Common use of INCORPORATION OF ATTACHED EXHIBITS Clause in Contracts

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGS, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved ¨ Exhibit L Reserved ¨ Exhibit M Reserved ¨ Exhibit N Reserved x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSBR CXXXXXX XXXXXXXX CREEK RANCH, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Jxxxxx Xxxxx Jxxxxx Xxxxx Authorized Signatory SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Mxxxxx X. Xxxxx Name: Xxxx Xxxxxx Mxxxxx X. Xxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSSIR OAK CROSSING, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXX LANDING, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: _/s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating_____________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant _/s/ Xxxxx X. Tyler_________________ Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 92 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXXX PLACE, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 92 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXXX PARK, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS - NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR KENSINGTON, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx Xxxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) Xxxxx X. Xxxxxxx Treasurer LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Xxxxx X. Xxxxx Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXX CROSSING, LLCLLC a Delaware limited liability company By: Steadfast Income Advisor, LLC a Delaware limited liability company Manager By: /s/ Xxxxx X. Keating__________(SEAL) Xxxxx X. Xxxxxxx Chief Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE LENDER: BERKELEY POINT CAPITAL LLC a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxxxx Demoney___________(SEAL) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation Xxxxxxx Vice President By: /s/Xxxx Xxxxxx________________(Seal/s/ Xxxxx Marrin________________(SEAL) Name: Xxxx Xxxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Director RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel x Exhibit K Reserved Licenses (required) x Exhibit L Reserved Furniture, Fixtures, Equipment, and Motor Vehicles (required) x Exhibit M Reserved Contracts (required) x Exhibit N Reserved Material Contracts (required) Multifamily Loan and Security Agreement – Seniors Housing Page 119 x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) x Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) Other Sponsor Loans REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement – Seniors Housing Page 112 (Park at Kensington) 120 BORROWER: RRE KENSINGTON HOLDINGSSNR 27 ALEXIS GARDENS OWNER LLC, a Delaware limited liability company By: /s/ Xxxxxxx Xxxxx Xxxxxxx Xxxxx Authorized Person SIGNATURES CONTINUE ON FOLLOWING PAGE LENDER: XXXXXX & DUNLOP, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxx Xxxxxx Title: Assistant Xxxxx Xxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “"X” " in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) ¨ Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) ¨ Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSVILLAGE GREEN OF AXX ARBOR ASSOCIATES, LLC, a Michigan limited liability company By: JH VILLAGE GREEN LLC, a Delaware limited liability company Liability Company, Co-Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Jxxxxxxx Xxxxxxxx Jxxxxxxx Xxxxxxxx Sole Member SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR XXXXXXX LAKES, LLCLLC a Delaware limited liability company By: STEADFAST APARTMENT ADVISOR, LLC a Delaware limited liability company Non-Member Manager By: /s/ Xxxxx X. Xxxxxxx (SEAL) Name: Xxxxx X. Xxxxxxx Title: Treasurer LENDER: BERKELEY POINT CAPITAL LLC a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxxxx Xxxxxxx (SEAL) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Xxxxxxx Assistant Vice President By: /s/ Xxxxx Xxxxxx (Park at KensingtonSEAL) Xxxxx Xxxxxx Director RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel Exhibit K Reserved Reserved. Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVEDReserved. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSProspect Park CRA-B1, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Its: LENDER: NorthMarq Capital, LLC, a Minnesota limited liability company By: Name: Xxxx X. Xxxxxxx TitleXxxxxx Its: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) SIGNATURE PAGE OF BORROWER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT BORROWER: RRE KENSINGTON HOLDINGS, KBS LEGACY PARTNERS CRYSTAL LLC, a Delaware limited liability company By: KBS Legacy Partners Properties LLC, a Delaware limited liability company Its Sole Member By: KBS Legacy Partners Limited Partnership, a Delaware limited partnership Its Sole Member By: KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation Its Sole General Partner By: /s/ W. Xxxx X. Xxxxxxx______________(Seal) Xxxxx Name: W. Xxxx X. Xxxxxxx Xxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING SIGNATURE PAGE (Park at Kensington) OF LENDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Xxxxxxx X. Xxxxxx Name: Xxxx Xxxxxxx X. Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSSIR KINGWOOD VILLAS, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: __/s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating_________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant __/s/ Xxxxx X. Tyler______________ Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXXX CHAMPION, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS - NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved Reserved. ¨ Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVEDReserved. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSXxxxxxx CRA-B1, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx TitleIts: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSNorthMarq Capital, INC.LLC, a Texas corporation Minnesota limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx X. Xxxxxx TitleIts: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved ¨ Exhibit L Reserved ¨ Exhibit M Reserved ¨ Exhibit N Reserved x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSBR CXXXXXX XXXXXX RANCH, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Jxxxxx Xxxxx Name: Xxxx X. Xxxxxxx Jxxxxx Xxxxx Title: Chief Executive Officer Authorized Signatory SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSJXXXX LANG LASALLE MULTIFAMILY, INC.LLC, a Texas corporation Delaware limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Fxxxx X. Xxxxxxxx Fxxxx X. Xxxxxxxx Executive Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) ¨ Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSGGT WHITEHALL VENTURE NC, LLC, a Delaware limited liability company By: /s/ Xxxxx X. Xxxx (SEAL) Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Vice President SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) Multifamily Loan and Security Agreement Page 82 LENDER: CBRE CAPITAL MARKETSPRUDENTIAL AFFORDABLE MORTGAGE COMPANY, INC.LLC, a Texas corporation Delaware limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx /s/ Xxxxxxxx X. Xxxxxx Title: Xxxxxxxx X. Xxxxxx Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 73-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Seniors Housing Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) N X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion Licenses (required) N X Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan K Furniture, Fixtures, Equipment and Security Agreement Page 111 Motor Vehicles (Park at Kensingtonrequired) N X Exhibit L Contracts (required) N X Exhibit M Material Contracts (required) N X Exhibit N Additional Mortgaged Property (required) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) SIGNATURE PAGE OF BORROWER TO SENIORS HOUSING LOAN AND SECURITY AGREEMENT BORROWER: RRE KENSINGTON HOLDINGSWATERMARK PARKVIEW OWNER, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Xxxxx Xxxxxx Name: Xxxx X. Xxxxxxx Xxxxx Xxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING Authorized Signatory SIGNATURE PAGE (Park at Kensington) OF LENDER TO SENIORS HOUSING LOAN AND SECURITY AGREEMENT LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Xxxxxxx Xxxxxx Name: Xxxx Xxxxxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY SENIORS HOUSING LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (CME AND PORTFOLIO) COLLATERAL ASSIGNMENT OF LICENSES, CERTIFICATES AND PERMITS (Revised 79-1-2014) (MODIFIED2011) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X [XXXX ALL BOXES THAT ARE APPLICABLE] x Exhibit A Description of the Land (required) X o Exhibit B Modifications to Multifamily Loan and Security Agreement X o Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) o Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) o Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) o Exhibit J Description of Release Parcel o Exhibit K Reserved o Exhibit L Reserved Exhibit M Reserved 107 o Exhibit N Reserved x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 108 BORROWER: RRE KENSINGTON HOLDINGS, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) 109 LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER 110 EXHIBIT A DESCRIPTION OF THE LAND EXHIBIT B MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS [INCLUDE ANY MODIFICATIONS TO THE BODY OF THE LOAN AGREEMENT AND MODIFICATIONS TO ANY RIDERS] EXHIBIT C REPAIR SCHEDULE OF WORK Description of Repair Completion Date EXHIBIT D REPAIR DISBURSEMENT REQUEST The undersigned requests from (Revised 7-1-2014“Lender”) the disbursement of funds in the amount of $ (MODIFIED“Disbursement Request”) The following changes are made from the Repair Reserve Fund established pursuant to the Multifamily Loan and Security Agreement which precedes dated , 20 by and between Lender and the undersigned ( “Loan Agreement”) to pay for repairs to the multifamily apartment project known as and located in . The undersigned represents and warrants to Lender that the following information and certifications provided in connection with this RiderDisbursement Request are true and correct as of the date hereof:

INCORPORATION OF ATTACHED EXHIBITS. Multifamily Loan and Security Agreement Page 110 The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES BORROWER: SIR TAPESTRY PARK, LLC a Delaware limited liability company By: Steadfast Income Advisor, LLC a Delaware limited liability company Manager By: /s/ Xxxxx X. Keating__________(SEAL) Xxxxx X. Xxxxxxx Chief Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWERLENDER: RRE KENSINGTON HOLDINGS, LLC, BERKELEY POINT CAPITAL LLC a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxxxx Demoney___________(SEAL) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation Xxxxxxx Vice President By: /s/Xxxx Xxxxxx________________(Seal/s/ Xxxxx Marrin________________(SEAL) Name: Xxxx Xxxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Director RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 92 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXX XXXX, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) ¨ Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement (CME) Page 112 (Park at Kensington) 94 BORROWER: RRE KENSINGTON HOLDINGSBERKSHIRE SQUARE LLC, an Indiana limited liability company By: BERKSHIRE SQUARE MANAGING MEMBER, LLC, a Delaware limited liability company company, its Manager By: INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership, its Sole Member and Manager By: INDEPENDENCE REALTY TRUST, INC., a Maryland corporation, its General Partner By: INDEPENDENCE REALTY ADVISORS, LLC, a Delaware limited liability company, its Authorized Agent By: /s/ Xxxx X. Xxxxxxx______________(Seal) Xxxxxxx Xxxxx Name: Xxxx X. Xxxxxxx Xxxxx Title: Chief Executive Officer President SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (Park at KensingtonCME) LENDERPage 95 BORROWER: CBRE CAPITAL MARKETSBERKSHIRE II CUMBERLAND, LLC, an Indiana limited liability company By: BERKSHIRE SQUARE MANAGING MEMBER, LLC, a Delaware limited liability company, its Manager By: INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership, its Sole Member and Manager By: INDEPENDENCE REALTY TRUST, INC., a Texas corporation Maryland corporation, its General Partner By: /s/Xxxx Xxxxxx________________(Seal) INDEPENDENCE REALTY ADVISORS, LLC, a Delaware limited liability company, its Authorized Agent By: /s/ Xxxxxxx Xxxxx Name: Xxxx Xxxxxx Xxxxxxx Xxxxx Title: Assistant President SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (CME) Page 96 LENDER: GRANDBRIDGE REAL ESTATE CAPITAL LLC, a North Carolina limited liability company By: /s/ Xxxxx X. Xxxxxxxx Name: Xxxxx X. Xxxxxxxx Title: Vice President Multifamily Loan and Security Agreement (CME) Page 97 EXHIBIT A DESCRIPTION OF THE LAND PART OF THE EAST HALF OF THE NORTHWEST AND SOUTHWEST QUARTERS OF SECTION 3, TOWNSHIP 15 NORTH, RANGE 5 EAST OF THE SECOND PRINCIPAL MERIDIAN AND SITUATED IN XXXXXX TOWNSHIP, XXXXXX COUNTY, INDIANA, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID NORTHWEST QUARTER SECTION; THENCE NORTH 89 DEGREES 37 MINUTES 03 SECONDS WEST (BASIS OF BEARINGS PER INSTRUMENT NO. 70-49686 AND INSTRUMENT NO. 70-57526) ALONG THE NORTH LINE OF SAID NORTHWEST QUARTER 987.500 FEET; THENCE SOUTH 00 DEGREES 01 MINUTES 02 SECONDS WEST A DISTANCE OF 1408.710 FEET TO THE POINT OF BEGINNING OF THE REAL ESTATE DESCRIBED HEREIN, SAID POINT ALSO BEING ON THE EAST LINE OF GALECREST ADDITION, AS RECORDED IN PLAT BOOK 21, PAGES 26 AND 27 IN THE OFFICE OF THE RECORDER OF XXXXXX COUNTY, INDIANA; THENCE CONTINUING SOUTH 00 DEGREES 01 MINUTES 02 SECONDS WEST ALONG SAID EAST LINE 696.29 FEET TO THE SOUTHEAST CORNER OF LOT 180 IN SAID ADDITION; THENCE NORTH 89 DEGREES 37 MINUTES 03 SECONDS WEST UPON AND ALONG THE SOUTH LINE OF SAID LOT 180 AND PARALLEL WITH THE NORTH LINE OF SAID NOTTHWEST QUARTER 24.500 FEET TO THE NORTHEAST CORNER OF LOT 179 IN SAID GALECREST ADDITION; THENCE SOUTH 00 DEGREES 01 MINUTES 02 SECONDS WEST UPON AND ALONG THE EAST LINE OF SATD LOT 179 AND SAID EAST LINE EXTENDED 207.02 FEET TO THE EXISTING NORTH RIGHT OF WAY LINE OF EAST WASHINGTON STREET; THENCE NORTH 87 DEGREES 24 MINUTES 33 SECONDS EAST ALONG SAID NORTH RIGHT OF WAY LINE 460.56 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE SOUTHEAST, SAID CURVE HAVING A RADIUS OF 385.00 FEET AND BEING SUBTENDED BY A LONG CHORD HAVING A BEARING OF NORTH 33 DEGREES 10 MINUTES 57 SECONDS EAST AND A LENGTH OF 375.965 FEET; THENCE NORTHEASTERLY ON SAID CURVE TO THE RIGHT, THROUGH A CENTRAL ANGLE OF 58 DEGREES 27 MINUTES 12 SECONDS, AN ARC DISTANCE OF 392.78 FEET; THENCE NORTH 62 DEGREES 24 MINUTES 33 SECONDS EAST TANGENT TO THE LAST DESCRIBED CURVE 140.526 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE NORTHWEST, SAID CURVE HAVING A RADIUS OF 390.000 FEET AND A CENTRAL ANGLE OF 62 DEGREES 23 MINUTES 31 SECONDS; THENCE NORTHEASTERLY UPON AND ALONG SAID CURVE TO THE LEFT AN ARC DISTANCE OF 424.688 FEET (SAID ARC BEING SUBTENDED BY A CHORD HAVING A BEARING OF NORTH 31 DEGREES 12 MINUTES 47 SECONDS EAST AND A LENGTH OF 404.014 FEET); THENCE NORTH 00 DEGREES 01 MINUTES 02 SECONDS EAST TANGENT TO THE LAST DESCRIBED CURVE 86.412 FEET; THENCE NORTH 89 DEGREES 58 MINUTES 58 SECONDS WEST 671.379 FEET; THENCE NORTH 00 DEGREES 01 MINUTES 02 SECONDS EAST 70.350 FEET; THENCE NORTH 89 DEGREES 58 MINUTES 58 SECONDS WEST 303.67 FEET TO THE POINT OF BEGINNING; CONTAINING 14.556 ACRES, MORE OR LESS. LAND DESCRIPTION (Modernized description of Subject based on Survey) A part of the East Half of the Northwest Quarter and a part of the Northeast Quarter of Section 3, Township 15 North, Range 5 East, Xxxxxx County, Indiana, being more particularly described as follows: COMMENCING at the northwest xxxxx of said Northeast Quarter Section; thence South 00 degrees 01 minute 02 seconds West (basis of bearing = ALTA/ACSM land title survey prepared by The Xxxxxxxxx Corporation as Job No. 8212.001, dated July 28, 2011) along the West line of said Northeast Quarter a distance of 527.76 feet to the southwest corner of Washington Xxxxxxx, Section One, as per plat thereof recorded as Instrument No. 79-87804 in the Office of the Recorder of said County and the POINT OF BEGINNING, the following five (5) courses being along the southerly lines thereof; (1) South 89 degrees 58 minutes 58 seconds East 140.66 feet; (2) North 00 degrees 01 minute 02 seconds East 260.00 feet; (3) South 89 degrees 58 minutes 58 seconds East 180.00 feet; (4) South 00 degrees 01 minute 02 seconds West 300.00 feet; (5) South 89 degrees 58 minutes 58 seconds East 623.34 feet; thence South 00 degrees 02 minutes 00 seconds West a distance of 194.34 feet; thence South 90 degrees 00 minutes 00 seconds West a distance of 155.00 feet; thence South 00 degrees 02 minutes 00 seconds West a distance of 351.28 feet; thence South 90 degrees 00 minutes 00 seconds West a distance of 137.00 feet; thence South 00 degrees 01 minute 07 seconds West a distance of 591.34 feet to the north line of a tract of land described in a deed to Cumberland Park at Kensington) RIDER Board, recorded as Instrument #880015260 in said Recorder’s Office; thence South 90 degrees 00 minutes 00 seconds West along the north line of said land and the westerly prolongation thereof a distance of 692.48 feet to a point on a non-tangent curve to the left having a radius of 390.00 feet, the radius point of which bears North 68 degrees 01 minute 36 seconds West; thence northerly along said curve an arc distance of 149.43 feet to a point which bears South 89 degrees 58 minutes 46 seconds East from said radius point; thence North 00 degrees 01 minute 02 seconds East along the east right-of-way line of Woodlark Drive as described in a deed to the Town of Cumberland, recorded as Instrument #79-58827 in said Recorder’s Office a distance of 1031.46 feet; thence South 89 degrees 58 minutes 58 seconds East along said east right-of-way line a distance of 12.43 feet to the Point of Beginning, containing 21.16 acres, more or less. MODIFICATIONS TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes modifications are made to the Loan Agreement which precedes this RiderExhibit:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement (CME) Page 112 (Park at Kensington) 84 BORROWER: RRE KENSINGTON HOLDINGSSIR SONOMA GRANDE, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx Xxxxx X. Xxxxxxx Title: Xxxxx X. Xxxxxxx Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 85 LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Xxxxx X. Xxxxx Xxxxx X. Xxxxx Vice President Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 86 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR DELANO, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx Treasurer LENDER: PNC BANK, NATIONAL ASSOCIATION, a national banking association By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxxxx Xxxx Xxxxxx Title: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement (CME) Page 112 (Park at Kensington) 82 BORROWER: RRE KENSINGTON HOLDINGSTRAIL CREEK APARTMENTS, LLC, a Delaware limited liability company By: Preferred Apartment Communities Operating Partnership, L.P., a Delaware limited partnership, its Manager By: Preferred Apartment Advisors, LLC, a Delaware limited liability company, its Agent By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxxxxxx Xxxx X. Xxxxxxx Title: Xxxxxxxx Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 83 LENDER: CBRE KEYCORP REAL ESTATE CAPITAL MARKETS, INC., a Texas an Ohio corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant By:/s/ Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx Vice President Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 84 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. Multifamily Loan and Security Agreement (CME) Page 80 The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement (CME) Page 112 (Park at Kensington) 81 BORROWER: RRE KENSINGTON HOLDINGS, WAM XXXXXX RANCH LLC, a Delaware limited liability company By: /s/ Preferred Apartment Communities Operating Partnership, L.P., a Delaware limited partnership, its Manager By: Preferred Apartment Advisors, LLC, a Delaware limited liability company, its Agent By: _________________________ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Xxxxxxxx Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 82 LENDER: CBRE CAPITAL MARKETSXXXXX XXXX LASALLE OPERATIONS, INC.L.L.C., a Texas corporation an Illinois limited liability company By: /s/Xxxx Xxxxxx________________(Seal_________________________ Xxxxx X. Xxxxxxxx Managing Director, Capital Markets-Real Estate Investment Banking Multifamily Loan and Security Agreement (CME) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Page 83 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT (CME) REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved Reserved. ¨ Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVEDReserved. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSOxmoor CRA-B1, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx TitleIts: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSNorthMarq Capital, INC.LLC, a Texas corporation Minnesota limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx X. Xxxxxx TitleIts: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved Reserved. ¨ Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVEDReserved. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSBrookside CRA-B1, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx TitleIts: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSNorthMarq Capital, INC.LLC, a Texas corporation Minnesota limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx X. Xxxxxx TitleIts: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. Multifamily Loan and Security Agreement Page 110 The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSXXXXX XXXXX APARTMENTS, LLCLLC a Delaware limited liability company By: Steadfast Income Advisor, LLC a Delaware limited liability company Manager By: /s/ Xxxxx X. Keating__________(SEAL) Xxxxx X. Xxxxxxx Chief Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE LENDER: BERKELEY POINT CAPITAL LLC a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxxxx Demoney___________(SEAL) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation Xxxxxxx Vice President By: /s/Xxxx Xxxxxx________________(Seal/s/ Xxxxx Marrin________________(SEAL) Name: Xxxx Xxxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Director RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s 's Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR XXXXXXX, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxxx X. Xxxxxxx Xxxxx X. Xxxxxxx Treasurer LENDER: PNC BANK, NATIONAL ASSOCIATION, a national banking association By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxxxx Xxxx Xxxxxx Title: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X ¨ Exhibit C Repair Schedule of Work X ¨ Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) ¨ Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) SIGNATURE PAGE OF BORROWER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT BORROWER: RRE KENSINGTON HOLDINGS, KBS LEGACY PARTNERS PIKESVILLE LLC, a Delaware limited liability company By: KBS Legacy Partners Properties LLC, a Delaware limited liability company Its Sole Member By: KBS Legacy Partners Limited Partnership, a Delaware limited partnership Its Sole Member By: KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation Its Sole General Partner By: /s/ Xxx X. Xxxx X. Xxxxxxx______________(Seal) Name: Xxx X. Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING Vice President SIGNATURE PAGE (Park at Kensington) OF LENDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Xxx X. Xxxxxx Name: Xxxx Xxx X. Xxxxxx Title: Assistant Sr. Vice President (Park at Kensington) President/Controller RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 92 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXXXX VILLAS, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: _/s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating________________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant _/s/ Xxxxx X. Tyler___________________ Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved ¨ Exhibit L Reserved ¨ Exhibit M Reserved ¨ Exhibit N Reserved x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSBR CXXXXXX WORLD GATEWAY, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx X. Xxxxxxx Title: Jxxxxx Xxxxx Jxxxxx Xxxxx Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSJXXXX LANG LASALLE OPERATIONS, INC.L.L.C., a Texas corporation an Illinois limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) /s/ Fxxxx X. Xxxxxxxx Fxxxx X. Xxxxxxxx Managing Director, Capital Markets-Real Estate Investment Banking RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 104 BORROWER: RRE KENSINGTON HOLDINGSSTAR RIDGE CROSSINGS, LLCLLC a Delaware limited liability company By: STEADFAST APARTMENT ADVISOR, LLC a Delaware limited liability company Non-Member Manager By: /s/ Xxxxx X. Xxxxxxx (SEAL) Name: Xxxxx X. Xxxxxxx Title: Treasurer LENDER: BERKELEY POINT CAPITAL LLC a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxx Xxxxxx (SEAL) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation Xxxxx Xxxxxx Director By: /s/Xxxx Xxxxxx________________(Seal/s/ Xxxxxxx Xxxxxxx (SEAL) Name: Xxxx Xxxxxx Title: Assistant Xxxxxxx Xxxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at KensingtonCME) Page90 SIGNATURE PAGE OF BORROWER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT BORROWER: RRE KENSINGTON HOLDINGS, KBS LEGACY PARTNERS POPLAR LLC, a Delaware limited liability company By: KBS Legacy Partners Properties LLC, a Delaware limited liability company Its Sole Member By: KBS Legacy Partners Limited Partnership, a Delaware limited partnership Its Sole Member By: KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation Its Sole General Partner By: /s/ Xxx X. Xxxx X. Xxxxxxx______________(Seal) Name: Xxx X. Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING Vice President Multifamily Loan and Security Agreement (CME) Page91 SIGNATURE PAGE (Park at Kensington) OF LENDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Xxx. X. Xxxxxx Name: Xxxx Xxx. X. Xxxxxx Title: Assistant Sr. Vice President President/Controller Multifamily Loan and Security Agreement (Park at KensingtonCME) Page92 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSSTAR MONTICELLO, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxxxxx Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) President LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: /s/ Xxxx Xxxxxx Title: Assistant Xxxx Xxxxxx Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit F Capital Replacements (required) Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGS, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealFeldman______________(Seal) Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(SealHolmes________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXX RANCH APARTMENTS, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS - NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXX RANCH, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSIR DEER VALLEY, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS - NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXXXXXX VILLAS, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: __/s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating______________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant __/s/ Xxxxx X. Tyler__________________ Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 92 BORROWER: RRE KENSINGTON HOLDINGSSIR WATERFORD RIATA, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its Manager By: __/s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating___________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant __/s/ Xxxxx X. Tyler_______________ Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) 91 BORROWER: RRE KENSINGTON HOLDINGSXXX XXXXXXX PARK, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, a Delaware limited liability company, its manager By: /s/ Xxxx Xxxxx X. Xxxxxxx______________(Seal) Name: Xxxx Keating__________ Xxxxx X. Xxxxxxx Title: Chief Executive Accounting Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Vanessa McKenzie__________ Xxxxxxx XxXxxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR OASIS, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxx Xxxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) Xxxxx X. Xxxxxxx Treasurer LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Xxxxx X. Xxxxx Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) X Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved X Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSSTAR LAKESIDE, LLC, a Delaware limited liability company By: Steadfast Apartment Advisor, LLC, a Delaware limited liability company, its Manager By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Xxxxxxx Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) President LENDER: CBRE CAPITAL MARKETSPNC BANK, INC.NATIONAL ASSOCIATION, a Texas corporation national banking association By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Xxxxx X. Xxxxx Xxxxx X. Xxxxx Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved Reserved. ¨ Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVEDReserved. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSJamestown CRA-B1, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Name: Its: LENDER: NorthMarq Capital, LLC, a Minnesota limited liability company By: Name: Xxxx X. Xxxxxxx TitleXxxxxx Its: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Senior Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) x Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) x Exhibit J Description of Release Parcel ¨ Exhibit K Reserved ¨ Exhibit L Reserved ¨ Exhibit M Reserved ¨ Exhibit N Reserved x Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) BORROWER: RRE KENSINGTON HOLDINGSBR CXXXXXX XXXXXX, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) Jxxxxx Xxxxx Name: Xxxx X. Xxxxxxx Jxxxxx Xxxxx Title: Chief Executive Officer Authorized Signatory SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETSJXXXX LANG LASALLE MULTIFAMILY, INC.LLC, a Texas corporation Delaware limited liability company By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant /s/ Fxxxx X. Xxxxxxxx Fxxxx X. Xxxxxxxx Executive Vice President (Park at Kensington) RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT REPAIR RESERVE FUND – IMMEDIATE DEPOSITS RADON TESTING (Revised 75-1-2014) (MODIFIED2015) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) x Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) ¨ Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement Page 112 (Park at Kensington) SIGNATURE PAGE OF BORROWER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT BORROWER: RRE KENSINGTON HOLDINGS, KBS LEGACY PARTNERS DAKOTA HILL LLC, a Delaware limited liability company By: KBS Legacy Partners Properties LLC, a Delaware limited liability company Its Sole Member By: KBS Legacy Partners Limited Partnership, a Delaware limited partnership Its Sole Member By: KBS Legacy Partners Apartment REIT, Inc., a Maryland corporation Its Sole General Partner By: /s/ Xxx X. Xxxx X. Xxxxxxx______________(Seal) Name: Xxx X. Xxxx X. Xxxxxxx Title: Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING Vice President SIGNATURE PAGE (Park at Kensington) OF LENDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) /s/ Xxx X. Xxxxxx Name: Xxxx Xxx X. Xxxxxx Title: Assistant Sr. Vice President (Park at Kensington) President/Controller RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT (CME AND PORTFOLIO) REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X x Exhibit A Description of the Land (required) X x Exhibit B Modifications to Multifamily Loan and Security Agreement X x Exhibit C Repair Schedule of Work X x Exhibit D Repair Disbursement Request (required) ¨ Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit x Exhibit F Capital Replacements (required) ¨ Exhibit G Description of Ground Lease X x Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X x Exhibit I Designated Entities for Transfers and Guarantor(s) (required) ¨ Exhibit J Description of Release Parcel x Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion Licenses (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement – Seniors Housing Page 111 113 x Exhibit L Furniture, Fixtures, Equipment, and Motor Vehicles (Park at Kensingtonrequired) x Exhibit M Contracts (required) x Exhibit N Material Contracts (required) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement – Seniors Housing Page 112 (Park at Kensington) 114 BORROWER: RRE KENSINGTON HOLDINGSNIC 11 Ashford Court Owner LLC, a Delaware limited liability company By: /s/ Xxxxxxx Xxxxx (Seal) Name: Xxxxxxx Xxxxx Title: Authorized Person [SIGNATURES CONTINUE ON FOLLOWING PAGE] Multifamily Loan and Security Agreement – Seniors Housing Page 115 [SIGNATURES CONTINUED FROM PREVIOUS PAGE] LENDER: XXXXXX & DUNLOP, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(SealXxxxx XxXxxxx (Seal) Name: Xxxx X. Xxxxxxx Xxxxx XxXxxxx Title: Chief Executive Senior Closing Officer SIGNATURES CONTINUE ON FOLLOWING PAGE (Park at Kensington) LENDER: CBRE CAPITAL MARKETS, INC., a Texas corporation By: /s/Xxxx Xxxxxx________________(Seal) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Multifamily Loan and Security Agreement – Seniors Housing Page 116 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT RESERVE FUND – IMMEDIATE DEPOSITS (Revised 7-1-2014) (MODIFIED) The following changes are made to the Loan Agreement which precedes this Rider:

INCORPORATION OF ATTACHED EXHIBITS. Multifamily Loan and Security Agreement (CME) Page 80 The following Exhibits, if marked with an “X” in the space provided, are attached to this Loan Agreement: X Exhibit A Description of the Land (required) X Exhibit B Modifications to Multifamily Loan and Security Agreement X Exhibit C Repair Schedule of Work X Exhibit D Repair Disbursement Request (required) X Exhibit E Work Commenced at Mortgaged Property X ExhiExhibit Exhibit F Capital Replacements (required) X Exhibit G Description of Ground Lease X Exhibit H Organizational Chart of Borrower as of the Closing Date (required) N X Exhibit I Designated Entities for Transfers and Guarantor(s) (required) Exhibit J Description of Release Parcel Exhibit K Reserved Exhibit L Reserved Exhibit M Reserved Exhibit N Reserved Exhibit O Borrower’s Certificate of Property Improvement Alterations Completion (required) Exhibit P Green Improvements Verification Certification ARTICLE XV RESERVED. Multifamily Loan and Security Agreement Page 111 (Park at Kensington) REMAINDER OF XXXX PAGE INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGES Multifamily Loan and Security Agreement (CME) Page 112 (Park at Kensington) 81 BORROWER: RRE KENSINGTON HOLDINGSLAKE CAMERON, LLC, a Delaware limited liability company By: /s/ Xxxx X. Xxxxxxx______________(Seal) NamePreferred Apartment Communities Operating Partnership, L.P., a Delaware limited partnership, its Manager By: Preferred Apartment Advisors, LLC, a Delaware limited liability company, its Agent By: Xxxx X. Xxxxxxx Title: Xxxxxxxx Chief Executive Officer SIGNATURES CONTINUE ON FOLLOWING PAGE Multifamily Loan and Security Agreement (Park at KensingtonCME) Page 82 LENDER: CBRE CAPITAL MARKETSXXXXX LANG LASALLE OPERATIONS, INC.L.L.C., a Texas corporation an Illinois limited liability company By: /s/Xxxx Xxxxxx________________(SealXxxxx X. Xxxxxxxx Managing Director, Capital Markets-Real Estate Investment Banking Multifamily Loan and Security Agreement (CME) Name: Xxxx Xxxxxx Title: Assistant Vice President (Park at Kensington) Page 83 RIDER TO MULTIFAMILY LOAN AND SECURITY AGREEMENT REPLACEMENT (CME) REPAIRS – NO REPAIR RESERVE FUND – IMMEDIATE DEPOSITS ESTABLISHED (Revised 7-1-2014) (MODIFIED11-2012) The following changes are made to the Loan Agreement which precedes this Rider: