Exhibit 10.1


 


FIRST AMENDED AND RESTATED


 


AGREEMENT OF LIMITED PARTNERSHIP


 


OF


 


FREEHOLD PROPERTIES OPERATING PARTNERSHIP, LP


 





 



 


THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT
BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE
PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER
APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.


 





 



 


Dated as of October 18, 2021


 






     


     


    

 


Table
of Contents


 


	 	 	Page
	 	 	 
	ARTICLE I DEFINED TERMS	1
	 	 	 
	ARTICLE II ORGANIZATIONAL MATTERS	14
	 	 	 
	Section 2.1	Organization	14
	Section 2.2	Name	14
	Section 2.3	Registered Office and Agent; Principal Office	14
	Section 2.4	Term	15
	Section 2.5	Partnership Interests as Securities	15
	Section 2.6	Certificates Describing Partnership Units	15
	 	 	 
	ARTICLE III PURPOSE	15
	 	 	 
	Section 3.1	Purpose and Business	15
	Section 3.2	Powers	16
	 	 	 
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS	16
	 	 	 
	Section 4.1	Capital Contributions of the Partners	16
	Section 4.2	Issuances of Partnership Interests	17
	Section 4.3	No Preemptive Rights	18
	Section 4.4	Other Contribution Provisions	18
	Section 4.5	No Interest on Capital	18
	Section 4.6	LTIP Units	19
	Section 4.7	Conversion of LTIP Units	21
	 	 	 
	ARTICLE V DISTRIBUTIONS	24
	 	 	 
	Section 5.1	Requirement and Characterization of Distributions	24
	Section 5.2	Amounts Withheld	26
	Section 5.3	Distributions Upon Liquidation	26
	Section 5.4	Revisions to Reflect Issuance of Partnership Interests	26
	 	 	 
	ARTICLE VI ALLOCATIONS	27
	 	 	 
	Section 6.1	Allocations for Capital Account Purposes	27
	Section 6.2	Revisions to Allocations to Reflect Issuance of Partnership Interests or Future Agreements to Bear Disproportionate Losses	30
	 	 	 
	ARTICLE VII MANAGEMENT AND OPERATIONS OF BUSINESS	30
	 	 	 
	Section 7.1	Management	30
	Section 7.2	Certificate of Limited Partnership	34
	Section 7.3	Title to Partnership Assets	34
	Section 7.4	Reimbursement of the General Partner and the Parent	34
	Section 7.5	Outside Activities of the General Partner; Relationship of Shares to Partnership Units; Funding Debt	37
	Section 7.6	Transactions with Affiliates	39
	Section 7.7	Indemnification	40



 






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Table
of Contents


(continued)


 


	 	 	Page
	 	 	 
	Section 7.8	Liability of the General Partner	42
	Section 7.9	Other Matters Concerning the General Partner	43
	Section 7.10	Reliance by Third Parties	44
	Section 7.11	Restrictions on General Partner’s Authority	44
	Section 7.12	Loans by Third Parties	44
	 	 	 
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	44
	 	 	 
	Section 8.1	Limitation of Liability	44
	Section 8.2	Management of Business	45
	Section 8.3	Outside Activities of Limited Partners	45
	Section 8.4	Return of Capital	45
	Section 8.5	Rights of Limited Partners Relating to the Partnership	46
	Section 8.6	Redemption Right	47
	 	 	 
	ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS	49
	 	 	 
	Section 9.1	Records and Accounting	49
	Section 9.2	Fiscal Year	50
	Section 9.3	Reports	50
	 	 	 
	ARTICLE X TAX MATTERS	50
	 	 	 
	Section 10.1	Preparation of Tax Returns	50
	Section 10.2	Tax Elections	50
	Section 10.3	Partnership Representative	51
	Section 10.4	Organizational Expenses	53
	Section 10.5	Withholding	53
	 	 	 
	ARTICLE XI TRANSFERS AND WITHDRAWALS	54
	 	 	 
	Section 11.1	Transfer	54
	Section 11.2	Transfers of Partnership Interests of General Partner	54
	Section 11.3	Limited Partners’ Rights to Transfer	55
	Section 11.4	Substituted Limited Partners	56
	Section 11.5	Assignees	57
	Section 11.6	General Provisions	57
	 	 	 
	ARTICLE XII ADMISSION OF PARTNERS	59
	 	 	 
	Section 12.1	Admission of a Successor General Partner	59
	Section 12.2	Admission of Additional Limited Partners	59
	Section 12.3	Amendment of Agreement and Certificate of Limited Partnership	60
	Section 12.4	Limit on Number of Partners	60
	 	 	 
	ARTICLE XIII DISSOLUTION AND LIQUIDATION	60
	 	 	 
	Section 13.1	Dissolution	60
	Section 13.2	Winding Up	61
	Section 13.3	Compliance with Timing Requirements of Regulations; Restoration of Deficit Capital Accounts	62



 






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Table
of Contents


(continued)


 


	 	 	Page
	 	 	 
	Section 13.4	Rights of Limited Partners	63
	Section 13.5	Notice of Dissolution	63
	Section 13.6	Cancellation of Certificate of Limited Partnership	63
	Section 13.7	Reasonable Time for Winding Up	63
	Section 13.8	Waiver of Partition	64
	Section 13.9	Liability of Liquidator	64
	 	 	 
	ARTICLE XIV AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS	64
	 	 	 
	Section 14.1	Amendments	64
	Section 14.2	Meetings of the Partners	66
	 	 	 
	ARTICLE XV GENERAL PROVISIONS	67
	 	 	 
	Section 15.1	Addresses and Notice	67
	Section 15.2	Titles and Captions	67
	Section 15.3	Pronouns and Plurals	67
	Section 15.4	Further Action	67
	Section 15.5	Binding Effect	67
	Section 15.6	Creditors	68
	Section 15.7	Waiver	68
	Section 15.8	Counterparts	68
	Section 15.9	Applicable Law	68
	Section 15.10	Invalidity of Provisions	68
	Section 15.11	Power of Attorney	68
	Section 15.12	Entire Agreement	69
	Section 15.13	No Rights as Stockholders	69
	Section 15.14	Limitation to Preserve REIT Status	70



 


List of Exhibits:


 


	Exhibit A	— 	Partner Registry
	 	 	 
	Exhibit B	— 	Capital Account Maintenance
	 	 	 
	Exhibit C	— 	Special Allocation Rules
	 	 	 
	Exhibit D	— 	Notice of Redemption
	 	 	 
	Exhibit E	— 	Notice of Election by Partner to Convert LTIP Units into Class A Units
	 	 	 
	Exhibit F	— 	Notice of Election by Partnership to Force Conversion of LTIP Units into Class A Units


 






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FIRST AMENDED AND RESTATED


 


AGREEMENT OF LIMITED PARTNERSHIP


 


OF


 


FREEHOLD PROPERTIES OPERATING PARTNERSHIP, LP


 


THIS FIRST AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP, dated as of October 18, 2021 (the “Agreement”), is entered into by and
among Freehold OP GP, LLC, a Delaware limited liability company, as the General Partner, and Freehold Properties, Inc., a Maryland
corporation, as the Limited Partner, together with any other Persons who become Partners in Freehold Properties Operating Partnership,
LP (the “Partnership”) as provided herein.


 


WHEREAS, on April 23,
2019, the General Partner formed the Partnership as a limited partnership pursuant to Nevada law by the filing of the Certificate of Limited
Partnership with the Nevada Secretary of State;


 


WHEREAS, on October 11,
2021, the General Partner converted the Partnership to a Delaware limited partnership by filing a Certificate of Conversion and a Certificate
of Limited Partnership with the Delaware Secretary of State;


 


WHEREAS, the General Partner
and Freehold Properties, Inc., a Maryland corporation (the “Parent”), entered into that certain Agreement
of Limited Partnership of the Partnership dated as of April 23, 2019 (the “Original Partnership Agreement”);
and


 


WHEREAS, the General Partner
and the Parent wish to amend, restate and supersede the Original Partnership Agreement in its entirety as set forth herein.


 


NOW, THEREFORE, in consideration
of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:


 


ARTICLE I


 


DEFINED
TERMS


 


The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.


 


“Act”
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time, and any successor to such statute.


 






    1


     


    

 


“Additional Limited
Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.2 and who is
shown as a Limited Partner on the Partner Registry.


 


“Adjusted Capital
Account” means the Capital Account maintained for each Partner as of the end of each Fiscal Year (i) increased by any
amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore
pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the
items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing
definition of Adjusted Capital Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.


 


“Adjusted Capital
Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital
Account as of the end of the relevant Fiscal Year.


 


“Adjusted Property”
means any property the Carrying Value of which has been adjusted pursuant to Exhibit B.


 


“Adjustment Event”
has the meaning set forth in Section 4.6.A(i).


 


“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with
such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person,
(iii) any Person of which such Person owns or controls ten percent (10%) or more of the voting interests or (iv) any officer,
director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii), and (iii) above. For purposes
of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.


 


“Agreed Value”
means (i) in the case of any Contributed Property, the Section 704(c) Value of such property as of the time of its contribution
to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject
when contributed as determined under Section 752 of the Code and the Regulations thereunder; and (ii) in the case of any property
distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property at the time such property is distributed,
reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of
distribution.


 


“Agreement”
has the meaning set forth in the recitals hereto.


 


“Assignee”
means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who has not
become a Substituted Limited Partner, and who has the rights set forth in Section 11.5.


 






    2


     


    

 


“Available Cash”
means, with respect to any period for which such calculation is being made:


 


(a)            all
cash revenues and funds received by the Partnership from whatever source (excluding the proceeds of any Capital Contribution, unless otherwise
determined by the General Partner in its sole and absolute discretion) plus the amount of any reduction (including, without limitation,
a reduction resulting because the General Partner determines such amounts are no longer necessary) in reserves of the Partnership, which
reserves are referred to in clause (b)(iv) below;


 


(b)            less
the sum of the following (except to the extent made with the proceeds of any Capital Contribution):


 


(i)              all
interest, principal and other debt-related payments made during such period by the Partnership,


 


(ii)             all
cash expenditures (including capital expenditures) made by the Partnership during such period,


 


(iii)            investments
in any entity (including loans made thereto) to the extent that such investments are permitted under this Agreement and are not otherwise
described in clauses (b)(i) or (ii), and


 


(iv)            the
amount of any increase in reserves established during such period which the General Partner determines is necessary or appropriate in
its sole and absolute discretion (including any reserves that may be necessary or appropriate to account for distributions required with
respect to Partnership Interests having a preference over other classes of Partnership Interests);


 


(c)            with
any other adjustments as determined by the General Partner, in its sole and absolute discretion.


 


Notwithstanding the foregoing, after commencement
of the dissolution and liquidation of the Partnership, Available Cash shall not include any cash received or reductions in reserves and
shall not take into account any disbursements made or reserves established.


 


“BBA
Rules” means the partnership tax audit rules enacted under the Bipartisan Budget Act of 2015 and all effective
Regulations and other guidance issued thereunder or with respect thereto.


 


“Book-Tax Disparities”
means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between
the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for U.S. federal income tax purposes
as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted
Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Exhibit B
and the hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with
U.S. federal income tax accounting principles.


 


“Business Day”
means any day except a Saturday, Sunday or other day on which commercial banks in New York, NY are authorized or required by law to close.


 






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“Capital Account”
means the Capital Account maintained for a Partner pursuant to Exhibit B. The initial Capital Account balance for each
Partner who is a Partner on the date hereof shall be the amount set forth opposite such Partner’s name on the Partner Registry.


 


“Capital Account
Limitation” has the meaning set forth in Section 4.7.B.


 


“Capital Contribution”
means, with respect to any Partner, any cash and the Agreed Value of Contributed Property which such Partner contributes or is deemed
to contribute to the Partnership.


 


“Carrying Value”
means (i) with respect to a Contributed Property or Adjusted Property, the Section 704(c) Value of such property reduced
(but not below zero) by all Depreciation with respect to such Contributed Property or Adjusted Property, as the case may be, charged to
the Partners’ Capital Accounts and (ii) with respect to any other Partnership property, the adjusted basis of such property
for U.S. federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted from time
to time in accordance with Exhibit B, and to reflect changes, additions (including capital improvements thereto) or
other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General
Partner.


 


“Cash Amount”
means an amount of cash equal to the Value on the Valuation Date of the Shares Amount.


 


“Certificate of
Limited Partnership” means the Certificate of Limited Partnership relating to the Partnership filed in the office of the
Delaware Secretary of State, as amended from time to time in accordance with the terms hereof and the Act.


 


“Charter”
means the charter of the Parent, within the meaning of the Maryland General Corporation Law.


 


“Class A”
has the meaning set forth in Section 5.1.C.


 


“Class A
Share” has the meaning set forth in Section 5.1.C.


 


“Class A
Unit” means any Partnership Unit that is not specifically designated by the General Partner as being of another specified
class of Partnership Units.


 


“Class A
Unit Distribution” has the meaning set forth in Section 4.6.A.


 


“Class A
Unit Economic Balance” has the meaning set forth in Section 6.1.E.


 


“Class A
Unit Transaction” has the meaning set forth in Section 4.7.F.


 


“Class B”
has the meaning set forth in Section 5.1.C.


 


“Class B
Share” has the meaning set forth in Section 5.1.C.


 






    4


     


    

 


“Class B
Unit” means a Partnership Unit that is specifically designated by the General Partner as being a Class B Unit.


 


“Code”
means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations thereunder.
Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision
of future law.


 


“Consent”
means the consent or approval of a proposed action by a Partner given in accordance with Article XIV.


 


“Consent of the
Outside Limited Partners” means the Consent of Limited Partners (excluding for this purpose (i) any Limited Partner
Interests held by the General Partner or the Parent, (ii) any Person of which the General Partner or the Parent directly or indirectly
owns or controls more than fifty percent (50%) of the voting interests and (iii) any Person directly or indirectly owning or controlling
more than fifty percent (50%) of the outstanding voting interests of the General Partner or the Parent) holding Partnership Interests
representing more than fifty percent (50%) of the Percentage Interest of the Class A Units of all Limited Partners which are not
excluded pursuant to (i), (ii) and (iii) above.


 


“Constituent Person”
has the meaning set forth in Section 4.7.F.


 


“Contributed Property”
means each property or other asset contributed to the Partnership, in such form as may be permitted by the Act, but excluding cash contributed
or deemed contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B,
such property shall no longer constitute a Contributed Property for purposes of Exhibit B, but shall be deemed an Adjusted
Property for such purposes.


 


“Conversion Date”
has the meaning set forth in Section 4.7.B.


 


“Conversion Factor”
means 1.0; provided, however, that, if the Parent (i) declares or pays a dividend on its outstanding Shares in Shares or makes a
distribution to all holders of its outstanding Shares in Shares and does not make a corresponding distribution on Class A Units in
Class A Units, (ii) subdivides its outstanding Shares, or (iii) combines its outstanding Shares into a smaller number of
Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the
number of Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such
purposes that such dividend, distribution, subdivision or combination has occurred as of such time) and the denominator of which shall
be the actual number of Shares (determined without the above assumption) issued and outstanding on the record date for such dividend,
distribution, subdivision or combination; and provided further that in the event that an entity other than an Affiliate of the Parent
shall become General Partner pursuant to any merger, consolidation or combination of the General Partner or the Parent with or into another
entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor
by the number of shares of the Successor Entity into which one Share is converted pursuant to such merger, consolidation or combination,
determined as of the date of such merger, consolidation or combination. Any adjustment to the Conversion Factor shall become effective
immediately after the effective date of the event retroactive to the record date, if any, for the event giving rise thereto, it being
intended that (x) adjustments to the Conversion Factor are to be made to avoid unintended dilution or anti-dilution as a result of
transactions in which Shares are issued, redeemed or exchanged without a corresponding issuance, redemption or exchange of Partnership
Units and (y) if a Specified Redemption Date shall fall between the record date and the effective date of any event of the type described
above, that the Conversion Factor applicable to such redemption shall be adjusted to take into account such event.


 






    5


     


    

 


“Conversion Notice”
has the meaning set forth in Section 4.7.B.


 


“Conversion Right”
has the meaning set forth in Section 4.7.A.


 


“Convertible Funding
Debt” has the meaning set forth in Section 7.5.F.


 


“Debt”
means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred
purchase price of property or services, (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations
by such Person, (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any
lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such
Person has not assumed or become liable for the payment thereof, and (iv) obligations of such Person incurred in connection with
entering into a lease which, in accordance with generally accepted accounting principles, should be capitalized.


 


“Depreciation”
means, for each Fiscal Year, an amount equal to the U.S. federal income tax depreciation, amortization, or other cost recovery deduction
allowable with respect to an asset for such year, except that if the Carrying Value of an asset differs from its adjusted basis for U.S.
federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio
to such beginning Carrying Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such
year bears to such beginning adjusted tax basis; provided, however, that if the U.S. federal income tax depreciation, amortization, or
other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Carrying Value
using any reasonable method selected by the General Partner.


 


“Distribution
Period” has the meaning set forth in Section 5.1.C.


 


“Economic Capital
Account Balances” has the meaning set forth in Section 6.1.E.


 


“Equity Incentive
Plan” means any equity incentive or equity compensation plan hereafter adopted by the Partnership or the Parent.


 


“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.


 


“Exchange Act”
means the Securities Exchange Act of 1934, as amended.


 






    6


     


    

 


“Fiscal Year”
means the fiscal year of the Partnership, which shall be the calendar year as provided in Section 9.2.


 


“Forced Conversion”
has the meaning set forth in Section 4.7.C.


 


“Forced Conversion
Notice” has the meaning set forth in Section 4.7.C.


 


“Funding Debt”
means any Debt incurred for the purpose of providing funds to the Partnership by or on behalf of the Parent or any wholly owned subsidiary
of the Parent.


 


“General Partner”
means Freehold OP GP, LLC, a Delaware limited liability company, or its successor or permitted assignee, as general partner of the Partnership.


 


“General Partner
Interest” means the Partnership Interest held by the General Partner, which Partnership Interest is an interest as a general
partner under the Act. The General Partner will not be required to make a Capital Contribution to the Partnership in exchange for the
General Partner Interest. A General Partner Interest may be expressed as a number of Partnership Units.


 


“General Partner
Payment” has the meaning set forth in Section 15.14.


 


“IRS”
means the Internal Revenue Service, which administers the internal revenue laws of the United States.


 


“Immediate Family”
means, with respect to any natural Person, such natural Person’s spouse, parents, descendants, nephews, nieces, brothers, and sisters.


 


“Incapacity”
or “Incapacitated” means, (i) as to any individual who is a Partner, death, total physical disability or
entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her Person or estate, (ii) as to
any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation
of its charter, (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of
winding up of the partnership or limited liability company, (iv) as to any estate which is a Partner, the distribution by the fiduciary
of the estate’s entire interest in the Partnership, (v) as to any trustee of a trust which is a Partner, the termination of
the trust (but not the substitution of a new trustee) or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of
this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the
Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar
law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for
the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the
material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the
Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial
part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy,
insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement
thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been
vacated or stayed within ninety (90) days of such appointment or (h) an appointment referred to in clause (g) is not vacated
within ninety (90) days after the expiration of any such stay.


 






    7


     


    

 


“Indemnitee”
means (i) any Person made a party to a proceeding by reason of its status as (A) the General Partner, (B) a Limited Partner
or (C) a director or officer of the Partnership, the General Partner or the Parent and (ii) such other Persons (including Affiliates
of the General Partner, the Parent, a Limited Partner or the Partnership) as the General Partner may designate from time to time (whether
before or after the event giving rise to potential liability), in its sole and absolute discretion.


 


“Limited Partner”
means any Person named as a Limited Partner in the Partner Registry or any Substituted Limited Partner or Additional Limited Partner,
in such Person’s capacity as a Limited Partner in the Partnership.


 


“Limited Partner
Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the Partnership
Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled
as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.
A Limited Partner Interest may be expressed as a number of Partnership Units.


 


“Liquidating Event”
has the meaning set forth in Section 13.1.


 


“Liquidating Gains”
has the meaning set forth in Section 6.1.E.


 


“Liquidator”
has the meaning set forth in Section 13.2.A.


 


“LTIP Units”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in
Section 4.6 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners
shall be set forth in the Partner Registry, as it may be amended or restated from time to time.


 


“LTIP Unitholder”
means a Partner that holds LTIP Units.


 


“LV Safe Harbor”
 “LV Safe Harbor Election” and “LV Safe Harbor Interest” each has the meaning set forth
in Section 10.2.B.


 


“National Securities
Exchange” means the New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market,
the Nasdaq Capital Market or any successor to any of the foregoing.


 


“Net Income”
means, for any taxable period, the excess, if any, of the Partnership’s items of income and gain for such taxable period over the
Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net Income shall be
determined in accordance with Exhibit B. If an item of income, gain, loss or deduction that has been included in the
initial computation of Net Income is subjected to the special allocation rules in Exhibit C, Net Income or the
resulting Net Loss, whichever the case may be, shall be recomputed without regard to such item.


 






    8


     


    

 


“Net Loss”
means, for any taxable period, the excess, if any, of the Partnership’s items of loss and deduction for such taxable period over
the Partnership’s items of income and gain for such taxable period. The items included in the calculation of Net Loss shall be determined
in accordance with Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation
of Net Loss is subjected to the special allocation rules in Exhibit C, Net Loss or the resulting Net Income, whichever
the case may be, shall be recomputed without regard to such item.


 


“New Securities”
means (i) any rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase Shares,
excluding grants under any Equity Incentive Plan, or (ii) any Debt issued by the Parent that provides any of the rights described
in clause (i).


 


“Nonrecourse Built-in
Gain” means, with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or negative
pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 2.B
of Exhibit C if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities
and for no other consideration.


 


“Nonrecourse Deductions”
has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal Year shall
be determined in accordance with the rules of Regulations Section 1.704-2(c).


 


“Nonrecourse Liability”
has the meaning set forth in Regulations Section 1.752-1(a)(2).


 


“Notice of Redemption”
means a Notice of Redemption substantially in the form of Exhibit D.


 


“Operating Entity”
has the meaning set forth in Section 7.4.F.


 


“Original Partnership
Agreement” has the meaning set forth in the recitals hereto.


 


“Parent”
has the meaning set forth in the recitals hereto.


 


“Partner”
means the General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners.


 


“Partner Minimum
Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result
if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3).


 


“Partner Nonrecourse
Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4).


 






    9


     


    

 


“Partner Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(i), and the amount of Partner Nonrecourse Deductions
with respect to a Partner Nonrecourse Debt for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2).


 


“Partner Registry”
means the Partner Registry maintained by the General Partner in the books and records of the Partnership, which contains substantially
the same information as would be necessary to complete the form of the Partner Registry attached hereto as Exhibit A.


 


“Partnership”
has the meaning set forth in the recitals hereto.


 


“Partnership Interest”
means a Limited Partner Interest, a General Partner Interest or LTIP Units, and includes any and all benefits to which the holder of such
a partnership interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the
terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Partnership Units.


 


“Partnership Minimum
Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as
well as any net increase or decrease in Partnership Minimum Gain, for a Fiscal Year shall be determined in accordance with the rules of
Regulations Section 1.704-2(d).


 


“Partnership Record
Date” means the record date established by the General Partner either (i) for the distribution of Available Cash pursuant
to Section 5.1, which record date shall be the same as the record date established by the Parent for a distribution to its
stockholders of some or all of its portion of such distribution, or (ii) if applicable, for determining the Partners entitled to
vote on or Consent to any proposed action for which the Consent or approval of the Partners is sought pursuant to Section 14.2.


 


“Partnership Unit”
means a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2,
and includes Class A Units, Class B Units, LTIP Units and any other classes or series of Partnership Units established after
the date hereof. The number of Partnership Units outstanding and the Percentage Interests in the Partnership represented by such Partnership
Units are set forth in the Partner Registry.


 


“Percentage Interest”
means, as to a Partner holding a class of Partnership Interests, its interest in such class, determined by dividing the Partnership Units
of such class owned by such Partner by the total number of Partnership Units of such class then outstanding. For purposes of determining
the Percentage Interest of the Class A Units at any time when there are Class B Units outstanding, all Class B Units shall
be treated as Class A Units.


 


“Person”
means a natural person, partnership (whether general or limited), trust, estate, association, corporation, limited liability company,
unincorporated organization, custodian, nominee or any other individual or entity in its own or any representative capacity.


 


“Publicly Traded”
means listed or admitted to trading on any National Securities Exchange.


 






    10


     


    

 


“Qualified Assets”
means any of the following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership;
(ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity
interests in Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income
tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%)
equity interest in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly
or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to security holders
of the Parent or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible
assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries.


 


“Recapture Income”
means any gain recognized by the Partnership (computed without regard to any adjustment pursuant to Section 754 of the Code) upon
the disposition of any property or asset of the Partnership, which gain is characterized either as ordinary income or as “unrecaptured
Section 1250 gain” (as defined in Section 1(h)(6) of the Code) because it represents the recapture of depreciation
deductions previously taken with respect to such property or asset.


 


“Recourse Liabilities”
means the amount of liabilities owed by the Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse
Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations).


 


“Redeeming Partner”
has the meaning set forth in Section 8.6.A.


 


“Redemption Amount”
means either the Cash Amount or the Shares Amount, as determined by the General Partner, in its sole and absolute discretion. A Redeeming
Partner shall have no right, without the General Partner’s consent, in its sole and absolute discretion, to receive the Redemption
Amount in the form of the Shares Amount.


 


“Redemption Right”
has the meaning set forth in Section 8.6.A.


 


“Regulations”
means the Treasury Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).


 


“REIT”
means an entity that qualifies as a real estate investment trust under the Code.


 


“REIT Requirements”
has the meaning set forth in Section 5.1.A.


 


“Residual Gain”
or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for U.S.
federal income tax purposes resulting from a sale, exchange or other disposition of Contributed Property or Adjusted Property, to the
extent such item of gain or loss is not allocated pursuant to Section 2.B.1(a) or 2.B.2(a) of Exhibit C
to eliminate Book-Tax Disparities.


 


“Safe Harbor”
has the meaning set forth in Section 11.6.F.


 






    11


     


    

 



 


“Securities Act”
means the Securities Act of 1933, as amended.


 


“Section 704(c) Value”
of any Contributed Property or Adjusted Property means the fair market value of such property at the time of contribution or adjustment,
as the case may be, as determined by the General Partner using such reasonable method of valuation as it may adopt; provided, however,
subject to Exhibit B, the General Partner shall, in its sole and absolute discretion, use such method as it deems reasonable
and appropriate to allocate the aggregate of the Section 704(c) Value of Contributed Properties or Adjusted Properties in a
single or integrated transaction among each separate property on a basis proportional to its fair market values.


 


“Share”
means a share of common stock (or other comparable equity interest) of the Parent (or the Successor Entity, as the case may be). Shares
may be issued in one or more classes or series in accordance with the terms of the Charter. Shares issued in lieu of the Cash Amount by
the Partnership or the Parent may be either registered or unregistered Shares at the option of the Parent. If there is more than one class
or series of Shares, the term “Shares” shall, as the context requires, be deemed to refer to the class or series of Shares
that corresponds to the class or series of Partnership Interests for which the reference to Shares is made. When used with reference to
Class A Units, the term “Shares” refers to shares of common stock (or other comparable equity interest) of the Parent.


 


“Shares Amount”
means a number of Shares equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner times the
Conversion Factor; provided, however, that, if the Parent issues to holders of Shares securities, rights, options, warrants or convertible
or exchangeable securities entitling such holders to subscribe for or purchase Shares or any other securities or property (collectively,
the “rights”), then the Shares Amount shall also include such rights that a holder of that number of Shares would be entitled
to receive unless the Partnership issues corresponding rights to holders of Partnership Units.


 


“Specified Redemption
Date” means, subject to Section 8.6(iv) and with respect to any exercise of a Redemption Right pursuant to a Notice
of Redemption, the first Business Day of the first calendar quarter that begins at least 20 Business Days after the receipt by the General
Partner of a Notice of Redemption; provided, that the General Partner may in its sole discretion designate an earlier (but not later)
Specified Redemption Date in respect of any Notice of Redemption.


 


“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, trust, partnership or joint venture, or other entity of
which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned,
directly or indirectly, by such Person.


 


“Substituted Limited
Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4 and
who is shown as a Limited Partner in the Partner Registry.


 


“Successor Entity”
has the meaning set forth in the definition of “Conversion Factor” herein.


 


“Termination Transaction”
has the meaning set forth in Section 11.2.B.


 






    12 


     


    

 


“Unrealized Gain”
attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the fair market
value of such property (as determined under Exhibit B) as of such date, over (ii) the Carrying Value of such property
(prior to any adjustment to be made pursuant to Exhibit B) as of such date.


 


“Unrealized Loss”
attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying
Value of such property (prior to any adjustment to be made pursuant to Exhibit B) as of such date, over (ii) the
fair market value of such property (as determined under Exhibit B) as of such date.


 


“Unvested LTIP
Units” has the meaning set forth in Section 4.6.C.


 


“Valuation Date”
means the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the first Business
Day thereafter.


 


“Value”
means, with respect to one Share of a class of outstanding Shares of the Parent that are Publicly Traded, the average of the daily market
price for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. The market price
for each such trading day shall be the closing price, regular way, on such day, or if no such sale takes place on such day, the average
of the closing bid and asked prices on such day. If the outstanding Shares of the Parent are Publicly Traded and the Shares Amount includes,
in addition to the Shares, rights or interests that a holder of Shares has received or would be entitled to receive, then the Value of
such rights shall be determined by the Parent acting in good faith on the basis of such quotations and other information as it considers,
in its reasonable judgment, appropriate. If the Shares of the Parent are not Publicly Traded, the Value of the Shares Amount per Partnership
Unit tendered for redemption (which will be the Cash Amount per Partnership Unit offered for redemption payable pursuant to Section 8.6.A)
means the amount that a holder of one Partnership Unit would receive if each of the assets of the Partnership were to be sold for its
fair market value on the Specified Redemption Date, the Partnership were to pay all of its outstanding liabilities, and the remaining
proceeds were to be distributed to the Partners in accordance with the terms of this Agreement. Such Value shall be determined by the
General Partner, acting in good faith and based upon a commercially reasonable estimate of the amount that would be realized by the Partnership
if each asset of the Partnership (and each asset of each partnership, limited liability company, trust, joint venture or other entity
in which the Partnership owns a direct or indirect interest) were sold to an unrelated purchaser in an arm’s-length transaction
where neither the purchaser nor the seller were under economic compulsion to enter into the transaction (without regard to any discount
in value as a result of the Partnership’s minority interest in any property or any illiquidity of the Partnership’s interest
in any property).


 


“Vested LTIP Units”
has the meaning set forth in Section 4.6.C.


 


“Vesting Agreement”
means each or any, as the context implies, agreement or instrument entered into by a holder of LTIP Units upon acceptance of an award
of LTIP Units under an Equity Incentive Plan.


 






    13 


     


    

 


ARTICLE II


 


ORGANIZATIONAL
MATTERS


 


Section 2.1            Organization


 


A.            Organization,
Status and Rights. The Partnership is a limited partnership organized pursuant to the provisions of the Act. The Partners hereby confirm
and agree to their status as partners of the Partnership and to continue the business of the Partnership on the terms set forth in this
Agreement. Except as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the
Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.


 


B.             Qualification
of Partnership. The Partners (i) agree that if the laws of any jurisdiction in which the Partnership transacts business so require,
the appropriate officers or other authorized representatives of the Partnership shall file, or shall cause to be filed, with the appropriate
office in that jurisdiction, any documents necessary for the Partnership to qualify to transact business under such laws; and (ii) agree
and obligate themselves to execute, acknowledge and cause to be filed for record, in the place or places and manner prescribed by law,
any amendments to the Certificate of Limited Partnership as may be required, either by the Act, by the laws of any jurisdiction in which
the Partnership transacts business, or by this Agreement, to reflect changes in the information contained therein or otherwise to comply
with the requirements of law for the continuation, preservation and operation of the Partnership as a limited partnership under the Act.


 


C.             Representations.
Each Partner represents and warrants that such Partner is duly authorized to execute, deliver and perform its obligations under this Agreement
and that the Person, if any, executing this Agreement on behalf of such Partner is duly authorized to do so and that this Agreement is
binding on and enforceable against such Partner in accordance with its terms.


 


Section 2.2            Name


 


The name of the Partnership
is Freehold Properties Operating Partnership, LP. The Partnership’s business may be conducted under any other name or names deemed
advisable by the General Partner, including the name of any of the General Partner or any Affiliate thereof. The words “Limited
Partnership,” “LP,” “Ltd.” or similar words or letters shall be included in the Partnership’s name
where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and
absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of
such change in the next regular communication to the Limited Partners.


 


Section 2.3            Registered
Office and Agent; Principal Office


 


The address of the registered
office of the Partnership in the State of Delaware is located at The Corporation Trust Company, 1209 Orange Street, Corporation Trust
Center, Wilmington, DE 19801 and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office is The Corporation Trust Company, 1209 Orange Street, Corporation Trust Center, Wilmington, DE 19801. The principal office of the
Partnership is 232 3rd Avenue N., Franklin, TN 37064, or shall be such other place as the General Partner may from time to time designate
by notice to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware
as the General Partner deems advisable.


 






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Section 2.4             Term


 


The term of the Partnership
commenced on April 23, 2019, and shall continue until dissolved pursuant to the provisions of Article XIII or as otherwise
provided by law.


 


Section 2.5            Partnership
Interests as Securities


 


All Partnership Interests
shall be securities within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8
of the Uniform Commercial Code of any other applicable jurisdiction.


 


Section 2.6            Certificates
Describing Partnership Units


 


The General Partner shall
have the authority to issue certificates evidencing the Limited Partnership Interests in accordance with Section 17-702(b) of
the Act. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable
and (iii) shall bear a legend to the following effect:


 


THIS CERTIFICATE IS NOT NEGOTIABLE.
THE PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH (A) THE PROVISIONS
OF THE AGREEMENT OF LIMITED PARTNERSHIP OF FREEHOLD PROPERTIES OPERATING PARTNERSHIP, LP, AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME
TO TIME AND (B) ANY APPLICABLE FEDERAL OR STATE SECURITIES OR BLUE SKY LAWS.


 


ARTICLE III


 


PURPOSE


 


Section 3.1             Purpose
and Business


 


The purpose and nature of
the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership
organized pursuant to the Act; (ii) to enter into any corporation, partnership, joint venture, trust, limited liability company or
other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged, directly or indirectly,
in any of the foregoing; and (iii) to do anything necessary or incidental to the foregoing; provided, however, that any business
shall be limited to and conducted in such a manner as to permit the Parent at all times to be classified as a REIT, unless the Parent,
in its sole and absolute discretion, has chosen to cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT for any
reason or reasons whether or not related to the business conducted by the Partnership. In connection with the foregoing, and without limiting
the Parent’s right, in its sole and absolute discretion, to cease qualifying as a REIT, the Partners acknowledge that the status
of the Parent as a REIT inures to the benefit of all the Partners and not solely to the General Partner, the Parent or their Affiliates.


 






    15 


     


    

 


Section 3.2             Powers


 


The Partnership is empowered
to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment
of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full
power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any
kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, acquire,
own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property; provided, however, that the Partnership
shall not take, or shall refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion,
(i) could adversely affect the ability of the Parent to qualify or continue to qualify as a REIT (unless the Parent has decided to
terminate or revoke its election to be taxed as a REIT), (ii) could subject the Parent to any taxes under Sections 857 or 4981 of
the Code, or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner,
the Parent or their securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing.


 


ARTICLE IV


 


CAPITAL
CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS


 


Section 4.1             Capital
Contributions of the Partners


 


A.             Capital
Contributions. Prior to or concurrently with the execution of this Agreement, the Partners have made the Capital Contributions as
set forth in the Partner Registry. On the date hereof, the Partners own Partnership Units in the amounts set forth in the Partner Registry
and have Percentage Interests in the Partnership as set forth in the Partner Registry. The number of Partnership Units and Percentage
Interest shall be adjusted in the Partner Registry from time to time by the General Partner to the extent necessary to reflect accurately
exchanges, redemptions, Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s
Percentage Interest in accordance with the terms of this Agreement.


 


B.             General
Partnership Interest. Except for any Partnership Units designated as Limited Partner Interests by the General Partner, the Partnership
Units held by the General Partner shall be the General Partner Interest of the General Partner.


 


C.             Except
as provided in Sections 7.5, 10.5, and 13.3, the Partners shall have no obligation to make any additional Capital
Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise). Except
as otherwise set forth in Section 13.3, no Partner shall have any obligation to restore any deficit that may exist in its
Capital Account, either upon a liquidation of the Partnership or otherwise.


 






    16 


     


    

 


Section 4.2             Issuances
of Partnership Interests


 


A.            General.
The General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the General Partner,
the Parent and their Affiliates) or other Persons (including, without limitation, in connection with the contribution of property to the
Partnership or any of its Subsidiaries) Partnership Units or other Partnership Interests in one or more classes, or in one or more series
of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and
duties, including rights, powers and duties senior to one or more other classes of Partnership Interests, all as shall be determined,
subject to applicable Delaware law, by the General Partner in its sole and absolute discretion, including, without limitation, (i) the
allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests, (ii) the
right of each such class or series of Partnership Interests to share in Partnership distributions, (iii) the rights of each such
class or series of Partnership Interests upon dissolution and liquidation of the Partnership, (iv) the rights, if any, of each such
class to vote on matters that require the vote or Consent of the Limited Partners, and (v) the consideration, if any, to be received
by the Partnership; provided, however, that no such Partnership Units or other Partnership Interests shall be issued to the General Partner
or the Parent unless (a) the Partnership Interests are issued in connection with the grant, award or issuance of Shares or other
equity interests in the Parent (including a transaction described in Section 7.4.F) having designations, preferences and other
rights such that the economic interests attributable to such Shares or other equity interests are substantially similar to the designations,
preferences and other rights (except voting rights) of the Partnership Interests issued to the General Partner or the Parent in accordance
with this Section 4.2.A, and the General Partner or the Parent contributes to the Partnership the proceeds (if any) from the
issuance of Shares or equity received by the General Partner or the Parent as required pursuant to Section 7.5.D, (b) the
General Partner or the Parent makes an additional Capital Contribution to the Partnership, or (c) the additional Partnership Interests
are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in such
class. If the Partnership issues Partnership Interests pursuant to this Section 4.2.A, the General Partner shall make such
revisions to this Agreement (including but not limited to the revisions described in Section 5.4, Section 6.2
and Section 8.6) as it deems necessary to reflect the issuance of such Partnership Interests. The designation of any newly
issued class or series of Partnership Interests may provide a formula for treating such Partnership Interests solely for purposes of voting
on or consenting to any matter that requires the vote or Consent of the Limited Partners as set forth in one or more of Sections 7.1,
7.5.A, 7.11, 13.1(i), 13.1(vi), 14.1.A, 14.1.C, 14.2.A, and 14.2.B of this Agreement
as the equivalent of a specified number (including any fraction thereof) of Class A Units. Nothing in this Agreement shall prohibit
the General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that
such issuance is in the best interests of the Partnership.


 


B.             Classes
of Partnership Units. The Partnership shall have three authorized classes of Partnership Units, entitled “Class A Units,”
 “Class B Units” and “LTIP Units,” and, thereafter, such additional classes of Partnership Units as may be
created by the General Partner pursuant to Section 4.2.A and this Section 4.2.B. Class A Units, Class B
Units or a class of Partnership Interests created pursuant to Section 4.2.A or this Section 4.2.B, at the election
of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in exchange for the contribution
by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration; provided, however, that any
Partnership Unit that is not specifically designated by the General Partner as being of a particular class shall be deemed to be a Class A
Unit. Each Class B Unit shall be converted automatically into a Class A Unit on the day immediately following the Partnership
Record Date for the Distribution Period in which such Class B Unit was issued, without the requirement for any action by the General
Partner, the Partnership or the Partner holding the Class B Unit. The issuance and terms of any LTIP Units shall be in accordance
with Section 4.6.


 






    17 


     


    

 


Section 4.3            No
Preemptive Rights


 


Except to the extent expressly
granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential or other similar right with
respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units
or other Partnership Interests.


 


Section 4.4            Other
Contribution Provisions


 


A.            General.
If any Partner is admitted to the Partnership and is given a Capital Account with an initial balance greater than zero in exchange for
services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner (and set forth in
the Partner Registry) as if the Partnership had compensated such Partner in cash, and the Partner had made a Capital Contribution of such
cash to the capital of the Partnership. The Partnership shall be entitled to deduct and withhold taxes with respect to any such transaction
and the recipient Partner shall indemnify and hold harmless the Partnership from any such taxes.


 


B.             Mergers.
To the extent the Partnership acquires any property (or an indirect interest therein) by the merger of any other Person into the Partnership
or with or into a Subsidiary of the Partnership, Persons who receive Partnership Interests in exchange for their interest in the Person
merging into the Partnership or with or into a Subsidiary of the Partnership shall be deemed to have been admitted as Additional Limited
Partners pursuant to Section 12.2 and shall be deemed to have made Capital Contributions as provided in the applicable merger
agreement (or if not so provided, as determined by the General Partner in its sole and absolute discretion) and as set forth in the Partner
Registry.


 


Section 4.5            No
Interest on Capital


 


No Partner shall be entitled
to interest on its Capital Contributions or its Capital Account.


 






    18 


     


    

 


Section 4.6             LTIP
Units


 


A.            Issuance
of LTIP Units. The General Partner may, from time to time, for such consideration as the General Partner may determine to be appropriate,
issue LTIP Units to Persons who provide services to the Partnership or the Parent and admit such Persons as Limited Partners. Subject
to the following provisions of this Section 4.6 and the special provisions of Sections 4.7 and 6.1.E, LTIP Units
shall be treated as Class A Units, with all of the rights, privileges and obligations attendant thereto (or, if so designated by
the General Partner in connection with the issuance thereof, as Class B Units for the quarter in which such LTIP Units are issued).
For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Class A Unit holders
and LTIP Units shall be treated as Class A Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence
between LTIP Units and Class A Units for conversion, distribution and other purposes, including, without limitation, complying with
the following procedures:


 


(i)              If
an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain
a one-for-one conversion and economic equivalence ratio between Class A Units and LTIP Units. The following shall be “Adjustment
Events”: (A) the Partnership makes a distribution on all outstanding Class A Units in Partnership Units, (B) the
Partnership subdivides the outstanding Class A Units into a greater number of units or combines the outstanding Class A Units
into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding Class A
Units by way of a reclassification or recapitalization of its Class A Units. If more than one Adjustment Event occurs, the adjustment
to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment
Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership
Units in a financing, reorganization, acquisition or other similar business Class A Unit Transaction, (y) the issuance of Partnership
Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan or (z) the issuance of any Partnership
Units to the General Partner, the Parent or any other Person in respect of a Capital Contribution to the Partnership. If the Partnership
takes an action affecting the Class A Units other than actions specifically described above as “Adjustment Events” and
in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence
described above, the General Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by law and
by any Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate
under the circumstances. If an adjustment is made to the LTIP Units, as herein provided, the Partnership shall promptly file in the books
and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring
such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly
after filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her
LTIP Units and the effective date of such adjustment; and


 


(ii)             The
LTIP Unitholders shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose,
be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Class A Unit (the “Class A
Unit Distribution”) paid to holders of Class A Units on such Partnership Record Date established by the General Partner
with respect to such distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall be authorized,
declared or paid on Class A Units or Class B Units, unless equal distributions have been or contemporaneously are authorized,
declared and paid on the LTIP Units.


 


B.             Priority.
Subject to the provisions of this Section 4.6 and the special provisions of Sections 4.7 and 5.1.E, the LTIP
Units shall rank pari passu with the Class A Units and Class B Units as to the payment of regular and special periodic
or other distributions and distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and
as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms
specifies that it shall rank junior to, on a parity with, or senior to the Class A Units shall also rank junior to, or pari passu
with, or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an LTIP Unitholder shall be entitled
to transfer his or her LTIP Units to the same extent, and subject to the same restrictions, as holders of Class A Units are entitled
to transfer their Class A Units pursuant to Article XI.


 






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C.             Special
Provisions. LTIP Units shall be subject to the following special provisions:


 


(i)               Vesting
Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional
restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General
Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or
by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested
LTIP Units;” all other LTIP Units shall be treated as “Unvested LTIP Units.”


 


(ii)             Forfeiture.
Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in
either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture
of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with
the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and
no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be
due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a Partnership Record
Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the
portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her LTIP Units shall be reduced (after taking
into account any reductions required as a result of distributions payable in accordance with the preceding sentence) by the amount, if
any, by which it exceeds the target balance contemplated by Section 6.1.E, calculated with respect to the LTIP Unitholder’s
remaining LTIP Units, if any. Such reduction shall be accomplished in such manner as the General Partner determines, in its sole and absolute
discretion, including a reduction with or without a reallocation of such amount among other Partners, special allocations of items of
income, gain, loss or deduction (including pursuant to finalized Treasury Regulations), a “book down” in the value of Partnership
assets in the amount of such reduction, or a combination of the foregoing.


 


(iii)            Allocations.
LTIP Unitholders shall be entitled to certain special allocations of gain under Section 6.1.E.


 


(iv)            Redemption.
The Redemption Right provided to the holders of Class A Units under Section 8.6 shall not apply with respect to LTIP
Units unless and until they are converted to Class A Units as provided in clause (v) below and Section 4.7; provided,
however, unless otherwise determined by the General Partner, in no event may an LTIP Unit, or a Class A Unit into which an LTIP Unit
has been converted, be redeemed pursuant to the Redemption Right provided by Section 8.6 until the second anniversary of the date
on which such LTIP Unit was issued.


 






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(v)             Conversion
to Class A Units. Vested LTIP Units are eligible to be converted into Class A Units in accordance with Section 4.7.


 


D.             Voting.
LTIP Unitholders shall have the same voting rights as the Limited Partners, with the LTIP Units voting as a single class with the Class A
Units and having one vote per LTIP Unit.


 


Section 4.7            Conversion
of LTIP Units.


 


A.            Conversion
Right. An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time
to convert all or a portion of his or her Vested LTIP Units into Class A Units; provided, however, that a holder may not exercise
the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less than one thousand Vested LTIP
Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into
Class A Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder is notified of the expected occurrence
of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership
a Conversion Notice conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by
the LTIP Unitholder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time
to cause a conversion of Vested LTIP Units into Class A Units. In all cases, the conversion of any LTIP Units into Class A Units
shall be subject to the conditions and procedures set forth in this Section 4.7.


 


B.             Exercise
by an LTIP Unitholder. A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable
Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6. Notwithstanding the foregoing,
in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account
Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Unit
Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”).
In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”)
in the form attached as Exhibit E to this Agreement to the Partnership (with a copy to the General Partner) not less
than ten nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice;
provided, however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Class A Unit
Transaction (as defined in Section 4.7.F) at least 30 days prior to the effective date of such Class A Unit Transaction,
then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth day after such notice
from the General Partner of a Class A Unit Transaction or (y) the third business day immediately preceding the effective date
of such Class A Unit Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.1. Each
LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 4.7.B
shall be free and clear of all liens and encumbrances. Notwithstanding anything herein to the contrary but subject to Section 4.6.C(iv),
a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.6 relating to those Class A Units that
will be issued to such holder upon conversion of such LTIP Units into Class A Units in advance of the Conversion Date; provided,
however, that the redemption of such Class A Units by the Partnership shall in no event take place until after the Conversion Date.
For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes
and subject to Section 4.6.C(iv), the Class A Units into which his or her Vested LTIP Units will be converted can be redeemed
by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner elects to cause the
Parent to assume and perform the Partnership’s redemption obligation with respect to such Class A Units under Section 8.6
by delivering to such holder Shares rather than cash, then such holder can have such Shares issued to him or her simultaneously with the
conversion of his or her Vested LTIP Units into Class A Units. The General Partner and LTIP Unitholder shall reasonably cooperate
with each other to coordinate the timing of the events described in the foregoing sentence.


 






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C.             Forced
Conversion. The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by
an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of Class A Units, giving
effect to all adjustments (if any) made pursuant to Section 4.6; provided, however, that the Partnership may not cause Forced
Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.7.B.
In order to exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”)
in the form attached as Exhibit F to this Agreement to the applicable LTIP Unitholder not less than ten nor more than
60 days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner
provided in Section 15.1.


 


D.             Completion
of Conversion. A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has
given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action
on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership
with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion. After
the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written request, a certificate
of the General Partner certifying the number of Class A Units and remaining LTIP Units, if any, held by such person immediately after
such conversion. The Assignee of any Limited Partner pursuant to Article XI may exercise the rights of such Limited Partner
pursuant to this Section 4.7 and such Limited Partner shall be bound by the exercise of such rights by the Assignee.


 


E.             Impact
of Conversions for Purposes of Section 6.1.E. For purposes of making future allocations under Section 6.1.E and applying
the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated
as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted
and the Class A Unit Economic Balance.


 






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F.             Class A
Unit Transactions. If the Partnership, the General Partner or the Parent shall be a party to any Class A Unit Transaction, as
defined below (including without limitation a merger, consolidation, unit exchange, self-tender offer for all or substantially all Class A
Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding
any Class A Unit Transaction which constitutes an Adjustment Event) in each case as a result of which Class A Units shall be
exchanged for or converted into the right, or the holders of such Class A Units shall otherwise be entitled, to receive cash, securities
or other property or any combination thereof (each of the foregoing being referred to herein as a “Class A Unit Transaction”),
then the General Partner shall, immediately prior to the Class A Unit Transaction, exercise its right to cause a Forced Conversion
with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection
with the Class A Unit Transaction or that would occur in connection with the Class A Unit Transaction if the assets of the Partnership
were sold at the Class A Unit Transaction price or, if applicable, at a value determined by the General Partner in good faith using
the value attributed to the Partnership Units in the context of the Class A Unit Transaction (in which case the Conversion Date shall
be the effective date of the Class A Unit Transaction). In anticipation of such Forced Conversion and the consummation of the Class A
Unit Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to
receive in connection with such Class A Unit Transaction in consideration for the Class A Units into which his or her LTIP Units
will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation
of such Class A Unit Transaction by a holder of the same number of Class A Units, assuming such holder of Class A Units
is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to
which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent
Person. In the event that holders of Class A Units have the opportunity to elect the form or type of consideration to be received
upon consummation of the Class A Unit Transaction, prior to such Class A Unit Transaction the General Partner shall give prompt
written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders
the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each
LTIP Unit held by such holder into Class A Units in connection with such Class A Unit Transaction. If an LTIP Unitholder fails
to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held by him or her
(or by any of his or her transferees) the same kind and amount of consideration that a holder of a Class A Unit would receive if
such Class A Unit holder failed to make such an election. Subject to the rights of the Partnership and the General Partner under
any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use commercially reasonable effort to cause the terms of any
Class A Unit Transaction to be consistent with the provisions of this Section 4.7.F and to enter into an agreement with
the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted
into Class A Units in connection with the Class A Unit Transaction that will (i) contain provisions enabling the holders
of LTIP Units that remain outstanding after such Class A Unit Transaction to convert their LTIP Units into securities as comparable
as reasonably possible under the circumstances to the Class A Units and (ii) preserve as far as reasonably possible under the
circumstances the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP
Unitholders.


 






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ARTICLE V


 


DISTRIBUTIONS


 


Section 5.1             Requirement
and Characterization of Distributions


 


A.             General.
The General Partner may cause the Partnership to distribute at least quarterly all, or such portion as the General Partner may in its
sole and absolute discretion determine, of the Available Cash of the Partnership with respect to such quarter or shorter period to the
Partners in accordance with the terms established for the class or classes of Partnership Interests held by such Partners who are Partners
on the respective Partnership Record Date with respect to such quarter or shorter period as provided in Sections 5.1.B, 5.1.C
and 5.1.D and in accordance with the respective terms established for each class of Partnership Interest. Notwithstanding anything
to the contrary contained herein, in no event may a Partner receive a distribution of Available Cash with respect to a Partnership Unit
for a quarter or shorter period if such Partner is entitled to receive a distribution with respect to a Share for which such Partnership
Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein, or in the terms established for a new class or series
of Partnership Interests created in accordance with Article IV hereof, no Partnership Interest shall be entitled to a distribution
in preference to any other Partnership Interest. The General Partner shall make such reasonable efforts, as determined by it in its sole
and absolute discretion and consistent with the qualification of the Parent as a REIT, to distribute Available Cash to the Parent in an
amount sufficient to enable the Parent to make distributions to its stockholders that will enable the Parent to (1) satisfy the requirements
for qualification as a REIT under the Code and the Regulations (the “REIT Requirements”), and (2) avoid
any U.S. federal income or excise tax liability.


 


B.              Method.
(i) Each holder of Partnership Interests that is entitled to any preference in distribution shall be entitled to a distribution in
accordance with the rights of any such class of Partnership Interests (and, within such class, pro rata in proportion to the respective
Percentage Interests on such Partnership Record Date); and


 


(ii)             To
the extent there is Available Cash remaining after the payment of any preference in distribution in accordance with the foregoing clause
(i), with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions
are not limited to any preference in distribution, such Available Cash shall be distributed pro rata to each such class in accordance
with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage Interests on such Partnership
Record Date).


 


C.              Distributions
When Class B Units Are Outstanding. If for any quarter or shorter period with respect to which a distribution is to be made (a
 “Distribution Period”) Class B Units are outstanding on the Partnership Record Date for such Distribution
Period, the General Partner shall allocate the Available Cash with respect to such Distribution Period available for distribution with
respect to the Class A Units and Class B Units collectively between the Partners who are holders of Class A Units (“Class A”)
and the Partners who are holders of Class B Units (“Class B”) as follows:


 


(1)             Class A
shall receive that portion of the Available Cash (the “Class A Share”) determined by multiplying the amount
of Available Cash by the following fraction:


 


	A x Y
	(A x Y) + (B x X)


 






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(2)             Class B
shall receive that portion of the Available Cash (the “Class B Share”) determined by multiplying the amount
of Available Cash by the following fraction:


 


	B x X
	(A x Y) + (B x X)


 


(3)             For
purposes of the foregoing formulas, (i) “A” equals the number of Class A Units outstanding on the Partnership Record
Date for such Distribution Period; (ii) “B” equals the number of Class B Units outstanding on the Partnership Record
Date for such Distribution Period; (iii) “Y” equals the number of days in the Distribution Period; and (iv) “X”
equals the number of days in the Distribution Period for which the Class B Units were issued and outstanding.


 


The Class A Share shall
be distributed pro rata among Partners holding Class A Units on the Partnership Record Date for the Distribution Period in accordance
with the number of Class A Units held by each Partner on such Partnership Record Date; provided, however, that in no event may a
Partner receive a distribution of Available Cash with respect to a Class A Unit if a Partner is entitled to receive a distribution
with respect to a Share for which such Class A Unit has been redeemed or exchanged. If Class B Units were issued on the same
date, the Class B Share shall be distributed pro rata among the Partners holding Class B Units on the Partnership Record Date
for the Distribution Period in accordance with the number of Class B Units held by each Partner on such Partnership Record Date.
In no event shall any Class B Units be entitled to receive any distribution of Available Cash for any Distribution Period ending
prior to the date on which such Class B Units are issued.


 


D.             Distributions
When Class B Units Have Been Issued on Different Dates. If Class B Units which have been issued on different dates are outstanding
on the Partnership Record Date for any Distribution Period, then the Class B Units issued on each particular date shall be treated
as a separate series of Partnership Units for purposes of making the allocation of Available Cash for such Distribution Period among the
holders of Partnership Units (and the formula for making such allocation, and the definitions of variables used therein, shall be modified
accordingly). Thus, for example, if two series of Class B Units are outstanding on the Partnership Record Date for any Distribution
Period, the allocation formula for each series, “Series B1” and “Series B2” would be as follows:


 


(1)             Series B1
shall receive that portion of the Available Cash determined by multiplying the amount of Available Cash by the following fraction:


 


	B1 x X1
	(A x Y) + (B1 x X1) + (B2 x X2)


 






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(2)             Series B2
shall receive that portion of the Available Cash determined by multiplying the amount of Available Cash by the following fraction:


 


	B2 x X2
	(A x Y) + (B1 x X1) + (B2 x X2)


 


(3)             For
purposes of the foregoing formulas the definitions set forth in Section 5.1.C(3) remain the same except that (i) “B1”
equals the number of Partnership Units in Series B1 outstanding on the Partnership Record Date for such Distribution Period; (ii) “B2”
equals the number of Partnership Units in Series B2 outstanding on the Partnership Record Date for such Distribution Period; (iii) “X1”
equals the number of days in the Distribution Period for which the Partnership Units in Series B1 were issued and outstanding; and
(iv) “X2” equals the number of days in the Distribution Period for which the Partnership Units in Series B2 were
issued and outstanding.


 


E.             Distributions
With Respect to LTIP Units. In accordance with Section 4.6.A, LTIP Unitholders shall be entitled to receive distributions
in an amount per LTIP Unit equal to the Class A Unit Distribution; provided, however, that the General Partner may, in its sole discretion,
adjust distributions made pursuant to this Article V or Section 13.2A as it deems necessary to ensure that the
amount distributed to each LTIP Unit does not exceed the amount attributable to items of Partnership income or gain realized after the
date such LTIP Unit was issued by the Partnership. The intent of the foregoing sentence is to ensure that all LTIP Units qualify as “profits
interests” under Revenue Procedure 93-27,1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3,
2001), and this Section 5.1 shall be interpreted and applied consistently therewith; provided, however, that none of the General
Partner, the Parent, and the Partnership shall have liability to a recipient of LTIP Units under any circumstances as a result of such
LTIP Unit not so qualifying. The General Partner at its discretion may amend this Section 5.1. to ensure that any LTIP Units
will qualify as “profits interests” under Revenue Procedure 9327,19932 C.B. 343 (June 9, 1993) and Revenue Procedure
2001-43, 2001-2 C.B. 191 (August 3, 2001) (and any other similar rulings or regulations that may be in effect at such time).


 


Section 5.2             Amounts
Withheld


 


All amounts withheld pursuant
to the Code or any provisions of any state or local tax law and Section 10.5 with respect to any allocation, payment or distribution
to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner, Limited Partners
or Assignees, as the case may be, pursuant to Section 5.1 for all purposes under this Agreement.


 


Section 5.3            Distributions
Upon Liquidation


 


Proceeds from a Liquidating
Event shall be distributed to the Partners in accordance with Section 13.2.


 


Section 5.4             Revisions
to Reflect Issuance of Partnership Interests


 


If the Partnership issues
Partnership Interests pursuant to Article IV, the General Partner shall make such revisions to this Article V
and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the issuance of such additional
Partnership Interests without the consent or approval of any other Partner.


 






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ARTICLE VI


 


ALLOCATIONS


 


Section 6.1           Allocations
for Capital Account Purposes


 


For purposes of maintaining
the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income, gain, loss
and deduction (computed in accordance with Exhibit B) shall be allocated among the Partners in each taxable year (or
portion thereof) as provided herein below.


 


A.            Net
Income. After giving effect to the special allocations set forth in Section 1 of Exhibit C, Net Income
shall be allocated:


 


(1)            first,
to the General Partner until the cumulative Net Income allocated under this clause (1) equals the cumulative Net Losses allocated
to the General Partner under Section 6.1.B(4);


 


(2)            second,
to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated
under this clause (3) equals the cumulative Net Losses allocated to such Partners under Section 6.1.B(3);


 


(3)            third,
to the holders of any Partnership Interests that are entitled to any preference in distribution (excluding for the avoidance of doubt
any preference with respect to liquidating distributions described in the preceding clause (2)) in accordance with the rights of any such
class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this clause
(3), Net Income equal to the amount of distributions payable that are attributable to the preference of such class of Partnership Interests
whether or not paid (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period
for which such allocation is being made); and


 


(4)            finally,
with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions are
not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and, within such
class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such allocation is being
made).


 


B.            Net
Losses. After giving effect to the special allocations set forth in Section 1 of Exhibit C, Net Losses
shall be allocated:


 


(1)            first,
to the holders of Partnership Interests, in proportion to, and to the extent that, their share of the Net Income previously allocated
pursuant to Section 6.1.A(4) exceeds, on a cumulative basis, the sum of (a) distributions with respect to such Partnership
Interests pursuant to clause (ii) of Section 5.1.B and (b) Net Losses allocated under this clause (1);


 






    27 


     


    

 


(2)            second,
with respect to classes of Partnership Interests that are not entitled to any preference in distribution upon liquidation, pro rata to
each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage
Interests as of the last day of the period for which such allocation is being made); provided, however, that Net Losses shall not be allocated
to any Partner pursuant to this Section 6.1.B(2) to the extent that such allocation would cause such Partner to have
an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case (i) by not
including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with
respect to any deficit in its Capital Account pursuant to Section 13.3 and (ii) in the case of a Partner who also holds
classes of Partnership Interests that are entitled to any preferences in distribution upon liquidation, by subtracting from such Partners’
Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation) at the end of such taxable year (or portion
thereof);


 


(3)            third,
with respect to classes of Partnership Interests that are entitled to any preference in distribution upon liquidation, in reverse order
of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests as of
the last day of the period for which such allocation is being made); provided, however, that Net Losses shall not be allocated to any
Partner pursuant to this Section 6.1.B(3) to the extent that such allocation would cause such Partner to have an Adjusted
Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the Partners’
Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit in its Capital
Account pursuant to Section 13.3) at the end of such taxable year (or portion thereof); and


 


(4)            thereafter,
to the General Partner.


 


C.            Allocation
of Nonrecourse Debt. For purposes of Regulation Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities of the Partnership
in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse Built-in Gain shall
be allocated by the General Partner by taking into account facts and circumstances relating to each Partner’s respective interest
in the profits of the Partnership. For this purpose, the General Partner shall have the sole and absolute discretion in any Fiscal Year
to allocate such excess Nonrecourse Liabilities among the Partners in any manner permitted under Code Section 752 and the Regulations
thereunder.


 


D.            Recapture
Income. Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent
possible after taking into account other required allocations of gain pursuant to Exhibit C, be characterized as Recapture
Income in the same proportions and to the same extent as such Partners have been allocated any deductions directly or indirectly giving
rise to the treatment of such gains as Recapture Income.


 






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E.            Special
Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.1.A, Liquidating Gains shall first be allocated
to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership of LTIP Units, are
equal to (i) the Class A Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this purpose, “Liquidating
Gains” means net gains that are or would be realized in connection with the actual or hypothetical sale of all or substantially
all of the assets of the Partnership, including but not limited to net capital gain realized in connection with an adjustment to the value
of Partnership assets under Section 704(b) of the Code made pursuant to Section 1.D of Exhibit B.
The “Economic Capital Account Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent
attributable to their ownership of LTIP Units. Similarly, the “Class A Unit Economic Balance” shall mean (i) the
Capital Account balance of the Parent, plus the amount of the Parent’s share of any Partner Minimum Gain or Partnership Minimum
Gain, in either case to the extent attributable to the Parent’s ownership of Class A Units and computed on a hypothetical basis
after taking into account all allocations through the date on which any allocation is made under this Section 6.1.E, but prior to
the realization of any Liquidating Gains, divided by (ii) the number of the Parent’s Class A Units. Any such allocations
shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 6.1.E.
The parties agree that the intent of this Section 6.1.E is to make the Capital Account balance associated with each LTIP Unit
to be economically equivalent to the Capital Account balance associated with the Parent’s Class A Units (on a per-Unit basis),
provided that Liquidating Gains are of a sufficient magnitude to do so upon a sale of all or substantially all of the assets of the Partnership,
or upon an adjustment to the Partners’ Capital Accounts pursuant to Section 1.D of Exhibit B. The
Partnership and the Partners intend that each LTIP Unit qualify as a profits interest within the meaning of Revenue Procedures 93-27 and
2001-43 and all provisions of this Agreement shall be interpreted consistently with such intent as determined by the General Partner in
its sole discretion; provided, however, that none of the General Partner, the Parent, and the Partnership shall have liability to a recipient
of LTIP Units under any circumstances as a result of such LTIP Unit not so qualifying. In accordance with the foregoing, the General Partner
may in its sole discretion adjust or limit aggregate allocations of Liquidating Gains made to LTIP Units in each taxable year of the Partnership
such that they are no greater than the excess (if any) of (x) the total amount of the Partnership’s items of book income and
gain (as determined for purposes of maintaining Capital Accounts) for such year, over (y) the total amount of the Partnership’s
items of book loss, deduction, and expense (as determined for purposes of maintaining Capital Accounts) for such year.


 


F.            Special
Allocations in Connection with a Liquidity Event. The Partners intend that the allocation of Net Profits, Net Losses and other items
of income, gain, loss, deduction and credit required to be allocated to the Capital Accounts of the Partners pursuant to this Agreement
will result in final Capital Account balances that will permit the amount each Partner is entitled to receive upon “liquidation”
of the Partnership (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations) to equal the amount such
Partner would have received if such amount was distributable solely pursuant to the priorities set forth in Article V and
Section 13.2.A(1) - (4). Accordingly, notwithstanding the provisions of Section 6.1.A, in the taxable year
of the event precipitating a Liquidity Event and thereafter, appropriate adjustments to allocations of Net Profits and Net Losses to the
Partners shall be made to achieve such result.


 


G.            Further
Special Allocations Regarding LTIP Units.


 


(i)            For
any Fiscal Year in which distributions are actually made to holders of LTIP Units, the General Partner, in its sole and absolute discretion,
may allocate appropriate items of income or gain accrued and realized following the issuance of the relevant LTIP Units to the holders
of such LTIP Units to avoid causing the Capital Accounts relating to such LTIP Units to become negative as a result of such distribution
(after taking into account all other allocations tentatively made pursuant to this Agreement) and otherwise to preserve the treatment
of such LTIP Units as “profits interests.” To the extent such a holder receives a distribution with respect to any such LTIP
Units in excess of the portion of its Capital Account attributable to such LTIP Units, such excess may be treated by the Partnership,
in the sole and absolute discretion of the General Partner, as a “guaranteed payment” within the meaning of Section 707(c) of
the Code.


 



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(ii)            Notwithstanding
any provision herein to the contrary, allocations of Liquidating Gains, Net Income and Net Loss and other items of income, gain, loss,
deduction and credit with respect to LTIP Units shall be restricted to ensure such allocations consist only of income and gain arising
after the issuance of such LTIP Units and otherwise to the extent the General Partner determines, in its sole and absolute discretion,
necessary or appropriate to preserve the treatment of such LTIP Units as “profits interests” for such purposes and to comply
with any applicable IRS guidance (including “safe harbor” guidance).


 


Section 6.2           Revisions
to Allocations to Reflect Issuance of Partnership Interests or Future Agreements to Bear Disproportionate Losses


 


A.            Issuances
of Partnership Interests. If the Partnership issues Partnership Interests pursuant to Article IV, the General Partner
shall make such revisions to this Article VI and the Partner Registry in the books and records of the Partnership as it deems
necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of
Partnership Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner.


 


B.            Agreement
to Bear Disproportionate Losses. The General Partner may, in its sole discretion, modify (i) the allocation provisions contained
herein to provide for disproportionate allocations of Loss (or items of loss or deduction) and chargebacks thereof to a Limited Partner
that agrees to restore all or part of any deficit in its Capital Account, and (ii) any other provision hereof to provide for corresponding
contribution obligations of such Limited Partner.


 


ARTICLE VII


 


MANAGEMENT
AND OPERATIONS OF BUSINESS


 


Section 7.1            Management


 


A.            Powers
of General Partner. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs
of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate
in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by
the Limited Partners with or without cause. In addition to the powers now or hereafter granted a general partner of a limited partnership
under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject
to Section 7.11, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business
of the Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1,
including, without limitation:


 






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(1)            the
making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing
money to permit the Partnership to make distributions to its Partners in such amounts as are required under Section 5.1.A
or will permit the Parent (so long as the Parent qualifies as a REIT) to avoid the payment of any U.S. federal income tax (including,
for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its stockholders sufficient to
permit the Parent to maintain its REIT status), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities
including, without limitation, the assumption or guarantee of the debt of the Parent, its Subsidiaries or the Partnership’s Subsidiaries,
the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on the
Partnership’s assets) and the incurring of any obligations the General Partner deems necessary for the conduct of the activities
of the Partnership;


 


(2)            the
making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction
over the business or assets of the Partnership;


 


(3)            the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including
acquisition of any new assets, the exercise or grant of any conversion, option, privilege or subscription right or other right available
in connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership or any Subsidiary
of the Partnership with or into another entity on such terms as the General Partner deems proper;


 


(4)            the
use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement
and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the Parent, the General
Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation,
the Parent, the General Partner and their Subsidiaries and the Partnership’s Subsidiaries) and the repayment of obligations of the
Partnership and its Subsidiaries and any other Person in which the Partnership has an equity investment and the making of Capital Contributions
to its Subsidiaries;


 


(5)            the
management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements owned
by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment;


 


(6)            the
negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers useful or
necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this
Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors and
other agents and the payment of their expenses and compensation out of the Partnership’s assets;


 


(7)            the
mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership;


 






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(8)            the
distribution of Partnership cash or other Partnership assets in accordance with this Agreement;


 


(9)            the
holding, managing, investing and reinvesting of cash and other assets of the Partnership;


 


(10)          the
collection and receipt of revenues and income of the Partnership;


 


(11)          the
selection, designation of powers, authority and duties and the dismissal of employees of the Partnership (including, without limitation,
employees having titles such as “president,” “vice president,” “secretary” and “treasurer”)
and agents, outside attorneys, accountants, consultants and contractors of the Partnership and the determination of their compensation
and other terms of employment or hiring;


 


(12)          the
maintenance of such insurance for the benefit of the Partnership and the Partners (including, without limitation, the Parent and the General
Partner) as it deems necessary or appropriate;


 


(13)          the
formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership or
third parties) in, and the contribution of property to, any further limited or general partnerships, joint ventures, limited liability
companies or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions
of funds or property to, or making of loans to, its Subsidiaries and any other Person in which it has an equity investment from time to
time, or the incurrence of indebtedness on behalf of such Persons or the guarantee of the obligations of such Persons); provided, however,
that as long as the Parent has determined to qualify or continue to qualify as a REIT, the Partnership may not engage in any such formation,
acquisition or contribution that would cause the Parent to fail to qualify as a REIT;


 


(14)          the
control of any matters affecting the rights and obligations of the Partnership, including the settlement, compromise, submission to arbitration
or any other form of dispute resolution or abandonment of any claim, cause of action, liability, debt or damages due or owing to or from
the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute
resolution, the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other
forms of dispute resolution, the incurring of legal expense and the indemnification of any Person against liabilities and contingencies
to the extent permitted by law;


 


(15)          the
determination of the fair market value of any Partnership property distributed in kind, using such reasonable method of valuation as the
General Partner may adopt;


 


(16)          the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right, including
the right to vote, appurtenant to any assets or investment held by the Partnership;


 


(17)          the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of
the Partnership or any other Person in which the Partnership has a direct or indirect interest, individually or jointly with any such
Subsidiary or other Person;


 



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(18)          the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership does
not have any interest pursuant to contractual or other arrangements with such Person;


 


(19)          the
making, executing and delivering of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements,
conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or other legal instruments or agreements in writing necessary
or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in
this Agreement;


 


(20)          the
distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited Partner’s exercise of its
Redemption Right under Section 8.6;


 


(21)          the
determination regarding whether a payment to a Partner who exercises its Redemption Right under Section 8.6 that is assumed
by the Parent will be paid in the form of the Cash Amount or the Shares Amount, except as such determination may be limited by Section 8.6;


 


(22)          the
acquisition of Partnership Interests in exchange for cash, debt instruments and other property;


 


(23)          the
maintenance of the Partner Registry in the books and records of the Partnership to reflect the Capital Contributions and Percentage Interests
of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the
issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise; and


 


(24)          the
registration of any class of securities of the Partnership under the Securities Act or the Exchange Act, and the listing of any debt securities
of the Partnership on any exchange.


 


B.            No
Approval by Limited Partners. Except as provided in Section 7.11, each of the Limited Partners agrees that the General
Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without
any further act, approval or vote of the Partners, notwithstanding any other provision of this Agreement, the Act or any applicable law,
rule or regulation, to the full extent permitted under the Act or other applicable law. The execution, delivery or performance by
the General Partner or the Partnership of any agreement authorized or permitted under this Agreement shall be in the sole and absolute
discretion of the General Partner without consideration of any other obligation or duty, fiduciary or otherwise, of the Partnership or
the Limited Partners and shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership
or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or equity. The Limited Partners
acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and the stockholders of the Parent.


 






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C.            Insurance.
At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability
and other insurance on the properties of the Partnership and its Subsidiaries, (ii) liability insurance for the Indemnitees hereunder,
and (iii) such other insurance as the General Partner, in its sole and absolute discretion, determines to be necessary.


 


D.            Working
Capital and Other Reserves. At all times from and after the date hereof, the General Partner may cause the Partnership to establish
and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and
reasonable from time to time, including upon liquidation of the Partnership under Article XIII.


 


Section 7.2           Certificate
of Limited Partnership


 


To the extent that such action
is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements
of the Certificate of Limited Partnership and do all the things to maintain the Partnership as a limited partnership (or a partnership
in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia
or other jurisdiction in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A(4),
the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership
or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other
certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation
of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and any other
state, the District of Columbia or other jurisdiction in which the Partnership may elect to do business or own property.


 


Section 7.3            Title
to Partnership Assets


 


Title to Partnership assets,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no
Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to
any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General
Partner may determine, in its sole and absolute discretion, including Affiliates of the General Partner. The General Partner hereby declares
and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate
of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions
of this Agreement. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective
of the name in which legal title to such Partnership assets is held.


 


Section 7.4           Reimbursement
of the General Partner and the Parent


 


A.            No
Compensation. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles
V and VI regarding distributions, payments and allocations to which it may be entitled), the General Partner (in its capacity
as such) shall not receive payments from the Partnership or otherwise be compensated for its services as the general partner of the Partnership.


 



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B.            Responsibility
for Partnership and General Partner and Parent Expenses. The Partnership shall be responsible for and shall pay all expenses relating
to the Partnership’s organization, the ownership of its assets and its operations. The Partnership shall also be responsible for
the administrative and operating costs and expenses incurred by the General Partner and the Parent, including, but not limited to, all
expenses relating to the General Partner’s and the Parent’s (i) continued existence and subsidiary operations, (ii) offerings
and registration of securities, (iii) preparation and filing of any periodic or other reports and communications required under federal,
state or local laws and regulations, (iv) compliance with laws, rules and regulations promulgated by any regulatory body, and
(v) operating or administrative costs incurred in the ordinary course of business on behalf of the Partnership; provided, however,
that such costs and expenses shall not include any administrative or operating costs of the General Partner or the Parent attributable
to assets owned by the General Partner or the Parent directly and not through the Partnership or its subsidiaries. The General Partner
and the Parent, at the General Partner’s sole and absolute discretion, shall be reimbursed on a monthly basis, or such other basis
as the General Partner may determine in its sole and absolute discretion, for all expenses the Parent or the General Partner incurs relating
to or resulting from the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, expenses related
to the operations of the General Partner and the Parent and to the management and administration of any Subsidiaries of the General Partner,
the Parent or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing fees); provided, however, that (i) the
amount of any such reimbursement shall be reduced by (x) any interest earned by the General Partner or the Parent with respect to
bank accounts or other instruments or accounts held by it on behalf of the Partnership as permitted in Section 7.5.A (which
interest is considered to belong to the Partnership and shall be paid over to the Partnership to the extent not applied to reimburse the
General Partner or the Parent for expenses hereunder); and (y) any amount derived by the General Partner from any investments permitted
in Section 7.5.A; (ii) the Partnership shall not be responsible for expenses or liabilities incurred by the General Partner
in connection with any business or assets of the General Partner other than its ownership of Partnership Interests or operation of the
business of the Partnership or ownership of interests in Qualified Assets to the extent permitted in Section 7.5.A; and (iii) the
Partnership shall not be responsible for any expenses or liabilities of the General Partner that are excluded from the scope of the indemnification
provisions of Section 7.7.A by reason of the provisions of clause (i) or (ii)  thereof. The General Partner shall
determine in good faith the amount of expenses incurred by it or the Parent related to the ownership of Partnership Interests or operation
of, or for the benefit of, the Partnership. If certain expenses are incurred that are related both to the ownership of Partnership Interests
or operation of, or for the benefit of, the Partnership and to the ownership of other assets (other than Qualified Assets as permitted
under Section 7.5.A) or the operation of other businesses, such expenses will be allocated to the Partnership and such other
entities (including the General Partner and the Parent) owning such other assets or businesses in such a manner as the General Partner
in its sole and absolute discretion deems fair and reasonable. Such reimbursements shall be in addition to any reimbursement to the General
Partner and the Parent pursuant to Section 10.3.C and as a result of indemnification pursuant to Section 7.7.
All payments and reimbursements hereunder shall be characterized for U.S. federal income tax purposes as expenses of the Partnership incurred
on its behalf, and not as expenses of the General Partner or the Parent.


 






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C.            Partnership
Interest Issuance Expenses. The General Partner and the Parent shall also be reimbursed for all expenses they incur relating to any
issuance of Partnership Interests, Shares, Debt of the Partnership, Funding Debt of the General Partner or the Parent or rights, options,
warrants or convertible or exchangeable securities pursuant to Article IV (including, without limitation, all costs, expenses,
damages and other payments resulting from or arising in connection with litigation related to any of the foregoing), all of which expenses
are considered by the Partners to constitute expenses of, and for the benefit of, the Partnership.


 


D.            Purchases
of Shares by the Parent. If the Parent exercises its rights under the Charter to purchase Shares or otherwise elects or is required
to purchase from its stockholders Shares in connection with a share repurchase or similar program or otherwise, or for the purpose of
delivering such Shares to satisfy an obligation under any dividend reinvestment or equity purchase program adopted by the Parent, any
employee equity purchase plan adopted by the Parent or any similar obligation or arrangement undertaken by the Parent in the future, the
purchase price paid by the Parent for those Shares and any other expenses incurred by the Parent in connection with such purchase shall
be considered expenses of the Partnership and shall be reimbursable to the Parent, subject to the conditions that: (i) if those Shares
subsequently are to be sold by the Parent, the Parent shall pay to the Partnership any proceeds received by the Parent for those Shares
(provided, however, that a transfer of Shares for Partnership Units pursuant to Section 8.6 would not be considered a sale
for such purposes); and (ii) if such Shares are required to be cancelled pursuant to applicable law or are not retransferred by the
Parent within thirty (30) days after the purchase thereof, the General Partner shall cause the Partnership to cancel a number of Partnership
Units (rounded to the nearest whole Partnership Unit) held by the Parent equal to the product attained by multiplying the number of those
Shares by a fraction, the numerator of which is one and the denominator of which is the Conversion Factor.


 


E.            Reimbursement
not a Distribution. Except as set forth in the succeeding sentence, if and to the extent any reimbursement made pursuant to this Section 7.4
is determined for U.S. federal income tax purposes not to constitute a payment of expenses of the Partnership, the amount so determined
shall constitute a guaranteed payment with respect to capital within the meaning of Section 707(c) of the Code, shall be treated
consistently therewith by the Partnership and all Partners and shall not be treated as a distribution for purposes of computing the Partners’
Capital Accounts. Amounts deemed paid by the Partnership to the General Partner in connection with redemption of Partnership Units pursuant
to clause (ii) of subparagraph (D) above shall be treated as a distribution for purposes of computing the Partner’s Capital
Accounts.


 






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F.            Funding
for Certain Capital Transactions. In the event that the Parent shall undertake to acquire (whether by merger, consolidation, purchase
or otherwise) the assets or equity interests of another Person and such acquisition shall require the payment of cash by the Parent (whether
to such Person or to any other selling party or parties in such transaction or to one or more creditors, if any, of such Person or such
selling party or parties), (i) the Partnership shall advance to the Parent the cash required to consummate such acquisition if, and
to the extent that, such cash is not to be obtained by the Parent through an issuance of Shares described in Section 4.2 or
pursuant to a transaction described in Section 7.5.B, (ii) the Parent shall, upon consummation of such acquisition, transfer
to the Partnership (or cause to be transferred to the Partnership), in full and complete satisfaction of such advance and as required
by Section 7.5, the assets or equity interests of such Person acquired by the Parent in such acquisition (or equity interests
in Persons owning all of such assets or equity interests), and (iii) pursuant to and in accordance with Section 4.2 and
Section 7.5.B, the Partnership shall issue to the Parent, Partnership Interests and/or rights, options, warrants or convertible
or exchangeable securities of the Partnership having designations, preferences and other rights that are substantially the same as those
of any additional Shares, other equity securities, New Securities and/or Convertible Funding Debt, as the case may be, issued by the Parent
in connection with such acquisition (whether issued directly to participants in the acquisition transaction or to third parties in order
to obtain cash to complete the acquisition). In addition to, and without limiting, the foregoing, in the event that the Parent engages
in a transaction in which (x) the Parent (or a wholly owned direct or indirect Subsidiary of the Parent) merges with another entity
(referred to as the “Parent Entity”) that is organized in the “UPREIT format” (i.e., where the Parent
Entity holds substantially all of its assets and conducts substantially all of its operations through a partnership, limited liability
company or other entity (referred to as an “Operating Entity”)) and the Parent survives such merger, (y) such
Operating Entity merges with or is otherwise acquired by the Partnership in exchange in whole or in part for Partnership Interests, and
(z) the Parent is required or elects to pay part of the consideration in connection with such merger involving the Parent Entity
in the form of cash and part of the consideration in the form of Shares, the Partnership shall distribute to the Parent with respect to
its existing Partnership Interest an amount of cash sufficient to complete such transaction and the General Partner shall cause the Partnership
to cancel a number of Partnership Units (rounded to the nearest whole number) held by the Parent equal to the product attained by multiplying
the number of additional Shares of the Parent that the Parent would have issued to the Parent Entity or the owners of the Parent Entity
in such transaction if the entire consideration therefor were to have been paid in Shares by a fraction, the numerator of which is one
and the denominator of which is the Conversion Factor.


 


Section 7.5           Outside
Activities of the General Partner; Relationship of Shares to Partnership Units; Funding Debt


 


A.            General.
Without the Consent of the Outside Limited Partners, the General Partner shall not, directly or indirectly, enter into or conduct any
business other than in connection with the ownership, acquisition and disposition of Partnership Interests and the management of the business
of the Partnership and such activities as are incidental thereto. Without the Consent of the Outside Limited Partners, the assets of the
General Partner shall be limited to Partnership Interests and permitted debt obligations of the Partnership (as contemplated by Section 7.5.F);
provided, however, that the General Partner shall be permitted to hold such bank accounts or similar instruments or accounts in its name
as it deems necessary to carry out its responsibilities and purposes as contemplated under this Agreement and its organizational documents
(provided that accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities under this Agreement
shall be considered to belong to the Partnership and the interest earned thereon shall, subject to Section 7.4.B, be applied
for the benefit of the Partnership); and, provided further that, the General Partner shall be permitted to acquire Qualified Assets.


 


B.            Repurchase
of Shares and Other Securities. If the Parent exercises its rights under the Charter to purchase Shares or otherwise elects to purchase
from the holders thereof Shares, other equity securities of the Parent, New Securities or Convertible Funding Debt, then the General Partner
shall cause the Partnership to purchase from the Parent (i) in the case of a purchase of Shares, that number of Partnership Units
of the appropriate class equal to the product obtained by multiplying the number of Shares purchased by the Parent times a fraction, the
numerator of which is one and the denominator of which is the Conversion Factor, or (ii) in the case of the purchase of any other
securities on the same terms and for the same aggregate price that the Parent purchased such securities.


 






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C.            Forfeiture
of Shares. If the Partnership or the Parent acquires Shares as a result of the forfeiture of such Shares under a restricted or similar
share, share bonus or similar share plan, then the General Partner shall cause the Partnership to cancel, without payment of any consideration
to the Parent, that number of Partnership Units of the appropriate class equal to the number of Shares so acquired, and, if the Partnership
acquired such Shares, it shall transfer such Shares to the Parent for cancellation.


 


D.            Issuances
of Shares and Other Securities. The Parent shall not grant, award or issue any additional Shares (other than Shares issued pursuant
to Section 8.6 or pursuant to a dividend or distribution (including any stock split) of Shares to all of its stockholders
that results in an adjustment to the Conversion Factor pursuant to clause (i), (ii) or (iii) of the definition thereof), other
equity securities of the Parent, New Securities or Convertible Funding Debt unless (i) the General Partner shall cause, pursuant
to Section 4.2.A, the Partnership to issue to the Parent, Partnership Interests or rights, options, warrants or convertible
or exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests
are substantially the same as those of such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as
the case may be, and (ii) in exchange therefor, the Parent transfers or otherwise causes to be transferred to the Partnership, as
an additional Capital Contribution, the proceeds (if any) from the grant, award, or issuance of such additional Shares, other equity securities,
New Securities or Convertible Funding Debt, as the case may be, or from the exercise of rights contained in such additional Shares, other
equity securities, New Securities or Convertible Funding Debt, as the case may be (or, in the case of an acquisition described in Section 7.4.F
in which all or a portion of the cash required to consummate such acquisition is to be obtained by the Parent through an issuance of Shares
described in Section 4.2, the Parent complies with such Section 7.4.F). Without limiting the foregoing, the Parent
is expressly authorized to issue additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may
be, for less than fair market value, and the General Partner is expressly authorized, pursuant to Section 4.2.A, to cause
the Partnership to issue to the Parent corresponding Partnership Interests, (for example, and not by way of limitation, the issuance of
Shares and corresponding Partnership Units pursuant to a stock purchase plan providing for purchases of Shares, either by employees or
stockholders, at a discount from fair market value or pursuant to employee stock options that have an exercise price that is less than
the fair market value of the Shares, either at the time of issuance or at the time of exercise) as long as (a) the General Partner
concludes in good faith that such issuance is in the interests of the General Partner, the Parent and the Partnership and (b) the
Parent transfers all proceeds from any such issuance or exercise to the Partnership as an additional Capital Contribution.


 


E.            Equity
Incentive Plan. If at any time or from time to time, the Parent sells or otherwise issues Shares pursuant to any Equity Incentive
Plan, the Parent shall transfer or cause to be transferred the proceeds of the sale of such Shares, if any, to the Partnership as an additional
Capital Contribution in exchange for an amount of additional Partnership Units equal to the number of Shares so sold divided by the Conversion
Factor.


 






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F.            Funding
Debt. The General Partner or the Parent or any wholly owned Subsidiary of either of them may incur a Funding Debt from a financial
institution or other lender, including, without limitation, a Funding Debt that is convertible into Shares or otherwise constitutes a
class of New Securities (“Convertible Funding Debt”), subject to the condition that the General Partner, the
Parent or such Subsidiary, as the case may be, lend to the Partnership the net proceeds of such Funding Debt; provided, however, that
Convertible Funding Debt shall be issued in accordance with the provisions of Section 7.5.D above; and, provided further that
the General Partner, the Parent or such Subsidiary shall not be obligated to lend the net proceeds of any Funding Debt to the Partnership
in a manner that would be inconsistent with the Parent’s ability to qualify or remain qualified as a REIT. If the General Partner,
the Parent or such Subsidiary enters into any Funding Debt, the loan to the Partnership shall be on comparable terms and conditions, including
interest rate, repayment schedule, costs and expenses and other financial terms, as are applicable with respect to or incurred in connection
with such Funding Debt.


 


G.            Capital
Contributions of the Parent. The Capital Contributions by the Parent pursuant to Sections 7.5.D and 7.5.E will be deemed
to equal the cash contributed by the General Partner plus (a) in the case of cash contributions funded by an offering of any equity
interests in or other securities of the Parent, the offering costs attributable to the cash contributed to the Partnership to the extent
not reimbursed pursuant to Section 7.4.C and (b) in the case of Partnership Units issued pursuant to Section 7.5.E,
an amount equal to the difference between the Value of the Shares sold pursuant to any Equity Incentive Plan and the net proceeds of such
sale.


 


H.            Tax
Loans. The General Partner or the Parent may, in its sole and absolute discretion, cause the Partnership to make an interest free
loan to the General Partner or the Parent, as applicable, provided that the proceeds of such loans are used to satisfy any tax liabilities
of the General Partner or the Parent, as applicable.


 


Section 7.6            Transactions
with Affiliates


 


A.            Transactions
with Certain Affiliates. Except as expressly permitted by this Agreement, with respect to any transaction with an Affiliate not negotiated
on an arm’s-length basis, the Partnership shall not, directly or indirectly, sell, transfer or convey any property to, or purchase
any property from, or borrow funds from, or lend funds to, any Partner or any Affiliate of the Partnership that is not also a Subsidiary
of the Partnership, except pursuant to transactions that are determined in good faith by the General Partner to be on terms that are fair
and reasonable and no less favorable to the Partnership than would be obtained from an unaffiliated third party.


 


B.            Joint
Ventures. The Partnership may transfer assets to joint ventures, limited liability companies, partnerships, corporations, business
trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent
with this Agreement and applicable law as the General Partner, in its sole and absolute discretion, believes to be advisable.


 






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C.            Services
Agreement. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, any management,
shared-services, development or advisory agreement with a property and/or asset manager (including an Affiliate of the Partnership, the
Parent or the General Partner) for the provision of property management, asset management, leasing, development and/or similar services
with respect to the Partnership properties and any agreement for the provision of services of accountants, legal counsel, appraisers,
insurers, brokers, transfer agents, registrars, developers, financial advisors and other professional and administrative services with
an Affiliate of any of the Partnership, the Parent or the General Partner, on such terms as the General Partner, in its sole and absolute
discretion, believes are advisable.


 


D.            Conflict
Avoidance. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a non-competition
arrangement and other conflict avoidance agreements with various Affiliates of the Partnership, the Parent and General Partner on such
terms as the General Partner, in its sole and absolute discretion, believes are advisable.


 


E.            Benefit
Plans Sponsored by the Partnership. The General Partner in its sole and absolute discretion and without the approval of the Limited
Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for the benefit of employees
of the General Partner, the Parent, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them.


 


Section 7.7            Indemnification


 


A.            General.
The Partnership shall indemnify each Indemnitee to the fullest extent provided by the Act from and against any and all losses, claims,
damages, liabilities, joint or several, expenses (including, without limitation, attorneys’ fees and other legal fees and expenses),
judgments, fines, settlements and other amounts, arising from or in connection with any and all claims, demands, actions, suits or proceedings,
whether civil, criminal, administrative or investigative, incurred by the Indemnitee and relating to the Partnership or the General Partner
or the Parent or the operation of, or the ownership of property by, the Indemnitee, Partnership or the General Partner or the Parent as
set forth in this Agreement in which any such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless
it is established by a final determination of a court of competent jurisdiction that: (i) the act or omission of the Indemnitee was
material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate
dishonesty, (ii) the Indemnitee actually received an improper personal benefit in money, property or services or (iii) in the
case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation,
the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guarantee, contractual obligation for any
indebtedness or other obligation or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership (including,
without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and
the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent
with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness.
The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the
requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction or upon a plea
of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a rebuttable presumption
that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter
of such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership,
and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee, and neither the General Partner
nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable
the Partnership to fund its obligations under this Section 7.7.


 



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B.            Reimbursement
of Expenses. Reasonable expenses expected to be incurred by an Indemnitee shall be paid or reimbursed by the Partnership in advance
of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative
made or threatened against an Indemnitee upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s
good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in Section 7.7.A
has been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined
that the standard of conduct has not been met.


 


C.            No
Limitation of Rights. The indemnification provided by this Section 7.7 shall be in addition to any other rights to which
an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise,
and shall continue as to an Indemnitee who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant
to which such Indemnitee is indemnified.


 


D.            Insurance.
The Partnership may purchase and maintain insurance on behalf of the Indemnitees and such other Persons as the General Partner shall determine
against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s
activities, regardless of whether the Partnership would have the power to indemnify such Indemnitee or Person against such liability under
the provisions of this Agreement.


 


E.            No
Personal Liability for Partners. In no event may an Indemnitee subject any of the Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement.


 


F.            Interested
Transactions. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the
Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted
by the terms of this Agreement.


 


G.            Benefit.
The provisions of this Section 7.7 are for the benefit of the Indemnitees, their employees, officers, directors, trustees,
heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment,
modification or repeal of this Section 7.7, or any provision hereof, shall be prospective only and shall not in any way affect
the limitation on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior
to such amendment, modification or repeal with respect to claims arising from or related to matters occurring, in whole or in part, prior
to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.


 


H.            Indemnification
Payments Not Distributions. If and to the extent any payments to the General Partner pursuant to this Section 7.7 constitute
gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute
guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership
and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts.


 



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I.          Exception
to Indemnification. Notwithstanding anything to the contrary in this Agreement, the General Partner shall not be entitled to indemnification
hereunder for any loss, claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under
any other agreement between the General Partner and the Partnership.


 


Section 7.8          Liability
of the General Partner


 


A.          General.
Notwithstanding anything to the contrary set forth in this Agreement, the General Partner (which for the purposes of this Section 7.8
shall include the directors and officers of the General Partner and the Parent) shall not be liable for monetary or other damages to the
Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not derived as a result of errors in
judgment or mistakes of fact or law or of any act or omission unless the General Partner acted in bad faith and the act or omission was
material to the matter giving rise to the loss, liability or benefit not derived.


 


B.          Obligation
to Consider Interests of Parent. The Limited Partners expressly acknowledge that the General Partner, in considering whether to dispose
of any of the Partnership assets, shall take into account the tax consequences to the Parent of any such disposition and shall have no
liability whatsoever to the Partnership or any Limited Partner for decisions that are based upon or influenced by such tax consequences.


 


C.          No
Obligation to Consider Separate Interests of Limited Partners. The Limited Partners expressly acknowledge that the General Partner
is acting on behalf of the Partnership, the Limited Partners and the Parent’s stockholders, and that, except as set forth herein,
the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation,
the tax consequences to Limited Partners or Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions,
and that the General Partner shall not be liable for monetary or other damages for losses sustained, liabilities incurred or benefits
not derived by Limited Partners in connection with any decisions or actions made or taken or declined to be made or taken, provided that
the General Partner has acted pursuant to its authority under this Agreement. Any decisions or actions not taken by the General Partner
in accordance with the terms of this Agreement shall not constitute a breach of any duty owed to the Partnership or the Limited Partners
by law or equity, fiduciary or otherwise. In the event of a conflict between the interests of the Limited Partners and the stockholders
of the Parent, the General Partner shall act in the interests of the Parent’s stockholders, and neither the Parent nor the General
Partner shall be liable for monetary or other losses sustained, liabilities incurred or benefits not derived by the Limited Partners in
connection therewith.


 


D.          Actions
of Agents. Subject to its obligations and duties as General Partner set forth in Section 7.1.A, the General Partner may
exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or
by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent
appointed by the General Partner in good faith.


 






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E.          Effect
of Amendment. Notwithstanding any other provision contained herein, any amendment, modification or repeal of this Section 7.8
or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability
to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment, modification
or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification
or repeal, regardless of when such claims may arise or be asserted.


 


F.          Limitations
of Fiduciary Duty. Sections 7.1.B, Section 7.7.E and this Section 7.8 and any other Section of
this Agreement limiting the liability of the General Partner and/or the directors and officers of the Parent shall constitute an express
limitation of any duties, fiduciary or otherwise, that they would owe the Partnership or the Limited Partners if such duty would be imposed
by any law, in equity or otherwise.


 


Section 7.9          Other
Matters Concerning the General Partner


 


A.          Reliance
on Documents. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in
good faith to be genuine and to have been signed or presented by the proper party or parties.


 


B.          Reliance
on Advisors. The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers
and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons
as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall be
conclusively presumed to have been done or omitted in good faith and in accordance with such opinion.


 


C.          Action
Through Agents. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through
any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided
by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty that is permitted
or required to be done by the General Partner hereunder.


 


D.          Actions
to Maintain REIT Status or Avoid Taxation of the Parent. Notwithstanding any other provisions of this Agreement or the Act, any action
of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership
undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of
the Parent to qualify as a REIT or (ii) to allow the Parent to avoid incurring any liability for taxes under Sections 857 or 4981
of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.


 






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Section 7.10          Reliance
by Third Parties


 


Notwithstanding anything to
the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full
power and authority, without consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any
and all assets of the Partnership, to enter into any contracts on behalf of the Partnership and to take any and all actions on behalf
of the Partnership, and such Person shall be entitled to deal with the General Partner as if the General Partner were the Partnership’s
sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies that
may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing,
in each case except to the extent that such action imposes, or purports to impose, liability on the Limited Partner. In no event shall
any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been
complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each
and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives
shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the
execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person
executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the
Partnership, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and
provisions of this Agreement and is binding upon the Partnership.


 


Section 7.11          Restrictions
on General Partner’s Authority


 


The General Partner may not
take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of (i) all
Partners adversely affected or (ii) such lower percentage of the Partnership Interests held by Limited Partners as may be specifically
provided for under a provision of this Agreement or the Act. The preceding sentence shall not apply to any limitation or prohibition in
this Agreement that expressly authorizes the General Partner to take action (either in its discretion or in specified circumstances) so
long as the General Partner acts within the scope of such authority.


 


Section 7.12          Loans
by Third Parties


 


The Partnership may incur
Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in
connection with any acquisition of property and any borrowings from, or guarantees of Debt of the General Partner or any of its Affiliates)
with any Person upon such terms as the General Partner determines appropriate.


 


ARTICLE VIII


 


RIGHTS
AND OBLIGATIONS OF LIMITED PARTNERS


 


Section 8.1          Limitation
of Liability


 


The Limited Partners shall
have no liability under this Agreement except as expressly provided in this Agreement, including Section 10.5, or under the
Act.


 






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Section 8.2          Management
of Business


 


No Limited Partner or Assignee
(other than the General Partner, the Parent, any of their Affiliates, or any officer, director, employee, partner, agent or trustee of
the General Partner, the Parent, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operation,
management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s
name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner,
the Parent, any of their Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Parent,
the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability
of the Limited Partners or Assignees under this Agreement.


 


Section 8.3          Outside
Activities of Limited Partners


 


Subject to Section 7.5,
and subject to any agreements entered into pursuant to Section 7.6.B and to any other agreements entered into by a Limited
Partner or its Affiliates with the General Partner, the Partnership, the Parent or a Subsidiary, any Limited Partner (other than the Parent)
and any officer, director, employee, agent, trustee, Affiliate or stockholder of any Limited Partner shall be entitled to and may have
business interests and engage in business activities in addition to those relating to the Partnership, including business interests and
activities in direct or indirect competition with the Partnership. Neither the Partnership nor any Partners shall have any rights by virtue
of this Agreement in any business ventures of any Limited Partner or Assignee. None of the Limited Partners (other than the Parent) or
any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business
ventures of any other Person (other than the General Partner or the Parent to the extent expressly provided herein), and no Person (other
than the General Partner and the Parent) shall have any obligation pursuant to this Agreement to offer any interest in any such business
venture to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented
to the Partnership, any Limited Partner or such other Person, could be taken by such Person.


 


Section 8.4          Return
of Capital


 


Except pursuant to the right
of redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution,
except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. No Limited
Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions (except
as permitted by Section 4.2.A) or, except to the extent provided by Exhibit C or as permitted by Sections
4.2.A, 5.1.B(i), 6.1.A and 6.1.B, or otherwise expressly provided in this Agreement, as to profits, losses, distributions
or credits.


 






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Section 8.5          Rights
of Limited Partners Relating to the Partnership


 


A.          General.
In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C, each Limited
Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership,
upon written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense:


 


(1)          to
obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by either the Parent or
the Partnership, if any, pursuant to the Exchange Act;


 


(2)          to
obtain a copy of the Partnership’s U.S. federal, state and local income tax returns for each Fiscal Year;


 


(3)          to
obtain a current list of the name and last known business, residence or mailing address of each Partner;


 


(4)          to
obtain a copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto, together with executed copies of
all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have been executed;


 


(5)          to
obtain true and full information regarding the amount of cash and a description and statement of the Agreed Value of any other property
or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each Partner
became a Partner; and


 


(6)          other
information regarding the affairs of the Partnership as is just and reasonable.


 


B.          Notice
of Conversion Factor. The Partnership shall notify each Limited Partner upon request (i) of the then current Conversion Factor
and (ii) of any changes to the Conversion Factor.


 


C.          Confidentiality.
Notwithstanding any other provision of this Section 8.5, the General Partner and the Parent may keep confidential from the
Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion, any information that
(i) the General Partner reasonably believes to be in the nature of trade secrets or other information the disclosure of which the
General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business
or (ii) the Partnership or the Parent is required by law or by agreements with unaffiliated third parties to keep confidential.


 






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Section 8.6          Redemption
Right


 


A.          General.
(i) Except as otherwise provided herein, at any time on or after one (1) year following the date of the initial issuance thereof
(which, in the event of the transfer of a Class A Unit or Class B Unit, shall be deemed to be the date that the Class A
Unit or such Class B Unit, as the case may be, was issued to the original recipient thereof for purposes of this Section 8.6),
the holder of a Class A Unit (if other than the Parent or any Subsidiary of the Parent), including any LTIP Units that are converted
into Class A Units, shall have the right (the “Redemption Right”) to require the Partnership to redeem
such Class A Unit, with such redemption to occur on the Specified Redemption Date and at a redemption price equal to and in the form
of the Cash Amount to be paid by the Partnership. Any such Redemption Right shall be exercised pursuant to a Notice of Redemption delivered
to the Partnership (with a copy to the General Partner) by the holder of the Partnership Units who is exercising the Redemption Right
(the “Redeeming Partner”). A Limited Partner may exercise the Redemption Right from time to time, without limitation
as to frequency, with respect to part or all of the Partnership Units that it owns, as selected by the Limited Partner, provided, however,
that a Limited Partner may not exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units of a particular class
unless such Redeeming Partner then holds fewer than one thousand (1,000) Partnership Units in that class, in which event the Redeeming
Partner must exercise the Redemption Right for all of the Partnership Units held by such Redeeming Partner in that class, and provided
further that, with respect to a Limited Partner which is an entity, such Limited Partner may exercise the Redemption Right for fewer than
one thousand (1,000) Partnership Units without regard to whether or not such Limited Partner is exercising the Redemption Right for all
of the Partnership Units held by such Limited Partner as long as such Limited Partner is exercising the Redemption Right on behalf of
one or more of its equity owners in respect of one hundred percent (100%) of such equity owners’ interests in such Limited Partner.
For purposes hereof, a Class A Unit issued upon conversion of a Class B Unit shall be deemed to have been issued when the Class B
Unit was issued.


 


(ii)          The
Redeeming Partner shall have no right with respect to any Partnership Units so redeemed to receive any distributions paid in respect of
a Partnership Record Date for distributions in respect of Partnership Units after the Specified Redemption Date with respect to such Partnership
Units.


 


(iii)          The
Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.6, and such Limited
Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Limited
Partner’s Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Limited Partner, the Cash
Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner.


 


(iv)          In
the event of a Termination Transaction on which the holders of Shares shall have the right to vote, the Redemption Right shall be exercisable,
without regard to whether the Partnership Units have been outstanding for any specified period, during the period commencing on the date
on which the Parent enters into a definitive agreement with respect to such Termination Transaction and ending on the record date to determine
stockholders eligible to receive such distribution or to vote upon the approval of such merger, sale or other extraordinary transaction
(or, if no such record date is applicable, at least twenty (20) Business Days before the consummation of such merger, sale or other extraordinary
transaction). If this subparagraph (iv) applies, the Specified Redemption Date is the date on which the Partnership and the General
Partner receive notice of exercise of the Redemption Right, rather than ten (10) Business Days after receipt of the Notice of Redemption.


 






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B.          Parent
Assumption of Redemption Right. (i)  If a Limited Partner has delivered a Notice of Redemption, the General Partner may, in its
sole and absolute discretion (subject to any limitations on ownership and transfer of Shares set forth in the Charter), elect to cause
the Parent to assume directly and satisfy a Redemption Right. If such election is made by the General Partner, the Partnership shall determine
whether the Parent shall pay the Redemption Amount in the form of the Cash Amount or the Shares Amount. The Partnership’s decision
regarding whether such payment shall be made in the form of the Cash Amount or the Shares Amount shall be made by the General Partner,
in its capacity as the general partner of the Partnership and in its sole and absolute discretion. Upon such payment by the Parent, the
Parent shall acquire the Partnership Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this
Agreement as the owner of such Partnership Units. Unless the General Partner, in its sole and absolute discretion, shall exercise its
right to cause the Parent to assume directly and satisfy the Redemption Right, the Parent shall not have any obligation to the Redeeming
Partner or to the Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right. If the General Partner shall
exercise its right to cause the Parent to assume directly and satisfy the Redemption Right in the manner described in the first sentence
of this Section 8.6.B and the Parent shall fully perform its obligations in connection therewith, the Partnership shall have
no right or obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Redemption
Right, and each of the Redeeming Partner, the Partnership and the Parent shall, for U.S. federal income tax purposes, treat the transaction
between the Parent and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the Parent. Nothing contained
in this Section 8.6.B shall imply any right of the General Partner to require any Limited Partner to exercise the Redemption
Right afforded to such Limited Partner pursuant to Section 8.6.A.


 


(ii)          If
the General Partner determines that the Parent shall pay the Redeeming Partner the Redemption Amount in the form of Shares, the total
number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units shall be the applicable
Shares Amount. If this amount is not a whole number of Shares, the Redeeming Partner shall be paid (i) that number of Shares which
equals the nearest whole number less than such amount plus (ii) an amount of cash which the General Partner determines, in its reasonable
discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner.


 


(iii)          Each
Redeeming Partner agrees to execute such documents or provide such information or materials as the Parent may reasonably require in connection
with the issuance of Shares upon exercise of the Redemption Right.


 


C.          Exceptions
to Exercise of Redemption Right. Notwithstanding the provisions of Sections 8.6.A and 8.6.B, a Partner shall not be
entitled to exercise the Redemption Right pursuant to Section 8.6.A if (but only as long as) the delivery of Shares to such
Partner on the Specified Redemption Date would (i) be prohibited under the restrictions on the ownership or transfer of Shares in
the Charter, (ii) be prohibited under applicable federal or state securities laws or regulations (in each case regardless of whether
the Parent would in fact assume and satisfy the Redemption Right), (iii) without limiting the foregoing, result in the Shares being
owned by fewer than 100 persons (determined without reference to rules of attribution), (iv) without limiting the foregoing,
result in the Parent being “closely held” within the meaning of Section 856(h) of the Code or cause the Parent to
own, actually or constructively, ten percent (10%) or more of the ownership interests in a tenant of the Parent, the Partnership or a
Subsidiary of the Partnership’s real property within the meaning of Section 856(d)(2)(B) of the Code, and (v) without
limiting the foregoing, cause the acquisition of the Shares by the Redeeming Partner to be “integrated” with any other distribution
of Shares for purposes of complying with the registration provision of the Securities Act, as amended. In addition, the General Partner
may impose restrictions on the ability of any Limited Partner to exercise its Redemption Right, or the terms pursuant to which such Redemption
Right is satisfied, to the extent the General Partner determines such restrictions are necessary or helpful to ensure the Partnership
does not constitute a “publicly traded partnership” under Section 7704 of the Code. Notwithstanding the foregoing, the
Parent may, in its sole and absolute discretion, waive such prohibition set forth in this Section 8.6.C.


 






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D.          No
Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants and agrees that all Partnership Units delivered
for redemption shall be delivered to the Partnership or the Parent, as the case may be, free and clear of all liens; and, notwithstanding
anything contained herein to the contrary, neither the Parent nor the Partnership shall be under any obligation to acquire Partnership
Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax
is payable as a result of the transfer of its Partnership Units to the Partnership or the Parent, such Limited Partner shall assume and
pay such transfer tax.


 


E.          Additional
Partnership Interests; Modification of Holding Period. If the Partnership issues Partnership Interests to any Additional Limited Partner
pursuant to Article IV, the General Partner shall make such revisions to this Section 8.6 as it determines are
necessary to reflect the issuance of such Partnership Interests (including setting forth any restrictions on the exercise of the Redemption
Right with respect to such Partnership Interests which differ from those set forth in this Agreement), provided, however, that no such
revisions shall materially adversely affect the rights of any other Limited Partner to exercise its Redemption Right without that Limited
Partner’s prior written consent. In addition, the General Partner may, with respect to any holder or holders of Partnership Units,
at any time and from time to time, as it shall determine in its sole and absolute discretion, (i) reduce or waive the length of the
period prior to which such holder or holders may not exercise the Redemption Right or (ii) reduce or waive the length of the period
between the exercise of the Redemption Right and the Specified Redemption Date.


 


ARTICLE IX


 


BOOKS,
RECORDS, ACCOUNTING AND REPORTS


 


Section 9.1          Records
and Accounting


 


The General Partner shall
keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s
business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists and
copies of documents required to be provided pursuant to Section 9.3. Any records maintained by or on behalf of the Partnership
in the regular course of its business may be kept on, or be in the form of, punch cards, magnetic tape, photographs, micrographics or
any other information storage device, provided, however, that the records so maintained are convertible into clearly legible written form
within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an
accrual basis in accordance with generally accepted accounting principles.


 






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Section 9.2          Fiscal
Year


 


The fiscal year of the Partnership
shall be the calendar year.


 


Section 9.3          Reports


 


A.          Annual
Reports. As soon as practicable, but in no event later than the date on which the Parent mails its annual report to its stockholders,
the General Partner shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended Fiscal
Year, containing financial statements of the Partnership, or of the Parent if such statements are prepared on a consolidated basis with
the Partnership, for such Fiscal Year, presented in accordance with generally accepted accounting principles, such statements to be audited
by a nationally recognized firm of independent public accountants selected by the Parent.


 


B.          Quarterly
Reports. If and to the extent that the Parent mails quarterly reports to its stockholders, as soon as practicable, but in no event
later than the date on which such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report containing
unaudited financial statements, as of the last day of such fiscal quarter, of the Partnership, or of the Parent if such statements are
prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation,
or as the General Partner determines to be appropriate.


 


C.          The
General Partner shall have satisfied its obligations under Section 9.3.A and Section 9.3.B by posting or making
available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the Parent,
provided that such reports are able to be printed or downloaded from such website.


 


ARTICLE X


 


TAX
MATTERS


 


Section 10.1          Preparation
of Tax Returns


 


The General Partner shall
arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required
of the Partnership for U.S. federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90)
days of the close of each taxable year, the tax information reasonably required by Limited Partners for U.S. federal and state income
tax reporting purposes.


 


Section 10.2          Tax
Elections


 


A.          Except
as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available
election pursuant to the Code (including the election under Section 754 of the Code). The General Partner shall have the right to
seek to revoke any such election upon the General Partner’s determination in its sole and absolute discretion that such revocation
is in the best interests of the Partners.


 






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B.          Without
limiting the foregoing, the Partners, intending to be legally bound, hereby authorize the General Partner, on behalf of the Partnership,
to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe harbor
provided in Proposed Treasury Regulation § 1.83-3(l) and the Proposed Revenue Procedure set forth in Internal Revenue Service
Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in final form or as amended by subsequently
issued guidance (the “LV Safe Harbor”), apply to any interest in the Partnership transferred to a service provider
while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV Safe Harbor requirements (collectively,
such interests are referred to as “LV Safe Harbor Interests”). The tax matters partner is authorized and directed
to execute and file the LV Safe Harbor Election on behalf of the Partnership and the Partners. The Partnership and the Partners (including
any person to whom an interest in the Partnership is transferred in connection with the performance of services) hereby agree to comply
with all requirements of the LV Safe Harbor (including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare
and file all U.S. federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent
with such final LV Safe Harbor guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under the
LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to above would be intended
to achieve under Proposed Treasury Regulation § 1.83-3, including amending this Agreement.


 


Section 10.3          Partnership
Representative


 


A.          Generally.


 


(i)          The
General Partner may designate and replace in its sole discretion the Partnership’s “partnership representative” for
purposes of the BBA Rules. Each Partner shall take such actions as are necessary or convenient to effect such designation or replacement
or any designation or replacement of a “designated individual” under the BBA Rules.  For the avoidance of doubt, the
General Partner may designate a different Partnership Representative for different taxable years of the Partnership, and the provisions
of this Section 10.3 shall be interpreted and applied so as to give effect to such designations.


 


(ii)          The
Partnership Representative has full power and authority in its capacity as such to represent and bind the Partnership in each audit conducted
under the BBA Rules, including without limitation the power and authority to make an election under Section 6226 of the Code and
any Treasury Regulations promulgated thereunder, to seek on behalf of the Partnership any adjustment to an imputed underpayment available
under Section 6225 of the Code or the Treasury Regulations promulgated thereunder (including in cases where such imputed underpayment
has been or will be assessed against a subsidiary of the Partnership), or  to request on behalf of the Partnership any adjustments
under Section 6227 of the Code or the Treasury Regulations promulgated thereunder, and to take, and to cause the Partnership to take,
all actions necessary or convenient to give effect to such elections or actions.  Each Partner agrees to take (or, as applicable,
omit to take) all actions that the General Partner or Partnership Representative informs it are reasonably necessary or convenient to
effect any action described in the preceding sentence, including without limitation (i) providing any information, certifications,
or other documentation reasonably requested in connection with any tax audit or related proceeding (which information may be freely disclosed
to the Internal Revenue Service and other relevant taxing authorities), (ii) paying all liabilities attributable to such Partner
as the result of an election under Section 6226 of the Code, (iii) making any tax filings that the Partnership Representative
determines to be necessary or appropriate to reduce an imputed underpayment under Section 6225 of the Code or (iv) paying all
liabilities associated with such tax filings.


 






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(iii)          The
costs and expenses incurred by a Partner in connection with the preceding Section 10.3(A)(ii) shall not be treated as
Partnership Expenses or their payment as capital contributions, and as a result, such costs and expenses shall not give rise to any additional
or incremental right to proceeds from the Partnership or reduce a Partner’s unpaid Capital Commitment.  If any tax audit under
the BBA Rules or similar foreign, state, or local laws or regulations results in the imposition of a tax liability on the Partnership
(including indirectly through such an imposition on one or more subsidiaries of the Partnership) and the General Partner determines in
its sole discretion that any portion of such liability is attributable to a Partner, then at the General Partner’s election such
amount shall, without duplication (x) be deemed to be an amount withheld pursuant to Section 10.5, or (y) be contributed
by such Partner to the Partnership.  Any amount contributed under the preceding sentence shall be taken into account for purposes
of maintaining Capital Account balances to the extent required by applicable Regulations, but shall not be treated as a Capital Contribution
or otherwise increase the contributing Partner’s rights to any Partnership Units or distributions or other amounts from the Partnership.


 


(iv)          Each
Partner shall promptly notify the General Partner upon becoming aware of the commencement any tax audit or similar proceeding with respect
to such Partner or its affiliates if such audit or proceeding relates (or reasonably could be expected to relate) to the Partnership or
any income, gain, loss, or deduction derived from an Interest.  Notwithstanding any provision of this Agreement to the contrary,
each Partner agrees that its obligations to comply with the Partnership Representative’s decisions and to make payments under this
Section 10.3 shall survive any transfer of its Partnership interest and the termination of the Partnership, and such Person
shall reimburse and indemnify the Partnership and the General Partner against any liability that the General Partner would be attributed
to such Person under this Section 10.3 regardless of whether such Person is a Partner at the time of determination; provided,
that the General Partner may instead enforce this provision against any successor in interest of such Person.  In accordance with
Section 7.7, each Partner shall indemnify and hold harmless the General Partner with respect to all liabilities attributed
to such Partner under this Section 10.3, provided that any such indemnification payments shall not be duplicative with amounts
paid to the Partnership under this Section 10.3. References to Code Sections in this paragraph are to such provisions as amended
by the BBA Rules.


 


B.          Reimbursement.
The Partnership Representative shall receive no compensation for its services. All third party costs and expenses incurred by the Partnership
Representative in performing its duties as such (including legal and accounting fees and expenses) shall be borne by the Partnership.
Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm and/or law firm to assist the Partnership
Representative in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.


 






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C.          Indemnification.
The provisions relating to indemnification of the General Partner set forth in Section 7.7 shall be fully applicable to
the Partnership Representative in its capacity as such.


 


Section 10.4          Organizational
Expenses


 


The Partnership shall elect
to deduct expenses as provided in Section 709 of the Code.


 


Section 10.5          Withholding


 


Each Limited Partner hereby
authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of U.S. federal, state,
local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount
distributable, allocable or otherwise transferred to such Limited Partner pursuant to this Agreement, including, without limitation, any
taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, 1446 or 1471-1474, inclusive, of the Code
and the Regulations thereunder. Any amount paid on behalf of or with respect to a Limited Partner (other than amounts actually withheld
from payments to a Limited Partner) shall constitute a loan by the Partnership, to such Limited Partner, which loan shall be repaid by
such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner or (ii) the General Partner
determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which
would, but for such payment, be distributed to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or
(ii) shall be treated as having been distributed or otherwise paid to such Limited Partner. Each Limited Partner hereby unconditionally
and irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited
Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. If a Limited
Partner fails to pay any amounts owed to the Partnership pursuant to this Section 10.5 when due, the General Partner may,
in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in
such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies
of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive distributions). Any
amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center
commercial banks, as published from time to time in The Wall Street Journal, plus four (4) percentage points (but not higher than
the maximum rate that may be charged under law) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount
is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request to perfect or enforce
the security interest created hereunder.


 






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ARTICLE XI


 


TRANSFERS
AND WITHDRAWALS


 


Section 11.1          Transfer


 


A.          Definition.
The term “transfer,” when used in this Article XI with respect to a Partnership Interest or a Partnership Unit,
shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest
to another Person or by which a Limited Partner purports to assign all or any part of its Limited Partner Interest to another Person,
and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise.
The term “transfer” when used in this Article XI does not include any redemption or repurchase of Partnership
Units by the Partnership from a Partner or acquisition of Partnership Units from a Limited Partner by the Parent pursuant to Section 8.6
or otherwise. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support,
or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in
this Agreement.


 


B.          General.
No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this
Article XI. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article XI
shall be null and void.


 


Section 11.2          Transfers
of Partnership Interests of General Partner


 


A.          General.
Other than to an Affiliate of the Parent, the General Partner may not transfer any of its Partnership Interests except in connection with
(i) a transaction permitted under Section 11.2.B, (ii) a Transfer to any wholly owned Subsidiary of the General
Partner or the owner of all of the ownership interests of the General Partner, or (iii) as otherwise expressly permitted under this
Agreement, nor shall the General Partner withdraw as General Partner except in connection with a transaction permitted under Section 11.2.B
or any Transfer, merger, consolidation, or other combination permitted under clause (ii) of this Section 11.2.A.


 


B.          Termination
Transactions. Neither the General Partner nor the Parent shall engage in any merger (including, without limitation, a triangular merger),
consolidation or other combination with or into another Person (other than any transaction permitted by Section 11.2.A(ii) or
Section 11.2.A(iii)), any sale of all or substantially all of its assets or any reclassification, recapitalization or change
of outstanding Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination
as described in the definition of “Conversion Factor”) (a “Termination Transaction”),
unless:


 


(i)          the
Consent of the Outside Limited Partners is obtained;


 


(ii)          following
such Termination Transaction, substantially all of the assets directly or indirectly owned by the surviving entity are owned directly
or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation
or combination of assets with the Partnership; or


 






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(iii)          in
connection with such Termination Transaction all Partners either will receive, or will have the right to receive, for each Partnership
Unit an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities
or other property paid to a holder of Shares, if any, corresponding to such Unit in consideration of one such Share at any time during
the period from and after the date on which the Termination Transaction is consummated; provided, however, that, if in connection with
the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of the percentage
required for the approval of mergers under the organizational documents of the Parent, each holder of Partnership Units shall receive,
or shall have the right to receive without any right of Consent set forth above in this Section 11.2.B, the greatest amount
of cash, securities, or other property which such holder would have received had it exercised the Redemption Right and received Shares
in exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon
accepted such purchase, tender or exchange offer.


 


C.          Creation
of New General Partner. The General Partner shall not enter into an agreement or other arrangement providing for or facilitating the
creation of a General Partner other than the General Partner, unless the successor General Partner executes and delivers a counterpart
to this Agreement in which such General Partner agrees to be fully bound by all of the terms and conditions contained herein that are
applicable to a General Partner.


 


Section 11.3          Limited
Partners’ Rights to Transfer


 


A.          General.
Except to the extent expressly permitted in Sections 11.3.B and 11.3.C or in connection with the exercise of a Redemption
Right pursuant to Section 8.6, a Limited Partner may not transfer all or portion of its Partnership Interest, or any of such
Limited Partner’s rights as a Limited Partner, without the prior written consent of the General Partner, which consent may be withheld
in the General Partner’s sole and absolute discretion. Any transfer otherwise permitted under Sections 11.3.B and 11.3.C
shall be subject to the conditions set forth in Section 11.3.D and 11.3.E, and all permitted transfers shall be subject
to Section 11.5 and Section 11.6.


 


B.          Incapacitated
Limited Partner. If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator
or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed
by other Limited Partner, for the purpose of settling or managing the estate and such power as the Incapacitated Limited Partner possessed
to transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve
or terminate the Partnership.


 






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C.          Permitted
Transfers. A Limited Partner may transfer, with or without the consent of the General Partner, all or a portion of its Partnership
Interest (i) in the case of a Limited Partner who is an individual, to a member of his or her Immediate Family, any trust formed
for the benefit of himself or herself and/or members of his or her Immediate Family, or any partnership, limited liability company, joint
venture, corporation or other business entity comprised only of himself or herself and/or members of his or her Immediate Family and entities
the ownership interests in which are owned by or for the benefit of himself or herself and/or members of his or her Immediate Family,
(ii) in the case of a Limited Partner which is a trust, to the beneficiaries of such trust, (iii) in the case of a Limited Partner
which is a partnership, limited liability company, joint venture, corporation or other business entity to which Units were transferred
pursuant to clause (i) above, to its partners, owners or stockholders, as the case may be, who are members of the Immediate Family
of or are actually the Person(s) who transferred Partnership Units to it pursuant to clause (i) above, (iv) in the case
of a Limited Partner which acquired Partnership Units as of the date hereof and which is a partnership, limited liability company, joint
venture, corporation or other business entity, to its partners, owners, stockholders or Affiliates thereof, as the case may be, or the
Persons owning the beneficial interests in any of its partners, owners or stockholders or Affiliates thereof (it being understood that
this clause (iv) will apply to all of each Person’s Interests whether the Partnership Units relating thereto were acquired
on the date hereof or hereafter), (v) in the case of a Limited Partner which is a partnership, limited liability company, joint venture,
corporation or other business entity other than any of the foregoing described in clause (iii) or (iv), in accordance with the terms
of any agreement between such Limited Partner and the Partnership pursuant to which such Partnership Interest was issued, (vi) pursuant
to a gift or other transfer without consideration, (vii) pursuant to applicable laws of descent or distribution, (viii) to another
Limited Partner and (ix) pursuant to a grant of security interest or other encumbrance effectuated in a bona fide transaction or
as a result of the exercise of remedies related thereto, subject to the provisions of Section 11.3.E hereof. A trust or other
entity will be considered formed “for the benefit” of a Partner’s Immediate Family even though some other Person has
a remainder interest under or with respect to such trust or other entity.


 


D.          No
Transfers Violating Securities Laws. The General Partner may prohibit any transfer of Partnership Units by a Limited Partner unless
it receives a written opinion of legal counsel (which opinion and counsel shall be reasonably satisfactory to the Partnership) to such
Limited Partner to the effect that such transfer would not require filing of a registration statement under the Securities Act or would
not otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Unit or, at
the option of the Partnership, an opinion of legal counsel to the Partnership to the same effect.


 


E.          No
Transfers to Holders of Nonrecourse Liabilities. No pledge or transfer of any Partnership Units may be made to a lender to the Partnership
or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership
whose loan otherwise constitutes a Nonrecourse Liability unless (i) the General Partner is provided prior written notice thereof
and (ii) the lender enters into an arrangement with the Partnership and the General Partner to exchange or redeem for the Redemption
Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to
be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code.


 


Section 11.4          Substituted
Limited Partners


 


A.          Consent
of General Partner. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in its place. The General
Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this
Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and
absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted
Limited Partner shall not give rise to any cause of action against the Partnership, the General Partner or any Partner. The General Partner
hereby grants its consent to the admission as a Substituted Limited Partner to any bona fide financial institution that loans money or
otherwise extends credit to a holder of Partnership Units and thereafter becomes the owner of such Partnership Units pursuant to the exercise
by such financial institution of its rights under a pledge of such Partnership Units granted in connection with such loan or extension
of credit.


 






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B.            Rights
of Substituted Partner. A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article XI
shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement.
The admission of any transferee as a Substituted Limited Partner shall be conditioned upon the transferee executing and delivering to
the Partnership an acceptance of all the terms and conditions of this Agreement (including, without limitation, the provisions of Section 15.11)
and such other documents or instruments as may be required to effect the admission.


 


C.            Partner
Registry. Upon the admission of a Substituted Limited Partner, the General Partner shall update the Partner Registry in the books
and records of the Partnership as it deems necessary to reflect such admission in the Partner Registry.


 


Section 11.5         Assignees


 


If the General Partner, in
its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a Substituted
Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement.
An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to
receive distributions from the Partnership and the share of Net Income, Net Losses, gain, loss and Recapture Income attributable to the
Partnership Units assigned to such transferee, and shall have the rights granted to the Limited Partners under Section 8.6,
but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to vote
such Partnership Units in any matter presented to the Limited Partners for a vote (such Partnership Units being deemed to have been voted
on such matter in the same proportion as all other Partnership Units held by Limited Partners are voted). If any such transferee desires
to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions of this Article XI
to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units.


 


Section 11.6         General
Provisions


 


A.            Withdrawal
of Limited Partner. No Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer of all of
such Limited Partner’s Partnership Units in accordance with this Article XI or pursuant to redemption of all of its
Partnership Units under Section 8.6.


 


B.            Termination
of Status as Limited Partner. Any Limited Partner who shall transfer all of its Partnership Units in a transfer permitted pursuant
to this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.6 shall cease to
be a Limited Partner.


 






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C.            Timing
of Transfers. Transfers pursuant to this Article XI may only be made upon three (3) Business Days prior notice to
the General Partner, unless the General Partner otherwise agrees.


 





D.            Allocations.
If any Partnership Interest is transferred during any quarterly segment of the Partnership’s fiscal year in compliance with the
provisions of this Article XI or redeemed or transferred pursuant to Section 8.6, Net Income, Net Losses, each
item thereof and all other items attributable to such interest for such fiscal year shall be divided and allocated between the transferor
Partner and the transferee Partner by taking into account their varying interests during the fiscal year in accordance with Section 706(d) of
the Code and corresponding Regulations, using the interim closing of the books method (unless the General Partner, in its sole and absolute
discretion, elects to adopt a daily, weekly, or a monthly proration period, in which event Net Income, Net Losses, each item thereof and
all other items attributable to such interest for such fiscal year shall be prorated based upon the applicable method selected by the
General Partner). Solely for purposes of making such allocations, each of such items for the calendar month in which the transfer or redemption
occurs shall be allocated to the Person who is a Partner as of midnight on the last day of said month. All distributions of Available
Cash attributable to any Partnership Unit with respect to which the Partnership Record Date is before the date of such transfer, assignment
or redemption shall be made to the transferor Partner or the Redeeming Partner, as the case may be, and, in the case of a transfer or
assignment other than a redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made
to the transferee Partner.


 


E.            Additional
Restrictions. Notwithstanding anything to the contrary herein, and in addition to any other restrictions on transfer herein contained,
including, without limitation, the provisions of Article VII and this Article XI, in no event may any transfer
or assignment of a Partnership Interest by any Partner (including pursuant to Section 8.6) be made without the express consent
of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity
to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest,
such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) if
the General Partner determines there is a significant risk that such transfer would cause a termination of the Partnership for U.S. federal
or state income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership Units held by all Limited
Partners other than the General Partner, or any Subsidiary of either, or pursuant to a transaction expressly permitted under Section 11.2);
(v) if the General Partner determines there is a significant risk that such transfer would cause the Partnership to be treated as
a “publicly traded partnership” within the meaning of Section 7704 of the Code or an association taxable as a corporation
for U.S. federal income tax purposes; (vi) if such transfer requires the registration of such Partnership Interest pursuant to any
applicable federal or state securities laws; (vii) if such transfer is effectuated through an “established securities market”
or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and the
Regulations thereunder or such transfer causes the Partnership to become a “publicly traded partnership,” as such term is
defined in Sections 469(k)(2) or 7704(b) of the Code; (viii) if such transfer subjects the Partnership or the activities
of the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or ERISA, each as amended;
or (ix) if the General Partner determines there is a risk that such transfer would adversely affect the ability of the Parent to
qualify or continue to qualify as a REIT or subject the Parent to any additional taxes under Sections 857 or 4981 of the Code.


 






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F.            Avoidance
of “Publicly Traded Partnership” Status. Each Partner shall cooperate with the General Partner to enable the General Partner
to monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded on an “established
securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704
of the Code and (ii) whether additional transfers of interests would result in the Partnership being unable to qualify for at least
one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by
the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”).
The General Partner shall be entitled to take all steps reasonably necessary or appropriate to prevent any trading of interests or any
recognition by the Partnership of transfers made on such markets and, except as otherwise provided herein, to ensure that at least one
of the Safe Harbors is met.


 


ARTICLE XII


 


ADMISSION
OF PARTNERS


 


Section 12.1         Admission
of a Successor General Partner


 


A successor to all of the
General Partner’s General Partner Interest pursuant to Section 11.2 who is proposed to be admitted as a successor General
Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such successor shall carry on the
business of the Partnership without dissolution. In such case, the admission shall be subject to such successor General Partner executing
and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments
as may be required to effect the admission.


 


Section 12.2         Admission
of Additional Limited Partners


 


A.            General.
No Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent shall be given
or withheld in the General Partner’s sole and absolute discretion. A Person who makes a Capital Contribution to the Partnership
in accordance with this Agreement or who exercises an option to receive Partnership Units shall be admitted to the Partnership as an Additional
Limited Partner only with the consent of the General Partner and only upon furnishing to the General Partner (i) evidence of acceptance
in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power
of attorney granted in Section 15.11 and (ii) such other documents or instruments as may be required in the discretion
of the General Partner to effect such Person’s admission as an Additional Limited Partner. The admission of any Person as an Additional
Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership,
following the consent of the General Partner to such admission.


 






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B.            Allocations
to Additional Limited Partners. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day
of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Fiscal
Year shall be allocated among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying
interests during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method
(unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which
event Net Income, Net Losses, and each item thereof would be prorated based upon the applicable period selected by the General Partner).
Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited
Partner occurs shall be allocated among all the Partners and Assignees including such Additional Limited Partner. All distributions of
Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners
and Assignees other than the Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners
and Assignees including such Additional Limited Partner.


 





Section 12.3         Amendment
of Agreement and Certificate of Limited Partnership


 


For the admission to the Partnership
of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership
and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment to the Partner Registry) and,
if required by law, shall prepare and file an amendment to the Certificate of Limited Partnership and may for this purpose exercise the
power of attorney granted pursuant to Section 15.11.


 


Section 12.4         Limit
on Number of Partners


 


Unless otherwise permitted
by the General Partner in its sole and absolute discretion, no Person shall be admitted to the Partnership as an Additional Limited Partner
if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become
a reporting company under the Exchange Act.


 


ARTICLE XIII


 


DISSOLUTION
AND LIQUIDATION


 


Section 13.1         Dissolution


 


The Partnership shall not
be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General
Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall
continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of
any of the following: (“Liquidating Events”):


 


(i)            an
event of withdrawal of the General Partner (other than an event of bankruptcy) unless within ninety (90) days after the withdrawal, the
written Consent of the Outside Limited Partners to continue the business of the Partnership and to the appointment, effective as of the
date of withdrawal, of a substitute General Partner is obtained;


 






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(ii)           an
election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion;


 


(iii)          entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;


 


(iv)          ninety
(90) days after the sale of all or substantially all of the assets and properties of the Partnership for cash or for marketable securities;


 


(v)           the
redemption of all Partnership Units other than those held by the General Partner; or


 


(vi)          a
final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or insolvent,
or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each
case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to or at the time of the entry
of such order or judgment, the written Consent of the Outside Limited Partners is obtained to continue the business of the Partnership
and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner.


 


Section 13.2         Winding
Up


 


A.            General.
Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly
manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent
with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs. The General Partner (or,
if there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners (the “Liquidator”))
shall be responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s
liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof,
and the proceeds therefrom (which may, to the extent determined by the General Partner, include equity or other securities of the General
Partner or any other entity) shall be applied and distributed in the following order:


 


(1)            First,
to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners;


 


(2)            Second,
to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner;


 


(3)            Third,
to the payment and discharge of all of the Partnership’s debts and liabilities to the Limited Partners;


 






    	 	61	 



     


    

 


(4)            Fourth,
to the holders of Partnership Interests that are entitled to any preference in distribution upon liquidation in accordance with the rights
of any such class or series of Partnership Interests (and, within each such class or series, to each holder thereof pro rata based on
its Percentage Interest in such class); and


 





(5)            The
balance, if any, to the Partners in accordance with their positive Capital Accounts, after giving effect to all contributions, distributions,
and allocations for all periods.


 


The General Partner shall
not receive any additional compensation for any services performed pursuant to this Article XIII.


 


B.            Deferred
Liquidation. Notwithstanding the provisions of Section 13.2.A which require liquidation of the assets of the Partnership,
but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines
that an immediate sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Partners,
the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary
to satisfy liabilities of the Partnership (including to those Partners as creditors) or distribute to the Partners, in lieu of cash, as
tenants in common and in accordance with the provisions of Section 13.2.A, undivided interests in such Partnership assets
as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment
of the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating
to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing
the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind
using such reasonable method of valuation as it may adopt.


 


Section 13.3         Compliance
with Timing Requirements of Regulations; Restoration of Deficit Capital Accounts


 


A.            Timing
of Distributions. If the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g),
distributions shall be made under this Article XIII to the General Partner and Limited Partners who have positive Capital
Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). In the discretion of the General Partner, a pro rata portion
of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this Article XIII
may be: (A) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating
Partnership assets, collecting amounts owed to the Partnership and paying any contingent or unforeseen liabilities or obligations of the
Partnership or of the General Partner arising out of or in connection with the Partnership (in which case the assets of any such trust
shall be distributed to the General Partner and Limited Partners from time to time, in the reasonable discretion of the General Partner,
in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General
Partner and Limited Partners pursuant to this Agreement); or (B) withheld to provide a reasonable reserve for Partnership liabilities
(contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership; provided, however,
that such withheld amounts shall be distributed to the General Partner and Limited Partners as soon as practicable.


 






    	 	62	 



     


    

 


B.            Restoration
of Deficit Capital Accounts upon Liquidation of the Partnership. If any Partner has a deficit balance in its Capital Account (after
giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation
occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit,
and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever, except as otherwise
set forth in this Section 13.3.B, or as otherwise expressly agreed in writing by the affected Partner and the Partnership
after the date hereof. Notwithstanding the foregoing, if the General Partner has a deficit balance in its Capital Account (after giving
effect to all contributions, distributions, and allocations for all Partnership years or portions thereof, including the year during which
such liquidation occurs), the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such
deficit balance to zero in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(3). Any contribution required of the General
Partner under this Section 13.3.B shall be made on or before the later of (i) the end of the Partnership Year in which
the interest is liquidated or (ii) the ninetieth (90th) day following the date of such liquidation. The proceeds of any contribution
to the Partnership made hereunder shall be treated as a Capital Contribution and the proceeds thereof shall be treated as assets of the
Partnership to be applied as set forth in Section 13.2.A.


 





Section 13.4         Rights
of Limited Partners


 


Except as otherwise provided
in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of its Capital Contributions
and shall have no right or power to demand or receive property other than cash from the Partnership. Except as otherwise expressly provided
in this Agreement, no Limited Partner shall have priority over any other Limited Partner as to the return of its Capital Contributions,
distributions, or allocations.


 


Section 13.5         Notice
of Dissolution


 


If a Liquidating Event occurs
or an event occurs that would, but for provisions of an election or objection by one or more Partners pursuant to Section 13.1,
result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof
to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the discretion
of the General Partner).


 


Section 13.6         Cancellation
of Certificate of Limited Partnership


 


Upon the completion of the
liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall be terminated and the
Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than
the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken.


 


Section 13.7         Reasonable
Time for Winding Up


 


A reasonable time shall be
allowed for the orderly winding up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2,
to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect among the
Partners during the period of liquidation.


 






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Section 13.8         Waiver
of Partition


 


Each Partner hereby waives
any right to partition of the Partnership property.


 


Section 13.9         Liability
of Liquidator


 


The Liquidator shall be indemnified
and held harmless by the Partnership in the same manner and to the same degree as an Indemnitee may be indemnified pursuant to Section 7.7.


 


ARTICLE XIV


 


AMENDMENT
OF PARTNERSHIP AGREEMENT; MEETINGS


 


Section 14.1         Amendments


 


A.            General.
Amendments to this Agreement may be proposed by the General Partner or by any Limited Partner holding Partnership Interests representing
twenty-five percent (25%) or more of the Percentage Interest of the Class A Units. Following such proposal (except an amendment governed
by Section 14.1.B), the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall
seek the written Consent of the Partners as set forth in this Section 14.1 on the proposed amendment or shall call a meeting
to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a written Consent, the General
Partner may require a response within a reasonable specified time, but not less than fifteen (15) calendar days, any failure to respond
in such time period shall constitute a vote in favor of the recommendation of the General Partner. A proposed amendment shall be adopted
and be effective as an amendment hereto if it is approved by the General Partner and, except as provided in Section 14.1.B,
14.1.C or 14.1.D, it receives the Consent of the Partners holding Partnership Interests representing more than fifty percent
(50%) of the Percentage Interest of the Class A Units (including Class A Units held by the Parent).


 


B.            Amendments
Not Requiring Limited Partner Approval. Notwithstanding Section 14.1.A but subject to Section 14.1.C, the
General Partner shall have the power, without the Consent of the Limited Partners, to amend this Agreement as may be required to facilitate
or implement any of the following purposes:


 


(1)            to
add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General
Partner for the benefit of the Limited Partners;


 


(2)            to
reflect the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement (which may be effected through
the replacement of the Partner Registry with an amended Partner Registry);


 


(3)            to
set forth the designations, rights, powers, duties, and preferences of the holders of any additional Partnership Interests issued pursuant
to Article IV;


 






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(4)            to
reflect a change that does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement
any provision in this Agreement not inconsistent with law or with other provisions of this Agreement, or make other changes with respect
to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement;


 





(5)            to
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal, state
or local agency or contained in federal, state or local law;


 


(6)            to
modify the method by which Partners’ Capital Accounts, or any debits or credits thereto, are computed, under this Agreement;


 


(7)            to
include provisions in the Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance regarding
the U.S. federal income tax treatment of compensatory partnership interests issued and made effective after the date hereof or in connection
with any elections that the General Partner determines to be necessary or advisable in respect of any such guidance. Any such amendment
may include, without limitation, (a) a provision authorizing or directing the General Partner to make any election under such guidance,
(b) a covenant by the Partnership that all of the Partners must (I) comply with the such guidance and (II) take all actions
(or, as the case may be, not take any action) necessary, including providing the Partnership with any required information, to permit
the Partnership to comply with the requirements set forth or referred to in the Regulations for such election or other related guidance
from the IRS, and (c) an amendment to the Capital Account maintenance provisions and the allocation provisions contained in Exhibit B
or Exhibit C of this Agreement so that such provisions comply with (I) the provisions of the Code and the Regulations
as they apply to the issuance of compensatory partnership interests and (II) the requirements of such guidance and any election made
by the General Partner with respect thereto, including, a provision requiring “forfeiture allocations” as appropriate.


 


(8)            to
take into account any Regulations or other guidance issued under or with respect to the BBA Rules in such manner as the General Partner
in its sole discretions determines to be necessary or appropriate; and


 


(9)            to
give effect to any amendments adopted in accordance with Section 11.6E.


 


The General Partner shall notify the Limited Partners
in writing when any action under this Section 14.1.B is taken in the next regular communication to the Limited Partners or
within ninety (90) days of the date thereof, whichever is earlier.


 


C.            Amendments
Requiring Limited Partner Approval (Excluding the Parent). Notwithstanding Sections 14.1.A and 14.1.B, without the Consent
of the Outside Limited Partners, the General Partner shall not amend Section 4.2.A, Section 7.1.A (second sentence
only), Section 7.5, Section 7.6, Section 7.8, Section 7.11, Section 11.2,
Section 13.1, the last sentence of Section 11.4.A (provided, however, that no such amendment shall in any event
adversely affect the rights of any lender who made a loan or who extended credit and received in connection therewith a pledge of Partnership
Units prior to the date such amendment is adopted unless, and only to the extent such lender consents thereto), this Section 14.1.C
or Section 14.2.


 






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D.            Other
Amendments Requiring Certain Limited Partner Approval. Notwithstanding anything in this Section 14.1 to the contrary,
this Agreement shall not be amended with respect to any Partner adversely affected without the Consent of such Partner adversely affected
or to any Assignee who is a bona fide financial institution that loans money or otherwise extends credit to a holder of Partnership Units
that is adversely affected, but in either case only if such amendment would (i) convert such Limited Partner’s interest in
the Partnership into a general partner’s interest, (ii) modify the limited liability of such Limited Partner, (iii) amend
Section 7.11, (iv) amend Article V or Article VI (except as permitted pursuant to Sections
4.2, 5.4, 6.2 and 14.1.B(3)), (v) amend Section 8.6 or any defined terms set forth in Article I
that relate to the Redemption Right (except as permitted in Section 8.6.E), or (vi) amend Sections 11.3 or 11.5,
or add any additional restrictions to Section 11.6.E or amend Section 14.1.B(4) or this Section 14.1.D.


 


E.            Amendment
and Restatement of Partner Registry Not an Amendment. Notwithstanding anything in this Article XIV or elsewhere in this
Agreement to the contrary, any amendment and restatement of the Partner Registry by the General Partner to reflect events or changes otherwise
authorized or permitted by this Agreement shall not be deemed an amendment of this Agreement and may be done at any time and from time
to time, as determined by the General Partner without the Consent of the Limited Partners and without any notice requirement.


 


Section 14.2         Meetings
of the Partners


 


A.            General.
Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written
request by Limited Partners holding Partnership Interests representing twenty-five percent (25%) or more of the Percentage Interest of
the Class A Units (including Class A Units held by the Parent). The call shall state the nature of the business to be transacted.
Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the
date of such meeting. Partners entitled to vote may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners
is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance
with the procedure prescribed in Section 14.1.A. Except as otherwise expressly provided in this Agreement, the Consent of
holders of Partnership Interests representing a majority of the Percentage Interests of the Class A Units shall control (including
Class A Units held by the Parent).


 


B.            Actions
Without a Meeting. Except as otherwise expressly provided by this Agreement, any action required or permitted to be taken at a meeting
of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by Partners holding Partnership
Interests representing more than fifty percent (50%) (or such other percentage as is expressly required by this Agreement) of the Percentage
Interest of the Class A Units (including Class A Units held by the Parent). Such consent may be in one instrument or in several
instruments, and shall have the same force and effect as a vote of Partners. Such consent shall be filed with the General Partner. An
action so taken shall be deemed to have been taken at a meeting held on the date on which written consents from the Partners holding the
required Percentage Interest of the Class A Units have been filed with the General Partner.


 






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C.            Proxy.
Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled
to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited
Partner or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise
provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective
upon the Partnership’s receipt of written notice thereof.


 





D.            Conduct
of Meeting. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint
pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate.


 


ARTICLE XV


 


GENERAL
PROVISIONS


 


Section 15.1         Addresses
and Notice


 


Any notice, demand, request
or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed
given or made when delivered in person, when sent by first class United States mail or by other means of written communication (including,
but not limited to, via e-mail) to the Partner or Assignee at the address set forth in the Partner Registry or such other address as the
Partners shall notify the General Partner in writing.


 


Section 15.2         Titles
and Captions


 


All article or section titles
or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend
or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles”
 “Sections” and “Exhibits” are to Articles, Sections and Exhibits of this Agreement.


 


Section 15.3         Pronouns
and Plurals


 


Whenever the context may require,
any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns,
pronouns and verbs shall include the plural and vice versa.


 


Section 15.4         Further
Action


 


The parties shall execute
and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve
the purposes of this Agreement.


 


Section 15.5         Binding
Effect


 


This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and
permitted assigns.


 






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Section 15.6         Creditors


 





Other than as expressly set
forth herein with regard to any Indemnitee, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable
by, any creditor of the Partnership.


 


Section 15.7         Waiver


 


No failure by any party to
insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy
consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition.


 


Section 15.8         Counterparts


 


This Agreement may be executed
in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such
parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon
affixing its signature hereto.


 


Section 15.9         Applicable
Law


 


This Agreement shall be construed
and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law.


 


Section 15.10       Invalidity
of Provisions


 


If any provision of this Agreement
is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.


 


Section 15.11       Power
of Attorney


 


A.            General.
Each Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is deemed
to irrevocably constitute and appoint the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each
of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power
and authority in its name, place and stead to:


 


(1)            execute,
swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments
(including, without limitation, this Agreement and the Certificate of Limited Partnership and all amendments or restatements thereof)
that the General Partner or any Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification
of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware
and in all other jurisdictions in which the Partnership may conduct business or own property, (b) all instruments that the General
Partner or any Liquidator deem appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement
in accordance with its terms, (c) all conveyances and other instruments or documents that the General Partner or any Liquidator deems
appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including,
without limitation, a certificate of cancellation, (d) all instruments relating to the admission, withdrawal, removal or substitution
of any Partner pursuant to, or other events described in, Article XI, XII or XIII or the Capital Contribution
of any Partner and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences
and privileges of Partnership Interests; and


 






    	 	68	 



     


    

 





(2)            execute,
swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary,
in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent,
approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement
or appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to effectuate the terms or
intent of this Agreement.


 


Nothing contained in this
Section 15.11 shall be construed as authorizing the General Partner or any Liquidator to amend this Agreement except in accordance
with Article XIV or as may be otherwise expressly provided for in this Agreement.


 


B.            Irrevocable
Nature. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition
of the fact that each of the Partners will be relying upon the power of the General Partner or any Liquidator to act as contemplated by
this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent
Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s
Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives.
Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting
in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses which may
be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power
of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen (15)
days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney
and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the
purposes of the Partnership.


 


Section 15.12       Entire
Agreement


 


This Agreement contains the
entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any prior written oral
understandings or agreements among them with respect thereto.


 


Section 15.13       No
Rights as Stockholders


 


Nothing contained in this
Agreement shall be construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the Parent,
including, without limitation, any right to receive dividends or other distributions made to stockholders of the Parent, or to vote or
to consent or receive notice as stockholders in respect to any meeting of stockholders for the election of directors of the Parent or
any other matter.


 






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Section 15.14       Limitation to Preserve REIT
Status


 


To the extent that any amount
paid or credited to the Parent or the General Partner or any of their officers, directors, employees or agents pursuant to Sections
7.4 or 7.7 would constitute gross income to the Parent for purposes of Sections 856(c)(2) or 856(c)(3) of the Code
(a “General Partner Payment”) then, notwithstanding any other provision of this Agreement, the amount of such
General Partner Payment for any Fiscal Year shall not exceed the lesser of:


 


(i) an amount equal to
the excess, if any, of (a) 4% of the Parent’s total gross income (within the meaning of Section 856(c)(3) of the
Code but not including the amount of any General Partner Payments) for the Fiscal Year which is described in subsections (A) though
(H) of Section 856(c)(2) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(2) of
the Code) derived by the Parent from sources other than those described in subsections (A) through (H) of Section 856(c)(2) of
the Code (but not including the amount of any General Partner Payments); or


 


(ii) an amount equal
to the excess, if any of (a) 24% of the Parent’s total gross income (but not including the amount of any General Partner Payments)
for the Fiscal Year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b) the
amount of gross income (within the meaning of Section 856(c)(3) of the Code but not including the amount of any General Partner
Payments) derived by the Parent from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of
the Code;


 


provided, however, that General Partner Payments
in excess of the amounts set forth in subparagraphs (i) and (ii) above may be made if the Parent, as a condition precedent,
obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect the Parent’s ability to qualify
as a REIT. To the extent General Partner Payments may not be made in a given Fiscal Year due to the foregoing limitations, such General
Partner Payments shall carry over and be treated as arising in the following year; provided, however, that such amounts shall not carry
over for more than five (5) Fiscal Years, and if not paid within such five (5) Fiscal Year period, shall expire; and provided
further that (i) as General Partner Payments are made, such payments shall be applied first to carry over amounts outstanding, if
any, and (ii) with respect to carry over amounts for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal
Year first.


 


[Remainder of page intentionally left blank,
signature page follows]


 






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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.


 


	 	GENERAL PARTNER:
	 	 
	 	Freehold OP GP, LLC
	 	 
	 	 	By: 	Freehold Properties, Inc., its sole member
	 	 	 	 
	 	 
	 	 	 	By: /s/ Jeffery C. Walraven
	 	 
	 	 	 	Name: Jeffery C. Walraven
	 	 	 	Title: Chief Operating Officer
	 	 
	 	LIMITED PARTNER:
	 	 
	 	Freehold Properties, Inc.
	 	 
	 	 
	 	 	 	By: /s/ Jeffery C. Walraven
	 	 
	 	 	 	Name: Jeffery C. Walraven
	 	 	 	Title: Chief Operating Officer



 


Signature Page to First Amended and Restated
Agreement of Limited Partnership of





Freehold Properties Operating Partnership, LP



 






     

     


    

 



 


EXHIBIT A


 


FORM OF PARTNER REGISTRY


 


	 	 	CLASS A UNITS	 
	Name And Address Of Partner	 	Partnership 

Units	 	Initial Capital 

Account	 	Percentage

 Interest	 
	GENERAL PARTNER:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Freehold OP GP, LLC	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	LIMITED PARTNERS:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Freehold Properties, Inc.	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	[NAME]	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	TOTAL CLASS A UNITS	 	 	 	 	 	100.00000 	%



 






     


     


    

 


EXHIBIT B


 


CAPITAL ACCOUNT MAINTENANCE


 


1.            Capital
Accounts of the Partners


 


A.            The
Partnership shall maintain for each Partner a separate Capital Account in accordance with the rules of Regulations Section l.704-l(b)(2)(iv).
Such Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by
such Partner to the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and
gain exempt from tax) computed in accordance with Section 1.B and allocated to such Partner pursuant to Section 6.1
of the Agreement and Exhibit C thereof, and decreased by (x) the amount of cash or Agreed Value of property actually
distributed or deemed to be distributed to such Partner pursuant to this Agreement and (y) all items of Partnership deduction and
loss computed in accordance with Section 1.B and allocated to such Partner pursuant to Section 6.1 of the Agreement
and Exhibit C thereof.


 


B.            For
purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital Accounts,
unless otherwise specified in this Agreement, the determination, recognition and classification of any such item shall be the same as
its determination, recognition and classification for U.S. federal income tax purposes determined in accordance with Section 703(a) of
the Code (for this purpose all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of
the Code shall be included in taxable income or loss), with the following adjustments:


 


(1)            Except
as otherwise provided in Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction
shall be made without regard to any adjustments to the adjusted bases of the assets of the Partnership pursuant to Sections 734(b) and
743(b) of the Code, provided, however, that the amounts of any adjustments to the adjusted bases of the assets of the Partnership
made pursuant to Section 734 of the Code as a result of the distribution of property by the Partnership to a Partner (to the extent
that such adjustments have not previously been reflected in the Partners’ Capital Accounts) shall be reflected in the Capital Accounts
of the Partners in the manner and subject to the limitations prescribed in Regulations Section l.704-1(b)(2)(iv)(m)(4).


 


(2)            The
computation of all items of income, gain, and deduction shall be made without regard to the fact that items described in Sections 705(a)(l)(B) or
705(a)(2)(B) of the Code are not includible in gross income or are neither currently deductible nor capitalized for U.S. federal
income tax purposes.


 


(3)            Any
income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the adjusted basis
of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect to such property
as of such date.


 


(4)            In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such Fiscal Year.


 






     


     


    

 


(5)            In
the event the Carrying Value of any Partnership asset is adjusted pursuant to Section 1.D, the amount of any such adjustment
shall be taken into account as gain or loss from the disposition of such asset.


 


(6)            Any
items specially allocated under Section 2 of Exhibit C to the Agreement hereof shall not be taken into
account.


 


C.            A
transferee (including any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor
in accordance with Regulations Section 1.704-1(b)(2)(iv)(l).


 


D.     (1)     Consistent
with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D(2), the Carrying Values of all
Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership
property, as of the times of the adjustments provided in Section 1.D(2), as if such Unrealized Gain or Unrealized Loss had
been recognized on an actual sale of each such property and allocated pursuant to Section 6.1 of the Agreement.


 


(2)            Such
adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional interest in the Partnership
by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately prior to the distribution
by the Partnership to a Partner of more than a de minimis amount of property as consideration for an interest in the Partnership; (c) immediately
prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-l(b)(2)(ii)(g); (d) immediately
prior to the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the provision of services
to or for the benefit of the Partnership; (e) immediately prior to the issuance by the Partnership of a noncompensatory option to
acquire an interest in the Partnership (other than an option for a de minimis interest); and (f) at such other times as are permitted
by applicable Regulations and as determined in the discretion of the General Partner; provided, however, that adjustments pursuant to
clauses (a), (b), (d), (e) and (f) above shall be made only if the General Partner determines that such adjustments are necessary
or appropriate to reflect the relative economic interests of the Partners in the Partnership or to comply with applicable Regulations;
provided further, however, that the issuance of any LTIP Unit shall be deemed to require a revaluation pursuant to this Section 1.D.


 


(3)            In
accordance with Regulations Section 1.704- l(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in kind shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of the time
any such asset is distributed.


 


(4)            In
determining Unrealized Gain or Unrealized Loss for purposes of this Exhibit B, the aggregate cash amount and fair market
value of all Partnership assets (including cash or cash equivalents) shall be determined by the General Partner using such reasonable
method of valuation as it may adopt, or in the case of a liquidating distribution pursuant to Article XIII of the Agreement,
shall be determined and allocated by the Liquidator using such reasonable methods of valuation as it may adopt. The General Partner, or
the Liquidator, as the case may be, shall allocate such aggregate fair market value among the assets of the Partnership in such manner
as it determines in its sole and absolute discretion to arrive at a fair market value for individual properties.


 






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E.            The
provisions of the Agreement (including this Exhibit B and the other Exhibits to the Agreement) relating to the maintenance
of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner
consistent with such Regulations. In the event the General Partner shall determine that it is prudent to modify the manner in which the
Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are
secured by contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners)
are computed in order to comply with such Regulations, the General Partner may make such modification without regard to Article XIV
of the Agreement, provided that it is not likely to have a material effect on the amounts distributable to any Person pursuant to Article XIII
of the Agreement upon the dissolution of the Partnership. The General Partner also shall (i) make any adjustments that are necessary
or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the
Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section l.704-l(b)(2)(iv)(q), and
(ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with
Regulations Section l.704-1(b).


 


2.            No
Interest


 


No interest shall be paid
by the Partnership on Capital Contributions or on balances in Partners’ Capital Accounts.


 


3.            No
Withdrawal


 


No Partner shall be entitled
to withdraw any part of its Capital Contribution or Capital Account or to receive any distribution from the Partnership, except as provided
in Articles IV, V, VII and XIII of the Agreement.


 






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EXHIBIT C


 


SPECIAL ALLOCATION RULES


 


1.            Special
Allocation Rules.


 


Notwithstanding any other
provision of the Agreement or this Exhibit C, the following special allocations shall be made in the following order:


 


A.            Minimum
Gain Chargeback. Notwithstanding the provisions of Section 6.1 of the Agreement or any other provisions of this Exhibit C,
if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall be specially allocated items of Partnership
income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease
in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall
be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated
shall be determined in accordance with Regulations Section 1.704-2(f)(6). This Section 1.A is intended to comply with the minimum
gain chargeback requirements in Regulations Section 1.704-2(f) and for purposes of this Section 1.A only, each Partner’s
Adjusted Capital Account Deficit shall be determined prior to any other allocations pursuant to Section 6.1 of the Agreement or this
Exhibit C with respect to such Fiscal Year and without regard to any decrease in Partner Minimum Gain during such Fiscal Year.


 


B.            Partner
Minimum Gain Chargeback. Notwithstanding any other provision of Section 6.1 of this Agreement or any other provisions of this
Exhibit C (except Section 1.A), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt
during any Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined
in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such
year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partner Minimum Gain
attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5). Allocations pursuant
to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each General Partner and Limited
Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4).
This Section 1.B is intended to comply with the minimum gain chargeback requirement in such Section of the Regulations and shall
be interpreted consistently therewith. Solely for purposes of this Section 1.B, each Partner’s Adjusted Capital Account Deficit
shall be determined prior to any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit C with respect to
such Fiscal Year, other than allocations pursuant to Section 1.A.


 


C.            Qualified
Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Regulations
Sections 1.704-l(b)(2)(ii)(d)(4), l.704-1(b)(2)(ii)(d)(5), or 1.704-l(b)(2)(ii)(d)(6), and after giving effect to the allocations required
under Sections 1.A and 1.B with respect to such Fiscal Year, such Partner has an Adjusted Capital Account Deficit, items of Partnership
income and gain (consisting of a pro rata portion of each item of Partnership income, including gross income and gain for the Fiscal Year)
shall be specifically allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations,
its Adjusted Capital Account Deficit created by such adjustments, allocations or distributions as quickly as possible. This Section 1.C
is intended to constitute a “qualified income offset” under Regulations Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith.


 






     


     


    

 


D.            Gross
Income Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any Fiscal Year (after taking
into account allocations to be made under the preceding paragraphs hereof with respect to such Fiscal Year), each such Partner shall be
specially allocated items of Partnership income and gain (consisting of a pro rata portion of each item of Partnership income, including
gross income and gain for the Fiscal Year) in an amount and manner sufficient to eliminate, to the extent required by the Regulations,
its Adjusted Capital Account Deficit.


 


E.            Nonrecourse
Deductions. Except as may otherwise be expressly provided by the General Partner pursuant to Section 4.2 of the Agreement with
respect to other classes of Partnership Units, Nonrecourse Deductions for any Fiscal Year shall be allocated only to the Partners holding
Class A Units and Class B Units in accordance with their respective Percentage Interests. If the General Partner determines
in its good faith discretion that the Partnership’s Nonrecourse Deductions must be allocated in a different ratio to satisfy the
safe harbor requirements of the Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized,
upon notice to the Limited Partners, to revise the prescribed ratio for such Fiscal Year to the numerically closest ratio which would
satisfy such requirements.


 


F.            Partner
Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Partner who bears
the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in
accordance with Regulations Sections 1.704-2(b)(4) and 1.704-2(i).


 


G.            Adjustments
Pursuant to Code Section 734 and Section 743. To the extent an adjustment to the adjusted tax basis of any Partnership asset
pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulations Section 1.704-l(b)(2)(iv)(m),
to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an
item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain
or loss shall be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required
to be adjusted pursuant to such Section of the Regulations.


 


2.            Allocations
for Tax Purposes


 


A.            Except
as otherwise provided in this Section 2, for U.S. federal income tax purposes, each item of income, gain, loss and deduction shall
be allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated
pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.


 






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B.            In
an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or Adjusted Property, items of income, gain, loss,
and deduction shall be allocated for U.S. federal income tax purposes among the Partners as follows:


 


(1)          (a)     In
the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners consistent with the principles
of Section 704(c) of the Code to take into account the variation between the Section 704(c) Value of such property
and its adjusted basis at the time of contribution (taking into account Section 2.C of this Exhibit C); and


 


(b)            any
item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same manner
as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1
of this Exhibit C.


 


(2)           (a)     In
the case of an Adjusted Property, such items shall


 


(i)            first,
be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account
the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Exhibit B;


 


(ii)            second,
in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 2.B(1) of
this Exhibit C; and


 


(b)            any
item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner its
correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this
Exhibit C.


 


(3)            all
other items of income, gain, loss and deduction shall be allocated among the Partners in the same manner as their correlative item of
 “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C.


 


C.            To
the extent Regulations promulgated pursuant to Section 704(c) of the Code permit a Partnership to utilize alternative methods
to eliminate the disparities between the Carrying Value of property and its adjusted basis, the General Partner shall have the authority
and sole discretion to elect the method to be used by the Partnership and such election shall be binding on all Partners.


 






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EXHIBIT D


 


NOTICE OF REDEMPTION


 


The undersigned hereby irrevocably
(i) redeems             Partnership Units in Freehold Properties Operating Partnership, LP (the “Partnership”) in accordance with
the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the “Agreement”),
and the Redemption Right referred to therein, (ii) surrenders such Partnership Units and all right, title and interest therein and
(iii) directs that the Cash Amount or Shares Amount (as determined by the General Partner) deliverable upon exercise of the Redemption
Right be delivered to the address specified below, and if Shares are to be delivered, such Shares be registered or placed in the name(s) and
at the address(es) specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable
and unencumbered title to such Partnership Units, free and clear of the rights of or interests of any other person or entity, (b) has
the full right, power and authority to redeem and surrender such Partnership Units as provided herein and (c) has obtained the consent
or approval of all persons or entities, if any, having the right to consult or approve such redemption and surrender. Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Agreement.


 


	Dated:	 	 	Name of Limited Partner:
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature of Limited Partner)
	 	 	 	 
	 	 	 	 
	 	 	 	(Street Address)
	 	 	 	 
	 	 	 	 
	 	 	 	(City)           (State)             (Zip Code)
	 	 	 	 
	 	 	 	Signature Guaranteed by:
	 	 	 	 
	 	 	 	 




 


IF SHARES ARE TO BE ISSUED, ISSUE TO:


 


	Name:	 	 



 


	Social Security or tax identifying number:	 	 



 






     


     


    

 


EXHIBIT E


 


NOTICE OF ELECTION BY PARTNER TO CONVERT

LTIP UNITS INTO CLASS A UNITS


 


The undersigned holder of LTIP Units hereby irrevocably
(i) elects to convert              LTIP Units in Freehold Properties Operating Partnership, LP (the “Partnership”) into Class A
Units in accordance with the terms of the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the
 “Agreement”); and (ii) directs that any cash in lieu of Class A Units that may be deliverable upon such conversion
be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has
title to such LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has
the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent
to or approval of all persons or entities, if any, having the right to consent or approve such conversion. Capitalized terms used but
not defined herein shall have the meanings assigned to them in the Agreement.


 


	Dated: 	 	 	Name of Limited Partner:
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature of Limited Partner)
	 	 	 	 
	 	 	 	 
	 	 	 	(Street Address)
	 	 	 	 
	 	 	 	 
	 	 	 	(City)           (State)             (Zip Code)
	 	 	 	 
	 	 	 	Signature Guaranteed by:
	 	 	 	 
	 	 	 	 




 






     


     


    

 


EXHIBIT F


 


NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION
OF

LTIP UNITS INTO CLASS A UNITS


 


Freehold Properties Operating
Partnership, LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder of LTIP
Units set forth below to be converted into Class A Units in accordance with the terms of the First Amended and Restated Agreement
of Limited Partnership of the Partnership, as amended (the “Agreement”). Capitalized terms used but not defined herein shall
have the meanings assigned to them in the Agreement.


 


Name of Holder:


 


Date of this Notice:


 


Number of LTIP Units to be Converted:


 


Please Print: Exact Name as Registered
with Partnership