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**BYLAWS**

**OF**

**MAXUS      REALTY TRUST, INC.**

**AS      AMENDED TO MAY 22, 2006**

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**TABLE      OF CONTENTS**

**Page**

| ARTICLE                I THE TRUST: DEFINITIONS   | 1                                                      |
|---------------------------------------------------|--------------------------------------------------------|
| 1.1                                               | Name                                                   | 1 |
| 1.2                                               | Places                of Business                      | 1 |
| 1.3                                               | Nature                of Trust                         | 1 |
| 1.4                                               | Definitions                                            | 1 |
| ARTICLE                II TRUSTEES                | 4                                                      |
| 2.1                                               | Number                of Trustees                      | 4 |
| 2.2                                               | Election                and Term of Office             | 5 |
| 2.3                                               | Vacancies                                              | 5 |
| 2.4                                               | Place                of Meeting                        | 5 |
| 2.5                                               | Organization                Meetings                   | 5 |
| 2.6                                               | Regular                Meetings                        | 5 |
| 2.7                                               | Special                Meetings                        | 5 |
| 2.8                                               | Quorum                                                 | 6 |
| 2.9                                               | Executive                Committee                     | 6 |
| 2.1                                               | Audit                Committee                         | 6 |
| 2.11                                              | Other                Committees                        | 7 |
| 2.12                                              | Action                by Written Consent               | 7 |
| 2.13                                              | Fees                and Compensation                   | 7 |
| 2.14                                              | Independent                Trustees                    | 7 |
| 2.15                                              | Removal                of Trustee by Board of Trustees | 8 |
| 2.16                                              | Removal                of Trustees by Shareholders     | 8 |
| ARTICLE                III TRUSTEES’ POWERS | 8                                                      |
| 3.1                                               | Power                and Authority of Trustees         | 8 |
| 3.2                                               | Trustees’                Regulations             | 12 |
| 3.3                                               | Limit                on Trustees’ Obligations    | 12 |
| 3.4                                               | Independent                Trustees                    | 12 |
| ARTICLE                IV OFFICERS                | 14                                                     |
| 4.1                                               | Officers                                               | 14 |
| 4.2                                               | Election                and Term of Office             | 14 |
| 4.3                                               | Subordinate                Officers                    | 14 |
| 4.4                                               | Compensation                                           | 14 |
| 4.5                                               | Chairman                of the Board                   | 14 |
| 4.6                                               | President                                              | 14 |

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**TABLE      OF CONTENTS**

**(Continued)**

**Page**

| 4.7                                                                | Executive                or Senior Vice Presidents                  | 15     |
|--------------------------------------------------------------------|---------------------------------------------------------------------|--------|
| 4.8                                                                | Vice                Presidents                                      | 15     |
| 4.9                                                                | Secretary                                                           | 15     |
| 4.1                                                                | Assistant                Secretaries                                | 15     |
| 4.11                                                               | Treasurer                                                           | 15     |
| 4.12                                                               | Assistant                Treasurer                                  | 16     |
| ARTICLE                V ADVISOR; LIMITATION ON OPERATING EXPENSES | 16                                                                  |
| 5.1                                                                | Employment                of Advisor                                | 16     |
| 5.2                                                                | Qualification                of Advisor                             | 16     |
| 5.3                                                                | Contract                with Advisor                                | 17     |
| 5.4                                                                | Other                Activities of the Advisor                      | 17     |
| 5.5                                                                | Limitation                on Total Operating Expenses of the Trust  | 17     |
| ARTICLE                VI INVESTMENT POLICY                        | 18                                                                  |
| 6.1                                                                | General                Statement of Policy                          | 18     |
| 6.2                                                                | Restrictions                                                        | 20     |
| 6.3                                                                | Appraisals                                                          | 21     |
| ARTICLE                VII MEETINGS OF SHAREHOLDERS                | 21                                                                  |
| 7.1                                                                | Place                of Meetings                                    | 21     |
| 7.2                                                                | Annual                Meetings.                                     | 21     |
| 7.3                                                                | Special                Meetings.                                    | 21     |
| 7.4                                                                | Closing                of Transfer Books and Fixing of Record Dates | 22     |
| 7.5                                                                | Quorum                                                              | 23     |
| 7.6                                                                | Voting                of Shares                                     | 23     |
| 7.7                                                                | Action                by Written Consent                            | 23     |
| 7.8                                                                | Proxies                                                             | 23     |
| ARTICLE                VIII SHARES OF STOCK                        | 24                                                                  |
| 8.1                                                                | Certificates                                                        | 24     |
| 8.2                                                                | Transfer                Agent, Dividend Disbursing Agent, Dividend  |   |
|                                                               | Reinvestment                Plan Agent and Registrar                | 24     |
| 8.3                                                                | Transfer                Agents and Registrars; Facsimile Signatures | 24     |
| 8.4                                                                | Lost                Certificates                                    | 25     |
| 8.5                                                                | Transfer                of Shares                                   | 25     |
| 8.6                                                                | Registered                Shareholders                              | 25     |

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**TABLE      OF CONTENTS**

**(Continued)**

**Page**

| 8.7                                                               | Shareholders’                Disclosure; call of Shares; Right to Refuse |   |
|-------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|
|                                                              | to                Transfer Shares or Warrants                                  | 26     |
| 8.8                                                               | Limitation                on Acquisition and ownership Of Shares and           |   |
|                                                              | Warrants.                                                                      | 27     |
| 8.9                                                               | Dividends                or Distributions to Shareholders                      | 28     |
| ARTICLE                IX LIABILITY OF TRUSTEES, SHAREHOLDERS AND |                                                                           |
| OFFICERS                AND OTHER MATTERS                         | 28                                                                             |
| 9.1                                                               | Exculpation                of Trustees, Officers and Others                    | 28     |
| 9.2                                                               | (a)                Actions Involving Directors, Officers and Employees         | 29     |
| 9.3                                                               | Right                of Trustees, Officers and Others to Own Shares or         |   |
| Other                Property and to Engage in Other Business     | 31                                                                             |
| 9.4                                                               | Transactions                Between the Trust, the Trustees, the Advisor,      |   |
|                                                              | and                Certain Affiliates                                          | 31     |
| 9.5                                                               | Persons                Dealing with Trustees or Officers                       | 33     |
| 9.6                                                               | Reliance                                                                       | 33     |
| 9.7                                                               | Income                Tax Status                                               | 34     |
| ARTICLE                X MISCELLANEOUS                            | 34                                                                             |
| 10.1                                                              | Reports                to Shareholders.                                        | 34     |
| 10.2                                                              | Notices                                                                        | 34     |
| 10.3                                                              | Inspection                of Bylaws                                            | 35     |
| 10.4                                                              | Inspection                of Corporate Records                                 | 35     |
| 10.5                                                              | Checks                                                                         | 35     |
| 10.6                                                              | Fiscal                Year                                                     | 35     |
| 10.7                                                              | Seal                                                                           | 35     |
| 10.8                                                              | Power                of Shareholders in Event of Merger or Sale of             |   |
|                                                              | Assets.                                                                        | 35     |
| 10.9                                                              | Conflicting                Provisions.                                         | 36     |
| ARTICLE                XI AMENDMENTS                              | 36                                                                             |

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**BYLAWS**

**OF**

**MAXUS      REALTY TRUST, INC.**

**AS      AMENDED ON MAY 22, 2006**

**ARTICLE      I**

**THE      TRUST: DEFINITIONS**

**Name.**

**Places      of Business.**

**Nature      of Trust.**

**Definitions.**

**Administrator.**

**Advisor.**

**Affiliate.**

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**Annual      meeting of Shareholders.**

**Annual      Report.**

**Appraisal.**

**Articles      of Incorporation.**

**Average      Invested Assets.**

**Board      of Trustees.**

**Bylaws.**

**Independent      Trustee(s).**

**Internal      Revenue Code.**

**Net      Assets.**

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**Net      Income.**

**Person.**

**REIT.**

**REIT      Provisions of the Internal Revenue Code.**

**Securities.**

**Shares.**

**Shareholders.**

**Total      Assets.**

**Total      operating Expenses of the Trust.**

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**Trust.**

**Trustees.**

**Trust      Estate.**

**ARTICLE      II**

**TRUSTEES**

**Number      of Trustees.**

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**Election      and Term of Office.**

**Vacancies.**

**Place      of Meeting.**

**Organization      Meetings.**

**Regular      Meetings.**

**Special      Meetings.**

----

**Quorum.**

**Executive      Committee.**

**Audit      Committee.**

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**Other      Committees.**

**Action      by Written Consent.**

**Fees      and Compensation.**

**Independent      Trustees.**

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**Removal      of Trustee by Board of Trustees.**

**Removal      of Trustees by Shareholders.**

**ARTICLE      III**

**TRUSTEES’      POWERS**

**Power      and Authority of Trustees.**

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**Trustees’      Regulations.**

**Limit      on Trustees’ Obligations.**

**Independent      Trustees.**

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**ARTICLE      IV**

**OFFICERS**

**Officers.**

**Election      and Term of Office.**

**Subordinate      Officers.**

**Compensation.**

**Chairman      of the Board.**

**President.**

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**Executive      or Senior Vice Presidents.**

**Vice      Presidents.**

**Secretary.**

**Assistant      Secretaries.**

**Treasurer.**

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**Assistant      Treasurer.**

**ARTICLE      V**

**ADVISOR;      LIMITATION ON OPERATING EXPENSES**

**Employment      of Advisor.**

**Qualification      of Advisor.**

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**Contract      with Advisor.**

**Other      Activities of the Advisor.**

**Limitation      on Total Operating Expenses of the Trust.**

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**ARTICLE      VI**

**INVESTME**
**NT      POLICY**

**General      Statement of Policy.**

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**Restrictions.**

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**Appraisals.**

**ARTICLE      VII**

**MEETINGS      OF SHAREHOLDERS**

**Place      of Meetings.**

**Annual      Meetings.**

**Time      of Holding.**

**Notice.**

**7.3**
**Special      Meetings.**

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**How      Called.**

**Notice.**

**Business      Transacted.**

**Closing      of Transfer Books and Fixing of Record Dates.**

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**Quorum.**

**Voting      of Shares.**

**Action      by Written Consent.**

**Proxies.**

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**ARTICLE      VIII**

**SHARES      OF STOCK**

**Certificates.**

**Transfer      Agent, Dividend Disbursing Agent, Dividend Reinvestment Plan Agent and      Registrar.**

**Transfer      Agents and Registrars; Facsimile Signatures.**

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**Lost      Certificates.**

**Transfer      of Shares.**

**Registered      Shareholders.**

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**Shareholders’      Disclosure; Call of Shares; Right to Refuse to Transfer Shares or      Warrants.**

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**Limitation      on Acquisition and ownership Of Shares and Warrants.**

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**Dividends      or Distributions to Shareholders.**

**ARTICLE      IX**

**LIABILITY      OF TRUSTEES, SHAREHOLDERS**

**AND      OFFICERS AND OTHER MATTERS**

**Exculpation      of Trustees, Officers and Others.**

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**9.2**
**Actions      Involving Directors, Officers and Employees.**

**Actions      Involving Agents.**

**Determination      of Right to Indemnification.**

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**Advance      Payment of Expenses.**

**Not      Exclusive Right.**

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**Right      of Trustees, Officers and Others to Own Shares or Other Property and to Engage      in Other Business.**

**Transactions      Between the Trust, the Trustees, the Advisor, and Certain      Affiliates.**

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**Persons      Dealing with Trustees or Officers.**

**Reliance.**

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**Income      Tax Status.**

**ARTICLE      X**

**MISCELLANEOUS**

**Reports      to Shareholders.**

**Notices.**

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**Inspection      of Bylaws.**

**Inspection      of Corporate Records.**

**Checks.**

**Fiscal      Year.**

**Seal.**

**Power      of Shareholders in Event of Merger or Sale of Assets.**

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**Conflicting      Provisions.**

**ARTICLE      XI**

**AMENDMENTS**