Document:

Exhibit 10.351

 

	
        THIS INSTRUMENT PREPARED BY, 

RECORDED AND RETURN TO:

        (Print Name of Attorney)

         

        Alonso J. Cisneros, Esquire

        Troutman Sanders LLP

        P.O. Box 1122

        Richmond, VA 23218

         

         

         

         
	
         

         

        (Reserved)

 

MULTIFAMILY MORTGAGE,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

FLORIDA

 

(Revised 3-1-2014)

 

     

     

    

 

Freddie Mac Loan No. 708581501

Summer Wind

 

MULTIFAMILY MORTGAGE,

ASSIGNMENT OF RENTS

AND SECURITY AGREEMENT

 

FLORIDA

 

(Revised 3-1-2014)

 

THIS MULTIFAMILY MORTGAGE, ASSIGNMENT OF
RENTS AND SECURITY AGREEMENT (“Instrument”) is made to be effective this 5th day of January, 2016, between BR
CARROLL NAPLES, LLC, a limited liability company organized and existing under the laws of Delaware, whose address is c/o Carroll
Organization, LLC, 3340 Peachtree Road, Suite 2250, Atlanta, Georgia 30326, as mortgagor (“Borrower”), and JONES
LANG LASALLE MULTIFAMILY, LLC, a limited liability company organized and existing under the laws of Delaware, whose address
is 3344 Peachtree Road NE, Suite 1100, Atlanta, Georgia 30326, as mortgagee (“Lender”). Borrower’s organizational
identification number, if applicable, is 5886249.

 

RECITAL

 

Borrower is indebted to Lender in the principal
amount of $32,626,000.00, as evidenced by Borrower’s Multifamily Note payable to Lender dated as of the date of this Instrument,
and maturing on February 1, 2023 (“Maturity Date”).

 

AGREEMENT

 

TO SECURE TO LENDER the repayment of the
Indebtedness, and all renewals, extensions and modifications of the Indebtedness, and the performance of the covenants and agreements
of Borrower contained in the Loan Agreement or any other Loan Document, Borrower mortgages, warrants, grants, conveys and assigns
to Lender the Mortgaged Property, including the Land located in Collier County, State of Florida and described in Exhibit A
attached to this Instrument.

 

Borrower represents and warrants that Borrower
is lawfully seized of the Mortgaged Property, has the right, power and authority to grant, convey and assign the Mortgaged Property,
and that the Mortgaged Property is unencumbered, except as shown on the schedule of exceptions to coverage in the title policy
issued to and accepted by Lender contemporaneously with the execution and recordation of this Instrument and insuring Lender’s
interest in the Mortgaged Property (“Schedule of Title Exceptions”). Borrower covenants that Borrower will warrant
and defend generally the title to the Mortgaged Property against all claims and demands, subject to any easements and restrictions
listed in the Schedule of Title Exceptions.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	 

     

    

 

UNIFORM COVENANTS

 

(Revised 7-17-2014)

 

Covenants. In consideration of the
mutual promises set forth in this Instrument, Borrower and Lender covenant and agree as follows:

 

		1.	Definitions. The following terms, when used in this Instrument (including when used in the
above recitals), will have the following meanings and any capitalized term not specifically defined in this Instrument will have
the meaning ascribed to that term in the Loan Agreement:

 

“Attorneys’ Fees
and Costs” means (a) fees and out-of-pocket costs of Lender’s and Loan Servicer’s attorneys, as applicable,
including costs of Lender’s and Loan Servicer’s in-house counsel, support staff costs, costs of preparing for litigation,
computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process
service, videotaping and similar costs and expenses; (b) costs and fees of expert witnesses, including appraisers; (c) investigatory
fees; and (d) the costs for any opinion required by Lender pursuant to the terms of the Loan Documents.

 

“Borrower”
means all Persons identified as “Borrower” in the first paragraph of this Instrument, together with their successors
and assigns.

 

“Business Day”
means any day other than a Saturday, a Sunday or any other day on which Lender or the national banking associations are not
open for business.

 

“Event of Default”
means the occurrence of any event described in Section 8.

 

“Fixtures”
means all property owned by Borrower which is attached to the Land or the Improvements so as to constitute a fixture under applicable
law, including: machinery, equipment, engines, boilers, incinerators and installed building materials; systems and equipment for
the purpose of supplying or distributing heating, cooling, electricity, gas, water, air or light; antennas, cable, wiring and conduits
used in connection with radio, television, security, fire prevention or fire detection or otherwise used to carry electronic signals;
telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems
and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens,
refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and
storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall
coverings; fences, trees and plants; swimming pools; and exercise equipment.

 

“Governmental Authority”
means any board, commission, department, agency or body of any municipal, county, state or federal governmental unit, or any subdivision
of any of them, that has or acquires jurisdiction over the Mortgaged Property, or the use, operation or improvement of the Mortgaged
Property, or over Borrower.

 

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Multifamily Mortgage, Assignment of Rents
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“Ground Lease”
means the lease described in the Loan Agreement pursuant to which Borrower leases the Land, as such lease may from time to time
be amended, modified, supplemented, renewed and extended.

 

“Improvements”
means the buildings, structures, improvements now constructed or at any time in the future constructed or placed upon the Land,
including any future alterations, replacements and additions.

 

“Indebtedness”
means the principal of, interest at the fixed or variable rate set forth in the Note on, and all other amounts due at any time
under, the Note, this Instrument or any other Loan Document, including prepayment premiums, late charges, default interest, and
advances as provided in Section 7 to protect the security of this Instrument.

 

“Land” means
the land described in Exhibit A.

 

“Leasehold Estate”
means Borrower’s interest in the Land and any other real property leased by Borrower pursuant to the Ground Lease, if applicable,
including all of the following:

 

		(a)	All rights of Borrower to renew or extend the term of the Ground Lease.

 

		(b)	All amounts deposited by Borrower with Ground Lessor under the Ground Lease.

 

		(c)	Borrower’s right or privilege to terminate, cancel, surrender, modify or amend the Ground
Lease.

 

		(d)	All other options, privileges and rights granted and demised to Borrower under the Ground Lease
and all appurtenances with respect to the Ground Lease.

 

“Leases” means
all present and future leases, subleases, licenses, concessions or grants or other possessory interests now or hereafter in force,
whether oral or written, covering or affecting the Mortgaged Property, or any portion of the Mortgaged Property (including proprietary
leases or occupancy agreements if Borrower is a cooperative housing corporation), and all modifications, extensions or renewals.

 

“Lender” means
the entity identified as “Lender” in the first paragraph of this Instrument, or any subsequent holder of the Note.

 

“Loan Agreement”
means the Multifamily Loan and Security Agreement executed by Borrower in favor of Lender and dated as of the date of this Instrument,
as such agreement may be amended from time to time.

 

“Loan Documents”
means the Note, this Instrument, the Loan Agreement, all guaranties, all indemnity agreements, all collateral agreements, UCC filings,
O&M Programs, the MMP and any other documents now or in the future executed by Borrower, any guarantor or any other Person
in connection with the loan evidenced by the Note, as such documents may be amended from time to time.

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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“Loan Servicer”
means the entity that from time to time is designated by Lender or its designee to collect payments and deposits and receive Notices
under the Note, this Instrument and any other Loan Document, and otherwise to service the loan evidenced by the Note for the benefit
of Lender. Unless Borrower receives Notice to the contrary, the Loan Servicer is the entity identified as “Lender”
in the first paragraph of this Instrument.

 

“Mortgaged Property”
means all of Borrower’s present and future right, title and interest in and to all of the following:

 

		(a)	The Land, or, if Borrower’s interest in the Land is pursuant to a Ground Lease, the Ground
Lease and the Leasehold Estate.

 

		(b)	The Improvements.

 

		(c)	The Fixtures.

 

		(d)	The Personalty.

 

		(e)	All current and future rights, including air rights, development rights, zoning rights and other
similar rights or interests, easements, tenements, rights of way, strips and gores of land, streets, alleys, roads, sewer rights,
waters, watercourses and appurtenances related to or benefiting the Land or the Improvements, or both, and all rights-of-way, streets,
alleys and roads which may have been or may in the future be vacated.

 

		(f)	All proceeds paid or to be paid by any insurer of the Land, the Improvements, the Fixtures, the
Personalty or any other part of the Mortgaged Property, whether or not Borrower obtained the insurance pursuant to Lender’s
requirement.

 

		(g)	All awards, payments and other compensation made or to be made by any municipal, state or federal
authority with respect to the Land, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property,
including any awards or settlements resulting from condemnation proceedings or the total or partial taking of the Land, the Improvements,
the Fixtures, the Personalty or any other part of the Mortgaged Property under the power of eminent domain or otherwise and including
any conveyance in lieu thereof.

 

		(h)	All contracts, options and other agreements for the sale of the Land, or the Leasehold Estate,
as applicable, the Improvements, the Fixtures, the Personalty or any other part of the Mortgaged Property entered into by Borrower
now or in the future, including cash or securities deposited to secure performance by parties of their obligations.

 

		(i)	All proceeds from the conversion, voluntary or involuntary, of any of the items described in subsections
(a) through (h) inclusive into cash or liquidated claims, and the right to collect such proceeds.

 

		(j)	All Rents and Leases.

 

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Multifamily Mortgage, Assignment of Rents
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		(k)	All earnings, royalties, accounts receivable, issues and profits from the Land, the Improvements
or any other part of the Mortgaged Property, and all undisbursed proceeds of the loan secured by this Instrument.

 

		(l)	All Imposition Reserve Deposits.

 

		(m)	All refunds or rebates of Impositions by Governmental Authority or insurance company (other than
refunds applicable to periods before the real property tax year in which this Instrument is dated).

 

		(n)	All tenant security deposits which have not been forfeited by any tenant under any Lease and any
bond or other security in lieu of such deposits.

 

		(o)	All names under or by which any of the above Mortgaged Property may be operated or known, and all
trademarks, trade names, and goodwill relating to any of the Mortgaged Property.

 

		(p)	If required by the terms of Section 4.05 of the Loan Agreement, all rights under the Letter
of Credit and the Proceeds, as such Proceeds may increase or decrease from time to time.

 

		(q)	If the Note provides for interest to accrue at a floating or variable rate and there is a Cap Agreement,
the Cap Collateral.

 

“Note” means
the Multifamily Note (including any Amended and Restated Note, Consolidated, Amended and Restated Note, or Extended and Restated
Note) executed by Borrower in favor of Lender and dated as of the date of this Instrument, including all schedules, riders, allonges
and addenda, as such Multifamily Note may be amended, modified and/or restated from time to time.

 

“Notice” or
“Notices” means all notices, demands and other communication required under the Loan Documents, provided in
accordance with the requirements of Section 11.03 of the Loan Agreement.

 

“Person”
means any natural person, sole proprietorship, corporation, general partnership, limited partnership, limited liability company,
limited liability partnership, limited liability limited partnership, joint venture, association, joint stock company, bank, trust,
estate, unincorporated organization, any federal, state, county or municipal government (or any agency or political subdivision
thereof), endowment fund or any other form of entity.

 

“Personalty”
means all of the following:

 

		(a)	Accounts (including deposit accounts) of Borrower related to the Mortgaged Property.

 

		(b)	Equipment and inventory owned by Borrower, which are used now or in the future in connection with
the ownership, management or operation of the Land or Improvements or are located on the Land or Improvements, including furniture,
furnishings, machinery, building materials, goods, supplies, tools, books, records (whether in written or electronic form) and
computer equipment (hardware and software).

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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		(c)	Other tangible personal property owned by Borrower which is used now or in the future in connection
with the ownership, management or operation of the Land or Improvements or is located on the Land or in the Improvements, including
ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances (other than
Fixtures).

 

		(d)	Any operating agreements relating to the Land or the Improvements.

 

		(e)	Any surveys, plans and specifications and contracts for architectural, engineering and construction
services relating to the Land or the Improvements.

 

		(f)	All other intangible property, general intangibles and rights relating to the operation of, or
used in connection with, the Land or the Improvements, including all governmental permits relating to any activities on the Land
and including subsidy or similar payments received from any sources, including a Governmental Authority.

 

		(g)	Any rights of Borrower in or under letters of credit.

 

“Property Jurisdiction”
means the jurisdiction in which the Land is located.

 

“Rents” means
all rents (whether from residential or non-residential space), revenues and other income of the Land or the Improvements, parking
fees, laundry and vending machine income and fees and charges for food, health care and other services provided at the Mortgaged
Property, whether now due, past due or to become due, and deposits forfeited by tenants,
and, if Borrower is a cooperative housing corporation or association, maintenance
fees, charges or assessments payable by shareholders or residents under proprietary leases or occupancy agreements, whether now
due, past due, or to become due.

 

“Taxes” means
all taxes, assessments, vault rentals and other charges, if any, whether general, special or otherwise, including all assessments
for schools, public betterments and general or local improvements, which are levied, assessed or imposed by any public authority
or quasi-public authority, and which, if not paid, will become a Lien on the Land or the Improvements.

 

		2.	Uniform Commercial Code Security Agreement.

 

		(a)	This Instrument is also a security agreement under the Uniform Commercial Code for any of the Mortgaged
Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, for the purpose
of securing Borrower’s obligations under this Instrument and to further secure Borrower’s obligations under the Note,
this Instrument and other Loan Documents, whether such Mortgaged Property is owned now or acquired in the future, and all products
and cash and non-cash proceeds thereof (collectively, “UCC Collateral”), and by this Instrument, Borrower grants
to Lender a security interest in the UCC Collateral. To the extent necessary under applicable law, Borrower hereby authorizes Lender
to prepare and file financing statements, continuation statements and financing statement amendments in such form as Lender may
require to perfect or continue the perfection of this security interest.

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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		(b)	Unless Borrower gives Notice to Lender within 30 days after the occurrence of any of the following,
and executes and delivers to Lender modifications or supplements of this Instrument (and any financing statement which may be filed
in connection with this Instrument) as Lender may require, Borrower will not (i) change its name, identity, structure or jurisdiction
of organization; (ii) change the location of its place of business (or chief executive office if more than one place of business);
or (iii) add to or change any location at which any of the Mortgaged Property is stored, held or located.

 

		(c)	If an Event of Default has occurred and is continuing, Lender will have the remedies of a secured
party under the Uniform Commercial Code, in addition to all remedies provided by this Instrument or existing under applicable law.
In exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order,
without in any way affecting the availability of Lender’s other remedies.

 

		(d)	This Instrument also constitutes a financing statement with respect to any part of the Mortgaged
Property that is or may become a Fixture, if permitted by applicable law.

 

		3.	Assignment of Rents; Appointment of Receiver; Lender in Possession.

 

		(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all Rents.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all Rents and to authorize and empower Lender to collect and receive all Rents without the necessity of further action
on the part of Borrower.

 

		(ii)	Promptly upon request by Lender, Borrower agrees to execute and deliver such further assignments
as Lender may from time to time require. Borrower and Lender intend this assignment of Rents to be immediately effective and to
constitute an absolute present assignment and not an assignment for additional security only.

 

		(iii)	For purposes of giving effect to this absolute assignment of Rents, and for no other purpose, Rents
will not be deemed to be a part of the Mortgaged Property. However, if this present, absolute and unconditional assignment of Rents
is not enforceable by its terms under the laws of the Property Jurisdiction, then the Rents will be included as a part of the Mortgaged
Property and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on Rents in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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	(b)	(i)	Until the occurrence of an Event of Default, Lender
hereby grants to Borrower a revocable license to collect and receive all Rents, to hold all Rents in trust for the benefit of
Lender and to apply all Rents to pay the installments of interest and principal then due and payable under the Note and the other
amounts then due and payable under the other Loan Documents, including Imposition Reserve Deposits, and to pay the current costs
and expenses of managing, operating and maintaining the Mortgaged Property, including utilities, Taxes and insurance premiums
(to the extent not included in Imposition Reserve Deposits), tenant improvements and other capital expenditures.

 

		(ii)	So long as no Event of Default has occurred and is continuing, the Rents remaining after application
pursuant to the preceding sentence may be retained by Borrower free and clear of, and released from, Lender’s rights with
respect to Rents under this Instrument.

 

		(iii)	After the occurrence of an Event of Default, and during the continuance of such Event of Default,
Borrower authorizes Lender to collect, sue for and compromise Rents and directs each tenant of the Mortgaged Property to pay all
Rents to, or as directed by, Lender. From and after the occurrence of an Event of Default, and during the continuance of such Event
of Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly,
or by a receiver, Borrower’s license to collect Rents will automatically terminate and Lender will without Notice be entitled
to all Rents as they become due and payable, including Rents then due and unpaid. Borrower will pay to Lender upon demand all Rents
to which Lender is entitled.

 

		(iv)	At any time on or after the date of Lender’s demand for Rents, Lender may give, and Borrower
hereby irrevocably authorizes Lender to give, notice to all tenants of the Mortgaged Property instructing them to pay all Rents
to Lender. No tenant will be obligated to inquire further as to the occurrence or continuance of an Event of Default. No tenant
will be obligated to pay to Borrower any amounts which are actually paid to Lender in response to such a notice. Any such notice
by Lender will be delivered to each tenant personally, by mail or by delivering such demand to each rental unit. Borrower will
not interfere with and will cooperate with Lender’s collection of such Rents.

 

		(c)	If an Event of Default has occurred and is continuing, then Lender will have each of the following
rights and may take any of the following actions:

 

		(i)	Lender may, regardless of the adequacy of Lender’s security or the solvency of Borrower and
even in the absence of waste, enter upon and take and maintain full control of the Mortgaged Property in order to perform all acts
that Lender in its discretion determines to be necessary or desirable for the operation and maintenance of the Mortgaged Property,
including the execution, cancellation or modification of Leases, the collection of all Rents, the making of Repairs to the Mortgaged
Property and the execution or termination of contracts providing for the management, operation or maintenance of the Mortgaged
Property, for the purposes of enforcing the assignment of Rents pursuant to Section 3(a), protecting the Mortgaged Property
or the security of this Instrument, or for such other purposes as Lender in its discretion may deem necessary or desirable.

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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		(ii)	Alternatively, if an Event of Default has occurred and is continuing, regardless of the adequacy
of Lender’s security, without regard to Borrower’s solvency and without the necessity of giving prior notice (oral
or written) to Borrower, Lender may apply to any court having jurisdiction for the appointment of a receiver for the Mortgaged
Property to take any or all of the actions set forth in the preceding sentence. If Lender elects to seek the appointment of a receiver
for the Mortgaged Property at any time after an Event of Default has occurred and is continuing, Borrower, by its execution of
this Instrument, expressly consents to the appointment of such receiver, including the appointment of a receiver ex parte
if permitted by applicable law.

 

		(iii)	If
                                         Borrower is a housing cooperative corporation or association, Borrower hereby agrees
                                         that if a receiver is appointed, the order appointing the receiver may contain a provision
                                         requiring the receiver to pay the installments of interest and principal then due and
                                         payable under the Note and the other amounts then due and payable under the other Loan
                                         Documents, including Imposition Reserve Deposits, it being acknowledged and agreed that
                                         the Indebtedness is an obligation of Borrower and must be paid out of maintenance charges
                                         payable by Borrower’s tenant shareholders under their proprietary leases or occupancy
                                         agreements.

 

		(iv)	Lender
                                         or the receiver, as the case may be, will be entitled to receive a reasonable fee for
                                         managing the Mortgaged Property.

 

		(v)	Immediately upon appointment of a receiver or immediately upon Lender’s entering upon and
taking possession and control of the Mortgaged Property, Borrower will surrender possession of the Mortgaged Property to Lender
or the receiver, as the case may be, and will deliver to Lender or the receiver, as the case may be, all documents, records (including
records on electronic or magnetic media), accounts, surveys, plans, and specifications relating to the Mortgaged Property and all
security deposits and prepaid Rents.

 

		(vi)	If Lender takes possession and control of the Mortgaged Property, then Lender may exclude Borrower
and its representatives from the Mortgaged Property.

 

Borrower acknowledges and agrees
that the exercise by Lender of any of the rights conferred under this Section 3 will not be construed to make Lender a mortgagee-in-possession
of the Mortgaged Property so long as Lender has not itself entered into actual possession of the Land and Improvements.

 

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Multifamily Mortgage, Assignment of Rents
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		(d)	If Lender enters the Mortgaged Property, Lender will be liable to account only to Borrower and
only for those Rents actually received. Except to the extent of Lender’s gross negligence or willful misconduct, Lender will
not be liable to Borrower, anyone claiming under or through Borrower or anyone having an interest in the Mortgaged Property, by
reason of any act or omission of Lender under Section 3(c), and Borrower hereby releases and discharges Lender from any such
liability to the fullest extent permitted by law.

 

		(e)	If the Rents are not sufficient to meet the costs of taking control of and managing the Mortgaged
Property and collecting the Rents, any funds expended by Lender for such purposes will become an additional part of the Indebtedness
as provided in Section 7.

 

		(f)	Any entering upon and taking of control of the Mortgaged Property by Lender or the receiver, as
the case may be, and any application of Rents as provided in this Instrument will not cure or waive any Event of Default or invalidate
any other right or remedy of Lender under applicable law or provided for in this Instrument.

 

		4.	Assignment of Leases; Leases Affecting the Mortgaged Property.

 

		(a)	As part of the consideration for the Indebtedness, Borrower absolutely and unconditionally assigns
and transfers to Lender all of Borrower’s right, title and interest in, to and under the Leases, including Borrower’s
right, power and authority to modify the terms of any such Lease, or extend or terminate any such Lease.

 

		(i)	It is the intention of Borrower to establish a present, absolute and irrevocable transfer and assignment
to Lender of all of Borrower’s right, title and interest in, to and under the Leases. Borrower and Lender intend this assignment
of the Leases to be immediately effective and to constitute an absolute present assignment and not an assignment for additional
security only.

 

		(ii)	For purposes of giving effect to this absolute assignment of the Leases, and for no other purpose,
the Leases will not be deemed to be a part of the Mortgaged Property.

 

		(iii)	However, if this present, absolute and unconditional assignment of the Leases is not enforceable
by its terms under the laws of the Property Jurisdiction, then the Leases will be included as a part of the Mortgaged Property
and it is the intention of Borrower that in this circumstance this Instrument create and perfect a Lien on the Leases in favor
of Lender, which Lien will be effective as of the date of this Instrument.

 

		(b)	Until Lender gives Notice to Borrower of Lender’s exercise of its rights under this Section 4,
Borrower will have all rights, power and authority granted to Borrower under any Lease (except as otherwise limited by this Section or
any other provision of this Instrument), including the right, power and authority to modify the terms of any Lease or extend or
terminate any Lease. Upon the occurrence of an Event of Default, and during the continuance of such Event of Default, the permission
given to Borrower pursuant to the preceding sentence to exercise all rights, power and authority under Leases will automatically
terminate. Borrower will comply with and observe Borrower’s obligations under all Leases, including Borrower’s obligations
pertaining to the maintenance and disposition of tenant security deposits.

 

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Multifamily Mortgage, Assignment of Rents
and Security Agreement
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	(c)	(i)	Borrower acknowledges and agrees that the exercise
by Lender, either directly or by a receiver, of any of the rights conferred under this Section 4 will not be construed to
make Lender a mortgagee-in-possession of the Mortgaged Property so long as Lender has not itself entered into actual possession
of the Land and the Improvements.

 

		(ii)	The acceptance by Lender of the assignment of the Leases pursuant to Section 4(a) will
not at any time or in any event obligate Lender to take any action under this Instrument or to expend any money or to incur any
expenses.

 

		(iii)	Except to the extent of Lender’s gross negligence or willful misconduct, Lender will not
be liable in any way for any injury or damage to person or property sustained by any Person or Persons in or about the Mortgaged
Property.

 

		(iv)	Prior to Lender’s actual entry into and taking possession of the Mortgaged Property, Lender
will not be obligated for any of the following:

 

		(A)	Lender will not be obligated to perform any of the terms,
covenants and conditions contained in any Lease (or otherwise have any obligation with respect to any Lease).

 

		(B)	Lender will not be obligated to appear in or defend any
action or proceeding relating to the Lease or the Mortgaged Property.

 

		(C)	Lender will not be responsible for the operation, control,
care, management or repair of the Mortgaged Property or any portion of the Mortgaged Property. The execution of this Instrument
by Borrower will constitute conclusive evidence that all responsibility for the operation, control, care, management and repair
of the Mortgaged Property is and will be that of Borrower, prior to such actual entry and taking of possession.

 

		(d)	Upon delivery of Notice by Lender to Borrower of Lender’s exercise of Lender’s rights
under this Section 4 at any time after the occurrence of an Event of Default, and during the continuance of such Event of
Default, and without the necessity of Lender entering upon and taking and maintaining control of the Mortgaged Property directly,
by a receiver, or by any other manner or proceeding permitted by the laws of the Property Jurisdiction, Lender immediately will
have all rights, powers and authority granted to Borrower under any Lease, including the right, power and authority to modify the
terms of any such Lease, or extend or terminate any such Lease.

 

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Multifamily Mortgage, Assignment of Rents
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		(e)	Borrower will, promptly upon Lender’s request, deliver to Lender an executed copy of each
residential Lease then in effect.

 

		(f)	If Borrower is a cooperative housing corporation or association, notwithstanding anything to the
contrary contained in this Instrument, so long as Borrower remains a cooperative housing corporation or association and is not
in breach of any covenant of this Instrument, Lender consents to the following:

 

		(i)	Borrower may execute leases of apartments for a term in excess of 2 years to a tenant shareholder
of Borrower, so long as such leases, including proprietary leases, are and will remain subordinate to the Lien of this Instrument.

 

		(ii)	Borrower may surrender or terminate such leases of apartments where the surrendered or terminated
lease is immediately replaced or where Borrower makes its best efforts to secure such immediate replacement by a newly-executed
lease of the same apartment to a tenant shareholder of Borrower. However, no consent is given by Lender to any execution, surrender,
termination or assignment of a lease under terms that would waive or reduce the obligation of the resulting tenant shareholder
under such lease to pay cooperative assessments in full when due or the obligation of the former tenant shareholder to pay any
unpaid portion of such assessments.

 

		5.	Prepayment Premium. Borrower will be required to pay a prepayment premium in connection
with certain prepayments of the Indebtedness, including a payment made after Lender’s exercise of any right of acceleration
of the Indebtedness, as provided in the Note.

 

		6.	Application of Payments. If at any time Lender receives, from Borrower or otherwise, any
amount applicable to the Indebtedness which is less than all amounts due and payable at such time, then Lender may apply that payment
to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Neither Lender’s
acceptance of an amount that is less than all amounts then due and payable nor Lender’s application of such payment in the
manner authorized will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction.
Notwithstanding the application of any such amount to the Indebtedness, Borrower’s obligations under this Instrument, the
Note and all other Loan Documents will remain unchanged.

 

		7.	Protection of Lender’s Security; Instrument Secures Future Advances.

 

		(a)	If Borrower fails to perform any of its obligations under this Instrument or any other Loan Document,
or if any action or proceeding is commenced which purports to affect the Mortgaged Property, Lender’s security or Lender’s
rights under this Instrument, including eminent domain, insolvency, code enforcement, civil or criminal forfeiture, enforcement
of Hazardous Materials Laws, fraudulent conveyance or reorganizations or proceedings involving a bankrupt or decedent, then Lender
at Lender’s option may make such appearances, file such documents, disburse such sums and take such actions as Lender reasonably
deems necessary to perform such obligations of Borrower and to protect Lender’s interest, including all of the following:

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 12

     

    

 

		(i)	Lender may pay Attorneys’ Fees and Costs.

 

		(ii)	Lender may pay fees and out-of-pocket expenses of accountants, inspectors and consultants.

 

		(iii)	Lender may enter upon the Mortgaged Property to make Repairs or secure the Mortgaged Property.

 

		(iv)	Lender may procure the Insurance required by the Loan Agreement.

 

		(v)	Lender may pay any amounts which Borrower has failed to pay under the Loan Agreement.

 

		(vi)	Lender may perform any of Borrower’s obligations under the Loan Agreement.

 

		(vii)	Lender may make advances to pay, satisfy or discharge any obligation of Borrower for the payment
of money that is secured by a Prior Lien.

 

		(b)	Any amounts disbursed by Lender under this Section 7, or under any other provision of this Instrument
that treats such disbursement as being made under this Section 7, will be secured by this Instrument, will be added to, and become
part of, the principal component of the Indebtedness, will be immediately due and payable and will bear interest from the date
of disbursement until paid at the Default Rate.

 

		(c)	Nothing in this Section 7 will require Lender to incur any expense or take any action.

 

		8.	Events of Default. An Event of Default under the Loan Agreement will constitute an Event
of Default under this Instrument.

 

		9.	Remedies Cumulative. Each right and remedy provided in this Instrument is distinct from
all other rights or remedies under this Instrument, the Loan Agreement or any other Loan Document or afforded by applicable law
or equity, and each will be cumulative and may be exercised concurrently, independently or successively, in any order. Lender’s
exercise of any particular right or remedy will not in any way prevent Lender from exercising any other right or remedy available
to Lender. Lender may exercise any such remedies from time to time and as often as Lender chooses.

 

		10.	Waiver of Statute of Limitations, Offsets, and Counterclaims. Borrower waives the right
to assert any statute of limitations as a bar to the enforcement of the Lien of this Instrument or to any action brought to enforce
any Loan Document. Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action
or proceeding brought against it by Lender or otherwise to offset any obligations to make the payments required by the Loan Documents.
No failure by Lender to perform any of its obligations under this Instrument will be a valid defense to, or result in any offset
against, any payments that Borrower is obligated to make under any of the Loan Documents.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 13

     

    

 

		11.	Waiver of Marshalling.

 

		(a)	Notwithstanding the existence of any other security interests in the Mortgaged Property held by
Lender or by any other party, Lender will have the right to determine the order in which any or all of the Mortgaged Property will
be subjected to the remedies provided in this Instrument, the Note, the Loan Agreement or any other Loan Document or applicable
law. Lender will have the right to determine the order in which any or all portions of the Indebtedness are satisfied from the
proceeds realized upon the exercise of such remedies.

 

		(b)	Borrower and any party who now or in the future acquires a security interest in the Mortgaged Property
and who has actual or constructive notice of this Instrument waives any and all right to require the marshalling of assets or to
require that any of the Mortgaged Property be sold in the inverse order of alienation or that any of the Mortgaged Property be
sold in parcels or as an entirety in connection with the exercise of any of the remedies permitted by applicable law or provided
in this Instrument.

 

		12.	Further Assurances; Lender’s Expenses. 

 

		(a)	Borrower will deliver, at its sole cost and expense, all further acts, deeds, conveyances, assignments,
estoppel certificates, financing statements or amendments, transfers and assurances as Lender may require from time to time in
order to better assure, grant and convey to Lender the rights intended to be granted, now or in the future, to Lender under this
Instrument and the Loan Documents or in connection with Lender’s consent rights under Article VII of the Loan Agreement.

 

		(b)	Borrower acknowledges and agrees that, in connection with each request by Borrower under this Instrument
or any Loan Document, Borrower will pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including
any fees payable in accordance with any request for further assurances or an estoppel certificate pursuant to the Loan Agreement,
regardless of whether the matter is approved, denied or withdrawn. Any amounts payable by Borrower under this Instrument or under
any other Loan Document will be deemed a part of the Indebtedness, will be secured by this Instrument and will bear interest at
the Default Rate if not fully paid within 10 days of written demand for payment.

 

		13.	Governing Law; Consent to Jurisdiction and Venue. This Instrument, and any Loan Document
which does not itself expressly identify the law that is to apply to it, will be governed by the laws of the Property Jurisdiction.
Borrower agrees that any controversy arising under or in relation to the Note, this Instrument or any other Loan Document may be
litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction
will have jurisdiction over all controversies that may arise under or in relation to the Note, any security for the Indebtedness
or any other Loan Document. Borrower irrevocably consents to service, jurisdiction and venue of such courts for any such litigation
and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing
in this Section 13 is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters under
this Instrument in any court of any other jurisdiction.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 14

     

    

 

		14.	Notice. All Notices, demands and other communications under or concerning this Instrument
will be governed by the terms set forth in the Loan Agreement.

 

		15.	Successors and Assigns Bound. This Instrument will bind the respective successors and assigns
of Borrower and Lender, and the rights granted by this Instrument will inure to Lender’s successors and assigns.

 

		16.	Joint and Several Liability. If more than one Person signs this Instrument as Borrower,
the obligations of such Persons will be joint and several.

 

		17.	Relationship of Parties; No Third Party Beneficiary.

 

		(a)	The relationship between Lender and Borrower will be solely that of creditor and debtor, respectively,
and nothing contained in this Instrument will create any other relationship between Lender and Borrower. Nothing contained in this
Instrument will constitute Lender as a joint venturer, partner or agent of Borrower, or render Lender liable for any debts, obligations,
acts, omissions, representations or contracts of Borrower.

 

		(b)	No creditor of any party to this Instrument and no other Person will be a third party beneficiary
of this Instrument or any other Loan Document. Without limiting the generality of the preceding sentence, (i) any arrangement (“Servicing
Arrangement”) between Lender and any Loan Servicer for loss sharing or interim advancement of funds will constitute a
contractual obligation of such Loan Servicer that is independent of the obligation of Borrower for the payment of the Indebtedness,
(ii) Borrower will not be a third party beneficiary of any Servicing Arrangement, and (iii) no payment by the Loan Servicer under
any Servicing Arrangement will reduce the amount of the Indebtedness.

 

		18.	Severability; Amendments.

 

		(a)	The invalidity or unenforceability of any provision of this Instrument will not affect the validity
or enforceability of any other provision, and all other provisions will remain in full force and effect. This Instrument contains
the entire agreement among the parties as to the rights granted and the obligations assumed in this Instrument.

 

		(b)	This Instrument may not be amended or modified except by a writing signed by the party against
whom enforcement is sought; provided, however, that in the event of a Transfer prohibited by or requiring Lender’s approval
under Article VII of the Loan Agreement, some or all of the modifications to the Loan Documents (if any) may be modified or rendered
void by Lender at Lender’s option by Notice to Borrower and the transferee(s).

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 15

     

    

 

		19.	Construction. 

 

		(a)	The captions and headings of the Sections of this Instrument are for convenience only and will
be disregarded in construing this Instrument. Any reference in this Instrument to a “Section” will, unless otherwise
explicitly provided, be construed as referring to a Section of this Instrument.

 

		(b)	Any reference in this Instrument to a statute or regulation will be construed as referring to that
statute or regulation as amended from time to time.

 

		(c)	Use of the singular in this Instrument includes the plural and use of the plural includes the singular.

 

		(d)	As used in this Instrument, the term “including” means “including, but not limited
to” and the term “includes” means “includes without limitation.”

 

		(e)	The use of one gender includes the other gender, as the context may require.

 

		(f)	Unless the context requires otherwise any definition of or reference to any agreement, instrument
or other document in this Instrument will be construed as referring to such agreement, instrument or other document as from time
to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth in this Instrument).

 

		(g)	Any reference in this Instrument to any person will be construed to include such person’s
successors and assigns.

 

		20.	Subrogation. If, and
                                         to the extent that, the proceeds of the loan evidenced by the Note,
                                         or subsequent advances under Section 7, are used to pay, satisfy or discharge
                                         a Prior Lien, such loan proceeds
                                         or advances will be deemed to have been advanced by Lender at Borrower’s
                                         request, and Lender will automatically, and without further action on its part, be subrogated
                                         to the rights, including Lien priority, of the owner or holder of the obligation secured
                                         by the Prior Lien, whether or not the Prior Lien is released.

 

		21-30.	Reserved.

 

		31.	Acceleration; Remedies; Waiver Of Permissive Counterclaims. At any time during the existence
of an Event of Default, Lender, at Lender’s option, may declare the Indebtedness to be immediately due and payable without
further demand, and may foreclose this Instrument by judicial proceeding and may invoke any other remedies permitted by Florida
law or provided in this Instrument, the Loan Agreement or in any other Loan Document. Lender will be entitled to collect all costs
and expenses incurred in pursuing such remedies, including Attorneys’ Fees and Costs and costs of documentary evidence, abstracts
and title reports. Borrower waives any and all rights to file or pursue permissive counterclaims in connection with any legal action
brought by Lender under this Instrument, the Note or any other Loan Document.

 

		32.	Release. Upon payment of the Indebtedness, Lender will release this Instrument. Borrower
will pay Lender’s reasonable costs incurred in releasing this Instrument.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 16

     

    

 

		33.	Future Advances. Lender may from time to time, in Lender’s discretion, make optional
future or additional advances (collectively, “Future Advances”) to Borrower, except that at no time will the
unpaid principal balance of all indebtedness secured by the Lien of this Instrument, including Future Advances, be greater than
an amount equal to 200% of the original principal amount of the Note as set forth on the first page of this Instrument plus accrued
interest and amounts disbursed by Lender under Section 7 or any other provision of this Instrument or the other Loan Documents
that treats a disbursement by Lender as being made under Section 7. All Future Advances will be made, if at all, within 20 years
after the date of this Instrument, or within such lesser period that may in the future be provided by law as a prerequisite for
the sufficiency of actual or record notice of Future Advances as against the rights of creditors or subsequent purchasers for value.
Borrower will, immediately upon request by Lender, execute and deliver to Lender a promissory note evidencing each Future Advance
together with a notice of such Future Advance in recordable form. All promissory notes evidencing Future Advances will be secured,
pari passu, by the Lien of this Instrument, and each reference in this Instrument to the Note will be deemed to be
a reference to all promissory notes evidencing Future Advances.

 

		34.	WAIVER OF TRIAL BY JURY.

 

		(a)	BORROWER AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS INSTRUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES AS BORROWER AND LENDER THAT IS TRIABLE OF RIGHT BY
A JURY. 

 

		(b)	BORROWER AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE
EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY,
KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

		35.	Attached Riders. The following Riders are attached to this Instrument: NONE

 

		36.	Attached Exhibits. The following Exhibits, if marked with an “X” in the space
provided, are attached to this Instrument:

 

	x	Exhibit A	Description of the Land (required)
	 	 	 
	 ̈	Exhibit B	Modifications to Instrument
	 	 	 
	 ̈	Exhibit C	Ground Lease Description (if applicable)

 

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 17

     

    

 

IN WITNESS WHEREOF, Borrower has signed
and delivered this Instrument or has caused this Instrument to be signed and delivered by its duly authorized representative.

 

	WITNESS:	 	BR CARROLL NAPLES, LLC, a Delaware limited liability company
	/s/ Molly Brown	 	 	 
	Print Name: Molly Brown	 	By:	/s/ Jordan Ruddy
	 	 	 	Name: Jordan Ruddy
	/s/ Ryan MacDonald	 	 	Title: Authorized Signatory
	Print Name: Ryan MacDonald	 	 	 

 

STATE OF NEW YORK

 

CITY/COUNTY OF NEW YORK, ss:

 

I HEREBY CERTIFY that
on this day, before me, an officer duly authorized in the state aforesaid and in the county aforesaid to take acknowledgments,
personally appeared Jordan Ruddy to me known to be the person described in and who executed the foregoing instrument as the Authorized
Signatory of BR Carroll Naples, LLC, a Delaware limited liability company, and acknowledged to me that he/she as such officer,
being authorized to do so, executed the foregoing instrument for the purposes therein contained in the name of such limited liability
company by himself/herself as Authorized Signatory.

 

Witness my hand and official
seal in the county and state aforesaid, this 29th day of December, 2015.

 

	 	/s/ Lisa G. Hedden
	 	Notary Public

 

	My Commission Expires: June 24, 2017	 
	 	 
	[Notary Seal]	 

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page 18

     

    

 

EXHIBIT A

 

(Summer Wind)

 

Parcel 1:

 

A parcel of land located in Southwest 1/4
of Section 12, Township 49 South, Range 25 East, Collier County, Florida, being more particularly described as follows:

 

Commence at the Southeast corner of the
Southwest 1/4 of Section 12, Township 49 South, Range 25 East, Collier County, Florida; thence run N. 89° 32’ 47”
W. along the South line of the Southwest 1/4 of the said Section 12 for a distance of 346.55 feet to the Southeast corner of the
West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12; thence run N. 00° 11’ 20”
E. along the East line of the West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance
of 75.00 feet to a point of the Northerly right-of-way line of Pine Ridge Road (CR #896) and the Point of Beginning of the parcel
of land herein described; thence continue N. 00° 11’ 20” E. along the East line of the West 1/2 of the East 1/2
of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance of 1244.71 feet to the Northeast corner of the
West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12; thence run N. 89° 33’ 30”
W. along the North line of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance of 516.84 feet; thence
run S. 00° 19’ 07” W. for a distance of 1244.59 feet to a point on the Northerly right-of-way line of Pine Ridge
Road (CR #896); thence run S. 89° 32’ 47” E. along the Northerly right-of-way line of Pine Ridge Road (CR #896)
for a distance of 519.66 feet to the Point of Beginning.

 

LESS AND EXCEPT that parcel of land shown
as Parcel 103B on Order of Taking recorded in Official Records Book 2660, Page 3394, Public Records of Collier County, Florida.

 

Parcel 2:

 

A parcel of land located in the Southwest
quarter of Section 12, Township 49 South, Range 25 East, Collier County, Florida, being more particularly described as follows:

 

Commencing at the Southeast corner of the
Southwest quarter of Section 12, Township 49 South, Range 25 East, Collier County, Florida; thence run North 89° 32’
47” West along the South line of Southwest quarter of the said Section 12 for a distance of 866.38 feet; thence run North
00° 19’ 07” East for a distance of 75.00 feet to a point on the Northerly right of way line of Pine Ridge Road
(CR No. 896) and the Point of Beginning of the parcel of land herein described; thence continue North 00° 19’ 07”
East for a distance of 1,244.59 feet to a point on the North line of the Southeast quarter of the Southwest quarter of the said
Section 12; thence run North 89° 33’ 30” West along the North line of the Southeast quarter of the Southwest quarter
of the said Section 12 for a distance of 516.84 feet to the Northwest corner of the Southeast quarter of the Southwest quarter
of the said Section 12; thence run South 00° 26’ 54” West along the West line of the Southeast quarter of the Southwest
quarter of the said Section 12 for a distance of 1,244.48 feet to a point on the Northerly right of way line of Pine Ridge Road
(CR No. 896); thence run South 89° 32’ 47” East along the Northerly right of way line of Pine Ridge Road (CR No.
896) for a distance of 519.66 feet to the Point of Beginning.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page A-1

     

    

 

LESS AND EXCEPTING THE FOLLOWING:

 

Commencing at the Southeast corner of the
Southwest quarter of Section 12, Township 49 South, Range 25 East, Collier County, Florida; thence North 89° 32’ 47”
West along the South line of said Section 12 and the centerline of Pine Ridge Road (CR #896), a distance of 866.32 feet; thence
North 00° 19’ 07” East, a distance of 75.00 feet to the Point of Beginning; thence North 89° 32’ 47”
West along the North right of way line of Pine Ridge Road, a distance of 519.66 feet; thence North 0° 26’ 54” East,
a distance of 10.00 feet; thence South 89° 32’ 47” East, a distance of 519.64 feet; thence South 0° 19’
07” West, a distance of 10.00 feet to the Point of Beginning.

 

TOGETHER WITH a non exclusive interest
in that certain Easement as provided in that certain instrument entitled “Grant of Easement” dated July 20, 1988, and
recorded in Official Records Book 1367, Page 2023, of the Public Records of Collier County, Florida.

 

TOGETHER WITH non-exclusive easement rights
for the installation and maintenance of a sewer line as contained and described in that certain utility easement recorded in Official
Records Book 1598, Page 189, of the Public Records of Collier County, Florida.

 

FEE PARCEL 1 AND FEE PARCEL 2 BEING MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

 

A parcel of land located in Southwest 1/4
of Section 12, Township 49 South, Range 25 East, Collier County, Florida, being more particularly described as follows:

 

Commence at the Southeast corner of the
Southwest 1/4 of Section 12, Township 49 South, Range 25 East, Collier County, Florida; thence run N. 89° 32’ 47”
W. along the South line of the Southwest 1/4 of the said Section 12 for a distance of 346.55 feet to the Southeast corner of the
West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12; thence run N. 00° 11’ 20”
E. along the East line of the West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance
of 75.00 feet to a point of the Northerly right-of-way line of Pine Ridge Road (CR #896) and the Point of Beginning of the parcel
of land herein described; thence continue N. 00° 10’ 41” E. along the East line of the West 1/2 of the East 1/2
of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance of 1245.16 feet to the Northeast corner of the
West 1/2 of the East 1/2 of the Southeast 1/4 of the Southwest 1/4 of the said Section 12; thence run N. 89° 34’ 32”
W. along the North line of the Southeast 1/4 of the Southwest 1/4 of the said Section 12 for a distance of 1033.55 feet; thence
run S. 00° 26’ 59” W. for a distance of 1234.22 feet to a point on the Northerly right-of-way line of Pine Ridge
Road (CR #896); thence run S. 89° 32’ 54” E. along the Northerly right-of-way line of Pine Ridge Road (CR #896)
for a distance of 519.33 feet ; thence run S. 01° 31’ 25” W. along the Northerly right-of-way line of Pine Ridge
Road (CR #896) for a distance of 10.00 ; thence run S. 89° 31’ 50” E. along the Northerly right-of-way line of
Pine Ridge Road (CR #896) for a distance of 519.78 feet to the Point of Beginning.

 

    	Florida
Multifamily Mortgage, Assignment of Rents
and Security Agreement
	Page A-2Exhibit 10.352

 

Freddie Mac Loan No. 708581501

Property Name: Summer Wind

 

MULTIFAMILY NOTE

 

FLOATING RATE

 

(Revised 9-4-2015)

 

	US $32,626,000.00	Effective Date:  As of January 5, 2016

 

 

FOR VALUE RECEIVED, BR CARROLL NAPLES,
LLC, a Delaware limited liability company (together with such party’s or parties’ successors and assigns, “Borrower”)
jointly and severally (if more than one), promises to pay to the order of JONES LANG LASALLE MULTIFAMILY, LLC, a Delaware
limited liability company, the principal sum of $32,626,000.00, with interest on the unpaid principal balance, as hereinafter provided.

 

		1.	Defined Terms.

 

		(a)	As used in this Note:

 

“Amortization Period”
means a period of 0 full consecutive calendar months.

 

“Base Recourse”
means a portion of the Indebtedness equal to 0% of the original principal balance of this Note.

 

“Business Day”
means any day other than a Saturday, a Sunday, or any other day on which Lender or the national banking associations are not open
for business.

 

“Capped Interest Rate”
is not applicable, there is no Capped Interest Rate for the Loan.

 

“Default Rate”
means a variable annual interest rate equal to 4 percentage points above the Floating Interest Rate in effect from time to time.
However, at no time will the Default Rate exceed the Maximum Interest Rate.

 

“First Installment Due
Date” means March 1, 2016.

 

“Floating Interest Rate”
means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest
Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating
Interest Rate exceed the Capped Interest Rate.

 

“Freddie Mac”
means the Federal Home Loan Mortgage Corporation.

 

“ICE” means ICE Benchmark Administration
Limited.

 

“Index Rate”
means, for any Interest Adjustment Period, the LIBOR Index Rate for such Interest Adjustment Period.

 

    	Multifamily Note
Floating Rate
	

     

    

 

“Installment Due Date”
means, for any monthly installment of interest-only or principal and interest, the date on which such monthly installment is due
and payable pursuant to Section 3 of this Note.

 

“Interest Adjustment Period”
means each successive one (1) calendar month period until the entire Indebtedness is paid in full, except that the
first Interest Adjustment Period is the period from the date of this Note through January 31, 2016. Therefore, the second Interest
Adjustment Period will be the period from February 1, 2016 through February 29, 2016, and so on until the entire Indebtedness is
paid in full.

 

“Lender” means
the holder from time to time of this Note.

 

“LIBOR” means
the London Interbank Offered Rate.

 

“LIBOR Index”
means ICE’s one (1) month LIBOR rate for United States Dollar deposits, as displayed on the LIBOR Index Page used to establish
the LIBOR Index Rate.

 

“LIBOR Index Rate”
means, for any Interest Adjustment Period after the first Interest Adjustment Period, ICE’s LIBOR rate for the LIBOR Index
released by ICE most recently preceding the first day of such Interest Adjustment Period, as such LIBOR rate is displayed on the
LIBOR Index Page. The LIBOR Index Rate for the first Interest Adjustment Period means ICE’s LIBOR rate for the LIBOR Index
released by ICE most recently preceding the first day of the month in which the first Interest Adjustment Period begins, as such
LIBOR rate is displayed on the LIBOR Index Page; provided, however, that if at any time the LIBOR Index Rate is less than zero,
the LIBOR Index Rate shall be deemed to be zero for all purposes of this Note and the Loan Agreement.

 

“LIBOR Index Page”
is the Bloomberg L.P., page “BBAM”, or such other page for the LIBOR Index as may replace page BBAM on that service,
or at the option of Lender (i) the applicable page for the LIBOR Index on another service which electronically transmits or displays
ICE LIBOR rates, or (ii) any publication of LIBOR rates available from ICE. In the event ICE ceases to set or publish a LIBOR rate/interest
settlement rate for the LIBOR Index, Lender will designate an alternative index, and such alternative index will constitute the
LIBOR Index Page.

 

“Loan” means
the loan evidenced by this Note.

 

“Loan Agreement”
means the Multifamily Loan and Security Agreement entered into by and between Borrower and Lender, effective as of the effective
date of this Note, as amended, modified, or supplemented from time to time.

 

“Lockout Period”
means the period from the date of this Note through the day preceding the 12th Installment Due Date under this Note.

 

“Margin” means
two and seventeen hundredths percentage points (217 basis points).

 

“Maturity Date”
means the earlier of (i) February 1, 2023 (“Scheduled Maturity Date”) and
(ii) the date on which the unpaid principal balance of this Note becomes due and payable by acceleration or otherwise pursuant
to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document; provided, however, that if the
unpaid principal balance of this Note becomes due and payable by acceleration but such acceleration is rendered null and void and
of no further force and effect by operation of law or agreement by Lender, such acceleration will have no effect on the Maturity
Date. 

 

    	Multifamily Note
Floating Rate
	Page 2

     

    

 

“Maximum Interest Rate”
means the rate of interest which results in the maximum amount of interest allowed by applicable law.

 

“Prepayment Premium Period”
means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender.
The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the
Window Period.

 

“Program Plus® Seller/Servicer”
means an institution approved to sell multifamily mortgages to Freddie Mac as a Program Plus Seller/Servicer.

 

“Remaining Amortization
Period” means, at any point in time, the number of consecutive calendar months equal to the number of months in the Amortization
Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note.

 

“Security Instrument”
means the multifamily mortgage, deed to secure debt or deed of trust effective as of the effective date of this Note, from Borrower
to or for the benefit of Lender and securing this Note, as amended, modified or supplemented from time to time.

 

“Window Period”
means the 3 consecutive calendar month period prior to the Scheduled Maturity Date.

 

		(b)	Other capitalized terms used but not defined in this Note will have the meanings given to such
terms in the Loan Agreement.

 

		2.	Address for Payment. All payments due under this Note will be payable at 3344 Peachtree
Road NE, Suite 1100, Atlanta, Georgia 30326, or such other place as may be designated by Notice to Borrower from or on behalf of
Lender.
	 	 	 
	 	3.	Payments.

 

		(a)	Interest will accrue on the outstanding principal balance of this Note at the Floating Interest
Rate, subject to the provisions of Section 8 of this Note.

 

		(b)	Interest under this Note will be computed, payable and allocated on the basis of an actual/360
interest calculation schedule (interest is payable for the actual number of days in each month, and each month’s interest
is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being
calculated by the applicable Floating Interest Rate, dividing the product by 360, and multiplying the quotient by the number of
days in the month for which interest is being calculated). For convenience in determining the amount of a monthly installment of
principal and interest under this Note, Lender will use a 30/360 interest calculation payment schedule (each year is treated as
consisting of twelve 30-day months). However, as provided above, the portion of the monthly installment actually payable as and
allocated to interest will be based upon an actual/360 interest calculation schedule, and the amount of each installment attributable
to principal and the amount attributable to interest will vary based upon the number of days in the month for which such installment
is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the
monthly payment paid by Borrower will be credited to principal.

 

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		(c)	Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month,
interest for the period beginning on the date of disbursement and ending on and including the last day of such calendar month will
be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower
on the first day of a calendar month, then no payment will be due from Borrower at the time of the execution of this Note. The
Installment Due Date for the first monthly installment payment under Section 3(d) of interest-only or principal and interest, as
applicable, will be the First Installment Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c)
and Section 10, accrued interest will be payable in arrears.

 

		(d)	Beginning on the First Installment Due Date, and continuing until and including the monthly installment
due on the Maturity Date, accrued interest-only will be payable by Borrower in consecutive monthly installments due and payable
on the first day of each calendar month. The amount of the monthly installment of interest-only payable pursuant to this Section
3(d) on an Installment Due Date will equal the product of (i) annual interest on the unpaid principal balance of this Note as of
the first day of the Interest Adjustment Period immediately preceding the Installment Due Date at the Floating Interest Rate in
effect for such Interest Adjustment Period, divided by 360, multiplied by (ii) the number of days in such Interest Adjustment Period.

 

		(e)	Reserved.

 

		(f)	Reserved.

 

		(g)	Reserved.
	 	 	 
	 	(h)	All
remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date.

 

		(i)	Lender will provide Borrower with Notice, given in the manner specified in the Loan Agreement,
of the amount of each monthly installment due under this Note. However, if Lender has not provided Borrower with prior Notice of
the monthly payment due on any Installment Due Date, then Borrower will pay on that Installment Due Date an amount equal to the
monthly installment payment for which Borrower last received Notice. If Lender at any time determines that Borrower has paid one
or more monthly installments in an incorrect amount because of the operation of the preceding sentence, or because Lender has miscalculated
the Floating Interest Rate or has otherwise miscalculated the amount of any monthly installment, then Lender will give Notice to
Borrower of such determination. If such determination discloses that Borrower has paid less than the full amount due for the period
for which the determination was made, Borrower, within 30 calendar days after receipt of the Notice from Lender, will pay to Lender
the full amount of the deficiency. If such determination discloses that Borrower has paid more than the full amount due for the
period for which the determination was made, then the amount of the overpayment will be credited to the next installment(s) of
interest only or principal and interest, as applicable, due under this Note (or, if an Event of Default has occurred and is continuing,
such overpayment will be credited against any amount owing by Borrower to Lender).

 

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		(j)	All payments under this Note must be made in immediately available U.S. funds.

 

		(k)	Any regularly scheduled monthly installment of interest only or principal and interest payable
pursuant to this Section 3 that is received by Lender before the date it is due will be deemed to have been received on the
due date for the purpose of calculating interest due.

 

		(l)	Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may
be added to and become part of the unpaid principal balance of this Note and any reference to “accrued interest” will
refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to principal pursuant to
the Loan Documents will bear interest at the applicable rate or rates specified in this Note and will be payable with such interest
upon demand by Lender and absent such demand, as provided in this Note for the payment of principal and interest.

 

		(m)	In accordance with Section 16, interest charged under this Note cannot exceed the Maximum Interest
Rate. If the Floating Interest Rate at any time exceeds the Maximum Interest Rate, resulting in the charging of interest hereunder
to be limited to the Maximum Interest Rate, then any subsequent reduction in the Floating Interest Rate will not reduce the rate
at which interest under this Note accrues below the Maximum Interest Rate until the total amount of interest accrued hereunder
equals the amount of interest which would have accrued had the Floating Interest Rate at all times been in effect.

 

		(n)	Reserved.

 

		4.	Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise,
any amount applicable to the Indebtedness which is less than all amounts due and payable at such time, Lender may apply the amount
received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Borrower
agrees that neither Lender’s acceptance of a payment from Borrower in an amount that is less than all amounts then due and
payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver of the unpaid
amounts or an accord and satisfaction.

 

		5.	Security. The Indebtedness is secured by, among other things, the Security Instrument, and
reference is made to the Security Instrument and the Loan Agreement for other rights with respect to collateral for the Indebtedness.

 

		6.	Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal
balance, any accrued interest, any prepayment premium payable under Section 10, and all other amounts payable under this Note and
any other Loan Document, will at once become due and payable, at the option of Lender, without any prior Notice to Borrower (except
if notice is required by applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any
prior forbearance. For purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred
on the date of acceleration. If prepayment occurs thereafter, Lender will recalculate the prepayment premium as of the actual prepayment
date.

 

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		7.	Late Charge.

 

		(a)	If any monthly installment of interest or principal and interest or other amount payable under
this Note or under the Loan Agreement or any other Loan Document is not received in full by Lender within 10 days after the installment
or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires
a longer period of time before a late charge may be imposed, in which event such longer period will be substituted), Borrower must
pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless
applicable law requires a lesser amount be charged, in which event such lesser amount will be substituted). If the Loan is not
fully amortizing, the late charge will not be due on the final payment of principal owed on the Maturity Date if such payment is
not timely made.

 

		(b)	Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional
expenses in servicing and processing the Loan and that it is extremely difficult and impractical to determine those additional
expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate,
taking into account all circumstances existing on the date of this Note, of the additional expenses Lender will incur by reason
of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant
to Section 8.

 

		8.	Default Rate. 

 

		(a)	So long as (i) any monthly installment under this Note remains past due for 30 days or more
or (ii) any other Event of Default has occurred and is continuing, then notwithstanding anything in Section 3 of this Note
to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of the first
such unpaid monthly installment or the occurrence of such other Event of Default, as applicable, at the Default Rate.

 

		(b)	From and after the Maturity Date, the unpaid principal balance will continue to bear interest at
the Default Rate until and including the date on which the entire principal balance is paid in full.

 

		(c)	Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the Loan, (ii) during the time that any monthly installment under this Note
is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money
due and from the adverse impact on Lender’s ability to meet its other obligations and to take advantage of other investment
opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also
acknowledges that, during the time that any monthly installment under this Note is delinquent for 30 days or more or any other
Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and
Lender is entitled to be compensated for such increased risk. Borrower agrees that the increase in the rate of interest payable
under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on
the date of this Note, of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent payment
and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent
loan.

 

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		9.	Limits on Personal Liability.

 

		(a)	Except as otherwise provided in this Section 9, Borrower will have no personal liability under
this Note, the Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of or compliance
with any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness
and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged
Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability
will not limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of
any other obligations of Borrower.

 

		(b)	Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other
amounts for which Borrower has personal liability under this Section 9.

 

		(c)	In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment
of a further portion of the Indebtedness equal to any loss or damage suffered by Lender as a result of the occurrence of any of
the following events:

 

		(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender
is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower from
tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if
Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument because of a valid order
issued in a bankruptcy, receivership, or similar judicial proceeding.

 

		(ii)	Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan
Agreement. However, Borrower will not be personally liable for any failure described in this Section 9(c)(ii) if Borrower is unable
to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in a bankruptcy,
receivership, or similar judicial proceeding.

 

		(iii)	Either of the following occurs:

 

		(A)	Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the
Loan Agreement and Lender exercises its right to audit those statements, schedules and reports.

 

		(B)	If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and
records relating to the Mortgaged Property or its operation in accordance with the provisions of Section 6.07 of the Loan Agreement.

 

		(iv)	Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of
any item below marked “Deferred”; provided however, that if no item is marked “Deferred”, this Section 9(c)(iv)
will be of no force or effect.

 

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		[Deferred]	Property Insurance premiums or other Insurance premiums

		[Collect]	Taxes or payments in lieu of taxes (PILOT)

		[Deferred]	water and sewer charges (that could become a lien on the Mortgaged Property)

		[N/A]	Ground Rents

		[Deferred]	assessments or other charges (that could become a lien on the Mortgaged Property), including home owner association dues

 

		(v)	Borrower engages in any willful act of material waste of the Mortgaged Property.

 

		(vi)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the
Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement
(subject to possible full recourse liability as set forth in Section 9(f)(ii)).

 

		(vii)	Any of the following Transfers occurs:

 

		(A)	Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or
encumbrance against the Mortgaged Property and Borrower has not complied with the provisions of the Loan Agreement.

 

		(B)	A Transfer of property by devise, descent or operation of law occurs upon the death of a natural
person and such Transfer does not meet the requirements set forth in the Loan Agreement.

 

		(C)	Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement.

 

		(D)	Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement.

 

		(viii)	Reserved.
	 	 	 
	 	(ix)	through (xviii) are Reserved.

 

		(xix)	Borrower fails to complete any Property Improvement Alterations that have been commenced in accordance
with Section 6.09(e)(v) of the Loan Agreement.

 

		(d)	In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following:

 

		(i)	Borrower will be personally liable for the performance of all of Borrower’s obligations under
Sections 6.12 and 10.02(b) of the Loan Agreement (relating to environmental matters).

 

		(ii)	Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan
Agreement.

 

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		(iii)	Borrower will be personally liable for any costs and expenses incurred by Lender in connection
with the collection of any amount for which Borrower is personally liable under this Section 9, including Attorneys’
Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount
for which Borrower has personal liability.

 

		(iv)	through (viii) are Reserved.

 

		(ix)	Borrower will be personally liable for any fees, costs, or expenses incurred by Lender in connection
with Borrower’s termination of any agreement for the provision of services to or in connection with the Mortgaged Property,
including cable, internet, garbage collection, landscaping, security, and cleaning.

 

		(e)	All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender
from the enforcement of its rights under the Loan Agreement and the other Loan Documents will be applied first to the portion of
the Indebtedness for which Borrower has no personal liability.

 

		(f)	Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment
of all of the Indebtedness upon the occurrence of any of the following Events of Default:

 

		(i)	Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE
Equity Owner fails to comply with Section 6.13(b)(i) or (ii) of the Loan Agreement.

 

		(ii)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the
Loan Agreement or any SPE Equity Owner fails to comply with any provision of Section 6.13(b)(iii) through (v) of the Loan Agreement
and a court of competent jurisdiction holds or determines that such failure or combination of failures is the basis, in whole or
in part, for the substantive consolidation of the assets and liabilities of Borrower or any SPE Equity Owner with the assets and
liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code.

 

		(iii)	A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other
than a Transfer set forth in Section 9(c)(vii) above (for which Borrower will have personal liability for Lender’s loss or
damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary
removal or involuntary withdrawal of a general partner in a limited partnership or a manager in a limited liability company.

 

		(iv)	There was fraud or written material misrepresentation by Borrower or any officer, director, partner,
member, or employee of Borrower in connection with the application for or creation of the Indebtedness or there is fraud in connection
with any request for any action or consent by Lender.

 

		(v)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy
Code.

 

		(vi)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership,
insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and creditor rights.

 

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		(vii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy
or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary proceeding
pursuant to any other federal or state law affecting debtor and creditor rights.

 

		(viii)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy
Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding initiated or joined
in by a Related Party.

 

		(ix)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower
or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use commercially
reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts”
will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or cause the contribution
of additional capital to Borrower or any SPE Equity Owner.

 

		(x)	through (xii) are reserved.

 

		(g)	For purposes of Sections 9(f) and (h), the term “Related Party” will include
all of the following:

 

		(i)	Borrower,
any Guarantor, or any SPE Equity Owner.
	 	 	 
	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder,
member or partner) in Borrower, any Guarantor, or any SPE Equity Owner or any Person that has a right to manage Borrower, any Guarantor,
or any SPE Equity Owner.

 

		(iii)	Any Person in which Borrower, any Guarantor, or any SPE Equity Owner has any ownership interest
(direct or indirect) or right to manage.

 

		(iv)	Any Person in which any partner, shareholder, or member of Borrower, any Guarantor, or any SPE
Equity Owner has an ownership interest or right to manage.

 

		(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor, or any SPE Equity
Owner also has any ownership interest.

 

		(vi)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related by blood, marriage
or adoption to Borrower, any Guarantor, or any SPE Equity Owner.

 

		(vii)	Any creditor (as defined in the Bankruptcy Code) of Borrower that is related to any partner, shareholder
or member of, or any other Person holding an interest in, Borrower, any Guarantor, or any SPE Equity Owner.

 

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		(h)	If Borrower, any Guarantor, any SPE Equity Owner, or any Related Party has solicited creditors
to initiate or participate in any proceeding referred to in Section 9(f), regardless of whether any of the creditors solicited
actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related
Party.

 

		(i)	To the extent that Borrower has personal liability under this Section 9, Lender may, to the
fullest extent permitted by applicable law, exercise its rights against Borrower personally without regard to whether Lender has
exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any Guarantor, or pursued
any other rights available to Lender under this Note, the Loan Agreement, any other Loan Document, or applicable law. To the fullest
extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Section 9, Borrower
waives any right to set off the value of the Mortgaged Property against such personal liability.

 

		10.	Voluntary and Involuntary Prepayments. 

 

		(a)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal
required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note.
Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security
to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note.

 

		(b)	Borrower may not voluntarily prepay any portion of the principal balance of this Note during the
Lockout Period, if a Lockout Period is applicable to this Note. However, if any portion of the principal balance of this Note is
prepaid during the Lockout Period by reason of the application by Lender of any proceeds of collateral or other security to any
portion of the unpaid principal balance of this Note or following a determination that the prohibition on voluntary prepayments
during the Lockout Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a
prepayment premium equal to 5% of the amount of principal being prepaid.

 

		(c)	Following the end of the Lockout
                                         Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note
                                         on an Installment Due Date so long as Borrower designates
                                         the date for such prepayment in a Notice from Borrower to Lender given at least 30 days
                                         prior to the date of such prepayment. If an Installment Due Date (as defined in Section
                                         1(a)) falls on a day which is not a Business Day, then with respect to
                                         payments made under this Section 10 only, the term “Installment Due Date”
                                         will mean the Business Day immediately preceding the scheduled Installment Due Date.

 

		(d)	Notwithstanding Section 10(c), Borrower may voluntarily prepay all of the unpaid principal balance
of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in Section
10(c) and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower
may prepay principal on a Business Day other than an Installment Due Date only because Lender will deem any prepayment received
by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following
such prepayment and Borrower must pay to Lender all interest that would have been due if the prepayment had actually been made
on the Installment Due Date immediately following such prepayment.

 

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		(e)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay
less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of
this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest
due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated
pursuant to Section 10(f).

 

		(f)	Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in
connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium will be
1.0% of the amount of principal being prepaid for any prepayments occurring during the Prepayment Premium Period but after the
Lockout Period (if applicable).

 

		(g)	Notwithstanding any other provision of this Section 10, no prepayment premium will be payable
with respect to any of the following:

 

			
	 	(i)	Any
prepayment made during the Window Period.
	 	 	 
	 	(ii)	Any
prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award.
	 	 	 
	 	(iii)	Any
prepayment required under the terms of the Loan Agreement in connection with a Condemnation proceeding.
	 	 	 
	 	(iv)	Any
                                         prepayment of the entire principal balance of this Note that occurs on or after the 12th
                                         Installment Due Date under this Note with the proceeds of a fixed interest rate mortgage
                                         loan that is the subject of a binding commitment for purchase between Freddie Mac and
                                         a Freddie Mac-approved Program Plus® Seller/Servicer. 

 

		(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the
unpaid principal balance of this Note will not extend or postpone the due date of any subsequent monthly installments or change
the amount of such installments.

 

		(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether
voluntary or involuntary or resulting from an Event of Default by Borrower, will result in Lender’s incurring loss, including
reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third
parties. Borrower agrees to pay to Lender upon demand damages for the detriment caused by any prepayment, and agrees that it is
extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the
formula for calculating prepayment premiums set forth in this Note represents a reasonable estimate of the damages Lender will
incur because of a prepayment. Borrower further acknowledges that any lockout and prepayment premium provisions of this Note are
a material part of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower
as a result of the Borrower’s voluntary agreement to the lockout and prepayment premium provisions.

 

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		11.	Reserved.

 

		12.	Reserved.

 

		13.	Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all
expenses and costs, including Attorneys’ Fees and Costs incurred by Lender as a result of any default under this Note or
in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents,
including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief
from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges
and agrees that, in connection with each request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable
Attorneys’ Fees and Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies (if applicable),
regardless of whether the matter is approved, denied or withdrawn.

 

		14.	Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note,
the Loan Agreement, or any other Loan Document, or otherwise afforded by applicable law, will not be a waiver of or preclude the
exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in
an amount which is less than the required payment, will not be a waiver of Lender’s right to require prompt payment when
due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by
Lender of any security for Borrower’s obligations under this Note will not constitute an election by Lender of remedies so
as to preclude the exercise of any other right or remedy available to Lender.

 

		15.	Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party
obligors waive presentment, demand, notice of dishonor, protest, notice of acceleration, notice of intent to demand or accelerate
payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness.

 

		16.	Loan Charges. Neither this Note nor any of the other Loan Documents will be construed to
create a contract for the use, forbearance, or detention of money requiring payment of interest at a rate greater than the Maximum
Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in
connection with the Loan is interpreted so that any interest or other charge provided for in any Loan Document, whether considered
separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower is entitled
to the benefit of that law, that interest or charge is hereby reduced to the extent necessary to eliminate that violation. The
amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid principal
balance of this Note. For the purpose of determining whether any applicable law limiting the amount of interest or other charges
permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges
made in connection with the Indebtedness that constitute interest, will be deemed to be allocated and spread ratably over the stated
term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner
that the rate of interest so computed is uniform throughout the stated term of this Note.

 

		17.	Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely
for the purpose of carrying on a business or commercial enterprise, and not for personal, family, household, or agricultural purposes.

 

		18.	Counting of Days. Any reference in this Note to a period of “days” means calendar
days, not Business Days, except where otherwise specifically provided.

 

    	Multifamily Note
Floating Rate
	Page 13

     

    

 

		19.	Governing Law. This Note will be governed by the law of the Property Jurisdiction.

 

		20.	Captions. The captions of the Sections of this Note are for convenience only and will
be disregarded in construing this Note.

 

		21.	Notices; Written Modifications. 

 

		(a)	All Notices, demands, and other communications required or permitted to be given pursuant to this
Note will be given in accordance with Section 11.03 of the Loan Agreement.

 

		(b)	Any modification or amendment to this Note will be ineffective unless in writing and signed by
the party sought to be charged with such modification or amendment; provided, however, in the event of a Transfer under the terms
of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth
in Exhibit A to this Note may be modified or rendered void by Lender at Lender’s option, by Notice to Borrower
and the transferee, as a condition of Lender’s consent.

 

		22.	Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or
in relation to this Note may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction
in the Property Jurisdiction will have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower
irrevocably consents to service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which
it might be entitled by virtue of domicile, habitual residence, or otherwise. However, nothing in this Note is intended to limit
any right that Lender may have to bring any suit, action, or proceeding relating to matters arising under this Note in any court
of any other jurisdiction.

 

		23.	WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL
BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT
IS TRIABLE OF RIGHT BY A JURY AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY
SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND
VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

 

		24.	State-Specific Provisions. N/A.

 

		25.	Attached Riders. The following Riders are attached to this Note:

 

		x	Legal Non-Conforming Property

 

		26.	Attached Exhibit. The following Exhibit, if marked with an “X”
in the space provided, is attached to this Note: 

 

		x	Exhibit A         Modifications to Multifamily Note

 

IN WITNESS WHEREOF, and in consideration
of the Lender’s agreement to lend Borrower the principal amount set forth above, Borrower has signed and delivered this Note
under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative.

 

    	Multifamily Note
Floating Rate
	Page 14

     

    

 

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

 

    	Multifamily Note
Floating Rate
	Page 15

     

    

 

PAY TO THE ORDER OF

____________________________________________________,

WITHOUT RECOURSE.

 

	JONES LANG LASALLE	 
	 	MULTIFAMILY, LLC, a Delaware limited liability company	 
	 	 	 
	By:	/s/ Faron G. Thompson	 
	 	Faron G. Thompson	 
	 	Executive Vice President	 

 

Freddie Mac Loan No. 708581501

 

    	Multifamily Note
Floating Rate
	Page 16

     

    

 

RIDER TO MULTIFAMILY
NOTE

 

LEGAL NON-CONFORMING
PROPERTY 

 

(Revised 9-4-2015)

 

The following changes are made to the Note
which precedes this Rider:

 

		A.	Section 9(c)(x) is deleted and replaced with the following:

 

		(x)	A casualty occurs affecting the Mortgaged Property and which results in loss or damage to Lender
because of either of the following:

 

		(A)	(1) the Mortgaged Property is legally non-conforming under the applicable zoning laws, ordinances
and/or regulations in the Property Jurisdiction (“Zoning Code”), (2) the affected Improvements cannot be rebuilt
to their pre-casualty condition under the terms of the Zoning Code, and (3) the Property Insurance proceeds available to Lender
under the terms of the Loan Agreement are insufficient to repay the Indebtedness in full.

 

		(B)	Borrower fails to commence and diligently pursue completion of any Restoration within the time
frame required by the Zoning Code and any permits issued pursuant to the Zoning Code which are necessary to allow the Restoration
to the pre-casualty condition described in Section 9(c)(x)(A)(2).

 

    	Rider to Multifamily Note
Legal Non-Conforming Property
	 

     

    

 

EXHIBIT
A

 

MODIFICATIONS TO MULTIFAMILY NOTE

 

The following modifications are made to the text of the Note
that precedes this Exhibit.

 

		1.	Section 9(a) is revised to read as follows:

 

		(a)	Except as otherwise provided in this Section 9, neither Borrower nor any
of its direct or indirect owners (with the exception of any Guarantor pursuant to any Guaranty of even date herewith, if any) will
have no any personal liability under this Note, the Loan Agreement or any other Loan Document for
the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under the Loan
Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will
be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by
Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s
enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower.

 

    	Multifamily Note
Floating Rate
	Page A-1

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