0001433821-15-000034 Sample Contracts

FIRST AMENDMENT TO OPERATING AGREEMENT OF AMERICAN REALTY PARTNERS, LLC
Operating Agreement of American • September 22nd, 2015 • American Housing Income Trust, Inc. • Operators of nonresidential buildings

This First Amendment to Operating Agreement of American Realty Partners, LLC (this "Amendment") is effective as of July 8, 2015 (the "Effective Date"), although it is being executed subsequent thereto, and has been duly approved pursuant to Section 3.4 of the Operating Agreement for American Realty Partners, LLC (the "Company") dated November 1, 2013 (the "Operating Agreement").

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FIRST AMENDMENT TO PARENT-SUBSIDIARY AND OPERATIONS AGREEMENT
Subsidiary and Operations Agreement • September 22nd, 2015 • American Housing Income Trust, Inc. • Operators of nonresidential buildings

This First Amendment to Parent-Subsidiary and Operations Agreement (this "Parent/Subsidiary Agreement") dated September 18, 2015 between American Realty Partners, LLC, an Arizona limited liability company with a mailing address for notice purposes of 34225 North 27th Drive, Building 5, Suite 238 in Phoenix, Arizona 85085 ("Subsidiary"), American Housing Income Trust, Inc., a Maryland corporation with a mailing address for notice purposes of 34225 North 27th Drive, Building 5, Suite 238 in Phoenix, Arizona 85085 ("Parent"), and Performance Realty Management, LLC, 34225 North 27th Drive, Building 5, Suite 238 in Phoenix, Arizona 85085 ("PRM") amends and supplements the Parent-Subsidiary and Operations Agreement (the "Original Agreement"), effective as of the Effective Date of the Stock Exchange and Restructuring Agreement between Parent and Subsidiary (the "Stock Exchange Agreement"), as follows (emphasized with strikethrough text with additions in bold italics, with all remaining provis

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