Document:

Securities Purchase Agreement

 Exhibit 10.25 
 Execution Version 
 SECURITIES PURCHASE AGREEMENT 

BY AND AMONG 

APARTMENT TRUST OF AMERICA, INC., 
 2335887 LIMITED PARTNERSHIP, 
 DK LANDMARK, LLC 

AND 
 SOLELY FOR
CERTAIN LIMITED PURPOSES SET FORTH HEREIN, 
 ELCO LANDMARK RESIDENTIAL HOLDINGS LLC 

Dated as of August 3, 2012 

 TABLE OF CONTENTS 

 

							
		
	 ARTICLE I. Interpretation
	  	 	2	  
	     1.1
	  	Certain Definitions	  	 	2	  
	     1.2
	  	Construction	  	 	10	  
		
	 ARTICLE II. Purchase and Sale of Securities
	  	 	10	  
			
	     2.1
	  	Purchase and Sale of Securities	  	 	10	  
	     2.2
	  	Purchase Price	  	 	11	  
	     2.3
	  	Closing	  	 	11	  
	     2.4
	  	Closing Procedures	  	 	11	  
		
	 ARTICLE III. Representations and Warranties of the Corporation
	  	 	12	  
			
	     3.1
	  	Incorporation of Representations and Warranties in Master Agreement and DeBartolo Contribution Agreements	  	 	12	  
	     3.2
	  	Authorization of Agreement	  	 	12	  
	     3.3
	  	Consents and Approvals	  	 	13	  
	     3.4
	  	No Conflicts; No Violations	  	 	13	  
	     3.5
	  	Capitalization	  	 	13	  
	     3.6
	  	Authorization of Preferred Stock	  	 	14	  
	     3.7
	  	Absence of Undisclosed Liabilities	  	 	14	  
	     3.8
	  	Indebtedness	  	 	15	  
	     3.9
	  	FF&E	  	 	15	  
	     3.10
	  	Investment Company	  	 	15	  
	     3.11
	  	Compliance	  	 	15	  
	     3.12
	  	Insurance	  	 	15	  
	     3.13
	  	Solvency	  	 	15	  
	     3.14
	  	Private Placement	  	 	16	  
	     3.15
	  	Registration Rights	  	 	16	  
	     3.16
	  	Waiver of Ownership Limits	  	 	16	  
	     3.17
	  	Application of Takeover Protections	  	 	16	  
	     3.18
	  	Matters Relating to Contributed Entities and Contributed Properties	  	 	16	  
	     3.19
	  	Certain Fees	  	 	18	  
	     3.20
	  	Acknowledgment Regarding Purchasers’ Purchase of Securities	  	 	18	  
		
	 ARTICLE IV. Representations and Warranties of the Purchasers
	  	 	19	  
			
	     4.1
	  	Organization	  	 	19	  
	     4.2
	  	Authorization	  	 	19	  
	     4.3
	  	Consents and Approvals	  	 	19	  
	     4.4
	  	No Conflicts	  	 	20	  
	     4.5
	  	Brokers’ Fees	  	 	20	  
	     4.6
	  	Securities Law Matters	  	 	20	  
	     4.7
	  	Patriot Act.	  	 	20	  
	     4.8
	  	Special Representation by OPTrust	  	 	21	  
	     4.9
	  	No Other Representations or Warranties	  	 	21	  

  
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	 ARTICLE V. Covenants During Restricted Period
	  	 	21	  
			
	     5.1
	  	Conduct of the Business	  	 	21	  
	     5.2
	  	Master Agreement and DeBartolo Contribution Agreements	  	 	22	  
	     5.3
	  	Notification	  	 	22	  
	     5.4
	  	Lender Consents	  	 	22	  
	     5.5
	  	Information and Access Relating to Alternate Properties	  	 	23	  
		
	 ARTICLE VI. Conditions Precedent to Closing
	  	 	23	  
			
	     6.1
	  	Conditions Precedent to the Corporation’s Obligations	  	 	23	  
	     6.2
	  	Conditions Precedent to the Purchasers’ Obligations	  	 	24	  
		
	 ARTICLE VII. [Intentionally Omitted]
	  	 	25	  
		
	 ARTICLE VIII. Closing Deliveries
	  	 	25	  
			
	     8.1
	  	Items to Be Delivered by the Corporation	  	 	25	  
	     8.2
	  	Items to Be Delivered by the Purchasers	  	 	27	  
	     8.3
	  	Items to Be Delivered by ELRH	  	 	27	  
	     8.4
	  	Additional Items to Be Delivered by DeBartolo	  	 	28	  
		
	 ARTICLE IX. Other Agreements of the Parties
	  	 	28	  
			
	     9.1
	  	All Reasonable Efforts; Further Assurances	  	 	28	  
	     9.2
	  	Notification	  	 	28	  
	     9.3
	  	Issuance of Preferred Stock	  	 	28	  
	     9.4
	  	Public Announcements	  	 	29	  
	     9.5
	  	Confidentiality	  	 	29	  
	     9.6
	  	Title to Acquired Properties	  	 	29	  
	     9.7
	  	Transfer Taxes	  	 	30	  
	     9.8
	  	Transfer Restrictions	  	 	30	  
	     9.9
	  	Pre-emptive Right	  	 	32	  
	     9.10
	  	No Impairment	  	 	34	  
	     9.11
	  	Director and Officer Insurance	  	 	34	  
	     9.12
	  	Access	  	 	35	  
	     9.13
	  	Amendments to Transaction Documents	  	 	35	  
	     9.14
	  	Integration	  	 	35	  
	     9.15
	  	Appraisal	  	 	36	  
	     9.16
	  	Use of Proceeds	  	 	36	  
	     9.17
	  	Other Reporting Obligations	  	 	37	  
	     9.18
	  	Affiliate Transactions	  	 	38	  
	     9.19
	  	Investment Company Act	  	 	38	  
		
	 ARTICLE X. Survival and Indemnification
	  	 	39	  
			
	     10.1
	  	Survival of Representations, Warranties, and Covenants	  	 	39	  
	     10.2
	  	Indemnification	  	 	39	  
	     10.3
	  	Procedures for Third-Party Claims	  	 	41	  
	     10.4
	  	Direct Claims	  	 	42	  
	     10.5
	  	Certain Other Matters	  	 	42	  
		
	 ARTICLE XI. Miscellaneous
	  	 	42	  

  
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	     11.1
	  	Amendments	  	 	42	  
	     11.2
	  	Assignment	  	 	42	  
	     11.3
	  	Binding Effect	  	 	43	  
	     11.4
	  	Counterparts	  	 	43	  
	     11.5
	  	Entire Agreement	  	 	43	  
	     11.6
	  	Fees and Expenses	  	 	43	  
	     11.7
	  	Governing Law	  	 	43	  
	     11.8
	  	Headings	  	 	43	  
	     11.9
	  	Jurisdiction	  	 	43	  
	     11.10
	  	Notices	  	 	44	  
	     11.11
	  	No Recourse	  	 	45	  
	     11.12
	  	Severability	  	 	46	  
	     11.13
	  	Specific Performance	  	 	46	  
	     11.14
	  	Third-Party Beneficiaries	  	 	46	  
	     11.15
	  	Waiver	  	 	46	  

  

			
	Index of Schedules
		
	 Schedule A:
	 	Use of Proceeds
		
	 Schedule B:
	 	Existing Properties and Existing ATA Indebtedness
		
	 Schedule C:
	 	Planned Contributed Properties
		
	 Schedule 3.3:
	 	Consents and Approvals
		
	 Schedule 3.4:
	 	No Conflicts; No Violations
		
	 Schedule 3.18 (b):
	 	Other Third Party Approvals and Consents
	
	Index of Exhibits
		
	 Exhibit A:
	 	Series A Preferred Articles Supplementary
		
	 Exhibit B:
	 	Series B Preferred Articles Supplementary
		
	 Exhibit C:
	 	Form of Warrant
		
	 Exhibit D-1:
	 	Form of Opinion of Counsel to Corporation
		
	 Exhibit D-2:
	 	Form of Opinion of Tax Counsel to Corporation (Morris, Manning and Martin LLP)
		
	 Exhibit D-3:
	 	Form of Opinion of Tax Counsel to Corporation (Hunton & Williams LLP)
		
	 Exhibit D-4:
	 	Form of Opinion of Maryland Counsel to Corporation
		
	 Exhibit E:
	 	Form of Registration Rights Agreement

  
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	 Exhibit F:
	  	Form of Corporate Governance Agreement
		
	 Exhibit G:
	  	Form of Indemnification Agreement
		
	 Exhibit H:
	  	Form of REIT Ownership Limit Waiver

  
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 SECURITIES PURCHASE AGREEMENT 

THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”) is entered into as of August 3, 2012, by and among APARTMENT
TRUST OF AMERICA, INC., a Maryland corporation (the “Corporation”), 2335887 LIMITED PARTNERSHIP, an Ontario limited partnership (“OPTrust”), DK LANDMARK, LLC, a Florida limited liability company
(“DeBartolo” and, together with OPTrust, the “Purchasers” and each a “Purchaser”), and ELCO LANDMARK RESIDENTIAL HOLDINGS LLC, a Delaware limited liability company (“ELRH”), solely
for the purposes of Section 5.4 (Lender Consents), Section 6.2(b), Section 8.2(e), Section 8.2(f), Section 8.3 (Items to Be Delivered by ELRH), Section 9.12 (Access), Section 9.16 (Use of Proceeds),
Section 9.18 (Affiliate Transactions), Section 10.2(b) (and the other provisions of Article X (Survival and Indemnification) to the extent relating thereto) and Article XI (Miscellaneous), and the definitions and other provisions of
Article I (Interpretation) to the extent relating to any of the foregoing. 
 R E C I T A L S 

WHEREAS, in connection with the transactions contemplated hereby and by that certain Master Contribution and Recapitalization Agreement,
dated as of the date hereof, by and among the Corporation, Apartment Trust of America Holdings, L.P., a Virginia limited partnership (the “Operating Partnership”), ELRH and Elco Landmark Residential Management LLC (the
“Master Agreement”), the Corporation has created the following new series of Preferred Stock of the Corporation: (i) a series of Preferred Stock designated as 9.75% Series A Cumulative Non-Convertible Preferred Stock, par value
$0.01 per share (the “Series A Preferred Stock”), created by filing with the Department of Assessments and Taxation of the State of Maryland (the “Department”) an articles supplementary in the form attached hereto
as Exhibit A (the “Series A Preferred Articles Supplementary”) in accordance with the Maryland General Corporation Law (the “MGCL”), and (ii) a series of Preferred Stock designated as 9.75% Series B
Cumulative Non-Convertible Preferred Stock, par value $0.01 per share (the “Series B Preferred Stock” and, together with the Series A Preferred Stock, the “Preferred Stock”), created by filing with the Department an
articles supplementary in the form attached hereto as Exhibit B (the “Series B Preferred Articles Supplementary”) in accordance with the MGCL; 
 WHEREAS, in connection with the transactions contemplated hereby and by the Master Agreement, the Corporation has entered into two separate Interest Contribution Agreements, dated as of the date hereof,
by and among the Corporation, the Operating Partnership, one or more of DeBartolo and its Affiliates, and the other parties thereto, if any (each a “DeBartolo Contribution Agreement” and collectively the “DeBartolo
Contribution Agreements”), relating to the contribution to the Operating Partnership of two properties owned by DeBartolo and its Affiliates; 
 WHEREAS, on the terms and subject to the conditions set forth herein, the Corporation desires to issue and sell to OPTrust, and OPTrust desires to purchase and acquire from the Corporation, four million
(4,000,000) shares of Series A Preferred Stock on the Closing Date (as defined below) (collectively, the “Series A Preferred Shares”), together with warrants reflecting 100% warrant coverage to acquire shares of Common Stock
(as defined below) in the form attached hereto as Exhibit C (each a “Warrant”); 

  
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 WHEREAS, on the terms and subject to the conditions set forth herein, the Corporation
desires to issue and sell to DeBartolo, and DeBartolo desires to purchase and acquire from the Corporation, one million (1,000,000) shares of Series B Preferred Stock on the Closing Date (collectively, the “Series B Preferred
Shares” and, together with the Series A Preferred Shares, the “Preferred Shares”), together with Warrants; and 
 WHEREAS, the Purchasers and the Corporation acknowledge and agree that the proceeds of the Preferred Shares sold pursuant to this Agreement shall be used solely for the purposes set forth expressly
herein. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the representations, warranties, covenants, and
agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I. 

Interpretation 
 1.1 Certain Definitions. The following terms shall have the meanings set forth below: 
 “Adjusted Full Contribution” means, with respect to either OPTrust or DeBartolo, Full Contribution, with the share number threshold specified therein adjusted for purposes of this
definition by: (i) increasing such threshold by the aggregate number of shares of Common Stock and limited partnership interest units in the Operating Partnership, if any, issued in respect of the contribution pursuant to the Master
Agreement, consummated on or prior to the Outside Date, of any Alternate Property without the prior written consent of each of OPTrust and DeBartolo, including the terms of such contribution and the Agreed Share Value of such Alternate Property and
any Indebtedness in respect thereof (which consent will not be unreasonably conditioned, delayed, or withheld), (ii) with respect to OPTrust only, reducing such threshold by a number of shares equal to 2,883,894 in the event that the
contribution of the Planned Contributed Property identified on Schedule C hereto as “Creekside Grand” shall not have been consummated on or prior to the Outside Date as a result of the breach by any of OPTrust and its Affiliates of
any obligations under any agreement relating to such contribution, (iii) with respect to DeBartolo only, reducing such threshold by a number of shares equal to 747,932 in the event that the contribution of the Planned Contributed
Property identified on Schedule C hereto as “Bay Breeze Villas” shall not have been consummated on or prior to the Outside Date as a result of the breach by any of DeBartolo and its Affiliates of any obligations under any agreement
relating to such contribution, and (iv) with respect to DeBartolo only, reducing such threshold by a number of shares equal to 353,755 in the event that the contribution of the Planned Contributed Property identified on Schedule C
hereto as “Esplanade” shall not have been consummated on or prior to the Outside Date as a result of the breach by any of DeBartolo and its Affiliates of any obligations under any agreement relating to such contribution. 

“Adjusted Full Contribution Date” means, with respect to either OPTrust or DeBartolo, the date, if any, as of which
Adjusted Full Contribution with respect to such Purchaser shall have been achieved. 

  
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 “Affiliate” means, in respect of any Person, any other Person that is
directly or indirectly controlling, controlled by, or under common control with such Person, and the term “control” (including the terms “controlled by” and “under common control with”) means having, directly or
indirectly, the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities or by contract or otherwise. For purposes of this Agreement, other than for purposes of the definition
of “Related Person” and except as otherwise expressly provided, the Affiliates of ELRH shall be limited to Joseph G. Lubeck, Elco Holdings Ltd. and their respective controlled Affiliates. 

“Agreed Share Value” has the meaning ascribed thereto in the Master Agreement as of the date hereof without giving
effect to any amendment, modification or waiver thereof. 
 “Alternate Property” means any multifamily
residential property (other than a Planned Contributed Property) that is contributed or proposed to be contributed to the Operating Partnership pursuant to the Master Agreement in accordance with the terms thereof without giving effect to any
amendment, modification or waiver thereof. 
 “Business Day” means each day, other than a Saturday or a Sunday,
that is not a day on which banking institutions in New York are authorized or required by law, regulation or executive order to close. 
 “Capital Stock” means all classes or series of stock of the Corporation, including, without limitation, Common Equity, Series A Preferred Stock and Series B Preferred Stock. 

“Charter” means the Articles of Amendment and Restatement of the Corporation dated as of July 18, 2006, as amended
by the Articles of Amendment dated as of December 7, 2007, the Second Articles of Amendment dated as of June 22, 2010 and the Third Articles of Amendment dated as of December 28, 2010, and as further contemplated to be amended
pursuant to the Master Agreement, and as the same may thereafter be amended or restated. 
 “Closing” has the
meaning ascribed to it in Section 2.3. 
 “Closing Date” has the meaning ascribed to it in
Section 2.3. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to
time. 
 “Common Equity” means all shares now or hereafter authorized of any class of common stock of the
Corporation, including the Common Stock, and any other stock of the Corporation, howsoever designated, authorized after the Closing Date, which has the right (subject always to prior rights of any class or series of preferred stock) to participate
in the distribution of the assets and earnings of the Corporation without limit as to per share amount. 
 “Common
Stock” means the common stock, $.01 par value per share, of the Corporation. 
 “Conduct of Business
Covenants” has the meaning ascribed to it in Section 5.1. 

  
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 “Contract” has the meaning ascribed thereto in the Master Agreement as of
the date hereof without giving effect to any amendment, modification or waiver thereof. 
 “Contributed Entity”
means an entity that wholly owns, directly or indirectly, a Contributed Property. 
 “Contributed Property”
means (i) each Planned Contributed Property (except for any such property that becomes an Excluded Property under the Master Agreement pursuant to its terms as of the date hereof without giving effect to any amendment, modification or waiver
thereof) and (ii) each Alternate Property (if any), that becomes a Contributed Property under the Master Agreement pursuant to its terms as of the date hereof without giving effect to any amendment, modification or waiver thereof. 

“Corporation” has the meaning ascribed to it in the preamble to this Agreement. 

“DeBartolo” has the meaning ascribed to it in the preamble to this Agreement. 

“DeBartolo Contribution Agreement” and “DeBartolo Contribution Agreements” have the meanings ascribed
to such terms in the recitals to this Agreement. 
 “Department” has the meaning ascribed to it in the recitals
to this Agreement. 
 “Direct Claim” has the meaning ascribed to it in Section 10.4. 

“Domestically Controlled REIT” shall mean a REIT that is a “domestically controlled qualified investment
entity” meeting the ownership requirements of Code section 897(h)(4)(B). 
 “ELRH” has the meaning
ascribed to it in the preamble to this Agreement. 
 “Environmental Law” and “Environmental
Laws” have the respective meanings ascribed to them in Section 3.18(c). 
 “Equity Interest”
means (i) in the case of a corporation, shares of stock, (ii) in the case of a general or limited partnership, partnership interests, (iii) in the case of a limited liability company, limited liability company interests, (iv) in
the case of a trust, beneficial interests therein, and (v) in the case of any other Person that is not an individual, the comparable interests therein. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Executive Order” has the meaning ascribed to it in Section 4.7(a). 
 “Exercise Period” has the meaning ascribed to it in Section 9.9(b). 
 “Full Contribution” means the contribution, in the aggregate, of (i) Contributed Properties, and/or (ii) cash paid to purchase Capital Stock or Warrants, resulting in the
contributors thereof owning, directly or beneficially, at least 13,400,000 shares of Common Stock in the aggregate (assuming (x) conversion of each interest in the Operating Partnership 

  
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acquired pursuant to the Master Agreement directly or beneficially by each contributor thereof into one share of Common Stock and (y) conversion or exercise of any other securities acquired
pursuant to the Master Agreement that are convertible into, or exercisable for, Common Stock). 
 “Fully Exercising ROFO
Holder” has the meaning ascribed to it in Section 9.9(b). 
 “GAAP” means generally accepted
accounting principles in the United States. 
 “Government Approval” means any authorization, consent,
approval, waiver, exception, variance, order, exemption, publication, filing, declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Entity, the giving notice to or registration with
any Governmental Entity or any other action in respect of any Governmental Entity. 
 “Governmental Entity”
means (a) any body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental agency, department, board, commission or other instrumentality, whether national,
territorial, federal, state, provincial, local, supranational or other authority, (b) any organization of multiple nations, or (c) any tribunal, court or arbitrator of competent jurisdiction. 

“Governance Agreement” has the meaning ascribed to it in Section 8.1(k). 

“Hazardous Materials” has the meaning ascribed to it in Section 3.18(c). 

“IFRS” has the meaning ascribed to it in Section 9.17(b)(ii). 

“Indebtedness” has the meaning ascribed thereto in the Series A Preferred Articles Supplementary. 

“Indemnitee” means any Person entitled to indemnification under this Agreement. 

“Indemnitor” means any Person required to provide indemnification under this Agreement. 

“Indemnity Payment” means any amount of Losses required to be paid pursuant to this Agreement. 

“Law” means mean (a) any constitution applicable to, and any statute, treaty, rule, regulation, ordinance, or
requirement of any kind of, any Governmental Entity, (b) principles of common law, and (c) any Order. 

“Lender Approval” has the meaning ascribed thereto in the Master Agreement or the applicable DeBartolo Contribution
Agreement, as the case may be, as of the date hereof without giving effect to any amendment, modification or waiver thereof. 

“Lien” means any security interest, lien, pledge, charge, encumbrance, mortgage, indenture, security agreement or other
similar agreement, arrangement, contract, commitment, or obligation, whether or not relating in any way to credit or the borrowing of money. 

  
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 “Losses” means any and all direct and reasonable indirect damages (but
excluding any consequential, special or punitive damages, unless such damages are actually incurred by a party in connection with any Proceedings in respect of such party is entitled to be indemnified hereunder in which case such damages shall be
included), fines, penalties, deficiencies, liabilities, claims, losses (including loss of value), judgments, awards, settlements, taxes, actions, obligations and costs and expenses in connection therewith (including, without limitation, interest,
court costs and fees and expenses of attorneys, accountants and other experts, or any other expenses of litigation or other Proceedings or of any default or assessment). 
 “Master Agreement” has the meaning ascribed to it in the recitals to this Agreement. 
 “Material Adverse Effect” means any result, occurrence, fact, change or event (whether or not known or foreseeable as of the date of this Agreement) that, individually, or in the
aggregate with any such other results, occurrences, facts, changes, or events, has a material adverse effect on (i) the earnings, business affairs, business prospects, assets, properties, condition (financial or otherwise) or results of
operations of the Corporation and its Subsidiaries, taken as a whole, or (ii) the ability of the Corporation and its Affiliates to perform in a timely manner their obligations under this Agreement and the other Transaction Documents and to
consummate the transactions contemplated hereby or thereby; provided that, without limitation to the foregoing, it is understood and agreed that each of the following shall be deemed a Material Adverse Effect under this Agreement: (x) an
“ATA Material Adverse Effect” (as defined in the Master Agreement on the date hereof without giving effect to any amendment, modification or waiver thereof), (y) a “Portfolio Material Adverse Effect” (as defined in the
Master Agreement on the date hereof without giving effect to any amendment, modification or waiver thereof), and (z) a material adverse effect on the value of the Contributed Properties, taken as a whole. 

“MGCL” has the meaning ascribed to it in the recitals to this Agreement. 

“New Securities” has the meaning ascribed to it in Section 9.9(a). 

“Offer Notice” has the meaning ascribed to it in Section 9.9(a). 

“Operating Partnership” has the meaning ascribed to it in the recitals to this Agreement. 

“OPTrust” has the meaning ascribed to it in the preamble to this Agreement. 

“Order” means any decree, injunction, judgment, order, ruling, writ, assessment or arbitration award of a Governmental
Entity, arbitrator or arbitral body, commission or self-regulatory organization, whether arising from a Proceeding or applicable Law. 
 “Organizational Documents” means, with respect to a corporation, limited liability company, partnership, or other legally authorized incorporated or unincorporated entity, (i) the
articles of incorporation, certificate of incorporation, articles of organization, articles of association, articles supplementary, certificate of limited partnership or other applicable organizational or charter documents relating to the creation
or organization of such entity, together with any amendment or supplement to any of the foregoing and (ii) the bylaws, operating agreement, partnership agreement, or other applicable documents relating to the

  
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operation, governance or management of such entity, including any security holders’ agreement, voting agreement, voting trust agreement, joint venture agreement or registration rights
agreement, together with any amendment or supplement to any of the foregoing. 
 “Originating Proceedings” has
the meaning ascribed to it in Section 10.2(a)(iv). 
 “Outside Date” has the meaning ascribed to it in
Section 5.4. 
 “Patriot Act” has the meaning ascribed to it in Section 4.7(a). 

“Permitted Encumbrances” (i) with respect to any Contributed Property, has the meaning ascribed thereto in the
Master Agreement or the applicable DeBartolo Contribution Agreement, as the case may be, as of the date hereof without giving effect to any amendment, modification or waiver thereof, and (ii) with respect to any other property, has the meaning
ascribed thereto in the Master Agreement as of the date hereof without giving effect to any amendment, modification or waiver thereof, mutatis mutandis. 
 “Person” means any individual, partnership, limited partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated
organization, or other entity. 
 “Planned Contributed Property” means any property identified on Schedule
C hereto that is hereafter acquired by, or contributed to, the Corporation or any of its Subsidiaries pursuant to or as contemplated by the Master Agreement as of the date hereof without giving effect to any amendment, modification or waiver
thereof. 
 “Preferred Equity Securities” means (i) any and all shares of Capital Stock ranking senior to
the Common Equity in respect of the right to receive dividends or the right to participate in any distribution upon liquidation, dissolution or winding up of the affairs of the Corporation or the right of redemption thereof, and (ii) any and
all securities of the Corporation convertible into, or exchangeable or exercisable for, such shares, and options, warrants or other rights to acquire such shares. 
 “Preferred Shares” has the meaning ascribed to it in the recitals to this Agreement. 
 “Preferred Stock” has the meaning ascribed to it in the recitals to this Agreement. 
 “Pro Rata Portion” means with respect to any ROFO Holder, a fraction (i) the numerator of which is the total number of shares of Preferred Stock held by such ROFO Holder and its
Affiliates on the date of calculation of the Pro Rata Portion and (ii) the denominator of which is the total number of shares of Preferred Stock outstanding on such date. 
 “Proceeding” means any action, claim, audit or other inquiry, hearing, investigation, suit or other charge or proceeding (whether civil, criminal, administrative, investigative, formal or
informal) by or before any Governmental Entity or before an arbitrator or arbitral body or mediator. 
 “Proceeds
Accounts” has the meaning ascribed to it in Section 9.16. 

  
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 “Purchaser” has the meaning ascribed to it in the preamble to this
Agreement. 
 “Purchaser Documents” has the meaning ascribed to it in Section 4.2. 

“Put and ROFR Agreements” means the Series A Put and ROFR Agreement and the Series B Put and ROFR Agreement. 

“Receiving Party” has the meaning ascribed to it in Section 9.5. 

“Refinancing” has the meaning ascribed thereto in the Master Agreement as of the date hereof without giving effect to
any amendment, modification or waiver thereof. 
 “Registration Rights Agreement” has the meaning ascribed to
it in Section 8.1(j). 
 “Regulations” means the Treasury Regulations promulgated under the Code as such
regulations may be amended from time to time (including the corresponding provisions of succeeding regulations). 

“Representative” has the meaning ascribed to it in Section 10.2(a)(iv). 

“REIT” means any real estate investment trust complying with the requirements of Sections 856 through 860 of the Code
and the Regulations related thereto. 
 “REIT Ownership Limit Waiver” has the meaning ascribed to it in
Section 8.1(n). 
 “Related Person” means any employee, officer, or director of any of the Corporation and
its Subsidiaries, any member of his or her immediate family, or any Person controlled by any of the foregoing Persons. 

“Restricted Period” means the period from the Closing Date through the earliest to occur of (i) the date as of
which Adjusted Full Contribution with respect to both OPTrust and DeBartolo shall have been achieved, (ii) the redemption of all Preferred Shares, (iii) such time as the Series A Preferred Shares cease to be held exclusively by one or more
of OPTrust and its Affiliates and the Series B Preferred Shares cease to be held exclusively by one or more of DeBartolo and its Affiliates, and (iv) the later of (A) the first anniversary of the Closing Date and (B) if the
Contribution Put Right (as defined in either Put and ROFR Agreement) is exercised, the date on which the Put Closing (as defined in such Put and ROFR Agreement) occurs under such Put and ROFR Agreement. 

“ROFO Holder” has the meaning ascribed to it in Section 9.9(a). 

“Rule 144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 

“SEC” means the U.S. Securities and Exchange Commission and any governmental body or agency succeeding to the functions
thereof. 

  
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 “SEC Reports” means, collectively, all reports, schedules, forms,
statements and other documents required by the Securities Act or the Exchange Act or the rules or regulations promulgated thereunder to be filed or furnished by the Corporation, including, without limitation, proxy information and solicitation
materials, in each case, in the form and with the substance prescribed by either such Act or such rules or regulations. 

“Securities” means the Preferred Shares and the Warrants issued as of the Closing Date. 

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

“Series A Preferred Articles Supplementary” has the meaning ascribed to it in the recitals to this Agreement.

 “Series A Preferred Shares” has the meaning ascribed to it in the recitals to this Agreement. 

“Series A Preferred Stock” has the meaning ascribed to it in the recitals to this Agreement. 

“Series A Put and ROFR Agreement” means the Put and ROFR Agreement, dated as of the date hereof, by and among OPTrust,
Joseph G. Lubeck and Elco North America, Inc. 
 “Series A Warrant” means a warrant in the series of Warrants
to be attached to the Series A Preferred Shares. 
 “Series B Preferred Articles Supplementary” has the meaning
ascribed to it in the recitals to this Agreement. 
 “Series B Preferred Shares” has the meaning ascribed to it
in the recitals to this Agreement. 
 “Series B Preferred Stock” has the meaning ascribed to it in the recitals
to this Agreement. 
 “Series B Put and ROFR Agreement” means the Put and ROFR Agreement, dated as of the date
hereof, by and among DeBartolo, Joseph G. Lubeck and Elco North America, Inc. 
 “Series B Warrant” means a
warrant in the series of Warrants to be attached to the Series B Preferred Shares. 
 “Specified SEC Reports”
means the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2011, and any and all Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, in each case, filed after December 31, 2011 and prior to the
Closing Date (excluding disclosures in the “Risk Factors” sections of any such SEC Reports). 

“Subsidiary” means (i) in respect of the Corporation, any “subsidiary” of the Corporation as such term is
defined in Rule 1-02 of Regulation S-X, including, without limitation, the Operating Partnership, and (ii) in respect of any other Person, any corporation, partnership, 

  
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limited liability company, joint venture or other legal entity of which such Person (either directly or through or together with another Subsidiary of such Person), (A) owns capital stock or
other Equity Interest having ordinary voting power to elect a majority of the board of directors (or equivalent) of such Person, (B) controls the management of which, directly or indirectly, through one or more intermediaries, (C) directly
or indirectly through Subsidiaries owns more than 50% of the Equity Interests or (D) is a general partner. 

“Third-Party Claim” means any claim, action, suit, or proceeding made or brought by any Person that is not a party to
this Agreement or an Affiliate of a party to this Agreement. 
 “Transaction Documents” means, collectively,
this Agreement, the stock certificates representing the Preferred Shares, the Warrants, the Series A Preferred Articles Supplementary, the Series B Preferred Articles Supplementary, the Registration Rights Agreement, the Governance Agreement, the
Put and ROFR Agreements, the Master Agreement, the DeBartolo Contribution Agreements and each other document, instrument, certificate, or agreement to be issued or executed by the parties pursuant to this Agreement or any other agreement referred to
above to effect the transactions contemplated hereby or thereby. 
 “Use of Proceeds Schedule” has the meaning
ascribed to it in Section 9.16. 
 “Warrant” has the meaning ascribed to it in the recitals to this
Agreement. 
 1.2 Construction. 
 (a) All References to “Articles,” “Sections,” “Schedules,” and “Exhibits” contained in this Agreement are, unless expressly stated
otherwise herein, references to articles, sections, schedules, or exhibits of or to this Agreement. 
 (b) In
this Agreement, unless the context clearly requires otherwise, (i) words of any gender include each other gender, (ii) words using the singular or plural number also include the plural or singular number, respectively,
(iii) “day” means a calendar day; (ii) “U.S.” or “United States” means the United States of America; (iv) “including” or “include” mean
“including without limitation” or “include without limitation”; (v) “dollar” or “$” means lawful currency of the United States; and (vi) references to specific Laws (such as the MGCL,
the Code, and ERISA), or to specific sections or provisions of Laws, apply to the respective U.S. or state Laws that bear the names so specified and to any succeeding Law, section, or provision corresponding thereto and the rules and regulations
promulgated thereunder. 

  
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 ARTICLE II. 
 Purchase and Sale of Securities 
 2.1 Purchase and Sale of
Securities. Subject to the terms and conditions set forth herein, on the Closing Date: 
 (a) the Corporation shall issue,
sell, and deliver: 
 (i) to OPTrust, and OPTrust shall purchase and acquire from the Corporation, four million
(4,000,000) shares of Series A Preferred Stock together with a Series A Warrant having warrant coverage equal to the aggregate purchase price in respect of such shares of Series A Preferred Stock; and 

(ii) to DeBartolo, and DeBartolo shall purchase and acquire from the Corporation, one million (1,000,000) shares of
Series B Preferred Stock together with a Series B Warrant having warrant coverage equal to the aggregate purchase price in respect of such shares of Series B Preferred Stock; and 

(b) the Corporation shall pay: 
 (i) to OPTrust a purchase fee equal to the aggregate sum of one percent (1%) of the Liquidation Preference (as defined in the Series A Preferred Articles Supplementary) of all shares of Series A
Preferred Stock sold to OPTrust on the Closing Date; and 
 (ii) to DeBartolo a purchase fee equal to the
aggregate sum of one percent (1%) of the Liquidation Preference (as defined in the Series B Preferred Articles Supplementary) of all shares of Series B Preferred Stock sold to DeBartolo on the Closing Date. 

2.2 Purchase Price. On the terms and subject to the conditions set forth herein, the consideration to be paid to the Corporation
at the Closing by each Purchaser for the sale and purchase of the Securities as contemplated herein shall be the aggregate sum of the Liquidation Preference (as defined in the applicable Articles Supplementary) for each share of Preferred Stock sold
by the Corporation and purchased by such Purchaser on the Closing Date. Any purchase price paid to the Corporation as set forth in this Section 2.2 shall be paid by wire transfer of immediately available funds to the Corporation’s account
designated by the Corporation in writing at least two (2) Business Days prior to the Closing Date. 
 2.3 Closing.
The closing of the purchase and sale of the Securities as set forth in Section 2.1 (the “Closing”) shall take place on the date hereof at the offices of Hunton & Williams LLP, 200 Park Avenue, New York, New York 10166,
or such other mutually agreed upon location, only as a part of, and simultaneously with, the Initial Closing under the Master Agreement, provided that all of the conditions contained in Article VI have been satisfied or waived by such date (other
than those conditions to be satisfied on the Closing Date, as defined below). The date of the Closing is referred to herein as the “Closing Date.” 
 2.4 Closing Procedures. All actions to be taken and all documents to be executed and delivered by the parties in connection with the consummation of the transactions contemplated at the Closing
shall be reasonably satisfactory in form and substance to the other parties and their respective counsel. All actions to be taken and all documents to be executed and delivered by all parties hereto at the Closing shall be deemed to have been taken
and executed and delivered simultaneously at the Closing, and no action shall be deemed taken nor any document executed or delivered until all have been taken, executed, and delivered. 

  
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 ARTICLE III. 
 Representations and Warranties of the Corporation 
 The Corporation hereby makes the
following representations and warranties to each of the Purchasers (except that (i) the representations and warranties set forth in Section 3.1 hereof (to the extent incorporated by reference therein from Section 6.1 of each of the
DeBartolo Contribution Agreements) and (ii) the representations and warranties set forth in Section 3.18 hereof (to the extent relating to any of DeBartolo and its Affiliates, the DeBartolo Contribution Agreements, and the Contributed
Properties and Contributed Entities that are the subject of the DeBartolo Contribution Agreements), in each case, are made by the Corporation solely to OPTrust and not to DeBartolo, and with respect to DeBartolo shall be deemed for all purposes not
to have been made by the Corporation, notwithstanding anything to the contrary herein or in any certificate, instrument or other document delivered pursuant hereto): 
 3.1 Incorporation of Representations and Warranties in Master Agreement and DeBartolo Contribution Agreements. 

(a) The Corporation hereby makes to each of the Purchasers each of the representations and warranties set forth in
Articles IV, V and VI of the Master Agreement and each of the representations and warranties set forth in Section 6.1 of each of the DeBartolo Contribution Agreements, all of which are hereby incorporated by reference (together with
(i) any definitions therein necessary to give effect to such representations and warranties and (ii) any disclosure schedules thereto modifying or referenced by such representations and warranties), mutatis mutandis, including to
reflect that documents stated therein to have been furnished or made available to any of the Corporation, ELRH and their respective Affiliates shall have been furnished or made available to the Purchasers; provided that any reference to any
“ATA Material Adverse Effect” or any “Portfolio Material Adverse Effect” or any “Material Adverse Change” in any such representations and warranties shall be deemed to include also any matter described in clause
(ii) of the definition of “Material Adverse Effect” herein. For the avoidance of doubt, in the case of representations and warranties made in the Master Agreement or the DeBartolo Contribution Agreements by any entity other than the
Corporation or the Operating Partnership, the Corporation hereby makes to the Purchasers, for purposes of this Agreement, those same representations and warranties, verbatim, in place of such other entities. 

(b) As used in this Article III with respect to the Corporation, the term “knowledge” shall have the meaning
ascribed thereto in the Master Agreement on the date hereof without giving effect to any amendment, modification or waiver thereof. 
 3.2 Authorization of Agreement. The Corporation has the requisite corporate power to execute and deliver this Agreement and each other Transaction Document to be executed by it and to perform its
obligations hereunder and thereunder. Each Subsidiary of the Corporation that is party to any Transaction Document has the requisite limited partnership (or equivalent) power to execute and deliver each Transaction Document to be executed by it and
to perform its obligations thereunder. The execution and delivery by the Corporation of this Agreement and each other Transaction Document to be executed by it and the performance by it of its 

  
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obligations hereunder and thereunder have been duly authorized by all necessary corporate action on the part of the Corporation. The execution and delivery by each Subsidiary of the Corporation
that is party to any Transaction Document of each Transaction Document to be executed by it and the performance by it of its obligations hereunder and thereunder have been duly authorized by all necessary limited partnership (or equivalent) action
on the part of the such Subsidiary. This Agreement has been, and each Transaction Document to be executed by the Corporation or any Subsidiary of the Corporation will be, duly executed and delivered by a duly authorized officer of the Corporation
(on its own behalf or indirectly on behalf of such Subsidiary, as the case may be) and constitute valid and binding obligations of the Corporation or such Subsidiary, as the case may be, enforceable against the Corporation or such Subsidiary,
respectively, in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar Laws affecting the enforcement of creditors’ rights in general and subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
 3.3
Consents and Approvals. Except as set forth on Schedule 3.3, no consent, approval, waiver, order, or authorization of, or registration, declaration, or filing with, or notice to, any Person or Governmental Entity (including any
consent, approval, waiver, or authorization in respect of any contract, license or permit) is required to be obtained or made by or in respect of the Corporation or any of its Subsidiaries in connection with the execution and delivery of this
Agreement or any other Transaction Document by the Corporation or any of its Subsidiaries, the performance by the Corporation or any of its Subsidiaries of its obligations hereunder and thereunder or the consummation of the transactions contemplated
hereby or thereby, other than (i) if required, the filing of a Form D with the SEC and filings with any applicable state securities regulatory authorities and (ii) those made or obtained prior to the Closing. 

3.4 No Conflicts; No Violations. The execution and delivery of this Agreement does not (and of each other Transaction Document
will not), and neither will the performance by the Corporation or any of its Subsidiaries of their respective obligations hereunder and thereunder, nor the consummation of the transactions contemplated hereby and thereby on the terms and conditions
set forth herein and therein (i) conflict with the Organizational Documents of the Corporation or any of its Subsidiaries, (ii) except as set forth on Schedule 3.4, conflict with, result in any violation of, constitute a default
(with or without notice, the passage of time or both) under, or give rise to a right of termination, cancellation, or acceleration of, or any obligation or to loss of a benefit under, any contract to which the Corporation or any of its Subsidiaries
is a party or by which any of its assets or properties may be bound, (iii) violate, constitute a default (with or without notice, the passage of time or both) under, or cause the forfeiture, impairment, non-renewal, revocation, or suspension of
any license or permit necessary for the conduct of the business of the Corporation or any of its Subsidiaries in compliance with all Laws, (iv) violate any Order of any Governmental Entity applicable to the Corporation or any of its
Subsidiaries, (v) violate any Law applicable to the Corporation or any of its Subsidiaries, or (vi) result in the creation of any Lien upon any of the assets or properties of the Corporation or any of its Subsidiaries, except, in the case
of clauses (ii) through (vi), as could not reasonably be expected to have a Material Adverse Effect. 

  
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 3.5 Capitalization. Except as set forth in the Specified SEC Reports or in the
Transaction Documents, there are (i) no authorized or outstanding securities, rights (preemptive or other), subscriptions, calls, commitments, warrants, options, or other agreements that give any Person the right to purchase, subscribe for, or
otherwise receive or be issued Capital Stock or any security convertible into or exchangeable or exercisable for Capital Stock, (ii) no outstanding debt or equity securities of the Corporation that upon the conversion, exchange, or exercise
thereof would require the issuance, sale, or transfer by the Corporation of any new or additional Capital Stock (or any other securities of the Corporation which, whether after notice, lapse of time, or payment of monies, are or would be convertible
into or exchangeable or exercisable for Capital Stock), (iii) no agreements or commitments obligating the Corporation to repurchase, redeem, or otherwise acquire Capital Stock or other securities of any Corporation Entity, and (iv) no
outstanding or authorized stock appreciation rights, phantom stock, stock rights, or other equity-based interests in respect of the Corporation. The Corporation has not issued any voting indebtedness. 

3.6 Authorization of Preferred Stock. 
 (a) Four million (4,000,000) shares of Preferred Stock have been designated as Series A Preferred Stock and one million (1,000,000) shares of Preferred Stock have been designated as Series B
Preferred Stock. No other shares of Preferred Stock have been designated for issuance by the Board of Directors of the Corporation. The Corporation has no issued or outstanding Preferred Equity Securities other than the Preferred Stock issued
pursuant to this Agreement. 
 (b) The rights, preferences, privileges and restrictions of the Series A Preferred
Stock are as set forth in the Series A Preferred Articles Supplementary. The rights, preferences, privileges and restrictions of the Series B Preferred Stock are as set forth in the Series B Preferred Articles Supplementary. When issued and
delivered in accordance with the terms of this Agreement and its respective Articles Supplementary, the Preferred Shares will be duly authorized, validly issued, fully paid and nonassessable, free and clear of all Liens. 

(c) The Common Stock issuable upon exercise of the Warrants has been duly and validly reserved for issuance (based on an
exercise price equal to Nine Dollars ($9.00)). When issued and delivered in accordance with the terms of the Warrants, such Common Stock will be duly authorized, validly issued, fully paid and nonassessable, free and clear of all Liens. 

3.7 Absence of Undisclosed Liabilities. Neither the Corporation nor any of its Subsidiaries has any material liabilities, whether
currently due, accrued, absolute, contingent, unliquidated or otherwise, whether or not known, whether due or to become due and regardless of when asserted, other than the following: (i) any Indebtedness set forth on Schedule B hereto,
(ii) liabilities in respect of uses of proceeds set forth on Schedule A hereto, (iii) liabilities fully and adequately reflected or reserved against in the Specified SEC Reports; (iv) liabilities incurred in the ordinary course
of business of the Corporation and its Subsidiaries since the date of the latest audited annual financial statements included in the Specified SEC Reports, none of which could reasonably be expected to have a Material Adverse Effect;
(v) liabilities between or among any two or more of the Corporation and its Subsidiaries; and (vi) liabilities of the type expressly covered by any other representations and warranties of the Corporation set forth in this Agreement.

  
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 3.8 Indebtedness. Schedule B hereto sets forth all Indebtedness of the
Corporation and each of its Subsidiaries (including any Indebtedness secured by a mortgage on any real property) as of the Closing Date, listing separately (a) each such Indebtedness that is secured by a mortgage on any specific real property,
(b) each such Indebtedness that is a Permitted Additional Unsecured Debt (as defined in the Series A Preferred Articles Supplementary) and (c) any other material Indebtedness. Neither the Corporation nor any of its Subsidiaries has any
Indebtedness or any liabilities in respect thereof, whether currently due, accrued, absolute, contingent, unliquidated or otherwise, whether or not known, whether due or to become due and regardless of when asserted, except Indebtedness listed on
Schedule B. 
 3.9 FF&E. There are no items owned or leased by a third party and used at any real property
owned by the Corporation or its Subsidiaries by or on behalf of the owner of such real property in connection with the ownership, operation or maintenance of such real property that would otherwise constitute FF&E (as defined in the Master
Agreement on the date hereof without giving effect to any amendment, modification or waiver thereof, mutatis mutandis), except as has not had and could not reasonably be expected to have a Material Adverse Effect. 

3.10 Investment Company. The Corporation is not, and after giving effect to the issuance of the Securities and the application of
the proceeds thereof will not be, an “investment company” within the meaning of Investment Company Act of 1940, as amended. 
 3.11 Compliance. None of the Corporation or any of its Subsidiaries is in violation of any Law or of any Order of any Governmental Entity which violation has had or could reasonably be expected to
have a Material Adverse Effect. 
 3.12 Insurance. The Corporation and its Subsidiaries carry or are entitled to the
benefits of insurance with financially sound and reputable insurers, in such amounts and covering such risks as are generally maintained by companies of established reputation engaged in the business of ownership of multifamily residential
properties, and all such insurance is in full force and effect. The Corporation has no reason to believe that any of the Corporation and its Subsidiaries will not be able to (a) renew its existing insurance coverage as and when such policies
expire or (b) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Effect. Since
January 1, 2011, none of the Corporation and its Subsidiaries has been denied any material insurance coverage that it has sought or for which it has applied. 
 3.13 Solvency. The Corporation and its Subsidiaries are able to pay their respective debts (including trade debts) as they mature. The fair saleable value of all the assets and properties
(including goodwill minus disposition costs) of the Corporation and its Subsidiaries, taken as a whole, exceeds the fair value of their liabilities, both before and after giving effect to the consummation of the transactions contemplated by the
Transaction Documents. The Corporation will not be left with unreasonably small capital after consummation of any transaction contemplated by the Transaction Documents. 

  
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 3.14 Private Placement. Assuming the accuracy of the representations and warranties
of the Purchasers set forth in Section 4.6, the offer, sale, and issuance of the Securities as contemplated hereby will be exempt from the registration requirements of the Securities Act and will have been registered or qualified (or are exempt
from registration and qualification) under the registration or qualification requirements of all applicable state securities Laws. Neither the Corporation nor any Person acting on its behalf will take any action that would cause the loss of any such
exemption. Assuming the accuracy of the representations and warranties of the Purchasers set forth in Section 4.6, the offer, sale, and issuance of the Securities as contemplated hereby will comply with all applicable federal and state Laws.

 3.15 Registration Rights. Except as set forth in or as permitted by any of the Transaction Documents or the limited
partnership agreement of the Operating Partnership, the Corporation has not granted or agreed to grant to any Person any rights (including “piggy back” registration rights) to have any securities of the Corporation or any of its
Subsidiaries registered with the SEC or any other Governmental Entity that have not been satisfied. 
 3.16 Waiver of
Ownership Limits. The Board of Directors of the Corporation has waived the Aggregate Stock Ownership Limit and, in the case of OPTrust, the Common Stock Ownership Limit (each as defined in the Charter), in accordance with the Charter to permit
each of the Purchasers to acquire and hold ownership positions in the Corporation exceeding such limit or limits, to the extent provided in the REIT Ownership Limit Waiver delivered to such Purchaser at the Closing. 

3.17 Application of Takeover Protections. The Corporation has taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar provision under the Charter (or other Organizational Documents of the Corporation) or the MGCL that is or could
become applicable to a Purchaser as a result of such Purchaser and the Corporation fulfilling their obligations or exercising their rights under the Transaction Documents, including the Corporation’s issuance of the Securities and any
Purchaser’s ownership of the Securities and the Corporation’s issuance of Common Stock upon exercise of the Warrants and such Purchaser’s ownership of such Common Stock. To the extent that any acquisition of Capital Stock by a
Purchaser pursuant to this Agreement would constitute an acquisition of control shares, such acquisition has been exempted from Title 3, Subtitle 7 of the MGCL. 
 3.18 Matters Relating to Contributed Entities and Contributed Properties. As of the Closing Date: 
 (a) Insurance. The Contributed Entities and their respective Subsidiaries carry or are entitled to the benefits of insurance with financially sound and reputable insurers, in such amounts and
covering such risks as are generally maintained by companies of established reputation engaged in the business of ownership of multifamily residential properties, and all such insurance is in full force and effect. The Corporation has no reason to
believe that any of the Contributed Entities and their respective Subsidiaries will not be able to (a) renew its existing insurance coverage as and when such policies expire or (b) obtain comparable coverage from similar institutions as
may 

  
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be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Effect. Since January 1, 2011, none
of the Contributed Entities and their respective Subsidiaries has been denied any material insurance coverage that it has sought or for which it has applied. 
 (b) Other Third Party Approvals and Consents. Except as set forth on Schedule 3.18(b), no consent, approval, waiver or authorization of, or registration, declaration, or filing with, or
notice to, any Person (including any consent, approval, waiver, or authorization in respect of any contract or permit) is required to be obtained or made by or in respect of ELRH, Elco Landmark Residential Management LLC or any Affiliate of either
of them in connection with the execution and delivery of any of the Transaction Documents, the performance of any of them of their respective obligations thereunder or the consummation of the transaction contemplated thereby, other than
(i) those set forth in the related disclosure schedules incorporated by reference herein pursuant to Section 3.1, (ii) any Lender Approval or Refinancing and (iii) those made or obtained prior to the Closing. 

(c) Environmental Matters. Except as would not, singly or in the aggregate, result in a Material Adverse Effect,
(A) no owner of any Contributed Property is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including
any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing
materials or mold (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (each, an “Environmental Law”
and, collectively, “Environmental Laws”), (B) each owner of each Contributed Property has all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their
requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any
Environmental Law against any Contributed Entity or any owner of a Contributed Property and (D) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit
or proceeding by any private party or governmental body or agency, against or affecting any Contributed Entity or owner or a Contributed Property relating to Hazardous Materials or any Environmental Laws. 

(d) FF&E. There are no items owned or leased by a third party and used at any Contributed Property by or on
behalf of the owner of such Contributed Property in connection with the ownership, operation or maintenance of such Contributed Property that would otherwise constitute FF&E (as defined in the Master Agreement on the date hereof without giving
effect to any amendment, modification or waiver thereof), other than (i) any leased or licensed item as set forth in the related disclosure schedules incorporated by reference herein pursuant to Section 3.1 and (ii) any other item
that is not material to the ownership, operation or maintenance of such Contributed Property. 

  
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 (e) Contracts. 

(i) No event has occurred that has not been waived that, with notice or lapse of time or both, would result in a material
default by an owner of a Contributed Property of, or give rise to any Lien or right of termination, prepayment or acceleration against any owner of a Contributed Property under, any material Contract. 

(ii) The material Contracts with respect to each Contributed Property to be contributed by ELRH or any Affiliate thereof
are in full force and effect, without material default by ELRH, Elco Landmark Residential Management LLC or any of their respective Affiliates that is a party thereto and, to the Corporation’s knowledge, without material default by any other
party thereto. 
 (iii) The material Contracts with respect to each Contributed Property to be contributed by
DeBartolo or any Affiliate thereof are in full force and effect, without material default by DeBartolo or any Affiliate thereof that is a party thereto and, to the Corporation’s knowledge, without material default by any other party thereto.

 3.19 Certain Fees. Except for any fee payable to the Purchasers pursuant to this Agreement and except as set forth on
Schedule A hereto, no brokerage or finder’s fees or commissions are or will be payable by the Corporation or any of its Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or
other Person with respect to the transactions contemplated by this Agreement or any of the Transaction Documents (including, without limitation, the exercise of the Warrants). The Purchasers shall have no obligation with respect to any fees or with
respect to any claims (other than such fees or commissions owed by a Purchaser pursuant to agreements made by such Purchaser which fees or commissions shall be the sole responsibility of such Purchaser) made by or on behalf of the Corporation or any
of its Subsidiaries for fees of a type contemplated in this Section 3.19 that may be due in connection with the transactions contemplated by this Agreement or any of the Transaction Documents (including, without limitation, the exercise of the
Warrants). The Corporation shall indemnify and hold harmless each of the Purchasers, their employees, officers, directors, agents, and partners, and their respective Affiliates, from and against all claims, losses, damages, costs (including the
costs of preparation and attorney’s fees) and expenses, as such fees and expenses are incurred, that are suffered in respect of (i) any claimed or existing fees or commissions of the type contemplated by this Section 3.19 for which
the Corporation or any of its Subsidiaries is responsible, other than those disclosed above, and (ii) any failure of the Corporation or any of its Subsidiaries to timely pay those fees and commissions disclosed above. 

3.20 Acknowledgment Regarding Purchasers’ Purchase of Securities. The Corporation acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Corporation further acknowledges that no Purchaser is acting as a financial advisor or
fiduciary 

  
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of the Corporation (or in any similar capacity) with respect to this Agreement and any other Transaction Documents to which such Purchaser is or will be a party and the transactions contemplated
hereby and thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is merely incidental to such Purchaser’s purchase of the
Securities. The Corporation further represents to each Purchaser that the Corporation’s decision to enter into this Agreement and each of the other Transaction Documents to which the Corporation is a party has been based solely on the
independent evaluation of the Corporation and its representatives. The Corporation further acknowledges that no Purchaser has made any promises or commitments other than as set forth in this Agreement, including any promises or commitments for any
additional investment by any such Purchaser in the Corporation, except to the extent that a Purchaser may be party to, and as provided in, any of the Transaction Documents or any other agreement executed and delivered in connection therewith.

 ARTICLE IV. 
 Representations and Warranties of the Purchasers 
 Each Purchaser,
severally and not jointly, hereby makes the following representations and warranties to the Corporation (references to “the Purchaser” in this Article IV refer to the Purchaser that is making the representation or warranty; for the
avoidance of doubt, each Purchaser is making the following representations and warranties with respect to itself only and not the other Purchaser): 
 4.1 Organization. The Purchaser is duly formed, validly existing, and in good standing under the Laws of its jurisdiction of formation. 

4.2 Authorization. The Purchaser has the requisite limited partnership, limited liability company or equivalent power to execute
and deliver this Agreement and each other Transaction Document to be executed by it in connection with the consummation of the transactions contemplated hereby (the “Purchaser Documents”) and to perform its obligations hereunder and
thereunder. The execution and delivery by the Purchaser of this Agreement and each Purchaser Document and the performance by it of its obligations hereunder and thereunder have been (or at the time of execution will be) duly authorized by all
necessary limited partnership, limited liability company or equivalent action on the part of the Purchaser. This Agreement has been (and each Purchaser Document applicable to the Purchaser will be) duly executed and delivered by the Purchaser and,
assuming the due execution and delivery of this Agreement and each Purchaser Document by the other party or parties hereto or thereto, constitutes a valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with
its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar Laws affecting the enforcement of creditors’ rights in general and subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding at law or in equity). 
 4.3 Consents and Approvals. No consent, approval,
waiver, order, or authorization of, or registration, declaration, or filing with, or notice to, any Person or Governmental Entity is required to be obtained or made by or in respect of the Purchaser in connection with the execution and delivery of
this Agreement or any Purchaser Document by the Purchaser, the performance by the Purchaser of its obligations hereunder and thereunder, or the consummation of the transactions contemplated hereby or thereby. 

  
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 4.4 No Conflicts. The execution and delivery of this Agreement does not (and each
Purchaser Document will not), and neither the performance by the Purchaser of its obligations hereunder and thereunder, nor the consummation of the transactions contemplated hereby and thereby, will (i) conflict with the Purchaser’s
Organizational Documents, (ii) conflict with, result in any violation of, constitute a default under, or give rise to a right of termination, cancellation, or acceleration of, or any obligation or to loss of a benefit under, any contract to
which the Purchaser is a party or by which any of its assets or properties may be bound or (iii) violate any Order of any Governmental Entity or Law applicable to the Purchaser. 

4.5 Brokers’ Fees. Neither the Purchaser nor any Person acting on the Purchaser’s behalf has agreed to pay any
commission, finder’s or broker’s fee, or similar payment in connection with the transactions contemplated by this Agreement or any matter related hereto to any Person for which any of the Corporation and its Subsidiaries will be liable.

 4.6 Securities Law Matters. The Purchaser is acquiring the Securities for investment for its own account, and not with
a view to, or for sale in connection with, any distribution thereof. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation D under the Securities Act and not a registered broker-dealer under Section 15 of
the Exchange Act. The Purchaser understands and acknowledges that none of the Securities or the Common Stock underlying the Warrants has been registered under the Securities Act, or the securities Laws of any state or foreign jurisdiction and,
unless so registered, may not be offered, sold, transferred, or otherwise disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable securities Laws of
any state or foreign jurisdiction. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the
prospective investment in the Securities, and has so evaluated the merits and risks of such investment. Each Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss
of such investment. 
 4.7 Patriot Act. 

(a) Neither the Purchaser nor, to the Purchaser’s knowledge, any of its Affiliates, is in violation of Executive
Order No. 13224 on Terrorist Financing, effective September 24, 2001 and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”)
and/or, to the Purchaser’s knowledge, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot Act”). 

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

(iii) a person or entity with whom the Corporation or its successor or assignee is prohibited from dealing or otherwise
engaging in any transaction by the Executive Order or the Patriot Act; 
 (iv) a person or entity who commits,
threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; 
 (v) a
person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website,
http://www.treas.gov/ofac/tllsdn.pdf, or at any replacement website or other replacement official publication of such list; and 
 (vi) a person or entity who is affiliated with a person or entity listed above. 
 (c) Neither the Purchaser nor, to the Purchaser’s knowledge, any of its Affiliates, has: (i) conducted any business or engaged in any transaction or dealing with any Prohibited Person, including
the making or receiving any contribution of funds, goods or services to or for the benefit of any Prohibited Person, (ii) dealt in or otherwise engaged in any transaction relating to, any property or interests in property blocked pursuant to
the Executive Order; or (iii) engaged in or conspired to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in the Executive Order or the Patriot
Act. 
 4.8 Special Representation by OPTrust. OPTrust, and only OPTrust, hereby represents and warrants to the
Corporation that it is treated as a partnership under the Code, each partner of which is treated as a “foreign government” under Treasury Regulation Section 1.892-2T (and any successor provision thereto), and that neither OPTrust nor
any such partner is an entity described in Section 892(a)(2)(B) of the Code. 
 4.9 No Other Representations or
Warranties. The Corporation acknowledges and agrees that the Purchaser does not make and has not made any representations or warranties herein other than those specifically set forth in this Article IV. 

ARTICLE V. 

Covenants During Restricted Period 
 5.1 Conduct of the Business. Reference is made to the covenants set forth in Sections 7.2 and 7.3 of the Master Agreement and Sections 8.1 through 8.11 of each DeBartolo Contribution Agreement
(collectively, the “Conduct of Business Covenants”). Except as 

  
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approved by OPTrust in writing (which approval will not be unreasonably conditioned, delayed, or withheld), during the Restricted Period, (i) the Corporation shall, and shall cause the
Operating Partnership to, perform and comply with their respective obligations under the Conduct of Business Covenants and (ii) the Corporation shall not, and shall cause the Operating Partnership not to, amend, modify, waive or terminate, or
agree to an amendment, modification, waiver or termination of, any of their respective rights and obligations under the Conduct of Business Covenants, except in the case of any termination of the Master Agreement or any DeBartolo Contribution
Agreement in accordance with its terms without giving effect to any amendment, modification or waiver thereof. 
 5.2 Master
Agreement and DeBartolo Contribution Agreements. During the Restricted Period, the Corporation shall, and shall cause the Operating Partnership to, comply with the terms and conditions of, and perform its obligations under, each of the Master
Agreement and the DeBartolo Contribution Agreements. Except as approved by OPTrust in writing (which approval will not be unreasonably conditioned, delayed, or withheld), during the Restricted Period, the Corporation shall not, and shall cause the
Operating Partnership not to, amend, modify, waive or terminate, or agree to an amendment, modification, waiver or termination of, any of their respective rights, or any conditions precedent to their respective obligations, under the Master
Agreement or any DeBartolo Contribution Agreement (other than with respect to the Conduct of Business Covenants, which are addressed exclusively by Section 5.1 above), in each case, where such amendment, modification, waiver or termination is
material or would adversely affect any rights of the Purchasers hereunder, except in the case of any termination of the Master Agreement or any DeBartolo Contribution Agreement in accordance with its terms without giving effect to any amendment,
modification or waiver thereof. 
 5.3 Notification. During the Restricted Period, the Corporation will notify each of
OPTrust and DeBartolo of any change, circumstance, condition, development, effect, event, fact, or result in respect of the business, operations, financial condition, results of operations, assets, liabilities, or prospects of any of the Corporation
and its Subsidiaries (including as a Subsidiary, for purposes of this Section 5.3, any entity that would become a Subsidiary of the Corporation upon consummation of the contribution of the Planned Contributed Properties) that, individually or
in the aggregate, has resulted in or could reasonably be expected to result in a Material Adverse Effect. In addition, the Corporation shall provide prompt written notice to the Purchasers of the occurrence of the Adjusted Full Contribution Date
with respect to either OPTrust or DeBartolo. 
 5.4 Lender Consents. During the Restricted Period, each of ELRH and the
Corporation shall, and shall cause each of their respective Affiliates to, (i) comply with their respective obligations under Section 7.4 of the Master Agreement and (ii) use their respective commercially reasonable efforts to cause
any and all Lender Approvals or Refinancings required to be obtained pursuant to the Master Agreement to be obtained on or prior to the date that is six (6) months after the Closing Date (or, if such date is not a Business Day, the first
Business Day thereafter) (the “Outside Date”). During the Restricted Period, each of DeBartolo and the Corporation shall, and shall cause each of their respective Affiliates to, (i) comply with their respective obligations
under Section 4.2 of each of the DeBartolo Contribution Agreements and (ii) use their respective commercially reasonable efforts to cause any and all Lender Approvals required to be obtained pursuant to each DeBartolo Contribution
Agreement to be obtained on or prior to the Outside Date. 

  
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 5.5 Information and Access Relating to Alternate Properties. During the Restricted
Period, the Corporation shall, and it shall cause its Subsidiaries to, promptly provide to each of the Purchasers any information, reports and documents relating to any Alternate Property, including access to such property and any records or other
information relating thereto that such Purchaser may reasonably request in order to enable such Purchaser to make an informed decision whether or not to consent (for purposes of determining whether or not an adjustment is to be made to the
applicable threshold pursuant to the definition of the term Adjusted Full Contribution) to the contribution of any Alternate Property to the Corporation pursuant to the Master Agreement. 

ARTICLE VI. 

Conditions Precedent to Closing 
 6.1 Conditions Precedent to the Corporation’s Obligations. Subject to Section 2.3, the obligation of the Corporation to consummate the sale of Securities on the Closing Date is subject to
the satisfaction or waiver by the Corporation on the Closing Date of the following conditions: 
 (a) Accuracy
of Representations and Warranties. Each of the representations and warranties of the Purchasers contained in Article IV shall be true and correct on and as of the Closing Date with the same force and effect as though the same had been made on
and as of the Closing Date. 
 (b) Performance of Covenants. Each Purchaser shall have performed and
complied with the covenants and provisions of this Agreement required to be performed or complied with by it on the Closing Date. 
 (c) Closing Deliveries. Each Purchaser shall have delivered to the Corporation the items set forth in Section 8.2 required to be delivered by the Purchasers on or before the Closing Date.

 (d) Effectiveness of Master Agreement and DeBartolo Contribution Agreements. Each of the Master
Agreement and the DeBartolo Contribution Agreements shall be in full force and effect and shall not have been terminated for any reason. 
 (e) Simultaneous Closing under Master Agreement. The consummation of the transactions contemplated by the Master Agreement to be consummated at the Initial Closing (as defined therein) shall have
occurred simultaneously with the Closing hereunder. 
 (f) Ancillary Agreements. Each of the Registration
Rights Agreement and the Governance Agreement shall have been executed and delivered by all parties thereto (other than the Corporation). Each of the Series A Put and ROFR Agreement and the Series B Put and ROFR Agreement shall have been executed
and delivered by all parties thereto. 

  
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 (g) No Order. No Governmental Entity with jurisdiction over such
matters shall have enacted, issued, promulgated, enforced or entered any Law or Order (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated hereby illegal or otherwise
restricting, preventing or prohibiting consummation of the transactions contemplated hereby. 
 6.2 Conditions Precedent to
the Purchasers’ Obligations. The obligation of each of the Purchasers to consummate the purchase of Securities on the Closing Date is subject to the satisfaction on the Closing Date of the following conditions (except to the extent waived
in writing by such Purchaser): 
 (a) Accuracy of Representations and Warranties. Each of the
representations and warranties of the Corporation contained herein shall be true and correct on and as of the Closing Date with the same force and effect as though the same had been made on and as of the Closing Date other than such representations
and warranties that expressly speak as of an earlier date (which need only be true and correct as of such date). 

(b) Performance of Covenants. Each of the Corporation, ELRH and DeBartolo shall have performed and complied with
all of the covenants and provisions of this Agreement, the Master Agreement and each of the DeBartolo Contribution Agreements required to be performed or complied with by it on the Closing Date. 

(c) Closing Deliveries. The Corporation shall have delivered to each Purchaser each item set forth in
Section 8.1 required to be delivered by the Corporation on or before the Closing Date. ELRH shall have delivered to each Purchaser each item set forth in Section 8.3 required to be delivered by ELRH on or before the Closing Date. With
respect to OPTrust, DeBartolo shall have delivered to OPTrust each item set forth in Section 8.4 required to be delivered by DeBartolo on or before the Closing Date. 

(d) Effectiveness of Master Agreement and DeBartolo Contribution Agreements. Each of the Master Agreement and the
DeBartolo Contribution Agreements shall be in full force and effect and shall not have been terminated for any reason. 
 (e) Simultaneous Closing under Master Agreement. The consummation of the transactions contemplated by the Master Agreement to be consummated at the Initial Closing (as defined therein) shall have
occurred simultaneously with the Closing hereunder. 
 (f) Ancillary Agreements. Each of the Registration
Rights Agreement and the Governance Agreement shall have been executed and delivered by all parties thereto (other than such Purchaser and its Affiliates). Each of the Series A Put and ROFR Agreement and the Series B Put and ROFR Agreement shall
have been executed and delivered by all parties thereto (other than such Purchaser and its Affiliates to the extent a party thereto). 
 (g) No Order. No Governmental Entity with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or entered any Law or Order (whether temporary, preliminary or permanent)
which is then in effect and has the effect of making the transactions contemplated hereby illegal or otherwise restricting, preventing or prohibiting consummation of the transactions contemplated hereby. 

  
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 (h) No Material Adverse Effect. Since December 31, 2011, there
shall not have occurred any event, circumstance, condition, fact, or other matter that has had or could reasonably be expected to have a Material Adverse Effect. 

(i) Domestically Controlled REIT. The Corporation shall be qualified as a Domestically Controlled REIT. 

(j) Consents and Waivers. All approvals, authorizations, consents, and waivers of any Person or Governmental Entity
that are required in connection with the execution and delivery of this Agreement or any Transaction Document, the performance of the Corporation of its obligations hereunder or thereunder, and the consummation of the transactions contemplated
hereby and thereby shall have been duly obtained and effective, except for those approvals, authorizations, consents, and waivers contemplated by Section 5.4 to be obtained after the Closing Date. 

(k) Absence of Breach. No event shall have occurred that, with the giving of notice or the passage of time or both,
would (i) constitute a default or breach by any party (other than the Purchasers and their respective Affiliates) of its covenants and agreements under the Transaction Documents, or (ii) allow the exercise of the Optional Redemption Right
under (and as defined in) the Series A Preferred Articles Supplementary or the Series B Preferred Articles Supplementary. 

ARTICLE VII. 

[Intentionally Omitted] 
 ARTICLE VIII. 
 Closing Deliveries 

8.1 Items to Be Delivered by the Corporation. At the Closing, the Corporation shall deliver to each of the Purchasers the
following items, in form and substance reasonably satisfactory to such Purchaser: 
 (a) Preferred Stock
Certificates. Validly issued stock certificates duly executed by the appropriate officers of the Corporation and representing the Preferred Shares being issued to such Purchaser at the Closing. 

(b) Warrant. The Warrant being issued to such Purchaser at the Closing, duly executed by the Corporation.

 (c) Purchase Fee. An amount equal to the aggregate sum of one percent (1%) of the Liquidation
Preference (as defined in the applicable Articles Supplementary) of all of Preferred Shares being issued to such Purchaser at the Closing. 
 (d) Expense Reimbursement. The amount to be reimbursed by the Corporation pursuant to Section 11.6(a). 

  
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 (e) Certificate of Good Standing. A file-stamped copy, dated no later
than three (3) Business Days prior to the Closing Date, certified by the Department and showing the Corporation to be validly existing and in good standing in the State of Maryland. 

(f) Certified Copy of Articles Supplementary. A file-stamped copy of each of the Series A Preferred Articles
Supplementary and the Series B Preferred Articles Supplementary, each as certified by the Department. 
 (g)
Officers’ Certificate. A certificate, dated as of the Closing Date, duly executed by the President and the Secretary of the Corporation certifying that (i) attached to such certificate are true and complete copies of (x) all
Organizational Documents of the Corporation (including without limitation the Series A Preferred Articles Supplementary and the Series B Preferred Articles Supplementary), together with any and all amendments thereto, and (y) all resolutions
adopted by the Corporation’s Board of Directors authorizing the execution, delivery and performance by the Corporation of the Transaction Documents to which it is a party and including, without limitation, such elections and determinations, if
any, as may be necessary to opt out of, or otherwise to render inapplicable, any applicable control share, business combination or other anti-takeover Laws, and (ii) that the same are in full force and effect and in accordance with all
applicable Laws. 
 (h) Closing Certifications of the Corporation. A certificate duly executed by the
President and the Secretary of the Corporation certifying that, as of the Closing Date, each of the conditions set forth in Sections 6.2(a), 6.2(b) (solely with respect to the Corporation’s obligations thereunder), 6.2(d), 6.2(e), 6.2(j) and
6.2(k) (solely with respect to the Corporation’s obligations thereunder) has been satisfied (except to the extent waived in writing by such Purchaser). 
 (i) Legal Opinions. An opinion of Hunton & Williams LLP, counsel to the Corporation, dated the Closing Date, in substantially the form attached hereto as Exhibit D-1, opinions of
Morris, Manning and Martin LLP and Hunton & Williams LLP, tax counsel to the Corporation, dated the Closing Date, in substantially the forms attached hereto as Exhibit D-2 and Exhibit D-3, respectively, and an opinion of
Venable LLP, Maryland counsel to the Corporation, dated the Closing Date, in substantially the form attached hereto as Exhibit D-4. 
 (j) Registration Rights Agreement. The Registration Rights Agreement, duly executed by the Corporation, in substantially the form attached hereto as Exhibit E (the “Registration
Rights Agreement”). 
 (k) Governance Agreement. The Corporate Governance Agreement, duly
executed by the Corporation, in substantially the form attached hereto as Exhibit F (the “Governance Agreement”). 
 (l) Indemnification Agreements. A separate Indemnification Agreement between the Corporation and each director, if any, designated by such Purchaser pursuant to the Governance Agreement, each in
substantially the form attached hereto as Exhibit G and duly executed by an authorized officer of the Corporation. 

  
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 (m) Director and Officer Insurance. Written evidence of an effective
directors and officers liability insurance policy meeting the requirements of Section 9.11. 
 (n)
Ownership Limit Waiver. A duly executed REIT ownership limit waiver certificate in substantially the form attached hereto as Exhibit H (a “REIT Ownership Limit Waiver”). 

(o) Other Documents. Such other documents relating to the transactions contemplated hereby as the Purchasers or
their counsel may reasonably request. 
 8.2 Items to Be Delivered by the Purchasers. At the Closing, each Purchaser shall
deliver to the Corporation (or to ELRH, to the extent expressly provided below) the following: 
 (a) Purchase
Price. The purchase price in cash for the Securities being purchased by such Purchaser at the Closing. 
 (b)
Officer’s Certificates. A certificate, dated as of the Closing Date, duly executed by authorized officers of the applicable Purchaser certifying that, as of the Closing Date, each of the conditions set forth in clauses (a) and
(b) of Section 6.1 has been satisfied (except to the extent waived in writing by the Corporation). 

(c) Registration Rights Agreement. The Registration Rights Agreement, duly executed by such Purchaser. 

(d) Governance Agreement. The Governance Agreement, duly executed by such Purchaser. 

(e) Series A Put and ROFR Agreement. OPTrust shall deliver to ELRH the Series A Put and ROFR Agreement, duly
executed by OPTrust. 
 (f) Series B Put and ROFR Agreement. DeBartolo shall deliver to ELRH the Series B
Put and ROFR Agreement, duly executed by DeBartolo. 
 (g) Other Documents. Such other documents relating
to the transactions contemplated hereby as the Corporation or its counsel may reasonably request. 
 8.3 Items to Be Delivered
by ELRH. At the Closing, ELRH shall deliver to each of the Purchasers, as applicable, the following items, in form and substance reasonably satisfactory to such Purchaser: 

(a) Officer’s Certificate. A certificate, dated as of the Closing Date, duly executed by an authorized officer
of ELRH certifying that, as of the Closing Date, each of the conditions set forth in Sections 6.2(b) and 6.2(k) has been satisfied with respect to ELRH’s obligations thereunder (except to the extent waived in writing by such Purchaser).

  
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 (b) Series A Put and ROFR Agreement. With respect to OPTrust, the
Series A Put and ROFR Agreement, duly executed by the parties thereto (other than OPTrust). 
 (c) Series B
Put and ROFR Agreement. With respect to DeBartolo, the Series B Put and ROFR Agreement, duly executed by the parties thereto (other than DeBartolo). 
 8.4 Additional Items to Be Delivered by DeBartolo. At the Closing, DeBartolo shall deliver to OPTrust the following items, in form and substance reasonably satisfactory to OPTrust: 

(a) Officer’s Certificate. A certificate, dated as of the Closing Date, duly executed by an authorized officer
of DeBartolo certifying that, as of the Closing Date, (i) each of the conditions set forth in Section 6.2(b) has been satisfied with respect to DeBartolo’s obligations thereunder (except to the extent waived in writing by OPTrust),
and (ii) no event shall have occurred that, with the giving of notice or the passage of time or both, would constitute a default or breach by DeBartolo or its Affiliates of its respective covenants and agreements under the Transaction
Documents. 
 ARTICLE IX. 
 Other Agreements of the Parties 
 9.1 All Reasonable Efforts; Further
Assurances. Subject to the terms and conditions hereof, each of the parties hereto shall use all reasonable efforts to take, or cause to be taken, all action, and do, or cause to be done, as promptly as practicable, all things necessary, proper,
or advisable under applicable Law to consummate and make effective as promptly as practicable the transactions contemplated hereby. At and from time to time after the Closing, at the request of any party hereto, the other parties shall execute and
deliver such additional certificates, instruments, and other documents and take such other actions as such party may reasonably request in order to carry out the purposes of this Agreement. 

9.2 Notification. The Corporation shall promptly notify each of the Purchasers in writing of (i) any material adverse
development causing a breach of any of its representations, warranties, covenants or agreements contained in this Agreement or in any of the other Transaction Documents, or that will make it or its Subsidiaries incapable of or materially less likely
to be capable of performing any of its material obligations under any of the Transaction Documents, and (ii) any notice given to or received by the Corporation pursuant to Section 7.5 of the Master Agreement or Section 8.11 of any
DeBartolo Contribution Agreement. The provisions of this Section 9.2 shall terminate upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of such Purchaser under this Section 9.2 shall
terminate at such time as such Purchaser, together with its Affiliates, ceases to hold any Preferred Shares. 
 9.3 Issuance
of Preferred Stock. No Preferred Stock or any other Preferred Equity Securities shall be issued by the Corporation except in conformity with this Agreement. So long as OPTrust or any of its Affiliates holds any Series A Preferred Stock, the
Series A Preferred Stock shall be issued only to OPTrust and/or its Affiliates (as directed by OPTrust), and so long as DeBartolo or any of its Affiliates holds any Series B Preferred Stock, the Series B Preferred 

  
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Stock shall be issued only to DeBartolo and/or its Affiliates (as directed by DeBartolo). The provisions of this Section 9.3 shall terminate upon the redemption of all Preferred Shares. In
addition, with respect to any Purchaser, the rights of such Purchaser under this Section 9.3 shall terminate at such time as such Purchaser, together with its Affiliates, ceases to hold any Preferred Shares. 

9.4 Public Announcements. None of the parties may issue any press release, make any public filing with any Governmental Entity or
make any other public announcement relating to this Agreement or the transactions contemplated hereby without the prior written approval of the Corporation, OPTrust and DeBartolo. The foregoing shall not apply to the extent necessary or advisable in
order to satisfy a party’s or its Affiliate’s disclosure obligations or other obligations under applicable Law, as determined by such party, in which event such party shall first consult with and reasonably consider any comments or
suggestions of the other parties with respect thereto. 
 9.5 Confidentiality. Subject to Section 9.4, each party
hereto agrees that such party will hold, and will use all commercially reasonable efforts to cause its officers, directors, members, managers, partners, employees, accountants, counsel, consultants, advisors, financial sources, financial
institutions, representatives and agents to hold, in confidence all confidential information and documents received from or on behalf of any other party hereto (including, without, limitation, any material nonpublic information received from or on
behalf of the Corporation), except to the extent such information (i) was previously known on a non-confidential basis to the party receiving such information or documents (the “Receiving Party”), (ii) was in the public
domain through no fault of the Receiving Party, (iii) was independently developed by the Receiving Party, (iv) was later developed by the Receiving Party from sources other than the disclosing party not known by the Receiving Party to be
bound by any confidentiality obligation, or (v) is required to be disclosed by Law or by any Governmental Entity. 
 9.6
Title to Acquired Properties. With respect to (i) each Contributed Property, (ii) each additional multi-family residential property, if any, acquired by the Corporation and its Subsidiaries after the Closing the acquisition cost of
which is funded, in whole or in part, with proceeds from the issuance and sale of Securities at the Closing, and (iii) the property known as “Andros Isles Apartments” owned by one or more of DeBartolo and its Affiliates currently
anticipated to be acquired by the Corporation and its Subsidiaries, the Corporation and its Subsidiaries (including as a Subsidiary, for purposes of this Section 9.6, any entity that would become a Subsidiary of the Corporation upon
consummation of the contribution of the Contributed Properties) shall acquire good and marketable title in fee simple to the real property with respect thereto, in each case, free and clear of all mortgages, pledges, liens, security interests,
claims, restrictions or encumbrances of any kind except (a) mortgages on such real property (to the extent permitted under the Series A Preferred Articles Supplementary), (b) Permitted Encumbrances and (c) such as do not, individually
or in the aggregate, materially affect the value of such real property and do not interfere with the use made and proposed to be made of such real property by the Corporation or any of its Subsidiaries. The provisions of this Section 9.6 shall
terminate upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of such Purchaser under this Section 9.6 shall terminate at such time as such Purchaser, together with its Affiliates, ceases to hold
any Preferred Shares. 

  
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 9.7 Transfer Taxes. The Corporation shall pay all sales, use, transfer, stamp,
conveyance, value added, or other similar taxes, duties, excises, or governmental charges imposed by any domestic or foreign taxing authority and all recording and filing fees, notarial fees, and other similar costs in connection with the issuance,
sale or delivery to any Purchaser of the Preferred Shares or Warrants at the Closing pursuant to Article II, the issuance, sale or delivery of any shares of Common Stock upon exercise of any Warrant to the holder thereof, the issuance, sale or
delivery of any New Securities to any Purchaser pursuant to Section 9.9, or otherwise on account of this Agreement or the transactions contemplated hereby or thereby, and shall indemnify and save harmless each Purchaser without limitation as to
time against any and all liabilities in respect thereof. 
 9.8 Transfer Restrictions. 

(a) The Preferred Shares may only be disposed of in accordance with the restrictions on transfer, if any, set forth in the
Organizational Documents of the Corporation, subject to such waivers as may be granted from time to time to a holder thereof, including, without limitation, the waiver granted as of the Closing as contemplated by Section 8.1(n) and any waiver
that may be granted hereafter pursuant to Section 9.8(e). The Warrants may only be disposed of in accordance with the restrictions on transfer set forth therein. The Warrants may not be detached from the Preferred Shares with respect to which
they are issued under this Agreement so long as such Preferred Shares remain unredeemed and outstanding, as more fully set forth in the Warrants. 
 (b) The Securities may only be disposed of pursuant to an effective registration statement under the Securities Act or pursuant to an available exemption from the registration requirements of the
Securities Act, and in compliance with any applicable state securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or to the Corporation or pursuant to the last sentence of Rule
144(b)(l)(i) under the Securities Act, except as otherwise set forth herein, the Corporation may require the transferor to provide to the Corporation an opinion of counsel selected by the transferor, the form and substance of which opinion shall be
reasonably satisfactory to the Corporation, to the effect that such transfer does not require registration under the Securities Act. Notwithstanding the foregoing, the Corporation hereby agrees that no such legal opinion shall be required in the
case of any transfer of Securities (i) by a Purchaser to an Affiliate of such Purchaser, (ii) by OPTrust or any of its Affiliates pursuant to any Put Right under (and as defined in) the Series A Put and ROFR Agreement or (iii) by
DeBartolo or any of its Affiliates pursuant to any Put Right under (and as defined in) the Series B Put and ROFR Agreement, provided in each case that the transferee certifies to the Corporation that it is an “accredited investor” as
defined in Rule 501(a) under the Securities Act. As a condition of any transfer of any Securities, any such transferee shall agree in writing to be bound by the terms of this Agreement (and any other applicable Purchaser Document) and shall have the
rights of a Purchaser under this Agreement (and any other applicable Purchaser Document). 

  
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 (c) The Purchasers agree to the imprinting on any certificate evidencing the
Preferred Shares, except as otherwise permitted by Section 11.2(d), of a restrictive legend in substantially the form as follows, together with any additional legend required by any applicable state securities laws: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. 

(d) Certificates evidencing the Preferred Shares shall not be required to contain the legend set forth in
Section 9.8(c): (i) if a registration statement under the Securities Act covering the resale of such Preferred Shares under the Securities Act is effective, (ii) following any sale of such Preferred Shares in compliance with Rule 144,
(iii) if such Preferred Shares are eligible for sale pursuant to the last sentence of Rule 144(b)(l)(i) under the Securities Act, or (iv) if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the Staff of the SEC). The Corporation shall cause its counsel to issue a legal opinion to the Corporation’s transfer agent in connection with any transfer occurring after the effective date
of any registration statement referred to in clause (i) above. Following such effective date or at such earlier time as such legend is no longer required for certain Preferred Shares, the Corporation will no later than three (3) Business
Days following the delivery by a Purchaser to the Corporation or the Corporation’s transfer agent of a legended certificate representing such Preferred Shares, deliver or cause to be delivered to such Purchaser a certificate representing such
Preferred Shares that is free from such legend. The Corporation may not make any notation on its records or give instructions to any transfer agent of the Corporation that enlarge the restrictions on transfer set forth in this Section 9.8.

 (e) In the event of a proposed transfer of Preferred Shares that, if consummated, would result in the intended
transferee beneficially owning shares of capital stock of the Corporation in excess of the ownership limit established under the Charter for REIT qualification purposes (including any transfer (i) by OPTrust or any of its Affiliates pursuant to
any Put Right under (and as defined in) the Series A Put and ROFR Agreement or (ii) by DeBartolo or any of its Affiliates pursuant to any Put Right under (and as defined in) the Series B Put and ROFR Agreement), then, to the extent permitted by
the Charter and subject to the other terms and conditions of this Section 9.8(e), the Corporation shall deliver a duly executed REIT Ownership Limit Waiver to such transferee effective upon such transfer. Any such intended transferee shall
provide 

  
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at least fifteen (15) calendar days written notice to the Corporation of such proposed transfer and request for a REIT Ownership Limit Waiver. The grant of any such REIT Ownership Limit
Waiver shall be subject to a determination by the Board of Directors of the Corporation that such waiver would not adversely affect the Corporation’s ability to qualify as a REIT and shall also be subject to satisfaction of the conditions set
forth in the immediately following sentences. As a condition to any such waiver, the proposed transferee shall represent to the Corporation, and shall furnish such reasonable evidence as the Board of Directors may request, that no person or entity
described in Section 542(a)(2) of the Code, including the application of the provisions of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code, owns more than the maximum ownership limit set forth in the Charter,
as such may have been modified as provided therein. Any such waiver may be subject to automatic revocation in the event the foregoing representation ceases to be true, as a result of a direct or indirect transfer of an interest or otherwise. In
addition to the above, as a condition to the granting of any such waiver, the Corporation may require an opinion of counsel or other evidence reasonably satisfactory to the Board of Directors of the Corporation in support of the grant of such
waiver, in addition to such other customary conditions as the Board of Directors of the Corporation may impose. 
 9.9
Pre-emptive Right. 
 (a) Grant of ROFO on Additional Preferred Equity Securities. The Corporation
hereby grants to each of OPTrust and DeBartolo (each a “ROFO Holder”) a right of first offer to purchase its Pro Rata Portion of Preferred Equity Securities that the Corporation may from time to time propose to issue or sell after
the date hereof (the “New Securities”). A ROFO Holder shall be entitled to apportion the right of first offer hereby granted to it, in such proportions as it deems appropriate, among itself and any Affiliates of such ROFO Holder.
The Corporation shall give written notice (an “Offer Notice”) to each ROFO Holder stating (i) its bona fide intention to offer such New Securities, (ii) the number and terms of such New Securities to be offered, and
(iii) the price and other terms, if any, upon which it proposes to offer such New Securities. 
 (b)
Exercise of Pre-emptive Rights; Over-Allotment. Each ROFO Holder shall for a period of fifteen (15) Business Days following the receipt of an Offer Notice (the “Exercise Period”) have the right to elect to purchase up to
its Pro Rata Portion of the New Securities at the purchase price and on the other terms set forth in the Offer Notice by delivering a written notice to the Corporation, subject to a minimum investment with respect to any ROFO Holder equal to the
lesser of (i) $1,000,000 and (ii) the aggregate purchase price applicable to its Pro Rata Portion of the New Securities. No later than three (3) Business Days following the expiration of the Exercise Period, the Corporation shall, if
applicable, notify in writing the ROFO Holder that has elected to purchase its full Pro Rata Portion of the New Securities (a “Fully Exercising ROFO Holder”) of the other ROFO Holder’s failure to do likewise. Such Fully
Exercising ROFO Holder shall have the right to elect to purchase any or all of other ROFO Holder’s remaining allotment of the New Securities by giving written notice to the Corporation within three (3) Business Days of receipt of such
notice from the Corporation. 

  
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 (c) Closing of Pre-emptive Rights Issuance; Purchase Fee. 

(i) The closing of any sale to one or more purchasers pursuant to Section 9.9(b) shall occur within the later of
ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 9.9(d). At such closing, the Corporation shall deliver to each such purchaser certificates (if any) evidencing
the New Securities, which New Securities shall be issued free and clear of any Liens, and the Corporation shall so represent and warrant to such purchaser thereof, and further represent and warrant to such purchaser that such New Securities shall
be, upon issuance thereof to such purchaser and after payment therefor, duly authorized, validly issued, fully paid and non-assessable. In addition, subject to Section 9.9(c)(ii), the Corporation shall further provide to the purchasers of New
Securities pursuant to this Section 9.9 all representations, warranties and covenants made by the Corporation to any Person that purchases New Securities pursuant to Section 9.9(d). At such closing, the Corporation shall pay to such
purchaser a purchase fee equal to one percent (1%) of the aggregate purchase price paid by such purchaser for such New Securities. At such closing, each such purchaser shall deliver to the Corporation the purchase price for the New Securities
purchased by it by wire transfer of immediately available funds to the Corporation’s account designated by the Corporation in writing at least two (2) Business Days prior to such closing. Each such purchaser and the Corporation shall take
all such other actions as may be reasonably necessary to consummate such purchase and sale including, without limitation, entering into such additional agreements as may be necessary or appropriate. 

(ii) If any one or more of the Purchasers purchases all of the New Securities offered in any Offer Notice, and such
Purchasers include one or more of OPTrust and its Affiliates, the Corporation shall enter into an agreement with such Purchasers for the purchase of such New Securities having substantially comparable provisions to this Agreement to the extent
reasonably applicable, with such additions and modifications hereto as are appropriate to such transaction and upon which the parties may reasonably and in good faith agree. 

(d) Sales to Other Persons. If all New Securities referred to in the Offer Notice are not elected to be purchased
or acquired as provided in Section 9.9(b), the Corporation may, during the ninety (90) day period following the expiration of the periods provided in Section 9.9(b), offer and sell any or all of the remaining unsubscribed portion of
such New Securities to any Person or Persons at a price not less than, and upon other terms not materially more favorable to the offeree than, those specified in the Offer Notice. If the Corporation does not enter into an agreement for the sale of
the New Securities within such period, or if such agreement is not consummated within forty-five (45) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless
first reoffered to each ROFO Holder in accordance with this Section 9.9. 

  
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 (e) Preferred Stock. Nothing in this Section 9.9 is intended to
relieve, or have the effect of relieving, the Corporation from any of its covenants or obligations under Section 8(c) of the Series A Preferred Articles Supplementary or Section 8(c) of the Series B Preferred Articles Supplementary.

 (f) Termination. The provisions of this Section 9.9 shall terminate upon the redemption of all
Preferred Shares. The provisions of this Section 9.9 shall terminate earlier than as provided above with respect to any given ROFO Holder, and such Person shall cease to be a ROFO Holder hereunder, upon the earlier to occur of (I) such
time as such ROFO Holder, together with its Affiliates, ceases to hold any Preferred Shares, and (II) the failure of such ROFO Holder, together with its Affiliates, to purchase, in any bona fide transaction subject to this Section 9.9,
at least such ROFO Holder’s Pro Rata Amount of the New Securities actually issued and sold by the Corporation in such transaction in compliance with the provisions of this Section 9.9, provided that the aggregate purchase price received by
the Corporation in respect of the portion of such New Securities issued and sold in such transaction to one or more of (x) the ROFO Holders and their respective Affiliates and (y) any other Person that is not a Related Person shall be at
least $50,000,000. 
 9.10 No Impairment. So long as any Preferred Stock is outstanding, the Corporation shall:

 (a) comply with its obligations under the Series A Preferred Articles Supplementary and the Series B Preferred
Articles Supplementary, and the Corporation shall not take any action or make any omission that, with notice or the passage of time or both, would constitute a violation of (i) Section 8(c) of the Series A Preferred Articles Supplementary
or (ii) Section 8(c) of the Series B Preferred Articles Supplementary; and 
 (b) not take or permit
any action, or cause or permit any of its Subsidiaries (including as a Subsidiary, for purposes of this Section 9.10(b), any entity that would become a Subsidiary of the Corporation upon consummation of the contribution of the Planned
Contributed Properties) to take or permit any action that would cause the Corporation to be prohibited from making any payments or distributions required to be made pursuant to the terms of the Preferred Stock, including, without limitation, any
action that would prohibit the Corporation from making distributions under the MGCL. 
 9.11 Director and Officer
Insurance. So long as either Purchaser has a designee on the Board of Directors of the Corporation, the Corporation shall maintain directors’ and officers’ liability insurance providing coverage in such amounts and on such terms as is
customary for a publicly traded company of similar size to the Corporation. Such insurance shall include coverage for all directors of the Corporation, including any director designated (individually or jointly) by either Purchaser. The Purchasers
hereby acknowledge and agree that the Corporation’s directors’ and officers’ liability insurance policy in effect as of the Closing Date, a copy of which has been furnished to the Purchasers, complies with this Section 9.11 as of
the date hereof; provided that, upon the reasonable request of any of the Purchasers from time to time, to modify or increase the coverage of the Corporation’s directors’ and officers’ liability insurance policy that is then in effect
in light of the circumstances existing at such time, then the 

  
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Corporation shall make such modifications or increase to such directors’ and officers’ liability insurance policy (or, if applicable, purchase an additional directors’ and
officers’ liability insurance policy) as may be required, if at all, to comply with this Section 9.11. 
 9.12
Access. In addition to any other rights provided by law or set forth herein, from and after the Closing Date, (a) the Corporation shall, and shall cause each of its Subsidiaries to, give the Purchasers and their respective
representatives access during reasonable business hours to (i) all properties, assets, books, contracts, commitments, reports and records relating to the Corporation and its Subsidiaries, and (ii) the management, accountants, lenders,
customers and suppliers of the Corporation and its Subsidiaries; (b) with respect to each Contributed Property to be contributed by ELRH or any Affiliate thereof for which the consummation of such contribution remains pending, ELRH shall, and
shall cause each of its Affiliates to, give the Purchasers and their respective representatives reasonable access to all information regarding the business, properties and liabilities of ELRH and its Affiliates to the same extent and under the same
conditions granted to the Corporation under the Master Agreement; and (c) with respect to each Contributed Property to be contributed by DeBartolo or any Affiliate thereof for which the consummation of such contribution remains pending,
DeBartolo shall, and shall cause each of its Affiliates to, give the Purchasers and their respective representatives reasonable access to all information regarding the business, properties and liabilities of DeBartolo and its Affiliates to the same
extent and under the same conditions granted to the Operating Partnership under the DeBartolo Contribution Agreements; provided, however, in each case, that a party shall not be required to provide such access to any information or
Persons if such party reasonably determines that access to such information or Persons would violate the attorney-client privilege between such party or any Affiliate thereof and its counsel that cannot be provided to the Purchasers in a manner that
would avoid the violation of such attorney-client privilege. The provisions of this Section 9.12 shall terminate upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of such Purchaser under this
Section 9.12 shall terminate as to such Purchaser at such time as such Purchaser, together with its Affiliates, ceases to hold any Preferred Shares. 
 9.13 Amendments to Transaction Documents. So long as any Preferred Shares are held by any of OPTrust, DeBartolo and their respective Affiliates, the Corporation shall not, and shall not permit any
of its Subsidiaries to, enter into, become or remain subject to any agreement or instrument, except for the Transaction Documents, that would prohibit or require the consent of any Person to any amendment, modification or supplement to any of this
Agreement, the Warrants, the Series A Preferred Articles Supplementary, the Series B Preferred Articles Supplementary, the Put and ROFR Agreements, the Registration Rights Agreement, the Governance Agreement, the Master Agreement or the DeBartolo
Contribution Agreements. For avoidance of doubt, any and all approval requirements of (i) shareholders of the Corporation or partners of the Operating Partnership under their respective Organizational Documents or under applicable Laws or
(ii) lenders to the Corporation or any of its Subsidiaries or with respect to any of their respective properties (including for this purpose any Planned Contributed Properties) shall be disregarded for purposes of this Section 9.13.

 9.14 Integration. The Corporation shall not, and shall use its best efforts to ensure that no Affiliate of the
Corporation shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be 

  
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integrated with the offer or sale of the Preferred Shares and the Warrants hereunder in a manner that would require the registration under the Securities Act of the sale of any Preferred Shares
or Warrants hereunder to the Purchasers. 
 9.15 Appraisal. Schedule B hereto sets forth the agreed value, for purposes
of the leverage restrictions set forth in the Series A Preferred Articles Supplementary and the Series B Preferred Articles Supplementary, of each property owned by the Corporation and its Subsidiaries as of the Closing Date. Schedule C
hereto sets forth the agreed value, for purposes of the leverage restrictions set forth in the Series A Preferred Articles Supplementary and the Series B Preferred Articles Supplementary, of each Planned Contributed Property. So long as any
Preferred Shares are held by any of OPTrust, DeBartolo and their respective Affiliates, the Corporation shall cause an appraisal of each property owned by the Corporation and its Subsidiaries to be undertaken on December 1 of each calendar
year. All appraisals required under this Section 9.15 shall be performed by a nationally recognized independent real property appraisal firm having specialized knowledge and expertise in the appraisal of multi-family residential properties;
provided, however, any appraiser selected by the Corporation to perform appraisals required under this Section 9.15 shall be rotated at least once every three years (with the first such three-year period commencing on the Closing
Date). The Corporation shall cause all such appraisals to be completed and distributed to each Purchaser not later than the January 20th immediately following the date of such respective update or appraisal. The cost of any annual appraisal and
update obtained pursuant to this Section 9.15 shall be borne by the Corporation. The provisions of this Section 9.15 shall terminate upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of
such Purchaser under this Section 9.15 shall terminate at such time as such Purchaser, together with its Affiliates, ceases to hold any Preferred Shares. 
 9.16 Use of Proceeds. The Corporation shall use the proceeds received from the issuance and sale of the Securities at the Closing solely for the purposes and at the time or times set forth in this
Section 9.16 or on Schedule A hereto, as such Schedule may be updated from time to time by mutual agreement of the Corporation, OPTrust, DeBartolo and ELRH (the “Use of Proceeds Schedule”), and any fees shall be
capped at the amounts indicated therein. For the avoidance of doubt, no portion of such proceeds may be used for the payment of distributions or dividends to the Corporation’s stockholders or to limited partners of the Operating Partnership.
Any proceeds received from the issuance and sale of the Securities at the Closing, net of amounts paid or set aside for payment on or about the Closing Date in accordance with the Use of Proceeds Schedule (including, without limitation, an aggregate
amount of $7,000,000 deposited in escrow on or about the Closing Date pursuant to the DeBartolo Contribution Agreements), shall be deposited on the Closing Date in one or more segregated bank accounts of the Corporation (collectively, the
“Proceeds Accounts”). No withdrawals shall be permitted from the Proceeds Accounts without the written consent of OPTrust (so long as any of OPTrust and its Affiliates hold any Preferred Shares) and DeBartolo (so long as any of
DeBartolo and its Affiliates hold any Preferred Shares), other than for (i) specific transaction costs that are required to be paid after the Closing Date as indicated on the Use of Proceeds Schedule as and when such amounts become due and
(ii) expenditures in connection with the acquisition of additional multi-family residential properties in markets in the United States where the Corporation or ELRH has previously established a management presence (should there be any dispute
regarding the existence of such management presence, the final determination of such management presence 

  
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shall be made by the Purchasers in their reasonable discretion), provided such acquisition is approved by the Board of Directors. For so long as a Purchaser or any of its Affiliates holds any
Preferred Shares, with respect to each calendar month in which any such withdrawals are made, the Corporation shall furnish a written report to such Purchaser within thirty (30) days after the end of such month specifying in reasonable detail
the dates and amounts of such withdrawals and the purposes therefor. 
 9.17 Other Reporting Obligations. (a) During
any period in which the Corporation is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Corporation shall deliver to each Purchaser by mail and without cost to such Purchaser the following reports in the
form that the Corporation would have been required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act as if the Corporation were subject thereto as well as the other documents listed herein: 

(i) as soon as practicable, but in any event within the time frame prescribed for the filing of an annual report pursuant
to the Exchange Act after the end of each fiscal year, an annual report on Form 10-K, and to the extent not included in such Form 10-K, an income statement of the Corporation for such fiscal year, a balance sheet of the Corporation and statement of
stockholders’ equity as of the end of such fiscal year, and a statement of cash flows for such fiscal year, such year-end financial reports to be prepared on a consolidated basis, in reasonable detail, prepared in accordance with GAAP, and
audited and certified by independent public accountants of nationally recognized standing selected by the Corporation; and 
 (ii) as soon as practicable, but in any event within the time frame prescribed for the filing of a quarterly report pursuant to the Exchange Act for each fiscal quarter of each fiscal year of the
Corporation, a quarterly report on Form 10-K, and to the extent not included in such Form 10-Q, an unaudited income statement and statement of cash flows for such fiscal quarter and an unaudited balance sheet and a statement of stockholder’s
equity as of the end of such fiscal quarter prepared on a consolidated basis. 
 (b) The Corporation at its sole
cost and expense shall furnish to each of OPTrust and DeBartolo (in each case, for the avoidance of doubt, subject to the provisions of Section 9.5): 
 (i) as soon as practicable, but in any event at least 30 days prior to the end of each fiscal year, a budget for the next fiscal year, prepared on a monthly basis, including income statements, balance
sheets, and statements of cash flows for such months, and, as soon as prepared, any other budgets or revised budgets prepared by the Corporation; 
 (ii) as soon as practicable, but in any event no later than 60 days after the end of each calendar year, annual fair value statements, with a December 31 year-end, prepared in accordance with
International Financial Reporting Standards (“IFRS”); and 

  
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 (iii) as soon as practicable, any additional reports as may be reasonably
requested by such Purchaser from time to time for its own internal purposes. 
 (c) Audits. The
Corporation shall be audited annually by a nationally recognized accounting firm (which firm is initially anticipated to be Ernst & Young). 
 (d) Termination. The provisions of this Section 9.17 shall terminate upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of such Purchaser under
this Section 9.17 shall terminate at such time as such Purchaser, together with its Affiliates, ceases to hold any Preferred Shares. 
 9.18 Affiliate Transactions. So long as any Preferred Shares are held by any of OPTrust, DeBartolo and their respective Affiliates, no Related Person shall: (i) owe any amount to any of the
Corporation and its Subsidiaries, nor shall any of the Corporation and its Subsidiaries owe any amount to, nor shall any of the Corporation and its Subsidiaries commit to make any loan or extend or guarantee credit to or for the benefit of, any
Related Person; (ii) have any direct or indirect ownership interest in, or be an officer, director, employee, consultant or agent of, any Person that has a business relationship with any of the Corporation and its Subsidiaries; or
(iii) own, directly or indirectly, in whole or in part, any real property, leasehold interests or other property, or any permits, the use of which is necessary for the conduct of the business of any of the Corporation and its Subsidiaries as
currently conducted and as proposed to be conducted; provided, however, that the provisions of this Section 9.18 shall not apply to (I) the transactions contemplated hereby and by the other Transaction Documents as of the
date hereof without giving effect to any amendment, modification or waiver thereof, (II) any Qualified Contribution Transaction (with respect to OPTrust, as such term is defined in the Series A Preferred Articles Supplementary and, with respect to
DeBartolo, as such term is defined in the Series B Preferred Articles Supplementary), and (III) any other transaction or arrangement that is approved in writing by each of OPTrust and DeBartolo (which approval will not be unreasonably conditioned,
delayed, or withheld, provided that such transaction or arrangement is made on terms and conditions that are no less favorable to the Corporation and its Subsidiaries than such terms and conditions as may be attained in a transaction not involving a
Related Person). The provisions of this Section 9.18 are in addition to, and not in lieu of, any other applicable restrictions that may be set forth in the Organizational Documents of the Corporation (including the Charter) and elsewhere in the
Transaction Documents (including the Series A Preferred Articles Supplementary and the Series B Preferred Articles Supplementary) or as may be provided by the MGCL or other applicable Laws. The provisions of this Section 9.18 shall terminate
upon the redemption of all Preferred Shares. In addition, with respect to any Purchaser, the rights of such Purchaser under this Section 9.18 shall terminate at such time as such Purchaser, together with its Affiliates, ceases to hold any
Preferred Shares. 
 9.19 Investment Company Act. At any time while any Preferred Stock is outstanding, the Corporation
shall make all reasonable efforts to conduct its affairs, and to cause its Subsidiaries to conduct their affairs, in such a manner as to ensure that neither the Corporation nor its Subsidiaries will be or become an “investment company,” as
such term is defined in the Investment Company Act of 1940, as amended. 

  
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 ARTICLE X. 
 Survival and Indemnification 
 10.1 Survival of Representations,
Warranties, and Covenants. 
 (a) The representations and warranties of the parties contained in this
Agreement shall survive, as applicable to each Purchaser, until the date upon which all of the shares of the series of Preferred Stock applicable to such Purchaser have been redeemed and shall be unaffected by any investigation heretofore or
hereafter made by any party in favor of which any such representation and warranty has been made; except that the representations and warranties contained in Section 3.6 (Authorization of Preferred Stock), Section 3.14 (Private Placement),
Section 3.16 (Waiver of Ownership Limits), Section 3.19 (Certain Fees) and Section 3.20 (Acknowledgment Regarding Purchasers’ Purchase of Securities) shall survive indefinitely. Any claim for indemnification in respect of any
representation or warranty that is not asserted by notice given as herein provided relating thereto prior to the expiration of the specified period of survival shall not be pursued and is hereby irrevocably waived after the expiration of such period
of survival. Any claim for a Loss in respect of such a breach asserted within such period of survival as herein provided will be timely made for purposes hereof. 

(b) Unless a specified period is set forth in this Agreement (in which event such specified period will control), the
covenants in this Agreement will survive and remain in effect indefinitely. 
 10.2 Indemnification. 

(a) From and after the Closing, the Corporation shall indemnify and hold harmless each Purchaser from and against any and
all Losses incurred, arising out of or relating to: 
 (i) any breach by the Corporation of any of the
representations, warranties or covenants made by the Corporation in this Agreement; 
 (ii) any dividend or other
distributions of any nature declared or paid by the Corporation in respect of the Preferred Stock, including any redemption or purchase thereof by the Corporation, that is claimed or alleged to have been made, or actually made, in violation of any
applicable Laws; 
 (iii) any claim or Proceedings against the Corporation or such Purchaser in relation to this
Agreement or any other Transaction Document or any of the transactions contemplated hereby or thereby commenced by (A) any Governmental Entity with jurisdiction over the Corporation or any of its Subsidiaries or (B) any stockholder,
director, or officer of the Corporation (other than such Purchaser and such Purchaser’s respective Affiliates and their respective representatives), or any representative thereof, including, without limitation, any allegation or claim that the
transactions contemplated hereby or thereby are invalid or illegal, except to the extent resulting from the bad faith or willful malfeasance of any of such Purchaser and such Purchaser’s respective Affiliates; and 

  
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 (iv) any claim or Proceedings against a Purchaser commenced by any director,
officer, employee or other representative of such Purchaser (a “Representative”) who, in his or her capacity as a Representative of the Purchaser, has been appointed as a director of the Corporation, and (A) as a result of, or
in connection with such Representative’s position as a director of the Corporation, is or becomes subject to any claim or Proceedings (the “Originating Proceedings”), and (B) such Representative makes a claim or commences
Proceedings against the Purchaser in respect of an indemnity claim or claim for loss resulting from the Originating Proceedings; provided, however, that the Corporation shall not be obligated to indemnify the Purchaser under this
clause (iv) to the extent that the Corporation is prohibited under applicable law from indemnifying such Representative in respect of such Originating Proceedings. 

(b) From and after the Closing, ELRH shall indemnify and hold harmless each Purchaser from and against any and all Losses
incurred, arising out of or relating to any breach by ELRH of any of the covenants made by ELRH in this Agreement. 
 (c) From and after the Closing, DeBartolo shall indemnify and hold harmless OPTrust from and against any and all Losses incurred, arising out of or relating to any breach by DeBartolo of any of the
covenants made by DeBartolo in this Agreement. 
 (d) From and after the Closing, each Purchaser, severally and
not jointly, shall indemnify and hold harmless the Corporation from and against any and all Losses incurred, arising out of or relating to any breach by such Purchaser of any of the representations, warranties or covenants made by such Purchaser in
this Agreement. 
 (e) Without limitation to Section 10.2(a), from and after the Closing and for so long as
any Series A Preferred Shares are held by any of OPTrust and its Affiliates, the Corporation shall indemnify and hold harmless each of OPTrust and its Affiliates from and against any and all U.S. federal, state or local income or withholding tax
incurred or suffered by such Indemnitee as a holder of Series A Preferred Shares with respect to any gain that is treated as recognized by such holder from a sale or exchange (or deemed sale or exchange) by any of the Corporation and its
Subsidiaries under Code section 897(h)(1) of a “United States real property interest” as defined in Code section 897(c)(1) and that results from any distribution made by the Corporation. 

(f) The conduct of any Proceedings for which indemnification is available under this Section 10.2 shall be governed
by Section 10.3. The indemnification obligations of any Indemnitor under this Section 10.2 shall be the exclusive remedy of the Purchasers hereunder for breaches of the representations, warranties and covenants addressed thereby, other
than for fraud and equitable remedies, and shall be binding upon and inure to the benefit of any successors, permitted assigns, heirs and personal representatives of the Purchasers. 

  
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 10.3 Procedures for Third-Party Claims. 

(a) If any Indemnitee receives notice of assertion or commencement of any Third-Party Claim against such Indemnitee in
respect of which an Indemnitor may be obligated to provide indemnification under this Agreement, the Indemnitee shall give such Indemnitor reasonably prompt written notice thereof; provided, however, that no delay on the part of the
Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation hereunder unless (and then solely to the extent) the Indemnitor is actually prejudiced by such delay. 

(b) Any Indemnitor will have the right to defend the Indemnitee against the Third-Party Claim with counsel of its choice
reasonably satisfactory to the Indemnitee so long as (i) the Indemnitor notifies the Indemnitee in writing within ten (10) days after the Indemnitee has given notice of the Third-Party Claim that the Indemnitor will indemnify the
Indemnitee from and against any such Losses, (ii) the Indemnitor provides the Indemnitee with evidence reasonably acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the Third-Party Claim and
fulfill its indemnification obligations hereunder, (iii) the Third-Party Claim involves only monetary damages and does not seek an injunction or other equitable relief, (iv) settlement of, or an adverse judgment in respect of, the
Third-Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish a precedential custom or practice adverse to the continuing business interests of the Indemnitee, and (v) the Indemnitor conducts the defense of the
Third-Party Claim actively and diligently. 
 (c) So long as the Indemnitor is conducting the defense of the
Third-Party Claim in accordance with Section 10.3(b), (i) the Indemnitee may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third-Party Claim, (ii) the Indemnitee will not consent to the
entry of any judgment or enter into any compromise or settlement in respect of the Third-Party Claim without the prior written consent of the Indemnitor (which consent will not be unreasonably conditioned, delayed, or withheld), and (iii) the
Indemnitor will not consent to the entry of any judgment or enter into any compromise or settlement in respect of the Third-Party Claim without the prior written consent of the Indemnitee (which consent will not be unreasonably conditioned, delayed,
or withheld); provided, however, that, in respect of clause (iii) above, the Indemnitee may condition such consent upon the delivery by the claimant or plaintiff to the Indemnitee of a duly executed unconditional release of the
Indemnitee from all liability in respect of such Third-Party Claim. 
 (d) In the event any condition set forth
in Section 10.3(b) is or becomes unsatisfied, however, (i) the Indemnitee may defend against, and consent to the entry of any judgment or enter into any settlement in respect of, the Third-Party Claim in any manner it reasonably may deem
appropriate, provided that the Indemnitee will consult with and obtain the consent of the Indemnitor in connection therewith which shall not be unreasonably conditioned, delayed, or withheld, (ii) the Indemnitor will reimburse the Indemnitee
promptly and periodically for the costs of defending against the Third-Party Claim (including reasonable attorneys’ fees and expenses), and (iii) the Indemnitor will remain responsible for any Losses the Indemnitee may suffer resulting
from, arising out of, relating to, in the nature of, or caused by, the Third-Party Claim to the fullest extent provided in this Section 10.3. 

  
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 10.4 Direct Claims. The Indemnitor will have a period of thirty (30) days within
which to respond in writing to any claim by an Indemnitee on account of a Loss that does not result from a Third-Party Claim (a “Direct Claim”). If the Indemnitor does not so respond within such 30 day period, the Indemnitor will be
deemed to have rejected such claim, in which event the Indemnitee will be entitled to pursue such remedies as may be available to the Indemnitee. 
 10.5 Certain Other Matters. Upon making any Indemnity Payment Indemnitor will, to the extent of such Indemnity Payment, be subrogated to all rights of Indemnitee against any third person (other
than an insurance company) in respect of the Loss to which the Indemnity Payment related; provided, however, that (i) Indemnitor shall then be in compliance with its obligations under this Agreement in respect of such Loss and
(ii) until Indemnitee fully recovers payment of its Loss, any and all claims of the Indemnitor against any such third person on account of such Indemnity Payment will be subrogated and subordinated in right of payment to Indemnitee’s
rights against such third person. Without limiting the generality or effect of any other provision hereof, each such Indemnitee and Indemnitor will duly execute upon request all instruments reasonably necessary to evidence and perfect the
above-described subrogation and subordination rights. Any Indemnity Payment hereunder shall be treated as an adjustment to the applicable purchase price. 
 ARTICLE XI. 
 Miscellaneous 

11.1 Amendments. This Agreement may be amended, modified, or supplemented only pursuant to a written instrument making specific
reference to this Agreement and signed by each of the parties hereto; provided, however, that any such amendment, modification or supplement that expressly relates specifically to OPTrust or to the Series A Preferred Shares and not to
any other Purchasers or Preferred Shares shall not require the consent of the Purchasers other than OPTrust. 
 11.2
Assignment. Except as expressly provided otherwise in this Agreement, this Agreement and the rights and obligations hereunder shall not be assigned, delegated, or otherwise transferred (whether by operation of law, by contract, or otherwise)
without the prior written consent of the other parties hereto; provided, however, that any Purchaser may, without obtaining the prior written consent of any other party hereto, assign, delegate, or otherwise transfer its rights and
obligations hereunder to any of its Affiliates in connection with a transfer of Securities to such Affiliate, provided that any such assignment, delegation or other transfer shall not relieve such Purchaser from its obligations hereunder. Each party
shall execute such acknowledgements of such permitted assignments in such forms consistent with the provisions hereof as the assigning party may from time to time reasonably request. Any attempted assignment, delegation, or transfer in violation of
this Section 11.2 shall be void and of no force or effect. 

  
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 11.3 Binding Effect. Except as otherwise expressly provided herein, this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

11.4 Counterparts. This Agreement may be executed in multiple counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same instrument. 
 11.5 Entire Agreement. This
Agreement (including the Schedules attached hereto) and the other Transaction Documents constitute the entire agreement of the parties hereto in respect of the subject matter hereof and thereof, and supersede all prior agreements or understandings,
among the parties hereto in respect of the subject matter hereof and thereof. 
 11.6 Fees and Expenses. 

(a) At the Closing, the Corporation shall reimburse each Purchaser for reasonable out-of-pocket expenses (including fees
and disbursements of their counsel and accountants) incurred by or on behalf of the applicable Purchaser in connection with the preparation, negotiation, execution, delivery, and performance of this Agreement and each Transaction Document through
and including the Closing Date, including legal and financial diligence relating thereto, up to the respective amounts provided therefor in the Use of Proceeds Schedule. 

(b) The Corporation shall bear all of the expenses (including fees and disbursements of its counsel) incurred by or on
behalf of the Corporation in connection with the preparation, negotiation, execution, delivery, and performance of this Agreement and each Transaction Document and the consummation of the transactions contemplated hereby and thereby. 

11.7 Governing Law. This Agreement shall be enforced, governed, and construed in all respects in accordance with the laws of the
State of New York applicable to contracts executed and performable solely in such state (except for matters governed exclusively by the MGCL). 
 11.8 Headings. The article and section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provision
hereof. 
 11.9 Jurisdiction. Except as otherwise expressly provided in this Agreement, the parties hereto agree that any
action, suit, or proceeding seeking to enforce any provision of, or based on any matter arising out of or relating to, this Agreement or the transactions contemplated hereby can only be brought in federal court sitting in the Eastern District of New
York or, if such court does not have jurisdiction, any district court sitting in the Borough of Manhattan, New York County, New York, and each of the parties hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such action, suit, or proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such action, suit, or proceeding in any such
court or that any such action, suit, or proceeding that is brought in any such court has been brought in an inconvenient forum. 

  
 -43-

 11.10 Notices. Any notice, demand, request, instruction, correspondence, or other
document required or permitted to be given hereunder by any party to the other shall be in writing and delivered (i) in person, (ii) by a nationally recognized overnight courier service requiring acknowledgment of receipt of delivery,
(iii) by certified mail, postage prepaid and return receipt requested, or (iv) by facsimile, as follows: 
 If to
the Corporation, to: 
 4901 Dickens Road, Suite 101 
 Richmond, Virginia 23230 
 Attention: Stanley J. Olander, Jr. 

Facsimile No.: (804) 237-1345 
 with a copy to (which shall not constitute notice): 
 Hunton & Williams
LLP 
 Riverfront Plaza, East Tower 
 951 East Byrd Street 
 Richmond, Virginia 23219 

Attention: Daniel M. LeBey, Esq. 
 Facsimile No.: (804) 788-8218 
 If to OPTrust, to: 

2335887 Ontario Inc. 
 1 Adelaide Street E. 
 Suite 1200 

Toronto, Ontario M5C 3A7 
 Canada 
 Attention: Robert A.S. Douglas 

Facsimile No.: (416) 681-2500 
 with a copy to (which shall not constitute notice): 
 Davies Ward
Phillips & Vineberg LLP 
 900 Third Avenue, 24th Floor 

New York, New York 10022 
 Attention: Jeffrey Nadler, Esq. 
 Facsimile No.: 212.318.0132 

If to DeBartolo, to: 
 DeBartolo Development LLC 
 4401 W. Kennedy Boulevard, 3rd Floor 

Tampa, Florida 33609 
 Attention: Edward M. Kobel 
 Facsimile No.: (813) 676-7696 

  
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 with a copy to (which shall not constitute notice): 

Gray Robinson, P. A. 
 201 N. Franklin Street, Suite 2200 
 Tampa, Florida 33602 

Attention: Michael J. Nolan, Esq. 
 Facsimile No.: (813) 273-5039 
 If to ELRH, to: 

c/o Elco Landmark Residential Holdings LLC 
 825 Parkway Street 
 Jupiter, Florida 33477 

Attention: Joseph G. Lubeck, Chief Executive Officer 
 Facsimile No.: (561) 745-8745 
 with a copy to (which shall not constitute
notice): 
 Goulston & Storrs P.C. 
 750 Third Avenue 
 New York, New York 10017 

Attention: Yaacov M. Gross, Esq. 
 Facsimile No.: (212) 878-5527 
 Notice shall be deemed given, received, and
effective on: (i) if given by personal delivery or courier service, the date of actual receipt by the receiving party, or if delivery is refused on the date delivery was first attempted; (ii) if given by certified mail, the third day after
being so mailed if posted with the United States Postal Service; and (iii) if given by facsimile, the date on which the facsimile is transmitted if confirmed by transmission report during the transmitter’s normal business hours, or at the
beginning of the next business day after transmission if confirmed at any time other than the transmitter’s normal business hours. Any person entitled to notice may change any address or facsimile number to which notice is to be given to it by
giving notice of such change of address or facsimile number as provided in this Section 11.10. The inability to deliver notice because of changed address or facsimile number of which no notice was given shall be deemed to be receipt of the
notice as of the date such attempt was first made. 
 11.11 No Recourse. Notwithstanding any provision of this Agreement
to the contrary, the Corporation agrees that neither it nor any person acting on its behalf may assert any claim or cause of action against any officer, director, stockholder, controlling person, manager, member, partner, employer, agent,
representative, or affiliate of any Purchaser or such Purchaser’s officers, directors, stockholders, controlling persons, managers, members, partners, employees, agents, or representatives in connection with, arising out of, or relating to this
Agreement, the Transaction Documents, or the transactions contemplated hereby or thereby, except to the extent that any such Person is or becomes a party to this Agreement or any of the other Transaction Documents. 

  
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 11.12 Severability. If any provision of this Agreement or the application of such
provision to any person or circumstance shall be held (by a court of competent jurisdiction) to be invalid, illegal, or unenforceable under the applicable Law of any jurisdiction, (i) the remainder of this Agreement or the application of such
provision to other persons or circumstances or in other jurisdictions shall not be affected thereby, and (ii) such invalid, illegal, or unenforceable provision shall not affect the validity or enforceability of any other provision of this
Agreement. 
 11.13 Specific Performance. The parties hereby acknowledge and agree that if the any party refuses to
perform under this Agreement, monetary damages alone will not be adequate to compensate the other parties for their injuries. Therefore, each party shall, in addition to any other remedy that may be available to it, be entitled to obtain specific
performance of this Agreement. If any action, suit, or proceeding is instituted by any party to enforce this Agreement, each of the other party hereby waives the defense that there is an adequate remedy at law. In the event of a default by any party
that results in the filing of an action for damages, specific performance, or other remedies, the other parties shall be entitled to reimbursement by the defaulting party of all reasonable attorneys’ fees and expenses incurred by it.

 11.14 Third-Party Beneficiaries. Nothing express or implied in this Agreement is intended or shall be construed to
confer upon or give any Person other than the parties hereto and their respective permitted assigns any rights or remedies under or by reason of this Agreement or the transactions contemplated hereby. 

11.15 Waiver. The rights and remedies provided for herein are cumulative and not exclusive of any right or remedy that may be
available to any party whether at law, in equity, or otherwise. No delay, forbearance, or neglect by any party, whether in one or more instances, in the exercise or any right, power, privilege, or remedy hereunder or in the enforcement of any term
or condition of this Agreement shall constitute or be construed as a waiver thereof. With respect to any rights of the Purchasers collectively, or any obligations of any party other than OPTrust, under this Agreement, no waiver of any provision,
consent required hereunder or departure from this Agreement shall be valid unless expressly and affirmatively made in writing and executed by OPTrust (such waivers or consents to be made or given in OPTrust’s sole and absolute discretion),
except as otherwise expressly provided herein. Any other waiver or consent shall be valid or binding only if expressly and affirmatively made in writing and duly executed by the party to be charged with such waiver. No waiver shall constitute or be
construed as a continuing waiver or a waiver in respect of any subsequent breach or default, either of similar or different nature, unless expressly so stated in such writing. * * * * * 

[Remainder of page intentionally left blank. Signature page follows.] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	 APARTMENT TRUST OF AMERICA, INC.

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

  
 Signature
to Securities Purchase Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	 2335887 LIMITED PARTNERSHIP,

by its general partner, 2335887

ONTARIO INC.

		
	 By:
	 	 /s/ Robert A. S. Douglas

	 Name:
	 	Robert A. S. Douglas
	 Title:
	 	President
		
	 By:
	 	 /s/ Joseph Lyn

	 Name:
	 	Joseph Lyn
	 Title:
	 	Vice-President and Secretary

  
 Signature
to Securities Purchase Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	 DK LANDMARK, LLC

		
	 By:
	 	 /s/ James A. Palermo

	 Name:
	 	 James A. Palermo

	 Title:
	 	 Executive Vice President

  
 Signature
to Securities Purchase Agreement 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

					
	 ELCO LANDMARK RESIDENTIAL
 HOLDINGS LLC

	
	By: JLCo, LLC, a Florida limited liability company, its manager
			
		 	 By:
	 	 /s/ Joseph Lubeck

		 	 Name:
	 	Joseph Lubeck
		 	 Title:
	 	President

 Signature to Securities Purchase AgreementCorporate Governance Agreement

 Exhibit 10.26 
 Execution Version 
 CORPORATE GOVERNANCE AGREEMENT 

THIS CORPORATE GOVERNANCE AGREEMENT (this “Agreement”), dated as of August 3, 2012, is made and entered into by and
among: (i) Apartment Trust of America, Inc., a Maryland corporation (the “Company”); (ii) Elco Landmark Residential Holdings LLC, a Delaware limited liability company (“EL”); (iii) 2335887 Limited
Partnership, an Ontario limited partnership (“OPT”); and (iv) DK LANDMARK, LLC, a Florida limited liability company ( “DB”). The Company, EL, OPT and DB are each referred to herein as a “Party”
and collectively as the “Parties.” 
 RECITALS 

WHEREAS, the Company, EL, Elco Landmark Residential Management LLC, and Apartment Trust of America Holdings, L.P., a Virginia limited
partnership (the “Operating Partnership”), have today entered into that certain Master Contribution and Recapitalization Agreement (the “MCA”); 

WHEREAS, pursuant to the MCA, the Contributors have entered into Interest Contribution Agreements with respect to the contribution of
their Contributed Interests in the Contributed Entities to the Operating Partnership in exchange for cash, OP Units, capital stock of the Company, or a combination of the foregoing, upon the terms and conditions set forth in the MCA; 

WHEREAS, the Company, the Operating Partnership and one or more of DB and its affiliates have entered into the DB Contribution Agreements
relating to the contribution to the Operating Partnership of the DB Properties; 
 WHEREAS, the Company, OPT, DB and EL have
today entered into that certain Securities Purchase Agreement (the “SPA”); 
 WHEREAS, following consummation
of the transactions contemplated by the MCA, the Contribution Agreements, the DB Contribution Agreements and the SPA, OPT, DB and EL will each directly or indirectly own and have the power to direct the voting or disposition of certain securities of
the Company and of the Operating Partnership; and 
 WHEREAS, the Parties desire to enter into this Agreement to provide for the
composition of the Board of Directors of the Company (the “Board”) immediately following the Initial Closing under the MCA (as defined in the MCA as in effect on the date hereof, the “MCA Initial Closing”), the
Initial Closing under each DB Contribution Agreement (as defined in each DB Contribution Agreement as in effect on the date hereof, collectively, the “DB Contribution Agreements Initial Closing”), and the Initial Closing under the
SPA (as defined in the SPA as in effect on the date hereof, the “SPA Initial Closing” and collectively with the MCA Initial Closing and the DB Contribution Agreements Initial Closing, the “Effective Date”) and to
provide for certain other obligations of OPT, DB and EL with respect to certain shares of the Company’s capital stock directly or indirectly owned by them, all in accordance with the terms and conditions set forth herein. 

  
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 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained
herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 

1. Initial Board Composition and Representation. 
 (a) On or prior to the Effective Date, the Company agrees to take all corporate and other actions necessary to increase the number of directors on the Board to nine. Stanley J. Olander, Jr., Andrea R.
Biller, Glenn W. Bunting, Jr. and Robert A. Gary, IV shall continue as directors (the “ATA Directors”) but any and all other directors shall have resigned from the Board, with such resignations to have become effective on or before
the Effective Date or to become effective automatically upon the appointment to the Board of the new directors contemplated herein. On the Effective Date, and throughout his or her term, each such ATA Director (other than Stanley J. Olander) must
qualify as an “Independent Director” as defined below. 
 (b) On or prior to the Effective Date, the Company agrees to
take all corporate and other actions necessary to cause Robert A. S. Douglas, or if he is unable or unwilling to serve, another officer of OPT holding the position of Director-Real Estate or higher and designated in writing by OPT on or before the
Effective Date, to be appointed as a director of the Company and to fill one vacancy on the Board (the “OPT Director”), with a term that expires concurrently with those of all other directors on the Board and upon the election and
qualification of any successor. For avoidance of doubt, (i) except as provided in Sections 2(c), 2(d) and 8(f)(i)(C), the OPT Director shall not be required to qualify as an Independent Director (as defined below), (ii) the OPT Director
may resign from the Board at any time, and (iii) OPT may waive its rights to have an OPT Director appointed to the Board, and any such waiver, if given, shall be in writing and shall be effective until the next annual meeting of the
Company’s stockholders at which directors of the Company are elected or, if expressly stated in such waiver, shall be effective for such longer period set forth therein. 
 (c) On or prior to the Effective Date, the Company agrees to take all corporate and other actions necessary to cause Edward M. Kobel, or if he is unable or unwilling to serve, another person designated in
writing by DB (and qualifying as an “Independent Director”) on or before the Effective Date, to be appointed as a director of the Company and to fill one membership vacancy on the Board (the “DB Director”), with a term
that expires concurrently with those of all other directors on the Board and upon the election and qualification of any successor. On the Effective Date, and throughout his or her term, such DB Director must qualify as an “Independent
Director” as defined below. For avoidance of doubt, (i) the DB Director may resign from the Board at any time, and (ii) DB may waive its rights to have a DB Director appointed to the Board, and any such waiver, if given, shall be in
writing and shall be effective until the next annual meeting of the Company’s stockholders at which directors of the Company are elected or, if expressly stated in such waiver, shall be effective for such longer period set forth therein.

 (d) On or prior to the Effective Date, the Company agrees to take all corporate and other actions necessary to cause Joseph
G. Lubeck and Michael Salkind, or if either of them 

  
 -2-

 
is unable or unwilling to serve, another person designated in writing by EL on or before the Effective Date, to be appointed as directors of the Company and to fill two membership vacancies on
the Board (the “EL Directors”), with a term that expires concurrently with those of all other directors on the Board and upon the election and qualification of any successor. For avoidance of doubt, (i) any of the EL Directors
may resign from the Board at any time, and (ii) EL may waive its rights to have one or more EL Directors appointed to the Board, and any such waiver, if given, shall be in writing and shall be effective until the next annual meeting of the
Company’s stockholders at which directors of the Company are elected or, if expressly stated in such waiver, shall be effective for such longer period set forth therein. 
 (e) On or prior to the Effective Date, the Company agrees to take all corporate and other actions necessary to cause Ronald D. Gaither, or if he is unable or unwilling to serve, another person
collectively designated in writing by OPT, DB and EL (and qualifying as an “Independent Director” as defined below) on or before the Effective Date, to be appointed as a director of the Company and to fill one membership vacancy on the
Board (the “Group Director”), with a term that expires concurrently with those of all other directors on the Board and upon the election and qualification of any successor; provided, however, that (i) OPT shall only have
the right to participate in the designation of such Group Director if OPT is entitled to designate an OPT Director hereunder, after giving effect to the provisions of Section 2(b)(i) below, (ii) DB shall only have the right to participate
in the designation of such Group Director if DB is entitled to designate a DB Director hereunder, after giving effect to the provisions of Section 2(b)(ii) below, (iii) EL shall cease to have the right to participate in the designation of
such Group Director to the extent provided in Section 2(b)(iv) below, and (iv) if one or more of OPT, DB or EL fails, declines or waives its or their right to participate in the designation of such Group Director (it being understood that,
absent a formal waiver in writing that expressly surrenders such right permanently, any such failure, declination or waiver shall not be deemed a permanent surrender of such right), the remaining party or parties shall be entitled to designate such
Group Director. On the Effective Date, and throughout his or her term, such Group Director must qualify as an “Independent Director” as defined below. 
 (f) For purposes of this Agreement, a Person shall be deemed to be an “Independent Director” if he or she satisfies the independence standards of both (1) the Company’s charter and
bylaws, as in effect on the date hereof, and (2) the New York Stock Exchange (each an “Independent Director”). If at any time, the Board determines that any ATA Director (other than Stanley J. Olander), the DB Director or the
Group Director does not qualify as an Independent Director, the Company shall give prompt written notice to the Parties of such determination and the basis therefor. Upon making such determination, or receiving notice thereof, the Party or Parties
who had previously designated such director, if any, shall designate a replacement director, and the Parties shall cooperate to take such actions as are necessary to cause such existing director to resign from the Board, and the qualifying
replacement director to be appointed or elected to the Board, as soon as reasonably practical. To effectuate such requirement, the ATA Directors (other than Stanley J. Olander), the DB Director and the Group Director shall each execute and deliver
to the Company on the date hereof, and any replacement director therefor shall execute and deliver to the Company on the date of his or her designation, a letter of resignation, in the form attached as Exhibit A hereto, which
resignation shall automatically take effect upon a determination by the Board that such director has ceased to qualify as an “Independent Director.” 

  
 -3-

 (g) For purposes of this Agreement, the appointment by the Company of Joseph G. Lubeck as a
director of the Company pursuant to any employment or consulting agreement shall be deemed to satisfy the Company’s obligations hereunder with respect to the appointment of Joseph G. Lubeck as a director of the Company pursuant to
Section 1(d) hereof. Nothing in this Agreement with respect to the cessation or expiration of the Company’s obligation to appoint an EL Director shall be deemed to derogate from the Company’s obligation to appoint Joseph G. Lubeck as
a director of the Company pursuant to any employment agreement between the Company and Mr. Lubeck. 
 2. Continuing
Board Composition and Representation. 
 (a) The Company hereby agrees to nominate each of the OPT Director, the DB
Director, the EL Directors and the Group Director (or any replacement thereof as provided in this Agreement) for re-election to the Board at each subsequent meeting of the stockholders of the Company held to consider a vote on the election of the
Board, and not to take any action that is designed to interfere with the election or re-election of each such director to the Board. Only such individuals designated in accordance with paragraphs (b), (c), (d) and (e) of Section 1
above, or in accordance with the provisions of this Section 2, shall be eligible for nomination or election as successors to the OPT Director, the DB Director, the EL Directors and the Group Director, respectively. Subject to paragraphs (b),
(c), (d) and (e) below, if at any time a vacancy occurs on the Board with respect to the directorship of the OPT Director, the DB Director, either of the EL Directors or the Group Director (by reason of such director’s death,
disability, resignation, removal or otherwise), the Company agrees to cause a replacement director, designated by the Party or Parties (or their respective permitted assignees) who had the right to designate the director who has vacated his
directorship in accordance with Section 1 (without giving effect to Section 2(c) and 2(d)), to be appointed to fill such vacancy promptly following his or her designation by such Party or Parties (or permitted assignees) hereunder. Subject
to paragraphs (c), (d) and (e) below, only such designee shall be eligible for appointment to fill such vacancy. 

(b) Notwithstanding any other provision in this Section 2: 

(i) The obligations of the Company under this Agreement to nominate an OPT Director, or to appoint a replacement thereto, and to appoint
such OPT Director to serve on the Committees (as defined below), and the right of OPT to participate in the designation of the Group Director, shall only apply if OPT and its affiliates directly or indirectly own an aggregate of at least
(A) 1,000,000 shares of 9.75% Series A Cumulative Non-Convertible Preferred Stock, $0.01 par value per share, of the Company (the “Series A Preferred Stock”), or (B) 1,000,000 shares of Common Stock, $0.01 par value per
share, of the Company (“Common Stock”) (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by OPT and/or its affiliates into one share of Common Stock and the full exercise of any
outstanding and unexpired Warrants owned directly or indirectly by OPT and its affiliates whether or not then exercisable), except for a period not exceeding 30 consecutive days during any 12-month period beginning after the date of this Agreement
and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s immediately preceding annual meeting of stockholders was held. 

  
 -4-

 (ii) The obligations of the Company under this Agreement to nominate a DB Director, or to
appoint a replacement thereto, and to appoint such DB Director to serve on the Committees (as defined below), and the right of DB to participate in the designation of the Group Director, shall only apply if DB and its affiliates directly or
indirectly own an aggregate of at least (A) 500,000 shares of 9.75% Series B Cumulative Non-Convertible Preferred Stock, $0.01 par value per share, of the Company (the “Series B Preferred Stock”), or (B) 500,000 shares of
Common Stock (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by DB and its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or
indirectly by DB and its affiliates whether or not then exercisable), except for a period not exceeding 30 consecutive days during any 12-month period beginning after the date of this Agreement and ending on the date that is 120 days prior to the
first anniversary of the date on which the Company’s immediately preceding annual meeting of stockholders was held. 

(iii) The obligations of the Company under this Agreement with respect to the nomination of EL Directors, or the appointment of
replacements thereto, and EL’s right to participate in the designation of the Group Director, shall each cease to apply on and after the Outside Date for so long as the shares of Common Stock acquired on or before such date directly or
indirectly by the Contributors under the Contribution Agreements and the DB Contributors under the DB Contribution Agreements have not totaled in the aggregate at least 6,700,000 shares of Common Stock (assuming conversion of each interest in the
Operating Partnership acquired directly or indirectly by each such Contributor or DB Contributor into one share of Common Stock) (the “Full Contribution”); provided, however, that the obligations of the Company under this
Agreement with respect to the nomination of the EL Directors for election, and EL’s right to participate in the designation of the Group Director, shall be immediately restored upon the Contributors and DB Contributors thereafter achieving the
Full Contribution and otherwise satisfying the provisions of this clause (iii) and clause (iv) below, and provided further, that the provisions of this sentence shall not apply if the failure of the Contributors and DB Contributors
to achieve the Full Contribution is as a result of a breach by the Company (or its affiliates) of its obligations under the MCA, the Contribution Agreements or the DB Contribution Agreements. Additionally: 

(A) If, for more than 30 consecutive days during any 12-month period beginning after the later of the Outside Date and the date of Full
Contribution and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s immediately preceding annual meeting of stockholders was held, EL and its affiliates cease to own, directly or indirectly, an
aggregate of at least 3,680,000 shares of Common Stock (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by EL and its affiliates into one share of Common Stock and the full exercise of any outstanding
and unexpired Warrants owned directly or indirectly by EL and its affiliates whether or not then exercisable), then the obligations of the Company under Section 2(a) of this Agreement shall thereafter only apply with respect to one EL Director
and shall be terminated with respect to the second EL Director, 
 (B) If, for more than 30 consecutive days during any
12-month period beginning after the later of the Outside Date and the date of Full Contribution and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s

  
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immediately preceding annual meeting of stockholders was held, EL and its affiliates cease to own, directly or indirectly, an aggregate of at least 2,450,000 shares of Common Stock (assuming
conversion of each interest in the Operating Partnership owned directly or indirectly by EL and its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by EL and its
affiliates whether or not then exercisable), then the obligations of the Company under Section 2(a) of this Agreement shall thereafter be terminated; and 
 (C) If, for more than 30 consecutive days during any 12-month period beginning after the later of the Outside Date and the date of Full Contribution and ending on the date that is 120 days prior to the
first anniversary of the date on which the Company’s immediately preceding annual meeting of stockholders was held, EL and its affiliates cease to own, directly or indirectly, an aggregate of at least 1,225,000 shares of Common Stock (assuming
conversion of each interest in the Operating Partnership owned directly or indirectly by EL and its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by EL and its
affiliates whether or not then exercisable), then the right of EL to participate in the designation of the Group Director shall thereafter be terminated. 
 (c) The Company shall give each of the other Parties written notice (the “Company Designation Request”) (i) requesting that the Parties designate directors pursuant to the terms of
this Section 2, (ii) stating the Company’s intention to include such designees in its upcoming proxy statement to stockholders, and (iii) providing the date on which the proxy statement is to be mailed (the “Mailing
Date”), such Company Designation Request to be delivered not less than 45 days prior to the mailing date of such proxy statement. To designate a director pursuant to the provisions of this Section 2, a Party shall be required to have
given the Company written notice of such Party’s designee or designees, as applicable, together with all information relating to such designee or designees required to be included by the Company in such proxy statement under applicable laws,
including the federal proxy rules (the “Designation Notice”), on or before the tenth day prior to the Mailing Date (the “Designation Date”). If, during the pendency of any period prior to the IPO during which OPT or
DB (or any permitted assignee thereof), as applicable, satisfies the requirements of Section 2(b)(i) or (ii), respectively (or, in the case of a permitted assignee, Section 8(f) hereof), OPT or DB shall have failed to designate its
proposed OPT Director or DB Director, respectively, as provided in this paragraph (c) by the Designation Date, such OPT Director or DB Director shall (i) instead be designated by EL who shall deliver to the Company a Designation Notice
with respect to such OPT Director or DB Director, together with an irrevocable resignation from such director effective as of any date, prior to the next annual meeting of stockholders, on which OPT or DB, as applicable (or such permitted assignee,
as contemplated under Section 8(f) hereof), designates the OPT Director or DB Director, respectively, not later than two days before the Mailing Date (the “Final Designation Date”), and such director shall, if elected, serve
until the earlier of (x) the next annual meeting of stockholders and until his or her successor is duly elected and qualifies, or (y) in accordance with the foregoing irrevocable designation, the date on which OPT or DB (or such permitted
assignee, as contemplated under Section 8(f) hereof), as applicable, designates the OPT Director or DB Director, respectively, (ii) be an Independent Director, (iii) assume all Committee positions previously held by the prior OPT
Director or DB Director, as applicable, and (iv) otherwise be deemed the OPT Director or DB Director, as applicable, for purposes of 

  
 -6-

 
this Agreement. Notwithstanding the foregoing sentence, if OPT or DB, as applicable, shall have failed to submit its Designation Notice by the Designation Date but subsequently delivers its
Designation Notice by the Final Designation Date, then any Designation Notice with respect to such OPT Director or DB Director by EL shall be automatically deemed to have been withdrawn, and the OPT Director or DB Director, as applicable, shall
instead be designated in accordance with the Designation Notice submitted by OPT or DB. 
 (d) If a vacancy shall have occurred
in the position of the OPT Director or DB Director during the pendency of any period prior to the IPO during which OPT or DB (or any permitted assignee thereof), as applicable, satisfies the requirements of paragraph (b)(i) or (ii), respectively
(or, in the case of a permitted assignee, Section 8(f) hereof), yet a replacement OPT Director or DB Director shall not have been designated by OPT or DB, as applicable, pursuant to paragraph (a) for a period of more than 45 days after a
vacancy in such position has occurred, then and until such replacement is so named, the replacement director for the OPT Director and/or DB Director shall (i) be designated by EL to serve until the earlier of (x) the next annual meeting of
stockholders and until his or her successor is duly elected and qualifies, or (y) in accordance with an irrevocable resignation from such replacement director delivered concurrently with his or her designation by EL and effective as of the
date, prior to the next annual meeting of stockholders, on which a replacement director is designated by OPT or DB, as applicable (or such permitted assignee, as contemplated under Section 8(f) hereof), such date on which the replacement
director is designated by OPT or DB (or by such permitted assignee, as contemplated under Section 8(f) hereof), as applicable, (ii) be an Independent Director, (iii) assume all Committee positions previously held by the prior OPT
Director or DB Director, as applicable, and (iv) otherwise be deemed the OPT Director or DB Director, as applicable, for purposes of this Agreement. 
 (e) If during the pendency of any period during which a Party (or any permitted assignee thereof) satisfies its requirements under paragraph (b) hereof with respect to its right to participate in the
designation of the Group Director, yet such Party fails or declines to participate in such designation, the remaining Parties otherwise entitled to participate in the designation of such Group Director shall, by themselves, be entitled to designate
the Group Director. 
 3. Committee Representation. 

(a) On or prior to the Effective Date, the Company agrees to take all corporate and other actions necessary to increase the number of
directors on the Board’s (i) Audit Committee, (ii) Compensation Committee, and (iii) Nominating and Corporate Governance Committee (each a “Committee” and collectively, the “Committees”) to up to
five Independent Directors. 
 (b) On or prior to the Effective Date, the Company agrees to take all corporate and other actions
necessary to cause an ATA Director (other than Stanley J. Olander, Jr.), the OPT Director (for so long as he or she qualifies as an Independent Director and is willing to serve as a member of a Committee), the DB Director and the Group Director (and
any successor thereto) to be appointed, and thereafter to be re-appointed, to serve on each of the Committees. If, at any time, the Board determines that the OPT Director does not qualify as an Independent

  
 -7-

 
Director, the Company shall give prompt written notice to the Parties of such determination and the basis therefor. Upon making such determination, or receiving notice thereof), OPT shall cause
the OPT Director to resign from all Committees as soon as reasonably practical. For avoidance of doubt, (i) the OPT Director shall not be required to serve as a member of any Committee, (ii) the OPT Director may resign from any Committee
at any time, and (iii) OPT may waive its rights to have an OPT Director serve on any Committee, and any such waiver, if given, shall be in writing and shall be effective until the next annual meeting of the Company’s stockholders at which
directors of the Company are elected or, if expressly stated in such waiver, shall be effective for such longer period set forth therein. 
 4. Election of Joseph G. Lubeck as Executive Chairman of the Board. Effective as of the Effective Date, and thereafter for as long as Joseph G. Lubeck continues to serve as a director of the
Company, whether pursuant to the terms hereof or otherwise, the Parties agree to take all corporate and other actions necessary to cause him to be elected as the Company’s Executive Chairman of the Board. 

5. Voting. From and after the Effective Date: 
 (a) OPT agrees to vote all shares of the Series A Preferred Stock (but not any other shares of the Company’s capital stock) directly or indirectly owned by it and entitled to vote, and each of DB and
EL agrees to vote all shares of the Company’s capital stock directly or indirectly owned by it and entitled to vote, in favor of the election or re-election, as the case may be, of the directors designated by the Parties as provided in this
Agreement at any meeting (or written consent in lieu of a meeting) of the Company’s stockholders held to consider the election of any such designated director; provided however, that DB’s and EL’s foregoing undertaking with
respect to the OPT Director shall only apply while OPT or its affiliates continues to own all of the shares of Series A Preferred Stock; and 
 (b) OPT agrees to vote all shares of the Series A Preferred Stock (but not any other shares of the Company’s capital stock) directly or indirectly owned by it and entitled to vote, and each of DB and
EL agree to vote all shares of the Company’s capital stock directly or indirectly owned by it and entitled to vote, in favor of any resolution or proposal recommended by the Board and submitted to a vote of stockholders of the Company with
respect to any of the following matters: 
 (i) An acquisition of assets by the Company or the Operating Partnership, or by any
direct or indirect subsidiary thereof, and the issuance of shares of capital stock by the Company or OP Units exchangeable for, or convertible into, shares of capital stock of the Company, with respect to such acquisition; 

(ii) Amendments to the Company’s charter or bylaws, other than such amendments that, under the Company’s charter, including
the Articles Supplementary applicable to the Series A Preferred Stock or Series B Preferred Stock held by such Party, require a special vote of such Series A Preferred Stock or Series B Preferred Stock; 

(iii) A merger or consolidation of the Company with or into another entity; or 

  
 -8-

 (iv) A sale of assets by the Company or the Operating Partnership, or by any direct or
indirect subsidiary thereof. 
 (c) Nothing in paragraphs (a) or (b) above shall be deemed to (i) require any
Party to vote its shares of Company capital stock in support of a resolution that would cause a violation by the Company or its subsidiaries of applicable law or a breach of a covenant under the terms of the Series A Preferred Stock or Series B
Preferred Stock; or (ii) require any Party to vote its shares of the Company’s capital stock in any particular manner with respect to any class specific vote in which such Party is entitled to vote. An affirmative vote by OPT or DB
pursuant to paragraphs (a) or (b) shall not be deemed a consent or waiver by it pursuant to the terms of the Series A Preferred Stock or Series B Preferred Stock, respectively. 

(d) Upon a permitted transfer of any shares of the Series A Preferred Stock or Series B Preferred Stock then held by any of them, each of
OPT, DB and EL shall cause the permitted transferee to execute a joinder to this Agreement whereby such permitted transferee shall agree to vote such shares in the same manner as the transferor Party was required to vote such shares under the
provisions of paragraphs (a) and (b) above. 
 6. Severalty of Obligations. The obligations under this
Agreement of each Party and the separate and several obligations of that Party and are not joint obligations with respect to any other person. No failure by any Party to perform its obligations under this Agreement shall relieve any other Party of
any of its obligations hereunder, and no Party shall be responsible or liable for the obligations of or any action taken or omitted to be taken, by any other Party hereunder. 
 7. Expiration. Notwithstanding anything herein to the contrary, all of the Parties’ (and their permitted assignees’) respective rights, undertakings and obligations under this Agreement
shall be deemed to have expired and to be without any further force and effect upon consummation of the IPO, provided however, that notwithstanding the foregoing: 
 (a) the obligations of the Company under this Agreement to nominate an OPT Director for re-election to the Board shall continue until and including the earlier of (i) the second annual meeting of the
Company’s stockholders following the IPO, and (ii) OPT and its affiliates ceasing to own directly or indirectly an aggregate of at least 1,000,000 shares of Common Stock (assuming conversion of each interest in the Operating Partnership
owned directly or indirectly by OPT and its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by OPT and its affiliates whether or not then exercisable) for more
than 30 consecutive days during any 12-month period beginning after the date of this Agreement and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s immediately preceding annual meeting of
stockholders was held; 
 (b) the obligations of the Company to nominate a DB Director for re-election to the Board shall
continue to apply until and including the earlier of (i) the second annual meeting of the Company’s stockholders following the IPO, and (ii) DB and its affiliates ceasing to own directly or indirectly an aggregate of at least 500,000
shares of Common Stock (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by DB and 

  
 -9-

 
its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by DB and its affiliates whether or not then
exercisable) for more than 30 consecutive days during any 12-month period beginning after the date of this Agreement and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s immediately preceding
annual meeting of stockholders was held; and 
 (c) the obligations of the Company to nominate (i) two EL Directors shall
continue to apply until EL and its affiliates cease to own, directly or indirectly, an aggregate of at least 3,680,000 shares of Common Stock (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by EL and
its affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by EL and its affiliates whether or not then exercisable), and (ii) one EL Director shall continue to
apply until EL and its affiliates cease to own, directly or indirectly, an aggregate of at least 2,450,000 shares of Common Stock (assuming conversion of each interest in the Operating Partnership owned directly or indirectly by EL and its
affiliates into one share of Common Stock and the full exercise of any outstanding and unexpired Warrants owned directly or indirectly by EL and its affiliates whether or not then exercisable), in either such case for more than 30 consecutive days
during any 12-month period beginning after the later of the Outside Date and the date of Full Contribution and ending on the date that is 120 days prior to the first anniversary of the date on which the Company’s immediately preceding annual
meeting of stockholders was held. 
 For purposes of the foregoing, “consummation of the IPO” shall mean the initial closing (without
regard for any closing of any associated “green shoe”) of the first underwritten public offering of shares of the Common Stock registered under the Securities Act of 1933, as amended, that occurs after the Effective Date and in conjunction
with which shares of Common Stock are listed for trading on the New York Stock Exchange. 
 8. Miscellaneous Provisions.

 (a) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to each other Party. Copies of executed counterparts transmitted by telecopy, telefax or other electronic means shall be
considered original executed counterparts for purposes of this Section, provided receipt of copies of such counterparts is confirmed. 
 (b) Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (a) when received if delivered
personally, (b) when sent by electronic mail or facsimile (which is confirmed by the intended recipient) and (c) when sent by overnight courier service or when mailed by certified or registered mail, return receipt requested, with postage
prepaid to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

  
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 If to EL, to: 
 Elco Landmark Residential Holdings LLC 
 825 Parkway Street 

Jupiter, Florida 33477 
 Attention: Joseph Lubeck, Chief Executive Officer 
 Fax: (561) 745-8745

 Email: jlubeck@landmarkresidential.com 
 with a copy to: 
 Goulston & Storrs P.C. 

750 Third Avenue 

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

Email: ygross@goulstonstorrs.com 
 If to the Company, to: 
 Apartment Trust of America, Inc. 

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

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

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

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

Email: dlebey@hunton.com 
 If to OPT, to: 
 2335887 Ontario Inc. 

1 Adelaide Street E. 
 Suite 1200 
 Toronto, Ontario M5C 3A7 

Canada 

Attention: Robert A. S. Douglas 
 Facsimile No.: (416) 681-2500 

  
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 with a copy to: 
 Davies Ward Phillips & Vineberg LLP 
 900 Third Avenue,
24th Floor 

New York, New York 10022 
 Attention: Jeffrey Nadler, Esq. 
 Facsimile No.: (212) 318-0132 

Email: JNadler@dwpv.com 
 If to DB, to: 
 DeBartolo Development LLC 

4401 W. Kennedy Boulevard, 3rd Floor 
 Tampa, Florida 33609 
 Attention: Edward M. Kobel 

Facsimile No.: (813) 676-7696 
 with a copy to: 
 Gray Robinson, P. A. 

201 N. Franklin Street, Suite 2200 
 Tampa, Florida 33602 
 Attention: Michael J. Nolan, Esq. 

Facsimile No.: (813) 273-5039 
 (c) Governing Law; Jurisdiction and Venue. 
 (i) This Agreement shall be
governed by and construed in accordance with, the laws of the State of Maryland without regard, to the fullest extent permitted by law, to the conflicts of law provisions thereof which might result in the application of the laws of any other
jurisdiction. 
 (ii) Each Party agrees that any Proceeding for any Claim arising out of or related to this Agreement or the
Transactions, whether in tort or contract or at law or in equity, shall be brought only in either the United States District Court for the Eastern District of New York or in the United States District Court for the Southern District of New York
(each, a “Chosen Court”), and each Party irrevocably (a) submits to the jurisdiction of the Chosen Courts (and of their appropriate appellate courts), (b) waives any objection to laying venue in any such Proceeding in
either Chosen Court, (c) waives any objection that such Chosen Court is an inconvenient forum for the Proceeding, and (d) agrees that, in addition to other methods of service provided by law, service of process in any such Proceeding shall
be effective if provided in accordance with paragraph (b) above, and the effective date of such service of process shall be as set forth in paragraph (b) above. 
 (d) Entire Agreement. This Agreement (including its exhibits, appendices and schedules) and the other documents delivered pursuant to this Agreement constitute a complete and exclusive statement of
the agreement between the Parties with respect to its subject matter, and supersede all other prior agreements, arrangements or understandings by or between the Parties, written or oral, express or implied, with respect to the subject matter of this
Agreement. This Agreement is not intended to confer upon any Person who is not a Party (or their successors and assigns) any rights or remedies hereunder. 

  
 -12-

 (e) Specific Performance. The Parties acknowledge and agree that a breach or
threatened breach, of any agreement contained herein will cause irreparable damage, and the other Parties will have no adequate remedy at law or in equity. Accordingly, each Party agrees that injunctive relief or other equitable remedy, in addition
to remedies at law or in damages, is the appropriate remedy for any such failure and will not oppose the granting of such relief. 
 (f) Assignment and Successors. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties. This Agreement and all the provisions hereof are
personal to each of the Parties, and except as otherwise provided below, shall not inure to a Party’s respective successors and may not be assigned by a Party without the prior written consent of the other Parties. Any assignment in violation
of the foregoing shall be void and of no effect. 
 (i) OPT and DB may assign their rights under this Agreement to a Qualified
Institutional Investor (which, for purposes hereof, shall be deemed to include any agreement by OPT or DB to exercise their respective rights hereunder on behalf of, under the direction or consent of, or in coordination with such Qualified
Institutional Investor) to designate any future replacement OPT Director or DB Director, and any such replacement OPT Director or DB Director shall thereafter be deemed the OPT Director or DB Director, as applicable, for purposes of this Agreement,
provided however, that (x) no such assignee shall acquire thereby any rights hereunder greater than those previously held by OPT and DB, (y) OPT’s or DB’s rights (as applicable) to participate in the designation of Group
Director under Section 1(e) and any replacement thereof pursuant to Section 2(a) shall terminate effective with such assignment, and (z) such assignment shall be subject to the following additional conditions (except that the
provisions of clauses (B), (D) and (E) below shall not apply if such assignment is to EL or one of its affiliates): 

(A) Such assignment shall be in writing, and the assignor Party shall have delivered a fully executed copy of such assignment to the
Company and the other Parties; 
 (B) Such assignee owns or becomes the transferee at the time of such assignment of all (but
not less than all) of the outstanding shares of the Series A Preferred Stock (in the case of an assignment with respect to the OPT Director) or all (but not less than all) of the Series B Preferred Stock (in the case of an assignment with respect to
the DB Director), it being understood and agreed that: (1) if no shares of the Series A Preferred Stock (in the case of an assignment with respect to the OPT Director) or shares of the Series B Preferred Stock (in the case of an assignment with
respect to the DB Director) are then outstanding, this condition shall not be deemed satisfied, and (2) the limitations on the Company’s obligations under Section 2(b) hereof with respect to the nomination or appointment of the OPT
Director and/or the DB Director shall apply to the designee or designees of such assignee, and for such purpose, only the shares of the Series A Preferred Stock or Series B Preferred Stock held by the assignee (and not any shares of the
Company’s capital stock held or deemed held by such assignee or any other Person, including OPT or DB, as applicable) shall be taken into account; 

  
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 (C) Such replacement OPT Director or DB Director, as applicable, designated from time to
time by such assignee shall at all times qualify as an Independent Director under this Agreement; 
 (D) Such replacement OPT
Director or DB Director, as applicable, designated from time to time by such assignee shall have been approved by the Board, such approval not to be unreasonably withheld, conditioned or delayed; and 

(E) Such assignee shall have executed a joinder to this Agreement whereby such assignee shall have agreed to be bound by all of the
provisions of this Agreement to the same extent, mutatis mutandis, as applicable to OPT (for the designation by such assignee of a replacement OPT Director) or DB (for the designation by such assignee of a replacement DB Director), including without
limitation, the provisions set forth in Sections 5(a) and 5(b) of this Agreement. 
 (ii) The consummation of OPT’s
Contribution Put Right or Director Put Right under the Put and ROFR Agreement shall be deemed a permitted assignment to the Put Purchaser (or to the designated Put Purchaser among multiple Put Purchasers, if applicable) of OPT’s rights under
this Agreement to designate a replacement OPT Director, it being understood and agreed that the limitations on the Company’s obligations under Section 2(b)(i) hereof with respect to the nomination or appointment of the OPT Director shall
apply to the designee or designees of such assignee, and for such purpose, only the shares of the Series A Preferred Stock held by the Put Purchasers or their affiliates (and not any other shares of the Company’s capital stock held or deemed
held by the Put Purchasers or any other Person, including OPT) shall be taken into account. 
 (iii) EL may assign its rights
under this Agreement to an affiliate of Elco, NA or of Joseph G. Lubeck which assignee shall thereafter succeed to all of EL’s rights and obligations under this Agreement. 

(g) Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of reference only
and will not affect the meaning or interpretation of this Agreement. 
 (h) Amendments and Waivers. This Agreement may
not be modified or amended except by an instrument or instruments in writing signed by (i) the Company and (ii) each Party then entitled to designate a director of the Company pursuant to the provisions hereof (each Party described in this
clause (ii) being an “Amending Party,” it being understood, for purposes of this Section 8(h), that no Party entitled at any time to designate a director hereunder shall cease to be an Amending Party unless and until such
Party shall have expressly and permanently surrendered, forfeited or assigned any and all of such designation rights). Any Party may, only by an instrument in writing, waive compliance by any other Party with any term or provision hereof on the part
of such other Party to be performed or complied with. The waiver by any Party of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. 

  
 -14-

 (i) Interpretation; Absence of Presumption. 

(i) For the purposes hereof, (A) words in the singular shall be held to include the plural and vice versa and words of one gender
shall be held to include the other gender as the context requires; (B) the terms “hereof,” “herein,” “hereto” and “herewith” and words of similar import shall, unless otherwise stated, be construed to
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section and paragraph references are to the Articles, Sections and paragraphs to this Agreement unless otherwise specified; (C) the word
“including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; (D) the word “or” shall not be
exclusive; and (E) provisions shall apply, when appropriate, to successive events and transactions. 
 (ii) This Agreement
shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted. 
 (iii) Capitalized terms used herein but not otherwise defined shall have the following meanings: 
 (A) “Affiliates” means, with respect to a specified Person, each other Person that directly or indirectly Controls, is Controlled by, or is under common Control with that Person. Except
as otherwise expressly provided, the Affiliates of the EL Parties shall be limited to Joseph Lubeck, Elco Holdings Ltd. and their respective Controlled Affiliates. 
 (B) “Business Day” means any day other than (a) a Saturday or a Sunday or (b) a day on which banks are required or authorized by Law to be closed in the City of New York.

 (C) “Claim” means any claim or demand, or assertion of either of any claim or demand, by any Person (except
for those included in the definition of Proceeding). 
 (D) “Common Equity” shall mean all shares now or
hereafter authorized of any class of common stock of the Company, including the Common Stock, and any other stock of the Company, howsoever designated, authorized after the date hereof, which has the right (subject always to prior rights of any
class or series of preferred stock) to participate in the distribution of the assets and earnings of the Company without limit as to per share amount. 
 (E) “Common Stock” shall mean the common stock, $0.01 par value per share, of the Company. 
 (F) “Company Designation Request” shall have the meaning set forth in Section 2(c) hereof. 
 (G) “Contributed Entity” means an entity that wholly owns, directly or indirectly, a Contributed Property. 

  
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 (H) “Contributed Interests” means 100% of the direct equity interest in a
Contributed Entity. 
 (I) “Contributed Properties” means each of the properties identified on Schedule A to
the MCA as in effect on the date hereof. 
 (J) “Contributors” means, as the context may require,
(i) with respect to any Contributed Property, the Persons named as contributing parties to the applicable Interest Contribution Agreement as described in the Contribution Structure Chart attached as Schedule B to the MCA as in effect on the
date hereof or (ii) the Contributors with respect to all Contributed Properties collectively. 
 (K)
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of an Equity Interest, by contract or otherwise. The
terms “Controlled by” and “under common Control with” have correlative meanings. 
 (L) “DB
Contribution Agreement” means each of the interest contribution agreements with one or more of DB and its Affiliates substantially in the form attached as Exhibit B to the MCA as in effect on the date hereof. 

(M) “DB Properties” means the properties owned by DB or its Affiliates and identified on Schedule A of the MCA as in
effect on the date hereof. 
 (N) “Entity” means, except for Governmental Authorities, (a) any
corporation, partnership, joint venture, limited liability company, business trust or other business entity, (b) any association, unincorporated business or other organization, (c) trust and (d) any other organization having legal
status as an entity under any Law. 
 (O) “Equity Interest” means (i) in the case of a corporation,
shares of stock, (ii) in the case of a general or limited partnership, partnership interests, (iii) in the case of a limited liability company, limited liability company interests, (iv) in the case of a trust, beneficial interests
therein and (v) in the case of any other Person that is not an individual, the comparable interests therein. 
 (P)
“Governmental Authority” means (a) any body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental agency, department, board, commission or
other instrumentality, whether national, territorial, federal, state, provincial, local, supranational or other authority, (b) any organization of multiple nations, or (c) any tribunal, court or arbitrator of competent jurisdiction.

 (Q) “Interest Contribution Agreement” means each of the Interest Contribution Agreements to be entered into
for each Contributed Property pursuant to the MCA, in substantially the form attached as Exhibit A-2 to the MCA as in effect on the date hereof. 

  
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 (R) “Junior Stock” shall mean, as the case may be, (i) the Common
Equity and any other class or series of stock of the Company which is not entitled to receive any dividends in any period unless all dividends required to have been paid or declared and set apart for payment on the Series A Preferred Stock (and any
Parity Stock) shall have been so paid or declared and set apart for payment, (ii) the Common Equity and any other class or series of stock of the Corporation which is not entitled to receive any assets upon liquidation, dissolution or winding
up of the affairs of the Corporation until the Series A Preferred Stock (and any Parity Stock) shall have received the entire amount to which such Series A Preferred Stock (and any Parity Stock) is entitled upon such liquidation, dissolution or
winding up or (iii) the Common Equity and any other class or series of stock of the Corporation ranking junior to the Series A Preferred Stock (and any Parity Stock) in respect of the right to redemption. 

(S) “Operating Partnership” means Apartment Trust of America Holdings, L.P., a Virginia limited partnership or any
successor thereof. 
 (T) “Outside Date” means the date that is six (6) months after the Initial Closing
Date, subject to extension as provided in Section 5.4(b) of the SPA as in effect on the date hereof (or, if such date is not a Business Day, the first Business Day thereafter). 

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

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

(W) “Put and ROFR Agreement” means the Put and ROFR Agreement, dated as of the date hereof, by and among OPT, Joseph G.
Lubeck and Elco North America, Inc. 
 (X) “REIT” means any real estate investment trust complying with the
requirements of Sections 856 through 860 of the Code and the Regulations related thereto. 
 (Y)
“Transactions” means the contribution transactions contemplated by the MCA and the Interest Contribution Agreements, the contribution transactions contemplated by the DB Contribution Agreements and the transactions contemplated by
the SPA. 
 (Z) “Warrants” means warrants to purchase shares of Common Stock issued pursuant to the SPA.

 (j) Severability. If any provision of this Agreement or the application of such provision to any Person or
circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such provision or application shall be unenforceable only to the extent of such invalidity or unenforceability, and the remainder of the provision held
invalid or unenforceable and the application of such provision to Persons or circumstances, other than the Party as to which it is held invalid, and the remainder of this Agreement, shall not be affected. 

  
 -17-

 (k) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER TRANSACTION AGREEMENTS OR THE
TRANSACTIONS. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 7(j). 
 (l) Further Assurances. The Parties agree that, from time to time, each of them will, and will
cause their respective Affiliates to, execute and deliver such further instruments and take such other action as may be necessary to carry out the purposes and intents hereof. 
 (m) Share Adjustments. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split, combination or other recapitalization affecting
such shares occurring after the date of this Agreement. 
 [Signature pages follow.] 

  
 -18-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and
year first above written. 
  

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

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

  
 Signature
to Corporate Governance Agreement 

 
					
	EL:
	
	Elco Landmark Residential Holdings LLC
	
	By: JLCo, LLC, a Florida limited liability company, its manager
			
		 	By:	 	 /s/ Joseph Lubeck

		 	Name:	 	Joseph Lubeck
		 	Title:	 	President

  
 Signature
to Corporate Governance Agreement 

 
					
	OPT:
		
		 	 2335887 LIMITED PARTNERSHIP,
 by its general partner, 2335887

		 	ONTARIO INC.
			
		 	By:	 	 /s/ Robert A. S. Douglas

		 	Name:	 	Robert A. S. Douglas
		 	Title:	 	President
			
		 	By:	 	 /s/ Joseph Lyn

		 	Name:	 	Joseph Lyn
		 	Title:	 	Vice-President and Secretary

  
 Signature
to Corporate Governance Agreement 

 
			
	DB:
	
	DK LANDMARK, LLC
		
	By:	 	 /s/ James A. Palermo

	Name:	 	James A. Palermo
	Title:	 	Executive Vice President

  
 Signature
to Corporate Governance Agreement 

 EXHIBIT A 

 

	
	[            ] [    ], 2012

 Board of Directors 
 Apartment Trust of America, Inc. 
 To the Board of Directors: 

I hereby tender my conditional resignation, as a member of the board of directors of Apartment Trust of America, Inc., a Maryland
corporation (the “Company”), and as a member of any and all committees thereof, upon the terms set forth herein. I acknowledge that (i) my execution and delivery of this letter is a condition to my eligibility to serve in such
capacity, (ii) this letter shall be deemed reaffirmed, upon each and every subsequent instance of my election or re-election to the board of directors of the Company, by my acceptance of such position (whether or not in writing) without the
requirement of re-execution or re-delivery of a letter of like tenor, and (iii) other than with respect to the conditions set forth herein, this letter shall be irrevocable. 

My resignation herein tendered shall be effective upon, and only upon, a determination by the board of directors of the Company that I do
not satisfy the independence standards of both (1) the Company’s charter and bylaws, as in effect on the date hereof, and (2) the New York Stock Exchange. 

 

	
	 Sincerely,

	
	 [INSERT NAME OF DIRECTOR]

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