Common use of Purchase of the Common Shares Clause in Contracts

Purchase of the Common Shares. 2.1 The Subscriber understands that the Purchase Price is payable with the execution and submission of this Agreement, and accordingly, is submitting herewith to NY Residential REIT the Purchase Price as agreed to by NY Residential REIT on the Site. 2.2 If NY Residential REIT returns the Subscriber’s Purchase Price to the Subscriber, NY Residential REIT will not pay any interest to the Subscriber. 2.3 If this Subscription is accepted by NY Residential REIT, the Subscriber agrees to comply fully with the terms of this Agreement, the Common Shares and all other applicable documents or instruments of NY Residential REIT, including the Operating Agreement. The Subscriber further agrees to execute any other necessary documents or instruments in connection with this Subscription and the Subscriber’s purchase of the Common Shares. 2.4 In the event that this Subscription is rejected in full or the offering is terminated, payment made by the Subscriber to NY Residential REIT for the Common Shares will be refunded to the Subscriber without interest and without deduction, and all of the obligations of the Subscriber hereunder shall terminate. To the extent that this Subscription is rejected in part, NY Residential REIT shall refund to the Subscriber any payment made by the Subscriber to NY Residential REIT with respect to the rejected portion of this Subscription without interest and without deduction, and all of the obligations of Subscriber hereunder shall remain in full force and effect except for those obligations with respect to the rejected portion of this Subscription, which shall terminate.

Purchase of the Common Shares. 2.1 The Subscriber understands that the Purchase Price is payable with the execution and submission of this Agreement, and accordingly, is submitting herewith to NY Residential REIT Reliance Real Estate Trust the Purchase Price as agreed to by NY Residential REIT Reliance Real Estate Trust on the Site. 2.2 If NY Residential REIT Reliance Real Estate Trust returns the Subscriber’s Purchase Price to the Subscriber, NY Residential REIT Reliance Real Estate Trust will not pay any interest to the Subscriber. 2.3 If this Subscription is accepted by NY Residential REITReliance Real Estate Trust, the Subscriber agrees to comply fully with the terms of this Agreement, the Common Shares and all other applicable documents or instruments of NY Residential REITReliance Real Estate Trust, including the Operating Agreement. The Subscriber further agrees to execute any other necessary documents or instruments in connection with this Subscription and the Subscriber’s purchase of the Common Shares. 2.4 In the event that this Subscription is rejected in full or the offering is terminated, payment made by the Subscriber to NY Residential REIT Reliance Real Estate Trust for the Common Shares will be refunded to the Subscriber without interest and without deduction, and all of the obligations of the Subscriber hereunder shall terminate. To the extent that this Subscription is rejected in part, NY Residential REIT Reliance Real Estate Trust shall refund to the Subscriber any payment made by the Subscriber to NY Residential REIT Reliance Real Estate Trust with respect to the rejected portion of this Subscription without interest and without deduction, and all of the obligations of Subscriber hereunder shall remain in full force and effect except for those obligations with respect to the rejected portion of this Subscription, which shall terminate.