Document:

EX-10.11

 Exhibit 10.11 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY
WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

ADDENDUM TO LICENSE AGREEMENT 

This Addendum to License Agreement (this Addendum”) is made and entered into as of February 2, 2016 (the “Addendum Date”),
and amends that certain License Agreement dated as of July 16, 2014, as amended or supplemented through the Amendment Date (the “License Agreement”), by and between Caribou Biosciences, Inc. (“Caribou”) and Intellia
Therapeutics, Inc. (as successor in interest and assignee of Intellia, LLC, and herein thereafter referred to as “Intellia”). Each of Caribou and Intellia may be referred to herein as a “Party” or together as the
“Parties.” Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the License Agreement. 

WHEREAS, Caribou and Pioneer Hi-Bred International, Inc. (“Pioneer”) have entered into that certain Amended and Restated
Collaboration and License Agreement, dated as of July 13, 2015, as may be amended or restated (the “Pioneer Agreement”), pursuant to which Caribou has been granted certain rights and licenses under proprietary and intellectual
property rights of Pioneer and its affiliates, including E.I. du Pont de Nemours & Company (“DuPont”): 

WHEREAS, the fields in which Caribou has been granted certain rights and licenses under the Pioneer Agreement include [***] the
Intellia Field; 
 WHEREAS, pursuant to Caribou’s obligations and Intellia’s rights under Section 2.7(a) of the
License Agreement, Caribou notified Intellia [***] of its execution of the Pioneer Agreement as a New In-License (as defined in the License Agreement), and Intellia notified Caribou [***] of its election to take the benefit of such New In-License;
and 
 WHEREAS, the Parties wish to enter into this Addendum to memorialize the terms and conditions applicable to such New
In-License. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows to be effective as of the Addendum Date: 
  

	1.	This Addendum is an Included In-License Addendum as set forth in Section 2.7(a) of the License Agreement, and, as of the Addendum Date, the Pioneer Agreement is a Caribou Included In-License, as defined in
Section 2.7(a) and a Caribou In-License as defined in Section 1.7 of the License Agreement. Asterisked terms used in this Addendum shall have the meanings set forth in the Pioneer Agreement. 

 

	2.	From the Addendum Date, DuPont Pioneer Background IP*, DuPont Pioneer Background Confidential Information,* Pioneer’s and its Affiliates” rights in Program Results,* and Caribou’s and its Affiliates’
rights in Program Results* are added to Caribou IP and included in the scope of the licenses granted to Intellia in the Intellia Field under Section 2.1 of the License Agreement for the duration of the License Term,* and, after expiration of
the Pioneer Agreement, such licenses will become non-exclusive, perpetual, irrevocable, fully paid-up and royalty-free. 

	3.	Milestone Payments. 

  

	 	(a)	For so long as Caribou’s license in the [***] is exclusive and such payments required under the Pioneer Agreement, Intellia will pay the following milestone payments to Caribou, as a pass-through to Pioneer, for
[***] of Intellia, its Affiliate or its Sublicensee in the Intellia Field. Each milestone payment shall be payable [***] upon the [***] achievement of the corresponding milestone event, except as expressly set forth in Section 3(vii).

 [***] 
  

	 	(b)	Intellia acknowledges that Caribou owes the above milestone payments to Pioneer within [***] of the occurrence of the corresponding milestone events, and, if due by Intellia, agrees to pay the above milestone payments
to Caribou within [***] of the occurrence of the corresponding milestone events by Intellia, its Affiliate or Sublicensee. 

  

	 	(c)	Intellia will provide Caribou written notice within [***] after achievement of a milestone event set forth in Section 4(a). 

  

	4.	Intellia’s rights under Sections 4.1(h)(i), 4.2(g)(i) and 4.3 of the License Agreement will extend to all Patents within [***] as provided by the Pioneer Agreement. 

 

	5.	Intellia’s obligation to maintain the DuPont Pioneer Background Confidential Information in confidence will cease [***]. 

  

	6.	To the extent not expressly supplemented by this Addendum, the License Agreement remains in full force and effect. 

  

	7.	This Addendum may be executed in one or more counterparts, each of which together will be deemed an original, and all of which together will be deemed to be one and the same instrument. Facsimile or PDF execution and
delivery of this Addendum by either Part) will constitute a legal, valid and binding execution and delivery of this Addendum by such Party. 

IN WITNESS WHEREOF, the Parties hereto have duly executed and delivered this Addendum to the License Agreement as of the Addendum
Date 
  

									
	CARIBOU BIOSCIENCES, INC.	 		 	INTELLIA THERAPEUTICS, INC.
					
	By:	 	 /s/ Rachel E. Haurwitz
	 		 	By:	 	 /s/ Nessan Bermingham

					
	Name:	 	Rachel E. Haurwitz, Ph.D.	 		 	Name:	 	Nessan Bermingham, Ph.D.
					
	Title:	 	President & CEO	 		 	Title:	 	President & CEO

  
 2EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 

THIS MANAGEMENT AGREEMENT (this “Agreement”), is made and entered into this
         day of                 , 2016 (the “Effective Date”), by and among RESOURCE APARTMENT
REIT III, INC., a Maryland corporation (the “Company”), RESOURCE APARTMENT OP III, LP, a Delaware limited partnership (the “OP”) and RESOURCE APARTMENT MANAGER III, LLC, a Delaware limited liability company
(“Manager”) and each entity listed on Exhibit B attached hereto as amended from time to time (each an “Owner” and collectively the “Owners”). 

R E C I T A L S 

The OP was organized to acquire, own, operate, lease and manage real estate properties and real estate related debt investments on behalf of
the Company. Owner (as defined below) intends to retain Manager to manage real estate properties and real estate related debt investments and to coordinate the leasing of, and manage construction activities related to, some of the real estate
properties for the benefit of the Company under the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
premises and the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 
 Except
as otherwise specified or as context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural
forms thereof: 
 1.01. Advisor. Advisor means Resource Apartment Advisor III, LLC, a Delaware limited liability company, or
its successor as advisor of the Company. 
 1.02 Asset. Asset means a Project or Debt Investment, as applicable. 

1.03 Budget. A composite of, for each Project, (i) an operations budget, which shall be an estimate of receipts and
expenditures for the operation of each Project (on a monthly cash basis) during a Fiscal Year, and (ii) a capital budget, which shall be an estimate of capital replacements, substitutions of and additions relating to each Project for a Fiscal
Year and for a five Fiscal Year period. The Budget shall include leasing parameters for the Projects. 
 1.04. Conflicts
Committee. The Conflicts Committee is defined in the articles of incorporation, as amended, of the Company. 
 1.05
Construction Management Fee. The Construction Management Fee is defined in Section 3.03 below. 

 1.06. Debt Investments. Debt Investments means, collectively, the real estate
related debt investments, including, but not limited to, non-performing or distressed loans, including first- and second-priority mortgage loans, mezzanine loans, B-Notes and other loans, in which Owner now owns a direct or indirect interest or
hereafter acquires a direct or indirect interest. 
 1.07. Depository. An FDIC insured bank designated by Owner. 

1.08. Depository Account. A trust fund account for the benefit of Owner established and maintained in an FDIC insured or
guaranteed account to be opened by the Owner. Manager shall open a separate Depository Account for each Project. 
 1.09. Disbursement
Account. A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b). Manager shall open a separate Disbursement Account for each Project.

 1.10. Fiscal/Budget Year. The year beginning on January 1st and
ending on December 31st. 
 1.11. Gross Receipts. The entire amount
of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, office, retail or other space, for each month during the term hereof; provided that there shall be excluded from tenant
rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the
operation of the Projects received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges
collected in connection with termination of the tenant leases. Gross Receipts also does not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of any Project, (ii) any loans
to Owner whether or not secured by all or any part of a Project, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or
proceeds from third-party damage claims). 
 1.12. Lease. Lease means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor. 
 1.13. Loan Servicing Fee. The Loan Servicing Fee is defined in
Section 3.02 below. 
 1.14. Management Fee. The Management Fee is defined in Section 3.01 below. 

1.15. Owner. Owner means the Company, the OP, or any joint venture, limited liability company or other affiliate of the Company
or the OP, owned wholly or partially by the Company or the OP, that owns, in whole or in part, on behalf of the Company, one or more Projects or Debt Investments as described on Exhibit B. 

1.16. Project. Project means each multifamily rental property or other real estate property in which Owner now owns a direct or
indirect equity interest or hereafter acquires a direct or indirect equity interest. 

  
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 1.17. Project Personnel. Those persons employed by Manager with Owner’s prior
approval to carry out Manager’s obligations under this Agreement (including, but not limited to, a Project Manager, Assistant Manager, Maintenance Supervisor, maintenance personnel, and other personnel necessary to the operation and maintenance
of any Project as specified in the Budget). 
 1.18. Security Deposit Account. A trust account for the benefit of Owner
established by Owner and maintained in an FDIC insured bank to hold tenant security deposits. Manager may open a separate Security Deposit Account for each Project. 

1.19. Term. The Term of this Agreement shall commence on the date hereof, and shall terminate on the one-year anniversary
thereof; provided, however, that unless this Agreement has been earlier terminated, the Term shall be automatically extended for additional one (1) year periods, on a year-to-year basis, commencing on the day immediately following the
then-scheduled end of the Term. Notwithstanding the foregoing, either Owner or Manager may terminate this Agreement by giving thirty (30) days notice in writing to the other party without reason, and either party may also terminate this
Agreement for cause as specified by Sections 7.02 and 7.04 below. 
 1.20. Working Capital Reserve. Twenty Thousand Dollars
($20,000) per Project of Working Capital reserve shall be maintained by Manager in the Disbursement Account during the term hereof, used in connection with the operation of the Projects in accordance with the terms hereof and restored per the terms
of Sections 4.03 hereof. 
 ARTICLE II 

DUTIES AND RIGHTS OF MANAGER 

2.01. Appointment of Manager. For and in consideration of the compensation hereinafter provided, Manager shall, and the Owner
hereby grants to Manager the right to manage the Assets, and to supervise and direct the leasing, management and operation of the Projects. Such engagement shall not commence with respect to any particular Asset until the Owner which owns such
Asset, in its sole discretion, has the ability to appoint or hire the Manager. Further, Owner may elect to exclude any Asset from the terms of this Agreement upon written notice to Manager delivered by Owner within ten (10) days following the
later of (i) Owner’s acquisition of a direct or indirect equity interest in such Asset or (ii) the date on which Owner, in its sole discretion, has the ability to appoint or hire the Manager with respect to such Asset. Owner has
the right to include any previously excluded Asset ten (10) days following delivery of written notice from Owner to Manager. Manager hereby accepts such appointment on the terms and conditions hereinafter set forth. 

All services performed by Manager under this Agreement shall be performed as an independent contractor of the Owner. All obligations or
expenses incurred hereunder, for the benefit of the Projects and all purchases of or contracts for sales or services in bulk or volume that Manager may obtain for discount or convenience in connection with its operation of other apartment projects,
shall be for the account of, on behalf of, and at the expense of the Owner (reasonably allocated between all benefited Projects) except as otherwise specifically provided herein. The Owner shall not be obligated to reimburse Manager for expenses
for: (i) office equipment or office supplies of Manager (unless incurred solely for the Assets), (ii) any overhead expenses of Manager incurred with respect to any offices located at any place other than on the Projects, (iii) costs
relating to accounting services performed hereunder, (iv) any salaries of employees of Manager not accounted for in the approved Budget and its supporting payroll schedule, or (v) any travel expenses of employees of Manager in supervising
the on-site Project Personnel and the operation of the Projects, unless approved in advance in writing by the Owner. 

  
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 Manager shall have the right to subcontract out some or all of the services that it performs
hereunder with respect to any or all of the Assets. In the event that Manager subcontracts out services or if an Owner engages a property manager not affiliated with Manager, Manager shall be entitled to receive the Management Fee for its oversight
of such manager, and the amount payable to such third party manager or any subcontracted manager shall be paid out of the Management Fee paid to Manager. 

2.02. Dealings with Advisor. Unless Owner specifically informs Manager to the contrary, Advisor may perform any of the
obligations or exercise any of the rights of Owner under this Agreement; provided that any actions that Advisor takes on behalf of Owner pursuant hereto are subject to the terms of the agreements between Advisor and Owner, and this Section 2.02
does not expand or modify the authority of Advisor to act on behalf of Owner. 
 2.03. General Operation. Subject to the
limitations imposed by the Budget from time to time, Manager shall manage the Projects and Debt Investments in the same manner as is customary and usual in management of comparable investments, and shall provide such services as are customarily
provided by operators and servicers of high quality projects and investments of comparable class and standing. 
 Manager has received
copies of agreements of limited partnership, joint venture partnership agreements and operating agreements of Owner and its affiliates as well as the articles of incorporation, bylaws, and registration statement on Form S-11 (no. 333-207740) of the
Company, including all prospectus supplements and post-effective amendments thereto (collectively, the “Ownership Agreements”) and is familiar with the terms thereof. Advisor agrees to obtain and review copies of all mortgages on
all properties and inform Manager of any restrictions relating to property use thereof. Manager will use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, in any way conflicts with the terms of the
Ownership Agreements or the mortgages in the absence of the express direction of the Conflicts Committee, and Manager shall promptly notify Owner if any such conflict arises. 

In addition to the other obligations of Manager set forth herein, Manager shall render the following services and perform the following duties
for Owner in connection with the Projects and Debt Investments in a commercially diligent and efficient manner: (a) maintain businesslike relations with tenants whose service requests shall be received, considered, recorded and acted upon in
systematic fashion in order to show the action taken with respect to each; (b) collect all monthly rentals due from tenants and rent from users of recreational facilities in the Project, if any; (c) request, demand, collect, and receive
any and all charges or rents which become due to Owner, and at Owner’s expense and the Company’s direction, coordinate and oversee such legal action as may be necessary or desirable to collect rent and/or evict tenants delinquent in
payment of monthly rental or other charges (security deposits, late charges, etc.) as more particularly described in Section 2.10 below; (d) prepare or cause to be prepared for execution by the Owner (and/or the Company, as applicable) all
forms, reports and returns, if any, required to be filed by or on behalf of the Owner under applicable federal, state or local laws and any other requirements relating to the employment of personnel (anything contained herein to the contrary
notwithstanding, however, Manager shall not be obligated to prepare any of Owner’s or the Company’s state or federal income tax returns; (e) use all reasonable efforts at all times during the term of this Agreement to operate and
maintain 

  
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the Projects according to the highest standards achievable consistent with the operation of comparable quality units; (f) advertise when necessary, within the constraints of the Budget, the
availability of units for rental and display “for rent” or other similar signs upon the Projects, it being understood that Manager may install one or more signs on or about the Project stating that the Project is under management of
Manager and may use, in a tasteful manner, Manager’s name and logo in any display advertising of the Project; (g) sign, renew and cancel tenant leases for the Project as agent for Owner, in compliance with standards established by Owner
and approved by Owner, on the lease form provided by Manager, and on terms based upon criteria approved from time to time by Owner and based upon Manager’s recommendations, and (h) monitor the performance of the Debt Investments, including
(i) collecting amounts owed to the Owner, (ii) reviewing on an as-needed basis the properties serving, directly or indirectly, as collateral for the Debt Investments, the owners of those properties and the markets in general and
(iii) maintaining escrow accounts, monitoring advances, monitoring loan covenants and reviewing insurance compliance. 
 It is
understood and agreed, however, that Manager shall not, and does not, provide security services to the Projects. Should the Owner choose to do so, the Owner may direct that Manager, on Owner’s behalf, separately contract with a non-affiliated
company (a “Security Company”) providing alarm systems, patrol and/or similar services (“Security Services”). Manager shall have no duty to supervise or control performance of Security Services for any Security
Company but Manager shall, if requested by Owner, evaluate and report its findings to Owner, as directed. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend, protect and hold Manager harmless for,
from and against any loss, liability, cost, expense, damage claim or cause of action, including, without limitation, attorneys’ fees, court costs and other litigation expenses and costs, arising from any personal injury, loss of property or
other matter occurring on or about any Project, relating to the acts or omissions of a Security Company, any claimed inadequacy of Security Services, the failure to provide Security Services or any other matter relating to the security of any
Project. The indemnification obligations of Owner in this Section 2.03 shall survive the expiration or earlier termination of this Agreement. 

2.04. Budget. 

(a) Manager will submit to Owner for Owner’s approval, an initial capital and operating budget for each Project (the “Initial
Budget”) for the first fiscal year (or partial fiscal year as appropriate) within 14 days after a Project is included under this Agreement. Manager shall submit to Owner for Owner’s approval no later than sixty (60) days prior to
the beginning of each successive Fiscal Year the Budget for the ensuing Fiscal Year. Manager shall provide Owner with such information regarding the Budget as may be, from time to time, reasonably requested by Owner. Upon receipt of the Budget from
Manager, the Company shall promptly deliver the Budget to Owner. Owner shall approve or object to the Budget. Manager may proceed under the terms of the proposed Budget for items that are not objected to and may take any action with respect to items
not approved if the expenditure is (i) less than Two Thousand Five Hundred Dollars ($2,500), (ii) is, in the Manager’s reasonable judgment, required to avoid personal injury, significant property damage, a default under any loan
encumbering the Project, a violation of applicable law or the suspension of a service or (iii) non-discretionary items such as real estate taxes, insurance or utilities. In the event that the items that are objected to are operational
expenditures (but not including real estate taxes, insurance, utilities and similar items that cannot be controlled by Manager), as opposed to capital expenditures, Manager shall be entitled to oversee and supervise the operation of each Project
using the prior year’s budget for that Project until the approval is obtained. If the Budget for that Project is not approved, upon the request of Owner, Manager will prepare and deliver to Owner, a revised Budget for the Fiscal Year. 

  
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 (b) Together with submission of the annual Budget, Manager shall submit to Owner for approval by
Owner an operating plan for the general operation of the Projects for the subsequent Fiscal Year, including a proposed list of improvements to the Projects, general insurance plan, marketing plan and plan for the general operation and maintenance of
the Projects (the “Operating Plan”). Upon the request of Owner, Manager will prepare and deliver to Owner, a revised Operating Plan for the Fiscal Year. 

(c) In the event there shall be a substantial discrepancy between the actual results of operations for any month and the estimated results of
operations for such month as set forth in the Budget or the Operating Plan for any Project, Manager shall, upon request, furnish to Owner within fifteen (15) days after the expiration of such month a written explanation as to why the
discrepancy occurred. If substantial variations have occurred or are anticipated by Manager during the course of any Fiscal Year, Manager, upon Owner’s reasonable request, shall prepare and submit to Owner a revised Budget and/or Operating Plan
covering the remainder of the Fiscal Year. 
 2.05. Project Personnel. Manager shall use reasonable and prudent efforts to
investigate, hire, train, instruct, pay, promote, discharge and supervise the work of all its employees involved with the management of the Projects. Since it is acknowledged that the Projects may need fulltime resident managers on site, it is
agreed that a Project Employee (including his/her spouse and dependent children) may live rent-free in an apartment unit designated by Owner, and receive, in addition, salary and normal benefits approved in advance and accounted for in the Budget.
All Project Personnel shall be employees of Manager. 
 Owner shall immediately reimburse Manager each pay period for the total aggregate
compensation, including salary, and other related costs and fringe benefits, payable with respect to the Project Personnel who shall be accounted for in the approved Budget and supporting payroll schedule, any temporary employees working at each
Project, the Project’s proportionate share of all costs relating to roving maintenance and similar personnel, but only to the extent reflected in the approved Budget. The term “fringe benefits” as used herein shall mean and include
the employer’s contribution of F.I.C.A., unemployment compensation and other employment taxes, worker’s compensation, group life and accident and health insurance premiums, 401K contributions, performance bonuses, and disability and other
similar benefits paid or payable by the Manager to its employees in other projects operated by Manager, but only to the extent reflected in the approved Budget. 

2.06. Contracts and Supplies. Except as otherwise provided herein, Manager, as sub-agent for Owner and at Owner’s expense,
and without compensation directly or indirectly to Manager, except as expressly set forth herein, shall enter into written agreements with (i) concessionaires, licensees, or other intended users of the facilities of the Projects,
(ii) contractors furnishing services to the Projects, including, but not limited to, utilities, janitorial, trash collection, cleaning, vermin extermination, furnace and air conditioning maintenance, security protection, pest control, landscape
and irrigation system maintenance, repair, maintenance, and replacement of elements of the buildings, recreational facilities or common areas (to the extent such work cannot reasonably and less expensively be done by Project Personnel), and any
other services that are reasonably necessary to the maintenance and operation of first-class projects comparable to the Projects (herein called “Customary Services”). Manager shall place purchase orders as and when necessary to
assure timely and adequate availability of such equipment, tools, appliances, materials and supplies as are necessary to properly maintain and operate the Projects. Notwithstanding the foregoing, all contracts (and renewals thereof) entered into by
Manager, unless Manager has obtained 

  
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Owner’s prior written consent, must be: (a) cancelable without penalty upon not more than thirty (30) days notice: and (b) have terms of one (1) year or less, and
(c) require the provider of such Customary Services pursuant to such contract to comply with Owner’s insurance requirements. Manager shall obtain competitive bids annually for any such contracts and, in connection therewith, shall
investigate the competency and history of all potential bidders; develop and submit detailed specifications for work to be performed; solicit and obtain such bids; conduct an analysis of bid results; and shall submit all bids to Owner for review and
approval, together with Manager’s recommendation with respect thereto. Manager shall continually inspect the Projects and ensure that all contract specifications are being properly administered, and conduct periodic complete walk-throughs of
the Projects with specific Customary Service providers as often as reasonably necessary. Manager shall use reasonable efforts to purchase all goods, supplies or services at the lowest cost reasonably available from reputable sources in the
metropolitan areas where the Projects are located. In making any contract or purchase, Manager shall use reasonable efforts to obtain favorable discounts for Owner and all discounts, rebates or commissions under any contract or purchase order made
hereunder shall inure to the benefit of Owner. Manager shall make payments under any such contract or purchase order to enable Owner to take advantage of any such discount if Owner provides sufficient funds therefor. 

2.07. Alterations, Repairs and Maintenance. 

(a) Manager shall make or install, or cause to be made and installed at Owner’s expense and in the name of Owner, all necessary or
desirable repairs, interior and exterior cleaning, painting and decorating, plumbing, alterations, replacements, improvements and other normal maintenance and repair work on and to the Projects as are customarily made by Manager in the operation of
first-class apartment projects; provided that no unbudgeted expenditure may be made for such purposes without the prior approval of Owner, except emergency repairs involving manifest danger to life or property, or when necessary to avoid criminal or
civil liability, or for the safety of the tenants, or to avoid the suspension of any necessary service to the Projects (“Emergency Repairs”). Emergency Repairs may be made by the Manager without prior approval and irrespective of
the cost limitations imposed by Section 2.04(a), provided that in each such instance, Manager shall, before causing any such Emergency Repairs to be made, use reasonable efforts under the circumstances to notify Owner of that repair. All such
work shall be performed by Project Personnel unless it is not reasonable for them to do so due to the expertise, time constraints, or other considerations involved, and/or because having them do so is more expensive. 

(b) In accordance with the terms of the approved Budget or upon written demand and/or approval (except in the case of emergency) of Owner,
from time to time during the term hereof Manager shall, at Owner’s expense, make all required capital improvements, replacements or repairs to the Projects. Subject to obtaining Owner’s prior written approval in regard to sums necessary to
cover costs of unbudgeted capital improvements, Manager shall first use any excess funds in the Depository Account that are not committed to operating expenses, and then shall use funds furnished by Owner for that purpose. The award of a contract
for a capital improvement exceeding $5,000 in cost shall be approved by Owner. 
 2.08. Licenses and Permits. Manager shall
apply for, obtain, and maintain, in the name and at the expense of Owner, all licenses and permits (including deposits and bonds) required of Owner or Manager in connection with the management and operation of the Project. Owner shall execute and
deliver any and all applications and other documents and to otherwise cooperate to the fullest extent with Manager in applying for, obtaining and maintaining such licenses and permits. 

  
 7 

 2.09. Compliance with Laws. Manager shall use all reasonable efforts to cause all
such acts and things to be done in and about the Projects as are required by this Agreement or by any laws, regulations and requirements of any federal, state or municipal government having jurisdiction respecting the use or manner of use of the
Projects or the maintenance or operation thereof. 
 2.10. Legal Proceedings. Manager shall institute, in its own name or in
the name of Owner and/or the Company or the OP (as applicable), all legal actions or proceedings that Manager deems reasonable in order to collect rent, or other income from the Projects pursuant to the Leases and to evict and dispossess tenants or
other persons in possession, or to otherwise cancel, terminate, or enforce any lease, license, concession or Customary Service contract for the breach thereof by the tenant, licensee, concessionaire, or contractor. All decisions with respect to
settlement or case management shall be made only after consultation with and approval by Owner. In each such instance where expenses related to such action are expected to exceed $2,000.00, Manager shall, before taking or causing to be taken any
such action, use reasonable efforts under the circumstances to notify Owner of the need for this action, and obtain Owner’s approval. Manager shall promptly notify Owner of any order, rule, or determination or notice of violation of any law or
order of any governmental authority. 
 2.11. Debts of Owner. In the performance of its duties as Manager, Manager shall act
solely on behalf of Owner in Manager’s capacity as an independent contractor. All debts and liabilities to third persons incurred by Manager pursuant to this Agreement and in the course of its operation and management of the Projects shall be
the debts and liabilities of Owner only, and Manager shall not be liable for (and is hereby indemnified with respect to) any such debts or liabilities, except to the extent Manager has exceeded its authority hereunder. Manager shall have no
responsibility to make payments on any indebtedness incurred directly by Owner whether or not secured by the Projects or any portion thereof. Without limiting the provisions of Section 6.03 of this Agreement, Owner shall indemnify, defend,
protect and hold Manager harmless for, from and against any loss, liability, cost, expense, damage claim or cause of action, including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs, arising from any
debt, liability or payment for which Manager is being exculpated pursuant to this Section 2.11. The indemnification obligation of Owner in this Section 2.11 shall survive the expiration or earlier termination of this Agreement. 

ARTICLE III 

MANAGEMENT FEES 

3.01 Management Fee. In addition to the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall,
on a monthly basis, pay to Manager for its property management services with respect to the Projects a Management Fee equal to 4.5% of Gross Receipts (or a prorated portion for the first month if the Commencement Date occurs on other than the first
day of the month); provided, however, that (i) for Projects that are less than 75% occupied upon the Owner’s taking of possession of such Project or (ii) to the extent that the Owner’s business plan for such Project includes a
reduction of the occupancy of such Project to less than 75% during the first 12 months after the Owner’s taking of possession of such Project, Manager will receive a minimum Management Fee for the first 12 months of ownership in an amount equal
to $40 per unit for multifamily rental properties or $0.05 per square foot for other types of properties per month. If this Agreement is terminated anytime other than last day of a calendar month, other than for cause, Manager shall be entitled to
receive the Management Fee on a pro rated basis for the month this Agreement is terminated.

  
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 For Assets managed or submanaged by third parties, Manager will receive the Management Fee and
pay the third party manger or submanager directly from that Management Fee an amount for managing the Asset. 
 3.02 Loan Servicing
Fee. In addition to the Management Fee and the other reimbursements to Manager provided for elsewhere in this Agreement, Owner shall, on a monthly basis, pay to Manager for its management services with respect to Debt Investments a Loan
Servicing Fee equal to 2.75% of gross interest received from these investments. For Assets managed or submanaged by third parties, Manager will receive the Loan Servicing Fee and pay the third party manger or submanager directly from that Loan
Servicing Fee an amount for managing the Asset. 
 3.03 Construction Management Fee. If Manager is requested by Owner to
provide construction management services for new capital improvements (and not maintenance or repairs), Owner shall pay a construction management fee to Manager equal to 5.0% of actual aggregate cost of the redevelopment construction. The payment of
the Construction Management Fee shall be subject to the limitations on acquisition fees and expenses contained in the Company’s charter. 

3.04 Other Fees. With the prior approval and direction of Owner, Manager may obtain services and materials, including, but not
limited to, advertising, consulting, computer hardware and software, forms for use at the Projects, contract services, accounting and bookkeeping services and building materials, through the organization subsidiaries or affiliates of Manager for the
benefit of the Projects and Debt Investments, provided the quality of service and the price thereof is competitive with comparable prices and services offered by third parties, and the costs therefore shall be reimbursed by Owner. All discounts,
rebates and other savings realized as a result of such services being supplied by an affiliate of Manager shall inure solely to the benefit of Owner. In addition, the following overhead costs shall be reimbursed by Owner: (x) a $350 per month
per Project IT Fee for use of Manager’s IT Help Desk and computer training services and (y) a $350 per month per Project Support Fee for use of Manager’s regional management personnel for training and preparation, review and advisory
services relating to third party contracts. 
 3.05 Place of Payment. All sums payable by Owner to Manager hereunder shall be
payable to Manager at 1845 Walnut Street, 18th Floor, Philadelphia, Pennsylvania 19103, unless the Manager shall from time to time specify a different address in writing. 

ARTICLE IV 
 PROCEDURE
FOR HANDLING RECEIPTS AND OPERATING CAPITAL 
 4.01. Bank Deposits. (a) All monies received by Manager for or on
behalf of Owner shall be deposited into a “Depository Account” which shall be an interest bearing account designated by Owner in Owner’s name. Manager shall account for such funds consistent with the system of accounting for the
Projects and Debt Investments approved by Owner. All funds on deposit shall be and remain under the sole and exclusive control of Owner, subject to the provisions hereof. Each Owner shall establish a separate Depository Account for the Project that
it owns and shall not comingle moneys with respect to any other Project in such Depository Account. 

  
 9 

 (b) A separate “Disbursement Account” for each Project shall also be established to pay
the normal and reasonable expenses incident to the operation and maintenance of the applicable Project. The Disbursement Account shall be under the signatory control of the Manager. 

4.02. Security Deposits. Manager shall comply with all applicable laws with respect to security deposits. All security deposits
and other funds received by Manager shall be promptly deposited in a separate Security Deposit Account for the applicable Project and at all times be the property of the Owner for that Project, subject to Owner’s obligation to refund the same
to tenants if and when required by the leases. 
 4.03. Transfer and Disbursement Account. Upon written request of Manager
with supporting documentation, Owner shall weekly wire funds from the Depository Account into the Disbursement Account in the amount of disbursements to be made on behalf of the Project approved by Owner. Manager shall write checks from the
Disbursement Account to pay for (i) costs and expenses of maintaining, operating, leasing, and supervising the operation of the Projects, in accordance with the approved Budget and (ii) security deposit reimbursement to tenants to the
extent they are entitled reimbursement under the leases, or payment of rent, damages, or other purposes for which security deposits may be used pursuant to the leases. 

4.04. Authorized Signatories. In addition to any signatory designated by Owner, any persons from time to time designated by
Manager, and approved in writing by Owner, shall be authorized signatories on the Disbursement Account, and shall have authority to make disbursements from such Disbursement Account for the purpose of fulfilling Manager’s obligations hereunder.
Funds over Five Thousand Dollars ($5,000.00) may be withdrawn from the Disbursement Account in accordance with this Article IV, only upon the signature of at least two (2) individuals who have been granted that authority by Manager and funds
over Twenty Five Thousand Dollars ($25,000) may be withdrawn from the Disbursement Account in accordance with this Article IV only upon the additional prior written approval of Owner, excluding property taxes. All persons who are authorized
signatories or who in any way handle funds for the Projects (on-site or off-site) shall be insured for dishonesty in the minimum account of $500,000.00 per occurrence or loss with not more than a $5,000.00 deductible. A certificate confirming such
insurance naming Manager, the Company, the OP and Owner as named insureds and confirming that it will not be modified or cancelled without at least thirty (30) days prior written notice to Owner shall be delivered to Owner within 10 days after
the date hereof. Any expense relating to such bonds shall be paid by Manager without reimbursement. 
 ARTICLE V 

Accounting 

5.01. Books of Accounts. Manager shall maintain adequate and separate books and records for the Projects and Debt Investments
with the entries supported by sufficient documentation to ascertain their accuracy with respect to the Projects and Debt Investments. Owner agrees to provide to Manager any financial or other information reasonably requested by Manager to carry out
its services hereunder. Manager shall maintain such books and records at the Manager’s office, at the Projects or at a designated office readily accessible to the Company, the OP and/or Owner. Manager shall ensure such control over accounting
and financial transactions as is commercially reasonably necessary to protect the 

  
 10 

 
Owner’s assets from theft, error or fraudulent activity by Manager’s employees. Manager shall bear losses arising from such instances, including, without limitation, the following:
(a) theft of assets by Manager’s employees, principals or officers or those individuals associated or affiliated with Manager; (b) overpayment or duplicate payment of invoices arising from either gross negligence or willful
misconduct, unless credit is subsequently received; (c) overpayment of labor costs arising from either the gross negligence or willful misconduct of Manager, unless credit is subsequently received by the Owner; (d) overpayment resulting
from payment from suppliers to Manager’s employees or associates arising from the purchase of goods or services for the Projects; and (e) unauthorized use of facilities by Manager or Manager’s employees or associates. 

5.02. Financial Reports. No later than the fifteenth (15th) calendar
day following the close of each month and calendar quarter, Manager shall furnish to Owner a report of all significant transactions occurring during the prior month as described on Exhibit A attached hereto. Manager also shall deliver to Owner
within a reasonable time after (i) the close of a calendar year and (ii) the termination of this Agreement, a balance sheet for the Projects and Debt Investments. This report shall show all collections, delinquencies, uncollectible items,
vacancies and other matters pertaining to the management, operation and maintenance of the Projects and Debt Investments during the month. Upon the termination of this Agreement, Manager shall deliver to Owner all reports described on Exhibit A
within thirty (30) calendar days of the effective date of termination. The statement of income and expenses, the balance sheet and all other financial statements and reports shall be prepared on an accrual basis in accordance with, to the
extent possible, generally accepted accounting principals (except that footnote disclosures are not required). Manager may, but shall not be required, to, obtain audited financial statements for the Projects. Upon request by Owner, Manager shall
also comply with all reporting requirements relating to the operation of the Projects required under any mortgage or deed of trust affecting the Projects. Notwithstanding the foregoing, Owner reserves the right to reasonably request that the
financial reports be provided in a different format at no additional cost. 
 5.03. Supporting Documentation. As additional
support to the quarterly financial statement, unless otherwise directed by Owner, and at the expense of Owner, Manager shall maintain and make available at Manager’s office or at the Projects or at a designated office readily accessible to the
Company, the OP and/or Owner, copies of the following: (a) all bank statements, bank deposit slips, bank debit and credit memos, canceled checks and bank reconciliations; (b) detailed cash receipts and disbursement records;
(c) detailed trial balance for receivables and payables and billed and unbilled revenue items; (d) rent roll of tenants; (e) paid invoices (or copies thereof); (f) summaries of any adjusting journal entries; (g) supporting
documentation for payroll, payroll taxes and employee benefits; (h) appropriate details of accrued expenses and property records; (i) information regarding the operation of the Projects necessary for preparation of the tax returns for the
Owner; and (j) market study of competition (quarterly only). In addition, Manager shall deliver quarterly to Owner with the quarterly financial statement, copies of the documents described in (a) (statements and reconciliations only), (b),
(c), (d) and (h) above. Manager shall deliver a copy of the document described in (j) to Owner upon receipt of a written request. 

  
 11 

 ARTICLE VI 

GENERAL COVENANTS 

6.01. Operating Expenses. The Company and the OP shall cause Owner to be solely responsible for the costs and expenses of
maintaining and operating the Projects in accordance with the provisions of this Agreement, and shall pay all such costs and expenses, to the extent contemplated by this Agreement or incurred in accordance with the Budget, except if such costs
and/or expenses are (i) attributable to costs arising from gross negligence or willful misconduct of Manager or Manager’s associates and/or employees; or (ii) cost of insurance purchased by Manager for its own account. 

6.02. Right of Inspection and Review. Owner, the Company and the OP and their accountants, attorneys, and agents shall have the
right to enter upon any part of the Projects at all reasonable times during the term of this Agreement for the purpose of examining or inspecting the Projects or examining or making extracts of books and records of the Projects, but any inspection
shall be done with as little disruption to the business of the Projects as possible during normal office hours and with reasonable notice. 

6.03. Indemnification and Hold Harmless. 

(a) Indemnification and Hold Harmless By Owner. Owner shall indemnify, hold harmless and defend Manager (and Manager’s
partners, directors, shareholders, officer, employees and agents), with counsel reasonably satisfactory to both the Manager and the Owner’s insurer, for, from and against any and all liabilities, claims, causes of action, losses, demands and
expenses whatsoever including, but not limited to attorneys’ fees, court costs and other litigation expenses and costs arising out of or in connection with the ownership, maintenance or operation of the Projects, Debt Investments or this
Agreement, including but not limited to claims involving security services as to which Manager is acting under the express or implied directions of Owner, and the loss of use of property following and resulting from damage or destruction
(collectively “Claims”), except to the extent arising directly from the negligence or misconduct of Manager. Owner’s Liability Insurance (as defined in Section 8.01 below) will be required to cover all actions of Manager
where the Owner’s insurer agrees to provide Owner and Manager a defense (whether or not such defense is provided with a reservation of rights by the insurer) in accordance with the terms of such insurance policy. The indemnification by Owner
contained in this Section 6.03 is separate and in addition to any other indemnification obligations of Owner contained in this Agreement. 

(b) Indemnification By Manager. Manager shall indemnify Owner and the Company, the OP and Advisor (and their respective
directors, shareholders, members, trustees, agents, employees and officers) with counsel reasonably satisfactory to both the Owner and the Manager’s insurer, for, from and against any and all Claims, which arise out of the gross negligence or
willful misconduct of Manager. 
 (c) Survival of Covenants. The indemnification and hold harmless obligations of the parties
in this Section 6.03 shall survive the expiration or earlier termination of this Agreement. 

  
 12 

 6.04. Covenants Concerning Payment of Operating Expenses. If there are not
sufficient funds in the Depository Account to move to the Disbursement Account in order to make any payment of operating expenses, Manager shall immediately notify Owner in writing. Owner will deposit funds within fifteen (15) days of written
notification into the Disbursement Account. Owner further recognizes that the Projects may be operated in conjunction with other projects and that costs may be allocated or shared between such projects on a more efficient and less expensive method
of operation in an effort to save costs and operate the Projects in a more efficient manner. 
 6.05. No Comingling.
Notwithstanding anything to the contrary herein, each Owner shall only be obligated for the expenses and debts, and shall only be entitled to the income, from the Asset(s) that it owns. No Owner shall comingle, or permit Manager to comingle,
any accounts related to the Asset(s) that it owns with the accounts of any other Assets. 
 ARTICLE VII 

DEFAULTS; TERMINATION RIGHTS 

7.01. Default by Manager. Manager shall be deemed to be in breach hereunder in the event Manager shall fail to keep, observe or
perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Manager, and such breach shall continue for a period of thirty (30) days after notice thereof by Owner to Manager, or if such breach
cannot be cured within thirty (30) days, then such additional period as shall be reasonable, provided that Manager is capable of curing same and is diligently proceeding to cure such breach, and provided further that if such breach is a failure
to pay money, such, cure period shall be five (5) days after notice from Owner with no additional period thereafter. 
 7.02.
Remedies of Owner. Upon the occurrence of a breach by Manager as specified in Section 7.01 hereof, Owner shall be entitled to immediately terminate this Agreement and Owner shall have the right to pursue any other remedy it may have
at law or in equity. Following such a termination, Owner shall have no further obligation to pay any fee due hereunder. Notwithstanding such termination, Manager shall not be relieved of any liability arising as a result of Manager’s default
and the resulting termination of this Agreement. 
 7.03. Defaults by Owner. Owner shall be deemed to be in breach hereunder
in the event Owner shall fail to keep, observe or perform any covenant, agreement, term or provision of this Agreement to be kept, observed or performed by Owner, and such breach shall continue for a period of thirty (30) days after written
notice thereof by Manager to Owner, or if such breach cannot be cured within thirty (30) days, then such additional period as shall be reasonable provided Owner is capable of curing same and is diligently proceeding to cure such breach,
provided that such breach is a failure to pay money, such cure period shall be five (5) days after written notice from Manager with no additional period thereafter. 

7.04. Remedies of Manager. Upon the occurrence of a breach by Owner as specified in Section 7.03 hereof, Manager shall be
entitled to immediately terminate this Agreement and upon any such termination by Manager pursuant to this Section 7.04, Manager shall have the right to pursue any other remedy it may have at law or in equity, it being expressly understood that
following such a termination, Manager shall have no further obligation to perform any of its obligations hereunder other than pursuant to Section 7.05 below, however, notwithstanding such termination, Owner shall continue to be obligated to pay
and perform all of its obligations which have accrued as of the date of termination. 

  
 13 

 7.05. Expiration of Term. Upon the expiration of the Term hereof pursuant to
Section 7.07 hereof, or the earlier termination hereof pursuant to either of Section 7.01 or 7.03, Manager shall deliver to Owner all funds, including tenant security deposits, but save and except such sums that are due and owing to
Manager hereunder and the books and records of Owner then in the possession or control of Manager. Within thirty (30) days following expiration or termination, Manager shall deliver to Owner a final accounting, in writing, with respect to the
operations of the Projects. This provision shall survive the expiration or earlier termination of this Agreement. 
 7.06. Termination
of Advisory Agreement. Notwithstanding anything to the contrary contained herein, unless the holder of a mortgage on a Project otherwise determines to keep this Agreement in effect, this Agreement shall automatically terminate upon Manager
receiving written notification from Advisor or Owner that Owner has terminated the Advisory Agreement. Upon such termination, the parties hereto shall have no further obligation to the other, unless otherwise specifically set forth herein. 

7.07 Termination of a Project or Debt Investment. This Agreement shall automatically terminate as to any specific Project or
Debt Investment upon its sale or other transfer of ownership to a person other than Owner or an affiliate of Owner. In the event that Owner forecloses or otherwise takes title to the real property underlying a Debt Investment, the underlying
property will automatically become a Project under this Agreement, unless the property is excluded pursuant to Section 2.01 of this Agreement, and Manager will thereafter be entitled to receive a Management Fee instead of a Loan Servicing Fee
with respect thereto. 
 ARTICLE VIII 

INSURANCE 
 8.01
Owner’s Liability Insurance. During the term of this Agreement and all renewals thereof, Owner shall, at Owner’s expense, carry and maintain primary commercial general liability insurance on an “occurrence” basis,
naming Manager as an additional insured, with limits of not less than Five Million Dollars ($5,000,000.00) per occurrence (the “Owner’s Liability Insurance”). Owner shall name Manager as an additional insured on Owner’s
Liability Insurance. If the Owner’s Liability Insurance has a deductible, or similar clause, Owner shall be responsible for paying any losses that are not covered by the Owner’s Liability Insurance because of said deductible or similar
clause. 
 8.02. Insurance Carried by Manager. Manager shall maintain the following insurance during the term of this
Agreement, as approved by Owner: 
 (a) Workers’ Compensation Insurance complying with the laws of the State in which the work is to be
performed covering all its employees whether or not working at or in connection with a Project, as a Project Personnel expense under Section 2.05 above; 

(b) Employers’ Liability Insurance with minimum liability limits of $1,000,000 Bodily Injury by Accident per accident, $1,000,000 Bodily
Injury by Disease per person and $1,000,000 Bodily Injury by Disease policy limit, at Manager’s expense as part of its overhead; 

  
 14 

 (c) Commercial General Liability Insurance with minimum limits of $1,000,000 Combined Single
Limit for Bodily Injury and Property Damage, each occurrence/$2,000,000 General Aggregate, at Manager’s expense as part of its overhead; 

(d) Automobile Liability Insurance covering owned, non-owned and hired automobiles and automobile equipment with minimum limit of $1,000,000
for injury or death of any one person, for any occurrence and property damage, at Manager’s expense as part of its overhead; and 
 (e)
Employees Dishonesty Insurance as described in Section 4.04 above, at Manager’s expense as part of its overhead. 
 Insurers providing the
coverage to Owner and Manager described in this Article VIII shall have a Best’s rating of A-VII or better. Owner reserves the right to approve the insurer’s form and content of Manager’s insurance policies. All policies will contain
severability of interest provisions. Within thirty (30) days of the date of this Agreement, Owner shall provide to Manager, and Manager shall provide to Owner, Certificates of Insurance evidencing insurance. Such certificates will be endorsed
to provide thirty (30) days prior written notice to Manager of any material change or cancellation of coverage. 
 8.03.
Owner’s Liability Insurance shall be Primary. In connection with claims by third parties, as between Owner’s Liability Insurance and Manager’s Liability Insurance, Owner’s Liability Insurance shall be considered the
primary coverage. No claim shall be made by Owner or its insurance company under or with respect to any insurance maintained by Manager except in the event that Owner’s Liability Insurance is exhausted or in the event such claim is caused
solely by the gross negligence (except actions or policies specifically approved or required by Owner) or willful misconduct (except actions or policies specifically approved or required by Owner) on the part of Manager or Manager’s employees.
Owner shall have its insurance carrier accept and endorse these coverage requirements. 
 8.04. Waiver of Subrogation. Each
insurance policy maintained by Owner or by Manager as required herein shall contain a waiver of subrogation clause, so that no insurer shall have any claim over or against Owner or Manager, as the case may be, by way of subrogation or otherwise,
with respect to any claims that are insured under such policy. All insurance relating to each Project shall be only for the benefit of the party securing said insurance and all others named as insureds. Owner and Manager hereby release each other
from all rights of recovery under or through subrogation or otherwise for any and all losses and damages to the extent of such insurance coverage and agree that no insurer shall have a right to recover any amounts paid with respect to any claim
against Owner or Manager by subrogation, assignment or otherwise. 
 8.05. Handling Claims. Manager shall report to Owner
promptly in writing all accidents and claims of which it is aware for damage and injury relating to the ownership, operation, and maintenance of the Projects and any damage or destruction to the Projects coming to the attention of Manager. Manager
shall not settle on Owner’s behalf any claims with Owner’s insurers or any third-party claimant without Owner’s prior consent. 

  
 15 

 8.06. Environmental Matters. 

(a) Manager shall not knowingly place or cause to be placed on, in, under or around the Projects, any Hazardous Substances (as defined below).
Manager shall take all commercially reasonable steps to cause any tenants who do same to remove such Hazardous Substances in a timely manner. Without limiting the provisions of Section 6.03 of this Agreement, Owner agrees to defend, indemnify,
and hold harmless Manager and its partners, officers, employees and agents, for, from and against any and all actions, administrative proceedings, causes of action, charges, claims, commissions, costs, damages, decrees, demands, duties, expenses,
fees, fines, judgments, liabilities, losses, obligations, orders, penalties, recourses, remedies, responsibilities, rights, suits and undertakings of every nature and kind whatsoever, including, but not limited to, attorneys’ fees, court costs
and other litigation expenses and costs, from the presence of Hazardous Substances on, under or about the Project, except to the extent that the Hazardous Substances are present as a result of the gross negligence or willful misconduct of Manager or
the breach of Manager’s obligations pursuant to the first sentence of this Section 8.06. Without limiting the generality of the foregoing, the indemnification provided by this paragraph specifically shall cover costs incurred in connection
with any investigation of site conditions or any remediation, removal or restoration work required by any federal, state or local governmental agency because of the presence of Hazardous Substances in, on, under or about the Project, except to the
extent that the Hazardous Substances are present as a result of the gross negligence or willful misconduct of Manager or the breach of Manager’s obligations pursuant to the first sentence of this Section 8.06. For purposes of this section,
“Hazardous Substances” shall mean (i) all substances defined as hazardous materials, hazardous wastes, hazardous substances, or extremely hazardous waste under any applicable federal, state, or local law or regulation, and
(ii) mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto. The indemnification obligation of Owner in this Section 8.06 shall survive the expiration or earlier termination
of this Agreement. 
 (b) Without limiting the indemnifications set forth in Section 8.06(a) above, Owner and Manager further agree
that Owner is solely responsible for any and all conditions at the Projects that could give rise to bodily injury or property damage claims stemming from the presence of mold, mold contamination, mold spores, bacterial contaminants and/or any and
all substances or materials related thereto. Manager shall endeavor to inform Owner of the availability and cost of insurance to cover any and all conditions at the Projects that could give rise to bodily injury or property damage claims stemming
from the presence of mold, mold contamination, mold spores, bacterial contaminants and/or any and all substances or materials related thereto, but the decision of whether or not to purchase insurance relating to such risk is solely that of Owner,
and Manager shall have no obligation or liability whatsoever therefor. Owner’s failure to purchase or consider insurance alternatives for such risk shall not in any manner alter Manager’s obligations or liabilities hereunder. 

ARTICLE IX 

MISCELLANEOUS PROVISIONS 

9.01. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania. 
 9.02. Notices. Any notice or communication hereunder must be in writing, and may be given
either by personal delivery or by private courier with an acknowledged receipt or by registered or certified mail, and if given by registered or certified mail, the notice shall be deemed to have been given and received three (3) business days
after a registered or certified letter containing such notice, properly addressed, with postage prepaid, is deposited in the United States mail; and if given otherwise than by registered mail, it shall be deemed to have been given when delivered to
and received by the party to whom 

  
 16 

 
it is addressed. Such notices or communications shall be given to the parties hereto at the addresses set forth opposite the names of the respective parties on the signature page hereof. Any
party hereto may at any time by giving ten (10) days written notice to the other party hereto designate any other address in substitution of the foregoing address to which such notice or communication shall be given. 

9.03. Severability. If any term, covenant or condition of this Agreement or the application thereof to any person or
circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or such other documents, or the application of such term, covenant or condition to persons or circumstances other than those as to which it is held
invalid or unenforceable, shall not be affected thereby, and each term, covenant or condition of this Agreement or such other documents shall be valid and shall be enforced to the fullest extent permitted by law. 

9.04. No Joint Venture or Partnership. Owner and Manager hereby agree that nothing contained herein or in any document executed
in connection herewith shall be construed as making any combination of Manager, Owner, the Company and the OP joint venturers or partners. 

9.05. Modification; Termination. This Agreement terminates any and all prior management agreements among Owner and Manager,
related to the Projects and Debt Investments, and any amendment, modification, termination or release of this Agreement may be affected only by a written instrument executed by Manager and Owner. 

9.06. Attorneys’ Fees. Should either party employ an attorney or attorneys to enforce any of the provisions hereof or to
protect its interest in any manner arising under this Agreement, or to recover damages for the breach of this Agreement, the prevailing party in such action shall be entitled to recover all reasonable costs, damages and expenses, including
attorneys’ and experts’ fees, and costs expended or incurred in connection therewith. 
 9.07. Total Agreement. This
Agreement is a total and complete integration of any and all agreements existing among Manager and Owner and supersedes any prior oral or written agreements, promises or representations between them. 

9.08. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their permitted successors and assigns. This Agreement is not assignable by Manager without Owner’s consent. 
 [SIGNATURES CONTAINED
ON FOLLOWING PAGE] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have executed this Management Agreement as of the day and
year first above written. 
  

							
	ADDRESS	 		 	OWNER
			
		 		 	RESOURCE APARTMENT OP III, LP
			
		 		 	BY: RESOURCE APARTMENT REIT III, INC., as general partner of Resource Apartment OP III, LP
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Alan F. Feldman
	Philadelphia, PA 19103	 		 	Title: President

  

							
		 		 	RESOURCE APARTMENT REIT III, INC.
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Alan F. Feldman
	Philadelphia, PA 19103	 		 	Title: President

  

							
	ADDRESS	 		 	ADVISOR
			
		 		 	RESOURCE APARTMENT ADVISOR III, LLC
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Kevin M. Finkel
	Philadelphia, PA 19103	 		 	Title: President

  

							
	ADDRESS	 		 	MANAGER
			
		 		 	RESOURCE APARTMENT MANAGER III, LLC
				
	1845 Walnut Street	 		 	By:	 	 
	18th Floor	 		 	Name: Kevin M. Finkel
	Philadelphia, PA 19103	 		 	Title: President

  
 18 

 Exhibit A 
  

	I.	MONTHLY REPORTING REQUIREMENTS 

 Manager must provide the following by the 15th day of every calendar month: 
  

	 	•	 	Operating Statements on an accrual basis in both traditional P&L format (to GAAP Net Income) and Owner approved format (to NOI, Net Cash Flow, and Ending Cash), showing MTD and YTD in Actual/Budget/Variance column
format 

  

	 	•	 	Accrual basis variance analysis, with tenant-level detail for income, TI, and leasing expenses 

  

	 	•	 	Check Register for the current month 

  

	 	•	 	VOID Check register 

  

	 	•	 	Balance Sheets on an accrual basis 

  

	 	•	 	Rent Roll and Vacancy reports 

  

	 	•	 	Aged Accounts Receivable trial balance 

  

	 	•	 	Security Deposit detail ledger 

  

	 	•	 	General Ledger reports on an accrual basis 

  

	 	•	 	All above information in no more than three (3) hardcopies, with financial statements in a electronic format 

  

	 	•	 	Copy of Bank Statement(s) and reconciliation(s) 

  

	 	•	 	Copies of invoices for individual capital expenditures exceeding $5,000 

  

	 	•	 	Ending trial balance on an accrual basis 

  

	 	•	 	Net activity trial balance on an accrual basis 

  

	II.	QUARTERLY REPORTING REQUIREMENTS 

 In addition to the monthly requirements
(above), the Manager must provide the following by the 15th day of every calendar month following each calendar quarter end: 

 

	 	•	 	QTD Operating Statements in Actual/Budget/Variance column format 

 Exhibit B 

OWNERS 

  
 20

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