Document:

Exhibit 10.11

 

JOINDER
TO ENVIRONMENTAL INDEMNITY

 

THIS JOINDER TO ENVIRONMENTAL
INDEMNITY (“Joinder Agreement”) is executed as of October 30, 2017, by BR Metrowest,
LLC, a Delaware limited liability company (“Joining Party”), and delivered to KeyBank
National Association, as Agent, pursuant to §16 of that certain Environmental Compliance and Indemnity Agreement dated
as of October 19, 2017, as from time to time in effect (the “Environmental Indemnity”), among BLUEROCK RESIDENTIAL
HOLDINGS, L.P., a Delaware limited partnership (the “Parent Borrower”); BLUEROCK RESIDENTIAL GROWTH REIT, INC., a Maryland
corporation (the “Guarantor”), and the SUBSIDIARY CREDIT PARTIES party thereto (the Parent Borrower, Guarantor and
the Subsidiary Credit Parties are hereinafter called collectively, the “Indemnitors”), and KeyBank National Association,
for itself and as Agent for the Lenders from time to time party to that certain Credit Agreement dated October 4, 2017, by and
among Borrowers, Agent and the Lenders (the “Credit Agreement”). Terms used but not defined in this Joinder Agreement
shall have the meanings defined for those terms in the Environmental Indemnity or if not defined in the Environmental Indemnity
in the Credit Agreement.

 

RECITALS

 

A.       Joining
Party has entered into that certain Joinder Agreement as of the date hereof and has become a “Subsidiary Credit Party”
as defined by the terms of the Credit Agreement as of the date hereof. Joining Party is required pursuant to the terms of the loan
arrangement to become an additional Indemnitor under the Environmental Indemnity.

 

B.       Joining
Party expects to realize direct and indirect benefits as a result of the availability to Borrowers of the credit facilities under
the Credit Agreement.

 

NOW, THEREFORE, Joining
Party agrees as follows:

 

AGREEMENT

 

1.       Joinder.
By this Joinder Agreement, Joining Party hereby becomes an “Indemnitor” under the Environmental Indemnity and agrees
that Joining Party is and shall be bound by, and hereby assumes, all obligations, representations, warranties, covenants, terms,
conditions, duties and waivers applicable to an Indemnitor under the Environmental Indemnity. “Exhibit A” of the Environmental
Indemnity is hereby amended to include the Property owned by Joining Party as described on Exhibit A attached hereto.

 

2.       Representations
and Warranties of Joining Party. Joining Party represents and warrants to Agent that, as of the Effective Date (as defined
below), except as disclosed in writing by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing,
the representations and warranties contained in the Environmental Indemnity are true and correct in all material respects as applied
to Joining Party as an Indemnitor on and as of the Effective Date as though made on that date. As of the Effective Date, all covenants
and agreements in the Environmental Indemnity of the Joining Party are true and correct with respect to Joining Party and no Default
or Event of Default shall exist or might exist upon the Effective Date in the event that Joining Party becomes a Subsidiary Borrower.

 

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3.       Joint
and Several. Joining Party hereby agrees that, as of the Effective Date, the Environmental Indemnity and the other Loan Documents
heretofore delivered to the Agent and the Lenders shall be a joint and several obligation of Joining Party to the same extent as
if executed and delivered by Joining Party, and upon request by Agent, will promptly become a party to the Credit Agreement, the
Notes (if a Subsidiary Borrower), the Environmental Indemnity and the other Loan Documents to confirm such obligation.

 

4.       Further
Assurances. Joining Party agrees to execute and deliver such other instruments and documents and take such other action, as
the Agent may reasonably request, in connection with the transactions contemplated by this Joinder Agreement.

 

5.       GOVERNING
LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS
LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6.       Counterparts.
This Agreement may be executed in any number of counterparts which shall together constitute but one and the same agreement.

 

[End of Text. Signatures on following page.]

 

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IN WITNESS WHEREOF, Joining
Party has executed this Joinder Agreement under seal as of the day and year first above written.

 

	 	JOINING PARTY:
	 	 
	 	BR Metrowest, LLC, a Delaware 

limited liability company
	 	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory

 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

[Signature Page to Joinder to Environmental
Indemnity – Metrowest]

 

     

     

    

 

	 	ACKNOWLEDGED:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION,
	 	as Agent
	 	 	 
	 	By:	/s/ Christopher T. Neil
	 	Name:  	Christopher T. Neil
	 	Title:	Vice President

 

[Signature Page to Joinder to Environmental
Indemnity – Metrowest]

 

     

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF EACH PROPERTY

 

MetroWest

(2450 Lake Debra Drive, Orlando, Orange
County, Florida)

 

PARCEL 1: (Fee Simple Estate):

 

A portion of Tract 1, METROWEST, as recorded
in Plat Book 16, pages 107 through 110 of the public records of Orange County, Florida, lying in Section 2, Township 23 South,
Range 28 East, City of Orlando, Orange County, Florida, being more particularly described as follows:

 

Commence at the Westernmost corner of Tract
1, Metro West, according to the plat thereof as recorded in Plat Book 16, pages 107 through 110 of the public records of Orange
County, Florida; thence run North 89° 47' 04" East along the most Westerly Southerly line of said Tract 1, also being
the Northerly line of Vetter Isle as recorded in Plat Book Y, page 79 of the public records of said Orange County, Florida for
a distance of 647.22 feet; thence departing said Northerly line continue North 89° 47' 23" East along said Southerly line
for a distance of 646.35 feet to the Point of Beginning; thence departing said Southerly line run North 00° 12' 37" West
for a distance of 192.28 feet; thence run South 54° 15' 28" East for a distance of 94.56 feet; thence run North 55°04'
13" East for a distance of 80.33 feet; thence run North 66° 07' 31" East for a distance of 108.04 feet; thence run
North 62°43' 45" East for a distance of 101.16 feet; thence run North 64°24' 44" East for a distance of 110.07
feet; thence run North 66°51' 29" East for a distance of 103.59 feet; thence run North 64°23' 25" East for a
distance of 111.60 feet; thence run North 87°44' 23' East for a distance of 112.59 feet; thence run South 82°53' 29"
East for a distance of 113.94 feet; thence run North 77°49' 19" East for a distance of 83.90 feet, thence run North 75°33'
14" East for a distance of 92.82 feet; thence run North 69°42' 28" East for a distance of 72.73 feet; thence run
North 45°13' 25" East for a distance of 45.65 feet; thence run North 21°08' 41" East for a distance of 70.44
feet; thence run North 06°56' 11" West for a distance of 93.26 feet; thence run North 21°32' 21" West for a distance
of 93.14 feet; thence run North 19°51' 29" East for a distance of 37.82 feet; thence run North 00°10' 47" East
for a distance of 99.14 feet; thence run North 15°54' 21" East for a distance of 63.32 feet; thence run North 90°00'
00" East for a distance of 75.98 feet to a point on the Westerly right of way line of Lake Debra Drive according to the plat
of MetroWest Tract 1, Lot 7, as recorded in Plat Book 34, pages 50 and 51 of the public records of Orange County, Florida; thence
run South 03° 11' 47" East along said right of way line for a distance of 240.79 feet to a point of curvature of a curve
concave Westerly and having a radius of 930.00 feet; thence continuing along said Westerly right of way line run Southerly along
said curve through a central angle of 03°07' 59" for an arc distance of 50.85 feet to a point of tangency; thence run
South 00°03' 48" East for a distance of 327.81 feet; thence run North 89°56' 12" East for a distance of 35.00
feet to a point on the Westerly boundary of MetroWest Tract 1, Lot 8 according to the plat thereof as recorded in Plat Book 39,
page 27 of the public records of Orange County, Florida; thence run South 00°03' 48" East for a distance of 50.30 feet;
thence run South 06°19' 52" East for a distance of 180.95 feet to a point of curvature of a curve concave Easterly and
having a radius of 1000.00 feet, thence continuing along said Westerly line run Southerly along said curve through a central angle
of 12°53' 28" for an arc distance of 224.99 feet to a point of reverse curvature of a curve concave Westerly and having a radius of
500.00 feet, thence run Southerly along said curve through a central angle of 22°46' 31" for an arc distance of 198.75
feet to a point; thence run North 86°26' 49" West for a distance of 27.00 feet to a point on a non-tangent curve concave
Westerly and having a radius of 473.00 feet; thence from a tangent bearing of South 03°33' 03" West run Southerly along
said curve through a central angle of 09°35' 48" for an arc distance of 79.22 feet to a point; thence run South 71°38'
01" West for a distance of 44.93 feet; thence run South 36°22' 41" West for a distance of 149.85 feet; thence run
South 20°05' 36" West for a distance of 102.40 feet; thence run South 16°21' 56" West for a distance of 382.58
feet; thence run South 00° 14' 29" East for a distance of 953.60 feet to a point on the South line of aforesaid Section
2, also being a point on the Southerly line of Metro West Tract 1, according to the plat thereof as recorded in Plat Book 16, pages
107 through 110 of the public records of Orange County, Florida; thence run South 89°45' 31" West along said South line
for a distance of 348.71 feet to the Southwesternmost corner of said Metro West Tract 1, also being a point on the Westerly line
of said Metro West Tract 1; thence departing said South line run North 00° 19' 31" West along said Westerly line for a
distance of 887.85 feet; thence departing said Westerly line run the following courses and distances; South 89°45' 09"
West for a distance of 9.08 feet; thence run South 70°15' 39" West for a distance of 22.96 feet; thence run South 44°04'
38" West for a distance of 60.93 feet; thence run South 77°10' 38" West for a distance of 70.28 feet; thence run
South 88°35' 31" West for a distance of 19.31 feet; thence run North 55°25' 15" West for a distance of 106.39
feet; thence run North 38°26' 30" West for a distance of 7.87 feet; thence run South 89°45' 09" West for a distance
of 241.61 feet; thence run North 00°19' 31" West for a distance of 348.77 feet; thence run North 36°11' 35" West
for a distance of 4.78 feet; thence run North 19°26' 25" West for a distance of 62.36 feet; thence run North 24°15'
32" West for a distance of 31.32 feet; thence run South 89°59' 01" West for a distance of 29.91 feet; thence run
North 05°09' 27" West for a distance of 68.03 feet; thence run North 11°27' 19" East for a distance of 109.72
feet; thence run North 06°12' 17" West for a distance of 105.33 feet; thence run North 17°14' 53" West for a
distance of 171.51 feet; thence run North 00°08' 31" West for a distance of 185.59 feet; thence run South 89°47' 23"
West for a distance of 84.11 feet to aforesaid Point of Beginning.

 

    	 	Exhibit A-1	 

     

    

 

Said land is shown on the plat of ALEXAN
AT METROWEST, according to the plat thereof recorded in Plat Book 47, page 33, public records of Orange County, Florida.

 

PARCEL 2:

 

Nonexclusive easement for pedestrian and
vehicular access, ingress and egress purposes for the benefit of Parcel 1 over, through and across the land identified as "Easement
Area - Metrowest Tract 1, Lot 8" in Exhibit C to the Reciprocal Easement Agreement between Debra, Inc. and Windsor Residential
Harbortown, Inc., recorded in Official Records Book 5424, page 1968, Public Records of Orange County, Florida.

 

    	 	Exhibit A-2	 

     

    

 

PARCEL 3:

 

Nonexclusive easement for drainage purposes
for the benefit of Parcel 1 reserved in the Drainage Easement Agreement (Tract ID) between Spring Trace, L.L.C. and Metrowest Master
Association, Inc., recorded in Official Records Book 6279, page 3582, as amended by the Amendment to Drainage Easement Agreement
(Tract ID) recorded in Official Records Book 6716, page 4890, Public Records of Orange County, Florida, in, on, upon, over and
through the Drainage Easement Area described in Exhibit "A" to said Amendment, and Second Amendment to Drainage Easement
Agreement (Tract ID), recorded in Official Records Book 7609, page 3588, Public Records of Orange County, Florida.

 

PARCEL 4:

 

Nonexclusive easement for sanitary sewer
utility purposes for the benefit of Parcel 1 over, upon and across the land described in Exhibit C to the Sanitary Sewer Easement
and Stormwater Easement Agreement between Metrowest II Limited Partnership and The Northwestern Mutual Life Insurance Company,
recorded in Official Records Book 6279, page 3613, as affected by Affidavit recorded in Official Records Book 7119, Page 3877,
Public Records of Orange County, Florida.

 

PARCEL 5:

 

Nonexclusive easements for the benefit
of Parcel 1 as defined and more particularly described in Section 6.1 of that certain Master Declaration of Protective Covenants
and Restrictions for MetroWest recorded March 13, 1986 in Official Records Book 3759, page 2756, as affected by the Agreement Concerning
Transfer of Responsibilities recorded September 17, 1986 in Official Records Book 3820, page 4314 and the Assignment and Assumption
of Declarant's Rights and Obligations recorded October 25, 2000 in Official Records Book 6115, page 4273, and as amended August
10, 1987 in Official Records Book 3913, page 2944, recorded November 17, 1987 in Official Records Book 3936, page 4185, recorded
March 28, 1988 in Official Records Book 3968, page 1279, recorded August 30, 1996 in Official Records Book 5114, page 1077 and
recorded February 8, 2001 in Official Records Book 6189, page 2476, and Certificate of Approval recorded October 22, 2003 in Official
Records Book 7161, page 2831, as amended by Third Amendment, recorded February 8, 2006 in Official Records Book 8471, Page 1428;
Fourth Amendment, recorded January 15, 2010 in Official Records Book 9989, Page 1602, and Fifth Amendment to Master Declaration
of Protective Covenants and Restrictions for Metrowest, recorded September 23, 2014 in Official Records Book 10808, Page 8087,
Public Records of Orange County, Florida.

 

PARCEL 6:

 

Nonexclusive easement for access and utilities
for the benefit of Parcel 1 as defined and more particularly described in that certain Utility Easement Agreement recorded in Official
Records Book 6314, Page 5929, as amended by Amendment to Utility Easement Agreement recorded in Official Records Book 7609, Page
3607, Public Records of Orange County, Florida.

 

    	 	Exhibit A-3Exhibit 10.12

 

COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT

IN RESPECT OF CONTRACTS, LICENSES AND
PERMITS

 

		1.	PARTIES. BR METROWEST, LLC, a Delaware limited liability company, having a place of business
at c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue, 9th Floor, New York, New York 10019 (hereinafter called “Assignor”)
as of this 30th day of October, 2017, hereby assigns, transfers, sets over, pledges, and, if applicable, delivers, to
KEYBANK NATIONAL ASSOCIATION, a national banking association as agent under a Credit Agreement (hereinafter called the “Credit
Agreement”) dated October 4, 2017 among BLUEROCK RESIDENTIAL HOLDINGS, L.P., a Delaware limited partnership (as “Parent
Borrower”) and various other Subsidiary Borrowers thereof collectively as “Borrower”, KeyBank National
Association and the other lending institutions which become parties to the Credit Agreement (KeyBank National Association and the
other lending institutions which become parties to the Credit Agreement are collectively referred to as the “Lenders”
and individually as the “Lender”), and KeyBank National Association, as Agent (hereinafter called “Agent”),
having a place of business at 225 Franklin Street, Boston, Massachusetts 02110 and hereby grants to Agent a continuing security
interest in the Assigned Contracts and Permits (as defined herein) to secure the Obligations (as defined herein) for the purpose
of securing the “Obligations” as defined in that certain Subsidiary Guaranty entered into by Assignor in favor of Agent
and the Lenders dated as of the date hereof (as the same may be modified, amended or supplemented, the “Subsidiary Guaranty”).

 

		2.	CREDIT AGREEMENT; DEFINED TERMS. This collateral assignment and security agreement (“Assignment
of Contracts” or “Collateral Assignment”) is given pursuant to the terms, provisions and conditions
of the Credit Agreement. Capitalized terms not otherwise specifically defined herein shall have the same meaning herein as in
the Credit Agreement.

 

		3.	ASSIGNED CONTRACTS AND PERMITS. The term “Assigned Contracts and Permits”
shall mean all of the contracts, licenses, permits, approvals, agreements and warranties, and all of Assignor’s right, title
and interest therein, whether now owned or hereafter acquired, and all proceeds and products thereof, and all accounts, contract
rights and general intangibles related thereto, which are in any manner related to the Mortgaged Property (as defined in the associated
Mortgage) owned by Assignor; provided, however, that in no event shall the term “Assigned Contracts and Permits” include
any contract, license, permit, approval, agreement or warranty which is either not assignable by Assignor by its terms or not assignable
without the consent of a third party.

 

		4.	OBLIGATIONS. The term “Obligations” shall have the meaning ascribed to
such term in the Subsidiary Guaranty.

 

		5.	COVENANTS, WARRANTIES AND REPRESENTATIONS. Assignor covenants with, and warrants and represents
to, Agent and Lenders that:

 

     

     

    

 

		5.1	Assignor is and shall be the owner of the Assigned Contracts and Permits free and clear of all
pledges, liens, security interests and other encumbrances of every nature whatsoever except in favor of Agent;

 

		5.2	Assignor has the full right, power and authority to assign, and to grant the pledge of and security
interest in, the Assigned Contracts and Permits as herein provided;

 

		5.3	The execution, delivery and performance of this Collateral Assignment by Assignor does not and
will not result in the violation of any mortgage, indenture, contract, instrument, agreement, judgment, decree, order, statute,
rule or regulation to which Assignor is subject or by which it or any of its property is bound;

 

		5.4	Assignor shall not make any other assignment of, or permit any pledge, lien, security interest
or encumbrance to exist with respect to, the Assigned Contracts and Permits except in favor of Agent, and Assignor shall not otherwise
transfer, assign, sell or exchange its interest in the Assigned Contracts and Permits;

 

		5.5	A true and complete executed counterpart, or certified copy, of each Assigned Contract and Permit,
the absence of which would have a Material Adverse Effect, which now exists and which is evidenced by a written agreement or document
has been delivered to Agent and a true and complete counterpart, or certified copy, of each Assigned Contract and Permit, the absence
of which would have a Material Adverse Effect, which becomes effective or is issued in the future shall be promptly delivered to
Agent;

 

		5.6	Each Assigned Contract and Permit presently in existence is in full force and effect, is valid
and enforceable in accordance with its terms, has not been modified, and to Assignor’s knowledge, no default exists thereunder
on the part of any party thereto. Each Assigned Contract and Permit which comes into existence after the date hereof shall be valid
and enforceable in accordance with its terms as of the date thereof;

 

		5.7	No Assigned Contract and Permit shall be amended, modified or changed in any material respect,
have any of its material terms waived by Assignor, or cancelled or terminated, without Agent’s prior written consent in each
instance, such consent not to be unreasonably withheld or delayed; and

 

		5.8	Assignor shall pay and perform all of its obligations under or with respect to each Assigned Contract
and Permit and not permit any default by it to exist with respect thereto or if any such default occurs, to promptly cure such
default. Assignor shall exercise all commercially reasonable efforts necessary to enforce or secure performance by any other party
to any Assigned Contract and Permit.

 

Notwithstanding
the foregoing provisions of this Section 5: (a) it shall not be a violation or default under this Collateral Assignment unless
a breach of a particular representation, warranty or covenant contained in this Section 5 creates a Material Adverse Effect, as
defined in the Credit Agreement; and (b) Assignor shall be allowed to enter into contracts,
licenses, permits, approvals, and agreements related to the Mortgaged Property and to amend, modify, and otherwise alter existing
contracts, licenses, permits, approvals, and agreements related to the Mortgaged Property without the consent of or notice to Agent
or Lenders, unless required pursuant to the terms of the Credit Agreement or unless it would cause a Material Adverse Effect.

 

    	 	-2-	 

     

    

 

		6.	RIGHTS OF ASSIGNOR PRIOR TO DEFAULT. So long as there is no continuing Event of Default,
Assignor shall have and may exercise all rights as the owner or holder of the Assigned Contracts and Permits which are lawful and
are not inconsistent with the provisions of the Loan Documents. Immediately upon the occurrence and during the continuance of any
Event of Default, the right described in the preceding sentence shall cease and terminate, and in such event Agent is hereby expressly
and irrevocably authorized, but not required, to exercise every right, option, power or authority inuring to Assignor under any
one or more of the Assigned Contracts and Permits as fully as Assignor could itself.

 

		7.	IRREVOCABLE DIRECTION. Assignor hereby irrevocably directs the contracting party to, or
grantor or licensor of, any such Assigned Contract and Permit, to the extent not prohibited by either such Assigned Contract and
Permit or applicable law, or to the extent permitted under any recognition or other agreement executed by such grantor or licensor,
upon demand and after notice from Agent of the occurrence of an Event of Default under any of the Loan Documents, to recognize
and accept Agent as the holder of such Assigned Contract and Permit for any and all purposes as fully as it would recognize and
accept Assignor and the performance of Assignor thereunder. Assignor does hereby constitute and appoint Agent, while this Collateral
Assignment remains in force and effect, irrevocably, and with full power of substitution and revocation, its true and lawful attorney
for and in its name, place and stead, after the occurrence and during the continuance of such an Event of Default, to demand and
enforce compliance with all the terms and conditions of the Assigned Contracts and Permits and all benefits accrued thereunder,
whether at law, in equity or otherwise.

 

		8.	UCC RIGHTS AND REMEDIES. Further, and without limitation of the foregoing rights and remedies,
upon and during the continuance of an Event of Default Agent shall have the rights and remedies of a secured party under the Uniform
Commercial Code, as enacted in the State in which the Mortgaged Property is located, with respect to the Assigned Contracts and
Permits, in addition to the rights and remedies otherwise provided for herein or by law or in equity or in any other Loan Document.
The Agent shall give Assignor ten (10) days prior written notice of the time and place of any public sale of any such Assigned
Contract and Permit or the time after which any private sale or any other intended disposition is to be made. After deducting all
expenses incurred in connection with the enforcement of its rights hereunder, Agent shall cause the proceeds of the Assigned Contracts
and Permits to be applied to the Obligations in such order as set forth in the Credit Agreement or, if not addressed in the Credit
Agreement, in order as Agent may determine and Assignor shall remain liable for any deficiency.

 

    	 	-3-	 

     

    

 

		9.	INDEMNIFICATION. Assignor hereby agrees to indemnify and to defend and hold Agent and the
Lenders harmless against and from all liability, loss, damage and expense, including reasonable and actual attorneys’ fees,
which it may or shall incur by reason of this Collateral Assignment, or by reason of any commercially reasonable action taken in
good faith by Agent hereunder or with respect to the Assigned Contracts and Permits, and against and from any and all claims and
demands whatsoever which may be asserted against Agent or any Lender by reason of any alleged obligation or undertaking on its
part to perform or discharge any of the terms, covenants and conditions contained in any of the Assigned Contracts and Permits
and except for any loss, damage, or expense arising from the gross negligence or willful misconduct of Agent, Lenders, or the agents
of any of them. Should Agent or any Lender incur any such liability, loss, damage or expense, the amount thereof, together with
interest thereon at the Default Rate of interest under the Credit Agreement, shall be payable by Assignor to Agent and the Lenders
immediately upon demand, or at the option of Agent, Agent may reimburse itself therefor out of any receipts, rents, income or profits
of the Property collected by Agent before the application of such receipts, rents, income or profits to any other Obligations.

 

		10.	AGENT/LENDER NOT OBLIGATED. Nothing contained herein or elsewhere shall operate to obligate,
or be construed to obligate, Agent or any Lender to perform any of the terms, covenants or conditions contained in the Assigned
Contracts and Permits or otherwise to impose any obligation upon Agent or any Lender with respect to the Assigned Contracts and
Permits prior to written notice by Agent to Assignor of Agent’s election to assume Assignor’s obligations under one
or more of the Assigned Contracts and Permits. Prior to written notice from Agent of such election, this Collateral Assignment
shall not operate to place upon Agent any responsibility for the operation, control, care, management or repair of the Property
or for the payment, performance or observance of any obligation, requirement or condition under any such Assigned Contract and
Permit, or under any agreement in respect to any such Assigned Contract and Permit, and the execution of this Collateral Assignment
by Assignor shall constitute conclusive evidence that all responsibility for the operation, control, care, management and repair
of the Property as well as the payment, performance or observance of any obligation, requirement or condition under the Assigned
Contracts and Permits is and shall be that of Assignor, prior to written notice from Agent of such election. Even if Agent does
exercise its rights, it shall only be liable to any of the other parties to the Assigned Contracts and Permits only during the
period that it is exercising the rights of Assignor under the Assigned Contracts and Permits, and at all times Assignor retains
the obligation to reimburse Agent promptly upon demand or otherwise pay when due all obligations incurred in connection with the
Assigned Contracts and Permits.

 

		11.	FURTHER ASSURANCES; UCC FILINGS. Assignor agrees to execute and deliver to Agent, at any
time or times during which this Collateral Assignment shall be in effect, such further instruments as Agent in good faith may reasonably
deem necessary to make effective this Collateral Assignment, the security interest created hereby and the covenants of Assignor
herein contained. To evidence such security interest, at the request of Agent, Assignor shall, in a form satisfactory to Agent,
execute and deliver one or more financing statements, and any continuation thereof, pursuant to the provisions of the Uniform Commercial
Code as enacted in the State in which the Mortgaged Property is located and shall pay the cost for filing thereof.

 

    	 	-4-	 

     

    

 

		12.	NO WAIVER: CUMULATIVE RIGHTS. Failure of Agent to avail itself of any of the terms, covenants,
and conditions of this Collateral Assignment for any period of time, or at any time or times, shall not be construed or deemed
to be a waiver of any of its rights hereunder. The rights and remedies of Agent under this Collateral Assignment are cumulative
and are not in lieu of, but are in addition to, any other rights and remedies which Agent shall have under or by virtue of the
Obligations and the Loan Documents. The rights and remedies of Agent hereunder may be exercised from time to time and as often
as such exercise is deemed expedient by Agent.

 

		13.	AGENT/LENDER: RIGHT TO ASSIGN. Assignor agrees that upon any sale or transfer by Agent and
the Lenders of the Loan Documents and the indebtedness evidenced thereby in accordance with the Credit Agreement, or upon any person
acquiring the Mortgaged Property or any interest therein, Agent may deliver to the purchaser or transferee the Assigned Contracts
and Permits and may assign to such purchaser or transferee the rights of Agent hereunder, who shall thereupon become vested with
all powers and rights given to Agent and the Lenders in respect thereto (and subject to Agent’s obligations hereunder), and
Agent and the Lenders shall be forever relieved and fully discharged from any liability or responsibility thereafter accruing in
connection therewith, subject to the terms of the Credit Agreement. In no event shall Agent be liable with respect to, or on account
of, the Assigned Contracts and Permits, except for the safekeeping of any instruments delivered to Agent pursuant hereto, and Agent
shall specifically have no obligation to enforce any rights against any contractor, or grantor or issuer.

 

		14.	TERMINATION AND REASSIGNMENT. Upon full payment and performance of the obligations and liabilities
set forth or contained in this Collateral Assignment and the other Loan Documents (excluding only any liabilities which might arise
in the future under the Environmental Indemnity), or upon the earlier release of the Mortgage, this Collateral Assignment shall
become and be void and of no effect and, in that event, upon the request of Assignor, Agent covenants to execute and deliver to
Assignor instruments effective to evidence the termination of this Collateral Assignment and the reassignment (without recourse)
to Assignor of the Assigned Contracts and Permits and the rights, title, interest, power and authority assigned herein; provided,
however, that any affidavit, certificate or other written statement of any officer of Agent stating that any part of said indebtedness
remains unpaid shall be and constitute conclusive evidence (absent manifest error) of the then validity, effectiveness and continuing
force of this Collateral Assignment and any person, firm, or corporation receiving any such affidavit, certificate or statement
may, and is hereby authorized to rely thereon.

 

		15.	COPIES OF DEFAULT NOTICES. Assignor agrees to provide Agent promptly, but in any event within
five (5) Business Days after receipt or knowledge thereof by Assignor, with copies of any and all notices received by Assignor
which allege, either directly or indirectly, that Assignor is in default of, or deficient in the performance of the terms of any
obligation of Assignor under, any Assigned Contract and Permit, or that any fact or circumstance exists which could reasonably
lead to the termination, suspension, revocation or loss of any Assigned Contract and Permit, but the notice under this Section 15
shall only be required if the alleged default, deficiency, fact, or circumstance could reasonably give rise to a Material Adverse
Effect.

 

    	 	-5-	 

     

    

 

		16.	NO CANCELLATION. Except as set forth in Section 5 hereof, Assignor covenants and agrees
that without the prior written consent of Agent in each instance, Assignor will not permit or agree to any cancellation, abridgement,
or modification of any of the material terms, covenants and conditions of any Assigned Contract and Permit.

 

		17.	NOTICES. Any notices given pursuant to this Collateral Assignment shall be sufficient only
if given in the manner provided for in the Credit Agreement.

 

		18.	SUCCESSORS AND ASSIGNS. All of the agreements, obligations, undertakings, representations
and warranties herein made by Assignor shall inure to the benefit of Agent, each Lender and their successors and assigns and shall
bind Assignor and its successors and assigns.

 

		19.	CAPTIONS AND HEADINGS. Captions and headings in this Collateral Assignment are intended
solely for the convenience of the parties and shall not be considered in the determination of the meaning of any provision hereof.

 

		20.	GRACE PERIODS AND NOTICE. The cure period and notice provisions set forth in the Credit
Agreement shall be applicable to any default under this Collateral Assignment.

 

		21.	COUNTERPARTS. This Collateral Assignment may be executed in several counterparts, each of
which when executed and delivered is an original, but all of which together shall constitute one instrument. In making proof of
this agreement, it shall not be necessary to produce or account for more than one such counterpart which is executed by the party
against whom enforcement of such collateral assignment is sought.

 

		22.	GOVERNING LAW. This Collateral Assignment shall be governed by, and construed in accordance
with, the laws of the State of New York. Notwithstanding the foregoing choice of law, matters relating to the creation, perfection,
priority and enforcement of the liens on and security interests in the Assigned Contracts and Permits, shall be governed by the
laws of the State in which the Mortgaged Property is located.

 

[Signatures appear on next page]

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF,
Assignor has caused this Collateral Assignment to be duly executed and delivered as of the date first written above.

 

	 	ASSIGNOR:
	 	 
	 	BR METROWEST, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jordan Ruddy
	 	Name:	Jordan Ruddy
	 	Title:	Authorized Signatory

 

STATE OF NEW YORK

 

COUNTY OF NEW YORK

 

On October 20, 2017, before me, Dale
Pozzi, personally appeared Jordan Ruddy, who proved to me on the basis of satisfactory evidence to
be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument, the person, or the entity upon behalf of which the person
acted, executed the instrument.

 

He is personally known to me.

 

I certify under PENALTY OF PERJURY under
the laws of the State of New York that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

Signature           /s/
Dale Pozzi           (Seal)

 

[Collateral Assignment of Contracts Signature
Page]

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