Document:

Master Contribution and Recapitalization Agreement

 Exhibit 10.1 
 Execution Copy 
 MASTER CONTRIBUTION AND RECAPITALIZATION
AGREEMENT 
 BY AND AMONG 
 APARTMENT TRUST OF AMERICA, INC., 
 APARTMENT TRUST OF AMERICA HOLDINGS.,
L.P., 
 ELCO LANDMARK RESIDENTIAL HOLDINGS LLC, 

AND 

ELCO LANDMARK RESIDENTIAL MANAGEMENT LLC 
 AUGUST 3, 2012 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I CONTRIBUTION TRANSACTIONS
	  	 	3	  
			
	1.1	  	Contribution Transactions.	  	 	3	  
	1.2	  	Full Contribution; Alternate Properties; Cash Investment.	  	 	3	  
	1.3	  	No Representations.	  	 	5	  
	1.4	  	Release.	  	 	7	  
	1.5	  	Stock Purchase by ELRH relating to excess Transaction Expenses	  	 	8	  
		
	ARTICLE II CONSIDERATION; APPORTIONMENTS AND OTHER ADJUSTMENTS	  	 	9	  
			
	2.1	  	Consideration.	  	 	9	  
	2.2	  	Apportionments, etc.	  	 	9	  
		
	 ARTICLE III TITLE AND OTHER PROPERTY RELATED MATTERS
	  	 	14	  
			
	3.1	  	Title Matters.	  	 	14	  
	3.2	  	Condemnation.	  	 	16	  
	3.3	  	Casualty.	  	 	17	  
	3.4	  	Excluded Liabilities.	  	 	17	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES RELATING TO THE EL PARTIES
	  	 	18	  
			
	4.1	  	Organization; Capacity; Power.	  	 	18	  
	4.2	  	Authorization of Agreements; Enforceability.	  	 	18	  
	4.3	  	Governmental Filings and Authorizations.	  	 	19	  
	4.4	  	Other Third Party Approvals and Consents.	  	 	19	  
	4.5	  	Contravention.	  	 	19	  
	4.6	  	Brokerage Fees.	  	 	20	  
	4.7	  	Litigation.	  	 	20	  
	4.8	  	Solvency.	  	 	20	  
	4.9	  	Foreign Corrupt Practices Act.	  	 	20	  
	4.10	  	Money Laundering Laws.	  	 	21	  
	4.11	  	OFAC.	  	 	21	  
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES RELATING TO THE CONTRIBUTED ENTITIES AND PROPERTIES
	  	 	21	  
			
	5.1	  	Organization and Authorization; No Conflicts.	  	 	21	  
	5.2	  	Capitalization; Title to Contributed Interests.	  	 	22	  
	5.3	  	Absence of Defaults and Conflicts; Consents and Approvals.	  	 	22	  
	5.4	  	Subsidiaries and Investments.	  	 	23	  

							
	5.5	  	Absence of Undisclosed Liabilities.	  	 	23	  
	5.6	  	Taxes.	  	 	23	  
	5.7	  	Absence of Certain Changes or Events.	  	 	25	  
	5.8	  	Real Property.	  	 	25	  
	5.9	  	FF&E.	  	 	27	  
	5.10	  	Contracts.	  	 	27	  
	5.11	  	Litigation.	  	 	27	  
	5.12	  	Environmental Matters.	  	 	27	  
	5.13	  	Employees.	  	 	28	  
	5.14	  	Construction Contracts; Mechanics’ Liens.	  	 	28	  
	5.15	  	Loan Documents.	  	 	28	  
	5.16	  	Special Assessments.	  	 	28	  
	5.17	  	Affiliate Transactions.	  	 	29	  
	5.18	  	Patriot Act.	  	 	29	  
	5.19	  	Possession of Licenses and Permits.	  	 	30	  
	5.20	  	Condition of Properties.	  	 	30	  
	5.21	  	Access and Utilities.	  	 	31	  
	5.22	  	Rent-Ready.	  	 	31	  
	5.23	  	Brokerage Fees.	  	 	31	  
	5.24	  	Insurance.	  	 	31	  
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES OF THE ATA PARTIES
	  	 	32	  
			
	6.1	  	SEC Reports; Financial Statements.	  	 	32	  
	6.2	  	No Material Adverse Change in Business.	  	 	32	  
	6.3	  	Good Standing of ATA and ATA Holdings.	  	 	33	  
	6.4	  	Good Standing of Subsidiaries.	  	 	33	  
	6.5	  	Capitalization.	  	 	34	  
	6.6	  	Authorization of Agreement; Enforceability.	  	 	34	  
	6.7	  	Absence of Defaults and Conflicts.	  	 	35	  
	6.8	  	Absence of Proceedings.	  	 	35	  
	6.9	  	Accuracy of Descriptions.	  	 	36	  
	6.10	  	Possession of Intellectual Property.	  	 	36	  
	6.11	  	Absence of Further Requirements.	  	 	36	  
	6.12	  	Possession of Licenses and Permits.	  	 	37	  
	6.13	  	Title to Property.	  	 	37	  
	6.14	  	Condition of Properties.	  	 	37	  
	6.15	  	Access and Utilities.	  	 	38	  
	6.16	  	No Condemnation.	  	 	38	  
	6.17	  	Environmental Laws.	  	 	38	  
	6.18	  	Accounting Controls and Disclosure Controls.	  	 	39	  
	6.19	  	Tax Returns and Payment of Taxes.	  	 	39	  
	6.20	  	Insurance.	  	 	40	  
	6.21	  	REIT Qualification.	  	 	40	  

  
 ii 

							
	6.22	  	ERISA.	  	 	40	  
	6.23	  	Absence of Labor Dispute.	  	 	40	  
	6.24	  	Foreign Corrupt Practices Act.	  	 	41	  
	6.25	  	Money Laundering Laws.	  	 	41	  
	6.26	  	OFAC.	  	 	41	  
	6.27	  	Partnership Agreement.	  	 	41	  
	6.28	  	Brokerage Commissions and Finder’s Fees.	  	 	42	  
	6.29	  	No Conflicts or Consents.	  	 	42	  
		
	 ARTICLE VII COVENANTS AND OTHER AGREEMENTS
	  	 	42	  
			
	7.1	  	Information and Access.	  	 	42	  
	7.2	  	Conduct of ATA Business Pending the Final Closing.	  	 	45	  
	7.3	  	Interim Operation of the Contributed Properties	  	 	48	  
	7.4	  	Fulfillment of Conditions; Consents; Lender Approvals.	  	 	51	  
	7.5	  	Notice.	  	 	53	  
	7.6	  	Further Assurances.	  	 	54	  
	7.7	  	Publicity; Disclosure.	  	 	54	  
	7.8	  	SEC Compliance.	  	 	54	  
	7.9	  	Tax Protection.	  	 	55	  
	7.10	  	Registration Rights Agreement.	  	 	55	  
	7.11	  	Amendment to ATA Holdings Partnership Agreement.	  	 	55	  
	7.12	  	Name Change.	  	 	56	  
	7.13	  	DRIP Amendment.	  	 	56	  
	7.14	  	Termination of Existing Management Agreement; Release of ELRM	  	 	56	  
	7.15	  	Amendment to ATA Bylaws.	  	 	57	  
		
	 ARTICLE VIII TAX MATTERS
	  	 	57	  
			
	8.1	  	Tax Matters	  	 	57	  
	8.2	  	Allocation of Taxes	  	 	58	  
	8.3	  	Cooperation	  	 	59	  
	8.4	  	Tax Returns.	  	 	59	  
	8.5	  	Claims; Tax Proceedings	  	 	59	  
	8.6	  	Certain Tax Elections	  	 	60	  
	8.7	  	Other Treatment.	  	 	60	  
	8.8	  	Other Provisions	  	 	60	  
	8.9	  	Survival	  	 	60	  
		
	 ARTICLE IX CLOSINGS
	  	 	61	  
			
	9.1	  	Closings.	  	 	61	  
	9.2	  	Initial Closing deliveries by the ATA Parties.	  	 	61	  
	9.3	  	Initial Closing deliveries by the EL Parties.	  	 	63	  
	9.4	  	Subsequent Closing deliveries by the ATA Parties.	  	 	64	  

  
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	9.5	  	Subsequent Closing deliveries by the EL Parties.	  	 	65	  
		
	 ARTICLE X CONDITIONS PRECEDENT
	  	 	65	  
			
	10.1	  	Conditions Precedent to the Obligations of the EL Parties at the Initial Closing.	  	 	65	  
	10.2	  	Conditions Precedent to the Obligations of the ATA Parties at the Initial Closing.	  	 	67	  
	10.3	  	Additional Conditions Precedent to the Obligations of the EL Parties at each Subsequent Closing.	  	 	69	  
	10.4	  	Additional Conditions Precedent to the Obligations of the ATA Parties at each Subsequent Closing.	  	 	70	  
		
	 ARTICLE XI TERMINATION
	  	 	70	  
			
	11.1	  	Termination.	  	 	70	  
	11.2	  	Effect of Termination.	  	 	71	  
	11.3	  	Fees and Expenses.	  	 	71	  
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	73	  
			
	12.1	  	Non-Survival of Representations, Warranties, Covenants and Agreements.	  	 	73	  
	12.2	  	Notices.	  	 	74	  
	12.3	  	Severability.	  	 	74	  
	12.4	  	Amendment.	  	 	75	  
	12.5	  	Parties in Interest.	  	 	75	  
	12.6	  	Governing Law; Jurisdiction and Venue.	  	 	75	  
	12.7	  	Waiver of Jury Trial.	  	 	76	  
	12.8	  	Waiver.	  	 	76	  
	12.9	  	Mutual Drafting.	  	 	76	  
	12.10	  	Entire Agreement.	  	 	76	  
	12.11	  	Counterparts.	  	 	76	  
	12.12	  	Section Headings; Interpretation.	  	 	77	  

  

			
	 INDEX OF SCHEDULES
	  	
		
	 Schedule A:
	  	Contributed Properties and Contributed Property Values and DB Properties and DB Property Values
	 Schedule B:
	  	Contribution Structure Chart
	 Schedule C:
	  	Name Use Rights of Contributed Properties
	 Schedule D:
	  	Title Objections
	 Schedule 3.1(c):
	  	Title Insurance Commitments
	 Schedule 4.4:
	  	Consents and Approvals Required for Contribution Transactions
	 Schedule 5.2:
	  	Ownership of Contributed Entities

  
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	 Schedule 5.3
	  	EL Consents and Approvals re: Org Docs, Loan Docs, Contracts, Permits and Laws
	 Schedule 5.4:
	  	Subsidiaries of Contributed Entities
	 Schedule 5.5:
	  	Undisclosed Liabilities
	 Schedule 5.8(c)(i):
	  	Rent Rolls for Contributed Properties
	 Schedule 5.8(c)(ii):
	  	Lease Defaults for Contributed Properties
	 Schedule 5.8(d):
	  	Rights and Options for Contributed Properties
	 Schedule 5.8(e):
	  	Certain Impairments to Contributed Properties
	 Schedule 5.8(f):
	  	Certain Tax Matters for Contributed Properties
	 Schedule 5.9:
	  	Leased FF&E for Contributed Properties
	 Schedule 5.10:
	  	Non-Terminable Contracts for Contributed Properties
	 Schedule 5.11:
	  	Litigation for Contributed Properties
	 Schedule 5.14:
	  	Construction Contracts for Contributed Properties
	 Schedule 5.15:
	  	Loan Documents for Contributed Properties
	 Schedule 5.20:
	  	Condition of Properties
	 Schedule 6.5:
	  	Ownership of ATA Holdings
	 Schedule 6.29
	  	ATA Consents and Approvals re: Org Docs, Loan Docs, Contracts, Permits and Laws
	 Schedule 7.3(b)(vi):
	  	Required Capital Improvements for Contributed Properties
	 Schedule 7.4(c)(iii)
	  	Properties Subject to a Refinancing
	 Schedule 9.2(l):
	  	REIT Ownership Limit Waiver Recipients
	 Schedule 12.12(b)(ii)
	  	Knowledge Parties
		
	 Index of Exhibits
	  	
		
	 Exhibit A-1:
	  	Form of Property Contribution Agreement
	 Exhibit A-2:
	  	Form of Interest Contribution Agreement
	 Exhibit B:
	  	Executed Form of DB Contribution Agreement
	 Exhibit C:
	  	Executed Form of Cash Investment Agreement
	 Exhibit D:
	  	Form of Loan Indemnification Agreement
	 Exhibit E:
	  	Form of Audit Inquiry Letter
	 Exhibit F:
	  	Form of Registration Rights Agreement

  
 v 

			
	 Exhibit G:
	  	Form of Tax Protection Agreement
	 Exhibit H:
	  	Form of Third Amendment to Partnership Agreement
	 Exhibit I-1:
	  	Form of Fourth Articles of Amendment to ATA Charter
	 Exhibit I-2:
	  	Form of Certificate of Amendment to ATA Holdings Certificate of Limited Partnership
	 Exhibit J:
	  	Form of Corporate Governance Agreement
	 Exhibit K:
	  	Form of Employment Agreement (Olander)
	 Exhibit L-1:
	  	Form of Employment Agreement (Remppies)
	 Exhibit L-2
	  	Form of Employment Agreement (Lafon)
	 Exhibit M:
	  	Form of Employment Agreement (Lubeck)
	 Exhibit N:
	  	Form of Advisor Termination Agreement
	 Exhibit O:
	  	Form of Support Services Agreement
	 Exhibit P:
	  	Form of REIT Ownership Limit Waiver
	 Exhibit Q:
	  	Form of Opinion of Tax Counsel to ATA Parties
	 Exhibit R:
	  	Form of Escrow Agreement
	 Exhibit S
	  	Form of Amendment to ATA Bylaws

  
 vi 

 MASTER CONTRIBUTION AND RECAPITALIZATION 

AGREEMENT 

This MASTER CONTRIBUTION AND RECAPITALIZATION AGREEMENT (“Agreement”), dated as of August 3, 2012, is made and
entered into by and among Apartment Trust of America, Inc., a Maryland corporation (“ATA”), Apartment Trust of America Holdings, L.P., a Virginia limited partnership (“ATA Holdings” and, together with ATA, the
“ATA Parties”), Elco Landmark Residential Holdings LLC, a Delaware limited liability company (“EL”) and Elco Landmark Residential Management LLC, a Delaware limited liability company (“ELRM” and,
together with EL, the “EL Parties”). ATA, ATA Holdings, EL and ELRM are referred to herein collectively as the “Parties” and individually as a “Party.” 

RECITALS 
 A. ATA is engaged in the business of acquiring, holding and managing apartment communities and other real estate investments. ATA has been organized and operated to qualify as a real estate investment
trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). ATA holds all or substantially all of its properties through ATA Holdings, its operating partnership.
ATA currently is externally managed by ROC REIT Advisors, LLC, a Virginia limited liability company (the “Advisor”). 
 B. ELRM manages each of the properties identified on Schedule A hereto as a contributed property (each a “Contributed Property” and, together, the “Contributed
Properties”). Certain of the Contributed Properties are wholly owned, directly or indirectly, by EL (the “EL Contributed Properties”), and are identified as such on Schedule A. Each of the other Contributed
Properties is owned, directly or indirectly, by EL or one or more EL Affiliates together with one or more other Persons (which other Persons may include current or former employees of EL Affiliates, relatives of Joseph Lubeck, and other individual
or institutional investors that are not Affiliates of EL or Joseph Lubeck). 
 C. The Parties desire to provide for the
contribution to ATA Holdings, in one or more Closings hereunder, of 100% of each of the Contributed Properties by their respective owners, in each case, either (i) by direct contribution of such Contributed Property pursuant to a Property
Contribution Agreement in substantially the form attached hereto as Exhibit A-1 (each a “Property Contribution Agreement” or “Contribution Agreement”) or (ii) by contribution of 100% of the direct equity
interests in an entity that wholly owns, directly or indirectly, such Contributed Property (each a “Contributed Entity” and, collectively, the “Contributed Entities” and such direct equity interests, the
“Contributed Interests”) pursuant to an Interest Contribution Agreement in substantially the form attached hereto as Exhibit A-2 (each an “Interest Contribution Agreement” or “Contribution
Agreement”), in each case, in exchange for consideration consisting of cash, limited partnership interests in ATA Holdings (“OP Units”), capital stock of ATA, or a combination of the foregoing, upon the terms and subject to
the conditions set forth below. 

 D. Concurrently with the execution and delivery of this Agreement, the ATA Parties have
entered into an Interest Contribution Agreement with respect to each of the Contributed Entities, which Contribution Agreements have been duly executed and delivered by all applicable parties thereto. 

E. Concurrently with the execution and delivery of this Agreement, the ATA Parties have entered into interest contribution agreements
with one or more of DeBartolo Development, LLC and its Affiliates (“DeBartolo” or the “Debartolo Contributors”), in the form attached hereto as Exhibit B (the “DB Contribution Agreement”),
relating to the contribution to ATA Holdings of the properties owned by DeBartolo and identified on Schedule A (each a “DB Property” and, together, the “DB Properties”) which DB Contribution Agreements have
been duly executed and delivered by all applicable parties thereto. 
 F. The Parties and their Affiliates, as applicable, also
have executed and delivered certain other agreements and instruments, as described below, which have been delivered to Goulston & Storrs, P.C. in its capacity as escrow agent (“Escrow Agent”), to be held by Escrow Agent in
escrow pending Subsequent Closings (as defined below) in respect of the applicable Contributed Properties pursuant to the terms hereof and to the terms of that certain Escrow Agreement dated as of the date hereof by and between the Parties and the
Escrow Agent in the form attached hereto as Exhibit R. 
 G. DeBartolo also has executed and delivered certain other
agreements and instruments, as described below, which have been delivered to Escrow Agent, to be held by Escrow Agent in escrow pending Subsequent Closings in respect of such DB Contributed Properties pursuant to the terms of the DB Contribution
Agreements and to the terms of that certain Escrow Agreement dated as of the date hereof by and between the ATA Parties, DeBartolo and the Escrow Agent substantially in the form attached hereto as Exhibit R. 

H. The Parties further desire to provide for the termination of the Advisory Agreement between the ATA Parties and the Advisor, and for
certain key persons to enter into new employment agreements, pursuant to ATA’s conversion to a self-administered REIT. 

I. The Parties further desire to provide for ELRM to continue to manage the Contributed Properties until the Subsequent Closing for such
Contributed Property has occurred and, from and after the date of each applicable Subsequent Closing, to furnish certain support services to ATA Property Management LLC with respect to each of the Contributed Properties and DB Properties contributed
at such Subsequent Closing pursuant Support Services Agreements substantially in the form attached hereto as Exhibit O (the “Support Services Agreement”). 

J. Concurrently with the execution and delivery of this Agreement, the ATA Parties have entered into the Securities Purchase Agreement a
copy of which is attached hereto as Exhibit C (the “Cash Investment Agreement”) with the investors named therein relating to the cash investment by such investors in exchange for the securities and other consideration set
forth therein. The Cash Investment Agreement provides for the investment contemplated thereby to be consummated simultaneously with the execution and delivery of this Agreement. 

  
 2 

 K. Appendix I to this Agreement contains certain definitions and cross-references to
terms defined in the body of the Agreement. 
 NOW, THEREFORE, the Parties acknowledge the adequacy of the consideration
provided to each through their respective representations, warranties, conditions, rights and promises contained in this Agreement and, intending to be legally bound, agree as provided below. 

ARTICLE I 

CONTRIBUTION TRANSACTIONS 
 1.1 Contribution Transactions. 
 (a) Upon the terms and subject to the
conditions set forth herein and in the applicable Contribution Agreement, with respect to each of the EL Contributed Properties, EL agrees to contribute, transfer, assign and deliver to ATA Holdings, and ATA Holdings agrees to acquire, accept and
receive, either (i) such EL Contributed Property pursuant to a Property Contribution Agreement or (ii) the Contributed Interests with respect to such EL Contributed Property pursuant to an Interest Contribution Agreement, as the case may
be, as specified in the Contribution Structure Chart (defined below) with respect such EL Contributed Property. 
 (b) Upon the
terms and subject to the conditions set forth herein and in the applicable Contribution Agreement, with respect to each of the other Contributed Properties, ELRM agrees to cause the applicable EL Affiliates, and all of the other applicable
Contributors, to contribute, transfer, assign and deliver to ATA Holdings, and ATA Holdings agrees to acquire, accept and receive, either (i) such Contributed Property pursuant to a Property Contribution Agreement or (ii) the Contributed
Interests with respect to such Contributed Property pursuant to an Interest Contribution Agreement, as the case may be, as specified in the Contribution Structure Chart with respect such Contributed Property. 

(c) Set forth on Schedule B attached hereto is a chart showing each Contributed Property (the “Contribution Structure
Chart”) setting forth (i) whether the contribution is to be structured as a contribution of the Contributed Property or a contribution of Contributed Interests, (ii) the Contributed Entity, in the case of a contribution of
Contributed Interests, (iii) the Contributors, (iv) which Contributors, if any, are eligible to receive tax protection and (v) certain other information with respect to the contribution transaction structure. 

1.2 Full Contribution; Alternate Properties; Cash Investment. 

(a) In the event that, notwithstanding the terms of Section 7.4(a) below, EL fails to cause Full Contribution (as defined below) to
occur on or before the Final Closing Outside Date (as defined below) either (i) as a result of a failure to complete a sufficient number 

  
 3 

 
of Subsequent Closings with respect to the Contributed Properties and/or DB Properties on or prior to the Final Outside Closing Date or (ii) as a result of the fact that one or more
Contributed Properties or DB Properties has become an Excluded Property (as defined below) on or prior to the Final Outside Closing Date such that it will be impossible to achieve Full Contribution on or before the Final Closing Outside Date even if
Subsequent Closings occur with respect to all of the remaining Contributed Properties and DB Properties, then, in either case, EL shall have the right (but not an obligation), to pursue a cure for such failure to achieve Full Contribution by
electing, by written notice to ATA and ATA Holdings on or before the Final Outside Closing Date, in the case of clause (i) above, or within ten (10) Business Days after the date the Contributed Property or DB Property became and Excluded
Property, in the case of clause (ii) above, one or more of the following options in its sole discretion: 

(i) to offer to contribute to ATA Holdings one or more substitute multifamily residential properties to replace the
Excluded Property (an “Alternate Property”), provided that ATA Holdings shall have ten (10) business days to accept or reject, in its reasonable discretion, such Alternate Property and the terms of its contribution, including
without limitation the Agreed Share Value (as defined below) related thereto; and/or 
 (ii) to purchase (or to
cause its designated Affiliates who are accredited investors within the meaning of Regulation D promulgated under the Securities Act of 1933, as amended, to purchase) for cash a number of shares of ATA Common Stock (as defined in the Registration
Rights Agreement), at a price of $8.15 per share, 
 such that the aggregate amount of equity to be issued by ATA or ATA Holdings pursuant to
clauses (i) and (ii) immediately above, as the case may be, is equal to or greater than (A) the shortfall between the amount of Agreed Share Value required to achieve Full Contribution and the Agreed Share Value of the Contributed
Properties and DB Properties that have been contributed to date and that remain to be contributed on or before the Final Closing Outside Date, in the aggregate; provided however, in no event will EL and its Affiliates have the right to
purchase shares of ATA Common Stock pursuant to clause (ii) above in an amount that will have a value in excess of $50,000,000 based on the $8.15 per share price. 
 (b) In the event EL offers to contribute an Alternate Property pursuant to clause (i) above, and ATA Holdings accepts such Alternate Property on the terms offered by EL within ten (10) business
days after the date on which EL make such offer in accordance with the requirements of clause (i) above, then the Parties will prepare and enter into a new contribution agreement with respect to the Alternate Property, or the entity(ies) that
own the Alternate Property, as the case may be, in substantially the same form as one of the forms of Contribution Agreement attached hereto as Exhibit A-1 or Exhibit A-2 within ten (10) business days after the date of ATA
Holdings’ acceptance, and the applicable parties shall execute and deliver all of the other agreements, instruments and other documents delivered hereunder and under the other Transaction Documents with respect to each closing of a Contributed
Property, including, 

  
 4 

 
without limitation the Registration Rights Agreement, the Tax Protection Agreement, and, if applicable, a Loan Indemnification Agreement. Notwithstanding the foregoing, in the event EL has not
caused Full Contribution to be achieved within 60 days after the Final Closing Outside Date, including, without limitation, pursuant to its additional cure rights set forth in clause (ii) above, then the provisions of Section 11.3(c) shall
apply. 
 (c) In the event that any Contributed Property becomes an Excluded Property in accordance with the terms of this
Agreement, then such Excluded Property shall cease to be a Contributed Property for all purposes hereof (including, without limitation, any representations, warranties, covenants and agreements relating to such Contributed Property), the Schedules
to this Agreement (including Schedules A and B hereto) shall be updated accordingly, effective as of the date of this Agreement as if such former Contributed Property had at no time been a Contributed Property hereunder and the Contribution
Agreement for such Contributed Property and all of the documents and instruments related thereto automatically shall terminate and shall be returned immediately to EL. In the event any Contributed Property is not is not contributed on or before the
Final Closing Outside Date, but does not become an Excluded Property, such Contributed Property shall become a “Deferred Property”. This Section 1.2(c) shall not apply to such Deferred Property and such Deferred Property shall
be contributed promptly after the conditions to closing set forth in Article X below with respect to such Deferred Property have been satisfied. Any Contributed Property or DB Property that is excluded from the Transactions pursuant to Sections
3.1(c)(ii), 3.2(a), 7.4(a) or 11.1(c) of this Agreement or in accordance with the DB Contribution Agreement shall be an “Excluded Property”. 
 1.3 No Representations. 
 (a) EACH OF THE ATA PARTIES SPECIFICALLY
ACKNOWLEDGES AND AGREES THAT (I) EXCEPT AS SET FORTH HEREIN OR IN ANY CONTRIBUTION AGREEMENT, OR IN ANY EXHIBIT OR SCHEDULE ATTACHED HERETO OR THERETO, OR IN ANY OTHER DOCUMENT REQUIRED HEREIN OR THEREIN (THE “APPLICABLE
DOCUMENTS”), THE CONTRIBUTED PROPERTIES AND THE CONTRIBUTED INTERESTS ARE BEING CONTRIBUTED “AS IS, WHERE IS AND WITH ALL FAULTS” AND (II) EXCEPT FOR THE REPRESENTATIONS EXPRESSLY SET FORTH IN THE APPLICABLE DOCUMENTS, NEITHER OF
THE ATA PARTIES IS RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, FROM THE EL PARTIES, THE CONTRIBUTORS, THE RESPECTIVE AFFILIATES OF ANY OF THE FOREGOING, OR
ANY OF THEIR RESPECTIVE REPRESENTATIVES, AS TO ANY MATTER, CONCERNING THE CONTRIBUTED PROPERTIES AND THE CONTRIBUTED INTERESTS, OR SET FORTH, CONTAINED OR ADDRESSED IN ANY DUE DILIGENCE MATERIALS (INCLUDING WITHOUT LIMITATION, THE COMPLETENESS
THEREOF), INCLUDING WITHOUT LIMITATION: (i) the quality, nature, habitability, merchantability, use, operation, value, marketability, adequacy or physical condition of any Contributed Property or any aspect or portion thereof, including,
without limitation, structural elements, foundation, roof, appurtenances, access, 

  
 5 

 
landscaping, parking facilities, electrical, mechanical, HVAC, plumbing, sewage, water and utility systems, facilities and appliances, soils, geology and groundwater, (ii) the dimensions or
lot size of any Contributed Property or the square footage of any of the improvements thereon or of any tenant space therein, (iii) the development or income potential, or rights of or relating to, any Contributed Property, or the fitness,
suitability, value or adequacy of any Contributed Property for any particular purpose, (iv) the zoning or other legal status of any Contributed Property or the existence of any other public or private restrictions on the use of any Contributed
Property, (v) the compliance of any Contributed Property or its operation with any applicable Laws (including, without limitation, the Americans with Disabilities Act of 1990, as amended), (vi) the ability of any of the ATA Parties and
their Affiliates to obtain any necessary approvals, licenses or permits from any Governmental Authority for the use or development of any Contributed Property, (vii) the presence, absence, condition or compliance of any Hazardous Materials on,
in, under, above or about any Contributed Property or any adjoining or neighboring property, (viii) the quality of any labor and materials used in any improvements at any Contributed Property, (ix) the ownership of any Contributed
Properties or Contributed Interests or portion thereof, (x) any leases, permits, warranties, service contracts or any other agreements affecting any Contributed Property or the intentions of any party with respect to the negotiation or
execution of any lease or contract with respect to any Contributed Property, or (xi) the economics of, or the income and expenses, revenue or expense projections or other financial matters, relating to the operation of, any Contributed
Property. Without limiting the generality of the foregoing, each of the ATA Parties expressly acknowledges and agrees that, except as set forth in the Applicable Documents, it is not relying on any representation or warranty of the EL Parties, the
Contributors, the respective Affiliates of any of the foregoing, or any of their respective Representatives, whether implied, presumed or expressly provided, arising by virtue of any statute, regulation or common law right or remedy in favor of
either of them. In addition, each of the ATA Parties acknowledges and agrees that no property (real, personal or otherwise) owned by any tenant or any other Person is intended to be conveyed hereunder unless said property is described and purported
to be conveyed herein. 
 (b) EACH OF THE ATA PARTIES ACKNOWLEDGES AND AGREES THAT ANY REPORTS OBTAINED BY IT OR ANY OF ITS
AFFILIATES ARE THE SOLE RESPONSIBILITY OF ATA HOLDINGS, AND, EXCEPT TO THE EXTENT EXPRESSLY REQUIRED PURSUANT TO THIS AGREEMENT, NONE OF THE EL PARTIES, THE CONTRIBUTORS, THE RESPECTIVE AFFILIATES OF ANY OF THE FOREGOING, OR ANY OF THEIR RESPECTIVE
REPRESENTATIVES HAS ANY OBLIGATION TO MAKE ANY CHANGES, ALTERATIONS OR REPAIRS TO ANY PROPERTY OR ANY PORTION THEREOF OR TO CURE ANY VIOLATIONS OF LAW OR TO COMPLY WITH THE REQUIREMENTS OF ANY INSURER. EACH OF THE ATA PARTIES ACKNOWLEDGES AND AGREES
THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, ATA HOLDINGS IS SOLELY RESPONSIBLE FOR OBTAINING ANY APPROVAL OR PERMIT NECESSARY FOR ACCEPTANCE BY IT OF ANY CONTRIBUTED PROPERTY OR ANY CONTRIBUTED INTEREST, DIRECTLY OR INDIRECTLY,
AND SUBJECT TO APPLICABLE APPORTIONMENTS AS PROVIDED IN SECTION 2.2 HEREOF, FOR ANY REPAIRS OR ALTERATIONS NECESSARY TO OBTAIN THE SAME, ALL AT THE SOLE COST AND EXPENSE OF ATA HOLDINGS. 

  
 6 

 (c) This Section 1.3 shall survive the Initial Closing and any Subsequent
Closing, or the termination of this Agreement, until the expiration of the applicable statute of limitations. 
 1.4
Release. 
 (a) Without limiting the provisions of Section 1.3, each of the ATA Parties, for itself and any
of its successors and assigns and their Affiliates, hereby irrevocably and absolutely waives its right to recover from, and forever releases and discharges, and covenants not to file or otherwise pursue any legal action against, any of the EL
Parties, the Contributors or their respective Affiliates, any Representative of any of the foregoing, and any of their respective heirs, successors, personal representatives and assigns (each, a “Contributor Party”, and
collectively, the “Contributor Parties”) with respect to any and all suits, actions, Proceedings, investigations, demands, Claims, liabilities, fines, penalties, liens, judgments, losses, injuries, damages, settlement expenses or
costs of whatever kind or nature, whether direct or indirect, known or unknown, contingent or otherwise, including, without limitation, attorneys’ and experts’ fees and expenses, and investigation and remediation costs that may arise on
account of or in any way be connected with any Contributed Property or Contributed Entity or any portion thereof (collectively, “Covered Claims”), including, without limitation, the physical, environmental and structural condition
of any Contributed Property or any Law applicable thereto, or any other matter relating to the use, presence, discharge or release of Hazardous Materials on, under, in, above or about any of the Contributed Properties; provided,
however, that the foregoing shall not operate to waive any rights to recover from, or to release or discharge or covenant not to bring any action against any Contributor Party (i) for any act of that Contributor Party that constitutes
fraud or (ii) in respect of any Covered Claims arising under any of the Transaction Documents. In addition, each of the ATA Parties and its successors and assigns does hereby covenant and agree to, and where applicable hereby do, release,
defend, indemnify and hold harmless each of the Contributor Parties and their respective Affiliates from and against any future Covered Claims to the extent relating to any Hazardous Materials that may be placed, located or released on or at any
Contributed Property from and after the Initial Closing. The obligation of the ATA Parties set forth in the immediately preceding sentence will not require either of the ATA Parties, or its successors or assigns, to indemnify or defend any
Contributor Party from any Covered Claims arising out of or related to any Proceeding commenced against any Contributor Party to the extent, if any, that such Proceeding seeks recovery for harm suffered due to Hazardous Materials contaminating or
otherwise adversely affecting or migrating from any Contributed Property on or before the Initial Closing. 
 (b) In connection
with this Section 1.4, each of the ATA Parties expressly waives the benefits of any provision or principle of federal or state Law that may limit the scope or effect of the foregoing waiver and release. 

  
 7 

 (c) This Section 1.4 shall survive the Initial Closing until the expiration of
the applicable statute of limitations. 
 1.5 Stock Purchases by ELRH Relating to Excess Transaction Expenses and Andros Cash
Payment Obligation. 
 (a) At the Initial Closing, ATA shall issue and sell to EL, and EL shall purchase from ATA, for cash,
a number of shares of ATA Common Stock (the “Excess Expense Shares”), at a price of $8.15 per share, for an aggregate purchase price to be agreed upon by the Parties at the Initial Closing. The cash from this purchase shall be used by ATA
solely for the payment (or reimbursement, as applicable) of transaction fees, costs and expenses payable by ATA hereunder. 

(b) In the event all of the conditions to closing the transactions under that certain Interest Contribution Agreement (the
“Andros ICA”) dated as of the date hereof by and among Debartolo, the ATA Parties and DK Gateway Andros II, LLC with respect to a certain property commonly known as “Andros Isles Apartments” have been satisfied or waived
under the terms of the Andros ICA, other than the obligation of ATA Holdings to pay all or any portion of the cash portion of the Agreed Contribution Value described in the Andros ICA (the “Andros Cash Payment Obligation”), then ATA
shall issue and sell to EL, and EL shall purchase from ATA, for cash, for an aggregate purchase price equal to the unpaid amount of the Andros Cash Payment Obligation, the securities set forth below (the “Andros Cash Payment Obligation
Securities”), upon the terms and conditions set forth below. The cash from this purchase shall be used by ATA solely for the payment of the Andros Cash Payment Obligation. In the event a closing of the purchase and sale of the Andros Cash
Payment Obligation Securities occurs, ATA shall pay EL a purchase fee equal to one percent (1%) of the Andros Cash Payment Obligation. The Andros Cash Payment Obligation Securities shall consist of shares of ATA Common Stock to be purchased at
a price of $8.15 per share; provided, however, that EL shall have the option, in its sole discretion, to purchase shares of a series of ATA’s preferred stock to be newly designated at that time (the “Series C Preferred
Stock”), at a price of $10.00 per share (such series to consist of only such number of authorized shares as are required to be issued pursuant to this Section 1.5(b), and to have terms that are pari passu with and otherwise substantially
similar to ATA’s 9.75% Series B Cumulative Non-Convertible Preferred Stock), together with warrants to purchase ATA Common Stock with aggregate warrant coverage equal to the aggregate purchase price of such shares of Series C Preferred Stock
and substantially in the form of the warrants being issued on the Initial Closing Date pursuant to the Cash Investment Agreement. The parties acknowledge that any issuance of shares of Series C Preferred Stock (and attached warrants) shall be
subject to any preemptive rights set forth in the Cash Investment Agreement. In the event that any of EL and its Affiliates purchases shares of Series C Preferred Stock and attached warrants pursuant to this Section 1.5(b), then, to the extent
permitted by the Charter (as defined below), ATA shall deliver a duly executed REIT ownership limit waiver certificate in substantially similar form as the REIT Ownership Limit Waiver to Elco North America, Inc. (“Elco NA”), for the
benefit of Elco NA and all of the entities in which Elco NA directly or indirectly owns 100% of the equity interests (collectively and together with Elco NA, the “Elco 

  
 8 

 
Group”), effective upon such purchase, (1) granting an exemption from the aggregate stock ownership limit established under the Charter allowing the Elco Group to Beneficially Own (as
defined in the Charter) or Constructively Own (as defined in the Charter) 100% of the Series C Preferred Stock and (2) affirming the prior grant of an exemption from the aggregate stock ownership limit and the ATA Common Stock ownership limit
established under the Charter allowing the Elco Group to Beneficially Own or Constructively Own no more than 20% of the ATA Common Stock (and expressly including the shares of ATA Common Stock issuable under the warrants under such grant). The grant
of any such REIT ownership limit waiver certificate shall be subject to a determination by the board of directors of ATA that such waiver would not adversely affect ATA’s ability to qualify as a REIT. 

(c) EL shall have the right to designate one or more of its Affiliates who are accredited investors within the meaning of Regulation D
promulgated under 1933 Act to purchase any or all of the Excess Expense Shares and/or the Andros Cash Payment Obligation Securities; provided, however, that no such designation shall relieve EL of its obligations under this Section 1.5. For
avoidance of doubt, the provisions of this Section 1.5 and the issuance and sale of the Excess Expense Shares and/or the Andros Cash Payment Obligation Securities, as applicable, pursuant hereto shall be separate from, and shall neither be
credited toward nor limit the purchase of any shares of ATA Common Stock pursuant to, the provisions of Section 1.2(a). 

ARTICLE II 

CONSIDERATION; APPORTIONMENTS AND OTHER 
 ADJUSTMENTS 
 2.1 Consideration. 

Upon the terms and subject to the conditions set forth herein and in the applicable Contribution Agreement, with respect to each
Contributed Property, ATA Holdings agrees to pay, pursuant to such Contribution Agreement, aggregate consideration equal to the “Agreed Share Value” set forth on Schedule A hereto with respect to such Contributed Property, as
adjusted pursuant to the provisions of this Article II, Article III or both Article II and Article III, as applicable. Without limiting the terms of hereof, in the event Schedule A hereto has not been adjusted to reflect the apportionments
described in Section 2.2 below and as set forth on the Settlement Statements, the parties agree to update Schedule A hereto accordingly and to replace the same by written amendment to this Agreement promptly after the parties have agreed
upon the Settlement Statements. The form and manner of payment of such aggregate purchase consideration shall be as provided in such Contribution Agreement. 
 2.2 Apportionments, etc. 
 The Parties agree that, at and as of the date of
the Initial Closing, all normal and customarily proratable items, including, without limitation, real estate taxes, personal property taxes, utility bills (except as hereinafter provided), invoiced rents and other income, and operating contract
payments shall be prorated with respect to each Contributed Property as of the date of the Initial Closing, with Contributor being charged and credited for all of the same 

  
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relating to the period up to the date of the Initial Closing and ATA Holdings being charged and credited for all of the same relating to the period on and after the date of the Initial Closing.
All apportionments hereunder shall be settled in OP Units or as otherwise agreed by the Parties as set forth in the Settlement Statements to be delivered at the applicable Subsequent Closing. 

(a) To the extent not covered by any tax escrows held by the applicable Contributed Entity or the Lender, all real estate taxes, and
items of income and expense with respect to each Contributed Property shall be prorated between the Contributor and ATA Holdings based upon amounts due and payable, on an accrual basis, in the calendar year in which the Initial Closing occurs except
as set forth below. All prorations of real estate taxes shall be based upon the most recent available full year’s tax bills, and, if applicable, subject to re-proration when the actual tax bill for the applicable fiscal tax year in which the
Initial Closing occurs is received. All escrow and reserve accounts (including without limitation, all capital improvement reserves and taxes and insurance escrows) held by the Lender in connection with the Loan with respect to such Contributed
Property and those held by the Contributors shall follow the Contributed Property and shall be prorated in the manner set forth on the Settlement Statements (as defined below). 

(b) Invoiced rents and other charges, other than for tenants who owe Delinquent Amounts (as hereinafter defined), shall be prorated.
Prepaid rents and other charges shall be credited to ATA Holdings. Without limiting the foregoing, rent and all other sums which are due and payable to the Contributed Entity by any tenant, whether or not collected as of the Initial Closing shall be
adjusted, but ATA Holdings shall not be required to cause the rent and other sums for the period prior to Initial Closing to be remitted to the Contributor if, as, and when collected. At the Initial Closing, ELRM shall deliver to ATA Holdings a
schedule of all rent, charges and other amounts payable by tenants after the Initial Closing with respect to which the Contributors are entitled to receive a share under this Agreement, and any amount due and owing to the Contributed Entity before
the Initial Closing by tenants under the leases which are unpaid on the date of the Initial Closing (such amounts are collectively referred to herein as the “Delinquent Amounts”). Rental and other payments received by the
Contributed Entity from tenants shall first be applied toward ATA Holding’s actual out-of-pocket costs (including reasonable attorneys’ fees) of collection, and then toward the payment of current rent and other charges owed to the
Purchaser for periods after the Initial Closing, and any excess monies received shall be applied toward the payment of Delinquent Amounts; provided, however, that any rent received by ATA Holdings from tenants who owe Delinquent Amounts during the
month in which the Initial Closing occurs shall first be applied to the payment of such tenants’ Delinquent Amounts, if any, with respect to the month in which the Initial Closing occurs, and not toward the payment of rent and other charges for
previous or subsequent months. ATA Holdings may not waive any Delinquent Amounts or modify a lease so as to reduce amounts or charges owed under leases for any period in which the Contributors are entitled to receive a share of charges or amounts,
without first obtaining the written consent of the Contributors. If a Delinquent Amount due the Contributors is not paid by a tenant within the later of (i) sixty (60) days after the Closing or (ii) sixty (60) days after billing
therefor, the Contributors shall have the right to attempt to effect collection by litigation or otherwise so long as the Contributors do not 

  
 10 

 
take any action which would affect such tenant’s right to occupy its leased premises or terminate its Lease. With respect to Delinquent Amounts owed by tenants that are no longer tenants of
the Contributed Property as of the date of Initial Closing, the Contributors shall retain all rights relating thereto. 
 (c) To
the extent security deposits, pet deposits or other deposits paid by tenants under Leases are held in the name of the Contributed Entity, such deposits shall continue to be held by the Contributed Entity so as to be available to the Contributed
Entity after the Initial Closing, or if such deposits are held by ELRM, all such deposits shall be transferred to the applicable Contributed Entity prior to the applicable Closing for such Contributed Property. There shall be no apportionment or
proration of any insurance premiums or costs or expenses related to the employment of any Persons at the Contributed Property. 

(d) The following items shall also be prorated between the Contributors and ATA Holdings as of the Initial Closing: 

(i) Fuel, water and sewer service charges, and charges for gas, electricity, telephone and all other utility and fuel charges, as well
as all deposits to utility companies, governmental entities or any other person shall be prorated ratably on the basis of the last ascertainable bills (and reprorated upon receipt of the actual bills or invoices) to the extent not paid directly by
tenants under their respective leases unless final meter readings and final invoices can be obtained. To the extent practicable, ELRM shall cause meters for utilities to be read not more than one (1) day prior to the date of the Initial
Closing. 
 (ii) Assignable license and permit fees paid on an annual or other periodic basis. 

(iii) Prepaid interest or other payments paid to a lender under the applicable loan assumed or transferred as part of the Transaction.

 (iv) Cash then being held in the Contributed Entity (other than security deposits, as provided in Section 2.2(c) above)
shall be prorated as of the Initial Closing and, notwithstanding the terms of Section 2.2(g) below, the applicable prorated amount remaining at the Contributed Property shall be distributed to the Contributors immediately prior to the
Subsequent Closing for such Contributed Property. 
 (v) Such other items that are customarily prorated in transactions of this
nature (including, without limitation, any utilities paid by the Contributed Entity under the leases). 
 (e) For purposed
hereof, unless such Contributed Property becomes an Excluded Property or this Agreement terminates, ATA Holdings shall be deemed to be the owner of the Contributed Entity and, therefore, entitled to the income from the Contributed Property and
responsible for the expenses of the Contributed Property for the entire day upon which the Initial Closing occurs. All such prorations shall be made on the basis of the actual number of 

  
 11 

 
days of the month which shall have elapsed as of the day of the Initial Closing. To the extent information necessary to make such prorations is not available at the Initial Closing or is
determined to be inaccurate or incomplete after the Initial Closing, the amount of such prorations shall be subject to adjustment in OP Units promptly after complete and accurate information becomes available and in all events prior to the
applicable Subsequent Closing, to be effective as of the Initial Closing. All prorations shall otherwise be final. The Contributor and ATA Holdings agree to cooperate and use their best efforts to make such adjustments prior to the Subsequent
Closing with respect to such Contributed Property and with respect to tax prorations, the parties shall make such adjustments upon receipt of the actual tax bills covering the period in which the Initial Closing occurs. Except as set forth in this
Section 2.2, all items of income and expense for the period prior to the Initial Closing will be for the account of the Contributor and all items of income and expense for the period on and after the Initial Closing will be for the
account of ATA Holdings, all as determined by the accrual method of accounting. Bills received after the Initial Closing which relate to expenses incurred, services performed or other amounts allocable to the period prior to the Initial Closing
shall be paid by the Contributors. 
 (f) Amounts on deposit with utility companies shall be credited to the Contributors. The
Contributors shall, from and after the Initial Closing, at the Contributors’ sole cost and expense, have control over any ongoing tax appeals as to the Contributed Property that were commenced prior to the Initial Closing and that pertain
solely to the periods that the Contributors owned the Contributed Entity. The Contributors shall, as applicable, retain all proceeds or reductions obtained from such appeals or pay all additional taxes or delinquencies imposed for such periods. The
Contributors shall keep ATA Holdings informed as to any such appeals and to the extent that ongoing tax appeals pertain to periods that include any period after the Initial Closing or which are reasonably expected to result in higher tax assessment
or payment, ATA Holdings shall be entitled to join in such appeal and/or pursue its own appeal, at ATA Holding’s expense, from and after the date of the Initial Closing. 
 (g) Without limiting the terms of Section 2.2(d)(iv) above or Section 7.3(c) below, the Parties acknowledge and agree that, from and after the Initial Closing until immediately prior to the
applicable Subsequent Closing, as provided in clause (ii) below, (i) no Contributed Entity shall declare, pay or otherwise make provision for any dividends or distributions (excluding payment of the management fee to ELRM) and
(ii) immediately prior to the applicable Subsequent Closing, in addition to any prorations, adjustments or other amounts payable by or to the Contributors with respect to such Contributed Entity or Contributed Property, as provided herein, the
Contributed Entity shall distribute to each Contributor receiving OP Units an amount equal to the amount such Contributor would have been paid as a distribution on account of the OP Units it will receive at the applicable Subsequent Closing had such
OP Units been issued and sold to such Contributor at the Initial Closing. 
 (h) Notwithstanding the terms of the Existing
Management Agreement or anything to the contrary contained herein, from and after the date hereof, until the applicable Subsequent Closing, ELRM shall be paid a management fee equal to three percent (3%) of the gross receipts from the operation
of the applicable Contributed Property. Except as set forth in this Section 2.2(h), all of the other terms and conditions of the Existing Management Agreement are hereby ratified and confirmed and remain in full force and effect. 

  
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 (i) The parties hereto acknowledge and agree that the gross fair market value of the
property treated as personal property under the Code is equal to the tax basis in such personal property and at the Subsequent Closing for each Contributed Property, the parties will reasonably agree on a fair market value allocation of value
between the land and the building(s). 
 (j) The provisions of this Section 2.2 shall survive the Initial Closing.

 2.3 Grubb & Ellis/Mission Litigation Make Whole. 

(a) In addition to (i) the OP Units or shares of stock of ATA issuable to each of the Contributing Parties at each Subsequent
Closing, (ii) LTIP units issued under any employment agreement to any employee, and (iii) any shares of common stock of ATA issued (or issuable) to a Warrant holder upon exercise of its Warrant (as defined below), each such holder of such
units, shares or Warrants (each, a “Make-Whole Rightholder”) will be issued a contingent value right (a “Right”) in accordance with Section 2.3(b). If, prior to or as a result of the IPO, any payment shall
be due to Grubb & Ellis on account of its special limited partner interest in ATA Holdings (a “G&E Payment”), or if, prior to the IPO, a monetary award has been assessed against any of the ATA Parties or any of its
direct or indirect subsidiaries by a final non-appealable judgment in the litigation with Mission Residential, LLC and Mission Trust Services, LLC (a “Mission Award”), the Right will entitle each such security holder to receive in
accordance with Section 2.3(b), without additional charge, such Party’s proportionate share (based on the number of such Party’s shares of common stock, OP Units or LTIP units relative to all shares issued in connection with this
Agreement or the employment agreements and the number of shares of stock of ATA issued to Warrant holders upon exercise of Warrants in accordance with Section 2.3(b)) of a so-called “Make-Whole Pool” of shares of ATA common
stock, OP Units or additional LTIP units (at the election of each receiving Party). The aggregate number of shares of ATA Common Stock, OP Units or LTIP units in the Make-Whole Pool will equal the following: 

Z minus 42.24 million 

Where: 
 X= the aggregate amount
of any G&E Payment and any Mission Award less a $250,000 deductible. 
 Y = 180.04 million/(343.46 million – X)

 Z = (20.05 million/(1-Y)) 

  
 13 

 Notwithstanding anything to the contrary in the foregoing, any fractional shares of ATA common stock, OP
Units or LTIP units issuable to a Party pursuant to the foregoing shall not be issued and shall be deemed forfeited. 
 (b) The
Right shall be exercisable as follows: 
 In the event of a G&E Payment becoming due or a Mission Award being assessed (as
described in Section 2.3(a)), ATA shall calculate and deliver written notice of the aggregate number of securities in the Make-Whole Pool to each Make-Whole Rightholder not later than ten (10) days following such G&E Payment becoming
due or such Mission Award being assessed, as applicable. Each Make-Whole Rightholder that desires to participate in the Make-Whole Pool shall notify ATA that such Make-Whole Rightholder desires to exercise its Right not later than fifteen
(15) days following the later of (A) the consummation of the IPO and (B) the date on which ATA delivers the notice of the Make-Whole Pool calculation to such Make-Whole Rightholder (such later date, the “Right Expiration
Date”); provided that, in the case of a Make-Whole Rightholder that wishes to exercise a Right in connection with any shares issuable upon the exercise of a Warrant, the Right may only be exercised by such Make-Whole Rightholder with
respect to such Warrant if such Make-Whole Rightholder provides notice of exercise of such Warrant to ATA no later than the Right Expiration Date. Any Make-Whole Rightholder that fails to provide a notice of exercise of its Right pursuant to this
Section 2.3(b) shall be deemed to have irrevocably waived its Right. 
 ARTICLE III 

TITLE AND OTHER PROPERTY RELATED MATTERS 
 3.1 Title Matters. 
 (a) Delivery of Title Commitments. With respect
to each Contributed Property, (i) the ATA Parties have obtained, at their sole cost and expense, a current commitment for an ALTA extended owner’s policy from the Title Company with respect to all of the Real Property and/or such
endorsements or updates to the existing owner’s policies as the ATA Parties may desire and (ii) to the extent the Loan is not being paid off or refinanced at the applicable Closing, and is required by the Lender in connection with Lender
Approval, then the ATA parties shall obtain a commitment to endorse the existing mortgagee policy for the Loan from the title insurance company that issued such mortgagee policy, together with complete and legible copies of all instruments and
documents referred to therein as exceptions to title (collectively, the “Title Commitments”). 
 (b)
Survey. With respect to each Contributed Property, the ATA Parties shall, if they elect to do so, order, at their sole cost and expense, a current as built ALTA/ACSM survey with respect to all of the Real Property or such updates and/or
recertifications to the existing survey as the ATA Parties may desire (the “Survey”), by a licensed surveyor in the jurisdiction in which such Real Property is located, and certified to the ATA Parties, the Property Owner, the
Contributed Entity, if any, the Title Company and the Lender. ELRM shall deliver to the ATA Parties and/or the surveyor such documents, affidavits, or certifications as may be 

  
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reasonably requested in order to issue the Survey or in order to bring forward the date of any survey exception in the Title Commitment without issuing the Survey (provided no construction has
taken place since the date of any prior survey). 
 (c) Permitted Exceptions. With respect to each Contributed Property:

 (i) The Title Commitments are listed on Schedule 3.1(c) attached to this Agreement and all of the exceptions to
coverage shown thereon shall be deemed Permitted Encumbrances; provided, however, the Parties agree to use good faith efforts to cause the Title Company to remove the objections to title set forth on Schedule D attached to this Agreement. The
provisions of this Section 3.1(c)(i) shall survive the Initial Closing. 
 (ii) To the extent that ATA Holdings or ELRM
obtains a new title commitment in connection with an Alternate Property, and such new title commitment contains any exception to coverage that (x) is not otherwise included in subsections (b), (c), (d) and (f) of the definition of
Permitted Encumbrances and (y) would reasonably be expected to have a Property Material Adverse Effect (a “Post-Policy Exception”), then ATA Holdings, in its sole discretion, may object to such Post-Policy Exception by giving
notice thereof to ELRM in writing, within ten (10) Business Days of receipt of such new title commitment (the “Objection Notice”). Any Post-Policy Exceptions to which ATA Holdings does not timely object in the Objection Notice
shall be deemed Permitted Encumbrances. ELRM shall not be required to satisfy any objections set forth in any Objection Notice, nor shall ELRM be required to incur any cost or expense to do so; provided, however, that if the Objection
Notice is timely delivered to ELRM and ELRM intends to remove or cure any title defects or objections raised therein, ELRM shall deliver written notice (the “Title Response”) to ATA Holdings within ten (10) Business Days after
receipt of such Objection Notice identifying the Post-Policy Exceptions that ELRM intends to remove or cure (it being acknowledged that the delivery or failure to deliver a Title Response shall not constitute an admission by the EL Parties as to
whether or not any such exception constitutes a Post-Policy Exception as defined above). If ELRM fails to timely deliver the Title Response, or in its Title Response fails to commit to remove or cure any particular Post-Policy Exception raised in
such Objection Notice or cause the Title Company to affirmatively insure over any such Post-Policy Exception, then such failure shall constitute ELRM’s notice that it will not cure or remove such Post-Policy Exception. ATA Holdings shall have
the right to elect by written notice to ELRM, on or before five (5) Business Days after receipt of the Title Response (or, if no Title Response is given, five (5) Business Days after expiration of the period for delivery thereof), to
either (A) waive the objections that ELRM has not committed to remove or cure and accept such title as the Property Owner is able to convey, in which event the matters objected to shall become Permitted Exceptions; or (B) exclude such
Alternate Property from the Transactions by notifying ELRM in writing, whereupon (i) such Alternate Property shall be an Excluded Property and (ii) the applicable Contribution Agreement, if any, shall terminate automatically without the
need for further action by any party thereto. The failure of ATA Holdings to timely deliver such a waiver or exclusion notice shall constitute ATA Holdings’ election to waive the objection as described in Subsection 3.1(c)(ii)(A) above.

  
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 (d) Additional Exception. With respect to each Contributed Property, except for new
Leases entered into after the date hereof in accordance with the requirements of this Agreement, the Property Owner shall be expressly prohibited from further encumbering the Property from and after the date hereof in any manner that would
reasonably be expected to have a Property Material Adverse Effect without the prior written consent of the ATA Parties, which consent shall not be unreasonably withheld, conditioned or delayed (the “Additional Exception”), unless
such Additional Exception shall be released of record prior to the applicable Closing. 
 (e) Alternate Properties. In
the event any Alternate Property becomes a Contributed Property pursuant to this Agreement, ELRM shall promptly provide copies to ATA Holdings of the existing title insurance policies and surveys for such Alternate Property, to the extent not
previously provided. The provisions of this Section 3.1 shall thereafter apply to such Alternate Property as a Contributed Property. 
 3.2 Condemnation. 
 With respect to each Contributed Property: 

(a) If prior to the applicable Closing, any portion of the Real Property is taken by eminent domain that involves the taking of a
material portion of the Improvements (including the amenities or a material portion of the parking), or a taking that has the effect of preventing access to the Improvements (a “Material Condemnation”), ELRM shall promptly, but in
any event within five (5) Business Days and prior to such Closing, notify the ATA Parties in writing and in reasonable detail of the same (the “Condemnation Notice”). The ATA Parties shall have the right to elect, within
fifteen (15) Business Days of receipt of the Condemnation Notice (and the applicable Closing Date shall, if necessary, be extended to give the ATA Parties the benefit of the entire fifteen (15) Business Day period), to exclude such
Contributed Property from the Transactions by notifying ELRM in writing, whereupon (i) such Contributed Property shall be deemed an Excluded Property and (ii) the applicable Contribution Agreement, if any, shall terminate automatically
without the need for further action by any party thereto. 
 (b) If prior to the applicable Closing, any portion of the Real
Property is taken by eminent domain and either (i) such taking is not a Material Condemnation or (ii) such Contributed Property is not excluded from the Transactions pursuant to Section 3.2(a), then, the obligations of the
parties to consummate the Transactions shall not be affected, notwithstanding such condemnation, and there shall be no abatement or reduction in the purchase consideration payable on account thereof except as herein provided. At such Closing, ELRM
shall (A) cause the Property Owner to assign, or the Contributed Entity or its Subsidiary to retain, as the case may be, all of its right, title and interest in and to all related condemnation proceeds payable (but not yet paid as of such
Closing) and (B) to the extent that any Person (other than the Contributed Entity or any Subsidiary thereof) has received any such condemnation proceeds prior to such Closing, there shall be an abatement in an amount equal to such condemnation
proceeds received by each such Person, less the amount of the costs and expenses, including reasonable attorneys’ fees and expenses, incurred in establishing and collecting such award. Such abatement shall be effected as a reduction in the
aggregate purchase consideration payable on account of such Contributed Property. 

  
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 3.3 Casualty. 

With respect to each Contributed Property: 
 (a) If, after the Initial Closing, but prior to the applicable Subsequent Closing, the Property is damaged or destroyed by fire or other casualty (a “Casualty”) for which the cost to
restore such damage or destruction to the Property could reasonably be expected to exceed $250,000 (a “Material Casualty”), ELRM shall promptly, but in any event within five (5) Business Days and prior to such Closing, notify
the ATA Parties in writing and in reasonable detail of the same (the “Casualty Notice”). Subject to compliance by ELRM with the terms of Section 7.3(b)(i)(D), the obligations of the parties to consummate the Transactions shall
not be affected, notwithstanding any Casualty (whether or not a Material Casualty), and there shall be no abatement or reduction in the purchase consideration payable on account thereof except as herein provided. At such Subsequent Closing, ELRM
shall (A) cause the Property Owner to assign, or the Contributed Entity or its Subsidiary to retain, as the case may be, all of its right, title and interest in and to all related insurance proceeds payable (but not yet paid as of such Closing)
and (B) to the extent that any Person (other than the Contributed Entity or any Subsidiary thereof) has received any such insurance proceeds prior to such Subsequent Closing, there shall be an abatement in an amount equal to such insurance
proceeds received by each such Person, less the amount of the costs and expenses, including reasonable attorneys’ fees and expenses, incurred in establishing and collecting such proceeds or in repairing such damage or destruction. Such
abatement shall be effected as a reduction in the aggregate purchase consideration payable on account of such Contributed Property. 
 (b) The risk of loss to the Property shall pass to the ATA Parties upon the Initial Closing. 
 3.4 Excluded Liabilities. 
 With respect to each Contributed Entity, from
and after the Initial Closing: 
 (a) Subject to the terms and conditions set forth in this Section 3.4, ELRH hereby
agrees to indemnify, defend and hold harmless the ATA Parties from and against any and all direct costs, liabilities, damages and expenses (including reasonable attorneys’ fees and expenses but excluding consequential, punitive and indirect
damages) arising out of or resulting from any liabilities (other than Disclosed Liabilities) of such Contributed Entity or any of its Subsidiaries, whether direct or indirect, known or unknown, absolute or contingent, arising prior to the Initial
Closing, solely to the extent pertaining to the assets or activities, if any, of any of such Contributed Entity and its Subsidiaries, that are not directly or indirectly related to the Property or to any other Contributed Property. 

  
 17 

 (b) ELRH shall have no liability in respect of any amounts indemnifiable under this
Section 3.4 unless and until the aggregate of all such amounts with respect to such Contributed Entity collectively exceeds $25,000, whereupon ELRH shall be liable for the full amount thereof including the $25,000. In no event shall ELRH
be liable pursuant to this Section 3.4 for any amounts with respect to such Contributed Entity in excess of Three Million Dollars ($3,000,000). 
 (c) This Section 3.4 shall survive the Initial Closing with respect to such Contributed Entity until the expiration of the first anniversary of such Initial Closing and, with respect to any
written claim delivered to ELRH within such one year period, until final non-appealable adjudication or settlement thereof, provided litigation is, or adjudication proceedings are, instituted within six (6) months following ELRH’s receipt
of such written claim. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES RELATING TO 
 THE EL PARTIES

 EL and ELRM each hereby jointly and severally represents and warrants to ATA and ATA Holdings as follows: 

4.1 Organization; Capacity; Power. 
 (a) Each of the EL Parties has provided to ATA and ATA Holdings correct and complete copies of its Organizational Documents as currently in effect; 

(b) Each of the EL Parties is duly organized, validly existing and in good standing as a limited liability company under the Laws of the
State of Delaware; 
 (c) Each of the EL Parties is duly qualified, licensed or registered as a foreign limited liability
company in each jurisdiction in which either the ownership or use of the assets and properties owned or used by it, or the nature of the activities conducted by it, requires such qualification, licensure or registration, except where the failure to
be so qualified, licensed or registered would not reasonably be expected to have a material adverse effect on the ability of the EL Parties to execute, deliver and perform its obligations under this Agreement and the other Transaction Agreements to
which it is or will be a party; and 
 (d) Each of the EL Parties has full limited liability company power and authority to own,
lease and operate the properties now owned, leased or operated by it and to carry on its business as presently conducted, and to execute, deliver and perform its obligations under this Agreement and the other Transaction Agreements to which it is or
will be a party. 
 4.2 Authorization of Agreements; Enforceability. 

Each of the EL Parties and their Affiliates has duly authorized the execution and delivery of this Agreement and the other Transaction
Agreements to which it is or will be a 

  
 18 

 
party, the performance of its obligations under this Agreement and the other Transaction Agreements to which it is or will be a party, and the consummation of the Transactions in accordance with
all requirements of the Transaction Agreements and applicable to it under its Organizational Documents and applicable Laws. This Agreement, assuming the due authorization, execution and delivery by ATA and ATA Holdings, is the valid and binding
obligation of each of the EL Parties, enforceable against it in accordance with its terms, except as enforceability might be limited by bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally,
or limitations on the availability of equitable remedies. Each of the other Transaction Agreements to which the EL Parties or any their Affiliates will be a party, assuming the due authorization, execution and delivery by the parties thereto other
than the EL Parties and their Affiliates, will be the valid and binding obligation of the EL Parties and their Affiliates, as applicable, enforceable against each of them in accordance with its terms, except as enforceability might be limited by
bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally, or limitations on the availability of equitable remedies. 
 4.3 Governmental Filings and Authorizations. 
 In connection with the
execution and delivery by each of the EL Parties or any of their Affiliates of this Agreement and the other Transaction Agreements to which any of them will be a party, or the performance by the EL Parties or any of their Affiliates of any of their
obligations under this Agreement and the other Transaction Agreements to which any of them is or will be a party, the EL Parties and their Affiliates are not required (a) to make any Filing with any Governmental Authority, or (b) to obtain
any Authorization. 
 4.4 Other Third Party Approvals and Consents. 

Schedule 4.4 hereto contains a description of all authorizations, consents and approvals that are required to be obtained under
the Organizational Documents, including but not limited to investor consents, of each EL Party and any Affiliate of the EL Parties as a condition to the closing of any of the Transactions. 

4.5 Contravention. 
 The execution and delivery by the EL Parties and any of their Affiliates of this Agreement and the other Transaction Agreements to which any of them is or will be a party, the performance by the EL
Parties or their Affiliates of their respective obligations under this Agreement and the other Transaction Agreements to which any of them is or will be a party, and the consummation of the Transactions, do not and will not: 

(a) violate any provision of the Organizational Documents or any EL Party or any Affiliate of the EL Parties; or 

  
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 (b) violate any Law, Authorization or Order to which the EL Parties or any of their
Affiliates, properties or assets is subject, or give any Governmental Authority or other Person the right to challenge any of the Transactions. 
 4.6 Brokerage Fees. 
 Except for (i) the financial advisory fees
payable to Evercore Group LLC (“Evercore Partners”) pursuant to an engagement agreement between EL and Evercore Partners, a true and correct copy of which has been provided to ATA and ATA Holdings, (ii) the finders fee payable
to Raymond James (“Raymond James”) pursuant to an engagement agreement between EL and Raymond James, a true and correct copy of which has been provided to ATA and ATA Holdings and (iii) the acquisition fees payable to Joseph
Lubeck and Elco NA pursuant to a separate side letter agreement, a true and correct copy of which has been provided to ATA and ATA Holdings (collectively, all such fees, the “EL Advisory and Acquisition Fees”), none of the EL
Parties or any of their Affiliates has or will have any obligation to pay any brokerage fees or commissions, finder’s fee, advisory fees, acquisition fee or other similar fees related to the execution of this Agreement, any of the other
Transaction Agreements or the consummation of any of the Transactions. 
 4.7 Litigation. 

No Proceeding or Order is pending (and, to the knowledge of the EL Parties, no Proceeding or Order has been threatened and no facts or
circumstances exist that would be reasonably likely to result in any Claim, Proceeding or Order) against or affecting the EL Parties or any of their Affiliates (a) under any bankruptcy or insolvency Law, (b) that seeks or could be
reasonably likely to seek injunctive or other relief in connection with this Agreement, any of the other Transaction Agreements or the Transactions or (c) that reasonably could be expected to adversely affect (i) the performance by the EL
Parties or any of their Affiliates under this Agreement or any other Transaction Agreement to which the EL Parties or any of their Affiliates is or will be a party or (ii) the consummation of any of the Transactions. 

4.8 Solvency. 
 Each of the EL Parties is solvent for all purposes under federal bankruptcy and applicable state fraudulent transfer and fraudulent conveyance Laws. The performance by each of the EL Parties of its
obligations under this Agreement and the other Transaction Agreements will not render any of the EL Parties insolvent and does not constitute a fraudulent transfer or conveyance under such Laws. 

4.9 Foreign Corrupt Practices Act. 
 Neither the EL Parties nor, to the knowledge of the EL Parties, any director, officer, agent, employee, Affiliate or other person acting on behalf of any of the EL Parties, is aware of or has taken any
action, directly or indirectly, that would reasonably be expected to result in a violation by any of such persons of the Foreign Corrupt Practices Act of 1977, as 

  
 20 

 
amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such
term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the EL Parties and, to the knowledge of the EL Parties, their Affiliates have conducted
their businesses in compliance in all material respects with the FCPA. 
 4.10 Money Laundering Laws. 

The operations of the EL Parties and their Affiliates are and have been conducted at all times in compliance in all material respects
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no Proceeding involving the EL Parties or any of their Affiliates with respect
to the Money Laundering Laws is pending or, to the knowledge of the EL Parties, threatened in writing. 
 4.11 OFAC. 

None of the EL Parties nor, to the knowledge of the EL Parties, any trustee, officer, agent, employee, Affiliate or person acting on
behalf of the EL Parties or any of their Affiliates is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”). 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES RELATING TO 
 THE CONTRIBUTED ENTITIES AND PROPERTIES 
 ELRM hereby represents and
warrants to ATA and ATA Holdings as follows: 
 5.1 Organization and Authorization; No Conflicts. 

Each Contributed Entity is an entity duly organized, validly existing and in good standing in the state of its organization and is duly
qualified to do business as a foreign entity in each jurisdiction where the failure to so qualify would materially adversely affect the Contributed Entity’s ability to conduct business in the Ordinary Course. Each Contributed Entity has all
requisite power and authority to own, lease and operate the Properties now owned, leased or operated by it and to carry on its business as presently conducted. Each Contributed Entity, to the extent applicable, has taken all necessary action to
authorize the execution, delivery and performance of the Transaction Agreements and any other agreement, certificate, instrument or writing delivered in connection herewith or therewith or the transactions contemplated hereby or thereby
(collectively, the “Transaction Documents”), and upon the execution and delivery of any 

  
 21 

 
Transaction Document to be delivered by any Contributed Entity, to the extent applicable, such Transaction Document shall constitute the valid and binding obligation and agreement of such
Contributed Entity, enforceable against such Contributed Entity in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights
and remedies of creditors and general principles of equity. ELRM has made available to the ATA Parties true and complete copies of the Organizational Documents of each Contributed Entity, as amended and as in effect on the date of this Agreement. No
Contributed Entity is in default under or in violation of any provision of its Organizational Documents. 
 5.2
Capitalization; Title to Contributed Interests. 
 Schedule 5.2 sets forth the authorized ownership interests of
each Contributed Entity and indicates the ownership of all of the issued and outstanding ownership interests of the Contributed Entity. Except for the Transaction Agreements and the Transactions, there are no agreements, arrangements, options,
warrants, calls, rights (including preemptive rights) or commitments of any character to which any Contributed Entity or any EL Affiliate is a party (or, to ELRM’s knowledge, to which any other holder of any ownership interest in any
Contributed Entity is a party) relating to the issuance, sale, purchase or redemption of any ownership interests of any Contributed Entity. All of the outstanding ownership interests of each Contributed Entity are validly issued, fully paid and
nonassessable. All of the issued and outstanding ownership interests of each Contributed Entity held by any EL Affiliate (or, to ELRM’s knowledge, by any other Person) are owned free from all Liens. With respect to each Contributed Entity, upon
delivery to ATA Holdings on the applicable Closing Date of any and all Contributed Interests as contemplated by this Agreement and the applicable Interest Contribution Agreement, the Contributors that are EL Affiliates (and, to ELRM’s
knowledge, the other Contributors) will thereby transfer to ATA Holdings good and marketable title to such Contributed Interests, free and clear of all Liens. 
 5.3 Absence of Defaults and Conflicts; Consents and Approvals. 
 (a) Except
as set forth on Schedule 5.3, neither the execution and delivery of any Transaction Document by any Contributed Entity, to the extent applicable, nor the consummation of any of the transactions contemplated thereby, nor compliance with or
fulfillment of the terms, conditions and provisions thereof will (i) conflict with, result in a breach of the terms, conditions or provisions of, or constitute a default, an event of default or an event creating rights of acceleration,
termination or cancellation or a loss of rights under, or result in the creation or imposition of any Lien upon any of the Contributed Interests or the Property of any Contributed Entity, under (A) any of their respective Organizational
Documents (to the extent applicable), (B) any contract to which any of them is a party and which would reasonably be expected to have a Portfolio Material Adverse Effect, (C) any Permits to which any of them is a party or the Contributed
Interests or the Property of any Contributed Entity are subject or by which any Contributed Entity is bound and which would reasonably be expected to have a Portfolio Material Adverse Effect, or (D) any Laws affecting any Contributed Entity,
the 

  
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Contributed Interests or the Property of any Contributed Entity; or (ii) require the approval, consent, authorization or act of, or the making by any Contributed Entity of any declaration,
filing or registration with, any Person. 
 (b) Schedules 4.4 and 5.3 contain a list of all material consents and approvals
required to be obtained in connection with the transactions contemplated by the Transaction Documents. 
 5.4 Subsidiaries
and Investments. 
 Except as listed on Schedule 5.4 attached hereto, no Contributed Entity has any Subsidiaries nor
does it have any investment in any Person. Schedule 5.4 indicates the ownership of all of the issued and outstanding ownership interests of all Subsidiaries of all Contributed Entities. 

5.5 Absence of Undisclosed Liabilities. 
 With respect to each Contributed Entity, none of the Contributed Entity and its Subsidiaries has any liabilities, whether currently due, accrued, absolute, contingent, unliquidated or otherwise, whether
or not known, whether due or to become due and regardless of when asserted, other than the following (collectively, “Disclosed Liabilities”): (i) the Loan, (ii) liabilities fully and adequately reflected or reserved
against in the balance sheet included in the Contributed Entity Financial Statements (the “Latest Balance Sheet” with respect to the Contributed Entity), (iii) liabilities incurred in the Ordinary Course since the date of the
Latest Balance Sheet, none of which, individually or in the aggregate, could reasonably be expected to have a Portfolio Material Adverse Effect, (iv) liabilities to be apportioned at or following the Initial Closing with respect to such
Contributed Entity pursuant to the provisions of this Agreement, (v) liabilities between or among any two or more of the Contributed Entities and their Subsidiaries (but not any liability to any entity directly or indirectly owning an interest
in any Contributed Entity that is not contributed hereunder), (vi) liabilities of the type addressed by any other representations and warranties of ELRM or any other Person with respect to such Contributed Entity or Contributed Property set
forth in this Agreement or in any other Transaction Document, and (vii) liabilities disclosed on Schedule 5.5 or on any other Schedules attached hereto. 
 5.6 Taxes. 
 (a)(A) Each Contributed Entity and each of their respective
Subsidiaries has complied in all material respects with all Laws relating to Taxes, (B) each Tax Return required to be filed by, or on behalf of, each Contributed Entity and each of their respective Subsidiaries has been timely filed in
accordance with applicable Laws (taking into account applicable extensions), (C) all such Tax Returns and the Tax Returns of Elco, Elco Landmark at Creekside Grand, LLC, Landmark at Grand Palms Holdings, LLC and Century Mill Investors, LLC are
true, correct and complete in all material respects, and (D) all Taxes due and payable with respect to each such Tax Return of each Contributed Entity and each of their respective 

  
 23 

 
Subsidiaries (whether or not shown as due on a Tax Return), or otherwise due and payable by, or on behalf of each Contributed Entity and each of their respective Subsidiaries, have been timely
paid. 
 (b) ELRM has provided to the ATA Parties true, correct and complete copies of all Tax Returns filed by Elco, Elco
Landmark at Creekside Grand, LLC, Landmark at Grand Palms Holdings, LLC, Century Mill Investors, LLC and each Contributed Entity and each of their Subsidiaries in the last three (3) years. ELRM has provided to the ATA Parties true, correct, and
complete copies of all notices of deficiencies, final partnership administrative adjustments, notices of proposed adjustments, notices of assessments, revenue agent reports, closing agreements, settlement agreements, information document requests,
protests, petitions and any other similar documents, notices, and correspondence, in each case, that each Contributed Entity and each of their respective Subsidiaries (or any of their Representatives) has received from, sent to, or entered into with
the IRS or other Governmental Authority in the last three (3) years or that relates to any Taxes or Tax Return which is not closed by the applicable statute of limitations. No claim has been made by any Governmental Authority in the last three
(3) years that a Contributed Entity or any of its Subsidiaries has not properly reported and/or paid Taxes or filed Tax Returns in a jurisdiction in which a Contributed Entity or any of its Subsidiaries does not file a Tax Return. The first
sentence of this paragraph shall not apply to the extent that, immediately before the Effective Date, such Contributed Entity or its Subsidiaries are disregarded entities within the meaning of Treasury Regulation § 301.7701-2(c)(2)(i).

 (c) There are no Liens for Taxes on any Contributed Property. 

(d) No federal, state, local or foreign Tax audits or other Proceedings are presently in progress or pending or, to ELRM’s
knowledge, threatened with regard to any Taxes or Tax Returns of any Contributed Entity or any of their respective Subsidiaries. No private letter ruling, technical advice memorandum, application for a change of any method of accounting, or other
similar requests made by, or with respect to any Contributed Entity or any of their respective Subsidiaries, are presently pending with any Governmental Authority. 
 (e) No Contributed Entity or any of its Subsidiaries has engaged in any transaction that could affect its income Tax liability for any taxable year not closed by the statute of limitations which is a
“listed transaction” within the meaning of Treasury Regulation section 301.6011-4 (irrespective of the effective date). This paragraph shall not apply to the extent that, immediately after the Effective Date, such Contributed Entity or its
Subsidiaries are disregarded entities within the meaning of Treasury Regulation § 301.7701-2(c)(2)(i). 
 (f) Each
Contributed Entity and each of their respective Subsidiaries has since its formation been treated for federal income tax purposes as either (i) a “disregarded entity” as defined in Treasury Regulations Section 301.7701-3 or
(ii) a partnership, and not an association or “publicly traded partnership” taxable as a corporation. 
 (g)
There are no outstanding waivers or agreements extending the statute of limitations for any period with respect to any Tax to which any Contributed Entity or any of their Subsidiaries is subject and no requests for any such waivers or agreements
have been made of any Contributed Entity or any of their Subsidiaries. 

  
 24 

 (h) No Contributed Entity or any of its Subsidiaries is a party to, nor is bound by, nor has
any obligation under, any Tax sharing, Tax protection, Tax reimbursement or similar agreement or arrangement. 
 (i) No
Contributed Entity or any of its Subsidiaries has made an election pursuant to Code section 108(i) (or any similar provision of state or local tax law). This paragraph shall not apply to the extent that, immediately after the Effective Date, such
Contributed Entity or its Subsidiaries are disregarded entities within the meaning of Treasury Regulation § 301.7701-2(c)(2)(i). 
 (j) The Loan is a “qualified liability” within the meaning of Treasury Regulations section 1.707-5(a)(6). 
 5.7 Absence of Certain Changes or Events. 
 With respect to each
Contributed Entity, since the date of the Latest Balance Sheet: (i) the Contributed Entity has been operating only in the Ordinary Course; (ii) the Contributed Entity has not (A) sold, leased or disposed of, or subjected to any Lien,
any of its tangible or intangible assets, other than the sale, lease or disposition in the Ordinary Course of inventory, FF&E, miscellaneous items of machinery and equipment and assets no longer necessary to the operation of the Property or
which have been replaced by similar items, or (B) canceled or released any material debt or claim held by it other than in the Ordinary Course; and (iii) the Contributed Entity has not instituted, settled, agreed to settle any litigation
or Proceeding before any Governmental Authority other than in the Ordinary Course, but not in any case involving amounts in excess of Fifty Thousand Dollars ($50,000.00). 
 5.8 Real Property. 
 With respect to each Contributed Property: 

(a) The Property Owner owns good and marketable fee simple title to the Real Property. At the applicable Closing, the Property shall be
free and clear of all Liens except Permitted Encumbrances. Except for the Real Property, the Property Owner does not own an interest in any real property or hold a leasehold interest in any real property. During the period that ELRM and its
Affiliates have been associated with the Property Owner, whether as an owner or as a property manager, the Property Owner has not owned or leased any real property other than the Real Property. 

(b) To ELRM’s knowledge, the Property Owner has complied and is in compliance with, and the Property is in compliance with, in all
material respects, all Laws applicable to the Real Property. Neither the Property Owner nor, to ELRM’s knowledge, the Contributors, have received from any Governmental Authority written notice (and ELRM has no

  
 25 

 
knowledge) of any violation of any Law (including, without limitation, any zoning, building, fire or health code) applicable to the Property, or any part thereof, that will not have been
corrected prior to the applicable Closing. 
 (c) The Rent Roll set forth in Schedule 5.8(c)(i) attached hereto is true,
correct and complete in all material respects as of the date set forth on the Rent Roll. As of the applicable Closing, the Rent Roll delivered at the Closing will be true, correct and complete in all material respects as of the date set forth
thereon. The copies of the Leases delivered to the ATA Parties are true, correct and complete copies in all material respects and, to ELRM’s knowledge, are in full force and effect, without default by any party and without any right of setoff,
except as expressly provided by the terms of such Leases or as disclosed on the delinquency report attached hereto or as otherwise set forth on Schedule 5.8(c)(ii). The copies of the Leases and other agreements with the Tenants under the
Leases delivered to the ATA Parties pursuant to this Agreement constitute the entire agreements with such Tenants relating to the Real Property, have not been materially amended, modified or supplemented, except for such amendments, modifications
and supplements delivered to the ATA Parties, and there are no other leases or tenancy agreements affecting the Real Property. 

(d) Except as set forth on Schedule 5.8(d), the Property Owner has not granted to any Person any options to purchase any Real
Property (or any portion thereof) or any rights of first refusal to purchase any Real Property (or any portion thereof), and no Person (other than ATA Holdings) has a conditional or unconditional right or option to purchase or to ground lease all or
any portion of the Real Property, or the Property Owner’s interest therein. 
 (e) Except as set forth in Schedule
5.8(e), ELRM has not received written notice, and has no knowledge, of any pending, proposed or threatened (A) change in, or Proceeding for, the rezoning or amendment to the existing zoning of the Real Property or any portion thereof,
(B) variance, conditional use permit, special use permit, special exception or other land use permits with respect to the Real Property or any portions thereof, (C) road widening or realignment of any streets or highways adjacent to the
Property, or (D) taking of any material portion of a Real Property by eminent domain, in each case, that would reasonably be expected to have a material adverse affect on the value of the Real Property. 

(f) Except as set forth in Schedule 5.8(f), the Property is not currently benefited by any special tax
abatement or categorization. Except as set forth in Schedule 5.8(f), none of the Contributed Entity or, to ELRM’s knowledge, the Contributors, has commenced any Proceedings which are pending for the reduction of the assessed valuation of
the Property. 1 

 

	1 	Note to draft: Schedule 5.8(f) to reflect that Creekside Grand’s taxes are being appealed. 

  
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 5.9 FF&E. 

With respect to each Contributed Property, the Property Owner has not previously assigned or encumbered the FF&E, except for any
leased or licensed FF&E as set forth on Schedule 5.9 attached hereto and except in respect of any Loans under the Loan Documents and, except as provided above, such FF&E is (or will be at the applicable Closing) free and clear of all
Liens. 
 5.10 Contracts. 
 With respect to each Contributed Property: 
 (a) Except with respect to any
Required Capital Improvements which are not completed as of the applicable Closing Date, the only Contracts and amendments thereto that will be in effect on such Closing Date that are not terminable without cause or penalty within sixty
(60) days with respect to the Contributed Entity or the Property (the “Non-Terminable Contracts”) are as set forth in Schedule 5.10 (the “Schedule of Non-Terminable Contracts”). 

(b) To ELRM’s knowledge, the Property Owner has performed in all material respects all of its obligations under each Contract to
which the Property Owner is a party or is subject and none of the Contributors, the Contributed Entity, or the Existing Manager, has given or received written notice, and has no knowledge, of any material default under any of the Contracts.

 (c) True, complete and correct copies of the material Contracts have been delivered to the ATA Parties. To ELRM’s
knowledge, the Contracts are in full force and effect. The Contracts constitute the entire agreements with such vendors relating to the Property, have not been materially amended, modified or supplemented, except for such amendments, modifications
and supplements as have been delivered to the ATA Parties. 
 5.11 Litigation. 

Except as disclosed in Schedule 5.11, with respect to each Contributed Property, there is no Proceeding or Order pending or, to
ELRM’s knowledge, threatened and, to ELRM’s knowledge, no facts or circumstances exist that would be reasonably likely to result in any Claim, Proceeding or Order, against the Contributed Entity, the Existing Manager or the Property,
whether relating to the Transaction Documents or otherwise. 
 5.12 Environmental Matters. 

With respect to each Contributed Property: 
 (a) ELRM has made available to the ATA Parties copies of all environmental reports or studies prepared by third party consultants for the Property Owner relating to the Property that are in the possession
or control of the Contributed Entity. To ELRM’s knowledge, and except for any matters which are disclosed in such reports and studies, no Hazardous Materials exist at the Property, except as permitted under Environmental Laws. 

  
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 (b) During the period that ELRM and its Affiliates have been associated with the Property
Owner, whether as an owner or as a property manager, neither the Contributed Entity nor the Existing Manager has received any written notice from any Governmental Authority of any pending or, to ELRM’s knowledge, threatened, action or
Proceeding arising out of the environmental condition of the Property, Hazardous Materials located on the Property, or any alleged violation of any Environmental Laws. 
 5.13 Employees. 
 None of the Contributed Entities has any employees.

 5.14 Construction Contracts; Mechanics’ Liens. 

With respect to each Contributed Property, except as set forth in Schedule 5.14, at the applicable Closing, except with respect to
any Required Capital Improvements which have not been completed, there will be no outstanding Contracts made by the Contributed Entity or the Existing Manager for the construction or repair of any Improvements relating to the Real Property which
have not been fully paid for and will not be paid in the Ordinary Course. 
 5.15 Loan Documents. 

With respect to each Contributed Property: 
 (a) The Loan Documents described in Schedule 5.15 that encumber the Property constitute all of the material loan documents and related instruments in effect with respect to the Loan and have not
been modified except as set forth in Schedule 5.15. 
 (b) To ELRM’s knowledge, the Loan Documents are in full force
and effect. Neither the Contributed Entity nor the Existing Manager has received written notice, nor do they have knowledge, of default under any of the Loan Documents. Other than the Indebtedness related to the Loan, neither the Property nor the
Contributed Entity is encumbered by any Indebtedness. 
 (c) As of the date hereof, the outstanding principal balance of the
Loan and the amount of escrows or reserves is set forth on Schedule 5.15. 
 5.16 Special Assessments. 

Since January 1, 2012, no Contributed Entity or Existing Manager has received any written notice, nor do they have knowledge, of any
existing or pending special assessments affecting any Property by any Governmental Authority, water or sewer authority, drainage district or any other special taxing district or other entity, other than as disclosed herein, and has received no
written notice, nor do they have knowledge, of any assessments that may be levied after the applicable Closing by any Governmental Authority. 

  
 28 

 5.17 Affiliate Transactions. 

With respect to each Contributed Entity, (a) except for the Existing Management Agreement, all Contracts and other intercompany
obligations between the Contributed Entity, on the one hand, and any Contributor or, to ELRM’s knowledge, any of the Contributors’ other Affiliates, on the other hand, will be satisfied, repaid, eliminated or cancelled at or prior to the
Initial Closing, and (b) except for the Existing Management Agreement and the Organizational Documents of the Contributed Entity, there are no written Contracts between the Contributed Entity and any Contributor or, to ELRM’s knowledge,
any of the Contributors’ other Affiliates. 
 5.18 Patriot Act. 

With respect to each Contributed Entity: 
 (a) Neither the Contributed Entity nor, to ELRM’s knowledge, any of their constituents or affiliates, are in violation of any laws relating to terrorism or money laundering, including Executive Order
No. 13224 on Terrorist Financing, effective September 24, 2001 and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”)
and/or, to ELRM’s knowledge, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public La 107 56, the “Patriot Act”). 

(b) Neither the Contributed Entity nor, to ELRM’s knowledge, any of their constituents or affiliates, is a “Prohibited
Person” which is defined as follows: 
 (i) a person or entity that is listed in the Annex to, or is otherwise subject
to the provisions of, the Executive Order; 
 (ii) a person or entity owned or controlled by, or acting for or on behalf of,
any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; 

(iii) a person or entity with whom the ATA Parties or the successor or assignee of either is prohibited from dealing or otherwise
engaging in any transaction by the Executive Order or the Patriot Act; 
 (iv) a person or entity who commits, threatens or
conspires to commit or supports “terrorism” as defined in the Executive Order; 
 (v) a person or entity that is
named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/ofac/tllsdn.pdf, or at any
replacement website or other replacement official publication of such list; and 

  
 29 

 (vi) a person or entity who is affiliated with a person or entity listed
above. 
 (c) To ELRM’s knowledge, neither the Contributed Entity, nor the Existing Manager, nor any of their constituents
or affiliates, have or will knowingly: (i) conduct any business or engage in any transaction or dealing with any Prohibited Person, including the making or receiving any contribution of funds, goods or services to or for the benefit of any
Prohibited Person, (ii) deal in or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order; or (iii) engage in or conspire to engage in any transaction that evades or
avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive Order or the Patriot Act. 
 5.19 Possession of Licenses and Permits. 
 The Contributed Entities, the
Property Owners and their respective Subsidiaries possess such Permits necessary to conduct their business as presently conducted, except where the failure so to possess would not, singly or in the aggregate, result in a Portfolio Material Adverse
Effect; the Contributed Entities, the Property Owners and their respective Subsidiaries are in compliance with the terms and conditions of all such Permits, except where the failure so to comply would not, singly or in the aggregate, result in a
Portfolio Material Adverse Effect; all of such Permits are valid and in full force and effect, except where the invalidity of such Permits or the failure of such Permits to be in full force and effect would not, singly or in the aggregate, result in
a Portfolio Material Adverse Effect; and none of the Contributed Entities, the Property Owners and their respective Subsidiaries or the EL Parties has received any notice of proceedings relating to the revocation or modification of any such Permits
which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Portfolio Material Adverse Effect. 
 5.20 Condition of Properties. 
 ELRM has received and reviewed property
condition reports on the Real Property with respect to each Contributed Property. Except as otherwise set forth on Schedule 5.20, to ELRM’s knowledge: (i) no Real Property with respect to any Contributed Property is in violation of
any applicable building code, zoning ordinance or other law or regulation, except where such violation of any applicable building code, zoning ordinance or other law or regulation would not, singly or in the aggregate, have a Portfolio Material
Adverse Effect; (ii) none of the Contributed Entities, the Property Owners and their respective Subsidiaries or the EL Parties has received written notice of any proposed material special assessment or any proposed change in any property tax,
zoning or land use laws or availability of water affecting the Real Property with respect to any Contributed Property that would, singly or in the aggregate, have a Portfolio Material Adverse Effect; (iii) there does not exist any violation of
any declaration of covenants, conditions and restrictions with respect to the Real Property with 

  
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respect to any Contributed Property that would, singly or in the aggregate, have a Portfolio Material Adverse Effect, or any state of facts or circumstances or condition or event that could, with
the giving of notice or passage of time, or both, constitute such a violation; and (iv) the Improvements with respect to each Contributed Property are free of any physical, mechanical, structural, design or construction defects that would,
singly or in the aggregate, have a Portfolio Material Adverse Effect and the mechanical, electrical and utility systems servicing such Improvements (including, without limitation, all water, electric, sewer, plumbing, heating, ventilation, gas and
air conditioning) are in good condition and proper working order, reasonable wear and tear and need for routine repair and maintenance excepted, and are free of defects, except for such failures and defects that would not, singly or in the
aggregate, have a Portfolio Material Adverse Effect. 
 5.21 Access and Utilities. 

The Real Property with respect to each of the Contributed Properties has rights of access to public ways and is served by electric,
water, sewer, sanitary sewer and storm drain facilities adequate to service such Real Property for its present use. 
 5.22
Rent-Ready. 
 No more than one percent (1%) of the units in the Contributed Properties are “off-line”
(meaning they cannot be made “rent-ready” with routine maintenance) and at least eighty percent (80%) of the vacant units in the Contributed Properties are in so-called “rent-ready” condition. 

Without limiting the terms hereof, none of the representations or warranties with respect to any Contributed Property or Contributed
Entity shall survive the Closing with respect to such Contributed Property. 
 5.23 Brokerage Fees. 

Except for the EL Advisory and Acquisition Fees, none of the EL Parties or any of their Affiliates has or will have any obligation to pay
any brokerage fees or commissions, finder’s fee, advisory fees, acquisition fee or other similar fees related to the execution of this Agreement, any of the other Transaction Agreements or the consummation of any of the Transactions.

 5.24 Insurance. 
 The Contributed Entities carry or are entitled to the benefits of insurance, with financially sound and reputable insurers, in such amounts and covering such risks as is generally maintained by companies
of established repute engaged in the same or similar business, and all such insurance is in full force and effect. ELRM has no reason to believe that any Contributed Entity will not be able (A) to renew its existing insurance coverage as and
when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or 

  
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appropriate to conduct its business as now conducted and at a cost that would not result in an Portfolio Material Adverse Effect. No Contributed Entity has been denied any insurance coverage
which it has sought or for which it has applied. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 
 OF THE ATA PARTIES 
 Except as set forth in the Specified SEC Reports, ATA
and ATA Holdings jointly and severally hereby represent and warrant to the EL Parties (for their benefit and for the benefit of the Contributors) that: 
 6.1 SEC Reports; Financial Statements. 
 ATA has filed with or furnished to
the SEC all reports, schedules, forms, statements and other documents required by the 1933 Act or the 1934 Act or the rules or regulations promulgated thereunder to be filed or furnished by ATA, including, without limitation, proxy information and
solicitation materials, in each case, in the form and with the substance prescribed by either such Act or such rules or regulations (collectively, the “SEC Reports”). ATA has delivered or made available to the EL Parties all SEC
Reports to the extent the same are not publicly available through the SEC’s EDGAR website. As of their respective filing dates, the SEC Reports complied in all material respects with the requirements of the 1933 Act or 1934 Act, as the case may
be, and the rules and regulations of the SEC promulgated thereunder and other federal, state and local laws, rules and regulations applicable to the SEC Reports, and none of the SEC Reports (including any and all financial statements included
therein) as of such dates contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are
made, not misleading. 
 The financial statements included in the SEC Reports, together with the related schedules and notes,
including without limitation the audited financial statements included in ATA’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Annual Report”), and the unaudited interim financial statements included
in ATA’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2012 (the “Quarterly Report”), are accurate in all material respects and present fairly the financial position of ATA and its consolidated
Subsidiaries, at the dates indicated; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved. The
supporting schedules, if any, present fairly in accordance with GAAP the information required to be stated therein. 
 6.2 No
Material Adverse Change in Business. 
 Since December 31, 2011, (A) there has been no material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs, business prospects, management, assets or properties of ATA and or its Subsidiaries considered as one enterprise, 

  
 32 

 
whether or not arising in the Ordinary Course (an “ATA Material Adverse Effect”), (B) there have been no transactions entered into by ATA or any Subsidiary thereof, other
than those in the Ordinary Course, which are material with respect to ATA and each Subsidiary thereof considered as one enterprise, and (C) there has been no dividend or distribution of any kind declared, paid or made by ATA on any class of its
shares of capital stock, other than in the Ordinary Course. 
 6.3 Good Standing of ATA and ATA Holdings. 

(a) ATA has been duly organized and is validly existing as a corporation in good standing with the SDAT and has the corporate power and
authority to own, lease and operate its properties and to conduct its business as described in the Specified SEC Reports and to enter into and perform its obligations under this Agreement and the other Transaction Agreements; and ATA is duly
qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where
the failure so to qualify or to be in good standing would not result in an ATA Material Adverse Effect. Complete and correct copies of the Organizational Documents of ATA and all amendments thereto have been made available to the EL Parties and no
changes thereto will be made other than as contemplated by this Agreement and the other Transaction Agreements. 
 (b) ATA
Holdings has been duly organized and is validly existing as a limited partnership in good standing under the laws of the Commonwealth of Virginia and has the limited partnership power and authority to own, lease and operate its properties and to
conduct its business as described in the Specified SEC Reports and to enter into and perform its obligations under this Agreement and the other Transaction Agreements; and ATA Holdings is duly qualified as a foreign limited partnership to transact
business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good
standing would not result in an ATA Material Adverse Effect. Complete and correct copies of the Organizational Documents of ATA Holdings and all amendments thereto have been made available to the EL Parties and no changes thereto will be other than
as contemplated by this Agreement and the other Transaction Agreements. 
 6.4 Good Standing of Subsidiaries. 

The only Subsidiaries of ATA are the entities listed in Exhibit 21.1 to the Annual Report. Each Subsidiary of ATA (i) has been duly
organized and is validly existing as a partnership or a limited liability company in good standing under the laws of the jurisdiction of its organization, (ii) has partnership or limited liability company power and authority, as applicable, to
own, lease and operate its properties and to conduct its business as described in the Specified SEC Reports and (iii) is duly qualified as a foreign partnership or limited liability company, as the case may be, to transact business and is in
good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except in the case of this clause (iii) where the failure so to qualify or

  
 33 

 
to be in good standing would not result in an ATA Material Adverse Effect; all of the issued and outstanding equity interests or capital stock, respectively, of each such Subsidiary has been duly
authorized and validly issued, is fully paid and non-assessable and is owned by ATA, directly or through a Subsidiary, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity; none of the outstanding equity
interests or shares of capital stock, respectively, of any Subsidiary was issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. Except for the equity interests and shares of capital stock, respectively, in
its Subsidiaries, ATA does not own, directly or indirectly, any shares of stock or any other equity or long term debt securities of any corporation or have any equity interest in any firm, partnership, joint venture, association or other entity.

 6.5 Capitalization. 
 The authorized, issued and outstanding shares of capital stock of ATA are as set forth in the Annual Report (except for subsequent issuances, if any, pursuant to this Agreement and the other Transaction
Agreements or pursuant to reservations, agreements or benefit plans referred to in the Specified SEC Reports. The issued and outstanding shares of capital stock of ATA have been duly authorized and validly issued and are fully paid and
non-assessable; none of the outstanding shares of capital stock of ATA was issued in violation of any preemptive or other similar rights of any security holder of ATA or any other Person. The issued and outstanding shares of capital stock of ATA
have been offered, issued and sold in compliance with all applicable federal, state and foreign securities laws. 
 Schedule
6.5 sets forth the authorized partnership interests of ATA Holdings and indicates the ownership of all of the issued and outstanding partnership interests of ATA Holdings. Except for the Transaction Agreements and the Transactions, there are no
agreements, arrangements, options, warrants, calls, rights (including preemptive rights) or commitments of any character to which any of ATA, ATA Holdings and their respective Affiliates is a party (or, to ATA’s knowledge, to which any other
holder of any partnership interest in ATA Holdings is a party) relating to the issuance, sale, purchase or redemption of any partnership interests of ATA Holdings. All of the outstanding partnership interests of ATA Holdings are validly issued,
fully paid and nonassessable. All of the issued and outstanding partnership interests of ATA Holdings held by any of ATA, ATA Holdings and their respective Affiliates (or, to ATA’s knowledge, by any other Person) are owned free from all Liens.
None of the issued and outstanding partnership interests of ATA Holdings was issued in violation of any preemptive or other similar rights of any securityholder of ATA Holdings or any other Person. The issued and outstanding partnership interests of
ATA Holdings have been offered, issued and sold in compliance with all applicable federal, state and foreign securities laws. 

6.6 Authorization of Agreement; Enforceability. 
 Each of the ATA Parties and their Affiliates has duly authorized the execution and delivery of this Agreement and the other Transaction Agreements to which it is or will be a party, the performance of its
obligations under this Agreement and the other Transaction Agreements to which it is or will be a party, and the consummation of the Transactions in 

  
 34 

 
accordance with all requirements of the Transaction Agreements and applicable to it under its Organizational Documents and applicable Laws. This Agreement, assuming the due authorization,
execution and delivery by the EL Parties, is the valid and binding obligation of each of the ATA Parties, enforceable against it in accordance with its terms, except as enforceability might be limited by bankruptcy, insolvency, reorganization,
moratorium and similar Laws affecting creditors’ rights generally, or limitations on the availability of equitable remedies. Each of the other Transaction Agreements to which the ATA Parties or any their Affiliates will be a party, assuming the
due authorization, execution and delivery by the parties thereto other than the ATA Parties and their Affiliates, will be the valid and binding obligation of the ATA Parties and their Affiliates, as applicable, enforceable against each of them in
accordance with its terms, except as enforceability might be limited by bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally, or limitations on the availability of equitable remedies.

 6.7 Absence of Defaults and Conflicts. 
 Neither ATA nor any Subsidiary thereof is in violation of its Organizational Documents, or in default in the performance or observance of any obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or instrument to which ATA or any Subsidiary thereof is a party or by which it or any of them may be bound, or to which any of the property or
assets of ATA or any Subsidiary thereof is subject (collectively, “Agreements and Instruments”) except for such defaults that would not result in an ATA Material Adverse Effect; and the execution, delivery and performance of this
Agreement and the other the Transaction Agreements to which ATA or ATA Holdings is or will be a party and the consummation of the transactions contemplated herein and therein and compliance by ATA and ATA Holdings with their respective obligations
hereunder and thereunder have been duly authorized by all necessary action and do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of, or default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or assets of ATA or any Subsidiary thereof pursuant to, the Agreements and Instruments (except for such conflicts, breaches or defaults or liens, charges or encumbrances
that would not result in an ATA Material Adverse Effect), nor will such action result in any violation of the provisions of the Organizational Documents of ATA or any Subsidiary thereof or any applicable law, statute, rule, regulation, judgment,
order, writ or decree of any government, government instrumentality or court, domestic or foreign, having jurisdiction over ATA or any Subsidiary thereof or any of their assets, properties or operations. 

6.8 Absence of Proceedings. 
 There is no Proceeding now pending, or, to the knowledge of ATA or ATA Holdings, threatened, against or affecting ATA or any Subsidiary thereof, which is required to be disclosed in the SEC Reports which
has not been so disclosed, or which might result in an ATA Material Adverse Effect, or which might materially and adversely affect the properties or assets 

  
 35 

 
thereof or the consummation of the transactions contemplated in this Agreement and the other the Transaction Agreements or the performance by ATA or ATA Holdings of their respective obligations
hereunder or thereunder; the aggregate of all pending Proceedings to which ATA or any Subsidiary thereof is a party or of which any of their respective property or assets is the subject which are not described in the Specified SEC Reports, including
routine litigation incidental to the business, would not reasonably be expected to result in an ATA Material Adverse Effect. 

6.9 Accuracy of Descriptions. 
 The descriptions in the SEC Reports of affiliate transactions, contracts required to be described therein and other legal documents are true and correct in all material respects, and there are no
affiliate transactions, contracts or other documents of a character required to be described in the SEC Reports or to be filed as exhibits to the SEC Reports which are not described or filed as required. All agreements between ATA or any Subsidiary
thereof, on the one hand, and any other party expressly referenced in the SEC Reports are legal, valid and binding obligations of ATA or one or more of its Subsidiaries, enforceable against ATA or its Subsidiaries in accordance with their respective
terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles. 

6.10 Possession of Intellectual Property. 
 ATA and each Subsidiary thereof owns or possesses, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual Property”) necessary to conduct its
business as described in the Specified SEC Reports, and neither ATA nor any of its Subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property
or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of ATA or any of its Subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision,
ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would result in an ATA Material Adverse Effect. 

6.11 Absence of Further Requirements. 
 No filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any court or Governmental Authority is necessary or required for the performance by ATA or
ATA Holdings of their respective obligations under this Agreement and other Transaction Agreements to which ATA or ATA Holdings is or will be a party, or the consummation of the transactions contemplated by this Agreement and the other Transaction
Agreements, except such as have been already obtained or as may be required under Regulation D under the 1933 Act or state securities laws. 

  
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 6.12 Possession of Licenses and Permits. 

ATA and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations issued by the appropriate federal,
state, local or foreign regulatory agencies or bodies necessary to conduct their business as described in the Specified SEC Reports (collectively, “Governmental Licenses”), except where the failure so to possess would not, singly or
in the aggregate, result in an ATA Material Adverse Effect; ATA and its Subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate,
result in an ATA Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect
would not, singly or in the aggregate, result in an ATA Material Adverse Effect; and neither ATA nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in an ATA Material Adverse Effect. 
 6.13 Title to Property. 
 ATA and its Subsidiaries have good and marketable
title in fee simple to all real property owned by ATA and its Subsidiaries and good title to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims, restrictions or encumbrances
of any kind except (a) first mortgages on the particular real properties and (b) such as do not, singly or in the aggregate, materially affect the value of such property and do not interfere with the use made and proposed to be made of
such property by ATA or any of its Subsidiaries; and all of the leases and subleases material to the business of ATA and its Subsidiaries, considered as one enterprise, and under which ATA or any of its Subsidiaries holds properties described in the
SEC Reports, are in full force and effect, and neither ATA nor any Subsidiary thereof has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of ATA or any Subsidiary thereof under any of the leases or
subleases mentioned above, or affecting or questioning the rights of ATA or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease. 

6.14 Condition of Properties. 
 ATA, ATA Holdings or their Subsidiaries have received and reviewed property condition reports on all real property owned by ATA, ATA Holdings and their Subsidiaries. Except as otherwise set forth in the
Specified SEC Reports, to the ATA Parties’ knowledge: (i) none of the real property owned by ATA, ATA Holdings and their Subsidiaries is in violation of any applicable building code, zoning ordinance or other law or regulation, except
where such violation of any applicable building code, zoning ordinance or other law or regulation would not, singly or in the aggregate, have an ATA Material Adverse Effect; (ii) none of ATA, ATA Holdings and their Subsidiaries has received
written notice of any proposed material special assessment or any proposed change in any property tax, zoning or land use laws or availability of 

  
 37 

 
water affecting any real property owned by ATA, ATA Holdings and their Subsidiaries that would, singly or in the aggregate, have an ATA Material Adverse Effect; (iii) there does not exist
any violation of any declaration of covenants, conditions and restrictions with respect to any real property owned by ATA, ATA Holdings and their Subsidiaries that would, singly or in the aggregate, have an ATA Material Adverse Effect, or any state
of facts or circumstances or condition or event that could, with the giving of notice or passage of time, or both, constitute such a violation; and (iv) the developments or improvements comprising any portion of real property owned by ATA, ATA
Holdings and their Subsidiaries (the “Developments and Improvements”) are free of any physical, mechanical, structural, design or construction defects that would, singly or in the aggregate, have an ATA Material Adverse Effect and
the mechanical, electrical and utility systems servicing the Developments and Improvements (including, without limitation, all water, electric, sewer, plumbing, heating, ventilation, gas and air conditioning) are in good condition and proper working
order, reasonable wear and tear and need for routine repair and maintenance excepted, and are free of defects, except for such failures and defects that would not, singly or in the aggregate, have an ATA Material Adverse Effect. 

6.15 Access and Utilities. 
 All of the real property owned by ATA, ATA Holdings and their Subsidiaries has rights of access to public ways and is served by electric, water, sewer, sanitary sewer and storm drain facilities adequate
to service real property owned by ATA, ATA Holdings and their Subsidiaries for its use as described in the Specified SEC Reports. 
 6.16 No Condemnation. 
 No condemnation or other proceeding has been
commenced that has not been completed, and, to ATA’s knowledge, no such proceeding is threatened, with respect to all or any portion of the real property owned by ATA, ATA Holdings and their Subsidiaries or for the relocation away from any such
property of any roadway providing access to such property or any portion thereof. 
 6.17 Environmental Laws. 

Except as would not, singly or in the aggregate, result in an ATA Material Adverse Effect, (A) neither ATA nor any of its
Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without
limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold
(collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (each, an “Environmental Law” and, collectively,
“Environmental Laws”), (B) ATA and its Subsidiaries 

  
 38 

 
have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (C) there are no pending or threatened
administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against ATA or any of its Subsidiaries and
(D) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting ATA
or any of its Subsidiaries relating to Hazardous Materials or any Environmental Laws. 
 6.18 Accounting Controls and
Disclosure Controls. 
 ATA and each of its Subsidiaries maintains a system of internal accounting controls sufficient to
provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the date of ATA’s formation, there has been (1) no material weakness in ATA’s internal control over financial reporting
(whether or not remediated) and (2) no change in ATA’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, ATA’s internal control over financial reporting. ATA and each
of its Subsidiaries maintain disclosure controls and procedures that are effective to perform the functions for which they were established and are designed to ensure that information required to be disclosed by ATA in the reports that it files or
submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to ATA’s management, including its principal executive officer
or officers and principal financial officer or officers, as appropriate, to allow timely decisions regarding disclosure. 
 6.19
Tax Returns and Payment of Taxes. 
 All United States federal income tax returns of ATA and its Subsidiaries required by
law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken in good faith and as to which adequate
reserves have been provided and will be maintained. ATA and its Subsidiaries have filed all other material tax returns that are required to have been filed by them pursuant to applicable foreign, state, local or other law and has paid all taxes due
pursuant to such returns or pursuant to any assessment (including all real estate taxes) received by ATA and its Subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided
and will be maintained and except for taxes the nonpayment of which would not result in an ATA Material Adverse Effect. All such returns are true, correct and complete in all material respects. The

  
 39 

 
charges, accruals and reserves on the books of ATA in respect of any income and tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for
additional income tax for any years not finally determined. ATA has not engaged in any transaction that could affect its income Tax liability for any taxable year not closed by the statute of limitations which is a “listed transaction”
within the meaning of Treasury Regulation section 301.6011-4 (irrespective of the effective date). 
 6.20 Insurance.

 ATA and its Subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers,
in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar business, and all such insurance is in full force and effect. ATA has no reason to believe that it or any Subsidiary
thereof will not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that would not result in an ATA Material Adverse Effect. Neither ATA nor any Subsidiary thereof has been denied any insurance coverage which it has sought or for which it has applied. 

6.21 REIT Qualification. 
 Commencing with ATA’s taxable year ending December 31, 2006, ATA has been organized and has operated, and upon consummation of the Transactions will continue to be organized and operated, in a
manner so as to qualify as a REIT under Sections 856 through 860 of the Code. The proposed method of operation of ATA as described in the Specified SEC Reports will enable ATA to continue to meet the requirements for qualification and taxation as a
REIT under the Code for its taxable years ending December 31, 2011 and subsequent taxable years. 
 6.22 ERISA.

 The assets of ATA do not constitute, and as of any Closing will not constitute, “plan assets” under the Employee
Retirement Income Security Act of 1974, as amended. 
 6.23 Absence of Labor Dispute. 

(A) No labor dispute with the employees of ATA, ATA Holdings or any Subsidiary thereof exists or, to the knowledge of ATA, is imminent,
and (B) ATA is not aware of any existing or imminent labor disturbance by the employees of any of its, ATA Holdings’ or any of their Subsidiaries’ principal suppliers, manufacturers, customers or contractors, which, in the case of
(A) or (B), would result in an ATA Material Adverse Effect. 

  
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 6.24 Foreign Corrupt Practices Act. 

Neither ATA nor, to the knowledge of ATA, any director, officer, agent, employee, Affiliate or other person acting on behalf of ATA or
any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by any of such persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of
interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign
official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and ATA and, to the knowledge of ATA, its Affiliates have conducted
their businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

6.25 Money Laundering Laws. 
 The operations of ATA and its Subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Money Laundering Laws, and no
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving ATA or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of ATA, threatened.

 6.26 OFAC. 
 Neither ATA nor, to the knowledge of ATA, any trustee, officer, agent, employee, Affiliate or person acting on behalf of ATA or any of its Subsidiaries is currently subject to any U.S. sanctions
administered by OFAC; and ATA will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person or entity, for the purpose of
financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 6.27 Partnership
Agreement. 
 The Partnership Agreement has been duly and validly authorized, executed and delivered by ATA, acting on its
own behalf and in its capacity as sole general partner of ATA Holdings, and is and at each Closing will be a valid and binding agreement of each of ATA and ATA Holdings, enforceable in accordance with its terms, except to the extent that
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles. 

  
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 6.28 Brokerage Commissions and Finder’s Fees. 

None of ATA, ATA Holdings and their Affiliates has incurred and will not incur any liability for any brokerage fee or commission,
finder’s fee, advisory fee or other similar payments in connection with the transactions contemplated by this Agreement and the Transaction Agreements, except for the financial advisor and other fees payable to (a) Merrill Lynch, Pierce,
Fenner & Smith Incorporated (“BofA Merrill Lynch”) pursuant to the engagement letter between ATA and BofA Merrill Lynch, a true and correct copy of which has been provided to EL and ELRM, pursuant to which ATA has engaged
BofA Merrill Lynch to act as the financial advisor to ATA in connection with the Transactions contemplated hereby and (b) Robert A. Stanger & Associates (“Stanger”) pursuant to an engagement letter among the Special
Committee of the ATA Board, ATA and Stanger, a true and correct copy of which has been provided to EL and ELRM (together, all such fees the “ATA Advisory Fees”). 

6.29 No Conflicts or Consents. 
 Except as set forth on Schedule 6.29, neither the execution and delivery of any Transaction Document by any of the ATA Parties, to the extent applicable, nor the consummation of any of the
transactions contemplated thereby, nor compliance with or fulfillment of the terms, conditions and provisions thereof will (i) conflict with, result in a breach of the terms, conditions or provisions of, or constitute a default, an event of
default or an event creating rights of acceleration, termination or cancellation or a loss of rights under, or result in the creation or imposition of any Lien upon any of the Property of any of the ATA Parties, under (A) any of their
respective Organizational Documents (to the extent applicable), (B) any contract to which any of them is a party and which would reasonably be expected to have an ATA Material Adverse Effect, (C) any Permits to which any of them is a party
or the Property of any ATA Party are subject or by which any ATA Party is bound and which would reasonably be expected to have an ATA Material Adverse Effect, or (D) any Laws affecting any ATA Party or the Property of any ATA Party; or
(ii) require the approval, consent, authorization or act of, or the making by any ATA Party of any declaration, filing or registration with, any Person, including, without limitation any lender under any loan or financing or any Governmental
Authority relating to or affecting any Property of any ATA Party. To ATA’s knowledge, Schedule 6.29 contains a list of all material consents and approvals required to be obtained in connection with the transactions contemplated by the
Transaction Documents. 
 ARTICLE VII 
 COVENANTS AND OTHER AGREEMENTS 
 7.1 Information and Access.

 (a) Access to Information. 
 (i) Subject to any confidentiality obligations in existence on the date of this Agreement, prior to the earlier to occur of the Final Closing (as defined below) and the termination of this Agreement and
the other Transaction Agreements, each Party hereto and its 

  
 42 

 
Representatives may make such reasonable investigation of the business, properties and liabilities of the other as such Party may reasonably request. Each Party hereto shall give the other Party
and its Representatives reasonable access, on reasonable notice during normal business hours throughout the period prior to the Final Closing to the Books and Records of such Party, as the other Party may reasonably request. Notwithstanding anything
in the foregoing to the contrary, the obligations of the EL Parties under this Section 7.1(a)(i) to give the ATA Parties and their Representatives access to the books and records of the EL Parties shall be limited to the business,
properties, liabilities and Books and Records of the EL Parties solely to the extent relating to the Contributed Properties and the Alternate Properties, if applicable, with respect to which a Closing has not yet occurred. 

(ii) Each Party shall hold, and cause its employees and Representatives to hold, all information and documents received from the other
Parties pursuant to this Section 7.1(a) confidential and, if and to the extent the transactions contemplated by this Agreement are not consummated for any reason, shall return to such Parties or destroy all such information and documents
and any copies as soon as practicable (including any information held electronically). Between the date hereof and the Final Closing, the EL Parties and their Representatives, on the one hand, and the ATA Parties and their Representatives, on the
other, shall not contact or communicate with any employees, directors, investors, lenders and customers of the other Party and its Affiliates in connection with the Transactions without the prior consent of ATA or EL, respectively, which consent
shall not be unreasonably withheld, conditioned or delayed. 
 (b) Property Access. 

(i) Each Party hereto and its Representatives, subject to the rights of tenants under any leases, shall have the right and permission
from and after the date hereof to enter upon the properties of the other, or any part thereof, at reasonable times, for the purpose of completing its inspections and studies thereof permitted hereunder; provided, however, a Party shall
provide reasonable advance notice to the other prior to entry upon any such property so that a Representative of the other Party may have the opportunity to be present during any inspections or studies conducted thereon and shall not unreasonably
interfere with the use, occupancy or operation of such property. A Party shall not perform any intrusive testing of any such property without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned
or delayed. Specifically, a Party shall have the option to obtain, at its sole cost and expense, any such environmental reports and property condition reports as it may desire, or updates to any such existing reports, for any such property, and to
obtain and/or undertake, at its sole cost and expense, any other studies, investigations, evaluations, assessments, or other reports relating to any such property or any aspects thereof. Notwithstanding anything in the foregoing to the contrary, the
obligations of the EL Parties under this Section 7.1(b)(i) shall be limited to the Contributed Properties and the Alternate Properties, if applicable, with respect to which a Closing has not yet occurred. 

  
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 (ii) With respect to each Contributed Property: (A) the ATA Parties shall indemnify,
defend and hold harmless the EL Parties, the applicable Contributors, the Contributed Entity and its Subsidiaries, the Existing Manager and the Property Owner from any damage to the Property caused by the conduct by the ATA Parties of such
inspection activities; (B) prior to any entry onto the Property, the ATA Parties shall deliver to ELRM evidence reasonably satisfactory to ELRM that the ATA Parties and all of their respective employees, agents, consultants and contractors
entering onto the Property have obtained comprehensive general liability insurance naming ELRM, the applicable Contributors, the Contributed Entity and its Subsidiaries and the Property Owner and their respective agents and mortgagees as additional
insureds, with such limits and written on such forms as are reasonably acceptable to ELRM; (C) upon the completion of any inspection or test, the ATA Parties shall promptly restore the Property substantially to its condition prior to such
inspection or test; and (D) the ATA Parties shall keep the Property free and clear of any Liens and will indemnify, protect, defend, and hold harmless the EL Parties, the applicable Contributors, the Contributed Entity and its Subsidiaries, the
Existing Manager and the Property Owner from and against all claims (including any claim for damage to property or injury to or death of any persons), liabilities, obligations, Liens, losses, damages, costs or expenses which directly result from
entry onto the Property by the ATA Parties or their Representatives. 
 (iii) With respect to each property of the ATA Parties:
(A) ELRM shall indemnify, defend and hold harmless the ATA Parties and their Subsidiaries from any damage to such property caused by the conduct by the EL Parties of such inspection activities; (B) prior to any entry onto such property,
the EL Parties shall deliver to ATA evidence reasonably satisfactory to ATA that the EL Parties and all of their respective employees, agents, consultants and contractors entering onto such property have obtained comprehensive general liability
insurance naming the ATA Parties and their Subsidiaries and their respective agents and mortgagees as additional insureds, with such limits and written on such forms as are reasonably acceptable to ATA; (C) upon the completion of any inspection
or test, the EL Parties shall promptly restore such property substantially to its condition prior to such inspection or test; and (D) the EL Parties shall keep such property free and clear of any Liens and will indemnify, protect, defend, and
hold harmless the ATA Parties and their Subsidiaries from and against all claims (including any claim for damage to property or injury to or death of any persons), liabilities, obligations, Liens, losses, damages, costs or expenses which directly
result from entry onto such property by the EL Parties or their Representatives. 
 (iv) The indemnities set forth in this
Section 7.1(b) shall survive any Closing or termination of this Agreement for the applicable statute of limitations. 

  
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 7.2 Conduct of ATA Business Pending the Final Closing. 

(a) Ordinary Course. From and after the date hereof, until the earlier of the Final Closing and the termination of this Agreement,
except as otherwise expressly permitted by this Agreement or consented to by EL in writing, each of ATA and ATA Holdings shall and, where applicable, shall cause its Affiliates to: 

(i) operate its business and affairs in the Ordinary Course and maintain its properties and assets in compliance in all material
respects with all applicable Laws; 
 (ii) keep full, complete and accurate Books and Records; 

(iii) maintain its and its Subsidiaries’ existence and good standing in their respective jurisdictions of organization; 

(iv) maintain the general character of its properties and assets in the ordinary and usual manner; 

(v) comply in all material respects with all Laws, leases, contracts and instruments of record applicable to the operation of its
business and properties; and 
 (vi) notify ELRM in writing (as promptly as practicable) in the event that it becomes aware of
any material change with respect to its business or properties. 
 (b) Operation of Properties. From and after the date
hereof, until the earlier of the Final Closing and the termination of this Agreement, except as otherwise expressly permitted by this Agreement or consented to by EL in writing, each of ATA and ATA Holdings shall and, where applicable, shall cause
its Affiliates to, with respect to each of its properties: 
 (i) General Operation: (A) operate, maintain, repair,
and lease the property in accordance with applicable Law and in the Ordinary Course and consistent with such Person’s past practices, including, without limitation, past practices regarding payment of trade payables or other liabilities,
(B) perform in all material respects all of landlords’ obligations under the leases (other than leases that are in the process of being terminated due to a tenant’s default thereunder), (C) not dispose of or encumber all or any
portion of the property, except for dispositions or replacement of immaterial amounts of personal property in the Ordinary Course, (D) keep and maintain all existing insurance policies covering the property in continuous force and effect, and
(E) make timely payments of all principal and interest and reserve and escrow deposits required under the terms of the property-level indebtedness. 
 (ii) Maintenance; Contracts: (A) maintain the property in substantially the same manner as prior hereto in the Ordinary Course, subject to reasonable wear and tear and further subject to the
occurrence of any damage or destruction thereto by casualty or other causes or events beyond the control of such Person; and (B) not enter into any material contract with respect to the property which is not terminable upon sixty
(60) days’ notice without penalty or fee and which will survive the first Subsequent Closing and will otherwise affect the use, operation or enjoyment of the property after the first Subsequent Closing, unless the ATA Parties first shall
have obtained the prior written consent of the EL Parties, which shall not be unreasonably withheld, conditioned or delayed. 

(iii) New Leases; Vacant Units: (A) not enter into any new leases with respect to the property without the prior written
consent of the EL Parties, which consent shall 

  
 45 

 
not be unreasonably withheld, conditioned or delayed, unless such new leases are on the ATA Parties’ standard form residential lease, with such changes as the ATA Parties reasonably
determine in the Ordinary Course, the rent and landlord concessions and incentives are consistent with the ATA Parties’ current practices, and the leases are otherwise entered into in the Ordinary Course of the ATA Parties’ business of
leasing and operating the property; and (B) use commercially reasonable efforts in the Ordinary Course to make all vacant units rent-ready and available for occupancy based on standards and methods used by the ATA Parties prior to execution of
this Agreement and to cause all appliances in all vacant units to be clean and in working order. 
 (iv) Audits of the
Property and Operations: cooperate fully and in good faith, at no out-of-pocket cost to any such Person, with the audits by certain EL Affiliates of all financial information and operations relating to the property as necessary to comply with
applicable underwriting policies and securities law and corporate governance policies applicable to such EL Affiliates, but excluding any and all documents and materials of a proprietary nature, such as internal valuation analysis, projections,
software, marketing materials, and materials constituting the work product of the ATA Parties and their Affiliates or any of their agents and attorneys. 
 (v) Financial Information: deliver to the EL Parties on a monthly basis, updated operating statements and rent rolls, and a copy of the standard monthly income statement that is prepared by the
property manager with respect to such property. 
 (vi) Capital Improvements: diligently pursue the capital improvement,
life safety and/or licensure related projects and items for such property in the Ordinary Course as budgeted as of the date of this Agreement and disclosed to ELRM. 
 (c) Prohibited Actions Pending the Final Closing. Unless (x) otherwise expressly provided for herein or in the Transaction Agreements or (y) approved by ELRM in writing, from the date of
this Agreement until the earlier of the Final Closing or the termination of this Agreement, each of ATA and ATA Holdings shall not, and where applicable, shall cause its Affiliates to not: 

(i) declare, pay or otherwise make provision for any dividend or distribution in respect of any securities of ATA or any of its
Affiliates, other than in the Ordinary Course, or purchase or redeem any securities of ATA or any of its Affiliates; 
 (ii)
issue, offer, sell, or enter into any agreement or make any other commitment to issue, offer or sell any equity or debt securities, or securities convertible into or exchangeable for, or options, warrants, calls, commitments or rights of any kind to
acquire, any equity or debt securities of ATA or any of its Affiliates; 
 (iii) sell, transfer, assign, pledge, ground lease,
encumber or permit any additional Lien on or otherwise dispose of any of its properties or its other assets except, in the case of such other assets, in the Ordinary Course; 

  
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 (iv) purchase any interest in any real property or other material asset or make any
material capital investment in any property, other than as budgeted as of the date of the Agreement and disclosed to ELRM; 

(v) incur, refinance or voluntarily prepay any property-level indebtedness or any entity-level indebtedness; 

(vi) solicit, pursue, negotiate, effect, work or consult with any other party with respect to (x) any possible issuance, sale,
lease or transfer of any of ATA’s properties or other material assets, (y) any possible sale or other transfer of any direct or indirect ownership interests in, or merger or consolidation of, ATA or any of its Affiliates, or (z) the
incurrence of any entity-level indebtedness; 
 (vii) take any action outside of the Ordinary Course; 

(viii) modify, amend or supplement, in each case, in any material respect, or terminate, any material contracts to which ATA or any of
its Subsidiaries is a party; 
 (ix) increase in any manner the base compensation of, or enter into any new bonus, incentive or
other compensation agreement or arrangement with, any of its employees, officers, directors, third party contractors or consultants; 
 (x) adopt, amend or terminate any employee benefit plan, which results in additional payments or benefits provided by ATA or any of its Subsidiaries or materially increase the benefits provided under any
employee benefit plan applicable to and having a material effect on ATA or any of its Subsidiaries, or promise or commit to undertake any of the foregoing in the future; 
 (xi) amend or terminate any existing employment agreement or enter into any new employment agreement, except as required by the terms of any such agreement in effect prior to the date hereof or as
otherwise contemplated herein; 
 (xii) modify or amend any Organizational Documents of ATA or its Subsidiaries; 

(xiii) initiate or settle any lawsuit or other similar proceeding before any Governmental Authority or any arbitration panel;

 (xiv) liquidate or terminate its existence or the existence of any of its Subsidiaries; 

(xv) create any Subsidiary, acquire any capital stock or other equity securities of any corporation or acquire any equity or ownership
interest in any business or entity; 

  
 47 

 (xvi) directly or indirectly, solicit, encourage, or induce, or attempt to solicit,
encourage, or induce (i) any employee of ATA or its Subsidiaries to leave the employ of ATA or such Subsidiaries or (ii) any independent contractor of ATA or its Subsidiaries to cease performing services for the benefit of ATA or its
Subsidiaries; 
 (xvii) make or change any tax election, change any annual accounting period, adopt or change any accounting
method, file an amended tax return, enter into any closing agreement, waive or extend any statute of limitations with respect to taxes, settle or compromise any tax liability, claim or assessment, or take any other similar action relating to the
filing of any tax return or the payment of any tax affecting ATA or its Subsidiaries; 
 (xviii) take any action that would
materially and adversely affect the ability of the Parties to consummate the Transactions; or 
 (xix) execute any agreement
relating to or enter into any transaction described above. 
 7.3 Interim Operation of the Contributed Properties. ELRM
hereby covenants as follows: 
 (a) Ordinary Course. With respect to each Contributed Property, from and after the date
hereof, until the earlier of the applicable Closing and the termination of this Agreement, except as otherwise expressly permitted by this Agreement or consented to by ATA in writing, ELRM shall and, where applicable, shall cause its Affiliates, the
Contributed Entity and its Subsidiaries, the Property Owner and the Existing Manager to: 
 (i) operate the business and
affairs of the Contributed Entity, Subsidiaries, and the Property Owner, as applicable, in the Ordinary Course; 
 (ii) keep
full, complete and accurate Books and Records; 
 (iii) maintain the existence and good standing of the Contributed Entity, its
Subsidiaries and the Property Owner in their respective jurisdictions of organization; 
 (iv) comply in all material respects
with all applicable Laws, Leases, Contracts and instruments of record; and 
 (v) notify ATA in writing (as promptly as
practicable) in the event that it becomes aware of any material change with respect to such Contributed Property. 

  
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 (b) Operation of Contributed Property. With respect to each Contributed Property,
from and after the date hereof, until the earlier of the applicable Closing and the termination of this Agreement, except as otherwise expressly permitted by this Agreement or consented to by ATA in writing, ELRM shall and, where applicable, shall
cause its Affiliates, the Contributed Entity and its Subsidiaries, the Property Owner and the Existing Manager to: 
 (i)
General Operation: (A) operate, maintain, repair, and lease the Property in accordance with applicable Law and in the Ordinary Course and consistent with such Person’s past practices, including, without limitation, past practices
regarding payment of trade payables or other liabilities, (B) perform in all material respects all of landlords’ obligations under the Leases (other than Leases that are in the process of being terminated due to a Tenant’s default
thereunder), (C) not dispose of or encumber all or any portion of the Property, except for dispositions or replacement of immaterial amounts of personal property in the Ordinary Course, (D) keep and maintain all existing insurance policies
covering the Property in continuous force and effect, and (E) make timely payments of all principal and interest and reserve and escrow deposits required under the terms of the Loan Documents. 

(ii) Maintenance; Contracts: (A) maintain the Property in substantially the same manner as prior hereto in the Ordinary
Course, subject to reasonable wear and tear and further subject to the occurrence of any damage or destruction to the Real Property by casualty or other causes or events beyond the control of such Person; and (B) not permit the Contributed
Entity or any of its Subsidiaries to enter into any material Contract with respect to the Property which is not terminable upon sixty (60) days’ notice without penalty or fee and which will survive such Closing and will otherwise affect
the use, operation or enjoyment of the Property after such Closing, unless ELRM first shall have obtained the prior written consent of the ATA Parties, which shall not be unreasonably withheld, conditioned or delayed. 

(iii) New Leases; Vacant Units: (A) not enter into any new Leases with respect to the Property without the prior written
consent of the ATA Parties, which consent shall not be unreasonably withheld, conditioned or delayed, unless such new Leases are on the Contributed Entity’s standard form residential lease, with such changes as ELRM reasonably determines in the
Ordinary Course, the rent and landlord concessions and incentives are consistent with the Contributed Entities’ current practices, and the Leases are otherwise entered into in the Ordinary Course of the Contributed Entities’ business of
leasing and operating the Property; and (B) without limiting the representation in Section 5.22 hereof, use commercially reasonable efforts in the Ordinary Course to make all vacant units rent-ready and available for occupancy based on
standards and methods used by the Contributed Entity prior to execution of this Agreement and to cause all appliances in all vacant units to be clean and in working order. 
 (iv) Audits of the Property and Operations: cooperate fully and in good faith, at no out-of-pocket cost to any such Person, with the audits by the ATA Parties of all financial information and
operations relating to the Property as necessary to comply with applicable underwriting policies and securities law and corporate governance policies applicable to ATA and its Affiliates, but excluding any and all documents and materials of a
proprietary 

  
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nature, such as internal valuation analysis, projections, software, marketing materials, and materials constituting the work product of ELRM, the applicable Contributors, the Contributed Entity
and its Subsidiaries, the Property Owner or any of their agents and attorneys. 
 (v) Financial Information: deliver to
the ATA Parties on a monthly basis, updated operating statements and Rent Rolls, and a copy of the standard monthly income statement that is prepared by the Existing Manager. 
 (vi) Capital Improvements: diligently pursue the capital improvement, life safety and/or licensure related projects and items set forth on Schedule 7.3(b)(vi) (the “Required Capital
Improvements”) in the Ordinary Course. 
 (vii) Material Casualty: promptly notify the ATA Parties in writing
following the occurrence of any Material Casualty at any Contributed Property. 
 (c) Prohibited Actions Pending the
Applicable Closing Date. Unless (x) otherwise expressly provided for herein or in the Transaction Agreements or (y) approved by ATA in writing, with respect to each Contributed Property, from the date of this Agreement until the
earlier of the Final Closing or the termination of this Agreement, ELRM shall not and, where applicable, shall cause its Affiliates, the Contributed Entity and its Subsidiaries, the Property Owner and the Existing Manager not to: 

(i) purchase or redeem any membership interests, partnership interests or other securities of the Contributed Entity or any of its
Subsidiaries. 
 (ii) issue, offer, sell, transfer, pledge, dispose of, encumber or permit any Lien on, or enter into any
agreement or make any other commitment to issue, offer, sell, transfer, pledge, dispose of, encumber or permit any Lien on, any membership interests, partnership interests or other equity or debt securities of the Contributed Entity or any of its
Subsidiaries, or securities convertible into or exchangeable for, or options, warrants, calls, commitments or rights of any kind to acquire, any membership interests, partnership interests or other equity or debt securities of the Contributed Entity
or any of its Subsidiaries, other than Permitted Encumbrances; 
 (iii) sell, transfer, assign, pledge, ground lease, encumber
or permit any Lien on or otherwise dispose of the Property or any other assets except, in the case of such other assets, in the Ordinary Course; 
 (iv) cause the Contributed Entity or any of its Subsidiaries to purchase any interest in any additional real property or other material asset, or make any material capital investment in the Property,
other than as contemplated by Section 7.3(b)(vi); 
 (v) incur, refinance or voluntarily prepay any property-level
or entity-level indebtedness with respect to the Property other than the Refinancings; 

  
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 (vi) solicit, pursue, negotiate, effect, work or consult with any other party with respect
to (x) any possible issuance, sale, lease or transfer of the Property, (y) any possible sale or other transfer of any direct or indirect ownership interests in, or merger or consolidation of, the Contributed Entity or any of its
Subsidiaries, or (z) the incurrence of any entity-level indebtedness by the Contributed Entity or any of its Subsidiaries; 
 (vii) take any action outside of the Ordinary Course; 
 (viii) modify, amend or
supplement, in each case, in any material respect, or terminate, any material Contracts; 
 (ix) modify or amend any
Organizational Documents of the Contributed Entity or its Subsidiaries; 
 (x) initiate or settle any lawsuit or other similar
proceeding before any Governmental Authority or any arbitration panel; 
 (xi) liquidate or terminate the existence of the
Contributed Entity or any of its Subsidiaries; 
 (xii) cause the Contributed Entity or any of its Subsidiaries to create any
Subsidiary, acquire any capital stock or other equity securities of any corporation or acquire any equity or ownership interest in any business or entity; 
 (xiii) make or change any tax election, change any annual accounting period, adopt or change any accounting method, file an amended tax return, enter into any closing agreement, waive or extend any
statute of limitations with respect to taxes, settle or compromise any tax liability, claim or assessment, or take any other similar action relating to the filing of any tax return or the payment of any tax affecting the Contributed Entity or the
Property; 
 (xiv) take any action that would materially and adversely affect the ability of the Parties to consummate the
Transactions; 
 (xv) declare, pay or otherwise make provision for any dividend or distribution; or 

(xvi) execute any agreement relating to or enter into any transaction described above. 

7.4 Fulfillment of Conditions; Consents; Lender Approvals. 

(a) Fulfillment of Conditions Precedent. The Parties shall use their commercially reasonable efforts to satisfy, or to ensure the
satisfaction of, each of the conditions precedent to their obligations set forth in Article X hereof and in each of the other Transaction 

  
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Agreements to which they or any of their Affiliates are or will be a party. Without limiting the generality of the foregoing, the Parties shall use their commercially reasonable efforts to
satisfy conditions so as to cause Full Contribution to occur no later than the date that is the six (6) month anniversary of the Initial Closing (the “Final Closing Outside Date”); it being acknowledged and agreed that, subject
to the terms of Section 11.3(b)(i) below, a failure by EL to achieve Full Contribution on or before the Final Closing Outside Date is not a default hereunder or under any of the Transaction Documents and neither Party shall have a right to
terminate this Agreement on account of such failure. In the event that the Parties fail to obtain a Lender Approval or a Refinancing with respect to a Contributed Property on or prior to the Final Closing Outside Date and such Contributed Property
does not become an Excluded Property pursuant to the terms hereof, such Contributed Property shall be a Deferred Property unless and until such time as the parties mutually agree that such Deferred Property shall be an Excluded Property. 

(b) Consents – Generally. The Parties shall use their respective commercially reasonable efforts to promptly make all
filings, provide all notices, and obtain all consents, waivers, approvals, authorizations and permits that are required or reasonably appropriate to be made or obtained by such Party, and shall cooperate in all reasonable respects with the other
Parties in that regard, in connection with the preparation and entry into of the Transaction Agreements and the consummation of the Transactions, including, without limitation, (i) the consents and approvals listed on Schedule 4.4
hereto, (ii) those to be made with, provided to or obtained from any Governmental Authority with respect to the Transactions and (iii) those required under each of the other Transaction Agreements. 

(c) Lender Approvals. With respect to each Contributed Property, prior to the applicable Closing Date: 

(i) With respect to Contributed Properties that are not the subject of a Refinancing, the Parties shall use their respective
commercially reasonable efforts to obtain, on terms reasonably acceptable to the Parties, approval from the Lender for the contribution of the Contributed Property or the Contributed Interests, as the case may be, contemplated by this Agreement and
the applicable Contribution Agreement, and any changes in property management and/or guarantors which may be required by the Lender or the Loan Documents in connection therewith (the “Lender Approval”). The “Lender
Approval” shall be deemed to include, if and to the extent applicable (a) the satisfactory completion by the Lender of all diligence investigations, inspections and tests, and (b) the full negotiation and final approval for signature
of the Lender Approval Documents by ATA Holdings, the borrower and, if applicable, the guarantor under the Loan Documents, the Lender and any other entities required by the Lender to be a party to the Lender Approval Documents. 

(ii) With respect to Contributed Properties that are the subject of a Refinancing, the Parties shall use their respective commercially
reasonable efforts to obtain, on terms reasonably acceptable to the Parties, including, without limitation the principal balance thereof which may not exceed the principal balance of the related existing loan for such

  
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Contributed Property, a new loan from the Lender or another lender that will acknowledge or permit the contribution of the Contributed Property or the Contributed Interests, as the case may be,
contemplated by this Agreement and the applicable Contribution Agreement, and any changes in property management and/or guarantors which may be required by the Lender or the Loan Documents in connection therewith. The “Refinancing” shall
be deemed to include, if and to the extent applicable (a) the satisfactory completion by the Lender of all diligence investigations, inspections and tests, and (b) the full negotiation and final approval for signature of new loan documents
by the borrower and, if applicable, the guarantor, the Lender and any other entities required by the Lender to be a party to the new loan documents. It is acknowledged and agreed by the Parties that, as of the date hereof, each of the Contributed
Properties listed on Schedule 7.4(c)(ii) hereof is subject to a Refinancing. It also is agreed by the Parties that if the Parties are unable to obtain a Lender Approval for any other Contributed Property on or before the Final Closing Outside
Date, and such Contributed Property does not become an Excluded Property, the Parties shall use commercially reasonable efforts to refinance such Contributed Property in accordance with the terms hereof. 

(iii) ELRM has applied to the applicable lender for the Lender Approval or for the Refinancing, and the Parties shall use their
respective commercially reasonable efforts to obtain the Lender Approval or Refinancing from the applicable lender prior to the applicable Closing Date. The Parties agree to cooperate and to take all reasonable action, or to cause others to
cooperate and to take all reasonable action, to facilitate the receipt of the Lender Approval or Refinancing. Notwithstanding anything herein to the contrary, the ATA Parties shall be solely responsible to pay to the Lender any and all Loan
Assumption Costs required in connection with the Lender Approval and fees or costs associated with a Refinancing. So long as a Party complies with its obligations under this Section 7.4(c), in no event shall such Party have any liability
for its failure to obtain the Lender Approval or a Refinancing. The Parties shall execute and deliver at such Closing, or use their respective commercially reasonable efforts to cause to be executed and delivered, any and all consent and approval
documents and agreements required by the Lender in connection with the Lender Approval or Refinancing, in form and content reasonably satisfactory to the Parties (the “Lender Approval Documents”). 

7.5 Notice. 
 Each of ATA and ATA Holdings, on the one hand, and EL and ELRM, on the other hand, will give prompt written notice to the other of (a) any material adverse development causing a breach of any of its
own representations, warranties, covenants or agreements contained in this Agreement or in any of the Transaction Agreements, or that will make it incapable of or materially less likely to be capable of performing any of its obligations under any of
the Transaction Agreements; and (b) copies of any property tax assessments or notices, or any written notice from any Governmental Authority of its intent to conduct a Tax audit or Proceeding relating to any of the ATA Parties and their
properties, on the one hand, or to the Contributed Properties, on the other hand. 

  
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 7.6 Further Assurances. 

Following each Closing, the Parties shall, from time to time, at the request of any other Party hereto and without further cost or
expense to the requesting Party, do and perform, or cause to be done and performed, all further acts and things and shall execute and deliver all further agreements, certificates, instruments and documents as any other Party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement or any of the other Transaction Agreements and the consummation of the Transactions contemplated hereby and thereby. 

7.7 Publicity; Disclosure. 
 None of ATA or its Affiliates, on the one hand, or EL or its Affiliates, on the other hand, may issue any press release, make any filing with any Governmental Authority or make any other public
announcement relating to this Agreement, any of the other Transaction Agreements or any of the Transactions without the prior written approval of the other. The foregoing shall not apply to the extent necessary or advisable in order to satisfy a
Party’s or its Affiliate’s disclosure obligations or other obligations under applicable Law, as determined by ATA or by ELRM, as applicable, in which event ATA or ELRM, as the case may be, shall first consult with and reasonably consider
any comments or suggestions of the other with respect thereto. 
 7.8 SEC Compliance. 

(a) Each of the EL Parties acknowledges that ATA is a publicly registered company that is required to disclose the existence of this
Agreement upon full execution and to make certain filings with the SEC or other state securities regulators that may include audited and unaudited financial statements with respect to the Contributed Properties or Contributed Entities. To assist ATA
in preparing such filings with the SEC or other state securities regulators and any required audited financial statements, ELRM agrees with respect to each Contributed Property to (a) within thirty days after the date of this Agreement, and at
ATA’s request, any time thereafter until the first anniversary of the applicable Closing Date, deliver an audit inquiry letter regarding pending litigation and other matters in the form attached hereto as Exhibit E (the “Audit
Inquiry Letter”) to ELRM’s counsel prior to such Closing and deliver to ATA an executed letter from such counsel in response to the Audit Inquiry Letter as soon as reasonably practicable thereafter, (b) at ATA’s request at
any time until the first anniversary of such Closing Date, deliver a customary representation letter addressed to and in the form requested by ATA’s auditors (the “Representation Letter”) to ATA, and (c) provide ATA,
within thirty days after the date of this Agreement, such financial and other data and information relating to such Contributed Property as ATA and its registered independent accounting firm may reasonably require in order to enable ATA and its
registered independent accounting firm to prepare such audited and unaudited financial statements with respect to thereto as ATA deems necessary to include in such filings with the SEC or other state securities regulators, including but not limited
to an executed assurance or representation letter from ELRM to ATA’s registered independent accounting firm in a form acceptable to ATA (provided that in no event shall ELRM have any 

  
 54 

 
liability to ATA or such registered independent accounting firm for the assurances or representations made therein, but ELRM shall reasonably cooperate, at no cost or expense to ELRM, in
connection with such audit, including, if required by ATA’s registered independent accounting firm, answering a standard Statement on Auditing Standards No. 99 questionnaire from such registered independent accounting firm). The provisions
of this Section 7.8(a) shall survive the applicable Closing for a period of 365 days. ATA shall reimburse ELRM for its actual and documented out-of-pocket expenses in connection with compliance with this Section 7.8(a).

 (b) Each of the ATA Parties acknowledges that Elco Holdings Ltd., an Affiliate of EL, is a company publicly traded in Israel
with related disclosure and other obligations under applicable Law. To the extent that Elco Holdings Ltd. determines in its sole discretion that any public disclosure, any filings with any Governmental Authorities or any other compliance with the
requirements of applicable Law relating to ATA, its properties, this Agreement or the Transactions is necessary or advisable, the ATA Parties agree to provide such reasonable cooperation and assistance as the EL Parties may request, including
cooperation and assistance similar (to the extent relevant) to that described in Section 7.8(a) relating to ATA’s public company obligations. The provisions of this Section 7.8(b) shall survive the Initial Closing for a
period of 365 days. ELRM shall reimburse the ATA Parties for their actual and documented out-of-pocket expenses in connection with compliance with this Section 7.8(b). 

7.9 Tax Protection. 
 Concurrently with the execution and delivery of this Agreement, the ATA Parties shall enter into a Tax Protection Agreement substantially in the form attached hereto as Exhibit G (each a
“Tax Protection Agreement”), with each Contributor, if any, in respect of such Contributed Property receiving any consideration in the form of OP Units and identified in the Contribution Structure Chart as being eligible to receive
tax protection. 
 7.10 Registration Rights Agreement. 

Concurrently with the execution and delivery of this Agreement, ATA shall enter into a registration rights agreement substantially in the
form attached hereto as Exhibit F (the “Registration Rights Agreement”), with the Persons receiving any consideration in the form of OP Units, capital stock of ATA or securities convertible into or exchangeable for capital
stock of ATA as a result of the Transactions as of the date hereof. At each Subsequent Closing, each Person receiving any consideration in the form of OP Units, capital stock of ATA or securities convertible into or exchangeable for capital stock of
ATA as a result of the Transactions at such Subsequent Closing shall be entitled to join the Registration Rights Agreement, if not already party thereto, by execution and delivery of a joinder in substantially the form provided therein. 

7.11 Amendment to ATA Holdings Partnership Agreement. 
 Concurrently with the execution and delivery of this Agreement, ATA shall adopt and effect an amendment to the Partnership Agreement in the form attached hereto as Exhibit H 

  
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(the “OP Amendment”). The ATA Parties shall use their commercially reasonable efforts to cause any and all interests of Grubb & Ellis Apartment REIT Advisor, LLC, a
Virginia limited liability company (the “Former Advisor”), in ATA Holdings, including its interests as a limited partner and as the Special Limited Partner (as defined in the Partnership Agreement), to be repurchased or otherwise
terminated, effective at the date hereof, on terms and conditions and pursuant to documents in form and substance reasonably acceptable to ELRM. 
 7.12 Name Change. 
 Concurrently with the execution and delivery of this
Agreement, (i) ATA shall file with the SDAT an amendment to its charter (as so amended, the “Charter”) in the form attached hereto as Exhibit I-1 (the “ATA Charter Amendment”) for the purpose of changing
its name as indicated therein, and (ii) ATA Holdings shall file with the Clerk of the State Corporation Commission of the Commonwealth of Virginia an amendment to its certificate of limited partnership in the form attached hereto as Exhibit
I-2 (the “OP Certificate Amendment”) for the purpose of changing its name as indicated therein. The ATA Parties shall make such additional filings with and provide such additional notices to any Governmental Authorities as may
be necessary in connection with the name changes contemplated hereby. 
 7.13 DRIP Amendment. 

ATA shall take all necessary actions to amend the terms of the ATA DRIP, effective as of the date hereof to reduce the purchase price
thereunder to $8.15 per share or as otherwise determined by the board of directors of ATA. ATA shall timely make, or cause to be made, any and all announcements and filings required by Law in connection with such amendment. In accordance with
Section 7.7, ATA shall first consult with and reasonably consider any comments or suggestions of ELRM with respect to any such announcement or filing. 
 7.14 Termination of Existing Management Agreement; Release of ELRM. The Parties agree, acknowledge, understand and confirm that the Existing Management Agreement with respect to each Contributed
Property shall be terminated with respect to such Contributed Property on the applicable Subsequent Closing, without any further action on the part of any of Party, subject to receipt by ELRM of all costs and fees payable to ELRM hereunder and under
the Existing Management Agreement with respect to the such Contributed Property, subject to the adjustments required under Section 2.2(h) hereof. In consideration of the mutual promises and releases contained in this Agreement, ATA on behalf of
itself and any and all of its respective successors-in-interest, affiliates, assigns, heirs, insurers, executors, officers, directors, agents, employees, attorneys, parent companies, subsidiaries, administrators, principals, shareholders,
representatives, partners, joint venturers, predecessors-in-interest, trusts, trustors, trustees, beneficiaries, and all others who may take any interest in the matters or agreements described herein, irrevocably, completely, and forever release,
acquit and discharge ELRM and any and all of its successors-in-interest, affiliates, assigns, insurers, executors, officers, directors, agents, employees, attorneys, parent companies, subsidiaries, administrators, principals, shareholders,
representatives, partners, joint venturers, predecessors-

  
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in-interest, trusts, trustors, trustees and beneficiaries and all others who may take any interest in the matters or agreements described herein from all claims, causes of action, demands, losses
or damages of any kind, whether based on contract, tort, statutory or other legal or equitable theory of recovery, whether now known or unknown, suspected or unsuspected, existing, claimed to exist or which can ever hereinafter exist from the
beginning of time through the date of the applicable Subsequent Closing not involving acts or omissions constituting fraud, intentional criminal misconduct or gross negligence; provided, however, that the release contained in this
Section 7.15 shall not relate to any claims, demands, suits, actions or causes of action arising as a result of a breach of this Agreement. For purposes of this Section 7.15, the term “all claims” means all existing demands,
claims and causes of action, known or unknown, pending or threatened, and for all existing known and unknown damages and remedies. Under this definition, “all claims” includes, but is not limited to, all claims, demands, lawsuits, debts,
accounts, covenants, agreements, liabilities, obligations, losses, costs, fees, expenses, remedies, fines, penalties, sanctions and causes of action of any nature, whether in contract or in tort, or based upon common law, or arising under or by
virtue of any judicial decision, statute or regulation, for past, present, known, and unknown injuries, property or economic damage, and all other losses and damages of any kind, including but not limited to the following: all actual damages; all
exemplary and punitive damages; all penalties of any kind, including without limitation any tax liabilities or penalties; all declaratory and/or injunctive relief; consequential damages; and pre-judgment and post-judgment interest, costs and
attorneys’ fees. This definition further includes, but is not limited to, all damages, all remedies, and all claims, demands, and causes of action that are now recognized by law or that may be created or recognized in the future in any manner,
including without limitation by statute, regulation, or judicial decision. 
 7.15 Amendment to ATA Bylaws. 

Prior the execution and delivery of this Agreement, ATA shall have adopted and effected an amendment to the Bylaws of ATA in the form
attached hereto as Exhibit S.2 

ARTICLE VIII 
 TAX MATTERS 
 8.1 Tax Matters. ELRM shall pay and indemnify,
without duplication, the Contributed Entity and the ATA Parties for the following Taxes (and all related Adverse Consequences, including all reasonable out-of-pocket expenses incurred in defending an audit or other claim relating to such Taxes, but
excluding any Transfer Taxes): 
 (a) all such Taxes resulting from a breach of a representation or warranty contained in
Section 5.6 or a breach of any provision of this Section 8.1; 

	 	

  

	2 	 While not a delivery, we understand Bylaws will need to be amended immediately prior to closing to effectuate certain changes provided for in CGA. 

  
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 (b) with respect to such Taxes attributable to any Pre-Closing Tax Period: (i) all
Taxes of each Contributed Entity and each of their respective Subsidiaries; (ii) all such Taxes of any other Person that each Contributed Entity on any of their respective Subsidiaries is liable for as a result of transferee liability,
successor liability, or a contractual obligation, in each case, that is attributable to, or arose as a result of actions or breaches, incurred in such Pre-Closing Tax Period; and (iii) all Taxes resulting from each Contributed Entity on any of
its Subsidiaries being a member of, or leaving, during a Pre-Closing Tax Period, an affiliated group of corporations that files a consolidated, combined or unitary Tax Return for federal, state, local or foreign Tax purposes; and 

(c) with respect to such Taxes attributable to any Straddle Period: (i) the Taxes of the Contributed Entity and each of its
Subsidiaries attributable to the portion of such Straddle Period that ends on the Closing Date, as determined under Section 8.2; and (ii) the Taxes of any other Person that the Contributed Entity on any of its Subsidiaries is liable
for as a result of transferee liability, successor liability, or a contractual obligation, in each case, that is attributable to, or arose as a result of actions or breaches, incurred on or before the Closing Date, as determined under
Section 8.2. 
 8.2 Allocation of Taxes. For purposes of determining the amount of Taxes that relate
to Pre-Closing Tax Periods, and Straddle Periods for purposes of any obligation to indemnify for Taxes under Section 8.1, the parties agree to use the following conventions: 

(a) Taxes in the form of interest, penalties, additions to tax or other additional amounts that are actually incurred, accrued, assessed
or similarly charged on or after the Closing Date but that relate to Taxes that accrued on or before the Closing Date shall be treated as occurring prior to the Closing Date; 
 (b) Except for Transfer Taxes and any other Taxes for which the Purchaser is responsible hereunder and for real estate taxes (apportioned pursuant to Section 2.2), for all Taxes that are
payable with respect to any Straddle Period, the portion of such Tax that is attributable to the portion of the Straddle Period ending on the Closing Date shall be allocated between the portion of the period ending on the Closing Date and the
portion of the period beginning after the Closing Date using the following conventions: 
 (i) in the case of such Taxes
resulting from, or imposed on, net or gross income, Taxes resulting from, or imposed on, any sale, receipt, use, transfer or assignments of property or other asset, or Taxes resulting from, or imposed on, any payment or accrual of any amounts
(including, without limitation, dividends, interest, or wages), the amount allocated to the portion of the period ending on the Closing Date shall be the amount of Tax that would be payable for such portion of the Straddle Period if such Person
filed a separate Tax Return with respect to such Taxes or Taxes solely for the portion of the Straddle Period ending on the Closing Date using a “closing of the books” methodology for allocating items of such Tax Return; and 

  
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 (ii) in the case of all other such Taxes, the amount allocated to the portion of the period
ending on the Closing Date shall equal to the amount of Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days in the portion of the period ending on the Closing Date and the denominator
of which is the number of calendar days in the entire Straddle Period. 
 For purposes of clause (i), any item determined on an
annual or periodic basis (including amortization and depreciation deductions and the affects of graduated rates) shall be allocated to the portion of the Straddle Period ending on the Closing Date based on the relative number of days in such portion
of the Straddle Period as compared to the number of days in the entire Straddle Period. 
 8.3 Cooperation. Each the
Parties shall provide the ATA Parties and the Contributed Entity with such assistance as may reasonably be requested in connection with the preparation of any Tax Return or any audit or other Proceeding by any Governmental Authority relating to
liabilities for Taxes. Such assistance shall, upon reasonable written notice, include making employees available on a mutually convenient basis during normal business hours to provide additional information or explanation of material provided
hereunder and shall include providing copies of relevant Tax Returns and supporting material. ELRM shall provide to the ATA Parties and the Contributed Entity with any information that the Contributed Entity reasonably requests to allow the ATA
Parties or such Contributed Entity to comply with any information reporting requirements under the Code or other applicable Law. 
 8.4 Tax Returns. 
 (a) Pre-Closing Tax Periods. ELRM shall cause the
Contributed Entity and each of its Subsidiaries to prepare and timely file all Tax Returns of the Contributed Entity and each of its Subsidiaries for any Pre-Closing Tax Periods, and ELRM shall remit or cause to be remitted any Taxes due in respect
of such Pre-Closing Tax Periods. 
 (b) Straddle Periods and Post-Closing Periods. The ATA Parties shall cause the
Contributed Entity and each of its Subsidiaries to prepare and timely file all Tax Returns of the Contributed Entity and each of its Subsidiaries for all taxable periods of the Contributed Entity or any of its Subsidiaries other than the Pre-Closing
Tax Periods, and the Purchaser shall remit or cause to be remitted any Taxes due in respect of such taxable periods. At least 15 days prior to the deadline for the filing of any Tax Return for a Straddle Period (and before the ATA Parties file such
Tax Return), the ATA Parties shall furnish to the ELRM a draft of such Tax Return and ELRM shall have the right to review, provide the ATA Parties written comments on, and approve the portion of such draft Tax Return that relates to Taxes allocable
to the portion of the Straddle Period for which ELRM is responsible. 
 8.5 Claims; Tax Proceedings. If any
Governmental Authority issues to the Contributed Entity or any of its Subsidiaries a written notice of its intent to conduct an audit or other Proceeding with respect to Taxes, a written notice of deficiency, a written notice of an assessment, a
written notice of a proposed adjustment, a written assertion of claim for the 

  
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payment that relates to Taxes or Tax Returns of the Contributed Entity or any of its Subsidiaries for a Pre-Closing Tax Period or for a Straddle Period and for which ELRM is obligated to pay or
indemnify the ATA Parties (collectively, a “Tax Claim”), the ATA Parties shall notify ELRM within ten (10) Business Days. The Contributed Entity shall control any Proceeding with respect to a Tax Claim (a “Tax
Contest”); provided, however, that with respect to (a) any Tax Claim related to Taxes for a Pre-Closing Tax Period, (b) any Tax Claim related to Taxes for a Straddle Period or (c) with respect to any Tax Claim for
which ELRM would be responsible for all or a portion of such Tax Claim, ELRM may, at ELRM’s’ sole cost and expense, participate in such Tax Consent, and any settlement or other disposition of any such Tax Contest may only be made with the
consent of ELRM. 
 8.6 Certain Tax Elections. ELRM shall not have allowed the Contributed Entity or any of its
Subsidiaries on or prior to the Closing Date to, make, revoke, or change any Tax election, change an annual accounting period, adopt or change any accounting method, file any amended Tax Return, enter into any closing agreement with any Governmental
Authority, settle any Tax claim or assessment relating to the Contributed Entity or any of its Subsidiaries, surrender any right to claim a refund of Taxes, consent to any extension or waiver of the limitation period applicable to any Tax Claim or
assessment relating to the Contributed Entity or any of its Subsidiaries, or take any other similar action (or omit to take any action) relating to the filing of any Tax Return or the payment of any Tax, if such election, adoption, change,
amendment, agreement, settlement, surrender, consent or other action or omission would have the effect of increasing a Tax liability of the Contributed Entity or any of its Subsidiaries for any period ending after the Closing Date. 

8.7 Other Treatment. 
 (a) The Parties agree for all relevant Tax purposes to treat all indemnification payments to the ATA Parties pursuant to this Agreement as adjustments to the consideration hereunder. 

(b) It is the intent of the Parties that the transfer of Contributed Interests the ATA Parties in exchange for OP Units or ATA Capital
Stock shall be treated, (i) to the extent the Interests are contributed in exchange for OP Units, as a tax-deferred contribution of assets to the Purchaser under Section 721 of the Code and, (ii) to the extent the Contributed
Interests are contributed in exchange for ATA Capital Stock, as a taxable exchange of a portion of the Contributed Interests to the ATA Parties. 
 8.8 Other Provisions. The provisions of this Section 8 shall govern all indemnity claims with respect to Taxes, including, without limitation, claims related to a breach of any
provision of this Section 8. 
 8.9 Survival. The obligations of ELRM to pay or indemnify for a Tax under
this Article 8 shall expire upon the expiration of the applicable statute of limitations (after taking into account any waiver, extension, tolling, or mitigation thereof) of the underlying Tax; provided, however, to the extent
that ELRM’s obligation to pay a Tax arises under a contract or 

  
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other agreement or arrangement, ELRM’s obligations under this Section 8 shall not expire until sixty (60) after the expiration of such Contributed Entity’s obligation
to pay such Tax under the contract or other agreement or arrangement. All other obligations of ELRM under this Article 8 shall survive until fully performed. 
 ARTICLE IX 
 CLOSINGS 

9.1 Closings. 
 (a) The Initial Closing shall take place at the offices of Hunton & Williams LLP, 200 Park Avenue, New York, New York 10166, or such other mutually agreed upon location, on the date hereof (the
“Initial Closing Date”). As used in this Agreement, the term “Initial Closing” means the execution and delivery of this Agreement and those Transaction Documents and other agreements, documents and instruments to be
executed and delivered concurrently herewith. Each Contributed Property included in the contribution transaction consummated at the Initial Closing, if any, is referred to herein as an “Initial Closing Property”. 

(b) With respect to each Contributed Property, if any, that is not an Initial Closing Property, an additional closing of the Transactions
in respect of such Contributed Property (each a “Subsequent Closing” or a “Closing” with respect to such Contributed Property and, including the Initial Closing, each a “Closing”) shall take place
at the offices of Hunton & Williams LLP, 200 Park Avenue, New York, New York 10166, or such other mutually agreed upon location, on the date that is on or before the date that is three (3) Business Days after the satisfaction (or
waiver if permitted) of the conditions set forth in Article X of this Agreement with respect to such Subsequent Closing. The date of each Subsequent Closing is referred to herein as a “Subsequent Closing Date” and, including the
Initial Closing Date, a “Closing Date.” This Agreement refers to each Closing pursuant to which the contribution of any Contributed Property is consummated hereby as the Closing with respect to such Contributed Property, and the
closing date with respect thereto as the Closing Date with respect to such Contributed Property. 
 9.2 Initial Closing
deliveries by the ATA Parties. 
 At the Initial Closing, the ATA Parties will deliver, or cause to be delivered in the
manner set forth below, each of the following agreements, instruments and other documents (in addition to those to be delivered pursuant to any of the other Transaction Agreements), in each case, except as otherwise provided, duly executed and
delivered by each of the ATA Parties and their Affiliates as may be party thereto: 
 (a) a Loan Indemnification Agreement, in
respect of each of the Contributed Properties that are not subject to a Refinancings and with respect to which the guarantors under the existing loan have not been replaced, each in the form of Exhibit D; and to be held in escrow until the
applicable Subsequent Closing, but to be effective as of the Initial Closing; 

  
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 (b) the Registration Rights Agreement to be held in escrow until the Subsequent Closing, but
to be effective as of the Initial Closing; 
 (c) a Tax Protection Agreement, as, required by Section 7.9 to be held
in escrow until the applicable Subsequent Closing; 
 (d) the OP Amendment; 

(e) the Corporate Governance Agreement substantially in the form attached hereto as Exhibit J (the “Governance
Agreement”); 
 (f) the Employment Agreement between ATA and ATA Holdings, on the one hand, and Stanley J. Olander, as
Chief Executive Officer of ATA, on the other hand, substantially in the form attached hereto as Exhibit K (the “Olander Employment Agreement”); 
 (g) the Employment Agreement between ATA and ATA Holdings, on the one hand, and Gustav Remppies, as President and Chief Operating Officer of ATA, on the other hand, substantially in the form attached
hereto as Exhibit L-1 (the “Remppies Employment Agreement”); 
 (h) the Employment Agreement between ATA
and ATA Holdings, on the one hand, and Mechelle Lafon, as Chief Financial Officer of ATA, on the other hand, substantially in the form attached hereto as Exhibit L-2 (the “Lafon Employment Agreement”) 

(i) the Employment Agreement between ATA and ATA Holdings, on the one hand, and Joseph Lubeck, as Executive Chairman of the Board of ATA,
on the other hand, substantially in the form attached hereto as Exhibit M (the “Lubeck Employment Agreement”); 
 (j) the Advisor Termination Agreement substantially in the form attached hereto as Exhibit N (the “Advisor Termination Agreement”); 

(k) the Support Services Agreement in respect of each Contributed Property to be held in escrow until the applicable Subsequent Closing;

 (l) a duly executed REIT ownership limit waiver certificate substantially in the form attached hereto as Exhibit P
(each a “REIT Ownership Limit Waiver”), with respect to each Person listed on Schedule 9.2(l) and receiving any securities of ATA or ATA Holdings at the Initial Closing to be held in escrow until the applicable Subsequent
Closing, but to be effective as of the Initial Closing; 
 (m) a duly executed certificate of the Secretary of ATA, dated the
Closing Date, in form and substance reasonably acceptable to ELRM, certifying: (i) the Organizational Documents of ATA and ATA Holdings and (ii) the resolutions adopted by the board of directors of ATA with respect to the Transactions,
including without limitation, such elections and determinations, if any, as may be necessary to opt out of, or otherwise to render inapplicable, any applicable control share, business combination or other anti-takeover Laws; 

  
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 (n) a duly executed settlement statement for each Contributed Property (a collectively, the
“Settlement Statements”), to be held in escrow until the applicable Subsequent Closing; 
 (o) any and all
other instruments and documents required to be delivered by the ATA Parties at or prior to the Initial Closing pursuant to and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the EL
Parties may reasonably request to effect the Transactions to be consummated at the Initial Closing; and 
 (p) all of the
agreements, instruments and other documents to be duly executed and/or delivered as applicable by each of the ATA Parties and their Affiliates as may be a party thereto at each Subsequent Closing, which agreements, instruments and other documents
shall be held in escrow by the Escrow Agent and delivered by Escrow Agent pursuant to Section 9.4 hereof. 
 9.3 Initial
Closing deliveries by the EL Parties. 
 At the Initial Closing, the EL Parties will execute and deliver, or cause to be
delivered, each of the following agreements, instruments and other documents (in addition to those to be delivered pursuant to any of the other Transaction Agreements), in each case, except as otherwise provided, duly executed and delivered by each
of the EL Affiliates as may be party thereto: 
 (a) the Loan Indemnification Agreement, in respect of all Contributed
Properties that are not subject to a Refinancings and with respect to which the guarantors under the existing loan have not been replaced in the form of Exhibit D to be held in escrow until the applicable Subsequent Closing, but to be
effective as of the Initial Closing; 
 (b) the Registration Rights Agreement to be held in escrow until the Subsequent Closing,
but to be effective as of the Initial Closing; 
 (c) the Tax Protection Agreements, required by Section 7.9 as to
which any EL Affiliate is a party to be held in escrow until the applicable Subsequent Closing; 
 (d) the Governance Agreement;

 (e) the Lubeck Employment Agreement; 
 (f) the Support Services Agreement in respect of each Contributed Property to be held in escrow until the applicable Subsequent Closing; 

  
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 (g) The Settlement Statements to be held in escrow until the applicable Subsequent Closing;

 (h) any and all other instruments and documents required to be delivered by the EL Parties at or prior to the Closing
pursuant to and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the ATA Parties may reasonably request to effect the Transactions to be consummated at the Initial Closing; and 

(i) all of the agreements, instruments and other documents to be duly executed and/or delivered, as applicable, by each of the EL Parties
and their Affiliates as may be a party thereto at each Subsequent Closing, which agreements, instruments and other documents shall be held in escrow by the Escrow Agent and delivered by Escrow Agent pursuant to Section 9.5 hereof. 

9.4 Subsequent Closing deliveries by the ATA Parties. 
 At each Subsequent Closing, the Escrow Agent will release from escrow and deliver each of the following agreements, instruments and other documents: 

(a) the Loan Indemnification Agreement in respect of the Contributed Properties a that are not subject to a Refinancings and with respect
to which the guarantors under the existing loan have not been replaced and that are to be contributed at such Closing; 
 (b) a
counterpart signature page to the joinder to the Registration Rights Agreement, in substantially the form provided therein, with respect to each Person, if any, joining such agreement pursuant to Section 7.10 in respect of the
Contributed Properties to be contributed at such Closing; 
 (c) the Tax Protection Agreement, if any, required by
Section 7.9 in respect of the Contributed Properties to be contributed at such Closing; 
 (d) a duly executed REIT
Ownership Limit Waiver with respect to each Person listed on Schedule 9.2(l) and receiving any securities of ATA or ATA Holdings at such Closing; and 
 (e) the Settlement Statements, updated with any “true up” information agreed to by the parties after the Initial Closing. 

To the extent not previously executed and delivered by ATA to the Escrow Agent in respect of Subsequent Closings, ATA shall execute and
deliver or cause to be executed and delivered any and all other instruments and documents required to be delivered by the ATA Parties at or prior to such Closing pursuant to and in accordance with any of the other provisions of this Agreement, and
such other documents or instruments as the EL Parties may reasonably request to effect the Transactions to be consummated at such Closing. 

  
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 9.5 Subsequent Closing deliveries by the EL Parties. 

At each Subsequent Closing, the Escrow Agent will release from escrow and deliver each of the following agreements, instruments and other
documents: 
 (a) the Loan Indemnification Agreement in respect of the Contributed Properties a that are not subject to a
Refinancings and with respect to which the guarantors under the existing loan have not been replaced and that are to be contributed at such Closing; 
 (b) a counterpart signature page to the joinder to the Registration Rights Agreement, in substantially the form provided therein, with respect to each EL Affiliate, if any, joining such agreement pursuant
to Section 7.10 in respect of the Contributed Properties to be contributed at such Closing; 
 (c) the Tax
Protection Agreement, if any, required by Section 7.9 in respect of the Contributed Properties to be contributed at such Closing and to which any EL Affiliate is a party; and 

(d) the Settlement Statements, updated with any “true up” information agreed to by the parties after the Initial Closing.

 To the extent not previously executed and delivered by EL Parties to the Escrow Agent in respect of Subsequent Closings, EL
Parties shall execute and deliver or cause to be executed and delivered any and all other instruments and documents required to be delivered by the EL Parties at or prior to such Closing pursuant to and in accordance with any of the other provisions
of this Agreement, and such other documents or instruments as the ATA Parties may reasonably request to effect the Transactions to be consummated at such Closing. 
 ARTICLE X 
 CONDITIONS PRECEDENT 

10.1 Conditions Precedent to the Obligations of the EL Parties at the Initial Closing. 

The obligations of the EL Parties to consummate the Transactions to be consummated at the Initial Closing and at each Subsequent Closing
are subject to the satisfaction or waiver (where permissible), at or prior to the Initial Closing, of the following conditions: 

(a) Representations and Warranties. The representations and warranties of ATA and ATA Holdings in this Agreement that are not made
as of a specific date shall be true and correct as of the date of the Initial Closing and the representations and warranties of ATA and ATA Holdings in this Agreement that are made as of a specific date shall be true and correct as of such date,
except where the failure of such representations or warranties to be true and correct (without giving effect to any limitation as to “materiality” or “ATA Material Adverse Effect” or the like set forth in such representations and
warranties) does not or would not have or would not be reasonably likely to have, individually or in the aggregate, an ATA Material Adverse Effect. 

  
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 (b) Agreements and Covenants. ATA and ATA Holdings shall have performed, in all
material respects, all obligations to be performed by them, and complied with, in all material respects, their agreements and covenants to be performed or complied with by them under this Agreement on or prior to such Closing. 

(c) Consents. All consents and approvals required to be obtained by ATA or ATA Holdings hereunder and under each Contribution
Agreement and DB Contribution Agreement (excluding Lender Consents) shall have been obtained by ATA or ATA Holdings, except where the failure of ATA or ATA Holdings to obtain any such a consent or approval is attributable to actions or inactions
willfully undertaken by EL or ELRM with the intent of delaying or preventing ATA or ATA Holdings from obtaining any such consent or approval. 
 (d) Lender Approvals. Only if any Contributed Properties are to be contributed at the Initial Closing, Lender Approval or Refinancing in respect of such Contributed Properties to be contributed at
the Initial Closing shall have been obtained, unless the requirement for any such Lender Approval or Refinancing shall have been eliminated pursuant to the provisions of Section 7.4(c). 

(e) Officer Certificate. ATA shall have delivered to the EL Parties a certificate, dated as of the date of the Initial Closing,
signed by the Chief Executive Officer of ATA, for itself and as general partner of ATA Holdings, certifying as to the satisfaction of the conditions specified in Sections 10.1(a), 10.1(b) and 10.1(c). 

(f) No Order. No Governmental Authority with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or
entered any Law (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the Transactions illegal or otherwise restricting, preventing or prohibiting consummation of the Transactions. 

(g) No MAE. There shall not have occurred and there shall not be any event, fact, development, circumstance, change or effect
that, individually or in the aggregate with all other events, facts developments, circumstances, changes or effects, has resulted or would reasonably be expected to result in an ATA Material Adverse Effect. 

(h) Tax Opinion. Morris, Manning & Martin, LLP and Hunton & Williams LLP, outside tax counsel to ATA and ATA
Holdings, shall have delivered opinions, dated as of the Initial Closing Date, addressed to the EL Parties and the Contributors in respect of the Contributed Properties in substantially the form attached hereto as Exhibit Q regarding
ATA’s status as a REIT, the status of ATA Holdings as a partnership and not a publicly-traded partnership and certain other matters. 

  
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 (i) Other Transaction Agreements. Each of the Contribution Agreements, the DB
Contribution Agreements and each of the other Transaction Agreements required to be executed and delivered pursuant to this Agreement at or prior to the Initial Closing shall have been executed and delivered by the parties thereto (other than the EL
Parties and their Affiliates), shall be in full force and effect (assuming the execution and delivery thereof by the EL Parties and their Affiliates as may be party thereto) and no default shall have occurred under any of them. The consummation of
the transactions contemplated by each of the foregoing other Transaction Agreements to be consummated at the Initial Closing shall have occurred simultaneously with the Initial Closing hereunder. 

(j) Other Closing Deliveries. Each of the agreements, certificates, instruments and other items and documents required to be
delivered by the ATA Parties as set forth in Section 9.2 (in the case of the Initial Closing) or Section 9.4 (in the case of any Subsequent Closing), shall have been delivered directly or in escrow, as applicable. 

(k) ATA Board Composition. The size of the board of directors of ATA shall have been fixed as provided in the Governance
Agreement, and the directors then in office shall consist of Joseph Lubeck (who shall have been elected as Chairman of the Board), Jay Olander, and such other persons who have been designated and elected in accordance with the provisions of the
Governance Agreement. 
 (l) Name Change Amendments. The ATA Charter Amendment and the OP Certificate Amendment shall
have been filed with the relevant Governmental Authorities and become effective. 
 10.2 Conditions Precedent to the
Obligations of the ATA Parties at the Initial Closing. The obligations of the ATA Parties to consummate the Transactions to be consummated at the Initial Closing and at each Subsequent Closing are subject to the satisfaction or waiver (where
permissible), at or prior to the Initial Closing, of the following conditions: 
 (a) Representations and Warranties. The
representations and warranties of the EL Parties in this Agreement that are not made as of a specific date shall be true and correct as of the date of the Initial Closing and the representations and warranties of the EL Parties in this Agreement
that are made as of a specific date shall be true and correct as of the date made, except where the failure of such representations or warranties to be true and correct (without giving effect to any limitation as to “materiality” or
“material adverse affect”, “Property Material Adverse Affect” or “Portfolio Material Adverse Effect” or the like set forth in such representations and warranties) does not or would not have or would not be reasonably
likely to have, individually or in the aggregate, a Portfolio Material Adverse Effect. 
 (b) Agreements and Covenants.
The EL Parties shall have performed, in all material respects, all obligations or complied with, in all material respects, all agreements and covenants to be performed or complied with by them under this Agreement on or prior to such Closing.

  
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 (c) Consents. All consents and approvals required to be obtained by the EL Parties
under this Agreement at or prior to the Initial Closing and under each Contribution Agreement and DB Contribution Agreement (excluding Lender Consents) shall have been obtained by the EL Parties, except where the failure of the EL Parties to obtain
any such a consent or approval is attributable to actions or inactions willfully undertaken by ATA or its Affiliates with the intent of delaying or preventing the EL Parties from obtaining any such consent or approval. 

(d) Lender Approvals. Only if any Contributed Properties are to be contributed at the Initial Closing, Lender Approval or
Refinancing in respect of each of such Contributed Properties to be contributed at the Initial Closing shall have been obtained, unless the requirement for any such Lender Approval shall have been eliminated pursuant to the provisions of
Section 7.4(c). 
 (e) Title Policies. With respect to each Contributed Property and DB Contributed Property,
the Title Company shall be unconditionally obligated and prepared, subject only to payment of the applicable premium and other related charges, to issue the title policies and/or endorsements pursuant to the Title Commitments containing no
exceptions to title other than Permitted Encumbrances and any Additional Exceptions approved by the ATA Parties pursuant to Section 3.1(d). 
 (f) Permits; Consents. With respect to each Contributed Property and DB Contributed Property, any and all consents or approvals of Governmental Authorities as are necessary for the transfer of the
Contributed Property or the Contributed Interests, as the case may be, and the ownership and operation of the Property by and/or on behalf of ATA Holdings or its successor or assignee shall have been received. 

(g) Officer Certificate. Each of the EL Parties shall have delivered to ATA and ATA Holdings a certificate, dated the Initial
Closing Date, signed by an officer of EL and of ELRM], certifying as to the satisfaction of the conditions specified in Sections 10.2(a), 10.2(b) and 10.2(c). 
 (h) No Order. No Governmental Authority with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) which
is then in effect and has the effect of making the Transactions illegal or otherwise restricting, preventing or prohibiting consummation of the Transactions. 
 (i) No MAE. There shall not have occurred and there shall not be any event, fact, development, circumstance, change or effect that, individually or in the aggregate with all other events, facts
developments, circumstances, changes or effects, has resulted or would reasonably be expected to result in a Portfolio Material Adverse Effect. 
 (j) Other Transaction Agreements. Each of the Contribution Agreements, the DB Contribution Agreements and each of the other Transaction Agreements required to be

  
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executed and delivered pursuant to this Agreement at or prior to the Initial Closing shall have been executed and delivered by the parties thereto (other than the ATA Parties and their
Affiliates), shall be in full force and effect (assuming the execution and delivery thereof by the ATA Parties and their Affiliates as may be party thereto) and shall not have been terminated for any reason. The consummation of the transactions
contemplated by each of the foregoing other Transaction Agreements to be consummated at the Initial Closing shall have occurred simultaneously with the Initial Closing hereunder. 

(k) Closing Deliveries. Each of the agreements, certificates, instruments and other items and documents required to be delivered,
or caused to be delivered, by the EL Parties as set forth in Section 9.3 (in the case of the Initial Closing) or Section 9.5 (in the case of any Subsequent Closing), shall have been delivered directly or in escrow, as
applicable. 
 10.3 Additional Conditions Precedent to the Obligations of the EL Parties at each Subsequent Closing.

 The obligations of the EL Parties to consummate the Transactions to be consummated at each Subsequent Closing are subject to
the satisfaction or waiver (where permissible), at or prior to the applicable Subsequent Closing, of the following additional conditions: 
 (a) Lender Approvals. The Lender Approval or Refinancing in respect of each of the Contributed Properties to be contributed at such Closing shall have been obtained, unless the requirement for any
such Lender Approval shall have been eliminated pursuant to the provisions of Section 7.4(c). 
 (b) No
Intentional Breach or Default. The ATA Parties shall not have intentionally committed any material breach or default with respect to any of their representations, warranties, covenants and agreements hereunder or under any other Transaction
Agreement. 
 (c) Other Transaction Agreements. Each of the Transactions Agreements shall be in full force and effect
(assuming the execution and delivery thereof by the EL Parties and their Affiliates as may be party thereto) and no default shall have occurred under any of them. 
 (d) Closing Deliveries. The ATA Parties shall have delivered, or caused to be delivered, each of the items set forth in Section 9.2 and 9.4. 

  
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 10.4 Additional Conditions Precedent to the Obligations of the ATA Parties at each
Subsequent Closing. 
 The obligations of the ATA Parties to consummate the Transactions to be consummated at each
Subsequent Closing are subject to the satisfaction or waiver (where permissible), at or prior to the applicable Subsequent Closing, of the following additional conditions: 
 (a) Lender Approvals. The Lender Approval or Refinancing in respect of each of the Contributed Properties to be contributed at such Closing shall have been obtained, unless the requirement for any
such Lender Approval shall have been eliminated pursuant to the provisions of Section 7.4(c). 
 (b) No
Intentional Breach or Default. The EL Parties shall not have intentionally committed any material breach or default with respect to any of their representations, warranties, covenants and agreements hereunder or under any other Transaction
Agreement. 
 (c) Other Transaction Agreements. Each of the Transactions Agreements shall be in full force and effect
(assuming the execution and delivery thereof by the EL Parties and their Affiliates as may be party thereto) and no default shall have occurred under any of them. 
 (d) Closing Deliveries. The EL Parties shall have delivered, or caused to be delivered, each of the items set forth in Sections 9.3 and 9.5. 

ARTICLE XI 

TERMINATION 
 11.1 Termination. 
 At any time following the Initial Closing that any
Contributed Properties remain to be contributed in any Subsequent Closing, this Agreement may be terminated, solely with respect to the contribution of any or all of the applicable remaining Contributed Properties, in writing: 

(a) by ELRM, upon written notice to ATA, if ATA or ATA Holdings has breached any of its obligations hereunder and such breach has
resulted or will result in the failure of any of the conditions set forth in Section 10.3 to be satisfied and such failure becomes incapable of being cured by ATA and ATA Holdings, as applicable, by the Final Closing Outside Date or, if
capable of being cured by ATA and ATA Holdings, as applicable, by the Final Closing Outside Date, ATA and ATA Holdings, as applicable, does not commence to cure such breach or failure within ten (10) Business Days after its receipt of written
notice thereof from ELRM and diligently pursue such cure to completion thereafter; provided that the EL Parties and their Affiliates are not then in breach of this Agreement or any of the other Transaction Agreements so as to cause any of the
conditions in Section10.4 not to be satisfied; or 
 (b) by ATA, upon written notice to ELRM, if EL or ELRM has breached
any of its obligations hereunder and such breach has resulted or will result in the failure of any of the conditions set forth in Section 10.4 to be satisfied and such failure becomes incapable of being

  
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cured by EL and ELRM, as applicable, by the Final Closing Outside Date or, if capable of being cured by EL and ELRM, as applicable, by the Final Closing Outside Date, EL and ELRM, as applicable,
does not commence to cure such breach or failure within ten (10) Business Days after its receipt of written notice thereof from ATA and diligently pursue such cure to completion thereafter; provided that the ATA Parties and their
Affiliates are not then in breach of this Agreement or any of the other Transaction Agreements so as to cause any of the conditions in Section 10.3 not to be satisfied. 

(c) In the event this Agreement is terminated by a Party with respect to less than all of the remaining Contributed Properties, the
Contributed Property which is the subject of such termination shall be an Excluded Property. 
 11.2 Effect of
Termination. 
 (a) In the event of termination of this Agreement pursuant to and in accordance with
Section 11.1, this Agreement shall forthwith become void and of no further force or effect and there shall be no liability on the part of any party, or their respective officers, directors, Affiliates, Subsidiaries or partners, as
applicable, to this Agreement, solely with respect to any and all Contributed Properties then remaining to be contributed, and this Agreement otherwise shall continue in full force and effect; provided, however, that notwithstanding the foregoing,
the provisions that expressly survive the termination hereof pursuant to their terms shall survive the termination hereof pursuant and subject to the terms set forth in such Sections. 

11.3 Fees and Expenses. 
 (a) Subject to the terms of Section 1.5 above and Section 11.3(b) below, all fees, costs and expenses incurred by the Parties in connection with this Agreement, the Transaction Agreements and
the transactions contemplated hereby and thereby shall be paid (or reimbursed, as applicable) by ATA, including, without limitation, the EL Advisory and Acquisition Fees, the ATA Advisory Fees and all legal and other transaction and closing fees,
costs and expenses, including, without limitation, Debartolo’s legal and other transaction fees and costs. 
 (b) If this
Agreement shall be terminated pursuant to Section 11.1 above, then each Party shall be responsible for paying all of its own fees, costs and expenses incurred in connection with this Agreement, the Transaction Agreements and the transactions
contemplated hereby and thereby. 
 (c) In the event EL shall fail to achieve Full Contribution by the Final Closing Outside
Date and EL has undertaken to cure such failure pursuant to clause (i) of Section 1.2 above and shall fail to cure such failure within sixty (60) days after the Final Closing Outside Date, as described in Section 1.2(a) above,
then EL shall reimburse the ATA Parties for all actual out-of-pocket fees, costs and expenses incurred by the ATA Parties in connection with this Agreement, the Transaction Agreements and the Transactions (the “ATA Costs & Expense
 

  
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Reimbursement”); it being acknowledged and agreed that ATA’s sole remedy hereunder for such failure shall be to collect the ATA Costs & Expense Reimbursement and that
such failure shall not be a default hereunder or cause for termination for this Agreement. 
 (d) 

(i) In the event that EL is obligated to pay to the ATA Parties the ATA Costs & Expenses Reimbursement, EL shall pay to the ATA
Parties, from the ATA Costs & Expenses Reimbursement deposited into escrow in accordance with the next sentence, an amount equal to the lesser of (A) the ATA Costs & Expenses Reimbursement and (B) the sum of (x) the
maximum amount that can be paid to the ATA Parties without causing ATA to fail to meet the requirements of Sections 856(c) (2) and (3) of the Code determined as if the payment of such amount did not constitute income described in Sections
856(c)(2) or 856(c)(3) of the Code (“Qualifying Income”), as determined by ATA’s independent certified public accountants, plus (y) in the event ATA receives either (1) a letter from ATA’s counsel indicating that
ATA has received a ruling from the Internal Revenue Service described in Section 11.3(d)(i) or (2) an opinion from ATA’s outside counsel as described in Section 11.3(d)(i), an amount equal to the ATA
Costs & Expenses Reimbursement, less the amount payable under clause (x) above. To secure EL’s obligation to pay these amounts, EL shall deposit into escrow an amount in cash equal to the ATA Costs & Expenses
Reimbursement with an escrow agent selected by EL and on such customary terms (subject to Section 11.3(d)(ii)) as shall be reasonably acceptable to each of ATA, EL and the escrow agent. The payment or deposit into escrow of the ATA
Costs & Expenses Reimbursement, pursuant to this Section 11.3(d) shall be made within three (3) Business Days of the termination. 
 (ii) The escrow agreement for the escrow described in Section 11.3(d)(i) shall provide that the ATA Costs & Expenses Reimbursement in escrow or any portion thereof shall not be
released to the ATA Parties unless the escrow agent receives any one or combination of the following: (i) a letter from ATA’s independent certified public accountants indicating the maximum amount that can be paid by the escrow agent to
the ATA Parties without causing ATA to fail to meet the requirements of Sections 856(c)(2) and (3) of the Code determined as if the payment of such amount did not constitute Qualifying Income or a subsequent letter from ATA’s accountants
revising that amount, in which case the escrow agent shall release such amount to the ATA Parties, or (ii) a letter from ATA’s counsel indicating that ATA received a ruling from the Internal Revenue Service holding that the receipt by ATA
of the ATA Costs & Expenses Reimbursement would either constitute Qualifying Income or would be excluded from gross income within the meaning of Sections 856(c)(2) and (3) of the Code (or alternatively, ATA’s outside counsel has
rendered a legal opinion to the effect that the receipt by ATA of the ATA Costs & Expenses Reimbursement would either constitute Qualifying Income or would be excluded from gross income within the meaning of Sections 856(c)(2) and
(3) of the Code), in which case the escrow agent shall release the remainder of the ATA Costs & Expenses Reimbursement to the ATA Parties. The EL Parties agree to amend this Section 11.3(d)(ii) at the reasonable request of
ATA in order to (x) maximize the portion of the ATA Costs & Expenses Reimbursement that may be distributed to ATA hereunder without causing ATA to fail to meet 

  
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the requirements of Sections 856(c)(2) and (3) of the Code, (y) improve ATA’s chances of securing a favorable ruling described in this Section 11.3(d)(ii) or
(z) assist ATA in obtaining a favorable legal opinion from its outside counsel as described in this Section11.3(d)(ii). The escrow agreement shall also provide that any portion of the ATA Costs & Expenses Reimbursement held in
escrow for five (5) years shall be released by the escrow agent to EL. EL shall not be a party to such escrow agreement and shall not bear any cost of or have liability resulting from such escrow agreement. 

(e) Each of the Parties acknowledges that the agreements contained in this Section 11.3 are an integral part of the
Transactions, that without these agreements the Parties would not have entered into this Agreement, and that any amounts payable pursuant to this Section 11.3 do not constitute a penalty. If EL fails to pay any amounts due to the ATA
Parties pursuant to Section 11.3(b) within the time period specified therein, EL shall pay the costs and expenses (including reasonable legal fees and expenses) incurred by the ATA Parties in connection with any action, including the
filing of any lawsuit, taken to collect payment of such amounts, together with interest on such unpaid amounts at the prime lending rate prevailing during such period as published in The Wall Street Journal, calculated on a daily basis from
the date such amounts were required to be paid until the date of actual payment. Notwithstanding anything to the contrary in this Agreement, right of the ATA Parties to receive the payments and reimbursements specified in Section 11.3(b)
shall be the sole and exclusive remedy of the ATA Parties against the EL Parties and any of their respective former, current, or future general or limited partners, stockholders, managers, members, directors, officers, Affiliates or agents for the
loss suffered as a result of the failure of the Transactions to be consummated, and upon payment of such amounts, none of the EL Parties or any of their respective former, current, or future general or limited partners, stockholders, managers,
members, directors, officers, Affiliates or agents shall have any further liability or obligation relating to or arising out of this Agreement, the Transaction Agreements or the Transactions. 

ARTICLE XII 

GENERAL PROVISIONS 
 12.1 Non-Survival of Representations, Warranties, Covenants and Agreements. 

None of the representations, warranties, covenants and agreements in this Agreement or in any certificate, instrument or writing
delivered in connection herewith, including any rights arising out of any breach of such representations, warranties, covenants and agreements, shall survive any Closing, except for those covenants and agreements contained herein that by their terms
apply or are to be performed in whole or in part after such Closing. 

  
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 12.2 Notices. 

All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given (a) when received if delivered personally, (b) when sent by electronic mail or facsimile (which is confirmed by the intended recipient) and (c) when sent by overnight courier service or when mailed by certified or registered
mail, return receipt requested, with postage prepaid to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 
 If to EL or ELRM, to: 
 Elco Landmark Residential Holdings LLC 

825 Parkway Street 
 Jupiter, Florida 33477 
 Attention: Joseph Lubeck, Chief Executive Officer

 Fax: (561) 745-8745 
 Email: jlubeck@landmarkresidential.com 
 with a copy to: 

Goulston & Storrs P.C. 
 750 Third Avenue 
 New York, New York 10017 

Attention: Yaacov M. Gross, Esq. 
 Fax: (212) 878-5527 
 Email: ygross@goulstonstorrs.com 

If to ATA or ATA Holdings, to: 
 Apartment Trust of America, Inc. 
 4901 Dickens Road, Suite 101 

Richmond, Virginia 23230 
 Attention: Stanley J. Olander, Jr. 
 Fax: (804) 237-1345 

Email: jolander@atareit.com 
 with copies, in the case of notice, to: 
 Hunton &
Williams LLP 
 Riverfront Plaza, East Tower 

951 East Byrd Street 
 Richmond, Virginia 23219 
 Attention: Daniel M. LeBey, Esq.

 Fax: (804) 788-8218 

Email: dlebey@hunton.com 
 12.3 Severability. 
 If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public policy or the application of this Agreement to any Person or circumstance is invalid or incapable of being enforced by any rule of law or public

  
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policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any Party. To such end, the provisions of this Agreement are agreed to be severable. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible. 
 12.4 Amendment. 

This Agreement may be amended by the Parties hereto by action taken by their respective boards of directors (or similar governing body or
entity) at any time prior to the Closing. This Agreement may not be amended except by an instrument in writing signed by the Parties hereto. 
 12.5 Parties in Interest. 
 This Agreement shall be binding upon and inure
solely to the benefit of each Party hereto, and nothing in this Agreement, express or implied, other than (i) as set forth in Section 1.4 with respect to the Contributor Parties, (ii) as set forth in the preamble to Article VI
with respect to the Contributors and (iii) as set forth in Section 12.7, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

12.6 Governing Law; Jurisdiction and Venue. 
 (a) This Agreement shall be governed by and construed in accordance with, the laws of the State of New York without regard, to the fullest extent permitted by law, to the conflicts of laws provisions
thereof (other than Sections 5-1401 and 5-1042 of the New York General Obligation Law). 
 (b) Each Party agrees that any
Proceeding for any Claim arising out of or related to this Agreement or the Transactions, whether in tort or contract or at law or in equity, shall be brought only in either the United States District Court for the Eastern District of New York or in
a New York state court sitting in New York, New York (each, a “Chosen Court”), and each Party irrevocably (a) submits to the jurisdiction of the Chosen Courts (and of their appropriate appellate courts), (b) waives any
objection to laying venue in any such Proceeding in either Chosen Court, (c) waives any objection that such Chosen Court is an inconvenient forum for the Proceeding, and (d) agrees that, in addition to other methods of service provided by
law, service of process in any such Proceeding shall be effective if provided in accordance with Section 12.2, and the effective date of such service of process shall be as set forth in Section 12.2. 

  
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 12.7 Waiver of Jury Trial. 

Each of the Parties hereto hereby waives to the fullest extent permitted by applicable Law any right it may have to a trial by jury with
respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or any of the other Transaction Agreements or the Transactions. Each of the Parties hereto (a) certifies that no representative, agent
or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges that it and the other Parties hereto have been
induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Section 12.7. 

12.8 Waiver. 
 Except as provided in this Agreement, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by
the Party taking such action of compliance with any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any Party hereto of a breach of any provision hereunder shall not operate or be construed as a waiver
of any prior or subsequent breach of the same or any other provision hereunder. 
 12.9 Mutual Drafting. 

Each Party hereto has participated in the drafting of this Agreement, which each Party acknowledges is the result of extensive
negotiations between the Parties. 
 12.10 Entire Agreement. 

This Agreement (including its exhibits, appendices and schedules), the other Transaction Agreements and the other documents delivered
pursuant hereto and thereto constitute a complete and exclusive statement of the agreement between the Parties with respect to the subject matter hereof and thereof, and supersede all other prior agreements, arrangements or understandings by or
between the Parties, written or oral, express or implied, with respect to the subject matter hereof or thereof. 
 12.11
Counterparts. 
 This Agreement or any amendment hereto may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 12.12 Section Headings; Interpretation. 

(a) The descriptive headings of sections and paragraphs of this Agreement are inserted for convenience only, and do not constitute a part
of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. 
 (b) As used in this
Agreement, the term “knowledge” means, with respect to the ATA Parties, the actual knowledge of the Persons listed on Schedule 12.12(b)(i) and, with respect to the EL Parties, the actual knowledge of the Persons listed on
Schedule 12.12(b)(ii). When a reference is made in this Agreement to an Article, Section, Annex or Exhibit, such reference shall be to an Article, Section, Annex or Exhibit of or to this Agreement unless otherwise indicated. Whenever the
words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation” unless the context otherwise requires or unless otherwise specified.
Unless the context requires otherwise, the terms “hereof,” “herein,” “hereby,” “hereto” and derivative or similar words in this Agreement refer to this entire Agreement. Unless the context requires otherwise,
words in this Agreement using the singular or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders. Except as otherwise specifically provided herein,
where any action is required to be taken on a particular day and such day is not a Business Day and, as a result, such action cannot be taken on such day, then this Agreement shall be deemed to provide that such action shall be taken on the first
Business Day after such day. 
 SIGNATURE PAGES FOLLOW.] 

  
 77 

 IN WITNESS OF THE FOREGOING, each Party executes this Master Contribution and
Recapitalization Agreement as of the date first written above, by the Party’s duly authorized officer. 
  

					
	ATA PARTIES:	 	APARTMENT TRUST OF AMERICA, INC.
			
		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 	Name:	 	Stanley J. Olander, Jr.
		 	Title:	 	Chief Executive Officer
		
		 	APARTMENT TRUST OF AMERICA HOLDINGS, L.P.
			
		 	By:	 	Apartment Trust of America, Inc.,
		 		 	its general partner
			
		 	By:	 	 /s/ Stanley J. Olander, Jr.

		 	Name:	 	Stanley J. Olander, Jr.
		 	Title:	 	Chief Executive Officer

					
	EL PARTIES:	 	ELCO LANDMARK RESIDENTIAL HOLDINGS LLC
			
		 	By:	 	JLCo, LLC, its manager
			
		 	By:	 	 /s/ Joseph Lubeck

		 	Name:	 	Joseph Lubeck
		 	Title:	 	President
		
		 	ELCO LANDMARK RESIDENTIAL MANAGEMENT LLC
			
		 	By:	 	Elco Landmark Residential Holdings LLC,
		 		 	its sole member
			
		 	By:	 	JLCo, LLC, its manager
			
		 	By:	 	 /s/ Joseph Lubeck

		 	Name:	 	Joseph Lubeck
		 	Title:	 	President

 APPENDIX I 
 DEFINITIONS 
 “1933 Act” means the Securities Act of 1933, as amended.

 “1934 Act” means the Securities Exchange Act of 1934, as amended. 
 “Additional Exception” shall have the meaning set forth in Section 3.1(d). 
 “Adverse Consequences” shall mean all liabilities, demands, claims, actions, causes of action, costs, expenses, damages (including incidental, special, but excluding consequential and
punitive damages and lost profits), Taxes, losses, penalties, fines, judgments or amounts paid in settlement, including reasonable attorneys’ and accountants’ fees, including, without limitation, all Adverse Consequences incurred by the
Contributed Entity. The term Adverse Consequences expressly includes any consequences arising from the Purchaser’s sending, or failure to send, any filings relating to Transfer Taxes due, or otherwise, in connection with the transactions
contemplated by this Agreement, including any interest, penalties or reassessment of the value of the Property for purposes of ad valorem taxes, and the Purchaser’s failure to pay any Transfer Taxes due in connection with the transactions
contemplated by this Agreement. 
 “Advisor” shall have the meaning set forth in the Recitals. 

“Advisor Termination Agreement” shall have the meaning set forth in Section 9.2(j). 

“Affiliates” means, with respect to a specified Person, each other Person that directly or indirectly Controls, is Controlled by, or is
under common Control with that Person. For purposes of this Agreement and each of the other Transaction Agreements, except as otherwise expressly provided, the Affiliates of the EL Parties shall be limited to Joseph Lubeck, Elco Holdings Ltd. and
their respective Controlled Affiliates. 
 “Agreed Share Value” shall have the meaning set forth in Section 2.1.

 “Agreement” means this Master Contribution and Recapitalization Agreement, together with all Schedules and Exhibits attached
hereto, as it and they may be amended from time to time as herein provided. 
 “Agreements and Instruments” shall have the
meaning set forth in Section 6.7. 
 “Alternate Property” shall have the meaning set forth in
Section 1.2(a). 
 “Andros Cash Payment Obligation” shall have the meaning set forth in Section 1.5(b).

 “Andros Cash Payment Obligation Shares” shall have the meaning set forth in Section 1.5(b). 

  
 Appendix I-1

 “Andros ICA” shall have the meaning set forth in Section 1.5(b). 

“Annual Report” shall have the meaning set forth in Section 6.1. 
 “Applicable Documents” shall have the meaning set forth in Section 1.3(a). 
 “ATA” means Apartment Trust of America, Inc., a Maryland corporation. 

“ATA Advisory Fees” shall have the meaning set forth in Section 6.8. 

“ATA Charter Amendment” shall have the meaning set forth in Section 7.12. 

“ATA Costs & Expense Reimbursement” shall have the meaning set forth in Section 11.3. 

“ATA DRIP” means the dividend reinvestment plan of ATA. 
 “ATA Holdings” means Apartment Trust of America Holdings, L.P., a Virginia limited partnership. 
 “ATA Material Adverse Effect” shall have the meaning set forth in Section 6.2. 
 “ATA Parties” means ATA and ATA Holdings. 
 “Audit Inquiry
Letter” shall have the meaning set forth in Section 7.8. 
 “Authorization” means any approval,
authorization, certificate, concession, consent, exemption, franchise, grant of authority, license, Order, permission, permit, qualification, ratification, registration, waiver or variance, of or from any Governmental Authority or required by or
available under any Law. 
 “BofA Merrill Lynch” shall have the meaning set forth in Section 6.28. 

“Books and Records” means with respect to any Person the files and records of that Person relating to that Person or its Affiliates.

 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which banks are required or
authorized by Law to be closed in the City of New York. 
 “Cash Investment Agreement” shall have the meaning set forth in the
Recitals. 
 “Casualty” shall have the meaning set forth in Section 3.3. 

“Casualty Notice” shall have the meaning set forth in Section 3.3. 
 “Charter” shall have the meaning set forth in Section 7.12. 

  
 Appendix I-2

 “Chosen Court” shall have the meaning set forth in Section 12.6(b). 

“Claim” means any claim or demand, or assertion of either of any claim or demand, by any Person (except for those included in the
definition of Proceeding). 
 “Closing Date” shall have the meaning set forth in Section 9.1. 

“Closing” shall have the meaning set forth in Section 9.1. 
 “Code” shall have the meaning set forth in the Recitals. 
 “Condemnation
Notice” shall have the meaning set forth in Section 3.2 
 “Contracts” means, with respect to any Contributed
Property, any agreement, contract, obligation, promise or commitment (whether written or oral) that is legally binding on the Contributed Entity or the Property, including but not limited to: (a) equipment leases and laundry leases relating to
the Property and to which the Property Owner is a party, (b) the Existing Management Agreement, and (c) any construction, service or other contracts relating to the Property and to which the Property Owner is a party which are disclosed in
writing to the ATA Parties on or before the Closing, which are acceptable to the ATA Parties in their reasonable discretion; provided, however, any equipment leases, service or other contracts that the ATA Parties do not wish to assume
and which are cancellable without penalty on not more than sixty (60) days’ notice shall be caused to be terminated by ELRM simultaneous with the Closing. 
 “Contributed Entities” shall have the meaning set forth in the Recitals. 

“Contributed Entity” shall have the meaning set forth in the Recitals. 
 “Contributed Entity Financial Statements” means, with respect to any Contributed Entity, the unaudited financial statements of such Contributed Entity as of and for the three-month period
ended March 31, 2012. 
 “Contributed Interests” shall have the meaning set forth in the Recitals. 

“Contributed Properties” shall have the meaning set forth in the Recitals. 
 “Contributed Property” shall have the meaning set forth in the Recitals. 

“Contribution Agreement” shall mean a Property Contribution Agreement or an Interest Contribution Agreement, as the case may be.

 “Contribution Transactions” shall have the meaning set forth in Section 1.1(a). 

“Contributor Parties” shall have the meaning set forth in Section 1.4(a). 

  
 Appendix I-3

 “Contributors” means, as the context may require, (i) with respect to any Contributed
Property, the Persons named as contributing parties to the applicable Contribution Agreement as described in the Contribution Structure Chart or (ii) the Contributors with respect to all Contributed Properties collectively. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of an Equity Interest, by contract or otherwise. The terms “Controlled by” and “under common Control with” have correlative meanings. 

“Covered Claims” shall have the meaning set forth in Section 1.4(a). 

“DB Contribution Agreement” shall have the meaning set forth in the Recitals. 
 “DB Properties” shall have the meaning set forth in the Recitals. 
 “DB
Property” shall have the meaning set forth in the Recitals. 
 “DeBartolo” shall have the meaning set forth in the
Recitals. 
 “Deferred Property” shall have the meaning set forth in Section 1.2(c). 

“Delinquent Amounts” shall have the meaning set forth in Section 2.2(b). 

“Developments and Improvements” shall have the meaning set forth in Section 6.14. 

“Disclosed Liabilities” shall have the meaning set forth in Section 5.5. 

“EL” means Elco Landmark Residential Holdings, LLC, a Delaware limited liability company. 

“EL Advisory and Acquisition Fees” shall have the moaning set forth in Section 4.6. 

“EL Contributed Properties” shall have the meaning set forth in the Recitals. 
 “EL Parties” means EL and ELRM. 
 “Employment Agreements” means
collectively the Olander Employment Agreement, the Remppies Employment Agreement and the Lubeck Employment Agreement. 

“Entity” means, except for Governmental Authorities, (a) any corporation, partnership, joint venture, limited liability company,
business trust or other business entity, (b) any association, unincorporated business or other organization, (c) trust and (d) any other organization having legal status as an entity under any Law. 

“Environmental Law” and “Environmental Laws” shall have their respective meanings set forth in
Section 6.17. 

  
 Appendix I-4

 “Equity Interest” means (a) the equity ownership rights in a business entity, whether
a corporation, company, joint stock company, limited liability company, general or limited partnership, joint venture, bank, association, trust, trust company, land trust, business trust, sole proprietorship or other business entity or organization,
and whether in the form of capital stock, ownership unit, limited liability company interest, membership interest, limited or general partnership interest or any other form of ownership, and (b) all rights, warrants, options, convertible
securities or indebtedness, exchangeable securities or other instruments or rights that are outstanding and exercisable for, convertible into or exchangeable for any Equity Interest described in the foregoing clause (a) whether at the time of
issuance or upon the passage of time or occurrence of some future event. 
 “Escrow Agent” shall have the meaning set forth in
the Recitals. 
 “Evercore Partners” shall have the meaning set forth in Section 4.6. 

“Excluded Property” shall have the meaning set forth in Section 1.2(c). 
 “Executive Order” shall have the meaning set forth in Section 5.18. 

“Existing Management Agreement” means, with respect to any Contributed Property, that certain property management agreement heretofore
in effect by and between the Property Owner and the Existing Manager. 
 “Existing Manager” means, with respect to any
Contributed Property, ELRM. 
 “FCPA” shall have the meaning set forth in Section 4.9. 

“FF&E” means, with respect to any Contributed Property, all appliances, machinery, devices, fixtures, appurtenances, equipment,
furniture, furnishings and articles of tangible personal property of every kind and nature whatsoever owned by the Contributed Entity or the Property Owner and located in or at, or used in connection with the ownership, operation or maintenance of,
the Property. FF&E shall include, but not be limited to: (a) all equipment, machinery, fixtures, and other items of property, now or hereafter permanently affixed to or incorporated into the Real Property, including, without limitation, all
furnaces, boilers, heaters, electrical equipment, heating, plumbing, lighting, ventilating, refrigerating, incineration, air and water pollution control, waste disposal, air-cooling and air-conditioning systems and apparatus, sprinkler systems and
fire and theft protection equipment, all of which, to the maximum extent permitted by law, are hereby deemed by the parties hereto to constitute real estate, together with all replacements, modifications, alterations and additions thereto;
(b) all furniture, furnishings, movable walls or partitions, moveable machinery, moveable equipment, computers or trade fixtures or other personal property of any kind or description owned by the Contributed Entity or the Property Owner and
used in the operating and maintenance of the Property, and located on or in the Real Property, and all replacements to such personal 

  
 Appendix I-5

 
property; (c) supply items customarily included within “Property and Equipment” under GAAP, and (d) supplies and all other tangible personal property used in connection with
the operation, ownership, or maintenance of the Real Property. 
 “Filing” means any filing or registration with, or a written
notice to, a Governmental Authority. 
 “Final Closing “ shall mean the closing of the Transactions in respect of the last
Contributed Property or DB Contributed Property. 
 “Final Closing Outside Date” shall have the meaning set forth in
Section 7.4. 
 “Former Advisor” shall have the meaning set forth in Section 7.11. 

“Full Contribution” shall mean the contribution, in the aggregate, of (i) Contributed Property, (ii) DB Contributed Property,
(iii) Alternate Property (if any) and/or (iv) cash paid to purchase ATA capital stock or warrants, including, without limitation, under Section 1.5 of this Agreement, resulting in the Contributors and the DB Contributors owning,
directly or beneficially, at least 13,400,000 shares of ATA Common Stock in the aggregate (assuming (x) conversion of each interest in the Operating Partnership acquired pursuant to this Agreement directly or beneficially by each such
Contributor and DB Contributor into one share of ATA Common Stock and (y) conversion or exercise of any other securities acquired pursuant to the Agreement that are convertible into, or exercisable for, ATA Common Stock). 

“G&S Payment” shall have the meaning set forth in Section 2.3 
 “GAAP” shall have the meaning set forth in Section 6.1. 

“Governance Agreement” shall have the meaning set forth in Section 9.2(d). 

“Governmental Authority” means (a) any body exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government, including any governmental agency, department, board, commission or other instrumentality, whether national, territorial, federal, state, provincial, local, supranational or other authority, (b) any organization of
multiple nations, or (c) any tribunal, court or arbitrator of competent jurisdiction. 
 “Governmental Licenses” shall
have the meaning set forth in Section 6.12. 
 “Hazardous Materials” shall have the meaning set forth in
Section 6.17. 
 “Improvements” means, with respect to any Contributed Property, all buildings and other structures
and improvements situated on the Land, to the extent the same form a part of the Property. 

  
 Appendix I-6

 “Initial Closing” shall have the meaning set forth in Section 9.1. 

“Initial Closing Date” shall have the meaning set forth in Section 9.1. 

“Intangible Property” means, with respect to any Contributed Property, all (a) Permits, contract rights, and warranties, and
(b) certificates, licenses, warranties, guarantees, Contracts, patents, trademarks, copyrights and other intellectual property related to the Property held by the Contributed Entity or the Property Owner and/or their respective Affiliates,
including without limitation, their respective trades or businesses the names, and the exclusive right to use the names set forth on Schedule C attached hereto and any abbreviations or variations thereof. 

“Intellectual Property” shall have the meaning set forth in Section 6.10. 

“Interest Contribution Agreement” shall have the meaning set forth in the Recitals. 

“IPO” shall mean the initial closing (without regard for any closing of any associated “green shoe”) of the first underwritten
public offering of shares of ATA’s Common Stock registered under the Securities Act of 1933, as amended, that occurs after the date hereof and in conjunction with which shares of ATA Common Stock are listed for trading on the New York Stock
Exchange. 
 “IRS” shall mean the Internal Revenue Service 
 “Knowledge” shall have the meaning set forth in Section 12.12(b). 

“Land” means, with respect to any Contributed Property, the legal description with respect to such Contributed Property as set forth in
Schedule A. 
 “Latest Balance Sheet” shall have the meaning set forth in Section 5.5. 

“Law” and “Laws” mean (a) any constitution applicable to, and any statute, treaty, rule, regulation, ordinance, or
requirement of any kind of, any Governmental Authority, (b) principles of common law, and (c) any Order. 
 “Leases”
means, with respect to any Contributed Property, collectively, all leases, rental agreements, license agreements and occupancy agreements pursuant to which a Tenant has a possessory right or license with respect to any portion of the Real Property
and which are in effect as of the date hereof and are shown on the Rent Roll set forth in Schedule 5.8(c)(i) attached hereto, together with any amendments, modifications or supplements made thereto and any new Leases entered into by the
Property Owner from time to time after the date hereof and before Closing that conform to the requirements of Section 7.3(b)(iii) and are shown on the Rent Roll to be delivered at Closing pursuant to the Contribution Agreement.

 “Lender Approval” shall have the meaning set forth in Section 7.4. 

  
 Appendix I-7

 “Lender Approval Documents” shall have the meaning set forth in Section 7.4.

 “Lien” means any lien, encumbrance, security interest, pledge or any other title restriction of any kind. 

“Loan” means, with respect to any Contributed Property, the loan evidenced by the Loan Documents relating to the Contributed Property.

 “Loan Assumption Costs” means, with respect to any Contributed Property, any and all fees, costs and expenses, including,
without limitation, any loan assumption, transfer or consent fees, review fees, Lender’s attorneys’ fees and other costs, expenses and fees provided for in the Loan Documents in connection with the assumption of, or any consent from the
lender to the transaction contemplated by this Agreement which are required under, the Loan Documents at the Closing. 
 “Loan
Documents” means, with respect to any Contributed Property, the loan documents described in Schedule 5.15 attached hereto with respect to the Contributed Entity, the Property Owner and/or Property. 

“Lubeck Employment Agreement” shall have the meaning set forth in Section 9.2(i). 

“Make Whole Pool” shall have the meaning set forth in Section 2.3. 
 “Make-Whole Rightholder shall have the meaning set forth in Section 2.3. 

“Material Casualty” shall have the meaning set forth in Section 3.3. 

“Material Condemnation” shall have the meaning set forth in Section 3.2. 

“Mission Award” shall have the meaning set forth in Section 2.3. 
 “Money Laundering Laws” shall have the meaning set forth in Section 4.10. 
 “Non-Terminable Contracts” shall have the meaning set forth in Section 5.10. 
 “Objection Notice” shall have the meaning set forth in Section 3.1(c)(ii). 
 “OFAC” shall have the meaning set forth in Section 4.11. 

“Olander Employment Agreement” shall have the meaning set forth in Section 9.2(f). 

“OP Amendment” shall have the meaning set forth in Section 7.11. 
 “OP Certificate Amendment” shall have the meaning set forth in Section 7.12. 

  
 Appendix I-8

 “OP Units” shall have the meaning set forth in the Recitals. 

“Order” means any decree, injunction, judgment, order, ruling, writ, assessment or arbitration award of a Governmental Authority,
arbitrator or arbitral body, commission or self-regulatory organization, whether arising from a Proceeding or applicable Law. 

“Ordinary Course” means, with respect to any Person or Property, the ordinary course of business thereof, as the case may be, consistent
with past custom and practice (including as applicable, with respect to quantity and frequency). 
 “Organizational Documents”
means each of the following, as applicable, as amended and supplemented: (a) the articles or certificate of incorporation and the bylaws of a corporation; (b) the partnership agreement and any statement of partnership of a general
partnership; (c) the limited partnership agreement and the certificate of limited partnership of a limited partnership; (d) the operating agreement (or limited liability company agreement) and certificate of organization or formation of a
limited liability company; and (e) any charter or similar document adopted or filed in connection with the creation, formation or organization of a Person. 
 “Parties” means, collectively, ATA, ATA Holdings, EL and ELRM, each of which is a “Party.” 
 “Partnership Agreement” means the Agreement of Limited Partnership of ATA Holdings, as amended and supplemented. 
 “Patriot Act” shall have the meaning set forth in Section 5.18. 

“Permits” means, with respect to any Contributed Property, all governmental permits and approvals, including licenses, registrations and
authorizations, required for the ownership and operation of the Contributed Entity or the Property at the Real Property, including without limitation, qualifications to do business, certificates of occupancy, building permits, signage permits, site
use approvals, zoning certificates, environmental and land use permits, and any and all other necessary approvals from Governmental Authorities and other approvals granted by any public body. 
 “Permitted Encumbrances” means, with respect to any Contributed Property: (a) any exceptions, exclusions and other matters set forth in or disclosed by the Title Commitments (or that
would have been so set forth or disclosed if the Title Commitments had been obtained as contemplated by Section 3.1(a)) and any other exceptions to title disclosed in the Surveys (or that would have been so disclosed if the Surveys had
been obtained as contemplated by Section 3.1(b)), in each case, except those matters which are excluded from being Permitted Encumbrances pursuant to Section 3.1; (b) liens for taxes, assessments and governmental charges
with respect to the Property for the current year and not yet due and payable or due and payable but not yet delinquent (provided the same are paid at Closing by or on behalf of the Contributors); (c) applicable zoning regulations and
ordinances and other governmental 

  
 Appendix I-9

 
laws, ordinances and regulations, now or hereafter in effect; (d) the Leases; (e) those matters which are not excluded from being Permitted Encumbrances pursuant to
Section 3.1, (f) with respect only to the time period prior to Closing or, upon receipt of the Lender Approval, the Loan Documents evidencing and securing the Loan and (g) the matters set forth on Section 3.1(c)(i), to the
extent not removed by the Parties pursuant to Section 3.1(c). 
 “Person” means an individual, an Entity or a Governmental
Authority. 
 “Portfolio Material Adverse Effect” means a material adverse effect on the value of the Contributed Properties,
taken as a whole and assuming the contribution of all Contributed Properties (other than those that become Excluded Properties). 

“Post-Policy Exception” shall have the meaning set forth in Section 3.1(c)(ii). 

“Pre-Closing Tax Period” means any taxable period that ends on or before the Closing Date. 

“Proceeding” means any action, claim, audit or other inquiry, hearing, investigation, suit or other charge or proceeding (whether civil,
criminal, administrative, investigative, formal or informal) by or before any Governmental Authority or before an arbitrator or arbitral body or mediator. 
 “Prohibited Person” shall have the meaning set forth in Section 5.18. 

“Property” means, with respect to any Contributed Property, collectively, all of the Contributed Entity’s Real Property, personal
property, intangible or other assets, including, without limitation its ownership interest in the Real Property, the FF&E, the Contracts, Leases and the Intangible Property. 
 “Property Contribution Agreement” shall have the meaning set forth in the Recitals. 
 “Property Material Adverse Effect” means, with respect to any Contributed Property, a material adverse effect on the value of such Contributed Property. 

“Property Owner” means, with respect to any Contributed Property, the Person or Persons directly owning 100% of the Contributed
Property. 
 “Qualifying Income” shall have the meaning set forth in Section 11.3(c). 

“Quarterly Report” shall have the meaning set forth in Section 6.1. 

“Registration Rights Agreement” shall have the meaning set forth in Section 7.10. 

“Real Property” shall mean, with respect to any Contributed Property, collectively, the Land and Improvements, together with all
easements, rights of way, privileges, licenses and appurtenances which such Contributed Entity may now own or hereafter acquire with respect thereto. 

  
 Appendix I-10

 “REIT” shall have the meaning set forth in the Recitals. 

“REIT Ownership Limited Waiver” shall have the meaning set forth in Section 9.2. 

“Remppies Employment Agreement” shall have the meaning set forth in Section 9.2(g). 

“Rent Roll” means, with respect to any Contributed Property, the rent roll set forth in Schedule 5.8(c)(i) attached hereto, and
as updated and delivered as of the Closing Date pursuant to the Contribution Agreement. 
 “Representation Letter” shall have
the meaning set forth in Section 7.8. 
 “Representative” means, with respect to a particular Person, any director,
officer, employee, agent, consultant, advisor or other representative of the Person, including legal counsel, accountants, and financial advisors. 
 “Required Capital Improvements” shall have the meaning given such term in Section 7.3(b)(vi). 
 “Right” shall have the meaning set forth in Section 2.3. 

“Right Expiration Date” shall have the meaning set forth in Section 2.3. 

“Schedule of Non-Terminable Contracts” shall have the meaning set forth in Section 5.10. 

“SDAT” means the Maryland State Department of Assessments and Taxation. 
 “SEC Reports” shall have the meaning set forth in Section 6.1. 

“SEC” means the United States Securities and Exchange Commission. 
 “Specified SEC Reports” means ATA’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K included among the SEC Reports filed prior to the date
of this Agreement (excluding disclosures in the “Risk Factors” sections of any such SEC Reports). 
 “Straddle
Period” shall mean any taxable period that includes, but does not end on, the Closing Date. 
 “Subsequent Closing”
shall have the meaning set forth in Section 9.1. 
 “Subsequent Closing Date” shall have the meaning set forth in
Section 9.1. 
 “Subsidiary” means, (i) in respect of ATA, any “subsidiary” of ATA as such term is
defined in 

  
 Appendix I-11

 
Rule 1-02 of Regulation S-X, including, without limitation, ATA Holdings, and (ii) in respect of any other Person, any corporation, partnership, limited liability company, joint venture or
other legal entity of which such Person (either directly or through or together with another Subsidiary of such Person), (A) owns capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors
(or equivalent) of such Person, (B) controls the management of which, directly or indirectly, through one or more intermediaries, (C) directly or indirectly through Subsidiaries owns more than 50% of the equity interests or (D) is a
general partner. 
 “Support Services Agreement” shall have the meaning set forth in the Recitals. 

“Surveys” shall have the meaning set forth in Section 3.1(b). 
 “Tax” means any net income, capital gains, gross income, gross receipts, sales, use, transfer (but expressly excluding any transfer tax), ad valorem, franchise, profits, license, capital,
withholding, payroll, estimated, employment, excise, goods and services, severance, stamp, occupation, premium, real property, personal property, unclaimed property, social security, environmental (including Code section 59A), alternative or add-on,
value added, registration, windfall profits or other tax or customs duties or amount imposed by any Governmental Authority, or any interest, any penalties, additions to tax or additional amounts incurred or accrued under applicable tax law or
properly assessed or charged by any Governmental Authority, whether disputed or not, but expressly excluding any reassessment of a Contributed Property for any post-closing tax year due to the closing of the transactions contemplated herein,
including the transfer of the Contributed Interests, or any interest or penalties incurred in connection with such change of ownership. 

“Tax Protection Agreement” shall have the meaning set forth in Section 7.9 and “Tax Protection Agreements” means
all of the Tax Protection Agreements. 
 “Tax Return” shall mean any report, return, or other information required (including
any attachments or schedules required to be attached to a such report, return, or other information) required under applicable Law to be supplied (or actually supplied) to a Governmental Authority or a third party in connection with Taxes

 “Tenant(s)” shall mean, with respect to any Contributed Property, the non-commercial tenant(s), licensee(s) or occupant(s)
under any Leases in effect at the Real Property. 
 “Title Commitments” shall have the meaning set forth in
Section 3.1(a). 
 “Title Company” means Chicago Title Insurance Company, or any other title insurance company
selected from time to time by the ATA Parties. 
 “Title Response” shall have the meaning set forth in
Section 3.1(c)(ii). 
 “Transaction Agreements” shall mean this Agreement, the Contribution Agreements, the DB

  
 Appendix I-12

 
Contribution Agreement, the Cash Investment Agreement, the Loan Indemnification Agreements, the Registration Rights Agreement, the Tax Protection Agreements, the Governance Agreement, the
Employment Agreements, the Advisor Termination Agreement and the Support Services Agreement. 
 “Transaction Documents” shall
have the meaning set forth in Section 5.1. 
 “Transactions” means the contribution transactions contemplated by
this Agreement and the Contribution Agreements, the contribution transactions contemplated by the DB Contribution Agreement and the transactions contemplated by the Cash Investment Agreement. 
 “Transfer Taxes” shall mean any transfer, sales, use, recordation or other similar taxes, impositions, expenses or fees incurred in connection with the sale, transfer or conveyance of
Contributed Interests, Contributed Entities and/or Contributed Properties to the ATA Parties. Transfer Taxes shall not include, and ELRM shall be solely responsible for, any Taxes due in respect of its income, net worth or capital, if any, and any
privilege, sales and occupancy taxes, and any other Taxes, due or owing to any Governmental Authority in connection with the operation of the Contributed Entity and the Contributed Property for any period of time prior to the Closing, and the
Parties be solely responsible for all such Taxes for any period from and after the Closing. Further, Transfer Taxes shall not include any sales, use, recordation or other similar Taxes, impositions, expenses or fees arising prior to the Closing or
related to any period prior to the Closing. Further, any income Tax arising as a result of the contribution, sale and transfer of the Interests, the Contributed Entity or Contributed Property to the ATA Parties shall be the sole responsibility of
ELRM. 
 “Warrant” shall mean any warrant issued under the Cash Investment Agreement or hereunder. 

  
 Appendix I-13

 SCHEDULE A 
 Contributed Properties and Contributed Property Values 
 DB
Properties and DB Property Values 
 Legal descriptions for all properties listed below are annexed to this Schedule A.

 EL Contributed Properties 
  

							
	 Property Name
	 	 Location
	 	 Agreed Share Value3

	 
	 Grand Isles @ Bay Meadows
	 	Jacksonville, FL	 	$	15,827,651	  
	 Parkway Grand
	 	Decatur, GA	 	$	7,997,987	  
	 Crestmont Reserve
	 	Dallas, TX	 	$	5,346,905	  
	 Milana Reserve
	 	Tampa, FL	 	$	7,924,397	  
	 Kensington Station
	 	Bedford, TX	 	$	4,930,582	  
	 Monterra Pointe
	 	Arlington, TX	 	$	5,457,947	  
	 Lofton Meadows
	 	Bradenton, FL	 	$	3,562,398	  
	 The Palisades @ Bear Creek
	 	Euless, TX	 	$	2,702,480	  

 Other Contributed Properties 

 

							
	 Property Name
	 	 Location
	 	 Agreed Share Value
	 
	 Creekside Grand
	 	East Point, GA	 	$	23,503,740	  
	 Landmark at Grand Palms
	 	Tampa, FL	 	$	18,965,327	  
	 Overlook at Daytona
	 	Daytona Beach, FL	 	$	5,657,143	  
	 Overlook at Daytona – Marina/Boat
	 	Daytona Beach, FL	 	$	2,100,000	  
	 Reserve at Mill Landing
	 	Lexington, SC	 	$	6,582,864	  
	 Landmark at Heritage Fields
	 	Arlington, TX	 	$	5,892,808	  
	 Landmark at Grand Meadows
	 	Melbourne, FL	 	$	5,495,887	  
	 Richmond on the Fairway
	 	Lawrenceville, GA	 	$	2,046,719	  
	 Landmark at Ridgewood Preserve
	 	Arlington, TX	 	$	3,633,430	  
	 Manchester Park
	 	Arlington, TX	 	$	2,955,568	  
	 Landmark Grand at Galleria
	 	Hoover, Alabama	 	$	35,837,017	  

  

	3	 Reflects
prorations agreed to on Settlement Statements. 

  
 Schedule A-1

 DB Properties 

 

					
	 Property Name
	 	 Location
	 	 Agreed Share Value

	 Bay Breeze Villas
	 	Cape Coral-Ft. Myers, FL	 	$ 8,595,649
	 Esplanade
	 	Orlando, Florida	 	$ 7,383,102

  
 Schedule A-2

 SCHEDULE B 
 CONTRIBUTION STRUCTURE CHART 
  

									
	 Property
	 	 Property or

Interests
	 	 Contributed

Entity
	 	 Contributors
	 	 Tax Protection

					
	 Grand Isles @ Bay Meadows (26)
	 	 Contribution
 of
Interests
	 	 Baymeadows
 Partners,
LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Parkway Grand (16)
	 	 Contribution
 of
Interests
	 	 Woodbury
 Partners,
LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Crestmont Reserve (17)
	 	 Contribution
 of
Interests
	 	 Pear Ridge
 Partners,
LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Milana Reserve (15)
	 	 Contribution
 of
Interests
	 	ADMG Altamonte Partners, LLC	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Kensington Station (18)
	 	 Contribution
 of
Interests
	 	 Bedford Partners,

LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Monterra Pointe (20)
	 	 Contribution
 of
Interests
	 	 Cottonwood
 Partners,
LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Lofton Meadows (14)
	 	 Contribution
 of
Interests
	 	El Conquistador Partners, LLC	 	Elco Landmark Residential Holdings, LLC	 	Yes

  
 Schedule B-1

									
	 Property
	 	 Property or

Interests
	 	 Contributed

Entity
	 	 Contributors
	 	 Tax Protection

					
	 The Palisades @ Bear Creek (19)
	 	 Contribution
 of
Interests
	 	 Bear Creek
 Partners,
LLC
	 	Elco Landmark Residential Holdings, LLC	 	Yes
					
	 Creekside Grand (11)
	 	 Contribution
 of
Interests
	 	Elco Landmark at Creekside Grand, LLC	 	 1. Creekside Investor LLC
 2.
Elco LR OPT II REIT LP
	 	 1. No
 2. Yes

					
	 Landmark at Grand Palms (22)
	 	 Contribution
 of
Interests
	 	Landmark at Grand Palms Holdings, LLC	 	 1. Elco Landmark Grand Palms Management, LLC
 2. Legacy at Grand Palms LLC
 3. Grand Palms Investor, LLC
	 	 1. Yes
 2. Yes
 3. No

					
	 Overlook at Daytona (10)
	 	 Contribution
 of
Interests
	 	 Daytona Seabreeze,

LLC
	 	 1. AMDG Diplomatic Partners, LP

2. SFLP Diplomatic, LLC
	 	No
					
	 Overlook at Daytona – Marina/ Boat
	 	 Contribution
 of
Interests
	 	Seabreeze Daytona Marina, LLC	 	Joseph Lubeck	 	No
					
	 Reserve at Mill Landing (12)
	 	 Contribution
 of
Interests
	 	 Century Mill
 Partners,
LLC
	 	Century Mill Investors, LLC	 	No
					
	 Landmark at Heritage Fields (24)
	 	 Contribution
 of
Interests
	 	 Landmark at
 Arlington
Holdings, LLC
	 	 1. Legacy Arlington, LLC
 2.
Elco Landmark Arlington Management, LLC
	 	Yes
					
	 Landmark at Grand Meadows (27)
	 	 Contribution
 of
Interests
	 	Gilco 2 Melbourne Investor, LLC, and Landmark at Grand Meadow, LLC (TIC)	 	 1. Gilco 2, LLC
 2. Landmark at
Grand Meadow Holdings, LLC
	 	 1. No
 2. Yes

  
 Schedule B-2

									
	 Property
	 	 Property or

Interests
	 	 Contributed

Entity
	 	 Contributors
	 	 Tax Protection

					
	 Richmond on the Fairway (21)
	 	 Contribution
 of
Interests
	 	Kings Carlyle Club Apartments, LLC	 	Kings Carlyle Club Mezz, LLC	 	Yes
					
	 Landmark at Ridgewood Preserve (23)
	 	 Contribution
 of
Interests
	 	 Landmark at

Arlington
 Holdings, LLC
	 	 1. Legacy Arlington, LLC
 2.
Elco Landmark Arlington Management, LLC
	 	Yes
					
	 Manchester Park (25)
	 	 Contribution
 of
Interests
	 	 Landmark at

Arlington
 Holdings, LLC
	 	 1. Legacy Arlington, LLC
 2.
Elco Landmark Arlington Management, LLC
	 	Yes
					
	 Landmark Grand at Galleria
	 	 Contribution
 of
Interests
	 	Landmark Grand at Galleria, LLC	 	 1. Elco Landmark at Birmingham Management, LLC
 2. Legacy Galleria LLC
	 	Yes
					
	 Bay Breeze Villas
	 	 Contribution
 of
Interests
	 	Bay Breeze Sonesta, LLC	 	DK Bay Breeze, LLC	 	Yes
					
	 Esplanade
	 	 Contribution
 of
Interests
	 	 Esplanade
 Apartments,
LLC
	 	 1. DK Esplanade, LLC,
 2. DK
Esplanade II, LLC
	 	Yes

  
 Schedule B-3Interest Contribution Agreement (Overlook at Daytona)

 Exhibit 10.2 
 INTEREST CONTRIBUTION AGREEMENT 
 by and among 

THE PERSONS AND ENTITIES IDENTIFIED ON SCHEDULE A HERETO, 

as the Contributors, 
 ELCO LANDMARK RESIDENTIAL MANAGEMENT, LLC, 
 as the Contributors’
Representative, 
 APARTMENT TRUST OF AMERICA HOLDINGS, L.P., 

as the Purchaser 
 and 
 APARTMENT TRUST OF AMERICA, INC., 

Relating to 

Daytona Seabreeze, LLC, 
 the Contributed Entity, 
 August 3, 2012 

 TABLE OF CONTENTS 

 

					
	 Article I. Contribution and Sale
	  	 	2	  
	 1.1    Contribution and Sale.
	  	 	2	  
	 1.2    Consideration.
	  	 	2	  
	 Article II. Closing
	  	 	3	  
	 2.1    Closing.
	  	 	3	  
	 2.2    Closing deliveries by each of the Contributors.
	  	 	3	  
	 2.3    Closing deliveries by the Contributors’ Representative.
	  	 	4	  
	 2.4    Closing deliveries by the Purchaser and ATA.
	  	 	5	  
	 Article III. Representations and Warranties of the Contributors
	  	 	6	  
	 3.1    Organization and Authorization.
	  	 	6	  
	 3.2    Title to Interests.
	  	 	6	  
	 3.3    Absence of Defaults and Conflicts.
	  	 	6	  
	 3.4    FIRPTA.
	  	 	7	  
	 3.5    OFAC.
	  	 	7	  
	 3.6    No Brokers.
	  	 	7	  
	 3.7    No Litigation.
	  	 	7	  
	 3.8    Investment Representations.
	  	 	7	  
	 3.9    Exculpation and Waiver of Claims.
	  	 	9	  
	 3.10NO TAX REPRESENTATIONS.
	  	 	10	  
	 Article IV. Representations and Warranties of the Purchaser and ATA
	  	 	11	  
	 4.1    Incorporation from Master Agreement.
	  	 	11	  
	 4.2    Valid Issuance of Securities.
	  	 	11	  
	 4.3    Integration.
	  	 	11	  
	 Article V. Conditions Precedent
	  	 	12	  
	 5.1    Conditions Precedent to the Obligations of Each Party.
	  	 	12	  
	 5.2    Conditions Precedent to the Obligations of the Contributors and the Contributors’
Representative.
	  	 	12	  
	 5.3    Conditions Precedent to the Obligations of ATA and ATA Holdings.
	  	 	13	  
	 Article VI. Termination
	  	 	14	  
	 6.1    Termination.
	  	 	14	  
	 6.2    Effect of Termination.
	  	 	14	  
	 Article VII. Covenants and Other Agreements
	  	 	14	  
	 7.1    Lock-Up.
	  	 	14	  
	 7.2    Exclusivity.
	  	 	14	  
	 7.3    Fulfillment of Conditions Precedent.
	  	 	14	  
	 7.4    Admission to Partnership.
	  	 	14	  
	 7.5    Further Assurances.
	  	 	15	  
	 7.6    Publicity; Disclosure.
	  	 	15	  
	 Article VIII. General Provisions
	  	 	15	  
	 8.1    Survival.
	  	 	15	  
	 8.2    Notices.
	  	 	15	  
	 8.3    Severability.
	  	 	16	  
	 8.4    Amendment.
	  	 	17	  
	 8.5    Parties in Interest.
	  	 	17	  
	 8.6    Governing Law; Jurisdiction and Venue.
	  	 	17	  

  
 i 

							
	 8.7    
	 	Waiver of Jury Trial.	  	 	17	  
	 8.8    
	 	Waiver.	  	 	17	  
	 8.9    
	 	Mutual Drafting; Consultation with Advisors.	  	 	17	  
	 8.10    
	 	Entire Agreement.	  	 	18	  
	 8.11    
	 	Counterparts.	  	 	18	  
	 8.12    
	 	Section Headings; Interpretation.	  	 	18	  
	 8.13    
	 	Contributors’ Representative.	  	 	18	  
	 8.14    
	 	Contribution to Certain Potential Liabilities Under Master Agreement.	  	 	20	  
	 8.15    
	 	Attorneys’ Fees.	  	 	20	  
	 8.16    
	 	Escrow Agreement.	  	 	20	  
			
	 Index of Schedules
	 		  			
			
	 Schedule A:
	 	Contribution Schedule	  			
			
	Index of Exhibits	 		  			
			
	 Exhibit A:
	 	Form of Instrument of Assignment	  			
			
	 Exhibit B:
	 	Form of Joinder to OP Agreement	  			
			
	 Exhibit C:
	 	Form of Release of Claims	  			
			
	 Exhibit D:
	 	Form of Liability Contribution Agreement	  			

  
 ii 

 INTEREST CONTRIBUTION AGREEMENT 

This INTEREST CONTRIBUTION AGREEMENT (this “Agreement”), dated as of August 3, 2012, is made and entered into by
and among the persons and entities identified as the Contributors on Schedule A hereto (collectively, the “Contributors”), Elco Landmark Residential Management, LLC, a Delaware limited liability company
(“ELRM” or the “Contributors’ Representative”), Apartment Trust of America Holdings, L.P., a Virginia limited partnership (“ATA Holdings” or the “Purchaser”) and Apartment
Trust of America, Inc., a Maryland corporation (“ATA”). The Contributors, the Contributors’ Representative, the Purchaser and ATA are referred to herein collectively as the “Parties” and individually as a
“Party.” 
 RECITALS 
 A. This Agreement is entered into pursuant to the Master Contribution and Recapitalization Agreement (as amended and in effect from time to time, the “Master Agreement”), dated as of the
date hereof, by and among ATA, ATA Holdings, Elco Landmark Residential Holdings, LLC, a Delaware limited liability company (“EL”) and ELRM. 
 B. ATA is engaged in the business of acquiring, holding and managing apartment communities and other real estate investments. ATA has been organized and operated to qualify as a real estate investment
trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). ATA holds all or substantially all of its properties through ATA Holdings, its operating partnership.

 C. The Contributors collectively are the direct owners of 100% of the limited partnership interests or limited liability
company interests, as the case may be (the “Interests”), in the Entity identified on Schedule A hereto as the Contributed Entity (the “Contributed Entity”). The Contributed Entity wholly owns, directly or
indirectly, the property (the “Property”), to be indirectly contributed to the Purchaser hereby pursuant to the contribution of the Interests, as identified on Schedule A hereto. 

D. The Parties desire to provide for the contribution of the Interests to the Purchaser, in exchange for consideration consisting of
either limited partnership interests in the Purchaser or common stock of ATA (or cash, in the case of any Contributor that does not qualify to receive securities), upon the terms and subject to the conditions set forth below, such contribution to
occur as part of the Initial Closing or a Subsequent Closing under the Master Agreement, as the case may be. 
 E.
Appendix 1 to this Agreement contains certain definitions and cross-references to terms defined in the body of the Agreement. Capitalized terms used and not defined herein shall have the meanings ascribed to them in the Master Agreement.

 NOW, THEREFORE, the Parties acknowledge the adequacy of the consideration provided to each through their respective
representations, warranties, conditions, rights and promises contained in this Agreement and, intending to be legally bound, agree as provided below. 

 ARTICLE I. 
 CONTRIBUTION AND SALE 
 1.1 Contribution and Sale. Upon the terms and
subject the conditions set forth in this Agreement, the Purchaser hereby agrees to acquire from each of the Contributors, and each such Contributor hereby agrees to contribute and sell to the Purchaser, all of such Contributor’s right, title
and interest in and to the Interests, free and clear of all Liens. The agreements set forth herein of each of the Contributors are several and not joint, except as otherwise expressly provided herein; provided, however, that the
transactions contemplated hereby shall not be consummated except in connection with the contribution and sale hereunder at the Closing of all, but not less than all, of the Interests. 

1.2 Consideration. 
 (a) Securities. The aggregate purchase price for the Interests shall be the amount of the Agreed Equity Value set forth on Schedule A hereto, as the same may be adjusted pursuant to the
provisions of the Master Agreement (such adjusted amount, the “Purchase Price”). At and subject to the Closing, to each Contributor, the Purchaser shall issue and sell limited partnership interest units in the Purchaser (“OP
Units”) as indicated with respect to such Contributor on Schedule A hereto in number equal to the quotient of (1) such Contributor’s Allocable Portion of the Purchase Price divided by (2) $8.15, rounded up to the
nearest whole number of OP Units. Each Contributor’s “Allocable Portion” of the Purchase Price shall be determined by the Contributors’ Representative in accordance with the allocation methodology set forth in Schedule
A hereto. This Agreement refers to the OP Units to be issued hereunder as the “Securities.” 
 (b) Cash
for Non-Qualified Contributors. Notwithstanding the provisions of Section 1.2(a), in the event that the Purchaser reasonably determines, with the written consent of the Contributors’ Representative (such consent not to be
unreasonably withheld, conditioned or delayed), that any Contributor is not, or will not be as of the Closing, capable of making the representations and warranties set forth in Section 3.8 (including, without limitation, the representation and
warranty that such Contributor is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”)) (each such Contributor, if any, a
“Non-Qualified Contributor”), then, in lieu of the issuance and sale of Securities to such Non-Qualified Contributor by the Purchaser or ATA, the Purchaser shall pay to such Non-Qualified Contributor its Allocable Portion of the
Purchase Price in cash, by wire transfer of immediately available funds to the account designated by the Contributors’ Representative on behalf of such Non-Qualified Contributor. 

(c) Closing Adjustments. To the extent that any prorations, adjustments or other amounts with respect to the Contributed Entity or
the Property shall be payable by or to the Contributors at or following each Closing in accordance with the provisions of the Master Agreement, the amount of the purchase consideration determined pursuant to Section 1.2(a) shall be adjusted
accordingly, it being acknowledged and agreed by each Contributor that from and after the date hereof, (i) the Contributed Entity shall not declare, pay or otherwise make provision for any dividends or distributions and (ii) immediately
prior to the Closing, in addition to any prorations, adjustments or other amounts payable by or to the Contributors with respect to 

  
 2 

 
the Contributed Entity or the Property, the Contributed Entity shall distribute to each Contributor receiving Securities an amount equal to the amount such Contributor would have been paid as a
distribution on account of the Securities it will receive at Closing had such Securities been issued and sold to such Contributor at the Initial Closing. 
 1.3 NOI Shortfall Payment. In the event the net operating income of the Property for the twelve (12) month period commencing on the date hereof is less than $1,244,400 (the lesser of
(i) amount of any such shortfall and (ii) $60,000, the “NOI Shortfall Amount”), as determined by ATA in accordance with GAAP, then each Contributor shall pay its Pro Rata Share (as defined below) pursuant and subject to
the terms hereof. ATA shall deliver written notice (a “NOI Shortfall Notice”) to each Contributor of any NOI Shortfall Amount promptly after such twelve (12) month period. In the event a Contributor receives a NOI Shortfall
Notice, such Contributor shall pay its Pro Rata Share either (i) in cash, (ii) by surrender of one or more OP Units received hereunder, valued at $8.15 per Op Unit, or (iii) by a combination of clauses (i) and (ii) above. As
used herein, the term “Pro Rata Share” means, with respect to each Contributor, the amount determined by multiplying the NOI Shortfall Amount by such Contributor’s Allocable Portion of the Purchase Price. 

ARTICLE II. 

CLOSING 
 2.1
Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Hunton & Williams LLP, 200 Park Avenue, New York, New York 10166, or such other location as
the Purchaser and the Contributors’ Representative may mutually agree, only as a part of, and simultaneously with, the first to occur after the satisfaction (or waiver if permitted) of the conditions set forth in Article V of this
Agreement of the Initial Closing or a Subsequent Closing under the Master Agreement. The date of the Closing is referred to herein as the “Closing Date.” 
 2.2 Closing deliveries by each of the Contributors. At the Closing, each Contributor (except as otherwise provided below) will deliver or cause the Escrow Agent to deliver to Purchaser each of the
following agreements, instruments and other documents, all of which are being duly executed and delivered to the Escrow Agent on the date hereof to be held in escrow pending the Closing pursuant to the terms of the Escrow Agreement: 

(a) a duly executed instrument of assignment substantially in the form attached hereto as Exhibit A; 

(b) in the case of any Contributor to receive OP Units hereunder, a duly executed joinder to the OP Agreement substantially in the form
attached hereto as Exhibit B (each a “Joinder”); 
 (c) a duly executed release of claims with respect
to the Contributed Entity substantially in the form attached hereto as Exhibit C; 
 (d) a duly completed and executed
certificate pursuant to Treasury Regulation section 1.1445-2(b)(2) certifying that such Contributor is not a “foreign person” within the meaning of Code section 1445 (each a “FIRPTA Affidavit”); 

  
 3 

 (e) in the case of any Contributor to receive Securities hereunder, the Registration Rights
Agreement substantially in the form attached as an exhibit to the Master Agreement (the “Registration Rights Agreement”), duly executed by such Contributor; 
 (f) in the case of any Contributor to receive OP Units hereunder, to the extent, if any, required by the Master Agreement, a Tax Protection Agreement with respect to the Contributed Entity and the
Property substantially in the form attached as an exhibit to the Master Agreement (each a “Tax Protection Agreement”), duly executed by such Contributor; 
 (g) resignations of all directors, managers and officers of the Contributed Entity and each of its Subsidiaries, if any, effective as of the Closing, to the extent such positions are held by such
Contributor or its Affiliates or any of their respective directors, managers and officers; 
 (h) any and all other instruments
and documents required to be delivered by such Contributor at or prior to the Closing pursuant to and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the Purchaser or ATA may reasonably
request to effect the transactions contemplated hereby. 
 2.3 Closing deliveries by the Contributors’
Representative. At the Closing, the Contributors’ Representative will deliver, or cause Escrow Agent to deliver, to Purchaser each of the following agreements, instruments and other documents (in addition to those to be delivered pursuant
to the Master Agreement or any of the other Transaction Agreements), all of which (except the updated “Rent Roll” described in paragraph (a) below and the Settlement Statement described in paragraph (h) below) are being duly
executed, as applicable, and delivered to the Escrow Agent on the date hereof to be held in escrow pending the Closing pursuant to the terms of the Escrow Agreement: 
 (a) an updated Rent Roll dated within one (1) Business Day of the Closing Date; 
 (b) copies of all Permits, As-Built Drawings and final certificates of occupancy (if available and in the Contributors’ Representative’s control as of the Closing Date) for the Property;

 (c) the original (or if not available, legible copies) of any and all Leases, Contracts, warranties and guarantees pertaining
to the Improvements that are in the Contributors’ Representative’s control as of the Closing Date; 
 (d) any
necessary UCC termination statements or other releases as may be required to evidence the satisfaction of any Liens on any of the Property that are required by the terms of this Agreement or the Master Agreement to be terminated or released prior to
Closing; 
 (e) certified copies of all Organizational Documents, applicable resolutions, if any, certificates of incumbency,
and good standing certificates with respect to the Contributed Entity and each of its Subsidiaries, if any; 

  
 4 

 (f) corporate seals, books and records, ownership ledgers and other similar records
pertaining to the Contributed Entity, any of its Subsidiaries and/or the Property that are in the Contributors’ Representative’s control as of the Closing Date; 
 (g) resignations of all directors, managers and officers of the Contributed Entity and each of its Subsidiaries, if any, effective as of the Closing, to the extent such positions are held by the
Contributors’ Representative or its Affiliates or any of their respective directors, managers and officers; 
 (h) a duly
executed counterpart of the Settlement Statement; and 
 (i) any and all other instruments and documents required to be
delivered by the Contributors’ Representative at or prior to the Closing pursuant to and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the Purchaser or ATA may reasonably request to
effect the transactions contemplated hereby. 
 2.4 Closing deliveries by the Purchaser and ATA. At the Closing, the
Purchaser and ATA will deliver, or cause Escrow Agent to deliver, to Contributor each of the following agreements, instruments and other documents (in addition to those to be delivered pursuant to the Master Agreement or any of the other Transaction
Agreements) all of which (except the Settlement Statement described in paragraph (c) below)) are being duly executed, as applicable, and delivered to the Escrow Agent on the date hereof to be held in escrow pending the Closing pursuant to the
terms of the Escrow Agreement: 
 (a) certificates evidencing the approval of the issuance of the OP Units to be issued by the
Purchaser to the Contributors to receive Securities hereunder registered in the name of each such Contributor; 
 (b) a duly
executed counterpart of each Joinder, if any; 
 (c) a duly executed counterpart of the Settlement Statement; 

(d) a duly executed counterpart of the Registration Rights Agreement; 

(e) a duly executed counterpart of each Tax Protection Agreement, if any; 

(f) any and all other instruments and documents required to be delivered by the Purchaser or ATA at or prior to the Closing pursuant to
and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the Contributors’ Representative may reasonably request to effect the transactions contemplated hereby. 

  
 5 

 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS 
 Each of the Contributors,
severally and not jointly, solely as to itself and not as to any other Contributor, hereby represents and warrants to the Purchaser and ATA as follows: 
 3.1 Organization and Authorization. Each Contributor (other than the Contributors that are natural persons) is an entity duly organized, validly existing and in good standing in the state of its
organization. Each Contributor (other than the Contributors that are natural persons) has all requisite entity power and authority to execute, deliver and perform its obligations under this Agreement and any other agreement, certificate, instrument
or writing delivered by such Contributor in connection with this Agreement or the transactions contemplated hereby (collectively, including this Agreement, the “Contribution Documents”). Each Contributor (other than the Contributors
that are natural persons) has taken all necessary action to authorize the execution, delivery and performance of this Agreement and any other Contribution Documents. Each Contributor that is a natural person has legal competence and capacity to
execute this Agreement and any other Contribution Documents. Upon the execution and delivery of any Contribution Document to be executed and delivered by any Contributor, such Transaction Document shall constitute the valid and binding obligation of
such Contributor, enforceable against such Contributor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and
remedies of creditors and general principles of equity. The person or persons executing and delivering this Agreement or any other Contribution Document on behalf of any Contributor is and shall have been prior to the Closing Date, duly authorized
to execute and deliver such documents on behalf of such Contributor. Each Contributor (other than the Contributors that are natural persons) has made available to the Purchaser true and complete copies of the Organizational Documents of such
Contributor, as amended and as in effect on the date of this Agreement. No Contributor that is an entity is in default under or in violation of any provision of its Organizational Documents. 

3.2 Title to Interests. Each Contributor owns its respective Interests free from all Liens. Except for this Agreement and the
other Contribution Documents and the transactions contemplated hereby and thereby, there are no agreements, arrangements, options, warrants, calls, rights (including preemptive rights) or commitments of any character to which any Contributor is a
party relating to the sale, purchase or redemption of any of such Contributor’s respective Interests. Upon delivery to the Purchaser on the Closing Date of each Contributor’s respective Interests as contemplated by this Agreement, such
Contributor will thereby transfer to the Purchaser good and marketable title to such Interests, free and clear of all Liens. 

3.3 Absence of Defaults and Conflicts. With respect to each Contributor, neither the execution and delivery of this Agreement or
any other Contribution Document by such Contributor, nor the consummation of any of the transactions contemplated hereby or thereby, nor compliance with or fulfillment of the terms, conditions and provisions hereof or thereof will (i) conflict
with, result in a breach of the terms, conditions or provisions of, or constitute a default, an event of default or an event creating rights of acceleration, termination or cancellation or a loss of rights under, or result in the creation or
imposition of any Lien upon such Contributor’s Interests, under (A) any Organizational Documents of such Contributor if such Contributor is an entity, (B) any contract to which such Contributor is a party, or (C) any Laws
applicable to such Contributor; or (ii) require the approval, consent, authorization or act of, or the making by such Contributor of any declaration, filing or registration with, any Person. 

  
 6 

 3.4 FIRPTA. No Contributor is a “foreign person” within the meaning of Code
Section 1445(f)(3), and each Contributor shall certify to that effect and certify its taxpayer identification number at Closing pursuant to Code Section 1445(b)(2). 
 3.5 OFAC. No Contributor or, to the knowledge of such Contributor, any trustee, officer, agent, employee, Affiliate or person acting on behalf of such Contributor or any of its Affiliates is
currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department. 

3.6 No Brokers. Except as contemplated by the Master Agreement with respect to EL and its Affiliates, no Contributor or any of its
Affiliates has or will have any obligation to pay any brokerage fees or commissions, finder’s fee, advisory fees or other similar fees related to the execution of this Agreement, any of the other Contribution Documents or the consummation of
any of the transactions contemplated hereby or thereby. 
 3.7 No Litigation. No Proceeding or Order is pending against
or affecting any Contributor or any of its Affiliates (and, to the knowledge of such Contributor, no such Proceeding or Order has been threatened in writing) (a) under any bankruptcy or insolvency Law, (b) that seeks or could be reasonably
likely to seek injunctive or other relief in connection with this Agreement, any of the other Contribution Documents or the transactions contemplated hereby or thereby or (c) that reasonably could be expected to adversely affect (i) the
performance by such Contributor under this Agreement or any other Contribution Document or (ii) the consummation of any of the transactions contemplated hereby or thereby. 

3.8 Investment Representations. 
 (a) Each Contributor is a sophisticated investor with such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the
Securities. Each Contributor has the financial wherewithal to bear, and is willing to accept, the economic risk of losing its entire investment in the Securities. 
 (b) Each Contributor acknowledges that it has (i) received, read, and fully understands the Investor Package, (ii) been provided with a reasonable opportunity to ask questions of, and receive
answers and other responsive information from, knowledgeable representatives of the Purchaser, ATA, Elco Landmark Residential Holdings LLC and the Contributors’ Representative concerning the terms and conditions of the Securities being offered
and sold pursuant to this Agreement and the Investor Package, the terms and conditions of the transactions contemplated by the Master Agreement and each of the other agreements included in the Investor Package, and the business, affairs, strategy,
financial condition and properties of ATA and the Purchaser, both historically and after giving effect to the transactions contemplated by this Agreement and the Master Agreement and each of the other agreements included in the Investor Package, and
(iv) obtained such additional materials and information requested by either such Contributor or its own representatives, including its own professional financial, legal and tax advisers, as it and its advisers have deemed necessary or advisable
in order to verify the accuracy of the information contained in the Investor Package and the other information and materials provided to it by representatives of the Purchaser, ATA, Elco Landmark Residential Holdings LLC and the Contributors’
Representative. 

  
 7 

 (c) Each Contributor acknowledges that it is basing its decision to invest in the Securities
on the Investor Package and its own investigation of the information contained therein or otherwise obtained by the Contributor, and that it has not relied upon any representations made by any other Person. Each Contributor recognizes that an
investment in the Securities involves substantial risk and such Contributor is fully cognizant of and understands all of the risk factors related to such Securities. 
 (d) Each Contributor acknowledges that the offer and sale of the Securities has not been accompanied by the publication of any public advertisement or by any form of general solicitation or general
advertising (as those terms are used in Rule 502(c) under the Securities Act). 
 (e) Each Contributor is an “accredited
investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (f) Each Contributor is
receiving the Securities for such Contributor’s own account and for investment purposes only and has no present intention, agreement, or arrangement for the distribution, transfer, assignment, resale, or subdivision of such Securities in
violation of applicable securities laws. Each of the Contributors agrees that it will not distribute, sell, transfer or enter into any contract to distribute, sell or transfer any of the Securities for a period of at least six (6) months after
the date on which it receives the Securities. Each of the Contributors understands that (i) the ATA Organizational Documents, the OP Agreement, and the Registration Rights Agreement contain additional restrictions as to the transferability of
the Securities, (ii) that no active trading market exists for the Securities (or the shares of ATA Common Stock issuable upon conversion of the OP Units and (iii) the Contributors’ investment in the Securities (and the shares of ATA
Common Stock issuable upon conversion of the OP Units) will be highly illiquid and may have to be held indefinitely. 
 (g) Each
Contributor is fully aware that the Securities have not been registered with the SEC in reliance on the exemptions specified in Regulation D under the Securities Act, which reliance is based in part upon the Contributors’ representations set
forth herein. Each Contributor understands that the Securities have not been registered under applicable state securities laws and are being offered and sold pursuant to the exemptions specified in said laws, and unless they are registered, they may
not be re-offered for sale or resold except in a transaction or as a security exempt under those laws. 
 (h) Each Contributor
understands that none of the Purchaser, ATA or their owners, officers, employees, directors, general partners, Affiliates or advisors represent such Contributor in any way in connection with the purchase of the Securities. Each Contributor also
understands that legal counsel to the Purchaser, ATA and their Affiliates does not represent, and shall not be deemed under the applicable codes of professional responsibility to have represented or to be representing, any Contributor. 

(i) EACH CONTRIBUTOR UNDERSTANDS THAT THE SECURITIES ISSUABLE TO THE CONTRIBUTORS PURSUANT TO THIS AGREEMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATES AND ARE BEING OFFERED AND SOLD IN 

  
 8 

 
RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION, OR OTHER
REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF AN INVESTMENT IN THE SECURITIES OR THE ACCURACY OR ADEQUACY OF THE INVESTOR PACKAGE. EACH CONTRIBUTOR UNDERSTANDS THAT ANY REPRESENTATION TO THE
CONTRARY IS UNLAWFUL. 
 (j) Each Contributor further represents and warrants to ATA and Purchaser that such Contributor (or, in
the case such Contributor is a fiduciary, that the beneficiary, fiduciary account, grantor or donor on whose behalf such fiduciary is acquiring the securities hereunder) (i) has a minimum annual gross income of $70,000 and a net worth
(excluding home, furnishings and automobiles) of not less than $70,000, or (ii) has a net worth (excluding home, furnishings and automobiles) of not less than $250,000, or (iii) satisfies such other standards as may be established by any
applicable state. 
 (k) Legends. Each Contributor understands that any certificates evidencing the Securities and any
securities issued in respect of or exchange for the Securities may bear one or all of the following legends: 
  

	 	(i)	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN EXEMPTION THEREFROM.” 

 

	 	(ii)	Any legend set forth in, or required by, the other Transaction Agreements. 

 

	 	(iii)	Any legend set forth in, or required by, the OP Agreement or the ATA Organizational Documents. 

 

	 	(iv)	Any legend required by the securities laws of any state to the extent such laws are applicable to the securities represented by the certificate so legended.

 3.9 Exculpation and Waiver of Claims. 

(a) Notwithstanding the information contained in the Investor Package and the other information and materials provided to or otherwise
obtained by the Contributors as described in Section 3.8, each Contributor understands and acknowledges that ATA, the 

  
 9 

 
Purchaser, the Contributors’ Representative and their respective affiliates, officers, directors, partners, members, employees and agents may be in possession of additional material
non-public information about ATA’s and the Purchaser’s operations, prospects and strategic plans that has not been disclosed to the Contributors or to their representatives. Therefore, each Contributor understands that (a) any
information in its possession regarding ATA and the Purchaser: (i) may be incomplete in whole or in part, (ii) has been provided to it by ATA and the Purchaser without any representation or warranty by them (other than as expressly set
forth in this Agreement), including without limitation, any representation or warranty that such information (A) is true, correct, accurate or complete, or (B) does not omit any fact necessary to make any such information not misleading
and (iii) does not contain any omissions or misstatements that an investor would consider material in making a decision as to whether to invest in the Securities or enter in this Agreement and (b) as a result of the foregoing, it may not
have adequate information concerning the business and financial condition of ATA and the Purchaser to make an informed decision regarding an investment in the Securities 
 (b) Each Contributor hereby irrevocably agrees that it will not directly or indirectly institute, join any person in instituting or take any action to directly or indirectly institute, any legal or other
proceeding against ATA, the Purchaser or any of their affiliates, officers, directors, partners, members, employees or agents for any reason relating to, or seeking damages or remedies (whether legal or equitable) with respect to this Agreement, an
investment in the Securities or any of the information that ATA, the Purchaser or any of their affiliates, officers, directors, partners, members, employees, agents or representatives has provided or omitted to provide to the Contributors in
connection with the this Agreement or otherwise, other than in the case of any representation or warranty by ATA or the Purchaser expressly set forth in this Agreement. 
 (c) Each Contributor acknowledges that it is not relying upon representations and warranties of any Person, other than representations and warranties of the Purchaser and ATA contained herein and in the
other Transaction Documents, in making its investment or decision to invest in the Securities. Each Contributor agrees that none of the Contributors, the Contributors’ Representative and their respective controlling Persons, officers,
directors, partners, agents, or employees shall be liable to any Contributor for any action heretofore taken or omitted to be taken by any of them in connection with the transactions contemplated hereby. 

3.10 NO TAX REPRESENTATIONS. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND ATA SET FORTH IN ARTICLE
IV, EACH CONTRIBUTOR REPRESENTS AND WARRANTS THAT IT IS NOT RELYING UPON ANY ADVICE OR ANY INFORMATION OR MATERIAL FURNISHED BY THE PURCHASER OR ITS REPRESENTATIVES, WHETHER ORAL OR WRITTEN, EXPRESSED OR IMPLIED, OF ANY NATURE WHATSOEVER, REGARDING
ANY TAX MATTERS, INCLUDING, WITHOUT LIMITATION, TAX CONSEQUENCES TO CONTRIBUTOR FROM THE TRANSACTION CONTEMPLATED HEREIN OR ANY TRANSACTION GOVERNED BY THE TRANSACTION DOCUMENTS. 

  
 10 

 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND ATA 
 The Purchaser and ATA,
jointly and severally, hereby represent and warrant to the Contributors as follows: 
 4.1 Incorporation from Master
Agreement. The representations and warranties of the Purchaser and ATA set forth in Article VI of the Master Agreement are hereby incorporated herein by reference. 
 4.2 Valid Issuance of Securities. The Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully
paid and nonassessable and free of all Liens and restrictions on transfer other than restrictions on transfer under the ATA Organizational Documents, the OP Agreement and the Registration Rights Agreement, applicable state and federal securities
laws and Liens created by or imposed by a Contributor. Assuming the accuracy of the representations of the Contributors in Article III of this Agreement, the Securities will be issued in compliance with all applicable federal and state
securities laws. The shares of ATA Common Stock issuable upon conversion of the OP Units pursuant to the OP Agreement have been duly reserved for issuance, and upon issuance in accordance with the terms of the OP Agreement, will be validly issued,
fully paid and nonassessable and free of Liens and restrictions on transfer other than restrictions on transfer under the ATA Organizational Documents, and the Registration Rights Agreement, applicable federal and state securities laws and Liens
created by or imposed by a Contributor. Assuming the accuracy of the representations of the Contributors in Article III of this Agreement, the shares of ATA Common Stock issuable upon conversion of the OP Units will be issued in compliance
with all applicable federal and state securities laws. The Securities do, and the shares of ATA Common Stock issuable upon conversion of the OP Units will upon issuance thereof, conform in all material respects to all statements relating thereto
contained in the SEC Reports and such description does and will conform in all material respects to the rights set forth in the instruments defining the same. Any certificates representing the OP Units or the shares of ATA Common Stock are, or will
be upon issuance thereof, in due and proper form. No holder of OP Units (except to the extent set forth in Section 50-73-24 of the Virginia Uniform Limited Partnership Act) or of shares of ATA Common Stock will be subject to personal liability
by reason of being such a holder. The issuance of the OP Units and the shares of ATA Common Stock is not subject to any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights of any securityholder
of ATA or the Purchaser. 
 4.3 Integration. None of ATA, the Purchaser or any of their Affiliates has, directly or
indirectly, (a) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the OP Units (or shares of ATA Common Stock
issuable upon conversion thereof) or the Shares in a manner that would require the registration of such securities under the Securities Act or (b) offered, solicited offers to buy or sold the OP Units (or shares of ATA Common Stock issuable
upon conversion thereof) or the Shares by any form of general solicitation or general advertising (as those terms are used in Rule 502(c) under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2)
of the Securities Act. 

  
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 ARTICLE V. 
 CONDITIONS PRECEDENT 
 5.1 Conditions Precedent to the Obligations of Each
Party. The obligations of each Party to consummate the transactions contemplated hereby at the Closing shall be subject to the satisfaction or waiver (where permissible), at or prior to the Closing, of the following conditions: 

(a) No Order. No Governmental Authority with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or
entered any Law (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated hereby at the Closing illegal or otherwise restricting, preventing or prohibiting consummation of such
transactions. 
 (b) Simultaneous Closing under Master Agreement. The Master Agreement shall be in full force and effect
and shall not have been terminated for any reason. The consummation of the transactions contemplated by the Master Agreement to be consummated at the applicable closing thereunder with respect to the Contributed Entity shall have occurred
simultaneously with the Closing hereunder. 
 (c) Lender Approval and Loan Modification. In connection with obtaining
Lender Approval contemplated by Sections 10.3(a) and 10.3(b) of the Master Agreement, in addition to executing a consent document, the Lender and the Contributed Entity shall have executed a Third Loan Extension Agreement and Mortgage Amendment,
amending that certain Amended and Restated Mortgage, Security Agreement and Fixture Filing between the Contributed Entity and Wells Fargo Bank, N.A., as the Lender, recorded December 28, 2007 in Book 6173, Page 4462 of the public records of
Volusia County, Florida, as amended by that certain Loan Extension Agreement dated June 3, 2011 (the “First Extension”) and by that certain Second Loan Extension Agreement and Mortgage Amendment, dated October 9, 2011 (the
“Second Extension,” and as amended, the “Mortgage”), in a form previously presented to ATA Holdings and ATA. 
 (d) Marina Property Closing. The Subsequent Closing under that certain Interest Contribution Agreement, dated as of the date hereof, contributing Seabreeze Daytona Marina, LLC shall have occurred.

 5.2 Conditions Precedent to the Obligations of the Contributors and the Contributors’ Representative. The
obligations of each Contributor and the Contributors’ Representative to consummate the transactions contemplated hereby at the Closing shall be subject to the satisfaction or waiver (where permissible), at or prior to the Closing, of the
following additional conditions: 
 (a) Representations and Warranties. The representations and warranties of the
Purchaser and ATA in this Agreement that (i) are not made as of a specific date shall be true and correct as of the date hereof and as of the Closing, as though made on and as of the Closing, and (ii) are made as of a specific date shall
be true and correct as of such date, in each case except where the failure of such representations or warranties to be true and correct (without giving effect to any limitation as to “materiality” or “Material Adverse Effect” set
forth in such representations and warranties) does not or would not have or would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 (b) Agreements and Covenants. The Purchaser and ATA shall have performed, in all
material respects, all obligations to be performed by them, and complied with, in all material respects, their agreements and covenants to be performed or complied with by them under this Agreement on or prior to the Closing. 

(c) Officer Certificate. ATA shall have delivered to the Contributors’ Representative for the benefit of the Contributors a
certificate, dated the Closing Date, signed by the Chief Executive Officer of ATA, for itself and as general partner of ATA Holdings, certifying as to the satisfaction of the conditions specified in Sections 5.2(a) and 5.2(b).

 (d) Closing Deliveries. The Purchaser and ATA shall have delivered, or caused to be delivered, each of the items set
forth in Section 2.4. 
 5.3 Conditions Precedent to the Obligations of ATA and ATA Holdings. The obligations
of ATA and ATA Holdings to consummate the transactions contemplated hereby at the Closing shall be subject to the satisfaction or waiver (where permissible), at or prior to the Closing, of the following additional conditions: 

(a) Representations and Warranties. The representations and warranties of the Contributors in this Agreement that (i) are not
made as of a specific date shall be true and correct in all material respects as of the date hereof and as of the Closing, as though made on and as of the Closing, and (ii) are made as of a specific date shall be true and correct in all
material respects as of such date. 
 (b) Agreements and Covenants. The Contributors shall have performed, in all
material respects, all obligations to be performed by them, and complied with, in all material respects, their agreements and covenants to be performed or complied with by them under this Agreement on or prior to the Closing. 

(c) Completion of Renovation of First Floor Units. The conversion of the retail space on the first floor of the Property into
residential apartment units (the “First Floor Units”) shall be complete and all First Floor Units shall be in rent ready condition, or, if the conversion of the First Floor Units are not complete and in rent ready condition at or prior to
the Closing, then a portion of the Contributor’s OP Units, equal to the value of the funds needed to complete the conversion of the First Floor Units, shall remain in escrow with the Escrow Agent until such time as the First Floor Units are
complete and in rent ready condition. 
 (d) Officer Certificate. Each of the Contributors shall have delivered to the
Purchaser a certificate, dated the Closing Date, signed by a duly authorized officer of such Contributor (or, in the case of a Contributor that is a natural person, by such Contributor), certifying as to the satisfaction of the conditions specified
in Sections 5.3(a) and 5.3(b) solely as to such Contributor. 

  
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 (e) Closing Deliveries. The Contributors and the Contributors’ Representative
shall have delivered, or caused to be delivered, each of the respective items set forth in Section 2.2 and 2.3. 
 ARTICLE VI. 
 TERMINATION 

6.1 Termination. Notwithstanding anything herein to the contrary, this Agreement shall terminate prior to the Closing: 

(a) automatically, without the need for further action by any Party, upon the termination of the Master Agreement; or 

(b) automatically, without the need for further action by any Party, as expressly provided in the Master Agreement upon the occurrence of
certain events specified therein. 
 6.2 Effect of Termination. If this Agreement is terminated pursuant to
Section 6.1, no Party shall have any further obligations or liabilities hereunder, except for those obligations or liabilities which expressly survive the termination of this Agreement. For avoidance of doubt, the provisions of this
Section 6.2 shall have no effect on the rights and obligations of the parties to the Master Agreement or any of the other Transaction Agreements. 
 ARTICLE VII. 
 COVENANTS AND OTHER AGREEMENTS 

7.1 Lock-Up. From and after the date hereof until the Closing or the earlier termination of this Agreement, each Contributor
hereby agrees that it will not sell, transfer, pledge, dispose of, encumber or permit any Lien on, or issue or make any option, warrant, call or right of any kind to acquire, any of its respective Interests, or agree or commit to any of the
foregoing, in each case, except for the contribution and sale to the Purchaser at the Closing as contemplated hereby. 
 7.2
Exclusivity. From and after the date hereof until the Closing or the earlier termination of this Agreement, each Contributor hereby agrees that neither it nor anyone acting at its direction will make any offers to, commence or continue any
negotiations with, or enter into any written agreement with any other Person relating to the sale of the Property or the Interests (other than the Purchaser and its representatives). 

7.3 Fulfillment of Conditions Precedent. The Parties shall use their commercially reasonable efforts to satisfy, or to ensure the
satisfaction of, each of the conditions precedent to their obligations set forth in Article V hereof. 
 7.4 Admission
to Partnership. ATA, as general partner of the Purchaser, shall take all actions necessary in order to cause the Contributors receiving OP Units to be admitted as limited partners of the Purchaser as of the Closing Date. 

  
 14 

 7.5 Renovation of First Floor Units. The Contributors shall perform, or cause to be
performed, the conversion of the First Floor Units in a good and workmanlike manner and in compliance with all applicable laws. The Contributors shall promptly pay, or cause to be paid, any and all amounts due and owing for work performed on the
Property in connection with the renovation and shall not allow any liens or encumbrances to be placed on the Property in connection therewith. 
 7.6 Further Assurances. Following the Closing, the Parties shall, from time to time, at the request of the Purchaser or the Contributors’ Representative and without further cost or expense to
the requesting Party, do and perform, or cause to be done and performed, all further acts and things and shall execute and deliver all further agreements, certificates, instruments and documents as the requesting Party may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement or any of the other Contribution Documents and the consummation of the transactions contemplated hereby and thereby. 

7.7 Publicity; Disclosure. None of ATA or its Affiliates, on the one hand, or the Contributors, the Contributors’
Representative or their respective Affiliates, on the other hand, may issue any press release, make any filing with any Governmental Authority or make any other public announcement relating to this Agreement, any of the other Transaction Agreements
or any of the transactions contemplated hereby or thereby without the prior written approval of the Contributors’ Representative or ATA, respectively. The foregoing shall not apply to the extent necessary or advisable in order to satisfy a
Party’s or its Affiliate’s disclosure obligations or other obligations under applicable Law, as determined by ATA or by the Contributors’ Representative, in which event ATA or the Contributors’ Representative, as the case may be,
shall first consult with and reasonably consider any comments or suggestions of the other with respect thereto. 
 ARTICLE VIII.

 GENERAL PROVISIONS 
 8.1 Survival. Unless otherwise set forth in this Agreement, the representations and warranties of the Parties contained in or made pursuant to this Agreement shall survive the execution and
delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of any of the Parties. 

8.2 Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (a) when received if delivered personally, (b) when sent by electronic mail or facsimile (which is confirmed by the intended recipient) and (c) when sent by overnight courier service or when mailed by certified
or registered mail, return receipt requested, with postage prepaid to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

If to ELRM, to: 

Elco Landmark Residential Management, LLC 
 825 Parkway Street 
  
 Jupiter, Florida 33477 
 Attention: Joseph Lubeck, Chief Executive Officer

 Fax: (561) 745-8745 
 Email: jlubeck@landmarkresidential.com 

  
 15 

 with a copy to: 
 Goulston & Storrs P.C. 
 750 Third Avenue 

New York, New York 10017 
 Attention: Yaacov M. Gross, Esq. 
 Fax: (212) 878-5527 

Email: ygross@goulstonstorrs.com 
 If to ATA or ATA Holdings, to: 
 Apartment Trust of America, Inc. 

4901 Dickens Road, Suite 101 
 Richmond, Virginia 23230 
 Attention: Stanley J. Olander, Jr. 

Fax: (804) 237-1345 
 Email: jolander@atareit.com 
 with a copy to: 

Hunton & Williams LLP 
 Riverfront Plaza, East Tower 
 951 East Byrd Street 

Richmond, Virginia 23219 
 Attention: Daniel M. LeBey, Esq. 
 Fax: (804) 788-8218 

Email: dlebey@hunton.com 
 If to any Contributor, to such Contributor at its address set forth on Schedule A hereto. 
 8.3 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy or the application of this Agreement to any
Person or circumstance is invalid or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. To such end, the provisions of this Agreement are agreed to be severable. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the
transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
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 8.4 Amendment. This Agreement may not be amended or modified in any respect other
than by the written agreement of all of the Parties (which may include the Contributors’ Representative signing as attorney-in-fact on behalf of some or all of the Contributors). 

8.5 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto, and nothing in
this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

8.6 Governing Law; Jurisdiction and Venue. 
 (a) This Agreement shall be governed by and construed in accordance with, the laws of the State of New York without regard, to the fullest extent permitted by law, to the conflicts of laws provisions
thereof which might result in the application of the laws of any other jurisdiction. 
 (b) Each Party agrees that any
Proceeding for any claim arising out of or related to this Agreement or the transactions contemplated hereby, whether in tort or contract or at law or in equity, shall be brought only in either the United States District Court for the Eastern
District of New York or in a New York state court sitting in New York, New York (each, a “Chosen Court”), and each Party irrevocably (a) submits to the jurisdiction of the Chosen Courts (and of their appropriate appellate
courts), (b) waives any objection to laying venue in any such Proceeding in either Chosen Court, (c) waives any objection that such Chosen Court is an inconvenient forum for the Proceeding, and (d) agrees that, in addition to other
methods of service provided by law, service of process in any such Proceeding shall be effective if provided in accordance with Section 8.2, and the effective date of such service of process shall be as set forth in
Section 8.2. 
 8.7 Waiver of Jury Trial. Each of the Parties hereto hereby waives to the fullest extent
permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby. Each of the Parties hereto
(a) certifies that no representative, agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges
that it and the other Parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Section 8.7. 

8.8 Waiver. Except as provided in this Agreement, no action taken pursuant to this Agreement, including, without limitation, any
investigation by or on behalf of any Party, shall be deemed to constitute a waiver by the Party taking such action of compliance with any representations, warranties, covenants or agreements contained in this Agreement. The waiver by any Party
hereto of a breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision hereunder. 
 8.9 Mutual Drafting; Consultation with Advisors. Each Party hereto has participated in the drafting of this Agreement, which each Party acknowledges is the result of extensive 

  
 17 

 
negotiations between the Parties. Without limiting the foregoing, each Party has consulted to the extent deemed appropriate by such Party with its own advisers as to the financial, tax, legal,
accounting, regulatory and related matters concerning the transactions contemplated by this Agreement and the MCA and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of the transactions, and
believes that entering into this Agreement is suitable and appropriate for such Party. 
 8.10 Entire Agreement. This
Agreement (including its exhibits, appendices and schedules), the Master Agreement and the other documents delivered pursuant hereto and thereto constitute a complete and exclusive statement of the agreement between the Parties with respect to the
subject matter hereof and thereof, and supersede all other prior agreements, arrangements or understandings by or between the Parties, written or oral, express or implied, with respect to the subject matter hereof or thereof. 

8.11 Counterparts. This Agreement or any amendment hereto may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 8.12 Section Headings;
Interpretation. 
 (a) The descriptive headings of sections and paragraphs of this Agreement are inserted for convenience
only, and do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement, 
 (b) When a reference is made in this Agreement to an Article, Section, Annex or Exhibit, such reference shall be to an Article, Section, Annex or Exhibit of or to this Agreement unless otherwise
indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation” unless the context otherwise requires or
unless otherwise specified. Unless the context requires otherwise, the terms “hereof,” “herein,” “hereby,” “hereto” and derivative or similar words in this Agreement refer to this entire Agreement. Unless the
context requires otherwise, words in this Agreement using the singular or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders. Except as otherwise
specifically provided herein, where any action is required to be taken on a particular day and such day is not a Business Day and, as a result, such action cannot be taken on such day, then this Agreement shall be deemed to provide that such action
shall be taken on the first Business Day after such day. 
 8.13 Contributors’ Representative. 

(a) Each Contributor hereby irrevocably constitutes and appoints the Contributors’ Representative, acting singly, as its true and
lawful agent, proxy and attorney-in-fact and authorizes the Contributors’ Representative acting for such Contributors and in such Contributors’ name, place and stead, in any and all capacities to do and perform every act and thing
reasonably necessary or desirable to be done in connection with the transactions contemplated hereby, as fully to all intents and purposes as such Contributors might or could do in person, except to the extent that this Agreement specifically
provides for an action to be taken 

  
 18 

 
by or for, or a notice to be delivered to, the Contributors, including for the purposes of: (i) performing the duties of the Contributors’ Representative as set forth in this Agreement;
(ii) accepting from the Purchaser the payment of the Purchase Price or any other amounts payable to the Contributors in connection therewith, and distributing to each Contributor its portion thereof; (iii) changing the time, date or place
of the Closing; (iv) granting any consent or waiver required or desired of the Contributors by the Purchaser pursuant to this Agreement; (v) representing the Contributors in connection with any dispute between the Contributors, on the one
hand, and the Purchaser and ATA, on the other hand, including disputing or settling any claim by the Purchaser; (vi) determining the presence (or absence) of claims for payment pursuant to this Agreement or any agreement executed in connection
herewith; (vii) to engage and employ agents and representatives (including accountants, legal counsel and other professionals) and to incur such other expenses as the Contributors’ Representative reasonably deems necessary or prudent in
connection herewith; (viii) executing and delivering the Escrow Agreement and authorization the Escrow Agent to release the documents delivered to the Escrow Agent pursuant to the terms thereof; and (ix) taking any action and executing and
delivering any and all documents contemplated by this Agreement and any other instruments which the Contributors’ Representative may deem necessary or advisable to accomplish the purposes of this Agreement. Each Contributor hereby grants unto
the Contributors’ Representative full power and authority to do and perform each and every act as is described under this Section 8.13, as fully to all intents and purposes as the Contributors might or could do in person, hereby
ratifying and confirming all that the Contributors’ Representative has lawfully done consistent herewith and may lawfully do or cause to be done by virtue hereof. Each Contributor hereby agrees by executing this Agreement that the foregoing
agency, proxy and power of attorney are coupled with an interest, and are therefore irrevocable without the consent of the Contributors’ Representative and shall survive the bankruptcy of such Person. Each Contributor hereby acknowledges and
agrees that upon execution of this Agreement any delivery by the Contributors’ Representative of any waiver, amendment, agreement, opinion, certificate or other documents executed by the Contributors’ Representative in accordance with this
Section 8.13 or any decisions made by the Contributors’ Representative in accordance with this Section 8.13 shall be binding on such Person as fully as if such Person had executed and delivered such documents or made
such decisions. 
 (b) The Contributors’ Representative shall not have by reason of this Agreement a fiduciary relationship
in respect of any Contributor, except in respect of amounts received by Contributors’ Representative on behalf of a Contributor. The Contributors’ Representative shall not be liable to any Contributor for any action taken or omitted by it
or any agent employed by it under this Agreement or any other agreement or other document executed in connection herewith or therewith, except that the Contributors’ Representative shall not be relieved of any liability imposed by law for bad
faith or willful misconduct. The Contributors’ Representative shall not be liable to any Contributor for any apportionment or distribution of payments made by it in good faith, and, if any such apportionment or distribution is subsequently
determined to have been made in error, the sole recourse of any Contributor to whom payment was due, but not made, shall be to recover from the other Contributors, as applicable, any payment in excess of the amount to which they are determined to
have been entitled pursuant to this Agreement. The actions of the Contributors’ Representative are fully and completely binding and the Purchaser is entitled to rely upon the provisions of this Section 8.13. 

  
 19 

 (c) The Contributors will severally indemnify the Contributors’ Representative (in
proportion to their respective Allocable Portions of the Purchase Price) and hold the Contributors’ Representative harmless against all loss, liability, or expense incurred without bad faith or willful misconduct on the part of such
Contributors’ Representative and arising out of or in connection with the acceptance or administration of such Contributors’ Representative’s duties hereunder, including the reasonable fees and expenses of any legal counsel retained
by the Contributors’ Representative. The Contributors’ Representative will be entitled to the advance and reimbursement of costs and expenses incurred in the performance of its duties hereunder. 

8.14 Contribution to Certain Potential Liabilities Under Master Agreement. In addition to and not in lieu of the provisions of
Section 8.13, each Contributor hereby acknowledges that ELRM has agreed pursuant to the Master Agreement to assume or indemnify the Purchaser and ATA for certain potential liabilities relating to the Contributed Entity or the Property,
some or all of which are to borne by the Contributors. Each Contributor hereby agrees to execute and deliver to ELRM at or prior to the Closing an agreement relating to such Contributor’s contribution (based on its Allocable Portion of the
Purchase Price) toward such liabilities, if any, substantially in the form attached hereto as Exhibit D. 
 8.15
Attorneys’ Fees. Should any Party employ attorneys to enforce any of the provisions hereof against any other Party (including, without limitation, in respect of the breach by such other Party of its representations, warranties, covenants
and agreements hereunder), the Party against whom any final judgment is entered agrees to pay the prevailing Party all reasonable costs, charges, and expenses, including any attorneys’ fees and disbursements, expended or incurred in connection
therewith. 
 8.16 Escrow Agreement. Each Contributor hereby acknowledges and agrees that (i) the documents to be
executed and delivered by such Contributor hereunder are being executed simultaneously with this Agreement and delivered to the Escrow Agent to be held in escrow by the Escrow Agent pursuant to the terms thereof and (ii) without limiting the
terms of Section 8.13 hereof, Contributor’s Representative is authorized and directed to execute the Escrow Agreement on behalf of such Contributor and, in connection with the Closing, to authorize and direct the Escrow Agent to release
and deliver the escrowed documents pursuant to the terms of the Escrow Agreement, the MCA and this Agreement, as applicable. 

[Signature pages follow] 

  
 20 

 IN WITNESS OF THE FOREGOING, each Party executes this Interest Contribution Agreement as of
the date first written above, by the Party’s duly authorized officer. 
  

							
	CONTRIBUTORS:	 		 	ADMG DIPLOMATIC PARTNERS, LP, a Florida limited partnership
			
		 		 	By:   ADMG Diplomatic GP, LLC, a Florida limited liability company, as general partner
				
		 		 	By:	 	 /s/ Joseph Lubeck

		 		 	Name:	 	Joseph Lubeck
		 		 	Title:	 	Manager

  

Signature Page to Interest Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

							
	CONTRIBUTORS:	 		 	SFLP DIPLOMATIC, LLC
				
		 		 	By:	 	 /s/ Michael Simkins

		 		 	Name:	 	Michael Simkins
		 		 	Title:	 	Manager

  

Signature Page to Interest Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

							
	 CONTRIBUTORS’

REPRESENTATIVE:
	 		 	ELCO LANDMARK RESIDENTIAL MANAGEMENT, LLC
				
		 		 	By:	 	 /s/ Joseph Lubeck

		 		 	Name:	 	Joseph Lubeck
		 		 	Title:	 	President

  

Signature Page to Interest Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

							
	PURCHASER:	 		 	APARTMENT TRUST OF AMERICA HOLDINGS, L.P.
				
		 		 	By:	 	Apartment Trust of America, Inc., its general partner
				
		 		 	By:	 	 /s/ Gustav Remppies

		 		 	Name:	 	Gustav Remppies
		 		 	Title:	 	President

  

Signature Page to Interest Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

							
	ATA:	 		 	APARTMENT TRUST OF AMERICA, INC,
				
		 		 	By:	 	 /s/ Gustav Remppies

		 		 	Name:	 	Gustav Remppies
		 		 	Title:	 	President

  

Signature Page to Interest Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

							
	 CONSENT TO
 TRANSFERS
OF
 INTERESTS

ACKNOWLEDGED:
	 		 	
				
		 		 		 	 /s/ Joseph Lubeck

		 		 		 	Joseph Lubeck
		 		 		 	Manager of Daytona Seabreeze, LLC

  
 Signature Page to Interest
Contribution Agreement 
 Relating to Daytona Seabreeze, LLC (Overlook Daytona) 

 APPENDIX 1 
 DEFINITIONS 
 “Affiliate” means, with respect to a
specified Person, each other Person that directly or indirectly Controls, is Controlled by, or is under common Control with that Person. For purposes of this Agreement, except as otherwise expressly provided, the Affiliates of EL and ELRM shall be
limited to Joseph Lubeck, Elco Holdings Ltd. and their respective Controlled Affiliates. 
 “As-Built Drawings”
means the final “as-built” plans and specifications for the Improvements with respect to the Property. 
 “ATA
Common Stock” means the common stock, $0.01 par value per share, of ATA. 
 “Business Day” means any
day other than (a) a Saturday or a Sunday, (b) a day on which banks are required or authorized by Law to be closed in the City of New York. 
 “Contracts” means, with respect to the Property, any agreement, contract, obligation, promise or commitment (whether written or oral) that is legally binding on the Contributed Entity,
any of its Subsidiaries or the Property. 
 “Control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of an equity interest, by contract or otherwise. The terms “Controlled by” and “under common Control with” have
correlative meanings. 
 “Entity” means, except for Governmental Authorities, (a) any corporation,
partnership, joint venture, limited liability company, business trust or other business entity, (b) any association, unincorporated business or other organization, (c) trust and (d) any other organization having legal status as an
entity under any Law. 
 “Governmental Authority” means (a) any body exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, including any governmental agency, department, board, commission or other instrumentality, whether national, territorial, federal, state, provincial, local,
supranational or other authority, (b) any organization of multiple nations, or (c) any tribunal, court or arbitrator of competent jurisdiction. 
 “Improvements” means, with respect to the Property, all buildings and other structures and improvements situated on the land, to the extent the same form a part of the Property.

 “Investor Package” means, collectively, (i) copies of (A) this Agreement, the Master Agreement and
each of the exhibits and schedules hereto and thereto, (B) the Interest Contribution Agreements (or similar agreements) with respect to each of the other properties to be transferred to ATA Holdings pursuant to the transactions contemplated by
the Master Agreement and (C) the Securities Purchase Agreement by and among ATA, 2335887 Limited Partnership, DeBartolo Real Estate Investment, LLC, Elco Landmark Residential Holdings LLC and the other parties thereto, in each case, including
each of the exhibits and schedules thereto, (ii) copies of ATA’s Annual Report on Form 10-K for the year ended December 31, 2011, , 2012 

  
 Appendix 1-1

 
Annual Proxy Statement, and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the SEC since the filing date of ATA’s Annual Report on Form 10-K and on
or prior to the date hereof, and (iii) a pro forma capitalization table as of the date hereof showing the consolidated, fully diluted equity and debt capitalization of ATA on a pro forma basis after giving effect to each of the
transactions contemplated by the Master Agreement. 
 “Law” and “Laws” mean (a) any
constitution applicable to, and any statute, treaty, rule, regulation, ordinance, or requirement of any kind of, any Governmental Authority, (b) principles of common law, and (c) any Order. 

“Leases” means, with respect to the Property, collectively, all leases, rental agreements, license agreements and
occupancy agreements pursuant to which any non-commercial tenant, licensee or occupant has a possessory right or license with respect to any portion of the Real Property, together with any amendments, modifications or supplements made thereto.

 “Lien” means any lien, encumbrance, security interest, pledge or any other title restriction of any kind.

 “Material Adverse Effect” means a material adverse change in the condition, financial or otherwise, or in
the earnings, business affairs, business prospects, management, assets or properties of ATA and or its Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business. 

“OP Agreement” means the agreement of limited partnership of ATA Holdings, as amended and in effect from time to time.

 “Order” means any decree, injunction, judgment, order, ruling, writ, assessment or arbitration award of a
Governmental Authority, arbitrator or arbitral body, commission or self-regulatory organization, whether arising from a Proceeding or applicable Law. 
 “Organizational Documents” means each of the following, as applicable, as amended and supplemented: (a) the articles or certificate of incorporation and the bylaws of a corporation;
(b) the partnership agreement and any statement of partnership of a general partnership; (c) the limited partnership agreement and the certificate of limited partnership of a limited partnership; (d) the operating agreement (or
limited liability company agreement) and certificate of organization or formation of a limited liability company; and (e) any charter or similar document adopted or filed in connection with the creation, formation or organization of a Person.

 “Permits” means, with respect to the Property, all governmental permits and approvals, including licenses,
registrations and authorizations, required for the ownership and operation of the Contributed Entity or the Property at the Real Property, including without limitation, qualifications to do business, certificates of occupancy, building permits,
signage permits, site use approvals, zoning certificates, environmental and land use permits, and any and all other necessary approvals from Governmental Authorities and other approvals granted by any public body. 

“Person” means an individual, an Entity or a Governmental Authority. 

  
 Appendix 1-2

 “Proceeding” means any action, claim, audit or other inquiry, hearing,
investigation, suit or other charge or proceeding (whether civil, criminal, administrative, investigative, formal or informal) by or before any Governmental Authority or before an arbitrator or arbitral body or mediator. 

“Real Property” shall mean, with respect to the Property, collectively, the land and Improvements, together with all
easements, rights of way, privileges, licenses and appurtenances which the Contributed Entity or any of its Subsidiaries may now own or hereafter acquire with respect thereto. 
 “SEC Reports” means any and all reports, schedules, forms, statements and other documents required under applicable Laws to be filed or furnished by ATA to the U.S. Securities and
Exchange Commission, including, without limitation, proxy information and solicitation materials, in each case, in the form and with the substance prescribed by such Laws. 
 “Settlement Statement” means the settlement statement with respect to the Property to be entered into by the Purchaser and the Contributors’ Representative in accordance with the
provisions of the Master Agreement. 
 “Transaction Agreements” means collectively this Agreement, the Master
Agreement and the other agreements contemplated to be delivered in connection herewith or therewith. 

  
 Appendix 1-3

 SCHEDULE A 
 CONTRIBUTION SCHEDULE 
  

							
	 Contributors:
	  	Allocable Portion of
Purchase Price	 	 Securities
	 
			
	 AMDG Diplomatic Partners, LP,

a Florida limited partnership
	  	29.8%	 	 	OP Units (206,693)	  
			
	 Notice address:
	  		 			
	 [c/o Elco Landmark Residential Management, LLC
	  		 			
	 825 Parkway Street
	  		 			
	 Jupiter, Florida 33477
	  		 			
	 Attention: Joseph Lubeck, Chief Executive Officer
	  		 			
	 Fax: (561) 745-8745
	  		 			
	 Email: jlubeck@landmarkresidential.com]
	  		 			
			
	 SFLP Diplomatic, LLC,

a Florida limited liability company
	  	70.2%	 	 	OP Units (487,435)	  

  

			
	Notice address:	 	
	  

	  

 

	 Attn:
	 	  

	 Fax:
	 	  

	 Email:
	 	  

 Contributed Entity: Daytona Seabreeze, LLC, a Delaware limited liability company 

Property: Overlook at Daytona (Daytona Beach, FL) 
 Agreed Equity Value: $5,657,143 

  
 Schedule A-1

 EXHIBIT A 
 FORM OF INSTRUMENT OF ASSIGNMENT 
  

 EXHIBIT B 
 FORM OF JOINDER TO OP AGREEMENT 
  

 EXHIBIT C 
 FORM OF RELEASE OF CLAIMS 
  

 EXHIBIT D 
 FORM OF LIABILITY CONTRIBUTION AGREEMENT

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