Document:

EX-10.8

 Exhibit 10.8 

 
  

MASTER LEASE AGREEMENT 

dated as of December 15, 2020 

by and between 
 AIMCO
LEAHY SQUARE APARTMENTS, LLC, 
 as Landlord, 

And 
 707 LEAHY LESSEE,
LLC, 
 as Tenant 
  

 
  

 MASTER LEASE AGREEMENT 

TABLE OF CONTENTS 
  

							
	 1.     The Property
	  	 	1	 
			
	 (a)
	    	Lease of Property	  	 	1	 
	 (b)
	    	Condition of Property	  	 	1	 
	 (c)
	    	Use	  	 	2	 
		
	 2.     Term; Termination; Residual Value of the Property
	  	 	2	 
			
	 (a)
	    	Lease Term	  	 	2	 
	 (b)
	    	Termination Option	  	 	2	 
	 (c)
	    	Residual Value of the Property	  	 	7	 
		
	 3.     Rent
	  	 	8	 
			
	 (a)
	    	Base Rent	  	 	8	 
	 (b)
	    	Additional Rent	  	 	8	 
	 (c)
	    	Payment of Rent	  	 	8	 
	 (d)
	    	Maintenance; Net Lease	  	 	9	 
	 (e)
	    	Late Fee; Interest	  	 	9	 
		
	 4.     Taxes and Impositions
	  	 	9	 
			
	 (a)
	    	Real Estate Taxes and Assessments	  	 	9	 
	 (b)
	    	Impositions	  	 	10	 
	 (c)
	    	Payment of Taxes and Impositions	  	 	11	 
	 (d)
	    	Tax Liens	  	 	11	 
	 (e)
	    	Right to Contest Taxes and Impositions	  	 	11	 
	 (f)
	    	Limitation on Taxes	  	 	11	 
		
	 5.     Utilities
	  	 	12	 
		
	 6.     Redevelopment
	  	 	12	 
			
	 (a)
	    	Development/Redevelopment of the Property	  	 	12	 
	 (b)
	    	Contractors and Supervision	  	 	13	 
	 (c)
	    	Construction Financing	  	 	13	 
	 (d)
	    	Governmental Approvals; Landlord Cooperation	  	 	13	 
	 (e)
	    	Compliance with Laws	  	 	14	 
	 (f)
	    	Compliance with Private Restrictions	  	 	14	 
	 (g)
	    	Inspection, Audit and Reporting Requirements	  	 	14	 
	 (h)
	    	Lease-Up of the Property	  	 	15	 
	 (i)
	    	Easements	  	 	15	 
	 (j)
	    	Third Party Property Rights	  	 	15	 
		
	 7.     Environmental
	  	 	16	 
			
	 (a)
	    	Restrictions	  	 	16	 
	 (b)
	    	Hazardous Substances	  	 	16	 
	 (c)
	    	Environmental Audit	  	 	16	 

							
	 (d)
	    	Survival	  	 	17	 
		
	 8.     Maintenance
	  	 	17	 
		
	 9.     Alteration; Demolition
	  	 	17	 
		
	 10.    Insurance
	  	 	18	 
			
	 (a)
	    	Property Insurance	  	 	18	 
	 (b)
	    	Liability Insurance	  	 	18	 
	 (c)
	    	Business Automobile Liability Insurance	  	 	18	 
	 (d)
	    	Workers Compensation and Employer’s Liability Insurance	  	 	18	 
	 (e)
	    	Professional Liability Insurance	  	 	19	 
	 (f)
	    	Additional Insurance	  	 	19	 
	 (g)
	    	Insurer	  	 	19	 
	 (h)
	    	Umbrella Policies	  	 	19	 
	 (i)
	    	Self-Insurance	  	 	19	 
	 (j)
	    	General Requirements	  	 	19	 
	 (k)
	    	Release; Waiver of Subrogation Property	  	 	20	 
	 (l)
	    	Contractor’s Insurance	  	 	20	 
		
	 11.    Casualty
	  	 	22	 
			
	 (a)
	    	Notice of Casualty	  	 	22	 
	 (b)
	    	Restoration	  	 	22	 
		
	 12.    Condemnation
	  	 	23	 
			
	 (a)
	    	Taking	  	 	23	 
	 (b)
	    	Partial Taking	  	 	24	 
	 (c)
	    	Temporary Taking	  	 	24	 
		
	 13.    Assignments and Subleases; Transfer by Landlord
	  	 	24	 
			
	 (a)
	    	Transfers	  	 	24	 
	 (b)
	    	Permitted Transfers	  	 	24	 
	 (c)
	    	Sale of Leasehold Interest	  	 	25	 
	 (d)
	    	Conditions for Assignment	  	 	26	 
	 (e)
	    	Non-Release During Term	  	 	26	 
		
	 14.    Financing and Reporting
	  	 	26	 
			
	 (a)
	    	Leasehold Mortgages	  	 	26	 
	 (b)
	    	Consents	  	 	27	 
	 (c)
	    	Default Notice	  	 	27	 
	 (d)
	    	Defaults	  	 	27	 
	 (e)
	    	Assignees	  	 	28	 
	 (f)
	    	New Lease	  	 	28	 
	 (g)
	    	Financial Condition	  	 	29	 
	 (h)
	    	Legal Proceedings	  	 	29	 
	 (i)
	    	No Merger	  	 	29	 
	 (j)
	    	Bankruptcy	  	 	29	 
	 (k)
	    	Further Assurances; Subordination	  	 	29	 

  
 ii 

							
	 (l)
	    	Landlord’s Mortgages	  	 	30	 
		
	 15.    Indemnification
	  	 	30	 
			
	 (a)
	    	Indemnification by Tenant	  	 	30	 
	 (b)
	    	Environmental Indemnity	  	 	31	 
	 (c)
	    	General Indemnity Provisions	  	 	31	 
	 (d)
	    	Indemnification by Landlord	  	 	31	 
	 (e)
	    	Survival	  	 	31	 
	 (f)
	    	Limitation of Liability	  	 	31	 
		
	 16.    Tenant Defaults and Remedies
	  	 	33	 
			
	 (a)
	    	Default	  	 	33	 
	 (b)
	    	Remedies	  	 	33	 
		
	 17.    Representations and Warranties
	  	 	35	 
			
	 (a)
	    	Representations and Warranties of Tenant	  	 	35	 
	 (b)
	    	Representations and Warranties of Landlord	  	 	35	 
		
	 18.    Notices
	  	 	36	 
			
	 (a)
	    	Notices	  	 	36	 
	 (b)
	    	Additional Provisions	  	 	37	 
		
	 19.    Mechanic’s Liens
	  	 	37	 
		
	 20.    Surrender
	  	 	38	 
		
	 21.    Brokers
	  	 	38	 
		
	 22.    Estoppel Certificates
	  	 	38	 
		
	 23.    Memorandum of Lease
	  	 	39	 
		
	 24.    Landlord Covenants
	  	 	39	 
			
	 (a)
	    	Quiet Enjoyment	  	 	39	 
	 (b)
	    	Landlord’s Access	  	 	39	 
		
	 25.    Holdover
	  	 	39	 
		
	 26.    Dispute Resolution
	  	 	39	 
			
	 (a)
	    	Representatives	  	 	39	 
	 (b)
	    	Arbitration	  	 	40	 
	 (c)
	    	Binding Agreement	  	 	42	 
		
	 27.    Miscellaneous
	  	 	43	 
			
	 (a)
	    	Waiver	  	 	43	 
	 (b)
	    	Severability	  	 	43	 
	 (c)
	    	Modifications	  	 	43	 
	 (d)
	    	Binding Effect	  	 	43	 
	 (e)
	    	Entire Agreement; Addendum	  	 	43	 
	 (f)
	    	Counterparts	  	 	43	 
	 (g)
	    	Expenses	  	 	43	 

  
 iii 

							
	 (h)
	    	Interpretation	  	 	44	 
	 (i)
	    	No Third-Party Beneficiaries	  	 	44	 
	 (j)
	    	Governing Law and Jurisdiction	  	 	44	 
	 (k)
	    	WAIVER OF JURY TRIAL	  	 	44	 
	 (l)
	    	Time of the Essence; Business Days	  	 	44	 
	 (m)
	    	Force Majeure	  	 	45	 
	 (n)
	    	Intentionally Omitted	  	 	45	 
	 (o)
	    	Tax Treatment	  	 	45	 
	 (p)
	    	REIT Protections	  	 	45	 

 List of Schedules 
  

					
	      	 	The Property	  	Schedule 1
		 	Form of Purchase and Sale Agreement	  	Schedule 2
		 	Form of Memorandum of Lease	  	Schedule 3
		 	Redevelopment Plans	  	Schedule 4
		 	Addendum	  	Schedule 5
		 	Intentionally Omitted	  	Schedule 6

  
 iv 

 MASTER LEASE AGREEMENT 

THIS MASTER LEASE AGREEMENT (this “Lease”) is made and entered into as of this 15th day of December, 2020 (the
“Effective Date”), by and between AIMCO LEAHY SQUARE APARTMENTS, LLC, a Delaware limited liability company, as landlord (“Landlord”), and 707 LEAHY LESSEE, LLC, a Delaware limited liability company, as tenant
(“Tenant”). Landlord and Tenant are referred to herein collectively as the “Parties”. 
 WITNESSETH: 

WHEREAS, AIMCO Properties, L.P., a Delaware limited partnership (“AIR”), and Aimco Development Company, LLC, a Delaware
limited liability company (“DevCo”, and together with AIR, collectively, the “MLA Parties”), entered into that certain Master Leasing Agreement, dated as of December 15, 2020 (the “Master Leasing
Agreement”), pursuant to which the MLA Parties have agreed, among other things, to cause certain of their respective affiliates to enter into leases of certain real property that, in each case, is or will become subject to the Master
Leasing Agreement (each, a “MLA Property”), and under each such lease, the applicable affiliate of DevCo, as tenant thereunder, will cause the development, redevelopment and/or lease-up of the
subject MLA Property, as may be required and agreed upon by the MLA Parties; and 
 WHEREAS, Landlord owns certain real property more
particularly described on Schedule 1 attached hereto (the “Land”; and the Land, together with the improvements located thereon, the “Property”), which Property has been designated as a MLA Property under the
Master Leasing Agreement; and 
 WHEREAS, in accordance with the Master Leasing Agreement, Landlord desires to lease the Property to Tenant
and Tenant desires to lease the Property from Landlord, in order, among other things, to cause the lease-up of the Property, in accordance with the terms and conditions set forth in this Lease. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally
bound, the Parties agree as follows: 
 1. The Property. 

(a) Lease of Property. Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be
paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease. 

(b) Condition of Property. Tenant accepts the Property in its as-is, where-is condition, with all faults, subject to (i) all Laws (as hereinafter defined) including all zoning resolutions, restrictions, rules and ordinances, building restrictions and other laws and regulations
now or hereafter applicable to the Property, (ii) all covenants, conditions, restrictions, easements and other matters of record as of the date hereof or entered into after the date hereof in accordance with the terms of this Lease,
(iii) all matters an accurate survey of the Property would reveal, (iv) all express representations and warranties made by Landlord in this Lease, (v) all Known Existing 

 
Environmental Conditions (as hereinafter defined), and (vi) all Unknown Existing Environmental Conditions (as hereinafter defined). Tenant acknowledges that (x) Tenant and its agents
have had an opportunity to inspect the Property, including undertaking environmental studies of the Property; (y) Tenant has found the Property fit for its use; and (z) Landlord is not obligated to make any improvements or repairs to the
Property. Except for the representations and warranties by Landlord as expressly set forth in this Lease, Landlord makes no warranty or representation, express or implied, with respect to the Property or any part thereof, including, without
limitation, its fitness for use, design or condition for any particular use or purpose or otherwise, any environmental matters, or the quality of the material or any workmanship with respect to the Property, latent or patent, it being agreed that
all such risks are to be borne by Tenant; provided, however, that any Known Existing Environmental Conditions shall remain the responsibility of Landlord. 

(c) Use. Tenant may use the Property for any and all uses not inconsistent with this Lease and otherwise permitted under applicable Law.
Tenant shall not use the Property, or permit the Property to be used, in any manner, or do or suffer any act in or about the Property which: (i) violates or conflicts with any applicable Law; (ii) causes or is reasonably likely to cause
damage to the Property; (iii) violates a requirement or condition of any policy of insurance covering the Property; (iv) constitutes or is reasonably likely to constitute an unreasonable nuisance, annoyance or inconvenience to, or
interference with, tenants or occupants of the Property or its equipment, facilities or systems; or (v) is otherwise prohibited under the Private Restrictions (as hereinafter defined). The uses permitted under this Section 1(c) from time
to time are the “Allowable Uses.” 
 2. Term; Termination; Residual Value of the Property. 

(a) Lease Term. The term of this Lease (the “Term”) shall commence on January 1, 2021 (the “Commencement
Date”) and shall expire on December 31, 2045 (the “Expiration Date”), unless earlier terminated as provided in this Lease. The term “lease year” or “Lease Year” as used in this Lease
means a period of twelve (12) successive calendar months during the Term. The first Lease Year shall begin on the Commencement Date, unless the Commencement Date is a day other than the first day of a calendar month, in which case the first
Lease Year shall begin on the first day of the month following the Commencement Date. Each subsequent Lease Year shall be a period of twelve (12) calendar months, commencing at the expiration of the previous Lease Year. 

(b) Termination Option. 

(i) From and after the occurrence of a Termination Trigger (as defined below) with respect to the Property, but in any case, no later than
sixty (60) days following the date of such occurrence, Tenant will have the option to terminate this Lease by sending to Landlord a written notice (a “Termination Notice”) stating that Tenant desires to terminate this Lease,
together with reasonable documentation evidencing that a Termination Trigger has occurred and is continuing as of the date of such Termination Notice (including, without limitation, copies of paid invoices, lien releases (in statutory form, if
applicable) and a rent roll). A “Termination Trigger” will have occurred when the development or redevelopment of the Property has been substantially completed (if applicable) and the Property has reached at least ninety-five
percent 

  
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(95%) occupancy for a minimum period of twelve (12) consecutive months (“Stabilization”). Notwithstanding the foregoing, if the Current FMV of the Property as of the date
the Termination Trigger occurs is less than the Lease Commencement FMV, then Tenant will not have a right or option to terminate this Lease pursuant to this Section 2(b) and this Lease will continue in full force and effect, and in accordance
with the terms hereof. 
 (ii) In the event that Landlord disputes that a Termination Trigger has occurred or that such Termination Trigger
is continuing as of the date the Termination Notice is sent to Landlord, Landlord will send to Tenant a Dispute Notice (as defined in and pursuant to Section 26(b)) containing an explanation of such dispute within thirty (30) days
following its receipt of the Termination Notice. If, following Landlord’s delivery to Tenant of a Dispute Notice, the Parties are unable to resolve the dispute within thirty (30) days thereafter, the Parties will proceed to arbitration to
resolve such dispute, in accordance with the terms of Section 26; provided, however, that the Parties will endeavor to conclude any such arbitration within thirty (30) days (e.g., the arbitrators will be selected within ten (10) days
and the hearing will be held and the decision rendered within twenty (20) days thereafter) or, if possible, by the Termination Date (as defined below), and the decision rendered thereby will be final, binding and
non-appealable. If any such arbitration concludes on or prior to the applicable Termination Date, and the arbitration (A) is decided in favor of Tenant, then this Lease will terminate on such Termination
Date, or (B) is decided in favor of Landlord, then this Lease will continue in full force and effect, as though the applicable Termination Notice had not been sent (provided, that if the Base Rent increased (in accordance with
Section 3(a)(ii)) on the basis that Stabilization had occurred, and it is determined that Stabilization did not occur, then Tenant shall receive a rent credit for any overpayment of Base Rent by Tenant due to such increase). In the event that
any arbitration has not concluded on or before the applicable Termination Date, the following terms shall apply: (1) Tenant will pay all Rent amounts due after such Termination Date, through and including the date on which the arbitration
concludes, into an escrow account; (2) if the arbitration is decided in favor of Tenant, then, on the date which is fifteen (15) days following the date on which the arbitration decision is rendered (the “Final Termination
Date”), (a) this Lease will terminate, (b) the escrowed Rent amounts will be returned to Tenant, (c) Landlord will reimburse Tenant for all other expenses incurred in the ordinary course in connection with the Property (e.g.,
property management fees, repair and maintenance costs, taxes, assessments, debt service payments and related fees paid by Tenant to any Leasehold Mortgagee (as hereinafter defined) (to the extent any such payments or fees are incurred solely on
account of the indebtedness secured by the Leasehold Mortgage being repaid on or about the Final Termination Date instead of on the Termination Date (as set forth in the Termination Notice), etc.) during the period commencing on the first day
following the Termination Date and ending on the Final Termination Date (such period, the “Termination Extension Period”) and (d) Tenant will pay over to Landlord the aggregate amount of any rent amounts or other income
collected from occupants of the Property during, and attributable to, the Termination Extension Period or any portion thereof; and (3) if the arbitration is decided in favor of Landlord, then (a) this Lease will continue in full force and
effect, as though the applicable Termination Notice had not been sent, and, (b) within three (3) Business Days following the date on which the arbitration decision is rendered, the escrowed Rent amounts will be paid to Landlord (provided,
that if the Base Rent increased (in accordance with Section 3(a)(ii)) on the basis that Stabilization had occurred, and it is determined that Stabilization did not occur, then Tenant shall receive a rent credit for any overpayment of Base Rent
by Tenant due to such increase). Failure to 

  
 3 

 
send a Dispute Notice within the thirty (30) day period following Landlord’s receipt of the Termination Notice will be deemed an approval by Landlord to terminate this Lease. 

(iii) Upon the affirmative or deemed approval of Landlord to terminate this Lease, the Parties will mutually collaborate to effect the
termination of this Lease, which termination will be effective on the last day of the month in which occurs the sixtieth (60th) day following the date of delivery to Landlord of the Termination
Notice (the “Termination Date”). 
 (iv) On or prior to the Termination Date, Landlord has the right, but not the
obligation, to pay Tenant the Added Improvement Value Payment (as defined below) for this Lease. The “Added Improvement Value Payment” will be the amount calculated as of the Termination Date pursuant to the following formula:
ninety-five percent (95%) of the resulting difference of (A) the Current FMV (as hereinafter defined) of the Property (taking into account both the value-add after the development or redevelopment and/or
lease up thereof and any market fluctuations then in effect), less (B) Seventy-Nine Million One Hundred Two Thousand Four Hundred Ten and 00/100 Dollars ($79,102,410.00), being the fair market value of the Property immediately prior to the
Commencement Date (the “Lease Commencement FMV”). As used herein, “Current FMV” means, as of any date of determination, the then-current fair market value of the Property, which shall be determined pursuant to the
following procedures: Upon commencing discussions regarding the same, the Parties shall collaborate in an effort to mutually agree on the then-current fair market value of the Property. If the Parties do not reach mutual agreement within thirty
(30) days of commencing such discussions, then within five (5) business days following the end of such thirty (30)-day period, each of the Parties will give notice to the other specifying the name
and address of an appraiser; any such appraiser shall be an independent appraiser or valuation specialist or investment banker who is qualified to appraise property similar to the Property and is either a member of the Appraisal Institute (or any
successor association or body of comparable standing if such Institute is not then in existence) or is a recognized valuation professional within the multifamily residential real estate industry, and has been actively engaged in the appraisal of
multifamily residential properties for a period of not less than ten (10) years, immediately preceding its appointment under this Lease (any such appraiser, valuation specialist or investment banker meeting such standards shall be an
“Appraiser”). The two Appraisers so chosen will meet within ten (10) days after notice of the selection of the second Appraiser and will endeavor to agree on the Current FMV. If, within fifteen (15) days after such
notice, the two Appraisers do not agree unanimously on the Current FMV, the two Appraisers will together appoint a third Appraiser (the “Third Appraiser”). Within ten (10) days following the selection of the Third Appraiser,
each of the first two Appraisers will submit his or her designation of the Current FMV to the Third Appraiser in writing; and, within five (5) days following the earlier of the expiration of such ten (10) day period and the date by which
both designations have been submitted to the Third Appraiser, the Third Appraiser shall choose one of the designations presented, according to its determination of which such designation most comports with its assessment of the Current FMV
(thereafter, such chosen designation being the Current FMV for all purposes hereunder). Any failure of an Appraiser to timely deliver its designation of the Current FMV in accordance herewith shall be deemed for all purposes to constitute acceptance
of the other Appraiser’s timely designation of the Current FMV. The Parties agree that the fees and expenses of each of the first and second Appraiser shall be borne by the Party who appointed such Appraiser, and the fees and expenses of the
Third Appraiser shall be paid by the Party whose Appraiser’s designation is not chosen by the Third Appraiser. 

  
 4 

 (v) If Landlord declines to pay Tenant the Added Improvement Value Payment hereunder, then
this Lease will terminate and Tenant will have the right to cause a forced sale of Landlord’s fee interest in the Property; provided, that, Tenant may, by delivery of a written notice to Landlord within ten (10) days following the date on
which Landlord so declines to make the Added Improvement Value Payment, elect to rescind the applicable Termination Notice, following which this Lease will continue in full force and effect, as though such Termination Notice had not been sent. Any
proceeds received from such forced sale will be paid first to Landlord, in an amount equal to the Lease Commencement FMV, and then any proceeds remaining thereafter will be paid to Tenant. In connection with any forced sale, Tenant will manage the
process thereof, determine the sale price of the Property (which will be an arms’-length third party sale that maximizes the value of the Property) and negotiate the terms of the sale documentation, using the form of purchase and sale agreement
attached hereto as Schedule 2). Notwithstanding the foregoing, Tenant may be the purchaser of the Property at the forced sale, provided that in such event, Tenant shall pay a purchase price equal to the Lease Commencement FMV at such sale;
and provided further, that, for the period of time commencing on the date of such sale and expiring on the one (1) year anniversary thereof, in the event Tenant subsequently intends to sell the Property pursuant to an offer received from a
third party, for a gross purchase price that is less than the sum of (1) the Added Improvement Value Payment and (2) the Lease Commencement FMV, that Tenant is willing to accept (an “Offer”), then Landlord shall have a
right of first refusal (a “ROFR”) with respect to any such sale of the Property. 
 (vi) In the event Tenant receives an
Offer, Tenant will send Landlord a written notice (a “ROFR Notice”) detailing the material terms of the Offer (including purchase price and closing date), upon receipt of which Landlord will have thirty (30) days to accept or
reject such Offer (or such shorter time as such Offer may permit) by delivering to Tenant written notice of the same. If Landlord timely delivers a written notice to Tenant that it intends to exercise its ROFR and proceed with the acquisition of the
Property (an “Acceptance Notice”), Landlord will pay Tenant the purchase price set forth in the Offer (the “ROFR Purchase Price”), and the Parties will close on such ROFR pursuant to a purchase and sale agreement,
which shall be in the form attached hereto as Schedule 2, as modified to reflect the terms of the Offer. To the extent any closing mechanics applicable to the sale of the ROFR Property are not set forth in the Offer, the Parties shall apply
the closing mechanics set forth in paragraph (vii) below. If Landlord expressly declines to exercise its ROFR or otherwise fails to timely exercise its ROFR, Tenant may proceed with the transfer of the Property with the third party making the
Offer on substantially the same terms as those set forth therein. If the transfer to such third party has not been consummated on all such terms within one hundred eighty (180) days of Landlord so declining (or having been deemed to so decline)
to exercise its ROFR, the ROFR will be reinstated in accordance with the terms hereof. 
 (vii) In the event Landlord exercises its ROFR and
the Parties proceed to a sale of the Property, Landlord shall be required to make an earnest money deposit (the “ROFR Deposit”) in an amount equivalent to three percent (3%) of the ROFR Purchase Price. The ROFR Deposit shall be
delivered within five (5) Business Days following the delivery of the Acceptance Notice, by transfer of immediately available funds to a national title insurance company reasonably acceptable to Tenant, who shall perform the services of escrow
agent for the closing of the Property. The ROFR Deposit shall be nonrefundable to Landlord (except in the event of a material default of Tenant in performing its closing obligations pursuant to the purchase and sale agreement

  
 5 

 
for the transaction). The closing shall take place on the date set forth in the ROFR Notice (or on such earlier date as the Parties may mutually agree) (the “ROFR Closing Date”)
and shall be completed through a customary closing escrow or held at the principal office of Tenant or such other location as the Parties shall agree upon at least five (5) Business Days prior to the ROFR Closing Date. The ROFR Purchase Price
shall be paid in immediately available funds and Tenant shall convey good and marketable title (or other valid interests held by Tenant) in the subject ROFR Property to Landlord or its designee free and clear of all liens and encumbrances. If
required by Landlord, all contracts and agreements between Tenant and any of its Affiliates in respect of the Property shall be terminated effective as of the ROFR Closing Date. Each Party agrees to cooperate and to take all actions and execute all
documents reasonably necessary or appropriate to reflect the acquisition of the Property by Landlord (or its designee) pursuant to the terms hereof. The cost of any title insurance policy endorsements desired by Landlord shall be paid by Landlord.
All other costs shall be borne by the Party who customarily bears such costs in the city and state in which the Property is located. Any risk of casualty, condemnation or loss following the date that the Acceptance Notice is delivered to Tenant and
prior to the ROFR Closing Date shall be borne by Landlord, who shall succeed to all rights to insurance proceeds (other than loss of rent proceeds allocable to any period prior to the ROFR Closing Date) or condemnation awards. If the Parties fail to
consummate the sale of the Property in accordance with the terms hereof within one hundred eighty days (180) of the date of the ROFR Notice, then Landlord shall no longer have a ROFR with respect to the Property and Tenant may proceed to sell,
or cause the sale, of the Property to a third party (subject to the terms hereof). 
 (viii) In the event Landlord exercises its ROFR and
proceeds to the acquisition of the Property (a “ROFR Closing”), then, solely with respect to the period of time commencing on the date on which Tenant acquired the Property pursuant to paragraph (v) above (the
“Applicable Tax Period”), the following provisions shall apply: Landlord shall assume and agree to pay so much of the real estate taxes and other taxes in respect of the Property assessed for and first becoming a lien during the
calendar year in which such ROFR Closing occurs (the “Current Year Taxes”) as shall be allocable to Landlord by proration (based upon the number of days in such calendar year on and after such date of the ROFR Closing). Tenant shall
pay or cause to be paid (i) all delinquent real estate taxes as of the date of the ROFR Closing (to the extent incurred during the Applicable Tax Period) and (ii) so much of the Current Year Taxes as shall be allocable to Tenant (or its
applicable Affiliate) by proration (based upon the number of days in such calendar year prior to the date of the ROFR Closing). Any Taxes which are payable in the calendar year in which a ROFR Closing occurs but are not due and payable at the time
of such ROFR Closing and the portion of the Current Year Taxes not assumed by Landlord hereunder shall be credited to Landlord through a credit against the ROFR Purchase Price at the ROFR Closing reflected on the applicable closing statement. If the
Current Year Taxes with respect to the Property have not been set as of the date thereof, the present tax rate and the most recent assessed valuation for the Property shall be used for the purposes of making the adjustments at such ROFR Closing
under this paragraph and the Parties shall re-prorate within thirty (30) days following receipt of the actual final tax bill. Notwithstanding any of the foregoing to the contrary, Tenant shall have the
right to prosecute (with Landlord’s reasonable cooperation after the ROFR Closing, at no expense or liability to Landlord) and retain any recovery in connection with any tax appeals or contests with respect to taxes assessed against the
Property for tax periods prior to the tax period that includes the ROFR Closing Date, provided such recovery action will not result in a deferral of taxes or reassessment against the Property that negatively affects Landlord. 

  
 6 

 (ix) If a lender or third-party consent is required in connection with the termination of
this Lease pursuant to this Section 2, Tenant will bear the responsibility of obtaining such consent and Tenant will pay all costs incurred in connection therewith. The provisions of this Section 2 shall survive the termination of this
Lease. 
 (c) Residual Value of the Property. Within thirty (30) days following the Expiration Date, or, if earlier, the date of
any termination of this Lease pursuant to Section 16(b), Landlord shall deliver to Tenant a written notice (a “Residual Value Notice”) setting forth Landlord’s reasonable determination of the then-current fair market value
of each of (i) the Land and (ii) the improvements and fixtures situated on the Land, including any Improvements (as hereinafter defined) (collectively, the “Property Improvements”), in each case as of the Expiration Date
or earlier date of termination, as applicable, and the amount of the Residual Value Shortfall (as defined below) with respect to each of the Land and the Property Improvements, if any. If the then-current fair market value of the Land as of such
date (as reasonably determined by Landlord) is less than $11,500,000.00 (the “Guaranteed Land Value”), and/or the then-current fair market value of the Property Improvements as of such date (as reasonably determined by Landlord) is
less than $24,000,000.00 (the “Guaranteed Improvements Value”), then Tenant shall pay to Landlord, within thirty (30) days following the date of such Residual Value Notice, (A) the amount by which the then-current fair
market value of the Land is less than the Guaranteed Land Value and (B) the amount by which the then-current fair market value of the Property Improvements is less than the Guaranteed Improvements Value (any and all such amounts determined
pursuant to clauses (A) and (B), collectively, the “Residual Value Shortfall”). Any failure of Landlord to timely send a Residual Value Notice to Tenant shall be deemed an acknowledgement by Landlord that the then-current fair
market value of the Land is at least equal to the Guaranteed Land Value and the then-current fair market value of the Property Improvements is at least equal to the Guaranteed Improvements Value (and that the Residual Value Shortfall is
“zero”), and the Parties shall have no further obligations under this Section 2(c). If Landlord sends a Residual Value Notice that does not include Landlord’s reasonable determination of the then-current fair market value of
either the Land or the Property Improvements, then Landlord shall be deemed to have failed to timely send a Residual Value Notice to Tenant with respect to such excluded Land or Property Improvements, as applicable, and the immediately preceding
sentence shall apply solely in respect thereto. In the event that Tenant disputes Landlord’s determination of the then-current fair market value of the Land and/or the Property Improvements, Tenant shall send to Landlord a written notice
containing an explanation of such dispute (a “FMV Dispute Notice”) within fifteen (15) days following its receipt of the Residual Value Notice. If the Parties are unable to mutually agree upon the then-current fair market value
of the Land and/or the Property Improvements, as applicable, within a period of thirty (30) days following Tenant’s delivery of the FMV Dispute Notice, then within five (5) business days following the end of such thirty (30) day
period, each of the Parties will give written notice to the other specifying the name and address of an Appraiser and the Parties will use the appraisal process described in Section 2(b)(iv) to determine the then-current fair market value of
the Land and/or the Property Improvements, as applicable, whereupon such determined value(s) shall be used for purposes of calculating the Residual Value Shortfall (if any) hereunder. Within thirty (30) days following the conclusion of the
appraisal process, the amount of any Residual Value Shortfall due to Landlord (if any) shall be so paid by Tenant. Any failure of Tenant to timely send an FMV Dispute Notice to Landlord shall be deemed an acceptance by Tenant of Landlord’s
determination of the then-current fair market value of the Land and/or the Property Improvements, as applicable (as set forth 

  
 7 

 
in the Residual Value Notice). The provisions of this Section 2(c) shall survive the expiration or earlier termination of this Lease. 

3. Rent. 
 (a) Base
Rent. 
 (i) Tenant shall pay to Landlord, during the Term, an annual rent amount (the “Base Rent”), exclusive of any
other charge to be paid by Tenant, payable in equal, consecutive monthly installments, in advance, without any abatement, deductions, reduction or set-off whatsoever, on the first day of each calendar month
throughout the Term and pro rata for any partial month during the Term. The Base Rent as of the Commencement Date shall be Four Million One Hundred Fifty-Two Thousand Eight Hundred Seventy-Seven and 00/100
Dollars ($4,152,877.00) (the “Initial Base Rent”). 
 (ii) Following the Commencement Date, the Initial Base Rent shall be
reset as of the earlier of (A) the first day of the month that immediately follows the month in which Stabilization of the Property occurs and (B) January 1, 2025 (such earlier date, the “Initial Rent Reset
Date”), as follows: The Initial Base Rent shall be reset to an amount equal to the sum of (1) the Initial Base Rent and (2) the aggregate sum of the Rent Adjustment Amount (as hereinafter defined) for each lease year that would
have been calculated during the period beginning on the Commencement Date and ending on the Initial Rent Reset Date (including pro rata for any partial lease year during such period) had the Base Rent been increased annually by an amount equal to
the Rent Adjustment Amount on each anniversary of the Commencement Date during such period, with, for the avoidance of doubt, each such Rent Adjustment Amount compounded over the prior lease years. For the avoidance of doubt, the Initial Base Rent
shall be fixed and without adjustment until it is reset on the Initial Rent Reset Date, in accordance with the terms of this Section 3(a)(ii). 

(iii) Beginning on the first (1st) anniversary of the Initial Rent Reset Date and on each
anniversary thereafter during the Term of this Lease, the then-current Base Rent will increase by an amount equal to the Rent Adjustment Amount. 

(iv) As used herein, “Rent Adjustment Amount” means, with respect to any sum (as may have been previously adjusted, the
“Initial Sum”), an amount equal to the product of (1) the Initial Sum multiplied by (2) sixty-six hundredths percent (0.66%). 

(b) Additional Rent. In addition to Base Rent, Tenant shall pay (to the extent provided in this Lease) all costs and expenses of the
development, repair, replacement, management and operation of the Property, including, but not limited to all amounts, liabilities, obligations, and impositions which Tenant assumes or agrees to pay under this Lease, and any fine, penalty, interest,
charge, and cost which may be added for nonpayment or late payment of such items (collectively, the “Additional Rent”). The Base Rent and Additional Rent are hereinafter referred to collectively as “Rent”. Landlord
shall have all legal, equitable, and contractual rights, powers and remedies provided in this Lease or otherwise available at law or in equity in the case of nonpayment of Rent. 

(c) Payment of Rent. All payments of Rent and any other amounts payable by Tenant to Landlord pursuant to this Lease shall be sent to
Landlord at Tenant’s election by ACH 

  
 8 

 
transfer to Landlord’s bank as directed by Landlord or by check to c/o AIMCO Properties, L.P., 4582 S. Ulster Street, Suite 1700, Denver, CO 80237 or such other address as Landlord may
designate in writing to Tenant from time to time, at least five (5) business days prior to any required payment of Rent, without abatement, deductions, reduction or set-off (including, for the avoidance
of doubt, in connection with any force majeure events, delays in Tenant’s or Contractor’s (as hereinafter defined) ability to timely complete the Redevelopment (as hereinafter defined) in accordance with the Redevelopment Plans (as
hereinafter defined) or otherwise), except as otherwise expressly set forth herein. 
 (d) Maintenance; Net Lease. It is the intent of
Landlord and Tenant that this Lease be absolutely net to Landlord such that Tenant shall be responsible for and pay any and all Operating Costs (defined below) associated with and relating to the Property and this Lease, except as specifically set
forth herein with respect to Excluded Taxes (as hereinafter defined). “Operating Costs” means, without limitation, (i) operating costs of the Property (including, without limitation, utilities, maintenance, operations, repairs
and replacements, and the cost of supplies, materials and labor directly related to the foregoing), (ii) costs of compliance with all applicable Laws (as hereinafter defined) and matters of record (including, without limitation, easement
agreements), (iii) property management fees, (iv) expenses and costs incurred in the management of the Redevelopment, (v) costs of insurance that Tenant is required to maintain, (vi) Taxes and Impositions (as hereinafter defined) and
(vii) all other costs and expenses related to the ownership and operation of the Property, whether capital or operating, foreseeable or unforeseeable, latent or patent, structural or non-structural,
ordinary or extraordinary, to the extent incurred during the Term. Notwithstanding the foregoing, Operating Costs, for purposes of this paragraph, shall not include (A) Landlord’s internal costs and expenses (including internal legal
expenses), (B) costs and expenses (including payments of interest, principal and rent) under Landlord’s financing in connection with the Property, (C) costs and fees of professionals and consultants hired by or on behalf of Landlord in
connection with the Property or this Lease (including accountants, attorneys and engineers), and (D) costs and expenses relating to the ownership or operation of the entity that is Landlord and each of its affiliates (including professional and
consulting fees, salaries and wages of Landlord’s personnel, and other office and administrative expenses of any kind). 
 (e) Late
Fee; Interest. If payment of any item of Base Rent or Additional Rent shall not be paid within five (5) days of the original due date thereof, then (i) a late fee of three percent (3%) of the amount of the late payment shall be
assessed and payable by Tenant to Landlord, and (ii) such late payment shall accrue interest from the date on which such payment was due until such payment has been paid in full, at a rate per annum equal to the lesser of (x) two percent
(2%) over the then prime rate published in the Wall Street Journal (or any successor publication) and (y) the maximum rate allowed by Law (the “Default Rate”) for the purpose of defraying Landlord’s administrative expenses
incident to the handling of such overdue payments. 
 4. Taxes and Impositions. Tenant shall pay, as Additional Rent, Impositions (as
hereinafter defined) and Real Estate Taxes (as hereinafter defined), as set forth herein. 
 (a) Real Estate Taxes and Assessments.
Subject to Section 4(c) below, Tenant shall pay all Real Estate Taxes (as hereinafter defined) levied, assessed, accruing, or imposed from and after the Commencement Date, which shall become due and payable during the Term with respect to the
Property. If any such Real Estate Taxes may, at the option of the taxpayer, be paid 

  
 9 

 
in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. All Real Estate Taxes that
shall be assessed with respect to a taxable year or period beginning on or before and ending after the Commencement Date or beginning on or before and ending after the Termination Date shall be apportioned pro rata between Landlord and Tenant on a
per diem basis in accordance with the respective number of days in such taxable year or period during which this Lease is in effect. “Real Estate Taxes” shall mean the ad valorem real estate taxes levied against the Property (and
the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed
or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or
assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner;
provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate,
succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last
sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax bill to Landlord
rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due
shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental
Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such
use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to
Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment. 

(b) Impositions. Subject to Section 4(c) below, Tenant shall pay all assessments, water and sewer rents, rates and charges, levies,
license, permit and inspection fees, and other governmental charges, both general and special, of any kind and nature whatsoever, including, without limitation, condominium assessments (general and special) charged to the Property (collectively, the
“Impositions” and, together with the Real Estate Taxes, collectively, the “Taxes and Impositions”) which shall be assessed, levied, confirmed, imposed upon, or become due and payable out of or in respect of, or
become a lien upon, the Property or the leasehold, or any part thereof or appurtenance thereto during the Term, whether such charges are made directly to Tenant or through or in the name of Landlord. If any such Impositions may, at the option of the
taxpayer, be paid in installments, Tenant may exercise the option to pay the same in installments; provided Tenant pays all costs and charges related to such installment payment method. 

  
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 (c) Payment of Taxes and Impositions. If the Property is taxed separately, then
Tenant shall pay all Taxes and Impositions directly to each body, agency, or authority imposing, assessing, levying, or otherwise collecting such Taxes and Impositions, prior to delinquency and in the manner specified by such body, agency, or
authority, and shall submit to Landlord evidence of such payment together with a copy of the bill or invoice for such Taxes and Impositions within ten (10) days after making such payment. If, on the other hand, the Property is not taxed
separately and is therefore taxed under one tax bill along with other property owned by Landlord (such other property together with the Property shall be collectively referred to herein as the “Tax Parcel”), then Tenant shall pay
its proportionate share, as reasonably determined by Landlord and Tenant, of such Taxes and Impositions assessed against the Tax Parcel within ten (10) business days of demand from Landlord. Landlord and Tenant shall in good faith make
reasonable efforts to cause the Property to be separately taxed, and to cause all appropriate Governmental Authorities to send directly to Tenant all pertinent statements and bills in respect of the Impositions relating to the Property. Subject to
Section 4(c) below, all Taxes and Impositions which Tenant agrees to pay pursuant to this Lease that are not paid prior to delinquency may be paid by Landlord if Tenant fails to pay such Taxes and Impositions within ten (10) days after
written notice from Landlord to Tenant. Tenant shall reimburse Landlord for any such payments (including, without limitation, any penalty and interest imposed in connection with Tenant’s failure to pay any Tax or Imposition prior to
delinquency) within fifteen (15) days of receipt of an invoice therefor. Interest shall accrue on such unpaid expenditures from the date of Tenant’s receipt of an invoice from Landlord until the date that payment is received by Landlord at
the Default Rate. 
 (d) Tax Liens. Tenant shall keep the Property free and clear of all liens from Taxes and Impositions (except for
those created by or through Landlord) and shall, subject to Section 4(c) below, cause the prompt discharge of all liens from Taxes and Impositions (except for those created by or through Landlord) imposed on the Property. 

(e) Right to Contest Taxes and Impositions. Tenant may, at its sole cost and expense, contest the amount or validity of Taxes and
Impositions upon the Property by appropriate proceedings. Nothing contained herein shall imply any right on the part of Tenant to postpone such payment unless such proceedings and/or security given shall, to the extent the same were paid or given by
Tenant, stay both the collection thereof and the sale of the Property to satisfy same. Landlord, at Tenant’s written request and sole cost and expense, shall join in such proceedings if any law shall so require. Tenant will pay such Taxes and
Impositions as they are finally levied, assessed or imposed as a result of any such proceeding. If there shall be any refund payable by the Governmental Authority (as hereinafter defined) with respect to any Taxes and Impositions paid by Tenant,
Tenant shall be entitled to receive and retain the same. 
 (f) Limitation on Taxes. Nothing contained herein shall obligate Tenant to
pay any general income, inheritance, estate, gift, succession, sales, use or revenue tax (or any substitution therefor) of, or levied or assessed against Landlord; nor any other tax, assessment, charge, or levy (or any substitution therefor) against
Landlord with respect to or because of the Rent and other income derived by Landlord under this Lease; nor shall Tenant be deemed obligated to pay any corporation, franchise, capital stock, payroll, excise, privilege, or any other tax of similar
nature (or any substitution therefor) which may be levied or assessed against Landlord. 

  
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 5. Utilities. Tenant shall be solely responsible for installing, arranging for, and
maintaining satisfactory utility lines and services to and for the Property or any portion thereof, including, without limitation, water service, gas, oil, sanitary and storm sewer service, electricity, steam, power, telephone and any other
communication services, trash collection, and any and all other utility services desired, rendered, or supplied to or in connection with the Property (collectively, the “Utilities”) during the Term. Tenant shall pay prior to
delinquency all deposits, rents, costs, tap-in fees and other charges and fees for such Utilities directly to the provider of such Utilities during the Term. Tenant shall, at its sole cost and expense, procure
and keep in effect all necessary permits, licenses, and other authorizations required by any Governmental Authority or otherwise required by Laws (as hereinafter defined) and/or utility companies or providers for the proper installation and
maintenance upon the Property of the wires, pipes, shafts, ducts, conduits, tubes, and other equipment and appliances for use in supplying any such services to and upon the Property. Landlord shall not be required to furnish any utility lines or
services to the Property. Landlord shall, upon written request from Tenant and at no out of pocket cost to Landlord, reasonably cooperate with Tenant in connection with obtaining Utilities and the aforementioned permits, licenses and authorizations
and shall provide assistance as reasonably requested by Tenant in connection therewith. 
 6. Redevelopment. 

(a) Development/Redevelopment of the Property. As of the Commencement Date and throughout the Term, the Parties agree that Tenant may,
at its election and its sole cost and expense, but subject to the terms and provisions of the Private Restrictions (as hereinafter defined) and applicable Laws, endeavor to cause the development, redevelopment and/or the lease-up of the Property, in each case, in accordance with the Redevelopment Plans (as hereinafter defined) for the Property (the “Redevelopment”); provided that, if and only if Tenant so elects to
undertake the Redevelopment, then (i) Tenant agrees that, once Tenant has commenced the Redevelopment (including, without limitation, entering into contracts with one or more Development Professionals (as defined below) or obtaining
construction financing, in each case, in connection with the Redevelopment), Tenant shall thereafter use commercially reasonable efforts to then cause the completion of such Redevelopment in accordance with the terms hereof and (ii) the
remaining provisions of this Section 6 shall apply and the Parties agree they shall be bound by such provisions. In such event, any such development or redevelopment shall include the construction, erection, alterations, improvements, repairs,
renovation, modification and/or installation of signage and other work, on, under, above and to the Property including, without limitation, one or more buildings, parking areas, parking garages, utility lines, conduits and facilities, electricity
and power generation facilities, sanitary sewer lines and pump stations, drainage and storm water management systems and similar and dissimilar improvements and facilities, as may be applicable (collectively, the “Improvements”),
substantially in accordance with the plans and specifications approved by the MLA Parties with respect to the Redevelopment and attached hereto as Schedule 4 (collectively, the “Redevelopment Plans”) and the terms of any
development agreement(s) entered into in connection with the Redevelopment (a “Development Agreement”). Any Improvements shall be constructed in a good and workmanlike manner, using good materials that are comparable to such
materials as are commonly used in the construction or redevelopment of similar buildings of similar grade in the city and state in which the Property is located. If the Redevelopment Plans contemplate the development of the Property, then all
Improvements, including, without limitation, any building or buildings, building equipment and/or 

  
 12 

 
other items, improvements, additions, changes or alterations on the Property, and all drawings, plans, licenses, permits, approvals and other tangible and intangible personal property relating to
or used at the Improvements, shall be and remain the sole property of Tenant and, as applicable, those claiming by, through or under Tenant (including subtenants), and Landlord shall have no interest therein or rights with respect thereto until the
end of the Term at which time the Improvements, if any, then located on the Property shall become the property of Landlord. The Parties agree that Tenant will bear all market risk for the cost and pace of construction, rental rate achievement and
absorption pace, in each case to the extent applicable and as each relates to the Redevelopment; and the terms of this Lease shall not be amended or modified in any respect (including, without limitation, with respect to the Rent amounts payable
under this Lease) in connection therewith. 
 (b) Contractors and Supervision. If the Redevelopment Plans contemplate the development
or redevelopment of the Property (or if, during the Term, any capital projects are required on the Property), Tenant shall enter into contracts with such architects, engineers, contractors and other such professionals (each, a “Development
Professional”) as may be required to effect such development, redevelopment or other capital project. Any Development Professionals so engaged by Tenant shall be subject to the approval of Landlord, which approval shall not be unreasonably
withheld, conditioned or delayed (it being agreed that if Landlord does not respond to Tenant’s notice requesting Landlord’s consent to any such Development Professional on or prior to ten (10) Business Days after the date Tenant
gives such notice to Landlord, then Landlord shall be deemed to have consented to such Development Professional). 
 (c) Construction
Financing. Tenant shall be solely responsible for procuring and obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to
grant one or more leasehold mortgages encumbering its leasehold interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a
construction-related completion bond. 
 (d) Governmental Approvals; Landlord Cooperation. Tenant, at Tenant’s expense, prior to
any construction of the Improvements pursuant to the Redevelopment, shall obtain all permits, approvals and certificates required by any Governmental Authorities in connection therewith. Landlord shall have the right to require Tenant to make all
filings with Governmental Authorities to obtain such permits, approvals and certificates using an expeditor designated reasonably by Landlord (provided that the charges imposed by such expeditor are commercially reasonable and such expeditor
performs in a reasonable and competent manner) or another expeditor selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Upon the request of Tenant, Landlord shall join in and
promptly execute any applications for any permits, approvals or certificates required to be obtained by Tenant in connection with the Improvements (provided that applicable Laws require Landlord to join in such application) and shall otherwise
cooperate with Tenant in connection therewith. Tenant shall reimburse Landlord for any reasonable and actual out-of-pocket costs, including, without limitation,
reasonable attorneys’ fees, charges and disbursements, that Landlord incurs and pays to an unrelated third party in so joining in such applications and cooperating with Tenant, within thirty (30) days after the date that Landlord gives to
Tenant an invoice therefor from time to time, accompanied by reasonable supporting documentation of such costs. Upon 

  
 13 

 
completion of the Improvements, Tenant, at Tenant’s expense, shall (i) obtain certificates of final approval for the Improvements to the extent required by any Governmental Authority,
and (ii) furnish Landlord with copies of such certificates. 
 (e) Compliance with Laws. Tenant shall, at its sole cost and
expense, comply in all material respects with all federal, state and local laws, rules, ordinances and regulations (including, without limitation, the Americans with Disabilities Act of 1990) (collectively, the “Laws”) applicable to
the use, demolition, construction or occupancy of the Improvements. Tenant shall, subject to any terms and conditions set forth in this Lease, diligently take all actions reasonably necessary to obtain, maintain and comply with all governmental,
regulatory and administrative permits or approvals (collectively, “Governmental Approvals”) required by any national, federal, state, local, or other government or political subdivision or any agency, authority, board, department,
or instrumentality thereof, or any court, arbitrator (to the extent required by the terms of this Lease) or tribunal or quasi-governmental agency (each, a “Governmental Authority”) having jurisdiction over the Property, this Lease,
and/or Tenant’s activities on the Property. Tenant shall be responsible for all costs and expenses associated with its activities under this Lease, including obtaining the Governmental Approvals. Landlord shall, upon written request from Tenant
and at no material cost to Landlord, reasonably cooperate with Tenant in connection with the Governmental Approvals process and shall provide assistance as reasonably requested by Tenant in connection with obtaining Governmental Approvals. 

(f) Compliance with Private Restrictions. Tenant shall not use, occupy or improve the Property, or permit the Property or the
Improvements or any part thereof, to be used, occupied or improved, so as to violate any condominium declaration (or similar documentation) that the Property may be subject to, if any, or any terms, conditions or covenants of any other
development-related documentation (including, without limitation, zoning declarations, community benefits agreements, or reciprocal easement agreements), and any recorded easements, restrictions, covenants, or agreements now or hereafter (subject to
the terms hereof) affecting the Property (“Private Restrictions”). Tenant shall at all times comply with all affirmative obligations, if any, imposed on Landlord by any Private Restrictions; provided, however, Tenant shall not be
responsible for the performance of obligations with which Tenant cannot comply because Tenant is not the fee owner of the Property. After the Commencement Date, Landlord shall not enter into any Private Restrictions affecting the Property without
Tenant’s prior written consent (which shall not be unreasonably withheld, conditioned, or delayed only if the proposed Private Restrictions or amendment do not increase the cost to Tenant to develop or operate the Improvements or interfere with
Tenant’s development or operation of the Improvements for the Allowable Uses). 
 (g) Inspection, Audit and Reporting
Requirements. 
 (i) In the event that Tenant elects to undertake the Redevelopment, then Landlord shall have the right to engage a
construction consultant (the “Construction Consultant”) at Landlord’s sole cost and expense. Further, in the event that Tenant elects to undertake the Redevelopment, Tenant shall reasonably cooperate to permit representatives
of Landlord and the Construction Consultant, at reasonable times and on reasonable advance notice, to examine Tenant’s books of record and account, to make copies and abstracts therefrom, and to discuss its affairs, finances and accounts with
its principal officers, engineers and independent 

  
 14 

 
accountants, in each case solely in connection with the Redevelopment (and by this provision Tenant authorizes said accountants to discuss with such Persons such affairs, finances and accounts,
but after prior notice to Tenant of such discussions). Without limiting the foregoing, representatives of the Construction Consultant and Landlord shall have the right at reasonable times and on reasonable advance notice to (a) inspect the
Property and all materials to be used in connection with the Redevelopment from time to time and to witness the construction of the Improvements to ensure compliance with the Redevelopment Plans, (b) to conduct such environmental and
engineering inspections and studies as Landlord may reasonably require, (c) to examine all detailed plans, shop drawings and change orders in connection with the Redevelopment, and (d) meet with the representatives of any Development
Professionals to discuss the status of and issues relating to the Redevelopment (and by this provision Tenant authorizes the Development Professionals to cooperate and discuss with such Persons such construction matters, but after reasonable prior
notice to Tenant of such discussions). Upon request, Tenant will furnish Landlord with any items in the possession of, under the control of, or reasonably obtainable by, Tenant, that Landlord or the Construction Consultant may consider reasonably
necessary or useful in connection with the performance of any inspection of the Improvements. Without limiting the generality of the foregoing, Tenant shall furnish or cause to be furnished such items as working details, licenses, permits,
approvals, certificates of public authorities, zoning ordinances, building codes and copies of the contracts to which Tenant is a party (if applicable). 

(ii) Following the date on which construction otherwise commences, Tenant shall provide to Landlord a quarterly reporting package with respect
to the ongoing work and construction at the Property in form and substance reasonably agreed upon by the Parties. 
 (h) Lease-Up of the Property. Tenant will direct the property manager for the Property (the “Property Manager”) to complete the lease-up of the Property in
accordance with the terms of the Redevelopment Plans. 
 (i) Easements. If the Redevelopment Plans contemplate the development of the
Property, Tenant shall have the right to enter into agreements with utility companies creating such easements relating solely to the Property in favor of such utility companies as are required in Tenant’s sole discretion; provided, however, any
easements or similar agreements made with parties other than providers of utilities shall, unless Landlord consents in writing in advance, which consent shall not be unreasonably withheld, delayed or conditioned, terminate upon the expiration or
sooner termination of the Term. 
 (j) Third Party Property Rights. Except as otherwise expressly limited or prohibited hereunder,
Tenant may enter into agreements relating to the acquisition, occupancy, easement, rights of way, or leasing of any real property relating to the construction of the Improvements or operation thereof (including the aggregation and allocation of air
rights) (collectively, “Third Party Rights”), provided that no Third Party Rights shall extend beyond the Term of this Lease without the prior consent of Landlord, which consent shall not be unreasonably withheld, conditioned or
delayed (excepting standard one (1) year residential leases on a form (and for rent amounts) approved by Landlord in connection with any lease-up of the Property). Subject to Landlord’s agreement to
be bound by the covenants regarding confidentiality contained in such Third Party Rights, Tenant shall provide all information and documentation to Landlord relating to Third Party Rights as reasonably requested by Landlord from time to time. 

  
 15 

 7. Environmental. 

(a) Restrictions. Tenant shall not bring or otherwise cause to be brought or permit any of its agents, employees, contractors, invitees,
subtenants, licensees or occupants to use, generate, transport, treat, dispose of or bring in, on or about any part of the Property (or any improvements erected thereon), any Hazardous Substance (as hereinafter defined); provided, however, that
Hazardous Substances may be brought, kept, used or disposed of in, on or about the Property in quantities and for purposes similar to those brought, kept, used or disposed of in, on or about similar multifamily residential properties, and which are
brought, kept, used and disposed of in strict compliance with all applicable Laws. 
 (b) Hazardous Substances. For purposes of this
Section 7, “Hazardous Substance” means any matter giving rise to liability under the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Comprehensive Environmental Response, Compensation and
Liability Act, U.S.C. Section 9601 et seq. (including the so-called “Superfund” amendments thereto), any other applicable federal, state or local statute, law, ordinance, rule or regulation
governing or pertaining to any hazardous substances, hazardous wastes, chemicals or other materials, including, without limitation, asbestos, polychlorinated biphenyls, radon, petroleum and any derivative thereof or any common law theory based on
nuisance or strict liability (all of the foregoing statutes, laws, ordinances, rules, regulations and common law theories being sometimes hereinafter collectively referred to as “Hazardous Materials Laws”). Tenant shall cooperate
with Landlord and permit Landlord and all Governmental Authorities reasonable access to the Property in a manner that will not unreasonably interfere with Tenant’s (or any of its occupants’) use of the Property for purposes of operating,
inspecting, maintaining and monitoring any environmental controls, equipment, barriers and/or systems required by applicable Hazardous Materials Laws. Except for Known Existing Environmental Conditions to be removed and remediated pursuant to the
Development Agreement (if any), if, during the Term, the existence, presence, release, placement on or in the Property or the generation, transportation, storage, treatment or disposal at the Property of any Hazardous Substance (including Unknown
Existing Environmental Conditions (as hereinafter defined)) (i) gives rise to liability (including, but not limited to, a response action, remedial action or removal action) under Hazardous Materials Laws; (ii) causes a public health effect; or
(iii) pollutes the environment, Tenant, except to the extent such matters were caused by the Indemnified Landlord Parties (as hereinafter defined), shall promptly take any and all remedial and removal action necessary to clean up the Property
and mitigate exposure to liability arising from the Hazardous Substance, in accordance with Hazardous Material Laws. For purposes of this Lease, “Known Existing Environmental Conditions” means, collectively, any environmental
conditions at the Property disclosed on the most recent Phase I Environmental Assessment available for the Property, such conditions discovered during the performance of the Improvements, Specified Environmental Liabilities (as hereinafter defined)
and environmental conditions at the Property known by any of the Indemnified Landlord Parties, and “Unknown Existing Environmental Conditions” means the existence, presence or release of Hazardous Substances in violation of
Hazardous Materials Laws at the Property as of the Effective Date, other than the Known Existing Environmental Conditions. 
 (c)
Environmental Audit. Upon request by Landlord during the Term, prior to Tenant’s exercise of any renewal right and/or prior to Tenant’s vacating the Property, Landlord at its sole cost and expense shall have reasonable access to the
Property for conducting an 

  
 16 

 
environmental audit from an environmental company reasonably acceptable to Landlord, at Landlord’s cost and expense, except as herein provided. In addition, if Landlord has a good faith and
reasonable reason to believe that Hazardous Substances in violation of Hazardous Materials Laws exist at the Property, then Landlord shall specify the reasons to Tenant, and if Tenant does not provide information to Landlord’s reasonable
satisfaction regarding the suspected presence of Hazardous Substances in violation of Hazardous Materials Laws, Landlord may request that Tenant perform an environmental audit from an environmental company reasonably acceptable to Landlord. If
Tenant gives Landlord written notice that Tenant does not intend to perform such audit, or if Tenant fails to complete such audit within thirty (30) days following Landlord’s request, then Landlord may perform such audit (a
“Requested Audit”). If any environmental audit discloses the presence of Hazardous Substances, other than Known Existing Environmental Conditions, in violation of Hazardous Materials Laws, then, except to the extent caused by any of
the Indemnified Landlord Parties, to the extent the same are in violation of applicable Hazardous Materials Laws and are required to be remediated under Hazardous Materials Laws, Tenant shall perform any required remediation promptly and in all
events prior to surrendering possession of the Property to Landlord. If any Requested Audit discloses the presence of Hazardous Substances, other than Known Existing Environmental Conditions, in violation of Hazardous Materials Laws, then, except to
the extent caused by any of the Indemnified Landlord Parties, Tenant shall promptly reimburse Landlord for the reasonable out-of-pocket cost of the Requested Audit paid
by Landlord to unrelated third parties. 
 (d) Survival. The provisions of this Section 7 shall survive the expiration or earlier
termination of this Lease. 
 8. Maintenance. Tenant, at its sole cost and expense, shall, or shall cause the Property Manager to,
keep and maintain the Property, and all private roadways, sidewalks and curbs appurtenant to the Property and which are under Tenant’s control, in good and safe condition and repair (ordinary wear and tear and damages by fire and other casualty
excepted), whether or not the need for such repairs occurs as a result of Tenant’s activities on the Property, the elements or the age of the Property, and, with reasonable promptness, make all necessary and appropriate repairs thereto of every
kind and nature, including those necessary to comply with changes in any Laws, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, to the extent such
repairs are required hereunder by reason of a condition arising from and after the Commencement Date. Landlord shall not be required to (a) furnish any services, including utilities, or facilities to the Property, (b) make any repairs,
replacements, alterations, restorations or renewals of any nature to the Property, whether ordinary or extraordinary, structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever
with respect thereto, except as set forth herein or in the Master Leasing Agreement, or (c) maintain the Property in any way. 
 9.
Alteration; Demolition. In addition to the Improvements, Tenant may make non-structural alterations, additions and improvements (collectively, “Alterations”) to the Property without the
consent of Landlord. All Alterations undertaken by Tenant pursuant to this Section 9, and use thereof, shall be in compliance with all then-applicable Laws, Private Restrictions, the Redevelopment Plans and the terms of this Lease. 

  
 17 

 10. Insurance. 

(a) Property Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense, physical damage insurance
providing physical loss or damage protection against any peril included within the classification “causes of loss – special form property damage” (formerly “all-risk”) (including
endorsements for increased costs of compliance, malicious mischief, vandalism, sprinkler leakage, flood, earth movement and boiler and machinery coverage) for the 100% of replacement cost value new without deduction for depreciation of the covered
items and in amounts that meet any co-insurance clauses of the policies of insurance, covering (i) all leasehold and tenant improvements in and to the Property (including the Improvements and subsequent
Alterations) and (ii) Tenant’s furniture, business and personal trade fixtures, equipment, furniture system and other personal property from time to time situated in the Property (“Tenant’s Property
Policy”). The proceeds of such insurance shall be used for the repair and replacement of the property so insured. If such physical damage insurance no longer becomes available in the future, Tenant shall obtain such comparable insurance as
is then available. Tenant has the right to satisfy Tenant’s obligations to carry Tenant’s Property Policy with a blanket insurance policy if such blanket insurance policy provides, on a per occurrence basis, that a loss that relates to any
other location does not impair or reduce the level of protection available for the Property below the amount required by this Lease. 
 (b)
Liability Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense for the protection of Landlord as an additional insured and Tenant as the named insured, commercial general liability insurance applying
to the use and occupancy of the Property and the business operated by Tenant (“Tenant’s Liability Policy”). Such insurance shall have a combined single limit of liability of $1,000,000 per occurrence and a general
aggregate limit of $2,000,000, and Tenant shall provide in addition excess liability insurance on a following form basis, with overall limits of $5,000,000. All such policies shall be written to apply to bodily injury (including death), property
damage and personal injury losses, shall include blanket contractual liability, broad form property damage, completed operations, products liability, host liquor liability, cross liability and severance of interest clauses, and shall include
Landlord and its agents, beneficiaries, partners, employees, and any Leasehold Mortgagee of any Leasehold Mortgage (as hereinafter defined) designated by Landlord in writing as additional insureds. 

(c) Business Automobile Liability Insurance. At all times during the Term, Tenant shall procure and maintain, at its sole expense for
the protection of Landlord as an additional insured and Tenant as the named insured, primary automobile liability insurance with limits of not less than $1,000,000 per occurrence covering owned, hired and
non-owned vehicles used by Tenant. 
 (d) Workers Compensation and Employer’s
Liability Insurance. At all times during the Term (and prior to the Commencement Date with respect to any use or activity of Tenant hereunder at the Property), Tenant shall procure and maintain Workers’ Compensation Insurance in accordance
with the laws of the state in which the Property is located, and employer’s liability insurance with a limit of $1,000,000 bodily injury each accident; $1,000,000 bodily injury by disease – each person; and $1,000,000 bodily injury by
disease policy limit. 

  
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 (e) Professional Liability Insurance. Professional liability insurance for
Tenant including errors and omissions in an amount no less than $5,000,000 per claim for all professionals (other than contractor’s pollution professional noted in (C) below) covering the services under this Lease and under the Development
Agreement shall be held and maintained for a minimum of three years following completion of all services (if applicable). 
 (f)
Additional Insurance. In addition to the insurance described above, Tenant shall maintain such additional insurance as may be reasonably required from time to time by any Leasehold Mortgagee and shall further at all times maintain adequate
coverage required by Law. 
 (g) Insurer. Tenant shall cause Tenant’s Liability Policy and Tenant’s Property Policy to be
issued by a reputable and financially sound insurer that is (i) permitted to do business in the state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s
Rating Guide or any successor thereto (it being understood that if such ratings are no longer issued, then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the
date hereof). 
 (h) Umbrella Policies. Tenant has the right to satisfy Tenant’s obligation to carry Tenant’s Liability
Policy with an umbrella insurance policy if such umbrella insurance policy contains an aggregate per location endorsement that provides the required level of protection for the Property. 

(i) Self-Insurance. Tenant shall have the option, in conjunction with Tenant’s ultimate parent corporation (or any subsidiaries or
affiliates thereof), to maintain self insurance or to provide or maintain any insurance required under this Lease under blanket insurance policies maintained by Tenant’s ultimate parent corporation (or any subsidiaries or affiliates thereof),
or to provide or maintain insurance through such alternative risk management programs as Tenant’s ultimate parent corporation (or any subsidiaries or affiliates thereof) may provide or participate in from time to time (any such types of
insurance programs being referred to herein collectively as “Self-Insurance Programs”). Any such Self Insurance Programs shall not operate to decrease the insurance coverage or limits set forth in this Section 10. Any such Self
Insurance Programs shall be deemed to contain all of the terms and conditions applicable to the requirements for Tenant’s insurance contained in this Section 10. If Tenant elects to provide its insurance through a Self-Insurance Program,
then, with respect to any claims which may result from incidents occurring during the Term, the insurance provided by such Self Insurance Program shall survive the expiration or earlier termination of this Lease to the same extent as the insurance
required would survive. 
 (j) General Requirements. The insurance requirements identified in this Section 10 shall not be
construed to modify, limit or reduce the indemnification requirements set forth herein or Tenant’s liability arising under or out of this Lease. Each policy of insurance required to be carried by Tenant under this Lease must be evidenced by a
certificate of insurance, which certificate must also evidence waiver of subrogation as to the Indemnified Landlord Parties on all insurance policies, including workers’ compensation. If policies purchased by Tenant above do not expressly allow
the insured to waive rights of subrogation prior to loss, the insured shall cause them to be endorsed with a waiver as required above. The required certificates of insurance shall be delivered no later than the Effective Date, with the exception of
any certificates of 

  
 19 

 
insurance relating to initial construction of the Property, which shall be delivered no later than fifteen (15) days before the commencement of construction to Landlord at the address
designated in this Lease for service of Notice upon Landlord or such other address as Landlord may specify by written notice to Tenant from time to time. 

(k) Release; Waiver of Subrogation Property. Landlord and Tenant each hereby release each other from liability for damage to the
property of the other to the extent the loss, liability or damage is insured under the property insurance that such party is required to obtain hereunder. Landlord and Tenant shall obtain waivers of subrogation rights by the insurer against Landlord
or Tenant, as the case may be, in all property insurance policies affecting any portion of the Property. 
 (l)
Contractor’s Insurance. 
 (i) With respect to all contractors and subcontractors performing any work on or about
the Property (“Contractor”), Tenant shall obtain or shall cause all of such Contractors to obtain, maintain throughout such work, and shall provide evidence reasonably satisfactory to Landlord of the following insurance coverages:

 (A) Commercial General Liability insurance all on an occurrence basis in an amount not less than $1,000,000 per occurrence limit per
location and/or project for bodily injury and property damage, $1,000,000 personal and advertising injury; $2,000,000 General Aggregate; $2,000,000 Products/Completed Operations Aggregate. Coverage is to include full contractual liability coverage.

 (B) Worker’s Compensation insurance in amounts required by law for all employees, and Employer’s Liability insurance with
minimum limits as follows: Bodily Injury by Accident $1,000,000 Each Accident, Bodily Injury by Disease $1,000,000 Policy Limit, Bodily Injury by Disease $1,000,000 Each Employee. 

(C) Contractor’s pollution liability (CPL) including mold coverage and Professional Liability Insurance including errors and omissions in
an amount not less than a minimum of $2,000,000 per loss/claim/occurrence (if applicable). 
 (D) Professional liability insurance including
errors and omissions in an amount no less than $2,000,000 per claim for all other professionals (other than contractor’s pollution professional noted in (C)) covering the services under this Lease and under the Development Agreement and shall
be maintained for a minimum of three years following completion of all services (if applicable). 
 (E) Comprehensive automobile liability,
including owned, non-owned and hired vehicles, in the minimum amount of $1,000,000 combined single limit for bodily injury and property damage liability. 

(F) Umbrella/Excess Liability insurance all on an occurrence basis be following form over underlying Commercial General Liability, Business
Automobile, Employer’s Liability insurance policies with the following minimum limits: (1) $1,000,000 if the aggregate amount of such contract is less than $1,000,000 where the work includes leasehold

  
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improvements, repairs and maintenance (no structural work); (2) $2,000,000 if the aggregate amount of such contract with the Contractor is more than $1,000,000 but is less than $5,000,000 where
the work includes leasehold improvements, repairs and maintenance (no structural work); (3) $5,000,000 if the aggregate amount of such contract with the Contractor is $5,000,000 or more but is less than $15,000,000; (4) $10,000,000 if the aggregate
amount of such contract with the Contractor is $15,000,000 or more but is less than $35,000,000; (5) $25,000,000 if the aggregate amount of such contract with the Contractor is $35,000,000 or more but is less than $75,000,000; and (6) $50,000,000 if
the agreement amount of such contract with the Contractor is $125,000,000 and higher; provided, however, that each contract should be reviewed based upon the scope of work, and any project over $150,000,000 should be approved by Landlord in terms of
the appropriate Umbrella/Excess limits. In any event, the limits established for the contract must be sufficient for the exposures associated with the construction. 

(G) A Certificate of Insurance (on an ACORD form or other equivalent form reasonably acceptable to Landlord) is required to demonstrate
compliance with the above noted insurance requirements and should be furnished to Landlord prior to commencement of the applicable work. The Certificate of Insurance must name Landlord, Tenant and their respective subsidiaries and affiliates,
owners, trustees, officers, and/or agents as additional insureds under all policies with the exception of sections (B) (Workers Compensation) and (D) (Professional Liability) above. Contractor’s coverage shall be primary and non-contributing with or in excess of any coverage available to Landlord or Tenant. Tenant shall or shall cause Contractor to waive subrogation on all policies including workers’ compensation. Contractor’s
insurance certificate must also evidence waiver of subrogation on all insurance policies including the workers compensation. If policies purchased by Contractor do not expressly allow the insured to waive rights of subrogation prior to loss, the
insured shall cause them to be endorsed with a waiver as required above in favor of Landlord. Should any of the described policies be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions.
The required certificates of insurance shall be delivered to Landlord at the address designated in this Lease for service of Notice upon Landlord or such other address as Landlord may specify by written notice to Tenant from time to time. 

(H) Such policies of insurance shall be issued by a reputable and financially sound insurer that is (i) permitted to do business in the
state in which the Property is located and (ii) rated “A-/VII” or better by A.M. Best’s Rating Guide or any successor thereto (it being understood that if such ratings are no longer issued,
then such insurer’s financial integrity shall conform to the standards that constitute such ratings from Best’s Insurance Guide as of the date hereof). 

(I) Landlord and Tenant acknowledge that during the Term insurance practices, coverages and the forms and content of insurance policies and
certificates of insurance may change. Accordingly, Landlord and Tenant agree that on the fifth (5th) anniversary of the Commencement Date, and each five (5) years thereafter, or earlier
should the market conditions warrant, Landlord and Tenant shall discuss, in good faith, the implications of such changes in light of the nature of the insurance being maintained by contractors with respect to similar properties meeting the standards
observed by prudent operators of facilities similar to the Property in the city and state in which the Property is located, and shall agree in writing, acting reasonably, to change the nature or extent of the insurance or coverages required to be
maintained 

  
 21 

 
by it pursuant to this Section 10(k)(i) or increase or decrease the amount of any such coverage limits, retention or deductibles, in order to conform reasonably to prudent risk management
practices consistent with such standards or change the required minimum ratings of carriers or other provisions of this Section 10(k)(i) in order to conform reasonably to prudent risk management practices consistent with such standards.
Notwithstanding the foregoing, Landlord may require Tenant to procure and maintain, or require Tenant’s subtenants to procure and maintain, at any time upon written notice to Tenant during the Term, such policies of insurance with limits as may
be required by Landlord’s lender to ensure that no breach exists pursuant to any loan documents to which Landlord may be subject, including, but not limited to, any Lien (as hereinafter defined). 

(ii) All Contractor’s liability policies shall be endorsed to be primary and non-contributing and
must not contain any residential exclusions nor any exclusions applicable to the contractual work with the policies of any other party being excess, secondary and non-contributing. With the exception only of
professional liability coverage, all such insurance shall be issued on an “occurrence” basis, and not on a “claims made” basis coverages shall be maintained until the completion of the work by the applicable professional with
“tail” coverage pertaining to such work for the duration of the applicable statute of repose following the completion of the work by the applicable professional. The duration for which coverage for completed operations must be maintained
may only be reduced with the express written consent of Landlord, not to be unreasonably withheld, in circumstances where (A) warranted based upon the nature and scope of work; and (B) contractor declines or is unwilling to maintain
coverage for the required term set forth herein. 
 (iii) Neither the issuance of any insurance policy required under this Lease, nor the
minimum limits specified herein with respect to Tenant’s insurance coverage, shall be deemed to limit or restrict in any way Tenant’s liability arising under or out of this Lease. 

11. Casualty. 
 (a)
Notice of Casualty. If any Improvements shall be destroyed or damaged in whole or in substantial part by fire or other casualty (including any casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or
extraordinary, foreseen or unforeseen (a “Casualty”), Tenant shall give to Landlord prompt written notice thereof (a “Damage Notice”). 

(b) Restoration. In the case of any damage to or destruction of the Improvements by Casualty, Tenant shall use its best efforts to,
within one hundred eighty (180) days of such Casualty, restore the affected portion of the Improvements (or construct such replacement Improvements as Tenant shall elect in its sole discretion) to substantially the same condition they were in
prior to such Casualty, or, if such affected portion is subject to Redevelopment, then to proceed with the development or redevelopment thereof to complete the Redevelopment in accordance with the Redevelopment Plans (the “Restoration
Work”). The Restoration Work by Tenant shall be commenced promptly following the Casualty and shall be performed in a good and workmanlike manner and in accordance with applicable Laws in all material respects. The net proceeds of
Tenant’s Property Policy (the “Insurance Proceeds”) shall be applied first to the Restoration Work and then as provided in any Leasehold Mortgage and if 

  
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there is no Leasehold Mortgage, paid to Tenant. Except as set forth below in this Section 11(b), Landlord shall have no interest in any Insurance Proceeds or policies of insurance maintained
by Tenant at or which pertain in whole or in part to the Property. Tenant shall be, and any Leasehold Mortgage shall provide that Tenant is, entitled to settle all insurance and other related claims, and to retain and utilize any Insurance Proceeds
in accordance with the terms hereof. If, as indicated in the Damage Notice, a substantial portion of the Property is damaged as a result of the Casualty, then, as soon as reasonably practicable following the Casualty, but in any event no later than
thirty (30) days after the date of delivery of the Damage Notice to Landlord, Tenant shall deliver to Landlord a written notice (a “Restoration Work Notice”) containing (i) a description of the Restoration Work to be
performed and an estimate of the reasonable cost to complete such Restoration Work (a “Cost Estimate”), which such description and Cost Estimate shall be prepared by the developer contracted by Tenant to perform the Redevelopment
Work or another developer reasonably acceptable to Landlord, and (ii) an estimate of the amount of the Insurance Proceeds that are or will become available to Tenant in connection with the Casualty. Notwithstanding anything contained in this
Section 11 to the contrary, if a substantial portion of the Property is damaged and the amount of the Cost Estimate exceeds the amount of Insurance Proceeds that are or will be available to Tenant, then, unless and except if Landlord agrees to
fund such shortfall in connection with the Restoration Work, Tenant shall have the right, at its option, to terminate this Lease, it being expressly acknowledged and agreed that all of Tenant’s obligations hereunder with respect to the
Restoration Work are subject to Tenant’s receipt of Insurance Proceeds therefor and payment by Landlord of any shortfall amount. Within fifteen (15) days following its receipt of the Restoration Work Notice, Landlord shall notify Tenant in
writing whether Landlord agrees to fund such shortfall; any failure of Landlord to timely provide such notice shall be deemed an election by Landlord not to fund the shortfall. Any right to terminate this Lease pursuant to this Section 11 shall
be exercisable by Tenant by delivering written notice thereof to Landlord no later than ninety (90) days following the date of the Casualty; following Tenant’s delivery of such notice, this Lease shall terminate on the last day of the
month immediately following the month in which Tenant delivered such notice to Landlord. In the event that Tenant timely notifies Landlord that it elects to terminate this Lease in accordance with the terms of this Section 11, then,
notwithstanding anything contained in this Section to the contrary, any Insurance Proceeds which Tenant has received or is entitled to receive in connection with the Casualty, which pertain in whole or in part to the Property (excluding any portion
of the Insurance Proceeds that relate to the personal property of Tenant), shall be paid to Landlord on or prior to the date on which this Lease so terminates (or within ten (10) days following Tenant’s receipt of such Insurance Proceeds,
to the extent not received by Tenant prior to such date of termination). Notwithstanding any other provision of this Lease to the contrary (but subject to Tenant’s right to terminate this Lease pursuant to this Section 11), Tenant shall
not be entitled to any abatement or other reduction of Rent in connection with such event or the period during which Tenant or any occupants of the Property are unable to utilize the Property for their intended uses. The terms of this
Section 11 shall survive the expiration or earlier termination of this Lease. 
 12. Condemnation. 

(a) Taking. In the case of a complete or substantially complete taking of the Property, this Lease shall not terminate; and the award
shall be split between Tenant and Landlord based on an appraised valuation of their respective interests in the Property, with Tenant receiving the amount equal to the value of its interest in this Lease and the Improvements immediately prior

  
 23 

 
to the taking, and with Landlord receiving the value of its remainder interest in the fee estate after the termination of this Lease. Any balance owed to Leasehold Mortgagees is to be paid solely
out of Tenant’s share. 
 (b) Partial Taking. In the case of a partial taking, Tenant shall elect, in its sole discretion, to
either restore the Improvements or construct such replacement Improvements, to the extent possible to effect the Redevelopment as contemplated by the Redevelopment Plans. Such restoration or construction shall be made by Tenant within one hundred
eighty (180) days after receipt of notice of a taking. In either such election, the award will first be used to pay the costs of such restoration, and the remainder will be paid to Tenant to the extent, if any, of the diminution in the value of
its leasehold interest resulting from the taking (if any, as reasonably determined by the Parties), and Landlord will receive an amount equal to its remainder interest in that portion of the fee estate that was taken. Any Leasehold Mortgage will
permit condemnation awards to be paid to Tenant and provide that Tenant has the sole and exclusive right to participate in the adjustment of any claims in connection therewith; and any amount required to be paid to the Leasehold Mortgagees will come
solely from Tenant’s share after such restoration or construction of the Property. 
 (c) Temporary Taking. In the case of a
temporary taking, this Lease will continue, Tenant will continue to pay all Rent; and Tenant will receive and retain all awards for such temporary taking payable on account of the use and occupancy (or the displacement of Tenant’s use and
occupancy) of the Property. 
 13. Assignments and Subleases; Transfer by Landlord. 

(a) Transfers. Without the prior written consent of Landlord, which may be granted or withheld in Landlord’s sole discretion,
Tenant shall not, either involuntarily or voluntarily or by operation of law or otherwise, assign, mortgage, pledge, hypothecate, encumber or permit any lien to attach to, or directly or indirectly transfer this Lease or any interest herein, or
sublet the Property or any part thereof, or permit the Property to be occupied by anyone other than Tenant or Tenant’s employees (each a “Transfer” and any person or entity to whom a Transfer is made or sought to be made is
referred to herein as a “Transferee”). A Transfer shall include, without limitation, any assignment that otherwise occurs by merger, consolidation, reorganization, transfer, or other direct or indirect change in either the Control
(as defined below) of Tenant or in the corporate, partnership, or proprietary structure of Tenant or any entity that has a direct or indirect interest in Tenant. Notwithstanding the foregoing, however, a Transfer shall not include any direct or
indirect change in either the Control or ownership of Apartment Investment and Management Company or Aimco OP L.P. Any Transfer in violation of the provisions of this Section 13 shall be void and shall constitute an Event
of Default (as hereinafter defined). 
 (b) Permitted Transfers. Notwithstanding anything contained in this Section 13 to the
contrary, Tenant may, without the consent of Landlord, (i) grant a collateral assignment and/or a leasehold mortgage or other security instrument to a mortgagee in connection with a loan used to finance the Redevelopment of the Property,
(ii) assign this Lease to an Affiliate of Tenant (which remains an Affiliate of Tenant following such Transfer), and (iii) cause the lease-up of the Property in accordance with the Redevelopment
Plans. As used herein, “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more 

  
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intermediaries, Controls, is controlled by, or is under common Control with, the specified Person. For purposes of this Section 13, “Control” of a Person means (x) the
direct or indirect ownership of fifty percent (50%) or more of the equity interests in such Person or (y) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through ownership of voting securities or other interests, by contract or otherwise; and “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a
trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

(c) Sale of Leasehold Interest. Notwithstanding anything contained in this Lease to the contrary, if, following the occurrence of a
Termination Trigger, Tenant declines or otherwise fails to timely exercise its option (or does not otherwise have the option) to terminate this Lease pursuant to Section 2(b) hereof, then, at any time thereafter during the Term of this Lease,
Tenant shall have the right to sell and assign its interest under this Lease to a third party, subject to (i) Landlord’s Lease Purchase ROFR (as defined below), and, (ii) to the extent Landlord does not exercise its Lease Purchase
ROFR, (A) the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, and (B) satisfaction of the following conditions: (1) the assignee is of a character and reputation and engaged
in a business which is consistent with a multifamily residential property of the class and nature of the Property, (2) such assignee shall have a tangible net worth, after giving effect to the sale, of not less than the greater of the net worth
of Tenant as of the Commencement Date or the net worth of Tenant immediately prior to such sale, (3) the satisfaction by Tenant of the conditions set forth in Section 13(d) and (4) the delivery to Landlord of documentation reasonably
evidencing the satisfaction of the conditions set forth in this clause (ii) and any other documentation reasonably requested by Landlord (such additional documentation to be delivered to Landlord within five (5) business days following
Landlord’s request therefor). In the event Tenant desires to sell and assign its interest under this Lease pursuant to this Section 13(c), Landlord shall have a right of first refusal to acquire such interest (the “Lease Purchase
ROFR”). If Tenant receives an offer to so sell and assign its interest hereunder which Tenant is willing to accept (a “Lease Purchase Offer”), Tenant shall, no later than ninety (90) days prior to the date of the
proposed sale and assignment of its leasehold interest, send Landlord a written notice (a “Lease Purchase ROFR Notice”) detailing the material terms of the Lease Purchase Offer (including purchase price and closing date), upon
receipt of which Landlord will have thirty (30) days to accept or reject such Lease Purchase Offer by delivering to Tenant written notice of the same. If Landlord timely delivers a written notice to Tenant that it intends to exercise its Lease
Purchase ROFR and proceed with the acquisition of Tenant’s interest in this Lease, Landlord will pay Tenant the purchase price set forth in the Lease Purchase Offer, and the Parties will close on such Lease Purchase ROFR and this Lease will
terminate. To the extent any closing mechanics applicable to the sale of Tenant’s interest in the Property are not set forth in the Lease Purchase Offer, the Parties shall apply the closing mechanics set forth in Section 2(b)(vii). If
Landlord expressly declines to exercise, or otherwise fails to timely exercise, its Lease Purchase ROFR, then Landlord shall, within thirty (30) days thereafter, grant or refuse to grant its consent to Tenant’s request to assign its
interest under this Lease to the third party making the Lease Purchase Offer; any failure of Landlord to timely grant its consent to such assignment shall be deemed to be a refusal to grant consent. If Landlord so grants its consent to such
assignment, then upon and subject to the satisfaction of the conditions set forth in clause (ii) above, Tenant may proceed with the transfer of its interest in this Lease to the third party making the Lease Purchase Offer on the same terms as
those set forth therein. If such conditions have not 

  
 25 

 
been satisfied and the transfer to such third party has not been consummated on all such terms, in each case, within one hundred eighty (180) days of Landlord so declining (or having been
deemed to so decline) to exercise its Lease Purchase ROFR, the Lease Purchase ROFR will be reinstated in accordance with the terms hereof. 

(d) Conditions for Assignment. For each permitted assignment of this Lease (including, without limitation, pursuant to
Section 13(c) above), Tenant shall comply with the following (provided that any transfer of Tenant’s interest in this Lease pursuant to the exercise of Landlord’s Lease Purchase ROFR will not require satisfaction of the conditions set
forth in clauses (i) through (iii) below): 
 (i) Tenant, at least twenty (20) days prior to the date or the effective date of
such assignment, whichever date shall first occur, shall furnish Landlord with the name and business address of the proposed Transferee and the contact information of the manager, general partner, officer or other representative of the proposed
Transferee; 
 (ii) at the time of the Transfer, there shall be no uncured default of Tenant (after the expiration of all applicable notice
and cure periods) under this Lease; 
 (iii) Transferee shall deliver to Landlord, within thirty (30) days after its date or effective
date, whichever date shall first occur, an executed copy of the assignment and assumption agreement whereby the Transferee (A) has agreed to assume all obligations of Tenant, including but not limited to those pertaining to Rent, thereafter
arising, and (B) has agreed to be bound by all of the covenants, agreements, obligations, terms, provisions and conditions of this Lease, thereafter arising, on the part of Tenant to be fulfilled, performed or observed; and 

(iv) in the event that Landlord’s fee interest in the Property is subordinated to the secured interest of a Leasehold Mortgagee pursuant
to a Leasehold Mortgage, then, on or prior to the date of any assignment or other Transfer of Tenant’s interest under this Lease, Tenant shall repay to each Leasehold Mortgagee all outstanding indebtedness secured by any Leasehold Mortgage so
as to cause the release and discharge of such Leasehold Mortgage as of such date. 
 (e)
Non-Release During Term. Notwithstanding anything herein to the contrary, in the event of any assignment of this Lease, Tenant shall not be released or discharged from any liability, whether past,
present or future, under this Lease (provided, that, an assignment to Landlord pursuant to Section 13(c) shall serve to release Tenant from any liability under this Lease first arising from and after the date of such assignment). 

14. Financing and Reporting. 

(a) Leasehold Mortgages. In connection with the Redevelopment of the Property, Tenant may from time to time grant one or more mortgages,
deeds of trust or other security interests in its leasehold estate under this Lease (a “Leasehold Mortgage”) and assign this Lease as security for such Leasehold Mortgage(s). Such Leasehold Mortgages and any foreclosure, sale or
other realization proceeding pursuant to any Leasehold Mortgage granted by Tenant and any deed or assignment in lieu thereof (“Realization Proceedings”) shall not require the consent of Landlord and shall not be subject to
the provisions of Section 13 hereof. No 

  
 26 

 
Leasehold Mortgage shall place or create any lien or encumbrance affecting Landlord’s interest in the Property or the Improvements. The holder of any Leasehold Mortgage (a “Leasehold
Mortgagee”) hereunder shall provide Landlord with notice of such Leasehold Mortgage together with a true copy of such Leasehold Mortgage and the name and address of such Leasehold Mortgagee (“Leasehold Mortgagee Address”).
Following receipt of such notice by Landlord, the provisions of this Section 14 shall apply in respect to such Leasehold Mortgage. Tenant shall promptly provide to Landlord copies of the note and other instruments secured by any Leasehold
Mortgage and any and all amendments to any such instruments as may be made from time to time. 
 (b) Consents. No amendment,
cancellation, surrender or material modification of this Lease shall be effective with respect to any Leasehold Mortgagee, its successors or assigns unless consented to in writing by such Leasehold Mortgagee. 

(c) Default Notice. Landlord shall provide to any Leasehold Mortgagee at the Leasehold Mortgagee Address a copy of any notice of default
or notice of termination given by Landlord to Tenant under this Lease and no such notice shall be effective until a copy has been provided to each Leasehold Mortgagee. After receipt or rejection of such notice, any Leasehold Mortgagee shall have the
same period as Tenant after receipt of such notice by Tenant to cure such default and Landlord shall accept such performance by or on behalf of any Leasehold Mortgagee as if done by Tenant. A Leasehold Mortgagee shall be entitled to exercise all the
rights of Tenant under this Lease. Notwithstanding the provisions of Section 16 of this Lease, if Landlord shall give to Tenant any notice of termination of this Lease, a copy shall be delivered to any Leasehold Mortgagee at the Leasehold
Mortgagee Address and such Leasehold Mortgagee shall have thirty (30) days from receipt of such notice to cure such default (including payment of any sums then due to Landlord under the Lease), or, if such default does not involve the payment
of any moneys to Landlord and is of such a nature that it cannot be completely cured within such thirty (30)-day period, to commence curing the same within such thirty (30) days and thereafter to
diligently pursue curing the same in good faith, and in any such event this Lease shall not terminate but shall continue in full force and effect. 

(d) Defaults. No Leasehold Mortgagee shall be required to cure any default predicated on the bankruptcy, insolvency or similar condition
of Tenant. No Leasehold Mortgagee shall be required to pay or discharge any lien on the Tenant’s leasehold estate that is junior in priority to the lien of such Leasehold Mortgage; provided that such lien is not also a lien against
Landlord’s interest in the Property. If any default or other obligation of Tenant under this Lease is not reasonably susceptible of being cured or performed by such Leasehold Mortgagee, the same shall not constitute a basis for termination of
this Lease (or a condition to entering into a New Lease (as hereinafter defined) as provided in clause (f) below), and this Lease shall continue in full force and effect; provided that such Leasehold Mortgagee shall pay or cause to be paid all
monetary sums required to be paid by Tenant under this Lease in accordance with the terms of this Lease and continue in good faith to perform all of Tenant’s other obligations under this Lease that are reasonably susceptible of performance by
the Leasehold Mortgagee, and, in addition, such Leasehold Mortgagee, if not enjoined or stayed, shall take steps to acquire or sell Tenant’s interest in this Lease by foreclosure or other Realization Proceedings and prosecute the same to
completion with reasonable diligence. 

  
 27 

 (e) Assignees. No Leasehold Mortgagee, as such, shall be deemed an assignee or
Transferee of this Lease so as to require such Leasehold Mortgagee, as such, to assume the performance of any obligations of Tenant hereunder; but the purchaser, assignee or other acquirer of the leasehold estate pursuant to any Realization
Proceedings shall be deemed an assignee or Transferee hereunder and shall be deemed to have agreed to perform all the obligations of the Tenant under this Lease from and after the date of such purchase or acquisition, but only so long as such
purchaser, assignee, or other acquirer is the owner of the leasehold estate; provided that any Leasehold Mortgagee shall, in connection with a Realization Proceeding, have the right to assign this Lease without the consent of Landlord hereunder.

 (f) New Lease. In the event this Lease is terminated due to the default of Tenant, or in connection with the bankruptcy of any
party hereto, or for any other reason, Landlord shall provide any Leasehold Mortgagee with written notice thereof and a statement of all defaults of Tenant then known to Landlord and any sums then due under this Lease or that would be due but for
such termination. Upon written request by any Leasehold Mortgagee to Landlord within thirty (30) days after the receipt of such notice, Landlord and such Leasehold Mortgagee or its designee (the “New Tenant”) shall enter into a
new lease (the “New Lease”) of the Property for the remainder of the term of this Lease, effective as of the date of termination, at the Rent and upon all the terms, covenants and conditions (including any options to renew, but
excluding any requirements that are no longer applicable or that have already been fulfilled) of this Lease provided: 
 (i)
Performance. Such Leasehold Mortgagee or the New Tenant shall pay or cause to be paid all sums due to Landlord at the time of execution and delivery of the New Lease regardless of such termination, and all reasonable expenses of Landlord,
including reasonable attorneys’ fees, charges and disbursements, incurred by Landlord in connection with the termination of this Lease and the preparation of the New Lease (less any net income actually realized by Landlord from the Property
from the date of termination to the date of the beginning of the New Lease); and such New Tenant shall agree to remedy any other defaults of Tenant of which such Leasehold Mortgagee has been notified by Landlord and which are reasonably susceptible
of being cured by the New Tenant. 
 (ii) Priority. Any New Lease made pursuant to this Section shall be prior to any mortgage or
other lien, charge or encumbrance on the fee or leasehold title to the Property and the New Tenant shall have the same right, title and interest in and to the Property and the Improvements thereon as Tenant had under this Lease. Landlord shall
assign without warranty to the New Tenant any interest of Landlord in and to any subleases of all or any portion of the Property. 
 (iii)
New Lease Priority. If more than one Leasehold Mortgagee shall request a New Lease under this clause (f), Landlord shall enter into a New Lease with the Leasehold Mortgagee or its designee whose mortgage is prior in right. Landlord may rely
upon a mortgagee title insurance policy issued by a licensed title insurance company doing business in the county in which the Property is located to determine the priority of any Leasehold Mortgage, without liability to Landlord. 

  
 28 

 (g) Financial Condition. Any Leasehold Mortgagee, New Tenant or successor to
Tenant’s interest under this Lease (or the parent of such Leasehold Mortgagee, New Tenant or successor) shall have a minimum net worth equal to or greater than $100,000,000. 

(h) Legal Proceedings. Landlord shall give notice to any Leasehold Mortgagee at the Leasehold Mortgagee Address of any arbitration or
legal proceeding between Landlord and Tenant involving obligations under this Lease. Any Leasehold Mortgagee shall have the right to intervene in any such proceedings and be made a party thereto. 

(i) No Merger. So long as any Leasehold Mortgage is in existence, unless all Leasehold Mortgagees consent in writing, the fee title to
the Property and the leasehold estate of Tenant under this Lease shall not merge but shall remain separate estates, notwithstanding that the fee title and such leasehold estates shall be acquired by the same party. 

(j) Bankruptcy. If, in any bankruptcy proceeding, (i) this Lease is rejected by Tenant or a trustee for Tenant, such rejection
shall, as between Landlord and any Leasehold Mortgagee, be deemed an assignment of this Lease to such Leasehold Mortgagee (in order of priority, if more than one) made with the consent of Landlord, unless such Leasehold Mortgagee shall reject such
deemed assignment by notice in writing to Landlord within 30 days after the later of the date of (A) such rejection or deemed rejection or (B) the approval of such rejection by the bankruptcy court; any such rejection shall not affect the
rights of any Leasehold Mortgagee under clause (f) hereof; (ii) this Lease is rejected by Landlord or its trustee, Tenant shall not have the right to treat this Lease as terminated except with the prior written consent of all Leasehold
Mortgagees; and (iii) if the Property is sold or proposed to be sold free and clear of the interest of Tenant under this Lease, each of Tenant and any Leasehold Mortgagees shall be entitled to notice thereof, to contest such sale and to
petition for adequate protection of its interest hereunder. 
 (k) Further Assurances; Subordination. 

(i) If any Leasehold Mortgagee requires any modification of this Lease or of any subordination,
non-disturbance and attornment agreement or other document to be provided under this Lease, or if any such modification is necessary or appropriate to comply with rating agency requirements, then Landlord
shall, at Tenant’s or any Leasehold Mortgagee’s request, promptly execute and deliver to Tenant such instruments in recordable form effecting such modification as such Leasehold Mortgagee or rating agency shall require, provided that any
such modification does not modify the Rent or the Term, and does not otherwise materially adversely affect Landlord’s rights, materially increase Landlord’s obligations, or materially decrease Tenant’s obligations under this Lease. If
any prospective Leasehold Mortgagee requires any such modification, then Landlord shall execute and deliver such modification, in accordance with and to the extent required by this paragraph, and place such modification in escrow with
Landlord’s counsel. Landlord’s counsel shall release such modification upon the closing of such prospective Leasehold Mortgagee’s loan to Tenant. 

(ii) Upon the request of any Leasehold Mortgagee, Landlord will agree to subordinate its fee interest in the Property to such Leasehold
Mortgagee’s secured interest in the Property pursuant to the Leasehold Mortgage (and any renewal, consolidation, extension, modification or replacement thereof), except to the extent that any such instrument expressly

  
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provides that this Lease is subordinate thereto. To the extent any Leasehold Mortgagee does not make such a request, Landlord shall have the right to subordinate or cause to be subordinated its
interest in the Property to such Leasehold Mortgage. 
 (iii) In the event that Landlord’s fee interest in the Property is subordinated
to the secured interest of a Leasehold Mortgagee pursuant to a Leasehold Mortgage, then, following the date on which Stabilization of the Property occurs, the amount of any indebtedness secured by such Leasehold Mortgage shall, as of such date, be
amortized on a straight-line basis, such that all such indebtedness will be repaid and such Leasehold Mortgage released and discharged on or prior to the Expiration Date. Tenant shall promptly execute and deliver any instruments or other documents
which may be reasonably required by Landlord or the Leasehold Mortgagee to effect the foregoing. In the event this Lease terminates prior to the Expiration Date, then on or prior to the date of such earlier termination, Tenant shall repay to the
Leasehold Mortgagee all outstanding indebtedness secured by the Leasehold Mortgage so as to cause the release and discharge of the Leasehold Mortgage as of such date. 

(l) Landlord’s Mortgages. Landlord shall not grant or create any mortgage, deed of trust or other lien or encumbrance
(“Lien”) against Landlord’s interest in the Property or this Lease unless the instrument granting or creating such Lien shall by its terms state that such Lien is subordinate to this Lease and to any New Lease created pursuant
to clause (f) hereof. Landlord agrees that, in connection with any Lien existing as of the Effective Date, it will use commercially reasonable efforts to cause any mortgagee or other holder of a security interest in the Property pursuant to
such Lien to execute a subordination, non-disturbance and attornment agreement on a form customarily used by and reasonably acceptable to such mortgagee or holder, subordinating such Lien to this Lease and
providing that, if any mortgagee or other holder of any Lien described herein (or its designee) succeeds to Landlord’s interest in the Property and this Lease upon a foreclosure of the Lien or other transfer of Landlord’s interest in the
Property (including pursuant to a sale of the Property at a foreclosure sale), such successor will attorn to the rights and interests of Tenant under this Lease. 

15. Indemnification. 
 (a)
Indemnification by Tenant. Except to the extent caused by the sole negligence, gross negligence or willful misconduct of any of the Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and Landlord’s
trustees, and their respective officers, managers, agents directors, employees, subsidiaries, affiliates, successors and assigns (collectively, the “Indemnified Landlord Parties”) against all costs (including reasonable
attorneys’ fees, charges and disbursements), damages, liabilities, losses, suits or claims (collectively, “Claims”), for bodily or personal injury or property damage occurring during the Term on the Property caused by Tenant or
its officers, managers, agents, directors, subsidiaries, affiliates, successors, assigns, invitees, visitors or contractors, and shall, at its own expense, defend, indemnify and save harmless Landlord and the other Indemnified Landlord Parties
against all Claims brought against Landlord and/or the other Indemnified Landlord Parties, for which Tenant is responsible for indemnification hereunder, and if Tenant fails to do so, Landlord or any Indemnified Landlord Party (at its option, but
without being obligated to do so) may, at the reasonable cost and expense to Tenant and upon notice to Tenant in the manner set forth in Section 18, defend such Claims and Tenant shall pay and discharge any and all judgments, costs,
liabilities, 

  
 30 

 
losses, and expenses, including reasonable attorneys’ fees, charges and disbursements, that arise therefrom. In no event shall Tenant be liable to Landlord or any Indemnified Landlord Party
under this Lease or at law or in equity for punitive damages. 
 (b) Environmental Indemnity. Except to the extent caused by the sole
negligence, gross negligence or willful misconduct of any of the Indemnified Landlord Parties, Tenant shall defend, indemnify and save harmless Landlord and the other Indemnified Landlord Parties against all loss, liability or expense relating to
personal, property or economic injury arising from the presence of Hazardous Substances located in, on, or about the Property during the Term caused by Tenant or its officers, managers, agents, directors, subsidiaries, affiliates, successors,
assigns, visitors, indemnitees, or contractors. 
 (c) General Indemnity Provisions. The indemnities in this Section 15 are
intended to specifically cover actions brought by the indemnifying party’s own employees, and with respect to acts or omissions during the Term shall survive termination or expiration of this Lease. Tenant shall promptly notify Landlord of
casualties or accidents occurring in or about the Property or the release of Hazardous Substances or any notice received by Tenant from any Governmental Authority or other third party with respect to the release of Hazardous Substances. If any
action or proceeding is brought against any Indemnified Landlord Party or Indemnified Tenant Party (as defined below), as applicable, then the indemnifying party, upon notice from the indemnified party, shall defend the claim at the indemnifying
party’s expense with counsel reasonably satisfactory to the indemnified party. If any action, suit, or proceeding is brought against an indemnified party by reason of any such occurrence, the indemnifying party shall use its best efforts to
defend such action, suit, or proceeding. Notwithstanding any provision contained in this Lease to the contrary, Tenant is not obligated to indemnify the Indemnified Landlord Parties against any Claims arising from Known Existing Environmental
Conditions. 
 (d) Indemnification by Landlord. Landlord shall indemnify, defend and hold harmless Tenant and its directors, officers,
employees, agents, contractors and attorneys, and their respective successors and assigns (each, an “Indemnified Tenant Party”) from any and all Claims to the extent arising from (x) any acts, intentional omissions, or gross
negligence or willful misconduct of Landlord or any person claiming under Landlord, or the contractors, subcontractors, agents, employees, invitees, or visitors of Landlord or any such person, including, without limitation, any and all Claims
related to or connected with personal injury (including death of any person) or property damage; and (y) any breach, violation, or nonperformance by Landlord or any person claiming under Landlord or the employees, agents, contractors,
subcontractors, invitees, or visitors of Landlord or of any such person, of any term, covenant, or provision of this Lease or any Laws. 

(e) Survival. The terms and provisions of this Section 15 shall survive the expiration or earlier termination of this Lease. 

(f) Limitation of Liability. 

(i) Neither Landlord, Tenant nor their respective agents and employees shall be liable for any loss, injury, death, or damage (including
consequential damages) to persons, property, or the other party occasioned by theft, act of God, public enemy, injunction, riot, strike, 

  
 31 

 
labor disturbances, insurrection, war, act of terrorism, court order, third party suits which prevent or delay, requisition, order of governmental body or authority, withdrawal of previously
committed Governmental Approvals, grants or governmental funding support, the failure of any Governmental Authority to issue permits or approvals in a timely fashion, fire, explosion, falling objects, steam, water, rain or snow, leak or flow of
water, rain or snow from the Property or into the Property or from the roof, street, subsurface, or from any other place, or by dampness or from the breakage, leakage, obstruction, or other defects of the pipes, sprinklers, wires, appliances,
plumbing, air conditioning, or lighting fixtures of the Property, or from construction, repair, or alteration of the Property, or from any acts or omissions of any other occupant or visitor of the Property, or from any other cause, except to the
extent arising from the gross negligence or willful act or omission of the other party and such party’s owners, trustees, directors, officers, employees, agents, contractors and attorneys, and their respective successors and assigns. 

(ii) Notwithstanding anything contained herein to the contrary, Tenant agrees that Landlord shall have no personal liability with respect to
any of the provisions of this Lease and Tenant shall look solely to the estate and property of Landlord in the Property together with any rents or profits therefrom for the satisfaction of Tenant’s remedies, including, without limitation, the
collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Landlord in the event of any default or breach by Landlord with respect to any of the terms and provisions of this Lease to be
observed and/or performed by Landlord, and no other assets of Landlord, any of Landlord’s affiliates, subsidiaries, parents or any of each of their (including Landlord’s) respective officers, directors, trustees, shareholders, partners and
members shall be subject to levy, execution, or other judicial process for the satisfaction of Tenant’s claims and in the event Tenant obtains a judgment against Landlord, the judgment docket shall be so noted. This Section shall inure to the
benefit of Landlord’s successors and assigns. 
 (iii) Notwithstanding anything contained herein to the contrary, Landlord agrees that
Tenant shall have no personal liability with respect to any of the provisions of this Lease and Landlord shall look solely to the estate and property of Tenant in the Property together with any rents or profits therefrom for the satisfaction of
Landlord’s remedies, including, without limitation, the collection of any judgment with the enforcement of any judicial process requiring the payment or expenditure of money by Tenant in the event of any default or breach by Tenant with respect
to any of the terms and provisions of this Lease to be observed and/or performed by Tenant, and no other assets of Tenant and no other assets of Tenant, any of Tenant’s affiliates, subsidiaries, parents or any of each of their (including
Tenant’s) respective officers, directors, shareholders, partners and members shall be subject to levy, execution, or other judicial process for the satisfaction of Landlord’s claims and in the event Landlord obtains a judgment against
Tenant, the judgment docket shall be so noted. This Section shall inure to the benefit of Tenant’s successors and assigns. 
 (iv) To
the extent any Liabilities (as defined below) are not specifically allocated herein between the Parties, Tenant agrees to assume all such Liabilities in respect of the Property, relating to, arising out of or resulting from the actions, inactions,
events, omissions, conditions, facts or circumstances occurring or existing prior to December 15, 2020 (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at
or after such date). As used in this Section 15, “Liabilities” means 

  
 32 

 
any and all liabilities and obligations (but excluding Specified Environmental Liabilities), whether accrued, fixed or contingent, mature or inchoate, known or unknown, including those arising
under any Law, demand, claim, action, suit, countersuit, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority, or any judgment of any Governmental Authority or
any award of any arbitrator of any kind; and “Specified Environmental Liabilities” means all Liabilities relating to, arising out of or resulting from any Hazardous Materials, Hazardous Materials Laws or contract or agreement
relating to environmental, health or safety matters (including all removal, remediation or cleanup costs, investigatory costs, response costs, natural resources damages, property damages, personal injury damages, costs of compliance with any product
take-back requirements or with any settlement, judgment or other determination of Liability and indemnity, contribution or similar obligations), in each case, occurring or existing prior to December 15, 2020, and all costs and expenses,
interest, fines, penalties or other monetary sanctions in connection therewith. 
 16. Tenant Defaults and Remedies. 

(a) Default. It shall be an event of default hereunder (an “Event of Default”) in the event: (i) Tenant shall at
any time fail to pay Rent or other monetary amounts herein required to be paid by Tenant and such failure shall continue for five (5) days after receipt by Tenant and any Leasehold Mortgagee of written notice thereof from Landlord or
(ii) Tenant shall fail to observe or perform any of the other covenants and agreements required to be performed and observed by Tenant hereunder and any such default shall continue for a period of thirty (30) days after receipt by Tenant
and any Leasehold Mortgagee of written notice thereof from Landlord (provided that if such default is by its nature not reasonably susceptible of being cured within such thirty (30) day period, such
30-day period shall be extended as necessary to provide Tenant the opportunity to cure the default, provided Tenant within said period commences and thereafter diligently proceeds to cure such default without
interruption until such cure is completed). 
 (b) Remedies. In the event that an Event of Default has occurred that has not been
cured and is continuing, then Landlord may, at its option: 
 (i) bring suit for the collection of the Rent or other amounts for which
Tenant may be in default, or for the performance of any other covenant or agreement of Tenant hereunder, all without entering into possession of the Property or terminating this Lease; or 

(ii) in the case of an Event of Default with respect to a payment of Rent by Tenant to Landlord,
re-enter the Property with process of law and take possession thereof, without thereby terminating this Lease, and thereupon Landlord may expel all persons and remove all property therefrom, without becoming
liable therefor, and re-let the Property and receive the Rent therefrom, applying the same first to the payment of the reasonable expenses of such re-entry and then to
the payment of the Rent accruing hereunder, with the balance, if any, to be held by Landlord for application against future Rent due hereunder. In such event, Landlord shall be obligated to use commercially reasonable good faith efforts to mitigate
its damages. The commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment, or otherwise, or the appointment of a receiver, or any execution of any decree obtained in any action to recover possession of the
Property, or any re-entry, shall not be construed as an election to terminate this Lease and, unless this Lease be expressly terminated pursuant to clause 

  
 33 

 
(iii) below, such re-entry or entry by Landlord, whether had or taken under summary proceedings or otherwise, shall not be deemed to have absolved or
discharged Tenant from any of its obligations and liabilities for the remainder of the Term of this Lease; or 
 (iii) in the case of an
Event of Default with respect to a payment of Rent by Tenant to Landlord, terminate this Lease, re-enter the Property and take possession thereof, provided, however, in no event may Landlord terminate this
Lease unless Landlord has first provided Tenant and any Leasehold Mortgagee with written notice of Landlord’s intent to terminate this Lease, and Tenant (or such Leasehold Mortgagee) fails to cure such Event of Default within thirty
(30) days following receipt of such termination notice (provided that if such material Event of Default is by its nature not reasonably susceptible of being cured within such additional thirty (30) day cure period, such period shall be
extended as necessary to provide Tenant the opportunity to cure such Event of Default, provided Tenant within said period commences and thereafter diligently proceeds to cure such material Event of Default without interruption until such cure is
completed). In the event Landlord shall elect to terminate this Lease, all rights and obligations of Tenant, and of any permitted successors or assigns, shall cease and terminate, except that Landlord shall have and retain full right to sue for and
collect all Rent of which Tenant shall then be in default and all damages to Landlord by reason of any such breach. In such event, Landlord shall be obligated to use commercially reasonable good faith efforts to mitigate its damages. Tenant shall
surrender and deliver up the Property to Landlord and upon any Event of Default by Tenant in so doing, Landlord shall have the right to recover possession by summary proceedings or otherwise and to apply for the appointment of a receiver and for
other ancillary relief in such action, provided that Tenant and any Leasehold Mortgagee shall have fifteen (15) days written notice after such application may have been filed and before any hearing thereon. In such event, Landlord shall again
have and enjoy the Property, fully and completely, as if this Lease had never been made. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future Laws in the event of Landlord’s obtaining
possession of the Property by reason of the breach or violation by Tenant of any of the covenants and conditions in this Lease contained; or 

(iv) in the case of an Event of Default other than with respect to the payment of Rent by Tenant, to cure such Event of Default, and Tenant
shall, within thirty (30) days after receipt of a statement thereof, together with reasonable supporting documentation evidencing the expenses incurred by Landlord, reimburse Landlord for any amount reasonably incurred by Landlord to cure such
Event of Default. Any sum not paid when due shall accrue interest thereafter at the rate equal to the Default Rate. In the event of an emergency or where necessary to prevent injury to persons or damage to the Property, Landlord may cure any such
Event of Default by Tenant prior to expiration of the cure period set forth above, with such notice to Tenant and any Leasehold Mortgagee as is appropriate under the circumstances. In the event Tenant fails to pay Landlord any sum due pursuant to
this Section 16(b)(iv) within such thirty (30) day period, Landlord, subject to compliance by Landlord with Section 16(b)(iii) hereof, shall have the same remedies as for non-payment of Rent; or

 (v) Landlord may enforce its rights hereunder by claims for specific performance and/or injunctive relief. 

  
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 All remedies of Landlord herein created and remedies otherwise existing at law or in equity
are cumulative and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other, but in no event shall Landlord have the right to accelerate the payment of Rent hereunder. All such
rights and remedies may be exercised and enforced concurrently and whenever and as often as Landlord shall deem necessary. 
 17.
Representations and Warranties. 
 (a) Representations and Warranties of Tenant. Tenant represents and warrants to Landlord, as
of the date of this Lease and continuing until expiration or earlier termination of this Lease: 
 (i) Tenant is a duly organized and
presently subsisting Delaware limited liability company and is duly authorized to do business, and in good standing under, the laws of the state in which the Property is located. 

(ii) Tenant has the right, power, and authority to enter into this Lease and to consummate the transactions contemplated herein in accordance
with the terms and conditions hereof. 
 (iii) The parties executing this Lease on behalf of Tenant have all requisite authority to execute
this Lease, and this Lease, as executed, is a valid, legal, and binding obligation of Tenant. 
 (iv) Neither the execution and delivery of
this Lease, nor compliance with the terms and conditions of this Lease by Tenant, nor the consummation of the transactions contemplated herein, constitutes or, to the best of Tenant’s knowledge, will constitute a violation or breach any lease
or other instrument to which it is a party or to which Tenant is subject or by which it is bound. 
 (v) The execution and delivery of this
Lease by Tenant has been duly authorized by all necessary company action on the part of Tenant, and no consent is necessary in connection therewith from any court or corporate or Governmental Authority having jurisdiction over Tenant or the subject
matter of this Lease. 
 (vi) To Tenant’s knowledge, there is no administrative agency action, litigation, condemnation or other
governmental proceeding of any kind pending against Tenant which would prohibit or materially affect the ability of Tenant to comply with the terms and conditions of this Lease or to consummate the transactions contemplated herein. 

(vii) Tenant is not insolvent. 

(b) Representations and Warranties of Landlord. Landlord represents and warrants to Tenant, as of the date of this Lease and continuing
until the expiration or earlier termination of this Lease: 

  
 35 

 (i) Landlord is a presently subsisting Delaware limited liability company and is duly
authorized to do business, and in good standing under, the laws of the state in which the Property is located. 
 (ii) Landlord has the
right, power, and authority to enter into this Lease and to consummate the transactions contemplated herein in accordance with the terms and conditions hereof. 

(iii) The parties executing this Lease on behalf of Landlord have all requisite authority to execute this Lease, and this Lease, as executed,
is a valid, legal, and binding obligation of Landlord. 
 (iv) Neither the execution and delivery of this Lease, nor compliance with the
terms and conditions of this Lease by Landlord, nor the consummation of the transactions contemplated herein, constitutes or, to Landlord’s actual knowledge, will constitute a violation or breach of any agreement or other instrument to which
Landlord is a party or by which it is bound. 
 (v) The execution and delivery of this Lease by Landlord has been duly authorized by all
necessary corporate action on the part of Landlord and no consent is necessary in connection therewith from any court or Governmental Authority having jurisdiction over Landlord or the subject matter of this Lease. 

(vi) Landlord is not insolvent. 

18. Notices. 
 (a)
Notices. All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required or permitted to be given hereunder shall be given in writing and shall be sent by (a) e-mail (provided that a hardcopy of such Notice is provided to the addressee within one (1) business day following the transmittal of such e-mail in the manner
hereinafter provided), and (b) one of the following: (i) registered or certified United States mail, postage prepaid, return receipt requested, (ii) a reputable overnight courier that provides a receipt for delivery, or
(iii) delivered by hand (against confirmation of delivery), to the Party to be so notified at its address (or e-mail address, if applicable) hereinafter set forth, or to such other address (or e-mail address, if applicable) and Person as may be designated from time to time by any party hereto in the manner provided for in this Section. Any Notice shall be deemed to have been received: (A) on the date
of sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day), (B) three (3) days after the date such Notice is mailed, (C) one
business day after delivery to a reputable overnight courier service if delivered prior to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day) and (D) on the date of delivery by hand if delivered prior
to 5:00 P.M. (Eastern Standard Time) on a business day (otherwise on the next business day), in each case addressed to the Parties as follows: 

To Landlord: 
 c/o Apartment
Income REIT Corp. 
 4582 S. Ulster Street, Suite 1700 

  
 36 

 Denver, Colorado 80237 

Attention: General Counsel 

Email: Lisa.Cohn@aimco.com 
 With
a copy to: 
 c/o Apartment Income REIT Corp. 

4582 S. Ulster Street, Suite 1700 

Denver, Colorado 80237 

Attention: Chief Financial Officer 

Email: Paul.Beldin@aimco.com 
 To
Tenant: 
 c/o Apartment Investment and Management Company 

4582 S. Ulster Street, Suite 1450 

Denver, Colorado 80237 

Attention: General Counsel 

Email: Jennifer.Johnson@aimco.com 

With a copy to: 
 c/o Apartment
Investment and Management Company 
 4582 S. Ulster Street, Suite 1450 

Denver, Colorado 80237 

Attention: Chief Financial Officer 

Email: Lynn.Stanfield@aimco.com 

(b) Additional Provisions. A notice given by counsel for either Party shall be deemed a valid notice if addressed and sent in accordance
with the provisions of this Section. Any Party may change the address (or e-mail address, if applicable) or person to which any such Notices are to be delivered hereunder by furnishing five (5) business
days’ prior written notice of such change to the other Parties in accordance with the provisions of this Section. Notices shall be deemed to have been given on the date as set forth above, even if there is an inability to actually deliver any
such Notice because of a changed address of which no Notice was given, or there is a rejection or refusal to accept any Notice offered for delivery. Each of the Parties hereto waives personal or any other service other than as provided for in this
Section. Notwithstanding the foregoing, either Party hereto may give the other Party facsimile or verbal notice of the need of emergency repairs. Notices requesting after hours services may be given by delivery to the Property Manager or any other
person on the Property designated by Landlord to receive such notices. Any statements to be delivered by Landlord hereunder and all rent bills may be delivered by Landlord via ordinary United States mail. 

19. Mechanic’s Liens. If any mechanic’s, laborer’s, or materialman’s lien shall at any time be filed
against the Property, the underlying fee or leasehold, or any part thereof with respect to the performance of any labor or the furnishing of any materials to, by or for Tenant or anyone claiming by, for or under Tenant, Tenant, within thirty
(30) days after notice of the filing thereof, 

  
 37 

 
shall cause the same to be discharged of record by payment, deposit, bond, order of a court of competent jurisdiction, or otherwise (all in accordance with applicable Law). If Tenant fails to
timely remove such lien, Landlord may do so at Tenant’s expense and Tenant shall reimburse Landlord within ten (10) days after demand, the amount so expended by Landlord to remove such lien together with interest at the Default Rate from
the date that funds were paid by Landlord. Nothing contained in this Section 19 shall prevent Tenant from challenging the claim made by the Person that filed such mechanic’s lien, provided that Tenant discharges such mechanic’s lien
in accordance herewith. Tenant shall not be required to discharge any lien that derives from any act or omission of Landlord. Upon the Expiration Date or any earlier termination of this Lease (excepting a termination event whereby Tenant purchases
the Property pursuant to Section 2(b)(iv) hereof), Tenant shall deliver to Landlord lien waivers from the applicable Development Professionals (and any subcontractors and suppliers, as applicable) with respect to any work performed by them in
connection with the Redevelopment. 
 20. Surrender. Upon the Expiration Date or any earlier termination of this Lease (subject to any
rights of Tenant to purchase the Property pursuant to Section 2(b)(iv) hereof), Tenant shall quit and peacefully surrender and deliver up the Property, including any Alterations or other Improvements thereon, to the possession and use of
Landlord, without delay, free of any outstanding notices of violation issued by any local municipality and in a clean and sightly condition, with all portions of the Improvements in good order and repair, with exceptions for ordinary wear and tear
and damage by casualty or condemnation (subject to Sections 11 and 12). Tenant shall assign to Landlord, upon written request from Landlord, without any additional consideration, all right, title and/or interest of Tenant in and to all Third Party
Rights, free and clear of all liens and encumbrances. 
 21. Brokers. Each of Landlord and Tenant represents and warrants to the other
that it has not had any dealings with any broker, agent, or finder relating to the transactions contemplated hereby, and each agrees to pay for any claim for brokerage commissions, compensation or fees by any broker, agent, or finder in connection
with this Lease, or any other transactions contemplated hereby resulting from the acts of such party (including any legal fees and costs incurred because of a claim for such fees). The provisions of this Section 21 shall survive any expiration
or earlier termination of this Lease. 
 22. Estoppel Certificates. Tenant shall, within ten (10) business days after receipt of
written request from Landlord (but not more than twice per calendar year), deliver to Landlord or any prospective mortgagee or purchaser of Landlord’s interest in the Property, without charge, a certificate certifying that this Lease is in full
force and effect, and whether it has been modified (and if there have been modifications, stating them), and whether or not Tenant knows of any default, breach or violation by Landlord under any of the terms of this Lease, and such other matters as
may reasonably be requested; and such other matters as may reasonably be requested by Landlord or such prospective mortgagee or purchaser. Landlord shall, within ten (10) business days after receipt of written request from Tenant (but not more
than twice per calendar year), deliver to Tenant or any prospective Leasehold Mortgagee or purchaser of Tenant’s interest in the Property, without charge, a certificate certifying that this Lease is in full force and effect, and whether it has
been modified (and if there have been modifications, stating them), and whether or not Landlord knows of any default, breach or violation by Tenant under any of the terms of this Lease, and such other matters as may reasonably be requested by Tenant
or any such prospective 

  
 38 

 
Leasehold Mortgagee or prospective purchaser. Any estoppel certificate requested hereunder by a mortgagee of Landlord or a Leasehold Mortgagee shall be in such form as may be reasonably requested
by the requesting mortgagee, and otherwise in conformance with the terms of this Section 22. 
 23. Memorandum of Lease. Each of
Landlord and Tenant covenant and agree that this Lease shall not be recorded. Upon request by either Landlord or Tenant, the parties hereto shall execute a Memorandum of Lease in the form attached as Schedule 3 hereto (the “Memorandum
of Lease”). The cost of recording such Memorandum of Lease shall be borne by Tenant; provided, however, that any real property transfer or similar taxes (“Transfer Taxes”) arising from or in connection with a transfer of
the Property between Tenant and Landlord (or their designees) will be shared fifty percent (50%) by Landlord and fifty percent (50%) by Tenant, if any (it being agreed that Tenant and Landlord believe that no such Transfer Taxes will be due or
payable). 
 24. Landlord Covenants. 

(a) Quiet Enjoyment. Landlord covenants that as of the Commencement Date it will have good and marketable leasehold title to, the
Property; that Landlord shall have the full right to make this Lease and that so long as Tenant shall pay the Rent herein provided within the respective times provided therefor, and provided and so long as Tenant timely observes and performs all the
covenants, terms and conditions on Tenant’s part to be observed and performed under this Lease, Landlord covenants that Tenant shall peaceably and quietly hold and enjoy the Property for the term hereby demised without hindrance or interruption
by Landlord or any other person or persons lawfully claiming by, through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease. 

(b) Landlord’s Access. Landlord and its agents, contractors, and representatives
(“Landlord’s Agents”) shall be permitted to enter upon the Property upon not less than two (2) days prior written notice, during normal business hours, to examine the condition thereof (subject to the rights
of tenants and other occupants), provided that Landlord and Landlord’s Agents shall use commercially reasonable efforts to prevent any interruption of the conduct of business at the Property; and further provided that a representative of Tenant
may accompany Landlord and Landlord’s Agents on any such entry. In case of emergency, Landlord’s Agents may enter upon the Property with such prior notice to Tenant as is reasonable under the circumstances. 

25. Holdover. Should Tenant hold over in possession of the Property after the expiration of the Term, such holding over shall not be
deemed to extend the Term or renew this Lease. Landlord’s remedies shall be limited solely to the termination of Tenant’s holdover occupancy and the treatment of Tenant’s occupancy as a month to month tenancy at a rent equal to 125%
of the then fair market rent for the Property as reasonably determined by Landlord. In no event shall Tenant be liable to Landlord under this Lease or at law or in equity for special, consequential, or punitive damages or loss profits. 

26. Dispute Resolution. 

(a) Representatives. Each Party shall appoint a representative who shall be responsible for administering the dispute resolution
provisions in this Section 26 (each, an 

  
 39 

 
“Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as defined below) on behalf of the Party appointing such
representative. 
 (b) Arbitration. Any dispute, controversy or claim arising out of, in connection with, or in relation to the
interpretation, performance, nonperformance, enforceability, validity, termination or breach of this Lease, whether arising in contract or tort, between the Parties (each, a “Dispute” and, collectively, “Disputes”)
shall first be referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in the manner provided by Section 18 (a “Dispute Notice”). All documents,
communications and information disclosed in the course of such negotiations that are not otherwise independently discoverable shall not be offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as
to have been disclosed for settlement purposes. 
 (i) If, for any reason, a Dispute is not resolved in writing by the Appointed
Representatives within thirty (30) days of the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding
arbitration administered by the American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii) The seat of the arbitration shall be Denver, Colorado. 

(iii) The arbitration shall be conducted by three arbitrators. The claimant and respondent shall each appoint one arbitrator within thirty
(30) days of receipt by respondent of the demand for arbitration. The two arbitrators so appointed shall appoint the third and presiding arbitrator (the “Chairperson”) within thirty (30) days of the appointment of the
second arbitrator. If any Party fails to appoint an arbitrator, or if the two Party-appointed arbitrators fail to appoint the Chairperson within the time periods specified herein, then any such arbitrator shall, upon any Party’s request, be
appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section shall be neutral and impartial and shall not be affiliated with or an interested person of any Party; further, any arbitrator appointed by AAA
shall be a retired judge or a practicing attorney with no less than fifteen (15) years of experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

(iv) By electing to proceed under the AAA Rules, the Parties confirm that any dispute, claim or controversy concerning the arbitrability of a
Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Lease is bound to arbitrate, or as to the existence, scope, validity interpretation or enforceability of the
Parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 
 (v) Each Party shall submit its claims according
to the timetable established by the arbitral tribunal. With respect to each claim advanced in the arbitration and/or any claim under the indemnification provisions of Section 15, each side’s submissions shall specify the proposed
determination or resolution that it contends the arbitral tribunal should make (and, if applicable, any monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed
Award, if applicable, may be expressed as “zero.” As to each claim for monetary relief, each side’s Proposed Award shall also state whether 

  
 40 

 
pre- or post-award interest should be awarded, and if so, at what interest rate, and the date from which such interest (if any) should be calculated. 

(vi) There shall be only two Proposed Awards (one for each side of the claim). Where there are more than two parties to the arbitration, the
arbitral tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed Awards, in every instance to ensure a proper alignment of parties with respect to each
such claim. 
 (vii) In rendering the award or otherwise making any determination or resolution, the Chairperson shall be limited to
choosing, without modification, the Proposed Award of one of the sides, according to its determination of which Proposed Award most comports with its assessment of the case. Insofar as monetary relief is claimed, the arbitral tribunal shall not
award any monetary relief of any kind except as set forth in this Section 26, provided that this will not limit the power of the arbitral tribunal: (1) to award relief per paragraph (viii) hereof; (2) to apply any statute of
limitation that it determines is applicable to any claim; (3) to dismiss or exclude any claim that it determines is: (A) precluded by any part of this Lease, and/or (B) beyond the scope of this Section 26; (4) to receive and
determine dispositive motions in accordance with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 

(viii) In addition to monetary relief, and/or the making of any other determination or resolution that is primarily at issue in the Dispute,
the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this Lease, provided that a claim under the indemnification provisions of
Section 15 shall at all times be governed by the procedures set forth in paragraphs (v) through (vii) above. 
 (ix) The arbitral
tribunal shall award the prevailing Party its attorneys’ fees and costs reasonably incurred in the arbitration, including the prevailing Party’s share of the arbitrator fees and AAA administrative costs. 

(x) The Parties intend that this agreement to arbitrate shall be valid, enforceable and irrevocable, and any determination, resolution and/or
award made or rendered by the arbitration tribunal shall be final and binding on the Parties. The Parties agree to comply with any award made in any such arbitration proceedings. Judgment upon any award may be entered in any court of competent
jurisdiction, including any court having jurisdiction over any party or any of its assets. 
 (xi) By agreeing to arbitration, the Parties
do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and
the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the Parties to request
that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any Party to respect the arbitral tribunal’s orders to that effect. In any such action brought in court for such
provisional remedies or enforcement of any award, each of the Parties irrevocably and unconditionally (A) consents and submits to the non-exclusive jurisdiction and

  
 41 

 
venue of the Courts of the State of Colorado and the Federal Courts of the United States of America located within the State of Colorado (the “Colorado Courts”); (B) waives,
to the fullest extent it may effectively do so, any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or
domicile, which it may now or hereafter have to the bringing of any such action or proceeding in any Colorado Court; (C) consents to service of process in the manner provided by Section 18 or in any other manner permitted by Law; and
(D) WAIVES ANY RIGHT TO TRIAL BY JURY. 
 (xii) This arbitration, and all prior, subsequent or concurrent judicial proceedings
related thereto and permitted herein, shall be conducted pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The Parties intend that the arbitration tribunal shall apply the substantive Laws of the State of Delaware to any
Dispute hereunder, without regard to any choice of law principles thereof that would mandate the application of the Laws of another jurisdiction. 

(xiii) In order to facilitate the comprehensive resolution of related disputes, all claims between the Parties that arise under or in
connection with this Lease may be brought in a single arbitration. Upon the request of any Party constituted under this Lease, the arbitral tribunal shall consolidate such arbitration proceeding with any other arbitration proceeding relating to this
Lease, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a consolidated proceeding would be more efficient than separate proceedings, and (B) no Party would be unduly prejudiced
as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitral tribunal constituted hereunder and another arbitral tribunal constituted under this Lease, the ruling of the
arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any consolidated arbitration. 

(xiv) In the event of a Dispute, each Party shall continue to perform its obligations under this Lease in good faith during the resolution of
such Dispute as if such Dispute had not arisen, unless and until this Lease is terminated in accordance with the provisions hereof. 
 (xv)
Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to disclose to any third party (A) the existence or status of the arbitration, (B) all information made known and documents produced in the
arbitration not otherwise in the public domain, and (C) all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the
Party making such disclosure shall produce only those materials and information that are necessary and shall take reasonable steps to safeguard the confidentiality of the materials and information. 

(c) Binding Agreement. The Parties agree that the provisions of this Section 26 bind themselves and their Affiliates, and further
agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of this Section 26. 

  
 42 

 27. Miscellaneous. 

(a) Waiver. No delay or failure of Landlord or Tenant in exercising any right, power, or privilege, nor any single or partial exercise
thereof or abandonment or discontinuance of steps to enforce such a right, power, or privilege, shall preclude any further exercise thereof. Any waiver, permit, consent, or approval of any kind or character on the part of either party of any breach
or default under this Lease, or any waiver of any provision or condition of this Lease, must be in writing and shall be effective only to the extent specifically set forth in such writing. 

(b) Severability. Wherever possible, each provision of this Lease shall be interpreted in such manner as to be effective and valid under
applicable Law. However, if any provision of this Lease is held to be illegal, invalid or unenforceable under present or future Laws, such provisions shall be fully severable, this Lease shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part of the contract, and the remaining provisions of this Lease shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Lease. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Lease, a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid or enforceable. 
 (c) Modifications. No modification, amendment, or waiver of any provision of this
Lease will be effective unless the same is in writing and signed, and then such modification, amendment, or waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(d) Binding Effect. This Lease shall be binding upon and shall inure to the benefit of the Parties hereto and their respective permitted
successors and assigns. 
 (e) Entire Agreement; Addendum. This Lease, including the exhibits, schedules, documents and
instruments attached hereto, constitutes the entire agreement among the Parties hereto and supersedes any and all prior agreements, understandings, letters of intent, negotiations and discussions, whether written or oral, of the Parties with respect
to the subject matter of this Lease. Any additional terms of this Lease now or hereafter mutually agreed upon by the Parties, if any, may be set forth on Schedule 5 attached hereto. 

(f) Counterparts. This Lease may be executed in any number of counterparts, each of which shall be deemed an original, but all of which
taken together shall constitute one instrument binding on all Parties hereto. The Parties hereto irrevocably and unreservedly agree that this Lease may be executed by way of electronic signatures (including, but not limited to, by way of electronic
signatures generated by “DocuSign,” “Adobe Sign” or similar programs or replacements thereto) and delivered by electronic transmission. The delivery by electronic means shall constitute effective execution and delivery hereof,
and neither this Lease, nor any part or provision of this Lease, shall be challenged or denied any legal effect, validity and/or enforceability solely on the grounds that it is in the form of an electronic record. 

(g) Expenses. Except as otherwise set forth herein, whether or not the transactions contemplated by this Lease shall be consummated, all
fees and expenses (including, 

  
 43 

 
without limitation, attorneys’ fees, charges and disbursements) incurred by any Party hereto in connection with drafting and negotiating the terms of this Lease shall be borne by such Party.

 (h) Interpretation. In this Lease, the singular includes the plural and the plural the singular; words importing any gender include
the other genders; the word “or” shall be deemed to include “and/or”; the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation”;
references to articles, sections, paragraphs (or subdivisions of sections or paragraphs), or exhibits are to those of this Lease unless otherwise indicated; and references to agreements and other contractual instruments shall be deemed to include
all subsequent amendments and other modifications to such instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Lease. Caption and paragraph headings in this Lease are included for
convenience of reference only and shall not constitute a part of this Lease for any other purpose. Exhibits to this Lease (including exhibits and schedules to such exhibits), are incorporated into and made a part of this Lease. 

(i) No Third-Party Beneficiaries. Except as otherwise set forth herein, this Lease is not intended to, and shall not, confer upon any
person other than the parties hereto any rights or remedies hereunder, and no person shall have any right to enforce any rights, duties, or obligations of the parties hereunder other than the parties hereto. 

(j) Governing Law and Jurisdiction. This Lease shall be deemed to be made in the state in which the Property is located. THIS LEASE WILL
BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. The Parties hereby irrevocably consent to the exclusive
jurisdiction of any state or federal court seated in the state in which the Property is located. The Parties agree that the venue provided above is the most convenient forum. 

(k) WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, THE PARTIES HEREBY WAIVE THEIR RESPECTIVE RIGHT TO
TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, COUNTERCLAIM OR CROSS-COMPLAINT IN ANY ACTION, PROCEEDING AND/OR HEARING BROUGHT BY EITHER PARTY ON ANY MATTER WHATSOEVER ARISING OUT OF, OR IN ANY WAY CONNECTED WITH, THIS LEASE, AND ANY AMENDMENT,
INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH, OR ARISING FROM ANY RELATIONSHIP OF THE PARTIES IN CONNECTION WITH THE FOREGOING, OR ANY CLAIM OF INJURY OR DAMAGE, OR THE ENFORCEMENT OF ANY
REMEDY UNDER ANY LAW, STATUTE OR REGULATION, EMERGENCY OR OTHERWISE, NOW OR HEREAFTER IN EFFECT. 
 (l) Time of the Essence; Business
Days. Time is of the essence of the obligations of the Parties hereto. As used herein, “business day” or “Business Day” shall mean any day of the week other than Saturday, Sunday or a day on which banking
institutions in the city and state in which the Property is located are obligated or authorized by law or executive action to be closed to the transaction of normal banking business. 

  
 44 

 (m) Force Majeure. In the event that Landlord or Tenant shall be delayed or hindered
in or prevented from doing or performing any act or thing required hereunder (but not because of insolvency, lack of funds, or other financial causes) by reason of any acts of God, governmental restriction, strikes, labor disturbances, shortages of
materials or supplies, third party suits which delay or prevent, withdrawal of previously committed governmental grants or governmental funding support (provided such delay, prevention, or withdrawal is not due to the acts or omissions of the party
claiming force majeure), the failure of any Governmental Authority to issue permits or approvals in a timely fashion (provided the party claiming force majeure has made application and is diligently pursuing approval of the same) or any third-party
appeals or contests with respect to any permits or approvals that have been initiated or supported by Landlord, any epidemic or pandemic, any governmentally required closure resulting from any force majeure event, acts of war or terrorism, during
the initial construction of the Improvements, any occurrence that is deemed a force majeure under the Development Agreement (as such force majeure provision is reasonably approved by Landlord) or acts or failures to act by the other parties hereto
in breach of such party’s obligations (collectively referred to in this Lease as “force majeure” or “Force Majeure”), then such party shall not be liable or responsible for any such delays, and the doing or
performing of such act or thing shall be excused for the period during which such performance is rendered impossible due to the force majeure, and the time for performance shall be extended accordingly; provided, however, that (i) such party
shall, within thirty (30) days after the beginning of any such delay, have first notified the other party in writing of the cause(s) thereof and requested an extension, and (ii) such party must diligently seek removal or avoidance of the
hindrance, and (iii) even though the time for performance may be extended as provided in this Section 27(m), the parties shall remain bound by the other terms, covenants, and agreements of this Lease. 

(n) Intentionally Omitted. 

(o) Tax Treatment. The Parties agree that this Lease is intended to be treated as a true lease for U.S. federal income tax purposes and
will not take any position inconsistent with such treatment. 
 (p) REIT Protections. 

(i) Tenant understands that certain owners of interests in Landlord (each, a “Landlord Parent REIT”) have elected to be
classified real estate investment trusts and, as a result, must comply with certain requirements (the “REIT Requirements”), including, without limitation, the provisions of Sections 856 through 860 of the Internal Revenue Code of
1986, as amended (the “Code”). Accordingly, Tenant agrees, and agrees to cause its affiliates and any other parties subject to its control by ownership or contract, upon request of Landlord and at the expense of Landlord, to use its
commercially reasonable efforts and cooperate in good faith with Landlord to take actions to ensure that the REIT Requirements are satisfied, provided, however, that Tenant shall not be required to take any actions under this Section 27(p) that
would have a material adverse effect on Tenant. Tenant shall notify, and cause its affiliates to notify, Landlord immediately after Tenant or its affiliates becomes aware of any occurrence that could have a material impact on Landlord’s
compliance with the REIT Requirements. 
 (ii) In the event that counsel or independent accountants for any Landlord Parent REIT determine
that there exists a material risk that any amounts due to Landlord 

  
 45 

 
hereunder would be treated as gross income not described in Section 856(c)(2) or 856(c)(3) of the Code (“Nonqualifying Income”), the amount paid to Landlord pursuant to this
Lease in any tax year may not exceed the maximum amount that can be paid to Landlord in such year without causing such Landlord Parent REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were
Nonqualifying Income. If the amount payable for any tax year under the preceding sentence is less than the amount that Tenant would otherwise be obligated to pay to Landlord pursuant to this Lease (the “Excess Amount”), then Tenant
shall place the Excess Amount in escrow and shall not release any portion thereof to Landlord, and Landlord shall not be entitled to any such amount, unless and until Landlord delivers to Tenant, at the sole option of the applicable Landlord Parent
REIT, (A) notice that it has received advice of such Landlord Parent REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (B) a letter from the independent
accountants of such Landlord Parent REIT indicating the maximum amount that can be paid at that time to Landlord without causing such Landlord Parent REIT to fail to meet the REIT Requirements for any relevant taxable year, in which case such
maximum amount shall be paid to Landlord, or (C) a private letter ruling issued by the Internal Revenue Service to the applicable Landlord Parent REIT indicating that the receipt of any Excess Amount hereunder would not cause such Landlord
Parent REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall terminate five years from the original date such amount would have been payable without regard to this
provision and Landlord shall have no further right to receive any such amount. 
 (iii) Tenant covenants and agrees that, to further
compliance with the REIT Requirements, anything contained in this Lease to the contrary notwithstanding: (A) no assignment of this Lease, subletting of the Property, change in control of Tenant, sale of substantially all of the assets of
Tenant, or other transfer (each, a “Lease Transfer”) shall be consummated on any basis such that the rental or other amounts to be paid by the transferee thereunder would be based, in whole or in part, on the income or profits of
any person; (B) Tenant shall not consummate a Lease Transfer with any person in which Landlord or any entity owning a direct or indirect interest in Landlord owns an interest, directly or indirectly (by applying constructive ownership rules set
forth in Section 856(d)(5) of the Code); and (C) Tenant shall not consummate a Lease Transfer with any person or in any manner which could cause any portion of the amounts received by Landlord pursuant to this Lease or any occupancy
arrangement to fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto or which could cause any other income of Landlord to fail to qualify as
income described in Section 856(c)(2) of the Code. 
 [Remainder of Page Intentionally Blank] 

  
 46 

 IN WITNESS WHEREOF, the Parties have executed this Lease as of the day and year first set
forth above. 
  

			
	LANDLORD
	
	AIMCO LEAHY SQUARE APARTMENTS,
	LLC, a Delaware limited liability company
		
	By:	 	 /s/ Paul Beldin

		 	Paul Beldin
		 	Authorized Person
	
	 TENANT
  

707 LEAHY LESSEE, LLC, a Delaware limited liability company

		
	By:	 	 /s/ Lynn Stanfield

		 	Lynn Stanfield
		 	Authorized Person

 [Signature Page - Master Lease Agreement (707 Leahy)]EX-10.9

 Exhibit 10.9 

PROPERTY MANAGEMENT AGREEMENT 

BETWEEN 
 JAMES-OXFORD
LIMITED PARTNERSHIP, 
 Owner, 

AND 
 AIR PROPERTY
MANAGEMENT TRS, LLC, 
 Manager 
  

 
 Effective as
of December 15, 2020 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	ARTICLE 1	  	 	 
	APPOINTMENT, TERM AND AUTHORITY	  	 	 
			
	 1.1
	 	 Definitions and Construction
	  	 	1	 
	 1.2
	 	 Appointment
	  	 	1	 
	 1.3
	 	 Term
	  	 	2	 
	 1.4
	 	 Properties
	  	 	2	 
	 1.5
	 	 Authority
	  	 	2	 
	 1.6
	 	 Relationship
	  	 	3	 
	 1.7
	 	 Representation of Expertise
	  	 	3	 
	 1.8
	 	 Cooperation
	  	 	3	 
		
	ARTICLE 2	  	 	 
	TERMINATION	  	 	 
			
	 2.1
	 	 Termination
	  	 	4	 
	 2.2
	 	 Duties Upon Termination or Expiration
	  	 	4	 
	 2.3
	 	 Remedies and Survival
	  	 	5	 
	 2.4
	 	 Limitation of Owner’s Liability
	  	 	5	 
		
	ARTICLE 3	  	 	 
	COMPENSATION OF MANAGER	  	 	 
			
	 3.1
	 	 Management Fee
	  	 	5	 
	 3.2
	 	 Construction Management Fee
	  	 	5	 
	 3.3
	 	 Intentionally Omitted
	  	 	6	 
	 3.4
	 	 Expenses/Costs
	  	 	6	 
	 3.5
	 	 REIT Savings Provision
	  	 	7	 
		
	ARTICLE 4	  	 	 
	RESPONSIBILITIES OF MANAGER	  	 	 
			
	 4.1
	 	 Performance of Duties, Generally
	  	 	8	 
	 4.2
	 	 Specific Duties of Manager
	  	 	8	 
	 4.3
	 	 Rent Board Hearing
	  	 	18	 
	 4.4
	 	 Duties of Manager Generally
	  	 	18	 
	 4.5
	 	 Emergency Expenditures
	  	 	19	 
	 4.6
	 	 Insurance
	  	 	19	 
		
	ARTICLE 5	  	 	 
	PERSONNEL	  	 	 
			
	 5.1
	 	 Employment of Personnel
	  	 	19	 

							
	 5.2
	 	 Schedule of Employees
	  	 	20	 
		
	ARTICLE 6	  	 	 
	COMPLIANCE WITH LAWS	  	 	 
			
	 6.1
	 	 Compliance
	  	 	20	 
	 6.2
	 	 Contests
	  	 	20	 
	 6.3
	 	 REIT Qualification and Protection
	  	 	21	 
		
	ARTICLE 7	  	 	 
	ACCOUNTING AND FINANCIAL MATTERS	  	 	 
			
	 7.1
	 	 Electronic Records
	  	 	21	 
	 7.2
	 	 Reporting
	  	 	21	 
	 7.3
	 	 Periodic Meetings
	  	 	22	 
	 7.4
	 	 Owner’s Right to Conduct Audit
	  	 	22	 
		
	ARTICLE 8	  	 	 
	BANK ACCOUNTS	  	 	 
			
	 8.1
	 	 General
	  	 	22	 
	 8.2
	 	 Closing Bank Accounts
	  	 	22	 
	 8.3
	 	 Reconciliation
	  	 	22	 
	 8.4
	 	 Accounts Payable
	  	 	23	 
	 8.5
	 	 Cash Management
	  	 	23	 
		
	ARTICLE 9	  	 	 
	ANNUAL BUSINESS PLAN AND BUDGET	  	 	 
			
	 9.1
	 	 Annual Business Plan and Budget
	  	 	24	 
		
	ARTICLE 10	  	 	 
	DUTIES OF OWNER	  	 	 
			
	 10.1
	 	 Duties of Owner
	  	 	24	 
		
	ARTICLE 11	  	 	 
	INDEMNIFICATION AND INSURANCE	  	 	 
			
	 11.1
	 	 Indemnification
	  	 	25	 
	 11.2
	 	 Owner’s Insurance
	  	 	26	 
	 11.3
	 	 Manager’s Insurance
	  	 	27	 
	 11.4
	 	 Evidence of Insurance
	  	 	28	 
	 11.5
	 	 General Insurance Provisions
	  	 	29	 
	 11.6
	 	 Mutual Waiver of Subrogation
	  	 	29	 
	 11.7
	 	 Manager’s Duties in Case of Loss
	  	 	29	 
	 11.8
	 	 Survival
	  	 	29	 

  
 ii 

							
	ARTICLE 12	  			
	NOTICES	  	 	 
			
	 12.1
	 	 Notices
	  	 	29	 
		
	ARTICLE 13	  	 	 
	LIMITATIONS	  	 	 
			
	 13.1
	 	 Assignment Restrictions and Rights
	  	 	30	 
	 13.2
	 	 Limitation of Authority
	  	 	31	 
		
	ARTICLE 14	  	 	 
	CONFIDENTIALITY	  	 	 
			
	 14.1
	 	 Confidentiality
	  	 	32	 
		
	ARTICLE 15	  	 	 
	LEGAL PROCEEDINGS	  	 	 
			
	 15.1
	 	 Applicable Law; Waiver of Jury Trial
	  	 	33	 
	 15.2
	 	 Arbitration/Dispute Resolution
	  	 	33	 
	 15.3
	 	 Cooperation by Manager
	  	 	36	 
	 15.4
	 	 Cooperation by Owner
	  	 	36	 
		
	ARTICLE 16	  	 	 
	MISCELLANEOUS	  	 	 
			
	16.1	 	 Entire Agreement
	  	 	37	 
	 16.2
	 	 Headings
	  	 	37	 
	 16.3
	 	 Successors and Assigns
	  	 	37	 
	 16.4
	 	 No Waiver
	  	 	37	 
	 16.5
	 	 Severability
	  	 	37	 
	 16.6
	 	 No Third-Party Beneficiary
	  	 	37	 
	 16.7
	 	 Unavoidable Delays
	  	 	38	 
	 16.8
	 	 Subordination
	  	 	38	 
	 16.9
	 	 Joint and Several
	  	 	38	 
	 16.10
	 	 Exhibits
	  	 	38	 
	 16.11
	 	 Counterparts
	  	 	38	 
	 16.12
	 	 Consents and Approvals
	  	 	38	 
	 16.13
	 	 OFAC Representations, Warranties, and Indemnification
	  	 	39	 
	 16.14
	 	 Non-Business Days
	  	 	39	 
	 16.15
	 	 No Personal Data
	  	 	39	 
	 16.16
	 	 Other Action
	  	 	39	 

  

			
	SCHEDULE 1:	  	Defined Terms
	SCHEDULE 2:	  	Non-Reimbursable Expenses
	SCHEDULE 3	  	Reporting Obligations

  
 iii 

			
	SCHEDULE 4	  	Approved Annual Business Plan and Budget
	 EXHIBIT A:
	  	 Schedule of Managed Properties

	 EXHIBIT B:
	  	 Management Fee and Construction Management Fee

  

  
 iv 

 PROPERTY MANAGEMENT AGREEMENT 

THIS PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is effective as of December 15, 2020 (the “Commencement
Date”), by and between JAMES-OXFORD LIMITED PARTNERSHIP, a Maryland limited partnership (“Owner”), and AIR PROPERTY MANAGEMENT TRS, LLC, a Delaware limited liability company (“Manager”). Owner and Manager
shall collectively be referred to herein as the “Parties”. 
 RECITALS 

A. Owner is the direct or indirect owner of certain residential apartment properties located throughout the United States, as more
particularly described in Exhibit A attached hereto (each, a “Property” and, collectively, the “Properties”). 

B. Manager is in the business of managing and operating properties similar to the Properties, and Manager possesses the personnel, skills and
experience necessary for the effective and efficient management and operation of the Properties. 
 C. Owner desires to engage Manager to
provide property management services with respect to the Properties, and Manager desires to accept such engagement, in each case upon the terms, covenants, conditions and provisions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, Owner and Manager agree as follows: 

ARTICLE 1 

APPOINTMENT, TERM AND AUTHORITY 

1.1 Definitions and Construction. All capitalized terms used and not otherwise defined shall have the meanings ascribed to such terms
in Schedule 1 attached hereto. The capitalized words “Section,” “Article,” “Exhibit” and “Schedule” shall refer to a section, article, exhibit or schedule of this Agreement. Paragraph
titles or captions contained herein are for reference only and shall in no way define, limit or extend the scope of this Agreement. For purposes of this Agreement: (a) the words “include,” “includes” and
“including” shall be deemed to be followed by the words “without limitation”; (b) references to an agreement, instrument or other document mean such agreement, instrument or other document, as amended, supplemented and modified
from time to time to the extent permitted by the provisions thereof; (c) references to law or “Legal Requirements” include any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree,
other requirement or rule of law of any governmental authority; and (d) references to a statute mean such statute, as amended from time to time and includes any successor legislation thereto and any regulations and rules promulgated thereunder.

 1.2 Appointment. Owner hereby appoints and engages Manager, and Manager hereby accepts the appointment and engagement, as the
property manager for the Properties, subject to and upon the terms, covenants, conditions and provisions of this Agreement. 

  
 1 

 1.3 Term. The initial term (the “Initial Term”) of this Agreement
shall commence on the Commencement Date and shall continue in full force and effect until the date that is the first (1st) anniversary of the Commencement Date, unless renewed pursuant to the terms of this Section 1.3 or
terminated pursuant to the terms of Section 2.1 hereof. At the conclusion of the Initial Term, this Agreement shall be automatically renewed for periods of one (1) year each (each, a “Renewal Term”),
unless either Party desires not to renew the Term of this Agreement and delivers Notice of the same to the other Party at least sixty (60) days’ prior to the end of the Initial Term or the then applicable Renewal Term, as the case may be.
The word “Term” shall include the Initial Term and any Renewal Term until the date of expiration or termination of this Agreement (the “Expiration Date”). 

1.4 Properties. 
 (a) In
the event that Owner or any of its Affiliates acquire any New Property, Exhibit A hereto shall be deemed automatically amended to add such New Property as a Property hereunder upon at least one hundred twenty (120) days’ (or such
other period as the Parties may mutually agree) prior Notice from Owner to Manager. 
 (b) In the event that Owner or Manager terminate this
Agreement with respect to any Property pursuant to the terms of Section 2.1 or Section 16.12(b), this Agreement shall automatically terminate with respect to such Property and Exhibit A
hereto shall be deemed automatically amended to remove such Property upon at least thirty (30) days’ prior Notice from Owner to Manager. 

(c) Notwithstanding that the foregoing additions and removals are automatically effected upon prior Notice from Owner to Manager as set forth
above, the Parties shall endeavor to promptly amend this Agreement to reflect such additions and removals. 
 1.5 Authority. 

(a) Manager is hereby granted the authority to enter upon the Properties and to do such acts as are reasonably necessary to perform its
obligations and duties, including the Services, pursuant to this Agreement and the Approved Annual Business Plan and Budget; provided that Manager shall have no right or authority, express or implied, to commit or otherwise obligate Owner in
any manner whatsoever except to the extent specifically provided herein or in the Approved Annual Business Plan and Budget. Manager shall perform property management services, including those services more specifically described in this Agreement
(collectively, the “Services”) in accordance with the Approved Annual Business Plan and Budget (subject to Permitted Variances), the Standards of Conduct and the other terms and conditions of this Agreement. 

(b) Manager may not delegate or sub-contract all or any part of its authority, duties, responsibilities
and obligations under this Agreement except to Property Management LLC or to a Person that is an Affiliate of AIR and is and remains a taxable REIT subsidiary of AIR, as Manager may from time to time deem appropriate; provided,
however, that (i) any authority delegated or sub-contracted by Manager pursuant to the terms of this Section 1.5(b) is subject to the limitations on the rights and powers
of Manager expressly set forth in this 

  
 2 

 
Agreement, (ii) Manager shall remain liable for, and primarily obligated with respect to, the performance of all of its duties, responsibilities and obligations under this Agreement
notwithstanding any such delegation or sub-contracting and shall be responsible and liable for any breach of its authority, duties, responsibilities, and obligations by any Person (and/or its and/or their
respective officers and employees) to which it delegated or sub-contracted all or any part of its authority, duties, responsibilities, and obligations hereunder, and (iii) any Person providing Services
pursuant to this Agreement (other than Manager) shall not be entitled to receive any separate compensation from Owner (or any of Owner’s Affiliates). Except as set forth in this Section 1.5(b), Manager shall not have
the right to (and shall not) delegate or sub-contract the right or obligation to perform Services (or any portion thereof) to any Person or enter into any sub-management
arrangement with any Person with respect to the Services hereunder without the prior written consent of Owner. Notwithstanding the foregoing, if Manager engages any third party to provide services in connection with Manager’s performance of its
duties pursuant to this Agreement and such services are not management services or of the type normally performed by a property manager or construction manager, any reasonable and documented costs and expenses of such third party for providing such
services shall be the responsibility of Owner; and Manager shall be entitled to reimbursement for the same by Owner. 
 1.6
Relationship. Manager shall be an independent contractor and shall not be an agent, employee, partner or joint venturer of Owner, and neither Manager nor Owner shall represent to any other person that Manager’s relationship to Owner
hereunder is other than that of an independent contractor. If Manager owns any interest in, or provides other services to Owner, nothing contained herein shall be deemed to modify, amend or diminish the agreements contained herein and Manager’s
responsibilities and duties hereunder shall be considered entirely separate from any other relationship with Owner. 
 1.7 Representation
of Expertise. Manager represents that it is a professional in the field of management of commercial real estate in the areas where the Properties are located and possesses the skills and experience necessary for the effective and efficient
management and operation of the Properties, and acknowledges that Owner is relying upon this representation in entering into this Agreement. Owner acknowledges that Manager and its Affiliates engage in various management, leasing and other real
estate activities not related to the Properties and may enter into similar activities in the future. Owner acknowledges that the management of a comparable property by Manager or any of its Affiliates shall not be deemed a per se conflict of
interest hereunder, provided that Manager complies with its obligations hereunder, including, without limitation, the Standards of Conduct. Manager acknowledges and agrees that it has a fiduciary duty not to divert any existing or potential
tenant of any Property to any other building or property in which Manager or any Affiliate has any interest, as a property manager, owner or otherwise, without Owner’s consent; provided, however, that the foregoing restrictions
shall not be deemed or interpreted to prohibit the leasing personnel of Manager or any Affiliate from responding to tenants or prospective tenants of any Property or their agents who initiate contact with such leasing personnel for the purpose of
leasing space in any other property or building, including, but not limited to, any other property or building for which Manager or any Affiliate of either of them serves as leasing agent. 

1.8 Cooperation. Manager shall consult with Owner and Owner shall consult with Manager at either party’s request and to the extent
reasonably necessary or appropriate to enable 

  
 3 

 
Manager to perform the Services. Manager shall conduct meetings between Owner and Manager from time to time as reasonably necessary or appropriate to enable Manager to perform the Services and
its duties and obligations hereunder or as reasonably requested by Owner. Manager shall reasonably cooperate with Owner in all matters relating to the management, operation, maintenance, repair and leasing of the Properties. 

ARTICLE 2 

TERMINATION 
 2.1
Termination. 
 (a) Owner or Manager may terminate this Agreement (or any portion of this Agreement that relates to any single
Property) for any reason or no reason whatsoever at any time upon delivery of sixty (60) days’ prior Notice to the other Party hereunder. 

(b) Owner may terminate this Agreement immediately following any Final Determination that Manager committed a Material Breach of its duties and
obligations hereunder. 
 (c) Owner or Manager may terminate this Agreement upon thirty (30) days’ prior Notice to the other Party
in the event a Bankruptcy Action occurs with respect to the other Party. 
 (d) In the event of termination pursuant to this
Section 2.1, Manager shall effect an immediate and orderly transfer of the management and operation of any or all of the Properties to Owner or to an agent designated by Owner or to the new owner of any or all of the
Properties, as the case may be, prior to the effective date of such termination. 
 2.2 Duties Upon Termination or Expiration. 

(a) Promptly upon the Expiration Date, in addition to any other requirements set forth in this Agreement, Manager shall deliver to Owner (or
Owner’s designee) all materials, supplies, keys, Leases, contracts, other documents, insurance policies, plans, specifications, permits, licenses, promotional materials, unpaid bills and such other papers and records (including general
correspondence, but excluding any of Manager’s Confidential Information that does not relate to the operation of the Properties) as pertain to this Agreement, the operations of the Properties or the performance of Manager’s duties
hereunder. Manager, without recourse or warranty, shall assign any rights Manager may have in and to any existing contracts relating to the operation and maintenance of the Properties as Owner shall desire or require, to the extent that such
contracts are assignable. Manager shall provide Owner with a schedule of, and surrender and assign to Owner, to the extent assignable, any and all licenses, permits, and other authorizations or property required for the operation of the Properties
that are in the name of Manager. 
 (b) Manager shall deliver to Owner a final accounting (prepared in accordance with Owner’s request)
of the Properties and pay over any remaining balance maintained by manager for the benefit of Owner with respect to this Agreement or the Properties as soon as reasonably practicable following the Expiration Date. Such final accounting shall set
forth all 

  
 4 

 
current income, all current expenses and all other expenses contracted for on Owner’s behalf but not yet incurred in connection with the Properties. The final accounting shall also include
all other items reasonably requested by Owner. 
 (c) Within thirty (30) days after the Expiration Date, Manager shall deliver to Owner
all reports and information required by Section 7.2 for any period prior to the Expiration Date not covered by the reports previously delivered to Owner. 

(d) The terms of this Section 2.2 shall survive the Expiration Date. 

2.3 Remedies and Survival. If Owner terminates this Agreement pursuant to Section 2.1(b) or
Section 2.1(c), Owner may exercise any and all remedies available at law or in equity unless and to the extent expressly limited herein. If Manager terminates this Agreement pursuant to
Section 2.1(c), Manager may exercise any and all remedies available at law or in equity unless and to the extent expressly limited herein. Upon the Expiration Date, both parties shall remain liable for all obligations under
this Agreement accrued and not fully performed. The terms of this Section 2.3 shall survive the Expiration Date. 

2.4 Limitation of Owner’s Liability. Owner’s liability to Manager hereunder shall be limited to its interest in
the Properties and Manager shall not look to any other property or assets of Owner or the property or assets of any of the Owner Indemnified Parties in seeking either to enforce Owner’s obligations under this Agreement or to satisfy a judgment
for Owner’s failure to perform such obligations. No Protected Person shall be liable for the performance of Owner’s obligations under this Agreement. The terms of this Section 2.4 shall survive the Expiration
Date. 
 ARTICLE 3 

COMPENSATION OF MANAGER 

3.1 Management Fee. In consideration of the Services, Owner shall pay (or shall cause the applicable Property Owner to pay) to Manager
the Management Fee specified in Exhibit B attached hereto and made a part hereof. The Management Fee shall be payable monthly in arrears, commencing with the first full calendar month after the month in which the
Commencement Date occurs. Manager shall be permitted to issue a check or withdraw funds for payment of the Fees payable hereunder from the Central Account so long as such Fees are specifically permitted by the Approved Annual Business Plan and
Budget and Manager has delivered to Owner an invoice documenting such Fees; provided, further, that (a) Manager shall deliver to Owner on the last day of each calendar quarter, a written statement, with reasonably appropriate
backup documentation reconciling the amount of Fees due and paid to Manager for such quarter, and (b) Owner shall promptly pay any amounts due to Manager, or Manager shall promptly deposit any overpayment amounts into the Central Account. The
Management Fee shall be pro-rated for partial months at the beginning and end of the Term, if applicable. 

3.2 Construction Management Fee. If applicable, in consideration of the services performed by Manager as construction manager in an on-site management capacity, including, without limitation, the services described in Section 4.2(e) hereof, with respect to any Material Construction Work performed pursuant to this
Agreement, Owner shall pay (or shall cause the 

  
 5 

 
applicable Property Owner to pay) to Manager the Construction Management Fee specified in Exhibit B attached hereto. Such Construction Management Fee shall be payable
monthly in arrears. 
 3.3 Intentionally Omitted. 

3.4 Expenses/Costs. 
 (a)
Manager shall be responsible for all costs and expenses of Manager not directly associated with its performance of the Services and its duties and obligations hereunder, including, but not limited to, the costs and expenses listed on
Schedule 2 or any other costs or expenses specifically allocable to Manager hereunder. Owner hereby acknowledges and agrees that subject to the foregoing sentence, to the extent that the following costs and expenses are
incurred, such costs and expenses shall be the responsibility of Owner, and not of Manager, hereunder, in each case to the extent included in the Approved Annual Business Plan and Budget (subject to Permitted Variances), or that are otherwise
consented to by Owner in writing: 
 (i) Operating expenses of each Property, as outlined in the Approved Annual Business
Plan and Budget (subject to Permitted Variances) and incurred through renting, servicing, maintaining or repairing each Property, including, but not limited to, labor costs associated with repairs, gas, water, electricity, sewer and other utilities
not separately metered or directly addressed to the Tenants of each Property, and such other expenses in connection with the Properties as may be authorized by Owner, and all such operating expenses shall be reimbursed to Manager if advanced and
shall be separate and apart from payment of the Fees; 
 (ii) Real estate taxes, assessments, personal property taxes or
charges and any other taxes or assessment levied against any Property; 
 (iii) Costs to correct any violation of federal,
state, county and municipal laws, ordinances, regulations, and orders relative to the leasing, use condition, operation, repair and maintenance of the Properties, or relative to the rules, regulations or orders of the local board of fire
underwriters or other similar body, or the requirements of any insurance policy covering any Property, so long as such violations were not caused by the gross negligence, fraud, willful misconduct or criminal act of Manager or any of its employees
or agents; 
 (iv) Costs of collection of delinquent rentals; 

(v) Costs and expenses relating to Manager’s shared service center, accounts payable and procurement, revenue management
and any substitute on-site personnel assigned to or required at any Property (typically referred to by Manager as “fire fighters”); 

(vi) Costs and expenses relating to advertising and marketing the Properties in accordance with the terms of this Agreement;

  
 6 

 (vii) Costs of supplies required for use at any Property for the benefit of
such Property, but not including costs of supplies at Manager’s general corporate office, which shall be considered overhead of Manager; 

(viii) Costs of rent and other charges relating to Manager’s regional offices; 

(ix) Costs of capital expenditures; 

(x) Bank service charges pertaining to accounts for the Properties; 

(xi) Leasing commissions for outside brokers with respect to any residential or retail Leases to the extent the use of an
outside broker, and the fee to be paid to such outside broker, is pursuant to the terms of this Agreement; 
 (xii)
Reasonable legal fees of attorneys for services rendered for any Property in accordance with the terms of this Agreement; 

(xiii) Costs of Owner-approved consulting fees (including but not limited to tax, elevator, environmental and engineering
consultants); 
 (xiv) Postage, overnight delivery, messenger and similar charges with respect to correspondence related to
the Properties; 
 (xv) Costs and expenses related to Manager’s preparation and filing of any petitions with the local
rent board or other government agency which regulates rents and evictions for certain residential rental units where each Property is located (“Rent Board”) related to such Property, including, but not limited to, preparing and
filing any petitions to passthrough certain costs and expenses to Tenants; 
 (xvi) Costs and expenses related to
Manager’s attendance at and/or representation of Owner at Rent Board hearings; and 
 (xvii) Costs, expenses, fees and
reimbursements which are expressly reimbursable or payable by Owner pursuant to this Agreement. 
 (b) The foregoing enumeration of expenses
relating to each Property is not intended to be exclusive, and subject to the terms of this Agreement, Manager shall be entitled to make disbursements from the Central Account for other expenses incurred or paid by Manager to the extent those
expenses are related to any Property and are set forth in the Approved Annual Business Plan and Budget (subject to Permitted Variances). 

3.5 REIT Savings Provision. In the event that counsel or independent accountants for AIR or any REIT investor in AIR (each, a
“Manager REIT”) determine that there exists a material risk that any Manager REIT shall fail to meet the REIT Requirements for a taxable year as a result of payments under this Agreement, the amount paid to Manager pursuant to this
Agreement in any tax year may not exceed the maximum amount that can be paid to Manager in such year without causing any Manager REIT to fail to meet the REIT Requirements for such 

  
 7 

 
year. If the amount payable for any tax year under the preceding sentence is less than the amount that Owner would otherwise be obligated to pay to Manager pursuant to this Agreement (the
“Excess Amount”), then Owner shall place the Excess Amount in escrow and shall not release any portion thereof to Manager, and Manager shall not be entitled to any such amount, unless and until Manager delivers to Owner a letter
from the independent accountants of AIR indicating the maximum amount that can be paid at that time to Manager without causing any Manager REIT to fail to meet the REIT Requirements for any relevant taxable year, in which case such maximum amount
shall be paid to Manager. The obligation to pay any amount which is not paid as a result of this Section 3.5 shall terminate five (5) years from the original date such amount would have been payable without regard to
this Section 3.5 and Manager shall have no further right to receive any such amount. 
 ARTICLE 4 

RESPONSIBILITIES OF MANAGER 

4.1 Performance of Duties, Generally. Subject to the provisions of this Agreement, during the Term, Manager agrees, for and in
consideration of the Management Fee set forth above, to manage and operate the Properties on behalf of Owner and for the account of Owner, and to perform all Services and all of its duties and obligations hereunder, in each case in accordance with
the Standards of Conduct and the Approved Annual Business Plan and Budget (subject to Permitted Variances). Manager agrees to maintain systems and personnel sufficient to enable it to carry out its duties, obligations and functions under this
Agreement.    Manager shall institute and supervise all operational activities for the Properties, including, but not limited to, cleaning, security, waste removal and maintenance, landscaping, window washing, maintenance and
operation of wireless services and equipment, maintenance and operation of central plant and other HVAC equipment, and all necessary maintenance of and repairs to the Properties. Manager shall be responsible for implementing all aspects of access to
and security for the Properties as determined by Owner from time to time. If the Central Account does not contain sufficient funds to pay all costs and expenses of Owner, Manager shall promptly deliver written notice of such deficiency to Owner
(together with sufficient detail as to the amounts required and the reasons therefor), but Manager shall have no obligation to expend its own funds therefor. 

4.2 Specific Duties of Manager. Without limiting the generality of Section 4.1 above, Manager shall have the
following duties and shall perform the following Services: 
 (a) Legal Counsel. Except as expressly set forth herein, Manager shall
not retain independent legal counsel on behalf of Owner or any Property Owner without obtaining Owner’s prior written approval, in each instance, unless such independent legal counsel is otherwise approved as part of the Approved Annual
Business Plan and Budget. In addition, Manager shall not expend any legal fees, costs or expenses in excess of the amount approved in the Approved Annual Business Plan and Budget (subject to Permitted Variances) without obtaining Owner’s prior
written approval, in each instance. 

  
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 (b) Collection of Revenues and Lease Enforcement. 

(i) Manager shall use diligent efforts to demand, collect and receive (A) all rents, utility charges, common area charges,
insurance charges, and real estate and personal property tax and assessment charges, (B) all other pass-through or bill-back charges, sums, costs or expenses of any nature whatsoever payable by Tenants under the terms of any or all of the
Leases and any other agreements relating to all or any portion of any Property, including, without limitation, any method of calculating a resident’s utility bill based on factors such as occupancy rate or square footage that may be
implemented, and (C) all other revenues, issues and profits accruing from any Property (including, without limitation, any and all license, service or other agreements affecting such Property). All monies so collected shall be deposited into
the applicable Property Account in accordance with the terms of this Agreement. 
 (ii) Manager may terminate any Lease, lock
out a Tenant, institute suit relating to use and occupancy, or proceedings for recovery of possession, or take any other material legal action in connection with each Property in accordance with the terms of Section 4.2(a)
hereof. All out-of-pocket legal expenses incurred by Manager in bringing any suit or proceeding in accordance with the terms of Section 4.2(a)
hereof shall be for Owner’s account and at the Owner’s expense. 
 (iii) Security deposits (whether they are cash,
letters of credit, securities or any other form) shall be maintained by Manager in accordance with all Legal Requirements and the applicable terms of the Lease to which such security pertains. A separate account, or one or more separate accounts,
shall be opened by Manager (hereinafter the “Security Deposit Account”), in accordance with the terms hereof. The Security Deposit Account shall be maintained in accordance with Legal Requirements and, shall be with an FDIC-insured
banking institution reasonably acceptable to Owner. The Security Deposit Account shall be used only for maintaining Tenant security deposits. The depository shall be informed that the funds are held in trust for Owner. Manager may not under any
circumstances write a check on the Security Deposit Account payable to or in favor of Manager or any Affiliate of Manager. Manager shall maintain detailed records of all security deposits relating to each Property. To the extent permitted under
Legal Requirements, any interest credited to the Security Deposit Account from time to time shall be paid to Owner. Notwithstanding anything herein contained to the contrary, Manager may, in its reasonable discretion, access and use the security
deposits, including funds held in the Security Deposit Account, for the payment of any of the costs and expenses incurred in accordance with the Approved Annual Business Plan and Budget as described in Section 3.4(a) of
this Agreement (subject to any Permitted Variances) without Owner’s prior written approval so long as such amounts are properly booked and recorded and such records are open for inspection at Manager’s office, at reasonable times, by
Owner’s employees and agents. Such access and use of the security deposits shall not relieve Manager of its duties and obligations to comply with all Legal Requirements regarding security deposits and the applicable terms of the Lease to which
security pertains. Manager shall not collect any rents, charges, or revenues more than one (1) month in advance of when the same shall be due and payable 

  
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under any Lease (except to the extent such advance payment is otherwise approved by Owner in writing). 

(c) Contracts; Authority to Sign; Contractor Requirements. 

(i) Manager agrees to negotiate, enter into in its own name, or as the agent of Owner or the applicable Property Owner, and
thereafter supervise the performance of all trade, service and supply contracts that are entered into in accordance with the Approved Annual Business Plan and Budget and are reasonably required in the reasonable and ordinary operation of each
Property, including, without limitation, contracts for elevator maintenance, gas, electricity, water, and all other utilities and the maintenance thereof, telephone, cleaning, groundskeeping, snow removal, security, pest control and other services
as set forth in the Approved Annual Business Plan and Budget (collectively, the “Contracts”); provided, however, that Manager shall not enter into or amend, supplement or modify any Material Service Contract without
obtaining Owner’s prior written consent. Unless otherwise provided herein or approved by Owner in writing, Manager shall, at the expense of Owner, in accordance with the Approved Annual Business Plan and Budget, duly and punctually pay and
perform on behalf of Owner all obligations under the Contracts and enforce and preserve the rights of the contracting party and the obligations of the other parties under such Contracts, but Manager shall have no obligation to expend its own funds
therefor. Manager shall have the right to arrange for the purchase by Owner, at Owner’s expense, in an economical and efficient manner of all inventories, supplies and equipment which, in the ordinary course of business, are commercially
reasonably necessary and appropriate to maintain and operate each Property in accordance with the Standards of Conduct and the Approved Annual Business Plan and Budget (subject to Permitted Variances). No Contracts shall exceed the costs set forth
in the Approved Annual Business Plan and Budget (subject to Permitted Variances), unless otherwise approved by Owner in writing. Manager shall promptly deliver original counterparts of all Contracts to Owner at Owner’s request or, if not so
requested, hold the same on Owner’s behalf. 
 (ii) Unless otherwise provided herein or in the Approved Annual Business
Plan and Budget, Manager shall only have the authority to enter into, modify, amend and terminate Contracts if such Contracts are not Material Service Contracts. If Owner fails to approve or reject any Material Service Contract within five
(5) Business Days after receipt of such request from Manager, Owner shall be deemed to have approved such Material Service Contract. 

(iii) Manager shall use diligent good faith efforts to ensure that no third parties providing services to or performing work at
or in connection with the Properties may do so without a written contract being in effect, including for change orders. 

(iv) Manager shall promptly notify Owner upon learning of any material default, or event of default or event which, with the
giving of notice or the passage of time or both, would or could be reasonably likely to constitute a material default or a material event of default by any other party under any Contract. In the event of any material default or material event of
default by any other party under any Contract, 

  
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Manager shall consult with Owner concerning the action to be taken with respect thereto and, at the expense of Owner, take such action as Owner shall direct with respect to such default or event
of default. 
 (v) Each of Manager and Owner shall promptly notify the other upon receiving any written notice of default by
Manager, Owner or Property Owner, as the case may be, under any Contract (and shall furnish a copy of the notice received by it with its notice to the other Party) or upon obtaining actual knowledge of any default, or event of default under any
Contract. In the event of any such notice, default or event of default, Manager shall consult with Owner concerning the action to be taken with respect thereto and, at the expense of Owner, shall take such reasonable action with respect thereto as
Owner shall direct. 
 (d) Repairs and Maintenance. 

(i) Manager shall use commercially reasonable efforts to keep each Property in good order and repair and in a condition in
accordance with standards customary for apartment and retail properties in the cities in which the Properties are located and reasonably acceptable to Owner, and, at Owner’s expense in accordance with the Approved Annual Business Plan and
Budget, to make all repairs and replacements that Owner is obligated to make under the Leases, the Approved Annual Business Plan and Budget, any Loan Documents, Legal Requirements, and/or any insurance requirements. Manager shall arrange for
periodic systematic inspections of the building systems by qualified contractors and if appropriate, consult with, and make recommendations to, Owner concerning the condition of each Property and the necessity for maintenance, repair, alteration or
restoration thereof, the costs of any such inspections, repairs, alterations or restorations to be at Owner’s expense in accordance with the Approved Annual Business Plan and Budget. Manager agrees to promptly notify Owner upon obtaining actual
knowledge that the condition of any Property fails to meet the above-specified standard of maintenance and repair. Except to the extent that such repairs, maintenance, replacements, substitutions, improvements or additions (x) have been
provided for in the Approved Annual Business Plan and Budget (subject to Permitted Variances), (y) relate to an Emergency as provided for in Section 4.5 of this Agreement or (z) shall not exceed the sum of
$20,000.00, individually or in the aggregate, all repairs, maintenance, replacements, substitutions, improvements and additions to any Property shall be undertaken or made by Manager only after securing Owner’s prior written approval (which may
be granted or withheld in Owner’s sole discretion). 
 (e) Supervision of Construction. 

(i) Manager shall use commercially reasonable efforts to manage, supervise, oversee and facilitate all repairs, construction,
maintenance, replacements, substitutions, improvements, additions and alterations, including, without limitation, Tenant improvements at the Properties, contemplated by the Approved Annual Business Plan and Budget (collectively,
“Construction Work”). 

  
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 (ii) Manager shall publish and distribute work rules for each Property and
ensure compliance with such work rules from all contractors, sub-contractors, engineers and people engaged in working on any Property for the benefit of Tenant comfort and
non-disturbance and building protection and security without any additional fee or compensation. 

(iii) If the cost of any Construction Work is not contemplated by the Approved Annual Business Plan and Budget, Manager shall
promptly notify Owner to that effect, which notice shall include a preliminary budget and a detailed description of the scope of the construction management services required to be performed with respect to such Construction Work, and Manager shall
not expend any such funds unless the same are approved by Owner. 
 (iv) Manager shall perform the construction management
services with respect to any Construction Work subject to the Approved Annual Business Plan and Budget and Owner’s direction. Manager shall represent Owner in connection with any architectural renovation, asbestos abatement and life
safety/operating system alterations to any Property and any action or process in order to cause any Property to abide by the Legal Requirements. 

(v) Manager shall cause any and all necessary permits and approvals for any Construction Work to be obtained and to be in full
force and effect for as long as is required by Legal Requirements. 
 (vi) Manager shall ensure that all appropriate
insurance for any Construction Work has been obtained and is in effect and shall oversee the administration of all applicable construction contracts. 

(vii) Subject to subsection (iv) above, Manager’s responsibilities in performing the construction management services
it is engaged to perform shall include, without limitation: (1) analyzing plans and specifications and suggesting revisions thereof; (2) suggesting contractors and supervising construction; (3) coordinating, when appropriate, with
Owner, Tenants, architects, engineers, contractors and other consultants to prepare and finalize construction plans; (4) identifying and, in accordance with the terms of Section 4.2(c), contracting on behalf of Owner
appropriate professional services when required; (5) negotiating all contracts; (6) monitoring the construction schedule and the quality of workmanship (without liability for latent or patent defects); (7) obtaining or causing to be
obtained all necessary governmental permits and approvals; (8) obtaining Tenants’ written approval of construction documents for Tenant improvements; (9) coordinating and directing pre-bid
conferences with contractors; (10) establishing or causing to be established a project time schedule; (11) administering and coordinating job site construction meetings as necessary to ensure the timely flow of information between Tenants,
space planners and contractors; (12) coordinating labor and material suppliers; (13) managing the change order process, including providing for the payment of any requested change as set forth in any Lease; (14) obtaining and
reviewing all necessary lien waivers and releases; (15) reviewing all payment requests pursuant to the contract documents; (16) inspecting the Construction Work; (17) assisting contractors in obtaining

  
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notices of completion, certificates of occupancy, or equivalent documents; (18) conducting final walk through with Tenants, space planners and contractors; (19) obtaining Tenants’
written acceptance and acknowledgment of the substantial completion date of the Construction Work, as the case may be; (20) assisting in the preparation of a final punch list which itemizes all work which must be completed or requiring repair
or adjustment, and representing Owner during the final inspection of the completed Construction Work; and (21) obtaining from contractors, sub-contractors, material suppliers or other consultants all
reasonably available guarantees, instructions, equipment manuals, warranties and all other pertinent documents relating to the Construction Work. 

(viii) Manager shall use diligent, commercially reasonable and good-faith efforts to (1) ensure that relations between all
Tenants in each Property and Owner during any period of construction in any Property are as good as is possible under the circumstances, and (2) settle any labor disputes which may arise during any period of construction, subject to
Section 4.2(a). 
 (ix) For the avoidance of doubt, any and all contracts entered into pursuant to
this Section 4.2(e) shall be subject to the requirements set forth in Section 4.2(c) above. 

(x) Owner acknowledges that Manager shall have no responsibility for the actual design and/or performance of Construction Work,
and that all liability for the actual performance of such services in accordance with the requirements of the Contracts shall be borne by the third-party service providers pursuant to such Contracts with Owner, except to the extent of Manager’s
fraud, bad faith, gross negligence or willful misconduct. 
 (xi) The Parties shall meet on a monthly basis (unless the
Parties otherwise mutually agree) with all appropriate personnel (including asset managers) to assess and review the status and performance of Construction Work. 

(f) Hours. Manager agrees to be available, or cause a representative of Manager to be available, to Tenants of each Property during
normal business hours (i.e., from 9:00 A.M. through 5:00 P.M.) on Business Days. Manager shall be on call at all times in the event of an emergency or upon Owner’s reasonable request. 

(g) Certifications. When reasonably requested by Owner, Manager shall provide a certification to Owner in order to enable Owner to
certify to a lender, a title insurance company, a prospective purchaser of any Property, and/or any other party which Owner may designate that: 

(i) the most recent rent roll prepared by Manager (including a listing of security deposits, if any) is true, correct and
complete; 
 (ii) Manager has not received any notices about and has no actual knowledge of any violations of law at such
Property, including, without limitation, violations of any building codes or environmental law (or if Manager has received notice or has such knowledge, specifying the nature and extent of such violations); 

  
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 (iii) Manager has not received any notices about and has no actual knowledge
of any condemnation or litigation affecting such Property which is pending or has been threatened in writing (or if Manager has received notice or has such knowledge, specifying the nature and extent of such condemnation or litigation); and 

(iv) to the knowledge of Manager, no default by Owner exists under this Agreement or any Lease (or if a default exists,
specifying the nature of such default). 
 (h) Leasing. 

(i) Subject to the Approved Annual Business Plan and Budget (including any leasing guidelines as set forth therein), Manager is
expressly authorized to, and shall use diligent efforts to, facilitate the leasing of all commercial and apartment rental units within each Property, including, without limitation, establishing Tenant screening standards, collecting rent, managing
security deposits, negotiating with Tenants and prospective tenants and for Leases and extensions, renewals, modifications, amendments or terminations thereof, enforcing rights under Leases, advertising each Property and maintaining a detailed rent
roll. Manager shall maintain a visible management presence and level of service to tenants at each Property (collectively, “Tenants”). Manager may employ the services of third-party real estate brokers unaffiliated with Manager,
subject to the terms and conditions of commission agreement(s) signed with said broker(s). Manager may negotiate and administer such commission agreement(s). Manager shall maintain electronic copies of all Leases. 

(ii) All Residential Leases shall be entered into on forms previously agreed to by Owner or that are otherwise approved as part
of the Approved Annual Business Plan and Budget (collectively, the “Standard Lease Forms”); provided, however, that no Residential Lease shall have a term of more than forty-eight (48) months (including any
renewal term), unless otherwise approved in writing by Owner or as set forth in the Approved Annual Business Plan and Budget. If Owner fails to approve or reject any such Residential Lease within three (3) Business Days after receipt of such
request from Manager, Owner shall be deemed to have approved such Residential Lease. 
 (iii) Manager shall engage and retain
legal counsel to perform, on an annual basis (or as required by Legal Requirements or as reasonably requested by Owner in writing from time to time) and at a reasonable cost to Owner, a thorough legal review of all Standard Lease Forms. Manager
shall notify Owner if such legal counsel recommends any update or revision to any Standard Lease Form and shall request Owner’s approval of such update or revision (which approval shall not be unreasonably withheld, conditioned or delayed).

 (iv) Manager shall be available for communications with Owner and shall keep Owner promptly advised of items affecting
each Property, including demands, suits or legal proceedings instituted or threatened against Owner, of which Manager has knowledge. Manager shall not take any action that might prejudice Owner in its defense to a claim based on any loss, damage or
injury relating to the ownership, operation and maintenance of any Property and related facilities. Manager shall promptly notify Owner 

  
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of: (1) to the extent of Manager’s knowledge, any material default under any Lease; (2) to the extent of Manager’s knowledge, any bankruptcy filing or threatened bankruptcy
filing affecting a Tenant; (3) to the extent of Manager’s knowledge, any condemnation or litigation affecting any Property which is pending or threatened; and (4) to the extent of Manager’s knowledge, any release or
threatened release of hazardous substances in or around any Property. In the event of any such condition, default or event of default, Manager shall consult with Owner, and at the expense of Owner, promptly take such actions as Owner shall direct.
Manager agrees to log and handle complaints and requests from Tenants and prospective tenants and to notify Owner of any material complaint by a Tenant (which shall include, without limitation, any complaint, communication or state of facts which
could give rise to a rental abatement or a right of setoff, termination or other claim, and/or any complaint which would or could reasonably be expected to cause or result in reputational harm to Owner and/or any direct or indirect investor in
Owner). Manager shall cause, as fully as practicable, the compliance of Tenants with the terms, covenants and conditions of their Leases and shall keep Tenants informed of, and shall use diligent efforts to cause all Tenants to comply with, all
rules, regulations and Legal Requirements affecting the applicable Property. 
 (v) Without Owner’s prior written
consent, Manager shall not permit any person to occupy any space in any Property unless such occupancy is pursuant to a written Lease (in the case of a Residential Lease, on the Standard Lease Form) or pursuant to the Leases in effect as of the
Commencement Date. In addition, unless Manager has obtained Owner’s prior written consent, Manager shall not permit any Tenant to take occupancy of any space at any Property unless such Tenant has delivered to Manager or Owner (1) the
security deposit, if any, required under the terms of such Tenant’s Lease, (2) a current certificate of insurance in compliance with the terms and provisions of such Tenant’s Lease, and/or (3) payment of any rent required to be
paid prior to the Tenant’s taking occupancy of its demised premises. 
 (vi) Manager shall deliver to each of the
Tenants all notices required to be delivered on behalf of landlord pursuant to the terms of the applicable Lease. 
 (i) Assistance with
Acquisition and/or Financing. 
 (i) As reasonably requested by Owner, Manager may, at its option, exercise commercially
reasonable efforts to assist Owner or any of its Affiliates with the acquisition process of any New Property, including, without limitation, reviewing diligence materials to develop an operational plan reasonably consistent with the terms,
conditions and information set forth in the Approved Annual Business Plan and Budget. If Manager agrees to assist Owner or any of its Affiliates in connection with such acquisition pursuant to the terms of this
Section 4.2(i)(i), Owner shall pay to Manager a fee as mutually agreed upon by the Parties (such fee, the “Acquisition Diligence Fee”). In the event that AIR or any of its Affiliates exercises its right of
first offer pursuant to the MLA (the “MLA ROFO”) and acquires any New Property pursuant to the terms of the MLA ROFO, then Owner shall not be obligated to pay to Manager the Acquisition Diligence Fee. Within forty-five
(45) days following the acquisition of any New Property by Owner or any of its Affiliates, Manager shall prepare and submit to Owner 

  
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an operating budget and such other information as Owner may reasonably request for the remainder of the then current fiscal year. 

(ii) Manager shall administer and service all financing incurred with respect to Owner and/or the Properties, and periodically
review, assess, monitor and supervise the compliance and any non-compliance by Owner with all covenants and all other obligations under or with respect to any Loan Documents, if any, except to the extent such
terms and provisions relate solely to the actions or inactions of any Person that is not an Affiliate (or a board member or director appointed by an Affiliate) of Manager. Manager shall perform its duties and obligations hereunder in compliance with
any Loan Documents and shall cause Owner and the Properties to comply, at all times, with the terms and conditions of any Loan Documents; provided that Manager is expressly authorized to use its commercially reasonable discretion to establish
payment plans with respect to any financing in accordance with the terms and conditions of the Loan Documents and to sell, trade or otherwise transfer any financing subject to the terms and conditions of the Loan Documents. Notwithstanding anything
to the contrary in this Section 4.2(i)(ii), in no event shall Manager be in default hereunder for (1) the failure of Owner to satisfy any financial covenants imposed pursuant to any Loan Document, (2) any default
or breach under any Loan Document if Owner fails to make sufficient funds available to Manager to service the underlying loan and/or satisfy any other deposits within a reasonable period of time after Manager makes written request therefor,
(3) any default or breach under any Loan Document caused by any voluntary transfer of equity interests by Owner or any direct or indirect interest in Owner (other than as a result of any transfer by an Affiliate of Manager), or (4) any
actions or inactions of any Person that is not Manager or an Affiliate of Manager, or a board member or director appointed by Manager or an Affiliate of Manager or any Person to whom management duties have been delegated by Manager, so long as
Manager acts diligently and reasonably under the circumstances and in accordance with the Standards of Conduct to cause the Owner and the applicable Property Owner, as the case may be, to comply with the Loan Documents as soon as practicable. If the
terms of any of the Loan Documents are inconsistent with the terms of this Agreement, Manager shall cause compliance with the Loan Documents. Manager shall promptly notify Owner upon (A) obtaining actual knowledge of any default, or event of
default under any financing (mortgage or mezzanine) applicable to any Property, or (B) receiving any written default notice under any financing applicable to any Property (and furnish a copy of the notice received by it with its notice to
Owner). In each instance, Manager shall consult with Owner concerning the action to be taken with respect thereto and, at the expense of Owner (unless the same is Manager’s obligation pursuant to Section 11.1), shall
take such action as Owner shall direct. 
 (j) Taxes and Assessments. Subject to the next succeeding sentence, on Owner’s behalf
and at Owner’s expense, Manager shall pay in a timely manner in order to receive all available discounts or reductions of tax liability, before delinquency and prior to the addition thereto of any interest or penalties, all real and personal
property taxes and assessments relating to each Property (unless otherwise directed by Owner), and shall make any required filings in conjunction therewith. Manager shall not be obligated to pay any state or local property taxes on Owner’s
behalf unless funds are available in the Central Account or Owner has 

  
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provided a check in the amount of such taxes to Manager; provided that Manager shall promptly notify Owner of any such taxes that are due. Promptly after receipt of any real and personal
property tax assessments relating to any Property, Manager shall advise and recommend to Owner whether the amount of any such taxes or assessments should be challenged as inequitable, excessive or improper. In the event that Owner elects to contest
any property tax assessment, Manager agrees to manage such contest and/or fully cooperate with Owner and with any person or entity designated by Owner to advise, assist or represent Owner in this regard. 

(k) Rules and Regulations. Subject to the approval of Owner, Manager agrees to draft and promulgate reasonable rules and regulations
relating to the occupancy, use and operation of each Property (including rules related to signage), and to enforce the same as promulgated, as well as such other reasonable regulations Owner may require from time to time, including, but not limited
to, Tenant insurance requirements. Manager shall draft and implement standard operating procedures similar to those in other comparable apartment and retail properties in the cities in which the Properties are located, an organization chart, and
emergency, contingency and security plans for each Property. 
 (l) Other Owner Initiatives. Manager, at Owner’s expense, agrees
to respond and comply with, on a timely basis, all other Owner initiatives such as environmental health and safety issues, delivery of an affirmative emergency management plan, completion and filing of applications with applicable utility providers
for any available rebates, or other initiatives that are reasonably directed by Owner. 
 (m) Owner Notification. Manager shall
promptly, and in no event later than one (1) Business Day after obtaining knowledge thereof, notify Owner of any of the following: 

(i) loss of life; 

(ii) life threatening situations; 

(iii) legal actions against the Owner or any Property which are pending or threatened in writing; 

(iv) fire; 

(v) written indoor air quality complaint; 

(vi) written notification of significant environmental risk (it being acknowledged by Owner that Manager in discharging these
duties does not have special environmental training and qualifications and is not being held to the standard of someone with such special environmental training and qualifications); 

(vii) receipt of written notice from any governmental entity relating to the presence or release of any hazardous materials; or

 (viii) receipt of any material zoning violations. 

  
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 (n) Casualty and Condemnation. Manager shall promptly, and in no event later than one
(1) Business Day from the time Manager obtains actual knowledge of any casualty or condemnation (or threatened condemnation), provide Owner with notice in reasonable detail of such casualty or condemnation (or threatened condemnation) and
promptly investigate and consult with, and make recommendations to, Owner with respect thereto. In the event of any damage to or destruction of any Property by fire or other casualty, Manager shall use its best efforts to, within one hundred eighty
(180) days of such casualty, restore the affected portion of such Property to substantially the same condition they were in prior to such event, using insurance proceeds received by Manager from the policies of insurance maintained by Manager
pursuant to this Agreement which pertain in whole or in part to such Property. If the cost of restoration exceeds the amount of insurance proceeds received by Manager from the policies of insurance maintained by Manager, Owner shall be responsible
to contribute any excess amount needed to restore such Property, unless such casualty was caused by a Material Breach of Manager, in which case such excess amount shall be the responsibility of Manager. Notwithstanding the foregoing, if
(i) Manager determines, in its commercially reasonable discretion, that Manager is unable to perform its restoration obligations pursuant to the terms of this Section 4.2(n) or (ii) any material casualty or
material condemnation occurs, as determined in Manager’s commercially reasonable discretion, either Party shall have the right to terminate this Agreement with respect to such affected Property upon thirty (30) days’ prior Notice to
the non-terminating Party. 
 4.3 Rent Board Hearing. At Owner’s request, Manager shall
represent Owner at Rent Board hearings as may be required. 
 4.4 Duties of Manager Generally. During the Term and subject to the
provisions hereof, Manager shall perform Owner’s obligations with respect to each Property and Manager’s obligations as set forth in this Agreement, including, without limitation, the following, subject to any limitations imposed by the
Approved Annual Business Plan and Budget, instructions from Owner, the availability of funds provided by Owner, and actions or failures to act by third parties which are beyond the reasonable control of Manager: 

(a) ensure compliance with and performance of all of Owner’s obligations: 

(i) as landlord under all Leases; 

(ii) as a party to, or subject to, any and all present and future easements, restrictions, covenants, conditions, mortgages and
agreements affecting each Property, including, without limitation, all Loan Documents (if any) (collectively, the “Basic Documents”); 

(iii) as a party to any and all Contracts affecting any Property; and 

(iv) under any zoning regulations. 

(b) use of diligent efforts to ensure compliance with the covenants and obligations of: 

(i) Tenants under all of the Leases; 

  
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 (ii) other parties to, or subject to, the Basic Documents; and 

(iii) trade and service providers under Contracts affecting each Property. 

(c) with the prior written approval of Owner, subject to the conditions hereinafter set forth, enforcing all of Owner’s rights and
remedies in respect of the foregoing. 
 Manager shall make available to Owner the full benefit of the judgment, experience and advice of
Manager’s senior management. Manager shall perform such other services as may be reasonably requested by Owner which are customary for the management of properties of like size and character as the Properties or as may be required for the
efficient and businesslike operation of the Properties. 
 4.5 Emergency Expenditures. As used herein, the term
“Emergency” means, individually or collectively, an event of an imminent present threat: (a) to the safety of any Property and/or of material damage or loss to any Property; (b) to the safety of Tenants or others;
(c) to the necessary utility or life safety system services to any Property; or (d) that could lead to exposure to criminal liability on the part of Owner or any other direct or indirect investor in any Property, or any employee or agents
of any of the foregoing. In the case of an Emergency, Manager is authorized to make repairs to any Property for items that are not contained in the Approved Annual Business Plan and Budget without obtaining Owner’s prior written approval;
provided that: (i) reasonable efforts to secure Owner’s prior approval have been made (it being agreed that sending an e-mail message to Owner or attempting to call and, if voice mail is
available, leaving a message for the Owner is a reasonable effort); (ii) the repairs are made solely for the purpose of avoiding, preventing or resolving the Emergency; (iii) written notice of the repairs and/or expenditures is thereafter
provided to Owner within twenty four (24) hours of commencement; and (iv) thereafter Owner and Manager shall mutually determine in good faith whether any additions, deletions or other changes shall be required to mitigate any adverse
impact to the Approved Annual Business Plan and Budget from such Emergency and the attendant repairs and expenditures. 
 4.6
Insurance. At Owner’s sole cost and expense, Manager shall obtain from established insurance brokerage sources, and maintain in full force and effect during the Term, the insurance policies specified in
Section 11.2 below. 
 ARTICLE 5 

PERSONNEL 
 5.1
Employment of Personnel. Except as otherwise provided for in the Approved Annual Business Plan and Budget, Manager agrees to advance all costs to hire, pay salaries of, supervise and discharge, as appropriate, all employees or independent
contractors (the “Personnel”) necessary for the provision of the Services, including, without limitation, the salaries, wages and other compensation and fringe benefits of all Personnel involved directly or indirectly in providing
any or all of the Services, including, without limitation, all costs and expenses relating to Personnel and other off-site employees of Manager allocable to time spent on the Properties, and all such costs
shall be reimbursable by Owner. Manager shall, in the 

  
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hiring and retention of all Personnel, select qualified, competent and trustworthy Personnel, who shall in all instances be familiar with the operation of assets similar to the Properties. The
selection, terms of employment (including rates of compensation) and termination thereof, and the supervision, training and assignment of duties of all Personnel engaged in the operation of the Properties, shall be the duty and responsibility of,
and shall be determined solely by, Manager. All on-site personnel at each Property, if any, shall be employees of Manager and/or vendors to Manager (and not employees of Owner). 

5.2 Schedule of Employees. To the extent not already included in the Approved Annual Business Plan and Budget, Manager shall provide
Owner with a schedule of Personnel to be employed “on-site” at all times in the direct management of each Property. This schedule shall include the number of employees and their title and salary.
Manager shall cause all Personnel to be covered by Manager’s crime/employee dishonesty insurance in accordance with Section 11.3(d). 

ARTICLE 6 

COMPLIANCE WITH LAWS 

6.1 Compliance. Manager shall abide by, and cause the Properties to be compliant with, in all material respects, all federal, state,
municipal, governmental, quasi-governmental and/or Department of Buildings laws, rules, regulations, zoning, requirements, orders, statutes, notices, determinations, and ordinances, including, without limitation, the Ellis Act and any other laws or
regulations pertaining to affordable housing or rent control, the Americans With Disabilities Act and all environmental laws, relative to the use, operation, repair and maintenance of the Properties and with the rules, regulation or orders of the
local Board of Fire Underwriters or other similar body (the “Legal Requirements”) of any federal, state or municipal authority to the extent applicable from time to time during the Term with respect to the Properties or the
performance of Manager’s obligations under this Agreement and with all regulations, contracts, leases, permits, licenses, ordinances, declarations, conditions, restrictions, covenants and easements affecting or related to the Properties or the
performance of Manager’s obligations under this Agreement. Manager shall promptly remedy any violation of any such Legal Requirements of which Manager becomes aware, including any Tenant violations, all at Owner’s expense in accordance
with the Approved Annual Business Plan and Budget (subject to Permitted Variances). If the cost of compliance exceeds the Approved Annual Business Plan and Budget and is not an Emergency, Manager shall not take any action with respect to such
violation except to notify Owner promptly and obtain Owner’s approval prior to authorizing the expenditure. When more than such amount is required or if the violation is one for which Owner might be subject to penalty, Manager shall promptly
notify Owner. Manager shall immediately with all due diligence eliminate or discontinue such use or condition to the extent any use or condition exists at any Property which violates any Legal Requirements or which void or would void any policy of
insurance covering any Property or render any loss incapable of collection thereunder. 
 6.2 Contests. Manager shall notify Owner of
any violation or alleged violation of any of the Legal Requirements immediately after becoming aware of same. Owner shall have the right to contest any such allegation and postpone compliance pending the determination of such contest, if so
permitted by law, provided such postponed compliance shall not subject Owner, 

  
 20 

 
Manager or any partner, member, shareholder, client or employee of Owner or Manager to criminal liability or subject any Property or any part thereof to being condemned or vacated or have the
certificate of occupancy for any Property be suspended or threatened to be suspended by result of such non-compliance or by means of such contest. 

6.3 REIT Qualification and Protection. 

(a) Manager acknowledges that certain Persons owning a direct or indirect interest in Owner (each, an “Owner Parent REIT”)
have elected to be treated as real estate investment trusts (“REITs”) within the meaning of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Manager shall use best efforts to
comply with all reasonable requests of Owner related to compliance with any reporting or action required by law of REITs. Accordingly, Manager agrees, and agrees to cause its Affiliates, to use best efforts to: (a) operate the Properties in a
manner such that the Properties generate rental income that qualifies as “rents from real property” under Section 856(d) of the Code and to avoid incurring (x) any tax on prohibited transactions under section 857(b)(6) of the
Code and (y) any tax on redetermined rents, redetermined deductions, and excess interest under section 857(b)(7) of the Code (determined as if Owner were a REIT); and (b) provide reporting and projections for purposes of complying with
certain REIT requirements, including, without limitation, the provisions of Sections 856 through 860 of the Code (the “REIT Requirements”). 

(b) Without limiting the foregoing, Manager shall avoid having services furnished or rendered to the Tenants of any Property that would cause
an Owner Parent REIT to receive “impermissible tenant service income” within the meaning of Section 856(d)(7) of the Code if performed by an Owner Parent REIT itself, unless such services are furnished or rendered by a taxable REIT
subsidiary of each Owner Parent REIT that is paid an arm’s-length compensation for furnishing or rendering such services. 

ARTICLE 7 

ACCOUNTING AND FINANCIAL MATTERS 

7.1 Electronic Records. Manager shall maintain electronic records, files and accounts relating to the operations of each Property. Such
records, files and accounts shall be provided to Owner and its representatives (including Owner’s accountants, consultants, attorneys, direct and indirect investors and any other party) at reasonable times, upon reasonable prior notice to
Manager. Upon request during the Term (which notice may (at Owner’s option) specify the parties to which such records shall be made available), and upon the Expiration Date, all such records, files and accounts shall be forthwith turned over to
Owner so as to ensure the orderly continuance of the operation of the Properties. 
 7.2 Reporting. 

(a) Manager shall comply with the reporting obligations specified in Schedule 3 attached hereto. The Parties may mutually agree to
modify or amend such reporting obligations and, upon such agreement, the Parties shall replace Schedule 3 with a new Schedule 3 reflecting such modification or amendment. 

  
 21 

 (b) In addition to the reporting requirements contained in this Agreement, Manager shall
comply with any and all reporting obligations contained in any Loan Documents. 
 7.3 Periodic Meetings. After receipt by Owner of the
reports referred to in Section 7.2, Owner, Manager and other personnel engaged or involved in the management and operation of each Property shall meet to discuss the results of operations for the preceding month. 

7.4 Owner’s Right to Conduct Audit. Owner shall, at its sole cost and expense, have the right to conduct an audit of
any Property’s operations by using its own internal auditors or by employing independent auditors (an “Audit”). Should Owner’s employees or agents discover either weaknesses in internal control or errors in record keeping,
these shall be communicated to Manager in writing. Manager shall promptly correct such discrepancies either upon discovery or after notification by Owner. Manager shall inform Owner in writing of the action taken and to be taken to correct such
Audit discrepancies. The accounts and all other records relating to or reflecting the operations of any Property shall be available to Owner and its auditors at Manager’s office, at all reasonable times, for examination, audit, inspection,
transcription and reproduction. Each of Owner and Manager agrees to pay to the other any adjustments in amounts due and owing from such party within fifteen (15) days following such party’s receipt of the Audit. If any Audit discloses
overpayments to Manager in excess of five percent (5%) of all amounts paid by Owner to Manager during the applicable period, Manager shall reimburse Owner for all reasonable costs incurred by Owner in connection with such Audit. 

ARTICLE 8 
 BANK
ACCOUNTS 
 8.1 General. Manager shall establish and maintain the Property Accounts, and shall maintain the Central Account,
at any FDIC insured banking institution reasonably acceptable to Owner. Owner shall be a signatory to all accounts established and maintained by Manager in connection with its obligations under this Agreement, including, without limitation, the
Property Accounts, the Central Account and the Security Deposit Account and shall, at all times, have access to, and the right to withdraw funds from, all such accounts. 

8.2 Closing Bank Accounts. Unless directed otherwise by Owner in writing, Manager is not permitted to close any bank accounts related to
the Properties. All items relating to bank account closings are to be coordinated through Owner. Manager shall process cash activity at the Expiration Date in accordance with Owner’s instructions. Manager is responsible for final bank account
reconciliation at the time of close out or transfer of any account established hereunder. At the termination of this Agreement, Manager shall verify and pay all appropriate invoices relating to the period of time prior to termination and shall
transfer any funds remaining in the Central Account to Owner. 
 8.3 Reconciliation. 

(a) Manager shall reconcile all bank accounts in a timely manner and include such reconciliation(s) with the monthly reporting package by the
package due date. 

  
 22 

 (b) Any issues relating to timely receipt of the monthly bank account statement (based on
the established bank account statement cut-off date) shall be directed by Manager towards the banking institution and promptly brought to the attention of Owner. 

8.4 Accounts Payable. All property related invoices are to be paid by Manager, and shall be at Owner’s expense to the extent such
invoices are for expenses incurred pursuant to the performance of obligations under this Agreement and Owner is responsible therefore pursuant to the terms of this Agreement. Manager is responsible for obtaining tax identification numbers for its
vendors, for tracking payments made to them during each year and for preparing and mailing Form 1099 to the Internal Revenue Service (“IRS”), the appropriate recipients and any other state or local agency required by law. Manager
shall ensure that the information filed with the IRS, sent to the appropriate recipients and/or filed with any other state or local agency as required by law is correct and filed in a timely manner. 

8.5 Cash Management. 
 (a)
All funds collected by or paid to Manager from the operation of each Property should be promptly, and in no event later than three (3) Business Days thereafter, deposited into separate receipt account (each, a “Property
Account”) established for each Property by Manager in accordance with the provisions of Section 8.1 of this Agreement (unless Manager is otherwise directed by Owner with respect to a certain Property). All funds in
such separate Property Accounts may be swept into a central account (the “Central Account”) in Owner’s name as maintained by Manager, according to the provisions of Section 8.1 of this Agreement. All
checks drawn to the order of Owner should be endorsed by Manager for deposit only and deposited in the applicable Property Account. Any interest or other income earned on the assets of the Central Account shall be
re-deposited in the Central Account, and shall for federal and state income tax purposes be deemed to be income of the Owner. To the extent funds are available in the Central Account, Manager shall pay the
operating expenses of each Property (including, without limitation, (i) amounts required to be paid pursuant to any mortgage or other financial encumbrance, (ii) all taxes, assessments and other impositions and (iii) sums due to
Manager under this Agreement subject to notice to Owner pursuant to the terms of this Agreement) and any other payments relative to each Property as required by the terms of this Agreement, unless Manager is otherwise directed by Owner. If at any
time funds in the Central Account are not sufficient to pay the expenses incurred in connection with the management and operation of the Properties as expressly authorized by this Agreement, Manager shall submit to Owner a statement of such expenses
and the funds that shall be required to satisfy the same, and Owner shall, in its sole discretion, deposit sufficient funds into the Central Account to pay such expenses. Manager shall have no liability to Owner for any amounts in the Central
Account which are lost or not covered by insurance if the depository institution at which the Central Account is maintained fails or is otherwise placed in the control of a governmental or quasi-governmental authority and the assets of the Central
Account are thereby forfeited in whole or in part, provided such depository institution was selected in accordance with this Section 8.5 or was otherwise previously approved by Owner. 

(b) Manager shall not be obligated to make any advance to or for the account of the Owner, or to pay any sum, except out of funds held or
provided as set forth in this Agreement, nor shall Manager incur any liability or obligation to Owner, any of its Affiliates or 

  
 23 

 
any third party for Damages to the extent arising out of, resulting from or relating to such insufficient funds (including any interest or penalties relating to late or insufficient payments
and/or the costs of any returned checks). 
 ARTICLE 9 

ANNUAL BUSINESS PLAN AND BUDGET 

9.1 Annual Business Plan and Budget. 

(a) The Approved Annual Business Plan and Budget shall be proposed, approved and implemented annually in accordance with the terms of
Schedule 4. The Parties agree to reasonably cooperate and consult with each other in connection with the preparation and approval of the Approved Annual Business Plan and Budget. The Parties may mutually agree to modify or amend the process
and procedures for proposing, approving and implementing the Approved Annual Business Plan and Budget and, upon such agreement, the Parties shall replace Schedule 4 with a new Schedule 4 reflecting such modification or amendment. 

(b) Notwithstanding anything in this Agreement to the contrary, Manager shall use diligent good faith efforts to cause the actual costs of
operating and maintaining each Property (in total and on a line item basis (as used in this Agreement, a “line item” shall refer to a major budget category (e.g., payroll, cleaning, and utilities))) not to exceed the Approved Annual
Business Plan and Budget (subject to Permitted Variances). Except with respect to an Emergency (as set forth in Section 4.5), Manager shall not, without Owner’s prior written approval, incur any costs or expenses or
make any capital expenditures not specifically contemplated by the Approved Annual Business Plan and Budget (subject to Permitted Variances). To the extent reasonably ascertainable in advance, Manager shall notify Owner of any projected variance
from the Approved Annual Business Plan and Budget (either in total or in any line item), including any Permitted Variances. Manager shall not transfer any amounts from one expense line item to another (other than from any contingency item to a
permitted specific line item or as otherwise approved by Owner in writing). Manager shall notify Owner immediately (or as soon as otherwise reasonably possible) of the necessity for, the nature of, and the cost of, any Emergency. 

ARTICLE 10 

DUTIES OF OWNER 

10.1 Duties of Owner. Owner’s duties and obligations shall include the following: 

(a) In the event any governmental agency, authority or department should order the repair, alteration or removal of any structure or matter on
any Property, and if, after written notice of the same to Owner from such body, Owner fails to authorize Manager or others to make such repairs, alterations or removal, Manager shall be released from any responsibility in connection therewith, and
shall not be answerable to such body for any and all penalties and fines whatsoever imposed because of such failure on Owner’s part. 

(b) Owner agrees to fund the Central Account as required under this Agreement and reimburse Manager to the full extent of all monies advanced
by Manager with 

  
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Owner’s approval or at Owner’s direction in carrying out the purpose of this Agreement; provided, however, that nothing contained herein shall oblige Manager to make such
advances. 
 ARTICLE 11 

INDEMNIFICATION AND INSURANCE 

11.1 Indemnification. 

(a) Manager’s Indemnification. Manager shall indemnify, defend and hold harmless Owner and its Affiliates and its and
their respective officers, directors and employees (each, an “Owner Indemnified Party” and, collectively, the “Owner Indemnified Parties”) from and against any and all actual losses, damages, liabilities and
expenses, including fees and disbursements of counsel (collectively, “Damages”) incurred by any Owner Indemnified Party (including relating to any claims, actions, suits, proceedings, demands, and/or complaints (including any claim
or other such matter by a third party)) (collectively, “Proceedings”) in connection with or otherwise caused by or arising out of or attributable to (i) any default by Manager with respect to any of the terms, covenants or
conditions of this Agreement (including, without limitation, any breach of the Standards of Conduct or any failure to obtain any consent or approval required pursuant to the terms of this Agreement), (ii) any action by any Manager Indemnified Party
(as hereinafter defined) that is beyond the scope of authority conferred upon Manager pursuant to the terms of this Agreement (including, without limitation, fraud, willful misconduct, commission of a criminal act, gross negligence, or acting
without authorization hereunder), or (iii) any Bankruptcy Action occurring with respect to Manager. 
 (b) Owner’s
Indemnification. Owner shall indemnify, defend and hold harmless Manager and its Affiliates and its and their respective officers, directors and employees (each, a “Manager Indemnified Party” and, collectively, the
“Manager Indemnified Parties”) from and against any and all Damages incurred by any Manager Indemnified Party (including relating to any Proceedings) in connection with or otherwise caused by or arising out of or attributable to
this Agreement (including the provision of the Services to Owner), excluding however, (and Owner shall have no liability or obligation to any Manager Indemnified Party for or with respect to) Damages incurred by any Manager Indemnified Party in
connection with or otherwise caused by or arising out of or attributable to (i) any default by Manager with respect to any of the terms, covenants or conditions of this Agreement (including, without limitation, any breach of the Standards of
Conduct and/ or any failure to obtain any consent or approval required pursuant to the terms of this Agreement), (ii) any action by any Manager Indemnified Party that is beyond the scope of authority conferred upon Manager pursuant to the terms of
this Agreement (including, without limitation, fraud, willful misconduct, commission of a criminal act, gross negligence, or acting without authorization hereunder), and/or (iii) any Bankruptcy Action occurring with respect to Manager. 

(c) Each of Owner and Manager (or the applicable Indemnified Party) shall notify the applicable Indemnifying Party in writing promptly after it
receives notice of the commencement of any claim or Proceeding as to which such Indemnified Party is entitled to indemnification hereunder, provided that the failure to give timely notice shall not affect the Indemnifying Party’s
obligation to provide indemnification hereunder except to the extent that the failure to give timely notice is prejudicial to the Indemnifying Party. If requested in writing 

  
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by any Indemnified Party, the Indemnifying Party shall assume the defense of any Proceeding including by engaging counsel reasonably approved by such Indemnified Party and the payment of the
reasonable costs and expenses of such counsel. In the event any Indemnified Party determines, in its reasonable judgment, that there is a conflict of interest by reason of having a common counsel, or if any Indemnifying Party fails to defend any
Proceeding promptly following receipt of notice of such Proceeding, then the Indemnified Party may engage separate counsel reasonably selected by such Indemnified Party, and the Indemnifying Party shall pay, as incurred, the reasonable costs and
expenses of such counsel. “Indemnified Party” means a Manager Indemnified Party or an Owner Indemnified Party, as applicable. “Indemnifying Party” means Manager or Owner, as applicable, with the indemnification
obligation to any Indemnified Party pursuant to the terms of Section 11.1(a) or Section 11.1(b), respectively. 

(d) In no event shall any Indemnifying Party be liable for Damages that are exemplary or special, indirect, consequential or punitive damages,
unless such Damages (i) are the reasonably foreseeable result of a breach of a representation, warranty, covenant or agreement hereunder or any other matter, circumstance or condition giving rise to the indemnification obligations, or
(ii) are awarded pursuant to a third-party claim. 
 (e) Each Indemnified Party shall look only to the Indemnifying Party and its assets
for the collection of any judgment (or other judicial process) requiring the payment of money by the Indemnifying Party in the event any claim is made pursuant to the terms of this Agreement by an Indemnified Party, and no other Person and no other
property or assets of any other Person (including (i) any direct or indirect owner of an interest in any Indemnifying Party and (ii) any officers, directors, partners, members, other principals or employees of any Indemnifying Party or any
such direct or indirect owner (each, a “Protected Person”)), shall be subject to levy, execution or other enforcement procedures for the satisfaction of any such judgment (or other judicial process). In furtherance of the foregoing,
if party hereto (or any related Indemnified Party) shall acquire a lien on any property or assets of any Protected Person, by judgment or otherwise, the other party hereto shall promptly release (or use commercially reasonable efforts to cause to be
released) such lien. 
 (f) The provisions of this Section 11.1 shall survive the expiration or earlier termination
of this Agreement. 
 11.2 Owner’s Insurance. At Owner’s discretion, Manager shall obtain and keep in full
force and effect, and at Owner’s cost, the following insurance or such additional insurance as may be required under the terms of any Loan Documents: 

(a) Commercial property insurance on special form protecting against physical loss to each Property, including business interruption losses and
terrorism losses, in an amount equal to the full replacement cost of each Property. Such property insurance shall contain appropriate clauses pursuant to which the insurance carrier shall waive all rights of subrogation against “Manager”
with respect to losses payable under such policy; any deductible or self-insured retention amounts with respect to such insurance shall be the sole and exclusive responsibility of Owner. 

  
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 (b) Commercial General Liability Insurance, including personal injury liability coverage,
naming Manager and any mortgagee or superior lessor as an additional named insured and includes the following minimum primary limits with umbrella/excess liability of $5,000,000 in excess thereof: $1,000,000 each occurrence; and $2,000,000 general
aggregate. 
 (c) Workers’ Compensation in an amount of coverage which is not less than applicable statutory limits of the state(s) in
which any employee resides, is hired and in which the Services are being performed. 
 (d) Employer’s Liability Insurance in the amount
of $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease, and $1,000,000 policy limit for bodily injury by disease, or such other amount as may be required by umbrella policy to effect umbrella
coverage and Manager shall obtain and deliver to Owner waivers of subrogation. 
 Any deductible with respect to such insurance shall be
primary and the sole and exclusive responsibility of Owner, except to the extent that such liability relates to Manager’s gross negligence or willful misconduct or any act of Manager which is beyond the scope of Manager’s authority under
this Agreement. Such liability insurance policies shall be primary and non-contributory with any similar insurance carried by Manager for its account except to the extent that such liability relates to
Manager’s indemnification obligations found above. All such policies shall name Manager as additional insured, and shall be endorsed with appropriate waivers of subrogation rights against Manager. 

11.3 Manager’s Insurance. Manager throughout the Term, shall maintain in full force and effect, and at its cost, the
following kinds of insurance, covering its performance of its obligations in respect of the Properties: 
 (a) Property insurance for the
full replacement value of Manager’s equipment, data, furniture and other personal property kept at any Property or used in connection with Manager’s services. Manager hereby waives all claims against Owner and Tenants at any Property, and,
with respect to each of the foregoing, its employees, officers, shareholders, directors, agents, and representatives, for loss or damage to these items, regardless of whether the loss or damage is covered by insurance. 

(b) Commercial General Liability Insurance, including coverage for Premises-Operations, Products-Completed Operations, Independent Contracts,
Blanket Contractual liability, Personal Injury and Broad form Property Damage, and including Cross Liability and Severability of Interests, with the following minimum limits: $1,000,000 each occurrence; and $1,000,000 general aggregate. 

Such policy shall provide coverage on a per occurrence and per location basis and shall be primary and
non-contributory per Manager’s indemnification obligations. The contractual liability insurance shall include coverage sufficient to meet the indemnity obligations in this Agreement. Owner and
Owner’s lenders and all other parties otherwise designated by the Owner from time to time shall each be added as an additional insured upon request. 

  
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 (c) Commercial Automobile Liability Insurance, including coverage for owned, non-owned, leased and hired autos, in the minimum amount of $1,000,000 combined single limit for Bodily Injury and Property Damage if automobiles are used in the performance of Manager’s obligations hereunder.

 (d) All persons designated by Manager as authorized signatories or who otherwise handle funds for any Property shall be covered by
comprehensive fidelity, employee crime and dishonesty insurance maintained by Manager with coverage in the minimum amount of $1,000,000. Owner, in the exercise of its reasonable discretion, may require Manager to increase the amount of such bond at
Owner’s expense if Owner determines that circumstances reasonably warrant such increase in view of the risks involved. This policy or bond must include coverage for employee dishonesty, forgery or alteration, money and securities (in and out),
computer fraud, funds transfer fraud, and third-party client coverage for Owner’s property. Owner and any other entity as applicable shall be named as loss payee under this policy. 

(e) Manager’s Professional Liability Insurance (Errors & Omissions) – Minimum of $1,000,000 limit. This insurance must
provide coverage for services performed at any time during the Term. If this policy is claims-made it must include a retroactive date of no later than the Commencement Date. 

(f) Employment practices liability insurance covering wrongful acts associated with employment, including wrongful termination, discrimination,
and sexual harassment, and a third-party endorsement covering discrimination and sexual harassment, with limits of not less than $1,000,000 general aggregate. If this policy is claims-made it must include a retroactive date of no later than the
Commencement Date. 
 (g) The above-referenced insurance shall be maintained and carried in amounts stated above and with coverages approved
by Owner, in Owner’s reasonable judgment, with insurance carriers having an A.M. Best’s insurance rating of “A-“, “VIII” or better, which companies shall be authorized to do
business in the states in which the Properties are located, and, notwithstanding anything to the contrary set forth in this Agreement, such insurance amounts and coverages are consistent with insurance carried by leading management companies for
similar buildings and properties of similar quality in the metropolitan areas where the Properties are location. All such policies shall name Owner as an additional insured, with the exception of sub-sections
(d), (e) and (f) above, and shall be endorsed with appropriate waivers of subrogation rights against Owner, with the exception of sub-sections (d), (e) and (f) above. 

(h) Any insurance limits required by this Agreement are minimum limits only and not intended to restrict the liability imposed on Manager for
work performed under this Agreement. 
 11.4 Evidence of Insurance. Manager shall provide Owner with certificates of insurance or
other satisfactory documentation, which evidence that the insurance required under this Agreement is in full force and effect at all times. Policies required to be obtained pursuant to Section 11.2 and
Section 11.3 must provide that thirty (30) days’ advance written notice of cancellation or non-renewal, except in the event of cancellation due to non-payment of premium wherein ten (10) days advance written notice shall be given. In addition, Manager shall provide 

  
 28 

 
Owner with certificates of insurance or other satisfactory documentation in advance of the expiration of any insurance coverage, which shall evidence a renewal or replacement of said policy is in
full force and effect. 
 11.5 General Insurance Provisions. All insurance maintained by Manager pursuant to this Agreement shall be
maintained in effect throughout the Term. Manager shall, with regard to the coverages required of it, deliver certificates of insurance to Owner evidencing the required coverages within ten (10) days after the date of this Agreement. If and to
the extent the insurance requirements set forth in the documents evidencing or securing any loan made to Owner or any mortgage financing secured by any Property exceed the requirements set forth in this Section 11.5, the
more stringent requirements set forth in such Loan Documents shall govern. 
 11.6 Mutual Waiver of Subrogation. Each of Owner and
Manager shall waive all rights of subrogation under their insurance policies referred to in this Section 11.6 and such waiver of subrogation shall not affect the effective date of coverage of such policies and Manager shall
obtain an endorsement for policies required pursuant to Sections 11.2 and 11.3, except as expressly set forth herein, if necessary to confirm that the waiver of subrogation herein granted shall in no manner affect
the coverage of such policies. 
 11.7 Manager’s Duties in Case of Loss. 

(a) Manager shall notify Owner in writing and Owner’s insurance carrier or property insurance adjuster, according to the carrier’s
reporting protocol, of any fire or other damage to any Property that is reasonably expected to exceed $10,000. Manager shall then arrange for an insurance adjuster to view such Property before repairs are started, but in no event shall Manager
settle any loss, complete any loss report, adjust any loss, or endorse any loss draft without Owner’s written consent; provided, however, that Manager may settle any loss, complete any loss report, adjust any loss, or endorse any
loss draft without Owner’s consent for an amount not to exceed $250,000.00, including the execution of proofs of loss. 
 (b) Manager
shall promptly notify Owner in writing and Owner’s insurance carrier, according to the carrier’s reporting protocol, of any bodily injury or property damage claimed by any Tenant or third party on or with respect to any Property; forward
originals to Owner with a copy to Owner’s counsel of any summons, subpoena, or the like legal document served upon Manager relating to actual or alleged potential liability of Owner, Manager or any Property. 

11.8 Survival. The provisions of this Article 11 shall survive the Expiration Date. 

ARTICLE 12 

NOTICES 
 12.1
Notices. 
 (a) In order to be effective, all notices, demands, requests, consents, approvals, disapprovals or other communications
required or permitted by this Agreement to be given (any of the foregoing, a “Notice”) must be in writing and (i) delivered by a nationally 

  
 29 

 
recognized overnight delivery service, (ii) placed in the United States mail, certified with return receipt requested, properly addressed and with the full postage prepaid, (iii) sent
by electronic mail, or (iv) personally delivered by hand. Any Notice shall be deemed to have been received: (A) on the date of sending by e-mail if sent prior to 5:00 P.M. (Eastern Standard Time) on
a Business Day (otherwise on the next Business Day), (B) three (3) days after the date such Notice is mailed, (C) one (1) Business Day after delivery to a reputable overnight courier service if delivered prior to 5:00 P.M. (Eastern
Standard Time) on a Business Day (otherwise on the next Business Day) and (D) on the date of delivery by hand if delivered prior to 5:00 P.M. (Eastern Standard Time) on a Business Day (otherwise on the next Business Day) 

(b) All Notices must be addressed as follows: 
  

			
	 If to Manager, to:
	  	 c/o Apartment Income REIT Corp.
 4582 South
Ulster Street, Suite 1700

		  	 Attention: Lisa Cohn, President and General

Counsel

		
	 And to:
	  	 c/o Apartment Income REIT Corp.
 4582 South
Ulster Street, Suite 1700
 Attention: Paul Beldin, Executive Vice President

and Chief Financial Officer

		
	 If to Owner, to:
	  	 c/o Apartment Investment and Management

Company

		  	4582 South Ulster Street, Suite 1450
		  	Denver, CO 80237
		  	Attention: Jennifer Johnson, General Counsel and Chief Administrative Officer
		
	 And to:
	  	c/o Apartment Investment and Management Company
		  	4582 South Ulster Street, Suite 1450
		  	 Denver, CO 80237
 Attention: Lynn Stanfield,
Chief Financial Officer

 Notices shall be valid only if delivered in the manner provided above. Each party shall be entitled to change
its address for purposes of Notice in writing, communicated in accordance with the provisions of this Section 12.1. Notices given on behalf of a party by its attorneys in the manner provided for in this
Section 12.1 shall be considered validly given. 
 ARTICLE 13 

LIMITATIONS 
 13.1
Assignment Restrictions and Rights. 
 (a) Except for delegation and sub-contracting
rights pursuant to Section 1.5(b), Manager shall not assign or otherwise transfer any of its rights and/or obligations 

  
 30 

 
under this Agreement to any Person without the prior written consent of Owner (and the Parties agree that it shall be a default hereunder by Manager if a Change of Control of Manager or its
publicly traded parent occurs); provided, however, that Manager may, without the prior written consent of Owner, assign or otherwise transfer any of its rights and/or obligations under this Agreement to any of its Affiliates (but only
for so long as such Affiliate remains an Affiliate of Manager). 
 (b) Owner shall not assign or otherwise transfer any of its rights and/or
obligations under this Agreement to any Person without the prior written consent of Manager; provided, however, that Owner may, without the prior written consent of Manager, assign or otherwise transfer any of its rights and/or
obligations under this Agreement to any of its Affiliates (but only for so long as such Affiliate remains an Affiliate of Owner). 
 13.2
Limitation of Authority. Manager shall not, without the prior written approval of Owner: 
 (a) Make any expenditure, whether from the
Central Account or otherwise, or incur any obligation on behalf of Owner, except for (i) expenditures or obligations approved by Owner, (ii) expenditures made and obligations incurred directly pursuant to the Approved Annual Business Plan
and Budget (subject to any Permitted Variances) or (iii) expenditures made for an Emergency in accordance with Section 4.5; 

(b) Convey or otherwise transfer, pledge, hypothecate, encumber or permit a lien on any Property or any other property or asset of Owner; 

(c) Except as set forth in Section 4.2(a), institute or defend lawsuits or other legal or arbitration or mediation
proceedings on behalf of Owner without Owner’s approval; 
 (d) Pledge the credit of Owner; 

(e) Obligate Owner for the payment of any fee or commissions to any real estate agent or broker, other than those expressly permitted in this
Agreement or in the Approved Annual Business Plan and Budget; 
 (f) Borrow money or execute any promissory note or other obligation or
mortgage, deed of trust, security agreement or other encumbrance in the name of or on behalf of Owner; and 
 (g) Enter into any dealings
concerning any Property or with Tenants of space in any Property for Manager’s own account except as expressly permitted herein; and 

The limitations set forth in this Section 13.2 shall be in addition to all other restrictions on the scope and
authority of Manager set forth in this Agreement. The terms of this Section 13.2 shall survive the Expiration Date. 

  
 31 

 ARTICLE 14 

CONFIDENTIALITY 

14.1 Confidentiality. 

(a) Each Party hereto shall keep confidential and shall not disclose, or permit its Affiliates to disclose, (i) any non-public information or materials relating to Owner, any of its Affiliates and/or their respective investments and activities (including the terms of this Agreement and any information relating to the Properties
and their operations; provided that Manager shall be allowed to utilize information related to the Properties in its marketing materials, including, without limitation, characteristics of the Properties and overall performance of the Manager)
or (ii) any other information exchanged between or among Owner, any of its Affiliates, and/or Manager (including, without limitation, information relating to any party hereto or its Affiliates) in connection herewith or therewith (collectively,
“Confidential Information”). Notwithstanding the foregoing, a Party may disclose such Confidential Information (a) upon prior Notice to the other party to the extent the disclosure of such information or materials is expressly
required by applicable Legal Requirements, or (b) if the information or materials become publicly known other than through the actions or inactions of such Party or its Affiliates, or any of their respective officers, directors, shareholders,
partners, members, employees, representatives, agents or attorneys or violations of this Agreement or any other obligations of confidentiality of any such parties. In addition, each Party may disclose Confidential Information to its Affiliates, and
its and their respective officers, directors, shareholders, partners, members, employees, representatives, consultants, agents, attorneys, advisors, financial sources, actual or potential investors, and/or permitted transferees and their respective
attorneys and advisors (in each case, whose compliance with this Section 14.1 is warranted by the disclosing Party (provided that such Party shall be deemed to have breached this Section 14.1 if
such recipient makes a disclosure that such Party is not permitted to make under this Section 14.1)). 
 (b) In the
event that any Party that is restricted from disclosing Confidential Information pursuant to this Section 14.1 is required to disclose any Confidential Information pursuant to Section 14.1(a)
above, such Party shall provide prompt Notice to the other parties so that such other parties may seek a protective order or other appropriate remedy, and the Party required to disclose the Confidential Information shall use reasonable efforts (but
without expense to such party) to cooperate with the other parties in any effort undertaken to obtain a protective order or other similar remedy. In the event that such protective order or other remedy is not obtained, the disclosing Party shall
only furnish that portion of the Confidential Information that is required pursuant to Section 14.1(a), and such Party shall exercise all reasonable efforts to obtain reasonably reliable assurances that the Confidential
Information shall be accorded confidential treatment. For the avoidance of doubt, no Party shall be required to take (or not take, as the case may be) any action that would, or could reasonably be expected to, expose such Party or its Affiliates, or
its or their respective officers, directors, shareholders, partners, members or employees, to legal sanctions. 
 (c) No Party shall, and
each Party shall direct and cause its Affiliates and its and their respective representatives not to, without the prior written consent of the other Party, directly or indirectly, issue any press release or make any public comment, statement or

  
 32 

 
communication with respect to this Agreement or any of the terms, conditions or other aspects of this Agreement and/or the transactions contemplated by this Agreement. In addition to the
foregoing, no public announcement or communication by any such Party using any other Party’s name or the name of any other Party’s Affiliates shall be made without the prior written consent of such other Party. 

ARTICLE 15 

LEGAL PROCEEDINGS 

15.1 Applicable Law; Waiver of Jury Trial. This Agreement shall, with respect to each Property, be construed in accordance with the
laws of the State in which such Property is located, without regard to any conflicts of law provisions that would result in the application of the laws of any other jurisdiction. 

TO THE FULLEST EXTENT NOW OR HEREAFTER PERMITTED BY LEGAL REQUIREMENTS, EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY CLAIM.
THE PROVISIONS OF THIS SECTION 15.1 SHALL SURVIVE THE CLOSING OR TERMINATION OF THIS AGREEMENT. 
 15.2
Arbitration/Dispute Resolution. 
 (a) Appointed Representative. Each Party shall appoint a representative who shall be
responsible for administering the dispute resolution provisions in this Section 15.2 (each, an “Appointed Representative”). Each Appointed Representative shall have the authority to resolve any Disputes (as
defined below) on behalf of the Party appointing such representative. 
 (b) Notwithstanding anything to the contrary contained herein, any
dispute, controversy or claim arising out of, in connection with, or in relation to the interpretation, performance, nonperformance, enforceability, validity, termination or breach of this Agreement, whether arising in contract or tort, between the
Parties (each, a “Dispute” and, collectively, “Disputes”) shall first be referred by either Party for amicable negotiations by the Appointed Representatives by providing written notice of such Dispute in the manner
provided by Section 12.1 (a “Dispute Notice”). All documents, communications and information disclosed in the course of such negotiations that are not otherwise independently discoverable shall not be
offered or received as evidence or used for impeachment or for any other purpose, but shall be considered as to have been disclosed for settlement purposes. 

(i) If, for any reason, a Dispute is not resolved in writing by the Appointed Representatives within thirty (30) days of
the date of delivery of the Dispute Notice, or if a Party fails to appoint an Appointed Representative within the periods specified herein, such Dispute shall be submitted to final and binding arbitration administered by the American Arbitration
Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. 

(ii) The seat of the arbitration shall be Denver, Colorado. 

  
 33 

 (iii) The arbitration shall be conducted by three (3) arbitrators. The
claimant and respondent shall each appoint one (1) arbitrator within thirty (30) days of receipt by respondent of the demand for arbitration. The two (2) arbitrators so appointed shall appoint the third (3rd) and presiding arbitrator
(the “Chairperson”) within thirty (30) days of the appointment of the second (2nd) arbitrator. If any Party fails to appoint an arbitrator, or if the two (2) Party-appointed arbitrators fail to appoint the Chairperson
within the time periods specified herein, then any such arbitrator shall, upon any Party’s request, be appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section 15.2 shall
be neutral and impartial and shall not be affiliated with or an interested person of any party to the Dispute; further, any arbitrator appointed by AAA shall be a retired judge or a practicing attorney with no less than fifteen (15) years of
experience with litigation and arbitration involving the multifamily real estate industry and an experienced arbitrator. 

(iv) By electing to proceed under the AAA Rules, the parties to the Dispute confirm that any dispute, claim or controversy
concerning the arbitrability of a Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, whether an assignee of this Agreement is bound to arbitrate, or as to the existence, scope, validity
interpretation or enforceability of the parties’ agreement to arbitrate, shall be determined by the arbitration tribunal. 

(v) Each Party shall submit its claims according to the timetable established by the arbitral tribunal. With respect to each
claim advanced in the arbitration, including, without limitation, any claim under the indemnification provisions of Article 11 hereof, each side’s submissions shall specify the proposed determination or resolution that it contends the
arbitral tribunal should make (and, if applicable, any monetary relief that it contends that the arbitral tribunal should award) (in each case, the “Proposed Award”), which Proposed Award, if applicable, may be expressed as
“zero.” As to each claim for monetary relief, each side’s Proposed Award shall also state whether pre- or post-award interest should be awarded, and if so, at what interest rate, and the date
from which such interest (if any) should be calculated. 
 (vi) There shall be only two (2) Proposed Awards (one for
each side of the claim), including, without limitation, any claim for monetary relief and/or any claim under the indemnification provisions of Article 11 hereof. Where there are more than two (2) parties to the arbitration, the arbitral
tribunal shall have power to make appropriate directions as to which parties shall comprise each “side” for purposes of submitting Proposed Awards, in every instance to ensure a proper alignment of parties with respect to each such claim.

 (vii) In rendering the award or otherwise making any determination or resolution (including, without limitation, as to
monetary relief and/or relief under the indemnification provisions of Article 11 hereof), the Chairperson shall be limited to choosing, without modification, the Proposed Award of one of the sides, according to its determination of which
Proposed Award most comports with its assessment of the case. Insofar as monetary relief is claimed, the arbitral tribunal shall not award any monetary relief of any kind except as set forth in this Section 15.2;
provided that this will not limit 

  
 34 

 
the power of the arbitral tribunal: (1) to award relief per paragraph (viii) hereof; (2) to apply any statute of limitation that it determines is applicable to any claim; (3) to
dismiss or exclude any claim that it determines is: (A) precluded by any part of this Agreement, and/or (B) beyond the scope of this Section 15.2; (4) to receive and determine dispositive motions in accordance
with the AAA Rules; and/or (5) to apportion fees/costs per paragraph (ix) hereof. 
 (viii) In addition to monetary
relief, and/or the making of any other determination or resolution that is primarily at issue in the Dispute, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance
of any obligation under this Agreement; provided that a claim under the indemnification provisions of Article 11 shall at all times be governed by the procedures set forth in paragraphs (v) through (vii) above. 

(ix) The arbitral tribunal shall award the prevailing party its attorneys’ fees and costs reasonably incurred in the
arbitration, including the prevailing party’s share of the arbitrator fees and AAA administrative costs. 
 (x) The
Parties intend that this agreement to arbitrate shall be valid, enforceable and irrevocable, and any determination, resolution and/or award made or rendered by the arbitration tribunal shall be final and binding on all the parties to the Dispute.
The parties to the dispute agree to comply with any award made in any such arbitration proceedings. Judgment upon any award may be entered in any court of competent jurisdiction, including any court having jurisdiction over any party or any of its
assets. 
 (xi) By agreeing to arbitration, the parties to the Dispute do not intend to deprive any court of its jurisdiction
to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such
provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court modify or vacate any temporary or
preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral tribunal’s orders to that effect. In any such action brought in court for such provisional remedies or enforcement of any award,
each of the parties to the Dispute irrevocably and unconditionally: (A) consents and submits to the non-exclusive jurisdiction and venue of the Courts of the State of Colorado and the Federal Courts of
the United States of America located within the State of Colorado (the “Colorado Courts”); (B) waives, to the fullest extent it may effectively do so, any objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or hereafter have to the bringing of any such action or proceeding in any Colorado Court;
(C) consents to service of process in the manner provided by this Agreement or in any other manner permitted by Legal Requirements; and (D) WAIVES ANY RIGHT TO TRIAL BY JURY. 

  
 35 

 (xii) This arbitration, and all prior, subsequent or concurrent judicial
proceedings related thereto and permitted herein, shall be conducted pursuant to the Federal Arbitration Act, found at Title 9 of the U.S. Code. The parties to the Dispute intend that the arbitration tribunal shall apply the substantive Laws of the
State of Delaware to any Dispute hereunder, without regard to any choice of law principles thereof that would mandate the application of the Laws of another jurisdiction. 

(xiii) In order to facilitate the comprehensive resolution of related disputes, all claims between any of the parties to the
Dispute that arise under or in connection with this Agreement may be brought in a single arbitration. Upon the request of any party to an arbitration proceeding constituted under this Agreement, the arbitral tribunal shall consolidate such
arbitration proceeding with any other arbitration proceeding relating to this Agreement, if the arbitral tribunal determines that (A) there are issues of fact or law common to the proceedings so that a consolidated proceeding would be more
efficient than separate proceedings, and (B) no party to the Dispute would be unduly prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitral tribunal
constituted hereunder and another arbitral tribunal constituted under this Agreement, the ruling of the arbitral tribunal constituted first in time shall control, and such arbitral tribunal shall serve as the tribunal for any consolidated
arbitration. 
 (xiv) In the event of a Dispute, each party to the Dispute shall continue to perform its obligations under
this Agreement in good faith during the resolution of such Dispute as if such Dispute had not arisen, unless and until this Agreement is terminated in accordance with the provisions hereof. 

(xv) Any arbitration hereunder shall be confidential, and the Parties and their agents agree not to disclose to any third party
(A) the existence or status of the arbitration, (B) all information made known and documents produced in the arbitration not otherwise in the public domain, and (C) all awards arising from the arbitration, except and to the extent
that disclosure is required by applicable Law or is required to protect or pursue a legal right, and in any such case, the Party making such disclosure shall produce only those materials and information that are necessary and shall take reasonable
steps to safeguard the confidentiality of the materials and information. 
 (c) Binding Agreement. The Parties agree that the
provisions of this Section 15.2 bind themselves and their Affiliates, and further agree to take all measures to lawfully cause their Affiliates to abide and be bound by the terms of this
Section 15.2. 
 15.3 Cooperation by Manager. Manager shall reasonably cooperate, and shall cause all its
employees to reasonably cooperate, in connection with the prosecution or defense of all legal proceedings affecting the Properties or arising in connection with the indemnity obligations of Owner provided for in
Section 11.1(b) hereof (but subject to the limitations and allocation of costs therein). The duty of Manager to cooperate shall survive the Expiration Date. 

15.4 Cooperation by Owner. Owner shall reasonably cooperate, and shall cause all its employees, agents and representatives to reasonably
cooperate, in connection with the 

  
 36 

 
prosecution or defense of all legal proceedings arising in connection with the indemnity obligations of Manager provided for in Section 11.1(a) hereof (but subject to
the limitations and allocation of costs therein). Owner’s duty to cooperate shall survive the Expiration Date. 
 ARTICLE 16

 MISCELLANEOUS 

16.1 Entire Agreement. This Agreement contains the entire agreement among the Parties, and supersedes all prior representations,
agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof. 
 16.2
Headings. The headings of the various articles and sections of this Agreement have been inserted for convenient reference only and shall not have the effect of modifying or amending the express terms and provisions of this Agreement. 

16.3 Successors and Assigns. This Agreement shall be binding upon and, as to permitted or accepted successors, transferees and assigns,
inure to the benefit of Manager and Owner and their respective heirs, successors, transferees and assigns, in all cases whether by the laws of descent and distribution, merger, reverse merger, consolidation, sale of assets, other sale, operation of
law or otherwise. Nothing contained in this Section 16.3 shall be construed to modify the provisions of Article 13 of this Agreement. 

16.4 No Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this
Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any such covenant, duty, agreement or condition. No obligation, covenant, agreement, term or conditions of this
Agreement, and no breach of this Agreement shall be waived, altered or modified, except by written instrument. No waiver of any breach shall affect or alter this Agreement, but each and every obligation, covenant, agreement, term and condition of
this Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach of this Agreement. Time is of the essence in connection with each and every provision of this Agreement. 

16.5 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction or in any
respect, then the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired, and the parties shall use their commercially reasonable efforts to amend or substitute such invalid,
illegal or unenforceable provision with enforceable and valid provisions which would produce as nearly as possible the rights and obligations previously intended by the parties without renegotiation of any material terms and conditions stipulated
herein. 
 16.6 No Third-Party Beneficiary. Subject to the terms of Section 11.1 (and the rights of any
Person thereunder), (a) no entity other than Owner and Manager is or shall be entitled to bring any action to enforce any provision of this Agreement, and (b) the provisions of this Agreement are solely for the benefit of and shall be
enforceable only by Owner and Manager and their respective successors and assigns as permitted hereunder. 

  
 37 

 16.7 Unavoidable Delays. Each Party shall be excused from performing its obligations
under this Agreement for so long as and to the extent that performance is prevented or delayed by Unavoidable Delay; provided, however, that (a) such Party shall, within thirty (30) days after the beginning of any such
Unavoidable Delay, have first notified the other Party in writing of the cause(s) thereof and requested an extension, (b) such Party must diligently seek removal or avoidance of the hindrance, and (c) even though the time for performance
may be extended as provided in this Section 16.7, the parties shall remain bound by the other terms, covenants, and agreements of this Agreement. 

16.8 Subordination. This Agreement, the rights of Manager hereunder, including the right for Manager to receive any fees hereunder,
shall be subordinated to any financing on any Property and to all of the terms, conditions and provisions of the loan documents thereof, and to any renewal, substitution, extension, modification, or replacement thereof. In the event of the
foreclosure (or deed in lieu of foreclosure) of any mortgage or deed of trust on any Property, the purchaser of such Property at any such foreclosure sale or grantee under any deed in lieu of such foreclosure may, without any cost or liability to
such purchaser or grantee, terminate this Agreement and Manager’s rights hereunder upon thirty (30) days’ written notice to Manager. In no event shall any such purchaser or grantee have any liability for any of the obligations of
Owner hereunder arising prior to the date such party acquires any Property. Manager agrees to execute from time to time upon the request of Owner or any such mortgagee such agreements as any such mortgagee of any Property may require in order to
further evidence or confirm such subordination and the other provisions of this Section 16.8. Any such subordination shall permit Manager to receive and retain fees earned prior to an event of default under the applicable
loan document. 
 16.9 Joint and Several. If Manager at any time consists of more than one entity, the obligation of all such entities
under this Agreement shall be joint and several. 
 16.10 Exhibits. The exhibits referred to in and attached to this Agreement are
incorporated herein in full by reference. 
 16.11 Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by PDF attached to an email, and such PDF shall, for all purposes, be
deemed to be the original signature of such Party whose signature it reproduces, and shall be binding upon such Party. 
 16.12 Consents
and Approvals. 
 (a) Unless as otherwise expressly set forth herein, if Manager requests the approval or consent of Owner pursuant to
this Agreement and Owner does not respond within the requisite time period set forth herein, then Owner shall be deemed to have disapproved such request. 

(b) If the consent or approval of any lender or other unaffiliated third party is required in connection with the execution of this Agreement
with respect to any Property, (i) Manager shall use commercially reasonable efforts to obtain such consent or approval, (ii) the 

  
 38 

 
Parties shall each pay fifty percent (50%) of any related and reasonable out-of-pocket costs and expenses
(including reasonable attorneys’ fees, costs and disbursements) incurred in obtaining such consent or approval, and (iii) the effectiveness of this Agreement with respect to such Property shall be contingent upon obtaining such consent or
approval. If any lender or other unaffiliated third party requires Owner to enter into a separate property management agreement with Manager with respect to any Property, the Parties agree to enter into such separate property management agreement,
which separate property management agreement shall be substantially the same as this Agreement except it shall relate solely to such Property. 

16.13 OFAC Representations, Warranties, and Indemnification. Owner and Manager each represents and warrants that it is not a person or
entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute,
executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or under any other law, rule, order, or regulation that is
enforced or administered by OFAC. 
 16.14 Non-Business Days. Whenever action must be taken
(including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a day other than a Business Day, then such period or date shall be extended until the
immediately following Business Day. 
 16.15 No Personal Data. Notwithstanding anything to the contrary contained in this Agreement,
Manager acknowledges and agrees that, in performing its obligations to provide information to Owner hereunder, Manager shall not (and shall cause its Affiliates and its and their employee and representatives to not) without the prior written consent
of Owner, provide or make available or accessible to Owner any Personal Data. For the avoidance of doubt, the foregoing restrictions do not apply to any information that is anonymized, or to the street addresses of, and rent amounts payable by
Tenants with respect to, any Property. “Personal Data” means a natural person’s name, street address, telephone number, e-mail address, photograph, social security number or tax
identification number, driver’s license number, passport number, credit card number, bank information or biometric information or any other piece of information that allows the identification of such natural person, or any other data which is
considered “personal data” (or any similar concept thereto) as defined under applicable privacy laws. 
 16.16 Other Action.
Subject to the terms and conditions of this Agreement, each of the Parties shall cooperate with the other and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to take, or cause to be taken,
all actions, and do, or cause to be done, all things, necessary to consummate and make effective the terms, conditions or other aspects of this Agreement and/or the transactions contemplated by this Agreement. 

[Signatures on following page] 

  
 39 

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

					
	OWNER:
	
	JAMES-OXFORD LIMITED PARTNERSHIP,
	a Maryland limited partnership
		
	By:	 	 /s/ Lynn Stanfield

		 	Name:	 	 Lynn Stanfield

		 	Title:	 	 Authorized Person

	
	MANAGER:
	
	AIR PROPERTY MANAGEMENT TRS, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Paul Beldin

		 	Name:	 	 Paul Beldin

		 	Title:	 	 Authorized Person

 Signature Page to Property Management Agreement 

 EXHIBIT A 

SCHEDULE OF MANAGED PROPERTIES 
  

					
	 	  	 Property Name
	  	 Property Address

	 1.
	  	 AIMCO 118-122 West 23rd Street
	  	 118-122 West 23rd Street, New York, NY 10011

			
	 2.
	  	 Hillmeade
	  	 6800 Highway 70 S, Nashville, TN 37221

			
	 3.
	  	 1045 on the Park Apartment Homes
	  	 1045 Piedmont Ave NE, Atlanta, GA 30309

			
	 4.
	  	 Plantation Gardens
	  	 7616 NW 5th St., Plantation, FL 33324

			
	 5.
	  	 Elm Creek
	  	 One Elm Creek Dr., Emhurst, IL 60126

			
	 6.
	  	 Willow Bend
	  	 2850 Southampton Dr., Rolling Meadows, IL 60008

			
	 7.
	  	 Evanston Place
	  	 1715 Chicago Ave., Evanston, IL 60201

			
	 8.
	  	 Yorktown Apartments
	  	 2233 S Highland Ave., Lombard, IL 60148

			
	 9.
	  	 Hyde Park Tower
	  	 5140 S Hyde Park Blvd., Chicago, IL 60615

			
	 10.
	  	 2200 Grace
	  	 2200 S. Grace Street, Lombard, IL 60148

			
	 11.
	  	 Bank Lofts
	  	 817 17th St., Denver, CO 80202

			
	 12.
	  	 Cedar Rim
	  	 7920 110th Avenue SE, Newcastle, WA 98056

			
	 13.
	  	 Pathfinder Village
	  	 39800 Fremont Blvd., Fremont, CA 94538

			
	 14.
	  	 2900 on First Apartments
	  	 2900 1st Ave., Seattle, WA 98121

			
	 15.
	  	 AIMCO 173 East 90th Street
	  	 AIMCO 165-173 East 90th Street, New York, NY
10128

			
	 16.
	  	 AIMCO 237 Ninth Avenue
	  	 237 Ninth Avenue, New York, NY 10001

  
 A-1 

 EXHIBIT B 

MANAGEMENT FEE AND CONSTRUCTION MANAGEMENT FEE 

A. Owner shall pay (or shall cause the applicable Property Owner to pay) to Manager a monthly management fee (the “Management
Fee”) equal to three percent (3%) of Gross Operating Revenue (as defined below) from each Property, monthly in arrears, prorated on a daily basis for any partial month as and when provided in Section 3.1 of
this Agreement. 
 B. For all purposes hereof, “Gross Operating Revenue” means all monthly revenues actually received, on a
cash basis, derived from the operations of each Property, including, without limitation: 
  

	 	(i)	 Tenant rentals and other amounts collected with respect to Leases for each month during the Term, including
collections from the apartment Tenants for water, sewer and trash reimbursements, if any, in accordance with any Residential Lease provisions; 

  

	 	(ii)	 insurance proceeds (if any) attributable to rental loss or business interruption; 

 

	 	(iii)	 parking fees, garage, carport, and storage closet rentals, if any, not included with Residential Leases;

  

	 	(iv)	 revenue from coin-operated machines; 

 

	 	(v)	 Owner’s share of vendor income proceeds from Contracts; and 

 

	 	(vi)	 any and all other income related to Manager’s management of any Property, including, without limitation,
air rights fees, pet fees, late rental fees, lease termination fees, cleaning fees, security fees and damage fees. 

Gross Operating Revenue shall not include: 
  

	 	(i)	 capital contributions by Owner or any interest thereon; 

 

	 	(ii)	 proceeds from the refinancing of any loan or any voluntary conversion, sale, exchange or other disposition of
any Property or any portion thereof; 

  

	 	(iii)	 casualty insurance proceeds (exclusive of rental loss or business interruption proceeds);

  

	 	(iv)	 proceeds of condemnation awards; 

 

	 	(v)	 any deposits including rental, security, damage, or cleaning deposits, including any such amounts forfeited by
Tenants (unless applied to unpaid rent); 

  
 B-1 

	 	(vi)	 abatement or refund of real estate taxes or other taxes; and 

 

	 	(vii)	 discounts and dividends on insurance policies. 

C. If applicable, Owner shall pay (or shall cause the applicable Property Owner to pay) to Manager a construction management fee (the
“Construction Management Fee”) equal to 7.5% of the Costs (as hereinafter defined) relating to any Material Construction Work. “Costs” means, collectively, all actual, direct and indirect, costs relating to
such Material Construction Work, including, without limitation, (i) all costs and expenses relating to the actual construction, including labor, materials, finishes and utility installations, (ii) all costs and expenses associated with the
planning, design and coordination of the project, including architectural, planning and engineering fees, legal fees, permit fees and other similar costs and/or fees (including related professional services and any supervisory on-site personnel) and (iii) any expenditure capitalized in accordance with GAAP as applied by Manager. In the event any Tenant is required to pay a fee to Owner or Manager for any Tenant improvement work
performed by Manager (or its sub-manager(s)) under an approved Lease, then the amount of the Construction Management Fee due from Owner to Manager shall be offset by the amount of any such fee due from the
applicable Tenant, and Manager shall be entitled to collect the full amount of such fee due from the applicable Tenant. 

  
 B-2

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