Document:

Amended and Restated Limited Partnership Agreement

 EXHIBIT 10.1 
  AMENDED AND RESTATED 
  LIMITED PARTNERSHIP AGREEMENT 
 OF 
 CNL MACQUARIE INCOME, LP 

 RECITALS 
  This Amended and Restated Limited Partnership Agreement (this “Agreement”) is entered into this 29th day of July, 2009, between CNL Macquarie Income GP, LLC, a Delaware limited liability company (the “General
Partner”) and the Limited Partners (as defined below) set forth on Exhibit A attached hereto. Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 
  AGREEMENT 
 WHEREAS,
the General Partner is a wholly-owned direct subsidiary of CNL Macquarie Global Income Trust, Inc., a Maryland corporation (the “GP Parent” and, together with the General Partner, the “GP Parties”), which GP Parent is also a
Limited Partner; 
  WHEREAS, the GP Parties entered into that certain Limited Partnership Agreement of the Operating
Partnership (as defined below), dated April 7, 2009 (the “Original Agreement”); 
  WHEREAS, the GP Parent
intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended; 
  WHEREAS,
the GP Parties desire to conduct their current and future business through the Operating Partnership; 
  WHEREAS, in
furtherance of the foregoing, the GP Parties desire to contribute certain assets to the Operating Partnership from time to time; 
 WHEREAS, in exchange for the GP Parties’ contribution of assets, the parties desire that the Operating Partnership issue Operating Partnership Units (as defined below) to the GP Parties in accordance with the terms of this Agreement;

 WHEREAS, in furtherance of the Operating Partnership’s business, the Operating Partnership may acquire assets from
time to time by means of the contribution of such assets to the Operating Partnership by the owners thereof in exchange for Operating Partnership Units; and 
  WHEREAS, the parties hereto wish to establish herein their respective rights and obligations in connection with all of the foregoing and certain other matters and wish to amend and restate the
terms of the Original Agreement as set forth herein; 
  NOW, THEREFORE, in consideration of the foregoing, of mutual
covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged: 
 ARTICLE 1 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 

 “ACT” means the Delaware Revised Uniform Limited Partnership Act, as it may be
amended from time to time. 
 “ADDITIONAL FUNDS” has the meaning set forth in Section 4.4 hereof. 

“ADDITIONAL SECURITIES” means any additional REIT Shares (other than REIT Shares issued in connection with a redemption
pursuant to Section 8.5 hereof or REIT Shares issued pursuant to a dividend reinvestment plan of the GP Parent) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares
issued from time to time by the GP Parent, as set forth in Section 4.3(a). 
 “ADJUSTED CAPITAL ACCOUNT”
means, with respect to a given Partner and on a given date, such Partner’s Capital Account balance plus the sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and
without duplication, that such Partner would be obligated to contribute to the capital of the Operating Partnership if the Operating Partnership were to undergo a Hypothetical Liquidation as of such date. 
 “ADMINISTRATIVE EXPENSES” means (i) all administrative and operating costs and expenses incurred by the Operating
Partnership, (ii) those administrative costs and expenses of the GP Parties, including any salaries or other payments to directors, officers or employees of the GP Parties, and any accounting and legal expenses of the GP Parties, which
expenses, the Partners have agreed, are expenses of the Operating Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not
include any administrative costs and expenses incurred by the GP Parties that are attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by the GP Parties directly. 
 “ADVISOR” or “ADVISORS” means CNL Macquarie Global Income Advisors, LLC, a limited liability company organized under
the laws of the state of Delaware, or any successor advisor to the GP Parent and the Operating Partnership. Notwithstanding the forgoing, a Person hired or retained by CNL Macquarie Global Income Advisors, LLC to perform property and securities
management and related services for the General Partner or the Operating Partnership that is not hired or retained to perform substantially all of the functions of CNL Macquarie Global Income Advisors, LLC with respect to the General Partner or the
Operating Partnership as a whole shall not be deemed to be an Advisor. 
 “AFFILIATE” or “AFFILIATED” or
any derivation thereof means, when used with reference to a specified Person, (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of
such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or
indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; or (v) any legal entity for which such Person acts as an executive
officer, director, trustee or general partner. For purposes of the foregoing, “control” (including the terms “controlling,” “controlled by” and “under common control with”) means the possession, direct or

  

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indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by
contract or otherwise. 
 “AGREED VALUE” means the fair market value of a Partner’s non-cash Capital
Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The names and addresses of the Partners, number of Operating Partnership Units issued to each Partner, and the Agreed Value of non-cash Capital
Contributions (if any) as of the date of contribution are set forth on Exhibit A. 
  “AGREEMENT” means this
Amended and Restated Limited Partnership Agreement, as further amended, modified supplemented or restated from time to time, as the context requires. 
  “APPLICABLE PERCENTAGE” has the meaning provided in Section 8.5(b) hereof. 
 “ARTICLES OF INCORPORATION” means the Articles of Incorporation of the GP Parent, as amended from time to time. 
 “BOARD OF DIRECTORS” or “BOARD” shall have the meaning set forth in the Articles of Incorporation. 
 “CAPITAL ACCOUNT” has the meaning provided in Section 4.5 hereof. 
 “CAPITAL CONTRIBUTION”
means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset (other than cash) contributed, deemed contributed or agreed to be contributed, as the context requires, to the Operating Partnership by each
Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Operating Partnership Interest of such Partner. Notwithstanding the
foregoing, if, in connection with a Capital Contribution of Property or other asset (other than cash), the Operating Partnership assumes a liability or takes such Property or other asset subject to a liability, then the amount of the Capital
Contribution shall be the Agreed Value of such Property or other asset less the amount of such liability. 
 “CARRYING
VALUE” means, with respect to any asset of the Operating Partnership, the asset’s adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Operating Partnership, the Agreed Value of such asset at
the time of contribution, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set
forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of any asset of the Operating Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be
adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes.

 “CASH AMOUNT” means, with respect to Operating Partnership Units as to which the Redemption Right has been
exercised via a Notice of Redemption, an amount of cash equal to the lesser of (i) the Value of the REIT Shares Amount on the date of receipt by the General 

  

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Partner of a Notice of Redemption or (ii) the applicable Redemption Price determined by the General Partner. 
 “CERTIFICATE” means any instrument or document that is required under the laws of the State of Delaware or any other
jurisdiction in which the Operating Partnership conducts business, to be signed and sworn to by the Partners of the Operating Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2
hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Operating Partnership as a limited partnership, to effect the admission, withdrawal, or substitution
of any Partner of the Operating Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 
 “CODE” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to
any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 “COMMISSION” means the U.S. Securities and Exchange Commission. 
 “CONVERSION FACTOR” means 1.0, provided that in the event that the GP Parent (i) declares or pays a dividend on its
outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii) combines its outstanding REIT Shares into a smaller number
of REIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT 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 REIT Shares (determined without the above
assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the GP Parent shall become the successor owner of the GP Parent’s Operating Partnership Interest pursuant to any
merger, consolidation or combination of the GP Parent with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination, and, provided further, that if Additional Securities other than REIT Shares are issued
or otherwise distributed to all holders of the outstanding REIT Shares, then the Conversion Factor shall be adjusted appropriately as determined by a majority of the Independent Directors to reflect the value of such Additional Securities. 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 such event; provided, however, that if the General Partner receives a Notice of Redemption
after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the
record date for such dividend, distribution, subdivision or combination. 
 “DIRECTOR” shall have the meaning set
forth in the Articles of Incorporation. 
  

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 “EVENT OF BANKRUPTCY” as to any Person means the filing of a petition for
relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of
such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of
any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by
another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed
within 90 days. 
 “EXCEPTED HOLDER LIMIT” shall have the meaning set forth in the Articles of Incorporation.

 “GAAP” means generally accepted accounting principles as in effect in the United States of America from time to
time or such other accounting basis mandated by the Commission. 
 “GENERAL PARTNER” means CNL Macquarie Income GP,
LLC, a Delaware limited liability company, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 
 “GENERAL OPERATING PARTNERSHIP INTEREST” means an Operating Partnership Interest held by the General Partner that is a general
partnership interest. 
 “GP PARTIES” has the meaning provided in the Recitals hereof. 
  “HYPOTHETICAL LIQUIDATION” means a hypothetical series of transactions occurring on a given date, in which the Operating
Partnership is liquidated and all assets of the Operating Partnership, including cash, are sold for cash equal to their Carrying Value, taking into account any adjustments thereto for such period, all liabilities of the Operating Partnership are
satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and Net Sales Proceeds (after satisfaction of such liabilities) are distributed in
full pursuant to Section 5.2(b). 
  “INDEMNITEE” means (i) any Person made a party to a proceeding
by reason of its status as the General Partner or a director, officer or employee of the General Partner or the Operating Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Operating Partnership) as the
General Partner may designate from time to time, in its sole and absolute discretion. 
 “INDEPENDENT DIRECTOR”
shall have the meaning set forth in the Articles of Incorporation. 
 “INITIAL EFFECTIVE DATE” means the effective
date of the GP Parent’s initial registration statement filed with the Commission on Form S-11 with respect to the issuance of REIT Shares. 
  

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 “JOINT VENTURE” means joint venture or general partnership arrangements in
which the Operating Partnership or any of its Subsidiaries is a co-venturer or partner and which are established to acquire Real Properties. 
 “LIMITED PARTNER” means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes an additional Limited Partner or a Substitute Limited Partner, in such Person’s
capacity as a Limited Partner in the Operating Partnership. 
 “LIMITED PARTNERSHIP INTEREST” means the ownership
interest of a Limited Partner in the Operating Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act,
together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 
 “LISTING” means the listing of the REIT Shares of the GP Parent on a national securities exchange or the receipt by the GP Parent’s stockholders of securities that are listed on a national securities exchange in exchange for
the GP Parent’s REIT Shares. Upon such commencement of trading of the REIT Shares on a national securities exchange, the REIT Shares shall be deemed Listed. 
 “LOSS” has the meaning provided in Section 5.1(f) hereof. 
 “MORTGAGES” means mortgages, deeds of trust or other security interests on or applicable to Real Property. 
 “NET SALES PROCEEDS” means in the case of a transaction described in clause (i)(A) of the definition of Sale, the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the GP Parties
or the Operating Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (i)(B) of such definition, Net Sales Proceeds means the proceeds of any such
transaction less the amount of selling expenses incurred by or on behalf of the GP Parties or the Operating Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of a
transaction described in clause (i)(C) of such definition, Net Sales Proceeds means the GP Parties’ or Operating Partnership’s pro rata share of the proceeds of any such transaction received by the Joint Venture less the amount of any
selling expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses incurred by or on behalf of the GP Parties or the Operating Partnership. In the case of a transaction or
series of transactions described in clause (i)(D) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in satisfaction thereof other than
regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the GP Parties, Operating Partnership or any Joint Venture, including all commissions, closing costs and legal fees and expenses. In the case of a
transaction described in clause (i)(E) of such definition, Net Sales Proceeds means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the GP Parties, including any legal fees and expenses and
other selling expenses incurred in connection with such transaction. With respect to each of the transactions or series of transactions described above in this definition, Net Sales Proceeds means the proceeds of such transaction or series of
transactions less the amount of any 

  

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real estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the GP Parties, the Operating
Partnership or any Joint Venture in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the General Partner determines, in its discretion, to be economically equivalent to proceeds of a
Sale. The repayment of debt shall be deducted from the proceeds of a transaction for the purpose of calculating Net Sales Proceeds. 
 “NOTICE OF REDEMPTION” means the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit B hereto. 
 “OFFER” has the meaning set forth in Section 7.1(b) hereof. 
 “OFFERING” means the initial offer and sale of REIT Shares to the public. 
 “OP UNITHOLDERS”
means all holders of Operating Partnership Interests. 
 “OPERATING PARTNERSHIP” means CNL Macquarie Income, LP, a
Delaware limited partnership. 
 “OPERATING PARTNERSHIP INTEREST” means an ownership interest in the Operating
Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such an Operating 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. 
 “OPERATING PARTNERSHIP UNIT” means a
fractional, undivided share of the Operating Partnership Interests of all Partners issued hereunder. The allocation of Operating Partnership Units among the Partners shall be as set forth on Exhibit A, as such Exhibit may be amended from time to
time. 
  “ORIGINAL AGREEMENT’ has the meaning provided in the Recitals hereof. 
  “OWNERSHIP LIMIT” shall have the meaning set forth in the Articles of Incorporation. 
 “PARTNER” means any General Partner or Limited Partner. 
 “PARTNER NONRECOURSE DEBT MINIMUM GAIN” has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s
share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 “PARTNERSHIP MINIMUM GAIN” has the meaning set forth in Regulations Section 1.704-2(d). In accordance with Regulations Section 1.704-2(d), the amount of Partnership minimum gain is determined by first computing, for each
Operating Partnership nonrecourse liability, any gain the Operating Partnership would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the
separately computed gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(g)(1). 
 “PARTNERSHIP RECORD DATE” means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2 hereof, which record date shall be the same
as the record date established by the GP Parent for a distribution to its shareholders of some or all of its portion of such distribution. 
  

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 “PERCENTAGE INTEREST” means the percentage determined by dividing the Operating
Partnership Units owned by a Partner by the total number of Operating Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A, as such Exhibit may be amended from time to time. 
 “PERSON” means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

 “PROFIT” has the meaning provided in Section 5.1(f) hereof. 
 “PROPERTY” means any Real Property, Real Estate Related Securities or other investment in which the Operating Partnership holds
an ownership interest. 
 “REAL ESTATE RELATED SECURITIES” means the real estate related securities investments, or
such investments the General Partner and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real Property, which are owned from time to time
by the General Partner, the Operating Partnership, Subsidiaries or Joint Ventures. 
 “REAL PROPERTY” means
(i) land, including the buildings located thereon, (ii) land only, and/or (iii) the buildings only, which are owned from time to time by the General Partner or the Operating Partnership, either directly or through subsidiaries, joint
venture arrangements or other partnerships, or (iv) such investments the General Partner and the Advisor mutually designate as Real Property to the extent such investments could be classified as either Real Property or Real Estate Related
Securities. Properties sold by the General Partner or any of its Affiliates to tenancy-in-common investors shall be deemed Real Property for the purposes of this definition so long as (a) such properties are being leased by the General Partner
or any of its Affiliate from the tenancy-in-common investors, and (b) such properties are reflected as assets of the General Partner in accordance with GAAP. 
 “REDEMPTION PRICE” means the Value of the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Redemption multiplied by any discount determined by the General
Partner, including but not limited to, any discount based upon the combined number of years that the applicable Partner has held the Operating Partnership Units offered for redemption. 
 “REDEMPTION RIGHT” has the meaning provided in Section 8.5(a) hereof. 
 “REGULATIONS” means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended from
time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 
 “REGULATORY ALLOCATIONS” has the meaning set forth in Section 5.1(g) hereof. 
 “REIT” means a real estate investment trust as defined pursuant to Sections 856 through 860 of the Code. 
  

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 “REIT EXPENSES” means (i) costs and expenses relating to the formation and
continuity of existence and operation of the GP Parent and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this paragraph, be included within the definition of GP Parent), including taxes, fees and assessments associated
therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the GP Parent, (ii) costs and expenses relating to any public offering and registration of securities by the GP Parent and all statements, reports,
fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such
securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the GP Parent, (iv) costs and expenses associated with the preparation and filing of any periodic or
other reports and communications by the GP Parent under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the GP Parent with laws, rules and regulations
promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees of the GP
Parent, (vii) costs and expenses incurred by the GP Parent relating to any issuing or redemption of Operating Partnership Interests, and (viii) all other operating or administrative costs of the GP Parent incurred in the ordinary course of
its business on behalf of or in connection with the Operating Partnership. 
 “REIT SHARE” means a common share of
beneficial interest in the GP Parent (or successor entity, as the case may be). 
 “REIT SHARES AMOUNT” means a
number of REIT Shares equal to the product of the number of Operating Partnership Units offered for exchange by a Tendering Party, multiplied by the Conversion Factor as adjusted to and including the Specified Redemption Date; provided that in the
event the GP Parent issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the
“rights”), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of
determining the holders of REIT Shares entitled to rights. 
 “RELATED PARTY” means, with respect to any Person,
any other Person whose ownership of shares of the GP Parent’s capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)). 
 “SALE” or “SALES” means (i) any transaction or series of transactions whereby: (A) the GP Parties or the
Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to
any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (B) the GP Parties or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells,
grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the GP Parties or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or
indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or 

  

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relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to insurance
claims or condemnation awards; (D) the GP Parties or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or portion
thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant amount of
insurance proceeds or similar awards; or (E) the GP Parties, the Operating Partnership or any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes
its ownership of any other asset not previously described in this definition or any portion thereof. 
 “SECURITIES
ACT” means the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder. 
 “SERVICE” means the United States Internal Revenue Service. 
 “SPECIFIED REDEMPTION DATE” means
the first business day of the month that is at least sixty (60) business days after the receipt by the General Partner of the Notice of Redemption. 
 “SUBSIDIARY” means, with respect to any Person, any corporation 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. 
 “SUBSIDIARY PARTNERSHIP” means any partnership of which the
partnership interests therein are owned by the General Partner or a direct or indirect subsidiary of the General Partner. 
 “SUBSTITUTE LIMITED PARTNER” means any Person admitted to the Operating Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 “SUCCESSOR ENTITY” has the meaning provided in the definition of “Conversion Factor” contained herein. 
 “SURVIVOR” has the meaning set forth in Section 7.1(c) hereof. 
 “TAX MATTERS PARTNER” has the meaning described in Section 10.5(a) hereof. 
 “TENDERED
UNITS” has the meaning provided in Section 8.5(a) hereof. 
 “TENDERING PARTY” has the meaning provided
in Section 8.5(a) hereof. 
 “TRANSACTION” has the meaning set forth in Section 7.1(b) hereof.

 “TRANSFER” has the meaning set forth in Section 9.2(a) hereof. 
 “VALUE” means the fair market value per share of REIT Shares which will equal: (i) if REIT Shares are Listed, the average
closing price per share for the previous thirty business days, (ii) if REIT Shares are not Listed, the most recent offering price per share or share equivalent of REIT Shares, until December 31st of the year following the year in which the
most recently 

  

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completed offering of REIT Shares has expired (without taking into account any discounts), and (iii) thereafter, such price per REIT Share as the
management of the General Partner determines in good faith. 
 ARTICLE 2 
 OPERATING PARTNERSHIP FORMATION AND IDENTIFICATION 
 2.1
Formation. The Operating Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware for the purposes and upon the terms and conditions set forth in this Agreement. 

2.2 Name, Office and Registered Agent. The name of the Operating Partnership is CNL Macquarie Income, LP. The specified
office and place of business of the Operating Partnership shall be c/o the General Partner, 450 South Orange Ave, Orlando, FL 32801. The General Partner may at any time change the location of such office, provided the General Partner gives notice to
the Partners of any such change. The name and address of the Operating Partnership’s registered agent in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County,
Delaware 19801. The sole duty of the registered agent as such is to forward to the Operating Partnership any notice that is served on it as registered agent. 
  

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 2.3 Partners.  
 (a) The General Partner of the Operating Partnership is CNL Macquarie Income GP, LLC, a Delaware limited liability company. Its principal
place of business is the same as that of the Operating Partnership. 
 (b) The Limited Partners are those Persons identified
as Limited Partners on Exhibit A hereto, as amended from time to time. 
 2.4 Term and Dissolution. 

 (a) The term of the Operating Partnership shall continue in full force and effect until December 31, 2039, as such
date may be extended from time to time by the General Partner in its sole discretion, except that the Operating Partnership shall be dissolved upon the first to occur of any of the following events: 
 (i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General
Partner unless the business of the Operating Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of
the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Operating Partnership if the business of such General Partner is continued by the remaining partner or
partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 
 (ii) The passage of ninety (90) days after the sale or other disposition of all or substantially all of the assets of the Operating Partnership (provided that if the Operating Partnership
receives an installment obligation as consideration for such sale or other disposition, the Operating Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in
full); or 
 (iii) The election by the General Partner that the Operating Partnership should be dissolved. 
 (b) Upon dissolution of the Operating Partnership (unless the business of the Operating Partnership is continued pursuant to
Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Operating Partnership’s assets and apply and distribute the proceeds
thereof in accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Operating Partnership
(including those necessary to satisfy the Operating Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.5 Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Operating Partnership, any and
all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Operating Partnership to be treated as a limited partnership under, and otherwise to
comply with, the laws of each state or other jurisdiction in which the Operating Partnership conducts business. 
  

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 2.6 Certificates Describing Operating Partnership Units. At the request of
a Limited Partner, the General Partner, at its option, may issue (but in no way is obligated to issue) a certificate summarizing the terms of such Limited Partner’s interest in the Operating Partnership, including the number of Operating
Partnership Units owned and the Percentage Interest represented by such Operating Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall
not be negotiable and (iii) shall bear a legend to the following effect: 
 This certificate is not negotiable. The
Operating Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Limited Partnership Agreement of CNL Macquarie Income, LP, as amended from time to time. 
 ARTICLE 3 
 BUSINESS OF THE OPERATING
PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Operating 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 GP Parent at all times to qualify as a
REIT, unless the GP Parent otherwise ceases to qualify as a REIT, and in a manner such that the GP Parent will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other
similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without
limiting the GP Parent’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the GP Parent intends to qualify as a REIT for federal income tax purposes and upon such qualification
the avoidance of income and excise taxes on the GP Parent inures to the benefit of all the Partners and not solely to the GP Parent. Notwithstanding the foregoing, the Limited Partners agree that the GP Parent may terminate its status as a REIT
under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf of the Operating Partnership shall also be empowered to do any and all acts and things necessary or prudent to ensure that the
Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital Contributions. The General Partner and the initial Limited Partner have made capital contributions to the
Operating Partnership in exchange for the Operating Partnership Units set forth opposite their names on Exhibit A, as such Exhibit may be amended from time to time. 
  4.2 Additional Capital Contributions. Except as provided in Section 4.3 or in Section 4.4, the Partners shall have no right or obligation to make any additional Capital
Contributions or loans to the Operating Partnership. 
   

 13 

 4.3 Additional Capital Contributions and Issuances of Additional Operating
Partnership Units. The GP Parent or the General Partner may contribute additional capital to the Operating Partnership, from time to time, and receive additional Operating Partnership Interests in respect thereof, in the manner contemplated
in this Section 4.3. 
 (a) Issuances of Additional Operating Partnership Interests. 
 (i) General. Subject to Section 4.3(d) hereof, the General Partner is hereby authorized to cause the Operating Partnership to
issue such additional Operating Partnership Interests in the form of Operating Partnership Units for any Operating Partnership purpose at any time or from time to time, including but not limited to Operating Partnership Units issued in connection
with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all
without the approval of any Limited Partners. Any additional Operating Partnership Interests issued thereby may be issued in one or more classes, or 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 Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the
approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Operating Partnership income, gain, loss, deduction and credit to each such class or series of Operating Partnership
Interests; (ii) the right of each such class or series of Operating Partnership Interests to share in Operating Partnership distributions; and (iii) the rights of each such class or series of Operating Partnership Interests upon
dissolution and liquidation of the Operating Partnership; provided, however, that no additional Operating Partnership Interests shall be issued to the GP Parties unless: 
 (1) (A) the additional Operating Partnership Interests are issued in connection with an issuance of REIT Shares of or other interests in the GP Parent, which shares or interests have
designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Operating Partnership Interests issued to the General Partner by the
Operating Partnership in accordance with this Section 4.3 and (B) the General Partner or the GP Parent shall make an actual Capital Contribution to the Operating Partnership in an amount equal to the net proceeds raised in connection with
the issuance of such shares of stock of or other interests in the GP Parent (and, if applicable, such GP Party shall make a deemed Capital Contribution as described in Section 4.3(c) hereof); 
 (2) the additional Operating Partnership Interests are issued in exchange for property owned by the General Partner with a fair market
value, as determined by the General Partner, in good faith, equal to the value of the Operating Partnership Interests; or 
 (3) the additional Operating Partnership Interests are issued to all Partners holding Operating Partnership Units in proportion to their respective Percentage Interests. 
 Without limiting the foregoing, the General Partner is expressly authorized to cause the Operating Partnership to issue Operating Partnership Units for less than fair market value, so 

  

 14 

 
long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Operating Partnership.

 (ii) Upon Issuance of Additional Operating Partnership Interests. The GP Parent shall not issue any Additional
Securities other than to all holders of REIT Shares, unless (A) the General Partner shall cause the Operating Partnership to issue to the General Partner or GP Parent, as the General Partner may designate, Operating Partnership Interests or
rights, options, warrants or convertible or exchangeable securities of the Operating Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional Securities,
and (B) the General Partner or GP Parent contributes the proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner or GP Parent, to
the Operating Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be held directly by the General Partner or GP Parent, but if and only if, such direct
acquisition and issuance of Additional Securities have been approved and determined to be in the best interests of the GP Parties and the Operating Partnership by a majority of the Independent Directors. Without limiting the foregoing, the GP Parent
is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Operating Partnership to issue to the General Partner or GP Parent corresponding Operating Partnership Interests, so long as (x) the
General Partner concludes in good faith that such issuance is in the best interests of the GP Parties and the Operating Partnership, including without limitation, the issuance of REIT Shares and corresponding Operating Partnership Units pursuant to
an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time
of issuance or at the time of exercise, and (y) the General Partner or GP Parent contributes all proceeds from such issuance to the Operating Partnership. For example, in the event the GP Parent issues REIT Shares for a cash purchase price and
contributes all of the proceeds of such issuance to the Operating Partnership as required hereunder, the GP Parent shall be issued a number of additional Operating Partnership Units equal to the product of (A) the number of such REIT Shares
issued by the GP Parent, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 

(b) Issuances of Operating Partnership Interests for Services. Subject to Section 4.3(d) hereof, the General Partner, in
its sole and absolute discretion, may also (a) issue Operating Partnership Units or designate a new class of Operating Partnership Units for issuance to Persons in exchange for services provided or to be provided by such Persons to or for the
benefit of the Operating Partnership; and (b) require such Persons who provide services to or for the benefit of the Operating Partnership to make a Capital Contribution to the Operating Partnership in connection with the issuance of Operating
Partnership Units to such Person. Further, the General Partner, in its sole and absolute discretion, may (a) subject such Operating Partnership Units to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a
vesting agreement and (b) amend the Operating Partnership Agreement to provide for (A) special allocations of Net Income or Net Loss to such Operating Partnership Units, (B) the redemption or forfeiture of such Operating Partnership
Units upon certain events, (C) determine whether such Operating Partnership Units will have a preference to the outstanding Operating Partnership Units and the terms and conditions of the conversion of such preferred Operating Partnership Units
into Operating 

   

 15 

 
Partnership Units, (D) voting rights of the holders of such Operating Partnership Units and/or (E) such other matters as the General Partner deems
appropriate. 
 (c) Certain Deemed Contributions of Administrative Expenses. In connection with any and all issuances
of REIT Shares, the GP Parent shall make, directly or indirectly through the General Partner, Capital Contributions to the Operating Partnership of the net proceeds therefrom, provided that if the net proceeds actually received and contributed by
the GP Parent or General Partner are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with issuance, or if the GP Parent or General Partner pays or incurs
any other Administrative Expenses in connection with any such issuance or otherwise, then the GP Parent or General Partner shall be deemed to have made Capital Contributions to the Operating Partnership in the aggregate amount of such Administrative
Expenses (including, without limitation, the difference between the gross proceeds of any such issuance and the net proceeds actually received and contributed by the GP Parent or General Partner) and the Operating Partnership shall be deemed
simultaneously to have paid such Administrative Expenses in accordance with Section 6.5 hereof and in connection with the required issuance of additional Operating Partnership Units to the General Partner for such Capital Contributions pursuant
to Section 4.3(a) hereof. 
 (d) Convention for Date of Capital Contributions. Except as otherwise may be
determined by the General Partner in its sole discretion, in connection with any Capital Contributions made to the Operating Partnership, and any issuance of Operating Partnership Interests by the Operating Partnership, pursuant to this
Section 4.3, such Capital Contributions shall be deemed to have been made to the Operating Partnership, and such Operating Partnership Interests shall be deemed to have been issued by the Operating Partnership, effective on the last business
day of the calendar month in which such Capital Contributions (or other consideration provided to the Operating Partnership, in the case of Section 4.3(b) hereof) are actually transferred to the Operating Partnership. Any transfers of cash or
property made to the Operating Partnership prior to the effective date determined in accordance with this Section 4.3(d) shall be treated as an advance and shall not earn interest or any other return prior to such effective date. This
Section 4.3(d) shall apply for all purposes under this Agreement, including for purposes of maintaining Capital Accounts and for purposes of any revaluations of the property of the Operating Partnership pursuant to Section 4.5 hereof.

 4.4 Additional Funding. If the General Partner determines that it is in the best interests of the Operating
Partnership to provide for additional Operating Partnership funds (“Additional Funds”) for any Operating Partnership purpose, the General Partner may (i) cause the Operating Partnership to obtain such funds from outside borrowings, or
(ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Operating Partnership through loans or otherwise, provided, however, that the Operating Partnership may not borrow money from its Affiliates
(excluding the General Partner for this purpose), unless a majority of the Directors of the GP Parent (including a majority of Independent Directors) not otherwise interested in such transaction approve the transaction as being fair, competitive,
and commercially reasonable and no less favorable to the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 4.5 Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704- 

  

 16 

 
1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Operating Partnership Interest in exchange for more than a de minimis Capital
Contribution or for the provision of services to or for the benefit of the Operating Partnership, (ii) the Operating Partnership distributes to a Partner more than a de minimis amount of Operating Partnership property or money as consideration
for an Operating Partnership Interest, or (iii) the Operating Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), the General Partner may, at its discretion, revalue the property of the Operating
Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the
Operating Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to
be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a
taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 
 4.6 Percentage Interests. If the number of outstanding Operating Partnership Units increases or decreases during a taxable
year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Operating Partnership Units held by such Partner
divided by the aggregate number of Operating Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the
taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the number of outstanding Operating Partnership Units changes and the part of the year beginning on the following day either
(i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits
and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the
later part shall be based on the adjusted Percentage Interests. 
 4.7 No Interest On Contributions. No
Partner shall be entitled to interest on its Capital Contribution. 
 4.8 Return Of Capital Contributions. No
Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Operating Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein,
there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Operating Partnership continues in existence. 
 4.9 No Third Party Beneficiary. No creditor or other third party having dealings with the Operating Partnership shall have
the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be
solely 

  

 17 

 
for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the
Partners herein set forth to make Capital Contributions or loans to the Operating Partnership shall be deemed an asset of the Operating Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold,
transferred or assigned by the Operating Partnership or pledged or encumbered by the Operating Partnership to secure any debt or other obligation of the Operating Partnership or of any of the Partners. In addition, it is the intent of the parties
hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited
Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not
be deemed to be a liability of such Partner nor an asset or property of the Operating Partnership. 
 ARTICLE 5 
 PROFITS AND LOSSES; DISTRIBUTIONS 
 5.1 Allocation of Profit and Loss.  
 (a) General. Profit and Loss (or
items thereof) of the Operating Partnership for each fiscal year of the Operating Partnership shall be allocated as follows: 
 (i) Profit. Profit of the Operating Partnership for each fiscal year shall be allocated to the OP Unitholders, pro rata in accordance with their respective Percentage Interests. 
 (ii) Loss. Loss of the Operating Partnership for each fiscal year shall be allocated to the OP Unitholders, pro rata in
accordance with their respective Percentage Interests. 
 (b) Nonrecourse Deductions; Minimum Gain Chargeback.
Notwithstanding any provision to the contrary, (i) any expense of the Operating Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated to the OP Unitholders in
accordance with their respective Percentage Interests, (ii) any expense of the Operating Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations Section 1.704-2(i)(2) shall be allocated to the
Partner that bears the “economic risk of loss” with respect to the liability to which such deductions are attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum
Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Operating Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of gain and income shall
be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse Debt Minimum Gain within
the meaning of Regulations Section 1.704-2(i)(4) for any Operating Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-(2)(g), items of gain and income shall be allocated among the Partners in
accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for purposes of determining its share of the excess
nonrecourse liabilities of 

  

 18 

 
the Operating Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 
 (c) Qualified Income Offset. Notwithstanding any provision to the contrary, if a Partner unexpectedly receives in any taxable year
an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of
such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Partner shall be allocated specially for such taxable year
(and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). This
Section 5.1(c) is intended to constitute a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. After the occurrence of an allocation of income or gain
to a Partner in accordance with this Section 5.1(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously
allocated to such Partner under this Section 5.1(c). 
 (d) Capital Account Deficits. Notwithstanding any
provision to the contrary, items of expense or loss shall not be allocated to a Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s Adjusted Capital Account at the end of any fiscal year (after
reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)), as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). Any items of expense or loss in excess of that
limitation shall be allocated to the General Partner. After the occurrence of an allocation of items of expense or loss to the General Partner in accordance with this Section 5.1(d), to the extent permitted by Regulations
Section 1.704-1(b), items of income or gain shall be allocated to such Partner in an amount necessary to offset the items of loss or deduction previously allocated to such Partner under this Section 5.1(d). 
 (e) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Operating Partnership Interest,
the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Operating Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Operating Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Operating Partnership activities in the respective
portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of
Profit and Loss between the transferor and the transferee Partner. 
 (f) Definition of Profit and Loss.
“Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations
Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain, expense and loss that are specially allocated pursuant to Sections 5.1(b), 5.1(c), 5.1(d) and 5.1(g). All allocations of taxable income and loss
(and all items contained therein) for federal income tax purposes shall be identical to all allocations of the corresponding items of Profit and Loss as set forth in this 

  

 19 

 
Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have
the authority to elect the method to be used by the Operating Partnership for allocating items of income, gain, expense and loss as required by Section 704(c) of the Code including a method that may result in a Partner receiving a
disproportionately larger share of the Operating Partnership tax depreciation deductions, and such election shall be binding on all Partners. 
 (g) Curative Allocations. The allocations set forth in Section 5.1(b), (c) and (d) of this Agreement (the “Regulatory Allocations”) are intended to comply with certain requirements of
the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Operating Partnership income, gain, loss or deduction pursuant to this
Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Operating Partnership income, gain, loss or
deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory
Allocations were not part of this Agreement and all Operating Partnership items were allocated pursuant to Section 5.1(a) and (e). 
 5.2 Distribution of Cash.  
 (a) The Operating Partnership shall distribute
cash on a monthly basis (or on such other schedule as elected by the General Partner), in an amount determined by the General Partner in its sole and absolute discretion, taking into consideration Section 5.3 hereof, to the Partners who are
Partners on the Partnership record date with respect to such month (or other distribution period) in accordance with Section 5.2(b); provided, however, that if a new or existing Partner acquires an additional Operating Partnership Unit in
exchange for a Capital Contribution on any date other than a Partnership record date, the cash distribution attributable to such additional Operating Partnership Unit relating to the Partnership record date next following the issuance of such
additional Operating Partnership Interest shall be reduced in the proportion equal to one minus (i) the number of days that such additional Operating Partnership Unit is held by such Partner bears to (ii) the number of days between such
Partnership record date and the immediately preceding Partnership record date. 
 (b) Except for distributions pursuant to
Section 5.6 of this Agreement in connection with the dissolution and liquidation of the Operating Partnership and subject to the provisions of Section 5.2(c), 5.2(d) and 5.5 of this Agreement, distributions shall be made 100% to the OP
Unitholders in accordance with their respective Percentage Interests on the Partnership record date. 
 (c) Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate to cause the Operating Partnership to comply with any withholding requirements established under the Code
or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Operating Partnership is required to withhold and pay over to any taxing authority any amount
resulting from the allocation or distribution of income to any Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the 

  

 20 

 
amount required to be withheld by the Operating Partnership, the amount withheld shall be treated as a distribution of cash in the amount of such withholding
to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Operating Partnership, the actual amount shall be treated as a distribution of cash in the amount of such
withholding and the additional amount required to be withheld shall be treated as a loan (an “Operating Partnership Loan”) from the Operating Partnership to the Partner on the day the Operating Partnership pays over such amount to a taxing
authority. An Operating Partnership Loan shall be repaid through withholding by the Operating Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner (a “Defaulting Limited
Partner”) fails to pay any amount owed to the Operating Partnership with respect to the Operating Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Operating Partnership on the Limited Partner, the
General Partner, in its sole and absolute discretion, may elect to make the payment to the Operating Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have
extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Operating Partnership against the Defaulting Limited
Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Operating Partnership to the Defaulting Limited Partner until such time as the General Partner
Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. Any amounts treated as an Operating
Partnership Loan or a General Partner Loan pursuant to this Section 5.2(c) shall bear interest at the lesser of (i) 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, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the Operating Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is
repaid in full. 
 (d) In no event may a Partner receive a distribution of cash with respect to an Operating Partnership Unit
if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Operating Partnership Unit has been or will be exchanged. 
 5.3 REIT Distribution Requirements. The General Partner shall use commercially reasonable efforts to cause the Operating
Partnership to distribute amounts (in accordance with Section 5.2(b)) sufficient to enable the GP Parent to make shareholder distributions that will allow the GP Parent to (i) meet its distribution requirement for qualification as a REIT
as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
 5.4 No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Operating Partnership. 
 5.5 Limitations on Return of Capital Contributions. Notwithstanding any of the provisions of this Article 5, no Partner
shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital
Contribution, the sum 

  

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of all Operating Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market
value of the Operating Partnership’s assets. 
 5.6 Distributions Upon Liquidation. Upon liquidation of
the Operating Partnership, after payment of, or adequate provision for, debts and obligations of the Operating Partnership, including any Partner loans, any remaining assets of the Operating Partnership shall be distributed to all Partners in
accordance with Section 5.2(b), but only to the extent of the positive balance of the Capital Account of each Partner. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments have
been made in accordance with Sections 4.5, 5.1 and 5.2 resulting from Operating Partnership operations and from all sales and dispositions of all or any part of the Operating Partnership’s assets. Notwithstanding any other provision of this
Agreement, the amount by which the value, as determined in good faith by the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent
not otherwise recognized by the Operating Partnership, be taken into account in computing Profit and Loss of the Operating Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners,
pursuant to this Agreement. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or
obligations. 
 5.7 Substantial Economic Effect. It is the intent of the Partners that the allocations of
Profit and Loss (and other items of income, gain, loss or deduction) under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Operating Partnership in the case of the allocation of losses
attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner
consistent with such intent. 
 5.8 Partial Redemption of Operating Partnership Units. Nothing in this Article
5 shall be deemed to limit the right of the GP Parties to require a redemption of Operating Partnership Units by the Operating Partnership pursuant to Section 6.10. 
 ARTICLE 6 
 RIGHTS, OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 
 6.1 Management of the
Operating Partnership.  
 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall
have full, complete and exclusive discretion to manage and control the business of the Operating Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Operating Partnership. Subject to the
restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the authority to take the following actions on behalf of the Operating Partnership: 
 (i) to acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not
limited to notes and mortgages and 

  

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other Real Estate Related Securities, that the General Partner determines are necessary or appropriate or in the best interests of the business of the
Operating Partnership; 
 (ii) to construct buildings and make other improvements on the properties owned or leased by the
Operating Partnership; 
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Operating Partnership Interests
or any securities (including secured and unsecured debt obligations of the Operating Partnership, debt obligations of the Operating Partnership convertible into any class or series of Operating Partnership Interests, or options, rights, warrants or
appreciation rights relating to any Operating Partnership Interests) of the Operating Partnership; 
 (iv) to borrow or lend
money for the Operating Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and
secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership’s assets; 
 (v)
to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Operating Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount
of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Operating Partnership’s
assets; 
 (vii) to use assets of the Operating Partnership (including, without limitation, cash on hand) for any purpose
consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Operating Partnership or any Subsidiary of either, to
third parties or to the General Partner as set forth in this Agreement; 
 (viii) to lease all or any portion of any of the
Operating Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Operating Partnership and whether or not any portion of the Operating Partnership’s assets so leased are to be occupied by
the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Operating Partnership, on such terms and in such manner as the General Partner may reasonably determine,
and similarly to prosecute, settle or defend litigation with respect to the Partners, the Operating Partnership, or the Operating Partnership’s assets; 
 (x) to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Operating Partnership’s assets or any
other aspect of the Operating Partnership business; 
 (xi) to make or revoke any election permitted or required of the
Operating Partnership by any taxing authority; 
  

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 (xii) to maintain such insurance coverage for public liability, fire and casualty, and
any and all other insurance for the protection of the Operating Partnership, for the conservation of Operating Partnership assets, or for any other purpose convenient or beneficial to the Operating Partnership, in such amounts and such types, as it
shall determine from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for any property to
the restoration of such property or to distribute the same; 
 (xiv) to establish one or more divisions of the Operating
Partnership, to hire and dismiss employees of the Operating Partnership or any division of the Operating Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem
necessary or appropriate in connection with the Operating Partnership business and to pay therefore such remuneration as the General Partner may deem reasonable and proper; 
 (xv) to retain other services of any kind or nature in connection with the Operating Partnership business, and to pay therefore such remuneration as the General Partner may deem reasonable and
proper; 
 (xvi) to negotiate and conclude agreements on behalf of the Operating Partnership with respect to any of the
rights, powers and authority conferred upon the General Partner; 
 (xvii) to maintain accurate accounting records and to
file promptly all federal, state and local income tax returns on behalf of the Operating Partnership; 
 (xviii) to
distribute Operating Partnership cash or other Operating Partnership assets in accordance with this Agreement; 
 (xix) to
form or acquire an interest in, and contribute property to, any limited or general partnerships, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of
property to, its Subsidiaries and any other Person in which it has an equity interest from time to time); 
 (xx) to
establish Operating Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Operating Partnership purpose; 
 (xxi) to merge, consolidate or combine the Operating Partnership with or into another Person; 
 (xxii) to do any and all acts and things necessary or prudent to ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code;

 (xxiii) the issuance of additional Operating Partnership Units in exchange for services provided or to be provided to or
for the benefit of the Operating Partnership; and 
 (xxiv) to take such other action, execute, acknowledge, swear to or
deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Operating Partnership (including,
without limitation, all actions consistent with allowing the GP Parent at all times to qualify as a REIT unless the GP Parent 

  

 24 

 
voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to
third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or
require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Operating Partnership. 
 6.2 Delegation of Authority. The General Partner may delegate any or all of its powers, rights and obligations hereunder,
and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Operating Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Operating
Partnership as the General Partner may approve. 
 6.3 Indemnification and Exculpation of Indemnitees. 

 (a) The Operating Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages,
liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or
investigative, that relate to the operations of the Operating Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established 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. Any indemnification pursuant to this Section 6.3 shall be made
only out of the assets of the Operating Partnership. 
 (b) The Operating Partnership shall reimburse an Indemnitee for
reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Operating 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 Operating Partnership as authorized in this Section 6.3 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) The indemnification provided by
this Section 6.3 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. 
 (d) The Operating 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 Operating Partnership’s
activities, regardless of whether the Operating 

  

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Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this Section 6.3, the Operating 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 Operating Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; 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 6.3; and 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 in 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 Operating
Partnership. 
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification in whole or
in part under this Section 6.3 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) The provisions of this Section 6.3 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. 
 (i) Notwithstanding the foregoing, the
Operating Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss
or liability was in the best interests of the Operating Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Operating Partnership; (iii) the liability or loss was not the result of (A) negligence or
misconduct, in the case that the Indemnitee is a director of the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful misconduct, in the case that the Indemnitee is
an Independent Director; and (iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the Operating Partnership. In addition, the Operating Partnership shall not provide indemnification for any loss,
liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged material securities law violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent
jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position
of the Commission and of the published position of any state securities regulatory authority in which Securities were offered or sold as to indemnification for violations of securities laws. 
 6.4 Liability of the General Partner.  
 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Operating Partnership or any 

  

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Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith.
The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Operating Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the
General Partner, acting in good faith, abides by the terms of this Agreement. 
 (b) The Limited Partners expressly
acknowledge that the General Partner is acting on behalf of the Operating Partnership, itself and its shareholders 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 the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Operating Partnership to take (or decline to take) any actions. In the event of a
conflict between the interests of the GP Parent’s shareholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the GP Parent’s
shareholders or the Limited Partners; provided, however, that for so long as the GP Parties directly own a controlling interest in the Operating Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines
cannot be resolved in a manner not adverse to either the GP Parent’s shareholders or the Limited Partners shall be resolved in favor of the shareholders. The General Partner shall not be liable for monetary damages for losses sustained,
liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 
 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and
perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 

(d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Operating
Partnership or any decision of the General Partner to refrain from acting on behalf of the Operating 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 GP Parent to continue to qualify as a REIT or (ii) to prevent the GP Parent from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed
approved by all of the Limited Partners. 
 (e) Any amendment, modification or repeal of this Section 6.4 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 Operating Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to
such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 
 6.5 Reimbursement of GP Parties.  
 (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to 

  

 27 

 
which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Operating Partnership. 
 (b) Each of the GP Parties 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 Administrative Expenses incurred by such GP Party. If and to the extent any reimbursement made pursuant to this Section 6.5(b) is determined for federal income tax purposes not to constitute a payment of
expenses of the Operating Partnership, the amount so determined shall constitute a guaranteed payment with respect to capital within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Operating Partnership
and all Partners and shall not be treated as a distribution for purposes of computing the Partners’ Capital Accounts. 
 6.6 Outside Activities. Subject to Section 6.8 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Operating Partnership or a Subsidiary, any officer,
director, employee, agent, trustee, Affiliate or shareholder of either of the GP Parties, and the GP Parties, shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Operating
Partnership, including business interests and activities substantially similar or identical to those of the Operating Partnership. Neither the Operating Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in
any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or
activities, and the GP Parties shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Operating Partnership or any Limited Partner, even if such opportunity is of a
character which, if presented to the Operating Partnership or any Limited Partner, could be taken by such Person. 
 6.7
Employment or Retention of Affiliates.  
 (a) Any Affiliate of the General Partner may be employed or retained by
the Operating Partnership and may otherwise deal with the Operating Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Operating Partnership any
compensation, price, or other payment therefore which the General Partner determines to be fair and reasonable. 
 (b) The
Operating Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Operating Partnership, on terms and conditions established in the sole and absolute
discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. 
 (c) The Operating Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such
conditions as the General Partner deems are consistent with this Agreement, applicable law and the REIT status of the GP Parent. 
 (d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Operating Partnership, directly or indirectly,
except pursuant to transactions that are, in 

  

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the General Partner’s sole discretion, on terms that are fair and reasonable to the Operating Partnership. 
 6.8 General Partner Participation. The GP Parties agree that all business activities of the GP Parties, including
activities pertaining to the acquisition, development or ownership of any office, retail, multifamily industrial, or other Real Property, Real Estate Related Securities or other property shall be conducted through the Operating Partnership or one or
more Subsidiary Partnerships; provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition and
issuance have been approved and determined to be in the best interests of the General Partner and the Operating Partnership by a majority of the Independent Directors. 
 6.9 Title to Operating Partnership Assets. Title to Operating Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by
the Operating Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Operating Partnership assets or any portion thereof. Title to any or all of the Operating Partnership assets may be held
in the name of the Operating 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 Operating Partnership
assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Operating 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 Operating Partnership as soon as reasonably practicable. All Operating Partnership assets
shall be recorded as the property of the Operating Partnership in its books and records, irrespective of the name in which legal title to such Operating Partnership assets is held. 
 6.10 Miscellaneous. In the event the GP Parent redeems any REIT Shares (including, without limitation, any REIT Shares
redeemed in accordance with the share redemption program of the GP Parent), then the General Partner shall cause the Operating Partnership to purchase from the GP Parent a number of Operating Partnership Units as determined based on the application
of the Conversion Factor on the same terms that the GP Parent redeemed such REIT Shares. Moreover, if the GP Parent makes a cash tender offer or other offer to acquire REIT Shares, then the General Partner shall cause the Operating Partnership to
make a corresponding offer to the GP Parent to acquire an equal number of Operating Partnership Units held by the GP Parent. In the event any REIT Shares are redeemed by the GP Parent pursuant to such offer, the Operating Partnership shall redeem an
equivalent number of the GP Parent’s Operating Partnership Units for an equivalent purchase price based on the application of the Conversion Factor. If the GP Parent issues any additional REIT Shares pursuant to its dividend reinvestment plan,
automatic purchase plan or any other similar program, then the GP Parent shall contribute the proceeds of any such issuance to the Operating Partnership in accordance with Sections 4.3(a)(ii) and 4.3(c). 
 6.11 No Duplication of Fees or Expenses. The Operating Partnership may not incur or be responsible for any fee or expense
(in connection with the Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 
  

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 ARTICLE 7 
 CHANGES IN GENERAL PARTNER 
 7.1 Transfer of the GP Parties’ Operating
Partnership Interest.  
 (a) The General Partner shall not transfer all or any portion of its General Operating
Partnership Interest or withdraw as General Partner, and the GP Parent shall not transfer all or any portion of its Limited Operating Partnership Interest, except as provided in, or in connection with a transaction contemplated by,
Section 7.1(b), (c) or (d). 
 (b) Except as otherwise provided in Section 7.1(c) or (d) hereof, the GP
Parent shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change in the GP Parent’s state of incorporation or
organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 
 (i) the consent of Limited Partners holding more than 50% of the Percentage Interests is obtained; 
 (ii) as a
result of such Transaction all Limited Partners will receive, for each Operating 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 in the Transaction to a holder of one REIT Share in consideration of one REIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by
the holders of more than 50% of the outstanding REIT Shares, each holder of Operating Partnership Units shall be given the option to exchange its Operating Partnership Units for the greatest amount of cash, securities, or other property which a
Limited Partner holding Operating Partnership Units would have received had it (A) exercised its Redemption Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right
immediately prior to the expiration of the Offer; or 
 (iii) the GP Parent is the surviving entity in the Transaction and
either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the GP Parent or any Subsidiary) receive, in exchange for their Operating Partnership
Units, an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT
Share) received in the Transaction by any holder of REIT Shares. 
 (c) Notwithstanding Section 7.1(b), the GP Parent
may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”), other than Operating Partnership
Units held by the GP Parent and the GP Parent’s ownership interests in the General Partner, are contributed, directly or indirectly, to the Operating Partnership as a Capital Contribution in exchange for Operating Partnership Units with a fair
market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the GP Parent, as appropriate, hereunder. Upon such contribution and
assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT Shares Amount and
Conversion Factor 

  

 30 

 
for an Operating Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as
reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or
other rights relating thereto, and which a holder of Operating Partnership Units could have acquired had such Operating Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall
provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of
REIT Shares and make such amendments to Section 8.5 hereof so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall
similarly apply to successive mergers or consolidations permitted hereunder. 
 In respect of any transaction described in
the preceding paragraph, the GP Parties are required to use commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or
their participation in such transaction, provided such efforts are consistent with the exercise of the Board of Directors’ fiduciary duties to the shareholders of the GP Parent under applicable law. 
 (d) Notwithstanding Section 7.1(b), 
 (i) a General Partner may transfer all or any portion of its General Operating Partnership Interest to (A) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests
of such General Partner, and following a transfer of all of its General Operating Partnership Interest, may withdraw as General Partner; 
 (ii) the GP Parent may transfer all or any portion of its Limited Partnership Interest to a wholly-owned Subsidiary of such GP Parent; and 
 (iii) the GP Parent may engage in a transaction not required by law or by the rules of any national securities exchange on which the REIT Shares are listed to be submitted to the vote of the
holders of the REIT Shares. 
 7.2 Admission of a Substitute or Additional General Partner. A Person shall be
admitted as a substitute or additional General Partner of the Operating Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such
other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for
recordation and all other actions required by Section 2.5 hereof in connection with such admission shall have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Operating Partnership with evidence satisfactory to counsel for the Operating Partnership of such
Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 
  

 31 

 (c) counsel for the Operating Partnership shall have rendered an opinion (relying on
such opinions from other counsel and the state or any other jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of
the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Operating Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the
loss of any Limited Partner’s limited liability. 
 7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of
a General Partner.  
 (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal
pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy
as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Operating Partnership shall be
dissolved and terminated unless the Operating Partnership is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to
Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. 
 (b)
Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the
date of such occurrence, an Operating Partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such Operating Partnership shall be deemed not to be a dissolution of such General Partner if the
business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within ninety (90) days after such occurrence, may elect to continue the business of the Operating Partnership for the balance of the
term specified in Section 2.4 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in Percentage Interest of the OP Unitholders. If the Limited
Partners elect to continue the business of the Operating Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Operating Partnership shall be
governed by this Agreement. 
 7.4 Removal of a General Partner.  
 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed
to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be
deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 
 (b) If a General Partner has been removed pursuant to this Section 7.4 and the Operating Partnership is continued pursuant to
Section 7.3 hereof, such General Partner shall promptly transfer and assign its General Operating Partnership Interest in the Operating Partnership to the substitute General Partner approved by a majority in interest of the Limited 

  

 32 

 
Partners in accordance with Section 7.3(b) hereof and otherwise admitted to the Operating Partnership in accordance with Section 7.2 hereof. At the
time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Operating Partnership Interest of such removed General Partner as reduced by any damages caused to
the Operating Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by (i) the General Partner and (ii) a majority in Percentage Interest of the OP Unitholders, within ten
(10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner, on the one hand, and a majority in Percentage Interest of the OP Unitholders, on the other
hand, each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Operating Partnership Interest within thirty (30) days of the General Partner’s
removal, and the fair market value of the removed General Partner’s General Operating Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20%
of the amount of the lower appraisal, the two appraisers, no later than forty (40) days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General
Partner’s General Operating Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Operating Partnership Interest shall
be the average of the two appraisals closest in value. 
  (c) The General Operating Partnership Interest of a removed
General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the
management and affairs of the Operating Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead,
such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to
Section 7.4(b). 
  (d) All Partners shall have given and hereby do give such consents, shall take such actions and
shall execute such documents as shall be legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
 8.1 Management of the Operating Partnership. The Limited Partners shall not participate in the management or control of
Operating Partnership business nor shall they transact any business for the Operating Partnership, nor shall they have the power to sign for or bind the Operating Partnership, such powers being vested solely and exclusively in the General Partner.

 8.2 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and
lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents,
certificates, and instruments as 

  

 33 

 
may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms,
which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Operating Partnership Interest. 
 8.3 Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts
or obligations of the Operating Partnership. A Limited Partner shall be liable to the Operating Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no
Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Operating Partnership. 
  8.4 Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either
directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of
counsel for the Operating Partnership, jeopardize the classification of the Operating Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required
to establish compliance by the Limited Partners with the provisions of this Section. 
  8.5 Redemption Right.
 
 (a) Subject to Sections 8.5(b), 8.5(c), 8.5(d), 8.5(e) and 8.5(f) and the provisions of any agreements between the
Operating Partnership and one or more Limited Partners with respect to Operating Partnership Units held by them, each Limited Partner holding Operating Partnership Units, other than the GP Parent, shall, after holding its Operating Partnership Units
for at least one year, have the right (subject to the terms and conditions set forth herein) to require the Operating Partnership to redeem (a “Redemption”) all or a portion of the Operating Partnership Units held by such Limited Partner
in exchange (a “Redemption Right”) for REIT shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner in its sole discretion, provided that such Operating Partnership Units (the
“Tendered Units”) shall have been outstanding for at least one year. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Operating Partnership (with a copy to the General Partner) by the Limited
Partner exercising the Redemption Right (the “Tendering Party”). No Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner may not exercise the Redemption Right for less than 1,000
Operating Partnership Units or, if such Limited Partner holds less than 1,000 Operating Partnership Units, all of the Operating Partnership Units held by such Partner. The Tendering Party shall have no right, with respect to any Operating
Partnership Units so redeemed, to receive any distribution paid with respect to Operating Partnership Units if the record date for such distribution is on or after the Specified Redemption Date. 
 (b) If the General Partner elects to redeem Tendered Units for REIT Shares rather than cash, then the Operating Partnership shall direct
the GP Parent to issue and deliver such REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the GP Parent, acting as a distinct legal entity, shall assume directly the obligation
with respect thereto and shall satisfy the Tendering Party’s exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the 

  

 34 

 
Tendering Party of such Tendered Units to the GP Parent in exchange for REIT shares. The percentage of the Tendered Units tendered for Redemption by the
Tendering Party for which the General Partner elects to issue REIT Shares (rather than cash) is referred to as the “Applicable Percentage.” In making such election to acquire Tendered Units, the Operating Partnership shall act in a fair,
equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If the Operating Partnership elects to redeem any number of Tendered Units for
REIT Shares, rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the GP Parent in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the
Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount, if applicable, shall be delivered by the GP Parent as duly authorized, validly issued, fully paid and accessible REIT Shares free of any pledge, lien,
encumbrance or restriction, other than the Ownership Limit (as calculated in accordance with the Articles of Incorporation) and other restrictions provided in the Article of Incorporation, the bylaws of the GP Parent, the Securities Act and relevant
state securities or “blue sky” laws. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Articles
of Incorporation. 
 (c) In connection with an exercise of Redemption Rights pursuant to this Section 8.5, the Tendering
Party shall submit the following to the General Partner, in addition to the Notice of Redemption: 
 (i) A written affidavit,
dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related
Party and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Ownership Limit (or, if applicable the Excepted Holder Limit); 
 (ii) A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional REIT
Shares prior to the closing of the Redemption on the Specified Redemption Date; and 
 (iii) An undertaking to certify, at
and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the
affidavit required by Section 8.5(c)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Ownership Limit (or, if applicable, the Excepted Holder
Limit). 
 (iv) Any other documents as the GP Parties may reasonably require in connection with the issuance of REIT Shares
upon the exercise of the Redemption Right. 
 (d) Any Cash Amount to be paid to a Tendering Party pursuant to this
Section 8.5 shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the GP Parent to
cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the 

  

 35 

 
foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as
reasonably possible. 
 (e) Notwithstanding any other provision of this Agreement, the General Partner shall place
appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Ownership Limit and the Excepted Holder Limit, (b) the
General Partner’s common stock from being owned by less than 100 persons, the General Partner from being “closely held” within the meaning of section 856(h) of the Code, and as and if deemed necessary to ensure that the Operating
Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice
thereof (a “Restriction Notice”) to each of the Limited Partners holding Operating Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Operating Partnership which states that, in the opinion of
such counsel, restrictions are necessary in order to avoid having the Operating Partnership be treated as a “publicly traded Operating Partnership” under section 7704 of the Code. 
 (f) A redemption fee may be charged in connection with an exercise of Redemption Rights pursuant to this Section 8.5. 
 8.6 Registration. Subject to the terms of any agreement between any of the GP Parties and one or more Limited Partners
with respect to Operating Partnership Units held by them: 
 (a) Registration of the Common Stock. The GP Parent
agrees to file with the Commission a registration statement covering the resale of the REIT Shares that may be issued upon redemption of such Operating Partnership Units pursuant to Section 8.5 hereof (“Redemption Shares”) if a
Limited Partner or Limited Partners who together hold Redemption Shares having an aggregate value of at least $10 million (based on the then current price) request that the GP Parent register for resale such Redemption Shares. Such requests shall be
made in writing and shall state the number of Redemption Shares to be disposed of. Within 30 days after receipt of a request for registration, whatever the amount of the Redemption Shares requested to be registered, the General Partner shall give
written notice of such request to all other Limited Partners holding Operating Partnership Units; provided however, that the General Partner shall be obligated to give such notice no more than one time in any six-month period. Further, the GP Parent
shall include in a registration statement all such Redemption Shares with respect to which the GP Parent has received written requests for inclusion therein (whether or not such Redemption Shares have been issued) within 15 days after the receipt of
the GP Parent’s notice. The GP Parent further agrees to use its commercially reasonable efforts to file the registration statement within 90 days of its receipt of the written request described above, and to maintain the effectiveness of such
registration statement for a period of no more than two years. 
 (b) Listing on Securities Exchange. If the GP Parent
shall list or maintain the listing of any REIT Shares on any securities exchange or national market system, it will at its expense and as necessary to permit the registration and sale of the Redemption Shares hereunder, list thereon, maintain and,
when necessary, increase such listing to include such Redemption Shares. 
 (c) Registration Not Required.
Notwithstanding the foregoing, the GP Parent shall not be required to file or maintain the effectiveness of a registration statement covering the 

  

 36 

 
resale of Redemption Shares if, in the opinion of counsel to the GP Parent, such Redemption Shares could be sold by the holders thereof pursuant to Rule 144
under the Securities Act, or any successor rule thereto. 
 8.7 Distribution Reinvestment Plan. OP Unitholders
may have the opportunity to join the GP Parent’s distribution reinvestment plan by completing an enrollment form which is available upon request. A copy of the GP Parent’s distribution reinvestment plan is also available upon request. The
shares of the GP Parent’s common stock which may be issued under the GP Parent’s distribution reinvestment plan are offered only by a prospectus. 
 ARTICLE 9 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
 9.1 Purchase for Investment.  
 (a) Each Limited Partner hereby represents and warrants to the General Partner and to the Operating Partnership that the acquisition of his Operating Partnership Interest is made as a principal
for his account for investment purposes only and not with a view to the resale or distribution of such Operating Partnership Interest. 
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Operating Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or
otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Operating Partnership Interest or fraction thereof
to any Person who does not similarly represent, warrant and agree. 
 9.2 Restrictions on Transfer of Limited
Partnership Interests.  
 (a) Subject to the provisions of 9.2(b) and (c), no Limited Partner may offer, sell,
assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or
otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Operating Partnership in connection
therewith. 
 (b) No Limited Partner may withdraw from the Operating Partnership other than as a result of a permitted
Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Operating Partnership Interest pursuant to this Article 9 or pursuant to a
redemption of all of its Operating Partnership Units pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner’s Operating Partnership Interest, such Limited Partner shall cease to be a Limited Partner.

 (c) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and (f) below, a Limited Partner may
Transfer, without the consent of the General Partner, all or a portion of its Operating Partnership Interest to (i) a parent or parent’s spouse, natural or adopted 

  

 37 

 
descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such Limited Partner for the benefit of such Limited
Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its
beneficial owners. 
 (d) No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part,
if, in the opinion of legal counsel for the Operating Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state
securities or blue sky law (including investment suitability standards). 
 (e) No Transfer by a Limited Partner of its
Operating Partnership Interest, in whole or in part, may be made to any Person if (i) in the opinion of legal counsel for the Operating Partnership, the transfer would result in the Operating Partnership’s being treated as an association
taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of legal counsel for the Operating Partnership, it would adversely affect the ability of the GP Parent
to continue to qualify as a REIT or subject the GP Parent 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. 
 (f) No transfer by a Limited Partner of any Operating Partnership Interest may be made to a lender to the Operating Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the
Operating Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld 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 Operating Partnership and the General Partner to exchange or redeem for the Cash Amount any Operating Partnership Units in which a security interest is
held simultaneously with the time at which such lender would be deemed to be a Partner in the Operating Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
 (g) Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon,
or recognized by, the Operating Partnership. 
 (h) Prior to the consummation of any Transfer under this Article 9, the
transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 
 9.3 Admission of Substitute Limited Partner.  
 (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee,
or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Operating Partnership only with the consent of the General Partner and upon the satisfactory completion of the
following: 
  

 38 

 (i) The assignee shall have accepted and agreed to be bound by the terms and provisions
of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner.

 (ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have delivered a
letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If the assignee is a corporation, partnership, limited liability company or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Operating Partnership of the
assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 
 (v) The assignee
shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof. 
 (vi) The
assignee shall have paid all legal fees and other expenses of the Operating Partnership and the GP Parties and filing and publication costs in connection with its substitution as a Limited Partner. 
 (vii) The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which
consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 
 (b) For the
purpose of allocating Profits and Losses and distributing cash received by the Operating Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Operating Partnership as, a Partner upon the
filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of
transfer and substitution. 
 (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited
Partner by preparing the documentation required by this Section and making all official filings and publications. The Operating Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this
Article 9 to the admission of such Person as a Limited Partner of the Operating Partnership. 
 9.4 Rights of
Assignees of Operating Partnership Interests.  
 (a) Subject to the provisions of Sections 9.1 and 9.2 hereof,
except as required by operation of law, the Operating Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Operating Partnership Interest until the Operating Partnership has
received notice thereof. 
 (b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited
Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner
as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 
  

 39 

 9.5 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited
Partner. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not
cause the termination or dissolution of the Operating Partnership, and the business of the Operating Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his
estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate
property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Operating Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the
assignee as a Substitute Limited Partner. 
 9.6 Joint Ownership of Interests. An Operating Partnership
Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any
such jointly held Operating Partnership Interest shall be required to constitute the action of the owners of such Operating Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Operating
Partnership has been provided with evidence satisfactory to the counsel for the Operating Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the
death of one owner of an Operating Partnership Interest held in a joint tenancy with a right of survivorship, the Operating Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Operating
Partnership need not recognize the death of one of the owners of a jointly-held Operating Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause
the Operating Partnership Interest to be divided into two equal Operating Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 ARTICLE 10 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
 10.1 Books and Records. At all times during the continuance of the Operating Partnership, the Partners shall keep or cause
to be kept at the Operating Partnership’s specified office true and complete books of account in accordance with GAAP, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the
Certificate of Limited Partnership and all Certificates of amendment thereto, (c) copies of the Operating Partnership’s federal, state and local income tax returns and reports, (d) copies of this Agreement and amendments thereto and
any financial statements of the Operating Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection,
duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
 10.2
Custody of Operating Partnership Funds; Bank Accounts.  
  

 40 

 (a) All funds of the Operating Partnership not otherwise invested shall be deposited in
one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

 (b) All deposits and other funds not needed in the operation of the business of the Operating Partnership may be invested
by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the
Operating Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 
 10.3 Fiscal and Taxable Year. The fiscal and taxable year of the Operating Partnership shall be the calendar year except
as otherwise may be required by applicable law. 
 10.4 Annual Tax Information and Report. The General Partner
shall furnish to each person who was a Limited Partner at any time during each fiscal year the tax information necessary to file such Limited Partner’s individual tax returns for such year as shall be required by law, taking into account any
applicable extensions. 
 10.5 Tax Matters Partner; Tax Elections; Special Basis Adjustments.  
 (a) The General Partner shall be the Tax Matters Partner of the Operating Partnership within the meaning of Section 6231(a)(7) of
the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain
professional assistance in respect of any audit of the Operating Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Operating Partnership as Tax Matters Partner shall constitute
Operating Partnership expenses. In the event the General Partner receives notice of a final Operating Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial
review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited
Partners, within such period, that describes the General Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or permitted to be made by the Operating Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
 (c) In the event of a transfer of all or any part of the Operating Partnership Interest of any Partner, the Operating Partnership, at the
option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Operating Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to
Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under
this Agreement. Each Partner will furnish the Operating Partnership with all information necessary to give effect to such election. 
  

 41 

 10.6 Reports to Limited Partners.  
 (a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner
shall cause to be mailed to each Limited Partner a quarterly report containing financial statements of the Operating Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for
such fiscal quarter, presented in accordance with GAAP. As soon as practicable after the close of each fiscal year, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the
Operating Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with GAAP. The annual financial statements shall be audited by
accountants selected by the General Partner. 
 (b) Any Partner shall further have the right to a private audit of the books
and records of the Operating Partnership at the expense of such Partner, provided such audit is made for Operating Partnership purposes and is made during normal business hours. 
 ARTICLE 11 
 AMENDMENT OF AGREEMENT; MERGER 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the
Limited Partners, may amend this Agreement in any respect or merge or consolidate the Operating Partnership with or into any other Operating Partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to
Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Operating Partnership shall require the consent of Limited Partners holding more than 50% of the
Percentage Interests: 
 (a) any amendment affecting the operation of the Conversion Factor or the Redemption Right (except
as provided in Section 8.5(d) or 7.1(c) hereof) in a manner adverse to the Limited Partners; 
 (b) any amendment that
would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Operating Partnership Units pursuant to Section 4.3 hereof; 
 (c) any amendment that would alter the Operating Partnership’s allocations of Profit and Loss to the Limited Partners, other than
with respect to the issuance of additional Operating Partnership Units pursuant to Section 4.3 hereof; or 
 (d) any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Operating Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS 
 12.1 Notices. All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in
the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify 

  

 42 

 
a different address by notifying the General Partner in writing of such different address. Notices to the Operating Partnership shall be delivered at or
mailed to its specified office. 
 12.2 Survival of Rights. Subject to the provisions hereof limiting
transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Operating Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3 Additional Documents. Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver
all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 
 12.4 Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to
the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
 12.5 Entire Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral
agreements, understandings and negotiations with respect to the subject matter hereof. 
 12.6 Pronouns and
Plurals. When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may
require. 
 12.7 Headings. The Article headings or sections in this Agreement are for convenience only and
shall not be used in construing the scope of this Agreement or any particular Article. 
 12.8 Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall
not have signed the same counterpart. 
 12.9 Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.9. 
 [signatures on following page] 
  

 43 

  IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to
this Amended and Restated Limited Partnership Agreement, all as of the date first above written. 
   

					
	GENERAL PARTNER:
	
	CNL Macquarie Income GP, LLC
		
	By:	 	CNL Macquarie Global Income Trust, Inc., its managing member
			
		 	By:	  	 /s/ Curtis B. McWilliams

		 	Name:	  	  Curtis B. McWilliams
		 	Title:	  	  President
	
	LIMITED PARTNER:
	
	CNL Macquarie Global Income Trust, Inc.
		
	By:	 	 /s/ Mark D. Mullen

	Name:	 	  Mark D. Mullen
	Title:	 	  Senior Vice President

  

 44 

 EXHIBIT A 
  

										
	 Partner
	  	 Cash
 Contribution
	  	 Operating Partnership
 Units
	  	 Percentage
 Interest
	 	 	 
					
	 GENERAL PARTNER:
	  		  		  			 	
					
	 CNL Macquarie Income GP,
LLC
 450 South Orange Ave.
 Orlando, FL 32801
	  	$2,000	  	222	  	1.0	% 	 	
					
	 ORIGINAL LIMITED
PARTNERS:
	  		  		  			 	
					
	 CNL Macquarie Global Income
Trust, Inc.
 450 South Orange Ave.
 Orlando, FL 32801
	  	$198,000	  	22,000	  	99.0	% 	 	
					
		  		  		  			 	
					
	 Totals
	  	$200,000	  	22,222	  	100	% 	 	

 EXHIBIT B 
 NOTICE OF EXERCISE OF REDEMPTION RIGHT 
 In accordance with Section 8.5 of the
Amended and Restated Limited Partnership Agreement (the “Agreement”) of CNL Macquarie Income, LP, the undersigned hereby irrevocably (i) presents for redemption
             Operating Partnership Units in CNL Macquarie Income, LP in accordance with the terms of the Agreement and the Redemption Right referred to in Section 8.5
thereof, (ii) surrenders such Operating Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner
deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es)
specified below. 
  

			
	 Dated:                         ,
        
	  	  

		  	 (Name of Limited Partner)

		
		  	  

		  	 (Signature of Limited Partner)

		
		  	  

		  	 (Mailing Address)

		
		  	  

		  	 (City)    (State)    (Zip Code)

		
		  	 Signature Guaranteed by:

		
		  	  

 If REIT Shares are to be issued, issue to: 
  

					
	 Name:
	  	  
	  	

  

							
	 Social Security or Tax I.D. Number:Form of Amended and REstated Limited Partnership Agreement

  EXHIBIT 10.3.1 
 FORM OF AMENDED AND RESTATED ADVISORY AGREEMENT 
 THIS AMENDED AND RESTATED ADVISORY
AGREEMENT, dated as of                             , is between CNL Macquarie Global Income Trust,
Inc., a corporation organized under the laws of the State of Maryland (the “Company”), CNL Macquarie Income, LP, a limited partnership organized under the laws of the State of Delaware (the “Operating Partnership”), and CNL
Macquarie Global Income Advisors, LLC, a limited liability company organized under the laws of the State of Delaware (the “Advisor”), and amends and restates in its entirety that certain Advisory Agreement by and among the aforementioned
parties, dated April 7, 2009. 
  W I T N E S S E T H 
  WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement (No. 333-158478) and amendments
thereto on Form S-11 registering 150,000,000 shares of its common stock, par value $0.01 per share (as defined below), to be offered to the public, and the Company may subsequently issue Securities (as defined below) other than such shares or
otherwise raise additional capital; 
  WHEREAS, the Company intends to qualify as a REIT (as defined below), and invest
its funds in investments permitted by the terms of the Prospectus (as defined below) and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the sole owner of the general partner of the Operating Partnership and intends to conduct all of its business and make all investments in Real Property, Real Estate Related Securities, Loans
and Permitted Investments (each as defined below), through the Operating Partnership; 
 WHEREAS, the Company and the
Operating Partnership desire to avail themselves of the experience, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf
of, and subject to the supervision, of the Board of Directors (as defined below) of the Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 (1)        Definitions.    As used in this
Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter indicated: 
 Acquisition Expenses.    Any and all expenses, exclusive of Acquisition Fees, incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection,
acquisition, development or construction of any investment, including any Real Property, Real Estate Related Securities, Loans or Permitted Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums, and the costs of performing due diligence. 
 Acquisition Fees.    Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person,
to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or the Advisor) in connection with the selection, evaluation, structure, purchase, development or construction of Real
Property or with making or investing in Loans, Real Estate Related Securities or Permitted Investments, including real estate commissions, selection fees, Investment Services Fees, Development Fees, Construction Fees, nonrecurring management fees,
loan fees, points or any other fees of a similar nature. Excluded shall be Development Fees and Construction Fees paid to any Person not affiliated with the Advisor in connection with the actual development and construction of a project. 

 Advisor.    CNL Macquarie Global Income Advisors, LLC, a
limited liability company organized under the laws of the State of Delaware, or any successor advisor to the Company and the Operating Partnership. Notwithstanding the foregoing, a Person hired or retained by CNL Macquarie Global Income Advisors,
LLC to perform property management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of CNL Macquarie Global Income Advisors, LLC with respect to the Company
or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
  Affiliate or
Affiliated.    With respect to any Person, (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other
Person; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly
controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer,
director, trustee or general partner. Notwithstanding anything to the contrary contained herein, CNL Global Income Advisors, LLC and its Affiliates, on the one hand, and Macquarie Real Estate Advisory Services LLC and its Affiliates, on the
other hand, shall not be deemed Affiliates of each other. 
  Articles of
Incorporation.    The Articles of Incorporation of the Company, as amended or restated from time to time. 
 Asset.    Any Real Property, Real Estate Related Security, Loan, Permitted Investment or other investment (other than investments in bank accounts or money market funds) owned by the Company, directly or
indirectly through one or more of its Joint Ventures or Subsidiaries, and any other investment made by the Company, directly or indirectly through one or more of its Joint Ventures or Subsidiaries. 
 Asset Management Fee.    Asset Management Fee shall have the meaning set forth in Section 9(a) of this
Agreement. 
 Average Invested Assets.    For a specified period, the average of the aggregate
book value of the Assets before deducting depreciation, bad debts or other non-cash reserves computed by taking the average of such values at the end of each month during such period. 
 Board of Directors, Board or Directors.    The persons holding such office, as of any particular time, under
the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws.    The bylaws of the Company, as the same are in effect and may be amended from time to time. 
 Cause.    With respect to the termination of this Agreement, (a) fraud, criminal conduct, willful misconduct or willful or negligent breach of fiduciary duty by the Advisor; or
(b) a material breach of this Agreement of any nature whatsoever by the Advisor, which breach is not cured within 30 days of notice given to the Advisor specifying the nature of the alleged breach. 
 CNL Sponsor.    CNL Financial Group, LLC, a Florida limited liability company. 
 Code.    The Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto.
Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

 Common Shares.    The common stock, par value $0.01 per share, of the Company that may be
issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Company.    Company shall have the meaning set forth in the preamble of this Agreement. 
  

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 Company Property.    Any and all property, real, personal or
otherwise, tangible or intangible, which is transferred or conveyed to the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing (including all rents, income, profits and gains therefrom), and which is owned
or held by, or for the account of, the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing. 
 Construction Fee.    A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major
repairs or rehabilitations on a property. 
 Competitive Real Estate Commission.    A real estate
or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price.    The amount actually paid in respect of the purchase of a Real Property, and the amount budgeted in respect of the development, construction
or improvement of a Real Property, the amount of funds advanced with respect to a Loan or the amount actually paid in respect to the purchase of other Real Estate Related Securities or Permitted Investments, in each case exclusive of Acquisition
Fees and Acquisition Expenses. 
 Development Fee.    The fee for the packaging of a Company
Property, including negotiating and approving plans and assisting in obtaining zoning and necessary variances and financing for a specific Company Property to be developed or under development, either initially or at a later date. 
 Director.    A member of the Board of Directors of the Company. 
 Disposition Fee.    The fee payable to the Advisor under Section 9(c). 
 Distributions.    Any distributions of money or other property by the Company to owners of Equity Shares,
including distributions that may constitute a return of capital for federal income tax purposes. 
 Distribution
Reinvestment Plan.    Any reinvestment plan adopted from time to time by the Company pursuant to which the Company’s stockholders may elect to have the full amount of their cash distributions reinvested in additional
Common Shares. 
 Equity Shares.    Transferable shares of beneficial interest of the Company of
any class or series, including Common Shares or Preferred Shares. The use of the term “Equity Shares” or any term defined by reference to the term “Equity Shares” shall refer to the particular class or series of capital stock of
the Company which is appropriate under the context. 
 Excess Amount.    Excess Amount shall have
the meaning set forth in Section 12 of this Agreement. 
 Excess Shares.    Equity Shares
that have been designated as “Excess Shares” pursuant to the Company’s Articles of Incorporation. 
 Expense Year.    Expense Year shall have the meaning set forth in Section 12 of this Agreement. 
 FINRA.    The Financial Industry Regulatory Authority. 
 GAAP.    Generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the U.S. Securities and Exchange Commission. 

 Good Reason.    With respect to the termination of this Agreement, (a) in connection with a
merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Equity Shares in one or more related transactions (pursuant to which any
such transaction the Stockholders receive cash, Listed or non-Listed equity Securities for their Equity Shares, or combination thereof), sale of substantially all of the assets, or other similar transaction involving the Company or the Operating
Partnership; (b) any failure to obtain a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company’s and/or the Operating Partnership’s obligations under this
Agreement, whether or 
   

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not a majority of the Directors then in office are replaced or removed; or (c) any material breach of this Agreement of any nature whatsoever by the
Company and/or the Operating Partnership, which breach is not cured within 30 days of notice given to the Company and/or the Operating Partnership specifying the nature of the alleged breach. 
 Gross Proceeds.    The purchase price of all Equity Shares sold for the account of the Company through all
Offerings, without deduction for Organizational and Offering Expenses or volume or other discounts. For the purpose of computing Gross Proceeds, the purchase price of any Equity Share for which reduced or no Selling Commissions or Marketing Support
Fees are paid to the Managing Dealer or a Participating Broker shall be deemed to be the full amount of the Offering price per Equity Share pursuant to the Prospectus for such Offering, with the exception of Equity Shares purchased pursuant to the
Company’s Distribution Reinvestment Plan, which will be factored into the calculation using their actual purchase price. 
 Incentive Fees.    The Subordinated Share of Net Sales Proceeds, the Subordinated Incentive Fee and the Performance Fee. 
 Independent Director.    Independent Director shall have the meaning set forth in the Articles of Incorporation. 
 Initial Public Offering.    The Company’s first public offering of Equity Shares pursuant to an effective
registration statement filed under the Securities Act of 1933, as amended. 
 Invested
Capital.    The amount calculated by multiplying the total number of Common Shares issued and outstanding by the Offering price per share, without deduction for volume or other discounts or Organizational and Offering
Expenses (which price per Common Share, in the case of Common Shares purchased pursuant to the Distribution Reinvestment Plan, shall be deemed to be the actual purchase price), reduced by the amount paid to redeem Common Shares pursuant to the
Company’s redemption plan. 
 Investment Services Fee.    Investment Services Fee shall have
the meaning set forth in Section 9(b)(i) of this Agreement. 
 Joint Ventures.    Those joint
venture or partnership arrangements in which the Company, the Operating Partnership or any of its Subsidiaries is a co-venturer or partner and which are established to acquire Real Properties, Real Estate Related Securities, Loans or Permitted
Investments. 
  Liquidity Event.    A Listing or any merger, reorganization, business
combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Equity Shares in one or more related transactions, or other similar transaction involving the Company or
the Operating Partnership pursuant to which the Stockholders receive for their Equity Shares, as full or partial consideration, cash, Listed or non-Listed equity Securities or combination thereof. 
 Listing or Listed.    The listing of the Common Shares of the Company (or any successor thereof) on a national
securities exchange or the receipt by the Company’s Stockholders of securities that are approved for trading on a national securities exchange in exchange for the Company’s Common Shares. With regard to the Company’s Common Shares,
upon commencement of trading of the Common Shares of the Company on a national securities exchange, the Company’s Common Shares shall be deemed “Listed”. 
 Loans.    Mortgage Loans and other types of debt financing provided by or held by the Company from time to time. 
  Managing Dealer.    CNL Securities Corp., an Affiliate of the Advisor, or such other Person or entity selected
by the Board of Directors to act as the managing dealer for an Offering. CNL Securities Corp. is a member of FINRA. 
  Market Value.    The value of the Company measured in connection with an applicable Liquidity Event determined as follows (i) in the case of the Listing of the Common Shares of the Company on a national securities
exchange, by taking the average closing price or average of bid and asked price thereof, as the case may be, over a period of 30 days during which the Common Shares are traded, with such period beginning 180 days after Listing of the Company’s
Common Shares, (ii) in the case of the receipt by Stockholders of securities of another entity that are approved for trading on a national securities exchange in connection with the consummation of such Liquidity Event, by taking the average closing
price or average of bid and asked price thereof, as the case may be, over a period of 30 days during which such securities are traded, with such period beginning 180 days after the commencement of trading of such securities or (iii) in the case of
the receipt by Stockholders of securities of another entity that are trading on a national securities exchange prior to the consummation of the Liquidity Event, by taking the average closing price or average of bid and asked price thereof, as the
case may be, over a period of 30 days ending on the effective date of the Liquidity Event. Any cash consideration received by the Stockholders in connection with any Liquidity Event shall be added to the Market Value determined in accordance with
clause (i), (ii) or (iii). In the event that the Stockholders receive non-Listed equity Securities as full or partial consideration with respect to any Liquidity Event, no value shall be attributed to such non-Listed equity Securities and the Market
Value in any such Liquidity Event shall be solely with respect to Listed securities and/or cash received in such Liquidity Event, if any, as determined above. 
  Marketing Support Fee.    The fees payable to the Managing Dealer in connection with the sale of Equity Shares for marketing support. 
  Mortgage Loans.    In connection with mortgage financing provided by or held by the Company, notes or other
evidences of indebtedness or obligations that are secured or collateralized by Real Property owned by the borrowers. 
  MRE Sponsor.    Macquarie Capital Funds Inc., a Delaware corporation. 
 NASAA REIT
Guidelines.    The Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association on May 7, 2007. 
  

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 Net Income.    For any period, the Company’s total
revenues determined in accordance with GAAP applicable to such period, less the total expenses determined in accordance with GAAP applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash
reserves and Acquisition Expenses and Acquisition Fees to the extent not capitalized, excluding any gain from the sale of Assets. 
  Net Sales Proceeds.    In the case of a transaction described in clause (a) of the definition of Sale, the proceeds of any such transaction less the amount of all selling expenses
incurred by or on behalf of the Company or the Operating Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (b) of such definition, Net Sales Proceeds
means the proceeds of any such transaction less the amount of selling expenses incurred by or on behalf of the Company or the Operating Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such
transaction. In the case of a transaction described in clause (c) of such definition, Net Sales Proceeds means the Company’s or Operating Partnership’s pro rata share of the proceeds of any such transaction received by the Joint
Venture, less the amount of any selling expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses, incurred by or on behalf of the Company or the Operating Partnership. In the
case of a transaction or series of transactions described in clause (d) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in satisfaction
thereof other than regularly scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the Company, Operating Partnership or any Joint Venture, including all commissions, closing costs and legal fees and expenses.
In the case of a transaction described in clause (e) of such definition, Net Sales Proceeds means the proceeds of any such transaction received by the Company or the Operating Partnership less the amount of selling expenses incurred in
connection with such transaction. With respect to each of the transactions or series of transactions described above in this definition, Net Sales Proceeds means the proceeds of such transaction or series of transactions less the amount of any real
estate commissions, closing costs, and legal fees and expenses and other selling expenses incurred by or allocated to the Company, the Operating Partnership or any Joint Venture in connection with such transaction or series of transactions. Net
Sales Proceeds shall also include any amounts that the Company determines, in its discretion, to be economically equivalent to proceeds of a Sale. The repayment of debt shall be deducted from the proceeds of a transaction for the purpose of
calculating Net Sales Proceeds. 
  Offering.    A public offering of Equity Shares pursuant
to a Prospectus. 
 Operating Partnership.    Operating Partnership shall have the meaning set
forth in the preamble of this Agreement. 
  Operating Partnership Agreement.    The Limited
Partnership Agreement of the Operating Partnership between CNL Macquarie Income GP, LLC, a Delaware limited liability company, and the Company, as may be amended from time to time. 
  OP Unit.    A unit of limited partnership interest in the Operating Partnership. 
 Organizational and Offering Expenses.    Any and all costs and expenses, including Selling Commissions and the
Marketing Support Fee incurred by the Company or any of its Affiliates in connection with the formation, qualification and registration of the Company and the marketing and distribution of Equity Shares in an Offering, including, without limitation,
the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and distributing costs; personnel costs associated with processing investor subscriptions and the preparation and dissemination of
organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents, registrars, trustees, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification
of the Equity Shares under federal and state laws. 
 Ownership Limit.    At any time at which the
Company is required to meet the requirements of Section 856(a) of the Code in order to qualify as a REIT, with respect to each class or series of Equity Shares, 9.8% (by vote or value) of the outstanding shares of such Equity Shares.

  

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 Participating Broker.    A broker-dealer who is a member of
FINRA or who is exempt from broker-dealer registration, and who, in either case, has executed a participating broker or other agreement with the Managing Dealer to sell Equity Shares. 
 Performance Fee.    The fee payable to the Advisor under Section 18(b). 
 Permitted Investments.    All investments that are permitted to be made by a REIT under the Code. 

Person.    An individual, corporation, partnership, trust, joint venture, limited liability company or
other entity or association. 
 Preferred Shares.    Any class or series of preferred stock, par
value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Priority Return.    As of any date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital, prorated for any partial year. For
purposes of calculating the Priority Return for any calendar year or portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. 
 Prospectus.    The most recent final prospectus of the Company relating to the Common Shares as filed with the
Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 
  Real
Estate Asset Value.    The value of Real Properties wholly owned by the Company, the Operating Partnership and/or any of their respective Subsidiaries, determined on the basis of cost (before non-cash reserves and
depreciation), plus, in the case of Real Properties owned by any Joint Venture or partnership in which the Company, the Operating Partnership and/or any of their Subsidiaries is the co-venturer or partner, the Company’s, Operating
Partnership’s or such Subsidiary’s, as applicable, proportionate share of the value of such Real Properties determined on the basis of cost (before non-cash reserves and depreciation); provided, however, that during periods in which the
Board is determining on a regular basis the current value of the Company’s net assets for purposes of enabling fiduciaries of employee benefit plan stockholders to comply with applicable Department of Labor reporting requirements, the
“Real Estate Asset Value” shall be equal to the greater of (i) the amount determined pursuant to the foregoing or (ii) the most recent aggregate valuation of the Real Properties established by the most recent independent valuation reports
(before non-cash reserves and depreciation). For the purpose of the foregoing, the cost basis of a Real Property shall include the original contract price thereof plus any capital improvements made thereto, exclusive of Acquisition Fees and
Acquisition Expenses. 
  Real Estate Related Securities.    The real estate related
securities investments, or such investments the Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real Property,
which are owned from time to time by the Company, the Operating Partnership, Subsidiaries or Joint Ventures. 
 Real
Property.    (a) Land, including the buildings located thereon, (b) land only and/or (c) the buildings only, which are owned from time to time by the Company or the Operating Partnership, either directly or
through Subsidiaries, joint venture arrangements or other partnerships, or (d) such investments the Board of Directors and the Advisor mutually designate as Real Property to the extent such investments could be classified as either Real
Property or Real Estate Related Securities. Properties sold by the Company, the Operating Partnership or any of their Subsidiaries to tenancy-in-common investors shall be deemed Real Property for the purposes of this definition so long as
(x) such properties are being leased by the Company, the Operating Partnership or any of their Subsidiaries from the tenancy-in-common investors, and (y) such properties are reflected as assets of the Company in accordance with GAAP.

 REIT.    A “real estate investment trust” as defined pursuant to sections 856 through
860 of the Code. 
 Sale or Sales.    Any transaction or series of transactions whereby
(a) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, and
including any event with respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Company or the Operating Partnership directly or indirectly (except as described in other
subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner;
(c) any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, 
  

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conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to
insurance claims or condemnation awards; (d) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or
portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant
amount of insurance proceeds or similar awards; or (e) the Company, the Operating Partnership or any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of any other asset not previously described in this definition or any portion thereof. 
  Securities.    Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness,
secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for,
guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing, if and only if any such item is treated as a “security” under the Securities Exchange Act of 1934 or applicable state securities
laws. 
  Selling Commissions.    Any and all commissions payable to underwriters, managing
dealers, or other broker-dealers in connection with the sale of Equity Shares through Offerings, including, without limitation, selling commissions payable to the Managing Dealer. 
 Stockholders.    The registered holders of the Company’s Equity Shares. 
 Subordinated Incentive Fee.    The fee payable to the Advisor under Section 9(e). 
 Subordinated Share of Net Sales Proceeds.    The fee payable to the Advisor under Section 9(d).

 Subsidiary.    Any corporation, limited liability company, partnership, business trust or other
entity of which the Company, directly or indirectly, owns or controls at least fifty percent (50%) of the voting securities or economic interests. 
 Termination Date.    The date of termination of this Agreement. 
 Termination Event.    The termination or non-renewal of this Agreement (a) by the Advisor for Good Reason or (b) by the Company and the Operating Partnership other than for Cause. 
  Total Operating Expenses.    All costs and expenses paid or incurred by the Company, as determined under GAAP,
that relate in any way to the operation of the Company or to corporate business, including Asset Management Fees and other fees paid to the Advisor, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses,
legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of Equity Shares,
(b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves, (e) the Performance Fee, the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any
other incentive fees paid in compliance with the NASAA REIT Guidelines, (f) Acquisition Fees and Acquisition Expenses, (g) real estate commissions on the Sale of Real Property, (h) Disposition Fees (however, any Disposition Fee paid
to an Affiliate or related party of the Advisor in connection with the disposition of Securities as provided in Section 9(c) shall not be so excluded), (i) property management fees and leasing commissions or other amounts incurred pursuant to
property management agreements, (j) property or investment direct operating expenses, and (k) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other
property (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of Total Operating Expenses set forth above is intended to encompass only those expenses which are
required to be treated as Total Operating Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT
Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
   

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 2%/25% Guidelines.    The requirement pursuant to the NASAA
REIT Guidelines that, in any 12-month period, Total Operating Expenses shall not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month
period. 
 (2)        Appointment.    The Company and the
Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 (3)        Duties of the Advisor.    The Advisor undertakes to use its
commercially reasonable efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the
Company as determined and adopted from time to time by the Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Prospectus, Articles of Incorporation and Bylaws of the
Company, and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging any such Person, including an Affiliate, that it deems qualified: 
 (a)        serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and
statistical data in connection with the Company’s and the Operating Partnership’s Assets and investment policies; 
 (b)        provide the daily management of the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the
Company and the Operating Partnership; 
 (c)        investigate, select, and, on
behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 
 (d)        consult with the officers and Directors of the Company and assist the Directors in
the formulation and implementation of the Company’s and the Operating Partnership’s financial policies, and, as necessary, furnish the Directors with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; 
 (e)        subject to the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and select potential investments; (ii) structure and
negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the
Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (v) enter into leases and
service contracts for Real Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Property; 
 (f)        upon request, provide the Directors with periodic reports regarding prospective investments; 
 (g)        obtain the prior approval of the Board, any particular Directors specified by the
Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real Properties; 
 (h)        make investments in and dispositions of Real Estate Related Securities, Loans and Permitted Investments within the discretionary limits and authority as granted by the Board; 
  

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 (i)        negotiate on behalf of the Company
and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate
private sales of Equity Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and
costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (j)        obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of
investments or contemplated investments of the Company and/or the Operating Partnership in Real Properties, Real Estate Related Securities, Loans and Permitted Investments; 
 (k)        from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the
Company and the Operating Partnership under this Agreement; 
 (l)        provide
the Company and the Operating Partnership with all necessary cash management services; 
 (m)        do all things necessary to assure its ability to render the services described in this Agreement; 
 (n)        deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in and valuations of Real
Properties, Real Estate Related Securities, Loans and Permitted Investments as may be required to be obtained by the Board; 
 (o)        effect any private placement of OP Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board; 
 (p)        make necessary regulatory filings, including filing tax returns on behalf of the
Company and the Operating Partnership; 
 (q)        prepare or oversee third
parties in preparing all financial reports, statements or analysis required by regulatory authorities or the Board; 
 (r)        provide investor relations services to the Company; 
 (s)        provide Sarbanes-Oxley compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (t)        provide tax compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (u)        provide foreign currency management (including foreign currency hedging); and

 (v)        notify the Board of all proposed transactions not otherwise described
above, the value of which exceeds an amount which may be designated by the Board from time to time, before they are completed. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of the duties set forth in this Section 3.

  

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	 	(4)	 Authority of the Advisor. 

 (a)        Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and
exclusive authority of the Directors over the management of the Company, the Board hereby delegates to the Advisor the authority to take those actions set forth in Section 3. 
 (b)        Notwithstanding the foregoing, any investment in a Real Property, Real Estate Related
Security, Loan or Permitted Investment, including any acquisition or disposition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Directors, any
particular Directors specified by the Board or any committee of the Board, or otherwise come within the authority delegated by the Board to the Advisor, as the case may be. 
 (c)        If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other
information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the
Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4.
If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Properties, Real Estate Related
Securities, Loans or Permitted Investments as thereafter require prior approval, provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which
the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 (5)        Bank Accounts.    The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and
deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds
shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the auditors of the Company. Notwithstanding the foregoing, the Advisor
may delegate its duties under this Section 5 to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of its duties under this Section 5. 
 (6)        Records; Access.    The Advisor shall maintain appropriate
records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company and the Operating Partnership, at any time and from time to time during normal
business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership as necessary to perform its duties pursuant to this Agreement. 
 (7)        Limitations on Activities.    Anything else in this
Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT; (b) subject the Company to
regulation under the Investment Company Act of 1940, as amended; or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Securities, or otherwise not be
permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the
Directors so given. Notwithstanding the foregoing, neither the Advisor nor any subadvisor, nor any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates shall be liable to the Company, the Directors or
Stockholders for any act or omission by the Advisor or 

  

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any subadvisor, or any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates taken or omitted to be taken in
the performance of their duties under this Agreement, except as provided in Section 20 of this Agreement, and such parties shall be intended third party beneficiaries of this Section. 
 (8)        Relationship with Directors.    Subject to Section 7
of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate may serve as a
Director and as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or
officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement
set forth in the Articles of Incorporation. 
  

	 	(9)	 Fees. 

 (a)        Asset Management Fee.    The Company or the Operating Partnership shall pay to the Advisor as compensation for the advisory services rendered to the Company and
the Operating Partnership under Section 3 above a monthly fee of an amount equal to 0.08334% of the sum of the Company’s and the Operating Partnership’s respective Real Estate Asset Value (without duplication), plus the outstanding
principal amount of any Loans made, plus the amount invested in Permitted Investments (excluding Real Estate Related Securities and other Securities), and a monthly fee of an amount equal to 0.1042% on the book value of Real Estate Related
Securities and other Securities, in each case as of the end of the preceding month (the “Asset Management Fee”). The Asset Management Fee shall be payable monthly on the first business day following the last day of such month. The
Asset Management Fee shall not exceed fees which are competitive for similar services in the same geographic area, and may or may not be taken, in whole or in part as to any year, in the sole discretion of the Advisor. All or any portion of the
Asset Management Fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as the Advisor shall determine. 
 (b)        Acquisition Fees. 
  (i)        Investment Services Fee.    The Advisor shall receive as compensation for services rendered in connection with the selection, evaluation,
structure and purchase of Real Properties or Permitted Investments that are not Securities, or the making or acquisition of Loans, that are not Securities, a fee (the “Investment Services Fee”) in the amount of (A) with respect
to each (W) Real Property acquired directly by the Company or the Operating Partnership, 3.0% of the Contract Purchase Price of such asset, or (X) Loan or Permitted Investment that is not a Security acquired or made directly by the Company
or the Operating Partnership, 2.0% of the amount invested, and (B) with respect to each (Y) Real Property acquired indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the
Contract Purchase Price of such asset multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures, or (Z) Loan or Permitted Investment that is not a Security acquired or
made indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 2.0% of the amount of the investment, multiplied by the Company’s or the Operating Partnership’s percentage equity
interest in such Affiliates or Joint Ventures. Such fees shall be paid to the Advisor as the Company or the Operating Partnership closes on the acquisition of such Asset. Notwithstanding the foregoing, no Investment Services Fee shall be paid to the
Advisor in connection with the purchase by the Company or the Operating Partnership of Real Estate Related Securities that are Securities, Permitted Investments that are Securities or Loans that are Securities. In the case of a development or
construction project, upon completion of the project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Investment Services Fee was initially based, the Advisor
will pay or invoice the Company for 3.0% of the budget variance such that the Investment Services Fee is ultimately 3.0% of amounts expended on such development or construction project. 
  (ii)        Other Fees.    The Company or the Operating Partnership
may pay the Advisor or its Affiliates fees that are usual and customary for comparable services in connection with the financing, development, construction or renovation of Real Property or the acquisition or disposition of Real Estate Related
Securities or Permitted Investments or the making of Loans. In connection with the acquisition of Securities, the Company or the 
  

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Operating Partnership may pay a brokerage fee that is usual and customary to an Affiliate or related party of the Advisor if, at the time of such payment,
such Affiliate or related party is a properly registered and licensed broker dealer (or equivalent) in the jurisdiction in which the Securities are being acquired. Such fees are in addition to the fees described in clause (i) above and payment
of such fees will be subject to the prior approval of the Board of Directors, including a majority of the Independent Directors, and will be paid by the Company or the Operating Partnership to such Affiliate or related party upon the closing of the
acquisition of the Securities. 
  (iii)        Limitations on Acquisition
Fees.    Acquisition Fees shall be reduced to the extent necessary to limit the total compensation paid to all Persons involved in the acquisition of any Real Properties, Real Estate Related Securities or Permitted
Investments or the making of Loans to the amount customarily charged in arm’s-length transactions by other Persons or entities rendering similar services as an ongoing public activity in the same geographic location and for comparable types of
Real Properties, Real Estate Related Securities, Loans or Permitted Investments and to the extent that other acquisition fees, finder’s fees, real estate commissions, or other similar fees or commissions are paid by any Person in connection
with the transaction. The total of all Acquisition Fees and any Acquisition Expenses shall be reasonable and shall be limited in accordance with the Articles of Incorporation. 
  (c)        Disposition Fee.    If the Advisor, its Affiliates or
related parties provide a substantial amount of the services (as determined in good faith by a majority of the Independent Directors) in connection with the Sale of one or more Assets, the Advisor, Affiliate or related party shall receive a
Disposition Fee in an amount equal to: (i) in the case of the Sale of Real Property, the lesser of (A) one-half of the Competitive Real Estate Commission, or (B) 3% of the sales price of such Real Property or Properties; and
(ii) in the case of the Sale of other Assets (other than Real Property or a Loan), 3% of the sales price of such Asset that is not a Real Property or a Loan. The total of all real estate commissions paid by the Company to all Persons in
connection with any Sale of one or more Real Property or Real Properties shall not exceed the lesser of (i) a Competitive Real Estate Commission or (ii) 6% of the gross sales price of the Real Property or Real Properties. In the case of
the Sale of Loans, the Advisor, Affiliate or related party shall receive a Disposition Fee in an amount equal to 1.0% of the contract sales price of any Loan. The Advisor, Affiliate or related party will not receive a Disposition Fee upon the
maturity, prepayment, workout, modification or extension of a Loan unless there is a corresponding fee paid by the borrower, in which case the Advisor, Affiliate or related party will receive a Disposition Fee in an amount equal to the lesser of
(i) 1.0% of the principal amount of the Loan or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company or the Operating Partnership takes ownership of a Real Property as a result of a workout or
foreclosure of a Loan, the Advisor, Affiliate or related party will receive a Disposition Fee in an amount equal to 1.0% of the sale price of such Real Property. Any Disposition Fee on any Loan in excess of 1.0% shall require the approval of the
majority of the Independent Directors, provided, however, the maximum Disposition Fee on any Loan shall be limited to 3.0% of the contract sales price. Any such Disposition Fee deemed to be earned by the Advisor, Affiliate or related party shall be
paid by the Company or the Operating Partnership to the Advisor, Affiliate or related party upon the closing of the Sale. Notwithstanding the foregoing, no Disposition Fee shall be paid to the Advisor in connection with the Sale by the Company or
the Operating Partnership of Real Estate Related Securities that are Securities, Permitted Investments that are Securities, or Loans that are Securities; provided, however, a Disposition Fee in the form of a usual and customary brokerage fee may be
paid by the Company or the Operating Partnership to an Affiliate or related party of the Advisor in connection with the disposition of Securities if, at the time of such payment, such Affiliate or related party is a properly registered and licensed
broker dealer (or equivalent) in the jurisdiction in which the Securities are being sold and has provided substantial services in connection with the disposition of the Securities. Any such Disposition Fee deemed to be earned by such Affiliate or
related party shall be paid by the Company or the Operating Partnership to such Affiliate or related party upon the closing of the Sale of the Securities. Any such Disposition Fee paid to an Affiliate or related party of the Advisor in connection
with the Sale of Securities shall be included in Total Operating Expenses for purposes of calculating conformance with the 2%/25% Guidelines. 
 (d)        Subordinated Share of Net Sales Proceeds.    The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount
equal to 15% of the amount by which (i) the sum of (A) Net Sales Proceeds from Sales, and (B) the total Distributions paid to holders of Common Shares from the Company’s inception through the measurement date, and (C) the
total of any Incentive Fees paid from inception through the measurement date exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the
Company’s inception until the measurement date, including those paid prior to the date of payment. Such amount shall be paid no later than 30 days after the Sale generating Net Sales Proceeds closes; provided that any amount that may be payable
shall be reduced by all prior Incentive Fees paid. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (e)        Subordinated Incentive Fee.    Upon a Liquidity Event, the Advisor shall be paid the Subordinated Incentive Fee in an amount equal to 15%
of the amount by which (i) the sum of (A) the 
   

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Market Value, and (B) the total Distributions declared (and payable with respect to a record date prior to the effective date of the applicable
Liquidity Event and a payment date after the date of such Liquidity Event) or paid to holders of Common Shares from the Company’s inception until the effective date of the Liquidity Event, and (C) the total of any Incentive Fees paid from
inception through the effective date of the Liquidity Event exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the Company’s
inception through the effective date of the Liquidity Event, including those paid prior to such date of determination. Such amount shall be reduced by all prior Incentive Fees paid. The Company shall have the option to pay such fee in the form of
cash or Listed Equity Shares (subject to reasonable and customary lock-up provisions) or any combination of the foregoing. 
 (f)        No Duplication of Incentive Fees. Incentive Fees may be calculated and paid with respect to multiple transactions or events if there is not a single transaction or event that
constitutes a Liquidity Event for all of the Company’s assets or all of the Equity Shares. However, in no event will there be any duplication in the payment of Incentive Fees with respect to any particular assets or Equity Shares of the
Company. 
   

	 	(10)	 Expenses. 

  (a)        In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall reimburse the Advisor for all of the expenses paid or
incurred by the Advisor and its Affiliates or subadvisors, if applicable, in connection with the services provided by the Advisor (or on behalf of the Advisor by its Affiliates or subadvisors, if applicable) to the Company and the Operating
Partnership pursuant to this Agreement, including, but not limited to: 
  (i)        the Company’s Organizational and Offering Expenses; provided, however, that the aggregate of the Organizational and Offering Expenses paid by the Company shall not exceed 15% of Gross
Proceeds, and within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the Company or the Operating Partnership for any Organizational and Offering Expenses to the extent that any reimbursement received
by the Advisor pursuant to this Section 10(a)(i) exceeds the maximum amount permitted or, at the option of the Company or the Operating Partnership, such excess shall be subtracted from the next reimbursement of expenses to be made by the
Company or the Operating Partnership pursuant to this Section 10(a)(i). The Advisor shall pay or directly reimburse the Company to the extent that any Organizational and Offering Expenses exceed 15% of Gross Proceeds; 
 (ii)        Acquisition Expenses incurred in connection with the selection, acquisition,
development or construction of Assets; 
 (iii)        the actual cost of goods and
services used by the Company and the Operating Partnership and obtained from entities not Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related
Securities; 
 (iv)        interest and other costs for borrowed money, including
discounts, points and other similar fees; 
 (v)        taxes and assessments on
income of the Company, the Operating Partnership or its Subsidiaries or in connection with any Assets; 
 (vi)        all costs and insurance premiums required in connection with the business of the Company and the Operating Partnership, including providing Directors and Officers insurance to the
Directors; 
 (vii)        expenses of managing and operating Real Properties owned
by the Company and the Operating Partnership, whether payable to an Affiliate of the Company and the Operating Partnership or a non-Affiliated Person; 
 (viii)        payments and expense reimbursements to the Directors and meetings of the Directors and Stockholders; 
 (ix)        expenses associated with a Listing, if applicable, or with the issuance and
distribution of Equity Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees and Listing and registration fees and costs; 
  

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 (x)        expenses connected with payments of
Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (xi)        expenses of organizing, revising, amending, converting, modifying, or terminating the Company, the Operating Partnership, the Articles of Incorporation or the Operating Partnership
Agreement; 
 (xii)        expenses of maintaining communications with Stockholders,
including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)        personnel costs and related overhead costs of personnel of the Advisor or its Affiliates, but excluding personnel providing asset management
or acquisition services and named executive officers of the Advisor relating to services provided to the Company, the Operating Partnership and their Subsidiaries or assets of such entities; and 
 (xiv)        internal or external audit, accounting, tax, legal fees and compliance costs
(including personnel costs, and related overhead, of personnel of the Advisor or its Affiliates). 
 (b)        Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor.
The Advisor shall prepare a statement documenting the reimbursable expenses of the Company and the Operating Partnership and the calculation of the Asset Management Fee, and shall deliver such statement to the Company and the Operating Partnership
within 20 days after the end of each month. 
 (11)    Other
Services.    Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall
be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services
pursuant to the terms of this Agreement. 
 (12)        Limitation on
Reimbursement to the Advisor.    Commencing with the fourth full fiscal quarter following the effective date of the Company’s Initial Public Offering, for any period during which the Company’s Articles of
Incorporation require compliance with the 2%/25% Guidelines, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense
Year”) exceed the 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors make a finding that, based on such unusual and non-recurring factors which they deem sufficient, a higher level of
expenses is justified for such Expense Year. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. If the Independent Directors do not determine that such Excess Amount is justified, any Excess Amount paid
to the Advisor during a fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem
sufficient, then the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the
Independent Directors considered in determining that such excess expenses were justified. Further, the Company shall not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the
form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
 (13)        Other Activities of the Advisor.    Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, direct investment in assets that would be suitable for the Company and the Operating Partnership; the rendering of advice to other Persons (including other REITs) and the management
of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of the Advisor or any of its Affiliates or of any director, officer, employee, member or stockholder of the
Advisor or its Affiliates to engage in or earn fees 
  

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from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for
rendering such services. The Advisor and/or its Affiliates or subadvisors may, with respect to any investment in which the Company and the Operating Partnership is a participant, also render advice and service to each and every other participant
therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company and the Operating Partnership may enter into joint ventures or other similar co-investment arrangements with certain Persons, and
pursuant to the agreements governing such joint ventures or arrangements, the Advisor and/or its Affiliates or subadvisors may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such
advice and service. 
 The Advisor shall be required to use commercially reasonable efforts to present a continuing and
suitable investment program to the Company and the Operating Partnership that is consistent with their investment policies and objectives, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any
particular investment opportunity to the Company and the Operating Partnership even if the opportunity is of a character which, if presented to the Company and the Operating Partnership, could be taken by them. 
 (14)        Term; Termination of Agreement.    This Agreement shall
continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. 
  (15)        Termination by the Parties.    This Agreement may be terminated (i) immediately by the Company and/or the
Operating Partnership for Cause or upon the bankruptcy of the Advisor; (ii) upon 60 days prior written notice without Cause and without penalty by a majority of the Independent Directors of the Company; (iii) upon 60 days prior written
notice without Good Reason and without penalty by the Advisor; or (iv) immediately by the Advisor for Good Reason or upon the bankruptcy of the Company. Sections 18, 19, 20, 30 and 33 shall survive any termination of this Agreement. 

 (16)        Assignment to an Affiliate.    This Agreement
shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which
is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement. 
 (17)        Subcontracts
with Affiliates.    The Advisor may subcontract with any Person it deems qualified, including an Affiliate, for a portion of the services and duties to be performed under this Agreement without obtaining the approval of the
Directors. The Advisor may further subcontract any rights to receive fees or other payments for such services or duties under this Agreement without obtaining the approval of the Directors. Notwithstanding the foregoing, in the event of any such
subcontracting by the Advisor of the services or duties to be performed by it under this Agreement, the Advisor shall remain responsible for the completion and performance of all such services and duties. 
 (18)        Payments to and Duties of Advisor Upon
Termination.    Payments to the Advisor of unpaid expense reimbursements pursuant to this Section 18 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a)        After the Termination Date, the Advisor shall not be entitled to compensation for
further services hereunder except it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor
prior to termination of this Agreement. 
  (b)        Upon a Termination Event,
the Advisor shall be entitled to payment of the Performance Fee. The Performance Fee shall be calculated upon a Liquidity Event or Sale following such Termination Event and (i) in the event of a Liquidity Event, the Performance Fee shall be
calculated and paid in the same manner as the Subordinated Incentive Fee and (ii) in the case of one or more Sales, the Performance Fee shall be calculated and paid in the same manner as the Subordinated Share of Net Sales Proceeds; provided,
however, that the amount of the Performance Fee paid to the Advisor shall be equal to the amount as calculated above multiplied by the quotient of (A) the number of days elapsed from the initial effective date of the Agreement with CNL
Macquarie Global Income Advisors, LLC (the “Initial Effective Date”) to the effective date of the Termination 
   

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Event, divided by (B) the number of days elapsed from the Initial Effective Date through the date of the Liquidity Event or the Sale, as applicable. The
Company shall have the option to pay the Performance Fee in cash, Listed Equity Shares priced at the Market Value (exclusive of the amount of any cash consideration included in the calculation thereof) or Listed equity Securities received by
Stockholders in exchange for their Common Shares priced at Market Value (exclusive of the amount of any cash consideration included in the calculation thereof), such fee to be payable within thirty (30) days following final determination of the
Performance Fee. If the Subordinated Incentive Fee or the Subordinated Share of Net Sales Proceeds is payable to the Advisor in connection with a Liquidity Event or Sale, then the Advisor shall not receive a Performance Fee under this Section 18(b).

 (c)        The Advisor shall be entitled to receive all accrued but unpaid
compensation and expense reimbursements in cash, Listed Equity Shares or Listed equity Securities received by Stockholder in exchange for their Common Shares within 30 days of the Termination Date or within 30 days of the determination of the Market
Value, as applicable. 
  (d)        The Advisor shall promptly upon termination:

 (i)        deliver to the Company and the Operating Partnership all money
collected and held for the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)        deliver to the Directors a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Directors; 
 (iii)        deliver to the Directors all Assets, including Real Properties and Real Estate Related Securities, and documents of the Company and the
Operating Partnership then in the custody of the Advisor; and 
 (iv)        cooperate with the Company and the Operating Partnership to provide an orderly management transition. 
 (19)        Indemnification by the Company and the Operating Partnership.    The Company and the Operating Partnership shall
indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners, employees, agents and advisors, from all liability, claims, damages, taxes or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees and costs, to the extent such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by
the Articles of Incorporation of the Company. Any indemnification of the Advisor may be made only out of the net assets of the Company and the Operating Partnership and not from Stockholders. 
 (20)        Indemnification by Advisor.    The Advisor shall indemnify
and hold harmless the Company and the Operating Partnership from all liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees and taxes, to the extent that such liability, claims, damages, taxes or
losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, misconduct, or gross negligence, but the Advisor shall not be held responsible for any action of the Board of
Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 (21)        Notices.    Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such
notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given deemed given and received by being delivered by hand or on the second
(2nd) business day after mailing by registered or certified United States mail, postage prepaid and return receipt requested, to the other party at the address set forth below: 
  

			
	 To the Directors and to the Company:
	 	 CNL Macquarie Global Income Trust, Inc.
 Attention:
Chief Financial Officer
 CNL Center at City Commons
 450 South
Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500

  

 - 16 - 

			
		  	 with a copy to:
  
 CNL Macquarie Global Income Trust, Inc.
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Operating Partnership:
	  	 CNL Macquarie Income, LP
 Attention: Chief Financial
Officer
 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801
 Facsimile: (407)
540-2500
  
 with a copy to:
  
 CNL Macquarie Income, LP
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois
60606
 Facsimile: (312) 660-9386

		
	 To the Advisor:
	  	 CNL Macquarie Global Income Advisors, LLC
 Attn: Chief
Financial Officer
 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801
 Facsimile: (407)
540-2500
  
 with a copy to:
  
 CNL Macquarie Global Income Advisors, LLC
 c/o Macquarie Capital Funds Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

  Any party may at any time give notice in writing to the other parties of a change in its
address for the purposes of this Section 21. 
 (22)        Amendment or
Modification.    This Agreement shall not be amended, changed, modified or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or permitted
assignees. 
 (23)        Severability.    The provisions
of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part. 
 (24)        Construction.    The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action 
  

 - 17 - 

 
which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 (25)        Entire Agreement.    This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any
nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (26)        Indulgences, Not Waivers.    Neither the failure
nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with
respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (27)        Gender.    Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 (28)        Titles Not to Affect Interpretation.    The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form
a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 (29)        Execution in Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 (30)        Name.    The Advisor has proprietary interests in the names “CNL” and “Macquarie.” Accordingly, and in recognition of this right, if
at any time the Company ceases to retain the Advisor or an Affiliate thereof to perform any of the services of Advisor, the Directors of the Company will, promptly after receipt of written request from the Advisor, (a) cease to conduct business
under or use either of the names “CNL” or “Macquarie,” or any diminutive thereof, and (b) change the name of the Company to a name that does not contain the name “CNL,” “Macquarie” or any other word or
words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the
Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having
“CNL” or “Macquarie” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Directors. The Company’s right to use the name “CNL” and any
associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of the Brand License Agreement among CNL Intellectual Properties, Inc., a Florida corporation, as licensor, and the Advisor, the Company and
CNL Macquarie Global Income Managers, LLC, a Delaware limited liability company (the “Property Manager”), as licensees, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. The Company’s
right to use the name “Macquarie” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of a License Deed among Macquarie Bank Limited, as licensor, and the Advisor, the Company,
and the Property Manager, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. 
 (31)        Independent Contractor.    Neither the Company nor the Advisor shall be construed as joint venturers or owners of each other pursuant to this Agreement,
and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of the Company to the Advisor under this Agreement is that of an independent contractor. 
  

 - 18 - 

 (32)        Interpretation.    This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed
against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised or imposed such provision. 
 (33)        Non-Solicitation.    During the period commencing on the date on which this Agreement is entered into and ending one
year following the termination of the this Agreement, the Company and the Operating Partnership shall not, without the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any person to leave the employment or
other service of the Advisor, or (b) hire, on behalf of the Company, the Operating Partnership or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s
employment the Advisor. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company and the Operating Partnership will not, whether for its own account or for the account of
any other person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor with, or endeavor to entice away from the Advisor, any person who during the term of the Agreement is, or during the
preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor. 
  

 - 19 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and
year first above written. 
  
  
							
	 CNL MACQUARIE GLOBAL INCOME TRUST, INC.

		
	 By:
	 	  

	 Name:
	 	 Mark Mullen

	 Title:
	 	 Senior Vice President

	
	 CNL MACQUARIE INCOME, LP

		
	 By:
	 	 CNL MACQUARIE INCOME GP, LLC, a Delaware
 limited liability company

	 Its:
	 	 General Partner

			
		 	 By:
	 	 CNL MACQUARIE GLOBAL INCOME TRUST,
 INC., a Maryland corporation

		 	 Its:
	 	 Managing Member

				
		 		 	 By:
	 	  

		 		 	 Name:
	 	 Mark Mullen

		 		 	 Title:
	 	 Senior Vice President

	
	 CNL MACQUARIE GLOBAL INCOME ADVISORS, LLC

		
	 By:
	 	  

	 Name:
	 	 Curtis B. McWilliams

	 Title:
	 	 President

   

 - 20 -

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