Document:

Exhibit 10.450

 

SECOND Amended
and Restated 

LIMITED LIABILITY
COMPANY AGREEMENT

OF

BR MOREHEAD JV MEMBER, LLC

 

This Second Amended
and Restated Limited Liability Company Agreement (together with the schedules attached hereto, this “Agreement”)
of BR Morehead JV Member, LLC (the “Company”), effective as of January 5, 2017 (the “Effective Date”),
is entered into by BRG MOREHEAD NC, LLC (“BRG”), a Delaware limited liability company, and BLUEROCK SPECIAL
OPPORTUNITY + INCOME FUND II, LLC (“SOIF II”) (collectively with BRG, the “Members”). Capitalized
terms used and not otherwise defined herein have the meanings set forth on Schedule A hereto.

 

RECITALS

 

A.           The
Company was formed pursuant to and in accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18-101
et seq.), as amended from time to time (the “Act”), by the filing of a Certificate of Formation,
dated July 31, 2015 with the Secretary of State of the State of Delaware.

 

B.           The
Members originally entered a Limited Liability Company Agreement on November 24, 2015, and an Amended and Restated Limited Liability
Company Agreement on December 29, 2016, both of which are amended, restated, and superseded in its entirety by this Agreement;

 

C.           BRG
previously owned all the outstanding preferred membership interests in the Company, but has been redeemed of such interest.

 

D.           SOIF
II previously owned an all the outstanding common membership interests in the Company.

 

E.           As
of the date of this Agreement, BRG owns a 0.5% common membership interest in the Company, and SOIF II owns a 99.5% common membership
interest in the Company. Neither BRG nor any other Person owns any preferred membership interest in the Company.

 

F.           The
Company owns a limited liability company interest in BR ArchCo Morehead JV, LLC (“ArchCo JV”), ArchCo JV owns
a 100% limited liability company interest in BR ArchCo Morehead Mezz, LLC (“BR ArchCo Mezz”), BR ArchCo Mezz
owns a 100% limited liability company interest in BR ArchCo Morehead, LLC (“BR ArchCo”), and BR ArchCo owns
the Property.

 

G.           A
Mezzanine Loan (the “Loan”) was entered between the Company, as borrower, and BRG, as Lender.

 

H.           In
connection with the Loan, the Company entered an Amended & Restated Option to Purchase Membership Interest & Purchase Agreement
(the “Option Agreement”), whereby the Lender shall have the right to purchase up to 100% of the Membership Interest
of SOIF II in the Company at an agreed upon price.

 

    	 	1	 

     

    

  

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

 

AGREEMENT

 

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

 

Section 1.          Name.
The name of the limited liability company formed hereby is BR Morehead JV Member, LLC.

 

Section 2.          Registered
Agent and Registered Office.

 

The name of the registered
agent and the address of the registered office of the Company for service of process on the Company in the State of Delaware is
National Registered Agents, Inc., with an address at 160 Greentree Drive, Suite 101, Dover, DE 19904.

 

Section 3.          Purpose.
The purpose to be conducted or promoted by the Company is to engage in the following activities:

 

		(i)	To own and hold a 100% limited liability company interest
in ArchCo JV;

 

		(ii)	to enter into and perform its obligations under the Loan
Documents with Lender, and to transact lawful business that is incident, necessary and appropriate to accomplish the foregoing;

 

		(iii)	to engage in any lawful act or activity and to exercise
any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental
to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes.

 

Section 4.          Powers.

 

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

 

(b)          The
Company is hereby authorized to execute, deliver and perform, and the Manager on behalf of the Company is hereby authorized to
execute and deliver, the Loan Documents and all documents, agreements, certificates, or financing statements contemplated thereby
or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this
Agreement. The foregoing authorization shall not be deemed a restriction on the powers of the Manager to enter into other agreements
on behalf of the Company.

 

    	 	2	 

     

    

 

Section 5.          Members.

 

(a)          The
mailing addresses of the Members are set forth on Schedule B attached hereto.

 

(b)          Except
as otherwise provided in this Agreement, each Member shall be entitled to vote on any matter submitted by the Manager to a vote
of the Members. The Members representing a majority of the Membership Interests entitled to vote, present in person or represented
by proxy, shall constitute a quorum at any meeting of Members; provided, however, that if Members representing less than a majority
of Membership Interests of Members entitled to vote are represented at the meeting, Members representing a majority of Membership
Interests so represented may adjourn the meeting at any time and shall, prior to adjournment, announce the date and time on which
the meeting will be reconvened. If a quorum is present, a majority vote of the Membership Interests is required to approve any
action or proposals before the Members, unless the vote of a greater number is required by the Act, the Certificate or this Agreement.
Subject to Section 7(d), the Members may act by written consent.

 

Section 6.          Certificates.
Ramin Kamfar, Jordan Ruddy and Michael Konig, are hereby designated as “authorized persons” within the meaning of the
Act, and have caused the Certificate of Formation of the Company to be filed with the Secretary of State of the State of Delaware.
Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, their powers as “authorized
persons” ceased, and the Manager thereupon became the designated “authorized person” and shall continue as the
designated “authorized person” within the meaning of the Act. The Manager shall execute, deliver and file any other
certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in the State
of Delaware and in any other jurisdiction in which the Company may wish to conduct business.

 

The existence of the
Company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

 

Section 7.          Management.

 

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

 

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

 

    	 	3	 

     

    

 

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

 

(d)          Limitations
on the Company’s Activities.

 

		(i)	This Section 7(d) is being adopted in order to comply
with certain provisions required in order to qualify the Company as a “special purpose” entity.

 

		(ii)	Notwithstanding anything to the contrary in this Agreement,
the Manager shall not, so long as any Obligation is outstanding, amend, alter, change or repeal the Certificate of Formation,
or Sections 3, 4, 5(b), 7, 12, 15, 16, 17, 18, 19,
20, 21 or 26 or Schedule A of this Agreement (the “Special Purpose Provisions”)
without the unanimous written consent of BRG, as Lender under the Loan. Subject to this Section 7(d), the Manager reserves
the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with Section 26.

 

		(iii)	Notwithstanding any other provision of this Agreement and
any provision of law that otherwise so empowers the Company, so long as any Obligation is outstanding, neither the Manager nor
any other Person shall be authorized or empowered, nor shall they permit the Company, without the prior unanimous written consent
of BRG, as Lender, to take any Material Action;

 

		(iv)	The Manager shall cause the Company to do or cause to be
done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises.
Notwithstanding anything to the contrary in this Agreement, the Manager also shall cause the Company to:

 

		(A)	at all times remain solvent and pay its debts and liabilities
(including, a fairly-allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets
as the same shall become due, and maintain adequate capital for the normal obligations reasonably foreseeable in a business of
its size and character and in light of its contemplated business operations;

 

		(B)	correct any known misunderstanding regarding the separate
identity of such entity and not identify itself as a division of any other Person;

 

		(C)	maintain its bank accounts, books of account, books and
records separate from those of any other Person and, to the extent that it is required to file tax returns under applicable law,
shall file its own tax returns except to the extent that it is required by law to file consolidated tax returns;

 

    	 	4	 

     

    

 

		(D)	maintain its own records, books, resolutions and agreements;

 

		(E)	not commingle its funds or assets with those of any other
Person and shall not participate in any cash management system with any other Person;

 

		(F)	hold its assets in its own name;

 

		(G)	conduct its business in its name or in a name franchised
or licensed to it by an entity other than an Affiliate, except for business conducted on behalf of itself by another Person under
a business management services agreement that is on commercially-reasonable terms, so long as the manager, or equivalent thereof,
under such business management services agreement holds itself out as an agent of the Company;

 

		(H)	(i)  maintain its financial statements, accounting
records and other entity documents separate from those of any other Person; (ii)  show, in its financial statements, its
asset and liabilities separate and apart from those of any other Person; and (iii)  not permit its assets to be listed as
assets on the financial statement of any of its Affiliates except as required by GAAP; provided, however, that any such consolidated
financial statement contains a note indicating that its separate assets and credit are not available to pay the debts of such
Affiliate and that its liabilities do not constitute obligations of the consolidated entity;

 

		(I)	pay its own liabilities and expenses, including the salaries
of its own employees, out of its own funds and assets, and maintain a sufficient number of employees in light of its contemplated
business operations;

 

		(J)	observe all limited liability company formalities;

 

		(K)	not have any Indebtedness other than (i) the Loan,
(ii) liabilities incurred in the ordinary course of business relating to the ownership of the limited liability company interests
in ArchCo JV and the routine administration of the Company, in amounts not to exceed 2% of the amount of the Loan which liabilities
are not more than sixty (60) days past the date incurred, are not evidenced by a note and are paid when due, and which amounts
are normal and reasonable under the circumstances and (iii) such other liabilities that are permitted pursuant to the Loan
Agreement;

 

		(L)	not assume or guarantee or become obligated for the debts
of any other Person, not hold out its credit as being available to satisfy the obligations of any other Person and not pledge
its assets for the benefit of any other Person, in each case except as permitted pursuant to the Loan Agreement;

 

    	 	5	 

     

    

  

		(M)	not acquire obligations or securities of its partners,
members or shareholders or any other owner or Affiliate;

 

		(N)	allocate fairly and reasonably any overhead expenses that
are shared with any of its Affiliates, constituents, or owners, or any guarantors or any of their respective obligations, or any
Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by
any employee of an Affiliate;

 

		(O)	maintain and use separate stationery, invoices and checks
bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Company’s
agent;

 

		(P)	not pledge its assets to or for the benefit of any other
Person other than to secure the Obligation, as provided in the Loan Agreement;

 

		(Q)	hold itself out and identify itself as a separate and distinct
entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of the Company and not
as a division or part of any other Person;

 

		(R)	maintain its assets in such a manner that it shall not
be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

 

		(S)	not make loans to any Person and not hold evidence of indebtedness
issued by any other Person or entity (other than cash and investment-grade securities issued by an entity that is not an Affiliate
of or subject to common ownership with such entity);

 

		(T)	not identify its partners, members or shareholders, or
any Affiliate of any of them, as a division or part of it, and not identify itself as a division of any other Person;

 

		(U)	other than capital contributions and distributions permitted
hereunder, not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in
the ordinary course of its business and on terms which are commercially reasonable terms comparable to those of an arm’s-length
transaction with an unrelated third party;

 

		(V)	not have any obligation to indemnify, and not indemnify
its partners, officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is
fully subordinated to the Obligations and shall not constitute a claim against it in the event that cash flow is insufficient
to pay the Obligations;

 

    	 	6	 

     

    

 

		(W)	not have any of its obligations guaranteed by any Affiliate
except as provided by the Loan Documents;

 

		(X)	not form, acquire or hold any subsidiary;

 

		(Y)	comply with all of the terms and provisions contained in
its organizational documents;

 

		(Z)	not permit any Affiliate or constituent party independent
access to its bank accounts;

 

		(AA)	continue to be duly formed, validly existing, and in good
standing in the state of its incorporation or formation and in all other jurisdictions where it is qualified to do business; and

 

		(BB)	pay all taxes which it owes.

 

Failure of the Company,
or the Manager on behalf of the Company, to comply with any of the foregoing covenants or any other covenants contained in this
Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of the Members.

 

		(v)	So long as any Obligation is outstanding, the Manager shall
not cause or permit the Company to:

 

		(A)	engage in any business unrelated to owning limited liability
company interests in ArchCo JV;

 

		(B)	own, directly or indirectly, any real property other than
the Property;

 

		(C)	have any assets other than cash, the limited liability
company interests in ArchCo JV, and indirectly, in the Property and personal property necessary or incidental to the ownership
and operation of the Property; or

 

		(D)	engage in, seek, consent or permit any dissolution, winding
up, liquidation, consolidation, merger, sale or other transfer of all or substantially all of its assets or any sale of assets
outside the ordinary course of its business, except as permitted by the Loan Documents.

 

Section 8.          Limited
Liability.

 

Except as otherwise
expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise,
shall be the debts, obligations and liabilities solely of the Company, and neither the Manager nor the Members shall be obligated
personally for any such debt, obligation or liability of the Company solely by reason of being a Manager or Member of the Company.

 

    	 	7	 

     

    

 

Section 9.          Capital
Contributions.

 

The Members have contributed
to the Company capital of an agreed value as listed on Schedule B attached hereto.

 

Section 10.         Additional
Contributions.

 

Except to the extent
capital calls are made by ArchCo JV, the Members are not required to make any additional capital contribution to the Company. If
ArchCo JV makes a capital call, the Members shall fund their proportionate share of such capital call to the Company based on their
Percentage Interest set forth on Schedule B. If any Member fails to make its share of any capital call (the “Defaulting
Member”), the other Member may, but shall not be obligated to, make the Defaulting Member’s share of such capital
call. To the extent of additional capital contributions made by a Member on behalf of a Defaulting Member, the proportion of the
additional capital contribution so funded shall be entitled to priority distributions before all other distributions under Section
12, including a 20% annual return on such additional capital contributions made on behalf of the Defaulting Member.

 

Except as provided
in Section 21, the provisions of this Agreement, including this Section 10, are intended to benefit the Member and,
to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (other
than a Covered Person) (and no such creditor of the Company shall be a third-party beneficiary of this Agreement) and the Member
shall not have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call
for capital pursuant to this Agreement.

 

Section 11.         Allocation
of Profits and Losses.

 

The Company’s
profits and losses shall be allocated to the Members.

 

Section 12.         Distributions.

 

(a)          Distributions
shall be made from available cash flow to the Members in accordance with their Percentage Interests. The Company shall not be required,
however, to make such distributions to the Members if such distribution would violate the Act or any other applicable law or the
Loan Documents.

 

(b)          Prior
to the full repayment of the Loan, the Manager shall not make any distributions to the Members without the prior written consent
of BRG, as Lender.

 

(c)          Notwithstanding
the foregoing, to the extent that, in connection with the exercise of rights by BRG under the Option Agreement, there results a
payment by BRG equal to the amount needed to retire the Mezzanine Loan, such payment shall be outside of the provisions of this
Section 12, and shall be payable solely to BRG in its capacity as Lender under the Mezzanine Loan.

 

    	 	8	 

     

    

 

Section 13.         Books
and Records.

 

The Manager shall keep
or cause to be kept complete and accurate books of account and records with respect to the Company’s business. The Members
and their duly authorized representatives shall have the right to examine the Company books, records and documents during normal
business hours. The Company’s books of account shall be kept using the method of accounting determined by the Manager. The
Company’s independent auditor, if any, shall be an independent public accounting firm selected by the Manager.

 

Section 14.         Other
Business.

 

Notwithstanding any
duty otherwise existing at law or in equity, the Manager and Members may engage in or possess an interest in other business ventures
(unconnected with the Company) of every kind and description, independently or with others. The Company shall not have any rights
in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.

 

Section 15.         Exculpation
and Indemnification.

 

(a)          To
the fullest extent permitted by applicable law, neither the Manager, nor the Members nor any officer, director, employee, agent
or Affiliate of the foregoing (collectively, the “Covered Persons”) shall be liable to the Company or
any other Person who is bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission performed
or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope
of the authority conferred on such Covered Person by this Agreement, except that a Covered Person shall be liable for any such
loss, damage or claim incurred by reason of such Covered Person’s gross negligence or willful misconduct.

 

(b)          To
the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person
in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on
such Covered Person by this Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence or willful misconduct
with respect to such acts or omissions; provided, however, that any indemnity under this Section 15 by the
Company shall be provided out of and to the extent of Company assets only, and the Manager and the Members shall not have personal
liability on account thereof; and provided further, that so long as any Obligation is outstanding, no indemnity payment
from funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this Section
15 shall be payable from amounts allocable to any other Person pursuant to the Loan Documents.

 

(c)          To
the fullest extent permitted by applicable law, expenses (including reasonable legal fees) incurred by a Covered Person defending
any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition
of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in
this Section 15.

 

    	 	9	 

     

    

 

(d)          A
Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions,
advice of counsel, reports or statements presented to the Company by any Person as to matters the Covered Person reasonably believes
are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on
behalf of the Company, including information, opinions, reports or statements as to the value and amount of the assets, liabilities,
or any other facts pertinent to the existence and amount of assets from which distributions to the Members might properly be paid.

 

(e)          The
provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person to the
Company or its members otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and
liabilities of such Covered Person.

 

(f)          Notwithstanding
the foregoing provisions, any indemnification obligation set forth herein shall be fully subordinate to the Loan, and payment of
any indemnification claim against the Company shall be made only after payment of all sums then due and payable to Lender.

 

(g)          The
foregoing provisions of this Section 15 shall survive any termination of this Agreement.

 

Section 16.         Assignments.

 

Without the prior written
consent of BRG, as Lender, the Members may not assign in whole or in part their Membership Interests. Subject to Section 18,
the transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement
to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.
If a Member transfers all of its Membership Interests in the Company pursuant to this Section 16, such admission shall be
deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease
to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to the Member by merger
or consolidation in compliance with the Loan Documents shall, without further act, become a Member hereunder, and such merger or
consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.

 

Section 17.         Resignation.

 

So long as any Obligation
is outstanding, the Manager may not resign, except as permitted under the Loan Documents and if BRG, as Lender, consents in writing.
If the Manager is permitted to resign pursuant to this Section 17, BRG shall become the substitute Manager.

 

    	 	10	 

     

    

 

Section 18.         Admission
of Additional Members.

 

One or more additional
Members of the Company may be admitted to the Company with the written consent of the Manager; provided, however,
that, notwithstanding the foregoing, so long as any Obligation remains outstanding, no additional Member may be admitted to the
Company unless BRG, as Lender, consents in writing.

 

Section 19.         Dissolution.

 

(a)          The
Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of
the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued
membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a
manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution under Section 18-802 of the
Act. Upon the occurrence of any event that causes the last remaining Member to cease to be a member of the Company (other than
upon continuation of the Company without dissolution upon (i) an assignment by the last remaining Member of all of its Membership
Interest in the Company and the admission of the transferee pursuant to Sections 16 and 18, or (ii) the resignation of the
Member and the admission of an additional member of the Company pursuant to Sections 17 and 18), to the fullest extent permitted
by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the
event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and
(ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member
of the Company, effective as of the occurrence of the event that terminated the continued membership of such member in the Company.

 

(b)          Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member shall not cause the other Member to cease to be a member of the
Company and upon the occurrence of such an event, the Company shall continue without dissolution, and the remaining Member waives
any right it might have under the Act to agree in writing to dissolve the Company upon the Bankruptcy of a Member.

 

(c)          In
the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the
sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the
order of priority, set forth in Section 18-804 of the Act.

 

(d)          The
Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company shall have been distributed to the Members in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act.

 

Section 20.         Waiver
of Partition; Nature of Interest.

 

Except as otherwise
expressly provided in this Agreement, to the fullest extent permitted by law, the Manager and each Member, hereby irrevocably waives
any right or power that such Person might have to institute any proceeding at law or in equity to cause the dissolution, liquidation,
winding up or termination of the Company. The Members shall not have any interest in any specific assets of the Company, and the
Members shall not have the status of a creditor with respect to any distribution pursuant to Section 12 hereof. The interest
of the Members in the Company is personal property.

 

    	 	11	 

     

    

 

Section 21.         Benefits
of Agreement; No Third-Party Rights.

 

Except for BRG, in
its capacity as Lender, with respect to the Special Purpose Provisions, none of the provisions of this Agreement shall be for the
benefit of or enforceable by any creditor of the Company or by any creditor of the Member. Nothing in this Agreement shall be deemed
to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in
any respect to be a contract in whole or in part for the benefit of any third Person (other than Covered Persons). BRG, as Lender,
is an intended third party beneficiary of this Agreement and may enforce the Special Purposes Provisions.

 

Section 22.         Severability
of Provisions.

 

Each provision of this
Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid,
unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the
operation of or affect those portions of this Agreement which are valid, enforceable and legal.

 

Section 23.         Entire
Agreement.

 

This Agreement constitutes
the entire agreement of the parties with respect to the subject matter hereof.

 

Section 24.         Binding
Agreement.

 

Notwithstanding any
other provision of this Agreement, the Members and Manager agree that this Agreement, including, without limitation, the Special
Purposes Provisions, constitutes a legal, valid and binding agreement of the Members, and is enforceable against the Members in
accordance with its terms.

 

Section 25.         Governing
Law.

 

This Agreement shall
be governed by and construed under the laws of the State of Delaware (without regard to conflict of laws principles), all rights
and remedies being governed by said laws.

 

Section 26.         Amendments.

 

Subject to Section
7(d), this Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered
by all Members.

 

    	 	12	 

     

    

 

Section 27.         Counterparts.

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together
shall constitute one and the same instrument.

 

Section 28.         Notices.

 

Any notices required
to be delivered hereunder shall be in writing and personally delivered, mailed or sent by telecopy, electronic mail or other similar
form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company
at its address in Section 2, (b) in the case of the Members, to the Members at their addresses as listed on Schedule
B attached hereto and (c) in the case of either of the foregoing, at such other address as may be designated by written notice
to the other party.

 

[Signature Page Follows]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound hereby, have duly executed this Limited Liability Company Agreement as of the Effective
Date.

 

	MEMBER:	BRG MOREHEAD NC, LLC
	 	 	 	 	 
	 	By:	Bluerock Residential Holdings, L.P.
	 	Its:	Sole Member
	 	 	 	 	 
	 	 	By:	Bluerock Residential Growth REIT, Inc.
	 	 	Its:	General Partner
	 	 	 	 	 
	 	 	 	By: 	/s/ Michael L. Konig
	 	 	 	Name:	Michael L. Konig
	 	 	 	Its:	Authorized Officer
	 	 	 	 	 
	MEMBER:	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC
	 	 	 	 	 
	 	By:	BR SOIF II Manager, LLC
	 	Its:	Manager
	 	 	 	 	 
	 	 	By:	/s/ Jordan Ruddy
	 	 	Name:	Jordan Ruddy
	 	 	Its:	Authorized Signatory

 

    	 	S-1	 

     

    

 

SCHEDULE A

 

Definitions

 

A.           Definitions

 

When used in this Agreement,
the following terms not otherwise defined herein have the following meanings (all capitalized terms used in this Agreement and
not defined herein shall have the meanings given to such terms in the Loan Agreement):

 

“Act”
has the meaning set forth in the preamble to this Agreement.

 

“Affiliate”
has the meaning set forth in the Loan Agreement.

 

“Agreement”
means this Second Amended and Restated Limited Liability Company Agreement of the Company, together with the schedules attached
hereto, as amended, restated or supplemented or otherwise modified from time to time.

 

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

 

“Certificate
of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware
on July 31, 2015, as amended or amended and restated from time to time.

 

“Company”
means BR Morehead JV Member, LLC, a Delaware limited liability company.

 

“Covered Persons”
has the meaning set forth in Section 15.

 

“Debt”
shall have the meaning given such term in the Loan Agreement.

 

    	 	A-1	 

     

    

 

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial
report.

 

“Indebtedness”
of a Person, at a particular date, means the sum (without duplication) at such date of (a) all indebtedness or liability of
such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred
equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the
deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations
under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course
of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person
or entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any liens, whether or not the obligations
have been assumed (other than the Permitted Encumbrances (as defined in the Loan Agreement)).

 

“Lender” means BRG Morehead
NC, LLC, its successors and/or assigns.

 

“Loan”
means that certain mezzanine loan from Lender to the Company in the original principal amount of $22,597,986, which Loan is principally
secured by a first priority lien in the 100% limited liability company interest in ArchCo JV owned by the Company.

 

“Loan Agreement”
means the Amended and Restated Loan and Security Agreement between Lender and the Company pursuant to which Lender agreed to make
the Loan to the Company.

 

“Loan Documents”
means the Loan Agreement, Control Agreement, Option Agreement and any other documents executed by Company in connection with the
closing of the Loan and all documents and certificates contemplated thereby or delivered in connection therewith.

 

“Material
Action” means, with respect to any Person, to file any insolvency or reorganization case or proceeding, to institute
proceedings to have such Person be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency
law, to seek any relief under any law relating to relief from debts or the protection of debtors, to consent to the filing or institution
of bankruptcy or insolvency proceedings against such Person, to file a petition seeking, or consent to, reorganization or relief
with respect to such Person under any applicable federal or state law relating to bankruptcy or insolvency, to seek or consent
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for such
Person or a substantial part of its property, to make any assignment for the benefit of creditors of such Person, to admit in writing
such Person’s inability to pay its debts generally as they become due, or to take action in furtherance of any of the foregoing.

 

“Member”
shall have the meaning given in the introduction to this Agreement, and includes any Person admitted as an additional member of
the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member
of the Company.

 

“Membership
Interest” means the membership interest in the Company owned by a particular Member of the Company, as set forth in Schedule
B.

 

    	 	A-2	 

     

    

 

“Obligation”
shall mean the indebtedness, liabilities and obligations of the Company under or in connection with the Loan Documents or any related
document in effect as of any date of determination.

 

“Percentage
Interest” shall be the allocated percentages set forth on Schedule B.

 

“Person”
shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

“Property”
means that certain real property consisting of 3.10 acres of land commonly known as 1309 and 1331 West Morehead
Street and 811 and 829 South Summit Avenue and located in Charlotte, North Carolina, and all improvements now or in the
future thereon, together with all personal property owned in connection therewith or related thereto.

 

B.           Rules
of Construction

 

Definitions in this
Agreement apply equally to both the singular and plural forms of the defined terms. The words “include” and “including”
shall be deemed to be followed by the phrase “without limitation.” The terms “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section,
paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of
this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be
references to such parts of this Agreement.

 

    	 	A-3	 

     

    

 

SCHEDULE B

 

Member

 

	Name	 	Mailing Address	 	Agreed Value of 
Capital Contribution	 	 	Membership Interest	 
	BRG Morehead NC, LLC	 	712 Fifth Avenue, 9th Floor
 New York, New York 10019
	 	$	14,499	 	 	 	0.5	%
	 	 	 	 	 	 	 	 	 	 	 
	Bluerock Special Opportunity + Income Fund II, LLC	 	712 Fifth Avenue, 9th Floor
 New York, New York 10019
	 	$	2,885,386	 	 	 	99.5	%

 

    	 	B-1Exhibit 10.451

 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT OF

BR HENDERSON BEACH, LLC

 

THIS AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT of BR HENDERSON BEACH, LLC, a Delaware limited liability company (the “Company”),
as amended from time to time, (the "Agreement") is entered into by BRG Henderson Beach, LLC, a Delaware limited
liability company, the sole member and manager of the Company (the "Member").

 

RECITALS

 

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

 

B.           The
undersigned desires to execute this Agreement to set forth the terms and conditions under which the management, business, and financial
affairs of the Company will be conducted. This Amended and Restated Limited Liability Company Agreement amends and restates, it
its entirety, the original Limited Liability Company Agreement of the Company.

 

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

 

AGREEMENT

 

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

 

ARTICLE I

PURPOSE AND POWERS OF COMP ANY

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

ARTICLE II

MEMBERS

 

2.1           Initial
Member.

 

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

 

	Name 	 	Membership Interest 
	BRG Henderson Beach, LLC	 	 
	c/o Bluerock Real Estate, L.L.C.	 	100%
	712 Fifth Avenue, 9th Floor	 	 
	New York, NY 10019	 	 

 

     

     

    

 

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

 

ARTICLE III

MANAGEMENT

 

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

 

3.2           In
General. The powers of the Company shall be exercised by, or under the authority of, the Manager. In addition, the business
and affairs of the Company shall be ·managed under the direction of the Manager. Subject to the limitations set forth in
this Agreement, including Section 4.1, the Manager shall be entitled to make all decisions and take all actions for the Company.

 

3.3           Management
by Manager. Except as otherwise limited by this Agreement, including Section 4.1, the Manager shall have the power to do any
and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers,
statutory or otherwise; provided, however, that the Company may, at its election, appoint one or more officers to exercise its
rights under this Agreement. The Manager shall be entitled to make all decisions and take all actions for the Company, and the
Manager has the authority to bind the Company.

 

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

 

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

 

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

 

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

 

     

     

    

 

ARTICLE IV

SPECIAL PURPOSE PROVISIONS

 

4.1           Single
Purpose Entity. The Company will be a Single Purpose Entity at all times until the Loan has been paid in full. With respect
to the Company, a “Single Purpose Entity” means a limited liability company which, at all times since its formation
and thereafter: (a) has not and will not engage in any business or activity other than the ownership, operation and maintenance
of the Property and activities incidental thereto; (b) has not and will not acquire or own any assets other than the Property;
(c) has not and will not merge or consolidate with any other entity or person; (d) has not and will not own any subsidiary or make
any investment in, any other entity or person; (e) has not and will not commingle its assets with the assets of any other entity
or person; (f) has not and will not incur any debt, secured or unsecured, direct or contingent (including, without limitation,
guaranteeing any obligation), other than the Loan and customary unsecured trade payables incurred in the ordinary course of owning
and operating the Property; (g) has and will maintain its records, books of account, bank accounts, financial statements, accounting
records and other entity documents separate and apart from those of any other entity or person; provided, however, that the Company’s
assets may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate notation shall be
made on such consolidated financial statements to indicate the separateness of the Company from such Affiliate and to indicate
that the Company’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any
other Person and (ii) such assets shall also be listed on the Company’s own separate balance sheet; (h) has not and will
not maintain its assets in a manner that will be costly or difficult to segregate, ascertain or identify its individual assets
from those of any other entity or person; (i) has not and will not assume or guaranty the debts of any other entity or person,
hold itself out to be responsible for the debts of another entity or person, otherwise pledge its assets for the benefit of any
other entity or person, or hold out its credit as being available to satisfy the obligations of any other entity or person; (j)
has not and will not make any loans or advances to any other entity or person; (k) has and will file its own tax returns as required
under federal and state law; except to the extent that the Company is treated as a “disregarded entity” for tax purposes
and is not required to file tax returns under applicable law; (l) has and will hold itself out to the public as a legal entity
separate and distinct from any other entity or person and conduct its business solely in its own name and will correct any known
misunderstanding regarding its separate identity; and (m) has and will maintain adequate capital for the normal obligations reasonably
foreseeable in a business of its size and character and in light of its contemplated business operations; provided that no member
of the Company will be required to contribute any additional capital to satisfy this covenant.

 

     

     

    

 

 

ARTICLE V

 

[INTENTIONALLY OMITTED]

 

ARTICLE VI

EFFECT OF BANKRUPTCY. DEATH OR INCOMPETENCY
OF A MEMBER

 

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

 

ARTICLE VII

CONTRIBUTIONS TO THE COMPANY AND DISTRIBUTIONS

 

7.1           Member
Capital Contributions. The Member has contributed, as the Member's initial Capital Contribution, $100 in cash.

 

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

 

     

     

    

 

ARTICLE VIII

ASSIGNMENTS AND RESIGNATIONS

 

8.1           Assignment,
Resignation and Admission Generally.

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IX

DISSOLUTION AND TERMINATION

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          second,
to the members.

 

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

 

ARTICLE X

MISCELLANEOUS PROVISIONS

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

10.13         Effective
Date. This Agreement shall be effective as of the date of the closing of the assumption of the Loan by the Company.

 

ARTICLE XI

DEFINITIONS

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)          “Loan”
shall mean that certain loan secured by the Property in the original amount of $38,500,000 from Western-Southern Life Assurance
Company, an Ohio corporation, to AHB Apartments LLC, which loan is being assumed by the Company.

 

(l)          “Manager”
shall mean BRG Henderson Beach, LLC or any entity or individual subsequently elected as manager pursuant to Section 3.6 of this
Agreement.

 

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

 

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

 

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

 

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

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

     

     

    

 

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

 

	 	Member and Manager:
	 	 
	 	BRG Henderson Beach, LLC, a Delaware limited liability company
	 	 	 	 	 
	 	By:	Bluerock Residential Holdings, L.P., a Delaware limited partnership, its sole member
	 	 	 	 	 
	 	 	By:	Bluerock Residential Growth REIT, Inc., a Maryland corporation, its general partner
	 	 	 	 	 
	 	 	 	By: 	/s/ Michael Konig
	 	 	 	Name: 	Michael Konig
	 	 	 	Title:	Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]