0001144204-15-051799 Sample Contracts

MANAGEMENT AGREEMENT
Management Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts • North Carolina

This Management Agreement (this "Agreement") is dated August 19 , 2015, by and between BR Ashton I Owner, LLC, a Delaware limited liability company ("Owner"), and GREP Southeast, LLC, a Delaware limited liability company ("Manager").

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GUARANTY OF NON-RECOURSE CARVE-OUTS
Bluerock Residential Growth REIT, Inc. • August 25th, 2015 • Real estate investment trusts

Lender: Sun Life Assurance Company of Canada, a Canadian corporation, together with other holders from time to time of the Note (as herein defined).

DEED OF TRUST AND SECURITY AGREEMENT AND FIXTURE FILING (Collateral is or includes fixtures.)
Deed of Trust and Security Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts
LIMITED LIABILITY COMPANY AGREEMENT OF BRG ASHTON NC, LLC
Limited Liability Company Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts • Delaware

THIS LIMITED LIABILITY AGREEMENT (“Agreement”) of BRG ASHTON NC, LLC, a Delaware limited liability company (the “Company”), is effective as of April 15, 2015, between the Company and Bluerock Residential Holdings, L.P., a Delaware limited partnership, as the sole member of the Company (the “Member”).

BILL OF SALE AND ASSIGNMENT AND ASSUMPTION OF LEASES AND SERVICE CONTRACTS
Bill of Sale and Assignment and Assumption • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts • Georgia

This Bill of Sale and Assignment and Assumption of Leases and Service Contracts (this “Agreement”) is made and entered into this 19th day of August, 2015, by and between AR I BORROWER, LLC, a Delaware limited liability company (“Seller”), and BR ASHTON I OWNER, LLC, a Delaware limited liability company (“Purchaser”).

ASSIGNMENT OF PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS
Assignment of Purchase and Sale • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts

THIS ASSIGNMENT OF PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS (this “Assignment”) is made this 19th day of August, 2015, by and between BRG ASHTON NC, LLC, a Delaware limited liability company (“Assignor”); and BR ASHTON I OWNER, LLC, a Delaware limited liability company (“Assignee”).

PROMISSORY NOTE
Bluerock Residential Growth REIT, Inc. • August 25th, 2015 • Real estate investment trusts
LIMITED LIABILITY COMPANY AGREEMENT OF BR ASHTON I OWNER, LLC
Limited Liability Company Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts • Delaware

THIS LIMITED LIABILITY AGREEMENT (“Agreement”) of BR ASHTON I OWNER, LLC, a Delaware limited liability company (the “Company”), is effective as of July 7, 2015, between the Company and BRG ASHTON NC, LLC, a Delaware limited liability company, as the sole member of the Company (the “Member”).

ASSIGNMENT OF LEASES AND RENTS
Bluerock Residential Growth REIT, Inc. • August 25th, 2015 • Real estate investment trusts

Lender: Sun Life Assurance Company of Canada, a Canadian corporation, together with other holders from time to time of the Note (as herein defined).

NOTE, DEED OF TRUST AND RELATED LOAN DOCUMENTS ASSIGNMENT, ASSUMPTION AND MODIFICATION AGREEMENT
Assumption and Modification Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts

THIS NOTE, DEED OF TRUST AND RELATED LOAN DOCUMENTS ASSIGNMENT, ASSUMPTION AND MODIFICATION AGREEMENT (this “Agreement”) is made this 19 day of August, 2015 between AR I BORROWER, LLC, a Delaware limited liability company (the “Original Borrower”) whose address is c/o Catalyst Development Partners, 808 Glenwood Avenue, SE, Suite H, Atlanta, GA 30316, BR ASHTON I OWNER, LLC, a Delaware limited liability company (the “New Borrower”) whose address is c/o Bluerock Real Estate, L.L.C., 712 Fifth Avenue – 9th Floor, New York, NY 10019, and SUN LIFE ASSURANCE COMPANY OF CANADA, a Canadian corporation (“Lender”) whose address is c/o Sun Life of Canada, One Sun Life Executive Park, Wellesley Hills, MA 02481, Attention: Mortgage Investments Group, in order to document the assignment and assumption of the $31,900,000.00 original principal amount loan from Lender to Original Borrower dated November 22, 2013 (the "Loan"), including the assignment by Original Borrower and assumption by New Borrower

ESTOPPEL AND AGREEMENT
Estoppel and Agreement • August 25th, 2015 • Bluerock Residential Growth REIT, Inc. • Real estate investment trusts

THIS ESTOPPEL AND AGREEMENT (this “Agreement”) is made as of the 18 day of August, 2015 by AR I BORROWER, LLC, a Delaware limited liability company (“Seller”), for the benefit of BR ASHTON I OWNER, LLC, a Delaware limited liability company (together with its successors and assigns, the “Purchaser”).

LETTER OF UNDERTAKING August 19, 2015
Bluerock Residential Growth REIT, Inc. • August 25th, 2015 • Real estate investment trusts
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