Document:

Second Amended and Restated Agreement of Limited Partnership

 Exhibit 10.1 
 SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED PARTNERSHIP

 OF 
 CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP 
 a Delaware limited
partnership 
 THE LIMITED PARTNERSHIP INTERESTS REFERRED TO IN THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. REFERENCE IS MADE TO ARTICLE 8 AND ARTICLE 11 OF THIS AGREEMENT FOR PROVISIONS RELATING TO VARIOUS RESTRICTIONS ON THE SALE OR OTHER TRANSFER OF THESE INTERESTS. 

dated as February 9, 2012 

 TABLE OF CONTENTS 

 

							
	ARTICLE 1. DEFINED TERMS	  
	 	 	 	  	Page	 
			
	 Section 1.1.
	 	 Definitions
	  	 	1	  
			
	 Section 1.2.
	 	 Rules of Construction
	  	 	13	  
	
	ARTICLE 2. ORGANIZATIONAL MATTERS	  
			
	 Section 2.1.
	 	 Organization
	  	 	13	  
			
	 Section 2.2.
	 	 Name
	  	 	13	  
			
	 Section 2.3.
	 	 Registered Office and Agent; Principal Office
	  	 	13	  
			
	 Section 2.4.
	 	 Power of Attorney
	  	 	14	  
			
	 Section 2.5.
	 	 Term
	  	 	14	  
	
	ARTICLE 3. PURPOSE	  
			
	 Section 3.1.
	 	 Purpose and Business
	  	 	15	  
			
	 Section 3.2.
	 	 Powers
	  	 	15	  
			
	 Section 3.3.
	 	 Partnership Only for Purposes Specified
	  	 	15	  
			
	 Section 3.4.
	 	 Representations and Warranties by the Parties
	  	 	15	  
			
	 Section 3.5.
	 	 Certain ERISA Matters
	  	 	17	  
	
	ARTICLE 4. CAPITAL CONTRIBUTIONS	  
			
	 Section 4.1.
	 	 Capital Contributions
	  	 	17	  
			
	 Section 4.2.
	 	 Loans by Third Parties
	  	 	17	  
			
	 Section 4.3.
	 	 Additional Funding and Capital Contributions
	  	 	17	  
			
	 Section 4.4.
	 	 Other Contribution Provisions
	  	 	20	  
			
	 Section 4.5.
	 	 No Preemptive Rights
	  	 	21	  
	
	ARTICLE 5. DISTRIBUTIONS	  
			
	 Section 5.1.
	 	 Requirement and Characterization of Distributions
	  	 	21	  
			
	 Section 5.2.
	 	 Distributions in Kind
	  	 	21	  
			
	 Section 5.3.
	 	 Distributions Upon Liquidation
	  	 	21	  
			
	 Section 5.4.
	 	 Distributions to Reflect Issuance of Additional Partnership Interests
	  	 	21	  
	
	ARTICLE 6. ALLOCATIONS	  
			
	 Section 6.1.
	 	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	22	  
			
	 Section 6.2.
	 	 General Allocations
	  	 	22	  
			
	 Section 6.3.
	 	 Special Allocation Provisions
	  	 	23	  
			
	 Section 6.4.
	 	 Additional Allocation Rules
	  	 	25	  
			
	 Section 6.5.
	 	 Tax Allocations
	  	 	25	  
	
	ARTICLE 7. MANAGEMENT AND OPERATIONS OF BUSINESS	  
			
	 Section 7.1.
	 	 Management
	  	 	26	  
			
	 Section 7.2.
	 	 Certificate of Limited Partnership
	  	 	28	  
			
	 Section 7.3.
	 	 Restrictions on General Partner’s Authority
	  	 	28	  

  
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 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 7.4.
	 	Reimbursement of the General Partner	  	 	30	  
			
	 Section 7.5.
	 	 Outside Activities of the General Partner and the Company
	  	 	31	  
			
	 Section 7.6.
	 	 Contracts with Affiliates
	  	 	31	  
			
	 Section 7.7.
	 	 Indemnification
	  	 	32	  
			
	 Section 7.8.
	 	 Liability of the General Partner
	  	 	33	  
			
	 Section 7.9.
	 	 Other Matters Concerning the General Partner
	  	 	34	  
			
	 Section 7.10.
	 	 Title to Partnership Assets
	  	 	34	  
			
	 Section 7.11.
	 	 Reliance by Third Parties
	  	 	35	  
	
	ARTICLE 8. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	  
			
	 Section 8.1.
	 	 Limitation of Liability
	  	 	35	  
			
	 Section 8.2.
	 	 Management of Business
	  	 	35	  
			
	 Section 8.3.
	 	 Outside Activities of Limited Partners
	  	 	35	  
			
	 Section 8.4.
	 	 Return of Capital
	  	 	36	  
			
	 Section 8.5.
	 	 Rights of Limited Partners Relating to the Partnership
	  	 	36	  
			
	 Section 8.6.
	 	 Redemption Rights
	  	 	36	  
			
	 Section 8.7.
	 	 Conversion of PIUs
	  	 	38	  
			
	 Section 8.8.
	 	 Voting Rights of PIUs
	  	 	40	  
	
	ARTICLE 9. BOOKS, RECORDS, ACCOUNTING AND REPORTS	  
			
	 Section 9.1.
	 	 Records and Accounting
	  	 	40	  
			
	 Section 9.2.
	 	 Fiscal Year
	  	 	40	  
			
	 Section 9.3.
	 	 Reports
	  	 	40	  
			
	 Section 9.4.
	 	 Nondisclosure of Certain Information
	  	 	41	  
	
	ARTICLE 10. TAX MATTERS	  
			
	 Section 10.1.
	 	 Preparation of Tax Returns
	  	 	41	  
			
	 Section 10.2.
	 	 Tax Elections
	  	 	41	  
			
	 Section 10.3.
	 	 Tax Matters Partner
	  	 	41	  
			
	 Section 10.4.
	 	 Organizational Expenses
	  	 	42	  
			
	 Section 10.5.
	 	 Withholding
	  	 	42	  
	
	ARTICLE 11. TRANSFERS AND WITHDRAWALS	  
			
	 Section 11.1.
	 	 Transfer
	  	 	43	  
			
	 Section 11.2.
	 	 Transfer of General Partner’s Partnership Interest
	  	 	43	  
			
	 Section 11.3.
	 	 Termination Transactions; Transfer of the Company’s Ownership of the General Partner
	  	 	43	  
			
	 Section 11.4.
	 	 Limited Partners’ Rights to Transfer
	  	 	44	  
			
	 Section 11.5.
	 	 Substituted Limited Partners
	  	 	45	  
			
	 Section 11.6.
	 	 Assignees
	  	 	45	  

  
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 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 11.7.
	 	General Provisions	  	 	45	  
	
	ARTICLE 12. ADMISSION OF PARTNERS	  
			
	 Section 12.1.
	 	 Admission of Successor General Partner
	  	 	47	  
			
	 Section 12.2.
	 	 Admission of Additional Limited Partners
	  	 	47	  
			
	 Section 12.3.
	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	48	  
	
	ARTICLE 13. DISSOLUTION AND LIQUIDATION	  
			
	 Section 13.1.
	 	 Dissolution
	  	 	48	  
			
	 Section 13.2.
	 	 Winding Up
	  	 	48	  
			
	 Section 13.3.
	 	 Capital Contribution Obligation
	  	 	49	  
			
	 Section 13.4.
	 	 Distribution to Liquidating Trust; Retention of Reserve
	  	 	49	  
			
	 Section 13.5.
	 	 Deemed Distribution and Recontribution
	  	 	50	  
			
	 Section 13.6.
	 	 Rights of Limited Partners
	  	 	50	  
			
	 Section 13.7.
	 	 Notice of Dissolution
	  	 	50	  
			
	 Section 13.8.
	 	 Cancellation of Certificate of Limited Partnership
	  	 	50	  
			
	 Section 13.9.
	 	 Reasonable Time for Winding-Up
	  	 	50	  
			
	 Section 13.10.
	 	 Waiver of Partition
	  	 	51	  
	
	ARTICLE 14. AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS	  
			
	 Section 14.1.
	 	 Amendments
	  	 	51	  
			
	 Section 14.2.
	 	 Action by the Partners
	  	 	51	  
	
	ARTICLE 15. GENERAL PROVISIONS	  
			
	 Section 15.1.
	 	 Addresses and Notice
	  	 	52	  
			
	 Section 15.2.
	 	 Titles and Captions
	  	 	52	  
			
	 Section 15.3.
	 	 Pronouns and Plurals
	  	 	52	  
			
	 Section 15.4.
	 	 Further Action
	  	 	52	  
			
	 Section 15.5.
	 	 Binding Effect
	  	 	52	  
			
	 Section 15.6.
	 	 Creditors
	  	 	52	  
			
	 Section 15.7.
	 	 Waiver
	  	 	52	  
			
	 Section 15.8.
	 	 Counterparts
	  	 	52	  
			
	 Section 15.9.
	 	 Applicable Law
	  	 	52	  
			
	 Section 15.10.
	 	 Consent to Jurisdiction
	  	 	53	  
			
	 Section 15.11.
	 	 Invalidity of Provisions
	  	 	53	  
			
	 Section 15.12.
	 	 Entire Agreement
	  	 	53	  
			
	 Section 15.13.
	 	 No Rights as Stockholders
	  	 	53	  
	
	ARTICLE 16. SERIES A PREFERRED UNITS	  
			
	 Section 16.1
	 	 Designation and Number
	  	 	53	  

  
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 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 16.2
	 	 Ranking
	  	 	53	  
			
	 Section 16.3
	 	 Distributions
	  	 	53	  
			
	 Section 16.4
	 	 Allocations
	  	 	55	  
			
	 Section 16.5
	 	 Liquidation Proceeds
	  	 	55	  
			
	 Section 16.6
	 	 Redemption
	  	 	56	  
			
	 Section 16.7
	 	 Conversion
	  	 	56	  
			
	 Section 16.8
	 	 Voting Rights
	  	 	56	  
			
	 Section 16.9
	 	 Transfer Restrictions
	  	 	56	  
			
	 Section 16.10
	 	 No Sinking Fund
	  	 	56	  

  
 iv 

 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 
 CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP 
 THIS SECOND AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP, dated as of February 9, 2012 (the “Agreement”), is entered into by and among Campus Crest Communities GP, LLC, a Delaware limited
liability company (“Communities GP”), as the General Partner, and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together with any other Persons who become Partners in the Partnership as
provided herein. 
 WHEREAS, Campus Crest Communities Operating Partnership, LP, a Delaware limited partnership (the
“Partnership”), was formed pursuant to that certain Certificate of Limited Partnership filed on March 4, 2010 in the office of the Secretary of State of the State of Delaware and that certain Agreement of Limited Partnership dated as
of March 4, 2010 (the “Initial Agreement”); 
 WHEREAS, the Initial Agreement was amended and restated by that
certain Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of October 19, 2010 (the “First Amended and Restated Partnership Agreement”), by and among the General Partner and the limited partners of the
Partnership, in connection with the initial public offering of the common stock of Campus Crest Communities, Inc., a Maryland corporation and the sole member of the General Partner (the “Company”); 

WHEREAS, pursuant to Sections 7.3.C(2) thereof, the First Amended and Restated Partnership Agreement may be amended by the General
Partner to reflect the issuance of additional Partnership Interests pursuant to Sections 4.3.B, 5.4 and 6.2.B thereof and to set forth the rights, designations, preferences and priorities of the holders of any additional Partnership Interests
issued pursuant to Section 4.3.B thereof; and 
 WHEREAS, the General Partner and the Partnership believe it is desirable
and in the best interest of the Partnership to amend and restate the First Amended and Restated Partnership Agreement as set forth herein. 
 NOW, THEREFORE, the General Partner, on its own behalf and as attorney-in-fact for the Limited Partners, hereby amends and restates the First Amended and Restated Partnership Agreement as follows:

 ARTICLE 1. 
 DEFINED TERMS 
 Section 1.1. Definitions 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time
to time, and any successor to such statute. 
 “Additional Funds” shall have the meaning set forth in
Section 4.3.A. 
 “Additional Limited Partner” means a Person admitted to the Partnership as a Limited
Partner pursuant to Section 12.2 and who is shown as such on the books and records of the Partnership. 
 “Adjusted
Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments: 

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

 (ii) increase such deficit by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of Adjusted Capital Account Deficit is
intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Adjustment Date” means, with respect to any Capital Contribution, the close of business on the Business Day immediately preceding the date of the Capital Contribution, provided, that if
such Capital Contribution is being made by the Company (either directly or indirectly through Communities GP and Communities LP) in respect of the proceeds from the issuance of REIT Shares (or the issuance of the Company’s securities
exercisable for, convertible into or exchangeable for REIT Shares), then the Adjustment Date shall be as of the close of business on the Business Day immediately preceding the date of the issuance of such securities. 

“Adjustment Event” shall have the meaning set forth in Section 4.3.E.(i) hereof. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under
common control with such Person. Control of any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreed
Value” means (i) in the case of any Contributed Property set forth in Exhibit A and as of the time of its contribution to the Partnership, the Agreed Value of such property as set forth in Exhibit A; (ii) in the case of any
Contributed Property not set forth in Exhibit A and as of the time of its contribution to the Partnership, the fair market value of such property or other consideration as determined by the General Partner, reduced by any liabilities either assumed
by the Partnership upon such contribution or to which such property is subject when contributed; and (iii) in the case of any property distributed to a Partner by the Partnership, the fair market value of such property as determined by the
General Partner at the time such property is distributed, reduced by any liabilities either assumed by such Partner upon such distribution or to which such property is subject at the time of the distribution as determined under Section 752 of
the Code and the Regulations thereunder. 
 “Agreement” means this Second Amended and Restated Agreement of
Limited Partnership, as it may be amended, modified, supplemented or restated from time to time. 
 “Allocation
Year” means (i) the period commencing on the Effective Date and ending on December 31, 2010, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of
the period described in clause (ii) for which the Partnership is required to allocate Net Income, Net Losses, and other items of Partnership income, gain, loss, or deduction pursuant to Article 6. 

“Appraisal” means with respect to any assets, the opinion of an independent third party experienced in the valuation of
similar assets, selected by the General Partner in good faith; such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by the General Partner is fair, from a financial point of
view, to the Partnership. 
 “Assignee” means a Person to whom one or more Common 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 11.6. 
 “Available Cash” means, with respect to any period for which such calculation is being made, the excess, if any, of “Receipts” over “Expenditures.” For purposes
hereof, the term “Receipts” means the sum of all cash receipts of the Partnership from all sources for such period (including Net Sale Proceeds and Net Financing Proceeds but excluding Capital Contributions) and any amounts held as
reserves as of the last day of such period which the General Partner reasonably deems to be in excess of necessary reserves as determined below. The term “Expenditures” means the sum of (a) all cash expenses of the Partnership
for such period, (b) the amount of all payments of principal of, premium, if any, and interest on account of any indebtedness of the Partnership and (c) such additions to reserves as of the last day of such period as the General Partner
deems necessary or appropriate or 

  
 2 

 
any capital, operating or other expenditure, including, without limitation, contingent liabilities, but the term “Expenditures” shall not include any expense paid from a reserve
previously established by the Partnership. For this purpose, cash proceeds received by a Joint Venture Partnership shall not be deemed to be received or available to the Partnership until (i) the distribution of such proceeds is actually
received by the Partnership, or (ii) under the terms of the Joint Venture Partnership’s partnership agreement, the Partnership controls the timing of the Joint Venture Partnership’s distributions and then only to the extent of the
Partnership’s entitlement to such distributions. 
 “Business Day” means any day except a Saturday, Sunday
or other day on which commercial banks in New York, New York are authorized or required by law to be closed, except that, for purposes of Article 16, the term “Business Day” means each day, other than a Saturday or a Sunday, which is not a
day on which banks in New York, New York are authorized or required by law, regulation or executive order to close. 

“Capital Account” means, with respect to any Partner, the Capital Account maintained for such Partner in accordance with
the following provisions: 
 To each Partner’s Capital Account there shall be added such Partner’s Capital
Contributions, such Partner’s share of Net Income and any items in the nature of income or gain which are specially allocated pursuant to Section 6.3, and the amount of any Partnership liabilities assumed by such Partner or which are
secured by any property distributed to such Partner. 
 From each Partner’s Capital Account there shall be subtracted the
amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement, such Partner’s distributive share of Net Losses and any items in the nature of expenses or losses which are
specially allocated pursuant to Section 6.3, and the amount of any liabilities of such Partner assumed by the Partnership or which are secured by any property contributed by such Partner to the Partnership (except to the extent already
reflected in the amount of such Partner’s Capital Contribution). 
 In the event any interest in the Partnership is
transferred in accordance with the terms of this Agreement (which does not result in a termination of the Partnership for federal income tax purposes), the transferee shall succeed to the Capital Account of the transferor to the extent it relates to
the transferred interest. 
 In determining the amount of any liability for purposes of subsections (a) and
(b) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Sections 1.704-1(b) and 1.704-2, and shall be
interpreted and applied in a manner consistent with such Regulations. In the event the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without
limitation, debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners) are computed in order to comply with such
Regulations, the General Partner may make such modification, provided that it is not likely to have a material effect on the amounts distributable to any Person pursuant to Article 13 of this Agreement upon the dissolution of the Partnership. The
General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as
computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations
Section 1.704-1(b) or Section 1.704-2. 
 “Capital Contribution” means, with respect to any Partner,
the amount of money and the initial Gross Asset Value of any property (other than money) contributed to the Partnership by such Partner (net of any liabilities assumed by the Partnership relating to such property and any liability to which such
property is subject). 
 “Cash Amount” means, with respect to any Common Unit subject to a Redemption, an
amount of cash equal to the Deemed Partnership Interest Value attributable to such Common Unit. 

  
 3 

 “Certificate” means the Certificate of Limited Partnership relating to the
Partnership filed in the office of the office of the Secretary of State of the State of Delaware on March 4, 2010, as amended from time to time in accordance with the terms and the Act. 

“Charter” means the Articles of Amendment and Restatement of the Company filed with the Maryland State Department of
Assessments and Taxation on September 15, 2010, as further amended or restated from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time or any successor statute thereto. Any
reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 
 “Common Unit” means a Partnership Unit which is designated as a Common Unit and which has the rights, preferences and other privileges designated herein in respect of Common Unitholders.
The number of any Common Units owned by a Partner shall be set forth on Exhibit A, as may be amended from time to time. 

“Common Unitholder” means a Partner that holds Common Units. 

“Common Unit Distribution” shall have the meaning set forth in Section 4.3.E.(ii) hereof. 

“Common Unit Economic Balance” is an amount equal to the quotient that results when (i) the sum of (x) the
Capital Account of the General Partner attributable to its Common Units, (y) the General Partner’s share of Partner Minimum Gain, if any, and (z) the General Partner’s share of Partnership Minimum Gain, if any, is divided by
(ii) the number of Common Units held by the General Partner. 
 “Communities GP” has the meaning set forth
in the first paragraph recitals to this Agreement. 
 “Communities LP” has the meaning set forth in the first
paragraph recitals to this Agreement. 
 “Company” has the meaning set forth in the recitals to this Agreement.

 “Consent” means the consent to, approval of, or vote on a proposed action by a Partner given in accordance
with Article 14. 
 “Consent of the Limited Partners” means the Consent of a Majority in Interest of the
Limited Partners, which Consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by a Majority in Interest of the Limited Partners, unless otherwise expressly provided
herein, in their sole and absolute discretion. 
 “Consent of the Partners” means the Consent of Partners
holding Percentage Interests (other than PIUs) that in the aggregate are equal to or greater than fifty percent (50%) of the aggregate Percentage Interests of all Partners, which Consent shall be obtained prior to the taking of any action for
which it is required by this Agreement and may be given or withheld by such Partners, in their sole and absolute discretion. 

“Constituent Person” shall have the meaning set forth in Section 8.7.B. 

“Constructively Own” means ownership under the constructive ownership rules described in Exhibit C. 

“Contributed Property” means each property or other asset, in such form as may be permitted by the Act, but excluding
cash, contributed or deemed contributed to the Partnership (or, to the extent provided in applicable Regulations, deemed contributed to the Partnership on termination and reconstitution thereof pursuant to Section 708 of the Code). 

“Conversion Date” shall have the meaning set forth in Section 8.7.A. 

  
 4 

 “Debt” means, as to any Person, as of any date of determination,
(i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of
credit, surety bonds, guarantees and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured
by any lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such
Person which, in accordance with generally accepted accounting principles, should be capitalized. 
 “Deemed Partnership
Interest Value” means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner’s Percentage Interest of such class. 

“Deemed Value of the Partnership Interests” means, as of any date with respect to any class or series of
Partnership Interests, (i) the total number of Partnership Units of the General Partner in such class or series of Partnership Interests (as provided for in Section 4.1 and Section 4.3.B.) issued and outstanding as of the close of
business on such date multiplied by the Fair Market Value determined as of such date of a share of capital stock of the Company which corresponds to such class or series of Partnership Interests, as adjusted (x) pursuant to Section 7.5 (in
the event the Company acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distribution of warrants or options
and distributions of evidences of indebtedness or assets not received by the Company (either directly or indirectly through Communities GP and Communities LP) pursuant to a pro rata distribution by the Partnership; (ii) divided by the
Percentage Interest of the General Partner in such class or series of Partnership Interests on such date; provided, that if no outstanding shares of capital stock of the General Partner correspond to a class of series of Partnership Interests, the
Deemed Value of the Partnership Interests with respect to such class or series shall be equal to an amount reasonably determined by the General Partner. 
 “Depreciation” means, for each fiscal year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such
year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such
beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however, that if the federal income tax
depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Distribution Payment Date” shall mean the dates upon which the General Partner makes distributions in accordance with
Section 5.1 of the Partnership Agreement. 
 “Economic Capital Account Balance” with respect to a PIU
Holder means an amount equal to the sum of: (i) the PIU Holder’s Capital Account balance, (ii) the PIU Holder’s share of Partnership Minimum Gain, if any, and (iii) the PIU Holder’s share of Partner Minimum Gain, if
any, all determined as of the date the PIU Holder’s Economic Capital Account Balance is to be measured. 

“Effective Date” means the date of closing of the initial public offering of REIT Shares, upon which date the
contributions set forth on Exhibit A became effective. 
 “ERISA” means the Employee Retirement Income Security
Act of 1974, as amended. 
 “Fair Market Value” means, with respect to any share of capital stock of the
Company, the average of the daily market price for the five (5) consecutive trading days immediately preceding the date with respect to which “Fair Market Value” must be determined hereunder or, if such date is not a Business Day, the
immediately preceding Business Day. The market price for each such trading day shall be: (i) if such shares are listed or admitted to trading on any securities exchange or the NASDAQ Global Select Market, the closing price, regular way, on such
day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, (ii) if 

  
 5 

 
such shares are not listed or admitted to trading on any securities exchange or the NASDAQ Global Select Market, the last reported sale price on such day or, if no sale takes place on such day,
the average of the closing bid and asked prices on such day, as reported by the quotation source on which such shares are quoted, or (iii) if such shares are not listed or admitted to trading on any securities exchange or the NASDAQ Global
Select Market and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by the quotation source on which such shares are quoted, or if there
shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported; provided
that, if there are no bid and asked prices reported during the five (5) days prior to the date in question, the Fair Market Value of such shares shall be determined by the General Partner acting in good faith on the basis of such quotations and
other information as it considers, in its reasonable judgment, appropriate. In the event the REIT Shares Amount for such shares includes rights that a holder of such shares would be entitled to receive, then the Fair Market Value of such rights
shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate; and provided, further that, in connection with determining the Deemed
Value of the Partnership Interests for purposes of determining the number of additional Partnership Units issuable to the Company (either directly or indirectly through Communities GP and Communities LP) upon a Capital Contribution funded by an
underwritten public offering of shares of capital stock of the Company, the Fair Market Value of such shares shall be the public offering price per share of such class of capital stock sold. Notwithstanding the foregoing, the General Partner in its
reasonable discretion may use a different “Fair Market Value” for purposes of making the determinations under subparagraph (b) of the definition of “Gross Asset Value” and Section 4.3.D in connection with the
contribution of Property to the Partnership by a third party, provided such value shall be based upon the value per REIT Share (or per Partnership Unit) agreed upon by the General Partner and such third party for purposes of such contribution.

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

(i) the acquisition of an additional interest in the Partnership by a new or existing Partner in exchange for more than a de minimis
Capital Contribution, or in connection with the issuance of a greater than de minimis amount of PIUs or if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners in the Partnership in connection with the grant of an interest in the Partnership (other than a de minimis interest), as consideration for the provision of services to or for the benefit of the Partnership by an existing Partner
acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of being a Partner; 

  
 6 

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

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

(iv) at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations
Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross Asset Value of any Partnership asset distributed to a Partner shall be the
gross fair market value of such asset on the date of distribution as determined by the distributee and the General Partner, or if the distributee and the General Partner cannot agree on such a determination, by Appraisal. 

(d) The Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that the General Partner reasonably determines that an adjustment pursuant to subparagraph (b) is necessary or appropriate in connection
with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 
 (e) If the Gross Asset
Value of a Partnership asset has been determined or adjusted pursuant to subparagraph (a), (b) or (d), such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of
computing Net Income and Net Losses. 
 “Holder” means either the Partner or Assignee owning a Partnership
Unit. 
 “Immediate Family” means, with respect to any natural Person, such natural Person’s estate or
heirs or current spouse or former spouse, parents, parents-in-law, children (whether natural, adopted or by marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which consist of such Person or such Person’s
spouse, or former spouse, parents, parents-in-law, children, siblings or grandchildren. 
 “Incapacity” or
“Incapacitated” means, (i) as to any individual Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating him or her incompetent to manage his or her Person or his or her estate;
(ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership which is a Partner, the dissolution and
commencement of winding up of the partnership; (iv) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust which is a Partner, the
termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner
commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and
non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s
creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the
Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding not filed voluntarily by a Partner seeking
liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within 120 days after the commencement thereof, (g) the appointment without the Partner’s
consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed within 90 days of such appointment, or (h) an appointment referred to in clause (g) is not vacated within 90 days after the expiration of any such
stay. 

  
 7 

 “Indemnitee” means (i) any Person made a party to a proceeding by
reason of his or her status as (A) the General Partner or the direct or the indirect parent of the General Partner or (B) a director or officer, employee or agent of the Partnership, the General Partner or the direct or indirect parent of
the General Partner, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in
its sole and absolute discretion. 
 “Initial Agreement” has the meaning set forth on the recitals of this
Agreement. 
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws of the
United States. 
 “Joint Venture Partnership” shall mean any Subsidiary Partnership in which the Partnership
and the Company do not own, directly or indirectly, 100% of the ownership interests in the aggregate. 

“Liens” shall mean any liens, security interests, mortgages, deeds of trust, capital leases, charges, claims,
encumbrances, pledges, options, rights of first offer or first refusal and any other similar encumbrances of any nature whatsoever. 
 “Limited Partner” means any Person named as a Limited Partner in Exhibit A attached hereto, as such Exhibit may be amended from time to time, or any Substituted Limited Partner or
Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
 “Limited Partner
Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the Holder of such a Partnership Interest may be
entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units, Preferred Units or PIUs, as
applicable. 
 “Liquidation Value” means the amount of cash that a recipient of a newly issued partnership
interest would receive, if immediately after the partnership interest was issued: (i) the Partnership sold all of its assets substantially as an entirety for cash equal to their Fair Market Value; (ii) the Partnership paid all Partnership
liabilities pursuant to Section 13.2, and (iii) the Partnership distributed the remaining proceeds to the Partners in complete liquidation of the Partnership. 
 “Liquidating Event” shall have the meaning set forth in Section 13.1. 
 “Liquidator” shall have the meaning set forth in Section 13.2.A. 

“Majority in Interest of the Limited Partners” means Limited Partners (including in all cases the Limited Partner
Interests held directly or indirectly by the Company) holding in the aggregate Percentage Interests (other than PIUs) that are greater than fifty percent (50%) of the aggregate Percentage Interests of all Limited Partners. 

“Net Financing Proceeds” shall mean the cash proceeds received by the Partnership in connection with any borrowing or
refinancing of borrowing by or on behalf of the Partnership or by or on behalf of any Subsidiary Partnership (whether or not secured), after deduction of all costs and expenses incurred by the Partnership or the Subsidiary Partnership in connection
with such borrowing, and after deduction of that portion of such proceeds used to (i) acquire the Property with respect to which any such borrowing was specifically incurred, and (ii) repay any other indebtedness of the Partnership or
Subsidiary Partnerships with respect to which any such refinancing or borrowing was specifically incurred, or any interest or premium thereon. For this purpose, cash proceeds received by a Joint Venture Partnership shall not be deemed to be received
or available to the Partnership until (i) such proceeds 

  
 8 

 
are distributed and actually received by the Partnership, or (ii) under the terms of the Joint Venture Partnership’s partnership agreement, the Partnership controls the timing and the
amount of the Joint Venture Partnership’s distributions and then only to the extent of the Partnership’s entitlement to such distributions. 
 “Net Sale Proceeds” shall mean the cash proceeds received by or available to the Partnership in connection with a sale or condemnation of, or casualty or other capital event with respect
to, any asset by or on behalf of the Partnership or by or on behalf of a Subsidiary Partnership, after deduction of any costs or expenses incurred by the Partnership or a Subsidiary Partnership with respect to, or payable specifically out of the
proceeds of, such transaction (including, without limitation, any repayment of any indebtedness required to be repaid as a result of such sale together with accrued interest and premium, if any, thereon and any sales commissions or other costs and
expenses due and payable to any Person in connection with a sale, including to a Partner or its Affiliates). For this purpose, cash proceeds received by a Joint Venture Partnership shall not be deemed to be received or available to the Partnership
until (i) such proceeds are distributed and actually received by the Partnership, or (ii) under the terms of the Joint Venture Partnership’s partnership agreement, the Partnership controls the timing and the amount of the Joint
Venture Partnership’s distributions and then only to the extent of the Partnership’s entitlement to such distributions. 
 “Net Income” or “Net Loss” means for each fiscal year of the Partnership, an amount equal to the Partnership’s taxable income or loss for such fiscal year,
determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments: 
 (a) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into
account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 
 (b) Any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and
not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such taxable income or loss; 

(c) In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) or subparagraph (c) of
the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

(d) Gain or loss resulting from any disposition of property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such fiscal year; 
 (f) To the extent an adjustment to the adjusted
tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a
distribution other than in liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the
basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Net Income or Net Loss; and 
 (g) Notwithstanding any other provision of this definition of Net Income or Net Loss, any items which are specially allocated pursuant to Sections 6.3.A. and 6.4 shall not be taken into account in
computing Net Income or Net Loss. The amounts of the items of Partnership income, gain, loss, or deduction available to be specially allocated pursuant to Sections 6.3.A. and 6.4 shall be determined by applying rules analogous to those set forth in
this definition of Net Income or Net Loss. 

  
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 “New Securities” means (i) any rights, options, warrants or
convertible or exchangeable securities having the right to subscribe for or purchase REIT Shares or other shares of capital stock of the Company, excluding in each case, securities issued or issuable under any Stock Plan, or (ii) any Debt
issued by the Company that provides any of the rights described in clause (i). 
 “Nonrecourse Deductions”
shall have the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

“Nonrecourse Liability” shall have the meaning set forth in Regulations Section 1.752-1(a)(2). 

“Notice of Redemption” means the Notice of Redemption substantially in the form of Exhibit B to this Agreement.

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

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

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

“Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor
thereto. 
 “Partnership Interest” means, an ownership interest in the Partnership of either a Limited Partner
or the General Partner, whether by Common Units, Preferred Units or PIUs, 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 the applicable type of Partnership Units (i.e., Common Units, Preferred Units or PIUs). Unless otherwise expressly
provided for by the General Partner at the time of the original issuance of any Partnership Interests, all Partnership Interests (whether held by a Limited Partner or a General Partner) shall be Common Units. The Partnership Interests represented by
the Common Units, the PIUs and the Series A Preferred Units are the only Partnership Interests and each such type of Unit is a separate class of Partnership Interest for all purposes of this Agreement. 

“Partnership Minimum Gain” shall have the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of
Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 

“Partnership Record Date” means the record date established by the General Partner for the distribution of Available
Cash pursuant to Section 5.1 which record date shall be the same as the record date established by the Company for a distribution to its stockholders of some or all of its portion of such distribution, or, as applicable, any Series A Preferred
Unit Distribution Record Date. 
 “Partnership Unit” means, with respect to any class of Partnership Interest,
a fractional, undivided share of such class of Partnership Interest issued pursuant to Sections 4.1 and 4.3. 

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

  
 10 

 “Percentage Interest” means, as to a Partner holding Common Units, its
interest in such Common Units as determined by dividing the Common Units owned by such Partner by the total number of Common Units then outstanding as specified in Exhibit A attached hereto, as such Exhibit may be amended from time to time.

 “Person” means an individual or a corporation, partnership, limited liability company, trust, unincorporated
organization, association or other entity. 
 “PIU” means a Partnership Unit which is designated as a profits
interest unit and which has the rights, preferences and other privileges designated in Section 4.3.E. hereof and elsewhere in the Partnership in respect of PIU Holders. The number of any PIUs owned by a Partner shall be set forth on Exhibit A,
as may be amended from time to time. 
 “PIU Holder” means a Limited Partner that holds PIUs. 

“PIU Vesting Agreement” means each or any, as the context implies, PIU Vesting Agreement entered into by a PIU Holder
upon acceptance of an award of PIUs under the Plan (as such agreement may be amended, modified or supplemented from time to time) or in connection with the initial public offering. 

“Plan Asset Regulation” means the regulations promulgated by the United States Department of Labor in Title 29, Code of
Federal Regulations, Part 2510, Section 2510.3-101, and any successor regulations thereto. 
 “Preferred
Unit” means a limited partnership interest (of any series), other than a Common Unit, represented by a fractional, undivided share of the Partnership Interests of all Partners issued hereunder and which is designated as a “Preferred
Unit” (or as a particular class or series of Preferred Units) herein and which has the rights, preferences and other privileges designated herein (including by way of a certificate of designations) in respect of a Preferred Unitholder. The
number of any Preferred Units owned by a Partner shall be set forth on Exhibit A, as may be amended from time to time. Preferred Units shall include, but not be limited to, Series A Preferred Units. 

“Preferred Unitholder” means a Limited Partner that holds Preferred Units (of any class or series). 

“Property” means any property or other investment in which the Partnership holds a direct or indirect ownership
interest. 
 “Qualified Transferee” means an “accredited investor” as such term is defined in Rule
501 promulgated under the Securities Act. 
 “Redemption” shall have the meaning set forth in
Section 8.6.A. 
 “Regulations” means the Income Tax Regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” shall have the meaning set forth in Section 6.3.B. 

“REIT” means an entity qualifying as a real estate investment trust under Sections 856 through 859 of the Code.

 “REIT Requirements” shall have the meaning set forth in Section 5.1. 

“REIT Series A Preferred Share” means a share of 8.00% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
per share (liquidation preference $25.00 per share) of the Company, with the preferences, liquidation and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of shares as
described in the Series A Articles Supplementary. 
 “REIT Share” means a share of common stock, par
value $0.01 per share, of the Company. 

  
 11 

 “REIT Shares Amount” means, as of any date, an aggregate number of REIT
Shares equal to the number of Tendered Units, as adjusted (x) pursuant to Section 7.5 (in the event the Company acquires material assets, other than on behalf of the Partnership) and (y) for stock dividends and distributions, stock
splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to assets not received by the Company (either directly or indirectly
through Communities GP and Communities LP) pursuant to a pro rata distribution by the Partnership. 
 “Safe
Harbor” means the ability to treat the fair market value of a Partnership interest that is transferred in connection with the performance of services as being equal to the liquidation value of that interest pursuant to a Safe Harbor
Election. 
 “Safe Harbor Election” means an election by the Partnership and its Partners to apply the Safe
Harbor described in the Safe Harbor Regulation and IRS Notice 2005-43 issued May 19, 2005. 
 “Safe Harbor
Regulation” means Prop. Treas. Reg. § 1.83-3(l) issued May 19, 2005. 
 “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and any successor statute thereto. 
 “Securities Exchange Act” means the Securities Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and any successor
statute thereto. 
 “Series A Articles Supplementary” means the Articles Supplementary of the
Company in connection with its REIT Series A Preferred Shares, as filed with the Maryland State Department of Assessments and Taxation on February 8, 2012. 
 “Series A Preferred Unit Distribution Payment Date” shall have the meaning set forth in Section 16.3.A hereof. 

“Series A Preferred Unit Distribution Period” shall have the meaning set forth in Section 16.3.A
hereof. 
 “Series A Preferred Unit Distribution Record Date” shall have the meaning set forth in
Section 16.3.A hereof. 
 “Series A Preferred Unit Original Issue Date” shall have the
meaning set forth in Section 16.3.A hereof. 
 “Series A Preferred Units” means the
Partnership’s 8.00% Series A Cumulative Redeemable Preferred Units, with the rights, priorities and preferences set forth herein. 
 “Series A Priority Return” shall mean cumulative cash distributions at the rate of eight percent (8.00%) per annum on the stated value of twenty-five dollars ($25.00)
per Series A Preferred Unit (equivalent to the fixed annual amount of $2.00 per Series A Preferred Unit). 
 “Specified
Redemption Date” means the day of receipt by the General Partner of a Notice of Redemption. 
 “Stock
Plan” means any stock incentive, stock option, stock ownership or employee benefits plan of the Company. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, joint venture
or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Subsidiary Partnership” means any partnership or limited liability company that is a Subsidiary of the Partnership.

  
 12 

 “Substituted Limited Partner” means a Person who is admitted as a Limited
Partner to the Partnership pursuant to Section 11.5. 
 “Surviving Partnership” shall have the meaning set
forth in Section 11.3.A. 
 “Tax Items” means for income tax purposes each item of income, gain, loss and
deduction. 
 “Tenant” means any tenant from which the Company derives rent either directly or indirectly
through partnerships or other entities, including the Partnership. 
 “Tendered Units” shall have the meaning
set forth in Section 8.6.A. 
 “Tendering Partner” shall have the meaning set forth in Section 8.6.A.

 “Termination Transaction” shall have the meaning set forth in Section 11.3.A. 

“Transaction” shall have the meaning set forth in Section 8.7.B. 

“Unvested PIUs” means each or any, as the context implies, PIU that has not yet vested pursuant to such PIU’s PIU
Vesting Agreement. 
 “Vested PIUs” means each or any, as the context implies, PIU that has vested pursuant to
such PIU’s PIU Vesting Agreement. 
 Section 1.2. Rules of Construction 

Unless otherwise indicated, all references herein to “REIT,” “REIT Requirements,” “REIT Shares” and
“REIT Shares Amount” shall apply only with reference to the Company. 
 ARTICLE 2. 

ORGANIZATIONAL MATTERS 

Section 2.1. Organization 

The Partnership is a limited partnership formed pursuant to the provisions of the Act and upon the terms and conditions set forth in this
Agreement. Except as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property
for all purposes. 
 Section 2.2. Name 
 The name of the Partnership is “Campus Crest Communities Operating Partnership, LP.” The Partnership’s business may be conducted under any other name or names deemed advisable by the
General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “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 at any time and from time to time. 

Section 2.3. Registered Office and Agent; Principal Office 
 The Registered Agent of the Partnership shall be The Corporation Trust Company or such other Person as the General Partner may select in its sole discretion. The Registered Office of the Partnership and
the address of the principal office of the partnership in Delaware shall be The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 or such other location as the General Partner may select in its sole and absolute discretion.
The principal office of the Partnership outside of Delaware is located at 2100 Rexford Road, Suite 414, 

  
 13 

 
Charlotte, North Carolina 28211, or such other place as the General Partner may from time to time designate. The Partnership may maintain offices at such other place or places within or outside
the State of North Carolina as the General Partner deems advisable. 
 Section 2.4. Power of Attorney 

A. Each Limited Partner and each Assignee constitutes and appoints the General Partner, any Liquidator, and authorized officers and
attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to 

(1) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and
other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or continue the existence or
qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property;
(b) all instruments that the General Partner or any Liquidator deems appropriate or necessary to reflect any amendment, change, 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, agreements or other documents relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or to other events described in, Articles 11, 12 or 13 or the Capital Contribution of
any Partner; and (e) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 

(2) execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or
necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is
consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this Agreement. 

B. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact
that each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by
the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited Partner’s or Assignee’s Common Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors,
assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited
Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee
shall execute and deliver to the General Partner or any Liquidator, within 15 days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General
Partner or the Liquidator, as the case may be, deems necessary or appropriate to effectuate this Agreement and the purposes of the Partnership. 

Section 2.5. Term 
 The
Partnership’s term shall commence upon the filing of the Certificate of Limited Partnership with the Secretary of State of the State of Delaware and shall continue until it is dissolved pursuant to the provisions of Article 13 or as otherwise
provided by law. 

  
 14 

 ARTICLE 3. 
 PURPOSE 
 Section 3.1. Purpose and Business 

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; provided, however, that such business shall be limited to and conducted in such a manner as to permit the Company at all times to qualify as a REIT, unless the Company otherwise ceases to qualify as
a REIT. The General Partner also shall be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the
Code. 
 Section 3.2. Powers 
 The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to, desirable or convenient for the furtherance and accomplishment of the purposes and
business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of
any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other Liens, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property.

 Section 3.3. Partnership Only for Purposes Specified 
 No Limited Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties or any other Partner unless such authority is
specifically delegated to such Limited Partner by the General Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be
responsible or liable for any indebtedness or obligation of any Partner, incurred either before or after the execution and delivery of this Agreement by such Partner, except as to those responsibilities, liabilities, indebtedness or obligations
incurred pursuant to and as limited by the terms of this Agreement and the Act. 
 Section 3.4. Representations and Warranties by the
Parties 
 A. Each Partner that is an individual represents and warrants to each other Partner that (i) such Partner has the
legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, (ii) except as disclosed in a contribution agreement by and between the Partner, the Company and the Partnership with respect to any transfer of
property to the Partnership, the consummation of the transactions contemplated by this Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any agreement by which such Partner or any of such
Partner’s property is or are bound, or any statute, regulation, order or other law to which such Partner is subject, (iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the Code, and
(iv) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
 B. Each Partner
that is not an individual represents and warrants to each other Partner that (i) its execution and delivery of this Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary
action, including without limitation, that of its general partner(s), committee(s), trustee(s), beneficiaries, directors and/or stockholder(s), as the case may be, as required, (ii) except as disclosed in a contribution agreement by and between
the Partner, the Company and the Partnership with respect to any transfer of property to the Partnership, the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate of limited partnership,
partnership agreement, trust agreement, limited liability company operating agreement, charter, bylaws or other agreements or instruments governing its organization and operation, as the case may be, any agreement by which such Partner or any of
such Partner’s properties or any of its partners, beneficiaries, trustees or stockholders, as the case may be, is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, trustees, beneficiaries
or 

  
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stockholders, as the case may be, is or are subject, (iii) such Partner is a “United States person” within the meaning of Section 7701(a)(30) of the Code, and (iv) this
Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 
 C. Each Partner represents,
warrants, and agrees that it has acquired and continues to hold its interest in the Partnership for its own account for investment only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, nor
with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances. Each Partner further represents and warrants that it is a sophisticated investor, able and
accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not anticipate a need for the funds it has invested in the Partnership in what it
understands to be a highly speculative and illiquid investment. Each Partner represents, warrants and agrees that such Partner is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act).

 D. Each Partner acknowledges that (i) the Partnership Units have not been registered under the Securities Act and may
not be transferred unless they are subsequently registered under the Securities Act or an exemption from such registration is available (it being understood that the Partnership has no intention of so registering the Partnership Units) and any REIT
Shares that might be issued in exchange for Partnership Units may not be registered under the Securities Act, which would limit the transferability of such REIT Shares in a manner similar to the limitations described above for the Partnership Units
and (ii) a notation shall be made in the appropriate records of the Partnership indicating that the Partnership Units are subject to restrictions on transfer. 
 E. Each Partner further represents, warrants, covenants and agrees as follows: 

(1) Except as provided in Exhibit D, at any time such Partner actually or Constructively Owns a 25% or greater capital interest or
profits interest in the Partnership, it does not and will not, without the prior written consent of the General Partner (or in the case of the General Partner, a Majority in Interest of the Partners exclusive of the interest of the General Partner),
actually own or Constructively Own (a) with respect to any Tenant that is a corporation, any stock of such Tenant, and (b) with respect to any Tenant that is not a corporation, any interests in either the assets or net profits of such
Tenant. 
 (2) Upon request of the General Partner (or in the case of the General Partner, a Majority in Interest of the
Partners exclusive of the interest of the General Partner), it will promptly disclose to the General Partner the amount of REIT Shares or other shares of capital stock of the Company that it actually owns or Constructively Owns. 

Each Partner understands that if, for any reason, (a) the representations, warranties or agreements set forth in E.(1) or (2) above are
violated, or (b) the Partnership’s actual or Constructive Ownership of REIT Shares or other shares of capital stock of the Company violates the limitations set forth in the Charter, then (x) some or all of the Redemption rights of the
Partners may become non-exercisable, and (y) some or all of the REIT Shares owned by the Partners may be automatically transferred to a trust for the benefit of a charitable beneficiary, as provided in the Charter. 

F. The representations and warranties contained in this Section 3.4 shall survive the execution and delivery of this Agreement by
each Partner and the dissolution and winding up of the Partnership. 
 G. Each Partner hereby acknowledges that no
representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership or the General Partner have been made by any Partner or any employee or representative or Affiliate of any Partner, and that
projections and any other information, including, without limitation, financial and descriptive information and documentation, which may have been in any manner submitted to such Partner shall not constitute any representation or warranty of any
kind or nature, express or implied. 

  
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 Section 3.5. Certain ERISA Matters 

Each Partner acknowledges that the Partnership is intended to qualify as a “real estate operating company” (as such term is
defined in the Plan Asset Regulation). The General Partner shall use its commercially reasonable efforts to structure the investments in, relationships with and conduct with respect to Properties and any other assets of the Partnership so that the
Partnership will be a “real estate operating company” (as such term is defined in the Plan Asset Regulation). 

ARTICLE 4. 

CAPITAL CONTRIBUTIONS 

Section 4.1. Capital Contributions 
 A. The General Partner has contributed to the Partnership cash in the amount set forth opposite the General Partner’s name on Exhibit A hereto, in immediately available funds to a Partnership bank
account. 
 B. Each Limited Partner has contributed to the Partnership the Capital Contributions, Contributed Property and such
other property related interests as set forth opposite such Limited Partner’s name on Exhibit A. 
 C. The Percentage
Interests in the Partnership are set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital Contributions,
the issuance of additional Partnership Units or similar events having an effect on a Partner’s Percentage Interest. Except as required by law, as otherwise provided in Sections 4.3, 4.4 or 10.5, or as otherwise agreed to by a Partner and the
Partnership, no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership. Unless otherwise specified by the General Partner at the time of the creation of any class of Partnership Interests, the
corresponding class or series of capital stock for any Partnership Units issued shall be REIT Shares. 
 D. A Limited Partner
shall be unconditionally liable to the Partnership for all or a portion of any deficit in its Capital Account if it so elects to be liable for such deficit or portion thereof. Such election may be for either a limited or an unlimited amount and may
be amended or withdrawn at any time. The election, and any amendment thereof, shall be made by written notice to the General Partner stating that the Limited Partner elects to be liable, and specifying the limitations, if any, on the maximum amount
or duration of such liability. Said election, or amendment thereof, shall be effective only from the date the written notice is received by the General Partner, and shall terminate upon the date, if any, specified therein as a termination date or
upon delivery to the General Partner of a subsequent written notice withdrawing or otherwise amending such election. A withdrawal, or an amendment reducing the Limited Partner’s maximum liability, shall not be effective to avoid responsibility
for any loss incurred prior to such amendment or withdrawal. 
 Section 4.2. Loans by Third Parties 

Subject to Section 4.3, the Partnership may incur Debt, or enter into other similar credit, guarantee, financing or refinancing
arrangements for any purpose (including, without limitation, in connection with any further acquisition of Properties) with any Person that is not the General Partner upon such terms as the General Partner determines appropriate; provided that, the
Partnership shall not incur any Debt that is recourse to the General Partner, except to the extent otherwise agreed to by the General Partner in its sole discretion. 
 Section 4.3. Additional Funding and Capital Contributions 
 A. General.
The General Partner may, at any time and from time to time determine that the Partnership requires additional funds (“Additional Funds”) for the acquisition of additional Properties or for such other Partnership purposes as the
General Partner may determine. Additional Funds may be raised by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.3. No Person shall have any preemptive,
preferential or similar right or rights to subscribe for or acquire any Partnership Interest, except as set forth in this Section 4.3. 

  
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 B. Issuance of Additional Partnership Interests. The General Partner, in its sole and
absolute discretion, may raise all or any portion of the Additional Funds by accepting additional Capital Contributions. In connection therewith, the General Partner is hereby authorized to cause the Partnership from time to time to issue to
Partners (including the General Partner) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership) additional Partnership Units or other Partnership Interests in one or more classes, or one
or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers, and duties, including rights, powers, and duties senior to then existing Limited Partner Interests, all
as shall be determined by the General Partner in its sole and absolute discretion, without the approval of any Limited Partners, subject to Delaware law, including without limitation, (i) the allocations of items of Partnership income, gain,
loss, deduction, and credit to such class or series of Partnership Interests, (ii) the rights, designations, preferences and priorities of each such class or series of Partnership Interests to share in Partnership distributions, (iii) the
rights, designations, preferences and priorities of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership, and (iv) the right to vote, including, without limitation, the Limited Partner approval
rights set forth in Section 11.2. 
 C. Issuance of REIT Shares or Other Securities by the Company. From and after
the Company’s completion of its first public offering of REIT Shares, the Company shall not issue any additional REIT Shares, other shares of capital stock of the Company or New Securities (other than REIT Shares issued pursuant to
Section 8.6 or pursuant to a dividend or distribution (including any stock split) of REIT Shares, other shares of capital stock of the Company or New Securities to all of its stockholders on a pro rata basis) unless (i) the Partnership
shall issue to the Company (either directly or indirectly through Communities GP and Communities LP), Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences
and other rights, all such that the economic interests thereof are substantially similar to those of the REIT Shares, other shares of capital stock of the Company or New Securities and (ii) the Company shall contribute (either directly or
indirectly through Communities GP and Communities LP) the net proceeds from the issuance of such additional REIT Shares, other shares of capital stock of the Company or New Securities, as the case may be, and from the exercise of the rights
contained in such REIT Shares, other capital stock of the Company or New Securities, as applicable, to the Partnership as a Capital Contribution. Without limiting the foregoing, the Company is expressly authorized to issue REIT Shares, other shares
of capital stock of the Company or New Securities for no tangible value or for less than fair market value, and the Company is expressly authorized to cause the General Partner to cause the Partnership to issue to the Company (either directly or
indirectly through Communities GP and Communities LP) corresponding Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance of Partnership Interests is in the interests of the Partnership, and
(y) the Company contributes (either directly or indirectly through Communities GP and Communities LP) the net proceeds, if any, from such issuance and exercise to the Partnership. 

In connection with the Company’s initial public offering of REIT Shares and any other issuance of REIT Shares, other capital stock
of the Company or New Securities, the Company shall contribute to the Partnership (either directly or indirectly through Communities GP and Communities LP) any net proceeds raised in connection with such issuance; provided, that if the net proceeds
actually received by the Company are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the Company shall be deemed to have made a
Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by the Company (which discount and expense shall be treated as an
expense for the benefit of the Partnership for purposes of Section 7.4). In the case of issuances of REIT Shares, other capital stock of the Company or New Securities pursuant to any Stock Plan at a discount from fair market value or for no
value, the amount of such discount representing compensation to the employee, as determined by the General Partner, shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4 and, as a result, the Company
shall be deemed to have made a Capital Contribution to the Partnership (either directly or indirectly through Communities GP and Communities LP) in an amount equal to the sum of any net proceeds of such issuance plus the amount of such expense.

 D. Percentage Interest Adjustments in the Case of Capital Contributions for Partnership Units. Upon the acceptance of
additional Capital Contributions in exchange for any class or series of Partnership Units, the Percentage Interest in such class or series of Partnership Units shall be equal to a fraction, the numerator of which is equal to the amount of cash and
the Agreed Value of the Property contributed as of the Business Day immediately 

  
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preceding the date on which the additional Capital Contributions are made (an “Adjustment Date”) and the denominator of which is equal to the sum of (i) the Deemed Value of
the Partnership Interests of such class or series (computed as of the Business Day immediately preceding the Adjustment Date) and (ii) the aggregate Agreed Value of additional Capital Contributions contributed by all Partners and/or third
parties to the Partnership on such Adjustment Date in such class or series of Partnership Interests. The Percentage Interest of each other Partner holding Partnership Interests of such class or series not making a full pro rata Capital Contribution
shall be adjusted to equal a fraction, the numerator of which is equal to the sum of (i) the Deemed Partnership Interest Value of such Partner in respect of such class or series (computed as of the Business Day immediately preceding the
Adjustment Date) and (ii) the Agreed Value of additional Capital Contributions, if any, made by such Partner to the Partnership in such class or series of Partnership Interests as of such Adjustment Date, and the denominator of which is equal
to the sum of (i) the Deemed Value of the Partnership Interests of such class or series (computed as of the Business Day immediately preceding the Adjustment Date), plus (ii) the aggregate Agreed Value of additional Capital Contributions
contributed by all Partners and/or third parties to the Partnership on such Adjustment Date in such class or series. Provided, however, solely for purposes of calculating a Partner’s Percentage Interest pursuant to this Section 4.3.D.,
(i) in the case of cash Capital 
 Contributions by the Company (either directly or indirectly through Communities GP and
Communities LP) funded by an offering of REIT Shares or other shares of capital stock of the Company and (ii) in the case of the contribution of properties by the Company (either directly or indirectly through Communities GP and Communities LP)
which were acquired by the Company in exchange for REIT Shares or other shares of capital stock of the Company immediately prior to such contribution, the Company shall be issued (either directly or indirectly through Communities GP and Communities
LP) a number of Partnership Units equal and corresponding to the number of such shares issued by the Company in exchange for such cash or Properties, the Partnership Units held by the other Partners shall not be adjusted, and the Partners’
Percentage Interests shall be adjusted accordingly. The General Partner shall promptly give each Partner written notice of its Percentage Interest, as adjusted. 
 E. Issuance of PIUs. The General Partner may from time to time issue PIUs to Persons who provide services to the Partnership or its Affiliates, for such consideration as the General Partner may
determine to be appropriate, and admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.3.E and the special provisions of Sections 6.3.C., 8.7 and 8.8, PIUs shall be treated as Common Units, with all of
the rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, PIU Holders shall be treated as Common Unitholders and PIUs shall be treated as Common Units. In particular, the Partnership
shall maintain at all times a one-to-one correspondence between PIUs and Common Units for conversion, distribution and other purposes, including without limitation complying with the following procedures: 

(i) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the PIUs to
maintain a one-for-one conversion and economic equivalence ratio between Common Units and PIUs. The following shall be “Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Common Units in Partnership
Units; (B) the Partnership subdivides the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units; or (C) the Partnership issues any Partnership Units in exchange for
its outstanding Common Units by way of a reclassification or recapitalization of its Common Units. If more than one Adjustment Event occurs, the adjustment to the PIUs need be made only once using a single formula that takes into account each and
every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other
similar business transaction; (y) the issuance of Partnership Units pursuant to any Stock Plan; or (z) the issuance of any Partnership Units to the Company (either directly or indirectly through Communities GP and Communities LP) in
respect of a capital contribution to the Partnership of proceeds from the sale of securities by the Company. If the Partnership takes an action affecting the Common Units other than actions specifically described above as “Adjustment
Events” and in the opinion of the General Partner such action would require an adjustment to the PIUs to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the PIUs, to
the extent permitted by law and by the Stock Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances without the consent of any Limited Partner. If an adjustment
is made to the PIUs as herein provided the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which
certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each PIU Holder setting forth the adjustment to his or her PIUs
and the effective date of such adjustment; and 

  
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 (ii) The PIU Holders shall, in respect of each Distribution Payment Date, when, as and if
authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per PIU equal to the distributions per Common Unit (the “Common Unit Distribution”),
paid to Holders of record on the same record date established by the General Partner with respect to such Distribution Payment Date. 
 The PIUs shall rank pari passu with the Common Units as to the payment of regular and special periodic distributions. As to the payment of distributions, any class or series of Partnership Units or
Partnership Interests which by its terms specifies that it shall rank junior to, or pari passu with, or senior to the Common Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the PIUs. Subject to
the terms of any PIU Vesting Agreement, a PIU Holder shall be entitled to transfer his or her PIUs to the same extent, and subject to the same restrictions as Holders of Common Units are entitled to transfer their Common Units pursuant to Article
11. 
 PIUs shall be subject to the following special provisions: 

(i) PIU Vesting Agreements. PIUs may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and
additional restrictions on transfer pursuant to the terms of a PIU Vesting Agreement. The terms of any PIU Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment
imposed by the relevant PIU Vesting Agreement or by the Stock Plan, if applicable. 
 (ii) Forfeiture. Unless otherwise
specified in the PIU Vesting Agreement, upon the occurrence of any event specified in a PIU Vesting Agreement resulting in either the right of the Partnership or the General Partner to repurchase PIUs at a specified purchase price or some other
forfeiture of any PIUs, if the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with the applicable PIU Vesting Agreement, then the relevant PIUs shall immediately, and without any further action, be
treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the PIU Vesting Agreement, no consideration or other payment shall be due with respect to any PIUs that have been forfeited, other than any distributions
declared with respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of PIUs, the balance of the portion of the Capital Account of the PIU Holder that is attributable to
all of his or her PIUs shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.3.C., calculated with respect to the PIU Holder’s remaining PIUs, if any. 

(iii) Allocations. PIU Holders shall be entitled to certain special allocations of gain under Section 6.3.C. 

(iv) Redemption. The Redemption right provided to Limited Partners under Section 8.6 shall not apply with respect to PIUs
unless and until they are converted to Common Units as provided in clause (v) below and Section 8.7. 
 (v)
Conversion To Common Units. Vested PIUs will be converted into Common Units as provided in Section 8.7. 
 (vi)
Voting. PIUs shall have the voting rights provided in Section 8.8. 
 Section 4.4. Other Contribution Provisions 

In the event that any Partner is admitted to the Partnership and is given (or is treated as having received) a Capital Account in exchange
for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if the Partnership had compensated such Partner in cash, and the Partner had contributed such cash to the capital of the
Partnership. In addition, with the consent of the General Partner, in its sole discretion, one or more Limited Partners may enter into agreements with the Partnership, in the form of a guarantee or contribution agreement, which have the effect of
providing a guarantee of certain obligations of the Partnership. 

  
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 Section 4.5. No Preemptive Rights 

Except to the extent expressly granted by the Partnership pursuant to another agreement, no Person shall have any preemptive, preferential
or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership or (ii) issuance or sale of any Partnership Units or other Partnership Interests. 

ARTICLE 5. 

DISTRIBUTIONS 

Section 5.1. Requirement and Characterization of Distributions 
 The General Partner shall cause the Partnership to distribute quarterly all, or such portion as the General Partner may in its discretion determine, of Available Cash generated by the Partnership to the
Partners who are Partners on the applicable record date with respect to such distribution, (1) first, with respect to any class or series of Partnership Interests that are entitled to any preference in distributions, in accordance with the
rights of such class or series of Partnership Interests, and (2) second, with respect to any class or series of Partnership Interests that are not entitled to any preference in distributions, such as Common Units and PIUs, pro rata to each such
class or series in accordance with the terms of such class or series to the Partners who are Partners of such class or series on the Partnership Record Date with respect to such distribution (and within each such class or series, pro rata in
proportion to the respective Percentage Interests on such Partnership Record Date). Unless otherwise expressly provided for herein or in an agreement, if any, entered into in connection with the creation of a new class or series of Preferred Units
created in accordance with Article 4, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. The Company shall undertake such reasonable efforts, as determined by it in its sole and absolute
discretion and consistent with its qualification as a REIT, to cause the General Partner to cause the Partnership to distribute sufficient amounts to enable the Company, for so long as the Company has determined to qualify as a REIT, to pay
stockholder dividends that will (a) satisfy the requirements for qualifying as a REIT under the Code and Regulations (“REIT Requirements”), and (b) except to the extent otherwise determined by the Company, avoid any
federal income or excise tax liability of the Company, except to the extent that a distribution pursuant to clause (b) would prevent the Partnership from making a distribution to the Holders of Series A Preferred Units in accordance with
Section 16.3. 
 Section 5.2. Distributions in Kind 
 Except as expressly provided herein, no right is given to any Partner to demand and receive property other than cash. The General Partner may determine, in its sole and absolute discretion, to make a
distribution in-kind to the Partners of Partnership assets, and such assets shall be distributed in such a fashion as to ensure that the fair market value is distributed and allocated in accordance with Articles 5, 6 and 10. 

Section 5.3. Distributions Upon Liquidation 
 Notwithstanding Section 5.1, proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2. 
 Section 5.4. Distributions to Reflect Issuance of Additional Partnership Interests 
 In the event that the Partnership issues additional Partnership Interests to the General Partner or any Additional Limited Partner pursuant to Section 4.3.B. or 4.3.C. or 4.3.E., the General Partner
shall make such revisions to this Article 5 as it determines are necessary to reflect the issuance of such additional Partnership Interests. In the absence of any agreement to the contrary, an Additional Limited Partner shall be entitled to the
distributions set forth herein (without regard to this Section 5.4) with respect to the period during which the closing of its contribution to the Partnership occurs, multiplied by a fraction the numerator of which is the number of days from
and after the date of such closing through the end of the applicable period, and the denominator of which is the total number of days in such period. 

  
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 ARTICLE 6. 
 ALLOCATIONS 
 Section 6.1. Timing and Amount of Allocations of Net Income and Net Loss

 Net Income and Net Loss of the Partnership shall be determined and allocated with respect to each Allocation Year of the
Partnership as of the end of each such Allocation Year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall be treated as an allocation of the same share of each item of income,
gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 
 Section 6.2. General Allocations 

Except as otherwise provided in this Article 6, Net Income and Net Loss allocable with respect to a class of Partnership Interests shall
be allocated to each of the Holders holding such class of Partnership Interests in accordance with their respective Percentage Interests in such class. 
 A. Allocation of Net Income and Net Losses. 
 (1) Net Income. After first
giving effect to the special allocations provided in Section 6.3.A. and 6.4, Net Income for any Allocation Year shall be allocated to the Partners in the following manner and order of priority: 

(a) First, to the General Partner in an amount equal to the excess, if any, of: (i) the cumulative Net Losses allocated to the
General Partner pursuant to Section 6.2.C. for all prior Allocation Years, over (ii) the cumulative Net Income allocated to the General Partner pursuant to this Section 6.2.A.(1)(a) for all prior Allocation Years; 

(b) Second, to each Partner other than the General Partner in an amount equal to the excess, if any, of: (i) the cumulative Net
Losses allocated to each such Partner pursuant to Sections 6.2.C. for all prior Partnership Years, over (ii) the cumulative Net Income allocated to such Partner pursuant to this Section 6.2.A.(1)(b) for all prior Allocation Years;

 (c) Third, to the Company in an amount equal to the excess of (A) the sum of (x) the cumulative Series A Priority
Return on the Series A Preferred Units to the last day of the current Partnership Year or to the date of redemption of the Series A Preferred Units, to the extent such Series A Preferred Units are redeemed during such Partnership Year, plus
(y) the amount of all Net Losses allocated to the Company under Section 6.2.A.(3)(b) over (ii) the cumulative Net Income allocated to the Company pursuant to this Section 6.2.A.(1)(c) for all prior Allocation Years; and

 (d) Fourth, the balance, if any, to and among the Partners in accordance with their respective Percentage Interests.

 (2) In determining the amount of cumulative Net Income and cumulative Net Losses allocated to a Partner, Net Income and Net
Losses allocated to a predecessor or transferor to such Partner shall be taken into account. To the extent the allocations of Net Income set forth above in any paragraph of this Section 6.2.A.(1) are insufficient to satisfy the full amount of
any allocations set forth in such paragraph, such allocations shall be made in proportion to the total amounts that would have been allocated pursuant to this Section 6.2.A.(1) without regard to such shortfall. 

(3) Net Losses. After first giving effect to the special allocations provided in Section 6.3.A. and 6.4, and subject to the
limitation provided in Section 6.2.C., Net Losses for any Allocation Year shall be allocated to and among the Partners in the following order of priority: 
 (a) First, pro rata based on Percentage Interests, (a) to Holders of Common Units in proportion to their Percentage Interests associated with their Common Units until the portion of their Capital
Accounts attributable to their Common Units is reduced to zero and (B) to PIU Holders in proportion to their Percentage Interests associated with their PIUs until the portion of their Capital Accounts attributable to their PIUs is reduced to
zero. 

  
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 (b) Second, to the Company as the Holder of Series A Preferred Units, to the extent of the
excess of (A) the amount of all Net Income allocated to the Company under Section 6.2.A.(1)(c) over (B) the sum of (x) the amount of all cash distributions to the Company under Section 16.3.A., plus (y) the amount of
all Net Losses previously allocated to the Company under this Section 6.2.A.(3)(b). 
 (c) Third, to the Company as the
Holder of Series A Preferred Units, to the extent of its positive Capital Account balances with respect to its Series A Preferred Units. 
 (d) Fourth, to the Partners in accordance with their respective Percentage Interests. 
 B. Allocations to Reflect Issuance of Additional Partnership Interests. In the event that the Partnership issues additional Partnership Interests to the General Partner, a Limited Partner or any
Additional Limited Partner pursuant to Section 4.3, the General Partner shall make such revisions to this Section 6.2 as it determines are necessary to reflect the terms of the issuance of such additional Partnership Interests, including
making preferential allocations to certain classes of Partnership Interests, subject to the terms of the Series A Preferred Units, in accordance with any method selected by the General Partner. 

C. Limitation on Allocations of Net Losses. The Net Losses allocated pursuant to Section 6.2.A.(2) hereof shall not exceed
the maximum amount of Net Losses that can be so allocated without causing any Limited Partner to have an Adjusted Capital Account Deficit at the end of any Allocation Year. In the event some but not all of the Limited Partners would have Adjusted
Capital Account Deficits as a consequence of an allocation of Net Losses pursuant to Section 6.2.A.(2), the limitation set forth in this Section 6.2.C. shall be applied on a Limited Partner by Limited Partner basis so as to allocate the
maximum permissible Net Losses to each Limited Partner under Regulations Section 1.704-1(b)(2)(ii)(d). All Net Losses in excess of the limitation set forth in this Section 6.2.C. shall be allocated to the General Partner.

 Section 6.3. Special Allocation Provisions 
 A. Regulatory Allocations. 
 (1) Minimum Gain Chargeback. Except as
otherwise provided in Regulations Section 1.704-2(f), if there is a net decrease in Partnership Minimum Gain during any Allocation Year, each Holder shall be specially allocated items of Partnership income and gain for such Allocation Year
(and, if necessary, subsequent Allocation Years) in an amount equal to such Holder’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2). This
Section 6.3.A(1) is intended to qualify as a “minimum gain chargeback” within the meaning of Regulation Section 1.704-2(f) which shall be controlling in the event of a conflict between such Regulation and this
Section 6.3.A.(1). 
 (2) Partner Minimum Gain Chargeback. Except as otherwise provided in Regulations
Section 1.704-2(i)(4), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Allocation Year, each Holder who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such Allocation Year (and, if necessary, subsequent Allocation Years) in an amount equal to such
Holder’s share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Holder pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 6.3.A.(2) is
intended to qualify as a “chargeback of partner nonrecourse debt minimum gain” within the meaning of Regulation Section 1.704-2(i) which shall be controlling in the event of a conflict between such Regulation and this
Section 6.3.A.(2). 

  
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 (3) Qualified Income Offset. In the event any Limited Partner unexpectedly receives
any adjustments, allocations, or distributions described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6), items of
Partnership income and gain shall be specially allocated to each such Limited Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Limited Partner as quickly
as possible, provided that an allocation pursuant to this Section 6.3.A.(3) shall be made only if and to the extent that such Limited Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in this
Article 6 have been tentatively made as if this Section 6.3.A.(3) were not in the Agreement. 
 (4) Gross Income
Allocation. In the event any Limited Partner has a deficit Capital Account at the end of any Allocation Year that is in excess of the sum of (i) the amount such Limited Partner is obligated to restore pursuant to any provision of this
Agreement and (ii) the amount such Limited Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Limited Partner shall be specially allocated items
of Partnership income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 6.3.A.(4) shall be made only if and to the extent that such Limited Partner would have a deficit Capital
Account in excess of such sum after all other allocations provided for in this Article 6 have been made as if Section 6.3.A.(3) and this Section 6.3.A.(4) were not in the Agreement. 

(5) Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any Allocation Year shall be specially allocated to the
Holder(s) who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable, in accordance with Regulations Sections 1.704-2(b)(4) and 1.704-2(i). 

(6) Nonrecourse Deductions. Any Nonrecourse Deductions for any Allocation Year shall be specially allocated to the Holders in
accordance with their respective Percentage Interests. 
 (7) Section 754 Adjustment. To the extent an adjustment to
the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be
taken into account in determining Capital Accounts as the result of a distribution to a Holder in complete liquidation of his interest in the Partnership, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Holders in accordance with their interests in the Partnership in the event that Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Holders to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 B. Curative Allocations. The allocations set forth in Sections 6.3.A.(1), (2), (3), (4), (5) and (6) (the “Regulatory Allocations”) are intended to comply with certain
regulatory requirements, including the requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding the provisions of Sections 6.1 and 6.2, the Regulatory Allocations shall be taken into account in allocating other items of income,
gain, loss and deduction among the Holders so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Holder shall be equal to the net amount that would have been allocated to each such
Holder if the Regulatory Allocations had not occurred. 
 C. Special Allocation to PIU Holders. 

(1) Gross Income Allocation. In accordance with Section 6.3A(4), if a PIU Holder has a deficit Capital Account at the end of
any Allocation Year that is in excess of the sum of (i) the amount such PIU Holder is obligated to restore pursuant to any provision of this Agreement and (ii) the amount such PIU Holder is deemed to be obligated to restore pursuant to the
penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such PIU Holder shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible, provided that an allocation
pursuant to this Section 6.3.C.(1) shall be made only if and to the extent that such PIU Holder would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 6 have been made as if
Section 6.3.A.(3), Section 6.3.A.(4) and this Section 6.3.C.(1) were not in the Agreement. 

  
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 (2) Allocation of Gain. Any remaining gain for any Allocation Year with respect to
all sales and other dispositions of Partnership Property (other than sales or other dispositions in the ordinary course of business of the Partnership), including any adjustments to the Gross Asset Value of Partnership Property pursuant to sections
(b) and (c) of the definition of “Gross Asset Value” in Section 1.1 of this Agreement, shall be allocated 100% to the PIU Holders until the Economic Capital Account Balance of each Limited Partner attributable to that
Limited Partner’s ownership of PIUs is equal to (i) the Common Unit Economic Balance multiplied by (ii) the number of PIUs held by such Limited Partner. Allocations under this Section 6.3.C(2) shall be made among PIU Holders in
proportion to the number of PIUs held by each such PIU Holder. For clarity, the parties agree that this Section 6.3.C(2) is intended to make the Capital Account balances of the PIU Holders with respect to their PIUs economically equivalent to
the Capital Account balance of the Company (held either directly or indirectly through Communities GP and Communities LP) with respect to its Common Units (i.e., the “target balance” for the PIUs). 

Section 6.4. Additional Allocation Rules 
 A. Excess Nonrecourse Liabilities. The General Partner is authorized to cause the Partnership to allocate “excess nonrecourse liabilities” that are secured by any property contributed to
the Partnership to the contributing Partner up to the amount of the built-in gain that is allocable to the contributing Partner under Section 704(c) of the Code, to the extend such built-in gain exceeds the gain described in Regulations
Section 1.752-3(a)(2). Any remaining “excess nonrecourse liabilities” shall be allocated in accordance with each Holder’s interest in Partnership profits, which for this purpose shall be in accordance with such Holder’s
Percentage Interest in Common Units. 
 B. Safe Harbor Election. In the event the Safe Harbor Regulation is finalized,
the Partnership agrees that the General Partner shall be authorized and directed to make the Safe Harbor Election for the Partnership and the Partnership and each Partner, including any person to whom an interest in the Partnership is transferred in
connection with the performance of services, agrees to comply with all requirements of the Safe Harbor with respect to all interests in the Partnership transferred in connection with the performance of services to which the Safe Harbor Election
applies. The General Partner shall retain all such records as may be necessary to indicate that an effective Safe Harbor Election has been made and remains in effect. The General Partner shall be authorized to and shall prepare, execute, and file
the Safe Harbor Election. 
 Section 6.5. Tax Allocations 
 Tax Items with respect to Partnership property that is contributed to the Partnership by a Partner shall be shared among the Holders for income tax purposes pursuant to Regulations promulgated under
Section 704(c) of the Code, so as to take into account the variation, if any, between the basis of the property to the Partnership and its initial Gross Asset Value. The Partnership shall account for such variation under any method consistent
with Section 704(c) of the Code and the applicable regulations as chosen by the General Partner. In the event the Gross Asset Value of any Partnership asset is adjusted pursuant to subparagraph (b) of the definition of Gross Asset Value
(provided in Article 1), subsequent allocations of Tax Items with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset and its Gross Asset Value in the same manner as under Section 704(c)
of the Code and the applicable regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g) using any method approved under Section 704(c) of the Code and the applicable regulations as chosen by the General
Partner. 

  
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 ARTICLE 7. 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
 Section 7.1. Management 

A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are
and shall be exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by
the Limited Partners with or without cause. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement,
the General Partner, subject to the other provisions hereof including Sections 7.3 and 11.2, shall have full power and authority to do all things deemed necessary, appropriate, convenient or desirable by it to conduct the business of the
Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1, including, without limitation: 
 (1) the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to its
Partners in such amounts as will permit the Company (so long as the Company has determined to qualify as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code)
and to make distributions to its stockholders sufficient to permit the Company to maintain REIT status), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness
(including the securing of same by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations it deems necessary for the conduct of the activities of the Partnership; 

(2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having
jurisdiction over the business or assets of the Partnership or which the General Partner agrees to cause the Partnership to file, the registration of any class of securities of the Partnership under the Securities Exchange Act, and the listing of
any debt securities of the Partnership on any exchange and communication with any and all governmental authorities; 
 (3) the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets of the Partnership or the merger or other combination of the Partnership with or into another entity; 

(4) the acquisition, ownership, disposition, lease, management, mortgage, pledge, encumbrance or hypothecation of any assets of the
Partnership, and the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the
conduct or the operations of the General Partner or the Partnership, the lending of funds to other Persons (including, without limitation, the General Partner or any Subsidiaries of the Partnership) and the repayment of obligations of the
Partnership, any of its Subsidiaries and any other Person in which it has an equity investment, and the making of capital contributions to its Subsidiaries, and specifically including entering into agreements incident to the acquisition of property
through which the Partnership indemnifies the contributing party for tax liabilities incurred related to the Partnership’s disposition of the property or reducing the debt of the Partnership allocable to the contributing party; 

(5) the negotiation, execution, and performance of any contracts, leases, conveyances or other instruments that the General Partner
considers appropriate, useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants,
accountants, legal counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 
 (6) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement; 
 (7) the establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the Partnership (including, without limitation, employees having titles such as
“president,” “vice president,” “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors of the Partnership, the determination of their compensation and other terms
of employment or hiring, including waivers of conflicts of interest and the payment of their expenses and compensation out of the Partnership’s assets; 
 (8) the maintenance of insurance for the benefit of the Partnership, its assets and the Partners and directors and officers of the Partnership, the General Partner or the direct or indirect parent of the
General Partner in such amounts, on such terms and of such types as it deems necessary or appropriate; 
 (9) the formation of,
or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and
the contributions of property to any Subsidiary and any other Person in which it has an equity investment from time to time); provided, that, as long as the Company has determined to continue to qualify as a REIT, the Partnership may not engage in
any such formation, acquisition or contribution that could cause the Company to fail to qualify as a REIT; 

  
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 (10) the control of any matters affecting the rights and obligations of the Partnership,
including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any claim, cause of action, liability, debt or damages, due or owing to or from the Partnership, the commencement or defense
of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution, and the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of
dispute resolution, the incurring of legal expense, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 
 (11) the undertaking of any action in connection with the Partnership’s direct or indirect investment in any Person (including, without limitation, contributing or loaning Partnership funds to,
incurring indebtedness on behalf of, or guarantying the obligations of any such Persons); 
 (12) subject to the other
provisions in this Agreement, the determination, in good faith, of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation as it may adopt, provided, that such methods are otherwise consistent
with requirements of this Agreement; 
 (13) the management, operation, leasing, landscaping, repair, alteration, demolition or
improvement of any real property or improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment; 

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

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

(16) 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; 
 (17) the exercise of any of the
powers of the General Partner under this Agreement on behalf of, in connection with or jointly with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest; 

(18) the exercise of any of the powers of the General Partner under 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; 
 (19) the making, execution and delivery
of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases, documents, legal instruments or agreements, in writing, as may
be necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 
 (20) the issuance of additional Partnership Interests, as appropriate, in connection with the contribution of Additional Funds pursuant to Section 4.3; 

(21) the distribution of cash to acquire Common Units held by a Limited Partner in connection with a Limited Partner’s exercise of
its Redemption right under Section 8.6 hereof; and 
 (22) the amendment and restatement of Exhibit A hereto to reflect the
Capital Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional
Limited Partner or any Substituted Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or event being
reflected in Exhibit A hereto otherwise is authorized by this Agreement. 

  
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 B. Each of the Limited Partners agrees that the General Partner is authorized to perform the
actions authorized by Section 7.1.A. and to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other
provisions of this Agreement (except as provided in Section 7.3 or 11.2), the Act or any applicable law, rule or regulation to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or
performance, the taking of any action or the failure to take any action, 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. In addition to the authority granted to it in Section 7.1.A.(8), at all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty,
liability and other insurance on the properties of the Partnership and (ii) liability insurance for the Indemnities hereunder. 

D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital
reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 
 E. In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the Company, Communities
GP and Communities LP) of any action taken (or not taken) by the General Partner. The General Partner and the Partnership shall not have liability to a Partner under this Agreement as a result of an income tax liability incurred by such Limited
Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. 
 F.
Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder to make such payments except to the extent
that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment
to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 
 G. The General Partner
shall not permit the Partnership to engage in any “prohibited transaction” as defined in Section 857(b)(6)(B)(iii) of the Code. 

Section 7.2. Certificate of Limited Partnership 
 To the extent that such action is determined by the General Partner to be necessary, reasonable or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all
the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the State of Delaware and each other state, the District of Columbia or other jurisdiction, in
which the Partnership may elect to do business or own property, and no vote of the Limited Partners shall be required in connection therewith. Subject to the terms of Section 8.5.A.(3), the General Partner shall not be required, before or after
filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates or documents as may be necessary or as it deems
reasonable 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, any other state, or the District of
Columbia or other jurisdiction, in which the Partnership may elect to do business or own property, and no vote of the Limited Partners shall be required in connection therewith. 
 Section 7.3. Restrictions on General Partner’s Authority 
 A. The General
Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the written Consent of the Limited Partners and may not (i) perform any act that would subject a Limited Partner to liability as a
general partner in any jurisdiction or, except as provided herein or under 

  
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the Act, to any other liability, or (ii) enter into any contract, mortgage, loan or other agreement that prohibits or restricts, or has the effect of prohibiting or restricting, the ability
of a Limited Partner to exercise its rights to a Redemption in full, except in each case with the written consent of such Limited Partner. 
 B. The General Partner shall not, without the prior consent of the Partners holding Percentage Interests that in the aggregate are not less than 66
2/3% of the aggregate Percentage Interests of all the
Partners (including in all cases the Limited Partner Interests owned directly or indirectly by the Company and in addition to any Consent of the Limited Partners required by any other provision hereof), or except as provided in Section 7.3.C.,
amend, modify or terminate this Agreement. 
 C. Notwithstanding Section 7.3.B., the General Partner shall have the
exclusive power and authority to amend this Agreement as may be required to facilitate or implement any of the following purposes: 
 (1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for the benefit of the Limited Partners;

 (2) to reflect the issuance of additional Partnership Interests pursuant to this Agreement, including, without limitation,
Sections 4.3.B., 5.4 and 6.2.B. or the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement; 
 (3) to reflect a change that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in
this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; 

(4) to satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal
or state agency or contained in federal or state law; 
 (5) to reflect such changes as are reasonably necessary for the Company
to maintain its status as a REIT, including changes which may be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the IRS; and 

(6) to modify, as set forth in the definition of “Capital Account,” the manner in which Capital Accounts are computed.

 The General Partner will provide notice to the Limited Partners when any action under this Section 7.3.C. is taken.

 D. Notwithstanding Sections 7.3.B. and 7.3.C., this Agreement shall not be amended with respect to any Partner adversely
affected, and no action may be taken by the General Partner, without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s interest in the Partnership into a general partner’s
interest (except as the result of the General Partner acquiring such interest), (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive distributions pursuant to Article 5 or
Section 13.2.A.(4), Section 13.2.A.(5) or Article 16, or the allocations specified in Article 6 (except as permitted or as a consequence of matters permitted pursuant to Sections 4.3, 5.4, 6.2.B. and Section 7.3.C.(3)),
(iv) materially alter or modify the rights to a Redemption or the REIT Shares Amount as set forth in Section 8.6, and related definitions hereof, or (v) amend this Section 7.3.D. Further, no amendment may alter the restrictions
on the General Partner’s authority set forth elsewhere in this Section 7.3 or in Section 11.2 without the Consent specified in such section. This Section 7.3.D. does not require unanimous consent of all Partners adversely
affected unless the amendment is to be effective against all partners adversely affected. 

  
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 Section 7.4. Reimbursement of the General Partner 

A. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 
 B. The Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s and the General Partner’s organization, the ownership of its assets and its operations. The
General Partner is hereby authorized to pay compensation for accounting, administrative, legal, technical, management and other services rendered to the Partnership. Except to the extent provided in this Agreement, the General Partner and its
Affiliates shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all expenses that the General Partner and its Affiliates incur relating to the ownership and
operation of, or for the benefit of, the Partnership (including, without limitation, administrative expenses and the Company’s expenses as a company whose securities are publicly traded); provided, that the amount of any such reimbursement
shall be reduced by any interest earned by the General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership. The Partners acknowledge that all such expenses of the General Partner and its
Affiliates are deemed to be for the benefit of the Partnership. Such reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.7 hereof. In the event that certain expenses are incurred for
the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as the General Partner in its sole and absolute discretion deems fair and
reasonable. All payments and reimbursements hereunder shall be characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner. 

C. If the Company shall elect to purchase from its stockholders REIT Shares for the purpose of delivering such REIT Shares to satisfy an
obligation under any dividend reinvestment program adopted by the Company, any employee stock purchase plan adopted by the Company, or any similar obligation or arrangement undertaken by the Company in the future or for the purpose of retiring such
REIT Shares, the purchase price paid by the Company for such REIT Shares and any other expenses incurred by the Company in connection with such purchase shall be considered expenses of the Partnership and shall be advanced to the Company or
reimbursed to the Company, subject to the condition that: (i) if such REIT Shares subsequently are sold by the Company, the Company shall pay to the Partnership any proceeds received by the Company for such REIT Shares (which sales proceeds
shall include the amount of dividends reinvested under any dividend reinvestment or similar program; provided, that a transfer of REIT Shares for Common Units pursuant to Section 8.6 would not be considered a sale for such purposes); and
(ii) if such REIT Shares are not retransferred by the Company within thirty (30) days after the purchase thereof, or the Company otherwise determines not to retransfer such REIT Shares, the Company shall cause the General Partner to cause
the Partnership to redeem a number of Common Units held by the Company equal to the number of such REIT Shares, as adjusted (x) pursuant to Section 7.5 (in the event the Company has acquired material assets, other than on behalf of the
Partnership) and (y) for stock dividends and distributions, stock splits and subdivisions, reverse stock splits and combinations, distributions of rights, warrants or options, and distributions of evidences of indebtedness or assets relating to
assets not received by the Company pursuant to a pro rata distribution by the Partnership (in which case such advancement or reimbursement of expenses shall be treated as having been made as a distribution in redemption of such number of Partnership
Units held by the Company). 
 D. As set forth in Section 4.3, the Company shall be treated as having made a Capital
Contribution in the amount of all expenses that it incurs relating to the Company’s offering of REIT Shares, other shares of capital stock of the Company or New Securities. 

E. If and to the extent any reimbursements to the General Partner pursuant to this Section 7.4 constitute gross income of the
General Partner (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated
consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

  
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 Section 7.5. Outside Activities of the General Partner and the Company 

A. Without the written 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 the business of the Partnership, and such activities as are incidental thereto. In the event the General Partner desires
to contribute cash to any Subsidiary Partnership to acquire or maintain an interest of 1% or less in the capital of such partnership, the General Partner may acquire or maintain an interest of 1% or less in the capital of such partnership, and the
General Partner may acquire such cash from the Partnership as a loan or in exchange for a reduction in the General Partner’s Partnership Units, in an amount equal to the amount of such cash divided by the Fair Market Value of a REIT Share on
the day such cash is received by the General Partner. Notwithstanding the foregoing, the General Partner may acquire Properties in exchange for REIT Shares, to the extent such Properties are immediately contributed by the General Partner to the
Partnership, pursuant to the terms described in Section 4.3.D. Any Limited Partner Interests acquired by the General Partner, whether pursuant to exercise by a Limited Partner of its right of Redemption, or otherwise, shall be automatically
converted into a General Partner Interest comprised of an identical number of Partnership Units with the same rights, priorities and preferences as the class or series so acquired. If, at any time, the General Partner acquires material assets (other
than on behalf of the Partnership) the definition of “REIT Shares Amount” and the definition of “Deemed Value of Partnership Interests” shall be adjusted, as reasonably determined by the General Partner, to reflect the relative
Fair Market Value of a share of capital stock of the General Partner relative to the Deemed Partnership Interest Value of the related Partnership Unit. The General Partner’s General Partner Interest in the Partnership, its minority interest in
any Subsidiary Partnership(s) (held directly or indirectly through a Qualified REIT Subsidiary) that the General Partner holds in order to maintain such Subsidiary Partnership’s status as a partnership, and interests in such short-term liquid
investments, bank accounts or similar instruments as the General Partner deems necessary to carry out its responsibilities contemplated under this Agreement and the Charter are interests which the General Partner is permitted to acquire and hold for
purposes of this Section 7.5.A. 
 B. In the event the Company exercises its rights under the Charter to purchase REIT
Shares, other capital stock of the Company or New Securities, as the case may be, then the Company shall cause the General Partner to cause the Partnership to purchase from it a number of Partnership Units equal to the number of REIT Shares, other
capital stock of the Company or New Securities, as the case may be, so purchased on the same terms that the Company purchased such REIT Shares, other capital stock of the Company or New Securities, as the case may be. 

Section 7.6. Contracts with Affiliates 
 A. The Partnership may lend or contribute to Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and
absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Person. 
 B. Except as provided in Section 7.5.A., the Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a
participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as the General Partner in its sole discretion deems advisable. 
 C. The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the
Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of the Partnership, the
General Partner, or any of the Partnership’s Subsidiaries. The General Partner also is expressly authorized to cause the Partnership to issue to the Company Common Units corresponding to REIT Shares issued by the Company pursuant to any Stock
Plan or any similar or successor plan and to repurchase such Common Units from the Company to the extent necessary to permit the Company to repurchase such REIT Shares in accordance with such plan. 

D. Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey
any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are determined by the General Partner in good faith to be fair and reasonable. 

  
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 E. The General Partner is expressly authorized to enter into, in the name and on behalf of
the Partnership, a right of first opportunity arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and the Company, on such terms as the General Partner, in its sole and absolute discretion, believes are
advisable. 
 Section 7.7. Indemnification 
 A. To the fullest extent permitted by law, the Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees
and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set forth
in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the
proceeding and either was committed in bad faith, fraud or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any
criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty or otherwise, for any
indebtedness of the Partnership or any Subsidiary of the Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby
authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such
indebtedness. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding
by conviction or upon a plea of nolo contendere or its equivalent, or any entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A.
Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee, and neither the General Partner nor
any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7, except to the extent otherwise expressly agreed
to by such Partner and the Partnership. 
 B. Reasonable expenses incurred by an Indemnitee who is a party to a proceeding may
be paid or reimbursed by the Partnership in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of
conduct necessary for indemnification by the Partnership as authorized in this Section 7.7 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the
standard of conduct has not been met. 
 C. The indemnification provided by this Section 7.7 shall be in addition to any
other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity
unless otherwise provided in a written agreement pursuant to which such Indemnitee is indemnified. 
 D. The Partnership may,
but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such
Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

E. For purposes of this Section 7.7, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an
employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with
respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of Section 7.7; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties
for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 

  
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 F. In no event may an Indemnitee subject the Limited Partners to personal liability by
reason of the indemnification provisions set forth in this Agreement. 
 G. An Indemnitee shall not be denied indemnification in
whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

H. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators
and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way affect the limitations on
the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior
to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 I. If and to the extent
any reimbursements to the General Partner pursuant to this Section 7.7 constitute gross income of the General Partner or the Company (as opposed to the repayment of advances made by the General Partner on behalf of the Partnership) such amounts
shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the
Partners’ Capital Accounts. 
 J. Any indemnification hereunder is subject to, and limited by, the provisions of
Section 10-107 of the Act. 
 K. In the event the Partnership is made a party to any litigation or otherwise incurs any
loss or expense as a result of or in connection with any Partner’s personal obligations or liabilities unrelated to Partnership business, such Partner shall indemnify and reimburse the Partnership for all such loss and expense incurred,
including legal fees, and the Partnership interest of such Partner may be charged therefor. The liability of a Partner under this Section 7.7.K. shall not be limited to such Partner’s Partnership Interest, but shall be enforceable against
such Partner personally. 
 Section 7.8. Liability of the General Partner 

A. Notwithstanding anything to the contrary set forth in this Agreement, none of the General Partner nor any of its officers, directors,
agents or employees shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any Assignees, or their successors or assigns, for losses sustained, liabilities incurred or benefits not derived as a result of any one
or more acts or omissions, errors in judgment or mistakes of fact or law if the General Partner acted in good faith. 
 B. The
Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and the Company’s stockholders collectively. The General Partner is under no obligation to give priority to the
separate interests of the Limited Partners or the Company’s stockholders (including, without limitation, the tax consequences to Limited Partners or Assignees or to stockholders) in deciding whether to cause the Partnership to take (or decline
to take) any actions. If there is a conflict between the interests of the stockholders of the Company on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse
to either the stockholders of the Company or the Limited Partners; provided, however, that for so long as the Company owns a controlling interest in the Partnership, any such conflict that cannot be resolved in a manner not adverse to either the
stockholders of the Company or the Limited Partners shall be resolved in favor of the stockholders. The General Partner shall not be liable under this Agreement to the Partnership or to any Partner for monetary damages for losses sustained,
liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions or actions based on such decisions; provided, that the General Partner has acted in good faith. 

  
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 C. Subject to its obligations and duties as General Partner set forth in
Section 7.1.A., the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible
for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
 D. Any amendment, modification
or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of the General Partner or that of any of its officers, directors, agents or employees to the
Partnership and the Limited Partners that were provided for under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in
part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
 Section 7.9. Other
Matters Concerning the General Partner 
 A. General Partner shall be fully protected from liability to the Partnership, the
Partners or other persons party to or otherwise bound by the Agreement in relying in good faith upon the records of the Partnership and upon information, opinions, reports or statements presented by any other Partner, an officer or employee of the
Partnership, a liquidating trustee, or committees of the Partnership, or by any other person as to matters the General Partner reasonably believes are within such other person’s professional or expert competence, including information,
opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Partnership, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay
claims and obligations of the Partnership or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Partners or creditors might properly be
paid. Furthermore, the General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 B. The General
Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as
to matters which such General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

C. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty
which is permitted or required to be done by the General Partner hereunder. 
 D. Notwithstanding any other provisions of this
Agreement or any non-mandatory provision of the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that
such action or omission is necessary or advisable in order (i) to protect the ability of the Company, for so long as the Company has determined to qualify as a REIT, to continue to qualify as a REIT or (ii) to avoid the Company incurring
any taxes under Section 857 or Section 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 Section 7.10. Title to Partnership Assets 
 Title to Partnership assets,
whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any
portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General
Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the
Partnership in accordance with the 

  
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provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as
reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 7.11. Reliance by Third Parties 
 Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority to encumber, sell or
otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in
interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any
such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action
of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person
relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate,
document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this
Agreement and is binding upon the Partnership. 
 ARTICLE 8. 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1. Limitation of Liability 
 The Limited Partners shall have no
liability under this Agreement or for the obligations of the Partnership except as expressly provided in this Agreement or under the Act. 

Section 8.2. Management of Business 
 No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their
Affiliates, in their capacity as such) shall take part in the operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign
documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their
Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
 Section 8.3. Outside Activities of Limited Partners 
 Subject to any
agreements entered into by a Limited Partner or its Affiliates with the General Partner, Partnership or a Subsidiary, any Limited Partner and any officer, director, employee, agent, trustee, Affiliate or stockholder of any Limited Partner shall be
entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities in direct competition with the Partnership or that are enhanced by the
activities of the Partnership. Neither the Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. Subject to such agreements, none of the Limited Partners nor any
other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person, other than the Limited Partners benefiting from the business conducted by the General
Partner, and such Person shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures to the Partnership, any Limited Partner or any such other Person, even if such opportunity is of a character which, if
presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 

  
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 Section 8.4. Return of Capital 
 Except pursuant to the rights of Redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of his or her Capital Contribution, except to the extent of
distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. Except as expressly set forth herein, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to
the return of Capital Contributions, or otherwise expressly provided in this Agreement, or as to profits, losses, distributions or credits. 

Section 8.5. Rights of Limited Partners Relating to the Partnership 
 A. In addition to other rights provided by this Agreement or by the Act and except as limited by Section 8.5.C., each Limited Partner shall have the right to obtain: 

(1) a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the Company pursuant to
the Securities Exchange Act and each communication sent to the stockholders of the Company at such Limited Partner’s Expense; 
 (2) a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year; and 
 (3) a copy of this Agreement and the Certificate and all amendments thereto. 
 B.
The Partnership shall notify each Limited Partner in writing of any adjustment made in the calculation of the REIT Shares Amount within a reasonable time after the date such change becomes effective. 

C. Notwithstanding any other provision of this Section 8.5 other than Section 8.5.D., the General Partner may keep confidential
from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner believes to be in the nature of trade secrets or other
information the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or (ii) the Partnership or the General Partner is required by law or by agreements with unaffiliated third parties to
keep confidential. 
 D. Notwithstanding anything in this Agreement to the contrary, each Limited Partner also shall have the
rights provided by Section 10-305 of the Act. 
 Section 8.6. Redemption Rights 

A. On or after the date twelve (12) months after (i) the Effective Date, with respect to the Common Units acquired on or
contemporaneously with the Effective Date (including, without limitation, those Common Units set forth on Exhibit A), or on or after such later date as expressly provided in an agreement entered into between the Partnership and any Limited Partner,
each Limited Partner shall have the right (subject to the terms and conditions set forth herein and in any other such agreement, as applicable) to require the Partnership to redeem all or a portion of the Common Units held by such Limited Partner
(such Common Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (a “Redemption”). Unless otherwise expressly provided in this Agreement or in a separate agreement entered into
between the Partnership and the Holders of such Common Units, all Common Units shall be entitled to a right of Redemption hereunder. The Tendering Partner shall have no right, with respect to any Partnership Units so redeemed, to receive any
distributions paid on or after the Specified Redemption Date. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering
Partner”). Subject to Section 8.6.F.(3), the Cash Amount shall be payable to the Tendering Partner within ten (10) days of the Specified Redemption Date. 

  
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 B. Notwithstanding Section 8.6.A. above, if a Limited Partner has delivered to the
General Partner a Notice of Redemption then the General Partner may, in its sole and absolute discretion, (subject to the limitations on ownership and transfer of REIT Shares set forth in the Charter) elect to acquire some or all of the Tendered
Units from the Tendering Partner in exchange for the REIT Shares Amount (as of the Specified Redemption Date) and, if the Company so elects, the Tendering Partner shall transfer the Tendered Units to the Company in exchange for the REIT Shares
Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units. The Company shall promptly give such Tendering Partner written notice of its election, and the Tendering Partner may elect to
withdraw its redemption request at any time prior to the acceptance of the cash or REIT Shares Amount by such Tendering Partner. 
 C. The REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable REIT Shares and, if applicable, free of any pledge, lien, encumbrance or
restriction, other than those provided in the Charter, the Bylaws of the Company, the Securities Act, relevant state securities or blue sky laws and any applicable registration rights agreement with respect to such REIT Shares entered into by the
Tendering Partner. Notwithstanding any delay in such delivery (but subject to Section 8.6.E and 8.6.F(3)), but only upon the effectiveness of the Redemption, the Tendering Partner shall be deemed the owner of such REIT Shares for all purposes,
including without limitation, rights to vote or consent, and receive dividends, as of the Specified Redemption Date. In addition, the REIT Shares for which the Common Units might be exchanged shall also bear (or, in the event that the REIT Shares
are uncertificated, be subject to) a legend which generally provides the following: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON BENEFICIAL AND CONSTRUCTIVE OWNERSHIP AND TRANSFER FOR THE PURPOSE, AMONG OTHERS, OF THE CORPORATION’S MAINTENANCE OF ITS STATUS AS A REAL ESTATE INVESTMENT TRUST UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”). SUBJECT TO CERTAIN FURTHER RESTRICTIONS AND EXCEPT AS EXPRESSLY PROVIDED IN THE CORPORATION’S CHARTER, (I) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF THE CORPORATION’S COMMON STOCK IN EXCESS
OF 9.8 PERCENT (IN VALUE OR NUMBER OF SHARES) OF THE OUTSTANDING SHARES OF COMMON STOCK OF THE CORPORATION UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER LIMIT SHALL BE APPLICABLE); (II) NO PERSON MAY BENEFICIALLY OR
CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK OF THE CORPORATION IN EXCESS OF 9.8 PERCENT OF THE VALUE OF THE TOTAL OUTSTANDING SHARES OF CAPITAL STOCK OF THE CORPORATION, UNLESS SUCH PERSON IS AN EXCEPTED HOLDER (IN WHICH CASE THE EXCEPTED HOLDER
LIMIT SHALL BE APPLICABLE); (III) NO PERSON MAY BENEFICIALLY OR CONSTRUCTIVELY OWN CAPITAL STOCK THAT WOULD RESULT IN THE CORPORATION BEING “CLOSELY HELD” UNDER SECTION 856(H) OF THE CODE OR OTHERWISE CAUSE THE CORPORATION TO FAIL TO
QUALIFY AS A REIT; AND (IV) NO PERSON MAY TRANSFER SHARES OF CAPITAL STOCK IF SUCH TRANSFER WOULD RESULT IN THE CAPITAL STOCK OF THE CORPORATION BEING OWNED BY FEWER THAN 100 PERSONS. ANY PERSON WHO BENEFICIALLY OR CONSTRUCTIVELY OWNS OR ATTEMPTS TO
BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK WHICH CAUSES OR WILL CAUSE A PERSON TO BENEFICIALLY OR CONSTRUCTIVELY OWN SHARES OF CAPITAL STOCK IN EXCESS OR IN VIOLATION OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY THE CORPORATION.
IF ANY OF THE RESTRICTIONS ON TRANSFER OR OWNERSHIP ARE VIOLATED, THE SHARES OF CAPITAL STOCK REPRESENTED HEREBY MAY BE AUTOMATICALLY TRANSFERRED TO A TRUSTEE OF A TRUST FOR THE BENEFIT OF ONE OR MORE CHARITABLE BENEFICIARIES OR MAY BE VOID AB
INITIO. IN ADDITION, THE CORPORATION MAY REDEEM SHARES UPON THE TERMS AND CONDITIONS SPECIFIED BY THE BOARD OF DIRECTORS IN ITS SOLE DISCRETION IF THE BOARD OF DIRECTORS DETERMINES THAT OWNERSHIP OR A TRANSFER OR OTHER EVENT MAY VIOLATE THE
RESTRICTIONS DESCRIBED ABOVE. ALL CAPITALIZED TERMS IN THIS LEGEND HAVE THE MEANINGS DEFINED IN THE CHARTER OF THE CORPORATION, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS ON TRANSFER AND OWNERSHIP, WILL
BE FURNISHED TO EACH HOLDER OF CAPITAL STOCK OF THE CORPORATION ON REQUEST AND WITHOUT CHARGE. REQUESTS FOR SUCH A COPY MAY BE DIRECTED TO THE SECRETARY OF THE CORPORATION AT ITS PRINCIPAL OFFICE. 

  
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 D. Each Limited Partner covenants and agrees with the Company that all Tendered Units shall
be delivered to the Company free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Units, the Company shall be under no obligation to acquire
the same. Each Limited Partner further agrees that, in the event any state or local property transfer tax is payable as a result of the transfer of its Tendered Units to the Company (or its designee), such Limited Partner shall assume and pay such
transfer tax. 
 E. Notwithstanding the provisions of Section 8.6.A., 8.6.B., 8.6.C. or any other provision of this
Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption for cash or an exchange for REIT Shares to the extent the ownership or right to acquire REIT Shares pursuant to such exchange by such Partner on or as of the
Specified Redemption Date could cause such Partner or any other Person to violate the restrictions on ownership and transfer of REIT Shares set forth in the Charter and (ii) shall have no rights under this Agreement to acquire REIT Shares which
would otherwise be prohibited under the Charter. To the extent any attempted Redemption or exchange for REIT Shares would be in violation of this Section 8.6.E., it shall be null and void ab initio and such Limited Partner shall not acquire any
rights or economic interest in the cash otherwise payable upon such Redemption or the REIT Shares otherwise issuable upon such exchange. 
 F. Notwithstanding anything herein to the contrary (but subject to Section 8.6.E.), with respect to any Redemption or exchange for REIT Shares pursuant to this Section 8.6: 

(1) Without the consent of the General Partner, no Limited Partner may effect a Redemption for less than 1,000 Common Units or, if the
Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Limited Partner. 
 (2) Without the
consent of the General Partner, no Limited Partner may effect a Redemption during the period after the Partnership Record Date with respect to a distribution and before the record date established by the General Partner for a distribution to its
common stockholders of some or all of its portion of such distribution. 
 (3) The consummation of any Redemption or exchange
for REIT Shares shall be subject to the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

(4) Each Tendering Partner shall continue to own all Common Units subject to any Redemption or exchange for REIT Shares, and be treated
as a Limited Partner with respect to such Common Units for all purposes of this Agreement, until such Common Units are transferred and paid for or exchanged pursuant to the Redemption. Until such Common Units are transferred and paid for or
exchanged pursuant to the Redemption, the Tendering Partner shall have no rights as a stockholder of the Company with respect to such Tendering Partner’s Common Units. 
 G. In the event that the Partnership issues additional Partnership Interests to any Additional Limited Partner pursuant to Section 4.3.B., the General Partner shall make such revisions to this
Section 8.6 as it determines are necessary to reflect the issuance of such additional Partnership Interests. 
 Section 8.7.
Conversion of PIUs 
 A. PIUs will automatically convert into an equal number of fully paid and non-assessable Common Units,
giving effect to all adjustments (if any) made pursuant to Section 4.3.E., at such time (a “Conversion Date”) as the Economic Capital Account Balance attributable to such PIUs is equal to the Common Unit Economic Balance, in
each case as determined as of the effective date of conversion (the “Capital Account Limitation”). The resulting Common Units will be vested or unvested in accordance with the PIU Vesting Agreement governing the converted PIUs.

 Notwithstanding anything herein to the contrary, a Holder of vested PIUs may deliver a Notice of Redemption pursuant to
Section 8.6.A. of the Partnership Agreement relating to those Common Units that will be issued to such Holder upon conversion of such PIUs into Common Units in advance of the Conversion Date;

  
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provided, however, that the redemption of such Common Units by the Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the objective of this
paragraph is to put a PIU Holder in a position where, if he or she so wishes, the Common Units into which his or her Vested PIUs will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence
that, if the Company elects to assume the Partnership’s Redemption obligation with respect to such Common Units under Section 8.6.B. of the Agreement by delivering to such Holder REIT Shares rather than cash, then such Holder can have such
REIT Shares issued to him or her simultaneously with the conversion of his or her Vested PIUs into Common Units. The General Partner and the Company shall reasonably cooperate with a PIU Holder to coordinate the timing of the different events
described in the foregoing sentence. 
 B. If the Partnership or the General Partner shall be a party to any transaction
(including, without limitation, a merger, consolidation, unit exchange, self tender offer for all or substantially all Common Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s
assets, but excluding any transaction which constitutes an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the Holders of such Units shall otherwise be entitled, to receive
cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), the PIUs held by each PIU Holder will be converted into a number of Common Units equal to the
Economic Capital Account Balance of the PIU Holder (to the extent attributable to its ownership of PIUs) divided by the Common Unit Economic Balance. For this purposes, the Economic Capital Account Balance of the PIU Holder will be adjusted by
taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the 

Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the
Partnership Units in the context of the Transaction (in which case the Conversion Date shall be the effective date of the Transaction). The Common Units received in the Conversion will be vested or unvested in accordance with the PIU Vesting
Agreement governing the converted PIUs. 
 In anticipation of such Conversion and the consummation of the Transaction, the
Partnership shall use commercially reasonable efforts to cause each PIU Holder to be afforded the right to receive in connection with such Transaction in consideration for the Common Units into which his or her PIUs will be converted the same kind
and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a Holder of the same number of Common Units, assuming such Holder of Common Units is not a Person with which the
Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an affiliate of a Constituent Person. In
the event that Holders of Common Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each PIU
Holder of such election, and shall use commercially reasonable efforts to afford the PIU Holders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each PIU held by such
Holder into Common Units in connection with such Transaction. If a PIU Holder fails to make such an election, such Holder (and any of its transferees) shall receive upon conversion of each PIU held him or her (or by any of his or her transferees)
the same kind and amount of consideration that a Holder of a Common Unit would receive if such Common Unitholder failed to make such an election. 
 Subject to the rights of the Partnership and the Company under any PIU Vesting Agreement and the Stock Plan, the Partnership shall use commercially reasonable efforts to cause the terms of any Transaction
to be consistent with the provisions of this Section 8.7.B and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any PIU Holders whose PIUs will not be converted into Common Units in
connection with the Transaction that will (i) contain provisions enabling the Holders of PIUs that remain outstanding after such Transaction to convert their PIUs into securities as comparable as reasonably possible under the circumstances to
the Common Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Partnership Agreement for the benefit of the PIU Holders. 

  
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 Section 8.8. Voting Rights of PIUs 

PIU Holders shall: 
 (a) have those voting rights required from time to time by applicable law, if any; and (b) have the additional voting rights that are expressly set forth below. So long as any PIUs remain
outstanding, the Partnership shall not, without the affirmative vote of the Holders of at least a majority of the PIUs outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend,
alter or repeal, whether by merger, consolidation or otherwise, the provisions of the Partnership Agreement applicable to PIUs so as to materially and adversely affect any right, privilege or voting power of the PIUs or the PIU Holders as such,
unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights, privileges and voting powers of the Holders of Common Units; but subject, in any event, to the following provisions: 

(i) With respect to any Transaction, so long as the PIUs are treated in accordance with Section 8.7.B. hereof, the consummation of
such Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the PIUs or the PIU Holders as such; and 
 (ii) Any creation or issuance of any Partnership Units or of any class or series of Partnership Interest including without limitation additional Common Units, PIUs or Preferred Units, whether ranking
senior to, junior to, or on a parity with the PIUs with respect to distributions and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges
or voting powers of the PIUs or the PIU Holders as such. 
 The foregoing voting provisions will not apply if, at or prior to
the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding PIUs shall have been converted into Common Units. 
 ARTICLE 9. 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1. Records and Accounting 
 A. The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s business, including without
limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 9.3. Any records maintained by or on behalf of the Partnership in the
regular course of its business may be kept on, or be in the form of any information storage device, provided, that the records so maintained are convertible into clearly legible written form within a reasonable period of time. 

B. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with
generally accepted accounting principles. 
 Section 9.2. Fiscal Year 

The fiscal year of the Partnership shall be the calendar year. 
 Section 9.3. Reports 
 A. As soon as practicable, but in no event later than
105 days after the close of each Partnership Year, or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited Partner as of the close of the Partnership Year, an
annual report containing financial statements of the Partnership, or of the Company if such statements are prepared solely on a consolidated basis with those of the Company, for such Partnership Year, presented in accordance with generally accepted
accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner. 

  
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 B. As soon as practicable, but in no event later than 45 days after the close of each
calendar quarter (except the last calendar quarter of each year), or such earlier date as they are filed with the Securities and Exchange Commission, the General Partner shall cause to be mailed to each Limited Partner as of the last day of the
calendar quarter, a report containing unaudited financial statements of the Partnership, or of the Company, if such statements are prepared solely on a consolidated basis with those of the Company, or as the General Partner determines to be
appropriate. 
 Section 9.4. Nondisclosure of Certain Information 
 Notwithstanding the provisions of Sections 9.1 and 9.3, the General Partner may keep confidential from the Limited Partners any information that the General Partner believes to be in the nature of trade
secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interest of the Partnership or could damage the Partnership or its business or which the Partnership is required by law or by
agreements with unaffiliated third parties to keep confidential. 
 ARTICLE 10. 

TAX MATTERS 

Section 10.1. Preparation of Tax Returns 
 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for federal and state
income tax purposes and shall use all reasonable efforts to furnish, within 90 days of the close of each taxable year, the tax information reasonably required by Limited Partners for federal and state income tax reporting purposes. Each Limited
Partner shall promptly provide the General Partner with any information reasonably requested by the General Partner relating to any Contributed Property contributed (directly or indirectly) by such Limited Partner to the Partnership. 

Section 10.2. Tax Elections 

Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any
available election pursuant to the Code, including the election under Section 754 of the Code. The General Partner shall have the right to seek to revoke any such election (including without limitation, any election under Section 754 of
the Code) upon the General Partner’s determination in its sole and absolute discretion. 
 Section 10.3. Tax Matters Partner

 A. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes.
Pursuant to Section 6223(c) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address and profit
interest of each of the Limited Partners and Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners and Assignees. 
 B. The tax matters partner is authorized, but not required: 
 (1) to enter into
any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to
as a “tax audit” and such judicial proceedings being referred to as “judicial review”), and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such
settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a
settlement agreement on behalf of such Partner or (ii) who is a “notice partner” (as defined in Section 6231 of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 

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

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

(4) to file a request for an administrative adjustment with the IRS at any time and, if any part of such request is not allowed by the
IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 
 (5) to enter
into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes, or an item affected by such item; and 

(6) to take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding
to the extent permitted by applicable law or regulations. 
 (7) The taking of any action and the incurring of any expense by
the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to indemnification of the General Partner
set forth in Section 7.7 shall be fully applicable to the tax matters partner in its capacity as such. 
 C. The tax
matters partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting fees) shall be borne by the Partnership. Nothing
herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 Section 10.4. Organizational Expenses 
 The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a 60-month period as provided in Section 709 of the Code. 

Section 10.5. Withholding 

Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any
amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement,
including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445 or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a receivable of
the Partnership from such Limited Partner, which receivable shall be paid by such Limited Partner within 15 days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from a
distribution which would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would, but for
such payment, be distributed to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and
irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this
Section 10.5. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal,
plus two percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., 15 days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the
General Partner shall request in order to perfect or enforce the security interest created hereunder. 

  
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 ARTICLE 11. 
 TRANSFERS AND WITHDRAWALS 
 Section 11.1. Transfer 

A. The term “transfer,” when used in this Article 11 with respect to a Partnership Interest, shall be deemed to refer to
a transaction by which the General Partner purports to assign its General Partner Interest to another Person or by which a Limited Partner purports to assign its Limited Partner Interest to another Person, and includes a sale, assignment, gift
(outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this Article 11 does not include any Redemption or exchange for REIT
Shares pursuant to Section 8.6 except as otherwise provided herein. No part of the Partnership Interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be
voluntarily or involuntarily alienated or encumbered except as may be specifically provided for in this Agreement or consented to by the General Partner. 
 B. No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported transfer of a Partnership
Interest not made in accordance with this Article 11 shall be null and void ab initio unless otherwise consented by the General Partner in its sole and absolute discretion. 
 Section 11.2. Transfer of General Partner’s Partnership Interest 
 The
General Partner shall not withdraw from the Partnership and shall not transfer all or any portion of its interest as General Partner in the Partnership (whether by sale, statutory merger or consolidation, liquidation or otherwise) without the
Consent of the Limited Partners, which may be given or withheld by each Limited Partner in its sole and absolute discretion, and only upon the admission of a successor General Partner pursuant to Section 12.1. Upon any transfer of a Partnership
Interest in accordance with the provisions of this Section 11.2, the transferee shall become a Substitute General Partner for all purposes herein, and shall be vested with the powers and rights of the transferor General Partner, and shall be
liable for all obligations and responsible for all duties of the General Partner, once such transferee has executed such instruments as may be necessary to effectuate such admission and to confirm the agreement of such transferee to be bound by all
the terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It is a condition to any transfer otherwise permitted hereunder that the transferee assumes, by operation of law or express agreement, all of the
obligations of the transferor General Partner under this Agreement with respect to such transferred Partnership Interest, and no such transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the
transferor General Partner are assumed by a successor corporation by operation of law) shall relieve the transferor General Partner of its obligations under this Agreement without the Consent of the Limited Partners, in their reasonable discretion.
In the event the General Partner withdraws from the Partnership, in violation of this Agreement or otherwise, or otherwise dissolves or terminates, or upon the Incapacity of the General Partner, all of the remaining Partners may elect to continue
the Partnership business by selecting a Substitute General Partner in accordance with the Act. 
 Section 11.3. Termination Transactions;
Transfer of the Company’s Ownership of the General Partner 
 A. Termination Transactions. The Company shall not
engage in any merger, consolidation or other combination with or into another person, or sale of all or substantially all of its assets (a “Termination Transaction”) unless either clause (a) or (b) below is satisfied:

 (a) in connection with such Termination Transaction all Limited Partners either will receive, or will have the right to elect
to receive, for each Common Unit an amount of cash, securities, or other property equal to the product of the REIT Shares Amount and the greatest amount of cash, securities or other property paid to a holder of one REIT Share in consideration of one
REIT Share at any time during the period commencing upon and continuing after the date on which the Termination Transaction is consummated; or 

  
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 (b) the following conditions are met: (i) substantially all of the assets directly or
indirectly owned by the surviving entity are held directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership
(in each case, the “Surviving Partnership”); (ii) the Holders of Common Units own a percentage interest of the Surviving Partnership based on the relative fair market value of the net assets of the Partnership and the other net
assets of the Surviving Partnership immediately prior to the consummation of such transaction; (iii) the rights, preferences and privileges of such holders in the Surviving Partnership are at least as favorable as those in effect immediately
prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the Surviving Partnership; and (iv) such rights of the Limited Partners include at least one of the following:
(a) the right to redeem their interests in the Surviving Partnership for the consideration available to such persons pursuant to Section 8.6.A.; or (b) the right to redeem their Common Units for cash on terms equivalent to those in
effect with respect to their Common Units immediately prior to the consummation of such transaction, or, if the ultimate controlling person of the Surviving Partnership has publicly traded common equity securities, such common equity securities,
with an exchange ratio based on the determination of relative fair market value of such securities and the REIT Shares. 
 B.
Transfer of the Company’s Ownership of the General Partner. Except in connection with a Termination Transaction, the Company shall not directly transfer all or any portion of its interest in the General Partner (whether by sale,
statutory merger or consolidation, liquidation or otherwise) without the Consent of the Limited Partners (not including the Company), which may be given or withheld by each Limited Partner in its sole and absolute discretion. 

Section 11.4. Limited Partners’ Rights to Transfer 
 A. Subject to Section 11.7, no Limited Partner shall transfer all or any portion of its Partnership Interest to any transferee without the consent of the General Partner, which consent may be
withheld in its sole and absolute discretion; provided, however, that any Limited Partner may, at any time, without the consent of the General Partner, (i) transfer all or any portion of its Partnership Interest to the General Partner,
(ii) transfer all or any portion of its Partnership Interest to an Affiliate or to an Immediate Family Member, subject to the provisions of Section 11.7 and (iii) transfer all or any portion of its Partnership Interest to an
organization described in Section 501(c)(3) of the Code (or to a trust for the benefit of such an organization), subject to the provisions of Section 11.7. 
 B. It is a condition to any transfer otherwise permitted hereunder that the transferee assumes by operation of law or express agreement all of the obligations of the transferor Limited Partner under this
Agreement with respect to such transferred Partnership Interest and no such transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation
by operation of law) shall relieve the transferor Partner of its obligations under this Agreement without the approval of the General Partner, in its reasonable discretion. Notwithstanding the foregoing, any transferee of any transferred Partnership
Interest shall be subject to any and all ownership limitations contained in the Charter and to the representations in Section 3.4.D. Any transferee, whether or not admitted as a Substituted Limited Partner, shall take subject to the obligations
of the transferor hereunder. Unless admitted as a Substitute Limited Partner, no transferee, whether by a voluntary transfer, by operation of law or otherwise, shall have any rights hereunder, other than the rights of an Assignee as provided in
Section 11.6. 
 C. If a Limited Partner is subject to Incapacity, the executor, administrator, trustee, committee,
guardian, conservator, or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners, for the purpose of settling or managing the estate, and such
power as the Incapacitated Limited Partner possessed to transfer all or any part of his or its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the Partnership. 

D. The General Partner may prohibit any transfer otherwise permitted under this Section 11.4 by a Limited Partner of his or her
Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer would require the filing of a registration statement under the Securities Act by the Partnership or would otherwise violate any federal or state securities laws
or regulations applicable to the Partnership or the Partnership Unit. 

  
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 Section 11.5. Substituted Limited Partners 

A. Except as otherwise provided below, no Limited Partner shall have the right to substitute a transferee as a Limited Partner in his or
her place (including any transferee permitted by Section 11.4). The General Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.5 as a
Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted
Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 
 B. A transferee who has
been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any
transferee as a Substituted Limited Partner shall be subject to the transferee executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement (including without limitation, the provisions of
Section 2.4 and such other documents or instruments as may be required to effect the admission), each in form and substance satisfactory to the General Partner) and the acknowledgment by such transferee that each of the representations and
warranties set forth in Section 3.4 are true and correct with respect to such transferee as of the date of the transfer of the Partnership Interest to such transferee and will continue to be true to the extent required by such representations
and warranties. 
 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A to reflect
the name, address, number of Partnership Units, and Percentage 
 Interest of such Substituted Limited Partner and to eliminate
or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 
 Section 11.6. Assignees

 If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee
under Section 11.4 as a Substituted Limited Partner, as described in Section 11.5, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited
partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain and loss attributable to the Partnership Units assigned to such transferee, the rights to transfer
the Partnership Units provided in this Article 11, the right of Redemption provided in Section 8.6, but shall not be deemed to be a Holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to effect a
Consent with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such Consent remaining with the transferor Limited Partner). In the event any such transferee desires to make a further assignment of any
such Partnership Units, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. Notwithstanding anything
contained in this Agreement to the contrary, as a condition to becoming an Assignee, any prospective Assignee must first execute and deliver to the Partnership an acknowledgment that each of the representations and warranties set forth in
Section 3.4 are true and correct with respect to such prospective Assignee as of the date of the prospective assignment of the Partnership Interest to such prospective Assignee and will continue to be true to the extent required by such
representations or warranties. 
 Section 11.7. General Provisions 
 A. No Limited Partner may withdraw from the Partnership other than as a result of (i) a permitted transfer of all of such Limited Partner’s Partnership Interests in accordance with this Article
11 and the transferee(s) of such Partnership Units being admitted to the Partnership as a Substituted Limited Partner or (ii) pursuant to the exercise of its right of Redemption of all of such Limited Partner’s Partnership Units under
Section 8.6; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Units. No Limited Partner who withdraws from the Partnership, other than as expressly permitted by this Section 11.7.A., shall
thereafter be entitled to consent or vote with respect to any matter requiring the vote or consent of the Limited Partners and all Partnership Units of such Limited Partner shall be disregarded for purposes of determining whether the requisite
Percentage Interest required to consent to or approve such matter has been given or obtained. 

  
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 B. Any Limited Partner who shall transfer all of such Limited Partner’s Partnership
Units in a transfer permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Limited Partner or pursuant to the exercise of its rights of Redemption of all of such Limited Partner’s Partnership Units under
Section 8.6 shall cease to be a Limited Partner; provided that after such transfer, exchange or redemption such Limited Partner owns no Partnership Units. 
 C. Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 

D. If any Partnership Interest is transferred, assigned or redeemed during any quarterly segment of the Partnership’s fiscal year in
compliance with the provisions of this Article 11 or transferred or redeemed pursuant to Section 8.6 or 16.4, on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items
attributable to such Partnership Interest for such fiscal year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the fiscal year using a method selected by
the General Partner that is in accordance with Section 706(d) of the Code. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such transfer, assignment, exchange or redemption shall be
made to the transferor Partner, and all distributions of Available Cash thereafter, in the case of a transfer or assignment other than an exchange or a redemption for REIT Shares, 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 a Redemption or exchange for REIT Shares) be made: (i) to any person or entity who lacks the legal right, power or capacity to own a
Partnership Interest; (ii) in violation of applicable law; (iii) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, of any economic component portion of a Partnership
Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest; (iv) except with the consent of the General Partner, which may be given or withheld in its sole and
absolute discretion, if in the opinion of legal counsel to the Partnership such transfer could cause a termination of the Partnership for federal or state income tax purposes (except as a result of the Redemption or exchange for REIT Shares of all
Common Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 11.3); (v) if in the opinion of counsel to the Partnership such transfer could cause the Partnership to cease to be classified as a
partnership for federal income tax purposes (except as a result of the Redemption or exchange for REIT Shares of all Common Units held by all Limited Partners); (vi) if such transfer would cause the Partnership to become, with respect to any
employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code); (vii) if such transfer would,
in the opinion of counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulation Section 2510.3-101; (viii) if such transfer
requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (ix) except with the consent of the General Partner, which may be given or withheld in its sole and absolute discretion, if such
transfer (1) could be treated as effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code, (2) could
cause the Partnership to become a “Publicly Traded Partnership,” as such term is defined in Sections 469(k)(2) or 7704(b) of the Code or (3) could cause the Partnership to fail one or more of the Safe Harbors (as defined below);
(x) if such transfer subjects the Partnership to be regulated under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended; (xi) except with the
consent of the General Partner, which may be given or withheld in its sole discretion, if the proposed transferee or assignee of such Partnership Interest is unable to make the representations set forth in Section 3.4.C; (xii) if such
transfer is made to a lender to the Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, except with the consent
of the General Partner, which may be given or withheld in its sole and absolute discretion; and provided, that, as a condition to granting such consent the lender may be required to enter into an arrangement with the Partnership and the General
Partner to redeem or exchange for the REIT Shares Amount any Partnership Units in which a security 

  
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interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752
of the Code; or (xiii) if in the opinion of legal counsel for the Partnership such transfer could adversely affect the ability of the Company to continue to qualify as a REIT or, except with the consent of the General Partner, which may be
given or withheld in its sole and absolute discretion, subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code. 
 F. The General Partner shall monitor the transfers of interests in the Partnership 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 such transfers of interests would result in the Partnership being unable to qualify for the “safe
harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or
appropriate in its sole and absolute discretion to prevent any trading of interests which could cause the Partnership to become a “publicly traded partnership,” or any recognition by the Partnership of such transfers, or to insure that one
or more of the Safe Harbors is met. 
 G. No Partner who withdraws, or attempts to withdraw, from the Partnership shall be
entitled to receive the fair value of such Partner’s partnership interest in the Partnership. 
 ARTICLE 12.

 ADMISSION OF PARTNERS 
 Section 12.1. Admission of Successor General Partner 
 A successor to all of
the General Partner’s General Partner Interest pursuant to Section 11.2 who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such
transferee shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions
of this Agreement and such other documents or instruments as may be required to effect the admission. In the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner Interest for
such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in Article 11. 

Section 12.2. Admission of Additional Limited Partners 
 A. After the admission to the Partnership of the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be
admitted to the Partnership as an Additional Limited Partner upon, and only upon, furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement,
including, without limitation, the power of attorney granted in Section 2.4 and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an
Additional Limited Partner. 
 B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be
admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as an Additional Limited Partner
shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited Partner and the consent of the General
Partner to such admission. If any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and
Assignees for such Partnership Year shall be allocated among such Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Partnership Year using a method selected by the General Partner that is
in accordance with Section 706(d) of the Code. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional
Limited Partner (other than in its capacity as an 

  
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Assignee) and, except as otherwise agreed to by the Additional Limited Partners and the General Partner, all distributions of Available Cash thereafter shall be made to all Partners and Assignees
including such Additional Limited Partner. 
 Section 12.3. Amendment of Agreement and Certificate of Limited Partnership 

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

DISSOLUTION AND LIQUIDATION 
 Section 13.1. Dissolution 
 The Partnership shall not be dissolved by the
admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner
(selected as described in Section 13.1.A. below) shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (each a “Liquidating
Event”): 
 A. subject to compliance with Section 11.2, an event of withdrawal of the General
Partner, as defined in the Act, unless, within 90 days after the withdrawal, remaining Partners holding Percentage Interests that in the aggregate are not less than 66 2/3% of the aggregate Percentage Interests of all the remaining Partners (including in all cases the Limited Partner
Interests owned directly or indirectly by the Company) agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General
Partner; 
 B. an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion;

 C. consent to dissolution by Partners holding Percentage Interests that in the aggregate are not less than 66 2/3% of the
aggregate Percentage Interests of all the Partners (including in all cases the Limited Partner Interests owned directly or indirectly by the Company); 
 D. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 
 E. subject to compliance with Section 11.3, any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, taken together, result
in the sale or other disposition of all or substantially all of the assets of the Partnership; 
 F. a final and non-appealable
judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in
each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment all of the remaining Partners agree in writing to continue the business of the Partnership and to
the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 
 Section 13.2.
Winding Up 
 A. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding
up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the
Partnership’s business and affairs. The General Partner (or, in the event there is no remaining 

  
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General Partner, any Person elected by a Majority in Interest of the Limited Partners (the “Liquidator”)) shall be responsible for overseeing the winding up and dissolution of
the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which
may, to the extent determined by the General Partner, include shares of stock in the Company) shall be applied and distributed in the following order: 
 (1) First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners; 

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

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

(4) Fourth, to the payment and discharge of any preferred distributions due to Preferred Unitholders (each such distribution reducing
such Preferred Unitholder’s Capital Account); and 
 (5) Fifth, the balance, if any, to the General Partner, Common
Unitholders and Preferred Unitholders in accordance with their positive Capital Account balances, determined after taking into account all Capital Account adjustments for all prior periods and the Partnership taxable year during which the
liquidation occurs (other than those made as a result of the liquidating distribution set forth in this Section 13.2.A.). 

The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13 other than
reimbursement of its expenses as provided in Section 7.4. 
 B. Notwithstanding the provisions of Section 13.2.A.
which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the
Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy
liabilities of the Partnership (including those to Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A., undivided interests in such Partnership
assets as the Liquidator deems not suitable for liquidation. Any such distributions in-kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in-kind are in the best interest of the Partners, and shall be
subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall determine
the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
 Section 13.3.
Capital Contribution Obligation 
 If any Partner has a deficit balance in his or her Capital Account (after giving effect to all
contributions, distributions and allocations for the taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such
deficit, and such deficit at any time shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever, except to the extent otherwise expressly agreed to by such Partner and the Partnership pursuant to an
election under Section 4.1.D. 
 Section 13.4. Distribution to Liquidating Trust; Retention of Reserve 

In the discretion of the Liquidator or the General Partner, a pro rata portion of the distributions that would otherwise be made to the
General Partner and Limited Partners pursuant to this Article 13 may be: 
 (1) distributed to a trust established for the
benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any contingent or 

  
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unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the
General Partner and Limited Partners from time to time, in the reasonable discretion of the Liquidator or the General Partner, in the same proportions and the amount distributed to such trust by the Partnership would otherwise have been distributed
to the General Partner and Limited Partners pursuant to this Agreement; or 
 (2) withheld or escrowed to provide a reasonable
reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided, that such withheld or escrowed amounts shall be distributed to the General Partner
and Limited Partners in the manner and priority set forth in Section 13.2.A as soon as practicable. 
 The portion of any
amounts otherwise distributable to the Partners that is distributed to a trust or withheld or escrowed under this Section 13.4 shall reduce the amount then distributable to each Partner in the reverse order of priority that would apply if the
amount then distributable under Section 13.2.A.(5) were distributed under Section 5.1, such that, for example, any funds that would be distributable under the most junior priority under Section 5.1 shall be the funds first distributed
to a trust or withheld or escrowed under this Section 13.4. 
 Section 13.5. Deemed Distribution and Recontribution 

Notwithstanding any other provision of this Article 13, in the event the Partnership is liquidated within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged, and the Partnership’s affairs shall not be
wound up. Instead, the Partnership shall be deemed to have contributed all of its assets and liabilities to a new partnership in exchange for an interest in the new partnership. Immediately thereafter, the Partnership shall be deemed to distribute
interests in the new partnership to the General Partner and Limited Partners in proportion to their respective interests in the Partnership in liquidation of the Partnership. 
 Section 13.6. Rights of Limited Partners 
 Except as otherwise provided in
this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of his Capital Contribution and shall have no right or power to demand or receive property from the General Partner. 

Section 13.7. Notice of Dissolution 
 In the event a Liquidating Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within 30 days
thereafter, provide written notice thereof to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the discretion of the General Partner) and shall publish notice thereof in a
newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the discretion of the General Partner). 
 Section 13.8. Cancellation of Certificate of Limited Partnership 
 Upon the
completion of the liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall be terminated and the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions
other than the State of Delaware shall be cancelled and such other actions as may be necessary to terminate the Partnership shall be taken. 

Section 13.9. Reasonable Time for Winding-Up 
 A reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2, in order to minimize any
losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 

  
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 Section 13.10. Waiver of Partition 

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

ARTICLE 14. 

AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 
 Section 14.1. Amendments 
 A. The actions requiring consent or approval of the
Partners or of the Limited Partners pursuant to this Agreement, including Section 7.3, or otherwise pursuant to applicable law, are subject to the procedures in this Article 14. 

B. Amendments to this Agreement requiring the consent or approval of Limited Partners may be proposed by the General Partner or by
Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The General Partner shall seek the written consent of the Limited Partners on the proposed amendment or shall call a meeting to
vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a written consent, the General Partner may require a response within a reasonable specified time, but not less than 15 days, and failure to
respond in such time period shall constitute a consent which is consistent with the General Partner’s recommendation (if so recommended) with respect to the proposal; provided, that, an action shall become effective at such time as requisite
consents are received even if prior to such specified time. 
 Section 14.2. Action by the Partners 

A. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written
request by Limited Partners holding twenty-five percent (25%) or more of the Partnership Interests held by Limited Partners. The notice shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all
Partners not less than seven days nor more than 30 days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Limited Partners or of the Partners is permitted or required
under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 14.1. 
 B. Any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by the percentage as is
expressly required by this Agreement for the action in question. Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of the Percentage Interests of the Partners (expressly required by
this Agreement). Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 

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

  
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 ARTICLE 15. 
 GENERAL PROVISIONS 
 Section 15.1. Addresses and Notice 

Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in
writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address set forth in Exhibit A or such other address as
the Partners shall notify the General Partner in writing. 
 Section 15.2. Titles and Captions 

All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and
in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and “Sections” are to Articles and Sections of this Agreement.

 Section 15.3. Pronouns and Plurals 
 Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa. 
 Section 15.4. Further Action 
 The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 Section 15.5. Binding Effect 
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 15.6. Creditors 

Other than as expressly set forth herein with respect to Indemnitees, none of the provisions of this Agreement shall be for the benefit
of, or shall be enforceable by, any creditor of the Partnership. 
 Section 15.7. Waiver 

No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to
exercise any right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 
 Section 15.8. Counterparts 
 This Agreement may be executed in counterparts
(including by facsimile), all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by
this Agreement immediately upon affixing its signature hereto. 
 Section 15.9. Applicable Law 

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

  
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 Section 15.10. Consent to Jurisdiction 

The Partners hereby agree that, except as otherwise required by the Act, any action or proceeding seeking to enforce any provision of, or
based on any right arising out of, this Agreement may be brought by or against any Partner in the courts of the State of North Carolina, or, if it has or can acquire jurisdiction, in the United States District Court for the Western District of North
Carolina, and each of the Partners hereby consents to the non-exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to personal jurisdiction, venue, and inconvenient
forum laid therein. 
 Section 15.11. Invalidity of Provisions 
 If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be
affected thereby. 
 Section 15.12. Entire Agreement 
 This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements
among them with respect thereto. 
 Section 15.13. No Rights as Stockholders 

Nothing contained in this Agreement shall be construed as conferring upon the Holders of Partnership Units any rights whatsoever as
stockholders of the Company, including without limitation any right to receive dividends or other distributions made to stockholders of the Company or to vote or to consent or to receive notice as stockholders in respect of any meeting of
stockholders for the election of directors of the Company or any other matter. 
 ARTICLE 16. 

SERIES A PREFERRED UNITS 

Section 16.1 Designation and Number 
 A series of Partnership Units in the Partnership designated as the “8.00% Series A Cumulative Redeemable Preferred Units” is hereby established, with the rights, priorities and preferences set
forth herein. The number of Series A Preferred Units shall be 2,300,000. 
 Section 16.2 Ranking 

The Series A Preferred Units will, with respect to distribution rights and rights upon the voluntary or involuntary liquidation,
dissolution or winding up of the Partnership, rank (a) senior to the Common Units and to any other Partnership Interests of any other class or series issued by the Partnership the terms of which specifically provide that such Partnership
Interests shall rank junior to the Series A Preferred Units as to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership; (b) on parity with any Partnership Interests of any
class or series issued by the Partnership the terms of which specifically provide that such Partnership Interests shall rank on parity with the Series A Preferred Units as to distribution rights and rights upon voluntary or involuntary
liquidation, dissolution or winding up of the Partnership; and (c) junior to any Partnership Interests of any other class or series issued by the Partnership the terms of which specifically provide that such Partnership Interests shall rank
senior to the Series A Preferred Units as to distribution rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of the Partnership. 
 Section 16.3 Distributions 
 A. Payment of Distributions. Subject to
the preferential rights of the Holders of Partnership Interests of any class or series ranking senior to the Series A Preferred Units as to distributions, the Holders of the Series A 

  
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Preferred Units shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative cash distributions in an amount
equal to the Series A Priority Return. Such distributions shall accrue and be cumulative from and including the first date on which any Series A Preferred Units are issued (the “Series A Preferred Unit Original Issue
Date”) and shall be payable to Holders quarterly in arrears on each Series A Preferred Unit Distribution Payment Date (as defined below), commencing April 16, 2012; provided, however, that if any Series A Preferred Unit
Distribution Payment Date is not a Business Day, then the distribution which would otherwise have been payable on such Series A Preferred Unit Distribution Payment Date may be paid on the next succeeding Business Day, except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if paid on such Series A Preferred Unit Distribution Payment Date, and no
interest or additional distributions or other sums shall accrue on the amount so payable from such Series A Preferred Unit Distribution Payment Date to such next succeeding Business Day. The amount of any distribution payable on the Series A
Preferred Units for any Series A Preferred Unit Distribution Period (as defined below) shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions will be payable to Holders of record as they appear in the
records of the Partnership at the close of business on the applicable Series A Preferred Unit Distribution Record Date (as defined below). Notwithstanding any provision to the contrary contained herein, each outstanding Series A Preferred
Unit shall be entitled to receive a distribution with respect to any Series A Preferred Unit Distribution Record Date equal to the distribution paid with respect to each other Series A Preferred Unit that is outstanding on such date.
“Series A Preferred Unit Distribution Record Date” shall mean the date designated by the Partnership acting through the General Partner for the payment of distributions that is not more than 35 and not fewer than 10 days prior
to the applicable Series A Preferred Unit Distribution Payment Date. “Series A Preferred Unit Distribution Payment Date” shall mean the 15th day of each January, April, July and October, commencing on April 16, 2012.
“Series A Preferred Unit Distribution Period” shall mean the respective periods commencing on and including the 16th day of January, April, July and October of each year and ending on and including the day preceding
the first day of the next succeeding Series A Preferred Unit Distribution Period (other than the initial Series A Preferred Unit Distribution Period, which shall commence on the Series A Preferred Unit Original Issue Date and end on and
include April 15, 2012, and other than the Series A Preferred Unit Distribution Period during which any Series A Preferred Units shall be redeemed pursuant to Section 16.6 hereof, which shall end on and include the day preceding
the call date with respect to the Series A Preferred Units being redeemed). 
 B. Distributions Cumulative.
Notwithstanding anything contained herein to the contrary, distributions on the Series A Preferred Units shall accrue whether or not (i) the Partnership has earnings, (ii) there are funds legally available for the payment of such
distributions, or (iii) those distributions are authorized or declared. 
 C. Priority as to Distributions.

 (1) Except as provided in Section 16.3.C.(2) below, no distributions shall be declared and paid or declared and set
apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to any Common Units or in any other Partnership Interests of any other class or series ranking, as to
distributions, on parity with or junior to the Series A Preferred Units (other than a distribution paid in Common Units or any other Partnership Interests of any class or series ranking junior to the Series A Preferred Units as to
distributions and upon liquidation) for any period, nor shall any Common Units or any other Partnership Interests of any class or series ranking, as to distributions or upon liquidation, on parity with or junior to the Series A Preferred Units
be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of such Series A Preferred Units, and no other distribution of cash or other property may be
made, directly or indirectly, on or with respect thereto by the Partnership (except (i) by conversion into or exchange for any other Partnership Interests of any class or series ranking junior to the Series A Preferred Units as to payment
of distributions and upon liquidation, (ii) for the redemption of Partnership Interests corresponding to any REIT Series A Preferred Shares or any other REIT Shares to be purchased by the Company in accordance with the terms of Sections
5(c) and 9 of Article THIRD of the Series A Articles Supplementary or otherwise, in order to ensure that the Company remains qualified as a REIT for United States federal income tax purposes, provided that such redemption shall be upon
the same terms as the corresponding stock purchase pursuant to the Series A Articles Supplementary or otherwise, (iii) for the redemption or other acquisition of Partnership Interests corresponding to any REIT Series A Preferred Shares or any
other REIT Shares to be redeemed or acquired under incentive, benefit or share purchase plans for officers, director or employees or others performing or providing similar services, and (iv) for the redemption of Partnership Interests
corresponding to 

  
 54 

 
the purchase or acquisition of shares of any class or series of capital stock of the Company ranking on parity with the REIT Series A Preferred Shares as to payment of dividends and upon
liquidation pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding REIT Series A Preferred Shares), unless full cumulative distributions on the Series A Preferred Units for all past Series A Preferred
Unit Distribution Periods that have ended shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment. 

(2) When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the Series A
Preferred Units and any other Partnership Interests of any class or series ranking, as to distributions, on parity with the Series A Preferred Units, all distributions declared upon the Series A Preferred Units and each such other
Partnership Interests of any class or series ranking, as to distributions, on parity with the Series A Preferred Units shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit and such other
Partnership Interest of any class or series shall in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and each such other Partnership Interest of any class or series (which shall not include any
accrual in respect of unpaid distributions on such other Partnership Interests of any class or series for prior distribution periods if such Partnership Interests of any class or series do not have a cumulative distribution) bear to each other. No
interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A Preferred Units which may be in arrears. 

D. No Further Rights. Holders of the Series A Preferred Units shall not be entitled to any distributions, whether payable in
cash, property or Partnership Interests, in excess of full cumulative distributions on the Series A Preferred Units as provided herein. Any distribution payment made on the Series A Preferred Units shall first be credited against the
earliest accrued but unpaid distributions due with respect to such Series A Preferred Units which remain payable. Accrued but unpaid distributions on the Series A Preferred Units will accumulate as of the Series A Preferred Unit
Distribution Payment Date on which they first become payable. 
 Section 16.4 Allocations 

Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among Holders of Series A Preferred
Units in accordance with Article 6. 
 Section 16.5 Liquidation Proceeds 

A. Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership pursuant to Article
13, before any distribution or payment shall be made to Holders of Common Units or any other Partnership Interests of any other class or series ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, junior to the Series A Preferred Units, the Holders of Series A Preferred Units shall be entitled to be paid out of the assets of the Partnership legally available for distribution to Holders, after payment of or provision for the debts
and other liabilities of the Partnership, a liquidation preference of $25.00 per Series A Preferred Unit, plus an amount equal to any accrued and unpaid distributions (whether or not authorized or declared) to, but not including, the date of
payment. In the event that, upon such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Partnership are insufficient to pay the full amount of the liquidating distributions on all outstanding Series A
Preferred Units and the corresponding amounts payable on any other Partnership Interests of any other class or series ranking, as to liquidation rights, on parity with the Series A Preferred Units in the distribution of assets, then the Holders of
Series A Preferred Units and each other Partnership Interests of any other class or series ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Units shall share
ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. 
 B. Notice. Written notice of any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, stating the payment date or dates when, and the place or places where, the
amounts distributable in such circumstances shall be payable, shall be given by the General Partner pursuant to Section 13.7. 

  
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 C. No Further Rights. After payment of the full amount of the liquidating
distributions to which it is entitled, the Holders of Series A Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 
 Section 16.6 Redemption 
 A. Redemption. In connection with any
redemption by the Company of any REIT Series A Preferred Shares pursuant to Section 5 or 6 of Article THIRD of the Series A Articles Supplementary, the Partnership shall redeem, on the date of such redemption, an equal number of Series A
Preferred Units held by the Company in exchange for a cash amount per Series A Preferred Unit equal to $25.00 plus all accrued and unpaid distributions with respect to such Series A Preferred Unit to, but not including, such payment date. In
addition, in the event of the liquidation, dissolution or winding up of the Company prior to the occurrence of a Liquidating Event pursuant to Section 13.1, the Company shall have the right to redeem, on any payment date established by the
Company for liquidating distributions to the REIT Series A Preferred Shares, Series A Preferred Units for an amount per Series A Preferred Unit equal to $25.00 plus all accrued and unpaid distributions with respect to such Series A Preferred Unit
to, but not including, such payment date. From and after the Series A Preferred Unit redemption date, the Series A Preferred Units so redeemed shall no longer be outstanding, and all rights hereunder, to distributions or otherwise, with
respect to such Series A Preferred Units shall cease. 
 Section 16.7 Conversion 

In the event of a conversion of REIT Series A Preferred Shares into REIT Shares in accordance with the Series A Articles Supplementary,
upon conversion of such REIT Series A Preferred Shares, the Partnership shall convert an equal whole number of Series A Preferred Units into a number of Common Units equal to the number of REIT Shares into which such REIT Series A Preferred Shares
were converted; provided, however, that if holders of REIT Series A Preferred Shares receive cash or other consideration in addition to or in lieu of REIT Shares in connection with such conversion, then the Company, as the Holder of the Series A
Preferred Units, shall be entitled to receive cash or such other consideration equal (in amount and form) to the cash or other consideration to be paid by the Company to such holder of REIT Series A Preferred Shares. In the event of a conversion of
REIT Series A Preferred Shares into REIT Shares, to the extent the Company is required to pay cash in lieu of fractional REIT Shares pursuant to the Series A Articles Supplementary in connection with such conversion, the Partnership shall distribute
an equal amount of cash to the Company. 
 Section 16.8 Voting Rights 

Holders of Series A Preferred Units shall not have any voting or consent rights in respect of their Partnership Interests represented
by the Series A Preferred Units. 
 Section 16.9 Transfer Restrictions 

The Series A Preferred Units shall not be transferable except in accordance with Section 11.2. 

Section 16.10 No Sinking Fund 
 No sinking fund shall be established for the retirement or redemption of Series A Preferred Units. 

  
 56 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated
Agreement of Limited Partnership as of the date first written above. 
  

							
	General Partner:
	
	CAMPUS CREST COMMUNITIES GP, LLC, a Delaware limited
	liability company
		
	By:	 	 Campus Crest Communities, Inc., a Maryland
 corporation, its Sole Member

			
		 	By:	 	 /s/ Donald L. Bobbitt, Jr.

		 		 	Name: Donald L. Bobbitt, Jr.
		 		 	 Title: Executive Vice President, Chief Financial Officer

and Secretary

	
	Limited Partners listed on Exhibit A hereto:
	
	 CAMPUS CREST COMMUNITIES GP, LLC, a Delaware limited

liability company, as attorney-in-fact acting on behalf of the Limited

Partners listed on Exhibit A hereto

		
	By:	 	Campus Crest Communities, Inc., a Maryland
		 	corporation, its Sole Member
			
		 	By:	 	 /s/ Donald L. Bobbitt, Jr.

		 		 	Name: Donald L. Bobbitt, Jr.
		 		 	 Title: Executive Vice President, Chief Financial Officer

and Secretary

		 		 

 [Signature page to Second Amended and Restated Agreement of Limited Partnership] 

 EXHIBIT A 
 PARTNERS, CONTRIBUTIONS AND PERCENTAGE INTERESTS 
  

																							
	Name And Address Of Partner	  	Gross
Asset
Value	  	Cash
Contributions	 	  	Agreed Value Of
Contributed
Property*	 	  	Total
Contributions	 	  	Partnership
Unit Type	 	  	Number Of
Partnership
Units	  	Percentage
Interest
	 General Partner
	  		  				  				  				  				  		  	
	 Campus Crest Communities GP, LLC
	  		  	$	            	  	  	 	—  	  	  	$	            	  	  	 
  
 
	Common
 Series A
Preferred
	  
   
  
	  		  	
	 2100 Rexford Road, Suite 414

Charlotte, NC 28211
	  		  				  				  				  				  		  	
	 Limited Partners
	  		  				  				  				  				  		  	
	 Campus Crest Communities LP, LLC
	  		  	$	            	  	  	 	—  	  	  	$	            	  	  	 
  
 
	Common
 Series A
Preferred
	  
   
  
	  		  	
	 2100 Rexford Road, Suite 414

Charlotte, NC 28211
	  		  				  				  				  				  		  	

  
 A-1

 EXHIBIT B 
 NOTICE OF REDEMPTION 
 The undersigned hereby irrevocably (i) transfers
                    Limited Partnership Units in Campus Crest Communities Operating Partnership, LP in accordance with the terms of the Second
Amended and Restated Agreement of Limited Partnership of Campus Crest Communities Operating Partnership, LP and the rights of Redemption referred to therein, (ii) surrenders such Limited Partnership Units and all right, title and interest
therein, and (iii) directs that the cash (or, if applicable, REIT Shares) deliverable upon Redemption or exchange be delivered to the address specified below, and if applicable, that such REIT Shares be registered or placed in the name(s) and
at the address(es) specified below. 
 Dated: 
 Name of Limited Partner: 
  

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

 Issue REIT Shares to: 
 Please insert social security or identifying number: 

  
 B-1

 EXHIBIT C 
 CONSTRUCTIVE OWNERSHIP DEFINITION 
 The term “Constructively Owns” means ownership
determined through the application of the constructive ownership rules of Section 318 of the Code, as modified by Section 856(d)(5) of the Code. Generally, these rules provide the following: 

a. an individual is considered as owning the Ownership Interest that is owned, actually or constructively, by or for his spouse, his
children, his grandchildren, and his parents; 
 b. an Ownership Interest that is owned, actually or constructively, by or for a
partnership, limited liability company or estate is considered as owned proportionately by its partners or beneficiaries; 
 c.
an Ownership Interest that is owned, actually or constructively, by or for a trust is considered as owned by its beneficiaries in proportion to the actuarial interest of such beneficiaries (provided, however, that in the case of a “grantor
trust” the Ownership Interest will be considered as owned by the grantors); 
 d. if ten (10) percent or more in value
of the stock in a corporation is owned, actually or constructively, by or for any person, such person shall be considered as owning the Ownership Interest that is owned, actually or constructively, by or for such corporation in that proportion which
the value of the stock which such person so owns bears to the value of all the stock in such corporation; 
 e. an Ownership
Interest that is owned, actually or constructively, by or for a partner or member which actually or constructively owns a 25% or greater capital interest or profits interest in a partnership or limited liability company, or by or to or for a
beneficiary of an estate or trust shall be considered as owned by the partnership, limited liability company, estate, or trust (or, in the case of a grantor trust, the grantors); 

f. if ten (10) percent or more in value of the stock in a corporation is owned, actually or constructively, by or for any person,
such corporation shall be considered as owning the Ownership Interest that is owned, actually or constructively, by or for such person; 
 g. if any person has an option to acquire an Ownership Interest (including an option to acquire an option or any one of a series of such options), such Ownership Interest shall be considered as owned by
such person; 
 h. an Ownership Interest that is constructively owned by a person by reason of the application of the rules
described in paragraphs (a) through (g) above shall, for purposes of applying paragraphs (a) through (g), be considered as actually owned by such person provided, however, that (i) an Ownership Interest constructively owned by an
individual by reason of paragraph (a) shall not be considered as owned by him for purposes of again applying paragraph (a) in order to make another the constructive owner of such Ownership Interest, (ii) an Ownership Interest
constructively owned by a partnership, estate, trust, or corporation by reason of the application of paragraphs (e) or (f) shall not be considered as owned by it for purposes of applying paragraphs (b), (c), or (d) in order to make
another the constructive owner of such Ownership Interest, (iii) if an Ownership Interest may be considered as owned by an individual under paragraphs (a) or (g), it shall be considered as owned by him under paragraph (g), and
(iv) for purposes of the above described rules, an S corporation shall be treated as a partnership and any stockholder of the S corporation shall be treated as a partner of such partnership except that this rule shall not apply for purposes of
determining whether stock in the S corporation is constructively owned by any person. 
 i. For purposes of the above summary of
the constructive ownership rules, the term “Ownership Interest” means the ownership of stock with respect to a corporation and, with respect to any other type of entity, the ownership of an interest in either its assets or net
profits. 

  
 C-1

 EXHIBIT D 
 SCHEDULE OF PARTNERS’ OWNERSHIP 
 WITH RESPECT TO TENANTS 

  
 D-1

 EXHIBIT E 
 SCHEDULE OF REIT SHARES 
 ACTUALLY OR CONSTRUCTIVELY OWNED BY LIMITED PARTNERS

 OTHER THAN THOSE ACQUIRED PURSUANT TO AN EXCHANGE 

  
 E-1EX-10.1

 Exhibit 10.1 
 AGREEMENT AND AMENDMENT NO. 1 TO 
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT 
 This Agreement and Amendment No. 1 to Second Amended and Restated Credit Agreement (this
“Agreement”) dated as of February 3, 2012 is among Holly Energy Partners – Operating, L.P., a Delaware limited partnership (the “Borrower”), the Guarantors (as defined below), the parties that are
“Lenders” prior to the effectiveness of this Agreement under and as defined in the Credit Agreement referred to below (the “Existing Lenders”), the parties that are New Lenders (as defined below; and together with the
Existing Lenders, the “Lenders” and individually, a “Lender”), Wells Fargo Bank, National Association, as administrative agent for such Lenders (in such capacity, the “Administrative Agent”) and as
an Issuing Bank. 
 RECITALS 
 A. The Borrower, the Existing Lenders, and the Administrative Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of February 14, 2011 (as the same may be amended,
modified or supplemented from time to time, the “Credit Agreement”). 
 B. In connection with
such Credit Agreement, certain Subsidiaries of the Borrower executed and delivered that certain Second Amended and Restated Guaranty dated as of February 14, 2011 (as the same may be further amended, modified or supplemented from time to time,
the “Guaranty”) in favor of the Administrative Agent for the benefit of the Beneficiaries (as defined in the Guaranty) pursuant to which they each became a Guarantor. 

C. The Borrower acquired limited liability company interests in Cheyenne Logistics LLC, a Delaware limited liability
company (“Cheyenne”), and El Dorado Logistics LLC, a Delaware limited liability company (“El Dorado” and together with Cheyenne, the “New Subsidiaries”), pursuant to that certain LLC Interest
Purchase Agreement dated as of November 9 2011 by and among Parent, Frontier Refining LLC, Frontier El Dorado Refining LLC, Limited Partner and the Borrower. 

D. Cheyenne and El Dorado are parties to that certain Second Amended and Restated Guaranty Agreement Supplement
No. 1 dated as of December 15, 2011 with the Administrative Agent pursuant to which they each became a Guarantor. 
 E. Pursuant to an Agreement and Plan of Merger dated as of December 31, 2011 between HEP Operations LLC, a Delaware limited liability company, and Borrower, HEP Operations LLC agreed to merge with
and into Borrower and such merger was effected by the filing of a Certificate of Merger with the Delaware Secretary of State effective as of December 31, 2011. 

F. The Borrower has requested an increase in the aggregate Commitments under, and as defined in, the Credit Agreement and
an increase in the amount by which the Commitments may be increased pursuant to Section 2.14 of the Credit Agreement. 
 G. To effect the increase to the Commitments and subject to the terms set forth herein, certain Existing Lenders have agreed to increase their respective Commitments and certain other financial
institutions have agreed to enter into the Credit Agreement as Lenders (such new lenders being referred to herein as “New Lenders”). 

 

 H. The Borrower has also requested that the Existing Lenders and the New
Lenders amend the Credit Agreement to make certain other changes to the Credit Agreement. 
 THEREFORE, the
parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01 Terms Defined Above. As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms
therein. 
 Section 1.02 Terms Defined in the Credit Agreement. Each term defined in the
Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary. 

Section 1.03 Other Definitional Provisions. The words “hereby”, “herein”,
“hereinafter”, “hereof”, “hereto” and “hereunder” when used in this Agreement shall refer to this Agreement as a whole and not to any particular Article, Section, subsection or provision of this Agreement.
Section, subsection and Schedule references herein are to such Sections, subsections and Schedules to this Agreement unless otherwise specified. All titles or headings to Articles, Sections, subsections or other divisions of this Agreement or the
schedules hereto, if any, are only for the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other content of such Articles, Sections, subsections, other divisions or schedules, such other
content being controlling as the agreement among the parties hereto. Whenever the context requires, reference herein made to the single number shall be understood to include the plural; and likewise, the plural shall be understood to include the
singular. Words denoting gender shall be construed to include the masculine, feminine and neuter, when such construction is appropriate; and specific enumeration shall not exclude the general but shall be construed as cumulative. Definitions of
terms defined in the singular or plural shall be equally applicable to the plural or singular, as the case may be, unless otherwise indicated. 
 ARTICLE II 
 NEW LENDER AGREEMENTS 

Section 2.01 New Lender Agreements. Each New Lender: 

(a) represents and warrants that it has full power and authority, and has taken all action necessary, to execute and
deliver this Agreement and to become a Lender under the Credit Agreement; 
 (b) agrees that, from and after the
Effective Date (as herein defined), it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, subject to its Commitment, shall have the obligations of a Lender thereunder; 

  
 2 

 (c) represents and warrants that it is sophisticated with respect to
decisions to enter into the Credit Agreement as a Lender and either it, or the person exercising discretion in making its decision to enter into the Credit Agreement, is experienced in making credit decisions as a lender in the type of transaction
evidenced by the Credit Agreement; 
 (d) represents and warrants that it has received a copy of the Credit
Agreement and such other Credit Documents it has requested, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.06 thereof, as applicable, and such
other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and the Credit Agreement; 
 (e) represents and warrants that it has, independently and without reliance upon the Administrative Agent or any other Existing Lender or New Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to become a Lender under the Credit Agreement; 
 (f) if it is not incorporated under the laws of the United States of America or a state thereof, has delivered or shall deliver simultaneously with the execution of this Agreement, any documentation
required to be delivered by it as a Lender pursuant to the terms of the Credit Agreement, duly completed and executed by such New Lender; 
 (g) agrees that (i) it will, independently and without reliance on the Administrative Agent or any other Existing Lender or New Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a Lender; 
 (h) appoints and authorizes Administrative Agent to
take such action as Administrative Agent on its behalf and to exercise such powers and discretion under the Credit Documents as are delegated to the Administrative Agent thereby, together with such powers and discretion as are reasonably incidental
thereto; and 
 (i) specifies as its Applicable Lending Office and (address for notices) the office(s) set forth
beside its name on Schedule 1.01(b) attached hereto. 
 ARTICLE III 

AMENDMENTS 
 Section 3.01 Amendment to Credit Agreement. Effective as of the Effective Date, the Credit Agreement shall hereby be amended as follow: 

(a) The reference to “$275,000,000” on the cover page to the Credit Agreement is hereby deleted in its
entirety. 

  
 3 

 (b) The following definitions found in Section 1.01 (Certain
Defined Terms) of the Credit Agreement are hereby amended to read in their entirety as follows: 

“Agreement” means this Second Amended and Restated Credit Agreement dated as of
February 14, 2011 among the Borrower, the Lenders, the Issuing Banks and the Administrative Agent, as amended by Amendment No. 1 and as it may be further amended, modified, restated, renewed, extended, increased or supplemented from
time-to-time. 
 “Change of Control” means any of the following events or
conditions: (a) the General Partner is no longer the sole general partner of the Borrower, (b) the Limited Partner is no longer the sole owner of all of the membership interests in the General Partner, (c) the Limited Partner is no
longer the sole limited partner of the Borrower, (d) HEP Logistics Holdings is no longer the sole general partner of the Limited Partner, (e) the Parent no longer owns, directly or indirectly, at least 80% of limited partnership interests
of HEP Logistics Holdings, (f) Holly Logistic Services is no longer the sole general partner of HEP Logistics Holdings, (g) Parent no longer owns, directly or indirectly, at least 80% of the membership interests in Holly Logistics
Services, (h) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Permitted Holders, shall
become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of more than 35% of the outstanding
common stock of the Parent, or (i) the board of directors of the Parent shall cease to consist of a majority of Continuing Directors. 
 “Credit Documents” means, collectively, this Agreement, Amendment No. 1, the Notes, the Security Documents, the Guaranties, the Letter of Credit Documents, the Fee Letters, the
Amendment No. 1 Fee Letter and each other agreement, instrument or document executed at any time in connection with the foregoing documents, as each such Credit Document may be amended, modified or supplemented from time-to-time;
provided, however, that in no event shall any agreement in respect of Banking Services Obligations or any Lender Hedging Agreement constitute a Credit Document hereunder. 

“Lender” means a party to this Agreement that (a) became a party hereto as a lender
on the date hereof, (b) is identified as a “New Lender” (as defined in Amendment No. 1) entering into this Agreement under and as provided in Amendment No. 1, or (c) is an Eligible Assignee or an Approved Affiliate that
became a party hereto pursuant to Sections 2.14, 2.15 or 9.06. 
 “Omnibus
Agreement” means that certain Sixth Amended and Restated Omnibus Agreement dated as of November 1, 2011 by and among the Borrower, the Parent, the Limited Partner, the General Partner, Navajo Pipeline Co., L.P., Holly Logistic
Services, HEP Logistics Holdings, the other Holly Entities (as defined therein) party thereto, and the other Partnership Entities (as defined therein) party thereto, as amended, modified or supplemented from time to time in accordance with
Section 6.09. 

  
 4 

 “Parent” means HollyFrontier Corporation, a
Delaware corporation, formerly known as Holly Corporation and successor by merger with Frontier Oil Corporation. 
 “Parent Credit Facility” means the Credit Agreement dated as of July 1, 2011 among the Parent, the financial institutions party thereto, and Union Bank, N.A., as administrative agent
for such financial institutions, as the same may be amended, modified, restated or supplemented from time to time. 
 “Pipelines and Terminals Agreement” means: 
 (i) the Pipeline Systems Operating Agreement, dated as of February 8, 2010, by and between Navajo Refining Company, L.L.C., Lea Refining Company, Holly Refining & Marketing Company —
Woods Cross LLC (successor by merger to Woods Cross Refining Company, L.L.C.), Holly Refining & Marketing — Tulsa LLC, and the Borrower, as operator; 

(ii) the Amended and Restated Intermediate Pipelines Agreement, dated as of June 1, 2009, by and
between the Parent, Navajo Refining Company, L.L.C., the Limited Partner, the Borrower, HEP Pipeline, L.L.C., Lovington-Artesia, L.L.C., HEP Logistics Holdings, Holly Logistic Services, and the General Partner; 

(iii) the Pipelines and Tankage Agreement, dated as of February 29, 2008, by and among the Parent,
Navajo Pipeline Co., L.P., Navajo Refining Company, L.L.C., Holly Refining & Marketing Company — Woods Cross LLC (successor by merger to Woods Cross Refining Company, L.L.C.), the Limited Partner, the Borrower, HEP Pipeline, L.L.C.,
and HEP Woods Cross, L.L.C.; 
 (iv) the Amended and Restated Refined Product Pipelines and
Terminals Agreement, dated as of December 1, 2009, by and among Navajo Refining Company, L.L.C., Holly Refining & Marketing Company — Woods Cross LLC, the Borrower, HEP Pipeline Assets, Limited Partnership, HEP Pipeline, L.L.C.,
HEP Refining Assets, L.P., HEP Refining, L.L.C., HEP Mountain Home, L.L.C. and HEP Woods Cross, L.L.C.; 
 (v) the Amended and Restated Crude Pipelines and Tankage Agreement, dated as of December 1, 2009, by and between Navajo Refining Company, L.L.C., Holly Refining & Marketing Company —
Woods Cross LLC, HollyFrontier Refining & Marketing LLC (as successor by name change to Holly Refining & Marketing Company LLC), the Borrower, HEP Pipeline, L.L.C., HEP Woods Cross, L.L.C.; 

(vi) the Pipeline Throughput Agreement (Roadrunner), dated as of December 1, 2009, by and between
Navajo Refining Company, L.L.C. and the Borrower; 

  
 5 

 (vii) the Gas Transportation Agreement dated as of
March 1, 2009, by and between the Borrower and Navajo Refining Company, L.L.C.; 
 (viii)
the Loading Rack Throughput Agreement (Lovington) dated effective as of March 31, 2010, by and between the Navajo Refining Company, L.L.C. and Holly Energy Storage-Lovington LLC; 

(ix) the Pipelines and Terminals Agreement dated as of July 13, 2004, by and among the Parent,
Navajo Refining Company, L.P., Holly Refining and Marketing Company, the Limited Partner, HEP Operating Company, L.P., as predecessor in interest to the Borrower, and the General Partner; 

(x) the First Amended and Restated Pipelines, Tankage and Loading Rack Throughput Agreement (Tulsa East)
dated effective as of March 31, 2010, by and between Holly Refining & Marketing – Tulsa LLC and Holly Energy Storage-Tulsa LLC; 

(xi) the Tankage, Loading Rack and Crude Oil Receiving Throughput Agreement (Cheyenne), dated effective
as of November 1, 2011, by and among Frontier Refining LLC and Cheyenne Logistics LLC; and 

(xii) the Pipeline Delivery, Tankage and Loading Rack Throughput Agreement (El Dorado), dated effective
as of November 1, 2011, by and among Frontier El Dorado Refining LLC and El Dorado Logistics LLC; 
 each,
as amended, modified or supplemented from time to time in accordance with Section 6.09. 
 (c) The
following new definitions are added to Section 1.01 (Certain Defined Terms) of the Credit Agreement to appear therein in alphabetical order: 

“Amendment No. 1” means that certain Agreement and Amendment No. 1 to Second
Amended and Restated Credit Agreement dated as of February 3, 2012, among the Borrower, the Guarantors, Wells Fargo Bank, National Association, as Administrative Agent, a Lender and an Issuing Bank and all of the Lenders.” 

“Amendment No. 1 Effective Date” means February 3, 2012.” 

“Amendment No. 1 Fee Letter” means the letter agreement, dated January 23,
2012, between the Borrower and Wells Fargo Securities, LLC.” 
 “Continuing
Directors” means the directors of the Parent on July 1, 2011 and each other director, if, in each case, such other director’s nomination for election to the board of directors of the Parent is recommended by at least 66-2/3% of
the then Continuing Directors. 

  
 6 

 “Permitted Holders” means (a) Lamar
Norsworthy, David Norsworthy, Nona Barrett, Betty Regard, Margaret Simmons and Suzanne Bartolucci, (ii) the parents, spouses, children and other lineal descendants of any Person listed in clause (a) and (c) any estate or any trust
established for the benefit of any one or more of the Persons described in clauses (a) and (b). 
 (d)
Section 2.01 (Making the Advances) of the Credit Agreement is hereby amended by replacing clause (a) thereof in its entirety with the following: 

(a) Advances. Each Lender having a Commitment severally agrees, on the terms and conditions set
forth in this Agreement, to make Advances to the Borrower from time to time on any Business Day during the period from the date of this Agreement until the Revolver Termination Date in an aggregate outstanding amount up to but not to exceed at any
time outstanding its Commitment, as such amount may be reduced pursuant to Section 2.03, 7.02, and 7.03 or increased pursuant to Section 2.14 or pursuant to Amendment No. 1; provided, however that the aggregate
outstanding principal amount of all Advances plus the aggregate Letter of Credit Exposure shall not at any time exceed the aggregate Commitments. 
 (e) Section 2.14 (Commitment Increase) of the Credit Agreement is hereby amended by replacing the reference to “$375,000,000” found in clause (a) thereof with a reference to
“$575,000,000.” 
 (f) Section 4.17 (Title, Etc.) of the Credit Agreement is hereby amended by
deleting the last sentence in clause (h) thereof in its entirety which stated: “No portion of the Terminals is located in a special flood hazard area as designated by any Governmental Authority” 

(g) Section 6.01 (Liens, Etc.) of the Credit Agreement is hereby amended by replacing clause (j) thereof in its
entirety with the following: 
 (j) (i) existing on the Effective Date and listed on
Schedule 6.01 attached hereto and (ii) any Liens in favor of the Parent (or any assignee or successor thereto that is an Affiliate of the Parent) securing certain obligations owing to the Parent (or such Affiliate assignee or successor)
similar to those obligations owing under the Pipelines and Terminals Agreements so long as such Liens are subordinated to the Liens on the same assets securing the Obligations on terms not less advantageous to the Administrative Agent and the
Lenders and similar to those contained in the Subordination, Non-Disturbance and Attornment Agreement executed by the Administrative Agent and the Parent as of July 8, 2005, in each case, including any renewals or extensions thereof;
provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefitted thereby is permitted by Section 6.02; and 

(h) Section 8.13 (Lender Hedging Agreements) of the Credit Agreement is hereby amended by replacing the reference to
“Section 9.01(j)” found therein with a reference to “Section 9.01(h).” 
 (i)
Section 8.14 (Banking Service Obligations) of the Credit Agreement is hereby amended by replacing the reference to “Section 9.01(j)” found therein with a reference to “Section 9.01(h).” 

  
 7 

 (j) Section 9.01 (Amendments) of the Credit Agreement is hereby amended
by deleting clause (h) thereof in its entirety which stated: “amend Section 2.14 or waive any of the provisions set forth therein” and designating clause (i) therein as clause (h). 

(k) Schedule 1.01(a) — Commitments — which is attached to the Credit Agreement is hereby replaced in its
entirety with Schedule 1.01(a) that is attached hereto. 
 (l) Schedule 1.01(b) — Notice Addresses and
Applicable Lending Offices — which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 1.01(b) that is attached hereto. 
 (m) Schedule 1.01(d) — Guarantors — which is attached to the Credit Agreement is hereby replaced in its entirety with Schedule 1.01(d) that is attached hereto. 

(n) Schedule 4.01 — Subsidiaries — which is attached to the Credit Agreement is hereby replaced in its entirety
with Schedule 4.01 that is attached hereto. 
 (o) Schedule 6.01 — Existing Liens — which is attached
to the Credit Agreement is hereby replaced in its entirety with Schedule 6.01 that is attached hereto. 
 ARTICLE IV

 AGREEMENTS 
 Section 4.01 Commitments. Each Existing Lender and each New Lender hereby acknowledges and confirms that, as of the date hereof and after giving effect to this Agreement its respective
Commitment is as set forth next to its name on Schedule 1.01(a) attached hereto. 
 Section 4.02
Breakage Costs. If, as a result of increase in the aggregate Commitments effected hereby, any Existing Lender incurs any losses, out-of-pocket costs or expenses as a result of any payment of Eurodollar Rate Advances prior to the last day
of the Interest Period applicable thereto (whether by the Borrower or as a result of the reallocation of the outstandings of the Eurodollar Rate Advances under the Credit Agreement due to the changes in the Existing Lenders’ Pro Rata Share
resulting from the non-pro rata increases in the Commitments and the joinder of New Lenders into the Credit Agreement) and such Existing Lender makes a request for compensation pursuant to Section 2.10 of the Credit Agreement, the Borrower
shall, within ten (10) days of any written demand sent by such Existing Lender to the Borrower through the Administrative Agent, pay to the Administrative Agent for the account of such Existing Lender any amounts required under
Section 2.10 of the Credit Agreement to compensate such Existing Lender for such losses, out-of-pocket costs or expenses which it may reasonably incur as a result of such payment or reallocation, including, without limitation, any loss
(including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Existing Lender to fund or maintain such Advances. 

Section 4.03 Upfront Fees. On the Effective Date, the Borrower shall pay to the Administrative Agent
(a) for the account of each Existing Lender, an upfront fee equal to forty basis points (0.40%) of the amount by which such Existing Lender’s Commitments exceeds its Commitments immediately prior to the Amendment No. 1 Effective Date
and (b) for each New Lender, an upfront fee equal to forty basis points (0.40%) of its Commitment. On the Effective Date, such fees shall be non-refundable and deemed to be fully earned when paid. 

  
 8 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 Section 5.01
Borrower Representations and Warranties. The Borrower represents and warrants that: (a) the representations and warranties contained in the Credit Agreement and the representations and warranties contained in the other Credit
Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects as of such earlier date; (b) no Default has occurred and is continuing; (c) the execution, delivery and performance of this Agreement are within the partnership power and authority of the
Borrower and have been duly authorized by appropriate partnership action and proceedings; (d) this Agreement constitutes the legal, valid, and binding obligation of the Borrower enforceable in accordance with its terms, except as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; (e) there are no governmental or other third party consents, licenses and approvals
required to be obtained by the Borrower in connection with the execution, delivery and performance of this Agreement by the Borrower or the validity and enforceability of this Agreement against the Borrower; and (f) the Liens under the Security
Documents are valid and subsisting and secure Borrower’s obligations under the Credit Documents. 

Section 5.02 Guarantors’ Representations and Warranties. Each Guarantor represents and warrants
that: (a) the representations and warranties of such Guarantor contained in the Guaranty and the representations and warranties contained in the other Credit Documents to which such Guarantor is a party are true and correct in all material
respects on and as of the Effective Date as if made on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date;
(b) no Default has occurred which is continuing; (c) the execution, delivery and performance of this Agreement are within the corporate or other organizational power and authority of such Guarantor and have been duly authorized by
appropriate action and proceedings; (d) this Agreement constitutes the legal, valid, and binding obligation of such Guarantor enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; (e) there are no governmental or other third party consents, licenses and approvals required to be obtained by such Guarantor in
connection with the execution, delivery or performance of this Agreement by such Guarantor or the validity and enforceability of this Agreement against such Guarantor; (f) to its knowledge, it has no defenses to the enforcement of its Guaranty
(other than the indefeasible payment in full of the Obligations); and (g) the Liens under the Security Documents to which such Guarantor is a party are valid and subsisting and secure such Guarantor’s obligations under the Credit
Documents. 

  
 9 

 ARTICLE VI 
 CONDITIONS 
 The Credit Agreement shall be amended as
provided herein, upon the date all of the following conditions precedent have been met (the “Effective Date”): 
 Section 6.01 Documents. The Administrative Agent shall have received each of the following: 
 (a) this Agreement duly and validly executed and delivered by the Borrower, the Guarantors, the Administrative Agent, the Existing Lenders and the New Lenders; 

(b) the Amendment No. 1 Fee Letter; 

(c) a replacement Note for each Existing Lender which increase its Commitments pursuant to this Agreement and a new Note
to each New Lender, in each case, in the amount of their respective Commitments after giving effect to this Agreement; 
 (d) favorable opinions of the Borrower’s and the Guarantors’ counsel dated as of the date of this Agreement in form and substance satisfactory to the Administrative Agent and covering such
matters as the Administrative Agent may reasonably request; 
 (e) a secretary’s or a Responsible
Officer’s certificate for the Borrower dated the date hereof and certifying (i) copies of the resolutions of the board of directors of the General Partner authorizing this Agreement and the increase in the aggregate Commitments effected
hereby, (ii) the Borrower Partnership Agreement and the other organizational documents of the Borrower, (iii) the General Partner’s Certificate of Organization and Regulations, and (iv) the names and true signatures of the
officers of the General Partner authorized to sign this Agreement, the new or replacement Notes, and the other Credit Documents to which this Borrower is a party; 

(f) a secretary’s or a Responsible Officer’s certificate for each Guarantor dated the date hereof and covering
the matters set forth in clause (e) above as to such Guarantor; and 
 (g) certificates of good standing
and existence for the Borrower and each Guarantor in each state in which each such Person is organized, which certificate shall be dated a date not earlier than 30 days prior to the Effective Date. 

Section 6.02 No Default. No Default shall have occurred which is continuing as of the Effective Date.

 Section 6.03 Fees and Expenses. The Borrower shall have paid or reimbursed the
Administrative Agent for (a) all of its reasonable out-of-pocket costs and expenses incurred in connection with this Agreement and the increase in the aggregate Commitments effected hereby, any other documents prepared in connection herewith
and the transactions contemplated hereby, including, without limitation, the fees and disbursements of the Administrative Agent’s outside legal counsel, in each case, pursuant to all invoices of the Administrative Agent and/or such counsel
presented to the Borrower for payment not less than two (2) days prior to the Effective Date, (b) all fees required to be paid under the fee letter referenced in Section 6.01(b) above, and (c) all upfront fees required to be paid
under Section 4.03 above. 

  
 10 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Effect on Credit
Documents; Acknowledgements. 
 (a) Each of the Borrower, the Guarantors, Administrative Agent, the
Issuing Banks, the Existing Lenders and the New Lenders does hereby adopt, ratify, and confirm the Credit Agreement and each other Credit Document, as amended hereby, and acknowledges and agrees that the Credit Agreement and each other Credit
Document, as amended hereby, is and remains in full force and effect, and the Borrower and the Guarantors acknowledge and agree that their respective liabilities and obligations under the Credit Agreement and the other Credit Documents are not
impaired in any respect by this Agreement. 
 (b) From and after the Effective Date, all references to the
Credit Agreement and the Credit Documents shall mean such Credit Agreement and such Credit Documents as amended by this Agreement. 
 (c) This Agreement is a Credit Document for the purposes of the provisions of the other Credit Documents. Without limiting the foregoing, any breach of representations, warranties, and covenants under
this Agreement shall be a Default or Event of Default, as applicable, under the Credit Agreement, subject to all applicable cure or grace periods provided for under the Credit Agreement. 

Section 7.02 Reaffirmation of the Guaranty. Each Guarantor hereby ratifies, confirms, acknowledges and
agrees that its obligations under the Guaranty are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration
or otherwise, all of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been amended by this Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or
consent requirement by such Guarantor under the Guaranty in connection with the execution and delivery of amendments to the Credit Agreement, the Notes or any of the other Credit Documents (other than the Guaranty or any other Credit Document to
which such Guarantor is a party). 
 Section 7.03 Counterparts. This Agreement may be signed
in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument. This Agreement may be executed by facsimile signature or other electronic transmission and all such signatures shall
be effective as originals. 
 Section 7.04 Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement. 

  
 11 

 Section 7.05 Invalidity. In the event that any one or
more of the provisions contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

Section 7.06 Governing Law. This Agreement shall be deemed to be a contract made under and shall be
governed by, construed and enforced in accordance with the laws of the State of Texas. Without limiting the intent of the parties set forth above, (a) Chapter 15, Subtitle 3, Title 79, of the Revised Civil Statutes of Texas,
1925, as amended (relating to revolving loans and revolving tri-party accounts), shall not apply to this Agreement or the transactions contemplated hereby and (b) to the extent that any Lender may be subject to Texas law limiting the amount of
interest payable for its account, such Lender shall utilize the indicated (weekly) rate ceiling from time to time in effect as provided in Chapter 303 of the Texas Finance Code, as amended (formerly known as the indicated (weekly) rate ceiling in
Article 5069-1.04 of the Revised Civil Statutes of Texas). 
 Section 7.07 Entire Agreement. THIS
AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AMENDMENT, THE NOTES, AND THE OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS,
WRITTEN OR ORAL, WITH RESPECT THERETO. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 [The remainder of this page has been left blank intentionally.] 

  
 12 

 EXECUTED to be effective as of the date first above written. 

 

							
		 		 	 BORROWER:
  

HOLLY ENERGY PARTNERS — OPERATING, L.P.,
 a Delaware limited partnership

				
		 		 	By:	 	 HEP Logistics GP, L.L.C.,

		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

							
		 		 	 GUARANTORS:
  

HEP PIPELINE GP, L.L.C.,
 a Delaware
limited liability company
 HEP REFINING GP, L.L.C.,
 a Delaware limited liability company
 HEP MOUNTAIN HOME, L.L.C.,

a Delaware limited liability company
 HEP
PIPELINE, L.L.C.,
 a Delaware limited liability company
 HEP REFINING, L.L.C.,
 a Delaware limited liability company

HEP WOODS CROSS, L.L.C.,
 a Delaware
limited liability company
 HEP TULSA LLC,
 a Delaware limited liability company
 LOVINGTON-ARTESIA, L.L.C.,

a Delaware limited liability company
 HEP SLC,
LLC,
 a Delaware limited liability company
 ROADRUNNER PIPELINE, L.L.C.,
 a Delaware limited liability company

CHEYENNE LOGISTICS LLC,
 a Delaware
limited liability company
 EL DORADO LOGISTICS LLC,
 a Delaware limited liability company

				
		 		 	Each By:	 	Holly Energy Partners — Operating, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

							
		 		 	 HEP NAVAJO SOUTHERN, L.P.,
 a Delaware limited partnership
 HEP PIPELINE ASSETS, LIMITED PARTNERSHIP,

a Delaware limited partnership
 HEP
FIN-TEX/TRUST-RIVER, L.P.,
 a Texas limited partnership

				
		 		 	Each By:	 	HEP Pipeline GP, L.L.C., 
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners — Operating, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

  

							
		 		 	 HEP REFINING ASSETS, L.P.,
 a Delaware limited partnership

				
		 		 	By:	 	HEP Refining GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners — Operating, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer
			
		 		 	 HEP LOGISTICS GP, L.L.C.,

		 		 	 a Delaware limited liability company

				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

							
		 		 	 HOLLY ENERGY PARTNERS, L.P.,
 a Delaware limited partnership

				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer
			
		 		 	HOLLY ENERGY FINANCE CORP.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

							
		 		 	 HOLLY ENERGY STORAGE-LOVINGTON LLC,
 a Delaware limited liability company

				
		 		 	By:	 	HEP Refining, L.L.C.,
		 		 		 	a Delaware limited liability,
		 		 		 	its Sole Member
				
		 		 	By:	 	Holly Energy Partners — Operating, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

							
		 		 	 HOLLY ENERGY STORAGE-TULSA LLC,
 a Delaware limited liability company

				
		 		 	By:	 	HEP Tulsa, L.L.C.,
		 		 		 	a Delaware limited liability,
		 		 		 	its Sole Member
				
		 		 	By:	 	Holly Energy Partners — Operating, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics GP, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Energy Partners, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its Sole Member
				
		 		 	By:	 	HEP Logistics Holdings, L.P.,
		 		 		 	a Delaware limited partnership,
		 		 		 	its General Partner
				
		 		 	By:	 	Holly Logistic Services, L.L.C.,
		 		 		 	a Delaware limited liability company,
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Stephen D. Wise

		 		 		 	Stephen D. Wise
		 		 		 	Vice President and Treasurer

  

  

							
		 		 	 ADMINISTRATIVE AGENT:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION
 as
Administrative Agent

				
		 		 	By:	 	 /s/ Sarah Thomas

		 		 		 	Sarah Thomas
		 		 		 	Vice President
			
		 		 	 LENDERS:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION
 as
a Lender and an Issuing Bank

				
		 		 	By:	 	 /s/ Sarah Thomas

		 		 		 	Sarah Thomas
		 		 		 	Vice President

  

			
	 UNION BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Bradley Kraus

		 	 Bradley Kraus
 Investment Banking Officer

			
	 COMPASS BANK,

as a Lender

		
	By:	 	 /s/ Umar Hassan

		 	 Umar Hassan
 Vice
President

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Daniel K. Hansen

		 	 Daniel K. Hansen

Vice President

			
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By:	 	 /s/ Ronald E. McKaig

		 	 Ronald E. McKaig
 Managing Director

			
	 CAPITAL ONE, N.A.,
 as a Lender

		
	By:	 	 /s/ David Reid

		 	 David Reid
 Senior Vice President

			
	 COMERICA BANK,
 as a Lender

		
	By:	 	 /s/ Robert L. Nelson

		 	 Robert L. Nelson
 Vice President

			
	 SUNTRUST BANK,
 as a Lender

		
	By:	 	/s/ Carmen Malizia
		 	 Carmen Malizia
 Vice
President

  

			
	 UBS LOAN FINANCE LLC
 as a Lender

		
	By:	 	 /s/ Irja R. Otsa

		 	 Irja R. Otsa
 Associate
Director

		
	By:	 	 /s/ Joselin Fernandes

		 	Joselin Fernandes
		 	Associate Director

			
	 PNC BANK, NATIONAL ASSOCIATION,
 as a Lender

		
	By:	 	 /s/ Kay Murphy

		 	 Kay Murphy
 Vice President

			
	 CITIBANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Todd J. Mogil

		 	 Todd J. Mogil
 Vice
President

			
	 ONEWEST BANK, FSB,
 as a Lender

		
	By:	 	 /s/ Grant Ahearn

		 	 Grant Ahearn
 Executive Vice
President
 Head of Specialized Lending

			
	 CIT BANK,

as a Lender

		
	By:	 	 /s/ Kelly Hartnett

		 	 Kelly Hartnett
 Authorized
Signatory

 SCHEDULE 1.01(a) 
 COMMITMENTS 
  

			
	 Lender
	 	 Commitment

		
	 Wells Fargo Bank, N.A.
	 	$42,500,000.00
	 Union Bank, N.A.
	 	$40,000,000.00
	 Compass Bank
	 	$37,500,000.00
	 U.S. Bank National Association
	 	$35,000,000.00
	 Bank of America, N.A.
	 	$30,000,000.00
	 Capital One, N.A.
	 	$30,000,000.00
	 Comerica Bank
	 	$30,000,000.00
	 SunTrust Bank
	 	$30,000,000.00
	 UBS Loan Finance LLC
	 	$30,000,000.00
	 Citibank, N.A.
	 	$22,500,000.00
	 PNC Bank, National Association
	 	$17,500,000.00
	 CIT Bank
	 	$15,000,000.00
	 OneWest Bank, FSB
	 	$15,000,000.00
		
	 Total
	 	$375,000,000.00

  
 Schedule
1.01(a) 

 SCHEDULE 1.01(b) 
 NOTICE ADDRESSES AND APPLICABLE LENDING OFFICES 
  

			
		
	Borrower:	 	Office:
	 Holly Energy Partners — Operating, L.P.
	 	 Address for Notices:

2828 N. Harwood, Suite 1300
 Dallas, TX
75201
  
 Telecopier Number: (214) 237-3051

Attention: Stephen D. Wise

		
	Administrative Agent:	 	Applicable Lending Offices:
	 Wells Fargo Bank, National Association
	 	 Address for Notices:

1525 West WT Harris Blvd.
 Charlotte, NC
28262
  
 Telecopier Number: (704) 590-2782

Telephone Number: (704) 590-2779
 Attention:
Erika Myers

		
	Lenders:	 	Applicable Lending Offices:
	 Wells Fargo Bank, National Association
	 	 U.S. Domestic Lending Office:
 1700 Lincoln Street, Suite 600
 Denver, CO 80203

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S.
Domestic Lending Office
  
 Telecopier Number: (303)
863-2729
 Attention: Suzanne F. Ridenhour

 

	 Union Bank, N.A.
	 	 U.S. Domestic Lending Office:
 445 South Figueroa Street, 15th Floor
 Los Angeles, California 90071

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S.
Domestic Lending Office
  
 Telecopier Number:
213-236-6823
 Attention: Don Smith

  
 Schedule
1.01(b) Page 1 

  

			
	 Compass Bank
	  	 U.S. Domestic Lending Office:
 24 Greenway Plaza, Suite 1400A
 Houston, Texas 77046

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S.
Domestic Lending Office
  
 Telecopier Number:
713-499-8722
 Attention: Greg Determann

 

	 U.S. Bank National Association
	  	 U.S. Domestic Lending Office:
 950 17th
Street DN-CO-T8E
 Denver, CO 80202
  

Eurodollar Lending Office:
 Same as
U.S. Domestic Lending Office
  
 Address for Notices:

555 SW Oak, PDORP7LS
 Portland, OR
97208
  
 Telecopier Number: (303) 585-4362

Attention: Daniel K. Hansen
  

	 Bank of America, N.A.
	  	 U.S. Domestic Lending Office:
 901 Main St.
 Dallas, TX 75202-3714

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S.
Domestic Lending Office
  
 Telecopier Number: (713)
247-7286
 Attention: Ron McKaig
  

	 Capital One, N.A.
	  	 U.S. Domestic Lending Office:
 5718 Westheimer, Suite 1430
 Houston, TX 77053

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S.
Domestic Lending Office
  
 Telecopier Number: (504)
533-5594
 Attention: Nancy Moragas

 

  
 Schedule
1.01(b) Page 2 

  

			
	 Comerica Bank
	  	 U.S. Domestic Lending Office:
 1717 Main Street
 Dallas, TX 75201

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (214)-462-4240
 Attention: Robert L. Nelson

 

	 SunTrust Bank
	  	 U.S. Domestic Lending Office:
 303 Peachtree Street
 Atlanta, Georgia 30308

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (404)-827-6270
 Attention: Carmen Malizia

 

	 UBS Loan Finance LLC
	  	 U.S. Domestic Lending Office:
 677 Washington Blvd.
 Stamford, CT 06901

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (203)-719-3390
 Attention: Banking Products
Services
  

	 PNC Bank, National Association
	  	 U.S. Domestic Lending Office:
 Two Tower Center Blvd., 21st Floor
 East Brunswick, NJ 08816

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (214)-871-2015
 Attention: Andrew
Bae

  
 Schedule
1.01(b) Page 3 

  

			
	 Citibank, N.A.
	  	 U.S. Domestic Lending Office:
 1615 Brett Road, Building III
 New Castle, DE 19720

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (212) 994-0847
 Attention: GLOriginationOps

 

	 OneWest Bank, FSB
	  	 U.S. Domestic Lending Office:
 888 East Walnut Street
 Pasadena, CA 91101

 
 Eurodollar Lending Office:

Same as U.S. Domestic Lending Office
  

Address for Notices:
 Same as U.S. Domestic Lending Office
  
 Telecopier Number: (866) 518-6540
 Attention: Olga Fomina

 

	 CIT Bank
	  	 U.S. Domestic Lending Office:
 11 West 42nd
Street
 New York, New York 10036
  

Eurodollar Lending Office:
 Same as U.S. Domestic Lending Office
  
 Address for Notices:
 Same as U.S. Domestic Lending Office

 
 Telecopier Number: (212) 771-6023

Attention: Michael Cerniglia

  
 Schedule
1.01(b) Page 4 

 SCHEDULE 1.01(d) 
 GUARANTORS 
  

			
	 Guarantor
	  	 Ownership

		
	 Holly Energy Partners, L.P.
	  	 HEP Logistics Holdings, L.P. — 2% general partner interest

 
 Parent and its Affiliates — 39.7% in common
units
  
 Publicly owned — 58.3% in common
units

		
	 Holly Energy Finance Corp.
	  	 Holly Energy Partners, L.P. — 100%

		
	 HEP Logistics GP, L.L.C.
	  	 Holly Energy Partners, L.P. — 100%

		
	 HEP Pipeline GP, L.L.C.
	  	 Borrower — 100%

		
	 HEP Refining GP, L.L.C.
	  	 Borrower — 100%

		
	 HEP Mountain Home, L.L.C.
	  	 Borrower — 100%

		
	 HEP Pipeline, L.L.C.
	  	 Borrower — 100%

		
	 HEP Refining, L.L.C.
	  	 Borrower — 100%

		
	 HEP Woods Cross, L.L.C.
	  	 Borrower — 100%

		
	 HEP Navajo Southern, L.P.
	  	 Borrower — 99.999%
 HEP Pipeline GP, L.L.C. — 0.001%

		
	 HEP Pipeline Assets, Limited Partnership
	  	 Borrower — 99.999%
 HEP Pipeline GP, L.L.C. — 0.001%

		
	 HEP Fin-Tex/Trust River, L.P.
	  	 Borrower — 99.999%
 HEP Pipeline GP, L.L.C. — 0.001%

		
	 HEP Refining Assets, L.P.
	  	 Borrower — 99.999%
 HEP Refining GP, L.L.C.— 0.001%

		
	 Holly Energy Storage — Lovington LLC
	  	 HEP Refining, L.L.C. — 100%

		
	 HEP Tulsa LLC
	  	 Borrower — 100%

		
	 Holly Energy Storage — Tulsa LLC
	  	 HEP Tulsa LLC — 100%

		
	 Lovington-Artesia, L.L.C.
	  	 Borrower — 100%

		
	 HEP SLC, LLC
	  	 Borrower — 100%

  
 Schedule
1.01(d) Page 1 

			
	 Guarantor
	  	 Ownership

		
	 Roadrunner Pipeline, L.L.C.
	  	 Borrower — 100%

		
	 Cheyenne Logistics LLC
	  	 Borrower — 100%

		
	 El Dorado Logistics LLC
	  	 Borrower — 100%

  
 Schedule
1.01(d) Page 2 

 SCHEDULE 4.01 
 SUBSIDIARIES 
  

					
	 Name of Subsidiary
	  	 Ownership
	  	 Jurisdiction of Formation

			
	 HEP Pipeline GP, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Refining GP, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Mountain Home, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Pipeline, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Refining, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Woods Cross, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP Navajo Southern, L.P.
	  	 99.999% — Borrower
 0.001% — HEP Pipeline GP, L.L.C.
	  	Delaware
			
	 HEP Pipeline Assets, Limited Partnership
	  	 99.999% — Borrower
 0.001% — HEP Pipeline GP, L.L.C.
	  	Delaware
			
	 HEP Fin-Tex/Trust River, L.P.
	  	 99.999% — Borrower
 0.001% — HEP Pipeline GP, L.L.C.
	  	Texas
			
	 HEP Refining Assets, L.P.
	  	 99.999% — Borrower
 0.001% — HEP Refining GP, L.L.C.
	  	Delaware
			
	 Holly Energy Storage — Lovington LLC
	  	 HEP Refining, L.L.C. — 100%
	  	Delaware
			
	 HEP Tulsa LLC
	  	 Borrower — 100%
	  	Delaware
			
	 Holly Energy Storage — Tulsa LLC
	  	 HEP Tulsa LLC — 100%
	  	Delaware
			
	 Lovington-Artesia, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 HEP SLC, LLC
	  	 Borrower — 100%
	  	Delaware
			
	 Roadrunner Pipeline, L.L.C.
	  	 Borrower — 100%
	  	Delaware
			
	 Cheyenne Logistics LLC
	  	 Borrower — 100%
	  	Delaware
			
	 El Dorado Logistics LLC
	  	 Borrower — 100%
	  	Delaware

  
 Schedule 4.01

 SCHEDULE 6.01 
 EXISTING LIENS 
 Liens in favor of Alon USA, LP (or any assignee or
successor thereto) securing certain obligations under the Pipelines and Terminals Agreement dated as of February 28, 2005 between the Limited Partner and Alon USA, L.P. (“Alon”), pursuant to the Mortgage and Deed of Trust (with
Security Agreement and Financing Statement) dated as of March 1, 2005 executed by HEP FTTR for the benefit of Alon, so long as such Liens are subordinated to the Liens on the same assets securing the Obligations on terms not less advantageous
to the Administrative Agent and the Lenders than those in effect on the date hereof contained in the Subordination, Non-Disturbance and Attornment Agreement executed by the Administrative Agent, the Alon Administrative Agent (as defined therein) and
Alon USA, LP as of March 1, 2005. 
 Liens in favor of the Parent (or any assignee or successor thereto that is an
Affiliate of the Parent) securing certain obligations owing to the Parent (or such Affiliate assignee or successor) and including, without limitation, obligations owing under (a) the Pipelines Agreement dated as of July 8, 2005 among the
Borrower, the Parent, Navajo Refining Company, HEP Pipeline, HEP Logistics Holdings, Holly Logistics Services, and the General Partner, (b) the Pipelines and Tankage Agreement, dated as of February 29, 2008, by and among the Parent, Navajo
Pipeline Co., L.P., Navajo Refining Company, L.L.C., Holly Refining & Marketing Company – Woods Cross LLC (successor by merger to Woods Cross Refining Company, L.L.C.), the Limited Partner, the Borrower, HEP Pipeline, L.L.C., and HEP
Woods Cross, L.L.C., (c) the Amended and Restated Intermediate Pipelines Agreement dated as of June 1, 2009, by and among the Parent, Navajo Refining Company, L.L.C., the Limited Partner, the Borrower, HEP Pipeline, L.L.C.,
Lovington-Artesia, L.L.C., HEP Logistics Holdings, Holly Logistic Services and the General Partner, (d) the First Amended and Restated Pipelines, Tankage and Loading Rack Throughput Agreement (Tulsa East) dated effective as of March 31,
2010, by and between Holly Refining & Marketing – Tulsa LLC and Holly Energy Storage-Tulsa LLC, (e) the Loading Rack Throughput Agreement (Lovington) dated effective as of March 31, 2010, by and between the Navajo Refining
Company, L.L.C. and Holly Energy Storage-Lovington LLC, (f) the Tankage, Loading Rack and Crude Oil Receiving Throughput Agreement (Cheyenne), dated effective as of November 1, 2011, by and among Frontier Refining LLC and Cheyenne
Logistics LLC and (g) the Pipeline Delivery, Tankage and Loading Rack Throughput Agreement (El Dorado), dated effective as of November 1, 2011, by and among Frontier El Dorado Refining LLC and El Dorado Logistics LLC so long as such Liens
are subordinated to the Liens on the same assets securing the Obligations on terms not less advantageous to the Administrative Agent and the Lenders than those in effect on the date hereof, including, without limitation, those contained in
(i) the Subordination, Non-Disturbance and Attornment Agreement executed by the Administrative Agent and the Parent as of July 8, 2005, (ii) the Subordination, Non-Disturbance and Attornment Agreement executed by the Administrative
Agent and the Parent as of February 29, 2008, (iii) the Subordination, Non-Disturbance and Attornment Agreement executed by the Administrative Agent and the Parent as of June 1, 2009, (iv) the Subordination, Non-Disturbance and
Attornment Agreement (for Tulsa East) executed by the Administrative Agent and the Parent as of April 30, 2010, (v) the Subordination, Non-Disturbance and Attornment Agreement (for Lovington) executed by the Administrative Agent and the
Parent as of April 30, 2010, (vi) the Subordination, Non-Disturbance and Attornment Agreement (for Cheyenne Logistics LLC) executed by the Administrative Agent and the Parent as of January 31, 2012 and (vii) the Subordination,
Non-Disturbance and Attornment Agreement (for El Dorado Logistics LLC) executed by the Administrative Agent and the Parent as of January 31, 2012, in each case for the respective Pipelines and Terminal Agreement listed above. 

Liens in favor of Leaf Funding, Inc. securing certain lease obligations. 

  
 Schedule 6.01

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