0001144204-12-059268 Sample Contracts

DEVELOPMENT AGREEMENT
Development Agreement • November 5th, 2012 • Bluerock Enhanced Multifamily Trust, Inc. • Real estate investment trusts

THIS DEVELOPMENT AGREEMENT (the “Agreement”), is made and entered into effective the 18th day of October, 2012, by and between 23HUNDRED, LLC, a Delaware limited liability company (“Owner”) and STONEHENGE REAL ESTATE GROUP, LLC, a Georgia limited liability company (“Developer”).

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OPERATING AGREEMENT OF BR STONEHENGE 23HUNDRED JV, LLC
Operating Agreement • November 5th, 2012 • Bluerock Enhanced Multifamily Trust, Inc. • Real estate investment trusts • New York

The Members (as defined herein) for their mutual convenience, benefit and protection and in consideration of the mutual covenants and benefits herein contained, do hereby enter into this Operating Agreement effective as of the 18th day of October, 2012.

CONSTRUCTION LOAN AGREEMENT between FIFTH THIRD BANK, as Lender and 23HUNDRED, LLC, a Delaware limited liability company as Borrower Dated as of October 18, 2012
Construction Loan Agreement • November 5th, 2012 • Bluerock Enhanced Multifamily Trust, Inc. • Real estate investment trusts • Tennessee

THIS CONSTRUCTION LOAN AGREEMENT (the “Agreement”) is executed as of October 18, 2012, by and between FIFTH THIRD BANK, an Ohio banking corporation (“Lender”), and 23HUNDRED, LLC, a Delaware limited liability company (“Borrower”).

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