Document:

MANAGEMENT AGREEMENT

  

	FOR PROPERTY KNOWN AS:	MDA CITY APARTMENTS
	 	 
	LOCATED AT:	63 East Lake Street, Chicago, Illinois 60601-5921
	 	 
	BEGINNING:	December 14, 2012
	 	 
	OWNER:	MDA CITY APARTMENTS, LLC
	 	 
	MANAGING AGENT:	VILLAGE GREEN MANAGEMENT COMPANY LLC

 

 

 

List of Provisions

 

	Section 1	 	Appointment of Managing Agent	2
	1.1	 	Appointment and Acceptance	2
	1.2	 	Description of Premises	2
	1.3	 	Term	2
	1.4	 	Management Office	2
	1 5	 	Apartment for On-Site Staff	2
	Section 2	 	Bank	3
	2.1	 	Operating Account	3
	2.1.1	 	Initial Deposit and Contingency Reserve	3
	2.2	 	Security Deposit Account	3
	2.3	 	Fidelity Bond	3
	Section 3	 	Collection of Rents and Other Receipts	4
	3.1	 	Agent’s Authority	4
	3.2	 	Security Deposits	4
	Section 4	 	Disbursement from Operating Account	4
	4.1	 	Operating Expenses	4
	4.2	 	Property Taxes	4
	4.3	 	Debt Service	4
	4.4	 	Net Proceeds	4
	Section 5	 	Agent Not Required to Advance Funds	4
	Section 6	 	Financial and Other Reports	5
	6.1	 	Owner’s Right to Audit	5
	6.2	 	Site Computer System	5
	Section 7	 	Advertising	5
	Section 8	 	Leasing and Renting	5
	8.1	 	Agent’s Authority to Lease Premises	5
	8.2	 	No Other Rental Agent	6
	8.3	 	Rental Rates	6
	8.4	 	Enforcement of Leases	6
	Section 9	 	Employees	6
	9.1	 	Employees	6
	9.2	 	Owner Pays Employees Expenses	7
	9.3	 	Agent’s Authority to File Returns	7
	9.4	 	Worker’s Compensation Insurance	7
	9.5	 	Hold Harmless, Labor Laws	7
	Section 10	 	Maintenance and Repair	8
	10.1	 	Approval for Exceptional Maintenance Expense	8
	Section 11	 	Contracts, Utilities and Services	8
	Section 12	 	Relationship of Agent to Owner	9
	Section 13	 	Save Harmless	9
	Section 14	 	Liability Insurance	9
	Section 15	 	Agent Assumes No Liability	11
	Section 16	 	Owner Responsible for all Expenses of Litigation	11
	16.1	 	Fees for Legal Advice	11
	Section 17	 	Agent’s Compensation and Expenses	11
	17.1	 	For Management Service	11
	(a)	 	Management Fee	11
	17.2	 	For Modernization (Rehabilitation/Construction)	12
	17.3	 	For Fire Restoration	12
	17.4	 	Incentive Fee	12
	17.5	 	Interest on Unpaid Sums	13
	17.6	 	For Property Tax Appeal Service	13
	17.7	 	For VG Select/LeasEquity Services	13
	17.8	 	For VG Communications Services	14
	Section 18	 	Representations	14
	Section 19	 	Structural Changes	15
	Section 20	 	Building Compliance	15
	Section 21	 	Termination	15
	21.1	 	Termination for Cause	15
	(a)	 	Breach of Agreement	16
	(b)	 	Failure to Act, etc	16
	(c)	 	Excessive Damage	16
	21.2	 	Termination without Cause	16
	21.3	 	Owner Responsible for Payments	16
	21.4	 	Sale of Premises	17
	21.5	 	Use of Name	17
	Section 22	 	Indemnification Survives Termination	17
	Section 23	 	Headings	18
	Section 24	 	Force Majeure	18
	Section 25	 	Complete Agreement	18
	Section 26	 	Rights Cumulative;  No Waiver	18
	Section 27	 	Applicable Law and Partial Invalidity	19
	Section 28	 	Notices	19
	Section 29	 	Agreement Binding Upon Successors and Assigns	19
	Section 30	 	Additional Provisions	19
	30.1	 	Contractors and Vendors Insurance	19
	30.2	 	Non - Reimbursable Costs	20
	30.3	 	Training Expenses/Regional Service Director Expenses	20
	30.4	 	Cooperation	21
	30.5	 	No Assignment	21
	30.6	 	Consents and Approvals	21
	30.7	 	Approved Budgets	21
	Section 31	 	Dispute Resolution	22
	Section 32	 	Owner’s Authority to Execute Agreement	22
	Section 33	 	Counterparts	22
	Signatures	 		23

 

    	MDA City Apartments (Recap)

    	 

    

  

Section 1                      APPOINTMENT
OF MANAGING AGENT

 

1.1                      Appointment
and Acceptance

 

This Management Agreement (“Agreement”)
is made as of this 14th day of December, 2012 by and between VILLAGE GREEN MANAGEMENT LLC, a Delaware Limited Liability
Company (“Agent”) and MDA CITY APARTMENTS, LLC, Delaware limited liability company (“Owner”), otherwise
known as the Parties (“Parties”).

 

Owner hereby appoints Agent as
sole and exclusive Agent of Owner to lease and manage the property described in paragraph 1.2 upon the terms and conditions provided
herein. Agent accepts the appointment and agrees to furnish the service of its organization for the leasing and management of the
“Premises” as defined in paragraph 1.2; and Owner agrees to pay all expenses in connection with those services.

 

1.2                      Description
of Premises

 

The property to be managed by
Agent under this Agreement (the "Premises") is known as MDA City Apartments located in Chicago, Illinois consisting of
the land, buildings, and other improvements described as a 190 unit high-rise apartment community.

 

1.3                      Term

 

The term of this Agreement shall
be for an initial period of One (1) year(s) (the "Initial Term") from December 14, 2012, (“the Effective Date”)
to and including December 14, 2013, and thereafter shall be automatically renewed annually (“Renewal Term”) unless
terminated as provided in paragraphs 21.1, 21.2 or 21.4 herein.

 

1.4                      Management
Office

 

Owner shall provide adequate
space on the Premises for a management office. Owner shall pay all expenses related to such office, including, but not limited
to, furnishings, equipment, computer, postage and office supplies, electricity and other utilities, and telephone.

 

1.5                      Apartment
For On-Site Staff

 

Owner shall provide a suitable
apartment(s) on the Premises for the use of an on-site manager and/or a resident maintenance technician and their families, rent-free,
except that such resident staff shall pay for heat, utilities and cable in the same manner as other residents. The specific apartment(s)
shall be at Owner's discretion.

 

Owner
shall make available to Village Green employees who are employed on the Premises, other than the on-site manager and/or a resident
maintenance technician, rental apartments at a 20% rent discount to the market rent available at the time of rental (“Village
Green Associate Discount”). All Village Green employee rentals will be written on a month-to-month lease and the Village
Green employee discount will terminate immediately with the termination of Associate’s employment with Village Green or with
Village Green’s Management of the Premises. Agent will not permit the occupancy of the Village Green employee discount to
exceed 3% of the Premise’s total units.

 

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Section 2                      BANK
ACCOUNTS

 

			The various bank accounts established under this Agreement shall be established in Owner's name
with Agent acting in a fiduciary capacity for the Owner. In no event should any funds related to the Premises be commingled with
any other funds of Agent.

 

2.1                      Operating
Account

 

			Agent shall establish on behalf of Owner a separate account(s) known as the MDA City Apartments
LLC Operating Account, separate and apart from Agent's corporate accounts, for the deposit of receipts collected as described herein,
in a bank or other institution whose deposits are insured by the federal government. Such depository shall be selected by the Agent
and approved by Owner. Agent shall not be held liable in the event of bankruptcy or failure of a depository. Funds in the Operating
Account remain the property of Owner subject to disbursement of expenses by Agent as described in this Agreement.

 

2.1.1                      Initial
Deposit And Contingency Reserve

 

Immediately upon the Effective
Date, Owner shall remit to Agent the sum of $10,000 to be deposited in the Operating Account as the “Initial Deposit”.
Owner shall maintain the Initial Deposit balance in the Operating Account at all times during this Agreement. Agent shall refund
the Initial Deposit to Owner within 60 days after termination of the Agreement as provided in Sections 21 or 27 herein upon
satisfying any obligation of Owner not previously satisfied via available funds in the Operating Account.

 

2.2                      Security
Deposit Account

 

Agent shall, on behalf of Owner
if required by law, establish and maintain a separate interest-bearing account for tenant security deposits and advance rentals.
Such account shall be maintained and funded by the Owner in accordance with applicable state or local laws.

 

2.3                      Fidelity
Bond

 

Agent shall cause all personnel
who handle or are responsible for the keepsake of any monies of Owner to be covered by a fidelity bond in an amount not less than
$1,000,000 with a company determined by Agent.

 

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Section 3                      COLLECTION
OF RENTS AND OTHER RECEIPTS

 

3.1                      Agent's
Authority

 

Agent shall collect (and give
receipts for, if necessary) all rents, charges and other amounts receivable on Owner's behalf in connection with the management
and operation of the Premises. Such receipts shall be deposited in the Operating Account maintained by Agent on behalf of Owner
for the Premises.

 

3.2                      Security
Deposits

 

Agent shall collect, deposit,
and disburse tenants' security deposits on behalf of Owner in accordance with the terms of each tenant's lease. Agent shall pay
tenants interest upon such security deposits as required by law.

 

Section
4                      DISBURSEMENTS FROM OPERATING ACCOUNT

 

4.1                      Operating
Expenses

 

From the Operating Account, Agent
is hereby authorized to pay on behalf of Owner or reimburse Agent for all Owner approved expenses and costs as per the Annual Operating
Budget for the Premises and for all sums due Agent under this Agreement.

 

4.2                      Debt
Service

 

			Owner shall give Agent advance written notice of at least thirty (30) business days if Owner desires
Agent to make any additional monthly or recurring payments out of the proceeds from the Operating Account. If Owner notifies Agent
to make such payments after the beginning of the term of this Agreement, Agent shall have the authority to name a new Initial Deposit
amount pursuant to paragraph 2.1.1 of this Agreement, and Owner shall maintain this new Initial Deposit amount at all times in
the Operating Account.

 

4.3                      Net
Proceeds

 

To the extent that funds are
available, and after maintaining the Initial Deposit balance amount as specified in paragraph 2.1.1, Agent shall transmit cash
balances to Owner periodically as directed by Owner.

 

Section 5                      AGENT
NOT REQUIRED TO ADVANCE FUNDS

 

In the event that the balance
in the Operating Account is at any time insufficient to pay disbursements due and payable under this Agreement, Owner shall, immediately
upon notice, remit to Agent sufficient funds to cover the deficiency and replenish the Initial Deposit balance. In no event shall
Agent be required to use its own funds to pay any disbursements on behalf of Owner. Nor shall Agent be required to advance any
monies to Owner, to the Security Deposit Account, or to the Operating Account.

 

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Section 6                      FINANCIAL
AND OTHER REPORTS

 

Agent shall furnish Owner with
the statements and reports listed on Exhibit A attached hereto.

 

6.1                      Owner's
Right to Audit

 

Owner shall have the right to
request periodic audits of all applicable accounts managed by Agent, and the cost of such audit(s) shall be paid by Owner; provided,
however, if as a result of any such periodic audit, a material error is identified, then the cost of such periodic audit shall
be paid by Agent. For purposes of this section, a “material error” shall be defined as an error which amounts to 5%
or more of the total budget.

 

6.2                      Site
Computer System (When Applicable)

 

Agent is authorized to purchase
and maintain as necessary, on behalf of Owner, hardware necessary to operate Agent supplied operating software. This hardware will
be the property of the Owner. All operating software for the Premises shall be supplied by the Agent at Owner’s cost as approved
in the Annual Operating Budget. Any other software purchased by the Owner shall be the property of the Premises. Any software requested
by Owner other than Agent’s standard software, shall be at Owner’s expense including licensing costs, cost to purchase
and maintain system, training and support. Additionally, Owner shall incur any expenses realized by Agent for the modification
of its computer and telecommunications systems to support the data transmission requirements of the Owner if not on Agent’s
standard software and format.

 

Section 7                      ADVERTISING

 

Agent is authorized to advertise
the Premises or portions thereof for rent, using periodicals, signs, plans, collateral, or displays, or such other means as Agent
may recommend. Agent is authorized to place signs on the Premises advertising the Premises for rent, provided such signs comply
with applicable laws. The cost of such advertising shall be paid out of the Operating Account as approved in the Annual Operating
Budget. The cost of advertisements that share space with other communities managed by the Agent shall be prorated based upon the
number of units sharing the ad.

 

Section 8                      LEASING AND RENTING

 

8.1                      Agent's
Authority to Lease Premises

 

Agent shall use all reasonable
efforts to keep the Premises rented by procuring tenants for the Premises. Agent is authorized to negotiate, prepare, and execute
all leases, including all renewals and extensions of leases (and expansions of commercial/retail space in the Premises, if applicable)
and to cancel and modify existing leases. Agent shall execute all leases as agent for Owner. All lease terms shall be in accordance
with Village Green’s standard lease agreement, and be consistent with budget goals.

 

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8.2                      No
Other Rental Agent

 

During the term of this Agreement,
Owner shall not authorize any other person, firm or corporation to negotiate or act as leasing or rental agent with respect to
any leases for space in the Premises. Owner agrees to promptly forward all inquiries about leases to Agent.

 

8.3                      Rental
Rates

 

Agent is authorized to establish
and change or revise all rents, fees, or deposits, and any other charges chargeable with respect to the Premises, subject to the
approval by Owner of, and general compliance by Agent with, the lease term policies applicable to the Premises. Agent shall not
reduce rents charged to tenants in excess of 5% from the rents contemplated by the Annual Operating Budget without written approval
from Owner.

 

8.4                      Enforcement
of Leases

 

Agent is authorized to institute,
in Owner's name, all legal actions or proceedings for the enforcement of any lease term, for the collection of rent or other income
from the Premises, or for the evicting or dispossessing of tenants or other persons from the Premises. Agent is authorized to sign
and serve such notices as Agent deems necessary for lease enforcement, including the collection of rent or other income. Agent
is authorized, when expedient, to settle, compromise, and release such legal actions or suits or reinstate such tenancies. Any
monies for such settlements paid out by Agent on behalf of Owner shall not exceed three months’ rent without prior approval
by Owner. Attorneys' fees, filing fees, court costs, and other necessary expenses incurred in connection with such actions and
not recovered from tenants shall be paid out of the Operating Account or reimbursed directly to Agent by Owner. Agent may select
the attorney of its choice as approved by Owner to handle such litigation.

 

Section 9                      EMPLOYEES

 

9.1                      Employees

 

Agent is authorized to hire,
supervise, discharge, and pay all employees, necessary for the management, maintenance, and operation of the Premises. All employees
shall be deemed employees of the Agent, and Owner shall not be liable to Agent or others for any act or omission on the part of
such employees unless Owner expressly directed such employees to commit a negligent or unlawful act. The number of site employees
and their compensation shall be detailed in the approved Annual Operating Budget.

 

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9.2                      Owner
Pays Employee Expenses

 

All wages and fringe benefits
payable to such employees hired per paragraph 9.1 above, and all local, state, and federal taxes and assessments (including but
not limited to Social Security taxes, unemployment insurance and workers' compensation insurance) incident to the employment of
such personnel, shall be paid by Agent on behalf of Owner out of the Owner’s Operating Account and shall be treated as operating
expenses. Agent shall not be liable to such employees for their wages or compensation. Agent charges 20% (subject to annual increase
at no more than 3%) of monthly gross payroll (“payroll fee” or other “fee” applicable in the State of Illinois)
as reimbursement for those fringe benefit expenses as noted above including a pro-rata share of risk management administration,
payroll processing expenses and in-house collection expenses.

 

Health and 401k “match”
benefits for those associates hired pursuant to paragraph 9.1 will be paid by Owner out of the Operating Account and
shall be treated as Operating Expenses. Health and 401k “match” benefits will
not be paid directly by Agent from the Payroll Fee.

 

All OSHA and any government related
agency mandated employee training, as approved in the Annual Operating Budget, shall be paid by Agent on behalf of Owner.

 

9.3                      Agent's
Authority to File Returns

 

Agent shall do and perform all
acts required of an employer with respect to the Premises and shall execute and file all tax and other returns required under the
applicable federal, state, and local laws, regulations, and/or ordinances governing employment, and all other statements and reports
pertaining to labor employed in connection with the Premises and under any similar federal or state law now or hereafter in force.
In connection with such filings, Owner shall upon request promptly execute and deliver to Agent all necessary powers of attorney,
notices of appointment, and the like.

 

9.4                      Workers'
Compensation Insurance

 

Agent shall, at Owner's expense,
maintain workers' compensation insurance covering all liability of the employer under established workers' compensation laws. Such
expenses shall be paid out of the payroll fee identified in paragraph 9.2.

 

9.5                      Hold
Harmless, Labor Laws

 

Agent shall be responsible for
compliance with all applicable state or federal labor laws. Owner shall indemnify, defend, and save Agent harmless from all claims,
investigations, and suits, or from Owner's actions or failures to act, with respect to any alleged or actual violation of state
or federal labor laws. Owner's obligation with respect to such violation(s) shall include payment of all settlements, judgments,
damages, liquidated damages, penalties, forfeitures, back pay awards, court costs, litigation expenses, and attorneys' fees. If
Agent has willfully violated any laws, Agent shall be responsible for all costs in connection herewith and Agent shall indemnify
Owner with respect to violations of labor laws by Agent.

 

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Section 10                  MAINTENANCE
AND REPAIR

 

Agent is authorized as approved
in the Annual Operating Budget to make or cause to be made, through contracted services or otherwise, all ordinary repairs and
replacements reasonably necessary to preserve the Premises in its present condition and for the operating efficiency of the Premises,
and all alterations required to comply with lease requirements, governmental regulations, or insurance requirements. Agent is also
authorized as approved in the Annual Operating Budget to decorate the Premises and to purchase or rent, on Owner's behalf, all
equipment, tools, appliances, materials, supplies, uniforms, and other items necessary for the management, maintenance, or operation
of the Premises. Such maintenance and decorating expenses shall be paid out of the Operating Account. This section applies except
where decorating and/or maintenance are at tenants' expense as stipulated in a lease.

 

10.1                  Approval
for Exceptional Maintenance Expense

 

Agent agrees to secure Owner’s
prior approval on all expenditures subject to paragraph 30.7, except for any expenditure resulting from emergency repairs deemed
necessary by Agent. For the purpose of this Agreement, an “emergency” shall be defined as any situation in which failure
on the part of Agent to act promptly would reasonably be expected to cause injury to persons or appreciable property damage or
to comply with federal, state or local law. Any such “emergency” expenditures will be submitted in writing to Owner
immediately.

 

Section 11                  CONTRACTS,
UTILITIES AND SERVICES

 

Agent is authorized to negotiate
contracts for nonrecurring items of expense, not to exceed $5,000 unless approved by Owner in writing, and to enter into agreements
on behalf of Owner for all necessary repairs, maintenance, minor alterations, and utility services. Agent shall, on behalf of Owner
and at Owner's expense, make contracts for electricity, gas, telephone, fuel, or water, and such other services as Agent shall
deem necessary or prudent for the operation of the Premises. All utility deposits shall be the Owner's responsibility, except that
Agent may pay same from the Operating Account at Owner's request. All contracts shall contain a 30 day Notice of Cancellation to
the benefit of the Owner, without penalty.

 

NOTE: Any expenditure, non-recurring
or otherwise beyond $5,000 will require three (3) bids prior to executing a contract or for Owner’s review, if requested.

 

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Section 12                  RELATIONSHIP OF
AGENT TO OWNER

 

The relationship of the parties
to this Agreement shall be that of Owner and Agent, and all duties to be performed by Agent under this Agreement shall be for and
on behalf of Owner, in Owner's name, and for Owner's account. In taking any action under this Agreement, Agent shall be acting
only as Agent for Owner, and nothing in this Agreement shall be construed as creating a partnership, joint venture, or any other
relationship between the parties to this Agreement except that of Principal and Agent, or as requiring Agent to bear any portion
of losses arising out of or connected with the ownership or operation of the Premises. Nor shall Agent at any time during the period
of this Agreement be considered a direct employee of Owner. Neither party shall have the power to bind or obligate the other except
as expressly set forth in this Agreement. Owner also acknowledges that all forms, systems, and manuals are the sole property of
the Agent, and are not transferable or are they to be reproduced in any manner without the express written consent of the Agent.

 

Section 13                INDEMNIFICATION

 

Agent shall protect, defend,
indemnify and hold harmless Owner against all loss, damage, liability, costs and expenses, including, without limitation, reasonable
attorneys’ fees, incurred by Owner and arising out of (i) any failure of Agent to perform any of its obligations under this
Agreement, (ii) any acts of Agent beyond the scope of the Agent’s authority hereunder, or (iii) the gross negligence or willful
misconduct of Agent, its agents or employees. Owner shall protect, defend, indemnify and hold harmless Agent against all loss,
damage, liability, costs and expenses, including, without limitation, environmental claims and reasonable attorneys’ fees,
incurred by Agent in the performance of its services under this Agreement, other than acts, omissions or other events which Agent
is obligated to indemnify Owner pursuant to the immediate preceding sentence.

 

Owner shall also protect, defend,
indemnify and hold harmless Agent and its affiliates, agents, employees, directors, officers and principals on a primary and non-contributory
basis from any action arising out of the Premises against all loss, damage, liability, costs and expenses, including, without limitation,
reasonable attorneys’ fees, incurred by Agent in connection with any Fair Housing Accessibility Guidelines violation(s) or
allegations.

 

The foregoing indemnities shall survive
the termination of this Agreement.

 

Section 14                LIABILITY INSURANCE

 

Agent shall, at Owner’s direction
and expense, arrange for adequate insurance against physical damage (e.g., fire with extended coverage endorsement, boiler and
machinery, etc.) and liability for loss, damage, or injury to property or persons, which might arise out of the occupancy, management,
operation or maintenance of the Premises. The amounts and types of insurance shall be acceptable to both Owner and Agent, and any
deductible required under such insurance policies shall be Owner’s expense. Liability insurance shall protect the interests
of both Owner and Agent, and shall name both Owner and Agent as Additional Insureds. The cost of any Premises-related loss, damage
to property or persons or defense costs/legal expenses, which is part of a deductible, self-insured retention or excluded and/or
otherwise not covered by insurance, shall be Owner’s expense.

 

14.1         Agent’s
Insurance. Agent shall obtain the following insurance (or if the lender under any loan secured by the Premises requires more
stringent coverages, such lender required insurance) as it relates to Agent’s operations hereunder, at Agent’s sole
cost and expense:

 

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		a.	Commercial General Liability Form covering Agent’s business operations, written on an occurrence
basis in an amount not less than One Million Dollars ($1,000,000) per occurrence with an annual aggregate limit of not less than
Two Million Dollars ($2,000,000), for bodily injury including death, and property damage liability. Commercial General Liability
insurance covering the Premises and its’ operations shall be provided by the Owner at the Owner’s expense in accordance
with Section 14.2.

 

		b.	Umbrella/Excess Liability insurance excess of primary Commercial General Liability in an amount
not less than Five Million Dollars ($5,000,000) per occurrence and in the aggregate.

 

		c.	All insurance policies provided pursuant to Section 14.1 a. and b. shall be excess over any other
valid, existing and applicable insurance carried by Owner.

 

		d.	Fidelity Bond or Insurance. Agent shall maintain, pay for and keep in full force fidelity bond
or insurance coverage on all of its employees, agents, officers and directors who are involved in, or employed in connection with,
the performance of Agent’s obligations under this Agreement, in an amount equal to One Million ($1,000,000) per occurrence
and in the aggregate. Evidence of such fidelity coverage will be provided to Owner at Owner’s request. The cost of such bond
shall be the expense of the Agent.

 

14.2        Owner’s
Insurance. Owner shall provide and maintain, at Owner’s cost and expense, insurance as it relates to operations of the
Premises. Such insurance shall include the following coverages (or if the lender under any loan secured by the Premises requires
more stringent coverages, such lender required insurance):

 

		a.	Commercial General Liability insurance, including bodily injury, personal injury and property damage
liability in connection with the use or occupancy of the Premises written on an occurrence basis in an amount not less than One
Million Dollars ($1,000,000) per occurrence with an annual aggregate limit of not less than Two Million Dollars ($2,000,000). Agent
shall be specified as additional insured under this policy on a primary and non-contributory basis.

 

		b.	Umbrella/excess liability insurance excess of primary Commercial General Liability insurance in
the minimum amount of Five Million Dollars ($5,000,000) per occurrence, Five Million Dollars ($5,000,000) in the aggregate, and
following form on primary coverage.

 

		c.	All of Owner’s insurance shall be in the name of the Owner, except that Agent shall be named
as additional insured and Owner’s insurance shall be primary insurance and not excess over or contributory with any other
valid, existing, and applicable insurance carried by the Agent.

 

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Section 15                  AGENT ASSUMES NO LIABILITY

 

Agent assumes no liability whatsoever
for any acts or omissions of Owner, or any previous owners of the Premises, or any previous management or other agent of either.
Agent assumes no liability for any failure of or default by any tenant in the payment of any rent or other charges due Owner or
in the performance of any obligations owned by any tenant to Owner pursuant to any lease or otherwise. Nor does Agent assume any
liability for previously unknown violations of environmental or other regulations which may become known during the period this
Agreement is in effect. Any such regulatory violations or hazards discovered by Agent shall be brought to the attention of Owner
in writing, and Owner shall promptly cure them.

 

Section 16                  OWNER RESPONSIBLE FOR ALL EXPENSES OF
LITIGATION

 

Owner shall pay all expenses
incurred by Agent, including, but not limited to, reasonable attorneys' fees and any liability, fines, penalties or the like, in
connection with any claim, proceeding, or suit involving an alleged violation of any law by Agent or Owner, or both, provided,
however, that Owner shall not be responsible to Agent for any such expenses in the event Agent is finally adjudged to have personally,
and not in a representative capacity, violated any such law. Nothing contained in this Agreement shall obligate Agent to employ
legal counsel to represent Owner in any such proceeding or suit.

 

16.1                    Fees
for Legal Advice

 

Owner shall pay reasonable expenses
incurred by Agent in obtaining legal advice regarding compliance with any law affecting the Premises or activities related to them.
If such expenditure also benefits others for whom Agent acts in a similar capacity, Owner agrees to pay an apportioned amount of
such expense.

 

Section 17                  AGENT'S
COMPENSATION AND EXPENSES

 

As compensation for the services
provided by Agent under this Agreement (and exclusive of reimbursement of expenses to which Agent is entitled hereunder), Owner
shall pay Agent as follows:

 

17.1                      For
Management Services

 

(a)          A
base fee (“Base Fee”) of Three percent (3%) of the total monthly Gross Monthly Collected Income, payable by the 10th
day of each month for the duration of this Agreement. Payments due Agent for periods of less than a calendar month shall be prorated
over the number of days for which compensation is due. The Base Fee shall be calculated based upon the total Gross Monthly Collected
Income during that accounting month including, but not limited to: rental income, parking income, laundry income, forfeited security
deposits (so long as not for damages) all income associated with leasing of the Premises (excluding recovery of operating expenses
from tenants including, utilities and trash), cancellation fee income and all other miscellaneous income including, but not limited
to, income realized by Village Green Select. Gross Monthly Collected Income shall NOT be deemed to include income arising out of
the sale of real property or the settlement of fire or other casualty losses, condemnation proceeds or items of a similar nature.

 

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For all purposes hereof, “Gross
Monthly Collected Income” shall mean the total gross monthly collections received from the Premises, including, without limitation,
rents (and any interest or penalties accrued thereon), and miscellaneous gross income items of Owner, as applicable; provided,
however, “Gross Monthly Collected Income” shall specifically exclude:

 

		i.	Interest paid on any depository accounts, including the
Operating Account and any Security Deposit Account;

 

		ii.	Security deposits unless and until such deposits are
applied as rental income upon termination of a Lease;

 

		iii.	Proceeds from a sale, refinancing, condemnation, hazard
or liability insurance, title insurance, tax abatement awards of all or any portion of the Property.

 

		iv.	Recovery of operating expenses, e.g. utilities, trash
removal, etc.

 

17.2                      For
Modernization (Rehabilitation/Construction):

 

A Supervision Fee of Five Percent
(5%) shall be charged against the cost of major capital improvements (in excess of $25,000 per occurrence) including, but not limited
to, building restoration, structural enhancements, major roof replacement, etc. but shall specifically preclude replacement of
carpeting and appliances and routine deferred maintenance and capital improvements as routinely found in the Annual Operating Budget.
The Supervision Fee shall be payable to Agent in the month the major capital improvements are incurred and governed by separate
written approval of Owner.

 

17.3                      For
Fire Restoration, Insurance Claims or Storm Damage:

 

At the direction of Owner, a Supervision
Fee of 10% of the total cost up to $500,000; between $500,000 and $1,000,000 a fee of 8%; over $1,000,000 a fee of 6%. Such fee
shall be paid to Agent by the Owner in the month the billings are completed to the Insurance Company.

 

17.4                      Incentive
Fee; Reduction to Base Fee:

 

For each calendar year of the Initial
Term or any Renewal Term(s), the Base Fee shall be subject to the following adjustments:

 

    	MDA City Apartments (Recap)	12

    	 

    

 

		(i)	In the event actual Net Operating Income (defined as Gross Monthly Collected Income, less variable
and fixed expenses, but not reduced for debt service nor capital improvement costs) meets or exceeds the Net Operating Income as
approved in the Annual Operating Budget, the Base Fee will be increased by .25%.

		(ii)	In the event actual Net Operating Income (defined as Gross Monthly Collected Income, less variable
and fixed expenses, but not reduced for debt service nor capital improvement costs) is less than the Net Operating Income as approved
in the Annual Operating Budget, the Base Fee will be decreased by .25%.

		(iii)	The above calculation shall be performed following the end of each calendar year, and the recalculated
Base Fee amount will be added to or deducted from, as applicable, the next monthly payment of management fee. The adjustment to
the Base Fee shall be prorated for periods less than a calendar year.

 

17.5                      Interest
on Unpaid Sums

 

Any sums due Agent under any provision
of this Agreement, and not paid within thirty (30) days after such sums have become due, shall bear interest at the rate of two
(2) points over the prime rate per annum.

 

17.6                      For
Property Tax Appeal Service (This applies to Michigan/Ohio Only)

 

A yearly property Tax Maintenance
Fee of $275 (subject to an annual increase of 3%) and expenses incurred in connection with appeal, which include, but are not limited
to, appraisal fees, expert witness fees and filing fees shall be paid to Agent. The Tax Maintenance Fee is a yearly budgeted expense
and billed once per year. The expenses in connection with an appeal will be approved by Owner prior to proceeding with such appeal
and will be sent in writing to Owner with Agent’s recommendations. Owners wishing to utilize their own Tax Consulting Service,
do so at their own cost.

  

17.7                      For
Village Green Select/LeasEquity Services

 

Owner will pay to Village Green
Select, 25% of the receipts the Premises realizes from its LeasEquity Home Purchase Assistance Program as reimbursement for its
broker services and expertise.

 

A 25% Administration Fee to Village
Green Select with respect to any special project initiated or developed by Village Green Select that produces revenue realized
by the Premises for ancillary services. The 25% Administration Fee will be netted from the revenue distributed to the Premises
from the gross revenue received. Village Green Select will be responsible for all expenses necessary to procure, promote and affect
such programs. NOTE: The foregoing applies only to the extent Owner elects to utilize the LeasEquity Home Purchase Assistance Program.

 

    	MDA City Apartments (Recap)	13

    	 

    

 

17.8                      For
Village Green Communications Services

 

A 15% Ad Placement Fee and 20%
Collateral Design/print Fee with respect to projects completed by Village Green Communications for the Premises will be charged
and will be the cost of the Premises subject to Owner’s approval in the Annual Operating Budget. In addition, the discounts
obtained by Village Green Communications for group advertising and/or group ordering will be passed on to the Premises. NOTE: The
foregoing applies only to the extent Owner elects to utilize Village Green Communications for such services.

 

		17.9	Subordination to First Mortgage

 

Notwithstanding anything contained
herein to the contrary, all compensation due to the Agent under this Section 17 for the services provided by Agent under this Agreement
shall automatically (and without further action by either party) be subordinate to Owner’s obligation to pay the debt service
payments due on any first priority mortgage loan that may affect the Premises from time to time.

 

Section 18                   REPRESENTATIONS

 

(a)          Owner
represents and warrants: That Owner has full power and authority to enter into this Agreement and carry out the transactions contemplated
hereby, and the persons and entities executing this Agreement on behalf of Owner are duly authorized to execute this Agreement
and any other documents reasonably necessary to carry out the transactions contemplated herein; this Agreement has been duly executed
and delivered by Owner and constitutes a valid and binding obligation of Owner enforceable in accordance with its terms; that there
are no written or oral agreements affecting the Premises other than tenant leases, copies of which have been furnished to Agent;
that there are no recorded easements, restrictions, reservations, or rights of way which adversely affect the use of the Premises
for the purposes intended under this Agreement; that to the best of Owner's knowledge, the Premises is zoned for the intended use;
that all leasing and other permits for the operation of the Premises have been secured and are current; that the buildings and
their construction and operation do not violate any applicable statutes, laws, ordinances, rules, regulations, orders, or the like
(including, but not limited to, those pertaining to hazardous or toxic substances and Fair Housing Accessibility Guidelines) Any
hazardous or toxic substances shall be disclosed by providing a copy of the Phase I Environmental Report(s) and the current O&M
Plan for the Premises. Not providing these reports does not void the warranty affected herein.

 

(b)          Agent
represents and warrants: That Agent has full power and authority to enter into this Agreement and carry out the transactions contemplated
hereby, and the persons and entities executing this Agreement on behalf of Agent are duly authorized to execute this Agreement
and any other documents reasonably necessary to carry out the transactions contemplated herein; this Agreement has been duly executed
and delivered by Agent and constitutes a valid and binding obligation of Agent enforceable in accordance with its terms; and that
Agent has in full force and effect all applicable licenses required in connection with the management of the Premises in accordance
with this Agreement.

 

    	MDA City Apartments (Recap)	14

    	 

    

 

Section 19                  STRUCTURAL
CHANGES

 

Owner expressly withholds from
Agent any power or authority to make any structural changes in any building, or to make any other major alterations or additions
in or to any such building or to any equipment in any such building, or to incur any expense chargeable to Owner other than expenses
related to exercising the express powers vested in Agent through this Agreement, without the prior written consent of the following
Asset Manager/Owner Representative.

 

Robert Platt

Name

 

However, such emergency repairs
as may be required because of danger to life or property, or which are immediately necessary for the preservation and safety of
the Premises or the safety of the tenants and occupants thereof, or required to avoid the suspension of any necessary service to
the Premises, or to comply with any applicable federal, state, or local laws, regulations, or ordinances, shall be authorized pursuant
to paragraph 10.1 of this Agreement, and Agent shall notify Owner immediately thereof.

 

Section 20                  BUILDING COMPLIANCE

 

Agent does not assume and is
given no responsibility for compliance of the Premises or any building thereon or any equipment therein with the requirements of
any building codes or with any statute, ordinance, law, or regulation of any governmental body or of any public authority or official
thereof having jurisdiction, except to notify Owner promptly or forward to Owner promptly any complaints, warnings, notices, or
summonses received by Agent relating to such matters. Agent agrees to take no action which would result in violation of such codes
or ordinances. Owner represents that to the best of Owner's knowledge the Premises and all such equipment comply with all such
requirements, and Owner authorizes Agent to disclose the ownership of the Premises to any such officials and agrees to indemnify
and hold Agent, harmless per Section 13.

 

Section 21                  TERMINATION

 

21.1                  Termination
for Cause

 

Notwithstanding the foregoing,
this Agreement shall terminate in any event, and all obligations of the parties hereunder shall cease (except as to liabilities
or obligations which have accrued or arisen prior to such termination, or which accrue pursuant to paragraphs 13 and 21.3 as a
result of such termination, and obligations to insure and indemnify), upon the occurrence of any of the following events:

 

    	MDA City Apartments (Recap)	15

    	 

    

 

(a)          BREACH
OF AGREEMENT - thirty (30) days after the receipt of notice by either party to the other specifying in detail a material breach
of this Agreement, if such breach has not been cured within said thirty (30) day period; or if such breach is of a nature that
it cannot be cured within said thirty (30) day period but can be cured within a reasonable time thereafter, if efforts to cure
such breach have not commenced or/and such efforts are not proceeding and being continued diligently both during and after such
thirty (30) days period prior to the breach being cured. HOWEVER, the breach of any obligation of either party hereunder to pay
any monies to the other party under the terms of this Agreement shall be deemed to be curable within thirty (30) days.

 

(b)          FAILURE
TO ACT, ETC. - In the event that any insurance required of Owner or Agent is not maintained without any lapse, or it is alleged
or charged that the Premises, or any portion thereof, or any act or failure to act by Owner, its agent and employees with respect
to the Premises, fails to comply with any law or regulation, or any order or ruling of any public authority, and Agent, in its
sole discretion, considers that the action or position of Owner or its representatives with respect thereto may result in damage
or liability to Agent, or disciplinary proceeding with respect to Agent's license, Agent shall have the right to terminate this
Agreement at any time by written notice to Owner of its election to do so, which termination shall be effective upon the service
of such notice. Such termination shall not release the indemnities of Owner set forth herein.

 

(c)          EXCESSIVE
DAMAGE - Upon the destruction of or substantial damage to 50% or more of the Premises by any cause, or the taking of all or a substantial
portion of 50% or more of the Premises by eminent domain, in either case making it impossible or impracticable to continue operation
of the Premises.

 

21.2                  Termination
without Cause

 

Notwithstanding the foregoing,
either party may terminate this Agreement at any time without cause after the Initial Term upon sixty (60) days written notice
to the other party. Notwithstanding anything contained in this Agreement to the contrary, the Owner shall have the further right
to immediately terminate this Agreement if the Agent becomes insolvent, and to terminate this Agreement at any time without cause
upon providing thirty (30) days written notice to Agent. 

 

21.3                  Owner
Responsible for Payments

 

Upon termination of or withdrawal
from this Agreement, Owner shall assume the obligations of any contract or outstanding bill executed by Agent in accordance with
this Agreement for and on behalf of Owner and responsibility for payment of all unpaid bills. In addition, Owner shall furnish
Agent security, in an amount satisfactory to Agent, against any obligations or liabilities that Agent may have properly incurred
on Owner's behalf under this Agreement.

 

    	MDA City Apartments (Recap)	16

    	 

    

 

Agent
may withhold necessary funds for up to sixty (60) days after the end of the month in which this Agreement is terminated, in order
to pay bills previously incurred but not yet invoiced and to close accounts. Agent shall deliver to Owner, (a) within sixty (60)
days after the end of the month in which this Agreement is terminated, any balance of monies due Owner and (b) immediately after
termination, any tenant security deposits which were held by Agent with respect to the Premises, and any excess funds not
needed to be retained by Agent to pay such outstanding bills. As promptly as possible, but in no event later than sixty (60) days
after termination, Agent shall provide Owner with a final accounting reflecting
the balance of income and expenses with respect to the Premises as of the date of termination or withdrawal, and all records, contracts,
leases, receipts for deposits, and other papers or documents which pertain to the Premises.

 

21.4                  Sale
of Premises

 

In the event that the Premises
is sold by Owner, upon transfer of ownership, this Agreement shall terminate. In the event that any such termination occurs within
the Initial Term, Owner shall pay Agent a fee equal to one (1) month(s) of management fees based on the average monthly fee paid
in the prior three (3) month(s).

 

21.5                  Use
of Name

 

(a)          Upon
expiration or termination of this Agreement for any reason by either party, Owner shall immediately cease using the names “City
Apartments”, "Village Green" or "Village Park" all of which are registered service marks owned by Agent.
Agent has the right to remove all signs, advertising materials, forms and other documents bearing these names, 10 days prior to
termination but no later than 10 days following termination.

 

(b)          Owner
acknowledges that time is of the essence in carrying out the change of name required in the preceding paragraph, and that Agent
has established substantial good will and secondary meaning associated with its name and the Marks. Owner further acknowledges
that Agent will have no adequate remedy at law for the failure of Owner to abide by the provisions of the preceding paragraph,
and that Agent will suffer irreparable injury, the value of which will be difficult, if not impossible, to determine with any certainty.
Accordingly, Owner agrees that in the event of any failure by Owner to comply with such provisions, Agent will, in addition to
all other remedies available to it under this Agreement or otherwise, be entitled to equitable relief in the form of an injunction
against such breach, as well as such other relief as a court with jurisdiction may deem just and proper.

 

Section 22                  INDEMNIFICATION
SURVIVES TERMINATION

 

All representations and warranties
of the parties contained herein shall survive the termination of this Agreement. All provisions of this Agreement that require
Owner to have insured, defend, reimburse, or indemnify Agent shall survive any termination; and if Agent is or becomes involved
in any proceeding or litigation by reason of having been Owner's Agent, such provisions shall apply as if this Agreement were still
in effect.

 

    	MDA City Apartments (Recap)	17

    	 

    

 

Section 23                  HEADINGS

 

All headings and subheadings
employed within this Agreement and in the accompanying List of Provisions are inserted only for convenience and ease of reference
and are not to be considered in the construction or interpretation of any provision of this Agreement.

 

Section 24                  FORCE MAJEURE

 

Any delays in the performance
of any obligation of Agent under this Agreement shall be excused to the extent that such delays are caused by wars, national emergencies,
natural disasters, strikes, labor disputes, utility failures, governmental regulations, riots, adverse weather, and other similar
causes not within the control of Agent, and any time periods required for performance shall be extended accordingly.

 

Section 25                  COMPLETE AGREEMENT

 

This Agreement, including any
specified attachments, constitutes the entire agreement between Owner and Agent with respect to the management and operation of
the Premises and supersedes and replaces any and all previous management agreements entered into or/and negotiated between Owner
and Agent relating to the Premises covered by this Agreement. No change to this Agreement shall be valid unless made by supplemental
written agreement executed and approved by Owner and Agent. Except as otherwise provided herein, any and all amendments, additions,
or deletions to this Agreement shall be null and void unless approved by Owner and Agent in writing. Each party to this Agreement
hereby acknowledges and agrees that the other party has made no warranties, representations, covenants, or agreements, express
or implied, to such party, other than those expressly set forth herein, and that each party, in entering into and executing this
Agreement, has relied upon no warranties, representations, covenants, or agreements, express or implied, to such party, other than
those expressly set forth herein.

 

Section 26                  RIGHTS
CUMULATIVE; NO WAIVER

 

No right or remedy herein conferred
upon or reserved to either of the parties to this Agreement is intended to be exclusive of any other right or remedy, and each
and every right and remedy given under this Agreement or now or hereafter legally existing upon the occurrence of an event of default
under this Agreement. The failure of either party to this Agreement to insist at any time upon the strict observance or performance
of any of the provisions of this Agreement, or to exercise any right or remedy as provided in this Agreement, shall not impair
any such right or remedy or be construed as a waiver or relinquishment of such right or remedy with respect to subsequent defaults.
Every right and remedy given by this Agreement to the parties to it may be exercised from time to time and as often as may be deemed
expedient by those parties.

 

    	MDA City Apartments (Recap)	18

    	 

    

 

Section 27              APPLICABLE
LAW AND PARTIAL INVALIDITY

 

The execution, interpretation,
and performance of this Agreement shall in all respects be controlled and governed by the laws of the State of Michigan. If any
part of this Agreement shall be declared invalid or unenforceable, Agent shall have the option to terminate this Agreement by notice
to Owner subject to provision 21.2 herein.

 

Section 28                 NOTICES

 

Any notices, demands, consents,
and reports necessary or provided for under this Agreement shall be in writing and shall be addressed as follows, or at such other
address as Owner and Agent individually may specify hereafter in writing:

 

	 	AGENT:	Diane K. Batayeh, Chief Operating Officer
	 	 	Village Green Management Company LLC
	 	 	30833 Northwestern Hwy., Suite 300
	 	 	Farmington Hills, Michigan  48334-2551
	 	 	 
	 	OWNER:	Jonathan Holtzman
	 	 	MDA City Apartments, LLC
	 	 	30833 Northwestern Hwy., Suite 300
	 	 	Farmington Hills, MI  48334-2551

 

Such notice of other communication
may be mailed by United States registered or certified mail, return receipt requested, postage prepaid, and may be deposited in
a United States Post Office or a depository for the receipt of mail regularly maintained by the post office. Such notices, demands,
consents, and reports may also be delivered by hand or by any other receipted method or means permitted by law. For purposes of
this Agreement, notices shall be deemed to have been "given" or "delivered" upon personal delivery thereof
or forty-eight (48) hours after having been deposited in the United States mails as provided therein.

 

Section 29                  AGREEMENT
BINDING UPON SUCCESSORS AND ASSIGNS

 

This Agreement shall be binding
upon the parties hereto and their respective personal representatives, heirs, administrators, executors, successors and assigns.

 

Section 30                  ADDITIONAL
PROVISIONS

 

30.1                  Contractors
and Vendors Insurance

 

Agent shall require that all
contractors and vendors brought onto the Premises to perform services have adequate insurance coverage at contractors or vendors
expense, including workers compensation as required by law.

 

    	MDA City Apartments (Recap)	19

    	 

    

 

30.2                  Non-Reimbursable
Costs

 

The following expenses or costs
incurred by or on behalf of Agent in connection with the management and leasing of the Premises shall be at the sole cost and expense
of Agent and shall not be reimbursed by Owner unless requested by Agent in advance and approved by Owner in writing.

 

(a)          Cost
of gross salary and wages, payroll taxes, insurance, workers compensation, and other benefits of Agents' home office personnel
not assigned full-time or part-time to the Premises, excepting as noted in 30.3. Owner acknowledges and agrees to the cost reimbursements
as provided for in Section 9.2.

 

(b)          General
accounting and reporting services which are considered to be within the reasonable scope of Agents' responsibility to Owner or
as reasonably requested by mortgage lenders.

 

(c)          Cost
of forms, papers, ledgers, and other supplies and equipment used in the Agents' home office or at any location off the Premises.

 

(d)          Cost
of off-site electronic data processing equipment, or any pro-rata charge thereon located off the Premises or any cost for data
processing provided by a computer service company.

 

(e)          Political
or charitable contributions.

 

(f)          Cost
of travel by Agent's overhead employees.

 

(g)          Cost
attributable to losses arising from gross negligence and willful, unlawful violation or fraud on the part of Agent, Agent's associates
or affiliates or Agent's employees.

 

(h)          Any
costs paid to anyone having an identity of interest with Agent, Agent's associates and affiliates or employees of Agent and its
associates and affiliates excepting Leading Apartments/Apartments Express, Village Green Communication and Village Green Select;
affiliates of Village Green Companies.

 

30.3                  Training
Expenses

 

Agent shall provide, for the
benefit of the Owner, new hire orientation, recognition programs and continuing education in the areas of management, marketing,
leasing and maintenance of the Premises. Owner shall be responsible for such costs as it relates to travel (lodging and food if
necessary) and instructional materials, but shall be exclusive of any expense associated with Village Green corporate personnel
who act in the capacity of instructor/trainer, with amounts reimbursable to agent in accordance with the Annual Operating Budget.
Any specialized training, requested by Owner and outside of the scope of the Agent’s normal and customary training programs
shall be at the expense of the Owner.

 

    	MDA City Apartments (Recap)	20

    	 

    

 

Regional Service Director Expenses

 

Any expense incurred by Regional
Service Director’s for travel to the Premises (airfare, auto, lodging and food if necessary) shall be an expense of the
Owner and included in the Annual Operating Budget of the Premises.

 

30.4                  Cooperation

 

Should any claims, demands, suits,
or other legal proceedings be made or instituted against Owner of Premises which arise out of any matters relating to this Agreement,
Agent shall give Owner all pertinent information and reasonable assistance in the defense or other disposition thereof.

 

30.5                  No
Assignment

 

This Agreement and all rights
hereunder shall not be assignable by either party hereto.

 

30.6                  Consents
and Approvals

 

Owner's consents and approvals must be in writing.

 

30.7                  Approved
Budgets

 

Agent shall prepare and submit
to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement
of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such
year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days
after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later
than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget
within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until
such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating
Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement
of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual
Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence
and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform
to the Annual Operating Budget as approved by the Owner.

 

    	MDA City Apartments (Recap)	21

    	 

    

 

Agent
agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000
per expense item or $10,000 cumulative.

 

Section 31                  DISPUTE
RESOLUTION

 

		31.1	Claims disputes or other matters in question between
the Parties to this Agreement or breach thereof shall be subject to and decided by mediation and arbitration in accordance with
the Mediation and Arbitration rules of the American Arbitration Association currently in effect.

 

		31.2	In addition to and prior to arbitration, the parties shall endeavor to settle disputes by mediation
in accordance with the Mediation Rules of the American Arbitration Association currently in effect. The parties shall share the
mediator’s fees and expenses equally, but otherwise each party shall bear their own attorney fees and costs of the mediation.

 

		31.3	Demand for arbitration shall be filed in writing with the other party to this Agreement and with
the American Arbitration Association.

 

		31.4	Arbitration pursuant to this Agreement may be joined with an arbitration involving common issues
of law or fact between a party to this Agreement and any person or entity with whom that party has a contractual obligation to
arbitrate disputes.

 

		31.5	The agreement to arbitrate shall be specifically enforceable in accordance with applicable law
in any court having jurisdiction thereof.

 

		31.6	The arbitrator shall award to the prevailing party in the arbitration its reasonable costs, expenses
and attorney fees incurred in the arbitration.

 

		31.7	The award rendered by the arbitrator shall be final and judgment may be entered upon it in accordance
with applicable law in any court having jurisdiction thereof.

 

Section 32                  COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts and it shall be sufficient that the signature of each party appear on one or more such counterparts.
All counterparts shall collectively constitute a single Agreement.

 

[Rest
of this page intentionally left blank; signatures on next page.]

 

    	MDA City Apartments (Recap)	22

    	 

    

 

SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have affixed
or caused to be affixed their respective signatures this 14th day of December, 2012.

 

WITNESS:

  

	 	OWNER
	 	 
	 	MDA CITY APARTMENTS, LLC, a Delaware
	 	limited liability company
	 	 
	 	By:	MDA Associates of Illinois, LLC, its Co-
	 	 	Manager
	 	 	 
	 	 	By:	Holtzman Interests #17 LLC, its
	 	 	 	Manager
	 	 	 	 
	 	 	 	 	By:	/s/ Jonathan Holtzman
	 	 	 	 	Jonathan Holtzman, Manager

 

	 	By:	BR VG MDA JV Member, LLC, its Co-
	 	 	Manager
	 	 	 
	 	 	By:	Bluerock Special Opportunity + Income Fund, LLC, its
	 	 	 	Manager
	 	 	 	 
	 	 	 	By:	Bluerock Real Estate, L.L.C., its
	 	 	 	 	manager
	 	 	 	 	 
	 	 	 	 	 	By:	/s/ Jordan B. Ruddy
	 	 	 	 	 	Jordan B. Ruddy,
	 	 	 	 	 	Authorized Signatory

  

    	MDA City Apartments (Recap)	23

    	 

    
 

	 	 	AGENT
	 	 	 
	 	 	VILLAGE GREEN MANAGEMENT COMPANY LLC, a Delaware limited liability company
	 	 	 
	 	 	By:	VILLAGE GREEN HOLDING LLC, a Delaware limited liability company, its Manager
	 	 	 
	 	 	 	By:	/s/ Diane K. Batayeh
	 	 	 	 	Diane K. Batayeh, Chief Operating Officer

 

    	MDA City Apartments (Recap)	24

    	 

    

 

Exhibit A

Statements and Reports

 

		(a)	Within fifteen (15) days following the end of each month, a statement of Operating Cash Flow for
each month;

 

		(b)	Within fifteen (15) days following the end of each month, a monthly GAAP balance sheet and GAAP
income statement, with a cumulative calendar year GAAP income statement to date, and a statement of change in the Capital Account
for each Member of Owner (“Member”) the preceding month and year to date;

 

		(c)	Within fifteen (15) days following the end of each month, the monthly and year to date activity
which shall be furnished (without notice or demand) as follows:

 

		1.	Balance Sheet, including monthly comparison and comparison to year end (if
applicable)

		2.	Budget Comparison[*], including month-to-date
and year-to-date variances- Detailed Income Statement, including prior 12 months

		3.	Profit and loss statement compared to budget with narrative for any large
fluctuations compared to budget

		4.	Trial Balance that includes mapping of the accounts to the financial statements

		5.	Account reconciliations for each balance sheet account within the trial
balance. – Detailed support for each account  reconciliation including the following:

		a.	Detail Accounts Payable Aging Listing – 0-30 days, 31-60 days, 61-90
days and over 90 days

		b.	Detail Accounts Receivable/Delinquency Aging Report - 0-30 days, 31-60 days,
61-90 days, over 90 days and prepayments

		c.	Fixed asset roll-forward and support (invoices and checks) for any new acquisition/additions
and/or support for any disposals to fixed assets.  Purchases will be accounted for using Bluerock’s capitalization policy.

		6.	Security Deposit Activity

		7.	Mortgage Statement

		8.	Monthly Management Fee Calculation

		9.	Monthly Distribution Calculation

		10.	General Ledger, with description and balance detail

		11.	Monthly Check Register including copies of all checks disbursed and copies
of cancelled checks.

		12.	Market Survey, including property comparison, trends, and concessions

		13.	Rent Roll

		14.	Variance Report, including the following:

		a.	Cap Ex Summary and Commentary

		b.	Monthly Income/Expense Variance with notes

		c.	Yearly Income/Expense Variance with notes

		d.	Occupancy Commentary

		e.	Market/Competition Commentary

		f.	Rent Movement/Concessions Commentary

		g.	Crime Commentary

		h.	Staffing Commentary

 

    	MDA City Apartments (Recap)	25

    	 

    
 

		i.	Operating Summary, with leasing and traffic reporting -Other reasonable
reporting, as requested (e.g. Renovation/Rehab report)
	 	 	 

		(d)	All reports shall be prepared on an Accrual Basis in accordance with generally accepted accounting
principles, and shall be as of each calendar month end. Agent shall furnish to Owner such other reports as may be reasonably requested
by Members in order for such Members to be able to comply with any reporting requirements that are applicable to any such Member
(or any Affiliate of any such Member) under any applicable organizational or offering documents affecting such Member or its Affiliates;
and

 

		(e)	Within twenty (20) days of the end of each quarter of each Fiscal Year, Agent shall furnish to
Owner such information as requested by Owner or its Members or affiliates as is necessary for any REIT Member of Owner (whether
a direct or indirect owner) to determine its qualification as a real estate investment trust (a “REIT”) and its compliance
with any requirements for qualifying as a REIT (the “REIT Requirements”) as shall be requested by Owner or its Members.
Further, Agent shall cooperate in a reasonable manner at the request of any Member to work in good faith with any designated accountants
or auditors of such Member or its Affiliates so that such Member or its Affiliate is able to comply with its public reporting,
attestation, certification and other requirements under the Securities Exchange Act of 1934, as amended, applicable to such entity,
and to work in good faith with the designated accountants or auditors of the Member or any of its Affiliates in connection therewith,
including for purposes of testing internal controls and procedures of such Member or its Affiliates. The requesting Member shall
bear the cost of any information or reports provided to Investor pursuant to this Section subpart (e).

 

 

[*]       
Budget Comparison shall include (i) an unaudited income and expense statement showing the results of operation of the Project for
the preceding calendar month and the Fiscal Year to-date; (ii) a comparison of monthly line item actual income and expenses with
the monthly line item income and expenses projected in the Budget.  The balance sheet will show the cash balances for reserves
and operating accounts as of the cut-off date for such month.

 

    	MDA City Apartments (Recap)	26MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

SALE OF BERRY HILL INTEREST

 

FROM

 

BLUEROCK SPECIAL OPPORTUNITY + INCOME
FUND III, LLC

 

TO

 

BEMT BERRY HILL, LLC

 

    	 

    	 

    

 

CONTENTS

  

	Clause	 	Page

 

	Article 1.	PURCHASE OF INTEREST; CONSIDERATION; DEFINITIONS	 	1
	 	 	 	 
	1.1	Purchase of Berry Hill Interest; Consideration	 	1
	1.2	Definitions	 	1
	1.3	Descriptive Headings; Word Meaning	 	2
	 	 	 	 
	Article 2.	CLOSING	 	2
	 	 	 	 
	2.1	Seller Deliveries	 	2
	2.2	Buyer Deliveries	 	2
	2.3	Closing Statement	 	2
	 	 	 	 
	Article 3.	PRORATIONS; COSTS	 	2
	 	 	 	 
	3.1	Prorations	 	2
	3.2	Post-Closing Corrections	 	2
	3.3	Costs; Transfer Taxes	 	3
	3.4	Sales Commissions	 	3
	3.5	Excluded Obligations and Assets	 	3
	 	 	 	 
	Article 4.	REPRESENTATIONS AND WARRANTIES	 	3
	 	 	 	 
	4.1	Seller’s Representations and Warranties as to Seller	 	3
	4.2	Seller’s Representations and Warranties as to the Berry Hill Interest	 	4
	4.3	Buyer’s Representations and Warranties	 	4
	4.4	Limitations	 	6
	4.5	Survival of Representations and Warranties	 	6
	 	 	 	 
	Article 5.	INDEMNIFICATION AND LIMITATION ON LIABILITY	 	6
	 	 	 	 
	5.1	Indemnification between Seller and Buyer	 	6
	5.2	Limitation on Seller’s Liability	 	6
	5.3	Survival	 	6
	 	 	 	 
	Article 6.	MISCELLANEOUS	 	7
	 	 	 	 
	6.1	Parties Bound	 	7
	6.2	Headings; Entirety; Amendments	 	7
	6.3	Invalidity and Waiver	 	7
	6.4	Governing Law; Calculation of Time Periods; Time	 	7
	6.5	No Third Party Beneficiary	 	7
	6.6	Confidentiality	 	7
	6.7	Enforcement Expenses	 	7
	6.8	Notices	 	8
	6.9	Construction	 	8
	6.10	Execution in Counterparts	 	8
	6.11	Further Assurances	 	8
	6.12	Waiver of Jury Trial; Forum	 	8
	6.13	Mutual Execution	 	8
	6.14	Cooperation	 	8

 

    	i

    	 

    

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

SCHEDULE OF EXHIBITS AND APPENDICES

 

	Exhibit A	-	Organizational Chart
	 	 	 
	Appendix 1.2	-	Defined Terms
	 	 	 
	Appendix 2.1(a)	-	Form of Assignment of Interest
	 	 	 
	Appendix 2.1(c)	-	Form of Venture Agreement Amendment

 

    	ii

    	 

    

 

MEMBERSHIP INTEREST PURCHASE
AGREEMENT

 

This Membership Interest
Purchase Agreement (this “Agreement”) is made as of the 17th day of December, 2012 (the “Effective
Date”) by and among BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC, a Delaware limited liability company (“Seller”),
and BEMT BERRY HILL, LLC, a Delaware limited liability company (“Buyer”).

 

RECITALS

 

A. Seller is the owner
and holder of a 29% limited liability company interest in BR Berry Hill Managing Member, LLC, a Delaware limited liability company
(“BR Berry Hill Member”).

 

B. Buyer is the manager
of, and is the owner and holder of 71% limited liability company interest in, BR Berry Hill Member.

 

C. BR Berry Hill Member
is a co-manager of, and is the owner and holder of an 82.5% limited liability company interest in, BR Stonehenge 23Hundred JV,
LLC, a Delaware limited liability company (“Berry Hill Venture”), which is the sole member of 23Hundred, LLC,
a Delaware limited liability company (the “Subsidiary”), which is the fee simple owner and holder of the Berry
Hill Property (as defined in Appendix 1.2).

 

D. BR Berry Hill Member
is an indirect owner of the Berry Hill Property, as shown in the organizational chart attached to this Agreement as Exhibit
A (the “Organizational Chart”).

 

E. Seller desires to
sell, and Buyer desires to purchase from Seller, all of Seller’s right, title and interest in a 6.253% limited liability
company interest in BR Berry Hill Member (the “Berry Hill Interest”), which equates to an additional 5.158%
indirect interest in the Berry Hill Property.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

 

ARTICLE 1. PURCHASE OF INTEREST; CONSIDERATION;
DEFINITIONS 

 

1.1 Purchase
of Berry Hill Interest; Consideration. In accordance with the Recitals set forth above, which Recitals are incorporated
into this Agreement and made a part thereof, Seller agrees to sell and convey, and Buyer agrees to purchase, the Berry Hill Interest
on the terms and conditions set forth herein. As consideration for Seller’s agreement to sell the Berry Hill Interest to
Buyer, Buyer has committed to fund a $369,034 capital contribution to BR Berry Hill Member for the benefit of Seller (the “Consideration”).
Buyer agrees to fund the Consideration at such times and in such increments as shall be necessary to satisfy the current and future
capital contribution obligations of Seller to BR Berry Hill Member, pursuant to the terms of the Venture Agreement, as amended
by the Venture Agreement Amendment (as defined below), until Buyer has contributed an aggregate amount equal to the Consideration
to BR Berry Hill Member on behalf of Seller. To the extent that any obligation of Buyer to fund the Consideration remains at the
time that Seller no longer holds an interest in BR Berry Hill Member, then the parties shall perform a true-up reconciliation of
the Consideration payable to Seller (the “Reconciliation”) within sixty (60) days of the date Seller ceases
to hold an interest, with any payment to be made to Seller made in cash within thirty (30) days following the finalization of the
Reconciliation. Notwithstanding the foregoing or any provision to the contrary contained herein or in the Venture Agreement, the
payment of the Consideration as contemplated in this Section 1.1 shall not be subject to or invoke the provisions of Section
5.2(b) of the Venture Agreement.

 

1.2 Definitions.
Certain terms, capitalized but not defined in the body of this Agreement shall have the meanings ascribed to them on Appendix
1.2 attached hereto.

 

    	1

    	 

    

 

1.3 Descriptive
Headings; Word Meaning. The descriptive headings of the paragraphs of this Agreement are inserted for convenience only
and shall not control or affect the meaning or construction of any provisions of this Agreement. Words such as “herein,”
“hereinafter,” “hereof” and “hereunder” when used in reference to this Agreement, refer to
this Agreement as a whole and not merely to a subdivision in which such words appear, unless the context otherwise requires. The
singular shall include the plural and the masculine gender shall include the feminine and neuter, and vice versa, unless the context
otherwise requires. The word “including” shall not be restrictive and shall be interpreted as if followed by the words
“without limitation.”

 

ARTICLE 2. CLOSING

 

The transaction described
herein shall be closed upon (i) the consummation of the purchase and sale of the Berry Hill Interest as contemplated in this Agreement,
and (ii) the execution and delivery of the documents set forth in this Article 2.

 

2.1 Seller Deliveries.
Seller shall deliver or cause to be delivered to Buyer the following, each such document being duly executed and, where appropriate,
in recordable form and notarized:

 

(a) Assignment of
Interest. An assignment of the Berry Hill Interest, in the form attached hereto as Appendix 2.1(a), executed by Seller
(the “Assignment of Interest”);

 

(b) Authority.
Evidence of the existence, organization and authority of Seller and of the authority of the Persons executing documents on behalf
of Seller reasonably satisfactory to Buyer;

 

(c)First Amendment
to Venture Agreement. An amendment to the Venture Agreement, in the form attached hereto as Appendix 2.1(c), duly executed
by Seller and reflecting the consummation of the purchase and sale of the Berry Hill Interest as contemplated herein (the “Venture
Agreement Amendment”);

 

(d) Other Deliveries.
Such other documents, certificates and instruments reasonably necessary in order to effectuate the transactions described herein,
including without limitation, transfer tax declarations, broker lien waivers, and any other Closing deliveries required to be made
by or on behalf of Seller.

 

2.2 Buyer Deliveries.
Buyer shall deliver or cause to be delivered to Seller the following, each such document being duly executed and, where appropriate,
in recordable form and notarized:

 

(a) Authority.
Evidence of the existence, organization and authority of Buyer and of the authority of the Persons executing documents on behalf
of Buyer reasonably satisfactory to Seller;

 

(b) Venture Agreement
Amendment. The Venture Agreement Amendment, duly executed by Buyer; and

 

(c) Other Deliveries.
Such other documents, certificates and instruments reasonably necessary in order to effectuate the transactions described herein,
including without limitation, transfer tax declarations, broker lien waivers, and any other Closing deliveries required to be made
by or on behalf of Buyer.

 

2.3 Closing Statement.
Seller and Buyer shall execute a closing statement consistent with this Agreement.

 

ARTICLE 3. PRORATIONS; COSTS

 

3.1 Prorations.
Buyer and Seller agree to use customary commercially reasonable practices to determine all prorations and adjustments to be made
between Buyer and Seller at Closing.

 

3.2 Post-Closing
Corrections. Either party shall be entitled to a post-Closing adjustment for any incorrect proration or adjustment, provided
such adjustment is claimed by such party within twelve (12) months after Closing. The provisions of this Section 3.2 shall
survive the Closing.

 

    	2

    	 

    

 

3.3 Costs; Transfer
Taxes. Buyer shall pay any Transfer Taxes due and payable with respect to the conveyance of the Berry Hill Interest. Seller
shall pay the cost of removing any Encumbrances on the Berry Hill Interest. Except as provided in Section 5.1 and Section
6.7 of this Agreement, or in any document or instrument executed pursuant to this Agreement, each party shall be responsible
for their own attorneys’ and other professional fees. Seller and Buyer shall execute any required city, county and state
transfer tax or other declarations, if applicable.

 

3.4 Sales Commissions.
Seller and Buyer represent and warrant each to the other that they have not dealt with any real estate broker or salesperson in
connection with this transaction. In the event of any claim for broker’s or finder’s fees or commissions in connection
with the negotiation, execution or consummation of this Agreement or the transaction contemplated hereby, each party shall indemnify,
defend and hold harmless the other party from and against any such claim based upon any actual or alleged statement, representation
or agreement of the indemnifying party. This provision shall survive the Closing and any termination of this Agreement.

 

3.5 Excluded
Obligations and Assets.

 

(a) Seller Obligations.
Neither Buyer nor any of its direct or indirect owners is assuming any liabilities related to the Berry Hill Interest.

 

(b) Survival.
The provisions of this Section 3.5 shall survive Closing indefinitely and shall not be subject to the limitations set forth
in Section 4.5 or Article 5.

 

ARTICLE 4. REPRESENTATIONS AND WARRANTIES

 

4.1 Seller’s
Representations and Warranties as to Seller. As a material inducement to Buyer to execute this Agreement and consummate
the Closing, Seller represents and warrants to Buyer that:

 

(a) Seller has been
duly formed or organized as a limited liability company, is validly existing and is in good standing in the State of Delaware,
and is authorized to exercise all its powers, rights and privileges.

 

(b) Seller has the
power and authority, under its Charter Documents, to own and operate its assets, to carry on its business as now conducted, and
to enter into and perform its obligations under this Agreement.

 

(c) All manager, member,
or other action on the part of Seller and the BR Berry Hill Member necessary for Seller’s authorization, execution and delivery
of this Agreement, and the performance of all obligations of Seller hereunder and the completion of the Closing pursuant hereto
has been taken or will be taken prior to the Closing. This Agreement constitutes a legally binding and valid obligation of Seller,
enforceable against Seller in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other
similar Laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles
of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is
sought in a proceeding at law or in equity).

 

(d) The execution and
delivery of this Agreement by Seller and the performance by Seller of its obligations pursuant hereto will not result in any violation
of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice: (x) any provision
of Seller’s Charter Documents as such documents exist immediately prior to the Closing; (y) any provision of any judgment,
decree or order to which Seller is a party or by which its properties or assets are bound; or (z) any Laws applicable to Seller
or its properties or assets.

 

(e) The execution and
delivery of this Agreement by Seller and the performance by Seller of its obligations pursuant hereto will not result in any violation
of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice any material
contract or agreement to which Seller is a party.

 

    	3

    	 

    

 

(f) The execution,
delivery and performance by Seller of this Agreement does not require the consent, approval, notice, clearance, waiver, order or
authorization of any Person or Governmental Authority that has not been obtained or given.

 

(g) There is no action,
suit, proceeding or investigation pending or, to the knowledge of Seller, threatened in writing against Seller that challenges
the validity of this Agreement or the right of Seller to enter into this Agreement, or that might result, either individually or
in the aggregate, in Seller’s inability to perform its obligations under this Agreement. There is no material judgment, decree
or order of any court, arbitrator, tribunal or governmental or similar authority in effect against Seller, nor is Seller in material
default with respect to any order or any court, arbitrator, tribunal or governmental or similar authority binding upon Seller,
by which it or its respective properties or assets are bound, which would prevent Seller from performing its obligations under
this Agreement.

 

(h) Seller is not and
is not acting on behalf of (i) an “employee benefit plan” within the meaning of Section 3(3) of ERISA), (ii) a “plan”
within the meaning of Section 4975 of the Code or (iii) an entity deemed to hold “plan assets” within the meaning of
29 C.F.R. §2510.3-101 of any such employee benefit plan or plans.

 

(i) Seller is not acting,
directly or indirectly for, or on behalf of, any Person, group, entity or nation named by any Executive Order (including the September
24, 2001, Executive Order Blocking Properties and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,”
or other banned or blocked Person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office
of Foreign Assets Control, and is not engaging in the transactions described herein, directly or indirectly, on behalf of, or instigating
or facilitating the transactions described herein, directly or indirectly, on behalf of, any such Person, group, entity or nation.

 

(j) Seller is not insolvent
and will not become insolvent by executing or performing its obligations under this Agreement or the documents to be executed in
connection herewith.

 

4.2 Seller’s
Representations and Warranties as to the Berry Hill Interest. As a material inducement to Buyer to execute this Agreement
and consummate the Closing, Seller represents and warrants to Buyer with respect to the Berry Hill Interest, BR Berry Hill Member,
Berry Hill Venture and the Subsidiary that:

 

(a) Seller is the owner
and holder of 29% of the limited liability company interests in BR Berry Hill Member. The Berry Hill Interest is free and clear
of any Encumbrances, subject only to restrictions on transfer imposed under applicable U.S. federal and state securities Laws,
the Venture Agreement and the Loan Documents. The Berry Hill Interest has been duly and validly issued and, except as contemplated
by this Agreement or the Venture Agreement, there exists no agreement, arrangement or obligation (actual or contingent) to issue,
transfer, redeem, repay or repurchase the Berry Hill Interest or any portion thereof.

 

(b) Other than as provided
in the limited liability company agreement of Berry Hill Venture or the Subsidiary or the Venture Agreement, there are no options,
warrants, stock appreciation rights, calls, pre-emptive rights, subscriptions, contribution rights, convertible securities, or
other rights or other agreements or commitments of any character whatsoever which are an obligation of Seller to issue, transfer
or sell any securities exercisable for, or otherwise evidencing a right to acquire, any interests of any kind in any of BR Berry
Hill Member, Berry Hill Venture or the Subsidiary (except the rights of Buyer under this Agreement).

 

(c) The Organizational
Chart is correct and correctly shows Berry Hill Venture and the Subsidiary and the percentage ownership interest of BR Berry Hill
Member in Berry Hill Venture, and indirectly in the Subsidiary, immediately prior to the Closing hereunder.

 

4.3 Buyer’s
Representations and Warranties. As a material inducement to Seller to execute this Agreement and consummate the Closing,
Buyer represents and warrants to Seller that:

 

    	4

    	 

    

 

(a) Buyer has been
duly formed or organized as a limited liability company, is validly existing and, is in good standing in the state of its organization,
and is authorized to exercise all of its powers, rights and privileges.

 

(b) Buyer has the power
and authority, under its Charter Documents, to own and operate its properties, to carry on its business as now conducted, and to
enter into and perform its obligations under this Agreement.

 

(c) All action on the
part of Buyer and its members, managers, and officers necessary for the authorization, execution and delivery of this Agreement,
the performance of all obligations of Buyer hereunder and completion of the transactions hereunder, has been taken or will be taken
prior to the Closing. This Agreement constitutes a legally binding and valid obligation of Buyer enforceable in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights
and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

(d) The execution and
delivery of this Agreement by Buyer and the performance by Buyer of its obligations pursuant hereto will not result in any violation
of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice: (x) any provision
of Buyer’s Charter Documents; (y) any provision of any judgment, decree or order to which Buyer is a party or by which it
or its property or assets are bound; or (z) any Laws applicable to Buyer or its property or assets.

 

(e) The execution and
delivery of this Agreement by Buyer and the performance by Buyer of its obligations pursuant hereto will not result in any violation
of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice, any material
contract or agreement to which Buyer is a party.

 

(f) There is no action,
suit, proceeding or investigation pending or, to the knowledge of Buyer, threatened in writing against Buyer that challenges the
validity of this Agreement or the right of Buyer to enter into this Agreement, or that might result, either individually or in
the aggregate, in Buyer’s inability to perform its obligations under this Agreement. There is no judgment, decree or order
of any court, arbitrator, tribunal or governmental or similar authority in effect against Buyer, and Buyer is not in default with
respect to any order of any court, arbitrator, tribunal or governmental or similar authority binding upon Buyer or by which it
or its property or assets are bound that would prevent Buyer from performing its obligations under this Agreement.

 

(g) Buyer is not acting,
directly or indirectly for, or on behalf of, any Person, group, entity or nation named by any Executive Order (including the September
24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person, or
other banned or blocked Person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of
Foreign Assets Control, and is not engaging in the transactions described herein, directly or indirectly, on behalf of, or instigating
or facilitating the transactions described herein, directly or indirectly, on behalf of, any such Person, group, entity or nation.

 

(h) Buyer is acquiring
the Berry Hill Interest for its own account, for investment purposes only and not with a view to the distribution (as such term
is used in Section 2(11) of the Securities Act of 1933, as amended (the “Securities Act”)) thereof. Buyer understands
that the Berry Hill Interest has not been registered under the Securities Act and cannot be sold unless subsequently registered
under the Securities Act or an exemption from such registration is available.

 

    	5

    	 

    

 

4.4 Limitations.
Except for the representations and warranties contained in Sections 4.1 and 4.2, or any documents delivered to Buyer
at Closing in connection with this Agreement (collectively, “Seller’s Reps”), neither Seller nor any other
Person (including, for the avoidance of doubt, any equity holder of Seller) makes any other express or implied representation or
warranty in respect of the Berry Hill Interest, BR Berry Hill Member, Berry Hill Venture, the Subsidiary, the Berry Hill Property
or the transaction contemplated hereby, and Seller disclaims all other representations or warranties, whether made by BR Berry
Hill Member, Berry Hill Venture, the Subsidiary or any of their respective Affiliates, officers, directors, employees, agents or
representatives. Except for Seller’s Reps, Seller hereby disclaims all liability and responsibility for any representation,
warranty, projection, forecast, statement, or information made, communicated, or furnished (orally or in writing) to Buyer or its
Affiliates or representatives (including any opinion, information, projection or advice that may have been or may be provided to
Buyer by any director, officer, employee, agent, consultant or representative of BR Berry Hill Member, Berry Hill Venture, the
Subsidiary or any of their respective Affiliates). EXCEPT FOR AND SUBJECT ONLY TO SELLER’S REPS, SELLER MAKES NO REPRESENTATIONS
OR WARRANTIES WHATSOEVER, EXPRESS, IMPLIED OR STATUTORY, RELATING TO THE BERRY HILL INTEREST, BR BERRY HILL MEMBER, BERRY HILL
VENTURE, THE SUBSIDIARY, THE BERRY HILL PROPERTY OR ANY PORTION THEREOF, OR THE CONDITION OF OR MATERIALS RELATING TO THE BERRY
HILL INTEREST, BR BERRY HILL MEMBER, BERRY HILL VENTURE, THE SUBSIDIARY OR THE BERRY HILL PROPERTY, IN WHOLE OR IN PART, OR ANY
OTHER MATTER, ALL SUCH REPRESENTATIONS AND WARRANTIES BEING HEREBY EXPRESSLY DISCLAIMED. WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, AND EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND SUBJECT ONLY TO SELLER’S REPS, BUYER IS PURCHASING THE
BERRY HILL INTEREST “AS IS” AND “WITH ALL FAULTS.” The disclaimer expressed in this Section
4.4 shall survive Closing.

 

4.5 Survival
of Representations and Warranties. The representations and warranties set forth in this Article 4 are made as of
the Effective Date. Such representations and warranties shall not be deemed to be merged into or waived by the instruments of Closing,
but shall survive the Closing for a period of twelve (12) months (the “Limitation Period”); provided
that (a) the representations and warranties set forth in Sections 4.1(a), (b), (c) and (d) and Section 4.2, (the
“Warranties”) shall survive the Closing indefinitely. Seller and Buyer shall have the right to bring
an action for breach of such representations and warranties if they give the other party written notice of the circumstances giving
rise to the alleged breach within the survival period specified therefor in this Section 4.5.

 

ARTICLE 5. INDEMNIFICATION AND LIMITATION
ON LIABILITY

 

5.1 Indemnification
between Seller and Buyer. Seller, on the one hand, and Buyer, on the other hand (for purposes of this Section 5.1,
each an “indemnitor”), shall indemnify, defend and hold the other (for purposes of this Section 5.1,
the “indemnified party”) harmless from any liability, claim, demand, loss, expense or damage that is: (a) suffered
by, or asserted by any third party against the indemnified party arising from any act or omission of the indemnitor, its agents,
employees or contractors or otherwise arising out of the ownership of the Berry Hill Interest first arising or occurring prior
to the Closing (with respect to Seller as indemnitor) or from and after the Closing (with respect to Buyer as the indemnitor);
(b) arising out of the breach or inaccuracy of any of the indemnitor’s representations and warranties set forth herein; or
(c) arising out of any failure by Seller or Buyer to perform any covenant or obligation of Seller or Buyer, as applicable, set
out in this Agreement.

 

5.2 Limitation
on Seller’s Liability. Notwithstanding any other provision of this Article 5 to the contrary, (a) Seller shall
not have any indemnification obligations for claims under Section 5.1 unless and until the aggregate amount of such claims
exceeds $30,000 (provided that, once the amount of such claims exceeds $30,000, Seller shall pay damages from the first dollar
of damages) and (b) in no event shall Seller’s aggregate liability for claims under Section 5.1 of this Agreement
exceed $369,034 ; provided, however, that the limitations on liability set forth in this Section 5.2 shall
not apply to any loss or liability arising from any breach of any of Seller’s Warranties, or to Seller’s obligations
with respect to reprorations under Section 3.2, which liability and obligations shall not be credited against the foregoing
cap. The provisions of this Article 5 shall be the sole and exclusive remedy of Buyer with respect to matters which are
subject to indemnification by Seller under Section 5.1 of this Agreement, all other remedies with respect to such matters
being hereby waived.

 

5.3 Survival.
The provisions of this Article 5 shall survive the Closing; provided that claims under clause (a) or (b) of Section 5.1
shall be subject to the Limitation Period. Any claim for indemnification under Section 5.1(a) or (b) not made on or prior
to the expiration of the Limitation Period set forth in Section 4.5 shall be irrevocably and unconditionally waived and
released.

 

    	6

    	 

    

 

ARTICLE 6. MISCELLANEOUS

 

6.1 Parties Bound.
No party may assign this Agreement without the prior written consent of the other party, and any such prohibited assignment shall
be void. This Agreement shall be binding upon and inure to the benefit of the respective legal representatives, successors, permitted
assigns, heirs, and devises of the parties.

 

6.2 Headings;
Entirety; Amendments. The article and paragraph headings of this Agreement are for convenience only and in
no way limit or enlarge the scope or meaning of the language hereof. All exhibits and appendices attached to this Agreement are
incorporated herein as if fully set forth in this Agreement and shall be deemed to be a part of this Agreement. This Agreement
embodies the entire agreement between the parties and supersedes all prior agreements and understandings relating to the Berry
Hill Interest, BR Berry Hill Member, Berry Hill Venture, the Subsidiary or the Berry Hill Property (other than the Charter Documents
of BR Berry Hill Member, Berry Hill Venture and the Subsidiary). This Agreement may be amended or supplemented (except as noted
in the preceding sentence) only by an instrument in writing executed by the party against whom enforcement is sought.

 

6.3 Invalidity
and Waiver. If any portion of this Agreement is held invalid or inoperative, then so far as is reasonable and possible
the remainder of this Agreement shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall
be given to the intent manifested by the portion held invalid or inoperative. The failure by a party to enforce against another
party any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against
the other party the same or any other such term or provision in the future.

 

6.4 Governing
Law; Calculation of Time Periods; Time. This Agreement shall, in all respects, be governed and enforced in accordance with
the laws of the State of New York. Unless otherwise specified, in computing any period of time described herein, the day of the
act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed
is to be included, unless such last day is a Saturday, Sunday or legal holiday for national banks in New York, New York, in which
event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday. The last day of
any period of time described herein shall be deemed to end at 5:30 p.m. New York, New York time. Time is of the essence in the
performance of this Agreement.

 

6.5 No Third
Party Beneficiary. This Agreement is not intended to give or confer any benefits, rights, privileges, claims, actions,
or remedies to any Person as a third party beneficiary, decree, or otherwise, other than the indemnified parties referenced in
Section 5.1 pursuant to and for purposes of Section 5.1, who shall be express third party beneficiaries hereof solely
for purposes of Section 5.1.

 

6.6 Confidentiality.
No party shall make a public announcement or other disclosure of this Agreement or any information related to this Agreement to
outside brokers or third parties, before or after the Closing, without the prior written specific consent of the other, which consent
may not be unreasonably conditioned, delayed or withheld so long as such public disclosure is otherwise in compliance with this
Agreement; provided, however, that without the consent of the other party, a party may make (i) any public disclosure it reasonably
believes is required by applicable Laws (in which event such party shall use reasonable efforts to advise the other party prior
to the making of such disclosure); (ii) such disclosure as may be reasonably necessary to enforce any provision of this Agreement;
(iii) any disclosure to any lender or prospective lender, creditor, officer, employee, agent, current or prospective investor and
their advisors, current or prospective financial partner, or Affiliate as necessary to perform its obligations under this Agreement
or (iv) any public disclosure that is deemed advisable by such party or its counsel to be disclosed in connection with financial
reporting, securities disclosures or other legal, tax or financial requirements or guidelines applicable to such party or any Affiliate
thereof, including any disclosures to the Securities and Exchange Commission and any press release required by the Securities and
Exchange Commission in connection therewith.

 

6.7 Enforcement
Expenses. Should any party employ attorneys or arbitrators to bring an action or arbitration to enforce any of the provisions
hereof, the non-prevailing party in such action or arbitration shall pay the prevailing party all reasonable costs, charges, and
expenses, including attorneys’ fees and costs, expended or incurred in connection therewith (not to exceed, in the aggregate,
$369,034). The limitations set forth in Section 5.2 shall not apply with respect to this Section 6.7.

 

    	7

    	 

    

 

6.8 Notices.
All notices required or permitted hereunder shall be in writing and shall be served on the following parties:

 

	If to Buyer:	c/o Bluerock Enhanced Multifamily Advisor
	 	Heron Tower
	 	70 East 55th Street
	 	9th Floor
	 	New York, NY 10002
	 	Attn:  Michael L. Konig
	 	 
	If to Seller:	c/o BR SOIF III Manager
	 	Heron Tower
	 	70 East 55th Street
	 	9th Floor
	 	New York, NY 10002
	 	Attn: Jordan B. Ruddy

 

6.9 Construction.
The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and the documents to be executed
on or prior to the Closing Date and agree that the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of this Agreement, the documents to be delivered on or prior
to the Closing Date or any exhibits or amendments thereto.

 

6.10 Execution
in Counterparts. This Agreement may be executed in any number of counterparts, and by each party hereto on separate counterparts,
each of which shall be deemed to be an original, and all of such counterparts shall constitute one Agreement. To facilitate execution
of this Agreement, the parties may execute and exchange by telephone facsimile or email counterparts of the signature pages which
shall be deemed original signatures for all purposes.

 

6.11 Further
Assurances. In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered
by either party on or prior to the Closing Date, each party agrees to perform, execute and deliver, but without any obligation
to incur any additional liability or expense, on or after the Closing any further deliveries and assurances as may be reasonably
necessary to consummate the transactions contemplated hereby or to further perfect the conveyance, transfer and assignment of the
Berry Hill Interest to Buyer.

 

6.12 Waiver of
Jury Trial; Forum. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH
PARTY SHALL BRING ANY ACTION AGAINST THE OTHER IN CONNECTION WITH THIS AGREEMENT IN A FEDERAL OR STATE COURT LOCATED IN NEW YORK,
NEW YORK, CONSENTS TO THE JURISDICTION OF SUCH COURTS, AND WAIVES ANY RIGHT TO HAVE ANY PROCEEDING TRANSFERRED FROM SUCH COURTS
ON THE GROUND OF IMPROPER VENUE OR INCONVENIENT FORUM.

 

6.13 Mutual Execution.
Until this Agreement has been duly executed by both parties hereto and a fully executed copy has been delivered to each party hereto
(which may occur by facsimile transmission or e-mail), this Agreement shall not be legally binding against the parties.

 

6.14 Cooperation.
Subject to the provisions of this Agreement, the parties agree to cooperate and use Commercially Reasonable Efforts to consummate
the transactions contemplated hereby.

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed and delivered this Agreement as of the Effective Date.

  

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

  

	 	 	By:	/s/ Jordan B. Ruddy
	 	 	Jordan B. Ruddy, President

  

	 	BUYER:
	 	 
	 	BEMT BERRY HILL, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Bluerock Enhanced Multifamily Holdings, LP,
	 	 	a Delaware limited partnership,
	 	 	its Manager

  

	 	 	By:	Bluerock Enhanced Multifamily Trust, Inc.,
	 	 	a Maryland corporation,
	 	 	its general partner

  

	 	 	By:	/s/ Jordan B. Ruddy
	 	 	 	Jordan B. Ruddy, President
	 	 	 	and Chief Operating Officer

 

    	9

    	 

    

 

Exhibit A

 

Organizational Chart

 

[SEE ATTACHMENT]

 

    	 

    	 

    

 

APPENDIX 1.2

 

Defined Terms

 

“Affiliate”
shall mean: (a) an entity that directly or indirectly controls, is controlled by or is under common control with the party in question;
or (b) an entity at least a majority of whose economic interest is owned by the party in question; and the term “control”
means the power to direct the management of such entity through voting rights, ownership or contractual obligations.

 

“Agreement”
shall have the meaning given to it in the preamble to this Agreement.

 

“Assignment
of Interest” shall have the meaning given to it in Section 2.1(a) hereof.

 

“Berry Hill
Interest” shall have the meaning given to it in the Recitals to this Agreement.

 

“Berry Hill
Property” shall mean that certain 266-unit multi-family development project known as 23Hundred@Berry Hill, Nashville,
Tennessee, including the Real Property, the Leases, the Rents, the Personal Property, and the Intangible Property.

 

“Berry Hill
Venture” shall have the meaning given to it in the Recitals to this Agreement.

 

“BR Berry
Hill Member” shall have the meaning given to it in the Recitals to this Agreement.

 

“Business
Day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks are authorized or required
to close under applicable Laws, or are in fact closed, in New York, New York.

 

“Buyer” shall have the
meaning given to it in the preamble to this Agreement.

 

“Charter Documents”
shall mean, with respect to any entity, its articles of incorporation, declaration of trust, bylaws, partnership agreement, statement
of partnership, certificate of limited partnership, limited liability company agreement, limited liability certificate or articles,
or other charter or governing or organizational documents, and all amendments or supplements to any of the foregoing (but excluding
the Venture Agreement Amendment).

 

“Closing”
shall have the meaning given to it in Article 2 hereof.

 

“Closing Date”
shall mean the date on which the Closing occurs.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Commercially
Reasonable Efforts” shall mean, whenever there is imposed on any party such standard, that such party shall be required
to exert those efforts or diligence only to the extent they are economically feasible, practicable and reasonable under the circumstances
and shall not impose upon such party material financial or other burdens or require any party to institute any legal action.

 

“Consideration”
shall have the meaning given to it in Section 1.1 hereof.

 

“Encumbrances”
shall mean any and all security interests, pledges, liens, charges, claims, purchase options or other encumbrances or restrictions
of any kind, including, without limitation, any restriction on the use, transfer, receipt of income or other exercise of any attribute
of ownership (not including applicable Laws).

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

    	 

    	 

    

 

“Governmental
Authority” shall mean any governmental authority having jurisdiction over the Berry Hill Property, Buyer, Seller, BR
Berry Hill Member, Berry Hill Venture, the Subsidiary or any of their respective Affiliates, including, without limitation, the
United States of America, the state, county and municipality where the Berry Hill Property is located, and any court, agency, department,
commission, board, bureau, utility district, flood control district, improvement district or similar district, or other instrumentality
of any of them.

 

“Improvements”
shall mean all buildings, fixtures, structures, parking areas, landscaping and other improvements located on the Land.

 

“Intangible
Property” shall mean all right, title and interest of the Subsidiary in and to all intangible personal property owned
by the Subsidiary and now or hereafter used in connection with the operation, ownership, maintenance, management, or occupancy
of the Real Property, including, without limitation, any and all trade names and trademarks associated with the Real Property;
the plans and specifications for the Improvements, including as-built plans; unexpired warranties, guarantees, indemnities and
claims against third parties; contract rights related to the construction, operation, repair, renovation, ownership or management
of the Real Property; pending permit or approval applications as well as existing permits, approvals and licenses (to the extent
assignable); insurance proceeds and condemnation awards; and books and records relating to the Real Property.

 

“Land”
shall mean the land owned by the Subsidiary, and all rights, benefits, privileges, easements, tenements, hereditaments, and appurtenances
in anywise appertaining to the Land, including any and all mineral rights, development rights, water rights and the like; and all
right, title, and interest of the Subsidiary in and to all strips and gores and any land lying in the bed of any street, road or
alley, open or proposed, adjoining the Land.

 

“Laws”
shall mean all applicable federal, state and local laws, rules, ordinances, regulations and codes, including without limitation,
all zoning, building, health and safety, environmental, land use and requirements regarding disabled Persons.

 

“Leases”
shall mean all leases, subleases or other occupancy agreements pursuant to which any Person has the right to occupy space in the
Improvements.

 

“Limitation
Period” shall have the meaning given to it in Section 4.5 hereof.

 

“Loan”
shall mean the mortgage loan encumbering the Berry Hill Property.

 

“Loan Documents”
shall mean the documents and instruments evidencing and securing the Loan.

 

“Organizational
Chart” shall have the meaning given to it in the Recitals to this Agreement.

 

“Person”
shall mean a corporation, partnership, limited liability company, business trust or individual.

 

“Personal
Property” shall mean as to the Real Property, all right, title and interest of the Subsidiary in and to all tangible
personal property now or hereafter used in connection with the operation, ownership, maintenance, management, or occupancy of the
Real Property, including, without limitation, all equipment, machinery, heating, ventilating and air conditioning units, furniture,
art work, furnishings, trade fixtures, office equipment and supplies, and, whether stored on or off-site, all tools and maintenance
equipment, supplies, and construction and finish materials not yet incorporated in the Improvements but held for repairs and replacements.

 

“Real Property” shall
mean the Land and the Improvements.

 

“Reconciliation”
shall have the meaning given to it in Section 1.1 hereof.

 

    	 

    	 

    

 

“Rents”
shall mean all income from the Real Property, including without limitation, all fixed or base rent, percentage rent, additional
rent or other amounts payable by tenants under Leases with respect to operating expenses, Taxes or other charges under the Leases.

 

Securities Act”
shall have the meaning given to it in Section 4.3(h) hereof.

 

“Seller”
shall have the meaning given to it in the preamble to this Agreement.

 

“Subsidiary”
shall have the meaning given to it in the Recitals to this Agreement.

 

“Taxes”
shall mean all federal, state, local, foreign, and other taxes, including, without limitation, income taxes, estimated taxes, alternative
minimum taxes, excise taxes, sales taxes, use taxes, value-added taxes, gross receipts taxes, bulk sales taxes, transient occupancy
taxes, franchise taxes, capital stock taxes, employment and payroll-related taxes, withholding taxes, stamp taxes, Transfer Taxes
and property taxes, whether or not measured in whole or in part by net income, and all deficiencies or other additions to taxes,
including interest, fines and penalties.

 

“Transfer
Taxes” shall mean any and all taxes on the transfer, or deemed transfer, of the Berry Hill Property as a result of the
conveyance of Berry Hill Interest pursuant to this Agreement payable pursuant to applicable Laws, but if and only to the extent
that the conveyance of the Berry Hill Interest pursuant to this Agreement is deemed to constitute a transfer of the Berry Hill
Property that is subject to such tax, but not including real estate taxes or income taxes.

 

“Venture Agreement”
shall mean the limited liability company agreement governing BR Berry Hill Member, as amended, supplemented or amended and restated
prior to the Effective Date.

 

“Venture Agreement
Amendment” shall have the meaning given to it in Section 2.1(c) hereof.

 

“Warranties”
shall have the meaning given to it in Section 4.5 hereof.

 

    	 

    	 

    

 

APPENDIX 2.1(a)

 

Assignment of Interest

 

[see attached]

 

    	 

    	 

    

 

APPENDIX 2.1(c)

 

Venture Agreement Amendment

 

[see attached]

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