Exhibit 10.1






 


THIRD AMENDED AND RESTATED


 


AGREEMENT OF LIMITED PARTNERSHIP


 


OF


 


GKK CAPITAL LP


 








 


Dated as
of April 19, 2006





 




    	 



    	 



    

 





TABLE OF CONTENTS


 





	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I	DEFINED TERMS	 	1
	 	 	 	 	 
	ARTICLE II 	ORGANIZATIONAL MATTERS	 	11
	Section 2.01.	 	Organization	 	11
	Section 2.02.	 	Name	 	11
	Section 2.03.	 	Registered Office and Agent; Principal Office	 	12
	Section 2.04.	 	Term	 	12
	 	 	 	 	 
	ARTICLE III	PURPOSE	 	12
	Section 3.01.	 	Purpose and Business	 	12
	Section 3.02.	 	Powers	 	12
	Section 3.03.	 	Partnership Only for Purposes Specified	 	13
	 	 	 	 	 
	ARTICLE IV	CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS	 	13
	Section 4.01.	 	Capital Contributions of the Partners	 	13
	Section 4.02.	 	Issuances of Partnership Interests	 	13
	Section 4.03.	 	No Preemptive Rights	 	15
	Section 4.04.	 	Other Contribution Provisions	 	15
	Section 4.05.	 	No Interest on Capital	 	15
	 	 	 	 	 
	ARTICLE V	DISTRIBUTIONS	 	15
	Section 5.01.	 	Requirement and Characterization of Distributions	 	15
	Section 5.02.	 	Amounts Withheld	 	17
	Section 5.03.	 	Distributions Upon Liquidation	 	17
	Section 5.04.	 	Revisions to Reflect Issuance of Additional Partnership Interests	 	17
	 	 	 	 	 
	ARTICLE VI	ALLOCATIONS	 	17
	Section 6.01.	 	Allocations For Capital Account Purposes	 	17
	Section 6.02.	 	Revisions to Allocations to Reflect Issuance of Additional Partnership Interests	 	19
	 	 	 	 	 
	ARTICLE VII	MANAGEMENT AND OPERATIONS OF BUSINESS	 	19
	Section 7.01.	 	Management	 	19
	Section 7.02.	 	Certificate of Limited Partnership	 	22
	Section 7.03.	 	Title to Partnership Assets	 	22
	Section 7.04.	 	Reimbursement of the General Partner	 	23
	Section 7.05.	 	Outside Activities of the General Partner	 	24















  




    	i



    	 



    

 





	 	 	 	 	Page
	 	 	 	 	 
	Section 7.06.	 	Transactions with Affiliates	 	25
	Section 7.07.	 	Indemnification	 	25
	Section 7.08.	 	Liability of the General Partner	 	27
	Section 7.09.	 	Other Matters Concerning the General Partner	 	28
	Section 7.10.	 	Reliance by Third Parties	 	29
	Section 7.11.	 	Restrictions on General Partner’s Authority	 	29
	Section 7.12.	 	Loans by Third Parties	 	30
	 	 	 	 	 
	ARTICLE VIII	RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	 	30
	Section 8.01.	 	Limitation of Liability	 	30
	Section 8.02.	 	Management of Business	 	30
	Section 8.03.	 	Outside Activities of Limited Partners	 	30
	Section 8.04.	 	Return of Capital	 	30
	Section 8.05.	 	Rights of Limited Partners Relating to the Partnership	 	31
	Section 8.06.	 	Class A Redemption Right	 	32
	Section 8.07.	 	Redemption of Class B Units	 	34
	 	 	 	 	 
	ARTICLE IX	BOOKS, RECORDS, ACCOUNTING AND REPORTS	 	34
	Section 9.01.	 	Records and Accounting	 	34
	Section 9.02.	 	Fiscal Year	 	34
	Section 9.03.	 	Reports	 	34
	 	 	 	 	 
	ARTICLE X	TAX MATTERS	 	35
	Section 10.01.	 	Preparation of Tax Returns	 	35
	Section 10.02.	 	Tax Elections	 	35
	Section 10.03.	 	Tax Matters Partner	 	35
	Section 10.04.	 	Organizational Expenses	 	37
	Section 10.05.	 	Withholding	 	37
	 	 	 	 	 
	ARTICLE XI	TRANSFERS AND WITHDRAWALS	 	37
	Section 11.01.	 	Transfer	 	37
	Section 11.02.	 	Transfers of Partnership Interests of General Partner	 	38
	Section 11.03.	 	Limited Partners’ Rights to Transfer	 	38
	Section 11.04.	 	Substituted Limited Partners	 	39
	Section 11.05.	 	Assignees	 	40







  




    	ii



    	 



    

 





	 	 	 	 	Page
	 	 	 	 	 
	Section 11.06.	 	General Provisions	 	40
	 	 	 	 	 
	ARTICLE XII	ADMISSION OF PARTNERS	 	42
	Section 12.01.	 	Admission of Successor General Partner	 	42
	Section 12.02.	 	Admission of Additional Limited Partners	 	42
	Section 12.03.	 	Amendment of Agreement and Certificate of Limited Partnership	 	43
	 	 	 	 	 
	ARTICLE XIII	DISSOLUTION AND LIQUIDATION	 	43
	Section 13.01.	 	Dissolution	 	43
	Section 13.02.	 	Winding Up	 	43
	Section 13.03.	 	Compliance with Timing Requirements of Regulations	 	44
	Section 13.04.	 	Deemed Distribution and Recontribution	 	45
	Section 13.05.	 	Rights of Limited Partners	 	45
	Section 13.06.	 	Notice of Dissolution	 	45
	Section 13.07.	 	Cancellation of Certificate of Limited Partnership	 	45
	Section 13.08.	 	Reasonable Time for Winding Up	 	45
	Section 13.09.	 	Waiver of Partition	 	46
	Section 13.10.	 	Liability of Liquidator	 	46
	 	 	 	 	 
	ARTICLE XIV	AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS	 	46
	Section 14.01.	 	Amendments	 	46
	Section 14.02.	 	Meetings of the Partners	 	47
	 	 	 	 	 
	ARTICLE XV	GENERAL PROVISIONS	 	48
	Section 15.01.	 	Addresses and Notice	 	48
	Section 15.02.	 	Titles and Captions	 	48
	Section 15.03.	 	Pronouns and Plurals	 	48
	Section 15.04.	 	Further Action	 	48
	Section 15.05.	 	Binding Effect	 	49
	Section 15.06.	 	Creditors	 	49
	Section 15.07.	 	Waiver	 	49
	Section 15.08.	 	Counterparts	 	49
	Section 15.09.	 	Applicable Law	 	49
	Section 15.10.	 	Invalidity of Provisions	 	49
	Section 15.11.	 	Power of Attorney	 	49


 







    	iii



    	 



    

 


	 	 	 	 	Page
	 	 	 	 	 
	Section 15.12.	 	Entire Agreement	 	50
	Section 15.13.	 	No Rights as Stockholders	 	50
	Section 15.14.	 	Limitation to Preserve REIT Status	 	51










 




    	iv



    	 



    

 


 THIRD AMENDED
AND RESTATED


AGREEMENT OF LIMITED PARTNERSHIP


OF


GKK CAPITAL LP


 


THIS THIRD AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP, dated as of April 19, 2006 is made by Gramercy Capital Corp., a Maryland corporation, as the General Partner
of and a Limited Partner in the Partnership and each of the other persons listed on the signature pages hereto, for the purpose
of amending and restating the Second Amended and Restated Agreement of Limited Partnership of the Partnership dated as of December
14, 2005 by and among the General Partner, SL Green Operating Partnership, L.P., GKK Manager LLC, and certain other Persons (as
defined below) (the “First Amended and Restated Partnership Agreement”).


 


WHEREAS, the Partnership desires to modify
the distribution and redemption provisions of the Second Amended and Restated Partnership Agreement applicable to the Class B Units.


 


WHEREAS, pursuant to Section 14.01.B the
General Partner is hereby amending and restating the Second Amended and Restated Partnership Agreement to reflect the modification
in distribution and redemption provisions applicable to the Class B Units.


 


AGREEMENT


 


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 hereto hereby amend and restate the Second Amended and Restated Partnership Agreement 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, 6 Del. C. § 17-101, et seq., as it may be amended from time to time, and any successor to
such statute.


 


“Additional Limited Partner”
means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.02 hereof and who is shown as such on the
books and records of the Partnership.


 


“Adjusted Capital Account” means
the Capital Account maintained for each Partner as of the end of each Partnership 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 Sections1.704-l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-l(b)(2)(ii) (d)(6).The foregoing definition of Adjusted
Capital Account is intended to comply with the provisions of Regulations Section 1.704-l(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 Partnership Year.





 




    	 



    	 



    

 


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


 


“Adjustment Date” has the meaning
set forth in Section 4.02.B hereof.


 


“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 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;
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 as determined under Section 752 of the Code and the Regulations
thereunder.


 


“Agreement” means this Third
Amended and Restated Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time.


 


“Articles of Incorporation”
means the Articles of Incorporation or other organizational document governing the General Partner, as amended or restated from
time to time.


 


“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 11.05 hereof.


 


“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 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 hereto and the hypothetical balance of such Partner’s Capital Account computed as if it had been maintained,
with respect to each such Contributed Property or Adjusted Property, strictly in accordance with federal income tax accounting
principles.


 


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


 


“Capital Account” means the
Capital Account maintained for a Partner pursuant to Exhibit B hereto.


 


“Capital Contribution” means,
with respect to any Partner, any cash, cash equivalents or the Agreed Value of Contributed Property which such Partner contributes
or is deemed to contribute to the Partnership pursuant to Section 4.01 or 4.02 hereof.


 


 




    	2



    	 



    

 


“Carrying Value” means (i) with
respect to a Contributed Property or Adjusted Property, the 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 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 hereto, and to reflect changes, additions 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” means the Certificate
of Limited Partnership relating to the Partnership filed in the office of the Delaware Secretary of State on April 21, 2004, as
amended from time to time in accordance with the terms hereof and the Act.


 


“Class A Unit” means Class A
Units of the Partnership.


 


“Class A Unit Economic Balance”
has the meaning set forth in Section 6.01.D.


 


“Class B Distribution Percentage”
means, as of a particular date, with respect to SL Green, the SLG Class B Distribution Percentage and, with respect to all other
Persons, the Standard Class B Distribution Percentage.


 


“Class B Unit” means a profits
interest issued pursuant to Section 4.02.D.


 


“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 Section 14.02 hereof.


 


“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 hereto,
such property shall no longer constitute a Contributed Property for purposes of Exhibit B hereto, but shall be deemed an Adjusted
Property for such purposes.


 


“Conversion Factor” means 1.0;
provided that in the event that the General Partner Entity (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, (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 shall cease to be the General Partner Entity (the “Predecessor Entity”) and another
entity shall become the General Partner Entity (the “Successor Entity”), the Conversion Factor shall be adjusted by
multiplying the Conversion Factor by a


 




    	3



    	 



    

 


fraction, the numerator of which is the Value of one share of
the Predecessor Entity, determined as of the time immediately prior to when the Successor Entity becomes the General Partner Entity,
and the denominator of which is the Value of one Share of the Successor Entity determined as of that same date. For purposes of
the second proviso in the preceding sentence, in the event that any stockholders of the Predecessor Entity will receive consideration
in connection with the transaction in which the Successor Entity becomes the General Partner Entity, the numerator in the fraction
described above for determining the adjustment to the Conversion Factor(that is, the Value of one Share of the Predecessor Entity)
shall be the sum of the greatest amount of cash and the fair market value of any securities and other consideration that the holder
of one Share in the Predecessor Entity could have received in such transaction (determined without regard to any provisions governing
fractional shares). Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such
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 in order 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.


 


“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 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 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 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 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.


 


“Economic Capital Account Balance”
has the meaning set forth in Section 6.01.D.


 


“Effective Date” means the date
of the closing of the General Partner’s initial public offering.


 


“Equity Award Agreement” means
an equity award agreement entered into between SL Green and/or SL Green Realty Corp. and a director, officer or employee of the
General Partner, the Manager, SL Green or SL Green Realty Corp. or other Person pursuant to the SL Green Realty Corp. 2005 Stock
Option and Incentive Plan pursuant to which SL Green or SL Green Realty Corp. transfers Class B Units to such Person subject to
forfeiture to, or repurchase at less than fair market value by, SL Green or any other Person upon the occurrence of certain events.


 


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


 




    	4



    	 



    

 


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


 


“Funding Debt” means the incurrence
of any Debt by or on behalf of the General Partner for the purpose of providing funds to the Partnership.


 


“Funds From Operations” means
net income available to holders of Partnership Units (other than Class B Units and preferred Partnership Units, if any, issued
subsequent to the date hereof) computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus depreciation
and amortization on real estate assets, and after adjustments for unconsolidated partnerships and joint ventures.


 


“General Partner” means Gramercy
Capital Corp., a Maryland corporation, or its successors as general partner of the Partnership.


 


“General Partner Entity” means
the General Partner; provided, however, that if (i) the shares of common stock (or other comparable equity interests)
of the General Partner are at any time not Publicly Traded and (ii) the shares of common stock (or other comparable equity interests)
of an entity that owns, directly or indirectly, fifty percent (50%) or more of the shares of common stock (or other comparable
equity interests) of the General Partner are Publicly Traded, the term “General Partner Entity” shall refer to such
entity whose shares of common stock (or other comparable equity securities) are Publicly Traded. If both requirements set forth
in clauses (i) and (ii) above are not satisfied, then the term “General Partner Entity” shall mean the General Partner.


 


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


 


“General Partnership Interest”
means a Partnership Interest held by the General Partner that is a general partnership interest. A General Partnership Interest
may be expressed as a number of Partnership Units.


 


“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 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 which is a
Partner, the dissolution and commencement of winding up of the partnership, (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





 




    	5



    	 



    

 


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.


 


“Indemnitee” means (i) any Person
made a party to a proceeding or threatened with being 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 or the General Partner and (ii) such other Persons (including
Affiliates of the General Partner, 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 Exhibit A attached hereto, as such Exhibit may be amended and restated from time to time,
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 Partner Interest of a Limited Partner in the Partner representing a fractional part of the Partner Interests of all Limited Partners
and includes any and all benefits to which the holder of such a Partner 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 13.01 hereof.


 


“Liquidator” has the meaning
set forth in Section 13.02.A hereof.


 


“LTIP Units” means the Partnership
Units designated as such having the rights, powers, privileges, restrictions, qualifications and limitations set forth in Exhibit
E hereto.


 


“Manager” means GKK Manager
LLC, a Delaware limited liability company.


 


“Management Agreement” means
the agreement entered into by and between Gramercy Capital Corp., a Maryland corporation, GKK Capital LP, a Maryland limited partnership
(the “Operating Partnership”), and GKK Manager LLC, a Delaware limited liability company.


 


“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 hereto. 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 hereto, Net Income or the resulting Net Loss, whichever
the case may be, shall be recomputed without regard to such item.


 


“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 hereto, Net Loss or the resulting Net Income, whichever the case may be,
shall be recomputed without regard to such item.


 







    	6



    	 



    

 


“New Securities” means (i) any
rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase shares of capital
stock (or other comparable equity interest) of the General Partner, excluding grants under any Stock Option Plan, or (ii) any Debt
issued by the General Partner 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 hereto 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 Partnership 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 Section1.752-1(a)(2).


 


“Notice of Redemption” means
a Notice of Redemption substantially in the form of Exhibit B attached 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).


 


“Partner Nonrecourse Deductions”
has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to
a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section1.704-2(i)(2).


 


“Partnership” means the limited
partnership formed under the Act and continued upon the terms and conditions set forth in this Agreement, and any successor thereto.


 


“Partnership Interest” means
a Limited Partner Interest or the General Partnership Interest 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 Partnership Year shall be determined in accordance with the rules of Regulations
Section1.704-2(d).


 


“Partnership Record Date” means
the record date established by the General Partner either (i) for distributions pursuant to Section 5.01 hereof, which record date
shall be the same as the record date established by the General Partner Entity for a distribution to its stockholders of some or
all of its portion of such distribution received by the General Partner if the shares of common stock (or comparable equity interests)
of the General Partner Entity are Publicly Traded, or (ii) if applicable, for determining the





 




    	7



    	 



    

 


Partners entitled to vote on or consent to any proposed action
for which the consent or approval of the Partners is sought pursuant to Section14.02 hereof.


 


“Partnership Unit” means a fractional,
undivided share of the Partnership Interests of all Partners issued pursuant to Sections 4.01 and 4.02 hereof, 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 represented by such Partnership Units are set forth in Exhibit
A hereto, as such Exhibit may be amended and restated from time to time. The ownership of Partnership Units may be evidenced by
a certificate in a form approved by the General Partner.


 


“Partnership Year” means the
fiscal year of the Partnership, which shall be the calendar year.


 


“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 as specified in Exhibit
A attached hereto, as such exhibit may be amended and restated from time to time, multiplied by the aggregate Percentage Interest
allocable to such class of Partnership Interests.


 


“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 the New York Stock Exchange, the American Stock Exchange or another national securities exchange or designated
for quotation on the NASDAQ National Market, or any successor to any of the foregoing.


 


“Qualified REIT Subsidiary”
means any Subsidiary of the General Partner that is a “qualified REIT subsidiary” within the meaning Section 856(i)
of the Code.


 


“Recapture Income” means any
gain recognized by the Partnership (computed without regard to any adjustment required by Section 743 of the Code) upon the disposition
of any property or asset of the Partnership, which gain is characterized as ordinary income because it represents the recapture
of deductions previously taken with respect to such property or asset.


 


“Redeeming Partner” has the
meaning set forth in Section 8.06.A hereof.


 


“Redemption Amount” means either
the Cash Amount or the Shares Amount, as determined by the General Partner in its sole and absolute discretion; provided
that in the event that the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right the Redemption
Amount shall be paid only in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion, consents
to payment of the Redemption Amount in the form of the Shares Amount. 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 8.06.A hereof.


 


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


 







    	8



    	 



    

 


“REIT” means a real estate investment
trust under Section 856 of the Code.


 


“REIT Requirements” has the
meaning set forth in Section 5.01.A hereof.


 


“Residual Gain” or “Residual
Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for 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 hereto to eliminate Book-Tax Disparities.


 


“Safe Harbor” has the meaning
set forth in Section 11.06.F hereof.


 


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


 


“704(c) Value” of any Contributed
Property means the fair market value of such property at the time of contribution as determined by the General Partner using such
reasonable method of valuation as it may adopt. Subject to Exhibit B hereto, 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 704(c) Values of Contributed
Properties in a single or integrated transaction among each separate property on a basis proportional to their fair market values.


 


“Share” means a share of capital
stock (or other comparable equity interest) of the General Partner Entity. Shares may be issued in one or more classes or series
in accordance with the terms of the Articles of Incorporation (or, if the General Partner is not the General Partner Entity, the
organizational documents of the General Partner Entity). In the event that 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 correspond 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 General Partner Entity.


 


“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 that, in the event the General Partner Entity issues to all holders of Shares 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 for any Partnership Units outstanding prior to the issuance
of such rights shall also include such rights that a holder of that number of Shares would be entitled to receive.


 


“SL Green” means SL Green Operating
Partnership, L.P., a Delaware limited partnership.


 


“SLG Class B Distribution Percentage”
means, as of a particular date, the percentage obtained by dividing (i) 81.58 minus the number of Class B Units transferred by
SL Green to other Persons after December 14, 2005 and on or before such date (other than Unvested Award Class B Units) and the
number of Vested Award Class B Units plus the number of Class B Units acquired by SL Green from other Persons after December 14,
2005 and on or before such date (other than Unvested Award Class B Units forfeited to, or repurchased at less than fair market
value by, SL Green pursuant to an Equity Award Agreement) by (ii) the aggregate number of Class B Units outstanding as of such
date.


 


“Specially Distributed Assets”
has the meaning set forth in Section 7.05.A hereof.


 







    	9



    	 



    

 


“Specified Redemption Date”
means the tenth Business Day after receipt by the General Partner of a Notice of Redemption; provided that, if the Shares
are not Publicly Traded, the Specified Redemption Date means the thirtieth Business Day after receipt by the General Partner of
a Notice of Redemption.


 


“Standard Class B Distribution Percentage”
means, with respect to a Person as of a particular date, the percentage obtained by dividing the number of Class B Units held by
such Person (other than Unvested Award Class B Units) by the aggregate number of Class B Units outstanding as of such date.


 


“Stock Option Plan” means any
stock incentive plan of the General Partner, the Partnership or any Affiliate of the Partnership or the General Partner.


 


“Stockholders Equity” means
the aggregate gross proceeds from all sales of Partnership Units (other than Class B Units and preferred Partnership Units, if
any, issued subsequent to the date hereof).


 


“Subsidiary” means, with respect
to any Person, any corporation, limited liability company, 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 11.04 hereof.


 


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


 


“Terminating Capital Transaction”
means any sale or other disposition of all or substantially all of the assets of the Partnership for cash or a related series of
transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership
for cash.


 


“Termination Transaction” has
the meaning set forth in Section 11.02.B hereof.


 


“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 hereto) as of such date, over (ii) the Carrying Value of such property (prior to any
adjustment to be made pursuant to Exhibit B hereto) 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 hereto) as of such date, over (ii) the fair market value of
such property (as determined under Exhibit B hereto) as of such date.


 


“Unvested Award Class B Unit”
means any Class B Unit that has been transferred by SL Green or SL Green Realty Corp. to another Person pursuant to an Equity Award
Agreement and remains subject to forfeiture to, or repurchase at less than fair market value by, SL Green or any other Person pursuant
to such Equity Award Agreement.


 


“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 any outstanding Shares of the General Partner Entity that are Publicly Traded, the average of the daily market price for the
ten (10) consecutive trading days immediately preceding the date with respect to which value must be determined or, if such date
is not a Business Day, the immediately preceding Business Day. The market price for each such trading day shall


 







    	10



    	 



    

 


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. In the event that the outstanding Shares
of the General Partner Entity are Publicly Traded and the Shares Amount includes rights that a holder of Shares would be entitled
to receive, then the Value of such rights shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. In the event that the Shares of the
General Partner Entity are not Publicly Traded, the Value of the Shares Amount per Partnership Unit offered for redemption (which
will be the Cash Amount per Partnership Unit offered for redemption payable pursuant to Sections 8.06 and 8.07 hereof) 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, joint venture
or other entity in which the Partnership owns a direct or indirect interest) were sold to an unrelated purchaser in an arms’
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). In connection with determining the value of the Partnership Interest for purposes
of determining the number of additional Partnership Units issuable upon a Capital Contribution funded by an underwritten public
offering of shares of capital stock (or other comparable equity interest) of the General Partner, the Value of such shares shall
be the public offering price per share of such class of the capital stock (or other comparable equity interest) sold.


 


“Vested Award Class B Unit”
means any Class B Unit that has been transferred by SL Green or SL Green Realty Corp. to another Person pursuant to an Equity Award
Agreement and is no longer subject to forfeiture to, or repurchase at less than fair market value by, SL Green or any other Person
pursuant to such Equity Award Agreement (except for a Class B Unit that was forfeited to, or repurchased at less than fair market
value by, SL Green or another Person pursuant to an Equity Award Agreement).


 


ARTICLE II



ORGANIZATIONAL MATTERS


 


Section 2.01.         
Organization


 


The Partnership is a limited partnership
organized pursuant to the provisions of the Act and upon the terms and conditions set forth in the Agreement. Except as expressly
provided herein to the contrary, 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.


 


Section 2.02.         
Name


 


The name of the Partnership is GKK Capital
LP. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including
the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,” “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.


 







    	11



    	 



    

 


Section 2.03.         
Registered Office and Agent; Principal Office


 


The address of the registered office of
the Partnership in the State of Delaware shall be located at 9 East Loockerman Street, Suite #1B in the City of Dover, County of
Kent, Delaware 19901 and the registered agent for service of process on the Partnership in the State of Delaware at such registered
office shall be National Registered Agents, Inc. The principal office of the Partnership shall be 420 Lexington Avenue, New York,
New York, 10170 or 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.


 


Section 2.04.         
Term


 


The term of the Partnership commenced on
April 21, 2004, the date on which the Certificate was filed in the office of the Secretary of State of the State of Delaware in
accordance with the Act, and shall continue until December 31, 2103, unless it is dissolved sooner pursuant to the provisions of
Article XIII hereof or as otherwise provided by law.


 


ARTICLE III



PURPOSE


 


Section 3.01.         
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; provided, however, that such business shall be limited to and conducted in such a manner as
to permit the General Partner Entity at all times to be classified as a REIT, unless the General Partner ceases to qualify or is
not qualified as a REIT for any reason or reasons not related to the business conducted by the Partnership; (ii) to enter into
any partnership, joint venture, 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. In connection with the foregoing, the Partners acknowledge that the status of the General Partner
Entity as a REIT inures to the benefit of all the Partners and not solely the General Partner or its Affiliates.


 


Section 3.02.         
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 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 General Partner Entity to continue to qualify
as a REIT, (ii) could subject the General Partner Entity to any additional taxes under Section 857 or Section 4981 of the Code
or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner Entity
or its securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing.


 







    	12



    	 



    

 


Section 3.03.         
Partnership Only for Purposes Specified


 


The Partnership shall be a partnership only
for the purposes specified in Section 3.01 above, and this Agreement shall not be deemed to create a partnership among the Partners
with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section
3.01 above.


 


ARTICLE IV



CAPITAL CONTRIBUTIONS AND ISSUANCES

OF PARTNERSHIP INTERESTS


 


Section 4.01.         
Capital Contributions of the Partners


 


A.    Capital Contributions.
Prior to the date hereof, certain Partners made Capital Contributions to the Partnership. Exhibit A hereto reflects the Capital
Contributions made by each Partner, the Partnership Units assigned to each Partner and the Percentage Interest in the Partnership
represented by such Partnership Units. The Capital Accounts of the Partners and the Carrying Values of the Partnership’s
Assets have been and will continue to be determined pursuant to Section I.D of Exhibit B hereto to reflect the Capital Contributions
made.


 


B.     General Partnership
Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding Partnership
Units shall be deemed to be the General Partnership Interest. All other Partnership Units held by the General Partner shall be
deemed to be Limited Partner Interests and shall be held by the General Partner in its capacity as a Limited Partner in the Partnership.


 


C.     Capital Contributions
By Merger. To the extent the Partnership acquires any property by the merger of any other Person into the Partnership, Persons
who receive Partnership Interests in exchange for their interests in the Person merging into the Partnership shall become Partners
and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement and as set forth in Exhibit
A hereto.


 


D.    No Obligation to
Make Additional Capital Contributions. Except as provided in Sections 7.05 and 10.05 hereof, 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). 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.


 


Section 4.02.         
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
and its Affiliates) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership)
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 Limited Partner 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 and (iii)the rights of each such class or series of Partnership
Interests


 







    	13



    	 



    

 


upon dissolution and liquidation of the Partnership; provided,
that no such Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a) the Partnership
Interests are issued in connection with the grant, award or issuance of Shares or other equity interests in the General Partner
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 additional
Partnership Interests issued to the General Partner in accordance with this Section 4.02.A or (b) the Partnership Interests are
issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests in
such class. In the event that the Partnership issues Partnership Interests pursuant to this Section 4.02.A, the General Partner
shall make such revisions to this Agreement (including but not limited to the revisions described in Section 5.04, Section 6.02
and Section 8.06 hereof) as it deems necessary to reflect the issuance of such additional Partnership Interests.


 


B.     Percentage
Interest Adjustments in the Case of Capital Contributions for Class A Units. Upon the acceptance of additional Capital Contributions
in exchange for Class A Units, the Percentage Interest related thereto shall be equal to a fraction, the numerator of which is
equal to the amount of cash, if any, plus the Agreed Value of Contributed Property, if any, contributed with respect to such additional
Partnership Units and the denominator of which is equal to the sum of (i) value of the Partnership Interests for all outstanding
Class A Units (computed as of the Business Day immediately preceding the date on which the additional Capital Contributions are
made (an “Adjustment Date”)) plus (ii) the aggregate amount of additional Capital Contributions contributed to the
Partnership on such Adjustment Date in respect of such additional Class A Units. The Percentage Interest of each other Partner
holding Class A Units not making a full pro rata Capital Contribution shall be adjusted to a fraction the numerator of which is
equal to the sum of (i) the value of such Limited Partner (computed as of the Business Day immediately preceding the Adjustment
Date) plus (ii) the amount of additional Capital Contributions (such amount being equal to the amount of cash, if any, plus the
Agreed Value of Contributed Property, if any, so contributed), if any, made by such Partner to the Partnership in respect of such
Class A Units as of such Adjustment Date and the denominator of which is equal to the sum of (i) the value of the outstanding Class
A Units (computed as of the Business Day immediately preceding such Adjustment Date) plus (ii) the aggregate amount of the additional
Capital Contributions contributed to the Partnership on such Adjustment Date in respect of such additional Class A Units. For purposes
of calculating a Partner’s Percentage Interest of Class A Units pursuant to this Section 4.02.B, cash Capital Contributions
by the General Partner 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 General Partner, the offering costs attributable to
the cash contributed to the Partnership, and (b) in the case of Class A Units issued pursuant to Section 7.05.E hereof, an amount
equal to the difference between the Value of the Shares sold pursuant to any Stock Option Plan and the net proceeds of such sale.


 


C.     Classes of
Partnership Units. From and after the Effective Date, subject to Section 4.02.A above, the Partnership shall have two classes
of Partnership Units, entitled “Class A Units” and “Class B Units.” From and after December 14, 2005, the
Partnership shall have an additional class of Partnership Units, entitled “LTIP Units.” Class A Units 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.


 


D.    Issuance of Class
B Units. On the Effective Date, the General Partner issued 100 Class B Units to the Manager. The Manager immediately assigned
85 of such Units to SL Green, which assignment was reflected on Exhibit A. There was no obligation to contribute any capital
in connection until issuance of the Class B Units. The initial Capital Accounts of the Holders of the Class B Units in respect
of such Units was zero. All Class B Units issued under this Agreement are intended to qualify as “profits interests”
under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue


 







    	14



    	 



    

 


Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001), and this
Section 4.02.D shall be interpreted and applied consistently therewith. The General Partner at its discretion may amend this Section
4.02.D to ensure that any Class B Units granted after the date of this Agreement will 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
any other similar rulings or regulations that may be in effect at such time).


 


E.     Issuance of
LTIP Units. From time to time the General Partner may issue LTIP Units to Persons providing services to or for the benefit
of the Partnership. LTIP Units shall have the rights, powers, privileges, restrictions, qualifications and limitations specified
in Exhibit E hereto. LTIP Units are intended to qualify as profits interests in the Partnership and for the avoidance of doubt,
the provisions of Section 4.04 shall not apply to the issuance of LTIP Units.


 


Section 4.03.         
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 4.04.         
Other Contribution Provisions


 


In the event that any Partner is admitted
to the Partnership and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall
be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner
had contributed such cash to the capital of the Partnership.


 


Section 4.05.         
No Interest on Capital


 


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


 


ARTICLE V



DISTRIBUTIONS


 


Section 5.01.         
Requirement and Characterization of Distributions


 


A.    General. Except
as otherwise provided herein, the General Partner shall make distributions at such times and in such amounts as it may determine.
Such distributions shall be made to the Partners who are Partners on the Partnership Record Date for such distribution. Notwithstanding
anything to the contrary contained herein, in no event may a Partner receive a distribution with respect to a Partnership Unit
for a quarter or shorter period if such Partner is entitled to receive a distribution relating to such period with respect to a
Share for which such Partnership Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein or in an agreement
at the time a new class of Partnership Interests is 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 General Partner Entity as
a REIT, to make distributions (a) to Limited Partners so as to preclude any such distribution or portion thereof from being treated
as part of a sale of property by a Limited Partner under Section 707 Code or the Regulations thereunder; provided that,
the General Partner and the Partnership


 







    	15



    	 



    

 


shall not have liability to a Limited Partner under any circumstances
as a result of any distribution to a Limited Partner being so treated, and (b) to the General Partner in an amount sufficient to
enable the General Partner Entity to pay stockholder dividends that will (1) satisfy the requirements for qualification as a REIT
under the Code and the Regulations (the “REIT Requirements”) and (2) avoid any federal income or excise tax liability
for the General Partner Entity.


 


B.     Method.
Distributions shall be made (i) first, to the holders of Class B Units as provided in Section 5.01.C hereof, and to each other
holder of a Partnership Interest that is entitled to any preference in distribution, in accordance with the rights of any such
class of Partnership Interests, and (ii) thereafter, to the holders of Class A Units and each other class of Partnership Interests
ranking in parity to the Class A Units (including, without limitation, the LTIP Units if and to the extent they are then entitled
to participate in such distributions pursuant to Section 2 of Exhibit E hereto), in proportion to the relative Percentage Interests
of each such class of Partnership Interests. All distributions within a class of Partnership Units shall be pro rata in proportion
to the respective Percentage Interests on the applicable Partnership Record Date.


 


C.     Distributions
When Class B Units Are Outstanding. Holders of Class B Units shall receive quarterly distributions for each calendar quarter
(or portion thereof) in an aggregate amount equal to 25% of the amount, if any, by which (i) the sum of Funds From Operations plus
any gains (or losses) from debt restructuring or property sales exceeds (ii) the product of the Partnership’s weighted average
Stockholders Equity multiplied by 2.375% (such percentage to be prorated for any partial quarter). These distributions shall be
paid to Holders of Class B Units within 45 days after the end of each quarter. These distributions shall be recalculated at the
end of each calendar year beginning with 2004, as 25% of the amount by which (A) annual Funds From Operations plus any gains (or
losses) from debt restructuring and gains (or losses) or property sales for such calendar year (or part thereof) exceeds (B) the
Partnership’s weighted average Stockholders Equity for such year multiplied by 9.5% (such percentage to be prorated for any
partial year). To the extent quarterly distributions exceed the annual recalculated amount, the Holders of Class B Units shall
refund the excess to the Partnership, and to the extent the annual recalculated amount exceeds the quarterly distributions made
for such year, such excess shall be paid by the Partnership to such Holders within 90 days after the end of such calendar year.
Distributions (and any refunds of distributions) made pursuant to this Section 5.01.C shall be apportioned, subject to Section
5.01.D, among the holders of Class B Units pro rata in accordance with their Class B Distribution Percentages, determined as of
the date of such distribution (or, in the case of any refund, as of the date of the distribution(s) with respect to which such
refund is attributable).


 


D.    Class B Units Intended
to Qualify as Profits Interests. Distributions made pursuant to this Section 5.01 shall be adjusted as necessary to ensure
that the amount apportioned to each Class B Unit does not exceed the amount attributable to items of Partnership income or gain
realized after the date such Class B Unit was issued by the Partnership. The intent of this Section 5.01.D is to ensure that any
Class B Units issued after the date of this Agreement 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 Section 5.01 shall be interpreted
and applied consistently therewith. The General Partner at its discretion may amend this Section 5.01.D to ensure that any Class
B Units granted after the date of this Agreement will 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 any other similar rulings or
regulations that may be in effect at such time).


 







    	16



    	 



    

 


Section 5.02.         
Amounts Withheld


 


All amounts withheld pursuant to the Code
or any provisions of any state or local tax law and Section 10.05 hereof 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 pursuant to Section 5.01 above for all purposes under this Agreement.


 


Section 5.03.         
Distributions Upon Liquidation


 


Proceeds from a Terminating Capital Transaction
shall be distributed to the Partners in accordance with Section 13.02 hereof.


 


Section 5.04.         
Revisions to Reflect Issuance of Additional Partnership Interests


 


In the event that the Partnership issues
additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Article IV hereof, the General
Partner shall make such revisions to this Article V as it deems necessary to reflect the issuance of such additional Partnership
Interests. Such revisions shall not require the consent or approval of any other Partner.


 


ARTICLE VI



ALLOCATIONS


 


Section 6.01.         
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 hereto) 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 hereto, Net Income shall be allocated (i) first,
to the General Partner to the extent that Net Losses previously allocated to the General Partner, on a cumulative basis, pursuant
to the last sentence of Section 6.01.B below exceed Net Income previously allocated to the General Partner, on a cumulative basis,
pursuant to this clause (i) of Section 6.01.A, (ii) second, to Holders of Class B Units and to the holders of any other Partnership
Interests that are entitled to any preference in distribution 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 (ii), Net Income equal to
the sum of the amount of distributions theretofore received (or to be received with respect to the fiscal year of the Partnership
in which such Net Income accrues) with respect to such Partnership Interests pursuant to clause (i) of Section 5.01.B hereof and
the amount of any prior allocations of Net Losses to such class of Partnership Interests pursuant to Section 6.01.B.(i) below (and,
within such class, pro rata in proportion to the respective interests in such class as of the last day of the period for which
such allocation is being made) and (iii) third, with respect to Partnership Interests that are not entitled to any preference in
the allocation of Net Income, 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 interests in such class 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 hereto, Net Losses shall be allocated (i) first,
to the Holders of Class B Units and to holders of any other Partnership Interests that are entitled to any preference in distribution
in accordance with the rights of any


 







    	17



    	 



    

 


such class of Partnership Interests to the extent that any prior
allocations of Net Income to such class of Partnership Interests pursuant to Section 6.01.A (1)(ii) above exceed, on a cumulative
basis, distributions theretofore received (or to be received with respect to the fiscal year of the Partnership in which such Net
Income accrues) with respect to such Partnership Interests pursuant to clause (i) of Section 5.01.B hereof (and, within such class,
pro rata in proportion to the respective interests in such class as of the last day of the period for which such allocation is
being made) and (ii) second, with respect to classes of Partnership Interests that are not entitled 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
interests in such class as of the last day of the period for which such allocation is being made); provided that, Net Losses
shall not be allocated to any Limited Partner pursuant to this Section 6.01.B to the extent that such allocation would cause such
Limited Partner to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the
end of such taxable year (or portion thereof). All Net Losses in excess of the limitations set forth in this Section 6.01.B shall
be allocated to the General Partner.


 


C.     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 hereto, 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.


 


D.    Special Allocations.
With Respect to LTIP Units. After giving effect to the special allocations set forth in Section 1 of Exhibit C hereto, and notwithstanding
the provisions of Sections 6.01.A and 6.01.B above, but subject to the prior allocation of income and gain under clauses 6.01.A
(i) and (ii) above, any Liquidating Gains shall first be allocated to the holders of LTIP Units until the Economic Capital Account
Balances of such holders, 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; provided that no such Liquidating Gains will be allocated with respect
to any particular LTIP Unit unless and to the extent that such Liquidating Gains, when aggregated with other Liquidating Gains
realized since the issuance of such LTIP Unit, exceed Liquidating Losses realized since the issuance of such LTIP Unit. After giving
effect to the special allocations set forth in Section 1 of Exhibit C hereto, and notwithstanding the provisions of Sections 6.01.A
and 6.01.B above, in the event that, due to distributions with respect to Class A Units in which the LTIP Units do not participate
or otherwise, the Economic Capital Account Balance of any present or former holder of LTIP Units, to the extent attributable to
the holder’s ownership of LTIP Units, exceeds the target balance specified above, then Liquidating Losses shall be allocated
to such holder to the extent necessary to reduce or eliminate the disparity. In the event that Liquidating Gains or Liquidating
Losses are allocated under this Section 6.01.D, Net Income allocable under clause 6.01.A (iii) and any Net Losses shall be recomputed
without regard to the Liquidating Gains or Liquidating Losses so allocated. For this purpose, “Liquidating Gains” means
any net capital gain 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 Carrying Value of Partnership
assets under Section 1.D of Exhibit B to this Agreement. Similarly, “Liquidating Losses” means any net capital loss
realized in connection with any such event. The “Economic Capital Account Balances” of the holders of LTIP Units will
be equal to their Capital Account balances, plus the amount of their shares of any Partner Minimum Gain or Partnership Minimum
Gain, in either case 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 General Partner, plus the amount of the General Partner’s share of any
Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’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 6.01.D, divided by (ii) the number of the General


 







    	18



    	 



    

 


Partner’s Class A Units. Any such allocations shall be
made among the holders of LTIP Units in proportion to the amounts required to be allocated to each under this Section 6.01.D. The
parties agree that the intent of this Section 6.01.D is to make the Capital Account balance associated with each LTIP Unit economically
equivalent to the Capital Account balance associated with the General Partner’s Class A Units (on a per-unit basis), but
only if the Partnership has recognized cumulative net gains with respect to its assets since the issuance of the relevant LTIP
Unit.


 


Section 6.02.         
Revisions to Allocations to Reflect Issuance of Additional Partnership Interests


 


In the event that the Partnership issues
additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Article IV hereof, the General
Partner shall make such revisions to this Article VI and Exhibit A as it deems necessary to reflect the terms of the issuance of
such additional 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.


 


ARTICLE VII



MANAGEMENT AND OPERATIONS OF BUSINESS


 


Section 7.01.         
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; provided, however, that if the Shares (or comparable equity securities)
of the General Partner Entity are not Publicly Traded, the General Partner maybe removed with cause with the Consent of the Limited
Partners. 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 Sections
7.06 and 7.11 below, 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 3.02 hereof and to effectuate the purposes set forth in Section
3.01 hereof, including, without limitation:


 


(1)  the making of any expenditures,
the lending or borrowing of money or will permit the General Partner Entity (as long as the General Partner Entity qualifies as
a REIT) to avoid the payment of any 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 General Partner Entity to maintain REIT status,
the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, 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;


 







    	19



    	 



    

 


(3)  the acquisition, disposition,
mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including 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 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 Partnership or any
of the Partnership’s Subsidiaries, the lending of funds to other Persons (including, without limitation, 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 negotiation, execution,
delivery 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;


 


(6)  the mortgage, pledge,
encumbrance or hypothecation of any assets of the Partnership, and 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 or the operations of the General Partners or the Partnership, the lending of funds
to other Persons (including, without limitation, any Subsidiaries of the Partnership) and the repayment of obligations of the Partnership,
any of its Subsidiaries and any other Person in which it has an equity investment;


 


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


 


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


 


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


 


(10)        
the selection, designation of powers, authority and duties and 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;


 


(11)        
the maintenance of such insurance for the benefit of the Partnership and the Partners as it deems necessary or appropriate;


 


(12)        
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, or the making of loans, to its Subsidiaries


 







    	20



    	 



    

 


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 obligations of such Persons);
provided that, as long as the General Partner has determined to qualify as a REIT, the Partnership may not engage in any
such formation, acquisition or contribution that would cause the General Partner to fail to qualify as a REIT);


 


(13)        
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;


 


(14)        
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;


 


(15)        
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;


 


(16)        
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;


 


(17)        
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;


 


(18)        
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 under this Agreement;


 


(19)        
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 8.06 hereof; and


 


(20)        
the amendment and restatement of Exhibit A hereto to reflect accurately at all times 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,
which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of
this Agreement, as long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement.


 


B.     No Approval
by Limited Partners. Except as provided in Section 7.11 below, each of the Limited Partners agrees that the General Partner
is authorized to execute, deliver and perform the above-mentioned


 







    	21



    	 



    

 


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 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.


 


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, (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 pursuant to Section 13.02 hereof.


 


E.     No Obligations
to Consider Tax Consequences of Limited Partners.


 


In exercising its authority under this Agreement,
the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including
the General Partner) of any action taken (or not taken) by it. The General Partner and the Partnership shall not have liability
to a Limited Partner for monetary damages or otherwise for losses sustained, liabilities incurred or benefits not derived by such
Limited Partner in connection with such decisions, provided that the General Partner has acted in good faith and pursuant to its
authority under this Agreement.


 


Section 7.02.         
Certificate of Limited Partnership


 


The General Partner has previously filed
the Certificate with the Secretary of State of Delaware. 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 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 8.05.A (4) hereof, the General Partner
shall not be required, before or after filing, to deliver or mail a copy of the Certificate 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 7.03.         
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, 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


 







    	22



    	 



    

 


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; provided, however, that the General Partner shall use its best efforts to cause beneficial and record
title to such assets to be vested in the Partnership as soon as reasonably practicable. 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 7.04.         
Reimbursement of the General Partner


 


A.    No Compensation.
Except as provided in this Section 7.04 and elsewhere in this Agreement (including the provisions of Articles V and VI hereof regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services
as general partner of the Partnership.


 


B.     Responsibility
for Partnership 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 General Partner 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 it incurs relating to the
ownership and operation of, or for the benefit of, the Partnership (including, without limitation, expenses related to the management
and administration of any Subsidiaries of the General Partner or the Partnership or Affiliates of the Partnership such as auditing
expenses and filing fees); provided that, the amount of any such reimbursement shall be reduced by (i) any interest earned
by the General Partner with respect to bank accounts or other instruments or accounts held by it as permitted in Section 7.05.A
below and (ii) any amount derived by the General Partner from any investments permitted in Section 7.05.A below; and, provided
further, that the General Partner shall not be reimbursed for (i) income tax liabilities or (ii) filing or similar fees
in connection with maintaining the General Partner’s continued corporate existence that are incurred by the General Partner.
The General Partner shall determine in good faith the amount of expenses incurred by it related to the ownership and operation
of, or for the benefit of, the Partnership. In the event that certain expenses are incurred for the benefit of the Partnership
and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities
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 pursuant to Section 10.03.C hereof and as a result of indemnification
pursuant to Section 7.07 below. All payments and reimbursements hereunder shall be characterized for federal income tax purposes
as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner.


 


C.     Partnership
and Other Interests Issuance and Repurchase Expenses. The General Partner shall also be reimbursed for all expenses it incurs
relating to any issuance or repurchase of additional Partnership Interests, Shares, Debt of the Partnership or the General Partner
or rights, options, warrants or convertible or exchangeable securities pursuant to Article IV hereof (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.    Reimbursement not
a Distribution. If and to the extent any reimbursement made pursuant to this Section 7.04 is determined for federal income
tax purposes not to constitute a payment of expenses of the Partnership, the amount so determined shall be treated as a distribution
to the General Partner and there shall be a corresponding special allocation of gross income to the General Partner, for purposes
of computing the Partners’ Capital Accounts.


 







    	23



    	 



    

 


Section 7.05.         
Outside Activities of the General Partner


 


A.           
General. Notwithstanding anything in this Agreement to the contrary, it is expressly understood and agreed that the General
Partner may, if it determines such action to be in the best interests of the REIT or the Partnership, elect to cause some or all
of the assets of the Partnership (including cash expected to be utilized to purchase assets that will be so held) to be distributed
to and held directly by the General Partner (the “Specially Distributed Assets”). Concurrently with any such distribution,
the General Partner shall (i) amend Section 5.01 of this Agreement so as to provide that, from and after the date of such distribution,
each Partner other than the General Partner will receive the same distributions that it would have received had the Specially Distributed
Assets been held by the Partnership rather than directly by the General Partner (and a corresponding adjustment shall be made to
the distributions to be made to the General Partner); and (ii) make such further amendments to this Agreement (including, without
limitation, to the income and loss allocation provisions of Section 6.01 hereof) as may be necessary or appropriate to effect the
intention of the parties that the Partners be placed, as nearly as possible, in the same position they would have been in had such
Specially Distributed Assets been held by the Partnership rather than directly by the General Partner; provided, however,
that the General Partner shall in no event be required to make contributions to the Partnership to fund distributions to the other
Partners.


 


B.     Repurchase
of Shares. In the event the General Partner exercises its rights under the Articles of Incorporation to purchase Shares or
otherwise elects to purchase from its stockholders Shares in connection with a stock repurchase or similar program or for the purpose
of delivering such shares to satisfy an obligation under any dividend reinvestment or stock purchase program adopted by the General
Partner, any employee stock purchase plan adopted by the General Partner or any similar obligation or arrangement undertaken by
the General Partner in the future, then the General Partner shall cause the Partnership to purchase from the General Partner that
number of Partnership Units of the appropriate class equal to the product obtained by multiplying the number of Shares purchased
by the General Partner times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, on
the same terms and for the same aggregate price that the General Partner purchased such Shares.


 


C.     Forfeiture
of Shares. In the event the Partnership or the General Partner acquires Shares as a result of the forfeiture of such Shares
under a restricted or similar share plan, then the General Partner shall cause the Partnership to cancel that number of Partnership
Units of the appropriate class equal to the number of Shares so acquired divided by the Conversion Factor, and, if the Partnership
acquired such Shares, it shall transfer such Shares to the General Partner for cancellation.


 


D.    Issuances of Shares.
After the Effective Date, the General Partner shall not grant, award, or issue any additional Shares (other than Shares issued
pursuant to Section 8.06 hereof or pursuant to a dividend or distribution (including any stock split) of Shares to all of its stockholders),
other equity securities of the General Partner or New Securities unless (i) the General Partner shall cause, pursuant to Section
4.02.A hereof, the Partnership to issue to the General Partner Partnership Interests or rights, options, warrants or 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 or New Securities, as the case may be, and (ii) the General Partner
transfers to the Partnership, as an additional Capital Contribution, the proceeds from the grant, award, or issuance of such additional
Shares, other equity securities or New Securities, as the case may be, or from the exercise of rights contained in such additional
Shares, other equity securities or New Securities, as the case may be. Without limiting the foregoing, the General Partner is expressly
authorized to issue additional Shares, other equity securities or New Securities, as the case maybe, for less than fair market
value, and the General Partner is expressly authorized, pursuant to Section 4.02.A hereof, to cause the Partnership to issue to
the General Partner corresponding Partnership Interests, as long as (a) the General Partner


 







    	24



    	 



    

 


concludes in good faith that such issuance is in the interests
of the General Partner and the Partnership (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) and (b) the General Partner transfers all
proceeds from any such issuance or exercise to the Partnership as an additional Capital Contribution.


 


E.     Stock Option
Plan. If at any time or from time to time, the General Partner sells Shares pursuant to any Stock Option Plan, the General
Partner shall transfer the net proceeds of the sale of such Shares 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.


 


F.     Funding Debt.
The General Partner may incur a Funding Debt, including, without limitation, a Funding Debt that is convertible into Shares or
otherwise constitutes a class of New Securities, subject to the condition that the General Partner lends to the Partnership the
net proceeds of such Funding Debt; provided, that the General Partner 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 General Partner’s ability to remain qualified
as a REIT. If the General Partner enters into any Funding Debt, the loan to the Partnership shall be on comparable terms and conditions,
including interest rate, repayment schedule and costs and expenses, as are applicable with respect to or incurred in connection
with such Funding Debt.


 


Section 7.06.         
Transactions with Affiliates


 


A.    Transactions with
Certain Affiliates. Except (i) as expressly permitted by this Agreement (other than Section 7.01.A hereof which shall not be
considered authority for a transaction that otherwise would be prohibited by this Section 7.06.A) and (ii) all transactions with
SL Green or its Affiliates contemplated by the General Partner’s initial public offering, 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 or the General Partner or the General Partner Entity that is not also a Subsidiary
of the Partnership, except pursuant to transactions that are on terms that are fair and reasonable and no less favorable to the
Partnership than would be obtained from an unaffiliated third party.


 


B.     Benefit Plans.
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 Partnership, Subsidiaries of the Partnership, SL Green, the Manager or any Affiliate of any of them in respect of services
performed, directly or indirectly, for the benefit of the Partnership, the General Partner, or any of the Partnership’s Subsidiaries.


 


C.     Conflict Avoidance.
The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a right of first opportunity
arrangement and other conflict avoidance agreements with various Affiliates of SL Green, the Manager, the Partnership and General
Partner on such terms as the General Partner, in its sole and absolute discretion, believes are advisable.


 


Section 7.07.         
Indemnification


 


A.    General. The
Partnership shall indemnify each Indemnitee 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


 







    	25



    	 



    

 


connection with any and all claims, demands, actions, suits
or proceedings, civil, criminal, administrative or investigative incurred by the Indemnitee and relating to the Partnership or
the General Partner or the formation or operations of, or the ownership of property by, either of them 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 obligations for any indebtedness
or other obligations 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 7.07 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 7.07.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, creates a rebuttable
presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.07.A with respect to the subject
matter of such proceeding. Any indemnification pursuant to this Section 7.07 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 Indemnitees, 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 7.07.


 


B.     Advancement
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 this Section 7.07.B 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 7.07 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 Person against
such liability under the provisions of this Agreement.


 


E.     Benefit Plan
Fiduciary. For purposes of this Section 7.07, (i) the Partnership shall be deemed to have requested an Indemnitee to serve
as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on,
or otherwise involves services


 







    	26



    	 



    

 


by, it to the plan or participants or beneficiaries of the plan,
(ii) excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute
fines within the meaning of this Section 7.07 and (iii) actions taken or omitted by the Indemnitee with respect to an employee
benefit plan in the performance of its duties for a purpose reasonably believed by it to be i n the interest of the participants
and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.


 


F.     No Personal
Liability for Limited 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.


 


G.     Interested
Transactions. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.07 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.


 


H.    Benefit. The
provisions of this Section 7.07 are for the benefit of the Indemnitees, their 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
7.07, 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 7.07 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.


 


I.      Indemnification
Payments Not Distributions. If and to the extent any payments to the General Partner pursuant to this Section 7.07 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.


 


Section 7.08.         
Liability of the General Partner


 


A.    General. Notwithstanding
anything to the contrary set forth in this Agreement, the General Partner and its directors and officers shall not be liable for
monetary 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 if the General Partner or its directors
and officers acted in good faith.


 


B.     No Obligation
to Consider Separate Interests of Limited Partners or Stockholders. The Limited Partners expressly acknowledge that the General
Partner is acting on behalf of the Partnership and the General Partner’s stockholders collectively, that 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 or to such stockholders) in deciding whether to cause the Partnership to take (or decline to take)
any actions. In the event of a conflict between the interests of the stockholders of the General Partner Entity on one hand and
the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in manner not adverse
to either the stockholders of the General Partner Entity or the Limited Partners; provided, however, that for so
long as the General Partner Entity, directly, or the General Partner, owns a controlling interest in the Partnership, any such
conflict that cannot be resolved in a manner not adverse to either the stockholders of the General Partner Entity or the Limited
Partners shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages or otherwise
for losses sustained, liabilities incurred or benefits not derived





 




    	27



    	 



    

 


by Limited Partners in connection with such decisions, provided
that the General Partner has acted in good faith.


 


C.     Actions of
Agents. Subject to its obligations and duties as General Partner set forth in Section 7.01.A above, 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 employees or agents. The General Partner shall not be responsible for any misconduct or negligence on the
part of any such employee or agent appointed by the General Partner in good faith.


 


D.    Effect of Amendment.
Any amendment, modification or repeal of this Section 7.08 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
7.08 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.


 


E.     Certain Definitions.
Whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its “sole discretion “or
“discretion,” or under a similar grant of authority or latitude, the General Partner shall be entitled to consider
such interests and factors as it desires and may consider its own interests, and shall have no duty or obligation to give any consideration
to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good faith” or under
another express standard, the General Partner shall act under such express standard and shall not be subject to any other or different
standards imposed by this Agreement or by law or any other agreement contemplated herein.


 


Section 7.09.         
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 advisors 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 which is permitted or required to be done by the General Partner hereunder.


 


D.    Actions to Maintain
REIT Status or Avoid Taxation of the General Partner Entity. 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 General Partner Entity to continue to qualify as a REIT or (ii) to allow the General Partner
Entity to avoid incurring any liability for taxes under Section 857 or 4981 of the


 







    	28



    	 



    

 


Code, is expressly authorized under this Agreement and is deemed
approved by all of the Limited Partners.


 


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 which may be available against such Person to contest, negate or disaffirm any action of the General Partner
in connection with any such dealing. 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


 


A.    Consent Required.
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 Limited Partner Interests as may
be specifically provided for under a provision of this Agreement or the Act.


 


B.     Sale of All
Assets of the Partnership. Except as provided in Article XIII hereof, the General Partner may not, directly or indirectly,
cause the Partnership to sell, exchange, transfer or otherwise dispose of all or substantially all of the Partnership’s assets
in a single transaction or a series of related transactions (including by way of merger (including a triangular merger), consolidation
or other combination with any other Persons) (i) if such merger, sale or other transaction is in connection with a Termination
Transaction permitted under Section 11.02.B hereof, without the Consent of the Partners holding a majority of Percentage Interests
(including the effect of any Partnership Units held by the General Partner) or (ii) otherwise, without the Consent of the Limited
Partners.


 







    	29



    	 



    

 


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 or other assets) with any Person that is not the General Partner upon such terms as the General
Partner determines appropriate; provided that, the Partnership shall not incur any Debt that is recourse to the General
Partner, except to the extent otherwise agreed to by the General Partner in its sole discretion.


 


ARTICLE VIII



RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS


 


Section 8.01.         
Limitation of Liability


 


The Limited Partners shall have no liability
under this Agreement except as expressly provided in this Agreement, including Section 10.05 hereof, or under the Act.


 


Section 8.02.         
Management of Business


 


No Limited Partner or Assignee (other than
the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner,
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,
any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, 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 8.03.         
Outside Activities of Limited Partners


 


Subject to Section 7.05 hereof, and subject
to any agreements entered into pursuant to Section 7.06.C hereof and to any other agreements entered into by a Limited Partner
or its Affiliates with the Partnership or a Subsidiary, any Limited Partner (other than the General Partner) 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 General
Partner) nor 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 to the extent expressly provided herein), and such
Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures 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 8.04.         
Return of Capital


 


Except pursuant to the right of redemption
set forth in Section 8.06 below, 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.


 







    	30



    	 



    

 


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 4.02.A hereof)
or, except to the extent provided by Exhibit C hereto or as permitted by Sections 4.02.A, 5.01.B, 6.01.A (ii) and 6.01.B (i) hereof
or otherwise expressly provided in this Agreement, as to profits, losses, distributions or credits.


 


Section 8.05.         
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 8.05.D below, 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 the General Partner Entity pursuant
to the Exchange Act;


 


(2)  to obtain a copy of
the Partnership’s federal, state and local income tax returns for each Partnership 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 and all amendments thereto, together with executed copies of all powers of attorney pursuant
to which this Agreement, the Certificate and all amendments thereto have been executed; and


 


(5)  to obtain true and full
information regarding the amount of cash and a description and statement 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 became a Partner.


 


B.     Notice of
Conversion Factor. The Partnership shall notify each Limited Partner upon request of the then current Conversion Factor and
any changes that have been made thereto.


 


C.     Notice of
Extraordinary Transaction of the General Partner Entity. The General Partner Entity shall not make any extraordinary distributions
of cash or property to its stockholders or effect a merger (including without limitation, a triangular merger), a sale of all or
substantially all of its assets or any other similar extraordinary transaction without notifying the Limited Partners of its intention
to make such distribution or effect such merger, sale or other extraordinary transaction at least twenty (20) Business Days prior
to 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 consummation
of such merger, sale or other extraordinary transaction). This provision for such notice shall not be deemed (i) to permit any
transaction that otherwise is prohibited by this Agreement or requires a Consent of the Partners or (ii) to require a Consent of
the Limited Partners to a transaction that does not otherwise require Consent under this Agreement. Each Limited Partner agrees,
as a condition to the receipt of the notice pursuant hereto, to keep confidential the information set forth therein until such
time as the General Partner Entity has made public disclosure thereof and to use such information during such period of confidentiality
solely for purposes of determining whether or not to exercise the Redemption Right; provided, however, that a Limited
Partner may disclose such information to its attorney, accountant and/or financial advisor for purposes of obtaining advice with
respect to such exercise so long as such attorney, accountant and/or financial advisor agrees to receive and hold such information
subject to this confidentiality requirement.


 







    	31



    	 



    

 


D.    Confidentiality.
Notwithstanding any other provision of this Section 8.05, the General Partner may keep confidential from the Limited Partners,
for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, 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 is required by law or by agreements with unaffiliated third parties to keep confidential.


 


Section 8.06.         
Class A Redemption Right


 


A.    General. (i) 
Subject to Section 8.06.C below, on or after the date two (2) years after the issuance of a Class A Unit to a Limited Partner pursuant
to Article IV hereof, the holder of a Class A Unit (if other than the General Partner or the General Partner Entity) shall have
the right (the “Redemption Right”) to require the Partnership to redeem such Class A Unit on a 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
Limited Partner who is exercising the Redemption Right (the “Redeeming Partner”). A Limited Partner may not exercise
the Redemption Right for less than one thousand (1,000) Class A Units or, if such Redeeming Partner holds less than one thousand
(1,000) Class A Units, for less than all of the Class A Units held by such Redeeming Partner.


 


(ii)          
The Redeeming Partner shall have no right with respect to any Class A Units so redeemed to receive any distributions paid after
the Specified Redemption Date.


 


(iii)         
The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.06 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 the 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)         
Notwithstanding the foregoing, the Redemption Right shall not be exercisable with respect to any Class A Unit issued upon conversion
of an LTIP Unit until on or after the date that is two years after the date on which the LTIP Unit was issued, provided however,
that the foregoing restriction shall not apply if the Redemption Right is exercised by a LTIP Unit holder in connection with a
transaction that falls within the definition of a “change of control” under the agreement or agreements pursuant to
which the LTIP Units were issued to him or her and provided further that the two (2) year requirement set forth in the first sentence
of Section 8.06.A(i) shall not apply with respect to Class A Units issued upon conversion of LTIP Units.


 


B.     General Partner
Assumption of 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 Articles of Incorporation),
elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either the Cash Amount or the Shares
Amount, as the General Partner determines in its sole and absolute discretion (provided that payment of the Redemption Amount
in the form of Shares shall be in Shares registered under Section 12 of the Exchange Act and listed for trading on the exchange
or national market on which the Shares are Publicly Traded, and provided, further that, in the event that the Shares
are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption Amount shall be paid only
in the form of the Cash Amount unless the Redeeming Partner, in its sole and absolute discretion, consents to payment of the Redemption
Amount in the form of the Shares Amount), on the Specified Redemption Date, whereupon the General Partner shall acquire the Class
A Units offered for redemption by the


 







    	32



    	 



    

 


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 assume directly and satisfy the Redemption Right, the General Partner 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. In the event the
General Partner shall exercise its right to satisfy the Redemption Right in the manner described in the first sentence of this
Section 8.06.B and 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 General Partner shall, for federal income tax purposes, treat the transaction
between the General Partner and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General
Partner. Nothing contained in this Section 8.06.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 8.06.A above.


 


(ii)          
In the event that the General Partner determines to 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. In the event 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 as the General Partner 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 8.06.A and 8.06.B above, a Partner shall not be
entitled to exercise the Redemption Right pursuant to Section 8.06.A above if (but only as long as) the delivery of Shares to such
Partner on the Specified Redemption Date (i) would be prohibited under the Articles of Incorporation or (ii) as long as the Shares
are Publicly Traded, would be prohibited under applicable federal or state securities laws or regulations (in each case regardless
of whether the General Partner would in fact assume and satisfy the Redemption Right).


 


D.    No Liens on Partnership
Units Delivered for Redemption. Each Limited Partner covenants and agrees with the General Partner that all Partnership Units
delivered for redemption (including Partnership Units redeemed under Section 8.07) shall be delivered to the Partnership or the
General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary,
neither the General Partner 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, in the event any state or local property transfer tax is payable
as a result of the transfer of its Partnership Units to the Partnership or the General Partner, such Limited Partner shall assume
and pay such transfer tax.


 


E.     Additional
Partnership Interests. In the event that the Partnership issues Partnership Interests to any Additional Limited Partner pursuant
to Article IV hereof, the General Partner shall make such amendments to this Section 8.06 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).


 







    	33



    	 



    

 


Section 8.07.         
Redemption of Class B Units


 


The Class B Units shall be subject to mandatory
redemption if the Management Agreement is terminated or not renewed. The General Partner shall send notice of Class B Unit redemption
or non-renewal within ten days after the General Partner sends or receives notice of termination or non-renewal of the Management
Agreement. The redemption date shall be the date on which termination or non-renewal of the Management Agreement is effective.
If the Management Agreement is terminated pursuant to Section 13(d) of the Management Agreement or not renewed by the General Partner
pursuant to Section 13(b) of the Management Agreement, the redemption amount, to be paid in cash or by wire transfer on the redemption
date, shall be equal to two times of the higher of the annual distributions on a Class B Unit relating to either of the two most
recently completed calendar years; provided that if immediately following such termination or non-renewal the General Partner becomes
self-managed in connection with an internalization of the Manager pursuant to a separate agreement 13(the “Internalization
Agreement”) between the Manager and the General Partner and/or a subsidiary of the General Partner, the redemption amount
shall be $100.14 In such event, the consideration to be paid for such internalization shall be as set forth in the Internalization
Agreement. If the Management Agreement is terminated by the General Partner pursuant to Section 13(c) of the Management Agreement
or not renewed by the Manager pursuant to Section 13(b) of the Management Agreement, the aggregate redemption amount shall be $100.
Upon any such redemption, the Class B Units will also be entitled to receive any distributions payable with respect to periods
through the redemption date. If such distribution amounts cannot be calculated on or by the redemption date, they shall be calculated
and paid as promptly as possible thereafter, but in no event later than 30 days after the redemption date.


 


ARTICLE IX



BOOKS, RECORDS, ACCOUNTING AND REPORTS


 


Section 9.01.         
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 9.03 below. 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 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.


 


Section 9.02.         
Fiscal Year


 


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


 


Section 9.03.         
Reports


 


A.    Annual Reports.
As soon as practicable, but in no event later than the date on which the General Partner Entity 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 Partnership Year, containing financial statements of the Partnership, or of the General Partner Entity if such statements
are prepared solely on a consolidated basis with the Partnership, for such Partnership Year,


 







    	34



    	 



    

 


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 General Partner
Entity.


 


B.     Quarterly
Reports. If and to the extent that the General Partner Entity 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 calendar quarter, of the Partnership, or
of the General Partner Entity if such statements are prepared solely 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.


 


ARTICLE X



TAX MATTERS


 


Section 10.01.       
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 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 federal and state income tax reporting purposes.


 


Section 10.02.       
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. The General Partner shall have the right to seek to revoke any such election (including, without limitation,
an election under Section 754 of the Code) upon the General Partner’s determination in its sole and absolute discretion that
such revocation is in the best interests of the Partners.


 


B.     To the extent
provided for in Treasury Regulations, revenue rulings, revenue procedures and/or other IRS guidance issued after the date hereof,
the Partnership is hereby authorized to, and at the direction of the General Partner shall, elect a safe harbor under which the
fair market value of any Partnership Interests issued after the effective date of such Treasury Regulations (or other guidance)
will be treated as equal to the liquidation value of such Partnership Interests (i.e., a value equal to the total amount that would
be distributed with respect to such interests if the Partnership sold all of its assets for their fair market value immediately
after the issuance of such Partnership Interests, satisfied its liabilities (excluding any non-recourse liabilities to the extent
the balance of such liabilities exceeds the fair market value of the assets that secure them) and distributed the net proceeds
to the Partners under the terms of this Agreement). In the event that the Partnership makes a safe harbor election as described
in the preceding sentence, each Partner hereby agrees to comply with all safe harbor requirements with respect to transfers of
such Partnership Interests while the safe harbor election remains effective.


 


Section 10.03.       
Tax Matters Partner


 


A.    General. The
General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to
Section 6223(c)(3) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect
to the Partnership, the tax matters partner shall furnish the IRS with the name, address, taxpayer identification number and profit
interest of each of the


 







    	35



    	 



    

 


Limited Partners and any Assignees; provided, however,
that such information is provided to the Partnership by the Limited Partners.


 


B.     Powers.
The tax matters partner is authorized, but not required:


 


(1)  to enter into any settlement
with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be
taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit”
and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters
partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any
Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that
the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who
is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as
defined in Section 6223(b)(2) of the Code);


 


(2)  in the event that a
notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner
for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final
adjustment, including the filing of a petition for readjustment with the Tax Court or the filing of a complaint for refund with
the United States Claims Court or the District Court of the United States for the district in which the Partnership’s principal
place of business is located;


 


(3)  to intervene in any
action brought by any other Partner for judicial review of a final adjustment;


 


(4)  to file a request for
an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate
pleading (petition or complaint) for judicial review with respect to such request;


 


(5)  to enter into an agreement
with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by
a Partner for tax purposes, or an item affected by such item; and


 


(6)  to take any other action
on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding to the extent permitted
by applicable law or regulations.


 


The taking of any action and the incurring
of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter
in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner
set forth in Section 7.07 hereof shall be fully applicable to the tax matters partner in its capacity as such.


 


C.     Reimbursement.
The tax matters partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax
matters partner 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 or a law firm to assist the tax
matters partner in discharging its duties hereunder.


 







    	36



    	 



    

 


Section 10.04.       
Organizational Expenses


 


The Partnership shall elect to deduct expenses,
if any, incurred by it in organizing the Partnership ratably over a sixty (60) month period as provided in Section 709 of the Code.


 


Section 10.05.       
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 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 or allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required
to be withheld or paid by the Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount paid on behalf
of or with respect to a Limited Partner shall constitute a recourse 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 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 10.05. In the event that a Limited Partner fails to pay any amounts owed to the Partnership pursuant to this Section
10.05 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 lawful rate) 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 in order to perfect or enforce the security interest created hereunder.


 


ARTICLE XI



TRANSFERS AND WITHDRAWALS


 


Section 11.01.       
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 Partnership
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 (including the General Partner), acquisition of Partnership Units from a
Limited Partner by the General Partner pursuant to Section 8.06 hereof or otherwise or any conversion of LTIP Units into Class
A Units. No part of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or


 







    	37



    	 



    

 


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 11.02.       
Transfers of Partnership Interests of General Partner


 


A.    Except for transfers
of Partnership Units to the Partnership as provided in Section 7.05 or Section 8.06 hereof, the General Partner may not transfer
any of its Partnership Interest except (i) in connection with a transaction described in Section 11.02.B below (ii) to a wholly-owned
Subsidiary or (iii) as otherwise expressly permitted under this Agreement, nor shall the General Partner withdraw as General Partner
except in connection with a transaction described in Section11.02.B below.


 


B.     The General Partner
shall not engage in any merger (including a triangular merger), consolidation or other combination with or into another person,
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”) (“Termination Transaction”), unless the Termination Transaction has
been approved by the Consent of the Partners holding a majority or more of the then outstanding Percentage Interests (including
the effect of any Partnership Units held by the General Partner) and in connection with which all Limited Partners either will
receive, or will have the right to elect 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 Partnership Unit that was issued pursuant to Section 4.02.A hereof 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
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 more than fifty percent (50%) of the outstanding Shares, each holder of Partnership Units shall receive, or shall
have the right to elect to receive, 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.


 


Section 11.03.       
Limited Partners’ Rights to Transfer


 


A.    General. A Limited
Partner may not transfer any of such Limited Partner’s rights as a Limited Partner without the consent of the General Partner,
which consent the General Partner may withhold in its sole discretion; provided, however, that no consent shall be
required for a transfer or assignment by the Manager or SL Green or its Affiliate of its Class B Units or the rights to receive
distributions pursuant to Class B Units to an officer, director or employee of the General Partner, the Manager or SL Green.


 


B.     Incapacitated
Limited Partners. 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 Partners 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.


 







    	38



    	 



    

 


C.     No Transfers
Violating Securities Laws. The General Partner may prohibit any transfer of Partnership Units by a Limited Partner if,
in the opinion of legal counsel to the Partnership, such transfer would require filing of a registration statement under the Securities
Act or would otherwise violate any federal, or state securities laws or regulations applicable to the Partnership or the Partnership
Unit.


 


D.    No Transfers Affecting
Tax Status of Partnership. No transfer of Partnership Units by a Limited Partner (including a redemption or exchange pursuant
to Section 8.06 hereof) may be made to any Person if (i) in the opinion of legal counsel for the Partnership, it
would result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes or would
result in a termination of the Partnership for federal 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 the General Partner Entity or any
Subsidiary of either the General Partner or the General Partner Entity or pursuant to a transaction expressly permitted under Section 7.11.B
or Section 11.02 hereof), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability
of the General Partner Entity to continue to qualify as a REIT or would subject the General Partner Entity to any additional taxes
under Section 857 or Section 4981 of the Code or (iii) 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.


 


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 to 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 constitutes a Nonrecourse Liability without the consent of the General Partner, in its sole and absolute discretion;
provided that, as a condition to such consent the lender will be required to enter into an arrangement with the Partnership
and the General Partner to exchange or redeem for the Redemption Amount any Partnership Units transferred or 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.


 


F.     Transfer Register.
The General Partner shall keep a register for the Partnership on which the transfer, pledge or release of Partnership Units shall
be shown and pursuant to which entries shall be made to effect all transfers, pledges or releases as required by Sections 8-207,8-313(1) and
8-321 of the Uniform Commercial Code, as amended, in effect in the States of New York and Delaware; provided, however,
that if there is any conflict between such requirements, the provisions of the Delaware Uniform Commercial Code shall govern.
The General Partner shall (i) place proper entries in such register clearly showing each transfer and each pledge and grant
of security interest and the transfer and assignment pursuant thereto, such entries to be endorsed by the General Partner and (ii) maintain
the register and make the register available for inspection by all of the Partners and their pledgees at all times during the term
of this Agreement. Nothing herein shall be deemed a consent to any pledge or transfer otherwise prohibited under this Agreement.


 


Section 11.04.    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 without the consent
of the General Partner to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.04
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 or any Partner; provided that a transfer which does not require
consent of the General Partner under Section 11.03A shall not require the General Partner’s consent under this section.





 




    	39



    	 



    

 


B.     Rights of
Substituted Limited 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 hereof and such other documents or instruments as may be required to effect the admission).


 


C.     Amendment
and Restatement of Exhibit A. Upon the admission of a Substituted Limited Partner, the General Partner shall amend and
restate Exhibit A hereto to reflect the name, address, Capital Account, number of Partnership Units, and Percentage Interest
of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address, Capital Account and Percentage
Interest of the predecessor of such Substituted Limited Partner.


 


Section 11.05.    Assignees


 


If the General Partner, in its sole and
absolute discretion, does not consent to the admission of any permitted transferee under Section 11.03 above as a Substituted
Limited Partner, as described in Section 11.04 above, 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 partner 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 8.06 hereof 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). In the event 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 11.06.    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 8.06 hereof.


 


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 8.06 hereof shall cease to
be a Limited Partner.


 


C.     Timing of
Transfers. Transfers pursuant to this Article XI may only be made on the first day of a fiscal quarter of the Partnership,
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 8.06 hereof, 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, using the interim closing of the books method (unless the General Partner, in


 







    	40



    	 



    

 


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 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 thereafter attributable to such Partnership Unit shall be made to the transferee Partner.


 


E.     Additional
Restrictions. In addition to any other restrictions on transfer herein contained, including without limitation the provisions
of this Article XI, in no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant
to Section 8.06 hereof) 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 except as permitted by Section 11.03A; (iv) if in
the opinion of legal counsel to the Partnership such transfer would cause a termination of the Partnership for 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
or pursuant to a transaction expressly permitted under Section 7.11.B or Section 11.02 hereof); (v) if in the opinion
of counsel to the Partnership, such transfer would cause the Partnership to cease to be classified as a partnership for federal
income tax purposes (except as a result of the redemption or exchange for Shares of all Partnership Units held by all Limited Partners
or pursuant to a transaction expressly permitted under Section 7.11.B or Section 11.02 hereof); (vi) if such transfer
would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest”
(as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c) of
the Code); (vii) without the consent of the General Partner, to any “benefit plan investor” within the meaning
of Department of Labor Regulations Section 2510.3-101(f); (viii) if such transfer would, in the opinion of counsel to
the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant
to Department of Labor Regulations Section 2570.3-101; (ix) if such transfer requires the registration of such Partnership
Interest pursuant to any applicable federal or state securities laws; (x) 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 or such transfer causes the Partnership to become a “publicly traded partnership,” as such term is defined
in Section 469(k)(2) or Section 7704(b) of the Code; (xi) if such transfer subjects the Partnership to regulation
under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security Act of
1974, each as amended; (xii) if such transfer could adversely affect the ability of the General Partner Entity to remain qualified
as a REIT; or (xiii) if in the opinion of legal counsel for the Partnership, such transfer would adversely affect the ability of
the General Partner Entity to continue to qualify as a REIT or subject the General Partner Entity to any additional taxes under
Section 857 or Section 4981 of the Code.


 


F.     Avoidance
of “Publicly Traded Partnership” Status. The General Partner shall 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


 







    	41



    	 



    

 


equivalent thereof) within the meaning of Section 7704
of the Code (the “Safe Harbors”). The General Partner shall 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 insure that at least one of the Safe Harbors is met.


 


ARTICLE XII



ADMISSION OF PARTNERS


 


Section 12.01.    Admission
of Successor General Partner


 


A successor to all of the General Partner’s
General Partnership Interest pursuant to Section 11.02 hereof 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 transferee shall carry on the
business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner’s
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 12.02.    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, including, without limitation, pursuant to Section 4.01.C hereof, 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 hereof and (ii) such other documents or instruments as may be required in the discretion of the
General Partner in order 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.


 


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 Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and
Assignees for such Partnership Year shall be allocated among such Additional Limited Partner and all other Partners and Assignees
by taking into account their varying interests during the Partnership 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 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 thereafter shall be made to all the Partners and Assignees including such Additional Limited Partner.


 







    	42



    	 



    

 


Section 12.03.    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
(including an amendment and restatement of Exhibit A hereto) and, if necessary, to prepare as soon as practical an amendment
of this Agreement and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose
exercise the power of attorney granted pursuant to Section 15.11 hereof.


 


ARTICLE XIII



DISSOLUTION AND LIQUIDATION


 


Section 13.01.    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)        the
expiration of its term as provided in Section 2.04 hereof;


 


(ii)        an
event of withdrawal of the General Partner, as defined in the Act (other than an event of bankruptcy), unless, within ninety (90)
days after the withdrawal a “majority in interest” (as defined below) of the remaining Partners Consent in writing
to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General
Partner;


 


(iii)        an
election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion, on or after January 1,
2054;


 


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


 


(v)        a
final and nonappealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and nonappealable 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
within ninety days after of the entry of such order or judgment a “majority in interest” (as defined below) of the
remaining Partners Consent in writing 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.


 


As used herein, a “majority in interest”
shall refer to Partners (excluding the General Partner) who hold more than fifty percent (50%) of the outstanding Percentage Interests
not held by the General Partner.


 


Section 13.02.    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 in consistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs.
The General


 







    	43



    	 



    

 


Partner (or, in the event 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 Partners; and


 


(3)          
The balance, if any, to the Partners in accordance with their 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 13.02.A above 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 13.02.A above, 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 13.03.    Compliance
with Timing Requirements of Regulations


 


Subject to Section 13.04 below, in
the event the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions
shall be made pursuant to 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). 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. 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


 







    	44



    	 



    

 


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 that such withheld amounts shall be distributed to the General Partner and Limited Partners
as soon as practicable.


 


Section 13.04.    Deemed
Distribution and Recontribution


 


Notwithstanding any other provision of this
Article XIII, in the event the Partnership is deemed liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but
no Liquidating Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities
shall not be paid or discharged and the Partnership’s affairs shall not be wound up. Instead, for federal income tax purposes
and for purposes of maintaining Capital Accounts pursuant to Exhibit B hereto, the Partnership shall be deemed to have distributed
its assets in kind to the General Partner and Limited Partners, who shall be deemed to have assumed and taken such assets subject
to all Partnership liabilities, all in accordance with their respective Capital Accounts. Immediately thereafter, the General Partner
and Limited Partners shall be deemed to have recontributed the Partnership assets in kind to the Partnership, which shall be deemed
to have assumed and taken such assets subject to all such liabilities.


 


Section 13.05.    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 13.06.    Notice
of Dissolution


 


In the event 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 13.01
above, 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) and shall publish notice thereof in a newspaper of general circulation in each place
in which the Partnership regularly conducts business(as determined in the discretion of the General Partner).


 


Section 13.07.    Cancellation
of Certificate of Limited Partnership


 


Upon the completion of the liquidation of
the Partnership cash and property as provided in Section 13.02 above, the Partnership shall be terminated and the Certificate
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 13.08.    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 13.02
above, in order 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.


 







    	45



    	 



    

 


Section 13.09.    Waiver
of Partition


 


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


 


Section 13.10.    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 7.11 hereof.


 


ARTICLE XIV



AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS


 


Section 14.01.    Amendments


 


A.    General. Amendments
to this Agreement may be proposed by the General Partner or by any Limited Partners holding twenty-five percent (25%) or more
of the Partnership Interests. Following such proposal (except an amendment pursuant to Section 14.01.B below), the General
Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written vote of the Partners
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 vote, the General Partner may require a response within a reasonable specified time, but
not less than fifteen (15) days, and failure to respond in such time period shall constitute a vote which is consistent with the
General Partner’s recommendation with respect to the proposal. Except as provided in Section 14.01.B, 14.01.C or 14.01.D
below, a proposed amendment shall be adopted and be effective as an amendment hereto if it is approved by the General Partner and
it receives the Consent of Partners holding a majority of the Percentage Interests of the Limited Partners (including Limited Partner
Interests held by the General Partner).


 


B.     Amendments
Not Requiring Limited Partner Approval. Notwithstanding Section 14.01.A or Section 14.01.C hereof, 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 any Partner in accordance with this Agreement;


 


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


 


(4)  to reflect a change
that does not adversely affect any of 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, 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 or as may be
expressly provided by any other provisions of this Agreement;


 


(5)  to adjust the terms
hereof to reflect any Specially Distributed Property, as contemplated in Section 7.05.A hereof; and


 







    	46



    	 



    

 


(6)  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.


 


The General Partner shall notify the Limited Partners when any
action under this Section 14.01.B is taken in the next regular communication to the Limited Partners.


 


C.     Amendments
Requiring Limited Partner Approval (Excluding General Partner). Notwithstanding Section 14.01.A above, without the Consent
of the Limited Partners (not including Limited Partner Interests held by the General Partner), the General Partner shall not amend
Section 4.02.A, Section 7.01.A (second sentence only), Section 7.05, Section 7.06, Section 7.08, Section 11.02,
Section 13.01, this Section 14.01.C or Section 14.02.


 


D.    Other Amendments
Requiring Certain Limited Partner Approval. Notwithstanding anything in this Section 14.01 to the contrary, this Agreement
shall not be amended with respect to any Partner adversely affected without the Consent of such Partner adversely affected if such
amendment would (i) convert a Limited Partner’s interest in the Partnership into a general partner’s interest,
(ii) modify the limited liability of a Limited Partner, (iii) amend Section 7.11.A, (iv) amend Article V,
Article VI, or Section13.02.A(3) (except as permitted pursuant to Sections 4.02, 5.01.D, 5.04, 6.02 and 14.01(B)(3)),
(v) amend Section 8.06 or any defined terms set forth in Article I that relate to the Redemption Right (except as
permitted in Section 8.06.E), or (vi) amend this Section 14.01.D. Moreover, this Agreement may be amended by
the General Partner to provide that certain Limited Partners have the obligation, upon liquidation of their interests in the Partnership
(within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)), to restore to the Partnership the amounts of their negative
Capital Account balances, if any, for the benefit of creditors of the Partnership or Partners with positive Capital Account balances
or both, together with any necessary corresponding amendments (including corresponding amendments to Sections 6.01.A, 6.01.B and
Exhibit C), with the consent of only such Limited Partners and of any other Limited Partners already subject to such a restoration
obligation whose restoration obligation may be affected by such amendment.


 


E.     Amendment
and Restatement of Exhibit A Not An Amendment. Notwithstanding anything in this Article XIV or elsewhere in this
Agreement to the contrary, any amendment and restatement of Exhibit A hereto by the General Partner to reflect events or changes
otherwise authorized or permitted by this Agreement, whether pursuant to Section 7.01.A (20) hereof or otherwise, shall not
be deemed an amendment of this Agreement and may be done at any time and from time to time, as necessary by the General Partner
without the Consent of the Limited Partners.


 


Section 14.02.    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 twenty-five percent (25%) or more of the Partnership Interests. The notice of meeting 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 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 14.01.A above.
Except as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Percentage Interests held
by Limited Partners (including Limited Partner Interests held by the General Partner) shall control.


 







    	47



    	 



    

 


B.     Actions Without
a Meeting. 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 a majority of the Percentage Interests of the Partners (or such
other percentage as is expressly required by this Agreement). Such consent may be in one instrument or in several instruments,
and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage
as is expressly required by this Agreement). 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 effective date so certified.


 


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 notice thereof in writing.


 


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 15.01.    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 or when sent by first class United States mail or by other means of written communication to
the Partner or Assignee at the address set forth in Exhibit A hereto or such other address as the Partners shall notify the
General Partner in writing.


 


Section 15.02.    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” and “Sections” are to Articles and Sections of this Agreement.


 


Section 15.03.    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 15.04.    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.


 







    	48



    	 



    

 


Section 15.05.    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.


 


Section 15.06.    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 15.07.    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 15.08.    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 (other than the existing Partners who will become bound by this Agreement upon its execution by the General
Partner).


 


Section 15.09.    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 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 deems appropriate or necessary to reflect any amendment, change,


 







    	49



    	 



    

 


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 hereof 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


 


(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 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
hereof 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 General Partner
Entity, including, without limitation, any right to receive dividends or other distributions made to stockholders of the General
Partner Entity 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 General Partner Entity or any other matter.


 







    	50



    	 



    

 


Section 15.14.    Limitation
to Preserve REIT Status


 


To the extent that any amount paid or credited
to the General Partner or its officers, directors, employees or agents pursuant to Section 7.04 or Section 7.07 hereof
would constitute gross income to the General Partner Entity for purposes of Section 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 Payments for any fiscal year shall not exceed the lesser of:


 


(i)           
an amount equal to the excess, if any, of (a) 4.20% of the General Partner Entity’s total gross income (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
General Partner Entity 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) 25% of the General Partner Entity’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) derived by the
General Partner Entity from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of
the Code (but not including the amount of any General Partner Payments);


 


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


 







    	51



    	 



    

 


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


 


	 	GENERAL PARTNER:
	 	 
	 	GRAMERCY CAPITAL CORP.
	 	 
	 	By:	/s/ Marc Holliday	 
	 	 	Name: Marc Holliday
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	LIMITED PARTNERS:
	 	 
	 	SL GREEN OPERATING PARTNERSHIP, L.P.
	 	 
	 	By: SL Green Realty Corp., its general partner
	 	 
	 	By:	/s/ Andrew S. Levine	 
	 	 	Name: Andrew S. Levine
	 	 	Title: Executive Vice President
	 	 	 
	 	GKK MANAGER LLC
	 	 
	 	By:	/s/ Andrew S. Levine	 
	 	 	Name: Andrew S. Levine
	 	 	Title: Executive Vice President





 




    	 



    	 



    

 


 CLASS B UNITHOLDER SIGNATURE
PAGE


 


The undersigned holder of Class B Units
in GKK Capital LP hereby consents to and enters into this Third Amended and Restated Agreement of Limited Partnership of GKK Capital
LP.


 


Signature Line for Class B Unitholder:


 


	 	 	 
	 	Name:
	 	Date: March [  ], 2006





 



    	 



    	 



    






   





THIRD AMENDED AND RESTATED AGREEMENT OF
LIMITED PARTNERSHIP OF


GPT PROPERTY TRUST LP (F/K/A GKK CAPITAL
LP)


 


EXHIBIT A


PARTNERS AND PARTNERSHIP INTERESTS


Revised as of 5/3/13





 


	Class A Units	 
	 	Percentage Interests
	
        Limited Partner Interest Holder

        Gramercy Property Trust Inc. (f/k/a Gramercy

        Capital Corp.)
	99%
	 	 
	
        General Partner Interest Holder

        Gramercy Property Trust Inc. (f/k/a Gramercy

        Capital Corp.)
	1%
	 	 
	Class B Units	 
	 	 
	None	N/A
	 	 
	LTIP Units	 
	 	 
	None	N/A*


 


 


*Note: LTIP Units with a maximum aggregate value equal to $24,000,000
have been reserved for certain executive officers of Gramercy Property Trust Inc. (“GPT”) pursuant to GPT’s 2012
Long-Term Outperformance Plan, subject to the achievement of performance-based vesting hurdles as set forth in the plan. As 5/3/13,
no LTIP Units had been earned, vested or deemed issued under the plan.


 







 




    	A-1



    	 



    

 


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
1.704-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 hereof and allocated to such Partner pursuant
to Section 6.01 of the Agreement and Exhibit C hereof, and decreased by (x) the amount of cash or Agreed Value of all actual and
deemed distributions of cash or property made to such Partner pursuant to this Agreement and (y) all items of Partnership deduction
and loss computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.01 of the Agreement
and Exhibit C hereof.


 


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 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-l(b)(2)(iv)(m), the computation of all items of income, gain, loss and
deduction shall be made without regard to any election under Section 754 of the Code which may be made by the Partnership, provided
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 1.704-l(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)(1)(B) or 705(a)(2)(B) of the Code are not includable in gross income or are neither currently deductible nor capitalized
for 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 hereof, the amount of any such adjustment
shall be taken into account as gain or loss from the disposition of such asset.


 




    	B-1



    	 



    




 


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


 


C.           
Generally, a transferee (including any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account
of the transferor, including where the transfer causes a termination of the Partnership under Section 708(b)(1)(B) of the Code,
in which case the Capital Account of the transferee and the Capital Accounts of the other holders of Partnership Units in the terminated
Partnership shall carry over to the new Partnership that is formed, for federal income tax purposes, as a result of the termination.
In such event, the Carrying Values of the Partnership properties in the reconstituted Partnership shall remain the same as they
were in the terminated Partnership and the Capital Accounts of such reconstituted Partnership shall be maintained in accordance
with the principles of this Exhibit B.


 


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) hereof, as if such Unrealized Gain
or Unrealized Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.01 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 acquisition of a more than de minimis additional interest in the Partnership by any new or existing Partner as consideration
for the provision of services to or for the benefit of the Partnership in a partner capacity or in anticipation of becoming a partner;
(c) 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; and (d) immediately prior to the liquidation of the Partnership within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (except for a liquidation resulting from the termination of the Partnership
under Section 708(b)(1)(B) of the Code), provided however that adjustments pursuant to clauses (a), (b) and (c) 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.


 


(3)          
In accordance with Regulations Section 1.704- l(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in kind (other
than in connection with the termination of the Partnership under Section 708(b)(1)(B) of the Code) 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.


 


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





 




    	B-2



    	 



    




 


Section 1.704-l(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 1.704-1(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 1.704-1(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.





 




    	B-3



    	 



    

 





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 6.01 of the Agreement or any other provisions of
this Exhibit C, if there is a net decrease in Partnership Minimum Gain during any Partnership 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 6.01 of this Agreement with respect to such Partnership Year and without regard to any decrease in Partner Minimum Gain
during such Partnership Year.


 


B.           
Partner Minimum Gain Chargeback.  Notwithstanding any other provision of Section 6.01 of this Agreement or any other
provisions of this Exhibit C (except Section 1.A hereof), if there is a net decrease in Partner Minimum Gain attributable to a
Partner Nonrecourse Debt during any Partnership Year, each Partner who has a share of the Partner Minimum Gain attributable to
such Partner Nonrecourse Debt, determined in accordance with Regulations Section1.704-2(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
Section1.704-2(i) (5). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required
to be allocated to each 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 6.01 of the Agreement or
this Exhibit with respect to such Partnership Year, other than allocations pursuant to Section 1.A hereof.


 


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), 1.704-l(b)(2)(ii)(d)(5), or1.704-l(b)(2)(ii)(d)(6), and after giving
effect to the allocations required under Sections 1.A and 1.B hereof with respect to such Partnership 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 Partnership Year) shall be specially 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-l(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 Partnership
Year (after taking into account allocations to be made under the preceding paragraphs hereof with respect to such Partnership Year),
each such Partner shall be specially


  




    	C-1



    	 



    




 


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 Partnership Year) in an amount and
manner sufficient to eliminate, to the extent required by the Regulations, its Adjusted Capital Account Deficit.


 


E.            
Nonrecourse Deductions.  Nonrecourse Deductions for any Partnership Year shall be allocated to the holders of Class
A 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 Partnership Year to the numerically closest ratio which would satisfy such requirements.


 


F.            
Partner Nonrecourse Deductions.  Any Partner Nonrecourse Deductions for any Partnership 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.           
Code Section 754 Adjustments.  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 Section1.704-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.


 


H.           
Forfeiture Allocations.  Upon a forfeiture of any unvested Partnership Interest by any Partner, gross items of income,
gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Treasury Regulations promulgated
after the Effective Date to ensure that allocations made with respect to all unvested Partnership Interests are recognized under
Code Section 704(b).


 


2.            
Allocations for Tax Purposes


 


A.           
Except as otherwise provided in this Section 2, for 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 6.01 of the Agreement and Section 1 of this Exhibit C.


 


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 federal income tax purposes among the Partners as follows:


 


(a) (1)     
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 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 6.01 of the Agreement and
Section 1 of this Exhibit C.





 




    	C-2



    	 



    




 


(c) (2)     
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


 


(d)          
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 6.01 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 to elect the method to be used by the Partnership and such election shall be binding on all Partners.


  




    	C-3



    	 



    

 





EXHIBIT D

NOTICE OF REDEMPTION


 


The undersigned hereby irrevocably (i) tenders
for redemption Partnership Units in GKK Capital LP in accordance with the terms of the Agreement of Limited Partnership of GKK
Capital LP, as amended, 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.


 


	Dated: Name of Limited Partner:
	(Signature of Limited Partner)
	 
	(Street Address)
	 
	If Shares are to be issued, issue to:
	 
	Name:
	 
	Please insert social security or identifying number:


 




    	D-1



    	 



    

 


EXHIBIT E


 


GKK CAPITAL LP


 


DESIGNATION OF THE RIGHTS, POWERS, PRIVILEGES,


RESTRICTIONS, QUALIFICATIONS AND LIMITATIONS


OF THE LTIP UNITS


 


The following are the terms of the LTIP
Units:


 


1.            
Vesting.


 


A.           
Vesting, Generally.  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 an award, vesting or other similar agreement (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 terms of any plan
pursuant to which the LTIP Units are issued, if applicable.  LTIP Units that have vested and are no longer subject to forfeiture
under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units are referred
to as “Unvested LTIP Units.”  Subject to the terms of any Vesting Agreement, a holder of LTIP Units 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 of the Agreement.


 


B.           
Forfeiture or Transfer of Unvested LTIP Units.  Unless otherwise specified in the relevant Vesting Agreement, upon
the occurrence of any event specified in a Vesting Agreement as resulting in either the forfeiture of any LTIP Units, or the right
of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price, then upon the occurrence of the
circumstances resulting in such forfeiture or if the Partnership or the General Partner exercises such right to repurchase, then
the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled or transferred to the General
Partner, as applicable, 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 a record date prior to the effective date of the forfeiture.  In connection with any forfeiture or repurchase
of LTIP Units, the balance of the portion of the Capital Account of the holder that is attributable to all of his or her LTIP Units
shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.01.D of the Agreement,
calculated with respect to the holder’s remaining LTIP Units, if any.


 


C.           
Legend.  Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms,
conditions and restrictions on transfer, including without limitation any Vesting Agreement, apply to the LTIP Unit.


 


2.            
Distributions.


 


A.           
LTIP Distribution Amount.  Commencing from the Distribution Participation Date (as defined below) established for any
LTIP Units, for any quarterly or other period holders of such LTIP Units shall be entitled to receive, if, when and as authorized
by the General Partner out of funds legally available for the payment of distributions, regular cash distributions in an amount
per unit equal to the distribution payable on each Class A Unit for the corresponding


  




    	E-1



    	 



    

  


quarterly or other period (or, if applicable, for that portion
of the quarterly or other period that begins on the Distribution Participation Date) (the “LTIP Distribution Amount”). 
In addition, from and after the Distribution Participation Date, LTIP Units shall be entitled to receive, if, when and as authorized
by the General Partner out of funds or other property legally available for the payment of distributions, non-liquidating special,
extraordinary or other distributions in an amount per unit equal to the amount of any non-liquidating special, extraordinary or
other distributions payable on the Class A Units which may be made from time to time.  LTIP Units shall also be entitled to
receive, if, when and as authorized by the General Partner out of funds or other property legally available for the payment of
distributions, distributions representing proceeds of a sale or other disposition of all or substantially all of the assets of
the Partnership in an amount per unit equal to the amount of any such distributions payable on the Class A Units, whether made
prior to, on or after the Distribution Participation Date, provided that the amount of such distributions shall not exceed the
positive balances of the Capital Accounts of the holders of such LTIP Units to the extent attributable to the ownership of such
LTIP Units.  Distributions on the LTIP Units, if authorized, shall be payable on such dates and in such manner as may be authorized
by the General Partner (any such date, a “Distribution Payment Date”); provided that the Distribution Payment
Date and the record date for determining which holders of LTIP Units are entitled to receive a distribution shall be the same as
the corresponding dates relating to the corresponding distribution on the Class A Units.


 


B.           
Distribution Participation Date.  The “Distribution Participation Date” for each LTIP Units will
be either (i) with respect to LTIP Units granted pursuant to the General Partner’s 2005 Long-Term Outperformance Program
(the “2005 Outperformance Program”), the applicable Valuation Date (as defined in the Vesting Agreement of each
Person granted LTIP Units under the 2005 Outperformance Program) or (ii) with respect to other LTIP Units, such date as may be
specified in the Vesting Agreement or other documentation pursuant to which such LTIP Units are issued.


 


3.            
Allocations.


 


Commencing with the portion of the taxable
year of the Partnership that begins on the Distribution Participation Date established for any LTIP Units, such LTIP Units shall
be allocated Net Income and Net Loss in amounts per LTIP Unit equal to the amounts allocated per Class A Unit.  The allocations
provided by the preceding sentence shall be subject to the proviso to the first sentence of Section 6.01.B of the Agreement. 
The General Partner is authorized in its discretion to delay or accelerate the participation of the LTIP Units in allocations of
Net Income and Net Loss, or to adjust the allocations made after the Distribution Participation Date, so that the ratio of (i) the
total amount of Net Income or Net Loss allocated with respect to each LTIP Unit in the taxable year in which that LTIP Unit’s
Distribution Participation Date falls, to (ii) the total amount distributed to that LTIP Unit with respect to such period,
is more nearly equal to such ratio as computed for the Class A Units held by the General Partner.


 


4.            
Adjustments.


 


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; provided that the foregoing is not intended to alter the Capital Account Limitation
(as defined in Section 7.C of this Exhibit E), the special allocations pursuant to Section 6.01.D of the Partnership Agreement,
differences between non-liquidating distributions to be made with respect to the LTIP Units and Class A Units prior to the Distribution
Participation Date for such LTIP Units, differences between liquidating distributions to be made with respect to the LTIP Units
and Class A Units pursuant to Section 13.02 of the


  




    	E-2



    	 



    




 


Partnership Agreement or Section 2.A of this Exhibit E in the
event that the Capital Accounts attributable to the LTIP Units are less than those attributable to the Class A Units due to insufficient
special allocations pursuant to Section 6.01.D of the Partnership Agreement or related provisions.  If an Adjustment Event
(as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain such one-for-one
correspondence 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 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 in respect of a capital contribution to the Partnership of proceeds from the sale of securities by
the General Partner.  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 the terms of any plan pursuant to which the LTIP Units have been issued,
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 holder of LTIP Units setting forth the adjustment to his
or her LTIP Units and the effective date of such adjustment.


 


5.            
Ranking.


 


The LTIP Units shall rank on parity with
the Class A Units in all respects, subject to the proviso in the first sentence of Section 4 of this Exhibit E.


 


6.            
No Liquidation Preference.


 


The LTIP Units shall have no liquidation
preference.


 


7.            
Right to Convert LTIP Units into Class A Units.


 


A.           
Conversion Right.  A holder of LTIP Units 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.  Holders of LTIP
Units shall not have the right to convert Unvested LTIP Units into Class A Units until they become Vested LTIP Units; provided,
however, that when a holder of LTIP Units is notified of the expected occurrence of an event that will cause his or her
Unvested LTIP Units to become Vested LTIP Units, such Person 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 holder of the LTIP Units, shall
be accepted by the Partnership subject to such condition.  The General Partner shall have the right at





 




    	E-3



    	 



    




 


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 7.


 


B.           
Number of Units Convertible. A holder of Vested LTIP Units may convert such Vested 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.  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 holder, 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”).


 


C.           
Notice.  In order to exercise his or her Conversion Right, a holder of LTIP Units shall deliver a notice (a “Conversion
Notice”) in the form attached as Attachment A to this Exhibit E to the Partnership not less than 10 nor more than
60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice.  Each holder of LTIP
Units covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 7 shall be
free and clear of all liens.  Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Redemption
Notice pursuant to Section 8.06 of the Agreement 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 the Conversion Date.  For clarity, it is noted that the objective
of this paragraph is to put a holder of LTIP Units in a position where, if he or she so wishes, 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 assume the Partnership’s redemption obligation with respect to such Class
A Units under Section 8.06 of the Agreement 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 shall cooperate with a holder of LTIP Units to coordinate the timing of the different events described in the foregoing
sentence.


 


D.           
Forced Conversion.  The Partnership, at any time at the election of the General Partner, may cause any number of Vested
LTIP Units held by a holder of LTIP Units 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; provided, that the Partnership may not
cause a Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of the holder of
such LTIP Units pursuant to Section 7.B above.  In order to exercise its right to cause a Forced Conversion, the Partnership
shall deliver a notice (a “Forced Conversion Notice”) in the form attached as Attachment B to this Exhibit
E to the applicable holder not less than 10 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 15.01 of the Agreement.


 


E.            
Conversion Procedures.  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 holder of LTIP Units, as of which time such holder of LTIP Units 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 holder of LTIP Units, upon his or her written request, a certificate of the General Partner certifying the number of


  




    	E-4



    	 



    




 


Class A Units and remaining LTIP Units, if any, held by such
Person immediately after such conversion.


 


F.            
Treatment of Capital Account.  For purposes of making future allocations under Section 6.01.D of the Agreement and
applying the Capital Account Limitation, the portion of the Economic Capital Account balance of the applicable holder of LTIP Units
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 multiplied by the Class A Unit Economic Balance.


 


G.           
Mandatory Conversion in Connection with a Transaction.  If the Partnership or the General Partner shall be a party
to any transaction (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 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 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 “Transaction”),
then the General Partner shall, immediately prior to the 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 Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the 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 Transaction (in which case the Conversion Date shall be the effective date of the Transaction and the
conversion shall occur immediately prior to the effectiveness of the Transaction).


 


In anticipation of such Forced Conversion
and the consummation of the Transaction, the Partnership shall use commercially reasonable efforts to cause each holder of LTIP
Units to be afforded the right to receive in connection with such 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 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 Transaction, prior to such Transaction the General Partner shall give prompt written notice
to each holder of LTIP Units of such election, and shall use commercially reasonable efforts to afford such holders 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 Transaction.  If a holder of LTIP Units fails to make
such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held 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
holder of Class A Units failed to make such an election.


 


Subject to the rights of the Partnership
and the General Partner under any Vesting Agreement and the terms of any plan under which LTIP Units are issued, the Partnership
shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this Section
7 and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any holders of
LTIP Units whose LTIP Units will not be converted into Class A Units in connection with the Transaction that will (i) contain provisions
enabling the holders of LTIP Units that remain outstanding after such Transaction to convert their


  




    	E-5



    	 



    

 


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 the Agreement for the benefit of the holders of LTIP Units.


 


8.            
Redemption at the Option of the Partnership.


 


LTIP Units will not be redeemable at the
option of the Partnership; provided, however, that the foregoing shall not prohibit the Partnership from repurchasing
LTIP Units from the holder thereof if and to the extent such holder agrees to sell such Units.


 


9.            
Voting Rights.


 


A.           
Voting with Class A Units.  Holders of LTIP Units shall have the right to vote on all matters submitted to a vote of
the holders of Class A Units; holders of LTIP Units and Class A Units shall vote together as a single class, together with any
other class or series of units of limited partnership interest in the Partnership upon which like voting rights have been conferred. 
In any matter in which the LTIP Units are entitled to vote, including an action by written consent, each LTIP Unit shall be entitled
to vote a Percentage Interest equal on a per unit basis to the Percentage Interest of the Class A Units.


 


B.           
Special Approval Rights.  In addition to, and not in limitation of, the provisions of Section 9.A above (and notwithstanding
anything appearing to be contrary in the Agreement), the General Partner and/or the Partnership shall not, without the affirmative
consent of the holders of sixty-six and two-thirds percent (66 2/3%) of the then outstanding LTIP Units, given in person or by
proxy, either in writing or at a meeting, take any action that would materially and adversely alter, change, modify or amend the
rights, powers or privileges of the LTIP Units; but subject in any event to the following provisions: (i) no consent of the holders
of LTIP Units will be required if and to the extent that any such alteration, change, modification or amendment would similarly
alter, change, modify or amend the rights, powers or privileges of the Class A Units; (ii) with respect to the occurrence
of any merger, consolidation or other business combination or reorganization, so long as the LTIP Units either (x) are all converted
into Class A Units immediately prior to the effectiveness of the transaction, (y) remain outstanding with the terms thereof materially
unchanged or (z) if the Partnership is not the surviving entity in such transaction, are exchanged for a security of the surviving
entity with terms that are materially the same with respect to rights to allocations, distributions, redemption, conversion and
voting as the LTIP Units and without any income, gain or loss expected to be recognized by the holder upon the exchange for federal
income tax purposes (and with the terms of the Class A Units or such other securities into which the LTIP Units (or the substitute
security therefor) are convertible materially the same with respect to rights to allocations, distributions, redemption, conversion
and voting), the occurrence of any such event shall not be deemed to materially and adversely alter, change, modify or amend the
rights, powers or privileges of the LTIP Units, provided further, that if some, but not all, of the LTIP Units are converted into
Class A Units immediately prior to the effectiveness of the transaction (and neither clause (y) or (z) above is applicable), then
the consent required pursuant to this Section will be the consent of the holders of sixty-six and two-thirds percent (66 2/3%)
of the LTIP Units to be outstanding following such conversion; (iii) any creation or issuance of any Class A Units or of any class
of series of common or preferred units of the Partnership (whether ranking junior to, on a parity with or senior to the LTIP Units
with respect to payment of distributions, redemption rights and the distribution of assets upon liquidation, dissolution or winding
up), which either (x) does not require the consent of the holders of Class A Units or (y) does require such consent and is authorized
by a vote of the holders of Class A Units; and LTIP Units voting together as a single class, together with any


  




    	E-6



    	 



    




 


other class or series of units of limited partnership interest
in the Partnership upon which like voting rights have been conferred, shall not be deemed to materially and adversely alter, change,
modify or amend the rights, powers or privileges of the LTIP Units; and (iv) any waiver by the Partnership of restrictions or limitations
applicable to any outstanding LTIP Units with respect to any holder or holders thereof shall not be deemed to materially and adversely
alter, change, modify or amend the rights, powers or privileges of the LTIP Units with respect to other holders.  The foregoing
voting provisions will not apply if, as of or prior to the time when the action with respect to which such vote would otherwise
be required will be taken or be effective, all outstanding LTIP Units shall have been converted and/or redeemed, or provision is
made for such redemption and/or conversion to occur as of or prior to such time.


  




    	E-7



    	 



    

  


Attachment A to Exhibit
E


 


Notice of Election
by Partner to Convert

LTIP Units into Class A Units


 


The undersigned holder of LTIP Units hereby
irrevocably elects to convert the number of Vested LTIP Units in GKK Capital LP (the “Partnership”) set forth
below into Class A Units in accordance with the terms of the Second Amended and Restated Agreement of Limited Partnership of the
Partnership, as amended.  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
or approval of all persons or entities, if any, having the right to consent or approve such conversion.


 










	 	Name of Holder:	 
	 	 	(Please Print: Exact Name as Registered with Partnership)
	 	 	 	 	 
	 	Number of LTIP Units to be Converted:	 	 
	 	 	 	 	 
	 	Conversion Date:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	(Signature of Holder: Sign Exact Name as Registered with Partnership)	 


 


	 	 	 	 	 
	 	(Street Address)	 	 	 
	 	 	 	 	 
	 	 	 		 	 
	 	(City)	 	(State) 	 	(Zip Code)
	 	 	 	 	 	 
	 	Signature Guaranteed by:	 	 	 







 




    	 



    	 



    

 


Attachment B to Exhibit
E


 


Notice of Election
by Partnership to Force Conversion

of LTIP Units into Class A Units


 


GKK Capital 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 Second Amended and Restated Agreement of Limited Partnership of the Partnership,
as amended.


 










	 	Name of Holder:	 
	 	 	(Please Print: Exact Name as Registered with Partnership)


 


	 	Number of LTIP Units to be Converted:	 	 
	 	 	 	 
	 	Conversion Date: