Document:

Form of Third Amended and Restated Agreement of Limited Partnership

 EXHIBIT 10.3 
  
 FORM OF 
 THIRD AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 DIGITAL REALTY TRUST, L.P. 

 TABLE OF CONTENTS 
  

							
	 	 	 	    	 	  	Page

	 ARTICLE 1.
	 	DEFINED TERMS	  	1
	 	 	 Section 1.1
	    	Definitions.	  	1
	 	 	 Section 1.2
	    	Rules of Construction	  	19
			
	 ARTICLE 2.
	 	ORGANIZATIONAL MATTERS	  	19
	 	 	 Section 2.1
	    	Organization	  	19
	 	 	 Section 2.2
	    	Name	  	20
	 	 	 Section 2.3
	    	Registered Office and Agent; Principal Office	  	20
	 	 	 Section 2.4
	    	Power of Attorney	  	20
	 	 	 Section 2.5
	    	Term	  	21
			
	 ARTICLE 3.
	 	 PURPOSE
	  	21
	 	 	 Section 3.1
	    	Purpose and Business	  	21
	 	 	 Section 3.2
	    	Powers	  	22
	 	 	 Section 3.3
	    	Partnership Only for Purposes Specified	  	22
	 	 	 Section 3.4
	    	Representations and Warranties by the Parties	  	22
	 	 	 Section 3.5
	    	Certain ERISA Matters	  	25
			
	 ARTICLE 4.
	 	 CAPITAL CONTRIBUTIONS
	  	25
	 	 	 Section 4.1
	    	Capital Contributions of the Partners	  	25
	 	 	 Section 4.2
	    	Loans by Third Parties	  	25
	 	 	 Section 4.3
	    	Additional Funding and Capital Contributions	  	25
	 	 	 Section 4.4
	    	Other Contribution Provisions	  	28
	 	 	 Section 4.5
	    	Profit Interest Units	  	28
	 	 	 Section 4.6
	    	No Preemptive Rights	  	31
			
	 ARTICLE 5.
	 	 DISTRIBUTIONS
	  	31
	 	 	 Section 5.1
	    	Requirement and Characterization of Distributions	  	31
	 	 	 Section 5.2
	    	Distributions in Kind	  	32
	 	 	 Section 5.3
	    	Distributions Upon Liquidation	  	32
	 	 	 Section 5.4
	    	Distributions to Reflect Issuance of Additional Partnership Interests	  	32
			
	 ARTICLE 6.
	 	 ALLOCATIONS
	  	32
	 	 	 Section 6.1
	    	Timing and Amount of Allocations of Net Income and Net Loss	  	32
	 	 	 Section 6.2
	    	General Allocations	  	32
	 	 	 Section 6.3
	    	Additional Allocation Provisions	  	35
	 	 	 Section 6.4
	    	Tax Allocations	  	37
			
	 ARTICLE 7.
	 	 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	38
	 	 	 Section 7.1
	    	Management	  	38
	 	 	 Section 7.2
	    	Certificate of Limited Partnership	  	42
	 	 	 Section 7.3
	    	Restrictions on General Partner’s Authority	  	42

  

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	 	 	 	    	 	  	Page

	 	 	 Section 7.4
	    	Reimbursement of the General Partner	  	43
	 	 	 Section 7.5
	    	Outside Activities of the General Partner	  	45
	 	 	 Section 7.6
	    	Contracts with Affiliates	  	46
	 	 	 Section 7.7
	    	Indemnification	  	47
	 	 	 Section 7.8
	    	Liability of the General Partner	  	49
	 	 	 Section 7.9
	    	Other Matters Concerning the General Partner	  	50
	 	 	 Section 7.10
	    	Title to Partnership Assets	  	50
	 	 	 Section 7.11
	    	Reliance by Third Parties	  	51
			
	 ARTICLE 8.
	 	 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	51
	 	 	 Section 8.1
	    	Limitation of Liability	  	51
	 	 	 Section 8.2
	    	Management of Business	  	51
	 	 	 Section 8.3
	    	Outside Activities of Limited Partners	  	51
	 	 	 Section 8.4
	    	Return of Capital	  	52
	 	 	 Section 8.5
	    	Rights of Limited Partners Relating to the Partnership	  	52
	 	 	 Section 8.6
	    	Limited Partner Redemption Rights	  	53
	 	 	 Section 8.7
	    	Conversion of Profits Interest Units.	  	60
	 	 	 Section 8.8
	    	Voting Rights of Profits Interest Units	  	63
			
	 ARTICLE 9.
	 	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	63
	 	 	 Section 9.1
	    	Records and Accounting	  	63
	 	 	 Section 9.2
	    	Fiscal Year	  	64
	 	 	 Section 9.3
	    	Reports	  	64
	 	 	 Section 9.4
	    	Nondisclosure of Certain Information	  	64
			
	 ARTICLE 10.
	 	 TAX MATTERS
	  	64
	 	 	 Section 10.1
	    	Preparation of Tax Returns	  	64
	 	 	 Section 10.2
	    	Tax Elections	  	65
	 	 	 Section 10.3
	    	Tax Matters Partner	  	65
	 	 	 Section 10.4
	    	Organizational Expenses	  	66
	 	 	 Section 10.5
	    	Withholding	  	66
			
	 ARTICLE 11.
	 	 TRANSFERS AND WITHDRAWALS
	  	67
	 	 	 Section 11.1
	    	Transfer	  	67
	 	 	 Section 11.2
	    	Transfer of General Partner’s Partnership Interest	  	67
	 	 	 Section 11.3
	    	Limited Partners’ Rights to Transfer	  	68
	 	 	 Section 11.4
	    	Substituted Limited Partners	  	70
	 	 	 Section 11.5
	    	Assignees	  	71
	 	 	 Section 11.6
	    	General Provisions	  	71
			
	 ARTICLE 12.
	 	 ADMISSION OF PARTNERS
	  	73
	 	 	 Section 12.1
	    	Admission of Successor General Partner	  	73
	 	 	 Section 12.2
	    	Admission of Additional Limited Partners	  	73
	 	 	 Section 12.3
	    	Amendment of Agreement and Certificate of Limited Partnership	  	74

  

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	 ARTICLE 13.
	 	 DISSOLUTION AND LIQUIDATION
	  	74
	 	 	 Section 13.1
	    	Dissolution	  	74
	 	 	 Section 13.2
	    	Winding Up	  	75
	 	 	 Section 13.3
	    	Capital Contribution Obligation	  	76
	 	 	 Section 13.4
	    	Compliance with Timing Requirements of Regulations	  	76
	 	 	 Section 13.5
	    	Deemed Distribution and Recontribution	  	77
	 	 	 Section 13.6
	    	Rights of Limited Partners	  	77
	 	 	 Section 13.7
	    	Notice of Dissolution	  	77
	 	 	 Section 13.8
	    	Cancellation of Certificate of Limited Partnership	  	77
	 	 	 Section 13.9
	    	Reasonable Time for Winding-Up	  	77
	 	 	 Section 13.10
	    	Waiver of Partition	  	78
			
	 ARTICLE 14.
	 	 AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS
	  	78
	 	 	 Section 14.1
	    	Amendments	  	78
	 	 	 Section 14.2
	    	Action by the Partners	  	78
			
	 ARTICLE 15.
	 	 GENERAL PROVISIONS
	  	79
	 	 	 Section 15.1
	    	Addresses and Notice	  	79
	 	 	 Section 15.2
	    	Titles and Captions	  	79
	 	 	 Section 15.3
	    	Pronouns and Plurals	  	79
	 	 	 Section 15.4
	    	Further Action	  	79
	 	 	 Section 15.5
	    	Binding Effect	  	80
	 	 	 Section 15.6
	    	Creditors	  	80
	 	 	 Section 15.7
	    	Waiver	  	80
	 	 	 Section 15.8
	    	Counterparts	  	80
	 	 	 Section 15.9
	    	Applicable Law	  	80
	 	 	 Section 15.10
	    	Invalidity of Provisions	  	80
	 	 	 Section 15.11
	    	Entire Agreement	  	80
	 	 	 Section 15.12
	    	No Rights as Stockholders	  	80
			
	 ARTICLE 16.
	 	 SERIES A PREFERRED UNITS
	  	81
	 	 	 Section 16.1
	    	Designation and Number	  	81
	 	 	 Section 16.2
	    	Distributions	  	81
	 	 	 Section 16.3
	    	Liquidation Proceeds	  	82
	 	 	 Section 16.4
	    	Redemption	  	83
	 	 	 Section 16.5
	    	Ranking	  	84
	 	 	 Section 16.6
	    	Voting Rights	  	84
	 	 	 Section 16.7
	    	Transfer Restrictions	  	84
	 	 	 Section 16.8
	    	No Conversion Rights	  	84
	 	 	 Section 16.9
	    	No Sinking Fund	  	84
			
	 ARTICLE 17.
	 	 SERIES B PREFERRED UNITS
	  	85
	 	 	 Section 17.1
	    	Designation and Number	  	85
	 	 	 Section 17.2
	    	Distributions	  	85
	 	 	 Section 17.3
	    	Liquidation Proceeds	  	86
	 	 	 Section 17.4
	    	Redemption	  	87
	 	 	 Section 17.5
	    	Ranking	  	88

  

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	 	 	 Section 17.6
	    	Voting Rights	  	88
	 	 	 Section 17.7
	    	Transfer Restrictions	  	88
	 	 	 Section 17.8
	    	No Conversion Rights	  	88
	 	 	 Section 17.9
	    	No Sinking Fund	  	88

  
  

 iv 

 FORM OF 
 THIRD AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 DIGITAL REALTY TRUST, L.P.

  
 THIS THIRD AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP of Digital Realty Trust, L.P., dated as of                     , 2005, is entered into by and among Digital Realty, Inc., a
Maryland corporation (the “Company”), as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together with any other Persons who become Partners in the
Partnership as provided herein. 
  
 WHEREAS, the General Partner
and the Limited Partners have entered into that certain Second Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P., dated as of February 9, 2005 (the “Second Amended and Restated Partnership
Agreement”); 
  
 WHEREAS, pursuant to Section 7.3C(2),
the Second Amended and Restated Partnership Agreement may be amended by the General Partner to reflect the issuance of additional Partnership Interests pursuant to Sections 4.3.B, 5.4 and 6.2.B and to set forth the designations, rights, powers,
duties and preferences of the holders of any additional Partnership Interests issued pursuant to Article 4; and 
  
 WHEREAS, the General Partner and the Partnership believe it is desirable and in the best interest of the Partnership to amend and restate the Second
Amended and Restated Partnership Agreement as set forth herein. 
  
 NOW, THEREFORE, pursuant to Sections 2.4 and 7.3C(2) of the Second Amended and Restated Partnership Agreement, the General Partner, on its own behalf and as attorney-in-fact for the Limited Partners, hereby amends and restates the Second
Amended and Restated Partnership Agreement as follows: 
  
 ARTICLE 1. 
 DEFINED TERMS 
  
 Section 1.1 Definitions. 
  
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

  
 “Act” means the Maryland Revised Uniform
Limited Partnership Act, as it may be amended from time to time, and any successor to such statute. 
  
 “Additional Funds” shall have the meaning set forth in Section 4.3.A. 

 “Additional Limited Partner” means a Person admitted to the Partnership as a Limited
Partner pursuant to Section 12.2 and who is shown as such on the books and records of the Partnership. 
  
 “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital
Account as of the end of the relevant fiscal year, after giving effect to the following adjustments: 
  

	 	(i)	decrease such deficit by any amounts which such Partner is obligated to restore pursuant to this Agreement or is deemed to be obligated to restore pursuant to Regulations Section
1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of Regulations Sections 1.704-2(i)(5) and 1.704-2(g); and 

  

	 	(ii)	increase such deficit by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

  
 The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. A positive balance in a Partner’s Capital Account, after giving effect to the adjustments described above in clauses (i) and (ii), is referred to in this Agreement as
an “Adjusted Capital Account Balance.” 
  
 “Adjustment Date” means, with respect to any Capital Contribution, the close of business on the Business Day last preceding the date of the Capital Contribution, provided, that if such Capital Contribution is
being made by the General Partner in respect of the proceeds from the issuance of REIT Shares (or the issuance of the General Partner’s securities exercisable for, convertible into or exchangeable for REIT Shares), then the Adjustment Date
shall be as of the close of business on the Business Day last preceding the date of the issuance of such securities. 
  
 “Adjustment Event” shall have the meaning set forth in Section 4.5.A. 
  
 “Affiliate” means, with respect to any Person, any Person
directly or indirectly controlling, controlled by or under common control with such Person. Control of any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Agreed Value” means (i) in the case of any Contributed Property set forth in Exhibit A and as of the time of its contribution to
the Partnership, the Agreed Value of such property as set forth in Exhibit A; (ii) in the case of any Contributed Property not set forth in Exhibit A and as of the time of its contribution to the Partnership, the fair market value of
such property or other consideration as determined by the General Partner, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed; and (iii) in the case of any
property distributed to a Partner by the Partnership, the fair market value of such property as determined by the General Partner at the time such property is distributed, reduced by any liabilities either assumed by such Partner upon such
distribution or to which such property is subject at the time of the distribution as determined under Section 752 of the Code and the Regulations thereunder. 
  

 2 

 “Agreement” means this Third Amended and Restated Agreement of Limited Partnership, as
it may be amended, modified, supplemented or restated from time to time. 
  
 “Appraisal” means with respect to any assets, the opinion of an independent third party experienced in the valuation of similar assets, selected by the General Partner in good faith; such opinion may
be in the form of an opinion by such independent third party that the value for such property or asset as set by the General Partner is fair, from a financial point of view, to the Partnership. 
  
 “Assignee” means a Person to whom one or more
Common-Equivalent Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 
  
 “Available Cash” means, with respect to any period for which
such calculation is being made, 
  
 (i) the sum of: 

 
 a. the Partnership’s Net Income or Net Loss (as the
case may be) for such period, 
  
 b. Depreciation
and all other noncash charges deducted in determining Net Income or Net Loss for such period, 
  
 c. the amount of any reduction in reserves of the Partnership referred to in clause (ii)(f) below (including, without limitation,
reductions resulting because the General Partner determines such amounts are no longer necessary), 
  
 d. the excess of the net proceeds from the sale, exchange, disposition, or refinancing of Partnership property for such period over the
gain (or loss, as the case may be) recognized from any such sale, exchange, disposition, or refinancing during such period (excluding any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of
transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership), and 
  
 e. all other cash received by the Partnership for such period that was not included in determining Net Income or Net Loss for such period;

  
 (ii) less the sum of: 
  
 a. all principal debt payments made during such period by
the Partnership, 
  
 b. capital expenditures made
by the Partnership during such period, 
  
 c.
investments in any entity (including loans made thereto) to the extent that such investments are not otherwise described in clauses (ii)(a) or (b), 
  

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 d. all other expenditures and payments not deducted in determining Net Income or Net Loss
for such period, 
  
 e. any amount included in
determining Net Income or Net Loss for such period that was not received by the Partnership during such period, 
  
 f. the amount of any increase in reserves established during such period which the General Partner determines are necessary or appropriate
in its sole and absolute discretion, 
  
 g. the
amount of any working capital accounts and other cash or similar balances which the General Partner determines to be necessary or appropriate in its sole and absolute discretion, and 
  
 h. any amount paid in redemption of any Limited Partner Interest or Partnership Units, including any Cash
Amount paid. 
  
 Notwithstanding the foregoing, Available Cash
shall not include any cash received or reductions in reserves, or take into account any disbursements made or reserves, established, after commencement of the dissolution and liquidation of the Partnership. 
  
 “Base Amount” shall have the meaning set forth in Section
8.6.C(2). 
  
 “Board of Directors” means the
board of directors of the General Partner. 
  
 “Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to be closed. 
  
 “Capital Account” means, with respect to any Partner, the Capital Account maintained for such Partner in
accordance with the following provisions: 
  
 (a) To each
Partner’s Capital Account there shall be added such Partner’s Capital Contributions, such Partner’s share of Net Income and any items in the nature of income or gain which are specially allocated pursuant to Section 6.3, and
the amount of any Partnership liabilities assumed by such Partner or which are secured by any property distributed to such Partner. 
  
 (b) From each Partner’s Capital Account there shall be subtracted the amount of cash and the Gross Asset Value of any property distributed to such
Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses which are specially allocated pursuant to Section 6.3, and the amount of any
liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership (except to the extent already reflected in the amount of such Partner’s Capital Contribution).

  
 (c) In the event any interest in the Partnership is
transferred in accordance with the terms of this Agreement (which does not result in a termination of the Partnership for federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent it relates to
the transferred interest. 
  

 4 

 (d) In determining the amount of any liability for purposes of subsections (a) and (b) hereof, there
shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
  
 (e) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with
Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Regulations. In the event the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts,
or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited
Partners) are computed in order to comply with such Regulations, the General Partner may make such modification, provided that it is not likely to have a material effect on the amounts distributable to any Person pursuant to Article
13 of this Agreement upon the dissolution of the Partnership. The General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of
Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event unanticipated events might
otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b) or Section 1.704-2. 
  
 “Capital Account Limitation” shall have the meaning set forth in Section 8.7.B. 
  
 “Capital Contribution” means, with respect to any Partner,
the amount of money and the initial Gross Asset Value of any property (other than money) contributed to the Partnership by such Partner (net of any liabilities assumed by the Partnership relating to such property and any liability to which such
property is subject). 
  
 “Cash Amount” means,
with respect to any Common Units subject to a Redemption, an amount of cash equal to the Deemed Partnership Interest Value attributable to such Common Units. 
  
 “Certificate” means the Certificate of Limited Partnership relating to the Partnership filed in the office of the Maryland State
Department of Assessments and Taxation on July 20, 2004, as amended from time to time in accordance with the terms hereof and the Act. 
  
 “Charter” means the Articles of Amendment and Restatement of the General Partner filed with the Maryland State Department of Assessments
and Taxation on October 26, 2004, as amended and restated from time to time. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time or any successor statute thereto. Any reference herein to a specific section or sections of the Code shall be deemed to
include a reference to any corresponding provision of future law. 
  

 5 

 “Common-Equivalent Units” means Partnership Units that are either Common Units of
Profits Interest Units. 
  
 “Common Unit Economic
Balance” shall have the meaning set forth in Section 6.2.C. 
  
 “Common Units” means Partnership Units that are not entitled to any preferences with respect to any other class or series of Partnership Units as to distribution or voluntary or involuntary
liquidation, dissolution or winding-up of the Partnership and shall not include any Profits Interest Units. 
  
 “Consent” means the consent to, approval of, or vote on a proposed action by a Partner given in accordance with Article 14.

  
 “Consent of the Limited Partners” means the
Consent of a Majority in Interest of the Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by a Majority in Interest of the Limited Partners,
unless otherwise expressly provided herein, in their sole and absolute discretion. 
  
 “Consent of the Partners” means the Consent of Holders of Common-Equivalent Units holding Percentage Interests that in the aggregate are equal to or greater than thirty-five percent (35%) of the
aggregate Percentage Interests of all Holders of Common-Equivalent Units, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by such Holders of Common-Equivalent
Units, in their sole and absolute discretion. 
  
 “Constituent Person” shall have the meaning set forth in Section 8.7.F. 
  
 “Constructively Own” means ownership under the constructive ownership rules described in Exhibit C. 
  
 “Contributed Property” means each property or other asset,
in such form as may be permitted by the Act, but excluding cash, contributed or deemed contributed to the Partnership (or, to the extent provided in applicable Regulations, deemed contributed to the Partnership on termination and reconstitution
thereof pursuant to Section 708 of the Code). 
  
 “Conversion Date” shall have the meaning set forth in Section 8.7.B. 
  
 “Conversion Notice” shall have the meaning set forth in Section 8.7.B. 
  
 “Conversion Right” shall have the meaning set forth in
Section 8.7.A. 
  
 “Debt” means, as to any
Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds, guarantees and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all 
  

 6 

 indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any
property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person which, in
accordance with generally accepted accounting principles, should be capitalized. 
  
 “Deemed Partnership Interest Value” means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable
Percentage Interest of such class. 
  
 “Deemed Value of
the Partnership Interests” means, as of any date with respect to any class or series of Partnership Interests, (i) the total number of Partnership Units of the General Partner in such class or series of Partnership Interests (as provided
for in Sections 4.1 and 4.3.B) issued and outstanding as of the close of business on such date multiplied by the Fair Market Value determined as of such date of a share of capital stock of the General Partner which corresponds to such
class or series of Partnership Interests, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits
and subdivisions, reverse stock splits and combinations, distribution of warrants or options and distributions of evidences of indebtedness or assets not received by the General Partner pursuant to a pro rata distribution by the Partnership; (ii)
divided by the Percentage Interest of the General Partner in such class or series of Partnership Interests on such date; provided, that if no outstanding shares of capital stock of the General Partner correspond to a
class of series of Partnership Interests, the Deemed Value of the Partnership Interests with respect to such class or series shall be equal to an amount reasonably determined by the General Partner. 
  
 “Depreciation” means, for each fiscal year or other period,
an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income
tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such
year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined with
reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 
  
 “Distribution Payment Date” means the dates upon which the General Partner makes distributions in accordance with Section 5.1.

  
 “Distribution Period” means the period from
the day immediately following a Distribution Payment Date through the date that is the subsequent Distribution Payment Date. 
  
 “Economic Capital Account Balance” shall have the meaning set forth in Section 6.2.C. 
  

 7 

 “Effective Date” means the date of closing of the initial public offering of REIT Shares
upon which date contributions set forth on Exhibit A shall become effective. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 “Excess Units” means Common Units that have been tendered for Redemption to the extent the issuance of REIT Shares in exchange for such
units would violate the restrictions on ownership or transfer of the REIT Shares set forth in the Charter. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder and any successor statute thereto. 
  
 “Fair Market Value” means, with respect to any share of capital stock of the General Partner, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the date with respect to
which “Fair Market Value” must be determined hereunder or, if such date is not a Business Day, the immediately preceding Business Day. The market price for each such trading day shall be: (i) if such shares are listed or admitted to
trading on any securities exchange or the Nasdaq National Market, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, (ii) if such shares are not
listed or admitted to trading on any securities exchange or the Nasdaq National Market, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a
reliable quotation source designated by the General Partner, or (iii) if such shares are not listed or admitted to trading on any securities exchange or the Nasdaq National Market and no such last reported sale price or closing bid and asked prices
are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid
and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided that, if there are no bid and asked prices reported during the
ten (10) days prior to the date in question, the Fair Market Value of such shares shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. In the event the REIT Shares Amount for such shares includes rights that a holder of such shares would be entitled to receive, then the Fair Market Value of such rights shall be determined by the General Partner acting in good faith on
the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate; and provided, further that, in connection with determining the Deemed Value of the Partnership Interests for purposes
of determining the number of additional Partnership Units issuable upon a Capital Contribution funded by any offering of shares of capital stock of the General Partner by the General Partner, whether registered under the Securities Act or exempt
from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries or otherwise distributed, the Fair Market Value of such shares shall be the gross offering price per share of such class of
capital stock sold. Notwithstanding the foregoing, the General Partner in its reasonable discretion may use a different “Fair Market Value” for purposes of making the determinations under subparagraph (b) of the definition of “Gross
Asset Value” 
  

 8 

 and Section 4.3.D in connection with the contribution of Property or cash to the Partnership by a third party,
provided such value shall be based upon the value per REIT Share (or per Partnership Unit) agreed upon by the General Partner and such third party for purposes of such contribution. 
  
 “Forced Conversion” shall have the meaning set forth in
Section 8.7.C. 
  
 “Forced Conversion
Notice” shall have the meaning set forth in Section 8.7.C. 
  
 “General Partner” means the Company or its successor as general partner of the Partnership. 
  
 “General Partner Interest” means a Partnership Interest held by the General Partner. A General Partner Interest may be expressed as a
number of Partnership Units. 
  
 “Gross Asset
Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
  
 (a) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such asset, as
determined by the contributing Partner and the General Partner (as set forth on Exhibit A attached hereto, as such Exhibit may be amended from time to time); provided, that if the contributing Partner is the General Partner
then, except with respect to the General Partner’s initial Capital Contribution which shall be determined as set forth on Exhibit A, the determination of the fair market value of the contributed asset shall be determined (i) by the price
paid by the General Partner if the asset is acquired by the General Partner contemporaneously with its contribution to the Partnership, (ii) by Appraisal, if otherwise acquired by the General Partner, (iii) by the amount of cash if the asset is
cash, and (iv) as reasonably determined by the General Partner if the asset is REIT Shares or other shares of capital stock of the Company. 
  
 (b) The Gross Asset Values of all Partnership assets shall be adjusted to equal their respective gross fair market values, as determined by the General
Partner using such reasonable method of valuation as it may adopt, provided, however, that for such purpose, the net value of all of the Partnership assets, in the aggregate, shall be equal to the Deemed Value of the Partnership
Interests of all classes of Partnership Interests then outstanding, regardless of the method of valuation adopted by the General Partner, immediately prior to the times listed below: 
  

	 	(i)	the acquisition of an additional interest in the Partnership by a new or existing Partner in exchange for more than a de minimis Capital Contribution, if the General Partner
reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  

	 	(ii)	the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as consideration for an interest in the Partnership if the General Partner
reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  

 9 

	 	(iii)	the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and 

  

	 	(iv)	at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2.

  
 (c) The Gross Asset Value of any Partnership
asset distributed to a Partner shall be the gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner, or if the distributee and the General Partner cannot agree on such a
determination, by Appraisal. 
  
 (d) The Gross Asset Values of
Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that the General Partner reasonably
determines that an adjustment pursuant to subparagraph (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
  
 (e) If the Gross Asset Value of a Partnership asset has been determined or
adjusted pursuant to subparagraph (a), (b), (d) or (f), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 
  
 (f) If any unvested Profit Interest Units are forfeited, as described in
Section 4.5.C(b), upon such forfeiture, the Gross Asset Value of the Partnership’s assets shall be reduced by the amount of any Capital Account attributable to such forfeited Profit Interest Units. 
  
 “Holder” means either the Partner or Assignee owning a
Partnership Unit. 
  
 “Immediate Family” means,
with respect to any natural Person, such natural Person’s estate or heirs or current spouse or former spouse, parents, parents-in-law, children (whether natural, adopted or by marriage), siblings and grandchildren and any trust or estate, all
of the beneficiaries of which consist of such Person or such Person’s spouse, or former spouse, parents, parents-in-law, children, siblings or grandchildren. 
  
 “Incapacity” or “Incapacitated” means, (i) as to any individual Partner, death, total
physical disability or entry by a court of competent jurisdiction adjudicating him or her incompetent to manage his or her Person or his or her estate; (ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its
equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership; (iv) as to any estate which is a Partner, the distribution by the
fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee 
  

 10 

 of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi) as to
any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under
any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in
effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material
allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or
any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief of or against such Partner under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been
dismissed within 120 days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within 90 days of such appointment, or (h) an
appointment referred to in clause (g) is not vacated within 90 days after the expiration of any such stay. 
  
 “Indemnitee” means (i) any Person subject to a claim or demand or made or threatened to be made a party to, or involved or threatened to
be involved in, an action, suit or proceeding by reason of his or her status as (A) the General Partner or (B) a director or officer, employee or agent of the Partnership or the General Partner, and (ii) such other Persons (including Affiliates of
the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 
  
 “IRS” means the Internal Revenue Service, which administers
the internal revenue laws of the United States. 
  
 “Junior Units” means Partnership Units representing any class or series of Partnership Interest ranking, as to distributions or voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, junior to
the Series A Preferred Units and the Series B Preferred Units. 
  
 “Limited Partner” means any Person named as a Limited Partner in Exhibit A attached hereto, as such Exhibit may be amended from time to time, or any Substituted Limited Partner or Additional Limited Partner, in such
Person’s capacity as a Limited Partner in the Partnership. 
  
 “Limited Partner Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the Holder of such
a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership
Units. 
  

 11 

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

 
 “Liquidator” shall have the meaning set forth in
Section 13.2.A. 
  
 “Majority in Interest of the
Limited Partners” means Limited Partners (other than any Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner) holding in the aggregate Percentage Interests that are greater
than fifty percent (50%) of the aggregate Percentage Interests of all Limited Partners (other than any Limited Partner fifty percent (50%) or more of whose equity is owned, directly or indirectly, by the General Partner). 
  
 “Net Income” or “Net Loss” means for each
fiscal year of the Partnership, an amount equal to the Partnership’s taxable income or loss for such fiscal year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain loss, or deduction required to be
stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 
  
 (a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net Loss pursuant
to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 
  
 (b) Any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into
account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such taxable income or loss; 
  
 (c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) or subparagraph (c) of the definition of Gross
Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 
  
 (d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 
  
 (e) In lieu of the depreciation, amortization, and other cost recovery
deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year; 
  
 (f) To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required
pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net
Income or Net Loss; and 
  

 12 

 (g) Notwithstanding any other provision of this definition of Net Income or Net Loss, any items which are
specially allocated pursuant to Section 6.3 shall not be taken into account in computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss, or deduction available to be specially allocated pursuant to
Section 6.3 shall be determined by applying rules analogous to those set forth in this definition of Net Income or Net Loss. 
  
 “Net Proceeds” shall have the meaning set forth in Section 8.6.C(2). 
  
 “New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having
the right to subscribe for or purchase REIT Shares or other shares of capital stock of the General Partner, excluding in each case, grants under any Stock Plan, or (ii) any Debt issued by the General Partner that provides any of the rights described
in clause (i). 
  
 “Nonrecourse Deductions” shall
have the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 
  
 “Nonrecourse Liability” shall have the meaning set forth in
Regulations Section 1.752-1(a)(2). 
  
 “Notice of
Redemption” means the Notice of Redemption substantially in the form of Exhibit B to this Agreement. 
  
 “Offered Shares” shall have the meaning set forth in Section 8.6.C(1). 
  
 “Option Agreement Effective Date” means the date the
Partnership acquires an Option Interest pursuant to the Option Agreement in exchange for Common Units. 
  
 “Option Agreement” means that certain option agreement by and between the Partnership and Global Innovation Partners, LLC, whereby such
entity granted the Partnership an option to acquire the Option Interests. 
  
 “Option Interests” means that certain property or interest in entities which own certain real property. 
  
 “Parity Preferred Unit” means any class or series of Partnership Interests of the Partnership now or hereafter authorized, issued or
outstanding expressly designated by the Partnership to rank on a parity with the Series A Preferred Units and the Series B Preferred Units with respect to distributions or rights upon voluntary or involuntary liquidation, winding-up or dissolution
of the Partnership, or both, as the context may require. 
  
 “Partner” means a General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners. 
  

 13 

 “Partner Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt,
equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 
  
 “Partner Nonrecourse Debt” shall have the meaning set forth
in Regulations Section 1.704-2(b)(4). 
  
 “Partner
Nonrecourse Deductions” shall have the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in
accordance with the rules of Regulations Section 1.704-2(i)(2). 
  
 “Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto. 
  
 “Partnership Interest” means, an ownership interest in the Partnership of a Limited Partner or the General Partner and includes any and
all benefits to which the Holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. There may be one or more classes
or series of Partnership Interests as provided in Section 4.3, 4.4 or 4.5. A Partnership Interest may be expressed as a number of Partnership Units. Unless otherwise expressly provided for by the General Partner at the time of
the original issuance of any Partnership Interests, all Partnership Interests (whether of a Limited Partner or a General Partner) shall be of the same class or series. The Partnership Interests represented by the Common Units, the Profits Interest
Units, the Series A Preferred Units and the Series B Preferred Units are the only Partnership Interests and each such type of Unit is a separate class of Partnership Interest for all purposes of this Agreement. 
  
 “Partnership Minimum Gain” shall have the meaning set forth
in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section
1.704-2(d). 
  
 “Partnership Record Date” means
the record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.1, which record date shall be the same as the record date established by the General Partner for a distribution to its
stockholders of some or all of its portion of such distribution. 
  
 “Partnership Unit” or “Unit” means, with respect to any class of Partnership Interest, a fractional, undivided share of such class of Partnership Interest issued pursuant to Sections 4.1 and
4.3, 4.4 or 4.5. The ownership of Partnership Units may be evidenced by a certificate for units substantially in the form of Exhibit D hereto or as the General Partner may determine with respect to any class of
Partnership Units issued from time to time under Section 4.1, 4.3, 4.4 and 4.5. 
  
 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 
  

 14 

 “Percentage Interest” means, as to a Partner holding a class or series of Partnership
Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class then outstanding as specified in Exhibit A
attached hereto, as such Exhibit may be amended from time to time. If the Partnership issues more than one class or series of Partnership Interests, the interest in the Partnership among the classes or series of Partnership Interests shall be
determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated by Section 4.3.C. 
  
 “Person” means an individual or a corporation, partnership,
limited liability company, trust, unincorporated organization, association or other entity. 
  
 “Plan” means the Digital Realty Trust, Inc. and Digital Realty Trust, L.P. 2004 Incentive Award Plan. 
  
 “Plan Asset Regulation” means the regulations promulgated by the United States Department of Labor in Title 29, Code of Federal
Regulations, Part 2510, Section 101.3, and any successor regulations thereto. 
  
 “Pledge” shall have the meaning set forth in Section 11.3.A. 
  
 “Preferred Distribution Shortfall” means, with respect to any Partnership Interests that are entitled to any preference in distributions
of Available Cash pursuant to this Agreement, the aggregate amount of the required distributions for such outstanding Partnership Interests for all prior distribution periods minus the aggregate amount of the distributions made with respect
to such outstanding Partnership Interests pursuant to this Agreement. 
  
 “Preferred Share” means a share of the General Partner’s preferred stock, par value $.01 per share, with such rights, priorities and preferences as shall be designated by the Board of Directors in accordance with the
General Partner’s Charter. 
  
 “Pricing
Agreements” shall have the meaning set forth in Section 8.6.C(3)(b). 
  
 “Primary Offering Notice” shall have the meaning set forth in Section 8.6.F(4). 
  
 “Profits Interest Units” means long term incentive partnership units of the Partnership having the rights, voting powers, restrictions,
limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the Plan. Profits Interest Units can be issued in one or more classes, or one or more series of any such classes bearing
such relationship to one another as to allocations, distributions, and other rights as the general Partner shall determine in its sole and absolute discretion subject to Maryland law. 
  
 “Profits Interest Unitholder” means a Partner that holds Profits Interest Units. 
  

 15 

 “Properties” means such interests in real property and personal property including
without limitation, fee interests, interests in ground leases, interests in joint ventures, interests in mortgages, and Debt instruments as the Partnership may hold from time to time. 
  
 “Qualified REIT Subsidiary” means any Subsidiary of the General Partner that is a “qualified REIT
subsidiary” within the meaning of Section 856(i) of the Code. 
  
 “Qualified Transferee” means an “Accredited Investor” as such term is defined in Rule 501 promulgated under the Securities Act. 
  
 “Redemption” shall have the meaning set forth in Section 8.6.A. 
  
 “Regulations” means the Income Tax Regulations promulgated
under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
  
 “Regulatory Allocations” shall have the meaning set forth in Section 6.3.A(viii). 
  
 “REIT” means a real estate investment trust, as defined
under Sections 856 through 860 of the Code. 
  
 “REIT
Requirements” shall have the meaning set forth in Section 5.1. 
  
 “REIT Series A Preferred Share” means a share of 8.5% Series A Cumulative Redeemable Preferred Stock, par value $.01 per share, liquidation preference $25 per share, of the General Partner.

  
 “REIT Series B Preferred Share” means a share
of [            ]% Series B Cumulative Redeemable Preferred Stock, par value $.01 per share, liquidation preference $25 per share, of the General Partner. 
  
 “REIT Share” means a share of common stock, par value $.01
per share, of the General Partner. 
  
 “REIT Shares
Amount” means, as of any date, an aggregate number of REIT Shares equal to the number of Tendered Units, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the
Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to
assets not received by the General Partner pursuant to a pro rata distribution by the Partnership. 
  
 “REIT Share Market Value” means, with respect to a REIT Share, the average of the daily market price for the ten (10) consecutive trading
days immediately preceding the Specified Redemption Date. The market price for each such trading day shall be: (i) if the REIT Shares are listed or admitted to trading on any securities exchange or the NASDAQ-National Market System, the closing
price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, in either case as reported 
  

 16 

 in the principal consolidated transaction reporting system, (ii) if the REIT Shares are not listed or admitted to trading
on any securities exchange or the NASDAQ-National Market System, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source
designated by the Company, or (iii) if the REIT Shares are not listed or admitted to trading on any securities exchange or the NASDAQ-National Market System and no such last reported sale price or closing bid and asked prices are available, the
average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the Company, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as
so reported, on the most recent day (not more than (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten (10) days prior to the date in
question, the REIT Share Market Value of the REIT Share shall be determined by the Board of Directors of the Company acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate.

  
 “ROFO Agreement Effective Date” means the
date the Partnership acquires the ROFO Interests pursuant to the respective ROFO Agreements in exchange for Common-Equivalent Units. 
  
 “ROFO Agreement” means those certain Right of First Offer Agreements by and between the Partnership and Global Innovation Partners, LLC,
whereby such entities granted the Partnership the right to acquire the ROFO Interests. 
  
 “ROFO Interests” means those certain properties or interests in entities which own certain real property described in the respective ROFO Agreements. 
  
 “Second Amended and Restated Partnership Agreement” shall
have the meaning set forth in the recitals. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and any successor statute thereto. 
  
 “Series A Articles Supplementary” means the Articles
Supplementary of the General Partner in connection with its REIT Series A Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on February 8, 2005. 
  
 “Series A Preferred Capital” means a Capital Account balance
equal to the product of (i) the number of Series A Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series A Preferred Unit and any accrued and unpaid distribution per
Series A Preferred Unit for the current distribution period. 
  
 “Series A Preferred Units” means the Partnership’s 8.5% Series A Cumulative Redeemable Partnership Units, with the rights, priorities and preferences set forth herein. 
  
 “Series A Preferred Unit Distribution Payment Date” shall
have the meaning set forth in Section 16.2.A hereof. 
  

 17 

 “Series A Priority Return” shall mean an amount equal to 8.5% per annum on the stated
value of $25 per Series A Preferred Unit (equivalent to the fixed annual amount of $2.125 per Series A Preferred Unit), commencing on the date of original issuance of the Series A Preferred Units. For any partial quarterly period, the amount of the
Series A Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 
  
 “Series B Articles Supplementary” means the Articles Supplementary of the General Partner in connection with its REIT Series B Preferred
Shares, as filed with the Maryland State Department of Assessments and Taxation on [            ], 2005. 
  
 “Series B Preferred Capital” means a Capital Account balance equal to the product of (i) the number of
Series B Preferred Units then held by the General Partner multiplied by (ii) the sum of $25, any Preferred Distribution Shortfall per Series B Preferred Unit and any accrued and unpaid distribution per Series B Preferred Unit for the current
distribution period. 
  
 “Series B Preferred
Units” means the Partnership’s [            ]% Series B Cumulative Redeemable Partnership Units, with the rights, priorities and preferences set forth herein.

  
 “Series B Preferred Unit Distribution Payment
Date” shall have the meaning set forth in Section 17.2.A hereof. 
  
 “Series B Priority Return” shall mean an amount equal to [            ]% per annum on the stated value of $25 per Series B Preferred
Unit (equivalent to the fixed annual amount of $[            ] per Series B Preferred Unit), commencing on the date of original issuance of the Series B Preferred Units. For any
partial quarterly period, the amount of the Series B Priority Return shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 
  
 “Single Funding Notice” shall have the meaning set forth in Section 8.6.C(1)(b). 
  
 “Specified Redemption Date” means the day of receipt by the
General Partner of a Notice of Redemption; provided that in the event the General Partner elects a Stock Offering Funding pursuant to Section 8.6.C, such Specified Redemption Date shall be deferred until the next Business Day
following the date of the closing of the Stock Offering Funding. 
  
 “Stock Offered Funding Amount” shall have the meaning set forth in Section 8.6.C(2). 
  
 “Stock Offering Funding” shall have the meaning set forth in Section 8.6.C(1)(a). 
  
 “Stock Plan” means any stock incentive, stock option, stock
ownership or employee benefits plan of the General Partner. 
  
 “Subsequent Redemption” shall have the meaning set forth in Section 8.6.F(4). 
  
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture or other entity of
which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
  

 18 

 “Subsidiary Partnership” means any partnership or limited liability company that is a
Subsidiary of the Partnership. 
  
 “Substituted Limited
Partner” means a Person who is admitted as a Limited Partner to the Partnership pursuant to Section 11.4. 
  
 “Surviving Partnership” shall have the meaning set forth in Section 11.2.B(2). 
  
 “Tax Items” shall have the meaning set forth in Section
6.4.A. 
  
 “Tenant” means any tenant from
which the General Partner derives rent either directly or indirectly through partnerships, including the Partnership. 
  
 “Tendered Units” shall have the meaning set forth in Section 8.6.A. 
  
 “Tendering Partner” shall have the meaning set forth in Section 8.6.A. 
  
 “Termination Transaction” shall have the meaning set forth
in Section 11.2.B. 
  
 “Transaction” shall
have the meaning set forth in Section 8.7.F. 
  
 “Twelve-Month Period” means a twelve-month period ending on the first anniversary of the Effective Date or on each subsequent anniversary thereof. 
  
 “Unvested Profits Interest Units” shall have the meaning set forth in Section 4.5.C. 
  
 “Vested Profits Interest Units” shall have the meaning set
forth in Section 4.5.C. 
  
 “Vesting
Agreement” means each or any, as the context implies, vesting agreement entered into by a Profits Interest Unitholder upon acceptance of an award of Unvested Profits Interest Units under the Plan (as such agreement may be amended, modified
or supplemented from time to time). 
  
 “Withdrawing
Partner” shall have the meaning set forth in Section 8.6.C(3)(c). 
  
 Section 1.2 Rules of Construction 
  
 Unless
otherwise indicated, all references herein to “REIT,” “REIT Requirements,” “REIT Shares” and “REIT Shares Amount” with respect to the General Partner shall apply only with reference
to the Company. 
  
 ARTICLE 2. 
 ORGANIZATIONAL MATTERS 
  
 Section 2.1 Organization 
  
 The Partnership is a limited partnership formed pursuant to the provisions of the Act and upon the terms and conditions set forth in this Agreement.
Except as expressly provided 
  

 19 

 herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be
governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
  
 Section 2.2 Name 
  
 The
name of the Partnership is Digital Realty Trust, L.P. The Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The
words “Limited Partnership,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires.
The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners.

  
 Section 2.3 Registered Office and Agent; Principal Office 

 
 The name and address of the registered office and registered agent of the
Partnership in the State of Maryland is National Registered Agents, Inc. of MD, 11 East Chase Street, Baltimore, MD 21202. The address of the principal office of the Partnership in the State of Maryland is c/o National Registered Agents, Inc. of MD,
11 East Chase Street, Baltimore, MD 21202. The principal office of the Partnership is located at 560 Mission Street, Suite 2900, San Francisco, California 94105, or such other place as the General Partner may from time to time designate by notice to
the other Partners. The Partnership may maintain offices at such other place or places within or outside the State of Maryland as the General Partner deems advisable. 
  
 Section 2.4 Power of Attorney 
  
 A. Each Limited Partner and each Assignee constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of
each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
  
 (1) execute, swear to, acknowledge, deliver, file and record in the
appropriate public offices (a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems
appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Maryland and in all other
jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this
Agreement in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the
terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Articles 11,
12 or 13 or the Capital Contribution of any Partner; and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 
  

 20 

 (2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and
other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the
Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 
  
 Nothing contained herein shall be construed as authorizing the General Partner or any
Liquidator to amend this Agreement except in accordance with Article 14 or as may be otherwise expressly provided for in this Agreement. 
  
 B. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that each of the
Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent
Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s Common-Equivalent Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors,
assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited
Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee
shall execute and deliver to the General Partner or any Liquidator, within 15 days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General
Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 
  
 Section 2.5 Term 
  
 The term of the Partnership commenced on July 21, 2004 and shall continue until December 31, 2104 unless it is dissolved sooner pursuant to the provisions
of Article 13 or as otherwise provided by law. 
  
 ARTICLE 3. 
 PURPOSE 
  
 Section 3.1 Purpose and Business 
  
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any business described in the foregoing clause (i) or to own interests in any entity engaged, directly or
indirectly, in any such business and (iii) to do anything necessary or 
  

 21 

 incidental to the foregoing; provided, however, that such business shall be limited to and conducted in
such a manner as to permit the General Partner at all times to be classified as a REIT for federal income tax purposes, unless the General Partner ceases to qualify as a REIT for reasons other than the conduct of the business of the Partnership. In
connection with the foregoing, and without limiting the General Partner’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status as a REIT inures to the benefit of all
the Partners and not solely the General Partner. 
  
 Section 3.2 Powers

  
 The Partnership is empowered to do any and all acts and
things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation,
full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust,
pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property; provided, however, notwithstanding anything to the contrary in this Agreement, the Partnership shall
not, absent the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, take, or refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion, could
(i) adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) subject the General Partner to any taxes under Section 857 or Section 4981 of the Code, or (iii) violate any law or regulation of any governmental body or
agency having jurisdiction over the General Partner or its securities, unless any such action (or inaction) under (i), (ii) or (iii) shall have been specifically consented to by the General Partner in writing. 
  
 Section 3.3 Partnership Only for Purposes Specified 
  
 The Partnership shall be a partnership only for the purposes specified in
Section 3.1, and this Agreement shall not be deemed to create a partnership among the Partners with respect to any activities whatsoever other than the activities within the purposes of the Partnership as specified in Section 3.1.
Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner. No Partner, in its capacity as
a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or obligation of any Partner, incurred either before or
after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of this Agreement and the Act. 
  
 Section 3.4 Representations and Warranties by the Parties 
  
 A. Each Partner that is an individual represents and warrants to each other
Partner that (i) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, (ii) the consummation of the transactions contemplated by this 
  

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 Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any agreement
by which such Partner or any of such Partner’s property is or are bound, or any statute, regulation, order or other law to which such Partner is subject, (iii) such Partner is a “United States person” within the meaning of Section
7701(a)(30) of the Code, and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
  
 B. Each Partner that is not an individual represents and warrants to each other Partner that (i) its execution and delivery of this Agreement and all
transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including without limitation, that of its general partner(s), member(s), committee(s), trustee(s), beneficiaries, directors and/or
stockholder(s), as the case may be, as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate of limited partnership, partnership agreement, trust agreement, limited
liability company operating agreement, charter or bylaws, as the case may be, any agreement by which such Partner or any of such Partner’s properties or any of its partners, members, beneficiaries, trustees or stockholders, as the case may be,
is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, members, trustees, beneficiaries or stockholders, as the case may be, is or are subject, (iii) such Partner is a “United States
person” within the meaning of Section 7701(a)(30) of the Code and (iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
  
 C. Each Partner represents, warrants, and agrees that it has acquired and continues to hold its interest in the Partnership
for its own account for investment only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, nor with a view toward selling or otherwise distributing such interest or any part thereof at any
particular time or under any predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate
investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment. Each Partner represents,
warrants and agrees that such Partner is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). 
  

D. Each Partner acknowledges that (i) the Partnership Units (and any REIT Shares that might be exchanged therefor) have not been registered under the
Securities Act and may not be transferred unless they are subsequently registered under the Securities Act or an exemption from such registration is available (it being understood that the Partnership has no intention of so registering the
Partnership Units), (ii) a restrictive legend in the form set forth in Exhibit D shall be placed on the certificates representing the Partnership Units, and (iii) a notation shall be made in the appropriate records of the Partnership
indicating that the Partnership Units are subject to restrictions on transfer. 
  

 23 

 E. Each Limited Partner further represents, warrants, covenants and agrees as follows: 
  
 (1) Except as provided in Exhibit E, at any time such Partner
actually or Constructively Owns a 25% or greater capital interest or profits interest in the Partnership, it does not and will not, without the prior written consent of the General Partner, actually own or Constructively Own (a) with respect to any
Tenant that is a corporation, any stock of such Tenant, and (b) with respect to any Tenant that is not a corporation, any interests in either the assets or net profits of such Tenant. 
  
 (2) Except as provided in Exhibit F, at any time such Partner actually or Constructively Owns a 25% or greater
capital interest or profits interest in the Partnership, it does not, and agrees that it will not without the prior written consent of the General Partner, actually own or Constructively Own, any stock in the General Partner, other than any REIT
Shares or other shares of capital stock of the General Partner such Partner may acquire (a) as a result of an exchange of Tendered Units pursuant to Section 8.6 or (b) upon the exercise of options granted or delivery of REIT Shares pursuant
to any Stock Plan, in each case subject to the ownership limitations set forth in the General Partner’s Charter. 
  
 (3) Upon request of the General Partner, it will disclose to the General Partner the amount of REIT Shares or other shares of capital stock of the General
Partner, or shares of capital stock or other interests in Tenants, that it actually owns or Constructively Owns. 
  
 (4) It understands that if, for any reason, (a) the representations, warranties or agreements set forth in E(1) or (2) above are violated,
or (b) the Partnership’s actual or Constructive Ownership of REIT Shares or other shares of capital stock of the General Partner violates the limitations set forth in the Charter, then (x) some or all of the Redemption rights of the Partners
may become non-exercisable, and (y) some or all of the REIT Shares owned by the Partners may be automatically transferred to a trust for the benefit of a charitable beneficiary, as provided in the Charter. 
  
 (5) Without the consent of the General Partner, which may be given or
withheld in its sole discretion, no Partner shall take any action that would cause (i) the Partnership at any time to have more than 100 partners, including as partners (“flow through partners”) those persons indirectly owning an
interest in the Partnership through a partnership, limited liability company, S corporation or grantor trust (such entity, a “flow through entity”), but only if substantially all of the value of such person’s interest in the
flow through entity is attributable to the flow through entity’s interest (direct or indirect) in the Partnership; or (ii) the Partnership Interest initially issued to such Partner or its predecessors to be held by more than seven (7) partners,
including as partners any flow through partners. 
  
 F. The
representations and warranties contained in this Section 3.4 shall survive the execution and delivery of this Agreement by each Partner and the dissolution and winding-up of the Partnership. 
  
 G. Each Partner hereby acknowledges that no representations as to potential
profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that projections and any other
information, including, without limitation, financial and descriptive information and documentation, which may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any kind or nature, express or
implied. 
  

 24 

 Section 3.5 Certain ERISA Matters 
  
 Each Partner acknowledges that the Partnership is intended to qualify as a “real estate operating company” (as
such term is defined in the Plan Asset Regulation). The General Partner may structure the investments in, relationships with and conduct with respect to Properties and any other assets of the Partnership so that the Partnership will be a “real
estate operating company” (as such term is defined in the Plan Asset Regulation). 
  
 ARTICLE 4. 
 CAPITAL CONTRIBUTIONS 
  
 Section 4.1 Capital Contributions of the Partners 
  
 At the time of their respective execution of this Agreement, the Partners
shall make or shall have made Capital Contributions as set forth in Exhibit A to this Agreement. The Partners shall own Partnership Units of the class or series and in the amounts set forth in Exhibit A and shall have a Percentage
Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital
Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s Percentage Interest. Except as required by law, as otherwise provided in Sections 4.3, 4.4, 4.5 and 10.5,
or as otherwise agreed to by a Partner and the Partnership, no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership. Unless otherwise specified by the General Partner at the time of the
creation of any class of Partnership Interests, the corresponding class or series of capital stock for any Partnership Units issued shall be REIT Shares. 
  
 Section 4.2 Loans by Third Parties 
  
 Subject to Section 4.3, the Partnership may incur Debt, or enter into other similar credit, guarantee, financing or refinancing arrangements for
any purpose (including, without limitation, in connection with any further acquisition of Properties) with any Person that is not the General Partner upon such terms as the General Partner determines appropriate; provided that, the
Partnership shall not incur any Debt that is recourse to the General Partner, except to the extent otherwise agreed to by the General Partner in its sole discretion. 
  
 Section 4.3 Additional Funding and Capital Contributions 
  
 A. General. The General Partner may, at any time and from time to time determine that the Partnership requires
additional funds (“Additional Funds”) for the acquisition of additional Properties or for such other Partnership purposes as the General Partner may determine. Additional Funds may be raised by the Partnership, at the election of
the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3. No Person shall have any preemptive, preferential or similar right or rights to subscribe for or acquire any Partnership Interest, except
as set forth in this Section 4.3. 
  

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 B. Issuance of Additional Partnership Interests. The General Partner, in its sole and absolute
discretion, may raise all or any portion of the Additional Funds by accepting additional Capital Contributions of cash. The General Partner may also accept additional Capital Contributions of real property or any other non-cash assets. In connection
with any such additional Capital Contributions (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the General Partner) or other Persons (including, without
limitation, in connection with the contribution of tangible or intangible property, services, or other consideration permitted by the Act to the Partnership) additional Partnership Units or other Partnership Interests, which may be Common Units or
other Partnership Units issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional, conversion, exchange or other special rights, powers, and duties,
including rights, powers, and duties senior to then existing Limited Partner Interests, all as shall be determined by the General Partner in its sole and absolute discretion subject to Maryland law, including without limitation, (i) the allocations
of items of Partnership income, gain, loss, deduction, and credit to such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; (iii) the rights of each
such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; and (iv) the right to vote, including, without limitation, the Limited Partner approval rights set forth in Section 11.2.A; provided,
that no such additional Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a) (1) the additional Partnership Interests are issued in connection with the grant, award, or issuance of shares
of the General Partner pursuant to Section 4.3.C below, which shares have designations, preferences, and other rights (except voting rights) such that the economic interests attributable to such shares are substantially similar to the
designations, preferences and other rights of the additional Partnership Interests issued to the General Partner in accordance with this Section 4.3.B, and (2) the General Partner shall make a Capital Contribution to the Partnership in an
amount equal to any net proceeds raised in connection with such issuance, or (b) the additional Partnership Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective Percentage Interests
in such class or (c) the additional Partnership Interests are issued pursuant to a Stock Plan. The General Partner’s determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether
the Partnership Interests are validly issued and paid. In the event that the Partnership issues additional Partnership Interests pursuant to this Section 4.3.B, the General Partner shall make such revisions to this Agreement (including but
not limited to the revisions described in Section 5.4, Section 6.2.B, and Section 8.6) as it determines are necessary to reflect the issuance of such additional Partnership Interests. 
  
 C. Issuance of REIT Shares or Other Securities by the General Partner.
Except as provided in the next following paragraph of this Section 4.3C, the General Partner shall not issue any additional REIT Shares, other shares of capital stock of the General Partner or New Securities (other than REIT Shares issued
pursuant to Section 8.6 or such shares, stock or securities pursuant to a dividend or distribution (including any stock split) to all of its stockholders or all of its stockholders who hold a particular class of stock of the General Partner),
unless (i) the General Partner shall cause the Partnership to issue to the General Partner, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other
rights, all such that the economic interests thereof are substantially similar to those of the REIT Shares, other shares of capital stock of the 
  

 26 

 General Partner or New Securities issued by the General Partner and (ii) the General Partner shall make a Capital
Contribution of any net proceeds from the issuance of such additional REIT Shares, other shares of capital stock or New Securities, as the case may be, and from any exercise of the rights contained in such additional New Securities, as the case may
be. Without limiting the foregoing, the General Partner is expressly authorized to issue REIT Shares, other shares of capital stock of the General Partner or New Securities for no tangible value or for less than fair market value, and the General
Partner is expressly authorized to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance of Partnership Interests is in the interests
of the Partnership; and (y) the General Partner contributes all proceeds, if any, from such issuance and exercise to the Partnership. 
  
 In connection with the General Partner’s initial public offering of REIT Shares, any other issuance of REIT Shares, other capital stock of the
General Partner or New Securities, the General Partner shall contribute to the Partnership, any net proceeds raised in connection with such issuance; provided, that the General Partner may use a portion of the net proceeds from any
offering to acquire Partnership Units or other assets (provided such other assets are contributed to the Partnership pursuant to the terms of this Agreement); and provided, further, that if the net proceeds actually
received by the 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 such issuance then, except to the extent such net proceeds are
used to acquire Partnership Units, the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of such underwriter’s discount and
other expenses paid by the General Partner (which discount and expense shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4). In the case of issuance of REIT Shares by the General Partner in any
offering, whether registered under the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed, for purposes of determining the number
of additional Common Units issuable upon a Capital Contribution funded by the net proceeds thereof consistently with the immediately preceding sentence, any discount from the then current market price of REIT Shares shall be disregarded such that an
equal number of Common Units can be issued to the General Partner as the number of REIT Shares sold by the General Partner in such offering, consistently with the determination of Partners’ Percentage Interests as provided in Section
4.3.D. In the case of issuances of REIT Shares, other capital stock of the General Partner or New Securities pursuant to any Stock Plan at a discount from fair market value or for no value, the amount of such discount representing compensation
to the employee, as determined by the General Partner, shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4 and, as a result, the General Partner shall be deemed to have made a Capital Contribution to
the Partnership in an amount equal to the sum of any net proceeds of such issuance plus the amount of such expense. 
  
 D. Percentage Interest Adjustments in the Case of Capital Contributions for Partnership Units. Upon the acceptance of additional Capital
Contributions in exchange for any class or series of Partnership Units, the Percentage Interest of each Partner in such class or series of Partnership Units shall be equal to a fraction, the numerator of which is equal to the sum of (i) the Deemed
Partnership Interest Value of the Partnership Interest of such Partner in respect of 
  

 27 

 such class or series (computed as of the Business Day immediately preceding the Adjustment Date) and (ii) the Agreed
Value of additional Capital Contributions, if any, made by such Partner to the Partnership in such class or series of Partnership Interests as of such Adjustment Date, and the denominator of which is equal to the sum of (i) the Deemed Value of the
Partnership Interests of such class or series (computed as of the Business Day immediately preceding the Adjustment Date), plus (ii) the aggregate Agreed Value of additional Capital Contributions contributed by all Partners and/or third
parties to the Partnership on such Adjustment Date in such class or series. Provided, however, solely for purposes of calculating a Partner’s Percentage Interest pursuant to this Section 4.3.D, (i) in the case of cash
Capital Contributions by the General Partner funded by an offering of REIT Shares or other shares of capital stock of the General Partner and (ii) in the case of the contribution of properties by the General Partner which were acquired by the
General Partner in exchange for REIT Shares or other shares of capital stock of the General Partner immediately prior to such contribution, the General Partner shall be issued a number of Partnership Units equal and corresponding to the number of
such shares issued by the General Partner in exchange for such cash or Properties, the Partnership Units held by the other Partners shall not be adjusted, and the Partners’ Percentage Interests shall be adjusted accordingly. The General Partner
shall promptly give each Partner written notice of its Percentage Interest, as adjusted. This Section 4.3.D shall not apply to the issuance of Profits Interest Units, which shall be governed by Section 4.5, and the General Partner may
adjust Percentage Interests in a manner that is different from the provisions of this Section 4.3.D to the extent it reasonably determines it is appropriate to do so to reflect the value of the respective Capital Contributions made to the
Partnership and the number of Partnership Units issued with respect thereto. 
  
 Section 4.4 Other Contribution Provisions. In the event that any Partner is admitted to the Partnership and is given (or is treated as having received) a Capital Account at the time of admission in exchange for services rendered to
the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner had contributed such cash to the capital of the Partnership. In addition, with
the consent of the General Partner, in its sole discretion, one or more Limited Partners may enter into agreements with the Partnership, in the form of a guarantee or contribution agreement, which have the effect of providing a guarantee of certain
obligations of the Partnership. 
  
 Section 4.5 Profit Interest Units. The
General Partner may from time to time issue Profits Interest Units to Persons who provide services to the Partnership, for such consideration or for no consideration as the General Partner may determine to be appropriate, and admit such Persons as
Limited Partners. Subject to the following provisions of this Section 4.5 and the special provisions of Sections 4.3.D, 6.2.C, 8.7 and 8.8, Profits Interest Units shall be treated as Common Units, with all of the rights, privileges and obligations
attendant thereto. For purposes of computing the Partners’ Percentage Interests, Profits Interest Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence between Profits
Interest Units and Common Units for conversion, distribution and other purposes, including without limitation complying with the following procedures: 
  
 A. If an Adjustment Event occurs, then the General Partner shall make a corresponding adjustment to the Profits Interest Units to maintain a one-for-one
conversion and economic equivalence ratio between Common Units and Profits Interest Units. The following 
  

 28 

 shall be “Adjustment Events”: (i) the Partnership makes a distribution on all outstanding Common Units
in Partnership Units, (ii) the Partnership subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units, or (iii) the Partnership issues any Partnership Units in
exchange for its outstanding Common Units by way of a reclassification or recapitalization of its Common Units. If more than one Adjustment Event occurs, the adjustment to the Profits Interest Units need be made only once using a single formula that
takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization,
acquisition or other similar business transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units to the Company in respect
of a Capital Contribution to the Partnership of proceeds from the sale of securities by the Company. If the Partnership takes an action affecting the Common Units other than actions specifically described above as “Adjustment Events” and
in the opinion of the General Partner such action would require an adjustment to the Profits Interest Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the Profits
Interest Units, to the extent permitted by law and by any applicable Stock Plan or other compensatory arrangement or incentive program pursuant to which Profits Interest Units are issued, in such manner and at such time as the General Partner, in
its sole discretion, may determine to be reasonably appropriate under the circumstances. If an adjustment is made to the Profits Interest Units as herein provided the Partnership shall promptly file in the books and records of the Partnership an
officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing
of such certificate, the Partnership shall mail a notice to each Profits Interest Unitholder setting forth the adjustment to his or her Profits Interest Units and the effective date of such adjustment. 
  
 B. Unless otherwise provided by the General Partner with respect to any
particular class or series of Profits Interest Units, the Profits Interest Unitholders shall, in respect of each Distribution Payment Date, when, as and if authorized and declared by the General Partner out of assets legally available for that
purpose, be entitled to receive distributions in an amount per Profits Interest Unit equal to the distributions per Common Unit, paid to holders of record on the same record date established by the General Partner with respect to such Distribution
Payment Date. References to additional Partnership Interests in Section 5.4 shall be deemed to include Profits Interest Units issued during a Distribution Period and such Section 5.4 shall apply in full to Profits Interest Units.
Unless otherwise provided by the General Partner with respect to any particular class or series of Profits Interest Units, (x) during any Distribution Period, so long as any Profits Interest Units are outstanding, no distributions (whether in cash
or in kind) shall be authorized, declared or paid on Common Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the Profits Interest Units for such Distribution Period, (y), the Profits Interest
Units shall rank pari passu with the Common Units as to the payment of regular and special periodic or other distributions and distribution of assets, and (z) any class or series of Partnership Units or Partnership Interests which by its
terms specifies that it shall rank junior to, on a parity with, or senior to the Common Units with respect to distributions shall also rank junior to, on a parity with, or senior to, as the case may be, the Profits Interest Units. Notwithstanding
the foregoing provisions of this Section 4.5.B, proceeds 
  

 29 

 from a Liquidating Event shall be distributed to Holders of Partnership Units as set forth in Sections 5.3 and
13.2. Subject to the terms of any Vesting Agreement, a Profits Interest Unitholder shall be entitled to transfer his or her Profits Interest Units to the same extent, and subject to the same restrictions as holders of Common Units are
entitled to transfer their Common Units pursuant to Article 11. 
  
 C. Profits Interest Units shall be subject to the following special provisions: 
  
 (a) Vesting Agreements. Profits Interest Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of a
Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the Plan, if applicable.
Profits Interest Units that were fully vested when issued or that have vested under the terms of a Vesting Agreement are referred to as “Vested Profits Interest Units”; all other Profits Interest Units shall be treated as
“Unvested Profits Interest Units.” 
  
 (b)
Forfeiture. Unless otherwise specified in the Vesting Agreement or in any applicable Stock Plan or other compensatory arrangement or incentive program pursuant to which Profits Interest Units are issued, upon the occurrence of any event
specified in such Vesting Agreement, Stock Plan, arrangement or program as resulting in either the right of the Partnership or the General Partner to repurchase Profits Interest Units at a specified purchase price or some other forfeiture of any
Profits Interest Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture or upon the occurrence of the event causing forfeiture in accordance with the applicable Vesting Agreement, Stock Plan,
arrangement or program, then the relevant Profits Interest Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the applicable Vesting Agreement,
Stock Plan, arrangement or program, no consideration or other payment shall be due with respect to any Profits Interest Units that have been forfeited, other than any distributions declared with respect to a Partnership Record Date prior to the
effective date of the forfeiture. In connection with any repurchase or forfeiture of Profits Interest Units, the balance of the portion of the Capital Account of the Profits Interest Unitholder that is attributable to all of his or her Profits
Interest Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.2.C, calculated with respect to the Profits Interest Unitholder’s remaining Profits Interest Units, if any. 

  
 (c) Allocations. Profits Interest Unitholders shall be
entitled to certain special allocations of gain under Section 6.2.C. 
  
 (d) Redemption. The Redemption Right provided to Limited Partners under Section 8.6 shall not apply with respect to Profits Interest Units unless and until they are converted to Partnership Units as
provided in clause (vi) below and Section 8.7. 
  

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 (e) Legend. Any certificate evidencing an Profits Interest Unit shall bear an appropriate legend
indicating that additional terms, conditions and restrictions on transfer, including without limitation any Vesting Agreement, apply to the Profits Interest Unit. 
  
 (f) Conversion to Partnership Units. Vested Profits Interest Units are eligible to be converted into Partnership
Units under Section 8.7. 
  
 (g) Voting. Profits
Interest Units shall have the voting rights provided in Section 8.8. 
  
 Section 4.6 No Preemptive Rights 
  
 Except to
the extent expressly granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance
or sale of any Partnership Units or other Partnership Interests. 
  
 ARTICLE 5. 
 DISTRIBUTIONS 
  
 Section 5.1 Requirement and Characterization of Distributions 
  
 The General Partner shall cause the Partnership to distribute quarterly all, or such portion as the General Partner may in its discretion determine, of
Available Cash generated by the Partnership to the Partners who are Partners on the applicable Partnership Record Date with respect to such distribution, (1) first, with respect to any class or series of Partnership Interests that are entitled to
any preference in distributions, in accordance with the rights of such class or series of Partnership Interests (and within such class or series, pro rata in proportion to the respective Percentage Interests on the applicable Partnership Record
Date), and (2) second, with respect to any class or series of Partnership Interests that are not entitled to any preference in distributions, pro rata to each such class or series in accordance with the terms of such class or series to the Partners
who are Partners of such class or series on the Partnership Record Date with respect to such distribution (and within each such class or series, pro rata in proportion to the respective Percentage Interests on such Partnership Record Date). Unless
otherwise expressly provided for herein or in an agreement, if any, entered into in connection with the creation of a new class or series of Partnership Interests created in accordance with Article 4, no Partnership Interest shall be entitled
to a distribution in preference to any other Partnership Interest. The General Partner shall take such reasonable efforts, as determined by it in its sole and absolute discretion and consistent with its qualification as a REIT, to cause the
Partnership to distribute sufficient amounts to enable the General Partner, for so long as the General Partner has determined to qualify as a REIT, to pay stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under
the Code and Regulations (“REIT Requirements”), and (b) except to the extent otherwise determined by the General Partner, avoid the imposition of any federal income or excise tax liability on the General Partner, except to the
extent that a distribution pursuant to clause (b) would prevent the Partnership from making a distribution to the Holders of Series A Preferred Units in accordance with Section 16.2 or Series B Preferred Units in accordance with Section
17.2. 
  

 31 

 Section 5.2 Distributions in Kind 
  
 Except as expressly provided herein, no right is given to any Partner to demand and receive property other than cash. The
General Partner may determine, in its sole and absolute discretion, to make a distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed
and allocated in accordance with Articles 5, 6 and 10. 
  
 Section 5.3 Distributions Upon Liquidation 
  
 Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2. 
  
 Section 5.4 Distributions to Reflect Issuance of Additional Partnership Interests 
  
 In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited
Partner pursuant to Section 4.3.B, 4.3.C or 4.5, the General Partner shall make such revisions to this Article 5 as it determines are necessary to reflect the issuance of such additional Partnership Interests. In the
absence of any agreement to the contrary, an Additional Limited Partner shall be entitled to the distributions set forth in Section 5.1 (without regard to this Section 5.4) with respect to the period during which the closing of its
contribution to the Partnership occurs, multiplied by a fraction the numerator of which is the number of days from and after the date of such closing through the end of the applicable period, and the denominator of which is the total number of days
in such period. 
  
 ARTICLE 6. 
 ALLOCATIONS 
  
 Section 6.1 Timing and Amount of Allocations of Net Income and Net Loss 
  
 Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Partnership Year of the Partnership as of the end of
each such year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is
taken into account in computing Net Income or Net Loss. 
  
 Section 6.2 General
Allocations 
  
 Except as otherwise provided in this
Article 6, Net Income and Net Loss allocable with respect to a class of Partnership Interests shall be allocated to each of the Holders holding such class of Partnership Interests in accordance with their respective Percentage Interest of
such class. 
  

 32 

 A. Allocation of Net Income and Net Losses. 
  
 (1) Net Income. Except as otherwise provided in Section 6.3,
Net Income for any Partnership Year shall be allocated to the Partners in the following manner and order of priority: 
  
 (a) First, to the General Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the
General Partner pursuant to Section 6.2.A.2(d) for all prior Partnership Years minus the cumulative Net Income allocated to the General Partner pursuant to this Section 6.2.A.(1)(a) for all prior Partnership Years; 

 
 (b) Second, to each Limited Partner in an amount
equal to the remainder, if any, of the cumulative Net Losses allocated to each such Limited Partner pursuant to Section 6.2.A.2(c) for all prior Partnership Years minus the cumulative Net Income allocated to such Limited Partner
pursuant to this Section 6.2.A.(1)(b) for all prior Partnership Years; 
  
 (c) Third, to the General Partner in an amount equal to the remainder, if any, of the cumulative Net Losses allocated to the General Partner pursuant to Section 6.2.A.2(b) for all prior Partnership Years
minus the cumulative Net Income allocated to such Partner pursuant to this Section 6.2.A.1(c) for all prior Partnership Years; 
  
 (d) Fourth, to the General Partner in an amount equal to the sum of (i) the excess of the cumulative Series A Priority Return on
the Series A Preferred Units to the last day of the current Partnership Year or to the date of redemption of the Series A Preferred Units, to the extent such Series A Preferred Units are redeemed during such year, over the cumulative Net Income
allocated to the General Partner pursuant to this clause (i) of this Section 6.2.A.1(d) for all prior Partnership Years and (ii) the excess of the cumulative Series B Priority Return on the Series B Preferred Units to the last day of
the current Partnership Year or to the date of redemption of the Series B Preferred Units, to the extent such Series B Preferred Units are redeemed during such year, over the cumulative Net Income allocated to the General Partner pursuant to this
clause (ii) of this Section 6.2.A.1(d) for all prior Partnership Years; 
  
 (e) Fifth, to the General Partner and the Limited Partners in an amount equal to the remainder, if any, of the cumulative
Net Losses allocated to each such Partner pursuant to Section 6.2.A.2(a) for all prior Partnership Years minus the cumulative Net Income allocated to each Partner pursuant to this Section 6.2.A.(1)(e) for all prior Partnership
Years; and 
  
 (f) Sixth, to each
of the Partners in accordance with their respective Percentage Interests in the Common-Equivalent Units. 
  
 To the extent the allocations of Net Income set forth above in any paragraph of this Section 6.2.A.(1) are not sufficient to entirely satisfy the
allocation set forth in such paragraph, such allocation shall be made in proportion to the total amount that would have been allocated pursuant to such paragraph without regard to such shortfall. 
  

 33 

 (2) Net Losses. Except as otherwise provided in Section 6.3, Net Losses for any Partnership
Year shall be allocated to the Partners in the following manner and order of priority: 
  
 (a) First, to the General Partner and the Limited Partners in accordance with their respective Percentage Interests in the
Common-Equivalent Units (to the extent consistent with this Section 6.2.A(2)(a)) until the Adjusted Capital Account Balance (ignoring for this purpose any amounts a Partner is obligated to contribute to the capital of the Partnership or is
deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2) and ignoring the General Partner’s Series A Preferred Capital and Series B Preferred Capital) of each such Partner is zero; 
  
 (b) Second, to the General Partner (ignoring for this
purpose any amounts the General Partner is obligated to contribute to the capital of the Partnership or is deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)), until the Adjusted Capital Account (as so modified)
of the General Partner is zero; 
  
 (c) Third,
to the Limited Partners to the extent of, and in proportion to, the positive balance (if any) in their Adjusted Capital Accounts; and 
  
 (d) Fourth, to the General Partner. 
  
 B. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership issues additional Partnership Interests
to the General Partner, a Limited Partner or any Additional Limited Partner pursuant to Section 4.3, the General Partner shall make such revisions to this Section 6.2 as it determines are necessary to reflect the terms of the issuance
of such additional Partnership Interests, including making preferential allocations to certain classes of Partnership Interests, subject to the terms of the Series A Preferred Units and the Series B Preferred Units, in accordance with any method
selected by the General Partner. 
  
 C. Special Allocation of
Gain to Profits Interest Unitholders. Notwithstanding the allocations set forth in Section 6.2.A(1) above, any net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the
Partnership, including but not limited to net capital gain treated as realized in connection with an adjustment to the Gross Asset Value of Partnership assets as set forth in the definition of such term, shall first be allocated to the Profits
Interest Unitholders until the Economic Capital Account Balances of such Limited Partners, to the extent attributable to their ownership of Profits Interest Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of
their Profits Interest Units. For this purpose, the “Economic Capital Account Balances” of the Profits Interest Unitholders will be equal to their Capital Account balances, plus the amount of their shares of any Partner Minimum Gain
or Partnership Minimum Gain, in each case to the extent attributable to their ownership of Profits Interest Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account balance of the Company, plus the
amount of the Company’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the Company’s ownership of Common Units and computed on a hypothetical basis after taking into account all
allocations through the date on which any allocation is made under this Section 6.2.C, divided by (ii) the number of the Company’s Common Units. Any such allocations shall be made among the Profits Interest Unitholders in proportion to
the amounts required to be allocated to each under this Section 6.2.C. The parties agree that the intent of this Section 6.2.C is to make the Capital Account balances of the Profits Interest Unitholders with respect to their Profits
Interest Units economically equivalent to the Capital Account balance of the Company with respect to its Common Units. 
  

 34 

 D. Allocations in Connection with a Liquidating Event. Except as otherwise provided in Section
6.3, the allocations of Net Income and Net Loss set forth in the foregoing provisions of this Section 6.2 or, if necessary, allocations of individual items of income, gain, loss and deduction which comprise such Net Income or Net Loss, shall be
adjusted to the extent necessary so as to result in the Capital Account balance of each Partner being such that distributions to the Partners pursuant to Section 13.2 hereof upon the occurrence of a Liquidating Event shall be made first to the
General Partner in an amount equal to the sum of the Series A Preferred Capital and the Series B Preferred Capital, and thereafter to Holders of Common-Equivalent Units in accordance with their Percentage Interests in such Units.  

 
 Section 6.3 Additional Allocation Provisions 
  
 Notwithstanding the foregoing provisions of this Article 6:

  
 A. Regulatory Allocations. 
  
 (i) Minimum Gain Chargeback. Except as otherwise provided in
Regulations Section 1.704-2(f), notwithstanding the provisions of Section 6.2, or any other provision of this Article 6, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Holder shall be specially
allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g).
Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections
1.704-2(f)(6) and 1.704-2(j)(2). This Section 6.3.A(i) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulation Section 1.704-2(f) which shall be controlling in the event of a conflict between such
Regulation and this Section 6.3.A(i). 
  
 (ii) Partner
Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), and notwithstanding the provisions of Section 6.2, or any other provision of this Article 6 (except Section 6.3.A(i)), if there is a
net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with
Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Holder’s share of the net decrease in Partner Minimum Gain
attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each
Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.3.A(ii) is intended to qualify as a “chargeback of partner nonrecourse debt
minimum gain” within the meaning of Regulation Section 1.704-2(i) which shall be controlling in the event of a conflict between such Regulation and this Section 6.3.A(ii). 
  

 35 

 (iii) Nonrecourse Deductions and Partner Nonrecourse Deductions. Any Nonrecourse Deductions for
any Partnership Year shall be specially allocated to the Holders in accordance with their respective Percentage Interests in Common-Equivalent Units. Any Partner Nonrecourse Deductions for any Partnership Year shall be specially allocated to the
Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Sections 1.704-2(b)(4) and 1.704-2(i). 
  
 (iv) Qualified Income Offset. If any Holder unexpectedly receives an
adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be allocated, in accordance with Regulations Section 1.704-1(b)(2)(ii)(d), to the Holder in an
amount and manner sufficient to eliminate, to the extent required by such Regulations, the Adjusted Capital Account Deficit of the Holder as quickly as possible provided that an allocation pursuant to this Section 6.3.A(iv) shall be made if
and only to the extent that such Holder would have an Adjusted Capital Account Deficit after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(iv) were not in this Agreement. It is
intended that this Section 6.3.A(iv) qualify and be construed as a “qualified income offset” within the meaning of Regulations 1.704-1(b)(2)(ii)(d), which shall be controlling in the event of a conflict between such Regulations and
this Section 6.3.A(iv). 
  
 (v) Gross Income
Allocation. In the event any Holder has a deficit Capital Account at the end of any Partnership Year which is in excess of the sum of (1) the amount (if any) such Holder is obligated to restore to the Partnership, and (2) the amount such Holder
is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Holder shall be specially allocated items of Partnership income
and gain in the amount of such excess as quickly as possible, provided, that an allocation pursuant to this Section 6.3.A(v) shall be made if and only to the extent that such Holder would have a deficit Capital Account in excess
of such sum after all other allocations provided in this Article 6 have been tentatively made as if this Section 6.3.A(v) and Section 6.3.A(iv) were not in this Agreement. 
  
 (vi) Limitation on Allocation of Net Loss. To the extent any
allocation of Net Loss would cause or increase an Adjusted Capital Account Deficit as to any Holder, such allocation of Net Loss shall be reallocated among the other Holders in accordance with their respective Percentage Interests in
Common-Equivalent Units subject to the limitations of this Section 6.3.A(vi). 
  
 (vii) Section 754 Adjustment. To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section
1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of his interest in the Partnership, the 

  

 36 

 
amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be specially allocated to the Holders in accordance with their interests in the Partnership in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom
such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
  
 (viii) Curative Allocation. The allocations set forth in Sections 6.3.A(i), (ii), (iii), (iv), (v),
(vi), and (vii) (the “Regulatory Allocations”) are intended to comply with certain regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of
Sections 6.1 and 6.2 (but subject to Section 6.2.D), the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Holders so that, to the extent possible, the net amount
of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such Holder if the Regulatory Allocations had not occurred. 
  
 B. For purposes of determining a Holder’s proportional share of the
“excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Holder’s interest in Partnership profits shall be such Holder’s Percentage Interest in Common-Equivalent Units.

  
 Section 6.4 Tax Allocations 
  
 A. In General. Except as otherwise provided in this Section
6.4, for income tax purposes each item of income, gain, loss and deduction (collectively, “Tax Items”) shall be allocated among the Holders in the same manner as its correlative item of “book” income, gain, loss or
deduction is allocated pursuant to Sections 6.2 and 6.3. 
  
 B. Allocations Respecting Section 704(c) Revaluations. Notwithstanding Section 6.4.A, Tax Items with respect to Partnership property that is contributed to the Partnership by a Partner shall be shared among the Holders for
income tax purposes pursuant to Regulations promulgated under Section 704(c) of the Code, so as to take into account the variation, if any, between the basis of the property to the Partnership and its initial Gross Asset Value. With respect to
Partnership property that is contributed to the Partnership in connection with the General Partner’s initial public offering or pursuant to the Partnership’s exercise of rights under any Option Agreement or ROFO Agreement, such variation
between basis and initial Gross Asset Value shall be taken into account under the “traditional method” as described in Regulations Section 1.704-3(b). With respect to other properties contributed to the Partnership, the Partnership shall
account for such variation under any method consistent with Section 704(c) of the Code and the applicable regulations as chosen by the General Partner. In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph
(b) of the definition of Gross Asset Value (provided in Article 1), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value
in the same manner as under Section 704(c) of the Code and the applicable 

  

 37 

 
regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using any method approved under Section 704(c) of the Code and the
applicable regulations as chosen by the General Partner, provided, however, that the “traditional method” as described in Regulations Section 1.704-3(b) shall be used with respect to Partnership Property that is contributed
to the Partnership in connection with the General Partner’s initial public offering or pursuant to the Partnership’s exercise of rights under any Option Agreement or ROFO Agreement. 
  
 ARTICLE 7. 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
  
 Section 7.1 Management 
  
 A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to
participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the Limited Partners with or without cause, except with the consent of the General Partner. In
addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other
provisions hereof including Sections 7.3 and 11.2, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership (including, without limitation, all actions
consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status), to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in
Section 3.1, including, without limitation: 
  
 (1) the
making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit the General
Partner (so long as the General Partner has determined to qualify as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its
stockholders sufficient to permit the General Partner to maintain REIT status), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness (including the securing of same
by mortgage, deed of trust or other lien or encumbrance on all or any of the Partnership’s assets) and the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership; 
  
 (2) the making of tax, regulatory and other filings, or rendering of periodic
or other reports to governmental or other agencies having jurisdiction over the business or assets of the Partnership, the registration of any class of securities of the Partnership under the Exchange Act, and the listing of any debt securities of
the Partnership on any exchange; 
  
 (3) subject to the provisions
of Section 11.2, the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets of the Partnership or the merger or other combination of the Partnership with or into another entity; 
  

 38 

 (4) the acquisition, disposition, mortgage, pledge, encumbrance or hypothecation of all or any assets of
the Partnership, and the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the
conduct or the operations of the General Partner or the Partnership, the lending of funds to other Persons (including, without limitation, the General Partner or any Subsidiaries of the Partnership) and the repayment of obligations of the
Partnership, any of its Subsidiaries and any other Person in which it has an equity investment, and the making of capital contributions to its Subsidiaries; 
  
 (5) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements owned by the
Partnership or any Subsidiary of the Partnership; 
  
 (6) the
negotiation, execution, and performance of any contracts, leases, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General
Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the
Partnership’s assets; 
  
 (7) the distribution of Partnership
cash or other Partnership assets in accordance with this Agreement; 
  
 (8) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the Partnership (including, without limitation, employees having titles such as “president,” “vice
president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors of the Partnership, the determination of their compensation and other terms of employment or hiring, including
waivers of conflicts of interest and the payment of their expenses and compensation out of the Partnership’s assets; 
  
 (9) the maintenance of such insurance for the benefit of the Partnership and the Partners and directors and officers of the Partnership or the General
Partner as it deems necessary or appropriate; 
  
 (10) the
formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, limited liability companies, joint ventures, corporations or other relationships that it deems desirable (including,
without limitation, the acquisition of interests in, and the contributions of property to any Subsidiary and any other Person in which it has an equity investment from time to time); provided, that, as long as the General Partner has
determined to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that could cause the General Partner to fail to qualify as a REIT; 
  
 (11) the control of any matters affecting the rights and obligations of the
Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any claim, cause of action, liability, debt or damages, due 

  

 39 

 
or owing to or from the Partnership, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of
dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the incurring of legal expense, and the indemnification of any Person
against liabilities and contingencies to the extent permitted by law; 
  
 (12) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Person (including, without limitation, contributing or loaning Partnership funds to, incurring indebtedness on behalf of, or
guarantying the obligations of any such Persons); 
  
 (13) subject
to the other provisions in this Agreement, the determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation as it may adopt, provided, that such methods are otherwise
consistent with requirements of this Agreement; 
  
 (14) the
management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or
indirect equity investment; 
  
 (15) holding, managing, investing
and reinvesting cash and other assets of the Partnership; 
  
 (16)
the collection and receipt of revenues and income of the Partnership; 
  
 (17) the exercise, directly or indirectly through any attorney-in-fact acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any asset or investment held by the Partnership;

  
 (18) the exercise of any of the powers of the General Partner
enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other Person; 
  
 (19) the exercise of any of the powers of the General Partner enumerated in
this Agreement on behalf of any Person in which the Partnership does not have an interest pursuant to contractual or other arrangements with such Person; 
  
 (20) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements,
conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General
Partner enumerated in this Agreement; 
  
 (21) the issuance of
additional Partnership Interests as provided in Sections 4.3, 4.4 or 4.5; 
  

 40 

 (22) the distribution of cash to acquire Common Units held by a Limited Partner in connection with a
Limited Partner’s exercise of its Redemption Right under Section 8.6 hereof; 
  
 (23) the amendment and restatement of Exhibit A hereto to reflect accurately at all times the Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the
extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding
anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; 
  
 (24) the taking of any and all acts and things necessary or prudent to ensure
that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation under Section 7704 of the Code; and 
  
 (25) the delegation to another Person of any powers now or hereafter granted to the General Partner. 
  
 B. Each of the Limited Partners agrees that the General Partner is authorized
to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provisions of this Agreement (except as provided in
Section 7.3 or 11.2), the Act or any applicable law, rule or regulation to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the
Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this
Agreement or of any duty stated or implied by law or equity. 
  
 C. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, liability and other insurance on the properties of the Partnership and (ii) liability insurance for the
benefit of any or all Indemnitees. 
  
 D. At all times from and
after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital and other reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time
to time. 
  
 E. In exercising its authority under this Agreement,
the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the General Partner) of any action taken (or not taken) by the General Partner. The General Partner and the Partnership
shall not have liability to a Partner under this Agreement as a result of an income tax liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement.

  
  

 41 

 F. 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 Partnership.

  
 Section 7.2 Certificate of Limited Partnership 
  
 To the extent that such action is determined by the General Partner to be
reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have
limited liability) under the laws of the State of Maryland and to maintain the Partnership’s qualification to do business as a foreign limited partnership in each other state, the District of Columbia or other jurisdiction, in which the
Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A(4), the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any
Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a
limited partnership (or a partnership in which the limited partners have limited liability) in the State of Maryland, any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own
property. 
  
 Section 7.3 Restrictions on General Partner’s Authority

  
 A. The General Partner may not take any action in
contravention of an express prohibition or limitation of this Agreement without the written Consent of the Limited Partners and may not (i) perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or
any liability not contemplated herein or under the Act; or (ii) enter into any contract, mortgage, loan or other agreement that prohibits or restricts, or has the effect of prohibiting or restricting, the ability of a Limited Partner to exercise its
rights to a Redemption as provided in Section 8.6, except in each case with the written consent of such Limited Partner. 
  
 B. The General Partner shall not, without the prior Consent of the Limited Partners, or except as provided in Section 7.3.C, amend, modify or
terminate this Agreement. 
  
 C. Notwithstanding Section
7.3.B, the General Partner shall have the exclusive power to amend this Agreement as may be required to facilitate or implement any of the following purposes: 
  
 (1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any
Affiliate of the General Partner for the benefit of the Limited Partners; 
  
 (2) to reflect the issuance of additional Partnership Interests pursuant to Sections 4.3, 4.4, 4.5, 5.4 and 6.2.B or the admission, substitution, termination, or withdrawal of
Partners in accordance with this Agreement (which may be effected through the replacement of Exhibit A with an amended Exhibit A); 
  

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 (3) to set forth or amend the designations, rights, powers, duties, and preferences of the holders of any
additional Partnership Interests issued pursuant to Article 4; 
  
 (4) to reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with
law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 
  
 (5) to satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation
of a federal or state agency or contained in federal or state law; 
  
 (6) to reflect such changes as are reasonably necessary for the General Partner to maintain its status as a REIT, including changes which may be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or
a ruling of the IRS; and 
  
 (7) to modify, as set forth in the
definition of “Capital Account,” the manner in which Capital Accounts are computed. 
  
 The General Partner will provide notice to the Limited Partners when any action under this Section 7.3.C is taken. 
  
 D. Notwithstanding Sections 7.3.B and 7.3.C, this Agreement
shall not be amended with respect to any Partner adversely affected, and no action may be taken by the General Partner, without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s
interest in the Partnership into a general partner’s interest (except as the result of the General Partner acquiring such interest), (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive
distributions pursuant to Article 5, Section 13.2.A(4) or Article 16 or the allocations specified in Article 6 (except as permitted pursuant to Sections 4.3, 4.4, 4.5, 5.4, 6.2.B and
Section 7.3.C(3)), (iv) adversely alter or modify the rights to a Redemption or the REIT Shares Amount as set forth in Section 8.6, and related definitions hereof, (v) alter the protections of the Limited Partners as set forth in
Section 11.2.B or (vi) amend this Section 7.3.D. Further, no amendment may alter the restrictions on the General Partner’s authority set forth elsewhere in this Section 7.3 without the Consent specified in such section.
This Section 7.3D does not require unanimous consent of all Partners adversely affected unless the amendment is to be effective against all partners adversely affected. 
  
 Section 7.4 Reimbursement of the General Partner 
  
 A. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles
5 and 6 regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
  

 43 

 B. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s
and the General Partner’s organization, the ownership of its assets and its operations. The General Partner is hereby authorized to cause the Partnership to pay compensation for accounting, administrative, legal, technical, management and other
services rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner and its Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute
discretion, for all expenses that the General Partner and its Affiliates incur relating to the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses); provided, that
the amount of any such reimbursement shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such
expenses of the General Partner are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.7 hereof. In the event that certain
expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole and absolute
discretion deems fair and reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. 
  
 C. If the General Partner shall elect to purchase from its stockholders REIT
Shares for the purpose of delivering such REIT Shares to satisfy an obligation under any dividend reinvestment program adopted by the General Partner, any employee stock purchase plan adopted by the General Partner, or any similar obligation or
arrangement undertaken by the General Partner in the future or for the purpose of retiring such REIT Shares, the purchase price paid by the General Partner for such REIT Shares and any other expenses incurred by the General Partner in connection
with such purchase shall be considered expenses of the Partnership and shall be advanced by the Partnership to the General Partner or reimbursed by the Partnership to the General Partner, subject to the condition that: (i) if such REIT Shares
subsequently are sold by the General Partner, the General Partner shall pay to the Partnership any proceeds received by the General Partner for such REIT Shares (which sales proceeds shall include the amount of dividends reinvested under any
dividend reinvestment or similar program; provided, that a transfer of REIT Shares for Common Units pursuant to Section 8.6 would not be considered a sale for such purposes); and (ii) if such REIT Shares are not retransferred by
the General Partner within thirty (30) days after the purchase thereof, or the General Partner otherwise determines not to retransfer such REIT Shares, the General Partner, shall cause the Partnership to redeem a number of Common Units held by the
General Partner equal to the number of such REIT Shares, as adjusted (x) pursuant to Section 7.5 (in the event the General Partner acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and
distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the General Partner
pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Common Units held by the General
Partner). 
  

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 D. As set forth in Section 4.3, the General Partner shall be treated as having made a Capital
Contribution in the amount of all expenses that it incurs relating to the General Partner’s offering of REIT Shares, other shares of capital stock of the General Partner or New Securities. 
  
 E. If and to the extent any reimbursements to the General Partner pursuant to
this Section 7.4 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of
Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
  
 Section 7.5 Outside Activities of the General Partner 
  
 A. Except in connection with a transaction authorized in Section
11.2, without the Consent of the Limited Partners, the General Partner shall not, directly or indirectly, enter into or conduct any business, other than in connection with the ownership, acquisition and disposition of Partnership Interests as a
General Partner and the management of the business of the Partnership, its operation as a public reporting company with a class (or classes) of securities registered under the Exchange Act, its operation as a REIT and such activities as are
incidental to the same. Except as otherwise expressly provided in this Section 7.5, without the Consent of the Limited Partners, the General Partner shall not, directly or indirectly, participate in or otherwise acquire any interest in any
real or personal property, except its General Partner Interest, its minority interest in any Subsidiary Partnership(s) that the General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, and such bank
accounts, similar instruments or other short-term investments as it deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter. In the event the General Partner desires to contribute cash to any Subsidiary
Partnership to acquire or maintain an interest of 1% or less in the capital of such partnership, the General Partner may acquire or maintain an interest of 1% or less in the capital of such partnership, and the General Partner may acquire such cash
from the Partnership as a loan or in exchange for a reduction in the General Partner’s Partnership Units, in an amount equal to the amount of such cash divided by the Fair Market Value of a REIT Share on the day such cash is received by the
General Partner. Notwithstanding the foregoing, the General Partner may acquire Properties or other assets in exchange for REIT Shares or cash, to the extent such Properties or other assets are immediately contributed by the General Partner to the
Partnership, pursuant to the terms described in Section 4.3.D. Any Limited Partner Interests acquired by the General Partner, whether pursuant to exercise by a Limited Partner of its right of Redemption, or otherwise, shall be automatically
converted into a General Partner Interest comprised of an identical number of Partnership Units with the same rights, priorities and preferences as the class or series so acquired. The General Partner may also own one-hundred percent (100%) of the
stock or interests of one or more Qualified REIT Subsidiaries or limited liability companies, respectively, provided that any such entity shall be subject to the limitations of this Section 7.5.A. If, at any time, the General
Partner acquires material assets (other than Partnership Interests or other assets on behalf of the Partnership), the definition of “REIT Shares Amount” and the definition of “Deemed Value of Partnership Interests” shall
be adjusted, as reasonably determined by the General Partner, to reflect the relative Fair Market Value of a share of capital stock of the General Partner relative to the Deemed Partnership Interest Value of the related Partnership Unit. The General
Partner’s General Partner Interest in the Partnership, its minority 
  

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 interest in any Subsidiary Partnership(s) (held directly or indirectly through a Qualified REIT Subsidiary) that the
General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, and interests in such short-term liquid investments, bank accounts or similar instruments as the General Partner deems necessary to carry out its
responsibilities contemplated under this Agreement and the Charter are interests which the General Partner is permitted to acquire and hold for purposes of this Section 7.5.A. 
  
 B. In the event the General Partner exercises its rights under the Charter to purchase REIT Shares, other capital stock of
the General Partner or New Securities, as the case may be, then the General Partner shall cause the Partnership to purchase from it a number of Partnership Units equal to the number of REIT Shares, other capital stock of the General Partner or New
Securities, as the case may be, so purchased on the same terms that the General Partner purchased such REIT Shares, other capital stock of the General Partner or New Securities, as the case may be. 
  
 Section 7.6 Contracts with Affiliates 
  
 A. The Partnership may lend or contribute to, and borrow funds from, Persons
in which it has an equity investment, and such Persons may borrow funds from, and lend or contribute funds to, the 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 Person. 
  
 B. Except as provided in Section 7.5.A, the 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 consistent with this Agreement and applicable law as the General Partner in its sole discretion deems advisable. 
  
 C. The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the
Partnership employee benefit plans (including without limitation plans that contemplate the issuance of Profits Interests Units) funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the
Partnership or any Affiliate of any of them in respect of services performed or to be performed, directly or indirectly, for the benefit of such entities. The General Partner also is expressly authorized to cause the Partnership to issue to it
Common Units corresponding to REIT Shares issued by the General Partner pursuant to any Stock Plan or any similar or successor plan and to repurchase such Partnership Units from the General Partner to the extent necessary to permit the General
Partner to repurchase such REIT Shares in accordance with such plan. 
  
 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 Partnership, directly or indirectly, except
pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 
  
 E. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a right of first opportunity arrangement and
other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute discretion, believes are advisable. 
  

 46 

 Section 7.7 Indemnification 
  
 A. To the fullest extent permitted by law, the Partnership shall indemnify an Indemnitee from and against any and all
losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, subpoenas, requests for information, formal or informal
investigations, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership or the General Partner 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, constituted fraud or was the
result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the
act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any indebtedness of the Partnership or any Subsidiary of the Partnership
(including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one
or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment, order or settlement
does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or any
entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A. Any indemnification pursuant to this Section 7.7 shall be made
only out of the assets of the Partnership, and any insurance proceeds from liability policies covering the General Partner and any Indemnitee, and neither the General Partner nor any Limited Partner shall have any obligation to contribute to the
capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7, except to the extent otherwise expressly agreed to by such Partner and the Partnership. 
  
 B. Reasonable expenses incurred by an Indemnitee who is a party to a
proceeding or the recipient of a subpoena or request for information with respect to a proceeding to which such Indemnitee is not a party may be paid or reimbursed by the Partnership in advance of the final disposition of the proceeding upon receipt
by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.7 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 7.7 shall be in addition to any other rights to which an Indemnitee
or any other Person may be entitled under any agreement, pursuant 
  

 47 

 to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to
serve in such capacity unless otherwise provided in a written agreement pursuant to which such Indemnitee is indemnified. 
  
 D. The Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General
Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify
such Person against such liability under the provisions of this Agreement. 
  
 E. For purposes of this Section 7.7, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the
Partnership also imposes duties on, or otherwise involves services 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 Section 7.7; 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 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 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

  
 H. The provisions of this Section 7.7 are for the
benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision
hereof shall be prospective only and shall not in any way affect the limitations on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with
respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  
 I. If and to the extent any reimbursements to the General Partner pursuant to
this Section 7.7 constitute gross income of the General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership) such amounts shall constitute guaranteed payments within the meaning of Section
707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
  
 J. Any indemnification hereunder is subject to, and limited by, the
provisions of Section 10-107 of the Act. 
  

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 K. In the event the Partnership is made a party to any litigation or otherwise incurs any loss or expense
as a result of or in connection with any Partner’s personal obligations or liabilities unrelated to Partnership business, such Partner shall indemnify and reimburse the Partnership for all such loss and expense incurred, including legal fees,
and the Partnership interest of such Partner may be charged therefor. The liability of a Partner under this Section 7.7.K shall not be limited to such Partner’s Partnership Interest, but shall be enforceable against such Partner
personally. 
  
 Section 7.8 Liability of the General Partner 
  
 A. Notwithstanding anything to the contrary set forth in this Agreement,
none of the General Partner nor any of its officers, directors, agents or employees shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees, or their successors or assigns, for losses sustained,
liabilities incurred or benefits not derived as a result of errors in judgment or mistakes of fact or law or any act or omission if the General Partner acted in good faith. 
  
 B. The Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership, the
Limited Partners and the General Partner’s stockholders collectively. Neither the General Partner generally nor the board of directors of the General Partner specifically is under any obligation to give priority to the separate interests of the
Limited Partners or the General Partner’s stockholders (including, without limitation, the tax consequences to Limited Partners or Assignees or to stockholders) in deciding whether to cause the Partnership to take (or decline to take) any
actions. If there is a conflict between the interests of the stockholders of the General Partner 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 stockholders of the General Partner or the Limited Partners; provided, however, that for so long as the General Partner owns a controlling interest in the Partnership, any such conflict that cannot be resolved in a
manner not adverse to either the stockholders of the General Partner or the Limited Partners shall be resolved in favor of the stockholders of the General Partner. The General Partner shall not be liable under this Agreement to the Partnership or to
any Partner 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 7.1.A, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be
responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
  
 D. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the
limitations on the liability of the General Partner and any of its officers, directors, agents and employee’s liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment,
modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  

 49 

 Section 7.9 Other Matters Concerning the General Partner 
  
 A. The General Partner may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties. 
  
 B. The General Partner may consult
with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such
General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
  
 C. The General Partner shall have the right, in respect of any of its powers
or obligations hereunder, to act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and
authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 
  
 D. Notwithstanding any other provisions of this Agreement or any non-mandatory provision of the Act, any action of the General Partner on behalf of the
Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order to protect the ability of the General
Partner, for so long as the General Partner has determined to qualify as a REIT, to (i) continue to qualify as a REIT or (ii) avoid the General Partner incurring any taxes under Section 857 or Section 4981 of the Code, is expressly authorized under
this Agreement and is deemed approved by all of the Limited Partners. 
  
 Section
7.10 Title to Partnership Assets 
  
 Title to Partnership
assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or
any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The
General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit
of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon
as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
  

 50 

 Section 7.11 Reliance by Third Parties 
  
 Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to
assume that the General Partner has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and such Person shall be entitled to
deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to
contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have
been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General
Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in
full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly
executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
  
 ARTICLE 8. 
 RIGHTS AND OBLIGATIONS OF
LIMITED PARTNERS 
  
 Section 8.1 Limitation of Liability 
  
 The Limited Partners shall have no liability under this Agreement except as
expressly provided in this Agreement or under the Act. 
  
 Section 8.2
Management of Business 
  
 No Limited Partner or Assignee
(other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operations,
management or control (within the meaning of the Act) of the Partnership’s business transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such
business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate
the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
  
 Section 8.3 Outside Activities of Limited Partners 
  
 Subject to any agreements entered into by a Limited Partner or its Affiliates with the General Partner, Partnership or a Subsidiary, any Limited Partner and any officer, director, employee, agent, trustee, Affiliate
or stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities in direct competition with the
Partnership 
  

 51 

 or that are enhanced by the activities of the Partnership. Neither the Partnership nor any Partners shall have any rights
by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, 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 business ventures of any other Person, other than the Limited Partners benefiting from the business conducted by the General Partner, and such Person shall have no obligation pursuant to this Agreement to offer any interest
in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such
Person. 
  
 Section 8.4 Return of Capital 
  
 Except pursuant to the rights of Redemption set forth in Section 8.6,
no Limited Partner shall be entitled to the withdrawal or return of his or her Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. Except as expressly
set forth herein, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses, distributions or credits. 
  
 Section 8.5 Rights of Limited Partners Relating to the Partnership 
  
 A. In addition to other rights provided by this Agreement or by the Act, and
except as limited by Section 8.5.C, each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the
purpose of such demand and at such Limited Partner’s expense: 
  
 (1) to obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the General Partner pursuant to the Exchange Act, and each communication sent to the stockholders of the General
Partner; 
  
 (2) to obtain a copy of the Partnership’s
federal, state and local income tax returns for each Partnership Year; 
  
 (3) to obtain a current list of the name and last known business, residence or mailing address of each Partner; 
  
 (4) to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of attorney pursuant to
which this Agreement, the Certificate and all amendments thereto have been executed; and 
  
 (5) to obtain true and full information regarding the amount of cash and a description and statement of any other property or services contributed by each Partner and which each Partner has agreed to contribute in the
future, and the date on which each became a Partner. 
  

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 B. The Partnership shall notify each Limited Partner in writing of any adjustment made in the calculation
of the REIT Shares Amount within a reasonable time after the date such change becomes effective. 
  
 C. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period of
time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner
in good faith believes is not in the best interests of the Partnership or (ii) the Partnership or the General Partner is required by law or by agreements with unaffiliated third parties to keep confidential. 
  
 Section 8.6 Limited Partner Redemption Rights 
  
 A. On or after the date fourteen (14) months after (i) the Effective Date,
with respect to the Common Units acquired prior to, on or contemporaneously with the Effective Date, (ii) the Option Agreement Effective Date, with respect to the Common Units received pursuant to the Option Agreement, (iii) the ROFO Agreement
Effective Date, with respect to the Common Units received pursuant to the ROFO Agreement, and (iv) the date of issuance of any other Common Units, in each case unless a different date is expressly provided in an agreement entered into between the
Partnership and any Limited Partner, each Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of the Common
Units held by such Limited Partner (such Common Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”); provided that the terms of such Common Units do
not provide that such Common Units are not entitled to a right of Redemption. Unless otherwise expressly provided in this Agreement or in a separate agreement entered into between the Partnership and the holders of such Common Units, all Common
Units shall be entitled to a right of Redemption hereunder. The Tendering Partner shall have no right, with respect to any Common Units so redeemed, to receive any distributions paid on or after the Specified Redemption Date. Any Redemption shall be
exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be payable in accordance with the instructions set
forth in the Notice of Redemption to the Tendering Partner within ten (10) days of the Specified Redemption Date, except as provided below. 
  
 B. REIT Share Election 
  
 (1) Notwithstanding Section 8.6.A above, if a Limited Partner has delivered to the General Partner a Notice of Redemption then the General Partner
may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to acquire some or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares
Amount (as of the Specified Redemption Date) and, if the General Partner so elects, the Tendering Partner shall sell the Tendered Units to the General Partner in exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no
right to cause the Partnership to redeem such Tendered Units. The General Partner shall promptly give such Tendering Partner written notice of its election, and subject to Section 8.6.C below, the 
  

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 Tendering Partner may elect to withdraw its redemption request at any time prior to the receipt of cash pursuant to
Section 8.6.A or REIT Shares Amount pursuant to this Section 8.6.B by such Tendering Partner. 
  
 (2) The REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable REIT Shares and, if
applicable, free of any pledge, lien, encumbrance or restriction, other than those provided in the Charter, the Bylaws of the General Partner, the Securities Act, relevant state securities or blue sky laws and any applicable registration rights
agreement with respect to such REIT Shares entered into by the Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.6.E), the Tendering Partner shall be deemed the owner of such REIT Shares for all purposes,
including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the REIT Shares for which the Common Units might be exchanged shall also bear a legend which generally provides the
following: 
  
 THE SHARES OF COMMON STOCK REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE OF THE CORPORATION’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST (“REIT”) UNDER THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE CORPORATION’S ARTICLES OF AMENDMENT AND RESTATEMENT, (i) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL
STOCK OF THE CORPORATION IN EXCESS OF 9.8% OF THE VALUE OF THE TOTAL OUTSTANDING SHARES OF CAPITAL STOCK OF THE CORPORATION AND NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE CORPORATION’S COMMON STOCK IN EXCESS OF 9.8% (BY
VALUE OR BY NUMBER OF SHARES, WHICHEVER IS MORE RESTRICTIVE) OF THE OUTSTANDING COMMON STOCK OF THE CORPORATION; (ii) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK THAT WOULD RESULT IN THE CORPORATION BEING “CLOSELY
HELD” UNDER SECTION 856(h) OF THE CODE OR OTHERWISE CAUSE THE CORPORATION TO FAIL TO QUALIFY AS A REIT; AND (iii) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE CORPORATION BEING OWNED
BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE CORPORATION. IF ANY OF THE
RESTRICTIONS ON TRANSFER OR OWNERSHIP SET FORTH IN (i) OR (ii) IS VIOLATED, THE SHARES OF COMMON STOCK REPRESENTED HEREBY WILL BE AUTOMATICALLY TRANSFERRED TO THE TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES, AND ANY
TRANSFER THAT WOULD RESULT IN THE CAPITAL STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS SHALL BE VOID AB INITIO. IN ADDITION, THE CORPORATION MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF
DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER 
  

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 EVENT MAY VIOLATE THE RESTRICTIONS DESCRIBED ABOVE. FURTHERMORE, UPON THE OCCURRENCE OF CERTAIN EVENTS, ATTEMPTED
TRANSFERS IN VIOLATION OF THE RESTRICTIONS DESCRIBED ABOVE MAY BE VOID AB INITIO. ALL TERMS IN THIS LEGEND THAT ARE DEFINED IN THE CHARTER OF THE CORPORATION SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE CHARTER OF THE CORPORATION, AS THE SAME MAY
BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL BE FURNISHED TO EACH HOLDER OF SHARES OF COMMON STOCK ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY
OF THE CORPORATION AT ITS PRINCIPAL OFFICE. 
  
 C. Stock
Offering Funding Option 
  
 (1) (a) Notwithstanding
Section 8.6.A or Section 8.6.B above, if a Limited Partner has delivered to the General Partner a Notice of Redemption with respect to Excess Units, and (i) the number of Excess Units plus the number of Tendered Units such Limited
Partner agrees to treat as Excess Units (the “Offering Units”) exceeds (A) 9.8% of the REIT Shares, calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership
limit pursuant to Article VI of the Charter (subject to adjustment in connection with any Adjustment Event), and (B) $50,000,000 gross value based on a Partnership Unit price equal to the REIT Share Market Value, and (ii) the General Partner is
eligible to file a registration statement under Form S-3 (or any successor form similar thereto), then the General Partner may, at its election, either (x) cause the Partnership to redeem the Offering Units with the proceeds of an offering, whether
registered under the Securities Act or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Stock Offering Funding”) of a number
of REIT Shares (“Offered Shares”) equal to the REIT Shares Amount with respect to the Offering Units pursuant to the terms of this Section 8.6.C; or (y) cause the Partnership to pay the Cash Amount with respect to the Excess
Units pursuant to the terms of Section 8.6.A; or (z) acquire the Excess Units in exchange for the REIT Shares Amount pursuant to the terms of Section 8.6.B, but only if the Tendering Partner provides the General Partner with any
representations or undertakings which the General Partner has determined, in its sole and absolute discretion, are sufficient to prevent a violation of the Charter. In the event that the General Partner fails to give notice of its exercise of the
election described in clause (i) above within the period of time specified in Section 8.6.B for an election to deliver the REIT Share Amount, it will be deemed to have elected not to purchase the Tendered Units through a Stock Offering
Funding. 
  
 (b) In the event that the General Partner elects a
Stock Offering Funding with respect to a Notice of Redemption, it may at such time give notice (a “Single Funding Notice”) of such election to all Limited Partners and require that all Limited Partners elect whether or not to effect
a Redemption to be funded through such Stock Offering Funding. In the event a Limited Partner elects to effect such a Redemption, it shall give notice thereof and of the number of Common Units to be made subject thereto in writing to the General
Partner within 10 Business Days after receipt of the Single Funding Notice, and such Limited Partner shall be treated as a Tendering Partner for all purposes of this Section 8.6.C. In the event that a 
  

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 Limited Partner does not so elect, it shall be deemed to have waived its right to effect a Redemption for the current
Twelve-Month Period, except that it may effect a Redemption for no more than 1.0% of the REIT Shares, calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership limit pursuant
to Article VI of the Charter (subject to adjustment in connection with any Adjustment Event) during such Twelve-Month Period. 
  
 (2) In the event that the General Partner elects a Stock Offering Funding, on the Specified Redemption Date determined pursuant to the proviso in the
definition thereof it shall purchase each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in the amount (the “Stock Offering Funding Amount”) equal to the lesser of (i) the Cash
Amount per Common Unit, calculated pursuant to Section 8.6.A as of the original Specified Redemption Date assuming the General Partner did not elect to conduct a Stock Offering Funding pursuant to Section 8.6.C (the “Base
Amount”) or (ii) the net proceeds per Offered Share received by the General Partner from the Stock Offering Funding, determined after deduction of reasonable expenses related thereto, including underwriting discounts and commissions, legal
and accounting fees and expenses, Securities and Exchange Commission registration fees, state blue sky and securities laws fees and expenses, printing expenses, NASD filing fees and listing fees (the “Net Proceeds”). 
  
 (3) If the General Partner elects a Stock Offering Funding, the following
additional terms and conditions shall apply: 
  
 (a) As soon as
practicable after the General Partner gives the Tendering Partner notice of its election pursuant to Section 8.6.C(1)(a)(i), the General Partner shall use its reasonable efforts to effect as promptly as possible a registration, qualification
or compliance (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with applicable
regulations issued under the Securities Act and any other governmental requirements or regulations) as would permit or facilitate the sale and distribution of the Offered Shares; provided, that, the General Partner shall not by reason
hereof, be required to submit to jurisdiction or taxation, or qualify to do business in any jurisdiction in which such submission or qualification would not be otherwise required; provided, further, that if the General Partner shall
deliver a certificate to the Tendering Partner stating that the General Partner has determined in the good faith judgment of the Board of Directors of the General Partner that such filing, registration or qualification would require disclosure of
material non-public information, the disclosure of which would have a material adverse effect on the General Partner, then the General Partner may delay making any filing or delay the effectiveness of any registration or qualification for the
shorter of (a) the period ending on the date upon which such information is disclosed to the public or ceases to be material or (b) an aggregate period of ninety (90) days in connection with any Stock Offering Funding. 
  
 (b) The General Partner shall advise each Tendering Partner, regularly and
promptly upon any request, of the status of the Stock Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature and contents of all communications
with the Securities 
  

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 and Exchange Commission and other governmental bodies, the expenses related to the Stock Offering Funding as they are
being incurred, the nature of marketing activities, and any other matters reasonably related to the timing, price and expenses relating to the Stock Offering Funding and the compliance by the General Partner with its obligations with respect
thereto. In addition, the General Partner and each Tendering Partner may, but shall be under no obligation to, enter into understandings in writing (“Pricing Agreements”) whereby the Tendering Partner will agree in advance as to the
acceptability of a Net Proceeds amount at or below the Base Amount. Furthermore, the General Partner shall establish pricing notification procedures with each such Tendering Partner, such that the Tendering Partner will have the maximum opportunity
practicable to determine whether to become a Withdrawing Partner pursuant to Section 8.6.C(3)(c) below. 
  
 (c) The General Partner, upon notification of the price per REIT Share in the Stock Offering Funding from the managing underwriter(s), in the case of a
registered public offering, or lead placement agent(s), in the event of an unregistered offering, engaged by the General Partner in order to sell the Offered Shares, shall immediately use its reasonable efforts to notify each Tendering Partner of
the price per REIT Share in the Stock Offering Funding and resulting Net Proceeds. Each Tendering Partner shall have one hour (as such time may be extended by the General Partner) to elect to withdraw its Redemption (a Tendering Partner making such
an election being a “Withdrawing Partner”), and Common Units with a REIT Shares Amount equal to such excluded Offered Shares shall be considered to be withdrawn from the related Redemption; provided, however, that if
Tendering Partners withdraw in excess of 20% of the Offered Shares, all Offered Shares will, at the General Partner’s option, be deemed to have been withdrawn by all Tendering Partners. If a Tendering Partner, within such time period, does not
notify the General Partner of such Tendering Partner’s election not to become a Withdrawing Partner, then such Tendering Partner shall, except as otherwise provided in a Pricing Agreement, be deemed not to have withdrawn from the Redemption,
without liability to the General Partner. To the extent that the General Partner is unable to notify any Tendering Partner, such unnotified Tendering Partner shall, except as otherwise provided in any Pricing Agreement, be deemed not to have elected
to become a Withdrawing Partner. Each Tendering Partner whose Redemption is being funded through the Stock Offering Funding who does not become a Withdrawing Partner shall have the right, subject to the approval of the managing underwriter(s) or
placement agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional Common Units in a number no greater than the number of Common Units withdrawn. If more than one Tendering Partner so elects to redeem
additional Common Units, then such Common Units shall be redeemed on a pro rata basis, based on the number of additional Common Units sought to be so redeemed. To the extent that the Net Proceeds would be below the Base Amount, and to the extent
that other Partners have not elected to redeem additional Common Units, then the Withdrawing Partners shall bear their pro rata shares of the expenses described in Section 8.6.C(2) (such shares calculated as if such Limited Partners had not
been Withdrawing Partners) as reasonably determined by the General Partner. 
  
 (d) The General Partner shall take all reasonable action in order to effectuate the sale of the Offered Shares including, but not limited to, the entering into of an underwriting or placement agreement in customary
form with the managing underwriter(s) or placement agent(s) selected for such underwriting by the General Partner. Notwithstanding 
  

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 any other provision of this Agreement, if the managing underwriter(s) or placement agent(s) advises the General Partner
in writing that marketing factors require a limitation of the number of shares to be offered, then the General Partner shall so advise all Tendering Partners and the number of Common Units to be sold to the General Partner pursuant to the Redemption
shall be allocated among all Tendering Partners in proportion, as nearly as practicable, to the respective number of Common Units as to which each Tendering Partner elected to effect a Redemption. No Offered Shares excluded from the underwriting by
reason of the managing underwriter’s or placement agent’s marketing limitation shall be included in such offering. 
  
 (e) The General Partner may include securities for its own account in any offering made pursuant to Section 8.6.C.1 hereof and, if the managing
underwriter or placement agent has not limited the number of Registrable Shares to be offered, the General Partner may include securities for the account of others in such offering, in each case only if and to the extent that the managing
underwriter or placement agent, the General Partner and Tendering Partners owning Common Units representing at least seventy-five percent (75%) of the Common Units with respect to which the Stock Offering Funding is being effected so agree in
writing. 
  
 D. Each Limited Partner covenants and agrees with the
General Partner that all Tendered Units shall be delivered to the General Partner free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered
Units, the General Partner shall be under no obligation to acquire the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the General
Partner (or its designee), such Limited Partner shall assume and pay such transfer tax. 
  
 E. Notwithstanding the provisions of Section 8.6.A, 8.6.B, 8.6.C or any other provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash pursuant to
Section 8.6.A or an exchange for REIT Shares pursuant to Section 8.6.B to the extent the ownership or right to acquire REIT Shares pursuant to such exchange by such Partner on the Specified Redemption Date could cause such Partner or
any other Person, or, in the opinion of counsel selected by the General Partner, may cause such Partner or any other Person, to violate the restrictions on ownership and transfer of REIT Shares set forth in the Charter and (ii) shall have no rights
under this Agreement to acquire REIT Shares which would otherwise be prohibited under the Charter. The limitation set forth in Section 8.6.E(i) above shall not limit the ability of a Limited Partner to require a Stock Offering Funding
pursuant to the terms of Section 8.6.C if (A) the Offering Units exceed (a) 9.8% of the REIT Shares, calculated in accordance with the methodology for calculating the percentage of ownership of a Person for purposes of the ownership limit
pursuant to Article VI of the Charter (subject to adjustment in connection with any Adjustment Event) and (b) $50,000,000 gross value based on a Common Unit price equal to the REIT Share Market Value, and (B) the General Partner is eligible to file
a registration statement under Form S-3 (or any successor form similar thereto). To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this Section 8.6.E, it shall be null and void ab initio and
such Limited Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 
  

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 F. Notwithstanding anything herein to the contrary (but subject to Section 8.6.E, with respect to
any Redemption or exchange for REIT Shares pursuant to this Section 8.6): 
  
 (1) All Common Units acquired by the General Partner pursuant thereto shall automatically, and without further action required, be converted into and deemed to be General Partner Interests comprised of the same number
and class of Common Units. 
  
 (2) Without the consent of the
General Partner, each Limited Partner may not effect a Redemption for less than 1,000 Common Units or, if the Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Limited Partner. 
  
 (3) Without the consent of the General Partner, each Limited Partner may not
effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its common stockholders of some or all of its portion of such
distribution. 
  
 (4) Notwithstanding anything herein to the
contrary, in the event the General Partner gives notice to all Limited Partners (a “Primary Offering Notice”) that it desires to effect a primary offering of its equity securities for cash (other than an offering in connection with
a merger, consolidation or similar transaction, or employee benefit or similar plans) then, unless the General Partner otherwise consents, the actions described in Section 8.6.C as to a Stock Offering Funding with respect to any Notice of
Redemption with respect to Excess Units thereafter received may be delayed until the earlier of (a) the completion of the primary offering or (b) 120 days following the giving of the Primary Offering Notice; provided that, to the
extent that the managing underwriter(s) of such primary offering advise that the inclusion of such additional REIT Shares will not adversely affect the offering, additional REIT Shares the proceeds of which are to be used to satisfy a Redemption
with respect to such Excess Units (a “Subsequent Redemption”) (without regard to the limitations of subparagraph (2) of this paragraph F) shall be included in such offering, and the procedures of this Section 8.6 shall
otherwise be followed as closely as practicable; provided, further that a Primary Offering Notice may be given no more than twice in any Twelve-Month Period without the Consent of the Limited Partners. 
  
 (5) The General Partner may delay a Stock Offering Funding, such that it will
not occur (1) during the same Twelve-Month Period as the General Partner has effected a “Demand Registration” pursuant to the Registration Rights Agreements dated as of October 27, 2004, among the General Partner and certain Limited
Partners (it being understood that in the event a Notice of Redemption is received prior to the receipt of requisite requests for a Demand Registration, such Notice of Redemption shall control, and vice versa) or (b) within 120 days following the
closing of any prior public offering of similar securities by the General Partner. 
  
 (6) The consummation of any Redemption or exchange for REIT Shares shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended. 
  
 (7) Each Tendering Partner shall continue to
own all Common Units subject to any Redemption or exchange for REIT Shares, and be treated as a Limited Partner with 
  

 59 

 respect to such Common Units for all purposes of this Agreement, until such Common Units are transferred to the General
Partner and paid for or exchanged on the Specified Redemption Date. Until a Specified Redemption Date, and provided the General Partner has issued REIT shares pursuant to Section 8.6.B, the Tendering Partner shall have no rights as a
stockholder of the General Partner with respect to such Tendering Partner’s Common Units. 
  
 G. Notwithstanding the provisions of this Section 8.6 permitting the General Partner to delay a Public Offering Funding by virtue of an event described in Section 8.6.C, the giving of a Primary Offering
Notice, or a delay referred to in Section 8.6.F(5), the General Partner shall use its reasonable efforts to take all such actions, as are consistent with the purposes of such delay provisions, to effect a Stock Offering Funding at the earliest time
practicable. It is understood that such periods of delay shall run, to the extent practicable, concurrently, and shall not limit the right of a Limited Partner to deliver a Notice of Redemption. 
  
 H. In the event that the Partnership issues additional Partnership Interests
to any Additional Limited Partner pursuant to Section 4.3.B, the General Partner shall make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

 
 Section 8.7 Conversion of Profits Interest Units. 
  
 A. A Profits Interest Unitholder shall have the right (the
“Conversion Right”), at his or her option, at any time to convert all or a portion of his or her Vested Profits Interest Units into Common Units; provided, however, that a holder may not exercise the Conversion
Right for less than one thousand (1,000) Vested Profits Interest Units or, if such holder holds less than one thousand Vested Profits Interest Units, all of the Vested Profits Interest Units held by such holder. Profits Interest Unitholders shall
not have the right to convert Unvested Profits Interest Units into Common Units until they become Vested Profits Interest Units; provided, however, that when a Profits Interest Unitholder is notified of the expected
occurrence of an event that will cause his or her Unvested Profits Interest Units to become Vested Profits Interest Units, such Profits Interest Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of
vesting and such Conversion Notice, unless subsequently revoked by the Profits Interest Unitholder, shall be accepted by the Partnership subject to such condition. In all cases, the conversion of any Profits Interest Units into Common Units shall be
subject to the conditions and procedures set forth in this Section 8.7. 
  
 B. A holder of Vested Profits Interest Units may convert such Units into an equal number of fully paid and non-assessable Common Units, giving effect to all adjustments (if any) made pursuant to Section 4.5.
Notwithstanding the foregoing, in no event may a holder of Vested Profits Interest Units convert a number of Vested Profits Interest Units that exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to
his or her ownership of Profits Interest Units, divided by (y) the Common Unit Economic Balance, in each case as determined as of the effective date of conversion (the “Capital Account Limitation”). In order to exercise his or her
Conversion Right, a Profits Interest Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit G to the Partnership (with a copy to the General Partner) not less than 10 nor more than 60 days
prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the General 
  

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 Partner has not given to the Profits Interest Unitholders notice of a proposed or upcoming Transaction (as defined below)
at least thirty (30) days prior to the effective date of such Transaction, then Profits Interest Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth (10th) day after such notice from the General Partner
of a Transaction or (y) the third business day immediately preceding the effective date of such Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.1. Each Profits Interest Unitholder covenants and agrees
with the Partnership that all Vested Profits Interest Units to be converted pursuant to this Section 8.7.A shall be free and clear of all liens. Notwithstanding anything herein to the contrary, a holder of Profits Interest Units may deliver a
Redemption Notice pursuant to Section 8.6.A relating to those Common Units that will be issued to such holder upon conversion of such Profits Interest Units into Common Units in advance of the Conversion Date; provided, however,
that the redemption of such Common Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a Profits Interest Unitholder in a position
where, if he or she so wishes, the Common Units into which his or her Vested Profits Interest Units will be converted can be redeemed by the Partnership pursuant to Section 8.6.A simultaneously with such conversion, with the further
consequence that, if the Company elects to assume the Partnership’s redemption obligation with respect to such Common Units under Section 8.6.B by delivering to such holder REIT Shares rather than cash, then such holder can have such
REIT Shares issued to him or her simultaneously with the conversion of his or her Vested Profits Interest Units into Common Units. The General Partner shall cooperate with a Profits Interest Unitholder to coordinate the timing of the different
events described in the foregoing sentence. 
  
 C. The
Partnership, at any time at the election of the General Partner, may cause any number of Vested Profits Interest Units held by a Profits Interest Unitholder to be converted (a “Forced Conversion”) into an equal number of Common
Units, giving effect to all adjustments (if any) made pursuant to Section 4.5; provided, however, that the Partnership may not cause a Forced Conversion of any Profits Interest Units that would not at the time be eligible for
conversion at the option of such Profits Interest Unitholder pursuant to Section 8.7.B. In order to exercise its right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form
attached as Exhibit H to the applicable Profits Interest Unitholder not less than 10 nor more than 60 days prior to the Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner
provided in Section 15.1. 
  
 D. A conversion of Vested
Profits Interest Units for which the holder thereof has given a Conversion Notice or the Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on
the part of such Profits Interest Unitholder, as of which time such Profits Interest Unitholder shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Common
Units issuable upon such conversion. After the conversion of Profits Interest Units as aforesaid, the Partnership shall deliver to such Profits Interest Unitholder, upon his or her written request, a certificate of the General Partner certifying the
number of Common Units and remaining Profits Interest Units, if any, held by such person immediately after such conversion. The Assignee of any Limited Partner pursuant to Article 11 hereof may exercise the rights of such Limited Partner
pursuant to this Section 8.7 and such Limited Partner shall be bound by the exercise of such rights by the Assignee. 
  

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 E. For purposes of making future allocations under Section 6.2.C and applying the Capital Account
Limitation, the portion of the Economic Capital Account Balance of the applicable Profits Interest Unitholder that is treated as attributable to his or her Profits Interest Units shall be reduced, as of the date of conversion, by the product of the
number of Profits Interest Units converted and the Common Unit Economic Balance. 
  
 F. If the Partnership or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Units or
other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which Common Units shall be
exchanged for or converted into the right, or the Holders shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”),
then the General Partner shall, immediately prior to the Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of Profits Interest Units then eligible for conversion, taking into account any allocations that
occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using
the value attributed to the Common Units in the context of the Transaction (in which case the Conversion Date shall be the effective date of the Transaction). In anticipation of such Forced Conversion and the consummation of the Transaction, the
Partnership shall use commercially reasonable efforts to cause each Profits Interest Unitholder to be afforded the right to receive in connection with such Transaction in consideration for the Common Units into which his or her Profits Interest
Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a Holder of the same number of Common Units, assuming such Holder is not a
Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a
Constituent Person. In the event that Holders have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each
Profits Interest Unitholder of such election, and shall use commercially reasonable efforts to afford the Profits Interest Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received
upon conversion of each Profits Interest Unit held by such holder into Common Units in connection with such Transaction. If a Profits Interest Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon
conversion of each Profits Interest Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a Holder would receive if such Holder failed to make such an election. Subject to the rights of the
Partnership and the Company under any Vesting Agreement and the relevant terms of any applicable Stock Plan, the Partnership shall use commercially reasonable effort to cause the terms of any Transaction to be consistent with the provisions of this
Section 8.7.F and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any Profits Interest Unitholders whose Profits Interest Units will not be 
  

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 converted into Common Units in connection with the Transaction that will (i) contain provisions enabling the holders of
Profits Interest Units that remain outstanding after such Transaction to convert their Profits Interest Units into securities as comparable as reasonably possible under the circumstances to the Common Units and (ii) preserve as far as reasonably
possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement for the benefit of the Profits Interest Unitholders. 
  
 Section 8.8 Voting Rights of Profits Interest Units 
  
 Profits Interest Unitholders shall (a) have those voting rights required
from time to time by applicable law, if any, (b) have the same voting rights as a Holder, with the Profits Interest Units voting as a single class with the Common Units and having one vote per Profits Interest Unit; and (c) have the additional
voting rights that are expressly set forth below. So long as any Profits Interest Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the Profits Interest Units outstanding at
the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of the Agreement applicable to Profits Interest Units so
as to materially and adversely affect any right, privilege or voting power of the Profits Interest Units or the Profits Interest Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the
rights, privileges and voting powers of the holders of Common Units; but subject, in any event, to the following provisions: (i) with respect to any Transaction, so long as the Profits Interest Units are treated in accordance with Section
8.7.F hereof, the consummation of such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the Profits Interest Units or the Profits Interest Unitholders as such; and (ii)
any creation or issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional Partnership Units or Profits Interest Units, whether ranking senior to, junior to, or on a parity with the
Profits Interest Units with respect to distributions and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the
Profits Interest Units or the Profits Interest Unitholders as such. The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding
Profits Interest Units shall have been converted into Common Units. 
  
 ARTICLE 9. 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
  
 Section 9.1 Records and Accounting 
  
 The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records
with respect to the Partnership’s business, including without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 9.3.
Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of any information storage device, provided, that the records so maintained are convertible into clearly
legible written form within a reasonable period of time. 
  

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 The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in
accordance with generally accepted accounting principles. 
  
 Section 9.2 Fiscal Year 
  
 The fiscal year of the Partnership shall be the calendar year. 
  
 Section 9.3 Reports 
  
 A.
As soon as practicable, but in no event later than 105 days after the close of each Partnership Year, or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited
Partner as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such
Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner. 
  
 B. As soon as practicable, but in no event later than 45 days after the close
of each calendar quarter (except the last calendar quarter of each year), or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited Partner as of the last day of
the calendar quarter, a report containing unaudited financial statements of the Partnership, or of the General Partner, if such statements are prepared solely on a consolidated basis with the applicable law or regulation, or as the General Partner
determines to be appropriate. 
  
 Section 9.4
Nondisclosure of Certain Information 
  
 Notwithstanding
the provisions of Sections 9.1 and 9.3, the General Partner may keep confidential from the Limited Partners any information that the General Partner believes to be in the nature of trade secrets or other information the disclosure of
which the General Partner in good faith believes is not in the best interest of the Partnership or which the Partnership is required by law or by agreements with unaffiliated third parties to keep confidential. 
  
 ARTICLE 10. 
 TAX MATTERS 
  
 Section 10.1 Preparation of Tax Returns 
  
 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state income tax
purposes and shall use all reasonable efforts to furnish, within 120 days of the close of each taxable year, the tax information reasonably required by Limited Partners for federal and state income tax reporting purposes. Each Limited Partner shall
promptly provide the General Partner with any information reasonably requested by the General Partner relating to any Contributed Property contributed (directly or indirectly) by such Limited Partner to the Partnership. 
  

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 Section 10.2 Tax Elections 
  
 Except as otherwise provided herein, the General Partner shall, in its sole
and absolute discretion, determine whether to make any available election pursuant to the Code, including the election under Section 754 of the Code. The General Partner shall have the right to seek to revoke any such election (including without
limitation, any election under Section 754 of the Code) upon the General Partner’s determination in its sole and absolute discretion that such revocation is the best interests of the Partners. 
  
 Section 10.3 Tax Matters Partner 
  
 A. The General Partner shall be the “tax matters partner”
of the Partnership for federal income tax purposes. Pursuant to Section 6230(e) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish
the IRS with the name, address and profit interest of each of the Limited Partners and Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners and Assignees. 
  
 B. The tax matters partner is authorized, but not required: 
  
 (1) to enter into any settlement with the IRS with respect to any
administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such
judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not
bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such
Partner or (ii) who is a “notice partner” (as defined in Section 6231 of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 
  
 (2) in the event that a notice of a final administrative adjustment at the
Partnership level of any item required to be taken into account by a Partner for tax purposes (a “final adjustment”) is mailed to the tax matters partner, to seek judicial review of such final adjustment, including the filing of a
petition for readjustment with the Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Partnership’s principal place of business is
located; 
  
 (3) to intervene in any action brought by any other
Partner for judicial review of a final adjustment; 
  
 (4) to file
a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
  
 (5) to enter into an agreement with the IRS to extend the period for
assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 
  

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 (6) to take any other action on behalf of the Partners of the Partnership in connection with any tax
audit or judicial review proceeding to the extent permitted by applicable law or regulations. 
  
 The taking of any action and the incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the
tax matters partner and the provisions relating to indemnification of the General Partner set forth in Section 7.7 shall be fully applicable to the tax matters partner in its capacity as such. 
  
 C. The tax matters partner shall receive no compensation for its services.
All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees) shall be borne by the Partnership. Nothing herein shall be construed to restrict the Partnership from
engaging an accounting firm or law firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
  
 Section 10.4 Organizational Expenses 
  
 The Partnership shall elect to deduct expenses, if any, incurred by it in
organizing the Partnership ratably over a 60-month period as provided in Section 709 of the Code. 
  
 Section 10.5 Withholding 
  
 Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of federal,
state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without
limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445 or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a receivable of the Partnership
from such Limited Partner, which receivable shall be paid by such Limited Partner within 15 days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from a distribution which would
otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed
to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a
security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. Any amounts payable by a Limited
Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus two percentage points (but not higher than the
maximum lawful rate) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or
enforce the security interest created hereunder. 
  

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 ARTICLE 11. 
 TRANSFERS AND WITHDRAWALS 
  
 Section 11.1 Transfer 
  
 A. The term “transfer,” when used in this Article 11 with respect to a Partnership Interest, shall be deemed to refer to a transaction by which the General Partner purports to assign its General Partner Interest to
another Person or by which a Limited Partner purports to assign its Limited Partner Interest to another Person, and includes a sale, assignment, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange or any other
disposition by law or otherwise. The term “transfer” when used in this Article 11 does not include any Redemption or exchange for REIT Shares pursuant to Section 8.6 except as otherwise provided herein. No part of the
interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in
this Agreement or consented to by the General Partner. 
  
 B. No
Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported transfer of a Partnership Interest not made in accordance with this
Article 11 shall be null and void ab initio unless otherwise consented to by the General Partner in its sole and absolute discretion. 
  
 Section 11.2 Transfer of General Partner’s Partnership Interest 
  
 A. Except in connection with a Termination Transaction permitted under
Section 11.2.B, the General Partner shall not withdraw from the Partnership and shall not transfer all or any portion of its interest in the Partnership (whether by sale, statutory merger or consolidation, liquidation or otherwise), other
than to an Affiliate, without the Consent of the Limited Partners, which may be given or withheld by each Limited Partner in its sole and absolute discretion, and only upon the admission of a successor General Partner pursuant to Section
12.1. Upon any transfer of a Partnership Interest in accordance with the provisions of this Section 11.2, the transferee shall become a substitute General Partner for all purposes herein, and shall be vested with the powers and rights of
the transferor General Partner, and shall be liable for all obligations and responsible for all duties of the General Partner, once such transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the
agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It is a condition to any transfer otherwise permitted hereunder that the transferee assumes, by
operation of law or express agreement, all of the obligations of the transferor General Partner under this Agreement with respect to such transferred Partnership Interest, and no such transfer (other than pursuant to a statutory merger or
consolidation wherein all obligations and liabilities of the transferor General Partner are assumed by a successor corporation by operation of law) shall relieve the transferor General Partner of its obligations under this Agreement without the
Consent of the Limited Partners, in their reasonable discretion. In the event the General Partner withdraws from the Partnership, in violation of this Agreement or otherwise, or otherwise dissolves or terminates, or upon the Incapacity of the
General Partner, all of the remaining Partners may elect to continue the Partnership business by selecting a substitute General Partner in accordance with the Act. 
  

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 B. The General Partner shall not engage in any merger, consolidation or other combination with or into
another person, sale of all or substantially all of its assets or any reclassification, recapitalization or change of its outstanding equity interests (“Termination Transaction”) unless (1) the Termination Transaction has been
approved by a Consent of the Partners and (2) either clause (a) or (b) below is satisfied: 
  
 (a) in connection with such Termination Transaction all Limited Partners either will receive, or will have the right to elect to receive, for each Common Unit an amount of cash, securities, or other property equal to
the product of the REIT Shares Amount and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one REIT Share in connection with the Termination Transaction; provided, that,
if, in connection with the Termination Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of more than fifty percent (50%) of the outstanding REIT Shares, each Holder of Common Units shall receive,
or shall have the right to elect to receive, the greatest amount of cash, securities, or other property which such holder would have received had it exercised its right to Redemption (as set forth in Section 8.6) and received REIT Shares in
exchange for its Common Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer and then such Termination Transaction shall have been consummated; or

  
 (b) the following conditions are met: (i) substantially all
of the assets directly or indirectly owned by the surviving entity are held directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of
assets with the Partnership (in each case, the “Surviving Partnership”); (ii) the holders of Common-Equivalent Units own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of
the Partnership and the other net assets of the Surviving Partnership immediately prior to the consummation of such transaction; (iii) the rights, preferences and privileges of such holders in the Surviving Partnership are at least as favorable as
those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving Partnership; and (iv) such rights of the Limited Partners include at least one
of the following: (a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to Section 11.2.B(a); or (b) the right to redeem their Common Units for cash on terms equivalent
to those in effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity
securities, with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 
  
 Section 11.3 Limited Partners’ Rights to Transfer 
  
 A. Prior to the twelve (12) month anniversary of the Effective Date, no Limited Partner shall transfer all or any portion of
its Partnership Interest to any transferee without the consent of the General Partner, which consent may be withheld in its sole and absolute 
  

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 discretion, or exercise its right of Redemption set forth in Section 8.6; provided, however, that
any Limited Partner may, at any time (whether prior to or after such twelve (12) month anniversary), without the consent of the General Partner, other than by way of exercise of the right of Redemption set forth in Section 8.6, (i) transfer
all or any portion of its Partnership Interest to the General Partner, (ii) transfer all or any portion of its Partnership Interest to an Immediate Family Member, subject to the provisions of Section 11.6, (iii) transfer all or any portion of
its Partnership Interest to a trust for the benefit of a charitable beneficiary or to a charitable foundation, subject to the provisions of Section 11.6, and (iv) subject to the provisions of Section 11.6, pledge (a
“Pledge”) all or any portion of its Partnership Interest to a lending institution, which is not an Affiliate of such Limited Partner, as collateral or security for a bona fide loan or other extension of credit with a scheduled
maturity date not sooner than the twelve (12) month anniversary of the Effective Date, and transfer such pledged Partnership Interest to such lending institution in connection with the exercise of remedies under such loan or extension or credit, and
the transfer of such pledged Partnership Interest by the lender to any transferee. After such twelve (12) month anniversary, each Limited Partner or Assignee (resulting from a transfer made pursuant to clauses (i)-(iv) of the proviso of the
preceding sentence) shall have the right to transfer all or any portion of its Partnership Interest, subject to the provisions of Section 11.6 and the satisfaction of each of the following conditions (in addition to the right of each such
Limited Partner or Assignee (A) to continue to make any such transfer permitted by clauses (i)-(iv) of such proviso or (B) to make any transfer to its Affiliates or members, in each case, without satisfying condition (1) below): 
  
 (1) General Partner Right of First Refusal. The transferring Partner
shall give written notice of the proposed transfer to the General Partner, which notice shall state (i) the identity of the proposed transferee, and (ii) the amount and type of consideration proposed to be received for the transferred Partnership
Units. The General Partner shall have ten (10) days upon which to give the transferring Partner notice of its election to acquire the Partnership Units on the proposed terms. If it so elects, it shall purchase the Partnership Units on such terms
within ten (10) days after giving notice of such election. If it does not so elect, the transferring Partner may transfer such Partnership Units to a third party, on economic terms no more favorable to the transferee than the proposed terms, subject
to the other conditions of this Section 11.3. 
  
 (2)
Qualified Transferee. Any transfer of a Partnership Interest shall be made only to Qualified Transferees. 
  
 It is a condition to any transfer otherwise permitted hereunder that the transferee assumes by operation of law or express agreement all of the
obligations of the transferor Limited Partner under this Agreement with respect to such transferred Partnership Interest and no such transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the
transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the General Partner, in its reasonable discretion. Notwithstanding
the foregoing, any transferee of any transferred Partnership Interest shall be subject to any and all ownership limitations contained in the Charter, which may limit or restrict such transferee’s ability to exercise its Redemption rights, and
to the representations in Section 3.4. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations of the transferor hereunder. Unless admitted as a Substituted Limited Partner in accordance
with Section 11.4.B, no transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in and in compliance with Section 11.5.

  

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 B. If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee,
guardian, conservator, or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such
power as the Incapacitated Limited Partner possessed to transfer all or any part of his or its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 
  
 C. The General Partner may prohibit any transfer otherwise permitted under
Section 11.3 by a Limited Partner of his or her Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer would require the filing of a registration statement under the Securities Act by the Partnership or would
otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership Units. 
  
 Section 11.4 Substituted Limited Partners 
  
 A. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in his or her place (including
any transferee permitted by Section 11.3). The General Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited
Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not
give rise to any cause of action against the Partnership or any Partner. 
  
 B. A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited
Partner under this Agreement. The admission of any transferee as a Substituted Limited Partner shall be subject to the transferee executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement
(including without limitation, the provisions of Section 2.4 and such other documents or instruments as may be required to effect the admission), each in form and substance satisfactory to the General Partner) and the acknowledgment by such
transferee that each of the representations and warranties set forth in Section 3.4 are true and correct with respect to such transferee as of the date of the transfer of the Partnership Interest to such transferee and will continue to be
true to the extent required by such representations and warranties. 
  
 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect the name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate
or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 
  

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 Section 11.5 Assignees 
  

If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as
a Substituted Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest
under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain and loss attributable to the Partnership Units assigned to such transferee, the rights to transfer the Partnership Units
provided in this Article 11 and the right of Redemption provided in Section 8.6, but shall not be deemed to be a Holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to effect a Consent with
respect to such Partnership Units on any matter presented to the Limited Partners for approval (such Consent remaining with the transferor Limited Partner). In the event any such transferee desires to make a further assignment of any such
Partnership Units, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. Notwithstanding anything
contained in this Agreement to the contrary, as a condition to becoming an Assignee, any prospective Assignee must first execute and deliver to the Partnership an acknowledgment that each of the representations and warranties set forth in Section
3.4 are true and correct with respect to such prospective Assignee as of the date of the prospective assignment of the Partnership Interest to such prospective Assignee and will continue to be true to the extent required by such representations
or warranties. 
  
 Section 11.6 General Provisions 
  
 A. No Limited Partner may withdraw from the Partnership other than as a
result of (i) a permitted transfer of all of such Limited Partner’s Partnership Units in accordance with this Article 11 and the transferee(s) of such Partnership Units being admitted to the Partnership as a Substituted Limited Partner
or (ii) pursuant to the exercise of its right of Redemption of all of such Limited Partner’s Partnership Units under Section 8.6; provided that after such transfer, exchange or redemption such Limited Partner owns no
Partnership Interest. 
  
 B. Any Limited Partner who shall
transfer all of such Limited Partner’s Partnership Units in a transfer permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Limited Partner or pursuant to the exercise of its rights of Redemption of
all of such Limited Partner’s Partnership Units under Section 8.6 shall cease to be a Limited Partner; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Interest. 

 
 C. Transfers pursuant to this Article 11 may only be made on the
first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
  
 D. If any Partnership Interest is transferred, assigned or redeemed during any quarterly segment of the Partnership’s Partnership Year in compliance with the provisions of this Article 11 or transferred or
redeemed pursuant to Sections 8.6, 16.4 or 17.4 on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items attributable to such Partnership Interest for such
Partnership Year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the Partnership Year using a method selected by the General Partner that is in accordance
with the Code. Except as otherwise agreed by the General Partner, all distributions of Available Cash with respect to which the Partnership Record Date is before 
  

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 the date of such transfer, assignment, exchange or redemption shall be made to the transferor Partner, and all
distributions of Available Cash thereafter, in the case of a transfer or assignment other than a redemption, shall be made to the transferee Partner. 
  
 E. In addition to any other restrictions on transfer herein contained, including without limitation the provisions of this Article 11 and
Section 2.6, in no event may any transfer or assignment of a Partnership Interest by any Partner (including pursuant to a Redemption or exchange for REIT Shares by the Partnership or the General Partner) be made (i) to any person or entity
who lacks the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, of any
component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) except with the consent of the General Partner, which may be given or
withheld in its sole and absolute discretion, if in the opinion of legal counsel to the Partnership such transfer could cause a termination of the Partnership for federal or state income tax purposes (except as a result of the Redemption or exchange
for REIT Shares of all Common Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 11.2); (v) if in the opinion of counsel to the Partnership such transfer could cause the Partnership to cease to
be classified as a partnership for federal income tax purposes (except as a result of the Redemption or exchange for REIT Shares of all Common Units held by all Limited Partners); (vi) if such transfer could, in the opinion of counsel to the
Partnership, cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section
4975(e) of the Code); (vii) if such transfer could, in the opinion of counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations
Section 2510.2-101; (viii) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (ix) except with the consent of the General Partner, which may be given or withheld in
its sole and absolute discretion, if such transfer (1) could be treated as effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704
of the Code, (2) could cause the Partnership to become a “Publicly Traded Partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code, (3) could be in violation of Section 3.4.E(5), or (4) could cause the
Partnership to fail one or more of the Safe Harbors (as defined below); (x) if such transfer subjects the Partnership to be regulated under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income
Security Act of 1974, each as amended; (xi) except with the consent of the General Partner, which may be given or withheld in its sole discretion, if the transferee or assignee of such Partnership Interest is unable to make the representations set
forth in Section 3.4.C; (xii) if such transfer is made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a
Nonrecourse Liability, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion; and provided, that, as a condition to granting such consent the lender may be required to enter
into an arrangement with the Partnership and the General Partner to redeem or exchange for the REIT Shares Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a
partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code; or 
  

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 (xiii) if in the opinion of legal counsel for the Partnership such transfer could adversely affect the ability of the
General Partner to continue to qualify as a REIT or, except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, subject the General Partner to any additional taxes under Section 857 or Section
4981 of the Code. 
  
 F. The General Partner shall monitor the
transfers of interests in the Partnership (including any acquisition of Common Units by the Partnership or the General Partner) to determine (i) if such interests could be treated as being traded on an “established securities market” or a
“secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether such transfers of interests could result in the Partnership being unable to qualify for the “safe harbors”
set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent
thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole
and absolute discretion to prevent any trading of interests which could cause the Partnership to become a “publicly traded partnership,” within the meaning of Code Section 7704, or any recognition by the Partnership of such transfers, or
to insure that one or more of the Safe Harbors is met. 
  
 ARTICLE 12. 
 ADMISSION OF PARTNERS 
  

Section 12.1 Admission of Successor General Partner 
  
 A successor to all of the General Partner’s General Partner Interest pursuant to Section 11.2 who is proposed to be admitted as a successor
General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such transferee shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the
successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. In the case of such
admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in
Article 11. 
  
 Section 12.2 Admission of Additional Limited
Partners 
  
 A. After the admission to the Partnership of the
initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General
Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or
instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 
  

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 B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as
an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner shall become
effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited Partner and the consent of the General Partner to such
admission. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such
Partnership Year shall be allocated among such Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year using a method selected by the General Partner that is in accordance with
the Code. Except as otherwise agreed to by the Additional Limited Partners and the General Partner, all distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to
Partners and Assignees other than the Additional Limited Partner (other than in its capacity as an Assignee) and all distributions of Available Cash thereafter shall be made to all Partners and Assignees including such Additional Limited Partner.

  
 Section 12.3 Amendment of Agreement and Certificate of Limited
Partnership 
  
 For the admission to the Partnership of any
Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of Exhibit
A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4. 
  
 ARTICLE 13. 
 DISSOLUTION AND LIQUIDATION 
  
 Section 13.1 Dissolution

  
 The Partnership shall not be dissolved by the admission of
Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner (selected as
described in Section 13.1.B below) shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating
Event”): 
  
 A. the expiration of its term as provided
in Section 2.5; 
  
 B. an event of withdrawal of the
General Partner, as defined in the Act, unless, within 90 days after the withdrawal, all of the remaining Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective
as of the date of withdrawal, of a substitute General Partner; 
  
 C. subject to compliance with Section 11.2 an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 
  

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 D. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

  
 E. any sale or other disposition of all or substantially all
of the assets of the Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership; 
  
 F. the Incapacity of the General Partner, unless all of the remaining
Partners in their sole and absolute discretion agree in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner; 
  
 G. the Redemption or exchange for REIT Shares of all Partnership Interests
(other than those of the General Partner) pursuant to this Agreement; or 
  
 H. a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court
with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment all of the remaining Partners agree
in writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 
  
 Section 13.2 Winding Up 
  
 A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its affairs in an orderly manner,
liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Partnership’s business and affairs. The
General Partner (or, in the event there is no remaining General Partner, any Person elected by a Majority in Interest of the Limited Partners (the “Liquidator”)) shall be responsible for overseeing the winding-up and dissolution of
the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which
may, to the extent determined by the General Partner, include shares of stock in the General Partner) shall be applied and distributed in the following order: 
  

(1) First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners; 
  
 (2) Second, to the payment and discharge of all of the Partnership’s
debts and liabilities to the General Partner; 
  
 (3) Third, to
the payment and discharge of all of the Partnership’s debts and liabilities to the other Partners; and 
  
 (4) The balance, if any, to the General Partner and Limited Partners in accordance with their positive Capital Account balances, determined after taking
into account all 
  

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 Capital Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs
(other than those made as a result of the liquidating distribution set forth in this Section 13.2.A(4)). 
  
 The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13 other than reimbursement of its expenses
as provided in Section 7.4. 
  
 B. Notwithstanding the
provisions of Section 13.2.A which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate
sale of part or all of the Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those
necessary to satisfy liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A, undivided
interests in such Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in-kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in-kind are in the best interest of the
Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The
Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
  
 Section 13.3 Capital Contribution Obligation 
  
 If any Partner has a deficit balance in his or her Capital Account (after giving effect to all contributions, distributions and allocations for the
taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit at any time shall not be
considered a debt owed to the Partnership or to any other Person for any purpose whatsoever, except to the extent otherwise expressly agreed to by such Partner and the Partnership. 
  
 Section 13.4 Compliance with Timing Requirements of Regulations 
  
 In the discretion of the Liquidator or the General Partner, a pro rata portion of the distributions that would otherwise be
made to the General Partner and Limited Partners pursuant to this Article 13 may be: 
  
 (1) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any
contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the General Partner and Limited Partners from
time to time, in the reasonable discretion of the Liquidator or the General Partner, in the same proportions and the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited
Partners pursuant to this Agreement; or 
  

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 (2) withheld or escrowed to provide a reasonable reserve for Partnership liabilities (contingent or
otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the General Partner and Limited Partners in the manner
and priority set forth in Section 13.2.A as soon as practicable. 
  
 Section 13.5 Deemed Distribution and Recontribution 
  
 Notwithstanding any other provision of this Article 13, in the event the Partnership is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Partnership’s property
shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged, and the Partnership’s affairs shall not be wound up. Instead, the Partnership shall be deemed to have contributed all of its assets and liabilities to
a new partnership in exchange a for an interest in the new partnership. Immediately thereafter, the Partnership shall be deemed to distribute interests in the new partnership to the General Partner and Limited Partners in proportion to their
respective interests in the Partnership in liquidation of the Partnership. 
  
 Section 13.6 Rights of Limited Partners 
  
 Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of his Capital Contribution and shall have no right or power to demand or receive property from the
General Partner. No Limited Partner shall have priority over any other Limited Partner as to the return of his Capital Contributions, distributions or allocations. 
  
 Section 13.7 Notice of Dissolution 
  
 In the event a Liquidating Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the
Partnership, the General Partner shall, within 30 days thereafter, provide written notice thereof to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the discretion of the General
Partner) and shall publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the discretion of the General Partner). 
  
 Section 13.8 Cancellation of Certificate of Limited Partnership 
  
 Upon the completion of the liquidation of the Partnership cash and property
as provided in Section 13.2, the Partnership shall be terminated and the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Maryland shall be cancelled and such
other actions as may be necessary to terminate the Partnership shall be taken. 
  
 Section 13.9 Reasonable Time for Winding-Up 
  
 A
reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2, in order to minimize any losses otherwise attendant upon such winding-up,
and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 
  

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 Section 13.10 Waiver of Partition 
  
 Each Partner hereby waives any right to partition of the Partnership property. 
  
 ARTICLE 14. 
 AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 
  
 Section 14.1 Amendments 
  
 A. The actions requiring consent or approval of the Partners or of the Limited Partners pursuant to this Agreement, including Section 7.3, or otherwise pursuant to applicable law, are subject to the procedures in this Article
14. 
  
 B. Amendments to this Agreement requiring the consent
or approval of Limited Partners may be proposed by the General Partner or by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The General Partner shall seek the written consent of the
Limited Partners on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a written consent, the General Partner may require a response within a
reasonable specified time, but not less than 15 days, and failure to respond in such time period shall constitute a consent which is consistent with the General Partner’s recommendation (if so recommended) with respect to the proposal;
provided, that, an action shall become effective at such time as requisite consents are received even if prior to such specified time. 
  
 Section 14.2 Action by the Partners 
  
 A. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by
Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The notice shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less
than seven days nor more than 30 days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Limited Partners or of the Partners is permitted or required under this Agreement,
such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.1. 
  
 B. Any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action
so taken is signed by the percentage as is expressly required by this Agreement for the action in question. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the Percentage
Interests of the Partners (expressly required by this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
  

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 C. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in
which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his attorney-in-fact. No proxy shall be valid after the
expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. 
  
 D. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may
appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 
  
 E. On matters on which Limited Partners are entitled to vote, each Limited Partner shall have a vote equal to the number of Partnership Units held.

  
 ARTICLE 15. 
 GENERAL PROVISIONS 
  
 Section 15.1 Addresses and Notice 
  
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and
shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address set forth in Exhibit A or such other address as the
Partners shall notify the General Partner in writing. 
  
 Section 15.2 Titles
and Captions 
  
 All article or section titles or captions in
this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to
“Articles” and “Sections” are to Articles and Sections of this Agreement. 
  
 Section 15.3 Pronouns and Plurals 
  
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and
vice versa. 
  
 Section 15.4 Further Action 
  
 The parties shall execute and deliver all documents, provide all information
and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
  

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 Section 15.5 Binding Effect 
  
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors,
administrators, successors, legal representatives and permitted assigns. 
  
 Section 15.6 Creditors 
  
 Other than as
expressly set forth herein with respect to Indemnitees, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 
  
 Section 15.7 Waiver 
  
 No failure or delay by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
  
 Section 15.8 Counterparts 
  
 This Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding
that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 
  
 Section 15.9 Applicable Law 
  
 This Agreement shall be construed in accordance with and governed by the laws of the State of Maryland, without regard to the principles of conflicts of
law. 
  
 Section 15.10 Invalidity of Provisions 
  
 If any provision of this Agreement is or becomes invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  
 Section 15.11 Entire Agreement 
  
 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior
written or oral understandings or agreements among them with respect thereto. 
  
 Section 15.12 No Rights as Stockholders 
  
 Nothing contained in this Agreement shall be construed as conferring upon the holders of Partnership Units any rights whatsoever as stockholders of the General Partner, including without limitation any right to receive dividends or other
distributions made to 
  

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 stockholders of the General Partner or to vote or to consent or to receive notice as stockholders in respect of any
meeting of stockholders for the election of directors of the General Partner or any other matter. 
  
 ARTICLE 16. 
 SERIES A PREFERRED UNITS 
  
 Section 16.1 Designation and Number 
  
 A series of Partnership Units in the Partnership designated as the
“8.5% Series A Cumulative Redeemable Preferred Units” (the “Series A Preferred Units”) is hereby established. The number of Series A Preferred Units shall be 4,140,000. 
  
 Section 16.2 Distributions 
  
 A. Payment of Distributions. Subject to the rights of Holders of
Parity Preferred Units as to the payment of distributions, pursuant to Section 5.1, the General Partner, as holder of the Series A Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General
Partner, out of Available Cash, cumulative preferential cash distributions in an amount equal to the Series A Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly
(such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each
year commencing on the first of such dates to occur after the original date of issuance, and, (ii), in the event of a redemption of Series A Preferred Units, on the redemption date (each a “Series A Preferred Unit Distribution Payment
Date”). If any date on which distributions are to be made on the Series A Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date. 
  
 B. Distributions
Cumulative. Notwithstanding the foregoing, distributions on the Series A Preferred Units will accrue whether or not the terms and provisions set forth in Section 16.2.C hereof at any time prohibit the current payment of distributions,
whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. 
  
 C. Priority as to Distributions 
  
 (i) Except as provided in Section 16.2.C.(ii) below, no distributions shall be declared or paid or set apart for
payment and no other distribution of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon
liquidation) for any period, nor shall any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or made available for a sinking
fund for the redemption 
  

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 of such units) and no other distribution of cash or other property may be made, directly or indirectly, on or with
respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions and upon liquidation, and except for the redemption of Partnership Interests corresponding to any REIT Series A Preferred Shares or any
other REIT shares of any other class or series of capital stock ranking, as to dividends or upon liquidation, on parity with or junior to the Series A Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent
necessary to preserve the General Partner’s status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative
distributions on the Series A Preferred Units for all past periods and the then current period shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart
for such payment. 
  
 (ii) When distributions are not paid in
full (and a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series A Preferred Units and such other classes or
series of Parity Preferred Units as to the payment of distributions shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases
bear to each other the same ratio that accrued distributions per Series A Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of
Parity Preferred Units for prior distribution periods if such other class or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect
of any distribution payment or payments on the Series A Preferred Units which may be in arrears. 
  
 D. No Further Rights. The General Partner, as holder of the Series A Preferred Units, shall not be entitled to any distributions, whether payable
in cash, other property or otherwise, in excess of the full cumulative distributions described herein. Any distribution payment made on the Series A Preferred Units shall first be credited against the earliest accrued but unpaid distribution due
with respect to such Series A Preferred Units which remains payable. Accrued but unpaid distributions on the Series A Preferred Units will accumulate as of the Series A Preferred Unit Distribution Payment Date on which they first become payable.

  
 Section 16.3 Liquidation Proceeds 
  
 A. Distributions. Upon any voluntary or involuntary liquidation,
dissolution or winding-up of the affairs of the Partnership, distributions on the Series A Preferred Units shall be made in accordance with Article 13 hereof. 
  
 B. Notice. Written notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the
Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by the General Partner pursuant to Section 13.7 hereof. 
  

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 C. No Further Rights. After payment of the full amount of the liquidating distributions to which
they are entitled, the General Partner, as holder of the Series A Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 
  
 D. Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer
(for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any
corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 
  
 Section 16.4 Redemption 
  
 A. Redemption. If the General Partner elects to redeem any of the REIT Series A Preferred Shares in accordance with
the terms of the Series A Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series A Preferred Shares, redeem the number of Series A Preferred Units equal to the number of REIT Series A Preferred Shares for
which the General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series A Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series A
Preferred Units being redeemed, and (ii) the sum of $25, any Preferred Distribution Shortfall per Series A Preferred Unit, and any accrued and unpaid distribution per Series A Preferred Unit for the current distribution period. 
  
 B. Procedures for Redemption. The following provisions set forth the
procedures for redemption: 
  
 (i) Notice of redemption will be
given by the General Partner to the Partnership concurrently with the notice of the General Partner sent to the holders of its REIT Series A Preferred Shares in connection with such redemption. Such notice shall state: (A) the redemption date; (B)
the redemption price; (C) the number of Series A Preferred Units to be redeemed; (D) the place or places where the Series A Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the Series A
Preferred Units to be redeemed will cease to accumulate on such redemption date. If less than all of the Series A Preferred Units are to be redeemed, the notice shall also specify the number of Series A Preferred Units to be redeemed. 
  
 (ii) On or after the redemption date, the General Partner shall present and
surrender the certificates, if any, representing the Series A Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units (including all accumulated and unpaid distributions
up to but excluding the redemption date) shall be paid to the General Partner and each surrendered Unit certificate, if any, shall be canceled. If fewer than all the Units represented by any such certificate representing Series A Preferred Units are
to be redeemed, a new certificate shall be issued representing the unredeemed shares. 
  

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 (iii) From and after the redemption date (unless the Partnership defaults in payment of the redemption
price), all distributions on the Series A Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the General Partner, except the right to receive the redemption price thereof (including all accumulated
and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and such Series A Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the Partnership, prior to a redemption
date, may irrevocably deposit the redemption price (including accumulated and unpaid distributions to but not including the redemption date) of the Series A Preferred Units so called for redemption in trust for the General Partner with a bank or
trust company, in which case the redemption notice to the General Partner shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the redemption price and (C) require the General
Partner to surrender the certificates, if any, representing such Series A Preferred Units at such place on or about the date fixed in such redemption notice (which may not be later than the redemption date) against payment of the redemption price
(including all accumulated and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the General Partner at the end of two years after the redemption date shall be returned by such bank or trust company to
the Partnership. 
  
 Section 16.5 Ranking 
  
 The Series A Preferred Units shall, with respect to distribution rights and
rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units shall rank junior to the
Series A Preferred Units; (ii) on a parity with all Parity Preferred Units, including the Series B Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series A Preferred Units. 
  
 Section 16.6 Voting Rights 
  
 The General Partner shall not have any voting or consent rights in respect
of its partnership interest represented by the Series A Preferred Units. 
  
 Section 16.7 Transfer Restrictions 
  
 The Series
A Preferred Units shall not be transferable except in accordance with Section 11.2. 
  
 Section 16.8 No Conversion Rights 
  
 The Series A Preferred Units shall not be convertible into any other class or series of interest in the Partnership. 
  
 Section 16.9 No Sinking Fund 
  
 No sinking fund shall be established for the retirement or redemption of Series A Preferred Units. 
  

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 ARTICLE 17. 
 SERIES B PREFERRED UNITS 
  
 Section 17.1
Designation and Number 
  
 A series of Partnership Units
in the Partnership designated as the “[            ]% Series B Cumulative Redeemable Preferred Units” (the “Series B Preferred Units”) is hereby
established. The number of Series B Preferred Units shall be [            ]. 
  
 Section 17.2 Distributions 
  
 A. Payment of Distributions. Subject to the rights of Holders of Parity Preferred Units as to the payment of distributions, pursuant to Section
5.1, the General Partner, as holder of the Series B Preferred Units, will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash distributions in an
amount equal to the Series B Priority Return. Such distributions shall be cumulative, shall accrue from the original date of issuance and will be payable (i) quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly
periods ending on the dates specified in this sentence and not calendar quarters) in arrears, on the last calendar day of March, June, September and December, of each year commencing on the first of such dates to occur after the original date of
issuance, and, (ii), in the event of a redemption of Series B Preferred Units, on the redemption date (each a “Series B Preferred Unit Distribution Payment Date”). If any date on which distributions are to be made on the Series B
Preferred Units is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if
such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date. 
  
 B. Distributions Cumulative. Notwithstanding the foregoing,
distributions on the Series B Preferred Units will accrue whether or not the terms and provisions set forth in Section 17.2.C hereof at any time prohibit the current payment of distributions, whether or not the Partnership has earnings,
whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. 
  
 C. Priority as to Distributions 
  
 (i) Except as provided in Section 17.2.C.(ii) below, no distributions shall be declared or paid or set apart for payment and no other distribution
of cash or other property may be declared or made on or with respect to any Parity Preferred Unit or Junior Unit as to distributions (other than a distribution paid in Junior Units as to distributions and upon liquidation) for any period, nor shall
any Junior Units or Parity Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (and no funds shall be paid or made available for a sinking fund for the redemption of such units)
and no other distribution of cash or other property may be made, directly or indirectly, on or with respect thereto by the Partnership (except by conversion into or exchange for Junior Units as to distributions and upon liquidation, and except for
the redemption of 
  

 85 

 Partnership Interests corresponding to any REIT Series B Preferred Shares or any other REIT shares of any other class or
series of capital stock ranking, as to dividends or upon liquidation, on parity with or junior to the Series B Preferred Stock to be purchased by the General Partner pursuant to the Charter to the extent necessary to preserve the General
Partner’s status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding stock purchase pursuant to the Charter), unless full cumulative distributions on the Series B Preferred
Units for all past periods shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 
  
 (ii) When distributions are not paid in full (and a sum sufficient for such
full payment is not so set apart) upon the Series B Preferred Units and any other Parity Preferred Units as to distributions, all distributions declared upon the Series B Preferred Units and such other classes or series of Parity Preferred Units as
to the payment of distributions shall be declared pro rata so that the amount of distributions declared per Series B Preferred Unit and each such other class or series of Parity Preferred Units shall in all cases bear to each other the same ratio
that accrued distributions per Series B Preferred Unit and such other class or series of Parity Preferred Units (which shall not include any accrual in respect of unpaid distribution on such other class or series of Parity Preferred Units for prior
distribution periods if such other class or series of Parity Preferred Unit does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or
payments on the Series B Preferred Units which may be in arrears. 
  
 D. No Further Rights. The General Partner, as holder of the Series B Preferred Units, shall not be entitled to any distributions, whether payable in cash, other property or otherwise, in excess of the full cumulative distributions
described herein. Any distribution payment made on the Series B Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such Series B Preferred Units which remains payable. Accrued but unpaid
distributions on the Series B Preferred Units will accumulate as of the Series B Preferred Unit Distribution Payment Date on which they first become payable. 
  
 Section 17.3 Liquidation Proceeds 
  
 A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Partnership, distributions on the
Series B Preferred Units shall be made in accordance with Article 13 hereof. 
  
 B. Notice. Written notice of any such voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts
distributable in such circumstances shall be payable, shall be given by the General Partner pursuant to Section 13.7 hereof. 
  
 C. No Further Rights. After payment of the full amount of the liquidating distributions to which they are entitled, the General Partner, as holder
of the Series B Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 
  

 86 

 D. Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease,
exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or
into, any corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a liquidation, dissolution or winding-up of the Partnership. 
  
 Section 17.4 Redemption 
  
 A. Redemption. If the General Partner elects to redeem any of the REIT Series B Preferred Shares in accordance with
the terms of the Series B Articles Supplementary, the Partnership shall, on the date set for redemption of such REIT Series B Preferred Shares, redeem the number of Series B Preferred Units equal to the number of REIT Series B Preferred Shares for
which the General Partner has given notice of redemption pursuant to Section 5 of Article THIRD of the Series B Articles Supplementary, at a redemption price, payable in cash, equal to the product of (i) the number of Series B
Preferred Units being redeemed, and (ii) the sum of $25, any Preferred Distribution Shortfall per Series B Preferred Unit, and any accrued and unpaid distribution per Series B Preferred Unit for the current distribution period. 
  
 B. Procedures for Redemption. The following provisions set forth the
procedures for redemption: 
  
 (i) Notice of redemption will be
given by the General Partner to the Partnership concurrently with the notice of the General Partner sent to the holders of its REIT Series B Preferred Shares in connection with such redemption. Such notice shall state: (A) the redemption date; (B)
the redemption price; (C) the number of Series B Preferred Units to be redeemed; (D) the place or places where the Series B Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the Series B
Preferred Units to be redeemed will cease to accumulate on such redemption date. If less than all of the Series B Preferred Units are to be redeemed, the notice shall also specify the number of Series B Preferred Units to be redeemed. 
  
 (ii) On or after the redemption date, the General Partner shall present and
surrender the certificates, if any, representing the Series B Preferred Units to the Partnership at the place designated in the notice of redemption and thereupon the redemption price of such Units (including all accumulated and unpaid distributions
up to but excluding the redemption date) shall be paid to the General Partner and each surrendered Unit certificate, if any, shall be canceled. If fewer than all the Units represented by any such certificate representing Series B Preferred Units are
to be redeemed, a new certificate shall be issued representing the unredeemed shares. 
  
 (iii) From and after the redemption date (unless the Partnership defaults in payment of the redemption price), all distributions on the Series B Preferred Units designated for redemption in such notice shall cease to
accumulate and all rights of the General Partner, except the right to receive the redemption price thereof (including all accumulated and unpaid distributions up to but excluding the redemption date), shall cease and terminate, and 
  

 87 

 such Series B Preferred Units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the
Partnership, prior to a redemption date, may irrevocably deposit the redemption price (including accumulated and unpaid distributions to but not including the redemption date) of the Series B Preferred Units so called for redemption in trust for the
General Partner with a bank or trust company, in which case the redemption notice to the General Partner shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the redemption price
and (C) require the General Partner to surrender the certificates, if any, representing such Series B Preferred Units at such place on or about the date fixed in such redemption notice (which may not be later than the redemption date) against
payment of the redemption price (including all accumulated and unpaid distributions to the redemption date). Any monies so deposited which remain unclaimed by the General Partner at the end of two years after the redemption date shall be returned by
such bank or trust company to the Partnership. 
  
 Section 17.5 Ranking

  
 The Series B Preferred Units shall, with respect to
distribution rights and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership, rank (i) senior to the Common Units and to all other Partnership Units the terms of which provide that such Partnership Units
shall rank junior to the Series B Preferred Units; (ii) on a parity with all Parity Preferred Units, including the Series A Preferred Units; and (iii) junior to all Partnership Units which rank senior to the Series B Preferred Units. 
  
 Section 17.6 Voting Rights 
  
 The General Partner shall not have any voting or consent rights in respect
of its partnership interest represented by the Series B Preferred Units. 
  
 Section 17.7 Transfer Restrictions 
  
 The Series
B Preferred Units shall not be transferable except in accordance with Section 11.2. 
  
 Section 17.8 No Conversion Rights 
  
 The Series B Preferred Units shall not be convertible into any other class or series of interest in the Partnership. 
  
 Section 17.9 No Sinking Fund 
  
 No sinking fund shall be established for the retirement or redemption of Series B Preferred Units. 
  

 88 

 IN WITNESS WHEREOF, the undersigned has executed this Third Amended and Restated Agreement of Limited Partnership as of
the date first written above. 
  

					
	DIGITAL REALTY TRUST, L.P.
		
	 By:
	 	 Digital Realty Trust, Inc.,
 a Maryland corporation
 Its General Partner

			
	 	 	 By:
	 	  

	 	 	 	 	 Michael F. Foust
 Chief Executive Officer

  
  

 S-1 
 Signature Page to Third Amended and Restated Agreement of Limited Partnership of Digital Realty Trust, L.P.Loan Agreement

 EXHIBIT 10.53 
  

  
 LOAN AGREEMENT 
  
 Dated as of May 27, 2005

  
 Between 
  
 DIGITAL LAKESIDE, LLC, 
 as Borrower 
  
 and 
  
 MORGAN STANLEY MORTGAGE CAPITAL INC., 
 as Lender 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	I.        DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 
			
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Principles of Construction.	  	17
		
	II.        THE LOAN	  	 
			
	Section 2.1	  	The Loan.	  	18
	        2.1.1	  	Agreement to Lend and Borrow	  	18
	        2.1.2	  	Single Disbursement to Borrower	  	18
	        2.1.3	  	The Note	  	18
	        2.1.4	  	Use of Proceeds	  	18
	Section 2.2	  	Interest Rate.	  	18
	        2.2.1	  	Applicable Interest Rate	  	18
	        2.2.2	  	Interest Calculation	  	18
	        2.2.3	  	Determination of Interest Rate	  	18
	        2.2.4	  	Usury Savings	  	21
	Section 2.3	  	Loan Payments	  	21
	        2.3.1	  	Payment Before Maturity Date	  	21
	        2.3.2	  	Payment on Maturity Date	  	22
	        2.3.3	  	Interest Rate and Payment after Default	  	22
	        2.3.4	  	Late Payment Charge	  	23
	        2.3.5	  	Method and Place of Payment	  	23
	Section 2.4	  	Prepayments	  	23
	        2.4.1	  	Voluntary Prepayments	  	23
	        2.4.2	  	Mandatory Prepayments	  	25
	        2.4.3	  	Prepayments After Default	  	26
	Section 2.5	  	Taxes.	  	26
	Section 2.6	  	Non-Confidentiality of Tax Treatment.	  	30
		
	III.        REPRESENTATIONS AND WARRANTIES	  	 
			
	Section 3.1	  	Borrower Representations	  	31
	        3.1.1	  	Organization	  	31
	        3.1.2	  	Proceedings	  	31
	        3.1.3	  	No Conflicts	  	31
	        3.1.4	  	Litigation	  	32
	        3.1.5	  	Agreements	  	32
	        3.1.6	  	Consents	  	32
	        3.1.7	  	Title	  	32
	        3.1.8	  	No Plan Assets	  	32

					
	        3.1.9	  	Compliance	  	32
	        3.1.10	  	Financial Information	  	33
	        3.1.11	  	Condemnation	  	33
	        3.1.12	  	Utilities and Public Access	  	33
	        3.1.13	  	Separate Lots	  	33
	        3.1.14	  	Assessments	  	33
	        3.1.15	  	Enforceability	  	33
	        3.1.16	  	Assignment of Leases	  	33
	        3.1.17	  	Insurance	  	34
	        3.1.18	  	Licenses	  	34
	        3.1.19	  	Flood Zone	  	34
	        3.1.20	  	Physical Condition	  	34
	        3.1.21	  	Boundaries	  	34
	        3.1.22	  	Leases	  	34
	        3.1.23	  	Filing and Recording Taxes	  	35
	        3.1.24	  	Single Purpose	  	35
	        3.1.25	  	Tax Filings	  	38
	        3.1.26	  	Solvency	  	38
	        3.1.27	  	Federal Reserve Regulations	  	38
	        3.1.28	  	Organizational Chart	  	39
	        3.1.29	  	Bank Holding Company	  	39
	        3.1.30	  	No Other Debt	  	39
	        3.1.31	  	Investment Company Act	  	39
	        3.1.32	  	Access/Utilities	  	39
	        3.1.33	  	No Bankruptcy Filing	  	39
	        3.1.34	  	Full and Accurate Disclosure	  	39
	        3.1.35	  	Foreign Person	  	39
	        3.1.36	  	Fraudulent Transfer	  	39
	        3.1.37	  	No Change in Facts or Circumstances; Disclosure	  	40
	        3.1.38	  	Management Agreement	  	40
	        3.1.39	  	Perfection of Accounts	  	40
	Section 3.2	  	Survival of Representations.	  	41
		
	IV.         BORROWER COVENANTS	  	 
			
	Section 4.1	  	Borrower Affirmative Covenants	  	41
	        4.1.1	  	Existence; Compliance with Legal Requirements	  	41
	        4.1.2	  	Taxes and Other Charges	  	41
	        4.1.3	  	Litigation	  	42
	        4.1.4	  	Access to Property	  	42
	        4.1.5	  	Further Assurances; Supplemental Mortgage Affidavits	  	42
	        4.1.6	  	Financial Reporting	  	42
	        4.1.7	  	Title to the Property	  	44
	        4.1.8	  	Estoppel Statement	  	44
	        4.1.9	  	Leases	  	44
	        4.1.10	  	Alterations	  	46

  

 -ii- 

					
	        4.1.11	  	Interest Rate Cap	  	47
	        4.1.12	  	Intentionally Omitted	  	Error! Bookmark not defined.
	        4.1.13	  	Performance by Borrower	  	48
	        4.1.14	  	Costs of Enforcement/Remedying Defaults	  	48
	        4.1.15	  	Business and Operations	  	48
	Section 4.2	  	Borrower Negative Covenants	  	48
	        4.2.1	  	Due on Sale and Encumbrance; Transfers of Interests	  	48
	        4.2.2	  	Liens	  	48
	        4.2.3	  	Dissolution	  	48
	        4.2.4	  	Change in Business	  	49
	        4.2.5	  	Debt Cancellation	  	49
	        4.2.6	  	Affiliate Transactions	  	49
	        4.2.7	  	Zoning	  	49
	        4.2.8	  	Assets	  	49
	        4.2.9	  	No Joint Assessment	  	49
	        4.2.10	  	Principal Place of Business	  	49
	        4.2.11	  	ERISA	  	49
		
	V.        INSURANCE, CASUALTY AND CONDEMNATION	  	 
			
	Section 5.1	  	Insurance	  	50
	        5.1.1	  	Insurance Policies	  	50
	        5.1.2	  	Insurance Company	  	54
	Section 5.2	  	Casualty and Condemnation	  	55
	        5.2.1	  	Casualty	  	55
	        5.2.2	  	Condemnation	  	55
	        5.2.3	  	Casualty Proceeds	  	56
	Section 5.3	  	Delivery of Net Proceeds	  	56
	        5.3.1	  	Minor Casualty or Condemnation	  	56
	        5.3.2	  	Major Casualty or Condemnation	  	56
		
	VI.         RESERVE FUNDS	  	 
			
	Section 6.1	  	Intentionally Omitted	  	60
	Section 6.2	  	Tax Funds	  	60
	        6.2.1	  	Deposits of Tax Funds	  	60
	        6.2.2	  	Release of Tax Funds	  	60
	Section 6.3	  	Insurance Funds	  	60
	        6.3.1	  	Deposits of Insurance Funds	  	60
	        6.3.2	  	Release of Insurance Funds	  	61
	Section 6.4	  	Intentionally Omitted	  	61
	Section 6.5	  	Intentionally Omitted	  	61
	Section 6.6	  	Intentionally Omitted	  	61
	Section 6.7	  	Cash Trap Reserve Funds.	  	61
	        6.7.1	  	Cash Trap Reserve Funds	  	61
	Section 6.8	  	Application of Reserve Funds	  	61

  

 -iii- 

					
	Section 6.9	  	Security Interest in Reserve Funds	  	61
	        6.9.1	  	Grant of Security Interest	  	61
	        6.9.2	  	Income Taxes	  	61
	        6.9.3	  	Prohibition Against Further Encumbrance	  	61
		
	VII.        PROPERTY MANAGEMENT	  	 
			
	Section 7.1	  	The Management Agreement	  	62
	Section 7.2	  	Prohibition Against Termination or Modification	  	62
	Section 7.3	  	Replacement of Manager	  	62
		
	VIII.        PERMITTED TRANSFERS	  	 
			
	Section 8.1	  	Permitted Transfer of the Property	  	63
	Section 8.2	  	Permitted Transfers of Interest in Borrower	  	63
		
	IX.        SALE AND SECURITIZATION OF MORTGAGE	  	 
			
	Section 9.1	  	Sale of Mortgage and Securitization	  	64
	Section 9.2	  	Securitization Indemnification	  	66
		
	X.        DEFAULTS	  	 
			
	Section 10.1	  	Event of Default	  	68
	Section 10.2	  	Remedies	  	70
	Section 10.3	  	Right to Cure Defaults	  	72
	Section 10.4	  	Remedies Cumulative	  	72
		
	XI.        MISCELLANEOUS	  	 
			
	Section 11.1	  	Successors and Assigns	  	72
	Section 11.2	  	Lender’s Discretion	  	72
	Section 11.3	  	Governing Law	  	73
	Section 11.4	  	Modification, Waiver in Writing	  	74
	Section 11.5	  	Delay Not a Waiver	  	75
	Section 11.6	  	Notices	  	75
	Section 11.7	  	Trial by Jury	  	76
	Section 11.8	  	Headings	  	76
	Section 11.9	  	Severability	  	76
	Section 11.10	  	Preferences	  	76
	Section 11.11	  	Waiver of Notice	  	77
	Section 11.12	  	Remedies of Borrower	  	77
	Section 11.13	  	Expenses; Indemnity	  	77
	Section 11.14	  	Schedules Incorporated	  	78
	Section 11.15	  	Offsets, Counterclaims and Defenses	  	78
	Section 11.16	  	No Joint Venture or Partnership; No Third Party Beneficiaries	  	79

  

 -iv- 

					
	Section 11.17	  	Publicity	  	79
	Section 11.18	  	Waiver of Marshalling of Assets	  	79
	Section 11.19	  	Waiver of Offsets/Defenses/Counterclaims	  	79
	Section 11.20	  	Conflict; Construction of Documents; Reliance	  	80
	Section 11.21	  	Brokers and Financial Advisors	  	80
	Section 11.22	  	Exculpation	  	80
	Section 11.23	  	Prior Agreements	  	82
	Section 11.24	  	Servicer	  	82
	Section 11.25	  	Joint and Several Liability	  	83
	Section 11.26	  	Creation of Security Interest	  	83
	Section 11.27	  	Assignments and Participations	  	83
	Section 11.28	  	Knowledge	  	84
	Section 11.29	  	Subordinate Mezzanine Loan Option.	  	84

  
 SCHEDULES

  

					
	Schedule I	  	-    	  	Rent Roll
	Schedule II	  	-    	  	Required Repairs
	Schedule III	  	-    	  	Organizational Chart
	Schedule IV	  	-    	  	Form of Subordination, Non-Disturbance and Attornment Agreement
	Schedule V	  	-    	  	Form of Interest Rate Cap Confirmation
	Schedule VI	  	-    	  	Exceptions to Representations
	Schedule VII	  	 	  	Amortization Schedule
	Schedule VIII	  	 	  	[Reserved]
	Schedule IX	  	 	  	Section 2.5 Certificate

  

 -v- 

 LOAN AGREEMENT 
  
 THIS LOAN AGREEMENT, dated as of May 27, 2005 (as amended, restated, replaced, supplemented or otherwise modified from time
to time, this “Agreement”), between MORGAN STANLEY MORTGAGE CAPITAL INC., a New York corporation, having an address at 1221 Avenue of the Americas, 27th Floor, New York, New York 10020 (“Lender”) and DIGITAL LAKESIDE, LLC, a Delaware limited liability company having an address at 560 Mission
Street, Suite 2900, San Francisco, CA 94105 (“Borrower”). 
  
 All capitalized terms used herein shall have the respective meanings set forth in Article I hereof. 
  
 W I T N E S S E T H: 
  
 WHEREAS, Borrower desires to obtain the Loan from Lender; and 
  
 WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the conditions and terms of this
Agreement and the other Loan Documents. 
  
 NOW, THEREFORE, in
consideration of the covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, represent and warrant as follows: 
  
 I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
  
 Section 1.1 Definitions. 
  
 For all purposes of this Agreement, except as otherwise expressly provided:

  
 “360 Lease” shall mean that certain
Agreement dated as of December 3, 1999, between Digital Realty Trust, L.P., as landlord, and 360 networks (USA), Inc., as the tenant. 
  
 “Actual Gross Revenues” shall mean all revenue for the twelve (12) calendar month period immediately preceding the date of calculation,
derived from the ownership and operation of the Property from whatever source, including, but not limited to, actual Rents derived from current, in-place Tenants paying Rent pursuant to executed Leases, but excluding sales, use and occupancy or
other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, non-recurring revenues as reasonably determined by Lender, payments received by Borrower under the Interest Rate Protection Agreement, proceeds from the
sale or refinancing of the Property, security deposits (except to the extent determined by Lender to be properly utilized to offset a loss of Rent), refunds and uncollectible accounts, proceeds of casualty insurance and Awards (other than business
interruption or other loss of income insurance related to business interruption or loss of income for the period in question), and any disbursements to Borrower from the Reserve Funds or any other fund established by the Loan Documents.
Notwithstanding the foregoing, for the first twelve (12) months of the term of the 

 Loan, Actual Gross Revenue shall calculated by annualizing revenues at the end of each quarter and taking into account
only those Actual Gross Revenues derived from the ownership and operation of the Property from the Closing Date to the end of each such quarter. 
  
 “Actual NOI” shall mean (i) Actual Gross Revenues, less (ii) Operating Expenses for the twelve (12) calendar month period immediately
preceding the date of calculation, based on a minimum five percent (5%) vacancy. 
  
 “Additional Interest” shall have the meaning set forth in Section 2.4.1(c). 
  
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, owns more than forty-nine percent (49%) of, is
in control of, is controlled by or is under common ownership or control with such Person or is a director or officer of such Person or of an Affiliate of such Person. As used in this definition, the term “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “AFN Lease” shall mean that certain Lease Agreement dated as
of May 9, 2001, between Lakeside Purchaser, LLC (as successor-in-interest to Carlyle-Core Chicago, LLC), as landlord, and AFN Communications, LLC, as the tenant. 
  
 “Agent” shall mean LaSalle Bank National Association and any successor Eligible Institution thereto.

  
 “ALTA” shall mean American Land Title
Association, or any successor thereto. 
  
 “Alteration
Threshold” shall mean $5,000,000. 
  
 “Annual
Budget” shall mean the operating and capital budget for the Property setting forth Borrower’s good faith estimate of Actual Gross Revenue, Operating Expenses, and Capital Expenditures for the applicable Fiscal Year. 
  
 “Applicable Component A Rate” shall mean 4.465% for the
initial Interest Period and thereafter either (i) LIBOR Interest Rate plus the Component A Spread with respect to any period when Component A is a LIBOR Loan or (ii) the Substitute Rate plus the Substitute Spread with respect to any period when
Component A is a Substitute Rate Loan. 
  
 “Applicable
Component B Rate” shall mean 8.590% for the initial Interest Period and thereafter either (i) LIBOR Interest Rate plus the Component B Spread with respect to any period when Component B is a LIBOR Loan or (ii) the Substitute Rate plus the
Substitute Spread with respect to any period when Component B is a Substitute Rate Loan. 
  
 “Applicable Interest Rate” shall mean (a) with respect to Component A, the Applicable Component A Rate and (b) with respect to Component B, the Applicable Component B Rate. 
  

 -2- 

 “Applicable Lending Office” shall mean the “lending office” of Lender (or of
an Affiliate of Lender) located at the address set forth in the introductory paragraph hereof or such other office of Lender (or of an Affiliate of Lender) as Lender may from time to time specify to Borrower as the office by which the Loan is to be
made and/or maintained. 
  
 “Assignment of
Leases” shall mean that certain first priority Assignment of Leases and Rents, dated as of the date hereof, from Borrower, as assignor, to Lender, as assignee, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
  
 “Assignment of Management
Agreement” shall mean that certain Assignment of Management Agreement and Subordination of Management Fees dated the date hereof among Borrower, Manager and Lender, as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time. 
  
 “Assignment of Protection
Agreement” shall mean that certain Assignment of Interest Rate Protection Agreement of even date herewith between Borrower and Lender and acknowledged by Bank of America, N.A. and any other Assignment of Interest Rate Protection Agreement
hereafter delivered. 
  
 “Assumed Note Rate”
shall have the meaning set forth in Section 2.4.1(c). 
  
 “Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or any part of the Property. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as amended
from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights. 
  
 “Basic Carrying Costs” shall mean the sum of the following
costs associated with the Property for the relevant Fiscal Year or payment period: (i) Taxes and (ii) Insurance Premiums. 
  
 “Borrower” shall mean Digital Lakeside, LLC, a Delaware limited liability company, together with its permitted successors and permitted
assigns. 
  
 “Breakage Costs” shall have the
meaning set forth in Section 2.2.3(f). 
  
 “Business
Day” shall mean any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for general business in (i) the State of New York, (ii) the state where the corporate trust office of the Trustee is located, or
(iii) the state where the servicing offices of the Servicer are located. 
  
 “Capital Expenditures” for any period shall mean amounts expended for replacements and alterations to the Property and required to be capitalized according to GAAP. 
  

 -3- 

 “Capital Expenditures Work” shall mean any labor performed or materials installed in
connection with any Capital Expenditure. 
  
 “Capped LIBOR
Rate” shall mean 6.00%. 
  
 “Cash Management
Agreement” shall mean that certain Cash Management Agreement of even date herewith among Lender, Borrower, Manager and Agent. 
  
 “Cash Trap Account” shall have the meaning set forth in the Cash Management Agreement. 
  
 “Cash Trap Period” shall have the meaning set forth in the
Cash Management Agreement. 
  
 “Cash Trap Reserve
Funds” shall have the meaning set forth in Section 6.7.1(a). 
  
 “Cash Trap Trigger” shall have the meaning set forth in the Cash Management Agreement. 
  
 “Casualty” shall mean the occurrence of any casualty, damage or injury, by fire or otherwise, to the Property or any part thereof.

  
 “Casualty Consultant” shall have the meaning
set forth in Section 5.3.2(c). 
  
 “Casualty
Retainage” shall have the meaning set forth in Section 5.3.2(d). 
  
 “Clearing Account Agreement” shall mean that certain Clearing Account Agreement of even date herewith among Lender, Borrower, Manager and Bank of America, N.A. 
  
 “Closing Date” shall mean the date of funding the Loan.

  
 “Code” shall mean the Internal Revenue Code
of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
  
 “Component A” shall mean that portion of the Loan in the
amount of Eighty Million and No/100 Dollars ($80,000,000.00) made by Lender to Borrower pursuant to this Agreement. 
  
 “Component A Spread” shall mean 137.5 basis points. 
  
 “Component B” shall mean that portion of the Loan in the amount of Twenty Million and No/100 Dollars
($20,000,000.00) made by Lender to Borrower pursuant to this Agreement. 
  
 “Component B Spread” shall mean 550 basis points. 
  

 -4- 

 “Component Spread” or “Component Spreads” means, individually or
collectively, the Component A Spread and/or the Component B Spread. 
  
 “Components” shall mean, collectively, Component A and Component B. 
  
 “Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of
all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting the Property or any part thereof. 
  
 “Conduit Path Agreement” shall mean that certain Conduit
Path Use Agreement dated as of June 1, 2000 between the City of Chicago and Lakeside Purchaser, LLC (as successor-in-interest to Carlyle-Core Chicago, LLC). 
  
 “Counterparty” shall mean (a) the counterparty under the Interest Rate Protection Agreement or (b) a Person that guarantees such
counterparty’s obligations under the Interest Rate Protection Agreement or otherwise provides to such counterparty credit support reasonably acceptable to Lender or, after a Securitization, acceptable to the Rating Agencies, provided, however,
that such guarantor shall be deemed the “Counterparty” for so long as the long-term credit rating issued by the Rating Agencies to such guarantor is better than the long-term credit rating of the actual counterparty under the Interest Rate
Protection Agreement. 
  
 “Debt” shall mean the
outstanding principal amount of the Loan together with all interest accrued and unpaid thereon (including, without limitation, any interest that would accrue on the outstanding principal amount of the Loan through and including the end of any
applicable Interest Period, even if such Interest Period extends beyond any applicable Monthly Payment Date, Prepayment Date or the Maturity Date) and all other sums (including, without limitation, any applicable Spread Maintenance Premium and any
Breakage Costs) due to Lender in respect of the Loan under the Note, this Agreement, the Mortgage, the Environmental Indemnity or any other Loan Document. 
  
 “Debt Service” shall mean, with respect to any particular period of time, scheduled principal and interest payments under the Note.

  
 “Debt Service Coverage Ratio” shall mean the
ratio of (i) Actual NOI to (ii) the projected Debt Service and projected debt service under any Subordinate Mezzanine Loan that would be due for the twelve (12) calendar month period immediately following such calculation based upon an assumed
interest rate as set forth herein. 
  
 “Deed”
shall have the meaning set forth in Section 3.1.40. 
  
 “Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
  

 -5- 

 “Default Rate” shall mean, with respect to each Component, a rate per annum equal to the
lesser of (i) the maximum rate permitted by applicable law, or (ii) five percent (5%) above the Applicable Interest Rate. 
  
 “Determination Date” shall mean, with respect to each Interest Period, the date that is two (2) London Business Days prior to the
fifteenth (15th) day of the calendar month in which such Interest Period commences; provided, however, that Lender
shall have a one-time right to change the Determination Date to any other day upon notice to Borrower (in which event such change shall then be deemed effective) and, if requested by Lender, Borrower shall promptly execute an amendment to this
Agreement to evidence such change. 
  
 “Disclosure
Document” shall have the meaning set forth in Section 9.2(a). 
  
 “Eligible Account” shall mean an identifiable account which is separate from all other funds held by the holding institution that is either (a) an account or accounts maintained with the corporate trust department of a
federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account or accounts maintained with the corporate trust department of a federal or state
chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in
either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.

  
 “Eligible Institution” shall mean a federal
or state chartered depository institution or trust company insured by the Federal Deposit Insurance Corporation the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s, and F-1+
by Fitch, Inc. in the case of accounts in which funds are held for thirty (30) days or less or, in the case of Letters of Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which
are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s. 
  
 “Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement dated as of the date hereof executed by Borrower and Guarantor in connection with the Loan for the benefit of
Lender. 
  
 “Equipment” shall have the meaning
set forth in the granting clause of the Mortgage. 
  
 “ERISA” shall have the meaning set forth in Section 3.1.8. 
  
 “Event of Default” shall have the meaning set forth in Section 10.1. 
  
 “Exchange Act” shall have the meaning set forth in Section 9.2(a). 
  
 “Excluded Taxes” shall have the meaning set forth in Section 2.5(f). 
  

 -6- 

 “Fiscal Year” shall mean each twelve month period commencing on January 1 and ending on
December 31 during each year of the term of the Loan. 
  
 “Fitch” shall mean Fitch, Inc. 
  
 “GAAP” shall mean generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant
segments of the U.S. accounting profession. 
  
 “Governmental Authority” shall mean any court, board, agency, commission, office or authority of any nature whatsoever or any governmental unit (federal, state, county, district, municipal, city, foreign or otherwise)
whether now or hereafter in existence. 
  
 “Guarantor” shall mean Digital Realty Trust, L.P., a Maryland limited partnership. 
  
 “Guaranty” shall mean that certain Guaranty of Recourse Obligations of even date herewith from Guarantor for the benefit of Lender.

  
 “Improvements” shall have the meaning set
forth in the granting clause of the Mortgage. 
  
 “Indebtedness” shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which
such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid
by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person, directly or indirectly, (v) all obligations under
leases that constitute capital leases for which such Person is liable, and (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable
contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss. 
  
 “Indemnified Liabilities shall have the meaning set forth in Section 11.13(b). 
  
 “Independent Director” shall mean a natural person who is not at the time of initial appointment as a
director or at any time while serving as a director or manager of the Borrower or SPC Party and has not been at any time during the five (5) years preceding such initial appointment: 
  
 (a) a stockholder, director (with the exception of serving as an Independent Director of the Borrower or SPC Party),
officer, trustee, employee, partner, member, attorney or counsel of Borrower, the SPC Party or any Affiliate of either of them; 
  

 -7- 

 (b) a creditor, customer, supplier, or other person who derives any of its purchases or revenues from its
activities with the Borrower, the SPC Party or any Affiliate of either of them; 
  
 (c) a Person controlling or under common control with any Person excluded from serving as Independent Director under (a) or (b); or 
  
 (d) a member of the immediate family by blood or marriage of any Person excluded from serving as Independent Director under
(a) or (b). 
  
 A natural person who satisfies the foregoing
definition other than subparagraph (b) shall not be disqualified from serving as an Independent Director of the Borrower or SPC Party if such individual is an Independent Director provided by a nationally-recognized company that provides
professional independent directors (a “Professional Independent Director”) and other corporate services in the ordinary course of its business. A natural person who otherwise satisfies the foregoing definition other than
subparagraph (a) by reason of being the independent director of a special purpose entity affiliated with the Borrower or SPC Party shall not be disqualified from serving as an Independent Director of the Borrower or SPC Party if such individual is
either (i) a Professional Independent Director or (ii) the fees that such individual earns from serving as independent director of affiliates of the Borrower or SPC Party constitute in the aggregate less than five percent (5%) of such
individual’s annual income. Notwithstanding the immediately preceding sentence, an Independent Director may not simultaneously serve as Independent Director of the Borrower or SPC Party and independent director of a special purpose entity that
owns a direct or indirect equity interest in the Borrower or SPC Party or a direct or indirect interest in any co-borrower with the Borrower or SPC Party. For purposes of this definition a special purpose entity is an entity whose organizational
documents contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to the requirements of Section 3.1.24 hereof. 
  
 “Initial Interest Rate” shall mean a rate per annum equal to
five and twenty-nine hundredths percent (5.29%). 
  
 “Insolvency Opinion” shall mean that certain bankruptcy nonconsolidation opinion letter dated the date hereof delivered by Edwards & Angell, LLP, in connection with the Loan. 
  
 “Insurance Funds” shall have the meaning set forth in
Section 6.3.1. 
  
 “Insurance Premiums” shall
have the meaning set forth in Section 5.1.1(b). 
  
 “Interest Period” shall mean (a) for the first interest period hereunder, (i) if the Closing Date occurs on or before the fourteenth (14th) day of a calendar month, the period commencing on the Closing Date and ending on (and including) the fourteenth (14th) day of the calendar month in which the Closing Date occurs, and (ii) if the Closing Date occurs on or after the fifteenth (15th) day of a calendar month, the period commencing on the Closing Date and ending on (and including) the fourteenth
(14th) day of the following calendar month and (b) for each interest period thereafter commencing June 15, 2005, the
period commencing on the fifteenth (15th) day of each calendar month and ending on (and including) the fourteenth
(14th) 
  

 -8- 

 day of the following calendar month. Each Interest Period as set forth in clause (b) above shall be a full month and
shall not be shortened by reason of any payment of the Loan prior to the expiration of such Interest Period. 
  
 “Interest Rate Protection Agreement” shall mean one or more interest rate caps (together with the schedules relating thereto) in form and
substance reasonably satisfactory to Lender, with a confirmation from the Counterparty in the form attached hereto as Schedule V, between Borrower and, subject to Section 4.1.11, a Counterparty reasonably acceptable to Lender with a Minimum
Counterparty Rating, and all amendments, restatements, replacements, supplements and modifications thereto 
  
 “Late Fee” shall have the meaning set forth in Section 2.3.4. 
  
 “Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement
(whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and every modification, amendment or other
agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and
agreements to be performed and observed by the other party thereto. 
  
 “Legal Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting
Borrower or the Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Americans with Disabilities Act of 1990,
and all permits, licenses and authorizations and regulations relating thereto, including, without limitation all permits and licenses relating to the storage of diesel fuel at the Property, and all covenants, agreements, restrictions and
encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting the Property or any part thereof, including, without limitation, any which may (i) require repairs, modifications or alterations in or
to the Property or any part thereof, or (ii) in any way materially limit the use and enjoyment thereof. 
  
 “Lender” shall mean Morgan Stanley Mortgage Capital Inc., a New York corporation, together with its successors, assigns, and
Participants. 
  
 “Lender Indemnitees” shall have
the meaning set forth in Section 11.13(b). 
  
 “Lender’s Notice” shall have the meaning set forth in Section 2.2.3(b). 
  
 “Liabilities” shall have the meaning set forth in Section 9.2(b). 
  
 “LIBOR” shall mean, with respect to each Interest Period, the rate (expressed as a percentage per annum and
rounded upward, if necessary, to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on Telerate Page 3750 (or the successor thereto) as of 11:00 a.m., London time, on the related Determination Date. If
such rate 
  

 -9- 

 does not appear on Telerate Page 3750 as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the
arithmetic mean of the offered rates (expressed as a percentage per annum) for deposits in U.S. dollars for a one-month period that appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, if at least two
such offered rates so appear. If fewer than two such offered rates appear on the Reuters Screen Libor Page as of 11:00 a.m., London time, on such Determination Date, Lender shall request the principal London office of any four major reference banks
in the London interbank market selected by Lender to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for a one-month period as of 11:00 a.m.,
London time, on such Determination Date for the then outstanding principal amount of the Loan. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so
provided, Lender shall request any three major banks in New York City selected by Lender to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. dollars to leading European banks for a one-month period as of
approximately 11:00 a.m., New York City time on the applicable Determination Date for the then outstanding principal amount of the Loan. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. LIBOR shall be
determined by Lender or its agent and at Borrower’s request, Lender shall provide Borrower with the basis for its determination. 
  
 “LIBOR Interest Rate” shall mean, with respect to each Interest Period, LIBOR applicable to such Interest Period. 
  
 “LIBOR Loan” shall mean the Loan at any time in which the
Applicable Interest Rate is calculated at LIBOR Interest Rate plus the Spread in accordance with the provisions of Article II hereof. 
  
 “Lien” shall mean any mortgage, deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance,
charge or transfer of, on or affecting the Property or any portion thereof or Borrower, or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the
same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
  
 “Loan” shall mean the loan in the original principal amount of One Hundred Million and No/100 Dollars
($100,000,000.00) made by Lender to Borrower pursuant to this Agreement. 
  
 “Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgage, the Assignment of Leases, the Clearing Account Agreement, Cash Management Agreement, the Environmental Indemnity, the
Guaranty, the Assignment of Protection Agreement, the Exit Fee Agreement, the Assignment of Management Agreement and any other document pertaining to the Property as well as all other documents now or hereafter executed and/or delivered in
connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
  

 -10- 

 “London Business Day” shall mean any day other than a Saturday, Sunday or any other day
on which commercial banks in London, England or New York, New York are not open for business. 
  
 “Major Lease” shall mean any Lease (i) covering 79,337 rentable square feet or more at the Property or (ii) made with a Tenant that is a Tenant under another Lease at the Property or that is an
Affiliate of any other Tenant under a Lease at the Property, if the Leases together cover 79,337 rentable square feet or more. 
  
 “Management Agreement” shall mean the management agreement entered into by and between Borrower and the Manager, pursuant to which the
Manager is to provide management and other services with respect to the Property. 
  
 “Manager” shall mean Capstar Commercial Real Estate Services, Ltd., or, if the context requires, a Qualified Manager who is managing the Property in accordance with the terms and provisions of this
Agreement. 
  
 “Material Adverse Effect” shall
mean a material adverse effect on (i) the business, operations, income, expenses, property or condition (financial or otherwise) of Borrower or the Guarantor, (ii) the ability of Borrower or Guarantor to pay or perform its respective obligations,
liabilities and indebtedness under this Agreement or any of the other Loan Documents to which it is a party as such payment or performance becomes due in accordance with the terms hereof or thereof, or (iii) the Loan or Lender, or the rights, powers
and remedies of the Lender under this Agreement or any of the other Loan Documents or the validity, legality or enforceability of this Agreement or any of the other Loan Documents. 
  
 “Maturity Date” shall mean the Monthly Payment Date occurring in June 9, 2008, as such date may be extended
in accordance with Section 2.3.2(b), or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise.

  
 “Maximum Legal Rate” shall mean the maximum
nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
  
 “Minimum Counterparty Rating” shall mean (a) a short term credit rating from S&P and Fitch of at least “A-1” and (b) either
(i) a long term credit rating from Moody’s of at least “Aa3” or (ii) a long term credit rating from Moody’s of at least “A1” and a short term credit rating from Moody’s of “P-1”. 
  
 “Minimum Disbursement Amount” shall mean Twenty-Five
Thousand and No/100 Dollars ($25,000). 
  
 “Monthly
Payment Date” shall mean the ninth (9th) calendar day of each calendar month during the term of the Loan,
and if such day is not a Business Day, then the Business Day immediately preceding such day, commencing on July 9, 2005 and continuing to and including the Maturity Date. 
  

 -11- 

 “Moody’s” shall mean Moody’s Investors Service, Inc. 
  
 “Morgan Stanley” shall mean Lender and its Affiliates.

  
 “Morgan Stanley Group” shall have the meaning
set forth in Section 9.2(b). 
  
 “Mortgage” shall
mean that certain first priority Mortgage and Security Agreement, dated the date hereof, executed and delivered by Borrower as security for the Loan and encumbering the Property, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
  
 “Net
Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any,
in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees), if any, in collecting such Award. 
  
 “Net Proceeds Deficiency” shall have the meaning set forth
in Section 5.3.2(f). 
  
 “Non-Excluded Taxes”
shall have the meaning set forth in Section 2.5(a). 
  
 “Non-U.S. Corporate Lender” shall have the meaning set forth in Section 2.5(f). 
  
 “Note” shall mean, collectively, Note A and Note B. 
  
 “Note A” shall mean that certain Promissory Note A dated as of the date hereof, executed by Borrower and
payable to the order of Lender which evidences Component A of the Loan, as the same may hereafter be amended, supplemented, restated, increased, extended, consolidated or severed from time to time. 
  
 “Note B” shall mean that certain Promissory Note B dated as
of the date hereof, executed by Borrower and payable to the order of Lender which evidences Component B of the Loan, as the same may hereafter be amended, supplemented, restated, increased, extended, consolidated or severed from time to time.

  
 “Notice” shall have the meaning set forth in
Section 11.6. 
  
 “Officer’s Certificate”
shall mean a certificate delivered to Lender by Borrower which is signed by an authorized senior officer of Borrower. 
  
 “Operating Agreements” shall mean any covenants, restrictions or agreements of record relating to the construction, operation or use of
the Property. 
  
 “Operating Expenses”
shall mean all costs and expenses relating to the operation, maintenance and management of the Property, including, without limitation, utilities, repairs and 
  

 -12- 

 maintenance, insurance, property taxes and assessments, advertising expenses, payroll and related taxes, equipment lease
payments, and a management fee equal to the greater of $1,000,000 or the actual management fee, but excluding actual Capital Expenditures, depreciation, amortization and deposits required to be made to the Reserve Funds; provided, however such costs
and expenses shall be subject to reasonable adjustment by Lender to normalize such costs and expenses. 
  
 “Other Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes, and any other charges, including, without
limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property, now or hereafter levied or assessed or imposed against the Property or any part thereof. 
  
 “Other Taxes” shall have the meaning set forth in Section
2.5(b). 
  
 “Otherwise Rated Insurer” shall have
the meaning set forth in Section 5.1.2. 
  
 “Participant” shall mean any Person that has purchased a participation in this Loan Agreement pursuant to Section 11.27. 
  
 “Permitted Encumbrances” shall mean, collectively, (i) the Liens and security interests created by the Loan Documents, (ii) all Liens,
encumbrances and other matters disclosed in the Title Insurance Policy, (iii) Liens, if any, for Taxes imposed by any Governmental Authority not yet due or delinquent, and (iv) such other title and survey exceptions as Lender has approved or may
approve in writing in Lender’s sole discretion. 
  
 “Permitted Investments” shall have the meaning set forth in the Cash Management Agreement. 
  
 “Permitted Prepayment Date” shall mean the Monthly Payment Date occurring in May, 2006. 
  
 “Permitted Transferee” shall mean any of the following
entities (for purposes of this definition, “control” means the ability to make or veto all material decisions with respect to the operation, management, financing and disposition of the Property, rather than a beneficial ownership
requirement, and regardless of the fact that responsibility for such day-to-day operating and management functions are ordinarily handled by a property manager or for leasing activities has been delegated by such controlling Person pursuant to a
written agreement): 
  
 (i) a pension fund, pension trust or
pension account that immediately prior to such transfer owns, directly or indirectly, total real estate assets of at least $1,000,000,000; 
  
 (ii) a pension fund advisor who (a) immediately prior to such transfer, controls, directly or indirectly, at least $1,000,000,000 of real estate assets
and (b) is acting on behalf of one or more pension funds that, in the aggregate, satisfy the requirements of clause (i) of this definition; 
  
 (iii) an insurance company which is subject to supervision by the insurance commissioner, or a similar official or agency, of a state or territory of the
United States 
  

 -13- 

 (including the District of Columbia) (a) with a net worth, determined under GAAP as of a date no more than six (6) months
prior to the date of the transfer of at least $500,000,000 and (b) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $1,000,000,000; 
  
 (iv) a corporation organized under the banking laws of the United States or
any state or territory of the United States (including the District of Columbia) (a) with a combined capital and surplus of at least $500,000,000 and (b) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets
of at least $1,000,000,000; 
  
 (v) any Person (a) who owns at
least five (5) properties with, in the aggregate, at least 3,000,000 square feet (exclusive of the Property) of office space of similar or better quality as that of the Property, (b) who has a net worth, determined as of a date no more than six (6)
months prior to the date of such transfer, of at least $250,000,000 and (c) who, immediately prior to such transfer, controls, directly or indirectly, real estate assets of at least $1,000,000,000; or 
  
 (vi) any Person in which at least fifty percent (50%) of the ownership
interests are owned directly or indirectly by any of the entities listed in subsections (i) through (v) of this definition of “Permitted Transferee”, or any combination of more than one such entity, and which is controlled directly
or indirectly by such entity or entities. 
  
 “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any federal, state, county or municipal government or any
bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
  
 “Physical Conditions Report” shall mean a report prepared by a company satisfactory to Lender regarding the physical condition of the
Property, satisfactory in form and substance to Lender in its sole discretion, which report shall, among other things, (i) confirm that the Property and its use comply, in all material respects, with all applicable Legal Requirements (including,
without limitation, zoning, subdivision and building laws) and (ii) include a copy of a final certificate of occupancy with respect to all Improvements. 
  
 “Policies” shall have the meaning specified in Section 5.1.1(b). 
  
 “Prepayment Date” shall mean the date on which the Loan is prepaid in accordance with the terms hereof.

  
 “Prepayment Fee” shall mean, with respect to
any prepayment received by Lender after the Monthly Payment Date occurring in May, 2006 and to and including the Monthly Payment Date occurring in November, 2006, an amount equal to 0.75% of the outstanding principal amount of the Loan. 

 
 “Prescribed Laws” shall mean, collectively, (a) the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001,
and relating to Blocking Property and 
  

 -14- 

 Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International
Emergency Economic Power Act, 50 U.S.C. §1701 et seq. and (d) all other Legal Requirements relating to money laundering or terrorism. 
  
 “Property” shall mean the parcel of real property, the Improvements thereon and all personal property owned by Borrower and encumbered by
the Mortgage, together with all rights pertaining to such property and Improvements, all as more particularly described in the granting clauses of the Mortgage. 
  

“Qualified Manager” shall mean (i) Capstar Commercial Real Estate Services, Ltd., or (ii) a reputable professional management
organization with sufficient demonstrable experience in the management of data center properties comparable to the Property, as determined by Lender in its reasonable discretion. 
  
 “Rating Agencies” shall mean, prior to the final Securitization of the Loan, each of S&P, Moody’s
and Fitch, or any other nationally-recognized statistical rating agency which has been designated by Lender and, after the final Securitization of the Loan, shall mean any of the foregoing that have rated any of the Securities. 
  
 “Rating Agency Confirmation” shall mean a written
affirmation from each of the Rating Agencies that the credit rating of the Securities by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified,
downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion. 
  
 “Register” shall have the meaning set forth in Section 11.27. 
  
 “Registration Statement” shall have the meaning set forth in
Section 9.2(b). 
  
 “Regulation D” shall mean
Regulation D of the Board of Governors of the Federal Reserve System from time to time in effect, including any successor or other Regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System. 
  
 “Rents”
shall mean all rents, moneys payable as damages or in lieu of rent, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, expense reimbursements from
Tenants and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property. 
  
 “Reserve Funds” shall mean, collectively, the Insurance
Funds, the Tax Funds and the Cash Trap Reserve Funds. 
  
 “Restoration” shall have the meaning set forth in Section 5.2.1. 
  
 “Restoration Threshold” shall mean $4,000,000. 
  

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 “S&P” shall mean Standard & Poor’s Ratings Services, a division of the
McGraw-Hill Companies, Inc. 
  
 “Secondary Market
Transaction” shall have the meaning set forth in Section 9.1(a). 
  
 “Section 2.5 Taxes” shall have the meaning set forth in Section 2.5. 
  
 “Securities” shall have the meaning set forth in Section 9.1(a). 
  
 “Securities Act” shall have the meaning set forth in Section 9.2(a). 
  
 “Securitization” shall have the meaning set forth in Section
9.1(a). 
  
 “Seller Sharing Agreement” shall mean
that certain Seller Sharing Agreement dated as of March 14, 2005 by and between Lakeside Purchaser, LLC and Guarantor. 
  
 “Servicer” shall have the meaning set forth in Section 11.24. 
  
 “Servicing Agreement” shall have the meaning set forth in Section 11.24. 
  
 “Severed Loan Documents” shall have the meaning set forth in
Section 10.2(c). 
  
 “SPC Party” shall have the
meaning set forth in Section 3.1.24(o). 
  
 “Spread” shall mean the applicable Component Spread or the weighted average of all applicable Component Spreads, as the context requires. 
  
 “Spread Maintenance Premium” shall mean, in connection with a prepayment of all or any portion of the
outstanding principal balance of the Loan pursuant to Section 2.3.3 or Section 2.4.3 hereof, an amount equal to the present value, discounted at LIBOR on the most recent Determination Date with respect to any period when the Loan is a LIBOR Loan
(or, with respect to any period when the Loan is a Substitute Rate Loan, discounted at an interest rate that Lender believes, in its reasonable judgment, would equal LIBOR on such Determination Date if LIBOR was then available), of all future
installments of interest which would have been due hereunder through and including the end of the Interest Period in which the Permitted Prepayment Date occurs, on the portion of the outstanding principal balance of the Loan being prepaid as if
interest accrued on such portion of the principal balance being prepaid at an interest rate per annum equal to the Spread. The Spread Maintenance Premium shall be calculated by Lender and shall be final absent manifest error. 
  
 “State” shall mean the State or Commonwealth in which the
Property or any part thereof is located. 
  
 “Subordinate
Mezzanine Loan” shall have the meaning set forth in Section 11.29. 
  
 “Substitute Rate” shall have the meaning set forth in Section 2.2.3(b). 
  

 -16- 

 “Substitute Rate Loan” shall mean the Loan at any time in which the Applicable Interest
Rate is calculated at the Substitute Rate plus the Substitute Spread in accordance with the provisions of Article II hereof. 
  
 “Substitute Spread” shall have the meaning set forth in Section 2.2.3(b). 
  
 “Survey” shall mean a survey of the Property prepared by a surveyor licensed in the State and satisfactory
to Lender and the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 
  
 “Tax Funds” shall have the meaning set forth in Section 6.2.1. 
  
 “Tax Sharing Agreement” shall mean that certain Tax Agreement dated as of March 14, 2005 by and between
Lakeside Purchaser, LLC and Guarantor. 
  
 “Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against the Property or part thereof, together with all interest and
penalties thereon. 
  
 “Tenant” shall mean any
Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) under any Lease now or hereafter affecting all or any part of the Property. 
  
 “Title Insurance Policy” shall mean an ALTA mortgagee title
insurance policy in the form reasonably acceptable to Lender issued with respect to the Property and insuring the lien of the Mortgage. 
  
 “Trustee” shall mean any trustee holding the Loan in a Securitization. 
  
 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in
the State. 
  
 “Underwriter Group” shall have the
meaning set forth in Section 9.2(b). 
  
 “Updated
Information” shall have the meaning set forth in Section 9.1(b)(i). 
  
 “U.S. Obligations” shall mean direct full faith and credit obligations of the United States of America that are not subject to prepayment, call or early redemption. 
  
 Section 1.2 Principles of Construction. All references to sections and
schedules are to sections and schedules in or to this Agreement unless otherwise specified. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms
of the terms so defined. 
  

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 II. THE LOAN 
  
 Section 2.1 The Loan. 
  
 2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender shall make the Loan to Borrower
and Borrower shall accept the Loan from Lender on the Closing Date. 
  
 2.1.2 Single Disbursement to Borrower. Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. 
  
 2.1.3 The Note. The Loan shall be evidenced by the Note and
shall be repaid in accordance with the terms of this Agreement and the Note. 
  
 2.1.4 Use of Proceeds. Borrower shall use proceeds of the Loan to (i) acquire the Property, (ii) pay and discharge any existing loans relating to the Property, (iii) pay all past-due Basic Carrying
Costs, if any, in respect of the Property, (iv) deposit the Reserve Funds, (v) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (vi) fund any working capital requirements of the Property, as approved
by Lender and (vii) retain the balance, if any. 
  
 Section 2.2
Interest Rate. 
  
 2.2.1 Applicable Interest
Rate. Except as herein provided with respect to interest accruing at the Default Rate, interest on the principal balance of each Component of the Loan outstanding from time to time shall accrue from the Closing Date up to and including the
Maturity Date (including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through the end of the Interest Period during which the Maturity Date occurs (even if such period extends beyond the
Maturity Date)) at the Applicable Interest Rate. Interest on the outstanding principal balance of the Loan existing on the commencement of an Interest Period shall accrue for the entire Interest Period and shall be owed by Borrower for the entire
Interest Period regardless of whether any principal portion of the Loan is repaid prior to the expiration of such Interest Period. 
  
 2.2.2 Interest Calculation. Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual
number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year (that is, the Applicable Interest Rate or the Default Rate, as then applicable, expressed as an annual
rate divided by 360) by (c) the outstanding principal balance. 
  
 2.2.3 Determination of Interest Rate. 
  
 (a) Any change in the rate of interest hereunder due to a change in the Applicable Interest Rate shall become effective as of the first day on which such change in the Applicable Interest Rate shall become effective; provided, however, that
changes in the Applicable Interest Rate shall occur on the first day of an Interest Period unless otherwise required by any Legal Requirement. Each determination by Lender of the Applicable Interest Rate shall be conclusive and binding for all
purposes, absent manifest error. 
  

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 (b) In the event that Lender shall have reasonably determined (which determination shall be conclusive
and binding upon Borrower absent manifest error) that by reason of circumstances affecting the interbank eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR, then Lender shall, by notice to Borrower
(“Lender’s Notice”), which notice shall set forth in reasonable detail such circumstances, establish the Applicable Interest Rate at Lender’s then customary spread (the “Substitute Spread”), taking into
account the size of the Loan and the creditworthiness of Borrower, above a published index used for variable rate loans as reasonably determined by Lender (the “Substitute Rate”). 
  
 (c) If, pursuant to the terms of this Agreement, the Loan has been converted
to a Substitute Rate Loan and Lender shall determine (which determination shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or circumstance(s) which resulted in such conversion shall no longer be applicable,
Lender shall give notice thereof to Borrower, and the Substitute Rate Loan shall automatically convert to a LIBOR Loan on the effective date set forth in such notice, which date shall be the first day of an Interest Period unless otherwise required
by any Legal Requirement. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to elect to convert a LIBOR Loan to a Substitute Rate Loan. After the Permitted Prepayment Date and after the
conversion of a LIBOR Loan to a Substitute Rate Loan, Borrower shall have the option upon thirty (30) days notice to Lender (such notice given within sixty (60) days of the conversion of the Loan) to prepay the Loan in whole, but not in part. Any
such prepayment shall be made without prepayment premium or penalty and shall otherwise be made in accordance with the terms of Section 2.4.1 hereof. 
  
 (d) If any requirement of law or any change therein or in the interpretation or application thereof, shall hereafter make it unlawful for Lender to make
or maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a LIBOR Loan shall be cancelled forthwith and (ii) Lender may give Borrower a Lender’s Notice, establishing the Applicable Interest Rate at the
Substitute Rate plus the Substitute Spread, in which case the Applicable Interest Rate shall be a rate equal to the Substitute Rate in effect from time to time plus the Substitute Spread. In the event the condition necessitating the cancellation of
Lender’s obligation to make a LIBOR Loan hereunder shall cease, Lender shall promptly notify Borrower of such cessation and the Loan shall resume its characteristics as a LIBOR Loan in accordance with the terms herein from and after the first
day of the Interest Period next following such cessation. Borrower hereby agrees promptly to pay Lender, upon demand, any additional amounts necessary to compensate Lender for any out-of-pocket costs incurred by Lender in making any conversion in
accordance with this Agreement, including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder. Lender’s notice of such costs, as certified to
Borrower, shall be set forth in reasonable detail. 
  

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 (e) In the event that any change in any requirement of law or in the interpretation or application
thereof, or compliance by Lender with any request or directive (whether or not having the force of law) hereafter issued from any central bank or other Governmental Authority: 
  
 (i) shall hereafter have the effect of reducing the rate of return on Lender’s capital (other than as a
result of an increase in taxes) as a consequence of its obligations hereunder to a level below that which Lender could have achieved but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to
capital adequacy) by any amount deemed by Lender to be material; 
  
 (ii) shall hereafter impose, modify, increase or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of,
advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender which is not otherwise included in the determination of the rate hereunder (other than as a result of an increase in taxes); or 

 
 (iii) shall hereafter impose on Lender any other
condition and the result of any of the foregoing is to materially increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to materially reduce any amount receivable hereunder; 
  
 then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional
amounts necessary to compensate Lender for such additional cost or reduced amount receivable which Lender deems to be material as reasonably determined by Lender; provided, however, that Borrower shall not be required under this Section 2.2.3 to pay
Lender additional amounts for additional costs or reduced amounts receivable that are attributable to an increase in taxes imposed on the Lender. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(f), Borrower
shall not be required to pay same unless they are the result of requirements imposed generally on lenders similar to Lender and not the result of some specific reserve or similar requirement imposed on Lender as a result of Lender’s special
circumstances. If Lender becomes entitled to claim any additional amounts pursuant to this Section 2.2.3(f), Lender shall provide Borrower with not less than thirty (30) days written notice specifying in reasonable detail the event by reason of
which it has become so entitled and the additional amount required to fully compensate Lender for such additional cost or reduced amount. A certificate as to any additional costs or amounts payable pursuant to the foregoing sentence, executed by an
authorized signatory of Lender shall be submitted by Lender to Borrower. This provision shall survive payment of the Note and the satisfaction of all other obligations of Borrower under this Agreement and the Loan Documents. 
  
 (f) Borrower agrees to indemnify Lender and to hold Lender harmless from any
actual loss or expense (other than consequential and punitive damages) which Lender sustains or incurs as a consequence of (i) any default by Borrower in payment of the principal of or interest on a LIBOR Loan, including, without limitation, any
such loss or expense arising from interest or fees payable by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder, (ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on a day that (A) is not a
Monthly Payment Date or (B) is a Monthly Payment Date if Borrower did not give the prior written notice of such prepayment required pursuant to the terms 
  

 -20- 

 of this Agreement, including, without limitation, such loss or expense arising from interest or fees payable by Lender to
lenders of funds obtained by it in order to maintain the LIBOR Loan hereunder and (iii) the conversion (for any reason whatsoever, whether voluntary or involuntary) of the Applicable Interest Rate to the Substitute Rate plus the Substitute Spread
with respect to any portion of the outstanding principal amount of the Loan then bearing interest at a rate other than the Substitute Rate plus the Substitute Spread on a date other than the first day of an Interest Period, including, without
limitation, such actual losses or expenses arising from interest or fees payable, if any, by Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts referred to in clauses (i), (ii) and (iii) are herein
referred to collectively as the “Breakage Costs”). Lender will provide to Borrower a statement detailing such Breakage Costs and the calculation thereof. 
  
 (g) The provisions of this Section 2.2.3 shall survive payment of the Note in full and the satisfaction of all other
obligations of Borrower under this Agreement and the other Loan Documents. 
  
 2.2.4 Usury Savings. This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower be required to pay interest on the principal balance of the Loan at a
rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous
payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the
sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan
does not exceed the Maximum Legal Rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
  
 Section 2.3 Loan Payments. 
  
 2.3.1 Payment Before Maturity Date. Borrower shall make a payment to Lender of interest only on the Closing Date for the initial Interest
Period. On the Monthly Payment Date occurring in July, 2005 and on each Monthly Payment Date thereafter to and including the Maturity Date, Borrower shall make a payment to Lender of interest accruing hereunder during the entire Interest Period in
which such Monthly Payment Date occurs, calculated in the manner set forth herein. Commencing on the Monthly Payment Date occurring in July, 2006 and continuing thereafter on each Monthly Payment Date to and including the Maturity Date, together
with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII. Provided no Event of Default shall have occurred and be continuing,
each payment of interest and principal shall be applied as follows: (a) first to accrued and unpaid interest on Component A, (b) second to accrued and unpaid interest on Component B and (c) third, to the principal balance of the Components on a pro
rata basis. 
  

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 2.3.2 Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the
outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the
outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date) and, provided no Event Default exists, such payments
shall be applied as follows: (a) first to accrued and unpaid interest on Component A, and (b) second to accrued and unpaid interest on Component B, and (c) third, to the principal balance of the Components on a pro rata basis. 
  
 (b) Borrower will have two (2) options to extend the Maturity Date of the
Loan for consecutive one (1) year periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before thirty (30) days prior to the Maturity Date and, upon giving of such
notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the Business Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be
extended to June 9, 2009. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before thirty (30) days prior to the then current Maturity Date and, upon the giving of such
notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the Business Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be
extended to June 9, 2010. The Maturity Date shall be extended pursuant to Borrower’s notices as aforesaid, provided that the following conditions are satisfied: (i) no monetary Event of Default or material non-monetary Event of Default shall be
in existence either at the time of Borrower’s notice or at the then-current Maturity Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of
the initial Interest Rate Protection Agreement (including its LIBOR strike price) entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto substantially in the form of Assignment of
Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay an extension fee to Lender equal to 0.125% of the outstanding principal balance of the Loan and (iv) the Debt
Service Coverage Ratio for the Property shall not be less than 1.30:1.0 using an assumed interest rate of 8%. 
  
 2.3.3 Interest Rate and Payment after Default. In the event that, and for so long as, any Event of Default shall have occurred and be
continuing, the outstanding principal balance of the Loan shall accrue interest at the Default Rate, calculated from the date the Event of Default occurred. If all or any part of the principal amount of the Loan is prepaid upon acceleration of the
Loan (other than with Net Proceeds) following the occurrence of an Event of Default prior to the Permitted Prepayment Date, Borrower shall be required to pay Lender, in addition to all other amounts then payable hereunder (including, without
limitation, (i) in the event that such prepayment is received on a Monthly Payment Date, interest accruing on such amount calculated through and including the end of the Interest Period in which such Monthly Payment Date occurs, or (ii) in the event
that such prepayment is received on a date other than a Monthly Payment Date, interest accruing on such amount calculated through and including the end of the Interest Period in which the next Monthly Payment Date occurs), a prepayment fee equal to
one percent (1%) of the amount of principal being repaid together with a 
  

 -22- 

 Spread Maintenance Premium calculated with respect to the amount of principal being repaid and Breakage Costs. Any
amounts received by Lender following the occurrence and continuance of an Event of Default shall be applied by Lender toward the payment of interest and/or principal of any of the Components and/or any other amounts due under the Loan Documents in
such order, priority and proportions as Lender in its sole discretion shall deem proper. 
  
 2.3.4 Late Payment Charge. If any principal, interest or any other sum due under the Loan Documents, other than the payment of principal due on the Maturity Date, is not paid by Borrower on the date on
which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of five percent (5%) of such unpaid sum or the maximum amount permitted by applicable law (the “Late Fee”) in order to defray the expense
incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such Late Fee shall be secured by the Mortgage and the other Loan Documents. Any Late Fee paid in
accordance with this Section 2.3.4 shall be applied to the Components on a pro rata basis. Notwithstanding the foregoing, Borrower shall not be liable for any Late Fee with respect to any payments due under the Loan Documents if, on the date such
payment is due, sufficient funds are in the applicable Account from which such payments are to be made and Borrower has not interfered with the transfer or disbursement of any funds from the Accounts and is using reasonable efforts to cause Agent to
transfer or disburse such funds from such applicable Account or to make such payment directly. 
  
 2.3.5 Method and Place of Payment. (a) Except as otherwise specifically provided herein, all payments and prepayments under this Agreement
and the Note shall be made to Lender not later than 1:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office, and any funds received
by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 
  
 (b) Whenever any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day, the due
date thereof shall be the Business Day immediately preceding such day. 
  
 (c) All payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of, and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any
defense thereto. 
  
 Section 2.4 Prepayments. 

 
 2.4.1 Voluntary Prepayments. Except as otherwise provided
herein (and as permitted under Section 2.2.3), Borrower shall not have the right to prepay the Loan in whole or in part. On and after the Permitted Prepayment Date, Borrower may, provided no Event of Default has occurred and is continuing, at its
option, prepay the Debt in whole but not in part, provided the following conditions are satisfied: 
  
 (a) Borrower shall provide prior written notice to Lender specifying the date upon which the prepayment is to be made (the “Prepayment
Date”), which notice shall be 
  

 -23- 

 delivered to Lender not less than ten (10) Business Days prior to such Prepayment Date and which notice shall be
irrevocable; provided, however that Borrower shall be permitted to revoke any such notice provided that (i) such revocation is in writing and is received by Lender no less than three (3) Business Days prior to the Prepayment and (ii) Borrower pays
to Lender all actual costs and expenses of Lender incurred in connection with the cancelled prepayment, including Lender’s reasonable attorneys’ fees and expenses; 
  
 (b) subject to clause (c) below, if such prepayment is made on a day other than a Monthly Payment Date, then in connection
with such prepayment Borrower shall pay to Lender, simultaneously with such prepayment, all interest on the principal balance of this Note then being prepaid which would have accrued through the end of the Interest Period then in effect
notwithstanding that such Interest Period extends beyond the Prepayment Date. Any prepayment received by Lender on a date other than a Monthly Payment Date shall be held as collateral security for the Loan and shall be applied to the Debt on the
next Monthly Payment Date; 
  
 (c) if the Debt is prepaid in whole
during the period commencing on the first (1st) day after a Monthly Payment Date and ending on (but including) the
last day of the Interest Period in which such prepayment occurs, Borrower will pay to Lender, simultaneously with such prepayment, interest on the principal amount of the Loan through the last day of the Interest Period immediately following the
Interest Period in which such prepayment occurs (the “Additional Interest”), calculated at the Applicable Interest Rate. In the event that such prepayment occurs prior to the Determination Date applicable to the next Interest Period
following the Interest Period in which such prepayment occurs it may be impossible for Borrower and Lender to calculate with certainty the interest that would have accrued at the Applicable Interest Rate on the amount then prepaid through the end of
the Interest Period following the Interest Period in which such prepayment occurs. Accordingly, in the event that the Debt is prepaid in whole prior to the Determination Date applicable to the Interest Period following the Interest Period in which
such prepayment occurs, the interest that would have accrued at the Applicable Interest Rate on the amount then prepaid through the end of the Interest Period following the Interest Period in which such prepayment occurs shall be calculated based on
an interest rate (the “Assumed Note Rate”) equal to the sum of (i) the greater of (A) the LIBOR Interest Rate as determined on the preceding Determination Date or (B) the LIBOR Interest Rate as it would have been determined two (2)
Business Days prior to the immediately preceding Monthly Payment Date, plus (ii) the Spread, plus (iii) 1.00%. Thereafter, on the Determination Date applicable to the Interest Period following the Interest Period in which such
prepayment occurs, Lender shall determine the Applicable Interest Rate as if such prepayment had not occurred. If it is determined by Lender that the Applicable Interest Rate for the Interest Period following the Interest Period in which such
prepayment occurs is less than the Assumed Note Rate, Lender shall promptly refund to Borrower, without interest, an amount equal to the difference between the interest paid by Borrower for the Interest Period following the Interest Period in which
such prepayment occurs calculated at the Assumed Note Rate and the amount of interest for said Interest Period calculated at the actual Applicable Interest Rate. Alternatively, in the event that it is determined that the actual Applicable Interest
Rate applicable to the Interest Period following the Interest Period in which such prepayment occurs is greater than the Assumed Note Rate, Borrower shall promptly pay to Lender, without additional interest or other late charges or penalties (and in
no event later than the 9th day of the following month) an 
  

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 amount equal to the difference between the interest paid by Borrower for the Interest Period following the Interest
Period in which such prepayment occurs on the prepaid amount calculated at the Assumed Note Rate and the amount of interest for said Interest Period calculated at the actual Applicable Interest Rate. Notwithstanding the foregoing provisions of this
Section 2.3.1(c), if any prepayment in whole is received by Lender on a date which is after a Monthly Payment Date but prior to the Determination Date for the Interest Period following such Monthly Payment Date, Borrower shall not be required to pay
the Additional Interest if Lender and Servicer determine in their sole discretion that Lender has received such prepayment on a date such that arrangements can be made to pay the holder(s) of all Securities on or before the next succeeding
distribution date in any Securitization of the Loan. In the event that Borrower prepays the Debt in whole together with Additional Interest thereon pursuant to the terms of this Section 2.4.1(c) and Lender or its Servicer does not distribute such
amount to the holder(s) of all Securities on or before the next succeeding distribution date in any Securitization of the Loan, such sums shall be held by Lender as collateral security for the Loan and shall be applied to the Debt on the next
Monthly Payment Date. 
  
 (d) if such prepayment is made on a
Monthly Payment Date, then in connection with such prepayment Borrower shall pay to Lender, simultaneously with such prepayment, all interest on the principal balance of the Note then being prepaid which would have accrued through the end of the
Interest Period then in effect notwithstanding that such Interest Period extends beyond the Prepayment Date; and 
  
 (e) Borrower shall pay to Lender simultaneously with such prepayment the Prepayment Fee, if any. 
  
 2.4.2 Mandatory Prepayments. On each date on which Lender
actually receives a distribution of Net Proceeds, and if Lender does not make such Net Proceeds available to Borrower for a Restoration, Lender shall apply the Net Proceeds to the outstanding principal balance of the Note in an amount equal to one
hundred percent (100%) of such Net Proceeds together with (i) in the event that such Net Proceeds are received on or before a Monthly Payment Date, interest accruing on such amount calculated through and including the end of the Interest Period in
which such Monthly Payment Date occurs, or (ii) in the event that such Net Proceeds are received on a date after a Monthly Payment Date, interest accruing on such amount calculated through and including the end of Interest Period in which the next
Monthly Payment Date occurs. At Borrower’s option, provided no Event of Default is continuing, Borrower may before or after the Permitted Prepayment Date prepay the principal balance of the Note in its entirety (subject to the conditions on
prepayments otherwise set forth herein, but not subject to prepayment premium or penalty) in the event that Lender has applied Net Proceeds to partially prepay the principal balance of the Note. The full amount of any such interest and principal
prepayment shall be applied as follows: (a) first to accrued and unpaid interest on Component A, (b) second to accrued and unpaid interest on Component B, and (c) third to the outstanding principal balance of the Components pro rata basis until paid
in full, and any amount of such prepayment in excess of that required to pay the Debt in full shall be distributed to Borrower. Any prepayment received by Lender pursuant to this Section 2.4.2 on a date other than a Monthly Payment Date shall be
held by Lender as collateral security for the Loan in an interest bearing account, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date. 
  

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 2.4.3 Prepayments After Default. If after an Event of Default, payment of all or any part
of the principal of the Loan is tendered by Borrower prior to the Permitted Prepayment Date, a purchaser at foreclosure or any other Person, such tender shall be deemed an attempt to circumvent the prohibition against prepayment set forth in Section
2.4.1 and Borrower, such purchaser at foreclosure or other Person shall pay the Spread Maintenance Premium, in addition to the outstanding principal balance, all accrued and unpaid interest (including, without limitation, (a) in the event that such
prepayment is received on or before a Monthly Payment Date, interest accruing on such amount calculated through and including the end of the Interest Period in which such Monthly Payment Date occurs, or (b) in the event that such prepayment is
received on a date after a Monthly Payment Date, interest accruing on such amount calculated through and including the end of Interest Period in which the next Monthly Payment Date occurs), a prepayment fee equal to one percent (1%) of the amount of
principal being repaid, Breakage Costs and other amounts payable under the Loan Documents. The full amount of any such prepayment shall be applied by Lender toward the payment of interest and/or principal of any of the Components and/or any other
amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion shall deem proper. 
  
 Section 2.5 Taxes. 
  
 (a) Any and all payments by Borrower under or in respect of this Agreement or any other Loan Document to which Borrower is a party shall be made free and
clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect
thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental Authority (collectively, “Section 2.5 Taxes”), unless required by law. If Borrower shall be required
under any applicable Legal Requirement to deduct or withhold any Section 2.5 Taxes from or in respect of any sum payable under or in respect of this Agreement or any of the other Loan Documents to Lender or Agent, (i) Borrower shall make all such
deductions and withholdings in respect of Section 2.5 Taxes, (ii) Borrower shall pay the full amount deducted or withheld in respect of Section 2.5 Taxes to the relevant taxation authority or other Governmental Authority in accordance with the
applicable Legal Requirement, and (iii) the sum payable by Borrower shall be increased as may be necessary so that after Borrower and Agent have made all required deductions and withholdings (including deductions and withholdings applicable to
additional sums payable under this Section 2.5) such Lender or such Agent, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of Non-Excluded Taxes. For purposes
of this Agreement “Non-Excluded Taxes” are Section 2.5 Taxes other than, in the case of each Lender, Section 2.5 Taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the state or foreign
jurisdiction under the laws of which such Lender is organized or of its Applicable Lending Office, or any political subdivision thereof, unless such Section 2.5 Taxes are imposed as a result of such Lender or such Agent having executed, delivered or
performed its obligations or received payments under, or enforced, this Agreement or any of the other Loan Documents (in which case such Section 2.5 Taxes will be treated as Non-Excluded Taxes). 
  
 (b) In addition, Borrower hereby agrees to pay any present or future stamp,
recording, documentary, excise, property or similar taxes, charges or levies that arise from any 
  

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 payment made under or in respect of this Agreement or any other Loan Document or from the execution, delivery or
registration of, any performance under, or otherwise with respect to, this Agreement, the Notes or any other Loan Document (collectively, “Other Taxes”). 
  
 (c) Borrower hereby agrees to indemnify each Lender and Agent for, and to hold each of them harmless against, the full
amount of Non-Excluded Taxes and Other Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.5, imposed on or paid by such Lender or such Agent, as the case may be, and any liability (including penalties, additions to
tax, interest and expenses arising therefrom or with respect thereto, unless such penalties, additions to tax, interest and expenses relate to Non-Excluded Taxes or Other Taxes which Lender was obligated to pay and Borrower was to reimburse Lender
for and Lender failed to so pay). The indemnity by Borrower provided for in this Section 2.5(c) shall apply and be made whether or not the Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought have been correctly or legally
asserted. Amounts payable by Borrower under the indemnity set forth in this Section 2.5(c) shall be paid within 10 days from the date on which the applicable Lender or Agent, as the case may be, makes written demand therefor. 
  
 (d) Lender and Agent pursuant to Section 2.5(a) shall take all reasonable
actions (consistent with its internal policy and legal and regulatory restrictions) requested by Borrower to assist Borrower, as the case may be, at the sole expense of Borrower, to recover from the relevant taxation authority or other Governmental
Authority any Section 2.5 Taxes in respect of which amounts were paid by Borrower pursuant to Sections 2.5(a), (b) or (c). However, Lender and Agent will not be required to take any action that would be, in the sole judgment of Lender and Agent,
legally inadvisable, or commercially or otherwise disadvantageous to Lender or Agent in any respect, and in no event shall Lender be required to disclose any tax returns or any other information that, in the sole judgment of Lender is confidential.

  
 (e) Within 30 days after the date of any payment of Section
2.5 Taxes, Borrower (or any Person making such payment on behalf of Borrower) shall furnish to Agent for its own account or for the account of the applicable Lender or Agent, as the case may be, a certified copy of the original official receipt
evidencing payment thereof. In the case of any payment under or in respect of this Agreement or any of the other Loan Documents by or on behalf of Borrower through an account or branch outside the United States, or on behalf of Borrower by a payor
that is not a United States person, if Borrower determines that no Section 2.5 Taxes are payable in respect thereof, Borrower shall furnish, or shall cause such payor to furnish, to Agent an opinion of counsel reasonably acceptable to Agent stating
that such payment is exempt from Section 2.5 Taxes. For purposes of this Section 2.5(e) and subsection (f) of this Section 2.5, the terms “United States” and “United States person” shall have the meanings specified
in Section 7701 of the Internal Revenue Code. 
  
 (f) Each Lender
(including for avoidance of doubt any Participant, assignee or successor) that either (i) is not incorporated under the laws of the United States, any State thereof, or the District of Columbia or (ii) whose name does not include
“Incorporated,” “Inc.,” “Corporation,” “Corp.,” “P.C.,” “insurance company,” or “assurance company” (a “Non-U.S. Corporate Lender”) shall deliver or caused to be
delivered to Borrower the following properly completed and duly executed documents: 
  

 -27- 

 (1) a complete and executed (x) U.S. Internal Revenue Form W-8BEN with Part II completed
in which Lender or Agent claims the benefits of a tax treaty with the United States providing for a zero or reduced rate of withholding (or any successor forms thereto or such other form as may be required under applicable Legal Requirements),
including all appropriate attachments or (y) a U.S. Internal Revenue Service Form W-8ECI (or any successor form thereto); or 
  
 (2) in the case of an individual, (x) a complete and executed U.S. Internal Revenue Service Form W-8BEN (or any successor form thereto or
such other form as may be required under applicable Legal Requirements) and a certificate substantially in the form of Schedule IX (a “Section 2.5 Certificate”) or (y) a complete and executed Internal Revenue Service Form
W-9; or 
  
 (3) in the case of a Non-U.S.
Corporate Lender that is organized under the laws of the United States, any State thereof, or the District of Columbia, (x) a complete and executed Internal Revenue Service Form W-9 (or any successor thereto or such other form as may be required
under applicable Legal Requirements), including all appropriate attachments or (y) if such Non-U.S. Corporate Lender is disregarded for federal income tax purposes, the documents that would be required by clause (1), (2), (3), (4) or (5) with
respect to its beneficial owner if such beneficial owner were Lender or Agent; or 
  
 (4) in the case of a Non-U.S. Corporate Lender that (i) is not organized under the laws of the United States, any State thereof, or the
District of Columbia and (ii) is treated as a corporation for U.S. federal income tax purposes, a complete and executed U.S. Internal Revenue Service Form W-8BEN claiming a zero rate of withholding (or any successor forms thereto) and
a Section 2.5 Certificate; or 
  
 (5) in
the case of a Non-U.S. Corporate Lender that (A) is treated as a partnership or other non-corporate entity, or is disregarded for U.S. federal income tax purposes and (B) is not organized under the laws of the United States, any State
thereof, or the District of Columbia, a (x) a complete and executed Internal Revenue Service Form W-8IMY (or any successor form thereto) (including all required documents and attachments) and (y)(i) a Section 2.5 Certificate, and (ii) without
duplication, with respect to each of its beneficial owners and the beneficial owners of such beneficial owners looking through chains of owners to individuals or entities that are treated as corporations for U.S. federal income tax purposes (all
such owners, a “beneficial owners”), the documents that would be required by clause (1), (2), (3), (4) or this clause (5) with respect to each such beneficial owner if such beneficial owner were Lender or Agent,
provided, however, that no such documents will be required with respect to a beneficial owner to the extent the actual Lender or Agent is determined to be in compliance with the requirements for certification on behalf of its
beneficial owner as may be provided in applicable U.S. Treasury regulations, or the requirements of this clause (5) are otherwise determined to be unnecessary, all such determinations under this clause (5) to be made in the sole discretion of
Borrower. 
  

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 If the forms referred to above in this Section 2.5(f) that are provided by a Lender at the time such
Lender first becomes a party to this Agreement indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be treated as “Excluded Taxes” (any Section 2.5 Taxes other than
“Non-Excluded Taxes”) and shall not qualify as Non-Excluded Taxes unless and until such Lender provides the appropriate form certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered Excluded
Taxes solely for the periods governed by such form. However, if, on the date that a Lender assignee becomes a party to this Agreement, Lender assignor was entitled to payments under subsection (a) of this Section 2.5 in respect of United States
withholding tax with respect to interest paid at such date, then, to such extent (and only to such extent), the term “Non-Excluded Taxes” shall include (in addition to withholding taxes that may be imposed in the future or other
amounts otherwise includable in Section 2.5 Taxes) United States withholding tax, if any, applicable with respect to such Lender assignee on such date. Any additional Section 2.5 Taxes in respect of a Lender that result solely and directly from a
change in the Applicable Lending Office of such Lender shall be treated as Excluded Taxes (and shall not qualify as Non-Excluded Taxes) unless (A) any such additional Section 2.5 Taxes are imposed as a result of a change in the applicable Legal
Requirements, or in the interpretation or application thereof, occurring after the date of such change or (B) such change is made pursuant to the terms of Section 2.5(d) or subsection (i) of this Section 2.5 or otherwise as a result of a request
therefor by Borrower. 
  
 (g) For any period with respect to which
any Lender has failed to provide Borrower with the appropriate form, certificate or other document described in subsection (f) of this Section 2.5 (other than (i) if such failure is due to a change in any applicable Legal Requirement, or in the
interpretation or application thereof, occurring after the date on which a form, certificate or other document originally was required to be provided (ii) if such form, certificate or other document otherwise is not required under subsection (f) of
this Section 2.5 or (iii) if it is legally inadvisable or otherwise commercially disadvantageous for such Lender to deliver such form, certificate or other document), such Lender shall not be entitled to payment or indemnification under subsection
(a) or (c) of this Section 2.5 with respect to Non-Excluded Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Non-Excluded Taxes because of its failure to deliver a form,
certificate or other document required hereunder, Borrower shall take such steps as such Lender shall reasonably request to assist such Lender in recovering such Non-Excluded Taxes. 
  
 (h) Each Lender hereby agrees that, upon the occurrence of any circumstances entitling such Lender to additional amounts
pursuant to this Section 2.5, such Lender shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions), at the sole expense of the Borrower, to designate a different Applicable Lending Office if the making
of such a change would avoid the need for, or materially reduce the amount of, any such additional amounts that may thereafter accrue and would not be, in the sole judgment of such Lender, legally inadvisable or commercially or otherwise
disadvantageous to such Lender in any respect. 
  
 (i) If any
Lender entitled to additional compensation under any of the foregoing provisions of this Section 2.5 shall fail to designate a different Applicable Lending Office as provided in subsection (h) of this Section 2.5, then, so long as no Event of
Default shall have occurred and be continuing, Borrower may cause such Lender to (and, if Borrower so 
  

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 demands, such Lender shall) assign all of its rights and obligations under this Agreement to one or more other Persons
identified by Borrower and reasonably acceptable to the Agent; provided that if, upon such demand by Borrower, such Lender elects to waive in writing its request for additional compensation pursuant to this Section 2.5, the demand by Borrower for
such Lender to so assign all of its rights and obligations under this Agreement shall thereupon be deemed withdrawn. Nothing in subsection (h) of this Section 2.5 or this Section 2.5(i) shall affect or postpone any of the rights of any Lender or any
of the obligations of Borrower under any of the foregoing provisions of this Section 2.5 in any manner. 
  
 Section 2.6 Non-Confidentiality of Tax Treatment. 
  
 Notwithstanding anything to the contrary contained in this Agreement, all persons may disclose to any and all persons, without limitations of any kind,
the purported or claimed U.S. federal income tax treatment of this Agreement, any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of this Agreement, and all materials of any kind (including
opinions or other tax analyses) relating to such U.S. federal income tax treatment or fact, other than the name of the parties or any other person named herein, or information that would permit identification of the parties or such other persons,
and any pricing terms or other nonpublic business or financial information that is unrelated to the purported or claimed federal income tax treatment of the Agreement to the taxpayer and is not relevant to understanding the purported or claimed
federal income tax treatment of the Agreement to the taxpayer. 
  

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 III. REPRESENTATIONS AND WARRANTIES 
  
 Section 3.1 Borrower Representations. 
  
 Borrower represents and warrants, as of the date of this Agreement, that: 
  
 3.1.1 Organization. (a) Each of Borrower and each SPC Party
is duly organized, validly existing and in good standing with full power and authority to own its assets and conduct its business, and is duly qualified in all jurisdictions in which the ownership or lease of its property or the conduct of its
business requires such qualification, except where the failure to be so qualified would not have a material adverse effect on its ability to perform its obligations hereunder, and Borrower has taken all necessary action to authorize the execution,
delivery and performance of this Agreement and the other Loan Documents by it, and has the power and authority to execute, deliver and perform under this Agreement, the other Loan Documents and all the transactions contemplated hereby. 

 
 (b) Borrower’s exact legal name is correctly set forth in the first
paragraph of this Agreement. Borrower is an organization of the type specified in the first paragraph of this Agreement. Borrower is incorporated or organized under the laws of the state specified in the first paragraph of this Agreement.
Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium of recording, including software, writings,
plans, specifications and schematics, has been for the preceding four (4) months (or, if less than four (4) months, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth in the first paragraph of
this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower’s organizational identification number, if any, assigned by the state of its incorporation or organization is
3956513. Borrower’s federal tax identification number is 20-2689582. Borrower is not subject to back-up withholding taxes. 
  
 3.1.2 Proceedings. This Agreement and the other Loan Documents have been duly authorized, executed and delivered by Borrower and constitute
a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  
 3.1.3 No Conflicts. The execution and delivery of this
Agreement and the other Loan Documents by Borrower and the performance of its obligations hereunder and thereunder will not conflict in any material respect with any provision of any law or regulation to which Borrower is subject, or conflict with,
result in a material breach of, or constitute a default under, any of the terms, conditions or provisions of any of Borrower’s organizational documents or any material agreement or instrument to which Borrower is a party or by which it is
bound, or any order or decree applicable to Borrower, or result in the creation or imposition of any lien on any of Borrower’s assets or property (other than pursuant to the Loan Documents). 
  

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 3.1.4 Litigation. There is no action, suit, proceeding or investigation pending or, to
Borrower’s knowledge, threatened against Borrower in any court or by or before any other Governmental Authority which would materially and adversely affect the ability of Borrower to carry out the transactions contemplated by this Agreement.

  
 3.1.5 Agreements. Borrower is not in default
with respect to any order or decree of any court or any order, regulation or demand of any Governmental Authority, which default might have consequences that would materially and adversely affect the condition (financial or other) or operations of
Borrower or its properties or might have consequences that would adversely affect its performance hereunder. 
  
 3.1.6 Consents. No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery
and performance by Borrower of, or compliance by Borrower with, this Agreement or the consummation of the transactions contemplated hereby, other than those which have been obtained by Borrower. 
  
 3.1.7 Title. Borrower has good, marketable and insurable fee
simple title to the real property comprising part of the Property and good title to the balance of the Property owned by it, free and clear of all Liens whatsoever except the Permitted Encumbrances. The Mortgage, when properly recorded in the
appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (i) a valid, first priority, perfected lien on the Property, subject only to Permitted Encumbrances and
(ii) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case subject only to any Permitted Encumbrances. There are no
mechanics’, materialman’s or other similar liens or claims which have been filed for work, labor or materials affecting the Property which are or may be liens prior to, or equal or coordinate with, the lien of the Mortgage. None of the
Permitted Encumbrances, individually or in the aggregate, materially interfere with the benefits of the security intended to be provided by the Mortgage and this Loan Agreement, materially and adversely affect the value of the Property, impair the
use or operations of the Property or impair Borrower’s ability to pay its obligations in a timely manner. 
  
 3.1.8 No Plan Assets. As of the date hereof and throughout the term of the Loan (a) Borrower is not and will not be an “employee
benefit plan,” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), whether or not subject to Title I of ERISA, or a “plan” as defined in Section 4975 of the Code, (b) none
of the assets of Borrower constitutes or will constitute “plan assets” of one or more such plans within the meaning of U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3101 (the “Plan Assets Regulation”) and (c)
transactions by or with Borrower are not and will not be subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans, as defined in Section 3(32) of ERISA. 
  
 3.1.9 Compliance. Borrower and, to Borrower’s knowledge,
the Property and the use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes and Prescribed Laws. Borrower is not in default or violation of any
order, writ, injunction, decree or demand of any Governmental Authority, the violation of which might materially adversely affect 
  

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 the condition (financial or otherwise) or business of Borrower. Borrower has not committed any act which may give any
Governmental Authority the right to cause Borrower to forfeit the Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. 
  
 3.1.10 Financial Information. All financial data, including,
without limitation, the statements of cash flow and income and operating expense, that have been delivered to Lender in respect of the Property (i) are true, complete and correct in all material respects, (ii) accurately represent the financial
condition of the Property as of the date of such reports, and (iii) have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. Borrower does not have any contingent liabilities, liabilities for taxes,
unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a materially adverse effect on the Property or the operation thereof, except as
referred to or reflected in said financial statements. Since the date of the financial statements, there has been no material adverse change in the financial condition, operations or business of Borrower or the Property from that set forth in said
financial statements, except as set forth in Schedule VI attached hereto and made a part hereof. 
  
 3.1.11 Condemnation. No Condemnation or other proceeding has been commenced or, to Borrower’s knowledge, is contemplated with respect
to all or any portion of the Property or for the relocation of roadways providing access to the Property. 
  
 3.1.12 Utilities and Public Access. The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and
storm drain facilities adequate to service the Property for its intended uses. 
  
 3.1.13 Separate Lots. The Property does not constitute a portion of any other tax lot not a part of the Property and, except as disclosed in the Title Policy, the Property is comprised of one (1) or more
parcels which constitute separate tax lots. 
  
 3.1.14
Assessments. There are no pending or, to Borrower’s knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that may
result in such special or other assessments, except as set forth in Schedule VI attached hereto and made a part hereof. 
  
 3.1.15 Enforceability. The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower,
including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render any material provision of any of the Loan Documents unenforceable, and Borrower has not asserted any
right of rescission, set-off, counterclaim or defense with respect thereto. 
  
 3.1.16 Assignment of Leases. The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to Borrower to
exercise certain rights and to perform certain obligations of 
  

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 the lessor under the Leases, including the right to operate the Property. No Person other than Lender has any interest in
or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder. 
  
 3.1.17 Insurance. Borrower has obtained and has delivered to Lender original or certified copies of all of the Policies, with all premiums
prepaid thereunder, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. No claims have been made under any of the Policies, and no Person, including Borrower, has done, by act or omission, anything which
would impair the coverage of any of the Policies. 
  
 3.1.18
Licenses. Except with respect to the City of Chicago’s approval of the assignment from the seller of the Property to Borrower of that certain Conduit Path Agreement, all permits and approvals, including without limitation,
certificates of occupancy required by any Governmental Authority for the use, occupancy and operation of the Property substantially in the manner in which the Property is currently being used, occupied and operated have been obtained and are in full
force and effect. 
  
 3.1.19 Flood Zone. None of
the Improvements on the Property is located in an area identified by the Federal Emergency Management Agency as a special flood hazard area. 
  
 3.1.20 Physical Condition. Except as set forth in Schedule VI attached hereto, the Property, including, without limitation, all buildings,
improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all
structural components, are in good condition, order and repair in all material respects; there exists no structural or other material defects or damages in the Property, whether latent or otherwise, and Borrower has not received notice from any
insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any
termination or threatened termination of any policy of insurance or bond. 
  
 3.1.21 Boundaries. Except as may be shown on the Survey, all of the improvements which were included in determining the appraised value of the Property lie wholly within the boundaries and building
restriction lines of the Property, and no improvements on adjoining properties encroach upon the Property, and no easements or other encumbrances affecting the Property encroach upon any of the improvements, so as to affect the value or
marketability of the Property except those which are insured against by title insurance. 
  
 3.1.22 Leases. Borrower represents and warrants to Lender with respect to the Leases that: (a) the rent roll attached hereto as Schedule I is true, complete and correct and the Property is not subject to
any Leases other than the Leases described in Schedule I, (b) the Leases identified on Schedule I are in full force and effect and, to Borrower’s knowledge, there are no defaults thereunder by either party except for defaults under the 360
Lease and the AFN Lease by the respective tenant, (c) the copies of the Leases delivered to Lender are true and complete, and there are no oral agreements with respect thereto, (d) no Rent 
  

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 (including security deposits) has been paid more than one (1) month in advance of its due date, (e) to Borrower’s
knowledge, all work to be performed by Borrower under each Lease has been performed as required and has been accepted by the applicable Tenant, (f) except as set forth on Schedule I attached hereto and made a part hereof, any payments, free rent,
partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any Tenant has already been received by such Tenant and (g) all security deposits are being held in accordance with Legal
Requirements. 
  
 3.1.23 Filing and Recording
Taxes. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable Legal Requirements in connection with the transfer of the Property to Borrower have been paid or
are being paid simultaneously herewith. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid under applicable Legal Requirements in connection with the execution, delivery, recordation, filing, registration,
perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgage, have been paid or are being paid simultaneously herewith. All taxes and governmental assessments due and owing in respect of the Property have been
paid, or an escrow of funds in an amount sufficient to cover such payments has been established hereunder or are insured against by the title insurance policy to be issued in connection with the Mortgage. 
  
 3.1.24 Single Purpose. Borrower hereby represents and warrants
to, and covenants with, Lender that as of the date hereof and until such time as the Debt shall be paid in full: 
  
 (a) Borrower does not own and will not own any asset or property other than (i) the Property, and (ii) incidental personal property necessary for the
ownership or operation of the Property. 
  
 (b) Borrower will not
engage in any business other than the ownership, management and operation of the Property and Borrower will conduct and operate its business as presently contemplated to be conducted and operated. 
  
 (c) Borrower will not enter into any contract or agreement with any Affiliate
of Borrower, any constituent party of Borrower or any Affiliate of any constituent party, except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm’s-length basis with
third parties other than any such party. 
  
 (d) Borrower has not
incurred and will not incur any Indebtedness other than (i) the Debt, (ii) unsecured trade payables and operational debt not evidenced by a note, (iii) Indebtedness incurred in the financing of equipment and other personal property used on the
Property provided that any Indebtedness incurred pursuant to subclauses (ii) and (iii) shall be (x) paid not more than sixty (60) days from the date incurred as to the matters in subclause (ii) above and not more than sixty (60) days from the date
due and payable as to the matters in subclause (iii) above, (y) incurred in the ordinary course of business and (z) not in excess of $6,000,000 in the aggregate (which amount shall exclude the cost of any Capital Expenditures), and (iv) the
obligations of Borrower pursuant to the Seller Sharing Agreement and the Tax Sharing Agreement and Borrower’s delivery to the City of Chicago of a $250,000 letter of credit required in connection with the assignment to Borrower of the Conduit
Path Agreement. No Indebtedness other than the Debt may be secured (subordinate or pari passu) by the Property. 
  

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 (e) Borrower has not made and will not make any loans or advances to any third party (including any
Affiliate or constituent party), and shall not acquire obligations or securities of its Affiliates. 
  
 (f) Borrower is and will use commercially reasonable efforts to remain solvent and Borrower will pay its debts and liabilities (including, as applicable,
shared personnel and overhead expenses) from its assets as the same shall become due. 
  
 (g) Borrower has done or caused to be done and will do all things necessary to observe organizational formalities and preserve its existence, and Borrower will not, nor will Borrower permit any constituent party to
amend, modify or otherwise change the partnership certificate, partnership agreement, articles of incorporation and bylaws, operating agreement, trust or other organizational documents of Borrower or such constituent party without the prior consent
of Lender in any manner that (i) violates the single purpose covenants set forth in this Section 3.1.24, or (ii) amends, modifies or otherwise changes any provision thereof that by its terms cannot be modified at any time when the Loan is
outstanding or by its terms cannot be modified without Lender’s consent. 
  
 (h) Borrower will maintain all of its books, records, financial statements and bank accounts separate from those of its Affiliates and any constituent party. Borrower’s assets will not be listed as assets on the
financial statement of any other Person, provided, however, that Borrower’s assets may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial
statements to indicate the separateness of Borrower and such Affiliates and to indicate that Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) such assets
shall be listed on Borrower’s own separate balance sheet. Borrower will file its own tax returns and will not file a consolidated federal income tax return with any other Person unless, in each instance, Borrower is treated as a
“disregarded entity” for tax purposes and is not required to file tax returns under applicable law. Borrower shall maintain its books, records, resolutions and agreements as official records. 
  
 (i) Borrower will be, and at all times will hold itself out to the public as,
a legal entity separate and distinct from any other entity (including any Affiliate of Borrower or any constituent party of Borrower), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its
own name, shall not identify itself or any of its Affiliates as a division or part of the other and shall maintain and utilize separate stationery, invoices and checks bearing its own name. 
  
 (j) Borrower will use commercially reasonable efforts to maintain adequate
capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations. 
  

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 (k) Neither Borrower nor any constituent party will seek or effect the liquidation, dissolution, winding
up, liquidation, consolidation or merger, in whole or in part, of Borrower. 
  
 (l) Borrower will not commingle the funds and other assets of Borrower with those of any Affiliate or constituent party or any other Person, and will hold all of its assets in its own name. 
  
 (m) Borrower has and will maintain its assets in such a manner that it will
not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate or constituent party or any other Person. 
  
 (n) Borrower will not guarantee or become obligated for the debts of any other Person and does not and will not hold itself out to be responsible for or
have its credit available to satisfy the debts or obligations of any other Person. 
  
 (o) (i) If Borrower is a limited partnership or a limited liability company, (other than a single member limited liability company), each general partner or managing member (each, an “SPC Party”)
shall be a corporation whose sole asset is its interest in Borrower and each such SPC Party will at all times comply, and will cause Borrower to comply, with each of the representations, warranties, and covenants contained in this Section 3.1.24 as
if such representation, warranty or covenant was made directly by such SPC Party. Upon the withdrawal or the disassociation of an SPC Party from Borrower, Borrower shall immediately appoint a new SPC Party whose articles of incorporation are
substantially similar to those of such SPC Party and deliver a new non-consolidation opinion to the Rating Agency or Rating Agencies, as applicable, with respect to the new SPC Party and its equity owners. 
  
 (ii) If Borrower is a single member limited liability
company, Borrower shall have at least one springing member (a corporation 100% owned by the sole member of Borrower), which, upon the dissolution of such sole member or the withdrawal or the disassociation of the sole member from Borrower, shall
immediately become the sole member of Borrower. 
  
 (p) Borrower
shall at all times cause there to be at least two duly appointed members of the board of directors who are Independent Directors of each SPC Party and Borrower reasonably satisfactory to Lender. 
  
 (q) Borrower shall not cause or permit the board of directors of any SPC
Party and Borrower to take any action which, under the terms of any certificate of incorporation, by-laws or any voting trust agreement with respect to any common stock or under any organizational document of Borrower or SPC Party, requires a vote
of the board of directors of each SPC Party and Borrower unless at the time of such action there shall be at least two members who are each an Independent Director. 
  
 (r) Borrower shall conduct its business so that the assumptions made with respect to Borrower in the Insolvency Opinion
shall be true and correct in all material respects. In connection with the foregoing, Borrower hereby covenants and agrees that it will comply with or cause the compliance with, in all material respects, (i) all of the facts and assumptions

  

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 (whether regarding the Borrower or any other Person) set forth in the Insolvency Opinion, (ii) all the representations,
warranties and covenants in this Section 3.1.24, and (iii) all the organizational documents of the Borrower and any SPC Party. 
  
 (s) Borrower will not permit any Affiliate or constituent party independent access to its bank accounts. 
  
 (t) Borrower shall pay the salaries of its own employees (if any) from its
own funds and maintain a sufficient number of employees (if any) in light of its contemplated business operations. 
  
 (u) Borrower shall compensate each of its consultants and agents from its funds for services provided to it and pay from its own assets all obligations of
any kind incurred. 
  
 3.1.25 Tax Filings. To the
extent required, Borrower timely has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and have paid or made adequate provision for the payment of all federal, state and local
taxes, charges and assessments payable by Borrower. Borrower believes that its tax returns (if any) properly reflect the income and taxes of Borrower for the periods covered thereby, subject only to reasonable adjustments required by the Internal
Revenue Service or other applicable tax authority upon audit. 
  
 3.1.26 Solvency. Borrower (a) has not entered into the transaction or any Loan Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for its
obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without
limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including
the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its
business as conducted or as proposed to be conducted. Borrower does not intend to, and does not believe that it will, incur Indebtedness and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such
Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). 
  
 3.1.27 Federal Reserve Regulations. No part of the proceeds of
the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such
Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 
  

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 3.1.28 Organizational Chart. The organizational chart attached as Schedule III hereto,
relating to Borrower and certain Affiliates and other parties, is true, complete and correct on and as of the date hereof. 
  
 3.1.29 Bank Holding Company. Borrower is not a “bank holding company” or a direct or indirect subsidiary of a “bank holding
company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors of the Federal Reserve System. 
  
 3.1.30 No Other Debt. Borrower has not borrowed or received debt financing (other than permitted pursuant to
this Agreement) that has not been heretofore repaid in full. 
  
 3.1.31 Investment Company Act. Borrower is not (1) an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as
amended; (2) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public
Utility Holding Company Act of 1935, as amended; or (3) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
  
 3.1.32 Access/Utilities. To Borrower’s knowledge, all public utilities necessary to the continued use
and enjoyment of the Property as presently used and enjoyed are located in the public right-of-way abutting the Property. All roads necessary for the full utilization of the Property for its current purpose have been completed and dedicated to
public use and accepted by all governmental authorities or are the subject of access easements for the benefit of the Property. 
  
 3.1.33 No Bankruptcy Filing. Borrower is not contemplating either the filing of a petition by it under any state or federal bankruptcy or
insolvency laws or the liquidation of its assets or property, and Borrower does not have any knowledge of any Person contemplating the filing of any such petition against it. 
  
 3.1.34 Full and Accurate Disclosure. To Borrower’s knowledge, no information contained in this
Agreement, the other Loan Documents, or any written statement furnished by or on behalf of Borrower pursuant to the terms of this Agreement contains any untrue statement of a material fact or omits to state a material fact necessary to make the
statements contained herein or therein not materially misleading in light of the circumstances under which they were made. There is no fact or circumstance presently known to Borrower which has not been disclosed to Lender and which materially
adversely affects, or is reasonably likely to materially adversely affect, the Property, Borrower or its business, operations or condition (financial or otherwise). 
  
 3.1.35 Foreign Person. Borrower is not a “foreign person” within the meaning of Section 1445(f)(3)
of the Code. 
  
 3.1.36 Fraudulent Transfer.
Borrower (a) has not entered into the Loan or any Loan Document with the actual intent to hinder, delay, or defraud any creditor 
  

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 and (b) has received reasonably equivalent value in exchange for its obligations under the Loan Documents. The assets of
Borrower do not and, immediately following the execution and delivery of the Loan Documents will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does not intend to, and does
not believe that it will, incur debts and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts reasonably expected to be payable on or in
respect of its obligations). 
  
 3.1.37 No Change in Facts
or Circumstances; Disclosure. To Borrower’s knowledge, there has been no material adverse change in any condition, fact, circumstance or event that would make the financial statements, rent rolls, reports, certificates or other
documents submitted in connection with the Loan inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects the business operations or the financial condition of Borrower or the Property.

  
 3.1.38 Management Agreement. All of the
representations and warranties with respect to the Management Agreement set forth in Article VII of this Agreement are true and correct in all respects. 
  
 3.1.39 Perfection of Accounts. Borrower hereby represents and warrants to Lender that: 
  
 (a) This Agreement, together with the other Loan Documents, create a valid
and continuing security interest (as defined in the Uniform Commercial Code) in the Accounts (as defined in the Cash Management Agreement) in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances,
and is enforceable as such against creditors of and purchasers from Borrower. Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold or otherwise conveyed the Accounts; 
  
 (b) The Accounts constitute “deposit accounts” or “securities
accounts” within the meaning of the Uniform Commercial Code, as set forth in the Cash Management Agreement; 
  
 (c) Pursuant and subject to the terms hereof, Agent has agreed to comply with all instructions originated by Lender, without further consent by Borrower,
directing disposition of the Accounts and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether
accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities; and 
  
 (d) The Accounts are not in the name of any Person other than Borrower, as pledgor, or Lender, as pledgee. Borrower has not consented to Agent’s
complying with instructions with respect to the Accounts from any Person other than Lender. 
  
 3.1.40 Historic Features. None of Borrower or its Affiliates has delivered a Removal Notice (as defined in the Deed) to the grantor under
that certain Special Warranty Deed dated December 21, 1998 between R.R. Donnelley & Sons Company and Lakeside Center LLC, recorded at the office of the Cook County Recorder as Document #08193074 (the “Deed”). 
  

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 Section 3.2 Survival of Representations. The representations and warranties set forth in Section
3.1 shall survive, and any covenants contained in Section 3.1 shall continue, for so long as any amount remains payable to Lender under this Agreement or any of the other Loan Documents. 
  
 IV. BORROWER COVENANTS 
  
 Section 4.1 Borrower Affirmative Covenants. 
  
 Borrower hereby covenants and agrees with Lender that: 
  
 4.1.1 Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary to preserve, renew and keep
in full force and effect its existence, all material rights, licenses, permits and franchises and comply in all material respects with all Legal Requirements applicable to it and the Property, including, without limitation, Prescribed Laws.

  
 4.1.2 Taxes and Other Charges. Borrower shall
pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property or any part thereof prior to delinquency; provided, however, Borrower’s obligation to directly pay Taxes shall be suspended for so long as
Borrower complies with the terms and provisions of Section 6.2 hereof. Borrower shall furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall become delinquent; provided, however, that Borrower
is not required to furnish such receipts for payment of Taxes in the event that such Taxes have been paid by Lender pursuant to Section 6.2 hereof. Borrower shall not permit or suffer and shall promptly discharge any lien or charge against the
Property. After prior notice to Lender, Borrower, at its own expense, may contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of any Taxes or Other Charges, provided that (i) no Default or
Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) neither the Property nor any part thereof or interest therein
will be in danger of being sold, forfeited, terminated, canceled or lost; (iv) Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be
payable in connection therewith; (v) such proceeding shall suspend the collection of Taxes or Other Charges from the Property; and (vi) unless Borrower has deposited with the applicable taxing authority sufficient funds required by such authority in
order to contest the amount or validity of such Taxes or Other Charges, upon the written request of Lender, Borrower shall deposit with Lender cash, or other security as may be reasonably approved by Lender, in an amount equal to one hundred
twenty-five percent (125%) of the contested amount, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash or other security held by Lender to the claimant
entitled thereto at any time when, in the judgment of Lender, the entitlement of such claimant is established. 
  

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 4.1.3 Litigation. Borrower shall give prompt notice to Lender of any litigation or
governmental proceedings pending or threatened against Borrower which might materially adversely affect the Property or Borrower’s ability to perform its obligations hereunder or under the other Loan Documents. 
  
 4.1.4 Access to Property. Borrower shall permit agents,
representatives and employees of Lender to inspect the Property or any part thereof at reasonable hours upon reasonable advance written notice. 
  
 4.1.5 Further Assurances; Supplemental Mortgage Affidavits. Borrower shall, at Borrower’s sole cost and expense: 
  
 (a) execute and deliver to Lender such documents, instruments, certificates,
assignments and other writings, and do such other acts reasonably necessary or desirable, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower under the Loan Documents, as Lender
may reasonably require; and 
  
 (b) do and execute
all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to
time. 
  
 4.1.6 Financial Reporting.

  
 (a) Borrower shall keep and maintain or will cause to be kept
and maintained proper and accurate books and records, in accordance with GAAP, reflecting the financial affairs of Borrower. Lender shall have the right from time to time during normal business hours upon reasonable written notice to Borrower to
examine such books and records at the office of Borrower or other Person maintaining such books and records and to make such copies or extracts thereof as Lender shall desire. 
  
 (b) Following a Securitization, Borrower shall furnish Lender annually, within ninety (90) days following the end of each
Fiscal Year, a complete copy of Borrower’s annual financial statements audited by a “Big Four” accounting firm or other independent certified public accountant acceptable to Lender prepared in accordance with GAAP covering the
Property, including statements of income and expense and cash flow for Borrower and the Property and a balance sheet for Borrower. Such statements shall set forth gross revenue and operating expenses for the Property. Such financial statements shall
be accompanied by a certificate executed by the chief financial officer of Borrower stating that such annual financial statement presents fairly the financial condition and the results of operations of Borrower and the Property. Together with such
annual financial statements, Borrower shall furnish to Lender an Officer’s Certificate certifying as of the date thereof whether to Borrower’s knowledge there exists an event or circumstance which constitutes an Event of Default by
Borrower under the Loan Documents and if such Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same. 
  
 (c) Borrower will furnish Lender on or before the forty-fifth (45th) day after the end of each fiscal quarter (based on
Borrower’s Fiscal Year), the following items, 
  

 -42- 

 accompanied by certificate from the chief financial officer of Borrower, certifying that such items are true, correct,
accurate and complete and fairly present the financial condition and results of the operations of Borrower and the Property in accordance with GAAP as applicable: 
  
 (i) quarterly and year-to-date statements of income and expense and cash flow prepared for such quarter with
respect to the Property, with a balance sheet for such quarter for Borrower; 
  
 (ii) a calculation reflecting the Debt Service Coverage Ratio as of the last day of such quarter, for the last four quarters; 
  

(iii) a current rent roll for the Property; and 
  
 (iv) any written notice received from a Tenant threatening non-payment of Rent or other default, alleging or
acknowledging a default by landlord, requesting a termination of a Lease or a material modification of any Lease or notifying Borrower of the exercise or non-exercise of any option provided for in such Tenant’s Lease, or any other similar
material correspondence received by Borrower from Tenants during the subject fiscal quarter. 
  
 (d) Prior to the last Securitization of any portion of the Loan and upon request by Lender, Borrower will furnish Lender on or before the thirty-fifth (35th) day after the end of each calendar month, the following
items, accompanied by a certificate from the chief financial officer of Borrower, certifying that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the
Property in a manner consistent with GAAP, as applicable: 
  
 (i) monthly and year-to-date statements of income and expense and cash flow prepared for such month with respect to the Property; and 
  
 (ii) a current rent roll for the Property. 
  
 (iii) any written notice received from a Tenant threatening non-payment of Rent or other default, alleging
or acknowledging a default by landlord, requesting a termination of a Lease or a material modification of any Lease or notifying Borrower of the exercise or non-exercise of any option provided for in such Tenant’s Lease, or any other similar
material correspondence received by Borrower from Tenants during the subject month. 
  
 (e) Borrower shall submit the Annual Budget to Lender not later than thirty (30) days prior to the commencement of each Fiscal Year. In the event that Borrower incurs an extraordinary operating expense or
extraordinary capital expenditure (excluding emergency repairs which requires immediate action to prevent harm to person or property) (each, an “Extraordinary Expense”), then Borrower shall promptly deliver to Lender a reasonably
detailed explanation of such proposed Extraordinary Expense for Lender’s approval, which approval shall not be unreasonably withheld. 
  

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 (f) Borrower shall furnish to Lender, within ten (10) Business Days after written request (or as soon
thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested by Lender, including, without limitation, a comparison of
the budgeted income and expenses and the actual income and expenses for a quarter and year to date for the Property, together with a detailed explanation of any variances of more than ten (10%) between budgeted and actual amounts for such period and
year to date. 
  
 4.1.7 Title to the Property.
Borrower will warrant and defend the validity and priority of the Liens of the Mortgage and the Assignment of Leases on the Property against the claims of all Persons whomsoever, subject only to Permitted Encumbrances. 
  
 4.1.8 Estoppel Statement. 
  
 (a) After written request by Lender made no more than once each calendar
year, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, stating (i) the unpaid principal amount of the Note, (ii) the Applicable Interest Rate of the Note, (iii) the date installments of
interest and/or principal were last paid, (iv) any offsets or defenses to the payment of the Debt, if any, of which Borrower has knowledge, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving
particulars of such modification. 
  
 (b) After request by
Borrower, Lender shall within ten (10) Business Days furnish Borrower with a statement, duly acknowledged and certified, stating (i) the unpaid principal amount of the Note, (ii) the Applicable Interest Rate of the Note, (iii) the date installments
of interest and/or principal were last paid, (iv) whether or not Lender has sent any notice of default under the Loan Documents which remains uncured in the opinion of Lender, and (v) whether Lender has actual knowledge of any Default under the Loan
Documents. 
  
 (c) Borrower shall deliver to Lender, upon written
request, an estoppel certificate from each Tenant under any Lease (provided that Borrower shall only be required to use commercially reasonable efforts to obtain an estoppel certificate from any Tenant); provided that such certificate may be in the
form required under such Lease; provided further that Borrower shall not be required to deliver such certificates more frequently than once in any calendar year (provided no Event of Default is continuing). 
  
 4.1.9 Leases. 
  
 (a) All Leases and all renewals of Leases executed after the date hereof
shall (i) provide for rental rates comparable to existing local market rates for similar properties, (ii) be on commercially reasonable terms, (iii) provide that such Lease is subordinate to the Mortgage and that the lessee will attorn to Lender and
any purchaser at a foreclosure sale and (iv) not contain any terms which would materially adversely affect Lender’s rights under the Loan Documents. All Major Leases and all renewals, amendments and modifications thereof (other than those
expressly contemplated by the applicable original Lease) executed after the date hereof shall be subject to Lender’s prior approval, which approval shall not be unreasonably withheld or delayed (provided, however, that Lender hereby
acknowledges that Borrower intends 
  

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 to terminate the 360 Lease shortly after the date hereof and Lender’s consent is not required with respect to the
termination of the 360 Lease or any future termination of the AFN Lease). Lender shall execute and deliver a Subordination Non-Disturbance and Attornment Agreement in the form annexed as Schedule IV to Tenants under future Major Lease approved by
Lender promptly upon request with such commercially reasonable changes as may be requested by Tenants, from time to time, and which are reasonably acceptable to Lender. 
  
 (b) Borrower (i) shall observe and perform in all material respects the obligations imposed upon the lessor under the Leases
in a commercially reasonable manner; (ii) shall enforce in all material respects the terms, covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner,
provided, however, Borrower shall not terminate or accept a surrender of a Major Lease without Lender’s prior approval; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits); (iv) shall not
execute any assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change any Major Lease so as to change the amount of or payment date for rent, change the
expiration date, grant any option for additional space or term, materially reduce the obligations of the lessee or materially increase the obligations of lessor; and (vi) shall hold all security deposits under all Leases in accordance with Legal
Requirements. Upon written request, Borrower shall furnish Lender with executed copies of all Leases. 
  
 (c) Notwithstanding anything to the contrary contained in this Section 4.1.9: 
  
 (i) whenever Lender’s approval or consent is required pursuant to the provisions of this Section 4.1.9,
Borrower shall have the right to submit a term sheet of such transaction to Lender for Lender’s approval, such approval not to be unreasonably withheld or delayed. Any such term sheet submitted to Lender shall set forth all material terms of
the proposed transaction including, without limitation, identity of tenant, square footage, term, rent, rent credits, abatements, work allowances and tenant improvements to be constructed by Borrower. Lender shall use good faith efforts to respond
within ten (10) Business Days after Lender’s receipt of Borrower’s written request for approval or consent of such term sheet. If Lender fails to respond to such request within ten (10) Business Days, and Borrower sends a second request
containing a legend in bold letters stating that Lender’s failure to respond within five (5) Business Days shall be deemed consent or approval, Lender shall be deemed to have approved or consented to such term sheet if Lender fails to respond
to such second written request before the expiration of such five (5) Business Day period; 
  
 (ii) whenever Lender’s approval or consent is required pursuant to the provisions of this Section 4.1.9 for any matter that Lender
has not previously approved a term sheet pursuant to Section 4.1.9(c)(i) above, Lender shall use good faith efforts to respond within ten (10) Business Days after Lender’s receipt of Borrower’s written request for such approval or consent.
If Lender fails to respond to such request within ten (10) Business Days, and Borrower sends a second request containing a legend in bold letters stating that Lender’s failure to respond within ten (10) Business Days shall be deemed consent or
approval, Lender shall be deemed to have approved or consented to the matter for which Lender’s consent or approval was sought if Lender fails to respond to such second written request before the expiration of such ten (10) Business Day period;

  

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 (iii) whenever Lender’s approval or consent is required pursuant to the provisions
of this Section 4.1.9 for any matter that Lender has previously approved a term sheet pursuant to Section 4.1.9(c)(i) above, Lender shall use good faith efforts to respond within five (5) Business Days after Lender’s receipt of Borrower’s
written request for such approval or consent. If Lender fails to respond to such request within five (5) Business Days, and Borrower sends a second request containing a legend in bold letters stating that Lender’s failure to respond within five
(5) Business Days shall be deemed consent or approval, Lender shall be deemed to have approved or consented to the matter for which Lender’s consent or approval was sought if Lender fails to respond to such second written request before the
expiration of such five (5) Business Day period, provided that there have been no material deviations from the term sheet and that the aggregate economics of the transaction are no less favorable to Borrower than as set forth in the term sheet;

  
 (iv) in the event that Lender shall have
approved (or be deemed to have approved) a term sheet submitted by Borrower with respect to a certain Lease, Lender shall not withhold its approval or consent with respect to such Lease on the basis of any provisions of such Lease dealing with the
items contained in the approved term sheet or unreasonably withhold its consent with respect to any other matters with respect to such Lease; and 
  
 (v) Borrower shall have the right, without the consent or approval of Lender in any instance, to modify, extend, renew, terminate or
accept a surrender of any Lease that is not a Major Lease. 
  
 4.1.10 Alterations. Lender’s prior approval shall be required in connection with any alterations to any Improvements (except tenant improvements and capital expenditures under any Lease approved by Lender or under any
Lease for which approval was not required by Lender under this Agreement) (a) that may have a material adverse effect on Borrower’s financial condition, the value of the Property or the ongoing revenues and expenses of the Property, which
approval may be granted or withheld in Lender’s sole discretion, or (b) the cost of which (including any related alteration, improvement or replacement) is reasonably anticipated to exceed the Alteration Threshold, which approval may be granted
or withheld in Lender’s reasonable discretion. If the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements shall at any time exceed the Alteration Threshold, Borrower shall promptly deliver to
Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following: (i) cash, (ii) Letters of Credit (iii) U.S. Obligations, (iv) other securities acceptable to
Lender, provided that Lender shall have received a Rating Agency Confirmation as to the form and issuer of same, or (v) a completion bond, provided that Lender shall have received a Rating Agency Confirmation as to the form and issuer of same. Such
security shall be in an amount equal to the excess of the total unpaid amounts incurred and to be incurred with respect to such alterations to the Improvements (other than such amounts to be paid or reimbursed by Tenants under the Leases) over the
Alteration Threshold. 
  

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 4.1.11 Interest Rate Cap. At all times during the term of the Loan Borrower shall maintain
in effect an Interest Rate Protection Agreement having a term equal to the term of the Loan, with an initial notional amount equal to the amount of the Loan and with a Counterparty reasonably acceptable to Lender having a Minimum Counterparty
Rating. If Borrower obtains one (1) interest rate cap, the LIBOR strike rate under the Interest Rate Protection Agreement shall be equal to or less than the Capped LIBOR Rate, or if Borrower obtains more than one (1) interest rate cap, the blended
LIBOR strike rate under the Interest Rate Protection Agreement, as reasonably determined by Lender, shall be equal to or less than the Capped LIBOR Rate. The Interest Rate Protection Agreement shall be in form and substance substantially similar to
the Interest Rate Protection Agreement in effect as of the date hereof. In the event of any downgrade or withdrawal of the rating of such Counterparty by any Rating Agency below the Minimum Counterparty Rating or the placement by Moody’s of
such Counterparty “On Watch for Downgrade” from the Minimum Counterparty Rating, Borrower shall replace the Interest Rate Protection Agreement not later than thirty (30) Business Days following receipt of written notice from Lender of such
downgrade or withdrawal with an Interest Rate Protection Agreement in form and substance reasonably satisfactory to Lender (and meeting the requirements set forth in this Section 4.1.11) from a Counterparty reasonably acceptable to Lender having a
Minimum Counterparty Rating; provided, however, that if any Rating Agency withdraws or downgrades the credit rating of the Counterparty below the Minimum Counterparty Rating or if Moody’s places such Counterparty “On Watch
for Downgrade” from the Minimum Counterparty Rating, Borrower shall not be required to replace the Counterparty under the Interest Rate Protection Agreement provided that within ten (10) Business Days following Lender’s written notice to
Borrower of such downgrade, withdrawal or placement “On Watch for Downgrade” (y) such Counterparty or an Affiliate thereof posts additional collateral acceptable to the Rating Agencies securing its obligations under the Interest Rate
Protection Agreement or (z) an Affiliate of such Counterparty with a Minimum Counterparty Rating delivers a guaranty acceptable to the Rating Agencies guaranteeing such Counterparty’s obligations under the Interest Rate Protection Agreement.
Notwithstanding the foregoing, if S&P or Fitch withdraws or downgrades the credit rating of such Counterparty below “A1”, or Moody’s withdraws or downgrades the credit rating of such Counterparty below “A2” (if the
Counterparty has only a long term rating from Moody’s) or below “A3” or “P-2” (if the Counterparty has both long term and short term ratings from Moody’s), Borrower shall replace the Interest Rate Protection Agreement
not later than twenty (20) days following receipt of written notice from Lender of such downgrade or withdrawal with an Interest Rate Protection Agreement in form and substance reasonably satisfactory to Lender (and meeting the requirements set
forth in this Section 4.1.11) from a Counterparty reasonably acceptable to Lender having a Minimum Counterparty Rating. 
  
 4.1.12 Additional Agreements. Borrower shall (a) promptly perform and/or observe in all material respects all of the material covenants and
agreements required to be performed and observed by it under the Seller Sharing Agreement and the Tax Sharing Agreement, (b) promptly notify Lender in writing of the giving of any written notice of any default by any party under the Seller Sharing
Agreement or the Tax Sharing Agreement of which it is aware and (c) promptly enforce the performance and observance of in all material respects all of the material covenants and agreements required to be performed and/or observed by the other party
under the Seller Sharing Agreement and the Tax Sharing Agreement in a commercially reasonable manner. 
  

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 4.1.13 Performance by Borrower. Borrower shall in a timely manner observe, perform and
fulfill each and every covenant, term and provision of each Loan Document executed and delivered by Borrower, and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan
Document executed and delivered by Borrower without the prior consent of Lender. 
  
 4.1.14 Costs of Enforcement/Remedying Defaults. In the event (a) that the Mortgage is foreclosed in whole or in part or the Note or any other Loan Document is put into the hands of an attorney for
collection, suit, action or foreclosure, (b) of the foreclosure of any Lien or Mortgage prior to or subsequent to the Mortgage in which proceeding Lender is made a party, (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding
in respect of Borrower or Guarantor or an assignment by Borrower or Guarantor for the benefit of its creditors, or (d) Lender shall remedy or attempt to remedy any Event of Default hereunder, Borrower shall be chargeable with and agrees to pay all
actual out-of-pocket costs incurred by Lender as a result thereof, including costs of collection and defense (including reasonable attorneys’, experts’, consultants’ and witnesses’ fees and disbursements) in connection therewith
and in connection with any appellate proceeding or post-judgment action involved therein, which shall be due and payable on demand, together with interest thereon from the date incurred by Lender at the Default Rate, and together with all required
service or use taxes. 
  
 4.1.15 Business and
Operations. Borrower will continue to engage in the businesses currently conducted by it as and to the extent the same are reasonably necessary for the ownership and leasing of the Property. Borrower will qualify to do business and will
remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership and leasing of the related Property. Borrower shall at all times cause the Property to be maintained for office and
telecommunication (with co-location facilities) purposes and other appurtenant and related uses. 
  
 Section 4.2 Borrower Negative Covenants. 
  
 Borrower covenants and agrees with Lender that: 
  
 4.2.1 Due on Sale and Encumbrance; Transfers of Interests. Subject to Section 8, without the prior written consent of Lender, neither
Borrower nor any other Person having a direct or indirect ownership or beneficial interest in Borrower shall sell, convey, mortgage, grant, bargain, encumber, pledge, assign or transfer any interest, direct or indirect, in the Borrower, the Property
or any part thereof, whether voluntarily or involuntarily, in violation of the covenants and conditions set forth in the Mortgage and this Agreement. 
  
 4.2.2 Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property except for Permitted
Encumbrances and Liens that are the subject of a permitted contest in accordance with the terms of the Loan Documents. 
  
 4.2.3 Dissolution. Borrower shall not (i) engage in any dissolution, liquidation or consolidation or merger with or into any other business
entity, (ii) engage in any business activity not related to the ownership and operation of the Property, (iii) transfer, lease or sell, in one transaction or any combination of transactions, all or substantially all of the property 
  

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 or assets of Borrower except to the extent expressly permitted by the Loan Documents, or (iv) cause, permit or suffer any
SPC Party to (A) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which such SPC Party would be dissolved, wound up or liquidated in whole or in part, or (B) amend, modify, waive or terminate the
certificate of incorporation or bylaws of such SPC Party, in each case without obtaining the prior consent of Lender. 
  
 4.2.4 Change in Business. Borrower shall not enter into any line of business other than the ownership and operation of the Property.

  
 4.2.5 Debt Cancellation. Borrower shall not
cancel or otherwise forgive or release any material claim or material debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s
business, or with the consent of Lender, which consent shall not be unreasonably withheld. 
  
 4.2.6 Affiliate Transactions. Borrower shall not enter into, or be a party to, any transaction with an Affiliate of Borrower or any of the partners of Borrower except in the ordinary course of business
and on terms that are no less favorable to Borrower or such Affiliate than would be obtained in a comparable arm’s-length transaction with an unrelated third party. 
  
 4.2.7 Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of the
Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non-conforming use under any zoning ordinance or any other applicable
land use law, rule or regulation, without the prior consent of Lender. 
  
 4.2.8 Assets. Borrower shall not purchase or own any property other than the Property and any property necessary or incidental for the operation of the Property. 
  
 4.2.9 No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of the Property
(i) with any other real property constituting a tax lot separate from the Property, and (ii) with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be
levied against such personal property shall be assessed or levied or charged to the Property. 
  
 4.2.10 Principal Place of Business. Borrower shall not change its principal place of business from the address set forth on the first page of this Agreement without first giving Lender ten (10) days
prior notice. 
  
 4.2.11 ERISA. (a) Borrower shall
not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a
statutory or administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Code. 
  

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 (b) Borrower shall deliver to Lender such certifications or other evidence from time to time throughout
the term of the Loan, as reasonably requested by Lender, that (A) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, or a “plan” within the meaning of Section
4975 of the Code; (B) Borrower is not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans as defined in Section 3(32) of ERISA; and (C) one or more of the following circumstances is
true: 
  
 (i) Equity interests in Borrower are
publicly offered securities, within the meaning of the Plan Assets Regulation; 
  
 (ii) Less than twenty-five percent (25%) of each outstanding class of equity interests in Borrower is held by “benefit plan
investors” within the meaning of the Plan Assets Regulation; or 
  
 (iii) Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of the Plan Assets Regulation. 
  
 4.2.12 Historic Features. Borrower shall not perform any
action which would require delivery of a Removal Notice (as defined in the Deed) under the Deed without the prior written consent of Lender, which consent shall not be unreasonably withheld. 
  
 4.2.13 Additional Agreements. Borrower shall not, without
Lender’s prior written consent, which consent shall not be unreasonably withheld, materially modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under the Tax Sharing Agreement or the Seller Sharing
Agreement. 
  
 V. INSURANCE, CASUALTY AND
CONDEMNATION 
  
 Section 5.1 Insurance.

  
 5.1.1 Insurance Policies. (a) Borrower shall
obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following coverages: 
  
 (i) comprehensive all risk insurance on the Improvements and the personal property at the Property, including contingent liability from
Operation of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, in each case (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean
actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation, but the amount shall in no event be less than the outstanding principal balance of the Loan; (B) containing
an agreed amount endorsement with respect to the Improvements and personal property at the Property waiving all co-insurance provisions; (C) providing for no deductible in excess of Ten Thousand and No/100 Dollars ($10,000) for all such insurance
coverage; and (D) containing an “Ordinance or Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Property shall 
  

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 at any time constitute legal non-conforming structures or uses. In addition, Borrower shall obtain: (y)
if any portion of the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area”, flood hazard insurance with no deductible in excess of $100,000 and in an amount equal to the
lesser of (1) the outstanding principal balance of the Note or (2) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of
1994, as each may be amended or such greater amount as Lender shall require; and (z) earthquake insurance in amounts and in form and substance satisfactory to Lender (with no deductible in excess of $25,000) in the event the Property is located in
an area with a high degree of seismic activity, provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i). 
  
 (ii) commercial general liability insurance against claims
for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form with a combined limit, excluding umbrella coverage, of not less than One
Million and No/100 Dollars ($1,000,000); (B) to continue at not less than the aforesaid limit until required to be changed by Lender by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following
hazards: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for all legal contracts; and (5) contractual liability covering the
indemnities contained in Article 9 of the Mortgage to the extent the same is available; 
  
 (iii) business income insurance (A) with loss payable to Lender; (B) covering all risks required to be covered by the insurance provided
for in subsection (i) above for a period commencing at the time of loss for such length of time as it takes to repair or replace with the exercise of due diligence and dispatch; (C) containing an extended period of indemnity endorsement which
provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of
twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in an amount equal to one hundred
percent (100%) of the projected gross income from the Property for a period from the date of loss to a date (assuming total destruction) which is twelve (12) months from the date that the Property is repaired or replaced and operations are resumed.
The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income from the Property for the succeeding twelve (12) month
period. All proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that
nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such
amounts are actually paid out of the proceeds of such business income insurance; 
  

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 (iv) at all times during which structural construction, repairs or alterations are being
made with respect to the Improvements, and only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the above
mentioned commercial general liability insurance policy; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against
pursuant to subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving co-insurance provisions; 
  

(v) workers’ compensation, subject to the statutory limits of the state in which the Property is located, and employer’s
liability insurance with a limit of at least Five Hundred Thousand and No/100 Dollars ($500,000) per accident and per disease per employee, and Five Hundred Thousand and No/100 Dollars ($500,000) for disease aggregate in respect of any work or
operations on or about the Property, or in connection with the Property or its operation (if applicable); 
  
 (vi) comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Lender on terms consistent
with the commercial property insurance policy required under subsection (i) above; 
  
 (vii) umbrella liability insurance in addition to primary coverage in an amount not less than Twenty-five Million and No/100 Dollars
($25,000,000) per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) above and (viii) below; 
  

(viii) motor vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum
limits per occurrence, including umbrella coverage, of One Million and No/100 Dollars ($1,000,000); 
  
 (ix) so-called “dramshop” insurance or other liability insurance required in connection with the sale of alcoholic beverages;

  
 (x) insurance against employee dishonesty in
an amount not less than one (1) month of gross revenue from the Property and with a deductible not greater than Ten Thousand and No/100 Dollars ($10,000); and 
  

(xi) (A) during any period of the term of the Loan that TRIA is in effect, if “acts of terrorism” or other similar acts or
events are hereafter excluded from Borrower’s comprehensive all risk insurance policy (including business income), Borrower shall obtain an endorsement to such policy, or a separate policy insuring against all “certified acts of
terrorism” as defined by TRIA and “fire following”, each in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of
costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation, but the 
  

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 amount shall in no event be less than the total outstanding principal balance of the Loan;
provided, however, the total annual premium payable by Borrower for such terrorism coverage shall not exceed $200,000 for such coverage and any deductible with respect to such insurance shall not exceed $100,000. The endorsement or
policy shall be in form and substance reasonably satisfactory to Lender and shall meet Rating Agency criteria for securitized loans; or 
  
 (B) during any period of the term of the Loan that TRIA is not in effect, if “acts of terrorism” or other similar acts or events or “fire
following” are hereafter excluded from Borrower’s comprehensive all risk insurance policy or business income insurance coverage, Borrower shall obtain an endorsement to such policy, or a separate policy from an insurance provider which
maintains at least an investment grade rating from Moody’s (that is, “Baa3”) and/or S&P (that is, “BBB-“) (provided that neither Moody’s nor S&P rates such provider less than investment grade), insuring against
all such excluded acts or events, to the extent such policy or endorsement is available, in an amount determined by Lender in its sole discretion (but in no event greater than the total insurable value plus required business income coverage);
provided, however, Borrower shall not be required to pay annual premiums in excess of $200,000 for such coverage. The endorsement or policy shall be in form and substance reasonably satisfactory to Lender and shall meet Rating Agency criteria for
securitized loans; and 
  
 (xii) upon sixty (60)
days’ notice, such other reasonable insurance and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the
Property located in or around the region in which the Property is located. 
  
 (b) All insurance provided for in Section 5.1.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”) and, to the
extent not specified above, shall be subject to the approval of Lender as to deductibles, loss payees and insureds. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance
evidencing the Policies accompanied by evidence satisfactory to Lender of payment of the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 
  
 (c) Any blanket insurance Policy shall specifically allocate to the Property
the amount of coverage from time to time required hereunder and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 5.1.1(a). 
  
 (d) All Policies of insurance provided for or contemplated by Section
5.1.1(a) shall be primary coverage and, except for the Policy referenced in Section 5.1.1(a)(v), shall name Borrower as the insured and Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in the case
of property damage, boiler and machinery, flood, earthquake and terrorism insurance, shall contain a so-called New York standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender.
Borrower shall not procure or permit any of its constituent entities to procure any other insurance coverage which would be on the same level of payment as the Policies or would adversely impact in any way the ability of Lender or Borrower to
collect any proceeds under any of the Policies. 
  

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 (e) All Policies of insurance provided for in Section 5.1.1(a), except for the Policies referenced in
Section 5.1.1(a)(v) and (a)(viii) shall contain clauses or endorsements to the effect that: 
  
 (i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the
provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 
  
 (ii) the Policy shall not be canceled without at least
thirty (30) days’ written notice to Lender and any other party named therein as an additional insured and, if obtainable by Borrower using commercially reasonable efforts, shall not be materially changed (other than to increase the coverage
provided thereby) without such a thirty (30) day notice; and 
  
 (iii) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments thereunder. 
  
 (f) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the
right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Lender in its sole discretion deems appropriate and
all premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and until paid shall be secured by the Mortgage and shall bear interest at the
Default Rate. 
  
 (g) In the event of foreclosure of the Mortgage
or other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning the Property and all proceeds
payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 
  
 5.1.2 Insurance Company. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in
the state in which the Property is located and having a claims paying ability rating of “AA” or better by S&P and Fitch and an insurance financial strength rating of “Aa2” by Moody’s; provided, however, that Factory
Mutual shall be an acceptable insurance company hereunder provided its claims paying ability rating does not fall below “BBB” or better by S&P and “AA-” by Fitch. If a Securitization occurs, (i) the foregoing required
insurance company rating by a Rating Agency not rating any Securities shall be disregarded and (ii) if the insurance company complies with the aforesaid S&P required rating (and S&P is rating the Securities) and the other Rating Agencies
rating the Securities do not rate the insurance company, such insurance company shall be deemed 
  

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 acceptable with respect to such Rating Agency not rating such insurance company. Notwithstanding the foregoing, Borrower
shall be permitted to maintain the Policies with insurance companies which do not meet the foregoing requirements (an “Otherwise Rated Insurer”), provided Borrower obtains a “cut-through” endorsement (that is, an
endorsement which permits recovery against the provider of such endorsement) with respect to any Otherwise Rated Insurer from an insurance company which meets the claims paying ability ratings required above. Moreover, if Borrower desires to
maintain insurance required hereunder from an insurance company which does not meet the claims paying ability ratings set forth herein but the parent of such insurance company, which owns at least fifty-one percent (51%) of such insurance company,
maintains such ratings, Borrower may use such insurance companies if approved by the Rating Agencies (such approval may be conditioned on items required by the Rating Agencies including a requirement that the parent guarantee the obligations of such
insurance company). 
  
 Section 5.2 Casualty and
Condemnation. 
  
 5.2.1 Casualty. If
the Property shall sustain a Casualty, Borrower shall give prompt notice of such Casualty to Lender and shall promptly commence and diligently prosecute to completion the repair and restoration of the Property as nearly as possible to the condition
the Property was in immediately prior to such Casualty (a “Restoration”) and otherwise in accordance with Section 5.3, it being understood, however, that Borrower shall not be obligated to restore the Property to the precise
condition of the Property prior to such Casualty provided the Property is restored, to the extent practicable, to be of at least equal value and of substantially the same character as prior to the Casualty. Borrower shall pay all costs of such
Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to, make proof of loss if not made promptly by Borrower. In the event of a Casualty where the loss does not exceed Restoration Threshold, Borrower
may settle and adjust such claim; provided that (a) no Event of Default has occurred and is continuing and (b) such adjustment is carried out in a commercially reasonable and timely manner. In the event of a Casualty where the loss exceeds the
Restoration Threshold or if an Event of Default then exists, Borrower may settle and adjust such claim only with the consent of Lender (which consent shall not be unreasonably withheld or delayed) and Lender shall have the opportunity to
participate, at Borrower’s cost, in any such adjustments. Notwithstanding any Casualty, Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement. 
  
 5.2.2 Condemnation. Borrower shall give Lender prompt notice
of any actual Condemnation, or any Condemnation threatened in writing, by any Governmental Authority of all or any part of the Property and shall deliver to Lender a copy of any and all papers served in connection with such proceedings. Provided no
Event of Default has occurred and is continuing, in the event of a Condemnation where the amount of the taking does not exceed the Restoration Threshold, Borrower may settle and compromise such Condemnation; provided that the same is effected in a
commercially reasonable and timely manner. In the event a Condemnation where the amount of the taking exceeds the Restoration Threshold or if an Event of Default then exists, Borrower may settle and compromise the Condemnation only with the consent
of Lender (which consent shall not be unreasonably withheld or delayed) and Lender shall have the opportunity to participate, at Borrower’s cost, in any litigation and settlement 
  

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 discussions in respect thereof and Borrower shall from time to time deliver to Lender all instruments requested by Lender
to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and reasonably cooperate with them in the carrying on or defense of any such
proceedings. Notwithstanding any Condemnation, Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement. Lender shall not be limited to the interest paid on the Award by any
Governmental Authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If the Property or any portion thereof is taken by any Governmental Authority, Borrower shall promptly commence
and diligently prosecute the Restoration of the Property and otherwise comply with the provisions of Section 5.3. If the Property is sold, through foreclosure or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right,
whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 
  
 5.2.3 Casualty Proceeds. Notwithstanding the last sentence of Section 5.1.1(a)(ii) and provided no Event of
Default exists hereunder, proceeds received by Lender on account of the business interruption insurance specified in Subsection 5.1.1(a)(ii) above with respect to any Casualty shall be deposited by Lender directly into the Deposit Account (as
defined in the Cash Management Agreement) but (a) only to the extent it reflects a replacement for (i) lost Rents that would have been due under Leases existing on the date of such Casualty, and/or (ii) lost Rents under Leases that had not yet been
executed and delivered at the time of such Casualty which Borrower has proven to the insurance company would have been due under such Leases (and then only to the extent such proceeds disbursed by the insurance company reflect a replacement for such
past due Rents) and (b) only to the extent necessary to fully make the disbursements required by Section 3.3(a)(i) through (vi) of the Cash Management Agreement. All other such proceeds shall be held by Lender and disbursed in accordance with
Section 5.3 hereof. 
  
 Section 5.3 Delivery of Net
Proceeds. 
  
 5.3.1 Minor Casualty or
Condemnation. If a Casualty or Condemnation has occurred to the Property and the Net Proceeds shall be less than the Restoration Threshold and the costs of completing the Restoration shall be less than the Restoration Threshold, and provided
no Event of Default shall have occurred and remain uncured, the Net Proceeds will be disbursed by Lender to Borrower. Promptly after receipt of the Net Proceeds, Borrower shall commence and satisfactorily complete with due diligence the Restoration
in accordance with the terms of this Agreement. If any Net Proceeds are received by Borrower and may be retained by Borrower pursuant to the terms hereof, such Net Proceeds shall, until completion of the Restoration, be held in trust for Lender and
shall be segregated from other funds of Borrower to be used to pay for the cost of Restoration in accordance with the terms hereof. 
  
 5.3.2 Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to the Property and the Net Proceeds are equal to or
greater than the Restoration Threshold or the costs of completing the Restoration is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions
are met: 
  
 (i) no Event of Default shall have
occurred and be continuing; 
  

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 (ii) (A) in the event the Net Proceeds are insurance proceeds, less than fifty percent
(50%) of the total floor area of the Improvements at the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (B) in the event the Net Proceeds are an Award, less than ten percent (10%) of the land constituting
the Property is taken, and such land is located along the perimeter or periphery of the Property, and no portion of the Improvements is the subject of the Condemnation; 
  
 (iii) the Debt Service Coverage Ratio shall be at least 1.20 to 1.00 (based on an assumed interest rate of
9.5%) and all Major Leases shall remain in full force and effect during and after the completion of the Restoration without abatement of rent beyond the time required for Restoration, notwithstanding the occurrence of such Casualty or Condemnation.

  
 (iv) Borrower shall commence the Restoration
as soon as reasonably practicable (but in no event later than sixty (60) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion; 
  
 (v) Lender shall be reasonably satisfied that any operating
deficits and all payments of principal and interest under the Note will be paid during the period required for Restoration from (A) the Net Proceeds, or (B) other funds of Borrower; 
  
 (vi) Lender shall be reasonably satisfied that the Restoration will be completed on or before the earliest
to occur of (A) the date six (6) months prior to the Maturity Date, (B) the earliest date required for such completion under the terms of any Major Lease, (C) such time as may be required under applicable Legal Requirements in order to repair and
restore the Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable or (D) the expiration of the insurance coverage referred to
in Section 5.1.1(a)(iii); 
  
 (vii) the Property
and the use thereof after the Restoration will be in compliance in all material respects with and permitted under all applicable Legal Requirements; 
  
 (viii) the Restoration shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance in all material
respects with all applicable Legal Requirements; and 
  
 (ix) such Casualty or Condemnation, as applicable, does not result in the loss of access to the Property or the related Improvements following the Restoration. 
  

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 (b) The Net Proceeds shall be paid directly to Lender and held by Lender in an interest-bearing account
and, until disbursed in accordance with the provisions of this Section 5.3.2, shall constitute additional security for the Debt. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the
Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all requirements set forth in Section 5.3.2(a) have been satisfied, (B) all materials installed and work and labor performed (except to the extent that they are to be
paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (C) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or
any other liens or encumbrances of any nature whatsoever on the Property arising out of the Restoration which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to
the reasonable satisfaction of Lender by the title company issuing the Title Insurance Policy. 
  
 (c) All plans and specifications required in connection with the Restoration shall be subject to prior approval of Lender and an independent architect selected by Lender (the “Casualty Consultant”)m
which approval shall not be unreasonably withheld. The plans and specifications shall require that the Restoration be completed in a first-class workmanlike manner at least equivalent to the quality and character of the original work in the
Improvements (provided, however, that in the case of a partial Condemnation, the Restoration shall be done to the extent reasonable practicable after taking into account the consequences of such partial Condemnation), so that upon completion
thereof, the Property shall be at least equal in value and general utility to the Property prior to the damage or destruction; it being understood, however, that Borrower shall not be obligated to restore the Property to the precise condition of the
Property prior to such Casualty provided the Property is restored, to the extent practicable, to be of at least equal value and of substantially the same character as prior to the Casualty. Borrower shall restore all Improvements such that when they
are fully restored and/or repaired, such Improvements and their contemplated use fully comply with all applicable material Legal Requirements. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the
contracts under which they have been engaged, shall be subject to reasonable approval of Lender and the Casualty Consultant. All actual out-of-pocket costs and expenses incurred by Lender in connection with recovering, holding and advancing the Net
Proceeds for the Restoration including, without limitation, reasonable attorneys’ fees and disbursements and the Casualty Consultant’s fees and disbursements, shall be paid by Borrower. 
  
 (d) In no event shall Lender be obligated to make disbursements of the Net
Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, less the Casualty Retainage. The term “Casualty Retainage”
shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant,
until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 5.3.2(d), be less than the amount actually held back by Borrower from contractors,
subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this
Section 5.3.2(d) and that all approvals necessary for the 
  

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 re-occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Lender
receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage
being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed
all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment
in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring
the continued priority of the lien of the Mortgage and evidence of payment of any premium payable for such endorsement. If required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any,
which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman. 
  
 (e) Lender shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 
  
 (f) If at any time the Net Proceeds or the undisbursed balance thereof shall
not, in the reasonable opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the
Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Lender before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by
Lender and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 5.3.2 shall constitute additional
security for the Debt. 
  
 (g) The excess, if any, of the Net
Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this
Section 5.3.2, and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of Default shall
have occurred and shall be continuing under any of the Loan Documents; provided, however, the amount of such excess returned to Borrower in the case of a Condemnation shall not exceed the amount of Net Proceeds Deficiency deposited by Borrower with
the balance being applied to the Debt in the manner provided for in subsection 5.3.2(h). 
  
 (h) All Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Borrower as excess Net Proceeds pursuant to Section 5.3.2(g) may be retained and applied by Lender toward the
payment of the Debt, whether or not then due and payable, in such order, priority and proportions as Lender in its sole discretion shall deem proper in the manner set forth in the second sentence of Section 2.4.2 above. Upon payment in full of the
Debt, any remaining Net Proceeds shall be paid to Borrower. 
  

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 VI. RESERVE FUNDS 
  
 Section 6.1 Intentionally Omitted. 
  
 Section 6.2 Tax Funds. 
  
 6.2.1 Deposits of Tax Funds. On the Closing Date, Borrower shall deposit with Agent the amount of $3,461,600
(which amount shall constitute a portion of the Tax Funds) and, pursuant to the Cash Management Agreement, there shall be deposited on each Monthly Payment Date an amount equal to one-twelfth of the Taxes that Lender reasonably estimates will be
payable during the next ensuing twelve (12) months in order to accumulate sufficient funds to pay all such Taxes at least ten (10) days prior to their respective due dates. Amounts deposited pursuant to this Section 6.2.1 are referred to herein as
the “Tax Funds”. If at any time Lender reasonably determines that the Tax Funds will not be sufficient to pay the Taxes, Lender shall notify Borrower of such determination and the monthly deposits for Taxes shall be increased by the amount
that Lender reasonably estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Taxes; provided that if Borrower receives written notice of any deficiency after the date that is ten (10) days
prior to the date that Taxes are due, Borrower will deposit such amount within three (3) Business Days after its receipt of such notice. 
  
 6.2.2 Release of Tax Funds. For so long as no Event of Default has occurred and is continuing under the Loan Documents, Lender shall apply
the Tax Funds to payments of Taxes. In making any payment relating to Taxes, Lender may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the accuracy of such
bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. If the amount of the Tax Funds shall exceed the amounts due for Taxes for so long as no Event of Default has occurred and
is continuing under the Loan Documents, Lender shall return any excess to Borrower. Any Tax Funds remaining after the Debt has been paid in full shall be returned to Borrower. 
  
 Section 6.3 Insurance Funds. 
  
 6.3.1 Deposits of Insurance Funds. On the Closing Date, Borrower shall deposit with Agent the amount of
$242,496 (which amount shall constitute a portion of the Insurance Funds) and, pursuant to the Cash Management Agreement, there shall be deposited on each Monthly Payment Date an amount equal to one-twelfth of the Insurance Premiums that Lender
reasonably estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of
the Policies. Amounts deposited pursuant to this Section 6.3.1 are referred to herein as the “Insurance Funds”. If at any time Lender reasonably determines that the Insurance Funds will not be sufficient to pay the Insurance
Premiums, Lender shall notify Borrower of such determination and the monthly deposits for Insurance Premiums shall be increased by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to
expiration of the Policies. 
  

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 6.3.2 Release of Insurance Funds. For so long as no Event of Default has occurred and is
continuing under the Loan Documents, Lender will apply the Insurance Funds to payment of Insurance Premiums. In making any payment relating to Insurance Premiums, Lender may do so according to any bill, statement or estimate procured from the
insurer or its agent, without inquiry into the accuracy of such bill, statement or estimate. If the amount of the Insurance Funds shall exceed the amounts due for Insurance Premiums for so long as no Event of Default has occurred and is continuing
under the Loan Documents, Lender shall return any excess to Borrower. Any Insurance Funds remaining after the Debt has been paid in full shall be returned to Borrower. 
  
 Section 6.4 Intentionally Omitted. 
  
 Section 6.5 Intentionally Omitted. 
  
 Section 6.6 Intentionally Omitted. 
  
 Section 6.7 Cash Trap Reserve Funds. 
  
 6.7.1 Cash Trap Reserve Funds. Upon the occurrence of a Cash Trap Trigger and during a Cash Trap Period,
Borrower shall deposit all Excess Cash into the Cash Trap Account in accordance with the terms of the Cash Management Agreement. Amounts deposited pursuant to this Section 6.7.1 are referred to herein as the “Cash Trap Reserve
Funds”. All Cash Trap Reserve Funds shall be held as additional collateral for the Loan and (i) if an Event of Default exists, applied at the discretion of Lender, or (ii) if an Event of Default does not exist, in accordance with the Cash
Management Agreement. 
  
 Section 6.8 Application of Reserve
Funds. 
  
 During the existence of an Event of Default,
Lender, at its option, may withdraw the Reserve Funds and apply the Reserve Funds to the items for which the Reserve Funds were established or to payment of the Debt in such order, proportion and priority as Lender may determine in its sole
discretion. Lender’s right to withdraw and apply the Reserve Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents. 
  
 Section 6.9 Security Interest in Reserve Funds. 
  
 6.9.1 Grant of Security Interest. Borrower shall be the owner of the Reserve Funds. Borrower hereby pledges,
assigns and grants a security interest to Lender, as security for payment of the Debt and the performance of all other terms, conditions and covenants of the Loan Documents on Borrower’s part to be paid and performed, in all of Borrower’s
right, title and interest in and to the Reserve Funds. The Reserve Funds shall be under the sole dominion and control of Lender. 
  
 6.9.2 Income Taxes. Borrower shall report on its federal, state and local income tax returns all interest or income accrued on the Reserve
Funds. 
  
 6.9.3 Prohibition Against Further
Encumbrance. Borrower shall not, without the prior consent of Lender, further pledge, assign or grant any security interest in the 
  

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 Reserve Funds or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing
Statements, except those naming Lender as the secured party, to be filed with respect thereto. 
  
 VII. PROPERTY MANAGEMENT 
  
 Section 7.1 The Management Agreement. 
  
 Borrower shall cause Manager to manage the Property in accordance in all material respects with the Management Agreement. Borrower shall (i) diligently perform and observe in all material respects all of the terms, covenants and conditions
of the Management Agreement on the part of Borrower to be performed and observed, (ii) promptly notify Lender of any written notice to Borrower of any default by Borrower in the performance or observance of any of the terms, covenants or conditions
of the Management Agreement on the part of Borrower to be performed and observed, and (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, report and estimate received by it under the
Management Agreement (without duplication of any statements, plans or reports required to be delivered to Lender by Borrower pursuant to the other terms of this Agreement). If Borrower shall default in the performance or observance of any material
term, covenant or condition of the Management Agreement on the part of Borrower to be performed or observed, then, without limiting Lender’s other rights or remedies under this Agreement or the other Loan Documents, and without waiving or
releasing Borrower from any of its obligations hereunder or under the Management Agreement, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act as may be reasonably necessary to cause all the
material terms, covenants and conditions of the Management Agreement on the part of Borrower to be performed or observed. 
  
 Section 7.2 Prohibition Against Termination or Modification. 
  
 Borrower shall not surrender, terminate, cancel, modify, renew or extend the Management Agreement, or enter into any other
agreement relating to the management or operation of the Property with Manager or any other Person, or consent to the assignment by the Manager of its interest under the Management Agreement, in each case without the express consent of Lender, which
consent shall not be unreasonably withheld; provided, however, with respect to a new manager such consent may be conditioned upon Borrower delivering a Rating Agency Confirmation as to such new manager and management agreement and, if such new
manager is an Affiliate of Borrower, upon delivery of a non-consolidation opinion acceptable to the Rating Agencies. If at any time Lender consents to the appointment of a new manager, such new manager and Borrower shall, as a condition of
Lender’s consent, execute a subordination of management agreement substantially in the form then used by Lender. 
  
 Section 7.3 Replacement of Manager. 
  
 Lender shall have the right to require Borrower to replace the Manager with a Qualified Manager upon the occurrence of any one or more of the following
events: (i) at any time following the occurrence of an Event of Default, and/or (ii) if Manager shall be in default under the Management Agreement beyond any applicable notice and cure period or if at any time the Manager has engaged in gross
negligence, fraud or willful misconduct. The Property shall at all times be managed by a Qualified Manager. 
  

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 VIII. PERMITTED TRANSFERS 
  
 Section 8.1 Permitted Transfer of the Property. 
  
 Lender shall not withhold its consent to a conveyance of the Property, provided that (i) such conveyances are to a
corporation, partnership or limited liability company that qualifies as a single purpose, bankruptcy remote entity under criteria established by the Rating Agencies, (ii) such transferee is controlled by Digital Realty Trust, L.P., (iii) Digital
Realty Trust, L.P., owns, directly or indirectly, one hundred percent (100%) of such transferee, (iv) such transferee’s counsel has delivered to Lender a non-consolidation opinion reasonably acceptable to Lender and acceptable to the Rating
Agencies in their sole discretion, (v) Lender has received an agreement, acceptable to it in its sole discretion, pursuant to which such transferee assumes all of Borrower’s obligations under the Loan Documents, (vi) Lender shall have received
such documents, certificates and legal opinions as it may reasonably request, (vii) Lender receives a transfer fee equal to $5,000, (viii) Borrower pays all out-of-pocket expenses incurred by Lender in connection with such transfer and (ix) the
Property is at all times managed by a Qualified Manager. In addition, Lender shall not withhold its consent to a conveyance of the Property (a) to a Permitted Transferee, provided that Borrower complies with the conditions set forth in clauses (i),
(iv), (v), (vi), (viii) and (ix) above and Lender receives a transfer fee equal to $50,000, or (b) to a corporation, partnership or limited liability approved by Lender in its reasonable discretion, provided that Borrower complies with the
conditions set forth in clauses (i), (iv), (v), (vi), (viii) and (ix) above and Lender receives a transfer fee equal to $50,000, and, in addition, delivers to Lender a Rating Agency Confirmation as to the conveyance of the Property to such
transferee. Notwithstanding anything to the contrary set forth herein or in any of the other Loan Documents, the Property shall not be transferred more than two (2) times during the term of the Loan without the prior written consent of Lender, which
consent may be withheld in the sole and absolute discretion of Lender. In addition, Lender shall release Guarantor from any and all liability under the Loan arising on or after the date of a transfer permitted under this Section 8.1 provided such
transferee assumes the Loan and causes a guarantor acceptable to Lender in its sole discretion to assume any obligations of Guarantor under the Guaranty and the Environmental Indemnity. For any other conveyance of the Property not otherwise
permitted without Lender’s consent in this Section 8.1, Lender’s consent (not to be unreasonably withheld) shall be required. 
  
 Section 8.2 Permitted Transfers of Interest in Borrower. 
  

(a) The restrictions on Transfers of direct or indirect ownership interests in Borrower set forth herein or in the Mortgage shall not apply to the
transfer (excluding pledges) of direct or indirect partnership interests in Digital Realty Trust L.P. provided that (i) no Event of Default shall have occurred and be continuing, (ii) Borrower shall pay all out-of-pocket costs and expenses of Lender
in connection with such transfer, (iii) Lender shall have received such documents, certificates and legal opinions as it may reasonably request, (iv) after such Transfer Borrower shall maintain its status as a single purpose, bankruptcy remote
entity under criteria established herein, (v) if after giving effect to such transfer and all prior transfers, more than 
  

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 forty nine percent (49%) in the aggregate of direct or indirect interests in Borrower are owned by any Person and its
Affiliates that owned less than a forty nine percent (49%) direct or indirect interest in Borrower as of the Closing Date, Lender shall receive a non-consolidation opinion reasonably acceptable to Lender and acceptable to the Rating Agencies and
(vi) following such Transfer (x) Digital Realty Trust L.P. owns directly or indirectly one hundred percent (100%) of the interests in Borrower and controls Borrower, and (1) Digital Realty Trust Inc. is the general partner of Digital Realty Trust
L.P., owns at least 20% of the interests in Digital Realty Trust L.P. and controls Digital Realty Trust L.P. and Borrower, (2) a Permitted Transferee is the general partner of Digital Realty Trust L.P., such Permitted Transferee owns directly or
indirectly fifty-one percent (51%) or more of the interests in Digital Realty Trust L.P., and such Permitted Transferee controls Borrower, or (3) another Person (A) relating to which Lender has approved in its reasonable discretion and, if a
Securitization has occurred and has received a Rating Agency Confirmation, and (B) is the general partner of Digital Realty Trust L.P., owns directly or indirectly fifty-one percent (51%) or more of the interests in Digital Realty Trust L.P., and
controls Digital Realty Trust L.P., and Borrower. Notwithstanding the foregoing, Global Innovation Partners, LLC may acquire more than forty nine percent (49%) of the direct or indirect interests in Digital Realty Trust L.P. provided (i) Global
Innovation Partners, LLC is at least fifty one percent (51%) owned by State of California Public Employees’ Retirement System, a unit of the State and Consumer Services Agency of the State of California and (ii) Lender shall receive a
non-consolidation opinion reasonably acceptable to Lender and acceptable to the Rating Agencies and (i) (ii) (iii) (iv) and (v), (vi)(x)(1) are satisfied. For purposes of this Section 8.2, “control” shall mean the ability to control
the day to day and general management decisions regarding the Property. 
  
 (b) The restrictions on Transfers of direct or indirect interests in Borrower set forth herein or in the Mortgage shall not apply to the issuance, sale, transfer or pledge of publicly traded shares of Digital Realty
Trust Inc. 
  
 IX. SALE AND SECURITIZATION OF
MORTGAGE 
  
 Section 9.1 Sale of Mortgage and
Securitization. 
  
 (a) Subject to the limitations in Section
11.27, Lender shall have the right (i) to sell or otherwise transfer the Loan or any portion thereof as a whole loan, (ii) to sell participation interests in the Loan or (iii) to securitize the Loan or any portion thereof in a single asset
securitization or a pooled loan securitization. (The transaction referred to in clauses (i), (ii) and (iii) shall hereinafter be referred to collectively as “Secondary Market Transactions” and the transactions referred to in clause
(ii) shall hereinafter be referred to as a “Securitization”. Any certificates, notes or other securities issued in connection with a Securitization are hereinafter referred to as “Securities”). 
  
 (b) If requested by Lender, Borrower, all at Lender’s sole cost and
expense (except for Borrower’s legal fees), shall assist Lender in satisfying the market standards to which Lender customarily adheres or which may be reasonably required in the marketplace or by the Rating Agencies in connection with any
Secondary Market Transactions, including, without limitation, to: 
  

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 (i) (A) provide updated financial and other information with respect to the Property, the
business operated at the Property, Borrower and the Manager, (B) provide updated budgets relating to the Property and (C) provide updated appraisals, market studies, environmental reviews (Phase I’s and, if appropriate, Phase II’s),
property condition reports and other due diligence investigations of the Property (the “Updated Information”), together, if customary, with appropriate verification of the Updated Information through letters of auditors or opinions
of counsel acceptable to Lender and the Rating Agencies; 
  
 (ii) provide opinions of counsel, which may be relied upon by Lender, the Rating Agencies and their respective counsel, agents and representatives, as to non-consolidation, fraudulent conveyance, and true sale or any
other opinion customary in Secondary Market Transactions or required by the Rating Agencies with respect to the Property and Borrower and Affiliates, which counsel and opinions shall be satisfactory to Lender and the Rating Agencies; 
  
 (iii) provide updated, as of the closing date of the
Secondary Market Transaction, representations and warranties made in the Loan Documents and such additional representations and warranties as the Rating Agencies may require; and 
  
 (iv) execute amendments to the Loan Documents and Borrower’s organizational documents reasonably
requested by Lender; provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification or amendment would (A) change the interest rate, the stated maturity or the amortization of principal as set forth
herein or in the Note, (B) modify or amend any other material economic term of the Loan, or (C) materially increase Borrower’s obligations hereunder. 
  
 (c) Any offering memorandum or similar document delivered by Lender in connection with a Securitization, assignment or participation of the Loan shall
contain a statement which is substantially similar to the following, except as may be tailored for the particular document: “This Memorandum has been prepared by the Depositor solely for the purpose of offering the Certificates described
herein. Notwithstanding any investigation that Morgan Stanley & Co. Incorporated, [                    ] and
[                    ] (each, an “Initial Purchaser” and together, the “Initial Purchasers”) may have made with respect to the
information set forth herein, this Memorandum does not constitute, and shall not be construed as, any representation or warranty by the Initial Purchasers as to the adequacy or accuracy of the information set forth herein. Delivery of this
Memorandum to any person other than the prospective investor and those persons, if any, retained to advise such prospective investor with respect to the possible offer and sale of the Certificates is unauthorized, and any disclosure of any of its
contents for any purpose other than considering an investment in the Certificates is strictly prohibited. A prospective investor shall not be entitled to, and must not rely on, this Memorandum unless it was furnished to such prospective investor
directly by the Depositor or any Initial Purchaser,” or, at Lender’s sole option, “This offering memorandum is furnished on a confidential basis solely for the purpose of evaluating the investment offered hereby. The information
contained herein may not be reproduced or used in whole or in part for any other purpose.” 
  

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 Section 9.2 Securitization Indemnification. 
  
 (a) Borrower understands that information provided to Lender by Borrower and
its agents, counsel and representatives may be included in disclosure documents in connection with the Securitization, including, without limitation, an offering circular, a prospectus, prospectus supplement, private placement memorandum or other
offering document (each, an “Disclosure Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the
Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and may be made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization.

  
 (b) Borrower shall provide in connection with each of (i) a
preliminary and a final private placement memorandum or (ii) a preliminary and final prospectus or prospectus supplement, as applicable, an agreement (A) certifying that Borrower has examined such Disclosure Documents specified by Lender and that
each such Disclosure Document, as it relates to Borrower, Borrower Affiliates, the Property, Manager and all other aspects of the Loan, does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements made, in the light of the circumstances under which they were made, not misleading, (B) indemnifying Lender (and for purposes of this Section 9.2, Lender hereunder shall include its officers and directors), the Affiliate of
Morgan Stanley that has filed the registration statement relating to the Securitization (the “Registration Statement”), each of its directors, each of its officers who have signed the Registration Statement and each Person that
controls the Affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Morgan Stanley Group”), and Morgan Stanley, and any other placement agent or underwriter with
respect to the Securitization, each of their respective directors and each Person who controls Morgan Stanley or any other placement agent or underwriter within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act
(collectively, the “Underwriter Group”) for any losses, claims, damages (other than consequential and punitive damages) or liabilities (collectively, the “Liabilities”) to which Lender, the Morgan Stanley Group or
the Underwriter Group may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in such sections or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated in such sections or necessary in order to make the statements in such sections, in light of the circumstances under which they were made, not misleading and (C) agreeing to
reimburse Lender, the Morgan Stanley Group and/or the Underwriter Group for any legal or other out-of-pocket expenses reasonably incurred by Lender, the Morgan Stanley Group and the Underwriter Group in connection with investigating or defending the
Liabilities; provided, however, that Borrower will be liable in any such case under clauses (B) or (C) above only to the extent that any such loss claim, damage or liability arises out of or is based upon any such untrue statement or omission made
therein in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing of the Loan, including,
without limitation, financial statements of Borrower, operating statements and rent rolls with respect to the Property. This indemnity agreement will be in addition to any liability which Borrower may otherwise have. 
  

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 (c) In connection with any filing under or pursuant to the Exchange Act in connection with or relating to
a Securitization, Borrower shall (i) indemnify Lender, the Morgan Stanley Group and the Underwriter Group for Liabilities to which Lender, the Morgan Stanley Group or the Underwriter Group may become subject insofar as the Liabilities arise out of
or are based upon the omission or alleged omission to state in the Disclosure Document a material fact required to be stated in the Disclosure Document in order to make the statements in the Disclosure Document, in light of the circumstances under
which they were made, not misleading and (ii) reimburse Lender, the Morgan Stanley Group or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, the Morgan Stanley Group or the Underwriter Group in connection with
defending or investigating the Liabilities. 
  
 (d) Promptly after
receipt by an indemnified party under this Section 9.2 of written notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9.2, notify the
indemnifying party in writing of the commencement thereof, but the omission to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have to any indemnified party hereunder
except to the extent that failure to notify causes prejudice to the indemnifying party. In the event that any action is brought against any indemnified party, and it notifies in writing the indemnifying party of the commencement thereof, the
indemnifying party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they) may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. After written notice from the indemnifying party to such indemnified party under this Section 9.2, such indemnified party shall pay for
any reasonable legal or other out-of-pocket expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include
both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified parties that are different from or additional to those
available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party at the
cost of the indemnifying party. The indemnifying party shall not be liable for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that there may be legal defenses available to it that are
different from or additional to those available to another indemnified party. 
  
 (e) In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 9.2(b) or (c) is for any reason held to be unenforceable as to an indemnified party
in respect of any losses, claims, damages or liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under Section 9.2(b) or (c), the indemnifying party shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages or liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following factors shall be

  

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 considered: (i) Morgan Stanley’s and Borrower’s relative knowledge and access to information concerning the
matter with respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission; and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would
not be equitable if the amount of such contribution were determined by pro rata or per capita allocation. 
  
 (f) The liabilities and obligations of both Borrower and Lender under this Section 9.2 shall survive the termination of this Agreement and the
satisfaction and discharge of the Debt. 
  
 X. DEFAULTS

  
 Section 10.1 Event of Default. 
  
 (a) Each of the following events shall constitute an event of default
hereunder (an “Event of Default”): 
  
 (i) if (A) any monthly installment of principal and/or interest due under the Note or the payment due on the Maturity Date is not paid when due, unless any such monthly installment is not paid when due as a result of the failure of Agent,
to the extent required by the Cash Management Agreement or this Agreement, to transfer funds on deposit in the Debt Service Account to Lender for payment of such monthly installment, provided that sufficient funds have been deposited therein to pay
the monthly installment of principal and/or interest due under the Note, and Borrower is using reasonable efforts to cause Agent to transfer sufficient funds to Lender, or (B) any other portion of the Debt is not paid when due and such non-payment
continues for ten (10) days following written notice to Borrower that the same is due and payable, unless any such payment is not paid when due as a result of the failure of Agent, to the extent required by the Cash Management Agreement or this
Agreement, to transfer or disburse funds on deposit in the applicable Account from which such payment is to be made as required under the Cash Management Agreement, and Borrower is using reasonable efforts to cause Agent to transfer or disburse such
funds from such applicable Account or to make such payment directly; 
  
 (ii) if any of the Taxes or Other Charges are not paid prior to delinquency; 
  
 (iii) if the Policies are not kept in full force and effect; 
  
 (iv) if Borrower breaches or permits or suffers a breach of Section 6.2 of the Mortgage; 
  
 (v) if any representation or warranty made by Borrower
herein (except those set forth in Section 3.1.24 herein) or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading as of the
date the representation or warranty was made; provided, however, that if the fact, event or matter causing such representation, warranty, certification or other statement to be false or misleading is 
  

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 reasonably capable of cure, either as of the date when made, or the date hereof, such event shall not
constitute and Event of Default so long as Borrower causes such representation, warranty, certification or other statement to be true and correct within thirty (30) days after written notice from Lender, provided, however, that notwithstanding the
foregoing, any misrepresentation shall not be an Event of Default hereunder unless such misrepresentation results in a Material Adverse Effect; 
  
 (vi) if Borrower, any SPC Party or Guarantor shall make an assignment for the benefit of creditors; 
  
 (vii) if a receiver, liquidator or trustee shall be
appointed for Borrower, any SPC Party or Guarantor or if Borrower, any SPC Party or Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any
similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower, any SPC Party or Guarantor, or if any proceeding for the dissolution or liquidation of Borrower, any SPC Party or Guarantor shall be instituted;
provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower, and SPC Party or Guarantor, upon the same not being discharged, stayed or dismissed within sixty (60) days;

  
 (viii) if Borrower attempts to assign its
rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 
  
 (ix) if any of the assumptions contained in the Insolvency Opinion, or in any other non-consolidation opinion delivered to Lender in
connection with the Loan, or in any other non-consolidation delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; 
  

(x) if Borrower breaches in any material respect any representation, warranty or covenant contained in Section 3.1.24 hereof;

  
 (xi) if Borrower fails to comply with the
covenants as to Prescribed Laws set forth in Section 4.1.1; 
  
 (xii) (intentionally omitted); 
  
 (xiii) if Guarantor breaches in any material respect any covenant, warranty or representation contained in the Guaranty and such breach continues beyond any notice and cure period, if any, set forth in such Guaranty;

  
 (xiv) if Borrower shall continue to be in
Default under any of the other terms, covenants or conditions of this Agreement not specified in subsections (i) to (xiii) above, for ten (10) days after written notice to Borrower from Lender, in the case of any Default which can be cured by the
payment of a sum of money, or for thirty (30) days after written notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within

  

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 such 30-day period and provided further that Borrower shall have commenced to cure such Default within
such 30-day period and thereafter diligently and expeditiously proceeds to cure the same, such 30-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such
additional period not to exceed one hundred twenty (120) days; also, provided, that a default under a Lease caused solely by Lender’s breach of a confidentiality provision which Lender had notice of in a Lease shall not be an
Event of Default under the Loan; or 
  
 (xv) if
there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained in such Loan Documents (or, if no cure period is set forth in such Loan Document, if there shall be a default under any of the Loan Documents
beyond any cure periods set forth in clause (xiv) of this Section 10.1), whether as to Borrower or the Property, or if any other such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity
of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt, or, if no cure period is set forth. 
  
 (b) Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above) and at any time
thereafter Lender may, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or demand, that Lender deems advisable to protect and
enforce its rights against Borrower and in and to the Property, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan
Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and all other obligations of
Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other
Loan Document to the contrary notwithstanding. 
  
 Section 10.2
Remedies. 
  
 (a) Upon the occurrence and during the
continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to,
Borrower or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other
action for the enforcement of its rights and remedies under any of the Loan Documents with respect to the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together
or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or
contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or
rule, and (ii) all liens and other 
  

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 rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of
its remedies against the Property and the Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full. 
  
 (b) Lender shall have the right from time to time to partially foreclose the Mortgage in any manner and for any amounts
secured by the Mortgage then due and payable as determined by Lender in its sole discretion including, without limitation, the following circumstances: (i) in the event an Event of Default exists because Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Mortgage to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire outstanding principal
balance of the Loan, Lender may foreclose the Mortgage to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgage as Lender may elect. Notwithstanding one or more partial
foreclosures, the Property shall remain subject to the Mortgage to secure payment of sums secured by the Mortgage and not previously recovered. 
  
 (c) Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other
security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and
deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form and substance
reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the
aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after written notice has been given to
Borrower by Lender of Lender’s intent to exercise its rights under such power during the existence of an Event of Default. Except as may be required in connection with a Securitization pursuant to Section 9.1 hereof, (i) Borrower shall not be
obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents, and (ii) the Severed Loan Documents shall not contain any representations, warranties or covenants not
contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. 
  
 (d) Any amounts recovered from the Property or any other collateral for the Loan during the existence of an Event of Default
may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion shall determine. 
  

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 Section 10.3 Right to Cure Defaults. 
  
 During the continuance of an Event of Default, Lender may, but without any
obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder or being deemed to have cured any Event of Default hereunder, make, do or perform any obligation of Borrower hereunder in
such manner and to such extent as Lender may deem necessary. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and
the actual out-of-pocket cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 10.3, shall constitute a portion of the Debt and shall be due and payable to
Lender within ten (10) days after written demand. All such out-of-pocket costs and expenses actually incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or
proceeding shall bear interest at the Default Rate, for the period after such cost or expense was incurred into the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default
Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Lender under the Loan Documents and shall be immediately due and payable upon demand by Lender therefore. 
  
 Section 10.4 Remedies Cumulative. 
  
 The rights, powers and remedies of Lender under this Agreement shall be
cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies
may be pursued singly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any
such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to
Borrower shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon. 
  
 XI. MISCELLANEOUS 
  
 Section 11.1 Successors and Assigns. 
  
 All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors
and assigns of Lender. 
  
 Section 11.2 Lender’s
Discretion. 
  
 Whenever pursuant to this Agreement Lender
exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory
shall (except as is otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. Prior to a Securitization, whenever 
  

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 pursuant to this Agreement the Rating Agencies are given any right to approve or disapprove, or any arrangement or term
is to be satisfactory to the Rating Agencies, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory, based upon Lender’s determination of Rating Agency criteria, shall be
substituted therefore. 
  
 Section 11.3 Governing Law.

  
 (A) THIS AGREEMENT WAS PARTIALLY NEGOTIATED IN THE STATE
OF NEW YORK, THE LOAN WAS MADE BY LENDER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO
THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE
OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND
ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS (OTHER THAN
WITH RESPECT TO LIENS AND SECURITY INTERESTS IN PROPERTY WHOSE PERFECTION AND PRIORITY IS COVERED BY ARTICLE 9 OF THE UCC (INCLUDING, WITHOUT LIMITATION, THE ACCOUNTS) WHICH SHALL BE GOVERNED BY THE LAW OF THE JURISDICTION APPLICABLE THERETO IN
ACCORDANCE WITH SECTIONS 9-301 THROUGH 9-307 OF THE UCC AS IN EFFECT IN THE STATE OF NEW YORK) SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW,
BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW EXCEPT AS SPECIFICALLY SET FORTH ABOVE. 
  

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 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS
AGREEMENT MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR
HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. BORROWER DOES HEREBY DESIGNATE AND
APPOINT: 
  
 CT CORPORATION SYSTEM 
 111 EIGHTH AVENUE, 13TH FLOOR 
 NEW
YORK, NEW YORK 10011 
  
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE
ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF
SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER, IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT
NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED
AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
  
 Section 11.4 Modification, Waiver in Writing. 
  
 No modification, amendment, extension, discharge, termination or waiver of
any provision of this Agreement or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then
such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice
or demand in the same, similar or other circumstances. 
  

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 Section 11.5 Delay Not a Waiver. 
  
 Neither any failure nor any delay on the part of Lender in insisting upon strict performance of any term, condition,
covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under any other Loan Document, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future
exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement or any other Loan Document, Lender shall not be
deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. Lender shall
have the right to waive or reduce any time periods that Lender is entitled to under the Loan Documents in its sole and absolute discretion. 
  
 Section 11.6 Notices. 
  
 All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”) required, permitted, or
desired to be given hereunder shall be in writing sent by telefax (with answer back confirmed) or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or reputable overnight courier addressed to the party
to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 11.6. Any Notice shall be deemed to have been received: (a) three (3) days after
the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business Day
(otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in each case addressed to the parties as follows:: 
  

			
	If to Lender:	  	Morgan Stanley Mortgage Capital Inc.
	 	  	1221 Avenue of the Americas, 27th Floor
	 	  	New York, New York 10020
	 	  	Attention: James Flaum and Kevin Swartz
	 	  	Facsimile No. (212) 507-4139/(212) 507-4146
		
	with a copy to:	  	Cadwalader, Wickersham & Taft LLP
	 	  	One World Financial Center
	 	  	New York, New York 10281
	 	  	Attention: John M. Zizzo, Esq.
	 	  	Facsimile No. (212) 504-6666
		
	If to Borrower:	  	c/o Digital Realty Trust LP
	 	  	560 Mission Street, Suite 2900
	 	  	San Francisco, CA 94105
	 	  	Attention: William Stein
	 	  	Facsimile No. (415) 738-6521

  

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	with a copy to:	  	Mayer, Brown, Rowe & Maw LLP
	 	  	350 South Grand, 25th Floor
	 	  	Los Angeles, California 90071
	 	  	Attention: Brian Aronson, Esq.
	 	  	Facsimile No. (213) 625-0248

  
 Section 11.7 Trial
by Jury. 
  
 BORROWER AND LENDER EACH HEREBY AGREES NOT TO
ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION
ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 
  
 Section 11.8 Headings. 
  
 The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose. 
  
 Section 11.9 Severability. 
  
 Wherever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

Section 11.10 Preferences. 
  
 Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of
Borrower hereunder. To the extent Borrower makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived
and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 
  

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 Section 11.11 Waiver of Notice. 
  
 Borrower shall not be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which
this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive
the giving of notice. Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by
Lender to Borrower. Notwithstanding anything to the contrary contained herein or in any of the other Loan Documents, any notice that Lender shall give to Borrower, Guarantor or any other guarantor or indemnitor under this Agreement or any of the
other Loan Documents shall be given in writing in accordance with the terms of Section 11.6 hereof. 
  
 Section 11.12 Remedies of Borrower. 
  
 In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where, by
law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, neither Lender nor its agents shall be liable for any monetary damages except arising from or in
connection with the gross negligence or willful misconduct of Lender, and Borrower’s sole remedy shall be limited to commencing an action seeking injunctive relief or declaratory judgment. Any action or proceeding to determine whether Lender
has acted reasonably shall be determined by an action seeking declaratory judgment. 
  
 Section 11.13 Expenses; Indemnity. 
  
 (a) Borrower shall pay or, if Borrower fails to pay, reimburse Lender within ten (10) days after receipt of written notice from Lender, for all reasonable costs and expenses (including reasonable attorneys’ fees
and disbursements) incurred by Lender in connection with (i) Borrower’s ongoing performance of and compliance with Borrower’s agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or
complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (ii) Lender’s ongoing performance of and compliance with all agreements and covenants contained in this
Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to
this Agreement and the other Loan Documents and any other documents or matters requested by Borrower; (iv) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required
legal opinions, and other similar expenses incurred, in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents; (v) enforcing or preserving any rights, in response to third party claims or the
prosecuting or defending of any action or proceeding or other litigation or otherwise, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (vi)
enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or in connection with any refinancing or restructuring of the credit arrangements provided under
this Agreement in the 
  

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 nature of a “work-out” or of any insolvency or bankruptcy proceedings; provided, however, that Borrower shall
not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any costs due and payable to Lender may be paid to Lender pursuant to
the Cash Management Agreement. 
  
 (b) Borrower shall indemnify,
defend and hold harmless Lender and its officers, directors, agents, employees (and the successors and assigns of the foregoing) (the “Lender Indemnitees”) from and against any and all liabilities, obligations, penalties, actions,
judgments, suits, claims, and all actual costs, expenses, losses, damages (other than consequential or punitive damages) and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of
counsel for the Lender Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not the Lender Indemnitees shall be designated a party thereto), that may be imposed on, incurred by,
or asserted against the Lender Indemnitees in any manner relating to or arising out of (i) any breach by Borrower of its obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or
(ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to the Lender Indemnitees hereunder to the extent that such
Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of the Lender Indemnitees. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be
unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Lender
Indemnitees. 
  
 (c) Notwithstanding the provisions of this
Section 11.13, the obligations of Borrower under this Section 11.13 shall exclude losses arising solely from a state of facts that first came into existence after Lender, its nominee or designee, or a bona fide independent third party, acquired
title to the Property through foreclosure, exercise of a power of sale or deed in lieu of foreclosure. 
  
 Section 11.14 Schedules Incorporated. 
  
 The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.

  
 Section 11.15 Offsets, Counterclaims and Defenses.

  
 Any assignee of Lender’s interest in and to this
Agreement and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower may otherwise have against any assignor of such documents, and no such unrelated
counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such
action or proceeding is hereby expressly waived by Borrower. 
  

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 Section 11.16 No Joint Venture or Partnership; No Third Party Beneficiaries. 
  
 (a) Borrower and Lender intend that the relationships created hereunder and
under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any
interest in the Property other than that of mortgagee, beneficiary or lender. 
  
 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender any
right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of
Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof
and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable
to do so. 
  
 Section 11.17 Publicity. 
  
 All news releases, publicity or advertising by Borrower or its Affiliates
through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender, Morgan Stanley Mortgage Capital Inc., or any of their Affiliates shall be subject to the prior
approval of Lender. 
  
 Section 11.18 Waiver of Marshalling of
Assets. 
  
 To the fullest extent permitted by law, Borrower,
for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, and shall not assert any right under any laws pertaining to
the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale
of the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever.

  
 Section 11.19 Waiver of Offsets/Defenses/Counterclaims.

  
 Borrower hereby waives the right to assert a counterclaim,
other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents or otherwise to offset any obligations to make the payments required by the Loan Documents. No failure by Lender to perform any of its
obligations hereunder shall be a valid defense to, or result in any offset against, any payments which Borrower is obligated to make under any of the Loan Documents. 
  

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 Section 11.20 Conflict; Construction of Documents; Reliance. 
  
 In the event of any conflict between the provisions of this Agreement and
any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that
such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering
into the Loan without relying in any manner on any representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies
available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in
Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the
business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower or its Affiliates. 
  
 Section 11.21 Brokers and Financial Advisors. 
  
 Borrower and Lender hereby represent that each has dealt with no financial advisors, brokers, underwriters, placement
agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower and Lender shall indemnify, defend and hold each other harmless from and against any and all claims, liabilities, costs and expenses of any kind
(including reasonable attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The provisions of
this Section 11.21 shall survive the expiration and termination of this Agreement and the payment of the Debt. 
  
 Section 11.22 Exculpation. 
  
 Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower to perform and observe the obligations contained in
the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any
other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the Mortgage and the other Loan Documents, or in the Property, the Rents, or any other collateral given to Lender
pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the
Property, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgage and the other Loan Documents, shall not sue for, seek or demand any deficiency judgment against Borrower in any such
action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgage or the other Loan Documents. The provisions of this Section shall not, 
  

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 however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan
Documents; (b) impair the right of Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (c) affect the validity or enforceability of any guaranty made in connection with the Loan or any of
the rights and remedies of Lender thereunder; (d) impair the right of Lender to obtain the appointment of a receiver; (e) impair the enforcement of the Assignment of Leases; (f) constitute a prohibition against Lender to seek a deficiency judgment
against Borrower in order to fully realize on any security given by Borrower in connection with the Loan or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against such security; or (g) constitute
a waiver of the right of Lender to enforce the liability and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including attorneys’
fees and costs reasonably incurred) arising out of or in connection with the following: 
  
 (i) fraud or intentional and material written misrepresentation by Borrower or any guarantor in connection with the Loan; 
  
 (ii) the gross negligence or willful misconduct of Borrower;

  
 (iii) the breach of any representation,
warranty, covenant or indemnification provision in the Environmental Indemnity or in the Mortgage concerning environmental laws, hazardous substances and asbestos and any indemnification of Lender with respect thereto in either document; 

 
 (iv) the removal or disposal of any portion of the
Property during the existence of an Event of Default; 
  
 (v) the application by Borrower other than pursuant to the terms of the Loan Documents of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Property, (B) any Awards or other amounts received in connection
with the Condemnation of all or a portion of the Property, or (C) any Rents during the existence of an Event of Default; 
  
 (vi) failure to pay charges for labor or materials or other charges that can create Liens on any portion of the Property except to the
extent such charges are being contested in accordance with Section 3.6(b) of the Mortgage; 
  
 (vii) any security deposits, advance deposits or any other deposits collected with respect to the Property which are not delivered to
Lender upon a foreclosure of the Property or action in lieu thereof, except to the extent any such deposits were applied in accordance with the terms and conditions of any of the Leases prior to the occurrence of the Event of Default that gave rise
to such foreclosure or action in lieu thereof; and 
  
 (viii) Borrower’s indemnification of Lender set forth in Section 9.2 hereof. 
  
 Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (A) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the Bankruptcy Code 
  

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 to file a claim for the full amount of the Debt or to require that all collateral shall continue to secure all of the
Debt owing to Lender in accordance with the Loan Documents, and (B) the Debt shall be fully recourse to Borrower in the event that: (i) Borrower fails to obtain Lender’s prior consent to any subordinate financing or other voluntary Lien
encumbering the Property; (ii) Borrower fails to obtain Lender’s prior consent to any assignment, transfer, or conveyance of the Property or any interest therein as required by the Mortgage or this Agreement (except for leasing of the
Property); (iii) Borrower files a voluntary petition under the Bankruptcy code or any other Federal or state bankruptcy or insolvency law; (iv) an Affiliate, officer, director, or representative which controls, directly or indirectly, Borrower
files, or joins in the filing of, an involuntary petition against Borrower under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition
against Borrower from any Person; (v) Borrower files an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law, or solicits or causes to be solicited petitioning creditors for any involuntary petition from any Person; (vi) any Affiliate, officer, director, or representative which controls Borrower consents to or acquiesces in or joins in an
application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or any portion of the Property; or (vii) Borrower makes an assignment for the benefit of creditors, or admits, in writing or in any legal proceeding, its
insolvency or inability to pay its debts as they become due. 
  
 Section 11.23 Prior Agreements. 
  
 This
Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written,
including, without limitation, the term sheet dated April 12, 2005 (as amended) between Borrower and Lender, are superseded by the terms of this Agreement and the other Loan Documents. 
  
 Section 11.24 Servicer. 
  
 (a) At the option of Lender, the Loan may be serviced by a servicer (the “Servicer”) selected by Lender and Lender may delegate all or
any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Lender and Servicer. Borrower shall not be responsible for
payment of any monthly servicing fee due to the Servicer under the Servicing Agreement. Servicer shall, however, be entitled to reimbursement of costs and expenses as and to the same extent (but without duplication) as Lender is entitled thereto
under the applicable provisions of this Agreement and the other Loan Documents. 
  
 (b) Upon notice thereof from Lender, Servicer shall have the right to exercise all rights of Lender and enforce all obligations of Borrower pursuant to the provisions of this Agreement, the Note and the other Loan
Documents. 
  
 (c) Provided Borrower shall have been given written
notice of Servicer’s address by Lender, Borrower shall deliver to Servicer duplicate originals of all notices and other instruments which Borrower may or shall be required to deliver to Lender pursuant to this 
  

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 Agreement, the Note and the other Loan Documents (and no deliver of such notices or other instruments by Borrower shall
be of any force or effect unless delivered to Lender and Servicer as provided above). 
  
 Section 11.25 Joint and Several Liability. 
  
 If more than one Person has executed this Agreement as “Borrower,” the representations, covenants, warranties and obligations of all such Persons hereunder shall be joint and several. 
  
 Section 11.26 Creation of Security Interest. 
  
 Notwithstanding any other provision set forth in this Agreement, the Note,
the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including, without limitation, the
advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
  
 Section 11.27 Assignments and Participations. 
  
 (a) The Lender may assign to one or more Persons all or a portion of its rights and obligations under this Loan Agreement. 
  
 (b) Lender may sell participations to one or more Persons in or to all or a
portion of its rights and obligations under this Loan Agreement; provided, however, that (i) Lender’s obligations under this Loan Agreement shall remain unchanged, (ii) except as otherwise provided in Section 2.5, Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations, (iii) Lender shall remain the holder of any Note for all purposes of this Loan Agreement and (iv) Borrower shall continue to deal solely and directly with
Lender in connection with Lender’s rights and obligations under and in respect of this Loan Agreement and the other Loan Documents. 
  
 (c) Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 11.27 and subject to
Section 9.1, disclose to the assignee or participant or proposed assignee or participant, as the case may be, any information relating to Borrower or any of its Affiliates or to any aspect of the Loan that has been furnished to the Lender by or on
behalf of the Borrower or any of its Affiliates. 
  
 (d) Subject
to acceptance and recording thereof pursuant to paragraph (e) of this Section 11.27, from and after the effective date specified in any applicable assignment agreement, the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such assignment agreement, have the rights and obligations of Lender under this Agreement, except in connection with a sale or deposit of the Loan into a Securitization. Any assignment or transfer by Lender of rights or
obligations under this Agreement that does not comply with this Section 11.27 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with clause (b) of this
Section 11.27. 
  

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 (e) Borrower or an agent of Borrower shall maintain a register (the “Register”) on which
it will record the Loans made hereunder, and each assignment and participation. The Register shall include the names and addresses of Lenders (including all assignees, successors and Participants), and the Commitment of, and principal amount of the
Loans owing to each such Lender. Failure to make any such recordation, or any error in such recordation shall not affect the Borrower’s obligations in respect of such Loans. If Lender sells a participation in any Loan, it shall provide
Borrower, or maintain as agent of Borrower, the information described in this paragraph and permit Borrower to review such information as reasonably needed for Borrower to comply with its obligations under this Agreement or under any applicable law
or governmental regulation or procedure. 
  
 Section 11.28
Knowledge. 
  
 Whenever a statement is qualified to
“Borrower’s knowledge” hereunder or under any of the Loan Documents, “Borrower’s knowledge” shall mean to Borrower’s actual knowledge after due inquiry. 
  
 Section 11.29 Subordinate Mezzanine Loan Option. Notwithstanding anything to the contrary contained in this Agreement
and provided no Event of Default has occurred and is continuing, certain owners of Borrower shall be permitted to obtain mezzanine financing (the “Subordinate Mezzanine Loan”), subject to the following conditions and requirements:

  
 (a) Lender receives a Rating Agency Confirmation with respect
to the Subordinate Mezzanine Loan and the Subordinate Mezzanine Loan lender; 
  
 (b) the collateral for the Subordinate Mezzanine Loan shall include only pledges of the equity interests in Borrower or the owners of Borrower; 
  
 (c) the terms and conditions of the Subordinate Mezzanine Loan and the documents evidencing the Subordinate Mezzanine Loan
shall be customary in connection with mezzanine loans and acceptable to Lender in its reasonable discretion; 
  
 (d) Borrower shall have obtained from the applicable taxing authority a reduction in the ad valorem real estate taxes applicable to the Property, and the
Subordinate Mezzanine Loan shall only be payable out of any additional excess cash flow from the Property as a result of such reduction (after payment of all amounts due under the Loan, including, without limitation, Debt Service, payment of
operating expenses and the deposit of all amounts into the Reserve Funds as required hereunder) and as otherwise permitted under the Subordinate Mezzanine Intercreditor Agreement (defined below); 
  
 (e) the loan-to-value ratio of the sum of the principal amount of the
Subordinate Mezzanine Loan and the Loan to the value of the Property shall be no greater than 70%; 
  
 (f) the Debt Service Coverage Ratio (taking into account the Subordinate Mezzanine Loan and the Loan) is not less than 1.30 to 1.0 based upon an assumed
interest rate equal to 8% per annum; 
  

 -84- 

 (g) the lender under the Subordinate Mezzanine Loan (the “Subordinate Mezzanine Lender”)
shall be acceptable to Lender in its reasonable discretion and shall at all times during the term of the Loan be the sole owner and holder of the Subordinate Mezzanine Loan and shall not assign or pledge all or any portion thereof to any other third
party other than a pursuant to the Subordinate Mezzanine Intercreditor Agreement; 
  
 (h) the Subordinate Mezzanine Lender shall enter into an intercreditor agreement with Lender in the form and substance acceptable to the Rating Agencies and reasonably acceptable to Lender (the “Subordinate
Mezzanine Intercreditor Agreement”); 
  
 (i) the
Subordinate Mezzanine Loan shall be nonrecourse as to principal and interest required to be paid under the Subordinate Mezzanine Loan (except for customary non-recourse carve-outs) and shall not be secured by a lien against the Property or any other
collateral securing the Loan; 
  
 (j) Borrower shall reimburse
Lender for all of Lender’s reasonable attorney’s fees and actual out-of-pocket expenses incurred by Lender in reviewing the Subordinate Mezzanine Loan documents and negotiating and documenting the Subordinate Mezzanine Intercreditor
Agreement and Borrower shall reimburse any fees incurred in obtaining the Rating Agency Confirmation; 
  
 (k) if required by Lender, Borrower shall execute any modifications or amendments to the Loan Documents and the organizational documents of Borrower
reasonably required by Lender to permit the Subordinate Mezzanine Loan and to comply with this Section 11.28; 
  
 (l) the mezzanine borrower shall be structured into the organizational structure of Borrower in a manner so as to not adversely affect the bankruptcy
remote nature of Borrower; 
  
 (m) if the Subordinate Mezzanine
Loan bears interest at a floating rate, the Subordinate Mezzanine Loan documents shall require an interest rate cap to be maintained during the term of the Subordinate Mezzanine Loan at a fixed strike price such that the weighted average debt
service constant for the Loan and the Subordinate Mezzanine Loan (based upon the assumption that if the Subordinate Mezzanine Loan bears interest at a floating rate, the interest rate for the Subordinate Mezzanine Loan is calculated at the
applicable interest rate cap strike price) is no greater than 8%, (vi) if the Subordinate Mezzanine Loan bears interest at a fixed rate, the weighted average debt service constant for the Loan and the Subordinate Mezzanine Loan is no greater than
8%; 
  
 (n) the Mezzanine Borrower satisfies such other conditions
as are customary in connection with mezzanine loans and delivers such other documents, agreements, certificates and legal opinions (including but not limited to a revised substantive non-consolidation opinion which shall be in form, scope and
substance reasonably acceptable in all respects to Lender and the Rating Agencies) as Lender shall reasonably request; and 
  

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 (o) the final capital structure is subject in all respects to Lender’s reasonable approval and the
Rating Agencies’ approval, including, without limitation, the organizational structure of Borrower and the Mezzanine Lender. 
  
 Section 11.30 Confidentiality. Lender hereby agrees, provided Borrower has delivered to Lender written evidence of any confidentiality provisions
in any of the Leases, to consult with Borrower to mitigate any disclosures of such confidential information by Lender, if Lender is reasonably able to do so without effecting Lender’s ability to conduct its business or assign, participate or
securitize the Loan; provided, however, Lender’s failure to comply with these provisions will not result in any liability of Lender and will not give Borrower the right to make any claims or counterclaims against Lender, interpose any defenses
or injunctive relief or otherwise adversely affect Lender’s rights and remedies under the Loan Documents. The foregoing provision shall apply to all of the Loan Documents. 
  
 [NO FURTHER TEXT ON THIS PAGE] 
  

 -86- 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be duly executed by their duly
authorized representatives, all as of the day and year first above written. 
  

									
	LENDER:
	
	 MORGAN STANLEY MORTGAGE CAPITAL
 INC., a New York corporation

		
	 By:
	 	 /s/    STEVEN R.
MAEGLIN        

	Name:	 	Steven R. Maeglin
	Title:	 	Vice President
	
	BORROWER:
	
	 DIGITAL LAKESIDE, LLC,
 a Delaware limited liability company

		
	By:	 	 DIGITAL LAKESIDE HOLDINGS, LLC
 a Delaware
limited liability company
 Its: Sole Member

			
	 	 	By:	 	 DIGITAL REALTY TRUST, L.P.,
 a Maryland
limited partnership
 Its: Sole Member

				
	 	 	 	 	 By:
	 	 DIGITAL REALTY TRUST, INC.,
 a Maryland
corporation
 Its: General Partner

					
	 	 	 	 	 	 	By:	 	 /s/    MICHAEL FOUST        

	 	 	 	 	 	 	Name:	 	Michael Foust
	 	 	 	 	 	 	Title:	 	CEO

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