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LICENSE AGREEMENT Date: November , 2012 After recording, please return to: GEM Realty Capital, Inc. 900 North Michigan Avenue, Suite 1450 Chicago, Illinois 60611 Attn: Jonathan Romick Licensor: City of San Marcos, 630 E. Hopkins Street, San Marcos, Hays County, Texas 78666 Licensees: GEM Hillside Ranch, L.P., a Delaware limited partnership (together with its successors and assigns, the "1350 Owner ") and GS SML, L.P., a Delaware limited partnership (together with its successor and assigns the "1410 Owner" together with 1350 Owner, individually a "Licensee" and collectively, the "Licensees ") Consideration: Ten and no /100 Dollars and other good and valuable consideration, including the Licensees' performance of its obligations under this Agreement. Property (Burdened by License): See Exhibit A, attached hereto and made a part hereof for all purposes. I. RECITALS 1.1 The 1410 Owner owns certain real property located at 1410 North LBJ Drive, San Marcos, Texas ( "1410 Property ") upon which a multi - family residential complex is to be constructed. The 1350 Owner owns certain real property located at 1350 N. LBJ, San Marcos, Texas improved with a multi - family residential development known as Hillside Ranch Apartments ( "1350 Property"). The Licensees seek to provide driveway access between the 1410 Property and the 1350 Property to improve traffic circulation and divert traffic off of North LBJ Drive. 1.2 In order to provide such driveway access between the two properties, it is necessary for the driveway to cross the Property. Licensor is amenable to granting an irrevocable license to Licensees for purposes of constructing a driveway across the Property in consideration of the improved traffic conditions. 1.3 Based on the foregoing, the parties wish to enter into this License Agreement (this CH \1405557.7