if no Event of Default
has occurred and is continuing), in the defense of such Hazardous Materials Claim. Indemnitor shall not settle or compromise
any Hazardous Materials Claim without first obtaining written approval of the proposed settlement or compromise from all
affected Indemnified Parties.

 

2.4 Obligations
Cumulative. Indemnitor's obligations under this Agreement shall be in addition to any other obligations or liability that Indemnitor
may have to the Indemnified Parties at law or in equity, including any obligation of contribution or compensation under any Environmental
Law.

 

3.
Obligations of Indemnitor Unsecured and Unrelated to Amount of any Loan Loss. Notwithstanding any contrary provision or
implication in any of the Deeds of Trust or any other document executed in connection with the Loan, Indemnitor's obligations
under this Agreement are not intended to be, and are not, secured by any of the Deeds of Trust or by any other lien,
encumbrance or security interests on or in any real property. Indemnitor's obligations under this Agreement do not arise
unless and until the Acquisition Date occurs, and such obligations therefore are separate and distinct from the obligations
of Indemnitor under each of the Deeds of Trust relating to Hazardous Materials. The amount of Indemnitor's liability under
this Agreement is unrelated to, and independent of, the amount of any loss that Indemnitee may suffer by reason of the
failure of the Loan to be repaid in full, and shall not be determined by reference to the amount of any Loan. No amount paid
to any Indemnified Party pursuant to this Agreement shall be considered to be paid on account of the Loan or any deficiency
or loss suffered by Indemnitee by reason of the failure of the Loan to be repaid in full. The enforcement of this Agreement
by any Indemnified Party shall not be construed as an indirect attempt to recover any such Loan loss. Indemnitor acknowledges
that it may have liability under this Agreement even if the Loan is repaid in full by reason of a full credit bid at any
foreclosure sale under the applicable Deed of Trust, and that the amount of Indemnitor's liability hereunder could exceed the
entire amount paid by Indemnitor for the applicable Property.

 

    	 	3	SILVERGATE BANK

    	 

    

 

4.
Assignment. Indemnitee shall have the right to assign any or all of its rights under this Agreement, and any such
assignee may enforce the rights assigned to it by direct demand or action against Indemnitor. This Agreement shall inure to
the benefit of, and be binding upon and enforceable by, the parties to this Agreement and their respective successors and
assigns; provided, however, that Indemnitor shall not delegate any of its obligations or liabilities under this Agreement
without the prior written consent of Indemnitee, which may be granted or withheld in the sole discretion of Indemnitee. Any
such delegation shall not relieve Indemnitor of liability for the due performance of the delegated obligations.

 

5.
Severability. In the event any clause, sentence, term, condition or provision of this Agreement shall be held by any
court of competent jurisdiction to be illegal, invalid or unenforceable for any reason, the remaining portions of this
Agreement shall nonetheless remain in full force and effect.

 

6. Headings;
Section References; Exhibits. Headings of the Sections of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part hereof. Unless otherwise specifically provided, references in this Agreement to articles, sections
and exhibits shall be to articles, sections and exhibits of or to this Agreement. All exhibits hereto are incorporated herein by
the references thereto in this Agreement.

 

7.
Modifications. This Agreement cannot be changed, modified or supplemented except in a writing signed by the party against
whom enforcement of such change, modification or supplement is sought.

 

8. Applicable
Law. This Agreement shall be governed by and construed and enforced under the laws of the State of Texas (without regard
to conflicts of law), except where federal law is applicable (including, without limitation, any applicable federal law
preempting state laws).

 

9.
Counterparts. This Agreement may be executed in one or more counterparts or duplicate originals, each of which shall be
deemed an original, but all of which together shall constitute but one and the same instrument.

 

10.
Attorneys' Fees. In the event any litigation is instituted by Indemnitor or any Indemnified Party to enforce or construe
any provision of this Agreement, the prevailing party shall be entitled to have and recover from the other party all
attorneys' fees, witness fees, court costs and other litigation expenses incurred by the prevailing party, as determined by
the court.

 

11.
Integration. This Agreement, together with all exhibits hereto and all other written agreements relating to the Loan, is
intended by the parties to be the final expression of their agreement with respect to the subject matter hereof, and is
intended as the complete and exclusive statement of the terms of such agreement between the parties. As such, this Agreement
supersedes any and all prior understandings between the parties.

 

12.
Construction of Agreement. This Agreement shall be construed as though drafted by both parties and shall not be
construed against or in favor of any party. Wherever the context of this Agreement may so require, the gender shall include
the masculine, feminine and neuter, and the intonation shall include the singular and plural. The use in this Agreement of
the word "include(s)" or "including" shall be construed as providing examples only and shall not limit
the generality of any provision in which it is used.

 

    	 	4	SILVERGATE BANK

    	 

    

 

13.
Waiver. The failure by any party hereto to enforce any term or provision of this Agreement shall not constitute a waiver
of the right to enforce the same term or provision, or any other term or provision, thereafter. No waiver by any party of any
term or provision of this Agreement shall be deemed or shall constitute a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided in writing.

 

14.
Successive Actions; Remedies Cumulative. Each occurrence of a Hazardous Materials Claim shall give rise to a separate
cause of action under this Agreement, which may be enforced by each affected Indemnified Party from time to time in a single
action or in a series of actions, and the obligations of Indemnitor under this Agreement shall continue for as long as any
Indemnified Party may be subject to any Hazardous Materials Claim. The rights and remedies of the Indemnified Parties under
this Agreement shall be cumulative with any and all other rights and remedies available to the Indemnified Parties in equity
or at law.

 

15.
Notices. Whenever Indemnitor or Indemnitee shall desire to give or serve any notice, demand, request or other
communication with respect to this Agreement ("Notice"), each such Notice shall be in writing and shall be
personally served or sent by a commercial overnight delivery service or by certified mail, return receipt requested, and
shall be deemed to have been received on the date actually received if personally served or on the next business day after
deposit with an overnight delivery service or on the date of receipt or refusal as shown on the return receipt if sent by
certified mail. The addresses of the parties to which Notices shall be sent (until notice of a change is served as provided
in this Section) are as set forth on the signature page of this Agreement. Notice of a change of address shall be given by 15
days' advance written notice in the manner set forth in this Section.

 

16.
Representation by Legal Counsel. Indemnitor acknowledges that it has been advised by Indemnitee to seek the advice of
legal counsel in connection with the negotiation and preparation of this Agreement. If Indemnitor has chosen not to obtain
legal representation, whether due to cost considerations or for other reasons, the lack of such representation shall not
furnish Indemnitor with any defense to the enforcement of Indemnitor's obligations under this Agreement.

 

17. Further
Assurances. Indemnitor shall execute all instruments and documents, take all actions and pay all sums required in order
to carry into full force and effect the purposes and intentions of the parties in executing this Agreement.

 

18. Obligations
Joint and Several. If Indemnitor consists of more than one person or entity, each shall be jointly and severally liable
under this Agreement.

 

    	 	5	SILVERGATE BANK

    	 

    

 

IN WITNESS WHEREOF,
Indemnitor has caused this Agreement to be executed by its duly authorized representative as of the date first above written.

 

ADDRESSES FOR NOTICES:

 

Indemnitor's Address for Notices:

 

Reven Housing Texas, LLC

7911 Herschel Avenue

Suite 201

La Jolla, California 92037

Attention:
Thad Meyer

 

Indemnitee's Address for Notices:

 

Silvergate Bank

4275 Executive Square

Suite 800

La Jolla, California 92037-1492

Attention: Commercial Lending Department

 

	 	“INDEMNITOR”
	 	 	 	 
	 	REVEN HOUSING TEXAS, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Reven Housing REIT, Inc.,
	 	 	a Maryland corporation,
	 	 	its Sole Member
	 	 	 	 
	 	 	By:	/s/ Thad Meyer
	 	 	Name:	Thad Meyer
	 	 	Title:	Chief Financial Officer

 

    	 	6	SILVERGATE BANK

Unsecured Environmental IdemnitySUBORDINATION OF MANAGEMENT AGREEMENT

 

THIS SUBORDINATION OF MANAGEMENT AGREEMENT
(this “Agreement”) is made as of June 12 2014, by REVEN HOUSING TEXAS, LLC, a Delaware limited liability
company (“Borrower”), having an address at 7911 Herschel Avenue, Suite 201, La Jolla, California 92037, Attention:
Chad Carpenter, to SILVERGATE BANK, a California corporation (“Lender”), having an address at 4275 Executive
Square, Suite 800, La Jolla, California 92037-1492, Attention: Commercial Loan Department, and is consented and agreed to
by RED DOOR HOUSING, LLC a Texas limited liability company (“Property Manager”), having an address at 110 Avenue
B, Suite 100, Stafford, Texas 77477 Attention: Rickey Williams, Jr.

 

A.
Lender has made a loan (the “Loan”) to Borrower, in the original principal amount of Seven Million Five
Hundred Seventy Thousand and No/100 Dollars ($7,570,000.00) as
evidenced by certain promissory notes dated as of even date herewith given to Lender (together with all extensions, renewals,
modifications, substitutions and amendments thereof, the “Note”).

 

B. The Loan is
secured by, among other things, those certain Deeds of Trust, Assignments of Leases and Rents, Security Agreements and
Fixture Filings, dated as of even date herewith made by the Borrower for the benefit of the Lender (as amended, supplemented
or otherwise modified from time to time, individually, a “Deed of Trust”, and collectively, the
“Deeds of Trust”), which grants Lender a first priority security interest in the properties described
therein (individually, the “Property” and, collectively, the “Properties”). The Note,
the Deeds of Trust, this Agreement and any of the other documents evidencing or securing the Loan are collectively referred
to as the “Loan Documents”.

 

C. Pursuant to
that certain Real Estate Property Management & Leasing Agreement dated as of November 1, 2013, between Borrower and
Property Manager, a true and correct copy of which is attached hereto as Exhibit “A” (the “Property
Management Agreement”), Borrower has employed Property Manager to rent, lease, operate and manage the Property.

 

D. Pursuant to the
Property Management Agreement, Property Manager is entitled to certain management and leasing fees (the “Management Fees”)
for services rendered in connection with the management, operation and leasing of the Properties.

 

E. Lender requires
as a condition to the making of the Loan that Borrower and Asset Manager agree to the terms set forth in this Agreement.

 

AGREEMENT

 

For good and valuable
consideration the parties hereto agree as follows:

 

1. Subordination
of Management Fees. The Management Fees and all rights and privileges of Property Manager to the Management Fees are
hereby and shall at all times continue to be subject and unconditionally subordinate in all respects to the payment of the
Loan and to any renewals, extensions, modifications, assignments, replacements, or consolidations thereof and the rights,
privileges, and powers of Lender thereunder.

 

2. Termination.
At such time as the Loan is paid in full, this Agreement and all of Lender’s right, title and interest hereunder with
respect to the Property Management Agreement shall terminate.

 

3. Estoppel.
Property Manager represents and warrants that (a) the Property Management Agreement is in full force and effect and has
not been modified, amended or assigned other than pursuant to an assignment by the Borrower as security for the Deeds of
Trust; (b)  neither Property Manager nor Borrower is in default under any of the terms, covenants or provisions of the
Property Management Agreement, and Property Manager knows of no event which, but for the passage of time or the giving of
notice or both, would constitute an event of default under the Property Management Agreement; (c) neither Property
Manager nor Borrower has commenced any action or given or received any notice for the purpose of terminating the Property
Management Agreement; and (d) the Property Management Fees and all other sums due and payable to the Property Manager
under the Property Management Agreement have been paid in full.

 

    	1

    	 

    

 

4. Agreement
by Borrower and Property Manager. Borrower and Property Manager hereby agree that upon the occurrence and during the continuance
of an “Event of Default” (as defined in each of the Deeds of Trust) (a) Property Manager shall not receive, and
shall not be entitled to, any payments of any Management Fees or other indebtedness or compensation owed to the undersigned by
Borrower, and (b) Lender, regardless of the terms of the Property Management Agreement, may terminate the Property Management
Agreement at any time during such period without written prior notice and without any penalty or liability whatsoever..

 

5. Consent
and Agreement by Property Manager. Property Manager hereby acknowledges and consents to this Agreement and agrees
that Property Manager will act in conformity with the provisions of this Agreement and Lender’s rights hereunder or
otherwise related to the Property Management Agreement. In the event that the responsibility for the property management of
any of the Properties is transferred from Property Manager in accordance with the provisions hereof, Property Manager shall
fully cooperate in transferring its responsibility to a new property management company and effectuate such transfer no later
than thirty (30) days from the date the Property Management Agreement is terminated. Further, Property Manager shall
(a) not contest or impede the exercise by Lender of any right it has under or in connection with this Agreement;
(b) in the manner provided for in this Agreement, give at least thirty (30) days prior written notice to Lender of
its intention to terminate the Property Management Agreement or otherwise discontinue its management of all or some of the
Properties and (c) not amend any of the provisions or terms of the Property Management Agreement without the prior
written consent of Lender.

 

6. Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Texas (without
regard to conflicts of laws), except where federal law is applicable

 

7. Notices.
Except when otherwise required by law, any notice which a party is required or may desire to give the other shall be in
writing and may be sent by personal delivery or by mail (either [i] by United States registered or certified mail,
return receipt requested, postage prepaid, or [ii] by Federal Express or similar generally recognized overnight carrier
regularly providing proof of delivery), addressed as provided below in this Section 7. Any notice so given by mail
shall be deemed to have been given as of the date of delivery (whether accepted or refused) established by U.S. Post Office
return receipt or the overnight carrier’s proof of delivery, as the case may be. Any such notice not so given shall be
deemed given upon receipt of the same by the party to whom the same is to be given.

 

To Lender:

 

 Silvergate Bank

 4275 Executive Square

 Suite 800

 La Jolla, California 92037-1492

Attention:
Commercial Loan Department

 

To Borrower:

 

Reven Housing Texas, LLC

7911 Herschel Avenue

Suite 201

La Jolla, California 92037

Attention: Thad Meyer

 

    	2

    	 

    

 

To
Property Manager:

 

Red Door Housing, LLC

110 Avenue B

Suite 100

Stafford, Texas 77477

Attention: Rickey Williams,
Jr.

 

8. No Oral
Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of Borrower, Lender or Property Manager, but only
by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

 

9. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrower, Property Manager and Lender
and their respective successors and assigns forever.

 

10.
Inapplicable Provisions. If any term, covenant or condition of this Agreement is held to be invalid,
illegal or unenforceable in any respect, this Agreement shall be construed without such provision.

 

11. Headings,
etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are
not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

12. Duplicate
Originals, Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate
original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The
failure of any party hereto to execute any counterpart of this Agreement shall not relieve the other signatories from their
obligations hereunder.

 

13. Number
and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

14. Miscellaneous.

 

(a) Wherever
pursuant to this Agreement (i) Lender exercises any right given to it to approve or disapprove, (ii) any
arrangement or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by
Lender, the decision of Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not
satisfactory and all other decisions and determinations made by Lender, shall be in the sole and absolute discretion of
Lender and shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.

 

(b) Wherever
pursuant to this Agreement it is provided that Borrower shall pay any costs and expenses, such costs and expenses shall
include, but not be limited to, legal fees and disbursements of Lender.

 

    	3

    	 

    

 

(c) If more than
one Person has executed this Agreement as “Borrower” or as “Property Manager,” the obligations of all such
persons hereunder shall be joint and several.

 

15. Waiver
of Jury Trial. TO THE MAXIMUM EXTENT PERMITTED BY LAW, PROPERTY MANAGER, BORROWER AND LENDER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER VERBAL OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN
DOCUMENTS OR IN ANY WAY RELATING TO THE LOAN OR ANY OF THE PROPERTIES (INCLUDING, WITHOUT LIMITATION, ANY ACTION TO RESCIND
OR CANCEL THIS AGREEMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE
VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR LENDER TO MAKE THE LOAN.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	4

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date and year first written above.

 

	 	BORROWER:	 
	 	 	 	 	 
	 	REVEN HOUSING TEXAS, LLC,	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By:	Reven Housing REIT, Inc.,	 
	 	 	a Maryland corporation,	 
	 	 	its Sole Member	 
	 	 	 	 	 
	 	 	By:	/s/ Thad Meyer	 
	 	 	Name:	Thad Meyer	 
	 	 	Title:	Chief Financial Officer	 

 

[Signatures
continue on following page]

 

    	S-1

    	 

    

   

	 	PROPERTY MANAGER:	 
	 	 	 
	 	RED DOOR HOUSING, LLC,	 
	 	a Texas limited liability company,	 
	 	 	 
	 	By:	/s/ Rickey Williams,
    Jr.	 
	 	Name:	Rickey Williams, Jr.	 
	 	Title:	Manager	 

 

    	S-2

    	 

    

 

EXHIBIT A

 

MANAGEMENT AGREEMENT

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