SEC Contract Filing

Filing Date: 2015-08-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>v419036_ex10-9.htm
<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.9</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS ESTOPPEL AND
AGREEMENT</B> (this &ldquo;<B>Agreement</B>&rdquo;) is made as of the <U>18</U> day of <U>August</U>, 2015 by <B>AR I BORROWER,
LLC</B>, a Delaware limited liability company (&ldquo;<B>Seller</B>&rdquo;), for the benefit of <B>BR ASHTON I OWNER, LLC</B>,
a Delaware limited liability company (together with its successors and assigns, the &ldquo;<B>Purchaser</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>RECITALS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Seller is
the owner of that certain real property commonly known as Ashton Reserve at Northlake Phase I, located in Charlotte, Mecklenburg
County, North Carolina, which is more particularly described on <B>Exhibit &ldquo;A&rdquo; </B>attached hereto and made a part
hereof (the &ldquo;<B>Seller Property</B>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Seller
Property is subject to that certain Declaration of Easements, Covenants and Restrictions dated as of November 22, 2013, made by
Northlake Investors 288, LLC, an Alabama limited liability company (&ldquo;<B>Declarant</B>&rdquo;), dated as of November 22, 2013,
and recorded in Book 28849, Page 615 in the Mecklenburg County, North Carolina Registry (the &ldquo;<B>Declaration</B>&rdquo;);
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Declaration
also encumbers certain adjacent property owned by Declarant and commonly known as Ashton Reserve at Northlake Phase II, located
in Charlotte, Mecklenburg County, North Carolina and more particularly described on <B>Exhibit &ldquo;B&rdquo;</B> attached hereto
and made a part hereof (the &ldquo;<B>Declarant Property</B>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Purchaser
is contemplating acquiring the Seller Property; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Seller, for
the benefit of the Purchaser, desires to make certain representations, covenants and agreements with respect to the Declaration</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller, to its actual knowledge,
hereby represents, covenants and agrees as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
has the power and authority under the Declaration to confirm the status of compliance by Declarant with the terms of the Declaration.
The undersigned representative of Seller is duly authorized and fully qualified to execute this Agreement on behalf of Seller,
thereby binding Seller.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Declaration (i) is in full force and effect, (ii) has not been assigned, supplemented, amended or otherwise modified except as
provided for herein, and (iii) represents the entire understanding of the parties thereto as well as their respective successors-in-title
or assigns as to the subject matter contained therein, and there exist no other documents, agreements or understandings with respect
to said subject matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declarant
is in material compliance with the materia