Document:

Exhibit 10.454

 

FIRST AMENDMENT

TO

LIMITED LIABILITY COMPANY AGREEMENT

OF

BR FLAGLER JV MEMBER, LLC

 

THIS FIRST AMENDMENT
to the Limited Liability Company Agreement (the “Amendment”) of BR FLAGLER JV MEMBER, LLC, a Delaware limited
liability company (the “Company”), is made as of February 15, 2017 and shall be effective as of the 18th
day of December, 2015 (the “Amendment Date”), by BRG FLAGLER VILLAGE, LLC, a Delaware limited liability company
(“BRG”), and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC, a Delaware limited liability company (“SOIF
II”) (each, a “Member” and together, the “Members”).

 

RECITALS

 

WHEREAS, BR Flagler
JV Member, LLC was duly formed on December 14, 2015 pursuant to the Delaware Limited Liability Company Law, as amended from time
to time (the “Act”).

 

WHEREAS, the initial
members of the Company, BRG and SOIF II, entered into that certain Limited Liability Company Agreement for the Company dated effective
as of December 18, 2015 (the “LLC Agreement”).

 

WHEREAS, the Members
desire to amend the LLC Agreement as of the Amendment Date on the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree that the LLC Agreement is hereby modified and amended as set forth below.
Capitalized terms used herein without definition shall have the meanings given in the LLC Agreement.

 

1.           Section
3 is hereby deleted in its entirety and replaced with the following:

 

3.          Purpose.
The purpose of the Company is:

 

(i)          to
own and hold a limited liability company interest in BR ArchCo Flagler JV, LLC; and

 

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

 

2.           Section
9 is hereby deleted in its entirety and replaced with the following:

 

9.          Distributions.
At the time determined by the Management Committee, the Management Committee shall cause the Company to distribute any cash held
by it which is neither reasonably necessary for the operation of the Company nor in violation of the Act. All cash available for
distribution shall be distributed to the Members in accordance with the Percentage Interests.

 

    	 		 

     

    

 

 

3.           Section
10 is hereby deleted in its entirety and replaced with the following:

 

10.         [RESERVED].

 

4.           Section
12 is hereby deleted in its entirety and replaced with the following:

 

12.         Term.
The Company shall dissolve, and its affairs shall be wound up, upon the earliest to occur of (a) the decision of the Management
Committee, (b) the sale by the Company of all or substantially all of its property, or (c) an event of dissolution of the Company
under the Act.

 

5.           Section
16 is hereby deleted in its entirety and replaced with the following:

 

16.         Management
and Operations.

 

16.1        Management.

 

(a)          The
Company shall be managed by SOIF II (the “Manager”), who shall have the authority to exercise all of the powers
and privileges granted by the Act, any other law or this Agreement, together with any powers incidental thereto, and to take any
other action not prohibited under the Act or other applicable law, so far as such powers or actions are necessary or convenient
or related to the conduct, promotion or attainment of the business, purposes or activities of the Company. The Manager shall manage
the operations and affairs of the Company, subject to the terms and provisions of Section 16.2(a) with respect to the Management
Committee’s right, power and authority to make, approve or disapprove all Major Decisions. To the extent that SOIF II transfers
all or a portion of its interest in the Company in accordance with Section 13 to any SOIF II affiliate, such SOIF II affiliate
may be appointed as the Manager under this Section 16 by SOIF II or by a SOIF II affiliate then holding all or a portion of an
interest in the Company without any further action or authorization by any Member.

 

(b)          The
Management Committee may appoint individuals to act on behalf of the Company with such titles and authority as determined from
time to time by the Management Committee.

 

16.2        Management
Committee.

 

(a)          BRG
and SOIF II hereby establish a management committee (the “Management Committee”) and grants to the Management
Committee the sole and exclusive right, power and authority to make, approve or disapprove all Major Decisions (as hereinafter
defined) on behalf of the Company.

 

(b)          For
purposes of this Agreement, “Major Decision” means any decision for the Company to take, or refrain from taking,
any action or incurring any obligation with respect to the following matters (or the effectuation of any such action or obligation):

 

(i)           any
merger, conversion or consolidation involving the Company or any subsidiary or the sale, lease, transfer, exchange or other disposition
of all or substantially all of the Company’s assets or all of the interests of the Members in the Company, in one or a series
of related transactions;

 

    	 	2	 

     

    

 

(ii)          any
liquidation, dissolution or termination of the Company or any subsidiary;

 

(iii)         giving,
granting or undertaking any options, rights of first refusal, deeds of trust, mortgages, pledges, ground leases, security or other
interests in or encumbering any real property owned by BR ArchCo Flagler Village, LLC (such real property, collectively, the “Property”),
any portion thereof or any other material assets;

 

(iv)         selling,
conveying or effecting any other direct or indirect transfer of the Property, any subsidiary or other material asset of the Company
or any portion thereof or the entering into of any agreement, commitment or assumption with respect to any of the foregoing;

 

(v)          acquiring,
directly or through any subsidiaries, by purchase, ground lease or otherwise, any real property or other material asset or the
entry into of any agreement, commitment or assumption with respect to any of the foregoing, or the making or posting of any deposit
(refundable or non-refundable);

 

(vi)         taking
any action by the Company or any subsidiary that is reasonably likely to result in any Member or any of its affiliates having individual
liability under any so called “bad boy” guaranties or similar agreements provided to third party lenders in respect
of financings relating to the Company, its subsidiaries or any of their assets which provide for recourse as a result of willful
misconduct, fraud or gross negligence or failure to comply with the covenants or any other provisions of such “bad boy”
guaranties;

 

(vii)        institute
or settle any Company or subsidiary legal claims in excess of $50,000;

 

(viii)       employ,
enter into any contract with (or materially modify any contract with), or otherwise compensate, directly or indirectly, the Manager
or any affiliate of the Manager;

 

(ix)         amend,
modify, recast, refinance or replace any financing to which the Company or a subsidiary is a party or which encumbers the Property
or any portion thereof;

 

(x)          incur on behalf of the Company or a subsidiary during any year any capital expenditures in excess of $50,000;

 

(xi)         make
any loan to any Member, except as expressly provided for in this Agreement;

 

    	 	3	 

     

    

 

(xii)        cause
or permit the Company or a subsidiary to file for or fail to contest a bankruptcy proceeding, or seek or permit a receivership
or make an assignment for the benefit of its creditors; or

 

(xiii)       make
distributions to the Members, as set forth in Section 9 hereof.

 

(c)          The
Management Committee shall consist of four (4) individuals appointed to act as “representatives” of the Member that
appointed him or her (the “Representatives”) as follows: (i) SOIF II shall be entitled to designate two (2)
Representatives to represent SOIF II; and (ii) BRG shall be entitled to designate two (2) Representatives to represent BRG. The
initial Representatives of SOIF II shall be Christopher J. Vohs and Michael. L. Konig. The initial Representatives of BRG shall
be Jordan Ruddy and James G. Babb. BRG and SOIF II each represents, warrants and covenants that the Representatives designated
by them have, and shall at all times have, the full power and authority to make decisions and vote as a member of the Management
Committee, and that such Representatives’ votes as members of the Management Committee will be binding on each of them and
any transferee of all or a portion of their interest in the Company; unless and until such time as BRG or SOIF II or their transferee
notifies the other Member of a change in a Representative, after which time this sentence shall apply only with respect to the
replacement Representative.

 

(d)          Each
member of the Management Committee shall hold office until death, resignation or removal at the pleasure of the Member that appointed
him or her. If a vacancy occurs on the Management Committee, the party with the right to appoint and remove such vacating Representative
shall appoint his or her successor. A Member shall lose its right to have Representatives on the Management Committee, and its
Representatives on the Management Committee shall be deemed to be automatically removed, as of the date on which such Member ceases
to be a Member or as otherwise provided in this Agreement. If either BRG or SOIF II, or any affiliate thereof (any such party,
for purposes of this Section 16(d), the “Transferor Party”), transfers all or a portion of its interest in the
Company to any affiliate thereof pursuant to Section 13 hereof, which affiliate is thereafter admitted as a Member pursuant to
Section 15 hereof, such affiliate (the “Transferee Affiliate”) shall automatically, and without any further
action or authorization by any Member, succeed to the rights and powers of BRG or SOIF II (or the applicable Transferee Affiliate)
under this Section 16 as may be agreed to between the Transferor Party, on the one hand, and the Transferee Affiliate to which
the interest is being transferred, on the other hand, including the shared or unilateral right to appoint the Representatives that
the Transferor Party was theretofore entitled to appoint pursuant to Section 16.2(c) hereof.

 

(e)          The
only Representatives required to constitute a quorum for a meeting of the Management Committee shall be one (1) Representative
appointed by SOIF II and one (1) Representative appointed by BRG; provided, however, that if BRG has not appointed at least one
(1) Representative to the Management Committee at the time of such meeting (for example, if each BRG Representative has been removed
and not replaced), then a quorum for a meeting of the Management Committee shall be one (1) Representative appointed by SOIF II.
Each of the two (2) Representatives appointed by SOIF II shall be entitled to cast two (2) votes on any matter that comes before
the Management Committee, and each of the Representatives appointed by BRG shall be entitled to cast one (1) vote on any matter
that comes before the Management Committee. Approval by the Management Committee of any matter shall require the affirmative vote
(including votes cast by proxy) of at least a majority of the votes of the Representatives then in office voting at a duly held
meeting of the Management Committee.

 

    	 	4	 

     

    

 

(f)          Any
meeting of the Management Committee may be held by conference telephone call, video conference or through similar communications
equipment by means of which all persons participating in the meeting can communicate with each other. Participation in a telephonic
and/or video conference meeting held pursuant to this Section 16 shall constitute presence in person at such meeting.

 

(g)          Any
action required or permitted to be taken at a meeting of the Management Committee may be taken without a meeting, without prior
notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the Representatives
having not less than the minimum of votes that would be necessary to authorize or take such action at a meeting at which all Representatives
entitled to vote thereon were present and voted. All consents shall be filed with the minutes of the proceedings of the Management
Committee.

 

(h)          Except
as otherwise expressly provided in this Agreement, none of the Members or their Representatives (in their capacities as members
of the Management Committee only) shall have any duties or liabilities to the Company or any other Member (including any fiduciary
duties), whether or not such duties or liabilities otherwise arise or exist in law or in equity, and each Member hereby expressly
waives any such duties or liabilities; provided, however, that this Section 16.2(h) shall not eliminate or limit the liability
of such Representatives or the Members (A) for acts or omissions that involve fraud, intentional misconduct or a knowing and culpable
violation of law, or (B) for any transaction not permitted or authorized under or pursuant to this Agreement from which such Representative
or Member derived a personal benefit unless the Management Committee has approved in writing such transaction in accordance with
this Agreement; provided, further, however, that the duty of care of each of such Representatives and the Members is to not act
with fraud, intentional misconduct or a knowing and culpable violation of law. Except as provided in this Agreement, whenever in
this Agreement a Representative of a Member and/or a Member is permitted or required to make a decision affecting or involving
the Company, any Member or any other person, such Representative and/or such Member shall be entitled to consider only such interests
and factors as he, she or it desires, including a particular Member’s interests, and shall, to the fullest extent permitted
by applicable law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or
any Member.

 

The LLC Agreement,
as amended, remains in full force and effect, unmodified except as specifically set forth herein. In the event of any conflict
between the provisions of this Amendment and the provisions of the LLC Agreement, the provisions of this Amendment shall govern
and control. This Amendment shall be governed by the laws of the State of Delaware.

 

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

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Members have
executed this Amendment to be effective as of the Amendment Date set forth above.

 

	 	MEMBERS:
	 	 
	 	BRG FLAGLER VILLAGE, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	Bluerock Residential Holdings, L.P.,
	 	 	a Delaware limited partnership
	 	Its:	Sole Member

 

	 	 	By:	Bluerock Residential Growth REIT, Inc.,
	 	 	 	a Maryland corporation
	 	 	Its:	General Partner

 

	 	 	 	By:	/s/ Michael L. Konig
	 	 	 	Name: 	Michael L. Konig
	 	 	 	Title:	Chief Operating Officer, Secretary and General Counsel

 

	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND II, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	BR SOIF II Manager, LLC, 
	 	 	a Delaware limited liability company
	 	Its:	Manager

 

	 	 	By:	/s/ Jordan Ruddy
	 	 	Name: 	Jordan Ruddy
	 	 	Title:	Authorized Signatory

 

    	 	6Exhibit 10.455

 

FIRST AMENDMENT

TO

AMENDED & RESTATED LIMITED LIABILITY
COMPANY AGREEMENT

OF

BR PERIMETER JV MEMBER, LLC

 

THIS FIRST AMENDMENT
to the Amended & Restated Limited Liability Company Agreement (the “Amendment”) of BR PERIMETER
JV MEMBER, LLC, a Delaware limited liability company (the “Company”), is made as of February 15, 2017 and shall
be effective as of the 1st day of December, 2016 (the “Amendment Date”), by BRG PERIMETER, LLC, a
Delaware limited liability company (“BRG”), and BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC, a Delaware
limited liability company (“SOIF III”) (each, a “Member” and together, the “Members”).

 

RECITALS

 

WHEREAS, BR Perimeter
JV Member, LLC was duly formed on August 17, 2016 pursuant to the Delaware Limited Liability Company Law, as amended from time
to time (the “Act”).

 

WHEREAS, the initial
members of the Company, BRG and SOIF III, entered into that certain Amended & Restated Limited Liability Company Agreement
for the Company dated effective as of December 1, 2016 (the “LLC Agreement”).

 

WHEREAS, the Members
desire to amend the LLC Agreement as of the Amendment Date on the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the agreements and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree that the LLC Agreement is hereby modified and amended as set forth below.
Capitalized terms used herein without definition shall have the meanings given in the LLC Agreement.

 

1.          Section
9 is hereby deleted in its entirety and replaced with the following:

 

9.          Distributions.
At the time determined by the Management Committee, the Management Committee shall cause the Company to distribute any cash held
by it which is neither reasonably necessary for the operation of the Company nor in violation of the Act. All cash available for
distribution shall be distributed to the Members in accordance with the Percentage Interests.

 

2.          Section
10 is hereby deleted in its entirety and replaced with the following:

 

10.         [RESERVED].

 

3.          Section
12 is hereby deleted in its entirety and replaced with the following:

 

12.         Term.
The Company shall dissolve, and its affairs shall be wound up, upon the earliest to occur of (a) the decision of the Management
Committee, (b) the sale by the Company of all or substantially all of its property, or (c) an event of dissolution of the Company
under the Act.

 

     

     

    

 

4.          Section
16 is hereby deleted in its entirety and replaced with the following:

 

16.         Management
and Operations.

 

16.1         Management.

 

(a)          The
Company shall be managed by BRG (the “Manager”), who shall have the authority to exercise all of the powers
and privileges granted by the Act, any other law or this Agreement, together with any powers incidental thereto, and to take any
other action not prohibited under the Act or other applicable law, so far as such powers or actions are necessary or convenient
or related to the conduct, promotion or attainment of the business, purposes or activities of the Company. The Manager shall manage
the operations and affairs of the Company, subject to the terms and provisions of Section 16.2(a) with respect to the Management
Committee’s right, power and authority to make, approve or disapprove all Major Decisions. To the extent that BRG transfers
all or a portion of its interest in the Company in accordance with Section 13 to any BRG affiliate, such BRG affiliate may be appointed
as the Manager under this Section 16 by BRG or by a BRG affiliate then holding all or a portion of an interest in the Company without
any further action or authorization by any Member.

 

(b)          The
Management Committee may appoint individuals to act on behalf of the Company with such titles and authority as determined from
time to time by the Management Committee.

 

16.2        Management
Committee.

 

(a)          BRG
and SOIF III hereby establish a management committee (the “Management Committee”) and grants to the Management
Committee the sole and exclusive right, power and authority to make, approve or disapprove all Major Decisions (as hereinafter
defined) on behalf of the Company.

 

(b)          For
purposes of this Agreement, “Major Decision” means any decision for the Company to take, or refrain from taking,
any action or incurring any obligation with respect to the following matters (or the effectuation of any such action or obligation):

 

(i)          any
merger, conversion or consolidation involving the Company or any subsidiary or the sale, lease, transfer, exchange or other disposition
of all or substantially all of the Company’s assets or all of the interests of the Members in the Company, in one or a series
of related transactions;

 

(ii)         any
liquidation, dissolution or termination of the Company or any subsidiary;

 

(iii)        giving,
granting or undertaking any options, rights of first refusal, deeds of trust, mortgages, pledges, ground leases, security or other
interests in or encumbering any real property owned by BR Crescent Perimeter, LLC (such real property, collectively, the “Property”),
any portion thereof or any other material assets;

 

    	 	2	 

     

    

 

(iv)        selling,
conveying or effecting any other direct or indirect transfer of the Property, any subsidiary or other material asset of the Company
or any portion thereof or the entering into of any agreement, commitment or assumption with respect to any of the foregoing;

 

(v)          acquiring,
directly or through any subsidiaries, by purchase, ground lease or otherwise, any real property or other material asset or the
entry into of any agreement, commitment or assumption with respect to any of the foregoing, or the making or posting of any deposit
(refundable or non-refundable);

 

(vi)        taking
any action by the Company or any subsidiary that is reasonably likely to result in any Member or any of its affiliates having individual
liability under any so called “bad boy” guaranties or similar agreements provided to third party lenders in respect
of financings relating to the Company, its subsidiaries or any of their assets which provide for recourse as a result of willful
misconduct, fraud or gross negligence or failure to comply with the covenants or any other provisions of such “bad boy”
guaranties;

 

(vii)       institute
or settle any Company or subsidiary legal claims in excess of $50,000;

 

(viii)      employ,
enter into any contract with (or materially modify any contract with), or otherwise compensate, directly or indirectly, the Manager
or any affiliate of the Manager;

 

(ix)         amend,
modify, recast, refinance or replace any financing to which the Company or a subsidiary is a party or which encumbers the Property
or any portion thereof;

 

(x)          incur on behalf of the Company or a subsidiary during any year any capital expenditures in excess of $50,000;

 

(xi)         make
any loan to any Member, except as expressly provided for in this Agreement;

 

(xii)       cause
or permit the Company or a subsidiary to file for or fail to contest a bankruptcy proceeding, or seek or permit a receivership
or make an assignment for the benefit of its creditors; or

 

(xiii)      make
distributions to the Members, as set forth in Section 9 hereof.

 

    	 	3	 

     

    

 

(c)          The
Management Committee shall consist of four (4) individuals appointed to act as “representatives” of the Member that
appointed him or her (the “Representatives”) as follows: (i) BRG shall be entitled to designate two (2) Representatives
to represent BRG; and (ii) SOIF III shall be entitled to designate two (2) Representatives to represent SOIF III. The initial Representatives
of BRG shall be Christopher J. Vohs and Michael. L. Konig. The initial Representatives of SOIF III shall be Jordan Ruddy and James
G. Babb. BRG and SOIF III each represents, warrants and covenants that the Representatives designated by them have, and shall at
all times have, the full power and authority to make decisions and vote as a member of the Management Committee, and that such
Representatives’ votes as members of the Management Committee will be binding on each of them and any transferee of all or
a portion of their interest in the Company; unless and until such time as BRG or SOIF III or their transferee notifies the other
Member of a change in a Representative, after which time this sentence shall apply only with respect to the replacement Representative.

 

(d)          Each
member of the Management Committee shall hold office until death, resignation or removal at the pleasure of the Member that appointed
him or her. If a vacancy occurs on the Management Committee, the party with the right to appoint and remove such vacating Representative
shall appoint his or her successor. A Member shall lose its right to have Representatives on the Management Committee, and its
Representatives on the Management Committee shall be deemed to be automatically removed, as of the date on which such Member ceases
to be a Member or as otherwise provided in this Agreement. If either BRG or SOIF III, or any affiliate thereof (any such party,
for purposes of this Section 16(d), the “Transferor Party”), transfers all or a portion of its interest in the
Company to any affiliate thereof pursuant to Section 13 hereof, which affiliate is thereafter admitted as a Member pursuant to
Section 15 hereof, such affiliate (the “Transferee Affiliate”) shall automatically, and without any further
action or authorization by any Member, succeed to the rights and powers of BRG or SOIF III (or the applicable Transferee Affiliate)
under this Section 16 as may be agreed to between the Transferor Party, on the one hand, and the Transferee Affiliate to which
the interest is being transferred, on the other hand, including the shared or unilateral right to appoint the Representatives that
the Transferor Party was theretofore entitled to appoint pursuant to Section 16.2(c) hereof.

 

(e)          The
only Representatives required to constitute a quorum for a meeting of the Management Committee shall be one (1) Representative
appointed by BRG and one (1) Representative appointed by SOIF III; provided, however, that if SOIF III has not appointed at least
one (1) Representative to the Management Committee at the time of such meeting (for example, if each SOIF III Representative has
been removed and not replaced), then a quorum for a meeting of the Management Committee shall be one (1) Representative appointed
by BRG. Each of the two (2) Representatives appointed by BRG shall be entitled to cast two (2) votes on any matter that comes before
the Management Committee, and each of the Representatives appointed by SOIF III shall be entitled to cast one (1) vote on any matter
that comes before the Management Committee. Approval by the Management Committee of any matter shall require the affirmative vote
(including votes cast by proxy) of at least a majority of the votes of the Representatives then in office voting at a duly held
meeting of the Management Committee.

 

(f)          Any
meeting of the Management Committee may be held by conference telephone call, video conference or through similar communications
equipment by means of which all persons participating in the meeting can communicate with each other. Participation in a telephonic
and/or video conference meeting held pursuant to this Section 16 shall constitute presence in person at such meeting.

 

    	 	4	 

     

    

 

(g)          Any
action required or permitted to be taken at a meeting of the Management Committee may be taken without a meeting, without prior
notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the Representatives
having not less than the minimum of votes that would be necessary to authorize or take such action at a meeting at which all Representatives
entitled to vote thereon were present and voted. All consents shall be filed with the minutes of the proceedings of the Management
Committee.

 

(h)          Except
as otherwise expressly provided in this Agreement, none of the Members or their Representatives (in their capacities as members
of the Management Committee only) shall have any duties or liabilities to the Company or any other Member (including any fiduciary
duties), whether or not such duties or liabilities otherwise arise or exist in law or in equity, and each Member hereby expressly
waives any such duties or liabilities; provided, however, that this Section 16.2(h) shall not eliminate or limit the liability
of such Representatives or the Members (A) for acts or omissions that involve fraud, intentional misconduct or a knowing and culpable
violation of law, or (B) for any transaction not permitted or authorized under or pursuant to this Agreement from which such Representative
or Member derived a personal benefit unless the Management Committee has approved in writing such transaction in accordance with
this Agreement; provided, further, however, that the duty of care of each of such Representatives and the Members is to not act
with fraud, intentional misconduct or a knowing and culpable violation of law. Except as provided in this Agreement, whenever in
this Agreement a Representative of a Member and/or a Member is permitted or required to make a decision affecting or involving
the Company, any Member or any other person, such Representative and/or such Member shall be entitled to consider only such interests
and factors as he, she or it desires, including a particular Member’s interests, and shall, to the fullest extent permitted
by applicable law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or
any Member.

 

The LLC Agreement,
as amended, remains in full force and effect, unmodified except as specifically set forth herein. In the event of any conflict
between the provisions of this Amendment and the provisions of the LLC Agreement, the provisions of this Amendment shall govern
and control. This Amendment shall be governed by the laws of the State of Delaware.

 

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

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the Members have
executed this Amendment to be effective as of the Amendment Date set forth above.

 

	 	MEMBERS:
	 	 
	 	BRG PERIMETER, LLC,
	 	a Delaware limited liability company

 

	 	By:	Bluerock Residential Holdings, L.P.,
	 	 	a Delaware limited partnership
	 	Its:	Sole Member

 

	 	By:	Bluerock Residential Growth REIT, Inc.,
	 	 	a Maryland corporation
	 	Its:	General Partner

 

	 	By: 	/s/ Michael L. Konig
	 	Name: 	Michael L. Konig
	 	Title:   	Chief Operating Officer, Secretary and General Counsel

 

	 	BLUEROCK SPECIAL OPPORTUNITY + INCOME FUND III, LLC,
	 	a Delaware limited liability company

 

	 	By:	BR SOIF III Manager, LLC,
	 		a Delaware limited liability company
	 	Its:	Manager

 

	 	By: 	/s/ Jordan Ruddy
	 	Name: 	Jordan Ruddy
	 	Title:	Authorized Signatory

 

    	 	6

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