SEC Contract Filing

Filing Date: 2015-05-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>v411726_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.4</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPERTY MANAGEMENT AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This <B>PROPERTY MANAGEMENT AGREEMENT
</B>(the &ldquo;Agreement&rdquo;), entered into as of this 20th day of May, 2015, by BR-TBR WHETSTONE OWNER, LLC, a Delaware limited
liability company (&ldquo;Owner&rdquo;) and TRIBRIDGE RESIDENTIAL PROPERTY MANAGEMENT ADVISORS, LLC, a Georgia limited liability
company (&ldquo;Manager&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN CONSIDERATION </B>of the mutual
covenants and promises each to the other made herein, the Owner does hereby engage Manager exclusively as an independent contractor,
and the Manager does hereby accept the engagement, to rent, lease, operate, repair and manage the property more particularly described
below (the &ldquo;Project&rdquo;) upon the following terms and conditions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE PROJECT</B>: Located in the City
of Durham, County of Durham, State of North Carolina and being known to consist of 204 multi-family residential units, and more
particularly described as:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Whetstone Apartments, 501 Willard St, Durham,
NC 27701</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SECTION 1: DEFINITIONS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.01 TERM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-align: justify">The term of this Agreement
shall commence on the date hereof and shall, subject to the provisions hereof, terminate <U>on December 31, 2015. </U>This Agreement
will automatically renew on a year to year basis thereafter until and unless terminated in accordance with the terms hereof under
Section 7.06; provided, however, as long as the Project has met the Projected Financial Metrics during the initial term expiring
on December 31, 2015, the Owner will, subject to the absence of any &ldquo;for cause&rdquo; events described in Section 7.06,
not terminate this Agreement on December 31, 2015 and the term will automatically extend for an additional one year period to
December 31, 2016. For purposes hereof, &ldquo;Projected Financial Metrics&rdquo; shall mean (i) the Project is 60% leased as
of November 20, 2015, and 70% occupied as of December 31, 2015, (ii) the controllable operating expenses for the Project (i.e.,
all expenses other than taxes, insurance and utilities and expenses arising out of a casualty or condemnation) have not exceeded
the budgeted expenses in the aggregate as set forth in the approved Budget and (iii) for the month ending December 31, 2015, the
Project has generated Gross Receipts that, if annualized, would equal $2,300,000 in annual Gross Receipts for calendar year 2015,
provided that the calculation of Gross Receipts for purposes of this Section 1.01(iii) shall exclude non-recurring concessions
associated with the lease-up of the Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.35pt; text-align: justify; text-indent: 32.65pt">1.02
FEES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-align: justify">The <FONT STYLE="font-weight: normal; text-underline-style: double">management
fee</FONT><B> </B>(&ldquo;Base Management Fee&rdquo;)<B> </B>payable each month by Owner to Manager hereunder shall be an amount
equal to the greater of (a) $5,000 per month and (b) <FONT STYLE="font-weight: normal; text-underline-style: double">three </FONT>percent
(3%) of the Gross Receipts from the Project including any partial month in which Manager accepts engagement; provided, however,
once the Project initially reaches Stabilization, the $5,000 minimum Base Management Fee shall no longer be applicable. For purposes
hereof, Stabilization is defined as the Project being at least 90% leased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.05pt; text-align: justify">If additional services not
outlined herein are required by the Owner or Manager, Owner shall pay Manager for such additional services under the terms and
conditions to be agreed upon by the parties. Manager shall be under no obligation to provide such additional services unless and
until the parties have entered into a written agreement reflecting the terms and conditions thereo