Document:

Unassociated Document

     

    EXHIBIT 4.1

     

    FORM
OF

     

    SECOND
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

     

    OF

     

    NEW YORK
RECOVERY OPERATING PARTNERSHIP, L.P.

     

    Date as
of                 
 , 2010
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                Page

                              
	 	 
	
                                ARTICLE 1
      DEFINED TERMS

                              	
                                1

                              
	 
      	 
      
	
                                ARTICLE 2
      ORGANIZATIONAL MATTERS

                              	
                                14

                              
	
                                2.1

                              	
                                Formation

                              	
                                14

                              
	
                                2.2

                              	
                                Name

                              	
                                14

                              
	
                                2.3

                              	
                                Registered
      Office and Agent; Principal Office

                              	
                                14

                              
	
                                2.4

                              	
                                Power
      of Attorney

                              	
                                14

                              
	
                                2.5

                              	
                                Term

                              	
                                16

                              
	 
      	 
      	 
      
	
                                ARTICLE
      3 PURPOSE

                              	
                                16

                              
	
                                3.1

                              	
                                Purpose
      and Business

                              	
                                16

                              
	
                                3.2

                              	
                                Powers

                              	
                                17

                              
	 
      	 
      
	
                                ARTICLE 4
      CAPITAL CONTRIBUTIONS

                              	
                                17

                              
	
                                4.1

                              	
                                Capital
      Contributions of the Partners

                              	
                                17

                              
	
                                4.2

                              	
                                Additional
      Funds; Restrictions on the General Partner

                              	
                                18

                              
	
                                4.3

                              	
                                Issuance
      of Additional Partnership Interests; Admission of Additional Limited
      Partners

                              	
                                20

                              
	
                                4.4

                              	
                                Contribution
      of Proceeds of Issuance of Common Stock

                              	
                                20

                              
	
                                4.5

                              	
                                Repurchase
      of Common Stock; Shares-In-Trust

                              	
                                21

                              
	
                                4.6

                              	
                                No
      Third-Party Beneficiary

                              	
                                21

                              
	
                                4.7

                              	
                                No
      Interest; No Return

                              	
                                22

                              
	
                                4.8

                              	
                                No
      Preemptive Rights.

                              	
                                22

                              
	 
      	 
      
	
                                ARTICLE 5
      DISTRIBUTIONS

                              	
                                22

                              
	
                                5.1

                              	
                                Distributions

                              	
                                22

                              
	
                                5.2

                              	
                                Qualification
      as a REIT

                              	
                                23

                              
	
                                5.3

                              	
                                Withholding

                              	
                                23

                              
	
                                5.4

                              	
                                Additional
      Partnership Interests

                              	
                                23

                              
	 
      	 
      
	
                                ARTICLE 6
      ALLOCATIONS

                              	
                                23

                              
	
                                6.1

                              	
                                Allocations

                              	
                                23

                              
	
                                6.2

                              	
                                Revisions
      to Allocations to Reflect Issuance of Partnership
Interests

                              	
                                24

                              
	 
      	 
      
	
                                ARTICLE 7
      MANAGEMENT AND OPERATIONS OF BUSINESS

                              	
                                24

                              
	
                                7.1

                              	
                                Management

                              	
                                24

                              
	
                                7.2

                              	
                                Certificate
      of Limited Partnership

                              	
                                28

                              
	
                                7.3

                              	
                                Reimbursement
      of the General Partner

                              	
                                29

                              
	
                                7.4

                              	
                                Outside
      Activities of the General Partner

                              	
                                30

                              
	
                                7.5

                              	
                                Contracts
      with Affiliates

                              	
                                30

                              
	
                                7.6

                              	
                                Indemnification

                              	
                                31

                              
	
                                7.7

                              	
                                Liability
      of the General Partner

                              	
                                33

                              
	
                                7.8

                              	
                                Other
      Matters Concerning the General Partner

                              	
                                34

                              
	
                                7.9

                              	
                                Title
      to Partnership Assets

                              	
                                35

                              

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    7.10

                  	
                    Reliance
      by Third Parties

                  	
                    35

                  
	
                    7.11

                  	
                    Loans
      By Third Parties

                  	
                    36

                  
	 
      	 
      
	
                    ARTICLE 8
      RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

                  	
                    36

                  
	
                    8.1

                  	
                    Limitation
      of Liability

                  	
                    36

                  
	
                    8.2

                  	
                    Management
      of Business

                  	
                    36

                  
	
                    8.3

                  	
                    Outside
      Activities of Limited Partners

                  	
                    37

                  
	
                    8.4

                  	
                    Return
      of Capital

                  	
                    37

                  
	
                    8.5

                  	
                    Rights
      of Limited Partners Relating to the Partnership

                  	
                    37

                  
	
                    8.6

                  	
                    Exchange
      Rights Agreements

                  	
                    38

                  
	 
      	 
      
	
                    ARTICLE 9
      BOOKS, RECORDS, ACCOUNTING AND REPORTS

                  	
                    38

                  
	
                    9.1

                  	
                    Records
      and Accounting

                  	
                    38

                  
	
                    9.2

                  	
                    Fiscal
      Year

                  	
                    39

                  
	
                    9.3

                  	
                    Reports

                  	
                    39

                  
	 
      	 
      
	
                    ARTICLE 10
      TAX MATTERS

                  	
                    39

                  
	
                    10.1

                  	
                    Preparation
      of Tax Returns

                  	
                    39

                  
	
                    10.2

                  	
                    Tax
      Elections

                  	
                    40

                  
	
                    10.3

                  	
                    Tax
      Matters Partner

                  	
                    40

                  
	
                    10.4

                  	
                    Organizational
      Expenses

                  	
                    42

                  
	
                    10.5

                  	
                    Withholding

                  	
                    42

                  
	 
      	 
      
	
                    ARTICLE 11
      TRANSFERS AND WITHDRAWALS

                  	
                    43

                  
	
                    11.1

                  	
                    Transfer

                  	
                    43

                  
	
                    11.2

                  	
                    Transfer
      of the General Partner’s General Partner Interest

                  	
                    43

                  
	
                    11.3

                  	
                    Limited
      Partners’ Rights to Transfer

                  	
                    45

                  
	
                    11.4

                  	
                    Substituted
      Limited Partners

                  	
                    47

                  
	
                    11.5

                  	
                    Assignees

                  	
                    47

                  
	
                    11.6

                  	
                    General
      Provisions

                  	
                    48

                  
	 
      	 
      
	
                    ARTICLE 12
      ADMISSION OF PARTNERS

                  	
                    50

                  
	
                    12.1

                  	
                    Admission
      of Successor General Partner

                  	
                    50

                  
	
                    12.2

                  	
                    Admission
      of Additional Limited Partners

                  	
                    51

                  
	
                    12.3

                  	
                    Amendment
      of Agreement and Certificate of Limited Partnership

                  	
                    52

                  
	 
      	 
      
	
                    ARTICLE 13
      DISSOLUTION, LIQUIDATION AND TERMINATION

                  	
                    52

                  
	
                    13.1

                  	
                    Dissolution

                  	
                    52

                  
	
                    13.2

                  	
                    Winding
      Up

                  	
                    53

                  
	
                    13.3

                  	
                    No
      Obligation to Contribute Deficit

                  	
                    54

                  
	
                    13.4

                  	
                    Rights
      of Limited Partners

                  	
                    55

                  
	
                    13.5

                  	
                    Notice
      of Dissolution

                  	
                    55

                  
	
                    13.6

                  	
                    Termination
      of Partnership and Cancellation of Certificate of Limited
      Partnership

                  	
                    55

                  
	
                    13.7

                  	
                    Reasonable
      Time for Winding-Up

                  	
                    55

                  
	
                    13.8

                  	
                    Waiver
      of Partition

                  	
                    55

                  

          

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  	
                          ARTICLE 14
      AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS

                        	
                          55

                        
	
                          14.1

                        	
                          Amendments

                        	
                          55

                        
	
                          14.2

                        	
                          Meetings
      of the Partners

                        	
                          56

                        
	 
      	 
      
	
                          ARTICLE 15
      GENERAL PROVISIONS

                        	
                          58

                        
	
                          15.1

                        	
                          Addresses
      and Notice

                        	
                          58

                        
	
                          15.2

                        	
                          Titles
      and Captions

                        	
                          58

                        
	
                          15.3

                        	
                          Pronouns
      and Plurals

                        	
                          58

                        
	
                          15.4

                        	
                          Further
      Action

                        	
                          58

                        
	
                          15.5

                        	
                          Binding
      Effect

                        	
                          58

                        
	
                          15.6

                        	
                          Creditors

                        	
                          58

                        
	
                          15.7

                        	
                          Waiver

                        	
                          58

                        
	
                          15.8

                        	
                          Counterparts

                        	
                          59

                        
	
                          15.9

                        	
                          Applicable
      Law

                        	
                          59

                        
	
                          15.10

                        	
                          Invalidity
      of Provisions

                        	
                          59

                        
	
                          15.11

                        	
                          Entire
      Agreement

                        	
                          59

                        
	
                          15.12

                        	
                          Merger

                        	
                          59

                        
	
                          15.13

                        	
                          No
      Rights as Stockholders

                        	
                          59

                        

                

              

            

          

        

      

    

     

    EXHIBITS

     

    
      
        
          
            	
                    Exhibit
      A

                  	
                    –

                  	
                    Partners’
      Contributions and Partnership Interests

                  
	
                    Exhibit
      B

                  	
                    –

                  	
                    Allocations

                  
	
                    Exhibit
      C

                  	
                    –

                  	
                    
                      Certificate
      of Limited
Partnership

                    

                  

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    FORM
OF

    SECOND
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

    OF

    NEW YORK
RECOVERY OPERATING PARTNERSHIP, L.P.

     

    THIS
SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NEW YORK
RECOVERY OPERATING PARTNERSHIP, L.P. (this “Agreement”) dated as
of          , 2010,
is entered into among AMERICAN REALTY CAPITAL NEW YORK RECOVERY REIT, INC.,
a Maryland corporation, as general partner (the “General Partner”),
and NEW YORK RECOVERY ADVISORS, LLC, a Delaware limited liability company, as
Limited Partner (the “Initial Limited
Partner”), and the Limited Partners party hereto from time to
time.

     

    WHEREAS,
the General Partner formed New York Recovery Operating Partnership, L.P. (the
“Partnership”)
as a limited partnership on November 4, 2009 pursuant to the Revised Uniform
Limited Partnership Act of the State of Delaware and filed a certificate of
limited partnership with the Secretary of State of the State of
Delaware;

     

    WHEREAS, the parties entered into the Agreement of Limited
Partnership on February 10, 2010 (the "Original Agreement") and
amended and restated the Original Agreement on April 8, 2010 (the “Amended
and Restated Agreement”).

     

    WHEREAS, the parties have agreed to make certain amendments and
desire to amend and restate the Amended and Restated Agreement. 

     

    NOW
THEREFORE, in consideration of the mutual covenants herein contained, and other
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties do hereby agree that the Amended and
Restated Agreement hereby is amended and restated in its entirety to read
as follows:

     

    ARTICLE
1

    DEFINED
TERMS

     

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

     

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

     

    “Additional
Limited Partner” means a Person that has executed and delivered an
additional limited partner signature page in the form attached hereto, has been
admitted to the Partnership as a Limited Partner pursuant to Section 4.3 hereof
and that is shown as such on the books and records of the
Partnership.

     

    “Adjusted
Capital Account Deficit” means with respect to any Partner, the negative
balance, if any, in such Partner’s Capital Account as of the end of any relevant
fiscal year, determined after giving effect to the following
adjustments:

     

    (a)           credit
to such Capital Account any portion of such negative balance which such Partner
(i) is treated as obligated to restore to the Partnership pursuant to the
provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed
to be obligated to restore to the Partnership pursuant to the penultimate
sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations;
and

     

    (b)           debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6) of the Regulations.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Advisory
Agreement” means the Amended and Restated Advisory Agreement among the
Partnership and the General Partner, as advisees, and the Initial Limited
Partner, as advisor.

     

    “Affiliate”
means,

     

    (a)           with
respect to any individual Person, any member of the Immediate Family of such
Person or a trust established for the benefit of such member, or

     

    (b)           with
respect to any Entity, any Person which, directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control
with, any such Entity. For purposes of this definition, “control,” when used
with respect to a 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.

     

    “Agreement”
means this Second Amended and Restated Agreement of Limited Partnership, as
originally executed and as amended, modified, supplemented or restated from time
to time, as the context requires.

     

    “Articles
of Incorporation” means the General Partner’s Articles of Incorporation,
filed with the Maryland State Department of Assessments and Taxation, or other
organizational document governing the General Partner, as amended, modified,
supplemented or restated from time to time.

     

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

     

    “Available
Cash” means, with respect to the applicable period of measurement (i.e.,
any period beginning on the first day of the fiscal year, quarter or other
period commencing immediately after the last day of the fiscal year, quarter or
other applicable period for purposes of the prior calculation of Available Cash
for or with respect to which a distribution has been made, and ending on the
last day of the fiscal year, quarter or other applicable period immediately
preceding the date of the calculation), the excess, if any, as of such date,
of

     

    (a)           the
gross cash receipts of the Partnership for such period from all sources
whatsoever, including, without limitation, the following:

     

    (i)           all
rents, revenues, income and proceeds derived by the Partnership from its
operations, including, without limitation, distributions received by the
Partnership from any Entity in which the Partnership has an
interest;

     

    (ii)           all
proceeds and revenues received by the Partnership on account of any sales of any
Partnership property or as a refinancing of or payment of principal, interest,
costs, fees, penalties or otherwise on account of any borrowings or loans made
by the Partnership or financings or refinancings of any property of the
Partnership;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (iii)           the
amount of any insurance proceeds and condemnation awards received by the
Partnership;

     

    (iv)           all
capital contributions and loans received by the Partnership from its
Partners;

     

    (v)           
all cash amounts previously reserved by the Partnership, to the extent such
amounts are no longer needed for the specific purposes for which such amounts
were reserved; and

     

    (vi)           the
proceeds of liquidation of the Partnership’s property in accordance with this
Agreement;

     

    over

     

    (b)           the
sum of the following:

     

    (i)           
all operating costs and expenses, including taxes and other expenses of the
properties directly and indirectly held by the Partnership and capital
expenditures made during such period (without deduction, however, for any
capital expenditures, charges for Depreciation or other expenses not paid in
cash or expenditures from reserves described in (viii) below);

     

    (ii)           all
costs and expenses expended or paid during such period in connection with the
sale or other disposition, or financing or refinancing, of the property directly
or indirectly held by the Partnership or the recovery of insurance or
condemnation proceeds;

     

    (iii)          all
fees provided for under this Agreement;

     

    (iv)          all
debt service, including principal and interest, paid during such period on all
indebtedness (including under any line of credit) of the
Partnership;

     

    (v)           all
capital contributions, advances, reimbursements, loans or similar payments made
to any Person in which the Partnership has an interest;

     

    (vi)          all
loans made by the Partnership in accordance with the terms of this
Agreement;

     

    (vii)         all
reimbursements to the General Partner or its Affiliates during such period;
and

     

    (viii)        the
amount of any new reserve or increase in reserves established during such period
which the General Partner determines is necessary or appropriate in its sole and
absolute discretion.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    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.

     

    “Business
Combination” has the meaning set forth in Section
7.1(a)(iii)(C).

     

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

     

    “Capital
Account” means 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 credited

     

    (i)           such
Partner’s Capital Contributions;

     

    (ii)          such
Partner’s distributive share of Net Income and any items in the nature of income
or gain which are specially allocated to such Partner pursuant to Paragraphs 1
and 2 of Exhibit B and

     

    (iii)         the
amount of any Partnership liabilities assumed by such Partner or which are
secured by any asset distributed to such Partner;

     

    (b)          to
each Partner’s Capital Account there shall be debited

     

    (i)           the
amount of cash and the Gross Asset Value of any property distributed to such
Partner pursuant to any provision of this Agreement,

     

    (ii)          such
Partner’s distributive share of Net Losses and any items in the nature of
expenses or losses which are specially allocated to such Partner pursuant to
Paragraphs 1 and 2 of Exhibit B and

     

    (iii)         the
amount of any liabilities of such Partner assumed by the Partnership or which
are secured by any asset contributed by such Partner to the Partnership;
and

     

    (c)           if all
or a portion of a Partnership Interest is transferred in accordance with the
terms of this Agreement, the transferee shall succeed to the Capital Account of
the transferor to the extent it relates to the transferred Partnership
Interest.

     

    The
foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b)
and 1.704-2 of the Regulations, and shall be interpreted and applied in a manner
consistent with such Regulations. If the General Partner shall reasonably
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
assets or which are assumed by the Partnership, the General Partner or any
Limited Partner) are computed in order to comply with such Regulations, the
General Partner may make such modification; provided that it would not cause the
amounts distributable to any Partner pursuant to Article 13 hereof upon the
dissolution of the Partnership to vary from the amount contemplated as set forth
in Section 2(g) of Exhibit B.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    “Capital
Contribution” means, with respect to any Partner, any cash, cash
equivalents or the Gross Asset Value of property which such Partner contributes
or is deemed to contribute to the Partnership pursuant to Article 4
hereof.

     

    “Capital
Proceeds” means Available Cash attributable to any Capital
Transaction.

     

    “Capital
Transaction” means any sale, or other disposition (other than a deemed
disposition pursuant to Section 708(b)(1)(B) and the regulations thereunder) of
all or substantially all of the assets and properties 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 and properties of the
Partnership.

     

    “Cash
Amount” means an amount of cash per Partnership Unit equal to the value
of one share of Common Stock as determined under the applicable Exchange
Rights Agreement on the Valuation Date of the Common Stock
Amount.

     

    “Cash
Available for Distribution” means the Available Cash other than Available
Cash attributable to a Capital Transaction.

     

    “Certificate”
means the Certificate of Limited Partnership relating to the Partnership to be
filed in the form of Exhibit C hereto as soon as practicable after the date
hereof in the office of the Delaware Secretary of State, as amended from time to
time in accordance with the terms hereof and the Act.

     

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

     

    “Common
Stock” means a share of the common stock of the General Partner, $.01 par
value. Common Stock may be issued in one or more classes or series in accordance
with the terms of the Articles of Incorporation. If there is more than one class
or series of Common Stock, the term “Common Stock” shall, as the context
requires, be deemed to refer to the class or series of Common Stock that
correspond to the class or series of Partnership Interests for which the
reference to Common Stock is made.

     

    “Common
Stock Amount” means that number of shares of Common Stock equal to the
product
of the number of Partnership Units offered for exchange by an exchanging
Partner, multiplied by the Exchange Factor as of the Valuation Date,
provided, that if the General Partner or the Operating Partnership issues
to all holders of Common Stock rights, options, warrants or convertible or
exchangeable securities entitling the stockholders to subscribe for or
purchase Common Stock, or any other securities or property (collectively,
the “rights”), then the Common Stock Amount shall also include such rights that
a holder of that number of shares of Common Stock would be entitled to
receive.

     

    “Consent”
means the consent or approval of a proposed action by a Partner given in
accordance with Section 14.2 hereof.

     

    “Consent
of the Limited Partners” means the Consent of Limited Partners (excluding
for this purpose any Partnership Interests held by the General Partner, any
other Person of which they own or control more than fifty percent (50%) of the
voting interests and any Person directly or indirectly owning or controlling
more than fifty percent (50%) of the outstanding voting interests of the General
Partner) holding Percentage Interests that are greater than fifty percent (50%)
of the aggregate Percentage Interest of all Limited Partners who are not
excluded for the purposes hereof.

     

    “Contributed
Property” means each property, partnership interest, contract right or
other asset, in such form as may be permitted by the Act, contributed or deemed
contributed to the Partnership by any Partner, including any interest in any
successor partnership occurring as a result of a termination of the Partnership
pursuant to Section 708 of Code.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Cumulative
Non-Compound Return” means the percentage resulting from
dividing:  (i) the total amount of dividends and distributions
paid by the General Partner to the Stockholders or the total amount of
distributions made by the Partnership to the Limited Partners, in each case
reduced by distributions from the sale or refinancing of properties, from the
Effective Date until the Distribution Date, by (ii) the product
of (a) the weighted average Net Investment for such period (calculated on a
daily basis), and (b) the number of years (including the fractions thereof)
elapsed from the Effective Date until the Distribution Date (based on a year of
365 days).

     

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

     

    “Depreciation”
means, with respect to any asset of the Partnership for any fiscal year or other
period, the depreciation, depletion, amortization or other cost recovery
deduction, as the case may be, allowed or allowable for federal income tax
purposes in respect of such asset for such fiscal year or other period;
provided, however, that except as otherwise provided in Section 1.704-2 of the
Regulations, if there is a difference between the Gross Asset Value (including
the Gross Asset Value, as increased pursuant to paragraph (d) of the definition
of Gross Asset Value) and the adjusted tax basis of such asset at the beginning
of such fiscal year or other period, Depreciation for such asset shall be an
amount that bears the same ratio to the beginning Gross Asset Value of such
asset as the federal income tax depreciation, depletion, amortization or other
cost recovery deduction for such fiscal year or other period bears to the
beginning adjusted tax basis of such asset; provided, further, that if the
federal income tax depreciation, depletion, amortization or other cost recovery
deduction for such asset for such fiscal year or other period is zero,
Depreciation of such asset shall be determined with reference to the beginning
Gross Asset Value of such asset using any reasonable method selected by the
General Partner.

     

    “Distribution
Date” has the meaning set forth in Section 5.1(a).

     

    “Effective
Date” means the date of first closing of the offering pursuant to the
Registration Statement on Form S-11.

     

    “Entity”
means any general partnership, limited partnership, corporation, joint venture,
trust, business trust, real estate investment trust, limited liability company,
limited liability partnership, cooperative or association.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time (or any corresponding provisions of succeeding laws).

     

    “Exchange
Factor” means 1.0, provided, that if the General Partner (i) declares or
pays a dividend on its outstanding Common Stock in Common Stock or makes a
distribution to all holders of its outstanding Common Stock in Common
Stock; (ii) subdivides its outstanding Common Stock; or (iii) combines its
outstanding Common Stock into a smaller number of shares of Common Stock,
the Exchange Factor shall be adjusted by multiplying the Exchange Factor
by a fraction, the numerator of which shall be the number of shares of
Common Stock issued and outstanding on the record date for such dividend,
contribution, subdivision or combination (assuming for such purpose that
such dividend, distribution, subdivision or combination has occurred as of
such time), and the denominator of which shall be the actual number of shares
of Common Stock (determined without the above assumption) issued and
outstanding on the record date for such dividend, distribution, subdivision
or combination. Any adjustment to the Exchange Factor shall become
effective immediately after the effective date of such event retroactive to
the record date, if any, for such event.

     

    “Exchange
Right” means the exchange right of a Limited Partner described
in Section 8.6 and to be set forth in one or more Exchange Rights
Agreements.

     

    “Exchange
Rights Agreements” has the meaning set forth in Section 8.6.

     

    “First
Level Return” means a Cumulative Non-Compounded Return of 6% per year on
the Net Investment of the Limited Partners and the Stockholders.

     

    “General
Partner” means American Realty Capital New York Recovery REIT, Inc., a
Maryland corporation, and any successor as general partner of the
Partnership.

     

    “General
Partner Interest” means a Partnership Interest held by the General
Partner, in its capacity as general partner. A General Partner Interest may be
expressed as a number of Partnership Units.

     

    “Gross
Asset Value” means, with respect to any asset of the Partnership, such
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, without
reduction for liabilities, as determined by the contributing Partner and the
Partnership on the date of contribution thereof;

     

    (b)           if
the General Partner determines that an adjustment is necessary or appropriate to
reflect the relative economic interests of the Partners, the Gross Asset Values
of all Partnership assets shall be adjusted in accordance with Sections
1.704-1(b)(2)(iv)(f) and (g) of the Regulations to equal their respective gross
fair market values, without reduction for liabilities, as reasonably determined
by the General Partner, as of the following times:

     

    (i)           a
Capital Contribution (other than a de minimis Capital
Contribution) to the Partnership by a new or existing Partner as consideration
for a Partnership Interest; or

     

    (ii)          the
distribution by the Partnership to a Partner of more than a de minimis amount of
Partnership assets as consideration for the repurchase of a Partnership
Interest; or

     

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

     

    (c)           the
Gross Asset Values of Partnership assets distributed to any Partner shall be the
gross fair market values of such assets (taking Section 7701(g) of the Code into
account) without reduction for liabilities, as determined by the General Partner
as of the date of distribution; and

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (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
Sections 734(b) or 743(b) of the Code, but only to the extent that such
adjustments are taken into account in determining Capital Accounts pursuant to
Section 1.704-1(b)(2)(iv)(m) of the Regulations (as set forth in Exhibit B);
provided, however, that Gross Asset Values shall not be adjusted pursuant to
this paragraph (d) to the extent that the General Partner determines that an
adjustment pursuant to paragraph (b) above is necessary or appropriate in
connection with a transaction that would otherwise result in an adjustment
pursuant to this paragraph (d).

     

    At all
times, Gross Asset Values shall be adjusted by any Depreciation taken into
account with respect to the Partnership’s assets for purposes of computing Net
Income and Net Loss.

     

    “Incapacity”
or “Incapacitated”
means,

     

    (a)          as
to any individual who is a Partner, death, total physical disability or entry by
a court of competent jurisdiction adjudicating him incompetent to manage his
person or his estate;

     

    (b)          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;

     

    (c)          as
to any partnership which is a Partner, the dissolution and commencement of
winding up of the partnership;

     

    (d)          as
to any limited liability company which is a Partner, the dissolution and
commencement of winding up of the limited liability company;

     

    (e)          as
to any estate which is a Partner, the distribution by the fiduciary of the
estate’s entire interest in the Partnership;

     

    (f)          
as to any trustee of a trust which is a Partner, the termination of the trust
(but not the substitution of a new trustee); or

     

    (g)          as
to any Partner, the bankruptcy of such Partner, which shall be deemed to have
occurred when

     

    (i)           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;

     

    (ii)          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;

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (iii)         the
Partner executes and delivers a general assignment for the benefit of the
Partner’s creditors;

     

    (iv)         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 (ii) above;

     

    (v)          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;

     

    (vi)         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 one hundred twenty (120) days
after the commencement thereof;

     

    (vii)        the
appointment without the Partner’s consent or acquiescence of a trustee, receiver
or liquidator has not been vacated or stayed within ninety (90) days of such
appointment; or

     

    (viii)       an
appointment referred to in clause (vii) which has been stayed is not vacated
within ninety (90) days after the expiration of any such stay.

     

    “Indemnitee”
means

     

    (a)          any
Person made a party to a proceeding by reason of its status as

     

    (i)           the
General Partner,

     

    (ii)          a
Limited Partner,

     

    (iii)         an
investment advisor to the General Partner,

     

    (iv)        
a trustee, director or officer of the Partnership, the General Partner, or the
investment advisor to the General Partner, or

     

    (v)          a
director, trustee, member or officer of any other Entity, each Person serving in
such capacity at the request of the Partnership or the General Partner,
or

     

    (vi)         his
or its liabilities, pursuant to a loan guarantee 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 assets subject to); and

     

    (b)          such
other Persons (including Affiliates of the General Partner, a Limited Partner or
the Partnership) as the General Partner may designate from time to time (whether
before or after the event giving rise to potential liability), in its sole and
absolute discretion.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    “Initial
Limited Partner” means the New York Recovery Advisors, LLC.

     

    “IRS”
shall mean the Internal Revenue Service of the United States.

     

    “Lien”
means any lien, security interest, mortgage, deed of trust, charge, claim,
encumbrance, pledge, option, right of first offer or first refusal and any other
right or interest of others of any kind or nature, actual or contingent, or
other similar encumbrance of any nature whatsoever.

     

    “Limited
Partner” means, prior to the admission of the first Additional Limited
Partner to the Partnership, the Initial Limited Partner, and thereafter any
Person named as a Limited Partner in Exhibit A, as such Exhibit may be amended
from time to time, upon the execution and delivery by such Person of an
additional limited partner signature page, or any Substituted Limited Partner or
Additional Limited Partner, in such Person’s capacity as a Limited Partner of
the Partnership.

     

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

     

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

     

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

     

    “Net
Income” or “Net
Loss” means, for each fiscal year or other applicable period, an amount
equal to the Partnership’s taxable income or loss for such year or period as
determined for federal income tax purposes by the General Partner, determined in
accordance with Section 703(a) of the Code (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to
Section 703(a) of the Code shall be included in taxable income or loss),
adjusted as follows:

     

    (a)          by
including as an item of gross income any tax-exempt income received by the
Partnership and not otherwise taken into account in computing Net Income or Net
Loss;

     

    (b)          by
treating as a deductible expense any expenditure of the Partnership described in
Section 705(a)(2)(B) of the Code (or which is treated as a Section 705(a)(2)(B)
expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not
otherwise taken into account in computing Net Income or Net Loss, including
amounts paid or incurred to organize the Partnership (unless an election is made
pursuant to Section 709(b) of the Code) or to promote the sale of interests in
the Partnership and by treating deductions for any losses incurred in connection
with the sale or exchange of Partnership property disallowed pursuant to Section
267(a)(1) or 707(b) of the Code as expenditures described in Section
705(a)(2)(B) of the Code;

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (c)          by
taking into account Depreciation in lieu of depreciation, depletion,
amortization and other cost recovery deductions taken into account in computing
taxable income or loss;

     

    (d)          by
computing gain or loss resulting from any disposition of Partnership property
with respect to which gain or loss is recognized for federal income tax purposes
by reference to the Gross Asset Value of such property rather than its adjusted
tax basis;

     

    (e)          if an
adjustment of the Gross Asset Value of any Partnership asset which requires that
the Capital Accounts of the Partnership be adjusted pursuant to Sections
1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the
amount of such adjustment as if such adjustment represented additional Net
Income or Net Loss pursuant to Exhibit B; and

     

    (f)          by
not taking into account in computing Net Income or Net Loss items separately
allocated to the Partners pursuant to Paragraphs 1 and 2 of Exhibit
B.

     

    “Net
Investment” means (i) as it relates to the Stockholders, the original
issue price paid by such stockholders for the purchase of Common Stock; and (ii)
as it relates to the Limited Partners the total amount of Capital Contributions;
in each case reduced by distributions from the sale or refinancing of
properties.

     

    “Nonrecourse
Deductions” has the meaning set forth in Sections 1.704-2(b)(1) and
1.704-2(c) of the Regulations.

     

    “Nonrecourse
Liabilities” has the meaning set forth in Section 1.704-2(b)(3) of the
Regulations.

     

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

     

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

     

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

     

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

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    “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 representing a
Capital Contribution by either 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. A
Partnership Interest may be expressed as a number of Partnership
Units.

     

    “Partnership
Minimum Gain” has the meaning set forth in Regulations Section
1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net
increase or decrease in a Partnership Minimum Gain, for a Partnership taxable
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
a distribution pursuant to Section 5.1(a) hereof, 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” means a fractional, undivided share of the Partnership Interests of
all Partners issued pursuant to Sections 4.1, 4.2 and 4.3 and includes any
classes or series of Partnership Units established after the date hereof. The
number of Partnership Units outstanding and the Percentage Interests in the
Partnership represented by such Partnership Units are set forth in Exhibit A, as
such Exhibit may be amended from time to time. The ownership of Partnership
Units shall be evidenced by such form of certificate for Partnership Units as
the General Partner adopts from time to time unless the General Partner
determines that the Partnership Units shall be uncertificated
securities.

     

    “Partnership
Year” means the fiscal year of the Partnership, as set forth in Section
9.2 hereof.

     

    “Percentage
Interest” means, as to a Partner, the fractional part of the Partnership
Interests owned by such Partner and expressed as a percentage as specified in
Exhibit A, as such Exhibit may be amended from time to time.

     

    “Permitted
Partners” has the meaning set forth in subparagraph 1(b) of Exhibit
B.

     

    “Permitted
Transferee” means any person to whom Partnership Units are Transferred in
accordance with Section 11.3 of this Agreement.

     

    “Person”
means an individual or Entity.

     

    “Precontribution
Gain” has the meaning set forth in subparagraph 3(c) of Exhibit
B.

     

    “Quarter”
means each of the three-month periods ending on March 31, June 30, September 30
and December 31.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    “Registration
Statement” means the Registration Statement on Form S-11 to be filed by
the General Partner with the Securities and Exchange Commission, and any
amendments at any time made thereto.

     

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

     

    “REIT”
means a real estate investment trust as defined in Section 856 of the
Code.

     

    “REIT
Requirements” has the meaning set forth in Section 5.2.

     

    “Restricted
Partner” has the meaning set forth in Section 1(b) of Exhibit
B.

     

    “Special
Limited Partner” means New York Recovery Special Limited Partnership,
LLC, a Delaware limited liability company, as the holder of the 15% interest in
distributions described in Section 5.1(b)(ii)(A).

     

    “Stockholder”
means a holder of Common Stock.

     

    “Subsidiary”
means, with respect to any Person, any corporation, partnership, limited
liability company or other entity of which a majority of

     

    (a)           the
voting power of the voting equity securities; and/or

     

    (b)           the
outstanding equity interests (whether or not voting), is owned, directly or
indirectly, by such Person.

     

    “Substituted
Limited Partner” means a Person who is admitted as a Limited Partner to
the Partnership pursuant to Section 11.4 hereof.

     

    “Tax
Items” has the meaning set forth in Exhibit B.

     

    “Transfer”
as a noun, means any sale, assignment, conveyance, pledge, hypothecation, gift,
encumbrance or other transfer, and as a verb, means to sell, assign, convey,
pledge, hypothecate, give, encumber or otherwise transfer.

     

    “Valuation
Date” means the date of receipt by the Partnership and the General
Partner of notice from an exchanging Partner that such Partner is
exercising its Exchange Rights or, if such date is not a Business Day, the
first Business Day thereafter.

     

    Certain
additional terms and phrases have the meanings set forth in Exhibit
B.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    ARTICLE
2

    ORGANIZATIONAL
MATTERS

     

    
      	
              2.1

            	
              Formation

            

    

     

    The
General Partner has formed the Partnership by filing the Certificate on
November 4, 2009 in the office of the Delaware Secretary of
State.  The Partnership is a limited partnership organized pursuant to
the provision of the Act and upon the terms and conditions set forth in this
Agreement.  Except as expressly provided herein to the contrary, the
rights and obligations of the Partners and the administration and termination of
the Partnership shall be governed by the Act. The Partnership Interest of each
Partner shall be personal property for all purposes.

     

    
      	
              2.2

            	
              Name

            

    

     

    The name
of the Partnership is New York Recovery Operating Partnership,
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,” “LP,”
“Ltd.” or similar words or letters shall be included in the Partnership’s name
where necessary for the purposes of complying with the laws of any jurisdiction
that so requires. The General Partner in its sole and absolute discretion may
change the name of the Partnership and shall notify the Limited Partners of such
change in the next regular communication to the Limited Partners.

     

    
      	
              2.3

            	
              Registered Office and
      Agent; Principal Office

            

    

     

    The
address of the registered office of the Partnership in the State of Delaware and
the name and address of the registered agent for service of process on the
Partnership in the State of Delaware is the Corporation Service Company, 2711
Centerville Road Suite 400, Wilmington, Delaware 19808. The principal office of
the Partnership shall be 405 Park Avenue, New York, New York 10022, or such
other place as the General Partner may from time to time designate by notice to
the Limited Partners. The Partnership may maintain offices at such other place
or places within or outside the State of Delaware as the General Partner deems
advisable.

     

    
      	
              2.4

            	
              Power of
      Attorney

            

    

     

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

     

    (i) 
          execute, swear to,
acknowledge, deliver, file and record in the appropriate public
offices

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    (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 Delaware and in all other jurisdictions in which the
Partnership may or plans to conduct business or own property, including, without
limitation, any documents necessary or advisable to convey any Contributed
Property to the Partnership;

     

    (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, Article 11, 12 or 13
hereof or the Capital Contribution of any Partner;

     

    (E)           all
certificates, documents and other instruments relating to the determination of
the rights, preferences and privileges of Partnership Interest; and

     

    (F)           amendments
to this Agreement as provided in Article 14 hereof; and

     

    (ii)           execute,
swear to, seal, 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 hereof
or as may be otherwise expressly provided for in this Agreement.

     

    (b)           (i)       
    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
Partnership Units and shall extend to such Limited Partner’s or Assignee’s
heirs, successors, assigns and personal representatives.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    (ii)         
  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.

     

    (iii)           Each
Limited Partner or Assignee shall execute and deliver to the General Partner or
the Liquidator, within fifteen (15) days after receipt of the General Partner’s
or Liquidator’s request therefore, 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.

     

    
      	
              2.5

            	
              Term

            

    

     

    The term
of the Partnership shall commence on the date hereof and shall continue until
December 31, 2099, unless the Partnership is dissolved sooner pursuant to the
provisions of Article 13 or as otherwise provided by law.

     

    ARTICLE
3

    PURPOSE

     

    
      	
              3.1

            	
              Purpose and
      Business

            

    

     

    (a)           The
purpose and nature of the business to be conducted by the Partnership is to
conduct any business that may be lawfully conducted by a limited partnership
organized pursuant to the Act including, without limitation, to engage in the
following activities:

     

    (i)         
  to acquire, hold, own, develop, construct, improve, maintain,
operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with the properties described in the prospectus contained in
the Registration Statement;

     

    (ii)           to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease,
transfer, encumber, convey, exchange, and otherwise dispose of or deal with real
and personal property of all kinds;

     

    (iii)          to
enter into any partnership, joint venture, corporation, limited liability
company, trust or other similar arrangement to engage in any of the
foregoing;

     

    (iv)          to
undertake such other activities as may be necessary, advisable, desirable or
convenient to the business of the Partnership; and

     

    (v)           to
engage in such other ancillary activities as shall be necessary or desirable to
effectuate the foregoing purposes;

     

    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, unless
the General Partner determines not to qualify as a REIT or ceases to qualify as
a REIT for any reason not related to the business conducted by the
Partnership.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    (b)           The
Partnership shall have all powers necessary or desirable to accomplish the
purposes enumerated.

     

    
      	
              3.2

            	
              Powers

            

    

     

    (a)           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 to enter into, perform, and carry out contracts of any kind,
to borrow money and to issue evidences of indebtedness, whether or not secured
by mortgage, trust deed, pledge or other Lien, and, directly or indirectly, to
acquire, own, improve, develop and construct real property, and lease, sell,
transfer and dispose of real property; provided, that the Partnership shall not
take, or refrain from taking, any action which, in the judgment of the General
Partner, in its sole and absolute discretion,

     

    (i)        
   could adversely affect the ability of the General Partner to
continue to qualify as a REIT, unless the General Partner otherwise ceases to
qualify as a REIT;

     

    (ii)           could
subject the General Partner to any additional taxes under Section 857 or Section
4981 of the Code; or

     

    (iii)          could
violate any law or regulation of any governmental body or agency having
jurisdiction over the General Partner or its securities, unless such action (or
inaction) shall have been specifically consented to by the General Partner in
writing.

     

    (b)           The
General Partner also is empowered to do any and all acts and things necessary,
appropriate or advisable to ensure that the Partnership will not be classified
as a “publicly traded partnership” for the purposes of Section 7704 of the Code,
including but not limited to imposing restrictions on exchanges of Partnership
Units.

     

    ARTICLE
4

    CAPITAL
CONTRIBUTIONS

     

    
      	
              4.1

            	
              Capital Contributions
      of the Partners

            

    

     

    (a)           The
General Partner and Initial Limited Partner have made the Capital Contributions
as set forth in Exhibit A to this Agreement.

     

    (b)           To
the extent the Partnership acquires any property by the merger of any other
Person into the Partnership or the contribution of assets by any other Person,
Persons who receive Partnership Interests in exchange for their interests in the
Person merging into or contributing assets to the Partnership shall become
Partners and shall be deemed to have made Capital Contributions as provided in
the applicable merger agreement or contribution agreement and as set forth in
Exhibit A, as amended to reflect such deemed Capital
Contributions.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    (c)           Each
Partner shall own Partnership Units in the amounts set forth for such Partner 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, additional Capital Contributions, the issuance of additional
Partnership Units or similar events having an effect on any Partner’s Percentage
Interest.

     

    (d)           The
number of Partnership Units held by the General Partner, in its capacity as
general partner, shall be deemed to be the General Partner
Interest.

     

    (e)           Except
as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to
make any additional Capital Contributions or provide any additional funding to
the Partnership (whether in the form of loans, repayments of loans or otherwise)
and no Partner shall have any obligation to restore any deficit that may exist
in its Capital Account, either upon a liquidation of the Partnership or
otherwise.

     

    
      	
              4.2

            	
              Additional Funds;
      Restrictions on the General
Partner

            

    

     

    (a)           (i)       
    The sums of money required to finance the business and
affairs of the Partnership shall be derived from the initial Capital
Contributions made to the Partnership by the Partners as set forth in Section
4.1 and from funds generated from the operation and business of the Partnership,
including, without limitation, rents and distributions directly or indirectly
received by the Partnership from any Subsidiary.

     

    (ii)    
       If additional financing is needed
from sources other than as set forth in Section 4.2(a)(i) for any reason, the
General Partner may, in its sole and absolute discretion, in such amounts and at
such times as it solely shall determine to be necessary or
appropriate,

     

    (A)        cause
the Partnership to issue additional Partnership Interests and admit additional
Limited Partners to the Partnership in accordance with Section 4.3;

     

    (B)         make
additional Capital Contributions to the Partnership (subject to the provisions
of Section 4.2(b));

     

    (C)         cause
the Partnership to borrow money, enter into loan arrangements, issue debt
securities, obtain letters of credit or otherwise borrow money on a secured or
unsecured basis;

     

    (D)         make
a loan or loans to the Partnership (subject to Section 4.2(b)); or

     

    (E)          sell
any assets or properties directly or indirectly owned by the
Partnership.

    
      
         

      

      
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    (iii)           In
no event shall any Limited Partners be required to make any additional Capital
Contributions or any loan to, or otherwise provide any financial accommodation
for the benefit of, the Partnership.

     

    (b)           The
General Partner shall not issue any debt securities, any preferred stock or any
common stock (including additional Common Stock (other than (i) as payment
of the Common Stock Amount or (ii) in connection with the conversion or
exchange of securities of the General Partner solely in conversion or exchange
for other securities of the General Partner)) or rights, options, warrants or
convertible or exchangeable securities containing the right to subscribe for or
purchase any of the foregoing (collectively, “Securities”), other
than to all holders of Common Stock, unless the General Partner
shall

     

    (i)      
     in the case of debt securities, lend to the
Partnership the proceeds of or consideration received for such Securities on the
same terms and conditions, including interest rate and repayment schedule, as
shall be applicable with respect to or incurred in connection with the issuance
of such Securities and the proceeds of, or consideration received from, any
subsequent exercise, exchange or conversion thereof (if
applicable);

     

    (ii)           in
the case of equity Securities senior or junior to the Common Stock as to
dividends and distributions on liquidation, contribute to the Partnership the
proceeds of or consideration (including any property or other non-cash assets)
received for such Securities and the proceeds of, or consideration received
from, any subsequent exercise, exchange or conversion thereof (if applicable),
and receive from the Partnership, interests in the Partnership in consideration
therefore with the same terms and conditions, including dividend, dividend
priority and liquidation preference, as are applicable to such Securities;
and

     

    (iii)          in
the case of Common Stock or other equity Securities on a parity with
the Common Stock as to dividends and distributions on liquidation,
(including, without limitation, Common Stock or other Securities granted as
a stock award to directors and officers of the General Partner or directors,
officers or employees of its Affiliates in consideration for services or future
services, and Common Stock issued a pursuant to a dividend reinvestment
plan or issued to enable the General Partner make distributions to satisfy the
REIT Requirements), contribute to the Partnership the proceeds of or
consideration (including any property or other non-cash assets, including
services) received for such Securities and the proceeds of, or consideration
received from, any subsequent exercise, exchange or conversion thereof (if
applicable), and receive from the Partnership a number of additional Partnership
Units in consideration therefore equal to the product of

     

    (A)        
the number of shares of Common Stock or other equity Securities issued by
the General Partner, multiplied by

     

    (B)          a
fraction the numerator of which is one and the denominator of which is the
Exchange Factor in effect on the date of such contribution.

    
      
         

      

      
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              4.3

            	
              Issuance of Additional
      Partnership Interests; Admission of Additional Limited
      Partners

            

    

     

    (a)           In
addition to any Partnership Interests issuable by the Partnership pursuant to
Section 4.2, the General Partner is authorized to cause the Partnership to issue
additional Partnership Interests (or options therefore) in the form of
Partnership Units or other Partnership Interests in one or more series or
classes, or in one or more series of any such class senior, on a parity with, or
junior to the Partnership Units to any Persons at any time or from time to time,
on such terms and conditions, as the General Partner shall establish in each
case in its sole and absolute discretion subject to Delaware law, including,
without limitation, (i) the allocations of items of Partnership income, gain,
loss, deduction and credit to each class or series of Partnership Interests,
(ii) the right of each class or series of Partnership Interests to share in
Partnership distributions, and (iii) the rights of each class or series of
Partnership Interest upon dissolution and liquidation of the Partnership; provided, that, no such
Partnership Interests shall be issued to the General Partner unless either (a)
the Partnership Interests are issued in connection with the grant, award, or
issuance of Common Stock or other equity interests in the General Partner
having designations, preferences and other rights such that the economic
interests attributable to such Common Stock or other equity interests are
substantially similar to the designations, preferences and other rights (except
voting rights) of the Partnership Interests issued to the General Partner in
accordance with this Section 4.3(a) 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, without any
approval being required from any Limited Partner or any other Person; and provided, however,
that

     

    (i)      
     such issuance does not cause the Partnership to
become, with respect to any employee benefit plan subject to Title I of ERISA or
Section 4975 of the Code, 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);
and

     

    (ii)           such
issuance would not cause any portion of the assets of the Partnership to
constitute assets of any employee benefit plan pursuant to Section 2510.3-101 of
the regulations of the United States Department of Labor.

     

    (b)           Subject
to the limitations set forth in Section 4.3(a), the General Partner may take
such steps as it, in its sole and absolute discretion, deems necessary or
appropriate to admit any Person as a Limited Partner of the Partnership or to
issue any Partnership Interests, including, without limitation, amending the
Certificate, Exhibit A or any other provision of this Agreement.

     

    
      	
              4.4

            	
              Contribution of
      Proceeds of Issuance of Common
Stock

            

    

     

    In
connection with any offering, grant, award, or issuance of Common Stock or
securities, rights, options, warrants or convertible or exchangeable securities
pursuant to Section 4.2, the General Partner shall make aggregate Capital
Contributions to the Partnership of the proceeds raised in connection with such
offering, grant, award, or issuance, including any property issued to the
General Partner pursuant to a merger or contribution agreement in exchange for
Common Stock; provided, however, that if the proceeds actually received by the
General Partner are less than the gross proceeds of such offering, grant, award,
or issuance as a result of any underwriter’s discount, commission, or fee or
other expenses paid or incurred in connection with such offering, grant, award,
or issuance, then the General Partner shall be deemed to have made a Capital
Contribution to the Partnership in the amount of the gross proceeds of such
issuance and the Partnership shall be deemed simultaneously to have paid
pursuant to Section 7.3(c) for the amount of such underwriter’s discount or
other expenses.

    
      
         

      

      
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              4.5

            	
              Repurchase
      of Common Stock;
Shares-In-Trust

            

    

     

    (a)           If
the General Partner shall elect to purchase from its stockholders Common
Stock for the purpose of delivering such Common Stock to satisfy an
obligation under any distribution reinvestment plan adopted by the General
Partner, any employee stock purchase plan adopted by the General Partner, or any
other obligation or arrangement undertaken by the General Partner in the future,
the purchase price paid by the General Partner for such Common Stock and
any other expenses incurred by the General Partner in connection with such
purchase shall be considered expenses of the Partnership and shall be reimbursed
to the General Partner, subject to the condition that:

     

    (i)     
      if such Common Stock subsequently is to
be sold by the General Partner, the General Partner shall pay to the Partnership
any proceeds received by the General Partner from the sale of such Common
Stock (provided that an exchange of Common Stock for Partnership Units
pursuant to the applicable Exchange Rights Agreement would not be considered a
sale for such purposes); and

     

    (ii)           if
such Common Stock is not re-transferred by the General Partner within 30
days after the purchase thereof, the General Partner shall cause the Partnership
to cancel a number of Partnership Units held by the General Partner (as
applicable) equal to the product of

     

    (x)          the
number of shares of such Common Stock, multiplied by

     

    (y)          a
fraction, the numerator of which is one and the denominator of which is the
Exchange Factor in effect on the date of such cancellation.

     

    (b)           If
the General Partner purchases Shares-in-Trust (as from time to time defined in
the Articles of Incorporation, as may be amended from time to time), the
Partnership will purchase from the General Partner a number of Partnership Units
equal to the product of

     

    (i)       
    the number of Shares-in-Trust purchased by the General
Partner, multiplied by

     

    (ii)           a
fraction, the numerator of which is one and the denominator of which is the
Exchange Factor in effect on the date of such purchase.

     

    
      	
              4.6

            	
              No Third-Party
      Beneficiary

            

    

     

    No
creditor or other third party having dealings with the Partnership shall have
the right to enforce the right or obligations of any Partner to make Capital
Contributions or loans or to pursue any other right or remedy hereunder or at
law or in equity, it being understood and agreed that the provisions of this
Agreement shall be solely for the benefit of, and may be enforced solely by, the
parties hereto and their respective successors and assigns.

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      	
              4.7

            	
              No Interest; No
      Return

            

    

     

    (a)           No
Partner shall be entitled to interest on its Capital Contribution or on such
Partner’s Capital Account.

     

    (b)           Except
as provided herein or by law, no Partner shall have any right to demand or
receive the return of its Capital Contribution from the
Partnership.

     

    
      	
              4.8

            	
              No Preemptive
      Rights.

            

    

     

    Subject
to any preemptive rights that may be granted pursuant to Section 4.3 hereof, no
Person shall have any preemptive or other similar right with respect
to

     

    (a)           additional
Capital Contributions or loans to the Partnership; or

     

    (b)           issuance
or sale of any Partnership Units or other Partnership Interests.

     

    ARTICLE
5

    DISTRIBUTIONS

     

    
      	
              5.1

            	
              Distributions

            

    

     

    (a)           Cash Available for
Distribution.  Subject to the provisions of Sections 5.3, 5.4
and 12.2(c), the General Partner shall cause the Partnership to distribute, at
such times as the General Partner shall determine (each a “Distribution Date”),
an amount of Cash Available for Distribution, determined by the General Partner
in its sole discretion to the Limited Partners and the General Partner, as of
the applicable Partnership Record Date, in accordance with each such Partner’s
respective Percentage Interest.  In no event may any Partner receive a
distribution pursuant to this Section 5.1(a) with respect to a Partnership Unit
if such Partner is entitled to receive a distribution with respect
to Common Stock for which such a Partnership Unit has been
exchanged.

     

    (b)           Capital
Proceeds.  Subject to the provisions of Sections 5.3, 5.4 and
12.2(c), Capital Proceeds shall be distributed as follows:

     

    (i)     
      First, 100% to the General Partner and
Limited Partners in accordance with each such Partner’s respective Percentage
Interest until,
in the aggregate, the Limited Partners receive distributions from the
Partnership and the Stockholders receive dividends from the General Partner in
an amount equal to the sum of (i) the Net Investment and (ii) any cumulative
shortfall in the Limited Partners’ and the Stockholders’ receipt of the First
Level Return pursuant to Section 5.1(a) and this Section 5.1(b);
and

    
      
         

      

      
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    (ii)           Thereafter,
(A) 15% to the Special Limited Partner, and (B) 85% to the General Partner and
Limited Partners in accordance with each such Partner’s respective Percentage
Interest.

     

    
      	
              5.2

            	
              Qualification as a
      REIT

            

    

     

    The
General Partner shall use its best efforts to cause the Partnership to
distribute sufficient amounts under this Article 5 to enable the General Partner
to pay dividends to the Stockholders that will enable the General Partner
to

     

    (a)           satisfy
the requirements for qualification as a REIT under the Code and Regulations
(“REIT
Requirements”), and

     

    (b)           avoid
any federal income or excise tax liability;

     

    provided, however, the General Partner
shall not be bound to comply with this covenant to the extent such distributions
would

     

    (x)           violate
applicable Delaware law or

     

    (y)           contravene
the terms of any notes, mortgages or other types of debt obligations to which
the Partnership may be subject in conjunction with borrowed funds.

     

    
      	
              5.3

            	
              Withholding

            

    

     

    With
respect to any withholding tax or other similar tax liability or obligation to
which the Partnership may be subject as a result of any act or status of any
Partner or to which the Partnership becomes subject with respect to any
Partnership Unit, the Partnership shall have the right to withhold amounts
distributable pursuant to this Article V to such Partner or with respect to such
Partnership Units, to the extent of the amount of such withholding tax or other
similar tax liability or obligation pursuant to the provisions contained in
Section 10.5.

     

    
      	
              5.4

            	
              Additional Partnership
      Interests

            

    

     

    If the
Partnership issues Partnership Interests in accordance with Section 4.2 or 4.3,
the distribution priorities set forth in Section 5.1 shall be amended, as
necessary, to reflect the distribution priority of such Partnership Interests
and corresponding amendments shall be made to the provisions of Exhibit
B.

     

    ARTICLE
6

    ALLOCATIONS

     

    
      	
              6.1

            	
              Allocations

            

    

     

    The Net
Income, Net Loss and other Partnership items shall be allocated pursuant to the
provisions of Exhibit B.

    
      
         

      

      
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              6.2

            	
              Revisions to
      Allocations to Reflect Issuance of Partnership
      Interests

            

    

     

    If the
Partnership issues Partnership Interests to the General Partner or any
additional Limited Partner pursuant to Article IV, the General Partner shall
make such revisions to this Article 6 and Exhibit B as it deems necessary to
reflect the terms of the issuance of such Partnership Interests, including
making preferential allocations to classes of Partnership Interests that are
entitled thereto. Such revisions shall not require the consent or approval of
any other Partner.

     

    ARTICLE
7

    MANAGEMENT
AND OPERATIONS OF BUSINESS

     

    
      	
              7.1

            	
              Management

            

    

     

    (a)           (i)      
     Except as otherwise expressly provided in this
Agreement, full, complete and exclusive discretion to manage and control the
business and affairs of the Partnership are and shall be 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.

     

    (ii)           The
General Partner may not be removed by the Limited Partners with or without
cause.

     

    (iii)          In
addition to the powers now or hereafter granted a general partner of a limited
partnership under applicable law or which are granted to the General Partner
under any other provision of this Agreement, the General Partner, subject to
Section 7.11, shall have full power and authority to do all things deemed
necessary or desirable by it to conduct the business of the Partnership, to
exercise all powers set forth in Section 3.2 hereof and to effectuate the
purposes set forth in Section 3.1 hereof, including, without
limitation:

     

    (A)          (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 qualifies as a REIT)
to avoid the payment of any federal income tax (including, for this purpose, any
excise tax pursuant to Section 4981 of the Code) and to make distributions to
its stockholders in amounts sufficient to permit the General Partner to maintain
REIT status,

     

    (2)           the
assumption or guarantee of, or other contracting for, indebtedness and other
liabilities,

     

    (3)           the
issuance of evidence of indebtedness (including the securing of the same by
deed, mortgage, deed of trust or other lien or encumbrance on the Partnership’s
assets) and

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    (4)           the
incurring of any obligations it deems necessary for the conduct of the
activities of the Partnership, including the payment of all expenses associated
with the General Partner;

     

    (B)           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 or the General Partner;

     

    (C)           the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or
exchange of all or substantially all of the assets of the Partnership (including
the exercise or grant of any conversion, option, privilege, or subscription
right or other right available in connection with any assets at any time held by
the Partnership) or the merger, consolidation or other combination (each a
“Business
Combination”) of the Partnership with or into another Entity on such
terms as the General Partner deems proper, provided that the General Partner
shall be required to send to each Limited Partner a notice of such proposed
Business Combination no less than 15 days prior to the record date for the vote
of the General Partner’s stockholders on such Business Combination, if
any;

     

    (D)           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,

     

    (1)           the
financing of the conduct of the operations of the General Partner, the
Partnership or any of the Partnership’s Subsidiaries,

     

    (2)           the
lending of funds to other Persons (including, without limitation, the
Subsidiaries of the Partnership and/or the General Partner) and the repayment of
obligations of the Partnership and its Subsidiaries and any other Person in
which it has an equity investment, and

     

    (3)           the
making of capital contributions to its Subsidiaries;

     

    (E)           the
expansion, development, construction, leasing, repair, alteration, demolition or
improvement of any property in which the Partnership or any Subsidiary of the
Partnership owns an interest;

     

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

     

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

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

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

     

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

     

    (J)           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” of the Partnership), and agents, outside attorneys, accountants,
consultants and contractors of the Partnership, and the determination of their
compensation and other terms of employment or engagement;

     

    (K)          the
maintenance of such insurance for the benefit of the Partnership and the
Partners and directors and officers thereof as it deems necessary or
appropriate;

     

    (L)           the
formation of, or acquisition of an interest (including non-voting interests in
entities controlled by Affiliates of the Partnership or third parties) in, and
the contribution of property to, any further Entities or other relationships
that it deems desirable, including, without limitation, the acquisition of
interests in, and the contributions of funds or property to, or making of loans
to, its Subsidiaries and any other Person from time to time, or the incurrence
of indebtedness on behalf of such Persons or the guarantee of the obligations of
such Persons; provided that, as long as the General Partner has determined to
elect to qualify as a REIT or to continue to qualify as a REIT, the Partnership
may not engage in any such formation, acquisition or contribution that would
cause the General Partner to fail to qualify as a REIT;

     

    (M)         the
control of any matters affecting the rights and obligations of the Partnership,
including

     

    (1)           the
settlement, compromise, submission to arbitration or any other form of dispute
resolution, or abandonment of, any claim, cause of action, liability, debt or
damages, due or owing to or from the Partnership,

     

    (2)           the
commencement or defense of suits, legal proceedings, administrative proceedings,
arbitration or other forms of dispute resolution, and

     

    (3)           the
representation of the Partnership in all suits or legal proceedings,
administrative proceedings, arbitrations or other forms of dispute resolution,
the incurring of legal expenses, and the indemnification of any Person against
liabilities and contingencies to the extent permitted by law;

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    (N)           the
undertaking of any action in connection with the Partnership’s direct or
indirect investment in its Subsidiaries or any other Person (including, without
limitation, the contribution or loan of funds by the Partnership to such
Persons);

     

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

     

    (P)           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;

     

    (Q)           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;

     

    (R)           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;

     

    (S)           the
making, execution and delivery of any and all deeds, leases, notes, 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 foregoing;

     

    (T)           the
issuance of additional Partnership Units in connection with Capital
Contributions by Additional Limited Partners and additional Capital
Contributions by Partners pursuant to Article 4 hereof;

     

    (U)           the
opening of bank accounts on behalf of, and in the name of, the Partnership and
its Subsidiaries; and

     

    (V)           the
amendment and restatement of Exhibit A to reflect accurately at all times the
Capital Contributions and Percentage Interests of the Partners as the same are
adjusted from time to time to the extent necessary to reflect redemptions,
Capital Contributions, the issuance of Partnership Units, the admission of any
Additional Limited Partner or any Substituted Limited Partner or otherwise,
which amendment and restatement, notwithstanding anything in this Agreement to
the contrary, shall not be deemed an amendment of this Agreement, as long as the
matter or event being reflected in Exhibit A otherwise is authorized by this
Agreement.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    (b)           (i)       
    Each of the Limited Partners agree that the General
Partner is authorized to execute, deliver and perform the above-mentioned
agreements and transactions on behalf of the Partnership without any further
act, approval or vote of the Partners, notwithstanding any other provision of
this Agreement to the fullest extent permitted under the Act or other applicable
law, rule or regulation.

     

    (ii)     
      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 at the expense of
the Partnership, may or may not, cause the Partnership to obtain and
maintain

     

    (i)     
      casualty, liability and other insurance on
the properties of the Partnership;

     

    (ii)           liability
insurance for the Indemnitees hereunder; and

     

    (iii)          such
other insurance as the General Partner, in its sole and absolute discretion,
determines to be appropriate and reasonable.

     

    (d)           At
all times from and after the date hereof, the General Partner may cause the
Partnership to establish and maintain at any and all times working capital
accounts and other cash or similar balances in such amount as the General
Partner, in its sole and absolute discretion, deems appropriate and reasonable
from time to time.

     

    (e)           (i)           In
exercising its authority under this Agreement, the General Partner may, but
shall be under no obligation to, take into account the tax consequences to any
Partner (including the General Partner) of any action taken (or not taken) by
it. The General Partner and the Partnership shall not have liability to any
Limited Partner for monetary damages or otherwise for losses sustained,
liabilities incurred or benefits not delivered by such Limited Partner in
connection with such decisions, provided that the General Partner has acted in
good faith pursuant to its authority under this Agreement. The Limited Partners
expressly acknowledge that the General Partner is acting on behalf of the
Partnership, the General Partner, and the General Partner’s stockholders,
collectively.

     

    (ii)           The
General Partner and the Partnership shall not have liability to the any Limited
Partner under any circumstances 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 taken pursuant to its authority under and in accordance with this
Agreement.

     

    
      	
              7.2

            	
              Certificate of Limited
      Partnership

            

    

     

    (a)           The
General Partner has previously filed the Certificate with the Secretary of State
of Delaware as required by the Act.

     

    (b)           (i)           The
General Partner shall use all reasonable efforts to cause to be filed such other
certificates or documents as may be reasonable and necessary or appropriate for
the formation, continuation, qualification and operation of a limited
partnership (or a partnership in which the limited partners have limited
liability) in the State of Delaware and any other state, or the District of
Columbia, in which the Partnership may elect to do business or own
property.

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

    (ii)  
         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 of the things to maintain the Partnership as a
limited partnership (or a partnership in which the limited partners have limited
liability) under the laws of the State of Delaware and each other state, or the
District of Columbia, in which the Partnership may elect to do business or own
property.

     

    (iii)           Subject
to the terms of Section 8.5(a)(iv) hereof, the General Partner shall not be
required, before or after filing, to deliver or mail a copy of the Certificate
or any amendment thereto to any Limited Partner.

     

    
      	
              7.3

            	
              Reimbursement of the
      General Partner

            

    

     

    (a)           Except
as provided in this Section 7.3 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.

     

    (b)           (i)       
    The Partnership shall be responsible for and shall pay
all expenses relating to the Partnership’s organization, the ownership of its
assets and its operations. The General Partner shall be reimbursed on a monthly
basis, or such other basis as it may determine in its sole and absolute
discretion, for all expenses that it incurs on behalf of the Partnership
relating to the ownership and operation of the Partnership’s assets, or for the
benefit of the Partnership, including all expenses associated with compliance by
the General Partner and the Initial Limited Partner with laws, rules and
regulations promulgated by any regulatory body, expenses related to the
operations of the General Partner and to the management and administration of
any Subsidiaries of the General Partner or the Partnership or Affiliates of the
Partnership, such as auditing expenses and filing fees and any and all salaries,
compensation and expenses of officers and employees of the General Partner, but
excluding any portion of expenses reasonably attributable to assets not owned by
or for the benefit of, or to operations not for the benefit of, the Partnership
or Affiliates of the Partnership; 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 in its
name.

     

    (ii)     
      Such reimbursement shall be in addition to
any reimbursement made as a result of indemnification pursuant to Section 7.6
hereof.

     

    (iii)           The
General Partner shall determine in good faith the amount of expenses incurred by
it related to the ownership and operation of, or for the benefit of, the
Partnership. If 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 reasonable 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.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    (c)           (i)       
    Expenses incurred by the General Partner relating to the
organization or reorganization of the Partnership and the General Partner the
issuance of Common Stock in connection with the Consolidation and any issuance
of additional Partnership Interests, Common Stock or rights, options,
warrants, or convertible or exchangeable securities pursuant to Section 4.2
hereof and all costs and expenses associated with the preparation and filing of
any periodic reports by the General Partner under federal, state or local laws
or regulations (including, without limitation, all costs, expenses, damages, and
other payments resulting from or arising in connection with litigation related
to any of the foregoing) are primarily obligations of the
Partnership.

     

    (ii)   
        To the extent the General
Partner pays or incurs such expenses, the General Partner shall be reimbursed
for such expenses.

     

    
      	
              7.4

            	
              Outside Activities of
      the General Partner

            

    

     

    (a)           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 and the
management of its business and the business of the Partnership, and such
activities as are incidental thereto.

     

    (b)           The
General Partner and any Affiliates of the General Partner may acquire Limited
Partner Interests and shall be entitled to exercise all rights of a Limited
Partner relating to such Limited Partner Interests.

     

    
      	
              7.5

            	
              Contracts with
      Affiliates

            

    

     

    (a)           (i)            
The Partnership may lend or contribute funds or other assets to its Subsidiaries
or other Persons in which it has an equity investment and such Subsidiaries and
Persons may borrow funds from the Partnership, on terms and conditions
established in the sole and absolute discretion of the General
Partner.

     

    (ii)     
       The foregoing authority shall not create
any right or benefit in favor of any Subsidiary or any other
Person.

     

    (b)           Except
as provided in Section 7.4, the Partnership may Transfer assets to Entities in
which it is or thereby becomes a participant upon such terms and subject to such
conditions consistent with this Agreement and applicable law as the General
Partner, in its sole and absolute discretion, may determine.

     

    (c)           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.

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    (d)           The
General Partner, in its sole and absolute discretion and without the approval
the Limited Partners, may propose and adopt, on behalf of the Partnership,
employee benefit plans, stock option plans, and similar plans funded by the
Partnership for the benefit of employees of the Partnership, the General
Partner, any Subsidiaries of the Partnership or any Affiliate of any of them in
respect of services performed, directly or indirectly, for the benefit of the
Partnership, the General Partner, any Subsidiaries of the Partnership or any
Affiliate of any of them.

     

    (e)           The
General Partner is expressly authorized to enter into, in the name and on behalf
of the Partnership, a “right of first opportunity” or “right of first offer”
arrangement, non-competition agreements 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.

     

    
      	
              7.6

            	
              Indemnification

            

    

     

    (a)           (i)       
    To the fullest extent permitted by Delaware law, the
Partnership shall indemnify each Indemnitee from and against any and all losses,
claims, damages, liabilities, joint or several, expenses (including, without
limitation, reasonable attorneys’ fees and other legal fees and expenses),
judgments, fines, settlements, and other amounts arising from any and all
claims, demands, actions, suits or proceedings, civil, criminal, administrative
or investigative (collectively, “Claims”), that relate
to the operations of the Partnership or the General Partner as set forth in this
Agreement, in which such Indemnitee may be involved, or is threatened to be
involved, as a party or otherwise, so long as (x) the course of conduct which
gave rise to the Claim was taken, in the reasonable determination of the
Indemnitee made in good faith, in the best interests of the Partnership or the
General Partner, (y) such Claim was not the result of negligence or misconduct
by the Indemnitee and (z) such indemnification is not satisfied or recoverable
from the assets of the stockholders of the General Partner. Notwithstanding the
foregoing, no Indemnitee shall be indemnified for any Claim arising from or out
of an alleged violation of federal or state securities laws unless (x) there has
been a successful adjudication on the merits of each count involving alleged
securities law violations as to such Indemnitee, (y) such allegations have been
dismissed with prejudice on the merits by a court of competent jurisdiction as
to such Indemnitee, or (z) a court of competent jurisdiction approves a
settlement of such allegations against such Indemnitee and finds that
indemnification of the settlement and the related costs should be made, and the
court considering the request for indemnification has been advised of the
position of the Securities and Exchange Commission and of the published position
of any state securities regulatory authority in which the Common Stock was
offered or sold as to indemnification for violations of securities
law.

     

    (ii)    
       Without limitation, the foregoing
indemnity shall extend to any liability of any Indemnitee, pursuant to a loan
guaranty (except a guaranty by a limited partner of nonrecourse indebtedness of
the Partnership or as otherwise provided in any such loan guaranty), contractual
obligation for any indebtedness or other obligation or otherwise for any
indebtedness of the Partnership or any Subsidiary of the Partnership (including,
without limitation, any indebtedness which the Partnership or any Subsidiary of
the Partnership has assumed or taken subject to), and the General Partner is
hereby authorized and empowered, on behalf of the Partnership, to enter into one
or more indemnity agreements consistent with the provisions of this Section 7.6
in favor of any Indemnitee having or potentially having liability for any such
indebtedness.

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

    (iii)           Any
indemnification pursuant to this Section 7.6 shall be made only out of the
assets of the Partnership, 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 7.6.

     

    (b)           Reasonable
expenses incurred by an Indemnitee who is a party to a proceeding shall be paid
or reimbursed by the Partnership in advance of the final disposition of any and
all claims, demands, actions, suits or proceedings, civil, criminal,
administrative or investigative made or threatened against an Indemnitee upon
receipt by the Partnership of (i) a written affirmation by the Indemnitee of the
Indemnitee’s good faith belief that the standard of conduct necessary for
indemnification by the Partnership as authorized in this Section 7.6 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 7.6 shall be in addition to any other
rights to which an Indemnitee or any other Person may be entitled under any
agreement, pursuant to any vote of the Partners, as a matter of law or
otherwise, and shall continue as to an Indemnitee who has ceased to serve in
such capacity unless otherwise provided in a written agreement pursuant to which
such Indemnities are indemnified.

     

    (d)           The
Partnership may, but shall not be obligated to, purchase and maintain insurance,
on behalf of the Indemnities 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 7.6, the Partnership shall be deemed to have requested
an Indemnitee to serve as fiduciary of an employee benefit plan whenever the
performance by such Indemnitee of its duties to the Partnership also imposes
duties on, or otherwise involves services by, such Indemnitee to the plan or
participants or beneficiaries of the plan; excise taxes assessed on an
Indemnitee with respect to an employee benefit plan pursuant to applicable law
shall constitute fines within the meaning of this Section 7.6; 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 any of
the Partners (other than the General Partner) 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 7.6 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.

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    (h)           (i)      
     The provisions of this Section 7.6 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.

     

    (ii)    
       Any amendment, modification or repeal
of this Section 7.6 or any provision hereof shall be prospective only and shall
not in any way affect the Partnership’s liability to any Indemnitee under this
Section 7.6, 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 payments to the General
Partner pursuant to this Section 7.6 constitute gross income to the General
Partner (as opposed to the repayment of advances made on behalf of the
Partnership), such amounts shall constitute guaranteed payments within the
meaning of Section 707(c) of the Code, shall be treated consistently therewith
by the Partnership and all Partners, and shall not be treated as distributions
for purposes of computing the Partners’ Capital Accounts.

     

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

     

    
      	
              7.7

            	
              Liability of the
      General Partner

            

    

     

    (a)           Notwithstanding
anything to the contrary set forth in this Agreement, neither the General
Partner nor the investment advisor of the General Partner, nor any of their
respective officers and directors, shall be liable for monetary damages to the
Partnership, any Partners or any Assignees for losses sustained or liabilities
incurred as a result of errors in judgment or mistakes of fact or law or of any
act or omission unless the General Partner or its investment advisor, as the
case may be, acted in bad faith and the act or omission was material to the
matter giving rise to the loss, liability or benefit not derived.

     

    (b)           (i)     
      The Limited Partners expressly acknowledge
that the General Partner (and its investment advisor) is acting on behalf of the
Partnership and the shareholders of the General Partner collectively, that the
General Partner (and its investment advisor), subject to the provisions of
Section 7.1(e) hereof, is under no obligation to consider the separate interest
of the Limited Partners (including, without limitation, the tax consequences to
the Limited Partners or Assignees) in deciding whether to cause the Partnership
to take (or decline to take) any actions, and that the General Partner (and its
investment advisor) shall not be liable for monetary damages for losses
sustained, liabilities incurred, or benefits not derived by Limited Partners in
connection with such decisions; provided that the General Partner (and its
investment advisor) has acted in good faith.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    (ii)     
      With respect to any indebtedness of the
Partnership which any Limited Partner may have guaranteed, the General Partner
(and its investment advisor) shall have no duty to keep such indebtedness
outstanding.

     

    (c)       
   (i)      
     Subject to its obligations and duties as General
Partner set forth in Section 7.1(a) hereof, 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 agent, including
its investment advisor.

     

    (ii)     
      The General Partner shall not be responsible
for any misconduct or negligence on the part of any such agent appointed by the
General Partner in good faith.

     

    (d)           The
Limited Partners expressly acknowledge that if any conflict in the
fiduciary duties owed by the General Partner to its stockholders and by the
General Partner, in its capacity as a general partner of the Partnership, to the
Limited Partners, the General Partner may act in the best interests of the
General Partner’s stockholders without violating its fiduciary duties to the
Limited Partners, and that the General Partner shall not be liable for monetary
damages for losses sustained, liabilities incurred, or benefits not derived by
the Limited Partners in connection with any such violation.

     

    (e)           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
General Partner’s and its officers’ and directors’ liability to the Partnership
and the Limited Partners 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.

     

    
      	
              7.8

            	
              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 in good faith 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, architects, engineers, environmental
consultants 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)           (i)      
     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 duly appointed attorneys-in-fact.

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    (ii) 
          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 each 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 the Act, any action of the General
Partner on behalf of the Partnership or any decision of the General Partner to
refrain from acting on behalf of the Partnership, undertaken in the good faith
belief that such action or omission is necessary or advisable in
order

     

    (i)      
     to protect the ability of the General Partner to
continue to qualify as a REIT; or

     

    (ii)           to
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.

     

    
      	
              7.9

            	
              Title to Partnership
      Assets

            

    

     

    (a)           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
Partner, individually or collectively, shall have any ownership interest in such
Partnership assets or any portion thereof.

     

    (b)           (i)         
  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.

     

    (ii)      
     The General Partner hereby declares and warrants
that any Partnership asset 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, 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.

     

    (iii)           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.

     

    
      	
              7.10

            	
              Reliance by Third
      Parties

            

    

     

    (a)           Notwithstanding
anything to the contrary in this Agreement, any Person dealing with the
Partnership shall be entitled to assume that the General Partner has full power
and authority, without consent or approval of any other Partner or Person, to
encumber, sell or otherwise use in any manner any and all assets of the
Partnership and to enter into any contracts on behalf of the Partnership, and
take any and all actions on behalf of the Partnership, and such Person shall be
entitled to deal with the General Partner as if the General Partner were the
Partnership’s sole party in interest, both legally and
beneficially.

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

     

    (b)           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.

     

    (c)           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 expediency of any act or
action of the General Partner or its representatives.

     

    (d)           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.

     

    
      	
              7.11

            	
              Loans By Third
      Parties

            

    

     

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

     

    ARTICLE
8

    RIGHTS
AND OBLIGATIONS OF LIMITED PARTNERS

     

    
      	
              8.1

            	
              Limitation of
      Liability

            

    

     

    No
Limited Partner shall have any liability under this Agreement except as
expressly provided in this Agreement, including Section 10.5 hereof, or under
the Act.

     

    
      	
              8.2

            	
              Management of
      Business

            

    

     

    (a)           No
Limited Partner or Assignee (other than the General Partner, any of its
Affiliates or any officer, director, employee, agent or trustee of the General
Partner, the Partnership or any of their Affiliates, in their capacity as such)
shall take part in the operation, management or control (within the meaning of
the Act) of the Partnership’s business, transact any business in the
Partnership’s name or have the power to sign documents for or otherwise bind the
Partnership.

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

    (b)           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.

     

    
      	
              8.3

            	
              Outside Activities of
      Limited Partners

            

    

     

    (a)           Subject
to any agreements entered into pursuant to Section 7.5 hereof and any other
agreements entered into by a Limited Partner or its Affiliates with the
Partnership or any of its Subsidiaries, and any Limited Partner and any officer,
director, employee, agent, trustee, Affiliate or shareholder 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 that are in direct competition with the
Partnership or that are enhanced by the activities of the
Partnership.

     

    (b)           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.

     

    (c)           No
Limited Partner nor any other Person shall have any rights by virtue of this
Agreement or the Partnership relationship established hereby in any business
ventures of any other Person 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.

     

    
      	
              8.4

            	
              Return of
      Capital

            

    

     

    (a)           Except
pursuant to the Exchange Rights Agreements, no Limited Partner shall be entitled
to the withdrawal or return of its Capital Contribution, except to the extent of
distributions made pursuant to this Agreement or upon termination of the
Partnership as provided herein.

     

    (b)           Except
as provided in Articles 5 and 13 hereof, 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 or
distributions.

     

    
      	
              8.5

            	
              Rights of Limited
      Partners Relating to the
Partnership

            

    

     

    (a)           In
addition to the other rights provided by this Agreement or by the Act, and
except as limited by Section 8.5(b) hereof, each Limited Partner shall have the
right, for a purpose reasonably related to such Limited Partner’s interest as a
limited partner in the Partnership, upon written demand with a statement of the
purpose of such demand and at such Limited Partner’s own expense (including such
reasonable copying and administrative charges as the General Partner may
establish from time to time):

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

     

    (i)     
      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 Securities Exchange Act of 1934;

     

    (ii)           to
obtain a copy of the Partnership’s federal, state and local income tax returns
for each Partnership Year;

     

    (b)           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 reasonably believes to be in
the nature of trade secrets or other information, the disclosure of which the
General Partner in good faith believes is not in the best interests of the
Partnership or could damage the Partnership or its business; or

     

    (ii)           the
Partnership is required by law or by agreements with an unaffiliated third party
to keep confidential.

     

    
      	
              8.6

            	
              Exchange Rights
      Agreements

            

    

     

    (a)           The
Limited Partners will be granted the right, but not the obligation, to
exchange all or a portion of their Partnership Units for cash or, at the option
of the Partnership, for shares of Common Stock on such terms and
subject to such conditions and restrictions as will be contained
in one or more exchange rights agreements among the General Partner,
the Partnership and one or more Limited Partners (as amended from time to
time, the “Exchange
Rights Agreements”). The form of each Exchange Rights Agreement
governing the exchange of Partnership Units shall hereafter be provided by the
General Partner.

     

    (b)           The
Limited Partners and all successors, assignees and transferees (whether by
operation of law, including by merger or consolidation, dissolution or
liquidation of an entity that is a Limited Partner, or otherwise) shall be bound
by the provisions of the Exchange Rights Agreement to which they are
parties.

     

    ARTICLE
9

    BOOKS,
RECORDS, ACCOUNTING AND REPORTS

     

    
      	
              9.1

            	
              Records and
      Accounting

            

    

     

    (a)           The
General Partner shall keep or cause to be kept at the principal office of the
Partnership those records and documents required to be maintained by the Act and
other books and records deemed by the General Partner to be appropriate with
respect to the Partnership’s business, including, without limitation, all books
and records necessary for the General Partner to comply with applicable REIT
Requirements and to provide to the Limited Partners any information, lists and
copies of documents required to be provided pursuant to Sections 8.5(a) and 9.3
hereof.

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

     

    (b)           Any
records maintained by or on behalf of the Partnership in the regular course of
its business may be kept on, or be in the form of, punch cards, magnetic tape,
photographs, micrographics or any other information storage device, provided
that the records so maintained are convertible into clearly legible written form
within a reasonable period of time.

     

    (c)           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, or such other basis as the General Partner determines to be
necessary or appropriate.

     

    
      	
              9.2

            	
              Fiscal
      Year

            

    

     

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

     

    
      	
              9.3

            	
              Reports

            

    

     

    (a)           As
soon as practicable, but in no event later than the date on which the General
Partner mails its annual report to its stockholders, 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 on a consolidated basis
with the Partnership, for such Partnership Year, presented in accordance with
the standards of the Public Accounting Oversight Board (United States), such
statements to be audited by a nationally recognized firm of independent public
accountants selected by the General Partner in its sole discretion.

     

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

     

    (c)           Notwithstanding
the foregoing, the General Partner may deliver to the Limited Partners each of
the reports described above, as well as any other communications that it may
provide hereunder, by E-mail or by any other electronic means.

     

    ARTICLE
10

    TAX
MATTERS

     

    
      	
              10.1

            	
              Preparation of Tax
      Returns

            

    

     

    (a)           The
General Partner shall arrange for the preparation and timely filing of all
returns of Partnership income, gains, deductions, losses and other items
required of the Partnership for federal and state income tax purposes and shall
use all reasonable efforts to furnish, within ninety (90) days of the close of
each taxable year, the tax information reasonably required by the Limited
Partners for federal and state income tax reporting purposes.  The
federal income tax return of the Partnership shall be filed annually on IRS Form
1065 (or such other successor form) or on any other IRS form as may be
required.

    
      
         

      

      
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    (b)           If
required under the Code or applicable state or local income tax law, the General
Partner shall also arrange for the preparation and timely filing of all returns
of income, gains, deductions, losses and other items required of the
Subsidiaries of the Partnership for federal and state income tax purposes and
shall use all reasonable efforts to furnish, within ninety (90) days of the
close of each taxable year, the tax information reasonably required by the
Limited Partners for federal and state income tax reporting
purposes.

     

    
      	
              10.2

            	
              Tax
      Elections

            

    

     

    (a)           Except
as otherwise provided herein, the General Partner shall, in its sole and
absolute discretion, determine whether to make any available election pursuant
to the Code.

     

    (b)           The
General Partner shall elect a permissible method (which need not be the same
method for each item or property) of eliminating the disparity between the book
value and the tax basis for each item of property contributed to the Partnership
or to a Subsidiary of the Partnership pursuant to the regulations promulgated
under the provisions of Section 704(c) of the Code.

     

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

     

    
      	
              10.3

            	
              Tax Matters
      Partner

            

    

     

    (a)           (i)           The
General Partner shall be the “tax matters partner” of the Partnership for
federal income tax purposes.

     

    (ii)           Pursuant
to Section 6230(e) of the Code, upon receipt of notice from the Internal Revenue
Service of the beginning of an administrative proceeding with respect to the
Partnership, the tax matters partner shall furnish the Internal Revenue Service
with the name, address, taxpayer identification number, and profit interest of
each of the Limited Partners and the Assignees; provided, that such information
is provided to the Partnership by the Limited Partners and the
Assignees.

     

    (iii)           The
tax matters partner is authorized, but not required:

     

      
(A)           to
enter into any settlement with the Internal Revenue Service 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

     

    
      
         

      

      
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    (1)           who
(within the time prescribed pursuant to the Code and Regulations) files a
statement with the Internal Revenue Service providing that the tax matters
partner shall not have the authority to enter into a settlement agreement on
behalf of such Partner; or

     

    (2)           who
is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member
of a “notice group” (as defined in Section 6223(b)(2) of the Code);

     

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

     

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

     

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

     

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

     

    (F)           to
take any other action on behalf of the Partners or 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 7.6 of this Agreement shall be fully applicable to the tax matters
partner in its capacity as such.

     

    (b)           (i)           The
tax matters partner shall receive no compensation for its services.

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

     

    (ii)          All
third party costs and expenses incurred by the tax matters partner in performing
its duties as such (including legal and accounting fees and expenses) shall be
borne by the Partnership.

     

    (iii)         Nothing
herein shall be construed to restrict the Partnership from engaging an
accounting 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.

     

    
      	
              10.4

            	
              Organizational
      Expenses

            

    

     

    The
Partnership shall elect to deduct expenses, if any, incurred by it in organizing
the Partnership ratably over a one hundred eighty (180) month period as provided
in Section 709 of the Code.

     

    
      	
              10.5

            	
              Withholding

            

    

     

    (a)           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.

     

    (b)           (i)           Any
amount paid on behalf of or with respect to a Limited Partner shall constitute a
loan by the Partnership to such Limited Partner, which loan shall be repaid by
such Limited Partner as the case may be within fifteen (15) days after notice
from the General Partner that such payment must be made unless

     

    (A)           the
Partnership withholds such payment from a distribution which would otherwise be
made to the Limited Partner; or

     

    (B)           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.

     

    (ii)          Any
amounts withheld pursuant to the foregoing clauses (i)(A) or (B) shall be
treated as having been distributed to the Limited Partner.

     

    (c)           (i)           Each
Limited Partner hereby unconditionally and irrevocably grants to the Partnership
a security interest in such Limited Partner’s Partnership Interest, as the case
may be, to secure such Limited Partner’s obligation to pay to the Partnership
any amounts required to be paid pursuant to this Section 10.5.

     

    (ii)          (A)           If
a Limited Partner fails to pay when due any amounts owed to the Partnership
pursuant to this Section 10.5, the General Partner may, in its sole and absolute
discretion, elect to make the payment to the Partnership on behalf of such
defaulting Limited Partner, and in such event shall be deemed to have loaned
such amount to such defaulting Limited Partner and shall succeed to all rights
and remedies of the Partnership as against such defaulting Limited
Partner.

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

     

    (B)           Without
limitation, in such event, the General Partner shall have the right to receive
distributions that would otherwise be distributable to such defaulting Limited
Partner until such time as such loan, together with all interest thereon, has
been paid in full, and any such distributions so received by the General Partner
shall be treated as having been distributed to the defaulting Limited Partner
and immediately paid by the defaulting Limited Partner to the General Partner in
repayment of such loan.

     

    (iii)           Any
amount payable by a Limited Partner hereunder shall bear interest at the highest
base or prime rate of interest published from time to time by The Wall Street
Journal, plus four (4) percentage points, but in no event higher than the
maximum lawful rate of interest on such obligation, such interest to accrue from
the date such amount is due (i.e., fifteen (15) days after demand) until such
amount is paid in full.

     

    (iv)           Each
Limited Partner shall take such actions as the Partnership or the General
Partner shall request in order to perfect or enforce the security interest
created hereunder.

     

    ARTICLE
11

    TRANSFERS
AND WITHDRAWALS

     

    
      	
              11.1

            	
              Transfer

            

    

     

    (a)           (i)           The
term “Transfer,” when used in this Article 11 with respect to a Partnership
Interest or a Partnership Unit, shall be deemed to refer to a transaction by
which the General Partner purports to assign all or any part of its General
Partner Interest to another Person, or a Limited Partner purports to assign all
or any part of its Limited Partner Interest to another Person, and includes a
sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange
or any other disposition by law or otherwise.

     

    (ii)           The
term “Transfer” when used in this Article 11 does not include any exchange of
Partnership Units for cash or Common Stock pursuant to the Exchange Rights
Agreement.

     

    (b)           (i)           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.

     

    (ii)           Any
Transfer or purported Transfer of a Partnership Interest not made in accordance
with this Article 11 shall be null and void.

     

    
      	
              11.2

            	
              Transfer of the
      General Partner’s General Partner
  Interest

            

    

     

    (a)           The
General Partner may not Transfer any of its General Partner Interest or withdraw
as General Partner, or Transfer any of its Limited Partner Interest,
except

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

     

    (i)           if
holders of at least two-thirds of the Limited Partner Interests consent to such
Transfer or withdrawal;

     

    (ii)           if
such Transfer is to an entity which is wholly owned by the General Partner and
is a Qualified REIT Subsidiary as defined in Section 856(i) of the Code;
or

     

    (iii)           in
connection with a transaction described in Section 11.2(c) or 11.2(d) (as
applicable)

     

    (b)           If
the General Partner withdraws as general partner of the Partnership in
accordance with Section 11.2(a), the General Partner’s General Partner Interest
shall immediately be converted into a Limited Partner Interest.

     

    (c)           Except
as otherwise provided in Section 11.2(d), the General Partner shall not engage
in any merger, consolidation or other combination of the General Partner with or
into another Person (other than a merger in which the General Partner is the
surviving entity) or sale of all or substantially all of its assets, or any
reclassification, or any recapitalization of outstanding Common Stock
(other than a change in par value, or from par value to no par value, or as a
result of a subdivision or combination of Common Stock) (a “Transaction”),
unless

     

    (i)           in
connection with the Transaction all Limited Partners will either receive, or
will have the right to elect to receive, for each Partnership Unit an amount of
cash, securities, or other property equal to the product of the Exchange Factor
and the amount of cash, securities or other property or value paid in the
Transaction to or received by a holder of one share of Common Stock
corresponding to such Partnership Unit in consideration of one share
of Common Stock at any time during the period from and after the date on
which the Transaction is consummated; provided that if, in connection with the
Transaction, a purchase, tender or exchange offer (“Offer”) shall have
been made to and accepted by the holders of more than 50% of the
outstanding Common Stock, each holder of Partnership Units shall be given
the option to exchange its Partnership Units for the amount of cash, securities,
or other property which a Limited Partner would have received had
it

     

    (A)           exercised
its Exchange Right and

     

    (B)           sold,
tendered or exchanged pursuant to the Offer the Common Stock received upon
exercise of the Exchange Right immediately prior to the expiration of the
Offer.

     

    The
foregoing is not intended to, and does not, affect the ability of (i) a
stockholder of the General Partner to sell its stock in the General Partner or
(ii) the General Partner to perform its obligations (under agreement or
otherwise) to such stockholders (including the fulfillment of any obligations
with respect to registering the sale of stock under applicable securities
laws).

     

    (d)           (i)           Notwithstanding
Section 11.2(c), the General Partner may merge into or consolidate with another
entity if immediately after such merger or consolidation

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    (A)           substantially
all of the assets of the successor or surviving entity (the “Surviving General
Partner”), other than Partnership Units held by the General Partner, are
contributed to the Partnership as a Capital Contribution in exchange for
Partnership Units with a fair market value equal to the value of the assets so
contributed as determined by the Surviving General Partner in good faith
and

     

    (B)           the
Surviving General Partner expressly agrees to assume all obligations of the
General Partner hereunder.

     

    (ii)           (A)           Upon
such contribution and assumption, the Surviving General Partner shall have the
right and duty to amend this Agreement and the Exchange Rights Agreement as set
forth in this Section 11.2(d).

     

    (B)           (1)           The
Surviving General Partner shall in good faith arrive at a new method for the
calculation of the Exchange Factor for a Partnership Unit after any such merger
or consolidation so as to approximate the existing method for such calculation
as closely as reasonably possible.

     

     
(2)           Such
calculation shall take into account, among other things, the kind and amount of
securities, cash and other property that was receivable upon such merger or
consolidation by a holder of Common Stock or options, warrants or other
rights relating thereto, and which a holder of Partnership Units could have
acquired had such Partnership Units been redeemed for Common Stock
immediately prior to such merger or consolidation.

     

    (C)           Such
amendment to this Agreement shall provide for adjustment to such method of
calculation, which shall be as nearly equivalent as may be practicable to the
adjustments provided for with respect to the Exchange Factor.

     

    (iii)           The
above provisions of this Section 11.2(d) shall similarly apply to successive
mergers or consolidations permitted hereunder.

     

    
      	
              11.3

            	
              Limited Partners’
      Rights to Transfer

            

    

     

    (a)           Subject
to the provisions of Sections 11.3(c), 11.3(d), 11.3(e), 11.4 and 11.6, a
Limited Partner may, without the consent of the General Partner, Transfer all or
any portion of its Limited Partner Interest, or any of such Limited Partner’s
economic right as a Limited Partner. In order to effect such transfer, the
Limited Partner must deliver to the General Partner a duly executed copy of the
instrument making such transfer and such instrument must evidence the written
acceptance by the assignee of all of the terms and conditions of this Agreement
and represent that such assignment was made in accordance with all applicable
laws and regulations.

     

    (b)           (i)           If
a Limited Partner is Incapacitated, the executor, administrator, trustee,
committee, guardian, conservator or receiver of such Limited Partner’s estate
shall have all of 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.

     

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

     

    (ii)           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 by a Limited Partner of its
Partnership Units if it reasonably believes (based on the advice of counsel)
such Transfer would require filing of a registration statement under the
Securities Act of 1933, as amended, or would otherwise violate any federal or
state securities laws or regulations applicable to the Partnership or the
Partnership Units.

     

    (d)           No
Transfer by a Limited Partner of its Partnership Units may be made to any Person
if

     

    (i)           it
would adversely affect the ability of the General Partner to continue to qualify
as a REIT or would subject the General Partner to any additional taxes under
Section 857 or Section 4981 of the Code;

     

    (ii)           it
would result in the Partnership being treated as an association taxable as a
corporation for federal income tax purposes;

     

    (iii)           such
Transfer would cause the Partnership to become, with respect to any employee
benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in
Section 3(14) of ERISA) or a “disqualified person” (as defined in Section
4975(c) of the Code);

     

    (iv)           such
Transfer would, in the opinion of legal counsel for 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;

     

    (v)           such
Transfer would subject the Partnership to regulation under the Investment
Company Act of 1940, the Investment Advisors Act of 1940 or the Employee
Retirement Income Security Act of 1974, each as amended;

     

    (vi)           without
the consent of the General Partner, which consent may be withheld in its sole
and absolute discretion, such Transfer is a sale or exchange, and such sale or
exchange would, when aggregated with all other sales and exchanges during the
12-month period ending on the date of the proposed Transfer, result in 50% or
more of the interests in Partnership capital and profits being sold or exchanged
during such 12-month period; or

     

    (vii)           such
Transfer is effectuated through an “established securities market” or a
“secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704 of the Code.

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

    (e)           No
transfer of any Partnership Units may be made to a lender to the Partnership or
any Person who is related (within the meaning of Regulations Section 1.752-4(b))
to any lender to the Partnership whose loan constitutes a nonrecourse liability
(within the meaning of Regulations Section 1.752-1(a)(2)), without the consent
of the General Partner, which may be withheld in its sole and absolute
discretion, provided that as a condition to such consent the lender will be
required to enter into an arrangement with the Partnership and the General
Partner to exchange for the Cash 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.

     

    (f)           Any
Transfer in contravention of any of the provisions of this Section 11.3 shall be
void and ineffectual and shall not be binding upon, or recognized by, the
Partnership.

     

    
      	
              11.4

            	
              Substituted Limited
      Partners

            

    

     

    (a)           (i)           No
Limited Partner shall have the right to substitute a Permitted Transferee for a
Limited Partner in its place.

     

    (ii)           The
General Partner shall, however, have the right to consent to the admission of a
Permitted Transferee of the Partnership 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.

     

    (iii)           The
General Partner’s failure or refusal to permit such transferee 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.

     

    (c)           (i)           No
Permitted Transferee will be admitted as a Substituted Limited Partner, unless
such transferee has furnished to the General Partner evidence of acceptance in
form satisfactory to the General Partner of all of the terms and conditions of
this Agreement and, as it relates to the Substituted Limited Partners, the
Exchange Rights Agreement, including, without limitation, the power of attorney
granted in Section 2.4 hereof.

     

    (ii)           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.

     

    
      	
              11.5

            	
              Assignees

            

    

     

    (a)           If
the General Partner, in its sole and absolute discretion, does not consent to
the admission of any transferee as a Substituted Limited Partner, as described
in Section 11.4(a), such transferee shall be considered an Assignee for purposes
of this Agreement.

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

     

    (b)           An
Assignee shall be deemed to have had assigned to it, and shall be entitled to
receive distributions from the Partnership and the share of Net Income, Net
Losses and any other items of gain, loss, deduction or credit of the Partnership
attributable to the Partnership Units assigned to such transferee, but shall not
be deemed to be a holder of Partnership Units for any other purpose under this
Agreement, and shall not be entitled to vote such Partnership Units in any
matter presented to the Limited Partners, for a vote (such Partnership Units
being deemed to have been voted on such matter in the same proportion as all
other Partnership Units held by Limited Partners are voted).

     

    (c)           If
any such transferee desires to make a further assignment of any such Partnership
Units, such transferee shall be subject to all of 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.

     

    
      	
              11.6

            	
              General
      Provisions

            

    

     

    (a)           No
Limited Partner may withdraw from the Partnership other than as a result of a
permitted Transfer of all of such Limited Partner’s Partnership Units in
accordance with this Article 11 or, as it relates to the Limited Partners,
pursuant to exchange of all of its Partnership Units pursuant to the applicable
Exchange Rights Agreement.

     

    (b)           (i)           Any
Limited Partner which shall Transfer all of its Partnership Units in a Transfer
permitted pursuant to this Article 11 shall cease to be a Limited Partner upon
the admission of all Assignees of such Partnership Units as Substituted Limited
Partners.

     

    (ii)           Similarly,
any Limited Partner which shall Transfer all of its partnership Units pursuant
to an exchange of all of its Partnership Units pursuant to an Exchange Rights
Agreement shall cease to be a Limited Partner.

     

    (c)           Other
than pursuant to the Exchange Rights Agreement or with the consent of the
General Partner, transfers pursuant to this Article 11 may only be made as of
the first day of a fiscal quarter of the Partnership.

     

    (d)           (i)           If
any Partnership Interest is transferred or assigned during the Partnership’s
fiscal year in compliance with the provisions of this Article 11 or exchanged
pursuant to the applicable Exchange Rights Agreement 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 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 in accordance with Section 706(d) of the Code, using the interim closing of
the books method.

     

    (ii)           Solely
for purposes of making such allocations, each of such items for the calendar
month in which the Transfer or assignment occurs shall be allocated to the
transferee Partner, and none of such items for the calendar month in which an
exchange occurs shall be allocated to the exchanging Partner, provided, however,
that the General Partner may adopt such other conventions relating to
allocations in connection with transfers, assignments, or exchanges as it
determines are necessary or appropriate.

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

     

    (iii)           All
distributions pursuant to Section 5.1(a) attributable to Partnership Units, with
respect to which the Partnership Record Date is before the date of such
Transfer, assignment, or exchange of such Partnership Units, shall be made to
the transferor Partner or the exchanging Partner, as the case may be, and in the
case of a Transfer or assignment other than an exchange, all distributions
pursuant to Section 5.1(a) thereafter attributable to such Partnership Units
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, in no event may any
Transfer or assignment of a Partnership Interest by any Partner (including
pursuant to Section 8.6) be made without the express consent of the General
Partner, in its sole and absolute discretion, (i) to any person or entity who
lacks the legal right, power or capacity to own a Partnership Interest; (ii) in
violation of applicable law; (iii) of any component portion of a Partnership
Interest, such as the Capital Account, or rights to distributions, separate and
apart from all other components of a Partnership Interest; (iv) if in the
opinion of legal counsel to the Partnership such transfer would cause a
termination of the Partnership for federal or state income tax purposes (except
as a result of the exchange for Common Stock of all Partnership Units held
by all Limited Partners or pursuant to a transaction expressly permitted under
Section 7.11 or Section 11.2); (v) if in the opinion of counsel to the
Partnership, there would be a significant risk that such transfer would cause
the Partnership to cease to be classified as a partnership for federal income
tax purposes (except as a result of the exchange for Common Stock of all
Partnership Units held by all Limited Partners or pursuant to a transaction
expressly permitted under Section 7.11 or Section 11.2); (vi) if such transfer
requires the registration of such Partnership Interest pursuant to any
applicable federal or state securities laws; (vii) if such transfer is
effectuated through an “established securities market” or a “secondary market”
(or the substantial equivalent thereof) within the meaning of Section 7704 of
the Code or such transfer causes the Partnership to become a “publicly traded
partnership,” as such term is defined in Section 469(k)(2) or Section 7704(b) of
the Code (provided that this clause (vii) shall not be the basis for limiting or
restricting in any manner the exercise of the Exchange Right under Section 8.6
unless, and only to the extent that, outside tax counsel provides to the General
Partner an opinion to the effect that, in the absence of such limitation or
restriction, there is a significant risk that the Partnership will be treated as
a “publicly traded partnership” and, by reason thereof, taxable as a
corporation); (viii) such transfer could adversely affect the ability of the
General Partner to remain qualified as a REIT; or (ix) if in the opinion of
legal counsel of the transferring Partner (which opinion and counsel are
reasonably satisfactory to the Partnership), or legal counsel of the
Partnership, such transfer would adversely affect the ability of the General
Partner to continue to qualify as a REIT or subject the General Partner to any
additional taxes under Section 857 or Section 4981 of the Code, if the
General Partner has elected to be qualified as a REIT.

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

    (f)           The
General Partner shall monitor the transfers of interests in the Partnership to
determine (i) if such interests are being traded on an “established securities
market” or a “secondary market” (or the substantial equivalent thereof) within
the meaning of Section 7704 of the Code; and (ii) whether additional transfers
of interests would result in the Partnership being unable to qualify for at
least one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or
such other guidance subsequently published by the IRS setting forth safe harbors
under which interests will not be treated as “readily tradable on a secondary
market (or the substantial equivalent thereof)” within the meaning of Section
7704 of the Code) (the “Safe Harbors”). The General Partner shall take all steps
reasonably necessary or appropriate to prevent any trading of interests or any
recognition by the Partnership of transfers made on such markets and, except as
otherwise provided herein, to insure that at least one of the Safe Harbors is
met; provided, however, that the foregoing shall not authorize the General
Partner to limit or restrict in any manner the right of any holder of a
Partnership Unit to exercise the Exchange Right in accordance with the terms of
the applicable Exchange Rights Agreement unless, and only to the extent that,
outside tax counsel provides to the General Partner an opinion to the effect
that, in the absence of such limitation or restriction, there is a significant
risk that the Partnership will be treated as a “publicly traded partnership”
and, by reason thereof, taxable as a corporation.

     

    ARTICLE
12

    ADMISSION
OF PARTNERS

     

    
      	
              12.1

            	
              Admission of Successor
      General Partner

            

    

     

    (a)           (i)           A
successor to all of the General Partner Interest pursuant to Section 11 hereof
who is proposed to be admitted as a successor General Partner shall be admitted
to the Partnership as the General Partner, effective immediately following such
transfer and the admission of such successor General Partner as a general
partner of the Partnership upon the satisfaction of the terms and conditions set
forth in Section 12.1(b).

     

    (ii)           Any
such transferee shall carry on the business of the Partnership without
dissolution.

     

    (b)           A
Person shall be admitted as a substitute or successor General Partner of the
Partnership only if the following terms and conditions are
satisfied:

     

    (i)           the
Person to be admitted as a substitute or additional General Partner shall have
accepted and agreed to be bound by all the terms and provisions of this
Agreement by executing a counterpart thereof and such other documents or
instruments as may be required or appropriate in order to effect the admission
of such Person as a General Partner;

     

    (ii)           if
the Person to be admitted as a substitute or additional General Partner is a
corporation or a partnership it shall have provided the Partnership with
evidence satisfactory to counsel for the Partnership of such Person’s authority
to become a General Partner and to be bound by the terms and provisions of this
Agreement; and

     

    (iii)           counsel
for the Partnership shall have rendered an opinion (relying on such opinions
from other counsel as may be necessary) that the admission of the person to be
admitted as a substitute or additional General Partner is in conformity with the
Act, that none of the actions taken in connection with the admission of such
Person as a substitute or additional General Partner will cause

     

    (A)           the
Partnership to be classified other than as a partnership for federal income tax
purposes, or

     

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

     

    (B)           the
loss of any Limited Partner’s limited liability.

     

    (c)           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 Section 11.6(d) hereof.

     

    
      	
              12.2

            	
              Admission of
      Additional Limited Partners

            

    

     

    (a)           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 and the applicable Exchange Rights Agreement,
including, without limitation, the power of attorney granted in Section 2.4
hereof, and

     

    (ii)           such
other documents or instruments as may be required in the discretion of the
General Partner in order to effect such Person’s admission as an Additional
Limited Partner.

     

    (b)           (i)           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.

     

    (ii)           The
admission of any Person as an Additional Limited Partner shall become effective
on the date upon which the name of such Person is recorded on the books and
records of the Partnership, following the consent of the General Partner to such
admission.

     

    (c)           (i)           If
any Additional Limited Partner is admitted to the Partnership on any day other
than the first day of a Partnership Year, then Net Income, Net Losses, each item
thereof and all other items allocable among Partners and Assignees for such
Partnership Year shall be allocated among such Additional Limited Partner and
all other Partners and Assignees by taking into account their varying interests
during the Partnership Year in accordance with Section 706(d) of the Code, using
the interim closing of the books method.

     

    (ii)           (A)           Solely
for purposes of making such allocations, each of such items for the calendar
month in which an admission of any Additional Limited Partner occurs shall be
allocated among all of the Partners and Assignees, including such Additional
Limited Partner.

     

    (B)           distributions
pursuant to Section 5.1(a) with respect to which the Partnership Record Date is
before the date of such admission shall be made solely to Partners and
Assignees, other than the Additional Limited Partner, and all distributions
pursuant to Section 5.1(a) thereafter shall be made to all of the Partners and
Assignees, including such Additional Limited Partner.

     

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

     

    (d)           Upon
the admission of the first Additional Limited Partner to the Partnership, the
Initial Limited Partner’s original interest in the Partnership shall
automatically, and without further action on the part of the Initial Limited
Partner or the Partnership, be withdrawn.

     

    
      	
              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
hereof.

     

    ARTICLE
13

    DISSOLUTION,
LIQUIDATION AND TERMINATION

     

    
      	
              13.1

            	
              Dissolution

            

    

     

    (a)           The
Partnership shall not be dissolved by the admission of Substituted Limited
Partners, Additional Limited Partners or by the admission of a successor General
Partner in accordance with the terms of this Agreement. Upon the withdrawal of
the General Partner, any successor General Partner shall continue the business
of the Partnership.

     

    (b)           The
Partnership shall dissolve, and its affairs shall be wound up, only upon the
first to occur of any of the following (“Liquidating
Events”):

     

    (i)           the
expiration of its term as provided in Section 2.5 hereof;

     

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

     

    (iii)           an
election to dissolve the Partnership made by the General Partner, with the
Consent of the Limited Partners holding at least a majority of the Percentage
Interest of the Limited Partners (including Limited Partner Interests held by
the General Partner);

     

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

     

    (v)           a
Capital Transaction;

     

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

     

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

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

     

    
      	
              13.2

            	
              Winding
      Up

            

    

     

    (a)           (i)     
      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.

     

    (ii)           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.

     

    (iii)          The
General Partner, or, if there is no remaining General Partner, any Person
elected unanimously by the Limited Partners holding at least a “majority in
interest” (the General Partner or such other Person being referred to herein as
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 common stock or other securities of the General Partner) shall
be applied and distributed in the following order:

     

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

     

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

     

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

     

    (D)           the
balance, if any, shall be distributed to all Partners with positive Capital
Accounts in accordance with their respective positive Capital Account
balances.

     

    (iv)           The
General Partner shall not receive any additional compensation for any services
performed pursuant to this Article 13.

     

    (v)           Any
distributions pursuant to this Section 13.2(a) shall be made by the end of the
Partnership’s taxable year in which the liquidation occurs (or, if later, within
90 days after the date of the liquidation).

     

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

     

    (b)           (i) 
          Notwithstanding the
provisions of Section 13.2(a) hereof 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 asset except those necessary to satisfy liabilities of the Partnership
(including to those Partners as creditors) or distribute to the Partners, in
lieu of cash, as tenants in common and in accordance with the provisions of
Section 13.2(a) hereof, undivided interests in such Partnership assets as the
Liquidator deems not suitable for liquidation.

     

    (ii)           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 interests 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.

     

    (iii)          The
Liquidator shall determine the fair market value of any property distributed in
kind using such reasonable method of valuation as it may adopt.

     

    (c)           In
the discretion of the Liquidator, 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:

     

    (A)           distributed
to a trust established for the benefit of the General Partner and Limited
Partners for the purposes of liquidating Partnership assets, collecting amounts
owed to the Partnership, and paying any contingent or unforeseen liabilities or
obligations of the Partnership or 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, in the same proportions as the
amount distributed to such trust by the Partnership would otherwise have been
distributed to the General Partner and Limited Partners pursuant to this
Agreement; or

     

    (B)           withheld
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 order of priority set forth in Section 13.2(a), as
soon as practicable.

     

    
      	
              13.3

            	
              No Obligation to
      Contribute Deficit

            

    

     

    If any
Partner has a deficit balance in his Capital Account (after giving effect to all
contributions, distributions and allocations for all taxable years, including
the year during which such liquidation occurs), such Partner shall have no
obligation to make any contribution to the capital of the Partnership with
respect to such deficit, and such deficit shall not be considered a debt owed to
the Partnership or to any other Person for any purpose whatsoever.

     

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

     

    
      	
              13.4

            	
              Rights of Limited
      Partners

            

    

     

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

     

    (b)           Except
as otherwise provided in this Agreement, no Limited Partner shall have priority
over any other Partner as to the return of its Capital Contributions,
distributions, or allocations.

     

    
      	
              13.5

            	
              Notice of
      Dissolution

            

    

     

    If a
Liquidating Event occurs or an event occurs that would, but for the provisions
of an election or objection by one or more Partners pursuant to Section 13.1,
result in a dissolution of the Partnership, the General Partner shall, within
thirty (30) days thereafter, provide written notice thereof to each of the
Partners.

     

    
      	
              13.6

            	
              Termination of
      Partnership and Cancellation of Certificate of Limited
      Partnership

            

    

     

    Upon the
completion of the liquidation of the Partnership’s assets, as provided in
Section 13.2 hereof, the Partnership shall be terminated, a certificate of
cancellation shall be filed, and all qualifications of the Partnership as a
foreign limited partnership in jurisdictions other than the state of Delaware
shall be canceled and such other actions as may be necessary to terminate the
Partnership shall be taken.

     

    
      	
              13.7

            	
              Reasonable Time for
      Winding-Up

            

    

     

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

     

    
      	
              13.8

            	
              Waiver of
      Partition

            

    

     

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

     

    ARTICLE
14

    AMENDMENT
OF PARTNERSHIP AGREEMENT; MEETINGS

     

    
      	
              14.1

            	
              Amendments

            

    

     

    (a)           (i)           The
General Partner shall have the power, without the consent of the Limited
Partners, to amend this Agreement except as set forth in Section 14.1(b)
hereof.

     

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

     

    (ii)           The
General Partner shall provide notice to the Limited Partners when any action
under this Section 14.1(a) is taken in the next regular communication to the
Limited Partners.

     

    (b)           Notwithstanding
Section 14.1(a) hereof, this Agreement shall not be amended with respect
to

     

    (i)           any
Partner adversely affected without the Consent of such Partner adversely
affected if such amendment would:

     

    (A)           convert
a Limited Partner’s interest in the Partnership into a General Partner
Interest;

     

    (B)           modify
the limited liability of a Limited Partner in a manner adverse to such Limited
Partner; or

     

    (C)           amend
this Section 14.1(b)(i).

     

    (ii)           any
Limited Partner adversely affected without the Consent of Limited Partners
holding more than fifty percent (50%) of the outstanding Percentage Interests of
the Limited Partners adversely affected if such amendment would:

     

    (A)           alter
or change Exchange Rights;

     

    (B)           create
an obligation to make Capital Contributions not contemplated in this
Agreement;

     

    (C)           alter
or change the terms of this Agreement or the Exchange Rights Agreement regarding
the rights of the limited partners with respect to Business
Combinations;

     

    (D)           alter
or change the distribution and liquidation rights provided in Section 5 and 13
hereto, except as otherwise permitted under this Agreement; or

     

    (E)           amend
this Section 14.1(b)(ii).

     

    Section
14.1(b)(i) does not require unanimous consent of all Partners adversely affected
unless the amendment is to be effective against all Partners adversely
affected.

     

    
      	
              14.2

            	
              Meetings of the
      Partners

            

    

     

    (a)           (i)           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 25 percent or more of the Partnership Interests.

     

    (ii)           The
request shall state the nature of the business to be transacted.

     

    (iii)           Notice
of any such meeting shall be given to all Partners not less than seven (7) days
nor more than thirty (30) days prior to the date of such meeting.

     

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

     

    (iv)           Partners
may vote in person or by proxy at such meeting.

     

    (v)           Whenever
the vote or Consent of the Limited Partners is permitted or required under this
Agreement, such vote or Consent may be given at a meeting of the Partners or may
be given in accordance with the procedure prescribed in Section 14.1(a)
hereof.

     

    (vi)           Except
as otherwise expressly provided in this Agreement, the Consent of holders of a
majority of the Percentage Interests held by Partners (including the General
Partner) shall control.

     

    (b)           (i)           Subject
to Section 14.2(a)(vi), any action required or permitted to be taken at a
meeting of the Partners may be taken without a meeting if a written consent
setting forth the action so taken is signed by a majority of the Percentage
Interests of the Partners (or such other percentage as is expressly required by
this Agreement).

     

    (ii)           Such
consent may be in one instrument or in several instruments, and shall have the
same force and effect as a vote of a majority of the Percentage Interests of the
Partners (or such other percentage as is expressly required by this
Agreement).

     

    (iii)           Such
consent shall be filed with the General Partner.

     

    (iv)           An
action so taken shall be deemed to have been taken at a meeting held on the
effective date of the consent as certified by the General Partner.

     

    (c)           (i)           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.

     

    (ii)           Every
proxy must be signed by the Partner or an attorney-in-fact and a copy thereof
delivered to the Partnership.

     

    (iii)           No
proxy shall be valid after the expiration of eleven (11) months from the date
thereof unless otherwise provided in the proxy.

     

    (iv)           Every
proxy shall be revocable at the pleasure of the Partner executing it, such
revocation to be effective upon the General Partner’s receipt of written notice
of such revocation from the Partner executing such proxy.

     

    (d)           (i)           Each
meeting of the 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.

     

    (ii)           Meetings
of Partners may be conducted in the same manner as meetings of the stockholders
of the General Partner and may be held at the same time, and as part of,
meetings of the stockholders of the General Partner.

     

    
      
         

      

      
        57

        
          

        

      

      
         

      

    

     

    ARTICLE
15

    GENERAL
PROVISIONS

     

    
      	
              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 five days after being sent by first
class United States mail or by overnight delivery or via facsimile to the
Partner or Assignee at the address set forth in Exhibit A or such other address
of which the Partner shall notify the General Partner in writing.
Notwithstanding the foregoing, the General Partner may elect to deliver any such
notice, demand, request or report by E-mail or by any other electronic means, in
which case such communication shall be deemed given or made one day after being
sent.

     

    
      	
              15.2

            	
              Titles and
      Captions

            

    

     

    All
article or section titles or captions in this Agreement are for convenience of
reference only, shall not be deemed part of this Agreement and shall 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.

     

    
      	
              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.

     

    
      	
              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.

     

    
      	
              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.

     

    
      	
              15.6

            	
              Creditors

            

    

     

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

     

    
      	
              15.7

            	
              Waiver

            

    

     

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

     

    
      
         

      

      
        58

        
          

        

      

      
         

      

    

     

    
      	
              15.8

            	
              Counterparts

            

    

     

    This
Agreement may be executed in counterparts, all of which together shall
constitute one agreement binding on all of 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.

     

    
      	
              15.9

            	
              Applicable
      Law

            

    

     

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

     

    
      	
              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.

     

    
      	
              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.

     

    
      	
              15.12

            	
              Merger

            

    

     

    Subject
to Section 4.2 herein, the Partnership may merge with, or consolidate into, any
Person or Entity in accordance with Section 17-211 of the Act.

     

    
      	
              15.13

            	
              No Rights as
      Stockholders

            

    

     

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

     

    [SIGNATURE
PAGE FOLLOWS]

     

    
      
         

      

      
        59

        
          

        

      

      
         

      

    

    Signature
Page to Second Amended and Restated Agreement of Limited Partnership of New York
Recovery Operating Partnership, L.P., among the undersigned and the other
parties thereto.

     

    
      
        
          	 
      	
                  GENERAL
      PARTNER:

                
	 
      	 
      
	 
      	
                  AMERICAN
      REALTY CAPITAL NEW YORK

                  RECOVERY
      REIT, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                
	 	 
	 
      	
                  INITIAL
      LIMITED PARTNER:

                
	 
      	 
      
	 
      	
                  NEW
      YORK RECOVERY ADVISORS, LLC

                
	 
      	 
      
	 
      	
                  By: New York Recovery
      Special Limited

                  Partnership,
      LLC, its Member

                
	 
      	 
      
	 
      	
                  By:

                	
                  American
      Realty Capital III, LLC,

                
	 
      	 
      	
                  its
      Managing Member

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                
	 
      	 
      	 
      
	 
      	
                  SPECIAL
      LIMITED PARTNER:

                
	 
      	 
      
	 
      	
                  NEW
      YORK RECOVERY SPECIAL LIMITED

                  PARTNERSHIP,
      LLC

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  American
      Realty Capital III, LLC,

                
	 
      	 
      	
                  its
      Managing Member

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                    

                
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                

        

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Corporate/Limited
Liability Company Additional Limited Partner Signature Page to Second Amended
and Restated Agreement of Limited Partnership of New York Recovery Operating
Partnership, L.P., among the undersigned and the other parties
thereto.

     

    
      
        	
                Dated:  ____________
      __, 20___

              	
                [Name
      of Corporation/LLC]

              
	 
      	 
      
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Individual
Additional Limited Partner Signature Page to Second Amended and Restated
Agreement of Limited Partnership of New York Recovery Operating Partnership,
L.P., among the undersigned and the other parties thereto.

     

    
      
        
          	
                  Dated:  ____________
      __, 20___

                	
                   

                
	 
      	 
      
	 
      	
                   

                	
                    

                

        

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Partnership
Limited Partner Signature Page to Second Amended and Restated Agreement of
Limited Partnership of New York Recovery Operating Partnership, L.P., among the
undersigned and the other parties thereto.

     

    
      
        	
                Dated:  ____________
      __, 20___

              	
                [Name
      of LP]

              
	 
      	 
      
	 
      	
                By:

              	
                  

              
	 
      	 
      	
                Name:

              
	 
      	 
      	
                Title:

              

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Exhibit
A

     

    Partners’
Contributions and Partnership Interests

     

    
      
        
          
            
              
                
                  	
                          Name and Address of Partner

                        	 	
                          Type of Interest

                        	 	
                          Capital

                          Contribution

                        	 	 	
                          Number
      of

                          Partnership Units

                        	 	 	
                          Percentage

                          Interest

                        	 
	
                          American
      Realty Capital New York Recovery REIT, Inc.

                           

                          405
      Park Avenue

                          New
      York, New York 10022

                        	 	
                          General
      Partnership Interest

                        	 	$	200,000	 	 	 	20,000	 	 	 	99.01	%
	
                          New
      York Recovery Advisors, LLC

                           

                          405
      Park Avenue

                          New
      York, New York 10022

                        	 	
                          Limited
      Partnership Interest

                        	 	$	2,000	 	 	 	200	 	 	 	0.99	%
	
                          New
      York Recovery Special Limited Partnership, LLC

                           

                          405
      Park Avenue

                          New
      York, New York 10022

                        	 	
                          Subordinated
      15% interest in distributions described in Section
      5.1(b)(ii)(A)

                        	 	
                          None

                        	 	 	
                          Not
      applicable

                        	 	 	
                          Not
      applicable

                        	 

                

              

            

          

        

      

    

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    Exhibit
B

     

    Allocations

     

    1.           Allocation of Net Income and
Net Loss. Except as otherwise provided in this Agreement, Net Income, Net
Loss and, to the extent necessary, individual items of income, gain, loss or
deduction, of the Partnership shall be allocated among the Partners in a manner
such that the Capital Account of each Partner, immediately after making such
allocation, is, as nearly as possible, equal proportionately to (i) the
distributions that would be made to such Partner pursuant to Section 5.1(b) if
the Partnership were dissolved, its affairs wound up and its assets sold for
cash equal to their Gross Asset Value, all Partnership liabilities were
satisfied (limited with respect to each nonrecourse liability to the Gross Asset
Value of the assets securing such liability), and the net assets of the
Partnership were distributed in accordance with Section 5.1(b) to the Partners
immediately after making such allocation, minus (ii) such Partner’s share of
Partnership minimum gain (within the meaning of Regulation Section 1.704-2(d))
and Partner nonrecourse debt minimum gain (within the meaning of Regulation
Section 1.704-2(i)(5)), computed immediately prior to the hypothetical sale of
assets.

     

    2.           Special Allocations.
Notwithstanding any provisions of paragraph 1 of this Exhibit B, the following
special allocations shall be made.

     

    (a)           Minimum Gain Chargeback
(Nonrecourse Liabilities). Except as otherwise provided in Section
1.704-2(f) of the Regulations, if there is a net decrease in Partnership Minimum
Gain for any Partnership fiscal year, each Partner shall be specially allocated
items of Partnership income and gain for such year (and, if necessary,
subsequent years) in an amount equal to such Partner’s share of the net decrease
in Partnership Minimum Gain to the extent required by Regulations Section
1.704-2(f). The items to be so allocated shall be determined in accordance with
Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is
intended to comply with the minimum gain chargeback requirement in said section
of the Regulations and shall be interpreted consistently therewith. Allocations
pursuant to this subparagraph 2(a) shall be made in proportion to the respective
amounts required to be allocated to each Partner pursuant hereto.

     

    (b)           Partner Minimum Gain
Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the
Regulations, if there is a net decrease in Partner Minimum Gain attributable to
a Partner Nonrecourse Debt during any fiscal year, each Partner who has a share
of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt,
determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be
specially allocated items of Partnership income and gain for such year (and, if
necessary, subsequent years) in an amount equal to that Partner’s share of the
net decrease in the Partner Minimum Gain attributable to such Partner
Nonrecourse Debt to the extent and in the manner required by Section 1.704-2(i)
of the Regulations. The items to be so allocated shall be determined in
accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This
subparagraph 2(b) is intended to comply with the minimum gain chargeback
requirement with respect to Partner Nonrecourse Debt contained in said section
of the Regulations and shall be interpreted consistently therewith. Allocations
pursuant to this subparagraph 2(b) shall be made in proportion to the respective
amounts required to be allocated to each Partner pursuant hereto.

     

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

     

    (c)           Qualified Income
Offset. If a Partner unexpectedly receives any adjustments, allocations
or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6) of
the Regulations, and such Partner has an Adjusted Capital Account Deficit, items
of Partnership income (including gross income) and gain shall be specially
allocated to such Partner in an amount and manner sufficient to eliminate the
Adjusted Capital Account Deficit as quickly as possible as required by the
Regulations. This subparagraph 2(c) is intended to constitute a “qualified
income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall
be interpreted consistently therewith.

     

    (d)           Other Chargeback of
Impermissible Negative Capital Account. To the extent any Partner has an
Adjusted Capital Account Deficit at the end of any Partnership fiscal year, each
such Partner shall be specially allocated items of Partnership income (including
gross income) and gain in the amount of such excess as quickly as possible,
provided that an allocation pursuant to this paragraph 2(d) shall be made if and
only to the extent that such Partner would have an Adjusted Capital Account
Deficit after all other allocations provided for in this Exhibit B have been
tentatively made as if this paragraph 2(d) were not in the
Agreement.

     

    (e)           Nonrecourse
Deductions. Nonrecourse Deductions for any fiscal year or other
applicable period shall be allocated to the Partners in accordance with their
respective Percentage Interests.

     

    (f)           Partner Nonrecourse
Deductions. Partner Nonrecourse Deductions for any fiscal year or other
applicable period with respect to a Partner Nonrecourse Debt shall be specially
allocated to the Partner that bears the economic risk of loss for such Partner
Nonrecourse Debt (as determined under Sections 1.704-2(b)(4) and 1.704-2(i)(1)
of the Regulations).

     

    (g)           Section 754
Adjustment. To the extent an adjustment to the adjusted tax basis of any
asset of the Partnership pursuant to Section 734(b) of the Code or Section
743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the
Regulations, to be taken into account in determining Capital Accounts, the
amount of such adjustment to the Capital Accounts shall be treated as an item of
gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be specially
allocated among the Partners in a manner consistent with the manner in which
each of their respective Capital Accounts are required to be adjusted pursuant
to such section of the Regulations.

     

    (h)           Gross Income
Allocation. There shall be specially allocated to the General Partner an
amount of Partnership income and gain during each Partnership Year or portion
thereof, before any other allocations are made hereunder, which is equal to the
excess, if any, of the cumulative distributions of cash made to the General
Partner under Section 7.3(b) hereof over the cumulative allocations of
Partnership income and gain to the General Partner pursuant to this Section 2(h)
of this Exhibit B.

     

    3.           Tax
Allocations.

     

    (a)           Items of Income or
Loss. Except as is otherwise provided in this Exhibit B, an allocation of
Partnership Net Income or Net Loss to a Partner shall be treated as an
allocation to such Partner of the same share of each item of income, gain, loss,
deduction and item of tax-exempt income or Section 705(a)(2)(B) expenditure (or
item treated as such expenditure pursuant to Regulations Section
1.704-1(b)(2)(iv)(i)) (“Tax Items”) that is taken into account in computing Net
Income or Net Loss.

     

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

     

    (b)           Section 1245/1250
Recapture. If any portion of gain from the sale of Partnership assets is
treated as gain which is ordinary income by virtue of the application of Code
Sections 1245 or 1250 (“Affected Gain”), then such Affected Gain shall be
allocated among the Partners in the same proportion that the depreciation and
amortization deductions giving rise to the Affected Gain were allocated. This
subparagraph 3(b) shall not alter the amount of Net Income (or items thereof)
allocated among the Partners, but merely the character of such Net Income (or
items thereof). For purposes hereof, in order to determine the proportionate
allocations of depreciation and amortization deductions for each fiscal year or
other applicable period, such deductions shall be deemed allocated on the same
basis as Net Income and Net Loss for such respective period.

     

    (c)           Precontribution Gain,
Revaluations. With respect to any Contributed Property, the Partnership
shall use any permissible method contained in the Regulations promulgated under
Section 704(c) of the Code selected by the General Partner, in its sole
discretion, to take into account any variation between the adjusted basis of
such asset and the fair market value of such asset as of the time of the
contribution (“Precontribution Gain”). Each Partner hereby agrees to report
income, gain, loss and deduction on such Partner’s federal income tax return in
a manner consistent with the method used by the Partnership. If any asset has a
Gross Asset Value which is different from the Partnership’s adjusted basis for
such asset for federal income tax purposes because the Partnership has revalued
such asset pursuant to Regulations Section 1.704-1(b)(2)(iv)(f), the allocations
of Tax Items shall be made in accordance with the principles of Section 704(c)
of the Code and the Regulations and the methods of allocation promulgated
thereunder. The intent of this subparagraph 3(c) is that each Partner who
contributed to the capital of the Partnership a Contributed Property will bear,
through reduced allocations of depreciation, increased allocations of gain or
other items, the tax detriments associated with any Precontribution Gain. This
subparagraph 3(c) is to be interpreted consistently with such
intent.

     

    (d)           Excess Nonrecourse Liability
Safe Harbor. Pursuant to Regulations Section 1.752-3(a)(3), solely for
purposes of determining each Partner’s proportionate share of the “excess
nonrecourse liabilities” of the Partnership (as defined in Regulations Section
1.752-3(a)(3)), the Partners’ respective interests in Partnership profits shall
be determined under any permissible method reasonably determined by the General
Partner; provided, however, that each Partner who has contributed an asset to
the Partnership shall be allocated, to the extent possible, a share of “excess
nonrecourse liabilities” of the Partnership which results in such Partner being
allocated nonrecourse liabilities in an amount which is at least equal to the
amount of income pursuant to Section 704(c) of the Code and the Regulations
promulgated thereunder (the “Liability Shortfall”). If there is an insufficient
amount of nonrecourse liabilities to allocate to each Partner an amount of
nonrecourse liabilities equal to the Liability Shortfall, then an amount of
nonrecourse liabilities in proportion to, and to the extent of, the Liability
Shortfall shall be allocated to each Partner.

     

    
      
         

      

      
        B-3

        
          

        

      

      
         

      

    

    (e)           References to
Regulations. Any reference in this Exhibit B or the Agreement to a
provision of proposed and/or temporary Regulations shall, if such provision is
modified or renumbered, be deemed to refer to the successor provision as so
modified or renumbered, but only to the extent such successor provision applies
to the Partnership under the effective date rules applicable to such successor
provision.)

     

    (f)           Successor Partners.
For purposes of this Exhibit B, a transferee of a Partnership Interest shall be
deemed to have been allocated the Net Income, Net Loss and other items of
Partnership income, gain, loss, deduction and credit allocable to the
transferred Partnership Interest that previously have been allocated to the
transferor Partner pursuant to this Agreement.

     

    
      
         

      

      
        B-4

        
          

        

      

      
         

      

    

    Exhibit
C

     

    Certificate
of Limited PartnershipUnassociated Document

    Exhibit
4.6

     

    DOCUMENT
PREPARED BY AND

    WHEN
RECORDED, RETURN TO:

     

    Andrews
Kurth LLP

    600
Travis Street, Suite 4200

    Houston,
TX  77002

    Attention:  Tammy
Brennig

     

    LOAN
ASSUMPTION AGREEMENT, RELEASE AND

    AMENDMENT
OF LOAN DOCUMENTS

     

    THIS LOAN ASSUMPTION AGREEMENT,
RELEASE AND AMENDMENT OF LOAN DOCUMENTS, dated to be effective as of June
____, 2010 (this “Agreement”)
is made by and among URBAN
DEVELOPMENT PARTNERS (61), LLC, a Connecticut limited liability company
(“Transferor”), PHILIP CARTER, an individual
(“Carter”)
and ALLAN  SCHWARTZ, an
individual (“Schwartz”,
together with Carter, the “Indemnitor”),
ARC NYE61ST001, LLC, a
Delaware limited liability company (“Transferee”),
AMERICAN REALTY CAPITAL NEW
YORK RECOVERY REIT, INC., a Maryland corporation (“REIT”),
NICHOLAS S. SCHORSCH, an
individual (“Schorsch”)
and WILLIAM M. KAHANE
(“Kahane”,
together with REIT and Schorsch, “Replacement
Indemnitor”) and WELLS
FARGO BANK, N.A., successor in interest to WACHOVIA BANK, NATIONAL
ASSOCIATION, as master servicer (“Servicer”),
acting not individually, but solely in its capacity as Servicer for and on
behalf of U.S. BANK NATIONAL
ASSOCIATION, as Trustee under that certain Pooling and Servicing
Agreement dated December 1, 2002 (“Pooling
Agreement”), for the certificateholders of GE Commercial Mortgage
Corporation, Commercial Mortgage Pass-Through Certificate Series 2002-3
(the “Certificates”),
with respect to the Certificates (the “Noteholder”).

     

    RECITALS

     

    A.         Transferor
obtained a loan (the “Loan”)
from Deutsche Banc Mortgage Capital, L.L.C. (“Lender”)
in the original principal amount of Fifteen Million Eight Hundred Fifty Thousand
and No/100 Dollars ($15,850,000.00) which Loan is evidenced by that certain
Promissory Note dated October 9, 2002 (the “Note”)
executed by Transferor, as maker, and payable to the order of Lender, as payee,
in the original principal amount of $15,850,000.00 together with interest
thereon as made particularly set forth in the Note.

     

    B.          Transferor’s
obligations under and in connection with the Loan and the Note are secured by,
among other things, (i) that certain Mortgage and Security Agreement dated
as of October 9, 2002 (the “Mortgage”),
executed by Transferor for the benefit of Lender, recorded November 7, 2002
in Reel 3653, Page 1930 of the Office of the City Register, New York
County, New York, as assigned to Noteholder pursuant to that certain Assignment
of Mortgage dated June 30, 2009, recorded December 11, 2009 in CRFN
2009000407744 of the Office of the City Register, New York County, New York (the
“Assignment”);
and (ii) that certain Assignment of Leases and Rents dated October
9, 2002 (the “Assignment of
Leases”), recorded on November 7, 2002 in Reel 3653,
Page 2029 of the Official Records of New York County, New York, as assigned
to Noteholder pursuant to that certain Assignment of Assignment of Leases and
Rents dated June 30, 2009, recorded December 11, 2009 in CRFN 2009000407745 of
the Office of the City Register, New York County, New York.  Pursuant
to the Mortgage, Transferor granted to Noteholder a lien and security interest
in certain real and personal property of Transferor more particularly described
in the Mortgage (the “Mortgaged
Property”), including without limitation, the real property described on
Exhibit A attached hereto.

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    C.          In
addition, Transferor executed and delivered to Lender two (2) UCC-1 Financing
Statements (collectively, the “Financing
Statements”), naming Transferor as debtor, and Lender as secured party,
which Financing Statements have been assigned to Noteholder.  The
first Financing Statement was filed for record on July 9, 2007, as File No.
0002466794 in the office of the Secretary of State of
Connecticut.  The second Financing Statement was filed for record on
October 16, 2002, as File No. 02PN26929 with the Office of the City
Register, New York County, New York.

     

    D.          In
connection with the Loan, Indemnitor and Transferor executed a Guaranty
and  Indemnity Agreement dated October 9, 2002 for the
benefit of Lender (the “Guaranty”).

     

    E.           In
connection with the Loan, Transferor, Lender and The Bank of New York (“Bank”)
executed a Tri Party Lockbox Operating Agreement dated October 9, 2009
(the “Lockbox
Agreement”).

     

    F.           In
connection with the Loan, Transferor and Lender entered into a Cash Management
and Security Agreement (the “Cash Management
Agreement”).

     

    G.          The
Note, the Mortgage, the Assignment of Leases, the Financing Statements, the
Guaranty, the Cash Management Agreement, and the Lockbox Agreement, as the same
may be modified, supplemented, amended, substituted or replaced, are referred to
herein, collectively, as the “Loan
Documents.” Terms with initial capitalized letters used herein and not
otherwise defined herein shall have the meanings given to such terms in the Loan
Agreement.

     

    H.         The
Loan is now owned and held by Noteholder, and the Loan is administered by
Servicer in accordance with the Pooling Agreement.

     

    I.           Pursuant
to the Pooling Agreement, Servicer is granted the authority to approve on behalf
of the Noteholder certain modifications to the Loan Agreement, including the
transfer of the Mortgaged Property and the substitution of the Transferor and
the Indemnitor, in accordance with the provisions thereof.

     

    J.           Pursuant
to the Mortgage, Transferor agreed not to transfer the Mortgaged Property except
as specifically permitted therein.

     

    K.         Transferor
and Transferee have now requested the consent of Noteholder (i) to transfer
the Mortgaged Property to Transferee pursuant to Section 6.3 of the
Mortgage (the “Transfer”),
and in connection with such transfer, Transferee has agreed to assume
Transferor’s duties and obligations under the Loan Documents (the “Assumption”),
(ii) to replace the Indemnitor and in connection therewith, Replacement
Indemnitor has agreed to assume Indemnitor’s duties, obligations, guarantees and
indemnities under the Loan Documents, and (iii) to release Transferor and
Indemnitor from all claims and liabilities arising out of the Loan Documents
after the foregoing transfers, assumptions and replacements, all pursuant to and
in compliance with the terms of the Mortgage, and have also requested the
agreement of Noteholder to amend certain of the Loan Documents in certain
respects as hereinafter set forth.  Noteholder, acting by and through
Servicer, is willing to permit such transfer and assumption and to amend the
Loan Documents in such respects, but only upon the terms and conditions set
forth herein.

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    L.           Section
3.08 of the Pooling Agreement authorizes Servicer, on behalf of the Noteholder,
under certain terms and conditions (which are in effect) to waive the due on
sale clause and facilitate the transfer of the Mortgaged Property and assumption
of the Loan, and the Servicer has elected to do so on the terms and conditions
set forth in this Agreement.

     

    AGREEMENTS

     

    In
consideration of the foregoing and the mutual covenants and promises set forth
in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Noteholder, Transferor,
Indemnitor, Transferee and Replacement Indemnitor agree as follows:

     

    1.           Incorporation of
Recitals.  The foregoing recitals are incorporated herein as a
substantive, contractual part of this Agreement.

     

    2.           Assumption of
Obligation.  Transferee agrees to and does hereby assume all of
the payment and performance obligations of the Transferor set forth in the Note,
the Mortgage and the other Loan Documents in accordance with their respective
terms and conditions, as the same may be modified by this Agreement, including
without limitation, payment of all sums due and payable under the
Note.  Transferee further agrees to abide by and be bound by all of
the terms of the Loan Documents, as modified herein, all as though each of the
Loan Documents had been made, executed and delivered by
Transferee.  The provisions of the Loan Documents are incorporated
herein by this reference, as if fully set forth herein.  Without
limitation of any continuing liability of Transferor, Transferee acknowledges
and agrees that any reference to the Transferor in the Loan Documents shall be
deemed to refer to Transferee.  Transferee hereby adopts, ratifies and
confirms all of the representations, warranties and covenants of Transferor
contained in the Loan Documents, including, but not limited to, the Indemnity
Agreement, as if Transferee were the Transferor named in the Loan
Documents.

     

    3.           Transferor’s
Acknowledgments, Representations and Warranties.  The
Transferor acknowledges, represents and warrants to Noteholder as of the date of
this Agreement that:

     

    (a)         The
Note has an unpaid principal balance as of the date of this Agreement, of
$14,242,105.08 and prior to default bears interest at the rate of 6.20% per
annum, subject to adjustment as set forth in the Loan
Agreement.  There is presently a balance of $336,400.29 in the tax
escrow account, a balance of $10,476.34, in the replacement reserves escrow
account, a balance of $7,742.00 in the insurance escrow account, a balance of
$37,665.18 in the TI/LC escrow account, and a balance of $611,571.27 in the
other escrow reserve account maintained by Noteholder in connection with the
Loan.  Contemporaneously herewith, Transferor has transferred and
assigned to Transferee all right, title and interest of Transferor in and to
such tax, insurance and reserve escrow accounts.

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    (b)         The
Note requires that monthly payments of principal and interest in the amount of
$97,076.33 be made on or before the first day of each month, continuing to
November 1, 2012 (the “Maturity
Date”), if not sooner accelerated or paid pursuant to the
Note.

     

    (c)         The
Mortgage is a valid first lien on the Mortgaged Property for the full unpaid
principal amount of the Loan and all other amounts as stated in the Loan
Documents.

     

    (d)         There
are no defenses, offsets or counterclaims to the Note, the Mortgage or the other
Loan Documents.

     

    (e)         There
are no defaults by the Transferor under the provisions of the Note, the Mortgage
or the other Loan Documents, nor, to the best of Transferor’s knowledge, are
there any conditions which with the giving of notice or the passage of time or
both may constitute a default by the Transferor under the provisions of the
Note, the Mortgage or the other Loan Documents.

     

    (f)         All
provisions of the Note, the Mortgage and the other Loan Documents are valid, in
full force and effect and enforceable in accordance with their terms subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at
law.

     

    (g)         There
are no subordinate liens of any kind covering or relating to the Mortgaged
Property, nor are there any mechanics liens or liens for unpaid taxes or
assessments encumbering the Mortgaged Property, nor has notice of a lien or
notice of intent to file a lien been received.

     

    The
Transferor understands and intends that Noteholder will rely upon the
acknowledgments, representations and warranties contained herein.

     

    4.           Transferee’s and the
Replacement Indemnitor’s Representations and
Warranties.  Transferee and the Replacement Indemnitor jointly
and severally represent and warrant to Noteholder as of the date of this
Agreement that neither Transferee nor any Replacement Indemnitor has any
knowledge that any of the representations made by the Transferor in paragraph 3
above are not true and correct.  Transferee and the Replacement
Indemnitor understand and intend that Noteholder will rely on the
representations and warranties contained herein. [Reps to be added regarding
Cash Management Agreement and Lockbox Agreement].

     

    5.           Consent to Transfer and
Assumption.  Noteholder hereby consents to the Transfer and to
the Assumption, subject to the terms and conditions set forth in this
Agreement.  Noteholder’s consent to the Transfer and the Assumption
are not intended to be and shall not be construed as a consent to any subsequent
transfer or assumption which requires the Noteholder’s consent pursuant to the
terms of the Loan Documents.

     

    6.           Assumption by the
Replacement Indemnitor of Liability for the Exceptions to
Non-Recourse.  Replacement Indemnitor hereby adopt, ratify and
confirm all of the representations, warranties and covenants of the Indemnitor
under the Loan Documents as if the Replacement Indemnitor was the Indemnitor
named therein and jointly and severally assume all liability of the Indemnitor
under the Loan Documents, including without limitation,  the Indemnity
Agreement, made by the Indemnitor for the benefit of the
Lender.  Reference in any Loan Document, including the Indemnity
Agreement, to the Indemnitor henceforth shall be deemed to refer to the
Replacement Indemnitor.  In addition to the foregoing, Replacement
Indemnitor have executed and delivered to Noteholder that certain Guaranty and
Indemnity Agreement dated of even date herewith (the “New
Guaranty”).

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    7.           Release of Transferor and
Indemnitor.  In reliance on the Transferor’s and Transferee’s
acknowledgments, representations and warranties in this Agreement and in
consideration for releases contained in Paragraph 12 of this Agreement,
Noteholder releases the Transferor and the Indemnitor from their respective
obligations under the Loan Documents, provided that neither the
Transferor nor the Indemnitor is released from any liability pursuant to this
Agreement, the provisions of the Indemnity Agreement, or the Guaranty for any
liability that relates to the period prior to the date hereof regardless of when
any environmental hazard or other condition giving rise to any such liability
thereunder is discovered.  If any material element of the
representations and warranties contained herein as the same relate to the
Transferor and the Indemnitor is false as of the date of this Agreement or in
the event the Transferor or the Indemnitor take or cause any other party hereto
(other than Noteholder) to take any actions which are in contradiction with the
provisions of Paragraph 12 of this Agreement, then the release set forth in this
Paragraph 7 shall be deemed canceled effective as of the date of this Agreement
and the Transferor and the Indemnitor shall remain obligated under the Loan
Documents as though there had been no such release.  Nothing contained
herein shall be deemed to impair the right of Noteholder to name Transferor, for
purposes of extinguishing Transferor’s interest in the Mortgaged Property, as a
party defendant in any action or suit for judicial foreclosure and sale under
the Mortgage or for purposes of appointment of a receiver for the Mortgaged
Property, or for purposes of enforcement of the Assignment of Leases and
Rents.

     

    8.           No Impairment of
Lien.  Nothing set forth herein shall affect the priority or
extent of the lien of the Mortgage or any of the other Loan Documents, nor,
except as expressly set forth herein, release or change the liability of any
party who may now be or after the date of this Agreement may become liable,
primarily or secondarily, under the Loan Documents.  Except as
expressly modified hereby, the Note, the Mortgage, the Loan Agreement and the
other Loan Documents remain unchanged, are hereby ratified and reaffirmed in all
respects and shall remain in full force and effect and this Agreement shall have
no effect on the priority or validity of the liens, operation and effect of the
Mortgage and the other Loan Documents, all of which are incorporated herein by
this reference.  Nothing herein shall be construed to constitute a
novation of the Loan or of any of the Loan Documents.

     

    9.           Costs.  Transferee
agrees to pay or cause to be paid all fees and costs (including reasonable
attorneys’ fees) incurred by Noteholder in connection with Noteholder’s consent
to and approval of the Transfer of the Mortgaged Property and the assumption fee
equal to 1.0% of the outstanding principal balance of the Loan (i.e.,
$142,421.05) which is required to be paid by Transferee to Noteholder in
consideration of the consent to the Transfer and to the Assumption.

     

    10.         Financial
Information.  Transferee and the Replacement Indemnitor
represent and warrant to Noteholder that all financial information and
information regarding the management capability of Transferee and the
Replacement Indemnitor provided to Noteholder was true and correct as of the
date provided to Noteholder and remains materially true and correct as of the
date of this Agreement.

     

    
      
        
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    11.         Addresses.  Transferee’s
address for notice hereunder and under the Loan Documents is:

     

    ARC
NYE61ST001, LLC

    405 Park
Avenue, 15th Floor

    New York,
New York  10022

    Attention:  William
M. Kahane

     

    12.           Complete
Release.  Transferee, Transferor, Indemnitor and Replacement
Indemnitor hereby jointly and severally, unconditionally and irrevocably release
and forever discharge Lender, Noteholder and Master Servicer, and their
respective successors, assigns, agents, directors, officers, employees, and
attorneys, and each current or substitute trustee, if any, under the Mortgage
(collectively, the “Indemnitees”)
from all Claims, as defined below.  Transferor and Indemnitor jointly
and severally agree to indemnify Indemnitees, and defend and hold them harmless
from any and all claims, losses, causes of action, costs and expenses of every
kind or character incurred by or asserted against Indemnitees in connection with
the Claims (as hereinafter defined), the Transfer or the breach by Transferor or
Indemnitor of the Loan Documents, as amended herein, but only to the extent that
such claims, losses, causes of action, costs and expenses arise out of or are in
any way connected with or result from the acts, actions or omissions of
Transferor or Indemnitor.  Transferee and Replacement Indemnitor
jointly and severally agree to indemnify Indemnitees, and defend and hold them
harmless from any and all claims, losses, causes of action, costs and expenses
of every kind or character incurred by or asserted against Indemnitees in
connection with the Claims, the Transfer or the breach by Transferee or
Replacement Indemnitor of the Loan Documents, as amended herein, but only to the
extent that such claims, losses, causes of action, costs and expenses arise out
of or are in any way connected with or result from the acts, actions or
omissions of Transferee or Replacement Indemnitor.

     

    As used
in this Agreement, the term “Claims”
shall mean any and all possible claims, demands, actions, fees, costs, expenses
and liabilities whatsoever, known or unknown, at law or in equity, originating
in whole or in part, on or before the date of this Agreement, which the
Transferor, the Indemnitor, or any of their respective partners, limited
partners, members, officers, directors, shareholders, agents or employees, may
now or hereafter have against the Indemnitees, and irrespective of whether any
such Claims arise out of contract, tort, violation of laws, or regulations, or
otherwise, arising out of or relating to the Loan or any of the Loan Documents,
including, without limitation, any contracting for, charging, taking, reserving,
collecting or receiving interest in excess of the highest lawful rate applicable
thereto and any loss, cost or damage, of any kind or character, arising out of
or in any way connected with or in any way resulting from the acts, actions or
omissions of Indemnitees, including any requirement that the Loan Documents be
modified as a condition to the transactions contemplated by this Agreement, any
charging, collecting or contracting for prepayment premiums, transfer fees, or
assumption fees, any breach of fiduciary commitment, undue influence, duress,
economic coercion, violation of any federal or state securities or Blue Sky laws
or regulations, conflict of interest, bad faith, malpractice, violations of the
Racketeer Influenced and Corrupt Organizations Act, intentional or negligent
infliction of mental or emotional distress, tortious interference with
contractual relations, tortious interference with corporate governance or
prospective business advance, breach of contract, deceptive trade practices,
libel, slander, conspiracy or any claim for wrongfully accelerating the Note or
wrongfully attempting to foreclose on any collateral relating to the Note but in
each case only to the extent permitted by applicable law.  Transferor,
Transferee, Indemnitor and Replacement Indemnitor agree that Noteholder has no
fiduciary or similar obligations to any of such parties and that their
relationship is strictly that of creditor and debtor.  This release is
accepted by Noteholder pursuant to this Agreement and shall not be construed as
an admission of liability on the part of any party
hereto.  Transferor, Indemnitor, Transferee and Replacement Indemnitor
hereby represent and warrant that they are the current legal and beneficial
owners of all Claims, if any, released hereby and have not assigned, pledged or
contracted to assign or pledge any such Claims to any other person.

     

    
      
        
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    13.         Usury.  It
is expressly stipulated and agreed to be the intent of all of the parties hereto
at all times to comply with the applicable law governing the maximum rate or
amount of interest payable on or in connection with the Note and the Loan (or
applicable United States federal law to the extent that it permits Noteholder to
contract for, charge, take, reserve or receive a greater amount of interest
payable on or in connection with the Note and the Loan than under applicable
law).  If the applicable law is ever judicially interpreted so as to
render usurious any amount called for under the Note or under the Mortgage, this
Agreement or any other Loan Document, or contracted for, charged, taken,
reserved or received with respect to the Loan, or if Transferor or Transferee
having paid any interest in excess of that permitted by law, then it is the
express intent of all of the parties that all excess amounts theretofore
collected by Noteholder or Lender be credited to the then outstanding principal
balance of the Note (or, if the Note has been or would thereby be paid in full,
any surplus refunded to Transferor or Transferee), and the provisions of the
Note, this Agreement, the Mortgage and the other Loan Documents immediately be
deemed reformed and the amounts thereafter collectible hereunder and thereunder
reduced, without the necessity of the execution of any new documents, so as to
comply with such applicable law, but so as to permit the recovery of the fullest
amount otherwise called for hereunder and thereunder.  The right to
accelerate the maturity of the Note does not include the right to accelerate any
interest which has not otherwise accrued on the date of such acceleration, and
Noteholder does not intend to collect any unearned interest in the event of
acceleration.  All sums paid or agreed to be paid to Lender or
Noteholder for the use, forbearance or detention of the indebtedness evidenced
by the Note or other Loan Documents shall, to the extent permitted by applicable
law, be amortized, prorated, allocated and spread through the full term of such
indebtedness until payment in full so that the rate or amount of interest on
account of such indebtedness does not exceed the applicable usury ceiling.
Notwithstanding any provision contained in the Note, the Mortgage, this
Agreement or in any of the other Loan Documents, as amended herein, that permits
the compounding of interest, including, without limitation, any provision by
which any of the accrued interest is added to the principal amount of the Note,
the total amount of interest that Transferor or Transferee is obligated to pay
and Noteholder is entitled to receive with respect to the Loan shall not exceed
the amount calculated on a simple (i.e., non-compounded) interest basis at the
maximum rate allowed by applicable law on principal amounts actually advanced to
or for the account of Transferor or Transferee, including all current and prior
advances and any advances made pursuant to the Mortgage, this Agreement or the
other Loan Documents, as amended herein (including, but not limited to, the
payment of taxes, insurance premiums and the like).  The provisions of
the Note and the other Loan Documents limiting the amount of interest which may
be contracted for, charged or received on the indebtedness evidenced thereby and
dealing with the rights and duties of the parties with respect to the charging
or receiving of interest in excess of the maximum rate, are hereby incorporated
in this Agreement by reference as though fully set forth herein.  To
the extent permitted by law, the Transferor, Transferee, the Indemnitor and the
Replacement Indemnitor hereby waive and release all claims and defenses based
upon usury in connection with the execution and delivery of the Note and the
other Loan Documents and the borrowing of the funds represented by the
Loan.

     

    
      
        
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    14.         Further
Assurances.  Transferor, Indemnitor, Transferee and Replacement
Indemnitor agree to perform such other and further acts, and to execute such
additional documents, agreements, notices or financing statements, as Noteholder
deems reasonably necessary or desirable from time to time to create, preserve,
continue, perfect, validate or carry out any of Noteholder’s rights under this
Agreement and/or the other Loan Documents.

     

    15.         Reservation of
Rights.  Nothing contained in this Agreement shall prevent or
in any way diminish or interfere with any rights or remedies, including, without
limitation, the right to contribution, which Noteholder may have against
Transferor, Indemnitor, Transferee, Replacement Indemnitor, or any other party
under the Comprehensive Environmental Response, Compensation and Liability Act
of 1980 (codified at Title 42, U.S.C. Section 9601, et. seq.), as it may
be amended from time to time, any successor statute thereto or any other
applicable federal, state or local laws, all such rights being hereby expressly
reserved.

     

    16.         Compliance with
Anti-Terrorism, Embargo, Sanctions, and Anti-Money Laundering
Laws.  Transferee shall comply with all Requirements of Law
relating to money laundering, anti-terrorism, trade embargos and economic
sanctions, now or hereafter in effect.  Upon Noteholder’s request from
time to time during the term of the Loan, Transferee shall certify in writing to
Lender that Transferee’s representations, warranties, and obligations under this
Section 16 remain true and correct and have not been
breached.  Transferee shall immediately notify lender in writing if
any of such representations, warranties or covenants are no longer true or have
been breached or if Transferee has reasonable basis to believe that they may no
longer be true or have been breached.  In connection with such an
event, Transferee shall comply with all Requirements of Law and directives of
Governmental Authorities and, at Noteholder’s request, provide to Noteholder
copies of all notices, reports and other communications exchanged with, or
received from, Governmental Authorities relating to such an
event.  Transferee shall also reimburse Noteholder any expense
incurred by Noteholder in evaluating the effect of such an event on the Loan and
Noteholder’s interest in the collateral for the Loan, in obtaining any necessary
license from Governmental Authorities as may be necessary for Noteholder to
enforce its rights under the Loan Documents, and in complying with all
Requirements of Law applicable to Noteholder as the result of the existence of
such an event and for any penalties or fines imposed upon Noteholder as a result
thereof.  Further, Transferee shall immediately notify Noteholder in
writing if any future tenant of the Property (i) is identified on the OFAC List,
or (ii) is a Person with whom a citizen of the United States is prohibited to
engage in transactions by any trade embargo, economic sanction, or other
prohibition of United States law, regulation, or Executive Order of the
President of the United States.  For purposes of this Section 16, the
following definitions shall apply:

     

    
      
        
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    “Governmental
Authority” means any nation or government, any state or other political
subdivision thereof, and any Person exercising executive, legislative, judicial,
or administrative functions of or pertaining to such government.

     

    “OFAC List”
means the list of specially designated nationals and blocked Persons subject to
financial sanctions that is maintained by the U.S. Treasury Department, Office
of Foreign Assets Control and any other similar list maintained by the U.S.
Treasury Department, Office of Foreign Assets Control pursuant to any
Requirements of Law, including, without limitation, trade embargo, economic
sanctions, or other prohibitions imposed by Executive Order of the President of
the United States.  The OFAC List currently is accessible through the
internet website www.treas.gov/ofac/t11sdn.pdf.

     

    “Requirements of
Law” means (a) the organizational documents of an entity, and (b) any
law, regulation, ordinance, code, decree, treaty, ruling or determination of an
arbitrator, court or other Governmental Authority or any Executive Order issued
by the President of the United States, in each case applicable to or binding
upon such Person or to which such Person any of its property or the conduct of
its business is subject, including, without limitation, laws, ordinances and
regulations pertaining to the zoning, occupancy, and subdivision of real
property.

     

    “Person”
means an individual, partnership, limited partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, governmental authority or other entity of whatever
nature.

     

    17.         Amendments to Loan
Documents.  The following Loan Documents shall be and hereby
are amended in the following particulars:

     

    (a)          All
Loan Documents.

     

    (i)           Notwithstanding
anything to the contrary in the Loan Documents, as amended hereby, the address
of Borrower for all purposes under the Loan Documents, as amended hereby, shall
be as follows:

     

    
      
        	
              	
                To
      Transferee:

              	
                405
      Park Avenue, 15th Floor

              

      

    

    
      
        New York,
New York  10022

      

    

    
      
        Attention:  William
M. Kahane

      

    

    
      
        Telecopy:  (212)
421-5799

      

    

     

    (ii)          Notwithstanding
anything to the contrary in the Loan Documents, as amended hereby, the address
of Lender for all purposes under the Loan Documents, as amended hereby, shall be
as follows:

     

    
      
        
          	
                	
                  To
      Lender:

                	
                  U.S.
      Bank National
Association

                

        

      

    

    
      
        c/o GEMSA
Loan Services, L.P.

      

    

    
      
        1500 City
West Boulevard, Suite 200

      

    

    
      
        Houston,
Texas  77042

      

    

    
      
        Attention:
Portfolio Manager

      

    

    
      
        Telecopy:  (866)
604-3523

      

    

     

    
      
        
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    (iii)        References
in the Note, the Mortgage and Assignment of Leases to “Borrower” or “Grantor”
and in the other Loan Documents to terms of similar import shall, from and after
the date hereof, mean and refer to ARC NYE61ST001, LLC.

     

    (b)         Mortgage.

     

    (i)          Section
6.3 of the Mortgage is hereby amended by adding the following subclause (c) to
the end of the first paragraph of Section 6.3(a):

     

    “Notwithstanding
anything to the contrary contained in Section 6.3 hereof, no transfer shall be
permitted, without the prior written consent of Lender, which would cause
American Realty Capital New York Recovery REIT, Inc., to own, directly or
indirectly a controlling interest in the Borrower and not to have the power to
direct the affairs of Borrower and the Mortgaged Property.”

     

    18.         Independent
Obligations.  The parties agree and acknowledge that
Transferee’s and Replacement Indemnitor’s liability and obligations under and
pursuant to the Loan Documents, as amended hereby (collectively, the “Obligations”)
are entirely separate, distinct and independent from Transferor’s and
Indemnitor’s past and continuing liability and obligations, if any, under and
pursuant to the Loan Documents.  Servicer and/or Noteholder shall not
be required to, and Transferee and Replacement Indemnitor hereby waive any and
all rights to require Servicer and/or Noteholder to prosecute or seek to enforce
any remedies against Transferor and/or to require Servicer and/or Noteholder to
seek or enforce or resort to any remedies with respect to any charge, lien,
security interest, assignment or encumbrance granted to Servicer and/or
Noteholder by Transferor, Transferee or any other party on account of the
Obligations.

     

    19.         Conditions
Precedent.  Notwithstanding any provision to the contrary in
this Agreement, the effectiveness of the respective consents, releases and
directives granted or expressed by Noteholder within this Agreement shall be
subject to the fulfillment of the following conditions (the “Conditions
Precedent”) to the satisfaction of Servicer:

     

    (a)         Servicer
shall have received evidence that Transferee has been duly constituted as a
single-purpose “bankruptcy remote” entity.

     

    (b)         Transferor
shall have paid or caused to be paid to Servicer (i) an assumption fee
equal to one percent (1%) of the outstanding principal balance secured by the
Mortgage and (ii) a fee equal to the amount of all out-of-pocket fees and
expenses of Servicer as provided in the Loan Documents, including, without
limitation, all attorneys’ fees, in connection with this Agreement and the
transactions contemplated hereby.

     

    (c)         Servicer
shall have received this Agreement fully executed by all parties other than
Servicer.

     

    (d)         Servicer
shall have received the New Guaranty executed by Replacement Indemnitor, a Tri
Party Lockbox Agreement executed by Transferee and Bank, in form and substance
acceptable to GEMSA and a subordination of management agreement in a form
acceptable to Servicer executed by Transferee and CB Richard Ellis, as property
manager;

     

    
      
        
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    (e)         Servicer
shall have received either an endorsement to the policy of title insurance
insuring Noteholder’s interest in the Mortgaged Property or a new policy (with
endorsements thereto), acceptable to Servicer (the “Title
Policy”), which Title Policy shall extend the effective date of the Title
Policy to the date on which this Agreement is recorded in the appropriate public
office (taking exception for no lien, encumbrance or other matter other than
those set forth in the Title Policy on the date originally issued and
non-delinquent real property taxes and any other matters approved by Servicer
and Noteholder), and shall insure that fee title to the Mortgaged Property is
vested in Transferee and that the lien and priority of the Mortgage is not
impaired by the transactions contemplated hereby, with endorsements thereto, as
required by Servicer;

     

    (f)   
      Servicer shall have received an opinion of
counsel satisfactory to Servicer with respect to, among other things, the due
formation, and good standing of Transferor, the power and authority of the
Transferor and the due execution, delivery, legality, and validity of this
Agreement against Transferor and Indemnitor.  If Transferor executes
this Agreement through an attorney-in-fact, such opinion will specifically cover
the authority and enforceability of such execution and delivery;

     

    (g)         Servicer
shall have received an opinion of counsel satisfactory to Servicer with respect
to, among other things, the due formation, good standing and qualifications of
Transferee, the power and authority of Transferee, the due execution and
delivery, and the legality, validity and enforceability of (i) this
Agreement, and each of the Loan Documents against Transferee and the Replacement
Indemnitor and (ii) the New Guaranty against Replacement Indemnitor and the
continued perfection of the security interests and liens granted by the Loan
Documents under applicable law following the transfer of the Property to
Transferee and the assumption of the Loan as provided herein;

     

    (h)         Servicer
shall have received certified copies of all of the organizational documents of
each entity comprising Transferee, including formation documents, good standing
certificates, evidence of qualification to do business in the state where the
Mortgaged Property is located and authorizing resolutions and/or consents to the
transaction;

     

    (i)          Servicer
shall have received UCC, litigation and judgment search reports with respect to
Transferor and Transferee, with results satisfactory to Servicer;

     

    (j)          No
default or Event of Default shall exist or be then continuing under any of the
Loan Documents;

     

    (k)         Transferee
shall have delivered to Servicer certificates of insurance satisfactory to
Servicer satisfying the requirements specified in the Mortgage and with specific
reference to “all risk” coverage (including both property and liability coverage
for terrorism);

     

    
      
        
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    (l)          Servicer
shall have received written evidence that the Purchase and Escrow Instructions
Agreement, as amended or supplemented from time to time, between Transferor and
American Realty Capital II, LLC has been assigned to Transferee;

     

    (m)        Servicer
shall have received a current certified (by Transferor) rent roll and
year-to-date operating statement; and

     

    (n)         Such
other conditions as Servicer may reasonably require.

     

    20.         Costs and
Expenses.  Any and all costs or expenses arising out of or as a
result of this Agreement or the transactions described herein, including,
without limitation all fees charged by Servicer’s outside legal counsel in
connection herewith, costs of recordation, title insurance endorsements or
policies, and escrow fees, shall be paid by Transferor and Transferee, on or
prior to the recordation of this Agreement in the Office of the City Register,
New York County, New York, and in no event shall any such costs be borne by
Noteholder, Servicer or their agents, servicers, sub-servicers or
contractors.

     

    21.         No Counter Claim,
Etc.

     

    (a)         Transferee
hereby waives any right to assert against Noteholder or Servicer or their
respective agents, servicers, sub-servicers or contractors (collectively, “Noteholder
Parties”) as a defense, counterclaim, set-off or cross-claim, any defense
(legal or equitable), set-off, counterclaim and/or claim which Transferee may
now or at any time hereafter may have against Transferor or any other party
liable to the Noteholder Parties, or any of them, in any way or
manner.  Transferee further waives any right to assert against the
Noteholder Parties, or any of them, as a defense, counterclaim, set-off or
cross-claim, any defense (legal or equitable), set-off, cross-claim,
counterclaim and/or claim which Transferor may now have against the Noteholder
Parties, or any of them, and/or any other party liable to the Noteholder
Parties, or any of them, in any way or manner.

     

    (b)         Transferor
hereby agrees and acknowledges that there are no claims, defenses (legal or
equitable), counterclaims, set-offs and/or any other rights or remedies
whatsoever which it now may have, claim or assert against Noteholder or
Servicer, or any of them, including any of same which would in any way alter,
reduce or extinguish its liabilities to the Noteholder Parties under and
pursuant to the Loan Documents, as amended hereby.

     

    (c)         Each
of Transferor and Transferee hereby agrees and acknowledges that it has no
current knowledge of any facts that could give rise to future claims, defenses
(legal or equitable), counterclaims, set-offs and/or other rights or remedies
whatsoever against Noteholder or Servicer, or any of them, which would in any
way alter, reduce or extinguish their liabilities to the Noteholder Parties
under and pursuant to the Loan Documents, as amended hereby.

     

    (d)         Each
of Transferor and Transferee hereby represents that it has no current knowledge
of the existence of any Event of Default under the Loan Documents.

     

    
      
        
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    (e)         Transferor
and Transferee hereby authorize Noteholder, without notice or demand and without
affecting their liability hereunder, from time-to-time to exchange, enforce (in
accordance with the Loan Documents), waive, and release any security held by it
for the payment of the obligations under the Loan Documents, as amended hereby;
to apply such security and direct the order or manner of sale thereof as
Noteholder in its sole discretion may determine and which is not inconsistent
with the Loan Documents; and to assign, without notice, this Agreement in whole
or in part, or Noteholder’s rights hereunder, to anyone at any
time.  Transferor and Transferee hereby agree that Noteholder may do
any or all of the foregoing in such manner, upon such terms, and at such times
as Noteholder, in its discretion, deems advisable, without, in any way or
respect, impairing, affecting, reducing or releasing the parties from their
respective obligations under the Loan Documents, as amended hereby, or this
Agreement.  This Agreement is not assignable by Transferee in whole or
in part.

     

    (f)         With
respect to the Loan, Transferor and Transferee hereby waive and agree not to
assert against Noteholder or Servicer, or any of them, or against each other any
rights which a guarantor or surety could exercise.

     

    22.         Miscellaneous.

     

    (a)         This
Agreement shall be construed according to and governed by the laws of the
jurisdiction(s) which are specified by the Mortgage.  In the event the
Mortgage does not specifically state what jurisdictions laws govern, this
Agreement shall be construed according to and governed by the laws in which the
Mortgaged Property is located without regard to its conflicts of law
principles.

     

    (b)         If
any provision of this Agreement is adjudicated to be invalid, illegal or
unenforceable, in whole or in part, it will be deemed omitted to that extent and
all other provisions of this Agreement will remain in full force and
effect.

     

    (c)         No
change or modification of this Agreement shall be valid unless the same is in
writing and signed by all parties hereto.

     

    (d)         The
captions contained in this Agreement are for convenience of reference only and
in no event define, describe or limit the scope or intent of this Agreement or
any of the provisions or terms hereof.

     

    (e)         This
Agreement shall be binding upon and inure to the benefit of the parties and
their respective heirs, legal representatives, successors and permitted
assigns.

     

    (f)    
     This Agreement may be executed in any number of
counterparts with the same effect as if all parties hereto had signed the same
document.  All such counterparts shall be construed together and shall
constitute one instrument, but in making proof hereof it shall only be necessary
to produce one such counterpart.

     

    (g)         THIS
WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AMENDED, REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS.  THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

     

    
      
        
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    (h)         THIS
AGREEMENT CONTAINS INDEMNIFICATION PROVISIONS AS SET FORTH IN SECTION 12
HEREOF.

     

    

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    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates
of the respective acknowledgments set forth below, to be effective as of the
date first written above.

     

    
      
        
          	
                  TRANSFEROR:

                	
                  URBAN DEVELOPMENT PARTNERS
      (61), LLC, a Connecticut limited liability
  company

                
	 	 	 
	
                   
      

                	
                  By:

                	
                  Urban
      (61), Inc., a Connecticut corporation, its managing
  member

                

        

      

       

       

       

      
        
          	
                   
      

                	
                  By:

                	  
      
	 
      	 
      	
                  Philip
      Carter

                
	 	 	 
	 
      	
                  Title:

                	  
      

        

      

    

    
       

      
 

       

       

    

    
      
        
          	
                  STATE
      OF ________________

                	
                  §

                
	 
      	
                  §

                
	
                  COUNTY
      OF ______________

                	
                  §

                

        

      

    

     

    On June
____, 2010, before me, the undersigned, a Notary Public in and for said County
and State, personally appeared Philip Carter, __________________________ of
Urban (61), Inc., a Connecticut corporation, the managing member of URBAN DEVELOPMENT PARTNERS (61),
LLC, a Connecticut limited liability company known to me (or proved
to me on the basis of satisfactory evidence) to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the
same in his authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the
instrument.

     

    WITNESS
my hand and official seal.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	    
       
	 
      	
                                          Notary
      Public, State of

                                        	  
	 
      	
                                          My
      Commission Expires:

                                        	 
      
	 
      	
                                          Registration
      No.

                                        	   
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [seal]

     

     

     

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 15
-

        
          

        

      

      
        
        

      

    

     

    

    
      
        
          
            
              	
                      TRANSFEREE:

                    	
                      ARC NYE61ST001,
      LLC,

                      a
      Delaware limited liability company

                    
	 
      	 	 
	 	 	 
	 
      	
                      By:

                    	   
      
	 
      	 
      	
                      William
      M. Kahane

                      President

                    

            

          

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

     

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared William M. Kahane, President of
ARC NYE61ST001, LLC, a
Delaware limited liability company, known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

     

    WITNESS
my hand and official seal.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 
      	    
       
	 
      	
                                              Notary
      Public, State of Virginia

                                            
	 
      	
                                              My
      Commission Expires:

                                            	 
      
	 
      	
                                              Registration
      No.

                                            	   
      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    [seal]

     

     

     

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 16
-

        
          

        

      

      
        
        

      

    

     

    

    
      
        
          	
                  INDEMNITOR:

                	  
      
	 
      	
                  PHILIP  CARTER

                

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

    

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared PHILIP  CARTER,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and
that by his signature on the instrument the person or the entity upon behalf of
which the person acted, executed the instrument.

    

    WITNESS
my hand and official seal.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	 
      	    
       
	 
      	
                                              Notary
      Public, State of New York

                                            
	 
      	
                                              My
      Commission Expires:

                                            	 
      
	 
      	
                                              Registration
      No.

                                            	   
      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    [seal]

     

     

     

     

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 17
-

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  INDEMNITOR:

                	  
      
	 
      	
                  ALLAN
      SCHWARTZ

                

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

    

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared ALLAN SCHWARTZ, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the
person whose name is subscribed to the within instrument and acknowledged to me
that he executed the same in his authorized capacity, and that by his signature
on the instrument the person or the entity upon behalf of which the person
acted, executed the instrument.

    

    WITNESS
my hand and official seal.

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 
      	    
       
	 
      	
                                                Notary
      Public, State of New York

                                              
	 
      	
                                                My
      Commission Expires:

                                              	 
      
	 
      	
                                                Registration
      No.

                                              	   
      

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    [seal]

     

     

     

     

    
 

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 18
-

        
          

        

      

      
        
        

      

    

     

    

    
      
        
          
            
              	
                      REPLACEMENT
      INDEMNITOR:

                    	
                      AMERICAN REALTY CAPITAL NEW
      YORK RECOVERY REIT, INC., a Maryland corporation

                    
	 	 	 
	 	 	 
	 
      	
                      By:

                    	  
      
	 
      	 
      	
                      William
      M. Kahane

                      President

                    

            

          

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

    

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared William M. Kahane, President of AMERICAN REALTY CAPITAL NEW YORK
RECOVERY REIT, INC., a Maryland corporation, personally known to me (or
proved to me on the basis of satisfactory evidence) to be the person whose name
is subscribed to the within instrument and acknowledged to me that he executed
the same in his authorized capacity, and that by his signature on the instrument
the person or the entity upon behalf of which the person acted, executed the
instrument.

    

    WITNESS
my hand and official seal.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 
      	    
       
	 
      	
                                                Notary
      Public, State of Virginia

                                              
	 
      	
                                                My
      Commission Expires:

                                              	 
      
	 
      	
                                                Registration
      No.

                                              	   
      

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

      

    

    [seal]

     

     

     

     

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 19
-

        
          

        

      

      
        
        

      

    

    
 

    
      
        
          	
                  INDEMNITOR:

                	  
      
	 
      	
                  NICHOLAS
      S. SCHORSCH

                

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

    

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared NICHOLAS S. SCHORSCH,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his authorized capacity, and
that by his signature on the instrument the person or the entity upon behalf of
which the person acted, executed the instrument.

    

    WITNESS
my hand and official seal.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	    
       
	 
      	
                                          Notary
      Public, State of

                                        	  
	 
      	
                                          My
      Commission Expires:

                                        	 
      
	 
      	
                                          Registration
      No.

                                        	   
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [seal]

     

     

     

     

     

    
 

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 20
-

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                	
                        INDEMNITOR:

                      	 
        
	 
      	
                        WILLIAM
      M.
KAHANE

                      

              

            

          

        

      

    

     

    
 

     

     

     

    
      
        	
                STATE
      OF NEW YORK

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF NEW YORK

              	
                §

              

      

    

    

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared WILLIAM M. KAHANE, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the
person whose name is subscribed to the within instrument and acknowledged to me
that he executed the same in his authorized capacity, and that by his signature
on the instrument the person or the entity upon behalf of which the person
acted, executed the instrument.

    

    WITNESS
my hand and official seal.

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	 
      	    
       
	 
      	
                                            Notary
      Public, State of

                                          	  
	 
      	
                                            My
      Commission Expires:

                                          	 
      
	 
      	
                                            Registration
      No.

                                          	   
      

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    [seal]

     

     

     

     

     

     

     

    
 

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 21
-

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                	
                        NOTEHOLDER
      (BY SERVICER):

                      	
                        U.S. BANK NATIONAL
      ASSOCIATION, as Trustee for the registered holders of GE Commercial
      Mortgage Corporation., Commercial Mortgage Pass-Through Certificates
      Series 2002-3, under that certain Pooling and Servicing Agreement dated as
      of December 1, 2002.

                      
	 	 
	 
      	
                        By:

                         

                      	
                        WELLS FARGO BANK, N.A.,
      successor in interest
      to Wachovia Bank, National Association, acting
      not individually but solely in its capacity as Master
      Servicer

                      
	 	 	 
	 
      	
                        By:

                         

                      	
                        GEMSA
      Loan Services, L.P., a Delaware limited partnership,
      its attorney in fact pursuant to that certain
      Limited Power of Attorney dated as of August 26,
      2004

                      
	 	 	 	 
	 
      	 
      	
                        By:

                      	  
      
	 
      	 
      	 
      	
                        David
      Haley,

                        Director,
      Portfolio
Management

                      

              

            

          

        

      

    

    
       

      
 

       

       

    

    
      
        	
                STATE
      OF TEXAS

              	
                §

              
	 
      	
                §

              
	
                COUNTY
      OF HARRIS

              	
                §

              

      

    

     

    On June
____, 2010 before me, the undersigned, a Notary Public in and for said County
and State, personally appeared David Haley, Director of Portfolio Management of
GEMSA Loan Services, L.P., a Delaware limited partnership, attorney in fact
pursuant to that certain Limited Power of Attorney dated as of August 26, 2004
of Wells Fargo Bank, N.A., successor in interest to Wachovia Bank, National
Association, acting not individually, but solely in its capacity as Master
Servicer of U.S. BANK NATIONAL
ASSOCIATION, as Trustee for the registered holders of the GE Commercial
Mortgage Corporation., Commercial Mortgage Pass-Through Certificates, Series
2002-3, under that certain Pooling and Servicing Agreement dated as of
December 1, 2002, personally known to me (or proved to me on the basis
of satisfactory evidence) to be the person whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument the person or
the entity upon behalf of which the person acted, executed the
instrument.

     

    WITNESS
my hand and official seal.

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 
      	    
       
	 
      	
                                                    Notary
      Public, State of Texas

                                                  
	 
      	
                                                    My
      Commission Expires:

                                                  	 
      

                                          

                                           

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    [seal]

     

     

     

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 22
-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    Legal
Description

     

     

    ALL that
certain plot, piece or parcel of land, situate, lying and being in the Borough
of Manhattan, County of New York, City and State of New York, bounded and
described as follows:

     

    BEGINNING
at a point on the southerly side of 61st Street distant 125 feet easterly from
the corner formed by the intersection of the southerly side of 61st Street and
the easterly side of Second Avenue;

     

    RUNNING
THENCE easterly along the southerly side of 61st Street, 110 feet 6 inches to
the westerly side of the land taken by the City of New York for the
Queensborough Bridge approach;

     

    THENCE
southerly along the westerly side of said land and parallel with the easterly
side of Second Avenue, 102 feet 10 inches;

     

    THENCE
westerly and parallel with the southerly side of 61st Street, 60 feet 6
inches;

     

    THENCE
northerly and parallel with the easterly side of Second Avenue, 2 feet 5 inches
to the centre line of the block;

     

    THENCE
westerly and along centre line of the block and parallel with the southerly side
of 61st Street, 50 feet;

     

    THENCE
northerly and parallel with the easterly side of Second Avenue, 100 feet 5
inches to the point or place of BEGINNING.

     

     

    
      
        
          306
East 61st Street
/ Loan No. 77-2000608

        

      

      
        - 23
-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]