Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower's right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present,...
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EXHIBIT 10.3 Xxxxxxx Mac Loan Number: 499673646 Property Name: Tapestry Park at Montclair ASSIGNMENT OF MANAGEMENT AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES (Revised 7-12-2016) THIS ASSIGNMENT OF MANAGEMENT AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES ("Assignment") is made effective as of the 26th day of September, 2019, by and among SIR TAPES TRY PARK, LLC, a Delaware limited liability company ("Borrower"), BERKELEY POINT CAPITAL LLC, d/b/a NEWMARK XXXXXX XXXXX, a Delaware limited liability company ("Lender"), and STEADFAST MANAGEMENT COMPANY, INC., a California corporation ("Property Manager"). RECITALS: A. Borrower has requested that Lender make a loan to Borrower ("Loan"). The Loan will be evidenced by a Multifamily Note from Borrower to Lender effective as of the date of this Assignment ("Note"). The Note is secured by, among other things, a Multifamily Loan and Security Agreement ("Loan Agreement") and a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt ("Security Instrument"), dated as of the date of this Assignment, which grants Lender a lien on the property encumbered by the Security Instrument ("Mortgaged Property"). The Note, the Loan Agreement, the Security Instrument, this Assignment and any of the other documents evidencing the Loan are collectively referred to as the "Loan Documents". Other capitalized terms used but not defined in this Assignment will have the meanings given to those terms in the Loan Agreement. B. Pursuant to a Management Agreement between Borrower and Property Manager ("Management Agreement") (a true and correct copy of which is attached as Exhibit B), Borrower employed Property Manager exclusively to lease, operate and manage the Mortgaged Property, and Property Manager is entitled to certain management fees ("Management Fees") pursuant to the Management Agreement. C. Lender requires as a condition to the making of the Loan that Borrower assign the Management Agreement and that Property Manager subordinate its interest in the Management Fees in lien and payment to the Loan as set forth below. For good and valuable consideration, the parties agree as follows: 1. Assignment of Management Agreement. As additional collateral security for the Loan, Assignment of Management Agreement and Subordination of Management Fees
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Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower's right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender's option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an "Event of Default"), and the failure of Borrower to cure such Event of Default within any applicable grace period. 2. Subordination of Management Fees. The Management Fees and all rights and privileges of Property Manager to the Management Fees are and will at all times continue to be subject and unconditionally subordinate in all respects in lien and payment to the lien and payment of the Loan Agreement, the Security Instrument, the Note, and the other Loan Documents, and to any renewals, extensions, modifications, assignments, replacements, or consolidations of the Loan Documents and the rights, privileges, and powers of Lender under the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents. 3. Estoppel. Property Manager and Borrower represent and warrant that all of the following are true as of the date of this Assignment: (a) The Management Agreement is in full force and effect and has not been modified, amended or assigned other than pursuant to this Assignment. (b) Neither Property .Manager nor Borrower is in default under any of the terms, covenants or provisions of the Management Agreement and Property Manager knows of no event which, but for the pas:mge of time or the giving of notice or both, would constitute an event of default under the Management Agreement. (c) Neither Property Manager nor Borrower has commenced any action or given or received any notice for the purpose of terminating the Management Agreement. (d) The Management Fees and all other sums due and payable to the Property Manager under the Management Agreement have been paid in full. 4. Agreement by Borrower and Property Manager. Borrower and Property Manager agree that if there is an Event of Default by Borrower ( continuing beyond any applicable grace period) under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents during the term of this Assignment or upon the occurrence of any event which would entitle Lender to terminate the Management Agreement in accordance with the terms of the Loan Documents, Lender may terminate the Management Agreement without payment of any cancellation fee or penalty and require Property Manager to transfer its responsibility for the management of the Mortgaged Property to a management company selected by Lender in Lender's sole discretion, effective as of the date set forth in Lender's notice to Property Manager. Following any such termination, Property Manager agrees to apply all rents, security deposits, issues, proceeds and profits of the Mortgaged Property in accordance with Lender's written directions to Property Manager. Assignment of Management Agreement and Subordination of Management Fees Page2
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5. Lender's Right to Replace Property Manager. If Lender, in Lender's reasonable discretion, at any time during the term of this Assignment, determines that the Mortgaged Property is not being managed in accordance with generally accepted management practices for properties similar to the Mortgaged Property, Lender will deliver written notice to Borrower and Property Manager, which notice will specify with particularity the grounds for Lender's determination. If Lender reasonably determines that the conditions specified in Lender's notice are not remedied to Lender's reasonable satisfaction by. Borrower or Property Manager within 30 days from receipt of such notice or that Borrower or Property Manager have failed to diligently undertake correcting such conditions within such 30-day period, Lender may direct Borrower to terminate Property Manager as manager of the Mortgaged Property and terminate the Management Agreement without payment of any cancellation .fee or penalty and to replace Property Manager with a management company acceptable to Lender in Lender's sole discretion pursuant to a management agreement acceptable to Lender in Lender's sole discretion. 6. Receipt of Management Fees. Property Manager will not be obligated to return or refund to Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents. 7. Consent and Agreement by Property Manager. Property Manager acknowledges and consents to this Assignment and agrees that Property Manager will act in conformity with the provisions of this Assignment and Lender's rights under this Assignment or otherwise related to the Management Agreement. If the responsibility for the management of the Mortgaged Property is transferred from Property Manager in accordance with the provisions of this Assignment, then Property Manager will fully cooperate in trarisferring its responsibility to a new management company and complete such transfer no later than 30 days from the date the Management Agreement is terminated. Further; Property Manager agrees as follows: (a) It will not contest or impede the exercise by Lender of any right Lender has under or in connection with this Assignment. (b) It will give at least 30 days prior written notice to Lender of its intention to terminate the Management Agreement or otherwise discontinue its management of the Mortgaged Property, in the manner provided for in this Assignment. ( c) It will not amend any of the provisions or terms of the Management Agreement without the prior consent of Lender. 8. Termination. When the Loan is paid in full and the Security Instrument is released or assigned of record, this Assignment and all of Lender's right, title and interest hereunder with respect to the Management Agreement will terminate. Assignment of Management Agreement and Subordination of Management Fees Page3
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9. Notices. (a) All notices under or concerning this Assignment ("Notice") will be in writing. Each Notice will be deemed given on the earliest to occur of: (i) the date when the Notice is received by the addressee, (ii) the first Business Day after the Notice is delivered to a recognized overnight courier service, with arrangements made for payment of charges for next Business Day delivery, or (iii) the third Business Day after the Notice is deposited in the United States mail with postage prepaid, certified mail, return receipt requested. Addresses for Notice are as follows: If to Lender: Berkeley Point Capital LLC, d/b/a Newmark Xxxxxx Xxxxx 000 Xxxxxxxx Xxxxxx, Xxxxx #0000 · Xxxxxx, Xxxxxxxxxxxxx 00000 Attention: Director Loan Servicing If to Borrower: SIR Tapestry Park, LLC c/o Steadfast Companies 18100 Xxx Xxxxxx A venue, Xxxxx 000 Xxxxxx, Xxxxxxxxxx 00000 Attention: Xxx Xxxxx del Rio, General Counsel If to Property Manager: Steadfast Management Company, Inc. c/o Steadfast Companies 18100 Von Karman A venue, Xxxxx 000 Xxxxxx, Xxxxxxxxxx 00000 Attention: Xxx Xxxxx del Rio, General Counsel (b) Any party to this Assignment may change the address to which Notices intended for it are to be directed by means of Notice given to the other parties in accordance with this Section 9. Each party agrees that it will not refuse or reject delivery of any Notice given in accordance with this Section 9, that it will acknowledge, in writing, the receipt of any Notice upon request by the other party and that any Notice rejected or refused by it will be deemed for purposes of this Section 9 to have been received by the rejecting party on the date so refused or rejected, as conclusively established by the records of the U.S. Postal Service or the courier service. 10. Governing Law; Consent to Jurisdiction and Venue. (a) This Assignment will be construed in accordance with and governed by the laws of the Property Jurisdiction. (b) Borrower and Property Manager agree that any controversy arising under or in relation to this Assignment may be litigated in the Property Jurisdiction. The state and federal courts and authorities with jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies that may arise under or in relation to this Assignment. Borrower and Property Manager irrevocably consent to service, Assignment of Management Agreement and Subordination of Management Fees Page4
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jurisdiction and venue of such courts for any such litigation and waive any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Section 10 is intended to limit Lender's right to bring any suit, action or proceeding relating to matters under this Assignment in any court of any other jurisdiction. 11. Captions, Cross References and Exhibits. The captions assigned to provisions of this Assignment are for convenience only and will be disregarded in construing this Assignment. Any reference in this Assignment to an "Exhibit" or a "Section," unless otherwise explicitly provided, will be construed as referring, respectively, to an Exhibit attached to this Assignment or to a section of this Assignment. All Exhibits attached to or referred to in this Assignment are incorporated by reference into this Assignment. 12. Number and Gender. Use of the singular in this Assignment includes the plural, use of the plural includes the singular, and use of one gender includes all other genders, as the context may require. 13. No Partnership. This Assignment is not intended to, and will not, create a partnership or joint venture among the parties, and no party to this Assignment will have the power or authority to bind any other party except as explicitly provided in this Assignment. 14. Severability. The invalidity or unenforceability of any provision of this Assignment will not affect the validity of any other provision, and all other provisions will remain in full force and effect. 15. Entire Assignment. This Assignment contains the entire agreement among the parties as to the rights granted and the obligations assumed in this Assignment. 16. No Waiver; No Remedy Exclusive. Any forbearance by a party to this Assignment in exercising any right or remedy given under this Assignment or existing at law or in equity will not constitute a waiver of or preclude the exercise of that or any other right or remedy. Unless otherwise explicitly provided, no remedy under this Assignment is intended to be exclusive of any other available remedy, but each remedy will be cumulative and will be in addition to other remedies given under this Assignment or existing at law or in equity. 17. Third Party Beneficiaries. Neither any creditor of any party to this Assignment, nor any other person, is intended to be a third party beneficiary of this Assignment. 18. Further Assurances and Corrective Instruments. To the extent permitted by law, the parties will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements to this Assignment and such further instruments as may reasonably be required for carrying out the intention of or facilitating the performance of this Assignment. 19. Counterparts. This Assignment may be executed in multiple counterparts, each of which Assignment of Management Agreement and Subordination of Management Fees Page 5
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will constitute an original document and all of which together will constitute one agreement. 20. Indemnity. By executing this Assignment Borrower agrees to indemnify and hold harmless Lender and its successors and assigns from and against any and all losses, claims, damages, liabilities and expenses including Attorneys' Fees and Costs, which may be imposed or incurred in connection with this Assignment. 21. Costs and Expenses. Wherever pursuant to this Assignment it is provided that Borrower will pay any costs and expenses, such costs and expenses will include Lender's Attorneys' Fees and Costs. 22. Determinations by Lender. In any instance where the consent or approval of Lender may be given or is required, or where any determination, judgment or decision is to be rendered by Lender under this Assignment, the granting, withholding or denial of such consent or approval and the rendering of such determination, judgment or decision will be made or exercised by Lender ( or its designated representative) at its sole and exclusive option and in its sole and absolute discretion and will be final and conclusive, except as may be otherwise expressly and specifically provided in this Assignment. 23. Successors and Assigns. This Assignment will be binding upon and inure to the benefit of Borrower, Lender and Property Manager and their respective successors and assigns forever. 24. Secondary Market. Lender may sell, transfer and deliver the Note and assign the Loan Agreement, the Security Instrument, this Assignment and the other Loan Documents to one or more investors in the secondary mortgage market ("Investors"). In connection with such sale, Lender may retain or assign responsibility for servicing the Loan, including the Note, the Loan Agreement, the Security Instrument, this Assignment and the other Loan Documents, or may delegate some or all of such responsibility and/or obligations to a servicer including any subservicer or master servicer, on behalf of the Investors. All references to Lender in this Assignment will refer to and include any such servicer to the extent applicable. 25. Attached Exhibits. The following Exhibits, if marked with an "X" in the space provided, are attached to this Assignment: IXI Exhibit A Modifications to Assignment !XI Exhibit B Copy of Management Agreement Assignment of Management Agreement and Subordination of Management Fees Page 6
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LENDER: BERKELEY POINT CAPITAL LLC, d/b/a NEWMARK XXXXXX XXXXX, a Delaware limited liability company By: Assignment of Management Agreement and Page S-2 Subordination of Management Fees
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PROPERTY MANAGER: STEADFAST MANAGEMENT COMPANY, INC. a California corporation By: Name: Title: Vice President Assignment of Management Agreement and Page S-3 Subordination of Management Fees
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EXHIBIT A MODIFICATIONS TO ASSIGNMENT The following modifications are made to the text of the Assignment that precedes this Exhibit: 1. Section 3(a) is deleted in its entirety and replaced with the following: (a) The Management Agreement is in full force and effect and has not been modified, or amended or assigned other than pursuant to this Assignment. There are no assignments of the Management Agreement that remain in effect other than pursuant to this Assignment. 2. Section 6 is deleted in its entirety and replaced with the following: 6. Receipt of Management Fees. Manager will not be obligated to return or refund to Lender any Management Fees or other fee, commission or other amount received by Property Manager prior to the occurrence of the Event of Default, and to which Property Manager was entitled under the Management Agreement. If the Property Manager receives any Management Fees after it has received notice of an Event of Default, Property Manager agrees that such Management Fees will be received and held in trust for Lender, to be applied by Lender to amounts due under the Loan Documents; provided, however, that nothing herein shall prevent Property Manager from terminating the Management Agreement in the event Property Manager is not paid all fees due to it under the Management Agreement. Assignment of Management Agreement and Subordination of Management Fees Page A-1
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EXHIBITB MANAGEMENT AGREEMENT Assignment of Management Agreement and Subordination of Management Fees Page B-1
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This Property Management Agreement is hereby executed by duly authorized representatives of the parties hereto as of the Effective Date. OWNER: SIR TAPES TRY PARK, LLC, a Delaware limited liability company By: come Advisor, LLC, its Manager By:~ ___dLf_ R__ MANAGER: STEADFAST MANAGEMENT COMP ANY, INC., ~:~;~-- Williamc.oii,vic; President 15
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EXHIBIT A ESTIMATED PASS-THROUGH AMOUNTS Benefits Administration 3.0% of total employee costs IT Infrastructure, Licenses and Support At cost and expense Marketing/Training/Continuing Educations $20.00 p.u.p.y. 00
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XXXXXXX X XXX XXXXXXXX Xxxxxxxx Xxxx is located at 000 Xxxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxx, m the County of Jefferson, and described as follows: The Property is comprised of 6 rental buildings with 223 units. Site amenities include clubhouse with library and internet cafe, grand lawn with Bocce ball court, pool, fitness center, and carwash. It is situated on 15.9 acres and it was built in 2013. 17
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PROPERTY MANAGEMENT AGREEMENT THIS PROPERTY MANAGEMENT AGREEMENT (this "Agreement") is made and entered into as of July 28, 2014 (the "Effective Date"), by and between ARLINGTON MONTCLAIR II, LLC, an Alabama limited liability company ("Owner"), and STEADFAST MANAGEMENT COMP ANY, INC., a California corporation ("Manager"). ARTICLE 1 DEFINITIONS Section 1.1 Defmitions. The following terms shall have the following meanings when used in this Agreement: "Agreement" has the meaning given in the introductory paragraph. "Annual Business Plan" has the meaning given in Section 3.1 l(a). "Depository" means such bank or federally-insured or other financial institution as Owner shall designate in writing. "Effective Date" has the meaning given in the introductory paragraph. "Fiscal Year" means the calendar year beginning January I and ending December 31 of each calendar year, or such other fiscal year as determined by Owner and of which Manager is notified in writing; provided that the first Fiscal Year of this Agreement shall be the period beginning on the Effective Date and ending on December 31 of the calendar year in which the Effective Date occurs. "Governmental Requirements" has the meaning given in Section 3.14. "Gross Collections" means all amounts actually collected as rents or other charges for use and occupancy of apartment units and from users of garage spaces (if any), leases of other non-dwelling facilities in the Property and concessionaires (if any) in respect of the Property, including furniture rental, parking fees, forfeited security deposits, application fees, late charges, income from coin-operated machines, proceeds from rental interruption insurance, and other miscellaneous income collected at the Property; excluding, however, all other receipts, including but not limited to, income derived from interest on investments or otherwise, proceeds of claims on account of insurance policies (other than rental interruptions insurance), abatement of taxes, franchise fees, and awards arising out of eminent domain proceedings, discounts and dividends on insurance policies. "Hazardous Materials" means any material defined as a hazardous substance under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource Conservation and Recovery Act, or any state or local statute regulating the storage, release, transportation or other disposition of hazardous material, as any of those laws may have been amended to the date hereof, and the administrative regulations promulgated thereunder prior to the date hereof, and, whether or not defined as hazardous substances under the foregoing Governmental Requirements, petroleum products (other than petroleum products used in I
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EXHIBIT A ESTIMATED PASS-THROUGH AMOUNTS Benefits Administration 3.0% of total employee costs IT Infrastructure, Licenses and Support At cost and expense Marketing $20.00 per unit per year EXHIBIT A
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EXHIBIT B THE PROPERTY Property Address: 000 Xxxxx Xxxxxx, Xxxxxxxxxx, XX 00000. Tapestry Park Phase II is currently under construction and will have an estimate of 131-units. {10426691.2} EXHIBIT B
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This Amendment to Property Management Agreement is hereby executed by duly authorized representatives of the parties hereto as of the Effective Date. OWNER: SIR TAPESTRY PARK, LLC, a Delaware limited liability company By: Steadfast Income Advisor, LLC, its Manager MANAGER: ~:.···cSTEADFAST~;e MANAGEMENT COMPANY, Xxx Xxxxx del Rio, Vice President
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EXHIBITB THE PROPERTY Tapestry Park is located at 000 Xxxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxx, in the County of Jefferson, and described as follows: The Property consists of two adjacent parcels, Phase I and Phase II totaling 354-units. Phase I consists of six buildings with 223 units. Phase II has 131 units. Site amenities include clubhouse with library and internet cafe, grand lawn with Bocce ball court, pool, fitness center, and carwash. Phase I and II are comprised of 15.9 acres and 5.5 acres, respectively. Phase I was built in 2013 and Phase II was completed in 2014.
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DocuSign Envelope ID: 12223CF0-E576-45B3-BB0F-742BD48DF0CC OMNIBUS PROPERTY MANAGEMENT AGREEMENT AMENDMENT This OMNIBUS PROPERTY MANAGEMENT AGREEMENT AMENDMENT is effective as of August 1, 2018 (this “Amendment”), by and among STEADFAST INCOME ADVISOR, LLC, a Delaware limited liability company (the “Manager”), as the non-member manager of, and on behalf of, each of the limited liability companies listed on Schedule 1 attached hereto and by this reference incorporated herein (each an “Owner”), and STEADFAST MANAGEMENT COMPANY, INC., a California corporation (each an "Management Company"). W I T N E S S E T H: WHEREAS, each Owner was organized and operates for the sole and exclusive purpose of acquiring, owning and operating the multifamily residential project listed on Schedule 1 (each a “Project”); WHEREAS, each Owner entered into a Property Management Agreement with the Management Company with respect to the management and oversight of its Project (each a “Management Agreement”); WHEREAS, Steadfast Income REIT Operating Partnership, L.P., whose general partner is Steadfast Income REIT, Inc. (the “REIT”), is the sole equity member of each Owner (“Sole Member”); WHEREAS, the Board of Directors of the REIT, by resolution, approved certain modifications to the expenses to be reimbursed to the Management Company under the terms of the Management Agreement; and WHEREAS, pursuant to the terms of each Management Agreement, its terms may be amended in writing by the parties thereto; NOW, THEREFORE, for and in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Definitions. All capitalized terms not otherwise defined in this Amendment shall have the definitions given such terms in the Management Agreements. 2. Exhibit A. Exhibit A, Estimated Pass-Through Amounts, to each Management Agreement is hereby deleted and replaced with Exhibit A attached hereto and incorporated herein by reference. 3. Ratification. In all other respects, the Management Agreements are hereby ratified and confirmed. 4. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall constitute an original document and all of which together shall constitute one agreement.
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DocuSign Envelope ID: 12223CF0-E576-45B3-BB0F-742BD48DF0CC IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written. STEADFAST INCOME ADVISOR, LLC, as the Manager of each Owner By: Xxxx Xxxxxxx, President STEADFAST MANAGEMENT COMPANY, INC. By: Xxxxxxx Xxxxx, President 2
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DocuSign Envelope ID: 12223CF0-E576-45B3-BB0F-742BD48DF0CC SCHEDULE I Owner Project Management Agreement Date Xxxxx Xxxxx Apartments, LLC BriceGrove Park Apartments 8/29/2013 XXX Xxxxxxxxxx Champion, LLC Xxxxxxxxxx at Champion Forest 11/7/2013 XXX Xxxxxxxxxx Park, LLC Xxxxxxxxxx Park at Huffmeister, The 00/0/0000 XXX Xxxxxxxxxx Xxxxx, LLC Xxxxxxxxxx Place 11/7/2013 SIR Clarion Park, LLC Clarion Park Apartments 6/28/2011 SIR Creekside, LLC Reserve at Creekside Village 3/28/2014 SIR Dawntree, LLC Dawntree 8/15/2013 SIR Deep Deuce, LLC Deep Deuce at Bricktown 3/28/2013 SIR Double Creek, LLC Double Creek Flats 5/7/2018 SIR EBT Lofts, LLC EBT Lofts 12/30/2011 SIR Estancia, LLC Estancia Apartments 6/29/2012 SIR Forty 57, LLC Forty57 at Glasford 12/20/2012 SIR Hamburg, LLC Retreat at Hamburg Place, The 9/5/2013 SIR Heights, LLC Heights at 2121, The 9/30/2013 Xxxxxxxx Grand Apartments, LLC Hilliard Grand Apartments 12/31/2012 Xxxxxxxx Park Partners, LLC Xxxxxxxx Park Apartments 9/11/2012 Xxxxxxxx Xxxxxxx Apartments, LLC Hilliard Summit Apartments 9/28/2012 XXX Xxxxxxxxxxx Villas, LLC Villas at Huffmeister, The 10/10/2013 XXX Xxxxxxxxx, LLC Jefferson at Perimeter Apartment Homes 6/11/2018 SIR Katy Ranch, LLC Echo at Katy Ranch 12/19/2013 SIR Kingwood Villas, LLC Villas at Kingwood, The 10/10/2013 SIR Library Lofts, LLC Library Lofts East 2/28/2013 XXX Xxxxxxx Crossing, LLC Mallard Crossing Apartment Homes 12/27/2013 SIR Mapleshade, LLC Mapleshade Park 3/31/2014 SIR Montclair Parc, LLC Montclair Parc Apartments 4/26/2012 SIR Montecito, LLC Montecito Apartments 12/31/2012 SIR Oak Crossing, LLC Oak Crossing 6/3/2014 SIR Quail North, LLC Retreat at Quail North, The 6/12/2013 SIR Riverford, LLC Riverford Crossing Apartments 12/28/2012 SIR Sienna Grand, LLC Heritage Grand at Sienna Plantation 12/20/2013 SIR Sonoma Grande, LLC Sonoma Grande Apartments 5/24/2012 SIR Spring Creek, LLC Spring Creek of Xxxxxx Apartments 3/9/2012 SIR Xxxxxx Xxxx, LLC Xxxxxx Xxxx Lofts 8/27/2013 SIR Sycamore Terrace, LLC Sycamore Terrace Apartments 11/27/2012 SIR Tapestry Park, LLC Tapestry Park 8/13/2013 SIR Trails Edge, LLC Lodge at Trails Edge, The 6/18/2013 XXX Xxxxxx Farm, LLC Xxxxxx Farm Villas 12/22/2011 SIR Waterford Riata, LLC Waterford Park at Riata Ranch 10/10/2013 SIR Waterford, LLC Waterford on the Meadow 7/3/2013
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DocuSign Envelope ID: 12223CF0-E576-45B3-BB0F-742BD48DF0CC EXHIBIT A ESTIMATED PASS-THROUGH AMOUNTS The following sets out the Estimated Pass-Through Amounts: Marketing, Training and Continuing Education: $30 per unit per year. IT infrastructure, licenses and support: 1. IT licenses including such things as software, hardware, and usage fees will be billed at cost; 2. IT support expenses will be billed at $500 per user per month; and 3. any unusual, non-recurring projects or IT support needed for a property will be billed at actual costs including but not limited to travel costs. Benefits Administration Fee: 3.0% of total employee costs.
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DocuSign Envelope ID: 97461D31-4F0F-40FC-8B64-9765473B4D0B IN WITNESS WHEREOF, the undersigned have executed this Amendment to be effective as of the date first above written. STEADFAST INCOME ADVISOR, LLC, as the Manager of each Owner By: Xxxx Xxxxxxx, President STEADFAST MANAGEMENT COMPANY, INC. By: Xxxxxxx Xxxxx, President 2
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SCHEDULE I Owner Project Management Agreement Date Xxxxx Xxxxx Apartments, LLC BriceGrove Park Apartments 8/29/2013 XXX Xxxxxxxxxx Champion, LLC Xxxxxxxxxx at Champion Forest 11/7/2013 XXX Xxxxxxxxxx Park, LLC Xxxxxxxxxx Park at Huffmeister, The 00/0/0000 XXX Xxxxxxxxxx Xxxxx, LLC Xxxxxxxxxx Place 11/7/2013 SIR Clarion Park, LLC Clarion Park Apartments 6/28/2011 SIR Creekside, LLC Reserve at Creekside Village 3/28/2014 SIR Deep Deuce, LLC Deep Deuce at Bricktown 3/28/2013 SIR Double Creek, LLC Double Creek Flats 5/7/2018 SIR Forty 57, LLC Forty57 at Glasford 12/20/2012 SIR Hamburg, LLC Retreat at Hamburg Place, The 9/5/2013 Xxxxxxxx Grand Apartments, LLC Xxxxxxxx Grand Apartments 12/31/2012 Xxxxxxxx Park Partners, LLC Xxxxxxxx Park Apartments 9/11/2012 Xxxxxxxx Xxxxxxx Apartments, LLC Xxxxxxxx Summit Apartments 9/28/2012 XXX Xxxxxxxxxxx Villas, LLC Villas at Huffmeister, The 10/10/2013 XXX Xxxxxxxxx, LLC Jefferson at Perimeter Apartment Homes 6/11/2018 SIR Kingwood Villas, LLC Villas at Kingwood, The 10/10/2013 XXX Xxxxxxx Crossing, LLC Mallard Crossing Apartment Homes 12/27/2013 SIR Montclair Parc, LLC Montclair Parc Apartments 4/26/2012 SIR Montecito, LLC Montecito Apartments 12/31/2012 SIR Oak Crossing, LLC Oak Crossing 6/3/2014 SIR Quail North, LLC Retreat at Quail North, The 6/12/2013 SIR Riverford, LLC Riverford Crossing Apartments 12/28/2012 SIR Sienna Grand, LLC Heritage Grand at Sienna Plantation 12/20/2013 SIR Spring Creek, LLC Spring Creek of Xxxxxx Apartments 3/9/2012 SIR Sycamore Terrace, LLC Sycamore Terrace Apartments 11/27/2012 SIR Tapestry Park, LLC Tapestry Park 8/13/2013 XXX Xxxxxx Farm, LLC Xxxxxx Farm Villas 12/22/2011 SIR Waterford Riata, LLC Waterford Place at Riata Ranch 10/10/2013 SIR Waterford, LLC Waterford on the Meadow 7/3/2013
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DocuSign Envelope ID: 97461D31-4F0F-40FC-8B64-9765473B4D0B EXHIBIT A ESTIMATED PASS-THROUGH AMOUNTS The following sets out the Estimated Pass-Through Amounts: Marketing, Training and Continuing Education: $30 per unit per year. IT infrastructure, licenses and support: 1. IT licenses including such things as software, hardware, and usage fees will be billed at cost; 2. IT support expenses will be billed at $500 per user per month; and 3. any unusual, non-recurring projects or IT support needed for a property will be billed at actual costs including but not limited to travel costs. Benefits Administration Fee: 3.0% of total employee costs. Revenue Management Fee: $1.00 per month per unit