Document:

Exhibit 10.2

  
 EXHIBIT 10.2

 FORM OF ADVISORY AGREEMENT 
 AMONG 
 O’DONNELL STRATEGIC GATEWAY REIT, INC., 

O’DONNELL STRATEGIC GATEWAY REIT OPERATING PARTNERSHIP, LP, 

O’DONNELL STRATEGIC GATEWAY ADVISOR, LLC 
 AND 
 O’DONNELL REIT ADVISORS, LLC 

  
 TABLE OF CONTENTS

  

					
	 ARTICLE 1 - DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 - APPOINTMENT
	  	 	6	  
		
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	 	6	  
		
	 3.01 Offering Services
	  	 	6	  
	 3.02 Acquisition Services
	  	 	7	  
	 3.03 Asset Management Services
	  	 	7	  
	 3.04 Accounting and Other Administrative Services
	  	 	8	  
	 3.05 Stockholder Services
	  	 	9	  
	 3.06 Financing Services
	  	 	9	  
	 3.07 Disposition Services
	  	 	9	  
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	 	10	  
		
	 4.01 Powers of the Advisor
	  	 	10	  
	 4.02 Approval by the Board
	  	 	10	  
	 4.03 Modification or Revocation of Authority of Advisor
	  	 	10	  
	 ARTICLE 5 - BANK ACCOUNTS
	  	 	10	  
		
	 ARTICLE 6 - RECORDS AND ACCESS
	  	 	11	  
		
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	 	11	  
		
	 ARTICLE 8 - FEES
	  	 	11	  
		
	 8.01 Acquisition Fees
	  	 	11	  
	 8.02 Asset Management Fees
	  	 	12	  
	 8.03 Disposition Fees
	  	 	12	  
	 8.04 Changes to Fee Structure
	  	 	12	  
	 ARTICLE 9 - EXPENSES
	  	 	12	  
		
	 9.01 General
	  	 	12	  
	 9.02 Timing of and Additional Limitations on Reimbursements
	  	 	14	  
	 ARTICLE 10 - OTHER SERVICES
	  	 	15	  
		
	 ARTICLE 11 - VOTING AGREEMENT
	  	 	15	  
		
	 ARTICLE 12 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	15	  
		
	 12.01 Relationship
	  	 	15	  
	 12.02 Time Commitment
	  	 	15	  
	 12.03 Investment Opportunities and Allocation
	  	 	15	  
	 ARTICLE 13 - THE O’DONNELL NAME
	  	 	16	  
		
	 ARTICLE 14 - TERM AND TERMINATION OF THE AGREEMENT
	  	 	16	  
		
	 14.01 Term
	  	 	16	  
	 14.02 Termination by the Parties
	  	 	16	  
	 14.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	16	  

  
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	 ARTICLE 15 - ASSIGNMENT
	  	 	17	  
		
	 ARTICLE 16 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	17	  
		
	 16.01 Indemnification
	  	 	17	  
	 16.02 Limitation on Indemnification
	  	 	18	  
	 16.03 Limitation on Payment of Expenses
	  	 	18	  
	 16.04 Indemnification by Advisor
	  	 	18	  
	 ARTICLE 17 - NON-SOLICITATION
	  	 	19	  
		
	 ARTICLE 18 - MISCELLANEOUS
	  	 	19	  
		
	 18.01 Notices
	  	 	19	  
	 18.02 Modification
	  	 	19	  
	 18.03 Severability
	  	 	19	  
	 18.04 Construction
	  	 	19	  
	 18.05 Entire Agreement
	  	 	19	  
	 18.06 Waiver
	  	 	20	  
	 18.07 Gender
	  	 	20	  
	 18.08 Titles Not to Affect Interpretation
	  	 	20	  
	 18.09 Counterparts
	  	 	20	  

  
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 FORM OF ADVISORY
AGREEMENT 
 THIS ADVISORY AGREEMENT (this “Agreement”), dated as of
                    , 2010, and effective as of the date that the Registration Statement is declared effective by the SEC (the “Effective
Date”), is entered into by and among O’Donnell Strategic Gateway REIT, Inc., a Maryland corporation (the “Company”), O’Donnell Strategic Gateway REIT Operating Partnership, LP, a Delaware limited partnership (the
“Operating Partnership”), O’Donnell Strategic Gateway Advisor, LLC, a Delaware limited liability company (the “Advisor”), and, solely in connection with the obligations set forth in Section 12.03 hereof,
O’Donnell REIT Advisors, LLC, a Delaware limited liability company (“Sponsor”). Capitalized terms used herein shall have the meanings ascribed to them in Section 1 below. 

W I T N E S S E T H 
 WHEREAS, the Company intends to qualify as a REIT, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code; 

WHEREAS, the Company is the general partner of the Operating Partnership and intends to conduct all of its business and make all or
substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to
avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and
subject to the supervision of, the Board of the Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to
undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 As used in this Agreement, the following terms shall have the
meanings specified below: 
 Acquisition Expenses means any and all expenses, excluding Acquisition Fees, incurred
by the Company, the Operating Partnership, the Advisor or any of their Affiliates in connection with the selection, evaluation, acquisition, origination or development of any Investments, whether or not acquired or originated, as applicable,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums
and the costs of performing due diligence. 
 Acquisition Fees means the fee payable to the Advisor pursuant to
Section 8.01 plus all other fees and commissions, excluding Acquisition Expenses, paid by any Person to any Person in connection with the Company making or investing in any Investments or the purchase, development or construction of any
Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, development fee, construction fee, nonrecurring management fee, loan fees or points or any fee of a similar nature,
however designated. Excluded shall be development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 

  

  
 Advisor
means (i) O’Donnell Strategic Gateway Advisor, LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 
 Affiliate or Affiliated means, with respect to any Person, (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person;
(ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10.0% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive
officer, director, trustee, or general partner; (iv) any Person 10.0% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive
officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or be under common control with a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% or more of the
voting equity interests of such program or (B) a majority of the Board (or equivalent governing body) of such program is composed of Affiliates of the entity. 
 Asset Management Fee means the fees payable to the Advisor pursuant to Section 8.02. 
 Average Invested Assets means, for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Investments before reserves
for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 Board means the board of directors of the Company, as of any particular time. 
 Bylaws means the bylaws of the Company, as amended from time to time. 
 Cause means with respect to the termination of this Agreement, fraud, criminal conduct, misconduct, negligence or breach of fiduciary duty by the Advisor, or a material breach of this
Agreement by the Advisor. 
 Charter means the articles of incorporation of the Company, as amended from time to
time. 
 Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute
thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

 Company means O’Donnell Strategic Gateway REIT, Inc., a corporation organized under the laws of the State
of Maryland. 
 Contract Sales Price means the total consideration received by the Company for the sale of an
Investment. 
 Cost of Loans and other Investments means, calculated each month on an ongoing basis, the lesser
of: (i) the sum of the amount actually paid or allocated to fund the acquisition or origination of any Loan or other Investment (other than Property), inclusive of expenses associated with such Loan or other Investment and the amount of any
debt associated with or used to acquire or originate such Loan or other Investment, and (ii) the sum of the outstanding principal amount of such Loan or other Investment, plus expenses associated with such Loan or other Investment and the
amount of any debt associated with or used to acquire or originate such Loan or other Investment, as of the time of calculation. With respect to any Loan or other Investment held by the Company through any Joint Venture, such amount shall be the
Company’s proportionate share thereof based upon the Company’s investment in such Joint Venture. 

  
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 Cost of Property
Investments means (i) with respect to the acquisition or origination of a Property to be wholly owned, directly or indirectly, by the Company, the sum of the amount actually paid or allocated to fund the acquisition, development,
construction or improvement of the Property, inclusive of expenses associated with the investment in such Property and the amount of any debt associated with or used to fund the investment in such Property, and (ii) with respect to the
acquisition, development, construction or improvement of any Property held by the Company through any Joint Venture, the sum of the portion of the amount actually paid or allocated to fund the acquisition, development, construction or improvement of
such Property, inclusive of expenses associated with the investment in such Property and expenses of the Joint Venture, plus the amount of any debt associated with or used to fund the investment in such Property, that is attributable to the
Company’s investment in such Joint Venture. 
 Dealer Manager means SC Distributors, LLC, a Delaware limited
liability company, or such other Person selected by the Board to act as dealer manager for the Offering. 
 Disposition
Fee means the fees payable to the Advisor pursuant to Section 8.03. 
 Distribution means any
distributions of money or other property by the Company to Stockholders, including distributions that may constitute a return of capital for federal income tax purposes. 
 Excess Amount has the meaning set forth in Section 9.02. 

Expense Year has the meaning set forth in Section 9.02. 

FINRA means the Financial Industry Regulatory Authority, Inc. 

GAAP means generally accepted accounting principles as in effect in the United States of America from time to time.

 Good Reason means any material breach of this Agreement of any nature whatsoever by the Company or the
Operating Partnership. 
 Gross Proceeds means the aggregate purchase price of all Shares sold for the account of
the Company through an Offering, without deduction for Organization and Offering Expenses. 
 Independent
Directors has the meaning set forth in the Articles of Incorporation. 
 Initial Public Offering means the
initial public offering of Shares registered on the Registration Statement. 
 Investment means any investment by
the Company or the Operating Partnership in Properties, Loans and all other investments in which the Company or the Operating Partnership may acquire an interest, either directly or indirectly, including through ownership interests in a Joint
Venture, pursuant to the Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 

Joint Venture means any joint venture, limited liability company, partnership or other entity pursuant to which the Company
or the Operating Partnership is, directly or indirectly, a co-venturer or partner with respect to the ownership of any Investments. 
 Listing means the listing of the Shares on a national securities exchange. Upon such Listing, the Shares shall be deemed “Listed.” 

Loans means mortgage loans and other types of debt financing investments made by the Company or the Operating Partnership,
either directly or indirectly, including through ownership interests in a Joint Venture, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible debt, wraparound mortgage loans, construction mortgage loans, loans on
leasehold interests, and participations in such loans. 

  
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 NASAA REIT
Guidelines means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association as in effect on the Effective Date. 

Net Income means, for any period, the Company’s total revenues applicable to such period, less the total expenses
applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude
the gain from the sale of the Company’s assets. 
 Offering means any offering of Shares that is registered
with the SEC, excluding Shares offered under any employee benefit plan. 
 Operating Expenses means all costs and
expenses paid or incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company or its business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as
Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration
and Listing, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition
Fees, origination fees, Acquisition Expenses, real estate commissions on the resale of real property and other fees and expenses connected with the acquisition, financing, disposition, management and ownership of real estate interests, loans or
other property (other than commissions on the sale of assets other than real property), including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property. The definition of “Operating
Expenses” set forth above is intended to encompass only those expenses which are required to be treated as “Total Operating Expenses” under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above,
any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of “Operating Expenses” for purposes hereof. 

Operating Partnership means O’Donnell Strategic Gateway REIT Operating Partnership, LP, a Delaware limited
partnership. 
 Operating Partnership Agreement means the limited partnership agreement by and among the Company
and the Advisor. 
 Operator means an entity that has been retained to perform and carry out property management
services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed through to and
ultimately paid by the tenant at such Property. 
 Organization and Offering Expenses means any and all costs and
expenses incurred by or on behalf of the Company and to be paid from the Assets in connection with the formation of the Company and the qualification and registration of an Offering, and the marketing and distribution of Shares, including, without
limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving and amending registration statements or supplementing prospectuses, mailing and
distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, charges of transfer agents, registrars, trustees, escrow holders, depositories and
experts and expenses related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes, fees and accountants’ and attorneys’ fees. 

  
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 Person
means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described
in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a
group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 

Property means any real property or properties transferred or conveyed to the Company or the Operating Partnership, either
directly or indirectly, including through ownership interests in a Joint Venture. 
 Registration Statement means
the registration statement filed by the Company with the SEC on Form S-11 (Reg. No.                     ), as amended from time to time, in
connection with the Initial Public Offering. 
 REIT means a “real estate investment trust” under
Sections 856 through 860 of the Code. 
 Sale means (i) any transaction or series of transactions whereby:
(A) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any
event with respect to any Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction; (B) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating
Partnership in any Joint Venture in which it is a partner; or (C) any Joint Venture in which the Company or the Operating Partnership is a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any
Investment or portion thereof, including any event with respect to any Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or one of its subsidiaries of any asset-backed securities
or collateralized debt obligations as part of a securitization transaction. 
 SEC means the United States
Securities and Exchange Commission. 
 Securities means any Shares, any other stock, shares or other evidences of
equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

 Shares means shares of common stock of the Company, par value $.01 per share. 

Stockholders means the registered holders of the Shares. 

Termination Date means the date of termination of the Agreement determined in accordance with Article 15 hereof.

 2%/25% Guidelines has the meaning set forth in Section 9.02. 

  
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 ARTICLE 2

 APPOINTMENT 
 The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts
such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating,
directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating Partnership potential investment
opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable
investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the
continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the duties described below: 

3.01 Offering Services. The Advisor shall manage and supervise: 

(i) Development of the Initial Public Offering and any subsequent Offering approved by the Board, including the
determination of the specific terms of the securities to be offered by the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 

(ii) Along with the Dealer Manager, approval of the participating broker-dealers and negotiation of the related
selling agreements; 
 (iii) Coordination of the due diligence process relating to participating
broker-dealers and their review of the Registration Statement and other Offering and Company documents; 

(iv) Preparation and approval of all marketing materials contemplated to be used by the Dealer Manager or others
relating to any Offering; 
 (v) Along with the Dealer Manager, negotiation and coordination with the
transfer agent for the receipt, collection, processing and acceptance of subscription agreements, commissions, and other administrative support functions; 
 (vi) Creation and implementation of various technology and electronic communications related to any Offering; and 

(vii) All other services related to any Offering, other than services that (a) are to be performed by the Dealer
Manager, (b) the Company elects to perform directly or (c) would require the Advisor to register as a broker-dealer with the SEC, FINRA or any blue sky jurisdiction. 

  
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 3.02 Acquisition
Services. 
 The Advisor shall: 
 (i) Serve as the Company’s investment and financial advisor and obtain certain market research and economic and statistical data in connection with Investments and investment objectives and
policies; 
 (ii) Subject to Article 4 hereof and the investment objectives and policies of the
Company: (a) locate, analyze and select potential Investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which the Investments will be made; and (c) acquire Investments on behalf of the Company;

 (iii) Oversee the due diligence process related to prospective Investments; 

(iv) Prepare reports regarding prospective Investments which include recommendations and supporting documentation
necessary for the Board to evaluate such prospective Investments; 
 (v) Obtain reports (which may be
prepared by the Advisor or its Affiliates), where appropriate, concerning the value of prospective Investments; and 
 (vi) Negotiate and execute approved Investments. 
 3.03 Asset Management
Services. 
 The Advisor shall: 
 (i) Investigate, select, and, on behalf of the Company, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including
but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction
companies, Operators and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 

(ii) Monitor applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where
appropriate, concerning the value of Investments; 
 (iii) Monitor and evaluate the performance of
Investments, provide daily management services to the Company and perform and supervise the various management and operational functions related to Investments; 
 (iv) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and
disposition of Investments on an overall portfolio basis; 
 (v) Oversee the performance by the Operators of
their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 

  
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 (vi)
Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Operators; 

(vii) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by
each Operator and aggregate these property budgets into the Company’s overall budget; 

(viii) Coordinate and manage relationships between the Company and any Joint Venture partners; and 

(ix) Provide financial and operational planning services and investment portfolio management functions. 

3.04 Accounting and Other Administrative Services. 
 The Advisor shall: 
 (i) Manage and perform the various
administrative functions necessary for the management of the day-to-day operations of the Company; 

(ii) From time-to-time, or at any time reasonably requested by the Board, make reports to the Board on the
Advisor’s performance of services to the Company under this Agreement; 
 (iii) Coordinate with the
Company’s independent accountants and auditors to prepare and deliver to the Company’s audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 

(iv) Provide or arrange for administrative services, legal services, office space, office furnishings, personnel and
other overhead items necessary and incidental to the Company’s business and operations; 
 (v) Provide
financial and operational planning services and portfolio management functions; 
 (vi) Maintain accounting
data and any other information concerning the activities of the Company as shall be needed to prepare and file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency, including annual financial
statements; 
 (vii) Oversee tax and compliance services and risk management services and coordinate with
appropriate third parties, including independent accountants and other consultants, on related tax matters; 

(viii) Supervise the performance of such ministerial and administrative functions as may be necessary in connection
with the daily operations of the Company; 
 (ix) Provide the Company with all necessary cash management
services; 

  
 8 

  

(x) Manage and coordinate with the transfer agent the distribution process and payments to Stockholders; 

(xi) Consult with the officers of the Company and the Board and assist in evaluating and obtaining adequate insurance
coverage based upon risk management determinations; 
 (xii) Provide the officers of the Company and the
Board with timely updates related to the overall regulatory environment affecting the Company, as well as managing compliance with such matters; 
 (xiii) Consult with the officers of the Company and the Board relating to the corporate governance structure and appropriate policies and procedures related thereto; and 

(xiv) Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Company
to comply with applicable law including the Sarbanes-Oxley Act of 2002. 
 3.05 Stockholder Services. 

The Advisor shall: 
 (i) Manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; and 

(ii) Establish technology infrastructure to assist in providing Stockholder support and service. 

3.06 Financing Services. 
 The Advisor shall: 
 (i) Identify and evaluate potential
financing and refinancing sources and engage a third-party broker if necessary; 
 (ii) Negotiate the terms
of, arrange and execute financing agreements; 
 (iii) Manage relationships between the Company and its
lenders; and 
 (iv) Monitor and oversee the service of the Company’s debt facilities and other
financings. 
 3.07 Disposition Services. 
 The Advisor shall: 
 (i) Consult with the Board and provide
assistance with the evaluation and approval of potential asset dispositions, sales or other liquidity events; and 

  
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(ii) Structure and negotiate the terms and conditions of transactions pursuant to which Investments may be sold.

 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 Powers of the Advisor. Subject to
the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing
and disposing of Investments, and the performance of those services described in Article 3 hereof, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to
carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform
its obligations under this Agreement. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and
representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement
or the Charter. 
 4.02 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on
behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must
approve a proposed investment, financing or disposition, or chooses to do so, the Advisor will deliver to the Board or the appropriate committee of the Board, as applicable, all documents required by the Board or such committee thereof to evaluate
such investment, financing or disposition. 
 4.03 Modification or Revocation of Authority of Advisor. The Board
may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 hereof and this Article 4; provided, however, that such modification or revocation shall be effective upon receipt thereof
by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to the date of receipt by the Advisor of such modification or revocation. 

ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

  
 10 

  
 ARTICLE 6

 RECORDS AND ACCESS 
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be
supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel,
auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership.

 ARTICLE 7 
 LIMITATION ON ACTIVITIES 
 Notwithstanding any provision in this Agreement
to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code unless the Board has
determined that the Company will not seek or maintain REIT qualification for the Company, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of
policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In
the event that an action which would violate (i) through (v) of the preceding sentence has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall
refrain from taking such action until it receives further clarification or instructions regarding such action from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so
given. 
 ARTICLE 8 
 FEES 
 8.01 Acquisition Fees. As compensation for the
investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Investments, the Company shall pay an Acquisition Fee to the Advisor for each such Investment. With respect to the acquisition or
origination of an Investment to be wholly owned, directly or indirectly, by the Company, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition or origination of the
Investment, inclusive of the Acquisition Expenses associated with such Investment and the amount of any debt associated with, or used to fund the investment in, such Investment. With respect to the acquisition or origination of an Investment
through any Joint Venture, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Investment,
inclusive of the Acquisition Expenses associated with such Investment, plus the amount of any debt associated with, or used to fund the investment in, such Investment, that is attributable to the Company’s investment in such Joint
Venture. Notwithstanding anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on acquisition fees set forth in the Charter. The Advisor shall submit an invoice to the Company
following the closing or closings of each acquisition or origination of an Investment, accompanied by a computation of the Acquisition Fee related to such Investment. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing
of the transaction upon receipt of such invoice by the Company; provided, however, that such Acquisition Fee shall be paid to an 

  
 11 

 
Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such payment to be made to a Person that is not a FINRA member
broker-dealer. Payment of the Acquisition Fee may be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Acquisition Fees shall be paid to the Advisor without interest at such
subsequent date as the Advisor shall request. 
 8.02 Asset Management Fees. The Company shall pay the Advisor, as
compensation for the services described in Section 3.03 hereof, a monthly Asset Management Fee in an amount equal to one-twelfth of 1.0% of the sum of the Cost of Property Investments and the Cost of Loans and other Investments. The Asset
Management Fee payable to the Advisor for each month shall be calculated as of the last calendar day of such month. Each month, on the last calendar day of such month or the first business day following thereafter, the Advisor shall submit an
invoice to the Company, accompanied by a computation of the Asset Management Fee for such month. Generally, the Asset Management Fee payable to the Advisor for each month shall be paid by the Company upon the Company’s receipt of such
invoice. Payment of the Asset Management Fee may be deferred, in whole or in part, as to any transaction or any month in the sole discretion of the Advisor. Any such deferred Asset Management Fees shall be paid to the Advisor without
interest at such subsequent date as the Advisor shall request. 
 8.03 Disposition Fees. If the Advisor or any of
its Affiliates provide a substantial amount of services (as determined by the Independent Directors) in connection with the Sale of an Investment, the Advisor or such Affiliate shall receive a Disposition Fee. With respect to the Sale of an
Investment wholly owned, directly or indirectly, by the Company, the Disposition Fee payable to the Advisor shall equal 2.0% of the Contract Sales Price of each Investment sold. With respect to the Sale of an Investment through any Joint
Venture, the Disposition Fee payable to the Advisor shall be in an amount equal to 2.0% of the Contract Sales Price of each Investment sold reduced in proportion to the Company’s interest in such Joint Venture. The payment of any Disposition
Fees by the Company shall be subject to the limitations set forth in the Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition of an Investment, accompanied by a computation of the
Disposition Fee relating to such disposition. Generally, the Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company; provided, however, that such Disposition Fee shall be
paid to an Affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable laws or regulations prohibit such payment to be made to a Person that is not a FINRA member broker-dealer. Payment of the Disposition Fee may
be deferred, in whole or in part, as to any transaction in the sole discretion of the Advisor. Any such deferred Disposition Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request. 

8.04 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to
establish a fee structure appropriate for a perpetual-life entity. 
 ARTICLE 9 

EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i) All Organization and Offering Expenses; provided, however, that (a) the Company shall not
reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses (other than selling commissions or dealer manager fees) to exceed 1.25% of the Gross Proceeds raised as of
the date of the 

  
 12 

 
reimbursement, (b) within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and
Offering Expenses (other than selling commissions or dealer manager fees) exceeding 1.25% of the Gross Proceeds raised in the completed Offering, (c) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that
the Independent Directors determine are not fair and commercially reasonable to the Company, (d) the Company shall not reimburse the Advisor for any individual retirement account custodian fees that the Advisor or its Affiliates pays on behalf
of Stockholders, and (e) notwithstanding anything in this Agreement to the contrary, in no event shall the Company reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and
Offering Expenses (inclusive of selling commissions and dealer manager fees) to exceed 15.0% of the Gross Proceeds raised as of the date of the reimbursement; 
 (ii) Acquisition Fees and Acquisition Expenses incurred in connection with the selection and acquisition of Investments, including such expenses incurred related to assets pursued or considered but
not ultimately acquired by the Company, provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Charter; 

(iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor; 
 (iv) Interest and other costs for borrowed money or securitization
transactions, including discounts, points and other similar fees; 
 (v) Taxes and assessments on income or
Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Board; 

(vii) Expenses of managing, improving, developing, operating and selling Investments owned, directly or indirectly,
by the Company, as well as expenses of other transactions relating to such Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 

(viii) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and
Stockholders; 
 (ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in
performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be
made for costs of such employees of the Advisor or its Affiliates to the extent that such employees (A) perform services for which the Advisor receives Acquisition Fees or Disposition Fees or (B) serve as executive officers of the Company;

 (x) Out-of-pocket expenses of providing services for and maintaining communications with
Stockholders, including the cost of preparation, printing and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 

  
 13 

  

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the
Company and all such fees incurred at the request, or on behalf of, the Board or any other committee of the Board; 
 (xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances; 
 (xiii) Expenses connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 

(xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the
Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs incurred by the Advisor in performing its
duties hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this
Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2 million in Gross Proceeds from the sale of Shares to Person not affiliated with the Company or the Advisor in the Initial Public Offering. 

(iii) Commencing with the end of fourth fiscal quarter following the fiscal quarter in which the commencement of the
Initial Public Offering occurs, the following limitation on Operating Expenses shall apply: If, at the end of any fiscal quarter, the total Operating Expenses for the four consecutive fiscal quarters then ended (such period the “Expense
Year”) exceed (the amount of any such excess the “Excess Amount”) the greater of (a) 2% of Average Invested Assets or (b) 25% of Net Income (the “2%/25% Guidelines”) for such Expense Year, the
Company shall not reimburse the Advisor for any such Excess Amount unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient. If the
Independent Directors do not approve such Excess Amount as being so justified, any Excess Amount paid to the Advisor during the fiscal quarter shall promptly be repaid to the Company by the Advisor. If the Independent Directors determine such Excess
Amount was justified, then, within 60 days after the end of the fiscal quarter, the Advisor, at the direction of the Board, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the
Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that
such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on
a consistent basis. 

  
 14 

  
 ARTICLE 10

 OTHER SERVICES 
 Should (i) the Company or the Operating Partnership request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement or
(ii) there are changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not
entitled to separate reimbursement for personnel and related employment direct costs and overhead under Article 9 of this Agreement would increase significantly, such services shall be separately compensated at such rates and in such amounts as
are agreed by the Advisor and the Independent Directors, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services pursuant to the terms of this Agreement. 

ARTICLE 11 

VOTING AGREEMENT 
 O’Donnell Strategic Advisor, LLC agrees that, with respect to any Shares now or hereinafter owned by it, it will not vote or consent on matters submitted to the Stockholders of the Company regarding
(i) the removal of O’Donnell Strategic Advisor, LLC or any of its Affiliates as the Advisor or (ii) any transaction between the Company and O’Donnell Strategic Advisor, LLC or any of its Affiliates. This voting restriction
shall survive until such time that O’Donnell Strategic Advisor, LLC or any of its Affiliates is no longer serving as the Advisor. 
 ARTICLE 12 
 RELATIONSHIP OF ADVISOR AND COMPANY; 

OTHER ACTIVITIES OF THE ADVISOR 
 12.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint
venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored
or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of
any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the
existence of any condition or circumstance, existing or anticipated, of which it has knowledge that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any
other Person. 
 12.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective
employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges
that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 

12.03 Investment Opportunities and Allocation. Any opportunity identified by the Sponsor or its Affiliates to invest in an
industrial property that is suitable for the Company and one or more of the Sponsor’s Affiliates must first be presented to the Company for consideration. Unless the Board determines not to proceed with the investment opportunity, such
investment opportunity must not be presented to any other real estate investment fund, program or joint venture owned, managed or advised by the Sponsor or any of its Affiliates. The Sponsor and its Affiliates are not required to present any
investment opportunity to the Company during any period in which the Company does not have sufficient available funds, or a reasonable opportunity of obtaining available funds, with which to make such investment. 

  
 15 

  
 ARTICLE 13

 THE O’DONNELL NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “O’Donnell.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive
royalty-free right and license to use the name “O’Donnell” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform
advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “O’Donnell” or any derivative thereof and the Company shall change its
name and the names of any of its subsidiaries to a name that does not contain the name “O’Donnell” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of
relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word
“O’Donnell.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles
(including vehicles for investment in real estate loans, real estate-related debt securities and other real estate assets) and financial and service organizations having “O’Donnell” as a part of their name, all without the need for
any consent (and without the right to object thereto) by the Company. 
 ARTICLE 14 

TERM AND TERMINATION OF THE AGREEMENT 
 14.01 Term. This Agreement shall have an initial term of one year from the Effective Date and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. The Company (acting through the Independent Directors) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be
approved by the Independent Directors. 
 14.02 Termination by the Parties. This Agreement may be terminated:

 (i) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor;

 (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors;
or 
 (iii) upon 60 days written notice with Good Reason by the Advisor. 

The provisions of Article 13, Section 14.03 and Articles 16 through 18 of this Agreement shall survive termination of this
Agreement. 
 14.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor
pursuant to this Section 14.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 

(i) After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder
except it shall be entitled to receive from the Company or the 

  
 16 

 
Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination
of this Agreement. 
 (ii) The Advisor shall promptly upon termination: 

(a) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company
and the Operating Partnership pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a
statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (c) deliver to the Board all assets and documents of the Company or the Operating Partnership then in the custody of the Advisor; and 

(d) cooperate with the Company to provide an orderly transition of advisory functions. 

ARTICLE 15 

ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate with the prior approval of a majority of the Board (including a majority of the Independent Directors). The Advisor may assign any rights to
receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment
by the Company or the Operating Partnership to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound
hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. Nothing herein shall be deemed to prohibit or otherwise restrict any transfers or additional issuances of
equity interests in the Advisor nor shall any such transfer or issuance be deemed an assignment for purposes of this Article 15. 

ARTICLE 16 

INDEMNIFICATION AND LIMITATION OF LIABILITY 
 16.01 Indemnification. Except as prohibited by the restrictions provided in this Section 16.01, Section 16.02 and Section 16.03, the Company and the Operating Partnership shall
indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out
of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company shall not indemnify
the Advisors or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a
successful 

  
 17 

 
adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related
costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or
sold as to indemnification for violations of securities laws. 
 16.02 Limitation on
Indemnification. Notwithstanding the foregoing, the Company and Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held
harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 

(i) The Advisor or its Affiliates have determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Company and the Operating Partnership. 
 (ii) The Advisor or its
Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. 
 (iii)
Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 
 (iv)
Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Stockholders. 
 16.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by the Advisors or its Affiliates in advance of the final
disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect
to the performance of duties or services on behalf of the Company or the Operating Partnership, (ii) the legal proceeding was initiated by a third party who is not a Stockholder or by a Stockholder acting in his or her capacity as such and a
court of competent jurisdiction specifically approves such advancement and (iii) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company or the Operating Partnership, together with the applicable legal rate
of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

16.04 Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from
contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are
incurred by reason of the Advisor’s bad faith, fraud, misfeasance, intentional misconduct, negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in
following or declining to follow any advice or recommendation given by the Advisor. 

  
 18 

  
 ARTICLE 17

 NON-SOLICITATION 
 During the period commencing on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly,
(i) solicit or encourage any person to leave the employment or other service of the Advisor or its Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person within the one year period following the
termination of that person’s employment with the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the
account of any other Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the
preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 
 ARTICLE 18 
 MISCELLANEOUS 

18.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing
unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein: 
  

			
	 To the Board, the Company or the Operating Partnership:
	  	 O’Donnell Strategic Gateway REIT, Inc.
 3 San Joaquin Plaza, Suite 160
 Newport Beach, CA 92660

		
	 To the Advisor:
	  	 O’Donnell Strategic Gateway Advisor, LLC
 3 San Joaquin Plaza, Suite 160
 Newport Beach, CA 92660

Either party may at any time give notice in writing to the other party of a change in its address for the purposes of this
Section 18.01. 
 18.02 Modification. This Agreement shall not be changed, modified, terminated or discharged,
in whole or in part, except by an instrument in writing signed by all of the parties hereto, or their respective successors or permitted assigns. 
 18.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the
fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 18.04
Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 
 18.05 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and
contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

  
 19 

  
 18.06
Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power
or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right,
remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

18.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to
include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

18.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 18.09 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the
signatories. This Agreement may be executed by facsimile, telecopy or other form of electronic reproduction, and such execution shall be considered valid, binding and effective for all purposes. 

[The remainder of this page is intentionally left blank. 
 Signature page follows.] 

  
 20 

  
 IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date and year first above written. 
  

			
	O’Donnell Strategic Gateway REIT, Inc.
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	Chief Executive Officer

  

					
	O’Donnell Strategic Gateway REIT Operating Partnership, LP
		
	By:	 	 O’Donnell Strategic Gateway REIT, Inc.,
 its General Partner

			
		 	By:	 	 
		 	Name:	 	Douglas D. O’Donnell
		 	Title:	 	Chief Executive Officer

  

			
	O’Donnell Strategic Gateway Advisor, LLC
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	Chief Executive Officer

  

			
	For the purposes of Section 12.03 hereof only:
	
	O’Donnell REIT Advisors, LLC
		
	By:	 	 
	Name:	 	Douglas D. O’Donnell
	Title:	 	 

 Signature Page To
Advisory AgreementExhibit 10.3

  
 EXHIBIT 10.3

 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 O’DONNELL STRATEGIC GATEWAY REIT OPERATING PARTNERSHIP, LP

 A DELAWARE LIMITED PARTNERSHIP 
 _____________________, 2010 

  
 TABLE OF CONTENTS

  

							
	 ARTICLE 1
	  	 DEFINED TERMS
	  	 	1	  
			
	 ARTICLE 2
	  	 PARTNERSHIP FORMATION AND IDENTIFICATION
	  	 	6	  
			
	 2.1
	  	 Formation
	  	 	6	  
	 2.2
	  	 Name, Office and Registered Agent
	  	 	6	  
	 2.3
	  	 Term and Dissolution
	  	 	7	  
	 2.4
	  	 Filing of Certificate and Perfection of Limited Partnership
	  	 	7	  
			
	 ARTICLE 3
	  	 BUSINESS OF THE PARTNERSHIP
	  	 	7	  
			
	 ARTICLE 4
	  	 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	8	  
			
	 4.1
	  	 Capital Contributions
	  	 	8	  
	 4.2
	  	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	8	  
	 4.3
	  	 Additional Funding
	  	 	9	  
	 4.4
	  	 Capital Accounts
	  	 	9	  
	 4.5
	  	 No Interest on Contributions
	  	 	9	  
	 4.6
	  	 Return of Capital Contributions
	  	 	9	  
	 4.7
	  	 No Third Party Beneficiary
	  	 	9	  
			
	 ARTICLE 5
	  	 PROFITS AND LOSSES; DISTRIBUTIONS
	  	 	10	  
			
	 5.1
	  	 Allocation of Profit and Loss
	  	 	10	  
	 5.2
	  	 Distribution of Cash
	  	 	11	  
	 5.3
	  	 REIT Distribution Requirements
	  	 	12	  
	 5.4
	  	 No Right to Distributions in Kind
	  	 	12	  
	 5.5
	  	 Limitations on Return of Capital Contributions
	  	 	12	  
	 5.6
	  	 Distributions Upon Liquidation
	  	 	12	  
	 5.7
	  	 Substantial Economic Effect
	  	 	13	  
			
	 ARTICLE 6
	  	 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	 	13	  
			
	 6.1
	  	 Management of the Partnership
	  	 	13	  
	 6.2
	  	 Delegation of Authority
	  	 	15	  
	 6.3
	  	 Indemnification and Exculpation of Indemnitees
	  	 	15	  
	 6.4
	  	 Liability of the General Partner
	  	 	17	  
	 6.5
	  	 Reimbursement of General Partner
	  	 	18	  
	 6.6
	  	 Outside Activities
	  	 	18	  
	 6.7
	  	 Employment or Retention of Affiliates
	  	 	18	  
	 6.8
	  	 General Partner Participation
	  	 	19	  
	 6.9
	  	 Title to Partnership Assets
	  	 	19	  
	 6.10
	  	 No Duplication of Fees or Expenses
	  	 	19	  
			
	 ARTICLE 7
	  	 CHANGES IN GENERAL PARTNER
	  	 	19	  
			
	 7.1
	  	 Transfer of the General Partner’s Partnership Interest
	  	 	19	  
	 7.2
	  	 Admission of a Substitute or Additional General Partner
	  	 	20	  
	 7.3
	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	20	  
	 7.4
	  	 Removal of a General Partner
	  	 	21	  

  

							
	 ARTICLE 8
	  	 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	 	22	  
			
	 8.1
	  	 Management of the Partnership
	  	 	22	  
	 8.2
	  	 Power of Attorney
	  	 	22	  
	 8.3
	  	 Limitation on Liability of Limited Partners
	  	 	22	  
	 8.4
	  	 Ownership by Limited Partner of Corporate General Partner or Affiliate
	  	 	22	  
	 8.5
	  	 Initial Limited Partner Right of Redemption
	  	 	22	  
			
	 ARTICLE 9
	  	 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	 	23	  
			
	 9.1
	  	 Purchase for Investment
	  	 	23	  
	 9.2
	  	 Restrictions on Transfer of Limited Partnership Interests
	  	 	23	  
	 9.3
	  	 Admission of Substitute Limited Partner
	  	 	24	  
	 9.4
	  	 Rights of Assignees of Partnership Interests
	  	 	25	  
	 9.5
	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	25	  
	 9.6
	  	 Joint Ownership of Interests
	  	 	26	  
			
	 ARTICLE 10
	  	 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	 	26	  
			
	 10.1
	  	 Books and Records
	  	 	26	  
	 10.2
	  	 Custody of Partnership Funds; Bank Accounts
	  	 	26	  
	 10.3
	  	 Fiscal and Taxable Year
	  	 	26	  
	 10.4
	  	 Annual Tax Information and Report
	  	 	27	  
	 10.5
	  	 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	27	  
	 10.6
	  	 Reports to Limited Partners
	  	 	27	  
			
	 ARTICLE 11
	  	 AMENDMENT OF AGREEMENT
	  	 	28	  
			
	 ARTICLE 12
	  	 GENERAL PROVISIONS
	  	 	28	  
			
	 12.1
	  	 Notices
	  	 	28	  
	 12.2
	  	 Survival of Rights
	  	 	28	  
	 12.3
	  	 Additional Documents
	  	 	28	  
	 12.4
	  	 Severability
	  	 	29	  
	 12.5
	  	 Entire Agreement
	  	 	29	  
	 12.6
	  	 Pronouns and Plurals
	  	 	29	  
	 12.7
	  	 Headings
	  	 	29	  
	 12.8
	  	 Counterparts
	  	 	29	  
	 12.9
	  	 Governing Law
	  	 	29	  
		
	 EXHIBIT A CONTRIBUTIONS
	  	 	A-1	  

  
 ii 

  
 FORM OF LIMITED
PARTNERSHIP AGREEMENT 
 OF 
 O’DONNELL STRATEGIC GATEWAY REIT OPERATING PARTNERSHIP, LP 
 This
Limited Partnership Agreement is entered into this ____ day of __________________, 2010, between O’Donnell Strategic Gateway REIT, Inc., a Maryland corporation (the “General Partner”), and the Initial Limited Partner (defined
below). Capitalized terms used herein but not otherwise defined shall have the meanings given them in Article 1. 
 WHEREAS, the
General Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended; 

WHEREAS, O’Donnell Strategic Gateway REIT Operating Partnership, LP (the “Partnership”), was formed on
September 9, 2010 as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on September 9, 2010; 

WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; and 

WHEREAS, the parties hereto wish to establish herein their respective rights and obligations in connection with all of the foregoing and
certain other matters. 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and
of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 
 ARTICLE 1 

DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 
 “Additional Funds” has the meaning set forth in Section 4.3 hereof. 
 “Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those administrative costs and expenses of the General
Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses of the Partnership and
not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred by the
General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by the General Partner directly. 

  

“Advisor” or “Advisors” means the Person or Persons, if any, appointed, employed or contracted with by
the General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom such Advisor subcontracts substantially all of such functions. 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly, owning, controlling or
holding with the power to vote 10% of more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to
vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of such other Person; and
(v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Agreed Value” means the fair market value of a Partner’s non-cash Capital Contribution as of the date of
contribution as agreed to by such Partner and the General Partner. 
 “Agreement” means this Limited
Partnership Agreement, as amended, modified supplemented or restated from time to time, as the context requires. 

“Articles of Incorporation” means the Articles of Incorporation of the General Partner, as amended or restated from time
to time, filed with the Maryland State Department of Assessments and Taxation. 
 “Capital Account” has the
meaning provided in Section 4.4 hereof. 
 “Capital Contribution” means the total amount of cash, cash
equivalents, and the Agreed Value of any Property or other asset (other than cash) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the
Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 
 “Certificate” means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed
and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of
Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners
as limited partners under the laws of the State of Delaware or such other jurisdiction. 
 “Code” means the
Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Director” means a director of the General Partner. 

“Event of Bankruptcy” as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978, as amended from time to time and any successor code, law or act, or similar provision of law of any jurisdiction (except if such petition is 

  
 2 

 
contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or
application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization,
arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person
indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“General Partner” means O’Donnell Strategic Gateway REIT, Inc., a Maryland corporation, and any Person who becomes
a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 

“General Partner Loan” has the meaning provided in Section 5.2(c) hereof. 

“General Partnership Interest” means a Partnership Interest held by the General Partner that is a general partnership
interest. 
 “Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the
General Partner or a director, officer or employee of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time,
in its sole and absolute discretion. 
 “Independent Directors” means a Director who is not on the date of
determination, and within the last two years from the date of determination has not been, directly or indirectly associated with the Sponsor of the General Partner or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the
Advisor or any of their Affiliates, other than the General Partner (other than ownership of less than one percent of any such entity that is a publicly traded company), (ii) employment by the Sponsor, the Advisor or any of their Affiliates,
(iii) service as an officer or director of the Sponsor, the Advisor or any of their Affiliates, other than as a Director, (iv) performance of services, other than as a Director, for the General Partner, (v) service as a director or
trustee of more than three real estate investment trusts organized by the Sponsor or advised by the Advisor or (vi) maintenance of a material business or professional relationship with the Sponsor, the Advisor or any of their Affiliates. A
business or professional relationship is considered “material” if the aggregate gross revenue derived by the Director from the Sponsor, the Advisor and their Affiliates exceeds five percent of either the Director’s annual gross
revenue during either of the last two years or the Director’s net worth on a fair market value basis. An indirect association with the Sponsor or the Advisor shall include circumstances in which a Director’s spouse, parent, child, sibling,
mother- or father-in-law, son- or daughter-in-law or brother- or sister-in-law is or has been associated with the Sponsor, the Advisor, any of their Affiliates or the General Partner. 

“Initial Limited Partner” means O’Donnell Strategic Gateway Advisor, LLC and any permitted transferee of its
Limited Partnership Interests. 
 “Limited Partner” means any Person named as a Limited Partner on Exhibit
A attached hereto, as such exhibit may be amended and restated from time to time, and any Person who becomes a Substitute Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partner Borrower” has the meaning provided in Section 5.2(c) hereof. 

  
 3 

  
 “Limited
Partnership Interest” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided
in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of the Act. 
 “Loss” has the meaning provided in Section 5.1(h) hereof. 

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

 “Nonrecourse Liability” shall have the meaning set forth in Regulations Sections 1.704-2(b)(3) and
1.752-1(a)(2). 
 “Offering” means the offer and sale of REIT Shares or other securities of the General Partner
(i) to the public pursuant to a registration statement filed under the Securities Act and declared effective by the Commission or (ii) in an unregistered private placement pursuant to applicable exemptions from registration under the
Securities Act. 
 “Partner” means any General Partner or Limited Partner. 

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

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

 “Partner Nonrecourse Deductions” shall have the meaning set forth in Regulations Sections 1.704-2(i)(1)
and 1.704-2(i)(2). 
 “Partnership” means O’Donnell Strategic Gateway REIT Operating Partnership, LP, a
Delaware limited partnership. 
 “Partnership Interest” means an ownership interest in the Partnership held by
either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms
and provisions of this Agreement. 
 “Partnership Loan” has the meaning provided in Section 5.2(c) hereof.

 “Partnership Minimum Gain” shall have the meaning set forth in Regulations Sections 1.704-2(b)(2) and
1.704-2(d). 
 “Partnership Record Date” means the record date established by the General Partner for the
distribution of cash pursuant to Section 5.2 hereof. 
 “Percentage Interest” means, as to a Partner
holding a category of Partnership Interests, its interest in such category, determined by dividing the Partner’s Capital Account allocable (in the reasonable determination of the General Partner) to interests in such category by the sum of all
Partners’ Capital Accounts allocable (in the reasonable determination of the General Partner) to interests in such category. 

  
 4 

  

“Person” means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

 “Profit” has the meaning provided in Section 5.1(h) hereof. 

“Property” means any Real Estate Asset or other investment in which the Partnership holds an ownership interest.

 “Real Estate Assets” means unimproved and improved real property, real estate related assets and any direct
or indirect interest therein, including, without limitation, fee or leasehold interests, options, leases, partnership and joint venture interests, equity and debt securities of entities that own real estate, first or second mortgages on real
property, mezzanine loans secured by junior liens on real property, preferred equity interests secured by a property owner’s interest in real property and other contractual rights in real estate. 

“Regulations” means the Federal income tax regulations promulgated under the Code, as amended and as hereafter amended
from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

“REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 

“REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of
the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees
payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities and any unregistered private placement of securities by the General Partner and all
statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any
holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and
filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner
with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for
compensation for the employees of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the
General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 

“REIT Share” means a share of common stock of the General Partner (or successor entity, as the case may be). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Securities and Debt-related Investments” means any investments by the General Partner or the Partnership in
(i) real estate securities such as common stock, preferred stock and options to acquire stock in REITs and other real estate companies and (ii) debt-related investments such as (a) mortgage, mezzanine, bridge and other loans and
(b) debt and derivative securities related to real estate assets including mortgage-backed securities, collateralized debt obligations, debt securities issued by real estate companies and credit default swaps. 

  
 5 

  

“Service” means the United States Internal Revenue Service. 

“Sponsor” means any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the
General Partner, (ii) will control, manage or participate in the management of the General Partner, and any Affiliate of any such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the General Partner,
either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the General Partner in connection with the founding or organizing of the business of the General Partner, in consideration of services or
property, or both services and property, (v) has a substantial number of relationships and contacts with the General Partner, (vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the
General Partner which are paid on a basis that is not customary in the industry or (viii) provides goods or services to the General Partner on a basis which was not negotiated at arm’s-length with the General Partner. “Sponsor”
does not include any Person whose only relationship with the General Partner is that of an independent property manager and whose only compensation is as such, or wholly independent third parties such as attorney, accountants and underwriters whose
only compensation is for professional services. 
 “Subsidiary” means, with respect to any Person, any
corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Subsidiary Partnership” means any partnership of which the partnership interests therein are owned by the General
Partner or a direct or indirect subsidiary of the General Partner. 
 “Substitute Limited Partner” means any
Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3 hereof. 
 “Tax Matters
Partner” has the meaning described in Section 6231(a)(7) of the Code. 
 “Transfer” has the
meaning set forth in Section 9.2(a) hereof. 
 ARTICLE 2 

PARTNERSHIP FORMATION AND IDENTIFICATION 
  

	 	2.1	Formation. 

 The
Partnership was formed as a limited partnership pursuant to the Act, and all other pertinent laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement. 

 

	 	2.2	Name, Office and Registered Agent. 

 The name of the Partnership is O’Donnell Strategic Gateway REIT Operating Partnership, LP. The specified office and place of business of the Partnership shall be 3 San Joaquin Plaza, Suite 160,
Newport Beach, California 92660. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership’s registered agent is
Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent.

  
 6 

  

	 	2.3	Term and Dissolution. 

 (a) The term of the Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following events: 

(i) the occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a
General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of
the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners,
either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 
 (ii) the passage of ninety (90) days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment
obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); or 

(iii) the election by the General Partner that the Partnership should be dissolved. 

(b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to
Section 7.3(b) hereof), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in
accordance with Section 5.6 hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those
necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
  

	 	2.4	Filing of Certificate and Perfection of Limited Partnership. 

 The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in
such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

 ARTICLE 3 
 BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be
conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to
permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, and in a manner such that unless the General Partners determines otherwise, the General Partner will not be subject to
any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any

  
 7 

 
entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without limiting the General Partner’s
right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and that, upon such qualification, the avoidance of
income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT
under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf of the Partnership shall also 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” that is taxable as a corporation under Section 7704 of the Code. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 

 

	 	4.1	Capital Contributions. 

 (a) The General Partner has not contributed any capital to the Partnership as of the date hereof. 
 (b) The Initial Limited Partner has contributed $1,000 to the capital of the Partnership as of the date hereof. 
  

	 	4.2	Additional Capital Contributions and Issuances of Additional Partnership Interests. 

Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional
Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, in the manner contemplated in this Section 4.2. 

(a) The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests for any
Partnership purpose at any time or from time to time, including but not limited to Partnership Interests issued in connection with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such consideration
and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in one or more
classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests,
all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income,
gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or
series of Partnership Interests upon dissolution and liquidation of the Partnership. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Interests for less than fair market value,
so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. 
 (b) The General Partner may make additional Capital Contributions to the Partnership from time to time, such contributions being credited to its Capital Account in its General Partnership Interest.

  
 8 

  

	 	4.3	Additional Funding. 

 If
the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership
to obtain such funds from outside borrowings or (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans or otherwise, provided, however, that the Partnership may not borrow
money from its Affiliates, unless a majority of the Directors of the General Partner (including a majority of Independent Directors) not otherwise interested in such transaction approve the transaction as being fair, competitive, and commercially
reasonable and no less favorable to the Partnership than loans between unaffiliated parties under the same circumstances. 
  

	 	4.4	Capital Accounts. 

 A
separate capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional
Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimis amount of Partnership property or money as consideration for a Partnership Interest, or
(iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), the General Partner shall revalue the Property of the Partnership to its fair market value (as determined by the General Partner, in its
sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts
of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such Property
(that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner,
in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. 
  

	 	4.5	No Interest on Contributions. 

 No Partner shall be entitled to interest on its Capital Contribution. 
  

	 	4.6	Return of Capital Contributions. 

 No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement.
Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence. 

 

	 	4.7	No Third Party Beneficiary. 

 No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other
right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns.
None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or
obligations be sold, transferred or 

  
 9 

 
assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the
parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any
Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner
shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 
 ARTICLE 5

 PROFITS AND LOSSES; DISTRIBUTIONS 
  

	 	5.1	Allocation of Profit and Loss. 

 (a) Profit. After giving effect to the special allocations in Sections 5.1(c), 5.1(d), 5.1(e), and 5.1(f), Profit of the Partnership for each fiscal year or other applicable period of the
Partnership shall be allocated to the Partners in the following order and priority: 
 (i) Profit shall be
allocated to the General Partner until the cumulative Profit allocated to the General Partner pursuant to this Section 5.1(a)(i) equals the cumulative Loss allocated to the General Partner pursuant to Section 5.1(b)(ii). 

(ii) Profit shall be allocated to the Partners in accordance with their Percentage Interests. 

(b) Loss. After giving effect to the special allocations in Sections 5.1(c), 5.1(d), 5.1(e), and 5.1(f), Loss of
the Partnership for each fiscal year or other applicable period of the Partnership shall be allocated to the Partners in the following order and priority: 
 (i) Loss shall be allocated to the Partners in accordance with their Percentage Interests, provided that Loss shall not be allocated to a Partner pursuant to this Section 5.1(b)(i) to the extent that
such allocation would cause or increase a deficit in such Partner’s Capital Account at the end of any fiscal year (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to
exceed the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). 

(ii) Loss shall be allocated to the General Partner. 

(c) Minimum Gain Chargeback. In the event there is a net decrease in Partnership Minimum Gain during any fiscal
year, the “minimum gain chargeback” described in Regulations Section 1.704-2(f) and Regulations Section 1.704-2(g) shall apply. In the event there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any fiscal year,
the “partner minimum gain chargeback” described in Regulations Section 1.704-2(i)(4) shall apply. 

(d) Qualified Income Offset. This Section 5.1(d) incorporates the “qualified income offset” set
forth in Regulations Section 1.704-1(b)(2)(ii)(d) as if those provisions were fully set forth in this Section 5.1(d). 

  
 10 

  
 (e)
Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year shall be allocated to Partners pro rata in proportion to their Percentage Interests. 
 (f) Partner Nonrecourse Deductions. The Partner Nonrecourse Deductions of the Partnership (as determined under Regulations Section 1.704-2(i)(2)) shall be allocated each year to the Partner
that bears the economic risk of loss (within the meaning of Regulations Section 1.752-2) with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable. 

(g) Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership
Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the
Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such
fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss
between the transferor and the transferee Partner. 
 (h) Definition of Profit and Loss.
“Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax accounting principles, as modified by Regulations
Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.1(c), 5.1(d), 5.1(e) or 5.1(f). All allocations of Profit and Loss (and all items
contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this Section 5.1, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4).
The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code including a method that may result in a Partner receiving
a disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 
  

	 	5.2	Distribution of Cash. 

 (a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute
discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period). 
 (b) Subject to the provisions of Section 5.2(c), 5.2(d), 5.3, 5.5, 5.6 and 8.5 of this Agreement, distributions shall be made to the Partners in accordance with their respective Percentage Interests
on the Partnership Record Date. 
 (c) Notwithstanding any other provision of this Agreement, the General Partner
is authorized to take any action that it determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without
limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner
or assignee (including by reason of Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated
as a distribution of cash in the amount of such withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the actual

  
 11 

 
amount to be distributed shall be treated as a distribution of cash in the amount of such withholding and the additional amount required to be withheld shall be treated as a loan (a
“Partnership Loan”) from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent
distributions to the applicable Partner or assignee or upon demand upon the applicable Partner or assignee. In the event that a Limited Partner (a “Limited Partner Borrower”) fails to pay any amount owed to the Partnership with
respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the
Partnership on behalf of such Limited Partner Borrower. In such event, on the date of payment, the General Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Limited Partner Borrower in the amount of
the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Limited Partner Borrower as to that amount. Without limitation, the General Partner shall have the right to receive any distributions
that otherwise would be made by the Partnership to the Limited Partner Borrower until such time as the General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received
by the Limited Partner Borrower and immediately paid to the General Partner. Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 5.2(c) shall bear interest at the lesser of (i) the base rate on
corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest to accrue from the date the
Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 
 (d) The General Partner is authorized to cause the Partnership to make distributions to the General Partner from time to time to fund redemptions of REIT Shares. 

 

	 	5.3	REIT Distribution Requirements. 

 The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make stockholder distributions that will allow
the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 

 

	 	5.4	No Right to Distributions in Kind. 

 No Partner shall be entitled to demand Property other than cash in connection with any distributions by the Partnership. 
  

	 	5.5	Limitations on Return of Capital Contributions. 

 Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive, and the General Partner shall not have the right to make, a distribution that includes a return of all
or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does
not exceed the fair market value of the Partnership’s assets. 
  

	 	5.6	Distributions Upon Liquidation. 

 Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be
distributed to all Partners in accordance with their Capital Accounts. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available
to pay any contingent debts or obligations. 

  
 12 

  

	 	5.7	Substantial Economic Effect. 

 It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners’ interests in the Partnership in the
case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. Article 5 and other relevant provisions of this Agreement shall
be interpreted in a manner consistent with such intent. 
 ARTICLE 6 

RIGHTS, OBLIGATIONS AND 
 POWERS OF THE GENERAL PARTNER 
  

	 	6.1	Management of the Partnership. 

 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes
herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the
authority to take the following actions on behalf of the Partnership: 
 (i) to acquire, purchase, own, operate,
lease and dispose of any Real Estate Asset or Securities and Debt-related Investment that the General Partner determines are necessary or appropriate or in the best interests of the business of the Partnership; 

(ii) to construct buildings and make other improvements on the Properties; 

(iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including
secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests)
of the Partnership; 
 (iv) to borrow or lend money for the Partnership, issue or receive evidences of
indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other
lien on the Partnership’s assets; 
 (v) to pay, either directly or by reimbursement, for all operating
costs and general administrative expenses of the Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement; 
 (vi) to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the
payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

  
 13 

  
 (vii)
to use assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general
administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth in this Agreement; 

(viii) to lease all or any portion of any of the Partnership’s assets, whether or not the terms of such leases extend
beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms
as the General Partner may determine; 
 (ix) to prosecute, defend, arbitrate, or compromise any and all claims
or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the
Partnership’s assets; 
 (x) to file applications, communicate, and otherwise deal with any and all
governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
 (xi) to make or revoke any election permitted or required of the Partnership by any taxing authority; 
 (xii) to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for
any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time; 
 (xiii) to determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property or to distribute the same; 

(xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any
division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor
such remuneration as the General Partner may deem reasonable and proper; 
 (xv) to retain other services of any
kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper; 
 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 

(xvii) to maintain accurate accounting records and to file promptly all federal, state and local income tax returns on
behalf of the Partnership; 
 (xviii) to distribute Partnership cash or other Partnership assets in accordance
with this Agreement; 

  
 14 

  
 (xix)
to form or acquire an interest in, and contribute 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, its Subsidiaries and any other Person in which it has an equity interest from time to time); 
 (xx) to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose; 

(xxi) to merge, consolidate or combine the Partnership with or into another Person; 

(xxii) 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” that is taxable as a corporation under Section 7704 of the Code; and 
 (xxiii) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or
appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General
Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
 (b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations
hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its
individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 
  

	 	6.2	Delegation of Authority. 

The General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or
otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 

 

	 	6.3	Indemnification and Exculpation of Indemnitees. 

 (a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments,
fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set forth in this Agreement in which
any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed
in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had
reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership. 

  
 15 

  
 (b) The
Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the 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 6.3 has been met, and (ii) a written undertaking by or on behalf of the
Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 
 (c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of
the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 
 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or
expenses that may be incurred by such Person in connection with the 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 6.3, 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 this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan
in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied indemnification
in whole or in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

(h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i)
Notwithstanding the foregoing, the Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of
conduct that caused the loss or liability was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership; (iii) the liability or loss was not the result of
(A) negligence or misconduct, in the case that the Indemnitee is a director of the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful misconduct, in the case
that the Indemnitee is an Independent Director; and (iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the Partnership. In addition, the Partnership shall not provide indemnification for any loss,
liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count
involving alleged material securities law 

  
 16 

 
violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of
competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of
the position of the Commission and of the published position of any state securities regulatory authority in which Securities were offered or sold as to indemnification for violations of securities laws. 

 

	 	6.4	Liability of the General Partner. 

 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or
liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the
Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and
its stockholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but
not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders 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 its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the
Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The
General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith.

 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General
Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or
negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other
provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or
any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability
to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal,
regardless of when claims relating to such matters may arise or be asserted. 

  
 17 

  

	 	6.5	Reimbursement of General Partner. 

 (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be
entitled), the General Partner shall not be compensated for its services as general partner of the Partnership. 

(b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine
in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. Reimbursement of Administrative Expenses shall be treated as an expense of the Partnership and not as allocations of Partnership income or gain.

  

	 	6.6	Outside Activities. 

Subject to Section 6.8 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates
with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner, the General 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 substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of
this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business
ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such
opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
  

	 	6.7	Employment or Retention of Affiliates. 

 (a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or
services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable. 

(b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and
such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other
Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other
business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law and the REIT status of the General Partner. 

(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, in the General Partner’s sole discretion, on terms that are fair and reasonable to the
Partnership. 

  
 18 

  

	 	6.8	General Partner Participation. 

 The General Partner agrees that all business activities of the General Partner, including activities pertaining to the acquisition, development or ownership of any Real Estate Asset shall be conducted
through the Partnership, a Subsidiary, a Subsidiary Partnership or a taxable REIT subsidiary (within the meaning of Section 856(1) of the Code); provided, however, that the General Partner is allowed to hold cash and liquid investments to fund
its expenses, including redemptions of REIT Shares. 
  

	 	6.9	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 Partner, individually or collectively,
shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may
determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner
shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its reasonable 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. 
  

	 	6.10	No Duplication of Fees or Expenses. 

 The Partnership may not incur or be responsible for any fee or expense (in connection with an Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner. 

ARTICLE 7 

CHANGES IN GENERAL PARTNER 
  

	 	7.1	Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General
Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(c). 
 (b)
Except as otherwise provided in Section 6.4(b) or Section 7.1(c) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or the sale of all or substantially all of its
assets (other than in connection with a change in the General Partner’s state of incorporation or organizational form), in each case which results in a change of control of the General Partner, unless the consent of Limited Partners holding
more than 50% of the Percentage Interests of the Limited Partners is obtained. 
 (c) Notwithstanding
Section 7.1(a) or (b), 
 (i) a General Partner may transfer all or any portion of its General Partnership
Interest to (A) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General
Partner; and 

  
 19 

  
 (ii)
the General Partner may engage in a transaction not required by law or by the rules of any national securities exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 

 

	 	7.2	Admission of a Substitute or Additional General Partner. 

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

(a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by
all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate
evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.4 hereof in connection with such admission shall have been performed; 

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

 (c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as
may be necessary) that (x) the admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such Person as a
substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 

 

	 	7.3	Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a)
hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner
in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership
is continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the
withdrawal, dissolution or removal of the General Partner. 
 (b) Following the occurrence of an Event of
Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence, a partnership,
the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining
partner or partners), the Limited Partners, within ninety (90) days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement, a
substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any
Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 

  
 20 

  

	 	7.4	Removal of a General Partner. 

 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General
Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business
of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 
 (b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3 hereof, such General Partner shall promptly transfer and assign
its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b) hereof and otherwise be admitted to the Partnership in accordance
with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as
reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within ten
(10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each
such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within thirty (30) days of the General Partner’s removal, and the fair market value of the removed
General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no
later than forty (40) days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than sixty
(60) days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 

(c) The General Partnership Interest of a removed General Partner, during the time after default until transfer under
Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any
portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain
distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such
documents as shall be legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 

  
 21 

  
 ARTICLE 8

 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

 

	 	8.1	Management of the Partnership. 

 The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind
the Partnership, such powers being vested solely and exclusively in the General Partner. 
  

	 	8.2	Power of Attorney. 

 Each
Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file
or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with
their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 

 

	 	8.3	Limitation on Liability of Limited Partners. 

 No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital
Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any
funds to the Partnership. 
  

	 	8.4	Ownership by Limited Partner of Corporate General Partner or Affiliate. 

 No Limited Partner shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with
other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to
make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions of this Section. 
  

	 	8.5	Initial Limited Partner Right of Redemption. 

 (a) In the event that an Affiliate of the Sponsor ceases to be the Advisor, the Initial Limited Partner may require the Partnership to redeem its Limited Partnership Interests in exchange for cash in an
amount equal to its Capital Account. 
 (b) The Initial Limited Partner shall have the right, at any time, either
to require the Partnership to redeem all or a portion of the Limited Partnership Interests held by the Initial Limited Partner in exchange for cash in an amount equal to the Initial Limited Partner’s Capital Account or to transfer to a third
party all or a portion of the Limited Partnership Interest held by the Initial Limited Partner in the event the Initial Limited Partner determines, after consulting with counsel, that such redemption or transfer is required because a law or
regulation precludes it from holding the Limited Partnership Interests. 

  
 22 

  
 ARTICLE 9

 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

 

	 	9.1	Purchase for Investment. 

 (a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment
purposes only and not with a view to the resale or distribution of such Partnership Interest. 
 (b) Each Limited
Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and
warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

 

	 	9.2	Restrictions on Transfer of Limited Partnership Interests. 

 (a) Subject to the provisions of 9.2(b) and (c) and Section 8.5, no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited
Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the
General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. The General
Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 

(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer
consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its Partnership
Interests pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

(c) Notwithstanding Section 9.2(a) and subject to Sections 9.2(d), (e) and (f) below, a Limited Partner may
Transfer, without the consent of the General Partner, all or a portion of its Partnership Interest to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a
trust created by such Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in
(i) above, or (iii) if the Limited Partner is an entity, its beneficial owners. 
 (d) No Limited
Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the
Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 
 (e) No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person if (i) in the opinion of the General Partner based on the advice of legal counsel for
the Partnership, if appropriate, the transfer would result in the Partnership’s being treated as 

  
 23 

 
an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of the General Partner based on
the advice of legal counsel for the Partnership, if appropriate, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or
Section 4981 of the Code, (iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the
Code, (iv) such Transfer would cause the General Partner to own 10% or more of the ownership interests of any tenant of a Property held by the Partnership within the meaning of Section 856(d)(2)(B) of the Code, or (v) such Transfer
would result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code. 
 (f) No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any
lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required
to enter into an arrangement with the Partnership and the General Partner to exchange or redeem any Partnership Interests in which a security interest is held for cash in an amount equal to such Partner’s Capital Account allocable (in the
reasonable determination of the General Partner) to such exchanged or redeemed Partnership Interests, 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. 
 (g) Any Transfer in contravention of any of the provisions of this
Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership. 
 (h)
Prior to the consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such
Transfer. 
  

	 	9.3	Admission of Substitute Limited Partner. 

 (a) Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other
recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 

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

(ii) To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall
have been signed, acknowledged and filed for record in accordance with the Act. 
 (iii) The assignee shall have
delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof. 
 (iv) If the assignee is a corporation, limited liability company, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of
the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

  
 24 

  
 (v) The
assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof. 
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner.

 (vii) The assignee has obtained the prior written consent of the General Partner to its admission as a
Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 
 (b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the
Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has
received all necessary instruments of transfer and substitution. 
 (c) Subject to Section 9.3(a)(vii), the
General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as
promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership. 
  

	 	9.4	Rights of Assignees of Partnership Interests. 

 (a) Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any
Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 
 (b) Any Person
who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to
all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 

 

	 	9.5	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. 

The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited
Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue. If an order for relief in a bankruptcy
proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the
rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the
assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 

  
 25 

  

	 	9.6	Joint Ownership of Interests. 

 A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants
in common or joint tenants with right of survivorship. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however,
that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable
laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner
and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General
Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
 ARTICLE 10 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

 

	 	10.1	Books and Records. 

 At
all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting principles, including:
(a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax
returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly
authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 

 

	 	10.2	Custody of Partnership Funds; Bank Accounts. 

 (a) All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and
withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 
 (b) All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose
portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such
commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.2(b). 
  

	 	10.3	Fiscal and Taxable Year. 

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

  
 26 

  

	 	10.4	Annual Tax Information and Report. 

 Within seventy-five (75) days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax
information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law. 
  

	 	10.5	Tax Matters Partner; Tax Elections; Special Basis Adjustments. 

(a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7)
of the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain
professional assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In
the event the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period
provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the
General Partner’s reasons for determining not to file such a petition. 
 (b) All elections required or
permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 

(c) In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the
option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership’s assets. Notwithstanding anything contained in Article 5 of this Agreement, any adjustments made pursuant to
Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under
this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election. 
  

	 	10.6	Reports to Limited Partners. 

 (a) As soon as practicable after the close of each fiscal year, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or
of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be
audited by accountants selected by the General Partner. 
 (b) Any Partner shall further have the right to a
private audit of the books and records of the Partnership at the expense of such Partner, provided such audit is made for Partnership purposes and is made during normal business hours. 

  
 27 

  
 ARTICLE 11

 AMENDMENT OF AGREEMENT 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect;
provided, however, that the following amendments shall require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners: 

(a) any amendment affecting the operation of the redemption right set forth in Section 8.5 in a manner adverse to the
Limited Partners; 
 (b) any amendment that would adversely affect the rights of the Limited Partners to receive
the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof or with respect to the obtainment of Additional Funds pursuant to Section 4.3 hereof;

 (c) any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited
Partners, other than with respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof or with respect to the obtainment of Additional Funds pursuant to Section 4.3 hereof; or 

(d) any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the
Partnership. 
 ARTICLE 12 
 GENERAL PROVISIONS 
  

	 	12.1	Notices. 

 All
communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the
Partners at the addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be
delivered at or mailed to its specified office. 
  

	 	12.2	Survival of Rights. 

Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the
Partnership and their respective legal representatives, successors, transferees and assigns. 
  

	 	12.3	Additional Documents. 

Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be
reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 

  
 28 

  

	 	12.4	Severability. 

 If any
provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality,
invalidity or unenforceability shall not affect the remainder hereof. 
  

	 	12.5	Entire Agreement. 

 This
Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. 
  

	 	12.6	Pronouns and Plurals. 

When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include
the plural and the masculine gender shall include the neuter or female gender as the context may require. 
  

	 	12.7	Headings. 

 The Article
headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article. 
  

	 	12.8	Counterparts. 

 This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not
have signed the same counterpart. 
  

	 	12.9	Governing Law. 

 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.9.

  
 29 

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

			
	 GENERAL PARTNER:
  

O’Donnell Strategic Gateway REIT, Inc.

		
	By:	 	 
	 Name: Douglas D. O’Donnell
 Title: Chief Executive Officer

	
	 INITIAL LIMITED PARTNER:
  

O’Donnell Strategic Gateway Advisor, LLC

		
	By:	 	 
	 Name: Douglas D. O’Donnell
 Title: Chief Executive Officer

  
  

 
  

  
 EXHIBIT A

 CONTRIBUTIONS 
  

					
	 Partner
	  	Cash
Contribution	 
	 GENERAL PARTNER:
	  			
	 O’Donnell Strategic Gateway REIT, Inc.
	  	$	—  	  
	 INITIAL LIMITED PARTNER:
	  			
	 O’Donnell Strategic Gateway Advisor, LLC
	  	$	1,000	  
	 Totals
	  	$	1,000	  
		  	 	 	 

  
 A-1

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