Document:

EX-10.5

 Exhibit 10.5 
  

 
  

AMENDED AND RESTATED 
 LIMITED
PARTNERSHIP AGREEMENT 
 OF 

COTTONWOOD COMMUNITIES O.P., LP 

February 1, 2020 
 THE SECURITIES OFFERED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE, NOR HAS ANY COMMISSION OR AUTHORITY PASSED
UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF ANY DISCLOSURE MADE IN CONNECTION THEREWITH. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THE SECURITIES OFFERED HEREBY MAY NOT BE RESOLD WITHOUT REGISTRATION
UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS OR EXEMPTION THEREFROM. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS, AND CONDITIONS WHICH ARE SET FORTH IN THIS
AGREEMENT. 
  
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 1.
	 	 DEFINED TERMS
	  	 	1	 
			
	 2.
	 	 PARTNERSHIP ORGANIZATION
	  	 	11	 
		 	 2.1
	  	 Organization
	  	 	11	 
		 	 2.2
	  	 Name
	  	 	11	 
		 	 2.3
	  	 Office and Registered Agent
	  	 	11	 
		 	 2.4
	  	 Partners
	  	 	11	 
		 	 2.5
	  	 Term and Dissolution
	  	 	12	 
		 	 2.6
	  	 Filing of Certificate and Perfection of Limited Partnership
	  	 	12	 
		 	 2.7
	  	 Partnership Interests are Securities
	  	 	12	 
			
	 3.
	 	 PURPOSE
	  	 	12	 
		 	 3.1
	  	 Business of the Partnership
	  	 	12	 
		 	 3.2
	  	 Powers
	  	 	12	 
		 	 3.3
	  	 Relationship with Partners
	  	 	12	 
			
	 4.
	 	 CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	13	 
		 	 4.1
	  	 Capital Contributions
	  	 	13	 
		 	 4.2
	  	 Additional Capital Contributions and Issuances of Additional Partnership Interests
	  	 	13	 
		 	 4.3
	  	 Issuances of Additional Partnership Interests
	  	 	13	 
		 	 4.4
	  	 General Partner Issuance of Additional Securities
	  	 	14	 
		 	 4.5
	  	 Additional Funding
	  	 	15	 
		 	 4.6
	  	 Capital Accounts
	  	 	15	 
		 	 4.7
	  	 Percentage Interests
	  	 	16	 
		 	 4.8
	  	 No Interest on Contributions
	  	 	16	 
		 	 4.9
	  	 Return of Capital Contributions
	  	 	16	 
		 	 4.10
	  	 No Third Party Beneficiary
	  	 	16	 
		 	 4.11
	  	 Issuance of Common Warrants
	  	 	17	 
		 	 4.12
	  	 Issuance of Series 2019 Preferred Units
	  	 	17	 
			
	 5.
	 	 NET INCOME AND NET LOSS
	  	 	17	 
		 	 5.1
	  	 Allocation of Net Income and Net Loss
	  	 	17	 
		 	 5.2
	  	 Nonrecourse Deductions; Minimum Gain Chargeback
	  	 	17	 
		 	 5.3
	  	 Qualified Income Offset
	  	 	18	 
		 	 5.4
	  	 Capital Account Deficits
	  	 	18	 
		 	 5.5
	  	 Allocations Between Transferor and Transferee
	  	 	18	 
		 	 5.6
	  	 Definition of Net Income and Net Loss
	  	 	19	 
		 	 5.7
	  	 Curative Allocations
	  	 	19	 
		 	 5.8
	  	 Special Allocation
	  	 	19	 
		 	 5.9
	  	 Preferred Interest Designation
	  	 	19	 
		 	 5.10
	  	 Forfeiture Allocations
	  	 	19	 
		 	 5.11
	  	 LTIP Allocation Provisions
	  	 	20	 
		 	 5.12
	  	 Substantial Economic Effect
	  	 	21	 
			
	 6.
	 	 DISTRIBUTIONS
	  	 	22	 
		 	 6.1
	  	 Distribution of Cash
	  	 	22	 
		 	 6.2
	  	 Withholding
	  	 	22	 
		 	 6.3
	  	 Tax Distribution
	  	 	23	 

  
 i 

									
		 	 6.4
	  	 REIT Distribution Requirements
	  	 	23	 
		 	 6.5
	  	 No Right to Distributions in Kind
	  	 	23	 
		 	 6.6
	  	 Limitations on Return of Capital Contributions
	  	 	23	 
		 	 6.7
	  	 Distributions Upon Liquidation
	  	 	24	 
			
	 7.
	 	 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	 	24	 
		 	 7.1
	  	 Management of the Partnership
	  	 	24	 
		 	 7.2
	  	 Delegation of Authority
	  	 	26	 
		 	 7.3
	  	 Indemnification and Exculpation of Covered Persons
	  	 	26	 
		 	 7.4
	  	 Liability of the General Partner
	  	 	28	 
		 	 7.5
	  	 Reimbursement of General Partner
	  	 	30	 
		 	 7.6
	  	 Outside Activities
	  	 	30	 
		 	 7.7
	  	 Employment or Retention of Affiliates
	  	 	30	 
		 	 7.8
	  	 General Partner Participation
	  	 	31	 
		 	 7.9
	  	 Title to Partnership Assets
	  	 	31	 
		 	 7.10
	  	 Redemptions
	  	 	31	 
		 	 7.11
	  	 Reliance by Third Parties
	  	 	32	 
		 	 7.12
	  	 Officers
	  	 	32	 
			
	 8.
	 	 CHANGES IN GENERAL PARTNER
	  	 	33	 
		 	 8.1
	  	 Transfer of the General Partner’s Partnership Interest
	  	 	33	 
		 	 8.2
	  	 Admission of a Substitute or Additional General Partner
	  	 	34	 
		 	 8.3
	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	34	 
		 	 8.4
	  	 Removal of a General Partner
	  	 	35	 
			
	 9.
	 	 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	 	36	 
		 	 9.1
	  	 Management of the Partnership
	  	 	36	 
		 	 9.2
	  	 Power of Attorney
	  	 	36	 
		 	 9.3
	  	 Limitation on Liability of Limited Partners
	  	 	36	 
		 	 9.4
	  	 Exchange Right
	  	 	36	 
		 	 9.5
	  	 Call Right
	  	 	39	 
		 	 9.6
	  	 Put Option
	  	 	40	 
			
	 10.
	 	 TRANSFERS OF LIMITED PARTNER INTERESTS
	  	 	42	 
		 	 10.1
	  	 Restrictions on Transfer of Limited Partner Interests
	  	 	42	 
		 	 10.2
	  	 Admission of Substitute Limited Partner
	  	 	43	 
		 	 10.3
	  	 Rights of Assignees of Partnership Interests
	  	 	44	 
		 	 10.4
	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	44	 
		 	 10.5
	  	 Joint Ownership of Interests
	  	 	44	 
			
	 11.
	 	 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	 	45	 
		 	 11.1
	  	 Books and Records
	  	 	45	 
		 	 11.2
	  	 Custody of Partnership Funds; Bank Accounts
	  	 	45	 
		 	 11.3
	  	 Fiscal and Taxable Year
	  	 	45	 
		 	 11.4
	  	 Annual Tax Information and Report
	  	 	45	 
		 	 11.5
	  	 Partnership Representative; Tax Elections
	  	 	45	 
		 	 11.6
	  	 Reports to Limited Partners
	  	 	46	 
		 	 11.7
	  	 Access to Books and Records
	  	 	46	 
			
	 12.
	 	 AMENDMENT OF AGREEMENT; MERGER
	  	 	47	 
		 	 12.1
	  	 Amendment Related to Merger
	  	 	47	 
		 	 12.2
	  	 Amendment Without the Consent of the Limited Partners
	  	 	47	 
		 	 12.3
	  	 Meetings of Partners
	  	 	48	 

  
 ii 

									
	 13.
	 	 TERM AND DISSOLUTION
	  	 	50	 
		 	 13.3
	  	 Certificate of Cancellation
	  	 	50	 
		 	 13.4
	  	 Liquidation of Property
	  	 	50	 
		 	 13.5
	  	 Distributions Upon Dissolution
	  	 	50	 
			
	 14.
	 	 POWER OF ATTORNEY
	  	 	51	 
			
	 15.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	51	 
			
	 16.
	 	 GENERAL PROVISIONS
	  	 	53	 
		 	 16.1
	  	 Notices
	  	 	53	 
		 	 16.2
	  	 Survival of Rights
	  	 	53	 
		 	 16.3
	  	 Additional Documents
	  	 	53	 
		 	 16.4
	  	 Severability
	  	 	53	 
		 	 16.5
	  	 Entire Agreement
	  	 	53	 
		 	 16.6
	  	 Pronouns and Plurals
	  	 	53	 
		 	 16.7
	  	 Headings
	  	 	53	 
		 	 16.8
	  	 Counterparts
	  	 	53	 
		 	 16.9
	  	 Governing Law
	  	 	53	 
		 	 16.10
	  	 Electronic Signatures
	  	 	54	 

 EXHIBITS 
 Exhibit A –
Partners’ Capital Contributions and Percentage Interests 
 Exhibit B – Notice of Exercise of Exchange Right 

Exhibit C – Call Notice 
 Exhibit D – Partnership Unit
Designation of the LTIP Units 
 Exhibit E – Notice of Election by Partner to Convert LTIP Units into Common Units 

Exhibit F – Notice of Election by Partnership to Force Conversion of LTIP Units into Common Units 

Exhibit G – Partnership Unit Designation of the Series 2019 Preferred Units 

  
 iii 

 AMENDED AND RESTATED 

LIMITED PARTNERSHIP AGREEMENT 
 OF

 COTTONWOOD COMMUNITIES O.P., LP 

This Amended and Restated Limited Partnership Agreement of Cottonwood Communities O.P., LP (this “Agreement”) is entered into
effective as of February 1, 2020, by and among Cottonwood Communities, Inc., a Maryland corporation (the “General Partner”) and the Limited Partners set forth on Exhibit A. Capitalized terms used herein but not otherwise defined shall
have the meanings set forth in Section 1. 
 RECITALS 

WHEREAS, the Partnership exists pursuant to that certain Limited Partnership Agreement dated August 13, 2018, as amended by the First
Amendment to the Limited Partnership Agreement of Cottonwood Communities O.P., LP, dated March 18, 2019, and as amended by the Second Amendment to the Limited Partnership Agreement of Cottonwood Communities O.P., LP dated November 1, 2019
(collectively, the “Original Agreement”); 
 WHEREAS, the General Partner and the Special Limited Partner hereby desire to further
amend the Original Agreement to establish the terms of a new series of Partnership Units designated as LTIP Units (which may be converted into Common Unit) to be issued from time to time and make certain other amendments to the Original Agreement;

 WHEREAS, the General Partner and the Special Limited Partner hereby desire to amend and restate the Original Agreement in its entirety
and enter into this Amended and Restated Limited Partnership Agreement of the Partnership. 
 NOW, THEREFORE, in consideration of the mutual
covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Partners hereby agree to amend and restate the Original Agreement in its entirety as follows: 

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 Limited Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to Section 4.3 as
reflected on Exhibit A. 
 “Additional Securities” means any additional REIT Shares (other than REIT Shares issued in
connection with an exchange pursuant to Section 9.4) or rights, options, warrants, or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.4. 

“Adjustment Year” has the meaning set forth in Section 6225(d)(2) of the Code. 

“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 or officers 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 GP Subsidiary (other than the Partnership) that are owned by the General Partner directly. 

“Advisor” means Cottonwood Communities Management, LLC, a Delaware limited liability company, or any successor Advisor acting in
such capacity under the terms of the Advisory Agreement. 
 “Advisory Agreement” means the Advisory Agreement among the
Partnership, the General Partner and the Advisor dated August 13, 2018, as amended and restated from time to time. 
 “Advisory
Agreement Termination Event” means the Advisor is terminated under the terms of the Advisory Agreement. 
 “Affiliate” means,
with respect to any Person, (i) any Person directly or indirectly, owning, controlling or holding with the power to vote 10% or 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, manager, trustee or general partner of such other Person and (v) any legal entity for which such Person acts as an executive officer, director, manager, 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 and in the case of any other required determination, the fair market value as determined by the General Partner in its sole discretion. The gross fair market value
shall be reduced by any liabilities assumed in the transfer or to which the property is taken subject to. The General Partner shall establish the book value of the Partners’ Capital Accounts in its sole discretion. 

“Agreement” means this Amended and Restated Limited Partnership Agreement of Cottonwood Communities O.P., LP, as amended or restated
from time to time, as the context requires. 
 “Articles of Incorporation” means the Articles of Incorporation of the General
Partner filed with the Maryland State Department of Assessments and Taxation, as amended or restated from time to time. 
 “Average
Issue Price” means the weighted average price at which REIT Shares were purchased in the primary portion of any offering of the REIT Shares that is registered with the Securities and Exchange Commission, excluding REIT Shares offered under any
employee benefit plan, which shall be calculated as of the end of the month preceding the date upon which the calculation is being made. 

“Board of Directors” means the board of directors of the General Partner. 

“Book-Up Target” for an LTIP Unit means (i) initially, the excess of the Common Unit
Economic Balance as determined on the date such LTIP Unit was granted over any Capital Contribution made by such LTIP Unit Limited Partner with respect to such LTIP Unit and (ii) thereafter, as of any determination date, the remaining amount
required to be allocated to such LTIP Unit for the Economic Capital Account Balance, to the extent attributable to such LTIP Unit, to be equal to the Common Unit Economic Balance. Notwithstanding the foregoing, the
Book-Up Target shall be zero for any LTIP Unit from and after the time the Economic Capital Account Balance attributable to such LTIP Unit has reached an amount equal to the Common Unit Economic Balance
determined as of such time. 

  
 2 

 “Call Notice” means a Call Notice, as defined in Section 9.5.1 and
substantially in the form set forth on Exhibit C. 
 “Call Right” has the meaning set forth in Section 9.5.1. 

“Called Unit” has the meaning set forth in Section 9.5.1. 

“Capital Account” has the meaning set forth in Section 4.6. 

“Capital Contribution” means the net amount of cash, cash equivalents and the Agreed Value of any Property or other asset
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. 
 “Cash Amount” means an amount equal to the product of the Value
of one REIT Share and the REIT Shares Amount on the applicable date of determination; provided, however, that the Cash Amount with respect to an LTIP Unit shall not exceed the positive Economic Capital Account Balance attributable to such LTIP Unit.

 “Certificate” means that certain Certificate of Limited Partnership of the Partnership filed with the office of the Secretary
of State of the State of Delaware, as amended from time to time in accordance with the terms hereof and the Act. 
 “Code” means
the Internal Revenue Code of 1986, as amended, and 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 United States Securities and Exchange Commission. 

“Common Limited Partner” means any Person named as a Common Limited Partner as set forth on Exhibit A, as such Exhibit may be
amended from time to time, and any Person who becomes a Substitute Limited Partner or Additional Limited Partner, in such Person’s capacity as a Common Limited Partner in the Partnership. 

“Common Unit” means an interest in the Partnership entitling a Common Limited Partner to the respective voting and other rights and
Net Income and Net Loss as provided for in this Agreement, and specifically excludes the Special Limited Partner Interests, LTIP Units and the Preferred Units. 

“Common Unit Economic Balance” means (i) the Capital Account balance of the General Partner, plus the amount of the General
Partner’s share of any Partner Minimum Gain and Partnership Minimum Gain, in either case only to the extent attributable to the General Partner’s ownership of General Partner Units and computed on a hypothetical basis after taking into
account all allocations through the date on which any allocation is made under Section 5.1, divided by (ii) the number of the General Partner Units. 

“Common Warrants” mean warrants for the purchase of Common Units. 

  
 3 

 “Conversion Factor” means 1.0, provided that in the event that the General Partner
(i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares or (iii) combines its
outstanding REIT Shares into a smaller number of REIT Shares (without conducting an analogous combination of the Common Units), the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall
be the number of REIT Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such
time), and the denominator of which shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such date and, provided further, that in the event that an entity other than an Affiliate of the
General Partner shall become a General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor shall be adjusted by multiplying the
Conversion Factor by the number of shares of the Successor Entity into which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to
the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives an Exchange Notice after the record date,
but prior to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Exchange Notice immediately prior to the record date for such dividend,
distribution, subdivision or combination. 
 “Covered Person” means (i) the General Partner, its Affiliates, or any of their
respective officers, trustees, directors, stockholders, partners, members, employees, representatives or agents, (ii) any officer, employee, representative or agent of the Partnership and its Affiliates and (iii) such other Persons
(including Affiliates of the General Partner or the Partnership) as the General Partner may designate as a “Covered Person” for purposes of this Agreement in its sole and absolute discretion. 

“Defaulting Limited Partner” has the meaning set forth in Section 6.2. 

“Distributions” means any distributions of money or other property by the General Partner to owners of REIT Shares, including
distributions that may constitute a return of capital for federal income tax purposes. 
 “Economic Capital Account Balance” with
respect to a Partner means an amount equal to its Capital Account balance, plus the amount of its share of any Partner Minimum Gains and Partnership Minimum Gain. 

“Event of Bankruptcy” as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and is dismissed within 90 days), (ii) the insolvency or bankruptcy of such Person as finally determined
by a court proceeding, (iii) the 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 its assets or (iv) the 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 its approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and is not finally dismissed within 90
days. 

  
 4 

 “Excepted Holder Limit” means the percentage limit of the outstanding shares of
stock of the General Partner of any class or series, including common shares or preferred shares, established by the Board of Directors for a Person that is exempt from the Shareholder Limitation. 

“Exchange Date” means the date when all of the following have occurred: (i) the REIT Shares are listed on a national securities
exchange, (ii) the Limited Partner has held its Common Units for at least one year (including, if applicable, the amount of time such Limited Partner held the Preferred Units or LTIP Units which were converted into such Common Units),
(iii) the REIT Shares to be issued pursuant to the redemption have been registered with the SEC and the registration statement has been declared effective, or an exemption from registration is available and (iv) the exchange does not
result in a violation of the Shareholder Limitation. Notwithstanding the above, the General Partner may waive any of the above in its sole discretion other than (ii) or (iv). 

“Exchange Notice” means a Notice of Exercise of Exchange Right, substantially in the form set forth on Exhibit B. 

“Exchange Right” has the meaning set forth in Section 9.4.1. 

“Exchanging Partner” has the meaning set forth in Section 9.4.1. 

“General Partner” means Cottonwood Communities, Inc., a Maryland corporation, and any Person who becomes a substitute or additional
General Partner as provided herein, and any successor General Partner, in such Person’s capacity as a General Partner of the Partnership. 

“General Partner Cash from Sales and Settlements” means the net cash proceeds realized by the General Partner (i) from the
sale, exchange or other disposition of any of its assets or any portion thereof after deduction of all expenses incurred in connection therewith and (ii) from the prepayment, maturity, workout or other settlement of any real estate-related
investment or portion thereof after deduction of all expenses incurred in connection therewith. In the case of the sale or settlement of an investment that is held through a joint venture, General Partner Cash from Sales and Settlements means the
proceeds of any such transaction actually distributed to the General Partner from the joint venture or partnership. 
 “General Partner
Liquidity Event” means (i) the sale of all or substantially all of the General Partner Interests held by the General Partner, (ii) or any sale, exchange or merger of the General Partner or (iii) any listing of the General
Partner’s shares on a national securities exchange. 
 “General Partner Loan” has the meaning set forth in Section 6.2.

 “General Partner Interest” means a Partnership Interest held by the General Partner. 

“General Partner Operating Cash Flow” means the General Partner’s cash flow from ownership and/or operation of its investments,
including investments held through a joint venture or partnership, minus the sum of (i) General Partner Operating Expenses and (ii) all principal and interest payments on indebtedness and other sums paid to lenders. 

“General Partner Operating Expenses” means all costs and expenses incurred by the General Partner, as determined under generally
accepted accounting principles, that in any way are related to the operation of the General Partner or to General Partner business, including fees paid to the external advisor to the General Partner. 

  
 5 

 “General Partner Unit” shall represent an interest in the Partnership entitling
the General Partner to the respective voting and other rights and Net Income and Net Loss as provided for in this Agreement, but shall not include any Preferred Units held by the General Partner. 

“GP Subsidiary” means any partnership, limited liability company, corporation, or other entity (other than the Partnership) of which
a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests are owned by the General Partner or a direct or indirect Subsidiary of the General Partner. 

“Imputed Underpayment” has the meaning set forth in Section 11.5.2(a). 

“Independent Directors” shall have the meaning set forth in the Articles of Incorporation at such time as the Articles of
Incorporation establish the definition. 
 “Ineligible Unit” has the meaning given to such term in Section 5.11.2(a). 

“Joint Venture” means any joint venture or partnership (including a limited liability company) arrangement in which the Partnership
is a co-venturer or partner (or member or manager) which is established to acquire Property. 

“Limited Partner” means any Person named as a Common Limited Partner, Preferred Limited Partner, Special Limited Partner or LTIP
Unit Limited Partner as set forth on Exhibit A, as such Exhibit may be amended from time to time, and any Person who becomes a Substitute Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the
Partnership. 
 “Limited Partner Interest” means a Partnership Interest held by a Limited Partner. 

“Limited Partner Unit” means a Common Unit, Preferred Unit or LTIP Unit. 

“Liquidating Gains” means any net gain realized in connection with the actual or hypothetical sale of all or substantially all of
the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to net gain realized in connection with an adjustment to the book value of Partnership assets pursuant to
Regulations Section 1.704-1(b)(2)(iv)(f). 
 “Liquidating Losses” means any net loss
realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership (including upon the occurrence of any event of liquidation of the Partnership), including but not limited to net loss realized
in connection with an adjustment to the book value of Partnership assets pursuant to Regulations Section 1.704-1(b)(2)(iv)(f). 

“LTIP Unit” means a Partnership Unit that is designated as an LTIP Unit having the rights, powers, privileges, restrictions,
qualifications and limitations as set forth on Exhibit D and elsewhere in this Agreement in respect of an LTIP Unit Limited Partner. LTIP Units may be designated as “Special LTIP Units” or as “Vested” or “Unvested” LTIP
Units pursuant to the documentation pursuant to which such LTIP Unit is issued. 
 “LTIP Unit Distribution Participation Date”
means, for any LTIP Unit, the date of issuance or such other date as may be specified in the Vesting Agreement or other documentation pursuant to which such LTIP Unit is issued. 

“LTIP Unit Limited Partner” means any Person that holds LTIP Units and is named as an LTIP Unit Limited Partner in the books and
records of the Partnership (including as set forth on Exhibit A, as such Exhibit may be amended from time to time, to the extent applicable to the holding of such LTIP Units or Common Units issued to an LTIP Unit Limited Partner as provided on
Exhibit D). 

  
 6 

 “Majority Vote” means the vote of more than 50% of the Participating Partnership
Units entitled to vote. Limited Partners shall be entitled to cast one vote for each Participating Partnership Unit (other than LTIP Units) they own, and a fractional vote for each fractional Participating Partnership Unit (other than LTIP Units)
they own. In the event that the Partnership does not obtain approval of at least 50% of the Participating Partnership Units (other than LTIP Units) entitled to vote, then the item, if acted upon at a meeting and not by written consent, will be
deemed approved if at least 50% of the Participating Partnership Units (other than LTIP Units) that participated in the vote were cast in favor of approval of the item subject to the vote unless a greater percentage is mandated by applicable law.

 “Net Income” has the meaning set forth in Section 5.6. 

“Net Loss” has the meaning set forth in Section 5.6. 

“Offer” has the meaning set forth in Section 8.1.2(b). 

“Original Agreement” has the meaning set forth in the Recitals. 

“Participating Partnership Unit” means a Common Unit, an LTIP Unit or a General Partner Unit, and excludes any Preferred Unit. 

“Partner” means any General Partner or Limited Partner. The names and addresses of the Partners and the number of Partnership Units
are set forth on Exhibit A. 
 “Partner Minimum Gain” has the meaning set forth in Regulations
Section 1.704-2(i). A Partner’s share of Partner Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 

“Partnership” means Cottonwood Communities O.P., LP, a Delaware limited partnership. 

“Partnership Interest” means an ownership interest in the Partnership held by a Partner at any particular time, including the right
of such Partner to any and all benefits to which such Partner may be entitled as provided in this Agreement and in the Act, together with all obligations of such Partner to comply with the provisions of this Agreement and the Act. 

“Partnership Loan” has the meaning set forth in Section 6.2. 

“Partnership Minimum Gain” has the meaning as set forth in Regulations
Section 1.704-2(b)(2). In accordance with Regulations Section 1.704-2(d), the amount of Partnership Minimum Gain is determined by first computing, for each
Partnership nonrecourse liability, any gain the Partnership would realize if it disposed of the property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed
gains. A Partner’s share of Partnership Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(g)(1). 

“Partnership Record Date” means the record date established by the General Partner for the distribution of cash pursuant to
Section 6.1, which record date shall be the same as the record date established by the General Partner for a distribution to its stockholders. 

  
 7 

 “Partnership Unit” means a Limited Partner Unit or a General Partner Unit. The
Partnership Units held by each Partner are set forth on Exhibit A. 
 “Partnership Unit Designations” means the provisions
set forth on Exhibit G which are incorporated herein as part of this Agreement. 
 “Percentage Interest” means the percentage
ownership interest in the Partnership of each Common Limited Partner, LTIP Unit Limited Partner and the General Partner, as determined by dividing the number of Participating Partnership Units owned by such Partner by the total number of
Participating Partnership Units then outstanding as set forth on Exhibit A, as such Exhibit may be amended from time to time, or in the case of LTIP Units on the books and records of the Partnership maintained by the General Partner; provided
that, for purposes of allocations and distributions (i) prior to the LTIP Unit Distribution Participation Date for any LTIP Units, Percentage Interests will be calculated without including such LTIP Units in either the numerator or the
denominator and (ii) prior to the Special LTIP Unit Full Participation Date for any tranche of Special LTIP Units, Percentage Interests will be calculated by only including a number of such Special LTIP Units equal to the number of such Special
LTIP Units in such tranche outstanding multiplied by the Special LTIP Unit Sharing Percentage for such tranche of Special LTIP Units. The Percentage Interest of each Partner shall be as set forth on Exhibit A, as such Exhibit may be amended
from time to time. 
 “Person” means any individual, partnership, limited liability company, corporation, joint venture, trust or
other entity. 
 “Preferred Limited Partner” means any Person named as a Preferred Limited Partner (including any holder of
Preferred Units) as set forth on Exhibit A, as such Exhibit may be amended from time to time, and any Person who becomes a Substitute Limited Partner or Additional Limited Partner, in such Person’s capacity as a Preferred Limited Partner
in the Partnership. For the avoidance of doubt, the General Partner will be a Preferred Limited Partner to the extent it holds Preferred Units. 

“Preferred Shares” shall have the meaning set forth in Section 7.10. 

“Preferred Units” shall represent an interest in the Partnership (including Series 2019 Preferred Units) entitling a Preferred
Limited Partner to a priority on cash flow or liquidation over the holders of Participating Partnership Units and the Special Limited Partner Interests, and to the respective rights and Net Income and Net Loss as provided for in this Agreement. 

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

“Put Notice” has the meaning set forth in Section 9.6.1. 

“Put Right” has the meaning set forth in Section 9.6.1. 

“Put Unit” has the meaning set forth in Section 9.6.1. 

“Real Estate” means (i) the real property, including the buildings located thereon, (ii) the real property only or
(iii) the buildings only, which are acquired by the Partnership, either directly or through Joint Ventures. 
 “Real Estate
Related Assets” means unimproved and improved Real Estate including any related assets and any direct or indirect interest therein, including, without limitation, fee or leasehold interests, 

  
 8 

 
options, leases, Joint Venture interests, equity and debt securities of entities that own real estate, mortgages on Real Estate, mezzanine loans secured by junior liens on Real Estate, preferred
equity interests in a property owner’s interest in Real Estate 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. 
 “Regulatory Allocations” has the meaning set forth in Section 5.7. 

“REIT” means a real estate investment trust described 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 of this Agreement, 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 or officer of the General Partner, asset management and other fees payable to the General Partner, (ii) costs and expenses relating to any offering, issuance or registration 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 or any state, (v) costs and expenses associated with compliance by the
General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission, any state and any securities exchange, (vi) costs and expenses incurred by the General Partner relating to any issuance or redemption
of Partnership Interests or REIT Shares and (vii) 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 in the General Partner (or successor entity, as the case may be). 

“REIT Shares Amount” means a number of REIT Shares equal to the product of the number of Common Units offered for exchange by an
Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event the General Partner issues to all holders of REIT Shares or options, warrants, convertible or exchangeable
securities or other rights entitling the stockholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”), and the rights have not expired at the Specified Exchange Date, then the REIT
Shares Amount shall also include the rights issuable to a holder of the REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. 

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

“Series 2019 Preferred Unit” shall represent an interest in the Partnership entitling a holder of Series 2019 Preferred Units to the
respective voting and other rights and Net Income and Net Loss as provided for in this Agreement. 

  
 9 

 “Shareholder Limitation” means not more than 9.8% (i) in value of the aggregate
outstanding shares of all classes or series of stock of the General Partner and (ii) in value or in number of shares (whichever is more restrictive) of the aggregate outstanding shares of common stock of the General Partner. 

“Share NAV” means the value of a REIT Share, as determined by the Board of Directors. 

“Special Limited Partner” means Cottonwood Communities Investor, LLC, a Delaware limited liability company. 

“Special Limited Partner Interest” means an interest in the Partnership entitling the Special Limited Partner to an interest in the
distributions set forth in Section 6.1.1(c), and any corresponding allocations of Net Income and Net Loss under this Agreement. 

“Special LTIP Unit” means an LTIP Unit designated as a “Special LTIP Unit” as set forth in the documentation pursuant to
which such LTIP Unit is granted. 
 “Special LTIP Unit Full Participation Date” means, for a Special LTIP Unit, the date specified
as such in the documentation pursuant to which such Special LTIP Unit is granted. 
 “Special LTIP Unit Sharing Percentage” means,
with respect to a Special LTIP Unit, 10% or such other percentage designated as the Special LTIP Unit Sharing Percentage for such Special LTIP Unit as set forth in the documentation pursuant to which such Special LTIP Unit is granted. 

“Specified Exchange Date” means the first business day of the month that is at least 60 business days after the receipt by the
General Partner of the Exchange Notice. 
 “Stockholder” means a holder of a REIT Share. 

“Stockholders’ 6% Return” means, as of any date, an aggregate amount equal to a 6% cumulative,
non-compounded, annual return on Stockholders’ Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the
Stockholders’ 6% Return, Stockholders’ Invested Capital shall be determined for each day during the period for which the Stockholders’ 6% Return is being calculated, including a daily adjustment to reflect shares repurchased by the
General Partner (excluding REIT Shares issued as stock dividends and subsequently repurchased by the General Partner), and shall be calculated net of (1) Distributions of General Partner Cash from Sales and Settlements and
(2) Distributions of General Partner Operating Cash Flow to the extent such Distributions of General Partner Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 6%, as
such amounts are computed on a daily basis based on a three hundred sixty-five day year. 
 “Stockholders’ Invested Capital”
means the amount calculated by multiplying the total number of REIT Shares purchased by Stockholders by the issue price, reduced by the total number of shares repurchased by the General Partner multiplied by the Average Issue Price. 

“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 are owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 10.2. 

  
 10 

 “Successor Entity” has the meaning set forth in the definition of “Conversion
Factor.” 
 “Surviving General Partner” has the meaning set forth in Section 8.1.3. 

“Target Balance” has the meaning set forth in Section 5.11.2(a). 

“Transaction” has the meaning set forth in Section 8.1.2. 

“Transaction Value” means an amount determined by assuming the value of the consideration used in the General Partner Liquidity
Event and interpolating the gross value of the Partnership assets from such amount. If the event triggering the payment is a listing of the General Partner’s stock on a national securities exchange, the fair market value will be calculated
based on the market value of the General Partner’s stock issued and outstanding at listing, measured by taking the average closing price or the average of the bid and asked price, as the case may be, during a period of 30 trading days
commencing after the first day of the 6th month, but no later than the last day of the 18th month following listing, the commencement date of which shall be chosen by the Special Limited Partner in its sole discretion. 

“Transfer” has the meaning set forth in Section 10.1.1. 

“Value” means the fair market value per share of REIT Shares which will equal: (i) if the REIT Shares are listed on a national
stock exchange, the average closing price per share for the previous 30 trading days (or such fewer number of trading days as such REIT Shares have traded on such exchange, if such number of trading days is fewer than 30) and (ii) if the
REIT Shares are not listed, it shall mean the Share NAV. 
 “Vesting Agreement” means an award, vesting or other similar
agreement pursuant to which LTIP Units are issued to an LTIP Unit Limited Partner. 
 2.    Partnership Organization. 

2.1    Organization. The Partners hereby continue the limited partnership that was formed on December 21, 2016
as a limited partnership pursuant to the Act, for the purposes and upon the terms and conditions set forth in this Agreement. In the event of a conflict between the Act and this Agreement, unless a provision is expressly prohibited in the Act, the
terms of this Agreement shall control. 
 2.2    Name. The name of the Partnership is Cottonwood Communities
O.P., LP. The General Partner may change the name of the Partnership or conduct the business under another name and shall notify the Limited Partners of any such change. 

2.3    Office and Registered Agent. The specified office and place of business of the Partnership shall be 6340
South 3000 East, Suite 500, Salt Lake City, Utah 84121. 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, 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware 19808. The General Partner may at any time change the Partnership’s registered agent, provided the
General Partner gives notice to the Partners of any such change. 
 2.4    Partners. 

2.4.1    The General Partner of the Partnership is Cottonwood Communities, Inc., a Maryland corporation. Its principal
place of business is the same as that of the Partnership. 

  
 11 

 2.4.2    The Limited Partners are those Persons identified as Limited
Partners on Exhibit A, as amended from time to time. The Partners agree that Exhibit A will be confidential and maintained in the offices of the General Partner. 

2.5    Term and Dissolution. The Partnership shall have a perpetual duration, except that the Partnership shall be
dissolved pursuant to the provision of Section 13. 
 2.6    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 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. 

2.7    Partnership Interests are Securities. All Partnership Interests shall be securities within the meaning of,
and governed by, (i) Article 8 of the Delaware Uniform Commercial Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction. The Partnership Interest of each Partner shall be personal property for all
purposes. 
 3.    Purpose. 

3.1    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, and in a manner such that the General
Partner will not be subject to any taxes under Section 857 or 4981 of the Code, unless the General Partner otherwise ceases to or does not qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to
engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary, convenient 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, 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 its Articles of Incorporation. The General Partner 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” for purposes of Section 7704 of the Code. 
 3.2    Powers. The
Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit
of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness,
whether or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of Real Estate Related Assets or other ownership interests. In addition, the
General Partner shall have all power to take any action necessary to maintain its status as a REIT as set forth in Section 3.1. 

3.3    Relationship with Partners. It is expressly acknowledged and agreed by the Partners that the General Partner
may, in its sole and absolute discretion, waive or otherwise modify the application 

  
 12 

 
with respect to any Partner or assignee of any provision herein restricting, prohibiting or otherwise relating to (i) the transfer of a Limited Partner Interest or the Partnership Units
evidencing the same, (ii) the admission of any Limited Partners and (iii) the redemption rights of such Partners, and that such waivers or modifications may be made by the General Partner at any time or from time to time, including,
without limitation, concurrently with the issuance of any Partnership Units pursuant to the terms of this Agreement. 
 4.    Capital
Contributions and Accounts. 
 4.1    Capital Contributions. The General Partner and the Limited Partners have
made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on Exhibit A, as such Exhibit may be amended from time to time. The Partners shall receive the Percentage Interests indicated
on Exhibit A, as such Percentage Interests may be adjusted from time to time by the General Partner to the extent necessary to reflect exchanges, redemptions, additional Capital Contributions, the issuance of additional Partnership Interests or
other events having an effect on a Partner’s Percentage Interest. The General Partner shall have the power and authority to amend Exhibit A to reflect the issuance, redemption, exchange or other change in any Partnership Interest. 

4.2    Additional Capital Contributions and Issuances of Additional Partnership Interests. Except as provided in
Sections 4.3, 4.4 or 4.5, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. 

4.3    Issuances of Additional Partnership Interests. The General Partner is hereby authorized to cause the
Partnership to issue additional Partnership Interests in the form of Participating Partnership Units or Preferred Units, and to admit such Person as a Partner, for any Partnership purpose at any time or from time to time, including but not limited
to additional classes of Partnership Units issued in connection with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by
the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units (i) upon
the conversion, redemption or exchange of any debt or other securities issued by the Partnership, (ii) 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 and (iii) in connection with any merger of any other entity into the Partnership or any Subsidiary of the Partnership if the applicable merger agreement provides that entity or its owners are to receive
Partnership Units in exchange for their interests in the entity merging into the Partnership or any Subsidiary of the Partnership. 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, redemption rights, conversion rights and other special rights, powers and duties, including rights, powers and duties senior to any Limited Partner Interests, all as shall be determined by the
General Partner in its sole and absolute discretion and without the approval of any Limited Partner. Without limiting the generality of the foregoing, the General Partner shall have authority to specify (A) the allocations of items of
Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests, (B) the right of each such class or series of Partnership Interests to share in Partnership distributions, (C) the rights of each
such class or series of Partnership Interests upon dissolution and liquidation of the Partnership, (D) the voting rights, if any, of each such class or series of Partnership Interests and (E) the conversion, redemption or exchange rights
applicable to each such class or series of Partnership Interests; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless: 

4.3.1    (i) the additional Partnership Interests are issued in connection with an issuance of REIT Shares or other
interests in the General Partner, (including but not limited to an internalization of 

  
 13 

 
the property management or advisor contracts) which REIT Shares or interests have designations, preferences and other rights, such that the economic interests are substantially similar to the
designations, preferences and other rights of the additional Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.3 and (ii) the General Partner shall make a Capital Contribution to the
Partnership in an amount equal to the proceeds raised in connection with the issuance of such REIT Shares or other interests in the General Partner; 

4.3.2    the additional Partnership Interests are issued in exchange for Property or other assets owned by the General
Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or 

4.3.3    the additional Partnership Interests are issued to all Partners in proportion to their respective Percentage
Interests with respect to the class of Partnership Interests so issued. 
 4.4    General Partner Issuance of
Additional Securities. 
 4.4.1    The General Partner shall not issue any Additional Securities other than to all
holders of REIT Shares, unless (i) the General Partner shall cause the Partnership to issue to the General Partner, as the General Partner may designate, Partnership Interests or options, warrants, convertible or exchangeable securities or
other rights of the Partnership having designations, preferences and other rights, such that the economic interests are substantially similar to those of the Additional Securities and (ii) the General Partner contributes the net proceeds from
the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership. Notwithstanding the above, the General Partner is allowed to issue
Additional Securities in connection with an acquisition of Property to be held directly by the General Partner but if, and only if, such direct acquisition and issuance of Additional Securities have been approved and determined to be in the best
interests of the General Partner and the Partnership by a majority of the Independent Directors. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause
the Partnership to issue to the General Partner corresponding Partnership Interests, so long as (A) the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership, including
without limitation, the issuance of REIT Shares and corresponding General Partner Units pursuant to an employee share purchase plan providing for employee purchases of REIT Shares at a discount from fair market value or employee stock options that
have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise or in order to comply with the REIT ownership requirements set forth in Section 856(a)(5) of the Code
and (B) the General Partner contributes all proceeds from such issuance and exercise to the Partnership. 

4.4.2    In connection with any and all issuances of REIT Shares or other securities of the General Partner, the General
Partner shall make Capital Contributions to the Partnership of the proceeds from such issuances. If the proceeds actually received and contributed by the General Partner are less than the gross proceeds of such issuance as a result of any
underwriter’s or broker-dealer’s discount or other fees or expenses paid or incurred in connection with such issuance (or as a result of sales net of commission or volume discounts), the General Partner may determine in its sole discretion
whether it has made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance or the net amount contributed to the Partnership. In the event the General Partner determines it has made such a Capital
Contribution of such excess amount, the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 7.5 and in connection with the required issuance of additional Partnership Units or Preferred
Units, as applicable, to the General Partner for such Capital Contributions pursuant to Section 4.3. 

  
 14 

 4.4.3    In the event that the Partnership issues Partnership Interests
pursuant to Sections 4.3 or 4.4, the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of any Limited Partner) as it deems necessary to reflect the issuance of such additional Partnership
Interests and any special rights, powers, and duties associated therewith. 
 4.5    Additional Funding. If the
General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership 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 funds to the Partnership through loans or otherwise. 

4.6    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, (iii) a new or existing Partner is granted
an additional Partnership Interest (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership in a partner capacity or in anticipation of becoming a Partner or (iv) the
Partnership is liquidated within the meaning of Regulations 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. 

4.6.1    The Capital Account with respect to any Partner (or such Partner’s assignee) shall mean such Partner’s
initial Capital Contribution adjusted as follows: 
 (a)    A Partner’s Capital Account shall be increased by:

 (i)    such Partner’s share of Net Income; 

(ii)    any item of income or gain specially allocated to a Partner and not included in Net Income or Net Loss; 

(iii)    any additional cash Capital Contribution made by such Partner to the Partnership; and 

(iv)    the fair market value of any additional Capital Contribution, as determined by the General Partner, consisting of
property contributed by such Partner to the capital of the Partnership reduced by any liabilities assumed by the Partnership in connection with such contribution or to which the property is subject. 

(b)    A Partner’s Capital Account shall be reduced by: 

(i)    such Partner’s share of Net Loss; 

  
 15 

 (ii)    any loss or deduction specially allocated to a Partner and not
included in Net Income or Net Loss; 
 (iii)    any cash distribution made to such Partner; and 

(iv)    the fair market value, as determined by the General Partner of any property (reduced by any liabilities assumed
by the Partner in connection with the distribution or to which the distributed property is subject) distributed to such Partner; provided that, upon liquidation and winding up of the Partnership, unsold property will be valued for distribution at
its fair market value and the Capital Account of each Partner before such distribution shall be adjusted to reflect the allocation of gain or loss that would have been realized had the Partnership then sold the property for its fair market value.
Such fair market value shall not be less than the amount of any nonrecourse indebtedness that is secured by the property. 

4.6.2    Notwithstanding anything to the contrary in this Agreement, the Capital Accounts shall be maintained in
accordance with Regulations Section 1.704-1(b). For purposes of this Agreement, any references to the Regulations shall include corresponding subsequent provisions. 

4.7    Percentage Interests. If (i) the number of outstanding Participating Partnership Units increases or
decreases during a taxable year or (ii) the Percentage Interest of an LTIP Unit is otherwise adjusted because the LTIP Unit Distribution Participation Date or the Special LTIP Unit Full Participation Date has occurred as described in the
definition of Percentage Interest, then each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Participating
Partnership Units held by such Partner divided by the aggregate number of Participating Partnership Units outstanding after giving effect to such increase or decrease and shall be further adjusted to take into account any special calculations of
Percentage Interests for outstanding LTIP Units described in the definition of Percentage Interests. 
 4.8    No
Interest on Contributions. Except as may be specifically provided in this Agreement, no Partner shall be entitled to interest on its Capital Contributions. 

4.9    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. 

4.10    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 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 but except for any written agreement made between the Partner and the Partnership, a deficit Capital Account of a Partner shall not be deemed to be a

  
 16 

 
liability of such Partner nor an asset or property of the Partnership and upon a liquidation within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g), if any Partner has a deficit Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments for all taxable
years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any Capital Contribution to reduce or eliminate the negative balance of such Partner’s Capital Account. 

4.11    Issuance of Common Warrants. The General Partner is hereby authorized to cause the Partnership to issue
Common Warrants for any Partnership purpose at any time, or from time to time, 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. 
 4.12    Issuance of Series
2019 Preferred Units. The General Partner is authorized to cause the Partnership to issue the Series 2019 Preferred Units to the General Partner according to the Partnership Unit Designation of the Series 2019 Preferred Units provided on Exhibit
G. 
 5.    Net Income and Net Loss. 

5.1    Allocation of Net Income and Net Loss. Net Income and Net Loss (or items thereof) of the Partnership for each
fiscal year or other applicable period of the Partnership shall be allocated as follows: 
 5.1.1    To the Partners in
a manner such that, after giving effect to the special allocations set forth in 5.2, 5.3, 5.4, 5.7, 5.9 and 5.10 and Section 8 of Exhibit G, is, as nearly as possible, equal to (i) the Distributions that would be made to such Partner
pursuant to Section 6.1 if the Partnership were dissolved, its affairs wound-up and its assets sold for cash equal to their book value, all Partnership liabilities were satisfied (limited with respect to
each nonrecourse liability to the book value of the assets security such liability), and the net assets of the Partnership were distributed in accordance with Section 6.7, to the Partners immediately after making such allocations, minus
(ii) such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make such allocations as
it deems reasonably necessary to give economic effect to the provisions of this Agreement taking into account such facts and circumstances as the Manager deems necessary for this purpose. To the extent that there have been distributions made
pursuant to Section 6.1.1(a) and (b), a corresponding allocation of Net Income, and if there is any shortfall, a corresponding allocation of gross income to the General Partner will be made. This Agreement may be amended in the sole discretion
of the General Partner to change the manner in which allocations of Net Income and Net Loss are made by the Partnership so long as such amendment is intended to reflect the allocation of Net Income and Net Loss to the Partners as set forth in this
Agreement. 
 5.2    Nonrecourse Deductions; Minimum Gain Chargeback. Notwithstanding any provision to the
contrary in this Agreement, (i) any expense of the Partnership that is a “nonrecourse deduction” within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance
with the Partners’ respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction” within the meaning of Regulations
Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” with respect to the “partner nonrecourse debt” to which such partner nonrecourse
deduction is attributable in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2),(3), (4) and (5), items of
gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations
Section 1.704-2(j) and 

  
 17 

 
(iv) if there is a net decrease in Partner Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year,
then, subject to the exceptions set forth in Regulations Section 1.704-2(g), items of gain and income shall be allocated among the Partners in accordance with Regulations
Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partner’s “interest in partnership profits” for
purposes of determining its share of the excess nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest;
provided, however, with respect to the Common Units issued, excess nonrecourse liability shall first be allocated to the Common Limited Partners who contributed the applicable property to the extent of any
built-in gain with respect to such property that it is attributable to such Common Limited Partner pursuant to Section 704(c) to the extent debt attributable to such gain has not previously been allocated
to such Common Limited Partner pursuant to Regulations Section 1.752-3(a)(2). Except as set forth immediately above, the General Partner may select the appropriate method for sharing excess nonrecourse
liabilities. 
 5.3    Qualified Income Offset. If a Partner unexpectedly receives in any taxable year an
adjustment, allocation, or distribution described in subparagraphs (4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s
Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner sufficient to eliminate such deficit Capital
Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). This Section 5.3 is intended to constitute a “qualified income offset” under Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.3, to the extent
permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to offset the income or gain previously allocated to such Partner under this
Section 5.3. 
 5.4    Capital Account Deficits. Net Loss (or items of Net Loss) shall not be allocated to a
Limited Partner to the extent that such allocation would cause or increase a deficit in such Partner’s 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 Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5). Any Net Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of
Net Loss to the General Partner in accordance with this Section 5.4, to the extent permitted by Regulations Section 1.704-1(b), Net Income shall be allocated to the General Partner in an amount
necessary to offset the Net Loss previously allocated to the General Partner under this Section 5.4. 

5.5    Allocations Between Transferor and Transferee. If a Partner Transfers any part or all of its Partnership
Interest or the Partner’s Percentage Interest is adjusted pursuant to Section 4.7, the distributive shares of the various items of Net Income and Net 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 Net Income and Net Loss between the transferor and the transferee Partner for the taxable year in which the adjustment occurs. The allocation of Net Income and Net Loss for the earlier
part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Net Income and Net Loss for the later part shall be based on the adjusted Percentage Interests. 

  
 18 

 5.6    Definition of Net Income and Net Loss. “Net
Income” and “Net 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 Net Income and Net Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.2, 5.3, 5.4, 5.7, 5.9, 5.10 and 5.11.
All allocations of income, Net Income, gain, Net Loss and expense (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, 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, in its sole discretion and without the need for consent from any Partner, to elect the
method or methods to be used by the Partnership for allocating items of income, gain, expense and deductions as required by Section 704(c) of the Code including the election of a method that may result in one or more Partners receiving or being
allocated a disproportionately larger share of items of Partnership income, gain, expense or deduction and any such election shall be binding on all Partners. 

5.7    Curative Allocations. The allocations set forth in Sections 5.2, 5.3 and 5.4 of this Agreement (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of
other items of Partnership income, gain, loss or deduction pursuant to this Section 5.7. Therefore, notwithstanding any other provision of this Section 5 (other than the Regulatory Allocations), the General Partner shall make such
offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account is, to the extent possible, equal to the
Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Section 5.1. 

5.8    Special Allocation. Notwithstanding the other provisions in this Section (but subject to Sections 5.11 and
5.12), in the year of the sale of the last Property, Net Income and Net Loss from all sources (or gross income or gross expense) shall be allocated, to the greatest extent possible, so that the positive Capital Account balance of each Partner shall
be equal to the distributions to be made to the Partners, provided, however, that in no event shall this Section 5.8 be interpreted or applied in a manner that would cause any LTIP Unit to fail to qualify as a “profits interest” under
IRS Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and IRS Revenue Procedure 2001-43,
2001-2 C.B. 191 (August 3, 2001) (for example, this Section 5.8 shall not cause an LTIP Unit Limited Partner to receive a gross income allocation with respect to an LTIP Unit, or other Partners to
receive gross expense allocations, if such allocation(s) would result in a reduction of the LTIP Unit Limited Partner’s Book-Up Target with respect to its LTIP Unit in excess of the amount by which such Book-Up Target would have been reduced in the absence of this Section 5.8). This Section 5.8 shall be interpreted in a manner consistent with the Partnership’s intention to treat the LTIP Units
as “profits interests” for U.S. federal income tax purposes. 
 5.9    Preferred Interest
Designation. Notwithstanding any provisions to the contrary in this Agreement, Net Income and Net Loss shall first be allocated to Partners as set forth in the Partnership Unit Designations. 

5.10    Forfeiture Allocations. Subject to Section 5.11.3 with respect to a forfeiture of certain LTIP Units,
upon a forfeiture of any unvested Partnership Interest by any Partner, gross items of income, gain, loss or deduction shall be allocated to such Partner if and to the extent required by final Regulations promulgated after the effective date of this
Agreement to ensure that allocations made with respect to all unvested Partnership Interests are recognized under Code Section 704(b). 

  
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 5.11    LTIP Allocation Provisions. 

5.11.1    For purposes of determining allocations of Net Loss pursuant to Section 5.1, an LTIP Unit Limited Partner
shall be treated as having a separate Economic Capital Account Balance, and for this purpose a separate Capital Account with an appropriate share of Partnership Minimum Gain and Partner Minimum Gain shall be maintained, for each tranche of LTIP
Units with a different issuance date that it holds and a separate Capital Account for its Common Units, if applicable, and the Economic Capital Account Balance of each holder of Common Units shall not include any Economic Capital Account Balance
attributable to other series or classes of Partnership Units. 
 5.11.2    After giving effect to the special
allocations set forth in Sections 5.2, 5.3, 5.4, 5.7, 5.9 and 5.10, and the allocations of Net Income under Sections 5.1.1(a), and subject to the other provisions of this Section 5, but before allocations of Net Income are made under
Section 5.1.1(b) or 5.1.1(c), Liquidating Gains and Liquidating Losses shall be allocated as follows: 

(a)    Liquidating Gains (including, for the avoidance of doubt, Liquidating Gains that are a component of any remaining
Net Income), shall first be allocated to LTIP Unit Limited Partners until the Economic Capital Account Balances of such Partners, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Common Unit Economic Balance,
multiplied by (ii) the number of their LTIP Units (with respect to each LTIP Unit Limited Partner, the “Target Balance”), provided, however, that no such Liquidating Gains will be allocated with respect to any particular LTIP Unit
(each an “Ineligible Unit”) if and to the extent that cumulative Liquidating Losses of the Partnership have exceeded cumulative Liquidating Gains of the Partnership during the period from the issuance of such LTIP Unit through the date of
such allocation. If, notwithstanding the foregoing, not all LTIP Units (including Ineligible Units) are fully booked up, Liquidating Gains shall be allocated, subject to Section 5.11.2(b), among LTIP Unit Limited Partners with respect to their
LTIP Units in a manner reasonably determined by the General Partner. For the avoidance of doubt, Liquidating Gains allocated with respect to an LTIP Unit pursuant to this Section 5.11.2(a) shall reduce (but not below zero) the Book-Up Target for such LTIP Unit. 
 (b)    Liquidating Gain allocated to an LTIP
Unit Limited Partner under this Section 5.11 will be attributed to specific LTIP Units of such LTIP Unit Limited Partner for purposes of determining (i) allocations under this Section 5.11, (ii) the effect of the forfeiture or
conversion of specific LTIP Units on such LTIP Unit Limited Partner’s Capital Account and (iii) the ability of such LTIP Unit Limited Partner to convert specific LTIP Units into Common Units. Such Liquidating Gain will generally be
attributed in the following order: (A) first, to Vested LTIP Units held for more than two years, (B) second, to Vested LTIP Units held for two years or less, (C) third, to Unvested LTIP Units that have remaining vesting conditions
that only require continued employment or service to the General Partner, the Partnership or an Affiliate of either for a certain period of time (with such Liquidating Gains being attributed in order of vesting from soonest vesting to latest
vesting) and (D) fourth, to other Unvested LTIP Units (with such Liquidating Gains being attributed in order of issuance from earliest issued to latest issued). Within each category, Liquidating Gain will be allocated seriatim (i.e., entirely
to the first unit in a set, then entirely to the next unit in the set, and so on, until a full allocation is made to the last unit in the set) in the order of smallest Book-Up Target to largest Book-Up Target. Any such allocations shall be made among the holders of LTIP Units in proportion to the aggregate amounts required to be allocated to each under this Section 5. 

(c)    After giving effect to the special allocations set forth above in this Section 5.11, if, due to distributions
with respect to Common Units in which the LTIP Units do not participate, forfeitures or otherwise, the Economic Capital Account Balance of any LTIP Unit Limited Partner attributable to such LTIP Unit Limited Partner’s LTIP Units, exceeds the
Target Balance, then 

  
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Liquidating Losses shall be allocated to such LTIP Unit Limited Partner, or, at the election of the General Partner, Liquidating Gains shall be allocated to the other Partners, to eliminate the
disparity; provided, however, that if Liquidating Losses and Liquidating Gains are insufficient to completely eliminate all such disparities, such losses or gains shall be allocated among Partners in a manner reasonably determined by the General
Partner. 
 (d)    The parties agree that the intent of this Section 5.11 is (i) to the extent possible to
make the Capital Account balance associated with each LTIP Unit economically equivalent to the Capital Account balance associated with the General Partner’s General Partner Units (on a per-unit basis) and
(ii) to allow conversion of an LTIP Unit (assuming prior vesting) when sufficient Liquidating Gains have been allocated to such LTIP Unit pursuant to Section 5.11 so that either an LTIP Unit’s initial
Book-Up Target has been reduced to zero or the parity described in clause (i) above has been achieved. The General Partner shall be permitted to interpret this Agreement (including this Section 5.11)
and to amend this Agreement to the extent necessary and consistent with this intention. 
 (e)    In the event that
Liquidating Gains or Liquidating Losses are allocated under this Section 5.11, Net Income allocable under Sections 5.1.1(b) and 5.1.1(c) and any Net Loss shall be recomputed without regard to the Liquidating Gains or Liquidating Losses so
allocated. 
 5.11.3    If an LTIP Unit Limited Partner forfeits any LTIP Units to which Liquidating Gain has previously
been allocated under Section 5.11.2, (i) the portion of such LTIP Unit Limited Partner’s Capital Account attributable to such Liquidating Gain allocated to such forfeited LTIP Units will be
re-allocated to that LTIP Unit Limited Partner’s remaining LTIP Units that were outstanding on the date of the initial allocation of such Liquidating Gain (if any), using a methodology similar to that
described in Section 5.11.2 as reasonably determined by the General Partner, to the extent necessary to cause such LTIP Unit Limited Partner’s Economic Capital Account Balance attributable to each such LTIP Unit to equal the Common Unit
Economic Balance and (ii) such LTIP Unit Limited Partner’s Capital Account will be reduced by the amount of any such Liquidating Gain not re-allocated pursuant to clause (i) above. 

5.11.4    Notwithstanding the other provisions in this Agreement, any Person who is allocated LTIP Units on or before
March 31, 2020 shall also receive a special Distribution and allocation of income in 2020 equal to the Distributions that such Person would have received if they had held such LTIP Units beginning on January 1, 2020 and continuing through
the date of grant of such LTIP Units. 
 5.12    Substantial Economic Effect. It is the intent of the
Partners that the allocations of Net Income and Net 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. Section 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.
If the Partnership is advised by the Partnership’s legal counsel that the allocations provided in this Agreement are unlikely to be respected for federal income tax purposes, the General Partner is hereby granted the power to amend the
allocation provisions of this Agreement to the minimum extent necessary to comply with Section 704(b) of the Code and effect the plan of allocations and distributions provided for in this Agreement. The Limited Partners acknowledge and agree
that counsel representing the Partnership, the General Partner, the advisor to the General Partner and their Affiliates does not represent and will not be deemed under the applicable codes of professional responsibility to have represented or to be
representing any or all of the Limited Partners in any respect. 

  
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 6.    Distributions. 

6.1    Distribution of Cash. 

6.1.1    Unless otherwise provided herein, Cash from Operations shall be distributed to the Partners as follows: 

(a)    The Partnership shall first make distributions as set forth in the Partnership Unit Designations; 

(b)    Second, 100% to the General Partner until the Stockholders have received Distributions in an aggregate amount
equal to the sum of the (i) Stockholders’ 6% Return and (ii) Stockholders’ Invested Capital; 

(c)    After making the distributions set forth in Section 6.1.1(a) and (b), the Partnership shall distribute cash
on a monthly (or, at the election of the General Partner, more or less frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, 85% to the Common Limited Partners, LTIP Unit Limited Partners and General
Partner in proportion to their Percentage Interests and 15% to the Special Limited Partner. Distributions made pursuant to this Section 6.1.1 shall be adjusted as necessary to ensure that the amount apportioned to each LTIP Unit does not exceed
the amount attributable to items of Partnership income or gain realized after the date such LTIP Unit was issued by the Partnership. The intent of the immediately preceding sentence is to ensure that any LTIP Units qualify as “profits
interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001), and such sentence shall be interpreted and applied consistently therewith. The General Partner at its discretion may amend this Section 6.1.1 to ensure that any LTIP
Units will qualify as “profits interests” under Revenue Procedure 93-27, 1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001) (and any other similar rulings or regulations that may be in effect at such time). 

6.1.2    The Partnership shall distribute to the Partners who are Partners on the Partnership Record Date with respect to
such month (or other distribution period) in accordance with Section 6.1.1; provided, however, that if a new or existing Partner acquires an additional Partnership Interest in exchange for a Capital Contribution on any date other than the day
after the Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating to the Partnership Record Date next following the issuance of such additional Partnership Interest shall be adjusted in proportion
to (i) the number of days that such additional Partnership Interest is held by such Partner bears to (ii) the number of days between such Partnership Record Date and the immediately preceding Partnership Record Date. 

6.1.3    Except for distributions pursuant to Section 6.7 of this Agreement in connection with the dissolution and
liquidation of the Partnership and subject to the provisions of Sections 6.1.1, 6.2, 6.3, 6.4 and 6.6 of this Agreement, distributions shall be made to the holders of Participating Partnership Units in accordance with their respective Percentage
Interests. 
 6.1.4    In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if
such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

6.2    Withholding. 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, the
requirements of Sections 1441, 1442, 1445 and 1446 

  
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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 assignee or (ii) if the actual amount to be distributed to the Partner or assignee is less than the amount required to be withheld by the Partnership, the actual amount
shall be treated as a distribution of cash in the amount of such withholding and the additional amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner or assignee 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 fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership on the Limited Partner (a
“Defaulting Limited Partner”), the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General
Partner shall be deemed to have extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against
the Defaulting Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the
General Partner Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. Any amounts treated as
a Partnership Loan or a General Partner Loan pursuant to this Section 6.2 shall bear interest at the lesser of (A) 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 (B) 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. 

6.3    Tax Distribution. Notwithstanding the provisions set forth in Section 6.1.1, but subject to
Section 6.4, the Partnership may, at the option of the General Partner, make distributions to the Special Limited Partner prior to making the distributions set forth in Section 6.1.1(b), to the extent such distributions are needed to pay
any income taxes associated with the allocations of Net Income to the Special Limited Partner prior to any distributions under Section 6.1.1(c). Any such distributions shall reduce subsequent distributions to be made to the Special Limited
Partner pursuant to Section 6.1.1. In no event shall the General Partner make any tax distributions to the Special Limited Partner as permitted under this Section 6.3 if such distributions are necessary for the General Partner to meet the
distribution requirements for qualification as a REIT. 
 6.4    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 distributions to its stockholders 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, other than to the extent the General Partner elects to retain and
pay income tax on its net capital gain. 
 6.5    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. 
 6.6    Limitations on
Return of Capital Contributions. Notwithstanding any of the provisions of this Section 6, no Partner shall have the right to receive and the General Partner shall not have the right to 

  
 23 

 
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 its Capital Contribution, does not exceed the fair market value of the Partnership’s assets. 

6.7    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 and any distributions required pursuant to the Partnership Unit Designations, any remaining assets of the Partnership shall be distributed to the Common Limited Partners,
Special Limited Partner, LTIP Unit Limited Partners and General Partner as set forth in Section 6.1, which is intended to be in accordance with the positive balance of the Capital Account of each Partner; provided, however, that,
notwithstanding the foregoing, consistent with the Partnership’s intention to treat LTIP Units as “profits interests” under Revenue Procedure 93-27,
1993-2 C.B. 343 (June 9, 1993) and Revenue Procedure 2001-43, 2001-2 C.B. 191 (August 3, 2001), in no event shall an LTIP
Unit Limited Partner receive any distribution pursuant to this Section 6.7 with respect to an LTIP Unit in excess of such LTIP Unit Limited Partner’s positive Capital Account balance with respect to such LTIP Unit. For purposes of the
preceding sentence, the Capital Account of each Partner shall be determined after all allocations and distributions have been made in accordance with this Agreement attributable to Partnership operations and from all sales and dispositions of all or
any part of the Partnership’s assets. 
 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. 

7.    Rights, Obligations and Powers of the General Partner. 

7.1    Management of the Partnership. 

7.1.1    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 as deemed necessary or desirable in the sole and absolute discretion of the General Partner, on behalf of the Partnership (or
any Subsidiary or GP Subsidiary): 
 (a)    to acquire, purchase, own, operate, manage, lease, dispose of and exchange
any Property and any other assets in the best interests of the business of the Partnership; 
 (b)    to develop land,
construct buildings and make other improvements or renovations on Property owned or leased by the Partnership; 

(c)    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, warrants, convertible or exchangeable securities or other rights relating to any
Partnership Interests) of the Partnership; 
 (d)    to borrow money for the Partnership, issue 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; 

  
 24 

 (e)    to make loans or advances to any Person, including Affiliates of
the General Partner or the Partnership, for any purpose pertaining to the business of the Partnership; 
 (f)    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; 

(g)    to pay, either directly or by reimbursement, all Administrative Expenses to third parties or to the General
Partner or its Affiliates as set forth in this Agreement; 
 (h)    to use assets of the Partnership for any purpose
consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all 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; 
 (i)    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; 
 (j)    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; 
 (k)    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; 

(l)    to make or revoke any election permitted or required of the Partnership by any taxing authority; 

(m)    to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for
the protection of the Partnership, conservation of Partnership assets, or any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as it shall determine from time to time; 

(n)    to determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property,
to distribute the same or to use such proceeds for other Partnership purposes; 
 (o)    to hire and dismiss employees
of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons in connection with the Partnership business and to pay such remuneration as the General Partner may deem reasonable and proper;

 (p)    to retain other services of any kind or nature in connection with the Partnership business, and to pay such
remuneration as the General Partner may deem reasonable and proper; 

  
 25 

 (q)    to negotiate and enter into agreements on behalf of the
Partnership with respect to any of the rights, powers or authority of the General Partner; 
 (r)    to maintain
accounting records and to file all federal, state and local income tax returns on behalf of the Partnership; 

(s)    to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 

(t)    to form or acquire an interest in, and contribute Property to, any limited or general partnership, joint venture,
limited liability company, corporation, Subsidiary or other entity or relationship; 
 (u)    to establish Partnership
reserves for working capital, capital expenditures, contingent liabilities or any other Partnership purpose; 

(v)    to merge, consolidate or combine the Partnership with or into another entity; 

(w)    to take any and all actions necessary to adopt or modify any distribution reinvestment plan of the Partnership or
the General Partner; 
 (x)    to do any and all acts necessary or desirable to ensure that the Partnership will not be
classified as a “publicly traded partnership” for purposes of Section 7704 of the Code and the Regulations promulgated thereunder; and 

(y)    to execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all acts
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 maintain all of the rights and powers of a general partner as provided by the Act. 

7.1.2    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. 

7.2    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. 
 7.3    Indemnification and Exculpation of Covered Persons. 

7.3.1    The Partnership shall indemnify, to the fullest extent allowed under applicable law, a Covered Person from and
against any and all losses, claims, damages, liabilities (whether 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 (whether civil, criminal, administrative or investigative), that relate to the operations of the Partnership as set forth in this Agreement or relate to the provision of services to the Partnership in which any Covered Person may be

  
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involved, or is threatened to be involved, as a party or otherwise, unless it is established that (i) the act or omission of the Covered Person 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 Covered Person actually received an improper personal benefit in money, property or services, (iii) in the case of any
criminal proceeding, the Covered Person had reasonable cause to believe that the act or omission was unlawful or (iv) the Covered Person acted with gross negligence or willful misconduct. 

7.3.2    The Partnership shall pay or reimburse a Covered Person for reasonable expenses and other costs incurred by a
Covered Person 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 Covered Person of the Covered Person’s good faith belief that the
standard of conduct necessary for indemnification by the Partnership as authorized in this Section 7.3 has been met and (ii) a written undertaking by or on behalf of the Covered Person to repay the amount if it shall ultimately be
determined that the Covered Person was not entitled to indemnification pursuant to this Section 7.3. 

7.3.3    The Partnership may purchase and maintain insurance on behalf of the Covered Persons 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. 
 7.3.4    For purposes of this
Section 7.3, (i) the Partnership shall be deemed to have requested a Covered Person to serve as a fiduciary of an employee benefit plan whenever the performance by the Covered Person of its duties to the Partnership also imposes duties on the
Covered Person, or otherwise involves services by the Covered Person to the plan or participants or beneficiaries of the plan, (ii) excise taxes assessed on a Covered Person with respect to an employee benefit plan pursuant to applicable law
shall constitute fines within the meaning of this Section 7.3 and (iii) actions taken or omitted by the Covered Person 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. 

7.3.5    In no event may a Covered Person subject the Partners to personal liability by reason of the indemnification
provisions set forth in this Agreement. 
 7.3.6    A Covered Person shall not be denied indemnification in whole or in
part under this Section 7.3 because the Covered Person 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 or approved by the Board of
Directors. 
 7.3.7    Notwithstanding the above provisions in this Section 7.3, 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 (i) there has been a successful adjudication on the merits of each count involving alleged
material securities law violations as to the Covered Person, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Covered Person or (iii) a court of competent jurisdiction
approves a settlement of the claims against the Covered Person 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. 

7.3.8    Without limitation, the foregoing indemnity shall extend to any liability of any Covered Person, pursuant to a
loan guaranty or otherwise for any indebtedness of the Partnership or any 

  
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Subsidiary of the Partnership (including without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner
is hereby authorized and empowered, on behalf of the Partnership, to enter into one or more indemnity agreements consistent with the provisions of this Section 7.3 in favor of any Covered Person having or potentially having liability for any
such indebtedness. 
 7.3.9    The provisions of this Section 7.3 are for the benefit of the Covered Persons, their
heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 

7.3.10    The indemnification provided by this Section 7.3 shall be in addition to any other rights to which a
Covered Person 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 a Covered Person who has ceased to serve in such capacity. 

7.3.11    Neither the amendment nor repeal of this Section 7.3, nor the adoption or amendment of any other provision
of this Agreement inconsistent with this Section 7.3, shall apply to or affect in any respect the applicability of this Section 7.3 with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

7.3.12    None of the Partners or any of their Affiliates shall have any obligation to cause the Partnership to take any
action that would result in personal liability to any Limited Partner, its principals or any of its Affiliates in their capacity as obligator or guarantor of any loan that is obtained or assumed by the Partnership, notwithstanding that the failure
to take any such action might result in the total or partial loss of the Partnership’s interest in some or all of the Partnership’s Property. Such action may include transferring property to a lender pursuant to a deed in lieu of
foreclosure. Any action or inaction by the Partners or any of their Affiliates that is intended to avoid personal liability under any obligation or guaranty related to a loan that is obtained or assumed by the Partnership shall not constitute a
breach of any fiduciary or other duty that the General Partner or its Affiliates may owe the Partnership. Further, the Partnership shall indemnify and hold harmless any Partners and their Affiliates for any guarantees either actual guarantees or non-recourse carve-out guarantees or similar guarantees. 

7.3.13    The Partners acknowledge that the Limited Partners shall not be in breach of any duty or obligation that the
Limited Partners or their Affiliates may have to the Partnership or the Partners if the Limited Partners vote their Limited Partner Interests in their own best interest with respect to any matter upon which the Limited Partners have the right to
vote. 
 7.4    Liability of the General Partner. 

7.4.1    Notwithstanding anything to the contrary set forth in this Agreement, the Covered Persons 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 Covered Person acted in good faith. The Covered Person shall not be in breach of any
duty that the Covered Person may owe to the Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the Covered Person, acting in good faith, abides by the terms of this
Agreement. 
 7.4.2    In addition, to the extent the Covered Person performs its duties in accordance with the
standards provided by the Act, such Person or Persons shall have no liability by reason of being or having been the General Partner, or by reason of being an officer, director, employee, agent or stockholder of the General Partner. To the maximum
extent that the Act and the general laws of the State of Delaware, in effect from time to time, permit limitation of the liability of general partners of a limited 

  
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partnership, the Covered Person shall not be liable to the Partnership or to any Partner for money damages except to the extent that (i) the Covered Person actually received an improper
benefit or profit in money, property or services, in which case the liability shall not exceed the amount of the benefit or profit in money, property or services actually received or (ii) a judgment or other final adjudication adverse to the
Covered Person is entered in a proceeding based on a finding in the proceeding that the action or failure to act of the Covered Person was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the
proceeding. 
 7.4.3    The Limited Partners expressly acknowledge that (i) the General Partner is acting on behalf
of the Partnership, itself and its stockholders collectively and (ii) the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to the Limited
Partners or some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. 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. 

7.4.4    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 to (i) protect the ability of the
General Partner to continue to qualify as a REIT or (ii) 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. 
 7.4.5    Subject to its obligations and duties as General Partner set
forth in Section 7.1, 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 employees and agents. The General Partner
shall not be responsible for any misconduct or negligence on the part of any such employee or agent appointed by the General Partner in good faith. 

7.4.6    To the extent that, at law or in equity, a Covered Person has duties and liabilities relating thereto to the
Partnership or to the Partners, any Covered Person acting under this Agreement or otherwise shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement,
to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Covered Person. 

7.4.7    Whenever in this Agreement the General Partner is permitted or required to make a decision (i) in its
“sole discretion” or “discretion,” or under a similar grant of authority or latitude, the General Partner shall be entitled to consider such interests and factors as it desires and may consider its own interests, and shall have
no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or the other Partners or (ii) in its “good faith” or under another express standard, the General Partner shall act under such
express standard and shall not be subject to any other or different standards imposed by this Agreement or by law or in equity or any other agreement contemplated herein or otherwise. 

7.4.8    The General Partner may rely and shall be protected in acting, or refraining from acting, upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

  
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 7.4.9    The General Partner may consult with legal counsel,
accountants, appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such
Persons as to matters which the General Partner reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

7.4.10    The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act
through any of its duly authorized officers and duly appointed attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of
attorney, have full power and authority to do and perform each and every act and duty which is permitted or required to be done by the General Partner hereunder. 

7.4.11    Neither the amendment nor repeal of this Section 7.4, nor the adoption or amendment of any other provision
of this Agreement inconsistent with this Section 7.4, shall apply to or affect in any respect the applicability of this Section 7.4 with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. 

7.5    Reimbursement of General Partner. 

7.5.1    Except as provided in this Section 7.5 and elsewhere in this Agreement (including Sections 5 and 6), the
General Partner shall not be compensated for its services as general partner of the Partnership. 
 7.5.2    REIT
Expenses and Administrative Expenses shall be obligations of the Partnership and the General Partner shall be entitled to reimbursement for all REIT Expenses and Administrative Expenses incurred by the General Partner on behalf of the Partnership.
Reimbursement of REIT Expenses and Administrative Expenses shall be treated as an expense of the Partnership and not as allocations of Partnership income or gain. 

7.6    Outside Activities. Subject to Section 7.8, the Articles of Incorporation and any agreements entered
into by the General Partner or its Affiliates with the Partnership or a Subsidiary, or 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 or 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. 

7.7    Employment or Retention of Affiliates. 

7.7.1    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, advisor, manager, property manager, asset 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. 

  
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 7.7.2    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; provided that any such arrangements (other
than arrangements with wholly-owned subsidiaries) shall be on terms not less favorable to the Partnership than could have been obtained from a third party in an arm’s length transaction. The foregoing authority shall not create any right or
benefit in favor of any Subsidiary or any other Person. 
 7.7.3    The Partnership may transfer assets to joint
ventures, limited liability companies, 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 to be consistent with this
Agreement, applicable law and the REIT status of the General Partner; provided that any such arrangements shall be on terms not less favorable to the Partnership than could have been obtained from a third party in an arm’s length transaction.

 7.7.4    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. 
 7.8    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 Property shall be conducted through the Partnership, a Subsidiary, a GP Subsidiary or a taxable REIT subsidiary (within the meaning of
Section 856 (l) of the Code); provided, however, that the General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of Additional Securities, which direct acquisition
and issuance have been approved and determined to be in the best interests of the General Partner and the Partnership by a majority of the Independent Directors. 

7.9    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 in its sole discretion, including Affiliates of the General Partner. The General Partner hereby declares
and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in
accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All
Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

7.10    Redemptions. In the event the General Partner (i) redeems any REIT Shares or shares of preferred stock
in the General Partner (“Preferred Stock”) or (ii) makes a cash tender offer or other offer to acquire REIT Shares, or shares of preferred stock, as applicable, then the General Partner shall cause the Partnership to purchase
from the General Partner a number of General Partner Units or Preferred Units, as applicable, as determined based on the application of the Conversion Factor on the same terms that the General Partner redeemed such REIT Shares or shares of preferred
stock, as applicable. Moreover, if the General Partner makes a cash tender offer or other offer to acquire REIT Shares, or Preferred Shares, as applicable, then the General Partner shall cause the Partnership to make a

  
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corresponding offer to the General Partner to acquire at least an equal number of General Partner Units or Preferred Units, as applicable, held by the General Partner. In the event any REIT
Shares or Preferred Shares are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s General Partner Units for an equivalent purchase price based on the application
of the Conversion Factor or Preferred Units, as applicable. 
 7.11    Reliance by Third Parties. Notwithstanding
anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority, without consent or approval of any other Partner or Person, to encumber, sell or
otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and take any and all actions on behalf of the Partnership and such Person shall be entitled to deal with the General
Partner as if the General Partner were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest,
negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been
complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or
its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full
force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership and (iii) such certificate, document or instrument was duly
executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

7.12    Officers. 

7.12.1    The General Partner, in its sole discretion, may appoint officers of the Partnership at any time. The officers of
the Partnership, if appointed by the General Partner, may include a president, chief executive officer, chief legal officer, chief investment officer, any number of vice presidents, a secretary, chief financial officer or any other officer
designated by the General Partner. The officers shall serve at the pleasure of the General Partner. Any individual may hold any number of offices. The officers shall exercise such powers and perform such duties as determined and authorized by the
General Partner. 
 7.12.2    Subject to the rights, if any, of an officer under a contract of employment, any officer
may be removed, either with or without cause, by the General Partner at any time. Any officer may resign at any time by giving written notice to the General Partner. Any resignation shall take effect on the date of the receipt of that notice or at
any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Partnership
under any contract to which the officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other cause shall be filled in the manner prescribed in this Agreement for regular appointments to that
office. 
 7.12.3    No officer shall receive a salary for acting as an officer of the Company. 

7.12.4    No officer of the Partnership shall have the authority to sign contracts and obligations on behalf of the
Partnership. All contracts and obligations of the Partnership shall be executed by the General Partner, as General Partner of the Partnership. 

  
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 8.    Changes in General Partner. 

8.1    Transfer of the General Partner’s Partnership Interest. 

8.1.1    The General Partner shall not transfer all or any portion of its General Partner Interest or withdraw as the
General Partner except as provided in, or in connection with a transaction contemplated by, Sections 8.1.2, 8.1.3 or 8.1.4. 

8.1.2    Except as otherwise provided in Sections 8.1.3 or 8.1.4, the General Partner shall not engage in any merger,
consolidation or other combination with or into another entity 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), which in each
case results in a change of control of the General Partner (a “Transaction”), unless: 
 (a)    Such
Transaction is approved by a Majority Vote; 
 (b)    as a result of such Transaction, all Common Limited Partners will
receive for each Common Unit an amount of cash, securities, or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share;
provided, however, that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each Common Limited Partner
shall be given the option to exchange its Common Units for the greatest amount of cash, securities, or other property which a Common Limited Partner holding Common Units would have received had it (i) exercised its Exchange Right and
(ii) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 

(c)    the General Partner is the surviving entity in the Transaction and either (i) the holders of REIT Shares do
not receive cash, securities, or other property in the Transaction or (ii) all Common Limited Partners (other than the General Partner or any Subsidiary) receive in exchange for their Common Units, an amount of cash, securities, or other
property (expressed as an amount per REIT Share) that is no less than the product of the Conversion Factor and the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the Transaction by any
holder of REIT Shares. 
 8.1.3    Notwithstanding Section 8.1.2, the General Partner may merge with or into or
consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership Units and Preferred
Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units or Preferred Units, as applicable, with a fair market value equal to the value of the assets
so contributed as determined by the Surviving General Partner in good faith and (ii) the Surviving General Partner expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and
assumption, the Surviving General Partner shall have the right and duty to amend this Agreement as set forth in this Section 8.1.3. The Surviving General Partner shall in good faith arrive at a new method for the calculation of the Cash Amount,
the REIT Shares Amount and the Conversion Factor for a Common Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account,
among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants, convertible or exchangeable securities or other rights relating
thereto, and which a holder of Common Units could have acquired had such Common Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall 

  
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provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for herein with respect to the Conversion Factor. The
Surviving General Partner also shall in good faith modify the definition of REIT Shares and make such amendments to Sections 9.4 and 9.5 so as to approximate the existing rights and obligations set forth in Sections 9.4 and 9.5 as closely
as reasonably possible. The above provisions of this Section 8.1.3 shall similarly apply to successive mergers or consolidations permitted hereunder. 

8.1.4    Notwithstanding Section 8.1.2: 

(a)    the General Partner may transfer all or any portion of its General Partner Interest to (i) a wholly-owned
Subsidiary of such General Partner or (ii) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partner Interest, may withdraw as General Partner; and 

(b)    the General Partner may engage in any transaction that is 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. 

8.2    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: 
 8.2.1    the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be
required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by
Section 2.5 in connection with such admission shall have been performed; 
 8.2.2    if the Person to be admitted
as a substitute or additional General Partner is a corporation or a partnership, it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be
bound by the terms and provisions of this Agreement; and 
 8.2.3    counsel for the Partnership shall have rendered an
opinion (relying on or obtaining such opinions from other counsel as may be necessary) that (i) the admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (ii) none of the
actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (a) the Partnership to be classified other than as a partnership for federal income tax purposes or (b) the loss of any
Limited Partner’s limited liability. 
 8.3    Effect of Bankruptcy, Withdrawal, Death or Dissolution of a
General Partner. 
 8.3.1    Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal
pursuant to Section 8.4.1) 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 8.3.2. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 8.2 shall not be deemed
to be the withdrawal, dissolution or removal of the General Partner. 

  
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 8.3.2    Following the occurrence of an Event of Bankruptcy as to a
General Partner (and its removal pursuant to Section 8.4.1) 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
Common Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 8.2 and any other provisions of this Agreement, a substitute General Partner by a Majority
Vote. If the Common 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. 
 8.4    Removal of a General Partner. 

8.4.1    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, dissolution, Event of Bankruptcy as to, or removal of, a partner in, such
partnership shall be deemed not to be an Event of Bankruptcy or 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. 
 8.4.2    If a General Partner has been removed pursuant to this Section 8.4 and the
Partnership is continued pursuant to Section 8.3, such General Partner shall promptly transfer and assign its General Partner Interest to the substitute General Partner approved by a Majority Vote in accordance with Section 8.3.2 and
otherwise be admitted to the Partnership in accordance with Section 8.2. 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 Partner
Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner as a result of the event that caused the removal. Such fair market value shall be determined by an appraiser mutually agreed upon by
the General Partner, on the one hand, and the Limited Partners pursuant to a Majority Vote, on the other hand, within 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 the Limited Partners pursuant to a Majority Vote, shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partner Interest within
30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partner 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 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 Partner Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partner Interest shall be the
average of the two appraisals closest in value. 
 8.4.3    The General Partner Interest of a removed General Partner,
until transferred pursuant to Section 8.4.2, 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, Net Income, gain or Net 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 8.4.2. 

  
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 8.4.4    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. 

9.    Rights and Obligations of the Limited Partners. 

9.1    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 or on behalf of 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. 

9.2    Power of Attorney. Each Limited Partner, pursuant to Section 14, hereby irrevocably appoints the
General Partner its true and lawful attorney-in-fact. 

9.3    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 Contributions, if any, as and when due hereunder. After its Capital Contributions are 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. 

9.4    Exchange Right. 

9.4.1    Subject to the provisions in this Section 9.4 and the provisions of any agreements between the Partnership
and one or more Common Limited Partners with respect to Common Units held by them, each Common Limited Partner shall have the right (the “Exchange Right”), beginning on the Exchange Date, to require the Partnership to exchange on a
Specified Exchange Date all or a portion of the Common Units held by such Common Limited Partner for the applicable Cash Amount to be paid by the Partnership (with the Cash Amount determined 60 days after the receipt of the Exchange Notice for
purposes of this Section 9.4), provided that such Common Units (or the LTIP Units from which they were converted) shall have been outstanding for at least one year. The Exchange Right shall be exercised pursuant to the delivery of an Exchange
Notice to the Partnership (with a copy to the General Partner) by the Common Limited Partner who is exercising the Exchange Right (the “Exchanging Partner”); provided, however, that the Partnership shall not be obligated to satisfy such
Exchange Right if the General Partner elects to purchase the Common Units subject to the Exchange Notice pursuant to Section 9.4.2; and provided, further, that no Common Limited Partner may deliver more than two Exchange Notices during each
calendar year. A Common Limited Partner may not exercise the Exchange Right for less than 1,000 Common Units or, if such Common Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Partner. The Exchanging
Partner shall have no right, with respect to any Common Units so exchanged, to receive any distribution paid with respect to Common Units if the record date for such distribution is on or after the Specified Exchange Date. 

9.4.2    Notwithstanding the provisions of Section 9.4.1, a Common Limited Partner that exercises the Exchange Right
shall be deemed to have also offered to sell the Common Units described in the Exchange Notice to the General Partner, and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Common Units by
paying to the Exchanging Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the Specified Exchange Date, whereupon the General Partner shall acquire the Common Units
offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the General Partner shall elect to exercise its right to purchase Common Units under this Section 9.4.2
with respect to the Exchange Notice, it shall so notify the Exchanging Partner within five business days after the receipt by the General Partner of such 

  
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Exchange Notice. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Common Units from the Exchanging Partner pursuant to this
Section 9.4.2, the General Partner shall have no obligation to the Exchanging Partner or the Partnership with respect to the Exchanging Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to
purchase Common Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of this Section 9.4.2, the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to
such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner and the General Partner shall treat the transaction between the General Partner and the Exchanging Partner for federal income tax purposes as a sale
of the Exchanging Partner’s Common Units to the General Partner. 
 9.4.3    Each Exchanging Partner agrees to
execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise of the Exchange Right, including an assignment of the Common Units, and if the General Partner is relying upon the
exemption from registration under the Securities Act provided by Regulation D promulgated under the Securities Act, or any successor rule, a document pursuant to which the Exchanging Partner makes a representation that it is an accredited investor;
provided, however, that if the Exchanging Partner cannot make such representation, then the Exchanging Partner shall have no right to exercise its Exchange Right. 

9.4.4    In case of any reclassification of the REIT Shares (including, but not limited to, any reclassification upon a
consolidation or merger in which the General Partner is the continuing corporation) into securities other than REIT Shares, for purposes of Section 9.4.2, the General Partner may thereafter exercise its right to purchase Common Units for the
kind and amount of shares of such securities receivable upon such reclassification by a holder of the number of REIT Shares for which such Common Units could be purchased immediately prior to such reclassification. 

9.4.5    Any REIT Shares issued to an Exchanging Partner upon the exercise by the General Partner of its right to purchase
Common Units under Section 9.4.2, shall not be required to be registered under the Securities Act, unless subject to a separate agreement between the General Partner and the Exchanging Partner. 

9.4.6    Notwithstanding the provisions of Section 9.4.1 and 9.4.2, a Common Limited Partner shall not be entitled to
exercise the Exchange Right if such exercise would result in (i) any Person owning, directly or indirectly, shares of the General Partner in excess of the Shareholder Limitation (or, if applicable, the Excepted Holder Limit), (ii) the REIT
Shares being owned by less than 100 persons (determined without reference to any rules of attribution), (iii) the General Partner being “closely held” within the meaning of Section 856(h) of the Code, (iv) the General Partner
owning, directly or constructively, 9.9% or more of the ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code, (v) the acquisition of the REIT Shares by such Common Limited Partner could cause a violation
of the Securities Act either for the exchange or other securities offerings, (vi) the REIT Shares would be required to be registered under the Securities Act, (vii) the General Partner no longer qualifies as a REIT under the Code or
(viii) the General Partner believes that the Partnership will be treated as a “publicly traded partnership.” The General Partner, in its sole and absolute discretion, may waive any of the restrictions on exchange set forth in this
Section 9.4.6. 
 9.4.7    Each Common Limited Partner represents, warrants and certifies that it has, and will
have, marketable and unencumbered title to its Common Units, free and clear of any liens or the rights or interest of any other person or entity and covenants and agrees to deliver its Common Units free of any such items. Each Common Limited Partner
further represents, warrants and certifies that it has, and will have, the full right, power and authority to transfer and surrender its Common Units and that it 

  
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has obtained, and will obtain, the consent or approval of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. The General Partner shall have
no obligation to acquire Common Units (i) to the extent that any such Common Units are subject to any liens, encumbrances or the right or interest of any other person or entity or (ii) in the event that the Common Limited Partner shall
fail to give the General Partner adequate assurances that such Common Units are not subject to any such liens, encumbrances or the right or interest of any other person or entity or shall fail to fully indemnify the General Partner as set forth
below; provided, however, the General Partner may, in its sole discretion, acquire Common Units subject to a lien, encumbrance or right of another person or entity and in such case the General Partner shall reduce the Cash Amount (or REIT Shares
Amount) paid to the Common Limited Partner by the amount of the lien, encumbrance or right of any other person or entity. The Common Limited Partner agrees to indemnify and hold the General Partner harmless from and against any and all liabilities,
charges, costs and expenses relating to such Common Limited Partner’s Common Units which are subject to the Exchange Right including, without limitation, with respect to any liens, encumbrances or rights or interests of other persons or
entities. Each Common Limited Partner further agrees that, in the event any state or local transfer tax is payable as a result of the transfer of its Common Units to the General Partner pursuant to the Exchange Right, such Common Limited Partner
shall assume and pay such transfer tax. 
 9.4.8    Any Cash Amount to be paid to an Exchanging Partner pursuant to this
Section 9.4 shall be paid on the Specified Exchange Date; provided, however, that the General Partner may elect to cause the Specified Exchange Date to be delayed for up to 180 days to the extent required for the General Partner to obtain
additional funding to be used to make such payment of the Cash Amount by the issuance of additional REIT Shares or otherwise. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable efforts to cause the closing
of the exchange to occur as quickly as reasonably possible. 
 9.4.9    Notwithstanding any other provision of this
Agreement, the General Partner shall place appropriate restrictions on the ability of the Common Limited Partners to exercise their Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded
partnership” under Section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof to each Common Limited Partner and each
other Person that holds interests in the Partnership convertible for, or other instruments exercisable for, Common Units. 

9.4.10    A fee may be charged in connection with an exercise of Exchange Rights pursuant to this Section 9.4 to
cover the expenses of the Partnership or the General Partner. 
 9.4.11    The exercise of an Exchange Right by a Common
Limited Partner will be subject to compliance with securities laws applicable to the exchange and therefore the Exchange Right may not be exercisable in the absence of an effective registration statement or an available exemption from registration.

 9.4.12    Holders of LTIP Units shall not be entitled to the Exchange Rights provided for in Section 9.4 of this
Agreement, unless and until such LTIP Units have been converted into Common Units. Notwithstanding the foregoing, and except as otherwise permitted by the Vesting Agreement or any award document, plan or other agreement pursuant to which an LTIP
Unit was issued, without the consent of the General Partner, the Exchange Rights shall not be exercisable with respect to any Common Unit issued upon conversion of an LTIP Unit until two years after the date on which the LTIP Unit was issued,
provided however, that the foregoing restriction shall not apply (i) if the Exchange Right is exercised by an LTIP Unit holder in connection with a transaction that falls within the definition of a “Change in Control” under the
agreement or agreements pursuant to which the LTIP Units were issued to such holder or (ii) in connection with a mandatory conversion in connection with a Capital Transaction as described in Section 12.1 of Exhibit D. 

  
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 9.5    Call Right. 

9.5.1    In the event of a General Partner Liquidity Event or immediately prior to a General Partner Liquidity Event, the
General Partner shall have the right (the “Call Right”) to purchase (i) all of the Common Units held by a Common Limited Partner and (ii) all of the LTIP Units held by an LTIP Unit Limited Partner (each of clause (i) and
clause (ii), a “Called Unit”), at a price equal to the Cash Amount; provided, however, that the General Partner may, in its sole and absolute discretion, beginning on or after the Exchange Date, elect to purchase such Called Units by
paying to the Limited Partner in question the REIT Shares Amount in lieu of the Cash Amount, provided further that for purposes of this Section 9.5, (i) the determination of the Economic Capital Account Balances and the Cash Amount of any
LTIP Units that are Called Units shall also take into account any allocations that occur in connection with the General Partner Liquidity Event or that would occur in connection with the General Partner Liquidity Event if the assets of the
Partnership were sold at a value determined by the General Partner in good faith using the value attributed to the General Partner’s General Partner Units in the context of the General Partner Liquidity Event and (ii) the REIT Shares
Amount paid for Called Units that are LTIP Units shall not exceed a number of REIT Shares with a value equal to the Cash Amount of such LTIP Units. The Call Right shall be exercised pursuant to a notice (the “Call Notice”) delivered by the
General Partner to the Limited Partner. The General Partner may not exercise the Call Right for less than all of the Called Units. A Limited Partner receiving the Call Notice described above shall have no rights with respect to any interest in the
Partnership other than the right to receive payment for its interest in the Partnership in cash or REIT Shares in accordance with this Section 9.5. An assignee of a Limited Partner shall be bound by and subject to the Call Right of the General
Partner pursuant to this Section 9.5. In connection with any exercise of such Call Right by the General Partner with respect to an assignee, the Cash Amount (or REIT Shares Amount) shall be paid by the General Partner directly to such assignee
and not to the Limited Partner from which such assignee acquired its Called Units, as applicable. The Call Right may be assigned to any acquiring company pursuant to a General Partner Liquidity Event. 

9.5.2    Within 30 days after the delivery of the Call Notice by the General Partner to the Limited Partners under
this Section 9.5, the General Partner (subject to the limitations set forth in Section 9.5.4) shall transfer and deliver the Cash Amount (or the REIT Shares Amount) to the Limited Partners or, as applicable, their assignees, whereupon the
General Partner (or its designee) shall acquire the Called Units of such Limited Partners or, as applicable, their assignees, and shall be treated for all purposes of this Agreement as the owner of such Called Units. 

9.5.3    In the event that the General Partner elects to pay a Limited Partner in the form of the REIT Shares Amount and
such REIT Shares Amount is not a whole number of REIT Shares, the Limited Partner shall be paid (i) the number of REIT Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which the General Partner
determines, in its reasonable discretion, to represent the fair value of the remaining fractional REIT Share which would otherwise be payable to the Limited Partner. 

9.5.4    In determining whether to elect to pay the REIT Shares Amount in lieu of the Cash Amount in Sections 9.5.1
and 9.5.2, the General Partner shall consider whether such election would result in, (i) any Person owning shares of the General Partner in excess of the Shareholder Limitation (or, if applicable, the Excepted Holder Limit), (ii) the REIT
Shares being owned by less than 100 persons, (iii) the General Partner being “closely held” within the meaning of Section 856(h) of the Code or (iv) the General Partner owning, directly or constructively, 9.9% or more of the
ownership interests in a tenant within the meaning of Section 856(d)(2)(B) of the Code. The General Partner, in its sole and absolute discretion, may elect to pay the REIT Shares Amount despite the fact that it would result in any of the
occurrences set forth in this Section 9.5.4. 

  
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 9.5.5    Each Limited Partner agrees to execute such documents as the
General Partner may reasonably require in connection with the issuance of the REIT Shares upon exercise of the Call Right including, without limitation, an assignment of the Called Units. Each Limited Partner represents, warrants and certifies that
it has, and will have, marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or entity and covenants and agrees to deliver its Called Units, free of any such items. The
Limited Partner further represents, warrants and certifies that it has, and will have, the full right, power and authority to transfer and surrender its Called Units, as applicable, and that it has obtained, and will obtain, the consent or approval
of all persons or entities, if any, having the right to consent to or approve of such transfer and surrender. The General Partner shall have no obligation to acquire Called Units (i) to the extent that any such Called Units are subject to any
liens, encumbrances or the right or interest of any other person or entity or (ii) in the event that the Limited Partner shall fail to give the General Partner adequate assurances that such Called Units are not subject to any such liens,
encumbrances or the right or interest of any other person or entity or shall fail to fully indemnify the General Partner as set forth below; provided, however, the General Partner may, in its sole discretion, acquire Called Units subject to a lien,
encumbrance or right of another person or entity and in such case the General Partner shall reduce the Cash Amount (or REIT Shares Amount) paid to the Limited Partner by the amount of the lien, encumbrance or right of any other person or entity. The
Limited Partner agrees to indemnify and hold the General Partner harmless from and against any and all liabilities, charges, costs and expenses relating to such Limited Partner’s Called Units, which are subject to the Call Right or the exercise
of the Call Right including, without limitation, with respect to any liens, encumbrances or rights or interests of other persons or entities. Each Limited Partner further agrees that, in the event any state or local transfer tax is payable as a
result of the transfer of its Called Units to the General Partner pursuant to the exercise of the Call Right, such Limited Partner shall assume and pay such transfer tax. 

9.5.6    In the event this Call Right is exercised, all Unvested LTIP Units shall terminate and be null and void. 

9.6    Put Option. 

9.6.1    In the event of a General Partner Liquidity Event or an Advisory Agreement Termination Event, or immediately prior
to a General Partner Liquidity Event, the Limited Partners shall have the right (the “Put Right”) to sell all or a portion of their Limited Partner Units (a “Put Unit”) to the Partnership at a price equal to the fair market value
as set forth in Section 9.6.3. If the event triggering the Put Right is a General Partner Liquidity Event, the Put Units will be paid in cash, and the Limited Partners may, in their sole discretion, elect to take the consideration offered in
the General Partner Liquidity Event if it is equity in an entity. If the event triggering the Put Right is an Advisory Agreement Termination Event, the Put Units will be paid in the form of an interest bearing promissory note (the “Promissory
Note”) subject to the terms set forth in Section 9.6.4. The Put Right shall be exercised pursuant to a notice (the “Put Notice”) delivered by the Limited Partner to the General Partner. An assignee of a Limited Partner shall
receive the Put Right set forth in this Section 9.6. In connection with any exercise of such Put Right by an assignee of a Limited Partner, the Fair Market Value of the Put Units shall be paid by the Partnership directly to such assignee and
not to the Limited Partner from which such assignee acquired its Put Units. 
 9.6.2    Within 30 days after the
delivery of the Put Notice by the Limited Partner to the General Partner under this Section 9.6, the Partnership shall transfer and deliver the fair market value of the Put Units to such Limited Partner or, as applicable, its assignee,
whereupon the Partnership shall acquire the Put Units of such Limited Partner or, as applicable, its assignee, and such Put Units shall no longer be considered outstanding. 

  
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 9.6.3    The value of the Put Units being sold pursuant to this
Section 9.6 shall be equal to the amount the Limited Partner would have received if all of the assets of the Partnership were sold at the Transaction Value, (or at their fair market value if there was no General Partner Liquidity Event or
Advisory Agreement Termination Event) all liabilities of the Partnership were paid in full and all remaining funds were distributed to the Partners in accordance with this Agreement. The fair market value of a Put Units shall be determined by
agreement between the Partnership and the Limited Partner. If the Partnership and the Limited Partner cannot agree upon the fair market value of the Put Units being sold pursuant to this Section 9.6 within 30 days, the fair market value thereof
shall be determined by an independent appraiser selected by the Limited Partner and approved by the Partnership. The decision of the appraiser selected pursuant to this Section 9.6 will be final and binding and may be enforced by legal
proceedings. The Partnership and the Limited Partner shall equally compensate the appraiser appointed pursuant to this Section 9.6. 

9.6.4    The Promissory Note shall bear interest at a market interest rate as determined by the Conflicts Committee of the
General Partner and shall be repaid after the Stockholders have received Distributions in an aggregate amount equal to the sum of (i) the Stockholders’ 6% Return and (ii) Stockholders’ Invested Capital. Provided that if a General
Partner Liquidity Event occurs and the Promissory Note has not yet been paid in full, the Promissory Note shall be paid in full on the date of or immediately prior to the General Partner Liquidity Event. Notwithstanding anything herein to the
contrary, in accordance with Section 736 of the Code, the Promissory Note shall be disregarded for applicable income tax purposes and the Limited Partner shall continue to be treated as a partner of the Partnership in respect of its Partnership
Units for such purposes until the Partnership has satisfied all of its obligations under the Promissory Note. Without limiting the foregoing, the Limited Partner shall not be required to accrue interest on the Promissory Note in income and the
Partnership shall not deduct such interest for such purposes; provided, that, any cash or property paid to the Limited Partner with respect to such interest shall be reported to the Limited Partner on Internal Revenue Service Schedule K-1 to Form 1065 (or such successor schedule or form). 
 9.6.5    In the event that
insufficient funds are available, in the General Partner’s sole discretion, to repurchase all of such Limited Partner Units, the Limited Partner will be deemed to have priority for subsequent Partnership repurchases over Limited Partners who
subsequently request repurchases. 
 9.6.6    Repurchases of Limited Partner Units shall be subject to the restrictions
set forth in Section 10.1. Such requests will be considered by the General Partner in the order in which they are received. No repurchase may result in a Limited Partner owning a partial Unit. 

9.6.7    In no event shall Limited Partner Units owned by the General Partner or its Affiliates be repurchased by the
Partnership pursuant to this Section 9.6. 
 9.6.8    Notwithstanding the above or the restrictions in
Section 10.1, the Partnership shall not purchase more than 10% in the aggregate of the total Limited Partner Units (other than those excluded by Regulation Section 1.7704-1(k)(1)(ii)) of the
Partnership per annum reduced by the percentage of any transfers made under Regulation Sections 1.7704-1(g) or transfers that do not qualify for safe harbor treatment under the Regulations (which excludes
private transfers described in Regulation Section 1.7704-1(e)). 

9.6.9    Notwithstanding anything in this Section 9.6 to the contrary, in no event shall the Partnership repurchase
any LTIP Unit. 

  
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 9.6.10    The Acquisition Date for purposes of this Section 9.6
shall be deemed to be the date the LTIP Unit was issued with respect to the repurchase of any Common Unit into which an LTIP Unit automatically converted pursuant to its terms. 

10.    Transfers of Limited Partner Interests. 

10.1    Restrictions on Transfer of Limited Partner Interests. 

10.1.1    Subject to the provisions of this Section 10.1, no Limited Partner may offer, sell, assign, hypothecate,
pledge or otherwise transfer all or any portion of its Limited Partner 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. 

10.1.2    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 Section 10.1.1 or Section 10.1.3 or a Transfer made pursuant to Section 10.4) of all of its Limited Partner Units pursuant to this Section 10 or pursuant to an exchange of all of its
Common Units pursuant to Section 9.4. Upon the permitted Transfer or redemption of all of a Limited Partner’s Limited Partner Interest, such Limited Partner shall cease to be a Limited Partner. 

10.1.3    Notwithstanding Section 10.1.1 and subject to Sections 10.1.4, 10.1.5 and 10.1.6, a Limited Partner may
Transfer, with the consent of the General Partner, all or a portion of its Limited Partner Units to (i) a parent or parent’s spouse, natural or adopted 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, of which trust such Limited Partner or any such Person is a trustee, (ii) a corporation, a partnership or limited liability company controlled by a Person or
Persons named in (i) above or (iii) if the Limited Partner is an entity, its beneficial owners. 

10.1.4    No Limited Partner may effect a Transfer of its Limited Partner Interests, 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 Partner Interests under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law. 

10.1.5    No Transfer by a Limited Partner of its Limited Partner Units, in whole or in part, may be made to any Person
if, in the opinion of the General Partner based on the advice of legal counsel for the Partnership, if appropriate, the Transfer (i) would result in the Partnership’s being treated as an association taxable as a corporation (other than a
qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the belief of the General Partner, 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) in the belief of the General Partner, would cause the Limited Partner Units to be deemed to be “traded on an established securities market” or
“readily tradable on a secondary market (or substantial equivalent thereof)” under the provisions applicable to publicly traded partnership status under Section 7704 of the Code and the Regulations promulgated thereunder,
(iv) would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA or to Section 4975 of the Code, a
“party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the Code), (v)
would, in the belief of the General Partner, cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations
Section 2510.3-101 or (vi) would subject the Partnership to be regulated under the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, or the fiduciary
responsibility provisions of ERISA. 

  
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 10.1.6    No Limited Partner may Transfer any Limited Partner Units to a
lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the
meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the
lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Limited Partner Units in which a security interest is held simultaneously with the time at which such
lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 

10.1.7    Any Transfer in contravention of any of the provisions of this Section 10 shall be void and ineffectual and
shall not be binding upon or recognized by the Partnership. 
 10.1.8    Prior to the consummation of any Transfer under
this Section 10, 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. 

10.2    Admission of Substitute Limited Partner. 

10.2.1    Subject to the other provisions of this Section 10, an assignee of a Limited Partner Interest (which shall
be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partner Interest) shall be deemed admitted as a Limited Partner only with the consent of the General Partner, which consent may be
granted or withheld in its sole and absolute discretion and upon the satisfactory completion of the following: 

(a)    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. 

(b)    The assignee shall have delivered a letter containing the representation set forth in Section 15.1.1 through
15.1.6 and the agreement set forth in Section 15.1.7. 
 (c)    If the assignee is a corporation, 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. 

(d)    The assignee shall have executed the power of attorney as set forth in Section 14. 

(e)    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. 
 (f)    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. 

  
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 10.2.2    For the purpose of allocating Net Income and Net Loss and
distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become a Partner upon 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 subject to Section 5.1.5. 
 10.2.3    The General Partner shall
cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section 10.2 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 Section 10 to the admission of such Person as a Limited Partner of the Partnership. 

10.3    Rights of Assignees of Partnership Interests. 

10.3.1    Subject to the provisions of Sections 10.1 and 10.2, 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. 

10.3.2    Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partner Interest, but
does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partner Interest, shall be subject to all the provisions of this Section 10 to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partner Interest. 
 10.4    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 the
Limited Partner’s estate or, if Limited Partner dies, Limited Partner’s executor, administrator or trustee, or, if Limited Partner is finally adjudicated incompetent, Limited Partner’s committee, guardian or conservator, and any such
Person shall have the rights of such Limited Partner for the purpose of settling or managing Limited Partner’s 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. 

10.5    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 personal residence. 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. 

  
 44 

 11.    Books and Records; Accounting; Tax Matters. 

11.1    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: (i) a current list of the full name and last known address of each Partner,
(ii) a copy of the Certificate, (iii) copies of the Partnership’s federal, state and local income tax returns and reports, (iv) copies of this Agreement and any financial statements of the Partnership for the three most recent
years and (v) all documents and information required under the Act. 
 11.2    Custody of Partnership Funds;
Bank Accounts. 
 11.2.1    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. 

11.2.2    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, municipal notes and bonds or other investments
approved by the Board of Directors. 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 11.2.2. 
 11.3    Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be
the calendar year, except as otherwise required by applicable law. 
 11.4    Annual Tax Information and Report.
The General Partner shall supply each person who was a Limited Partner at any time during such year the tax information necessary for such Partner to file such Limited Partner’s individual tax returns as shall be reasonably required by law.

 11.5    Partnership Representative; Tax Elections. 

11.5.1    The General Partner shall be the “partnership representative” for purposes of Section 6223 and
6231 of the Code and shall, at the Partnership’s expense, cause to be prepared and timely filed after the end of each taxable year of the Partnership all federal and state income tax returns required of the Partnership for such taxable year. If
any state or local tax law provides for a partnership representative or Person having similar rights, powers, authority or obligations, the General Partner shall also serve in such capacity. The Partnership shall make such elections pursuant to the
provisions of the Code as the General Partner, in its sole discretion, deems appropriate (including, in the General Partner’s sole discretion, an election under Section 754 of the Code or an election to have the Partnership treated as an
“electing investment partnership” for purposes of Section 743 of the Code). 
 11.5.2    If any audit
adjustment results in an underpayment of tax that is imputed to the Partnership and would be assessed and collected at the Partnership level in the period that the adjustment becomes final, the Partnership may, in the sole discretion of the General
Partner, elect: 
 (a)    to pay an imputed underpayment as calculated under Section 6225(b) of the Code with
respect to such adjustment, including interest, penalties and related tax (“Imputed Underpayment”) in the Adjustment Year or otherwise take the Internal Revenue Service adjustment into account in the Adjustment Year. The General Partner
shall use commercially reasonable efforts to reduce 

  
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the amount of such Imputed Underpayment on account of the tax-exempt status (as defined in Section 168(h)(2) of the Code) of any Limited Partner as
provided in Section 6225(c)(3) of the Code. Each Limited Partner agrees to indemnify and hold harmless the Partnership and the General Partner from and against any liability with respect to the Limited Partner’s proportionate share of any
Imputed Underpayment, regardless of whether such Limited Partner is a Limited Partner in the Adjustment Year, and to promptly pay its proportionate share of any Imputed Underpayment to the Partnership within 15 days following the General
Partner’s request for payment and any amount that is not funded shall be treated in accordance with Section 6.2. Each Limited Partner’s proportionate share shall be determined by the General Partner in good faith taking into account
each Limited Partner’s (or former Partner’s) particular status, including its tax-exempt or non-United States status, its interest in the Partnership in the
“Reviewed Year,” and its timely provision of information necessary to reduce the amount of Imputed Underpayment set forth in Section 6225(c) of the Code; or 

(b)    under Section 6226(a) of the Code, to cause the Partnership to issue adjusted Schedule K-1s or any other similar statement prescribed by the Code, Regulations or other administrative guidance published by the Internal Revenue Service or other taxing authority to each applicable Partner for the
Reviewed Year, who will then be required to pay their allocable share of tax otherwise attributable to the Partnership. Each Partner hereby agrees and consents to such election and agrees to take any action, and furnish the General Partner with any
information necessary to give effect to such election, as required by such Section 6226(a) of the Code and applicable Regulations or other administrative guidance published by the Internal Revenue Service or other taxing authority. 

11.6    Reports to Limited Partners. 

11.6.1    As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year),
upon written request by a Limited Partner to the General Partner, the General Partner shall make available to such Limited Partner a quarterly 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 quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, upon written request by
a Limited Partner to the General Partner, the General Partner shall make available to such 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. 

11.6.2    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. 

11.7    Access to Books and Records. 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. Notwithstanding the foregoing, the General Partner, in its sole discretion, may restrict receipt of the information identified in
Section 11.1, if the General Partner reasonably believes that disclosure of such information is not in the best interest of the Partnership or could damage the Partnership or the General Partner or its business or the requesting Limited
Partner’s reason for obtaining the applicable information is, in the General Partner’s sole discretion, related to the Limited Partner’s individual purposes and not for a Partnership purpose. 

  
 46 

 12.    Amendment of Agreement; Merger. 

12.1    Amendment Related to Merger. The General Partner’s consent shall be required for any amendment to this
Agreement. The General Partner, without the consent of any Limited Partner (other than the Special Limited Partner if such amendment adversely affects the economic rights of the Special Limited Partner), may amend this Agreement in any respect or
merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 8.1.2, 8.1.3 or 8.1.4;
provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require a Majority Vote: 

12.1.1    any amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in
Section 9.4.4 or 8.1.4) in a manner adverse to the Common Limited Partners; 
 12.1.2    any amendment that would
adversely affect the rights of the Common Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Participating Partnership Units and Preferred Units pursuant to Section 4;

 12.1.3    any amendment that would alter the Partnership’s allocations of Net Income and Net Loss to the Limited
Partners, other than with respect to the issuance of additional Participating Partnership Units and Preferred Units pursuant to Section 4; or 

12.1.4    any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions
to the Partnership. 
 12.2    Amendment Without the Consent of the Limited Partners. The ability of the General
Partner to amend this Agreement without the consent of the Limited Partners, pursuant to Section 12.1, includes, but is not limited to, any amendment to: 

12.2.1    add or modify a distribution reinvestment plan for the General Partner or the Partnership; 

12.2.2    modify the allocation provisions of the Agreement to comply with Code Section 704(b) or 704(c); 

12.2.3    add to the representations, duties, services or obligations of the General Partner or any Affiliates for the
benefit of the Limited Partners; 
 12.2.4    cure any ambiguity or mistake, correct or supplement any provision in the
Agreement that may be inconsistent with any other provision, or make any other provision with respect to matters or questions arising under the Agreement that will not be inconsistent with the provisions of the Agreement; 

12.2.5    amend the Agreement to reflect the addition or substitution of Limited Partners or the reduction of the Capital
Accounts upon the return of capital to the Limited Partners; 
 12.2.6    minimize the adverse impact of, or comply
with, any “plan assets” for ERISA purposes; 
 12.2.7    execute, acknowledge and deliver any and all
instruments to effectuate the foregoing, including the execution, acknowledgment and delivery of any such instrument by the attorney-in-fact for the General Partner under a special or limited power of attorney
and to take all such actions in connection therewith as the General Partner deems necessary or appropriate with the signature of the General Partner acting alone; 

  
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 12.2.8    change the name and/or principal place of business of the
Partnership; 
 12.2.9    decrease the rights and powers of the General Partner (so long as such decrease does not
impair the ability of the General Partner to manage the Partnership and conduct its business affairs); 

12.2.10    sell preferred units and other securities and admit preferred limited partners and other limited partners to
the Partnership; 
 12.2.11    make any changes necessary or advisable to enable the General Partner to qualify or
maintain its status as a REIT; 
 12.2.12    establish or amend exchange rights for the exchange of Units for an
equivalent number of REIT Shares; 
 12.2.13    establish or amend a Unit repurchase program; or 

12.2.14    make any changes necessary or advisable to satisfy concerns of the Commission, any state securities regulator
or any stock exchange in connection with a securities offering by the General Partner or otherwise. 
 12.2.15    No
amendment will be adopted pursuant to Sections 12.2.10 or 12.2.14 without the consent of the Limited Partners unless the adoption thereof (i) is for the benefit of and not adverse to the interests of the Limited Partners and (ii) does not
affect the limited liability of the Limited Partners or the status of the Partnership as a partnership for federal income tax purposes. 

12.3    Meetings of Partners. 

12.3.1    The Partners may but shall not be required to hold any annual, periodic or other formal meetings. Meetings of the
Partners may be called by the General Partner, the Special Limited Partner or by any Limited Partner or Limited Partners holding at least 25% of the Common Units in the Partnership. 

12.3.2    The Partner or Partners calling the meeting may designate any place within the State of Delaware as the place of
meeting for any meeting of the Partners; and Partners holding at least a majority of the Participating Partnership Units in the Partnership or the General Partner may designate any place outside the State of Delaware as the place of meeting for any
meeting of the Partners. If no designation is made, or if a special meeting is called, the place of meeting shall be the principal place of business of the Partnership. 

12.3.3    Except as provided in Section 12.3.4, written notice stating the place, day and hour of the meeting and the
purpose or purposes for which the meeting is called shall be delivered not less than 10 nor more than 90 days before the date of the meeting, either personally or by mail, by or at the direction of the Partner or Partners calling the meeting, to
each Partner entitled to vote at such meeting and to each Partner not entitled to vote who is entitled to notice of the meeting. 

12.3.4    Anything in this Agreement to the contrary notwithstanding, with respect to any meeting of the Partners, any
Partner who in person or by proxy shall have waived in writing notice of the meeting, either before or after such meeting, or who shall attend the meeting in person or by proxy, shall 

  
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be deemed to have waived notice of such meeting unless such Partner attends for the express purpose of objecting, at the beginning of the meeting, and does so object to the transaction of any
business because the meeting is not lawfully called or convened. 
 12.3.5    If all of the Partners shall meet at any
time and place, either within or outside of the State of Delaware, in person or by proxy, and consent to the holding of a meeting at such time and place, such meeting shall be valid without call or notice, and at such meeting lawful action may be
taken. 
 12.3.6    For the purpose of determining Partners entitled to notice of or to vote at any meeting of Partners
or any adjournment thereof, the date on which notice of the meeting is mailed shall be the record date. When a determination of Partners entitled to vote at any meeting of Partners has been made as provided in this Section, such determination shall
apply to any adjournment thereof. 
 12.3.7    Partners holding at least a Majority Vote, or Preferred Units if
applicable, entitled to vote at a meeting, represented in person or by proxy, shall constitute a quorum at any meeting of Partners. In the absence of a quorum at any such meeting, Partners holding at least a Majority Vote, or Preferred Units if
applicable, so represented may adjourn the meeting to another time and place. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting at which a quorum is present. No notice of an adjourned
meeting need be given if the time and place are announced at the meeting at which the adjournment is taken unless the adjournment is for more than 120 days. The Partners present at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal during such meeting of that number of Participating Partnership Units (other than LTIP Units), or Preferred Units if applicable, whose absence would cause less than a quorum to be present. 

12.3.8    If a quorum is present, the affirmative vote of Partners holding a majority of the Participating Partnership
Units (other than LTIP Units), or Preferred Units if applicable, entitled to vote, present in person or represented by proxy, shall be binding on all Partners, unless the vote of a greater or lesser proportion or number of Participating Partnership
Units (other than LTIP Units), or Preferred Units if applicable, or Partners is otherwise required by applicable law or by this Agreement. Unless otherwise expressly provided herein or required under applicable law, Partners who have an interest
(economic or otherwise) in the outcome of any particular matter upon which the Partners’ vote or consent is required may vote or consent upon any such matter and their Participating Partnership Units’ (other than LTIP Units), or Preferred
Units if applicable, vote or consent, as the case may be, shall be counted in the determination of whether the requisite matter was approved by the Partners. 

12.3.9    At all meetings of Partners, a Partner may vote in person or by proxy executed in writing by the Partner or by
the Partner’s duly authorized attorney-in-fact. Such proxy shall be filed with the General Partner before or at the time of the meeting. No proxy shall be valid
after eleven months from the date of its execution, unless otherwise provided in the proxy. 
 12.3.10    Action
required or permitted to be taken at a meeting of Partners may be taken without a meeting if the action is evidenced by one or more written consents or approvals describing the action taken and signed by Partners holding sufficient Participating
Partnership Units (other than LTIP Units), or Preferred Units if applicable, as the case may be, to approve such action had such action been properly voted on at a duly called meeting of the Partners. Action taken under this Section 12.3.10 is
effective when the requisite Partners or Partners with the requisite Participating Partnership Units (other than LTIP Units), or Preferred Units if applicable, as the case may be, have signed the consent or approval, unless the consent specifies a
different effective date. 

  
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 12.3.11    In the event this Agreement or applicable law requires the
approval of, or other action to be taken by, any separate class or series of Preferred Units, references in this Section 12.3 to the Preferred Units shall mean such separate class or series. 

13.    Term and Dissolution. 

13.1    The Partnership shall have a perpetual duration, except that the Partnership shall be dissolved and liquidated upon
the first to occur of any of the following events: 
 13.1.1    The occurrence of an Event of Bankruptcy as to a General
Partner or the dissolution (without reconstitution), death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 8.3.2; provided that if a General Partner is a partnership on the
date of such occurrence, the dissolution (without reconstitution) of such General Partner as a result of the dissolution (without reconstitution), 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; 
 13.1.2    The passage of 90 days after the sale or other disposition (but not a
transfer to a GP Subsidiary where the interests are held by the Partnership) 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 obligation is paid in full); or 

13.1.3    The determination by the General Partner that the Partnership should be dissolved. 

13.2    Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to
Section 8.3.2, the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with
Section 13.4. 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 in accordance with Section 13.4. 

13.3    Certificate of Cancellation. As soon as possible following the occurrence of any of the events specified in
Section 13.1, the General Partner who has not wrongfully dissolved the Partnership or, if none, the Limited Partners, shall execute and file a Certificate of Cancellation with the Office of the Secretary of State of the State of Delaware in
such form as shall be required by the Act. 
 13.4    Liquidation of Property. Upon a dissolution and termination
of the Partnership, the General Partner (or in case there is no General Partner, the Limited Partners or Person designated by a Majority Vote) shall take full account of the Partnership Property and liabilities, shall liquidate the Property as
promptly as is consistent with obtaining the fair market value thereof, and shall apply and distribute the proceeds therefrom in accordance with Section 6.7. 

13.5    Distributions Upon Dissolution. Each Partner shall look solely to the assets of the Partnership for all
distributions and its Capital Contributions, and shall have no recourse therefor (upon dissolution or otherwise) against the General Partner or any Limited Partner. No Partner shall be required to restore any deficit in the Partner’s Capital
Account. 

  
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 14.    Power of Attorney. 

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

(a)    execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (i) all
certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements thereof) that the General Partner deems appropriate or necessary to form, qualify or continue the
existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or
own property, (ii) all instruments that the General Partner deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement duly adopted in accordance with the terms of this Agreement,
(iii) all conveyances and other instruments or documents that the General Partner or any liquidator deems appropriate or necessary to reflect the distribution or exchange of assets of the Partnership pursuant to the terms of this Agreement,
(iv) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Sections 10 and 13 or the Capital Contributions of any Partner and (v) all certificates,
documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 

(b)    execute, swear to, seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other
instruments appropriate or necessary, in the sole and absolute discretion of the General Partner to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is
consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any liquidator, to effectuate the terms or intent of this Agreement. Nothing contained herein shall be construed as authorizing
the General Partner to amend this Agreement except in accordance with Section 12 or as may be otherwise expressly provided for in this Agreement. 

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

15.    Representations and Warranties. 

15.1.1    Each Partner that is an individual (including, without limitation, each Additional Limited Partner or Substituted
Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to each other Partner that (i) such Partner has 

  
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the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder and (ii) the consummation of the transactions contemplated by this Agreement to be
performed by such Partner will not result in a breach or violation of, or a default under, any agreement by which such Partner or any of such Partner’s property is or are bound, or any statute, regulation, order or other law to which such
Partner is subject. 
 15.1.2    Each Partner that is not an individual (including, without limitation, each Additional
Limited Partner or Substituted Limited Partner as a condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to each other Partner that (i) its execution and delivery of this Agreement and
all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including without limitation, that of any general partner, committee, trustee, beneficiary, director, member and/or stockholder,
as the case may be, as required and (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate of limited partnership, partnership agreement, trust agreement, limited liability
company operating agreement, charter or bylaws, as the case may be, any agreement by which such Partner or any of such Partner’s properties or any of its partners, beneficiaries, trustees, directors, members or stockholders, as the case may be,
is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, trustees, beneficiaries, directors, members or stockholders, as the case may be, is or are subject. 

15.1.3    Each Partner (including, without limitation, each Additional Limited Partner or Substituted Limited Partner as a
condition to becoming an Additional Limited Partner or a Substituted Limited Partner) represents and warrants to each other Partner that this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms, as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting creditors’ rights generally, as from time to time in effect, or the application of equitable
principles. 
 15.1.4    Each Limited Partner represents and warrants to the General Partner and to the Partnership that
the acquisition of its Partnership Interest is made as a principal for its account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

15.1.5    Each Partner represents and warrants that at any time such Partner actually owns or constructively owns a 25% or
greater capital interest or profits interest in the Partnership, it does not and will not, without the prior written consent of the General Partner, actually own or constructively own (i) with respect to any tenant that is a corporation, any
stock of such tenant and (ii) with respect to any tenant that is not a corporation, any interest in either the assets or net profits of such Tenant. 

15.1.6    Each Partner represents and warrants that upon request of the General Partner, it will promptly disclose to the
General Partner the amount of REIT Shares or other capital shares of the General Partner that it actually owns or constructively owns. 

15.1.7    Each Limited Partner represents and warrants that it will not sell, assign or otherwise Transfer its 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 15.1.4 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. 

15.1.8    Each Partner understands that if, for any reason, (i) the representations, warranties or agreements set
forth above are violated or (ii) the Partnership’s actual or constructive ownership of REIT Shares or other capital shares of the General Partner violates the limitations set forth 

  
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in the Articles of Incorporation, then (x) the Exchange Right may become non-exercisable and (y) some or all of the REIT Shares owned by the
Partners may be automatically transferred to a trust for the benefit of a charitable beneficiary as provided in the Articles of Incorporation. 

15.1.9    The representations and warranties contained in this Section 15.1 shall survive the execution and delivery
of this Agreement by each Partner (and, in the case of an Additional Limited Partner or a Substituted Limited Partner, the admission of such Additional Limited Partner or Substituted Limited Partner as a Limited Partner in the Partnership) and the
dissolution and winding up of the Partnership. 
 16.    General Provisions. 

16.1    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 on Exhibit A; 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. 

16.2    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. 

16.3    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. 

16.4    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. 

16.5    Entire Agreement. This Agreement and attached exhibits 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. 

16.6    Pronouns and Plurals. When the context in which words are used in this 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. 

16.7    Headings. The Section 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 Section. 
 16.8    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. 
 16.9    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 any violation of federal or state securities laws shall not be governed by this Section 16.9. 

  
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 16.10    Electronic Signatures. Any electronic signature of a
party to this Agreement and of a party to take any action related to this Agreement or any agreement entered into by the Partnership shall be valid as an original signature and shall be effective and binding. Any such electronic signature (including
the signature(s) to this Agreement) shall be deemed (i) to be “written” or “in writing,” (ii) to have been signed and (iii) to constitute a record established and maintained in the ordinary course of business and an
original written record when printed from electronic files. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Amended and Restated Limited Partnership Agreement, all as of February 1, 2020. 
  

			
	GENERAL PARTNER:
	
	Cottonwood Communities, Inc., a Maryland corporation
		
	By:	 	 /s/ Gregg Christensen

	Name:	 	Gregg Christensen
	Title:	 	Executive Vice President

 
							
	
	SPECIAL LIMITED PARTNER:
	
	 Cottonwood Communities Investors, LLC, a Delaware limited liability company

		
	By:	 	Cottonwood Residential O.P., LP, a Delaware limited partnership, its sole member
			
		 	By:	  	Cottonwood Residential II, Inc., a Maryland corporation, its general partner
				
		 		  	By:	  	 /s/ Gregg Christensen

		 		  	Name:	  	Gregg Christensen
		 		  	Title:	  	Chief Legal Officer

 [Signature Page to Amended and Restated Limited Partnership Agreement of 

Cottonwood Communities O.P., LP] 

 EXHIBIT A 

PARTNERS’ CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS 
  

							
	 Partner
	  	 Interests
	  	Percentage
Interest	 
	 GENERAL PARTNER
	  		  			
	 Cottonwood Communities, Inc.

6340 South 3000 East, Suite 500

Salt Lake City, Utah 84121
	  	 [On file with the Partnership]
	  	 	[    	]% 
	 SPECIAL LIMITED PARTNER
	  		  			
	 Cottonwood Communities Investor, LLC

6340 South 3000 East, Suite 500

Salt Lake City, Utah 84121
	  	 [On file with the Partnership]
	  			
	 COMMON LIMITED PARTNERS
	  		  			
	 [N/A]
	  	 [N/A]
	  	 	0	% 
	 SERIES 2019 PREFERRED LIMITED PARTNERS
	  		  			
	 Cottonwood Communities, Inc.

6340 South 3000 East, Suite 500

Salt Lake City, Utah 84121
	  	 [On file with the Partnership]
	  			

  
 Exhibit A 

 EXHIBIT B 

NOTICE OF EXERCISE OF EXCHANGE RIGHT 

In accordance with Section 9.4 of the Amended and Restated Limited Partnership Agreement (the “Agreement”) of Cottonwood
Communities O.P., LP, the undersigned hereby irrevocably (i) presents for exchange                      Common Units in Cottonwood Communities
O.P., LP, in accordance with the terms of the Agreement and the Exchange Right referred to in Section 9.4, (ii) surrenders such Common Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares
Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Exchange Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT
Shares be registered or placed in the name(s) and at the address(es) specified below. 
  

							
	Dated:             ,        	 		 	(Name of Limited Partner)
				
		 		 	By:	 	  

		 		 		 	    (Signature of Limited Partner)
			
		 		 	Mailing Address:
			
		 		 	  

		 		 	(City)                          (State)
                                         
       Zip Code
			
		 		 	Signature Guaranteed by:
			
		 		 	  

  

	
	If REIT Shares are to be issued, issue to:
	
	  

	Name
	
	  

	Social Security or Tax I.D. Number

  
 Exhibit B 

 EXHIBIT C 

CALL NOTICE 
 In accordance with the
Amended and Restated Agreement of Limited Partnership of Cottonwood Communities O.P., LP (the “Agreement”), the undersigned hereby irrevocably exercises its Call Right (as defined in the Agreement) with regard to all of the [Common
Units/LTIP Units] (the “Called Units”) owned by the undersigned (the “Called Partner”) in Cottonwood Communities O.P., LP. The undersigned shall pay the [Cash Amount/REIT Shares Amount] to the Called Partner at the
notice address of the Called Partner provided in the Agreement upon receipt of (i) an assignment of the Called Units duly executed by the Called Partner transferring all right, title and interest in the Called Units to the undersigned along
with any certificate evidencing such Called Units, (ii) if REIT Shares are to be delivered, instructions as to the name, address and taxpayer identification number of the person to whom such REIT Shares will be registered or placed and
(iii) the representation, warranty and certification of the Called Partner that such Called Partner (a) has marketable and unencumbered title to its Called Units, free and clear of any liens or the rights or interest of any other person or
entity, (b) has the full right, power and authority to transfer and surrender such Called Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve
of such transfer and surrender. 
  

			
	Cottonwood Communities, Inc., a Maryland corporation
		
	By:	 	
                     
                                    

	Printed Name:	 	  

	Title:	 	  

  
 Exhibit C 

 EXHIBIT D 

PARTNERSHIP UNIT DESIGNATION OF LTIP UNITS 

1.    Designation and Number; Definitions. 

A class of Partnership Units in the Partnership designated as the “LTIP Units” is hereby established, and the number of Partnership
Units constituting such class shall not be greater than [                    ]. Except to the extent a capital contribution is made with
respect to an LTIP Unit, each LTIP Unit is intended to qualify as a “profits interest” in the Partnership. The following defined terms used in this Exhibit D shall have the meanings specified below: 

“Capital Transaction” has the meaning set forth in Section 12.1 of this Designation. 

“Designation” shall mean this Partnership Unit Designation of LTIP Units. 

“LTIP Unit Adjustment Events” has the meaning set forth in Section 8 of this Designation. 

“LTIP Unit Conversion Date” has the meaning set forth in Section 9 of this Designation. 

“Unvested LTIP Units” has the meaning set forth in Section 3 of this Designation. 

“Vested LTIP Units” has the meaning set forth in Section 3 of this Designation. 

“Vesting Agreement” has the meaning set forth in Section 3 of this Designation. 

2.    Ranking. 

2.1    Except as otherwise provided in this Designation or elsewhere in the Agreement, the LTIP Units shall, with respect
to distribution rights and rights upon voluntary or involuntary liquidation, winding up or dissolution of the Partnership, rank (i) on a parity with the Common Units and (ii) junior to all Partnership Units which rank senior to the Common
Units. 
 2.2    The General Partner may, at any time and from time to time, determine to issue LTIP Units in accordance
with Section 4.3 of the Agreement. In connection with any such issuance, the General Partner shall (i) determine the amount of the Capital Contribution (if any) to be made in connection with such issuance and the manner in which such
Capital Contribution shall be made and (ii) make such revisions to the Agreement as it determines are appropriate to reflect the issuance of such LTIP Units. Upon the issuance of LTIP Units, the holder of such LTIP Units shall be admitted to
the Partnership as an Additional Limited Partner upon furnishing to the General Partner (A) evidence of acceptance in form satisfactory to the General Partner and (B) such other documents or instruments as may be required in the discretion
of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. The admission of an Additional Limited Partner shall become effective on the date upon which the name of such person is recorded by the General
Partner in the books and records of the Partnership. 
 3.    Vesting. 

LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer
pursuant to the terms of an award, vesting or other similar agreement (a “Vesting Agreement”). The terms of any Vesting Agreement may be modified by the 

  
 Exhibit D 

 
General Partner from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or by the terms of any plan pursuant to which the LTIP
Units are issued, if applicable. LTIP Units that have vested and are no longer subject to forfeiture under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units are referred to as “Unvested LTIP
Units.” Subject to the terms of any Vesting Agreement, a holder of LTIP Units shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Units are entitled to transfer their
Common Units pursuant to Section 10 of the Agreement. 
 4.    Forfeiture or Transfer of Unvested LTIP Units. 

Unless otherwise specified in the relevant Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in
either the forfeiture of any LTIP Units, or the repurchase by the Partnership or the General Partner of LTIP Units at a specified purchase price, then, upon the occurrence of the circumstances resulting in such forfeiture or repurchase by the
Partnership or the General Partner, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose, or as transferred to the Partnership or General Partner, as applicable.
Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with a record date prior to the effective date of the
forfeiture. 
 5.    Legend. 

The books and records of the Partnership as maintained by the General Partner or by its agent (or if applicable any certificate evidencing an
LTIP Unit) shall bear an appropriate notation or legend indicating that additional terms, conditions and restrictions on transfer, including without limitation those set forth in a Vesting Agreement, apply to LTIP Units. 

6.    Distributions. 

The distributions to which holders of LTIP Units will be entitled with respect to their LTIP Units will be determined in accordance with the
terms of the Agreement, including, without limitation, Section 6 of the Agreement. 
 7.    Allocations. 

The allocations to which holders of LTIP Units will be entitled with respect to their LTIP Units will be determined in accordance with the
terms of the Agreement, including, without limitation, Section 5 of the Agreement. 
 8.    Adjustments. 

Unless otherwise provided by the terms of a specific series of LTIP Units, as approved by the General Partner, the General Partner shall
maintain a one-to-one correspondence between Common Units and LTIP Units upon events (“LTIP Unit Adjustment Events”) such as distributions on all outstanding
Common Units in additional Partnership Units, subdivision, combination, reclassification or recapitalization of the Common Units. If more than one such event triggers an adjustment, the adjustment to the LTIP Units need be made only once using a
single formula that takes into account the multiple events as if they all occurred simultaneously. If in the opinion of the General Partner an adjustment to the LTIP Units is required to maintain the same correspondence between Common Units and LTIP
Units after an event such as those described in the first sentence of this Section 8 of this Designation as existed prior to such event, the General Partner shall make such adjustment to the extent permitted by the

  
 Exhibit D 

 
Agreement, by law and by the terms of any plan pursuant to which the LTIP Units have been issued in such manner and at such time as the General Partner, in its sole discretion, may determine to
be appropriate under the circumstances to maintain such correspondence. If an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly (i) file in the books and records of the Partnership an officer’s
certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error, and (ii) give notice thereof to
the holders of LTIP Units affected thereby. 
 9.    General Partner Initiated Conversion. 

Each LTIP Unit shall, upon the later to occur of (i) the LTIP Unit becoming a Vested LTIP Unit and (ii) the Book-Up Target of the LTIP Unit equaling zero (such date, the “LTIP Unit Conversion Date”), automatically and without further action by a holder convert into a Common Unit, after giving effect to all
adjustments (if any) made pursuant to Section 8 of this Designation, and the General Partner shall reflect such conversion in the records of the Partnership. The General Partner shall maintain internal controls to track the automatic conversion
of LTIP Units described in this Section 9 of this Designation. 
 10.    Conversion Procedures. 

A conversion of Vested LTIP Units shall occur automatically after the close of business on the applicable LTIP Unit Conversion Date without any
action on the part of such holder of LTIP Units, as of which time such holder of LTIP Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Common Units
issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such holder of LTIP Units, upon his or her written request, a certificate of the General Partner certifying the number of Common Units
and remaining LTIP Units, if any, held by such Person immediately after such conversion. 
 11.    Treatment of Capital Account.

 For purposes of making future allocations under Section 5 of the Agreement, as amended from time to time, the portion of the Economic
Capital Account Balance of the applicable holder of LTIP Units that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Unit Economic
Balance. 
 12.    Mandatory Conversion in Connection with a Capital Transaction. 

12.1    If the Partnership or the General Partner shall be a party to any transaction (including without limitation a
merger, consolidation, unit exchange, self-tender offer for all or substantially all Common Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any transaction
which constitutes an LTIP Unit Adjustment Event), in each case as a result of which Common Units shall be exchanged for or converted into the right to receive, or the holders of Common Units shall otherwise be entitled to receive cash, securities or
other property or any combination thereof (each of the foregoing being referred to herein as a “Capital Transaction”), then the LTIP Units then eligible for conversion under Section 9 of this Designation, taking into account any
allocations that occur in connection with the Capital Transaction or that would occur in connection with the Capital Transaction if the assets of the Partnership were sold for the consideration provided in the agreement or agreements with respect to
the Capital Transaction or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Capital Transaction (in which case the LTIP Unit Conversion Date shall be
the effective date of the Capital Transaction and the conversion shall occur immediately prior to the effectiveness of the Capital Transaction) shall convert into a Common Unit under Section 9 of this Designation. 

  
 Exhibit D 

 12.2    In anticipation of such LTIP Unit Conversion in
Section 12.1 of this Designation and the consummation of the Capital Transaction, the Partnership shall use commercially reasonable efforts to cause each holder of LTIP Units to be afforded the right to receive in connection with such Capital
Transaction in consideration for the Common Units into which his or her LTIP Units will be converted pursuant to this Section 12 of this Designation the same kind and amount of cash, securities and other property (or any combination thereof)
receivable upon the consummation of such Capital Transaction by a holder of the same number of Common Units, assuming such holder of Common Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which
merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person. In the event that holders of Common Units have the opportunity to elect the form
or type of consideration to be received upon consummation of the Capital Transaction, prior to such Capital Transaction the General Partner shall give prompt written notice to each holder of LTIP Units of such election, and shall use commercially
reasonable efforts to afford such holders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion pursuant to this Section 12 of this Designation of each LTIP Unit held by
such holder into Common Units in connection with such Capital Transaction. If a holder of LTIP Units fails to make such an election, such holder (and any of its transferees) shall receive upon conversion pursuant to this Section 12 of this
Designation of each LTIP Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Common Unit would receive if such holder of Common Units failed to make such an election. 

12.3    Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and the terms of any
plan under which LTIP Units are issued, the Partnership shall use commercially reasonable efforts to cause the terms of any Capital Transaction to be consistent with the provisions of this Section 12 of this Designation and to enter into an
agreement with the successor or acquiring entity, as the case may be, for the benefit of the holders of LTIP Units whose LTIP Units will not be converted into Common Units in connection with the Capital Transaction that will contain provisions
enabling the holders of LTIP Units that remain outstanding after such Capital Transaction to preserve, as far as reasonably possible under the circumstances, the distribution, special allocation, conversion, and other rights set forth in this
Designation and the Agreement (such agreement, a “Continuation Agreement”). If the Partnership is unable to enter into a Continuation Agreement with the successor or acquiring entity, as the case may be, the Partnership will purchase any
remaining Vested LTIP Units for the Cash Amount. 
 12.4    To the extent a Capital Transaction is also a General
Partner Liquidity Event pursuant to the Agreement and this Section 12 of this Designation is inconsistent with Section 9.5 of the Agreement with respect to the treatment of LTIP Units, this Section 12 of this Designation shall
control. 
 13.    Redemption Right of LTIP Unit Limited Partners. 

13.1    Subject to Sections 9.5 and 9.6 of the Agreement, LTIP Units will not be redeemable at the option of the
Partnership; provided, however, that the foregoing shall not prohibit the Partnership from repurchasing LTIP Units from the holder thereof if and to the extent such holder agrees to sell such LTIP Units. 

13.2    Except as otherwise set forth in the relevant Vesting Agreement or other separate agreement entered into between
the Partnership and a LTIP Unit Limited Partner, and subject to the terms 

  
 Exhibit D 

 
and conditions set forth herein, in the Agreement or the terms of a specific series of LTIP Units as approved by the General Partner, on or at any time after the applicable LTIP Unit Conversion
Date each LTIP Unit Limited Partner will have the same right (and subject to the same terms and conditions and to be effected in the same manner) to (i) require the Partnership to redeem all or a portion of the Common Units (but not LTIP Units)
into which such LTIP Unit Limited Partner’s LTIP Units were converted as the other holders of Common Units in accordance with Section 9.4 of the Agreement and (ii) request the Partnership to repurchase all or a portion of the Common
Units (but not LTIP Units) into which such LTIP Unit Limited Partner’s LTIP Units were converted as the other holders of Common Units in accordance with Section 9.4 of the Agreement. 

14.    Voting Rights. 

Holders of LTIP Units, whether vested or unvested, shall not have any voting rights other than as provided in Section 15 of this
Designation. 
 15.    Special Approval Rights. 

15.1    Holders of LTIP Units shall only (i) have those voting rights required from time to time by non-waivable provisions of applicable law, if any, and (ii) have the additional voting rights that are expressly set forth in this Section 15 of this Designation. The General Partner and/or the Partnership
shall not, without the affirmative vote of holders of more than 50% of the then outstanding LTIP Units (both vested (but not yet converted) and unvested) affected thereby, given in person or by proxy, either in writing or at a meeting (voting
separately as a class), take any action that would materially and adversely alter, change, or amend, whether by merger, consolidation or otherwise, the rights, powers or privileges of such LTIP Units, subject to the following exceptions: 

15.1.1    no separate consent of the holders of LTIP Units will be required if and to the extent that any such alteration,
change, or amendment would, in a ratable and proportional manner, alter, change, or amend the rights, powers or privileges of the Common Units; 

15.1.2    a merger, consolidation or other business combination or reorganization of the Partnership, the General Partner
or any of their Affiliates shall not be deemed to materially and adversely alter, change, or amend the rights, powers or privileges of the LTIP Units, so long as either (i) the LTIP Units that are then eligible for conversion (or that the
General Partner provides will be eligible for conversion in connection with the merger, consolidation or other business combination or reorganization) are converted into Common Units immediately prior to the effectiveness of the transaction,
(ii) the holders of LTIP Units either will receive, or will have the right to elect to receive, for each LTIP Unit an amount of cash, securities, or other property equal to the amount of cash, securities or other property that would be paid in
respect of such LTIP Unit had it been converted into Common Units (or a fraction thereof, as applicable, under the terms provided by the terms of a specific series of LTIP Units as approved by the General Partner), (iii) the LTIP Units remain
outstanding with their terms materially unchanged or (iv) if the Partnership is not the surviving entity in the merger, consolidation or other business combination or reorganization, the LTIP Units are exchanged for a security of the surviving
entity with terms that are materially the same with respect to rights to allocations, distributions, redemption, conversion and voting as the LTIP Units. 

15.1.3    any creation or issuance of Partnership Units (whether ranking junior to, on a parity with or senior to the LTIP
Units in any respect), which either (i) does not require a Majority Vote or (ii) does require such consent and is authorized by a Majority Vote, together with any other class or series of units of Limited Partner Interest in the
Partnership upon which like voting rights have been conferred, shall not be deemed to materially and adversely alter, change, or amend the rights, powers or privileges of the LTIP Units; and 

  
 Exhibit D 

 15.1.4    any waiver by the Partnership of restrictions or limitations
applicable to any outstanding LTIP Units with respect to any holder or holders thereof shall not be deemed to materially and adversely alter, change, or amend the rights, powers or privileges of the LTIP Units with respect to other holders. For the
avoidance of doubt, the General Partner in its sole discretion may waive any restrictions or limitations (including vesting restrictions or transfer restrictions) applicable to any outstanding LTIP Units with respect to any holder or holders at any
time and from time to time. Any such determination in the General Partner’s discretion in respect of such LTIP Units shall be final and binding. Such determinations need not be uniform and may be made selectively among holders of LTIP Units,
whether or not such holders are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 

15.2    Notwithstanding the above, (i) if the holders of more than 50% of the then outstanding LTIP Units (both
vested (but not yet converted) and unvested) do not provide affirmative votes pursuant to Section 15.1 of this Designation for the action requested or (ii) if the requirements of Section 15.1.1 through 15.1.4 of this Designation
cannot be met on a commercially reasonable basis, the Partnership shall have the option to purchase the LTIP Units that are not entitled to be exchanged for the Cash Amount. 

15.3    Any special approval rights provided in this Section 15 of this Designation will not apply if, as of or prior
to the time when the action with respect to which such vote would otherwise be required will be taken or be effective, all outstanding LTIP Units shall have been converted and/or exchanged, or provision is made for such exchange and/or conversion to
occur as of or prior to such time, or all outstanding LTIP Units have been repurchased pursuant to Section 15.2 of this Designation. 

16.    Rights to Transfer. 

Subject to the terms of the relevant Vesting Agreement or other document pursuant to which LTIP Units are granted, except in connection with
the exercise of a LTIP Unit Exchange Right pursuant to Section 9.4 of the Agreement, a transfer of all or any portion of a holder’s LTIP Units will be subject to Section 9 of the Agreement. 

  
 Exhibit D 

 EXHIBIT E 

NOTICE OF ELECTION BY PARTNER TO CONVERT LTIP UNITS INTO COMMON UNITS 

The undersigned holder of LTIP Units hereby irrevocably elects to convert the number of Vested LTIP Units in Cottonwood Communities O.P., LP
(the “Partnership”) set forth below into Common Units in accordance with the terms of the Amended and Restated Limited Partnership Agreement of the Partnership, as amended. The undersigned hereby represents, warrants, and certifies that
the undersigned (i) has title to such LTIP Units, free and clear of the rights or interests of any other Person other than the Partnership, (ii) has the full right, power, and authority to cause the conversion of such LTIP Units as
provided herein and (iii) has obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such conversion. 

Name of Holder:
                                         
                                         
                                         
                                         

 (Please Print: Exact Name as Registered with Partnership) 

Number of LTIP Units to be Converted:
                                         
                     
 Conversion Date:
                                         
                                         
                 
  

                       
                                         
                                         
                        

(Signature of Holder: Sign Exact Name as Registered with Partnership) 
  

                       
                                         
                                         
                         

(Street Address) 
  

                       
                                         
                                         
                          

(City)
                                        
(State)                                        
(Zip Code) 

  
 Exhibit E 

 EXHIBIT F 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 

OF LTIP UNITS INTO COMMON UNITS 

Cottonwood Communities O.P., LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by the holder
of LTIP Units set forth below to be converted into Common Units in accordance with the terms of the Amended and Restated Limited Partnership Agreement of the Partnership, as amended. 

Name of Holder:
                                         
                                         
                                         
                                         
                     
 (Please Print:
Exact Name as Registered with Partnership) 
 Number of LTIP Units to be Converted:
                                         
                    
 Conversion
Date:                                        
                                         
                    

  
 Exhibit F 

 EXHIBIT G 

PARTNERSHIP UNIT DESIGNATION OF 

THE SERIES 2019 PREFERRED UNITS 

1.    Number of Units and Designation. 

A class of Preferred Partnership Units is hereby designated as “Series 2019 Preferred Units,” and the number of Preferred Partnership
Units constituting such class shall equal 5,000,000. 
 2.    Definitions. 

For purposes of the Series 2019 Preferred Units, the following terms shall have the meanings indicated in this Section 2, and capitalized
terms used and not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement: 
 “Series 2019
Designation” shall mean this Partnership Unit Designation of Series 2019 Preferred Units. 
 “Series 2019 Distribution Payment
Date” shall mean the first day of each month, or if not a business day, the next succeeding business day. 
 “Series 2019 Junior
Partnership Units” has the meaning set forth in paragraph (c) of Section 7 of this Series 2019 Designation. 
 “Series
2019 Liquidation Preference” has the meaning set forth in paragraph (a) of Section 4 of this Series 2019 Designation. 

“Series 2019 Parity Partnership Units” has the meaning set forth in paragraph (b) of Section 7 of this Series 2019
Designation. 
 “Series 2019 Purchase Price” shall mean $10.00 per Series 2019 Preferred Unit. 

“Series 2019 Preferred Unit” means a Preferred Partnership Unit with the designations, preferences and relative, participating,
optional or other special rights, powers and duties as are set forth in this Series 2019 Designation. It is the intention of the General Partner that each Series 2019 Preferred Unit shall be substantially the economic equivalent of one share of
Series 2019 Preferred Stock. 
 “Series 2019 Preferred Stock” means the Series 2019 Preferred Stock, par value $0.01 per share, of
the General Partner. 
 “Special Redemption Event” shall mean the date upon which Cottonwood Communities, Inc.’s shares of
common stock are listed for trading on a national securities exchange with at least three market makers or a New York Stock Exchange specialist. 

3.    Distributions. 

On every Series 2019 Distribution Payment Date, the General Partner shall be entitled to receive distributions payable in cash in an amount per
Series 2019 Preferred Unit equal to 5.5% cumulative but not compounded per annum return on the Series 2019 Purchase Price (equivalent to a fixed annual rate of $0.55 per Series 2019 Preferred Unit) which will be determined on a daily basis;
provided, however, that, if the Series 2019 Preferred Units are outstanding on or after January 1, 2024, such distribution rate shall increase to a 6.0% cumulative but not compounded per annum return on the Series 2019 Purchase Price

  
 Exhibit G 

 
(equivalent to a fixed annual rate of $0.60 per Series 2019 Preferred Unit). Each such distribution shall be payable to the holder of record of the Series 2019 Preferred Units as set forth in the
records of the Partnership at the close of business on the record date for the dividend payable with respect to the Series 2019 Preferred Stock on such Distribution Payment Date. The holder of Series 2019 Preferred Units shall not be entitled to any
distributions on the Series 2019 Preferred Units, whether payable in cash, property or stock, except as provided herein. 

4.    Liquidation Preference. 

4.1    In the event of any liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary,
before any payment or distribution of the Partnership (whether capital, surplus or otherwise) shall be made to or set apart for the holders of Series 2019 Junior Partnership Units, the holders of Series 2019 Preferred Units shall be entitled to
receive $10.00 per Series 2019 Preferred Unit (the “Series 2019 Liquidation Preference”), plus an amount per Series 2019 Preferred Unit equal to all distributions (whether or not declared or earned) accrued and unpaid on the Series 2019
Preferred Unit; but such holders shall not be entitled to any further payment. Until the holders of the Series 2019 Preferred Units have been paid the Series 2019 Liquidation Preference in full, plus an amount equal to all distributions (whether or
not declared or earned) accrued and unpaid on the Series 2019 Preferred Unit to the date of final distribution to such holders, no payment shall be made to any holder of Series 2019 Junior Partnership Units upon the liquidation, dissolution or
winding up of the Partnership. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Series 2019 Preferred Units shall be insufficient to pay in
full the preferential amount aforesaid and liquidating payments on any Series 2019 Parity Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the holders of Series 2019 Preferred Units and any such Series 2019
Parity Partnership Units ratably in the same proportion as the respective amounts that would be payable on such Series 2019 Preferred Units and any such other Series 2019 Parity Partnership Units if all amounts payable thereon were paid in full.

 4.2    Upon any liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full
to the holders of Series 2019 Preferred Units and any Series 2019 Parity Partnership Units, as provided in this Section 4, any other series or class or classes of Series 2019 Junior Partnership Units shall, subject to the respective terms
thereof, be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series 2019 Preferred Units and any Series 2019 Parity Partnership Units shall not be entitled to share therein. 

5.    Redemption. 

Series 2019 Preferred Units shall be redeemable or by the Partnership as follows: 

5.1    Unless the Series 2019 Preferred Units have been earlier redeemed as set forth in Section 5(b) or
Section 5(c), on December 31, 2023, the Partnership shall, to the extent there are funds legally available therefor and subject to the preferential rights of the holders of the Partnership Units that have a liquidation preference to the
Series 2019 Preferred Units, redeem all of the Series 2019 Preferred Units for cash at a redemption price equal to the Series 2019 Purchase Price plus any accrued but unpaid distributions through the redemption date. Notwithstanding the above, the
Partnership may, in the discretion of the General Partner and only if the General Partner has extended the term of the Series 2019 Preferred Stock, extend the redemption date for up to two 1-year periods. 

5.2    Subject to Section 5(c), the Partnership may, in the sole discretion of the General Partner, redeem for cash
the Series 2019 Preferred Units at any time on or after January 1, 2022, in whole or in part, at a redemption price equal to the Series 2019 Purchase Price plus any accrued but unpaid distributions through the redemption date. 

  
 Exhibit G 

 5.3    In connection with a Special Redemption Event, the Partnership
may, in the sole discretion of the General Partner, redeem for cash the Series 2019 Preferred Units at a redemption price equal to the Series 2019 Purchase Price plus any accrued but unpaid distributions through the redemption date. 

6.    Cancellation of Units; Status of Reacquired Units. 

Upon the reacquisition in any manner by the General Partner of any shares of Series 2019 Preferred Stock, a like number of Series 2019
Preferred Units, automatically and without any further action by the holder of Series 2019 Preferred Units or the Partnership, shall be deemed cancelled. All Series 2019 Preferred Units that have been issued and reacquired in any manner by the
Partnership shall be deemed cancelled. 
 7.    Ranking. 

Any class or series of Partnership Units of the Partnership shall be deemed to rank: 

7.1    prior or senior to the Series 2019 Preferred Units, as to the payment of distributions and as to distributions of
assets upon liquidation, dissolution or winding up, the holders of such class or series shall be entitled to the receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or
priority to the holders of Series 2019 Preferred Units; 
 7.2    on a parity with the Series 2019 Preferred Units, as
to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, whether or not the distribution rates, distribution payment dates or redemption or liquidation prices per unit or other denomination
thereof be different from those of the Series 2019 Preferred Units if the holders of such class or series of Partnership Units and the Series 2019 Preferred Units shall be entitled to the receipt of distributions and of amounts distributable upon
liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid distributions per unit or other denomination or liquidation preferences, without preference or priority of one over the other (collectively, the
“Series Parity Partnership Units”); and 
 7.3    junior to the Series 2019 Preferred Units, as to the payment
of distributions and as to the distribution of assets upon liquidation, dissolution or winding up, if (i) such class or series of Partnership Units shall be Common Units or (ii) the holders of Series 2019 Preferred Units shall be entitled
to receipt of distributions or of amounts distributable upon liquidation, dissolution or winding up, as the case may be, in preference or priority to the holders of such class or series of Partnership Units (the Partnership Units referred to in
clauses (i) and (ii) of this paragraph being hereinafter referred to, collectively, as “Series 2019 Junior Partnership Units”). 

8.    Special Allocations. 

8.1    Gross income and, if necessary, gain shall be allocated to the holder of Series 2019 Preferred Units for any Fiscal
Year (and, if necessary, subsequent Fiscal Years) to the extent that the holder of Series 2019 Preferred Units receives a distribution on any Series 2019 Preferred Units (other than for a return of its original Capital Contributions). 

8.2    If any Series 2019 Preferred Units are redeemed pursuant to Section 5 hereof, for the Fiscal Year that
includes such redemption (and, if necessary, for subsequent Fiscal Years) (a) gross income and gain (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder of Series 2019
Preferred Units to the extent that the redemption amount paid or payable with respect to the Series 2019 Preferred Units so redeemed exceeds the aggregate Capital Contribution per Series 2019 Preferred Unit allocable to the Series 2019 Preferred
Units so redeemed and 

  
 Exhibit G 

 
(b) deductions and losses (in such relative proportions as the General Partner in its discretion shall determine) shall be allocated to the holder of Series 2019 Preferred Units to the
extent that the aggregate Capital Contribution per Series 2019 Preferred Unit allocable to the Series 2019 Preferred Units so redeemed exceeds the redemption amount paid or payable with respect to the Series 2019 Preferred Units so redeemed. The
intent of this Section is that gain or loss shall be allocated so that the ending Capital Account of a holder of Series 2019 Preferred Units is equal to zero after a redemption. 

9.    Restrictions on Ownership. 

The Series 2019 Preferred Units are not transferrable and must be owned and held at all times solely by the General Partner. 

10.    Adjustments for Stock Splits, etc. 

If the number of outstanding shares of Series 2019 Preferred Stock is adjusted at any time or from time to time as a result of any stock
dividend, or any reclassification, subdivision or combination of the outstanding shares of Series 2019 Preferred Stock into a greater or smaller number of shares of Series 2019 Preferred Stock, then a similar adjustment to the number of outstanding
Series 2019 Preferred Units shall be made in order to preserve the economic equivalence of the Series 2019 Preferred Stock and the Series 2019 Preferred Units. 

11.    General. 

11.1    The ownership of Series 2019 Preferred Units may (but need not, in the sole and absolute discretion of the General
Partner) be evidenced by one or more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the issuance of, and subsequent redemption, or any other event having
an effect on the ownership of, the Series 2019 Preferred Units. 
 11.2    The rights of the General Partner, in its
capacity as a holder of the Series 2019 Preferred Units, are in addition to and not in limitation of any other rights or authority of the General Partner in any other capacity under the Agreement or applicable law. In addition, nothing contained
herein shall be deemed to limit or otherwise restrict the authority of the General Partner under the Agreement, other than in its capacity as a holder of the Series 2019 Preferred Units. 

  
 Exhibit GEX-10.10

 Exhibit 10.10 

MEMBERSHIP INTEREST PURCHASE AND SALE AGREEMENT 

[One Upland, Norwood, Massachusetts] 

ARTICLE 1: PROPERTY/PURCHASE PRICE 

1.1.    Certain Basic Terms. 
  

			
	 (a) Buyer and Notice Address:
 CC One
Upland, LLC
 Attn: Gregg Christensen
 c/o Cottonwood
Communities
 6340 South 3000 East, Suite 500
 Salt Lake City,
Utah 84121
 Telephone: 801-278-0700

E-mail: gchristensen@cottonwoodres.com

 
 (b) Seller and Notice Address:

 
 KRE JAG ONE UPLAND VENTURE LLC,

a Delaware limited liability company
 Attn: Paul Wasserman

600 Travis Street, Suite 7200
 Houston, Texas 77002

Telephone: (713) 332-8322

E-mail: paul.wasserman@kkr.com
  

With a copy to
  

c/o Jefferson Apartment Group
 1420 Spring Hill Rd., Suite 420

McLean, VA 22102
 Attention: James Duncan

Telephone: (703) 563.5200

E-mail: jduncan@jagllc.com
  

(c) Title Company:
  

Old Republic National Title Insurance
 521 Fifth Avenue, 23rd Floor
 New York, NY 10175

Attention: Michael Atkins
 Telephone: (646) 546.3138

E-mail: MAtkins@OldRepublicTitle.com
	  	 With a copy to:
 Brownstein Hyatt Farber
Schreck, LLP
 Attn: Amy Diaz
 410 Seventeenth Street, Suite
2200
 Denver, Colorado 80202-4438
 Telephone: 303-223-1234
 E-mail:
adiaz@bhfs.com
  
  
  

With a copy to:
  

Gibson Dunn & Crutcher LLP
 Attn: Farshad Morè

333 S. Grand Avenue, 49th Floor

Los Angeles, California 90071
 Telephone: (213) 229-7947
 E-mail: fmore@gibsondunn.com

  

					
	(e)	  	Date of this Agreement:	 	January 3, 2020
			
	(f)	  	Purchase Price:	 	$104,000,000.00.
			
	(g)	  	Initial Earnest Money:	 	$2,000,000, plus interest thereon.
			
	(h)	  	Additional Earnest Money:	 	$1,000,000, plus interest thereon.
			
	(i)	  	Extension Deposit:	 	$1,000,000, plus interest thereof (and, together with Initial Earnest Money and the Additional Earnest Money, the “Earnest Money”).
			
	(j)	  	Due Diligence Period:	 	The period ending at 5:00 p.m. Pacific Time on January 24, 2020.

					
			
	(k)	  	Closing Date:	  	As agreed between Seller and Buyer, but no later than February 14, 2020, subject to an extension to February 28, 2020 upon (i) written notice and (ii) payment of the Extension Deposit from Buyer to Seller
delivered no later than February 12, 2020.
			
	(l)	  	Broker:	  	Walker & Dunlop.

 1.2.    Property. Seller is the sole member of KRE JAG One Upland Owner LLC, a
Delaware limited liability company (“Property Owner”), and the Property Owner is the owner of the Property (as hereinafter defined). Subject to the terms of this Membership Interest Purchase and Sale Agreement (this
“Agreement”), Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, all of the limited liability company interests in Property Owner, together with all rights, duties and obligations appurtenant thereto, whether
with respect to voting, control, capital accounts, rights to distributions from or in respect of Property Owner or in any way derived from the Property (as hereinafter defined) or ownership or operation thereof or otherwise (collectively, the
“Interests”). As used herein, the “Property” shall mean: 
 (a)    The real property
described in Exhibit A, together with the buildings and improvements thereon, inclusive of all right, title and interest, if any, of Property Owner in and to any (i) electrical distribution systems, HVAC systems, walkways, driveways,
parking lots, plumbing, lighting, and mechanical equipment and fixtures installed thereon (the “Improvements”), (ii) all appurtenances of the above-described real property, including, without limitation, all development, density,
air, and water rights attributable to or arising from the Improvements, (iii) all easements or rights-of-way relating thereto, and (iv) the land lying within
any street or roadway adjoining the real property described above or any vacated or hereafter vacated street or alley adjoining said real property. 

(b)    All of Property Owner’s right, title and interest, in and to all fixtures, furniture, equipment, and other
tangible personal property, if any, owned by Seller (the “Personal Property”) presently located on such property, inclusive of all supplies thereon used in connection with the operation of the Property but excluding any items of
personal property owned by tenant or any property manager. 
 (c)    All of Property Owner’s interest, as landlord,
in the “Leases,” being all leases of the Improvements, and all amendments and modifications thereto, and including all leases which may be made by Property Owner after the Date of this Agreement and before Closing as permitted by
this Agreement, together with all prepaid rent and unapplied security deposits, and all guaranties entered into in connection with such Leases, if any. 

(d)    All of Property Owner’s right, title and interest, if any, in and to all of the following items, to the extent
assignable and without warranty (the “Intangible Personal Property”): (i) licenses, and permits relating to the operation of the Property, (ii) the right to use the name of the Property in connection with the Property
(provided, however, that Buyer shall only use the name “Jefferson” in connection with the property for a period of ninety (90) days following Closing), and any domain names, URLs and the content of any associated websites used solely
in connection with the Property, but specifically excluding, in each case, the right to use any trademarks, logos, trade colors, service marks and trade names of Seller, and (ii) if still in effect, guaranties and warranties received by Seller
from any contractor, manufacturer or other person in connection with the construction or operation of the Property. The provisions of this Paragraph 1.2(d)(ii) shall survive indefinitely any Closing or termination of this Agreement and shall
not be merged into the Closing documents. 
 1.3.    Earnest Money. The Initial Earnest Money, in immediately
available federal funds, evidencing Buyer’s good faith to perform Buyer’s obligations under this Agreement, shall be deposited by Buyer with the Title Company not later than 2 business days after the Date of this Agreement. In the event
that Buyer fails to timely deposit the Initial Earnest Money with the Title Company, this Agreement shall be of no force and effect. Additionally, in the event Buyer does not elect (or is deemed to not have elected) to terminate this Agreement in
accordance with Paragraph 2.5 hereof, then, no later than one (1) business day following the expiration of the Due Diligence Period, Buyer shall deposit the Additional Earnest Money Deposit with the Title Company. Buyer’s failure to
timely deposit the Additional Earnest Money Deposit shall constitute a default by Buyer hereunder. The Earnest Money shall be applied to the Purchase Price at Closing. The Earnest Money shall be held and disbursed by the Title Company pursuant to
Article 9 of this Agreement. Notwithstanding anything contained herein to the 

  
 2 

 
contrary, $100 of the Earnest Money is deemed to be independent contract consideration for Buyer’s exclusive right to inspect the Property and purchase the Interests under this Agreement and
for Seller’s execution, delivery, and performance of this Agreement, which amount is fully-earned by Seller and non-refundable to Buyer in all events. 

1.4.    Tax Treatment. The parties agree that the purchase and sale of the Interests pursuant to this Agreement
shall be treated, for all U.S. federal and applicable state and local income tax purposes, as a purchase and sale of the Property (subject to the liabilities of the Property Owner). 

ARTICLE 2: INSPECTIONS 

2.1.    Property Information. Seller shall or shall cause Property Owner to make available to Buyer within five
(5) business days after the Date of this Agreement, to the extent in Seller’s or Property Owner’s possession or control, copies of, or access to with the right to copy, the following (the “Property Information”): 

(a)    the standard form of apartment lease used by Property Owner for the Property and the right to inspect and copy the
existing Leases in the possession of the property manager for the Property; 
 (b)    a current rent roll of the
Property, indicating rents collected, scheduled rents and concessions, delinquencies, and security deposits, pet and other deposits held (the “Rent Roll”); 

(c)    operating statements for the two previous fiscal years, if available, and year to date (the “Operating
Statements”); 
 (d)    a list of Personal Property, if any, and a list and copies of any service or
maintenance agreements, if any, relating to the Property (the “Service Contracts”); 
 (e)    the
current Property Owner’s Title Policy; 
 (f)    any existing land title survey of the Property; 

(g)    any existing “as built” plans for the Improvements; and 

(h)    those items listed on Exhibit B attached hereto, in each case, to the extent in Seller’s possession and
control and which are not proprietary, confidential or privileged. 
 Except as otherwise expressly provided herein or in Paragraph
7.1(m), Seller makes no representations or warranties as to the accuracy or completeness of the Property Information. 

2.2.    Confidentiality. The Property Information and all other information, other than matters of public record or
matters generally known to the public, furnished to, or obtained through inspection of the Interests, Property Owner, or the Property by, Buyer, its affiliates, lenders, directors, members, employees, attorneys, accountants, and other professionals
or agents, or any investors and potential investors in privately placed debt and equity offerings of securities of Buyer or any affiliate of Buyer under Section 4(a)(2) of the Securities Act of 1933, as amended, or Regulation D promulgated
thereunder, relating to the Property, the Interests or the Property owner, will be treated by Buyer, its lenders, directors, members, employees, attorneys, accountants, and other professionals or agents, or any such investors and potential
investors, as confidential, and will not be disclosed to anyone other than on a need-to-know basis and to Buyer’s consultants who agree to maintain the
confidentiality of such information, and will be returned to Seller by Buyer if the Closing does not occur. The confidentiality provisions of this Paragraph 2.2 shall not apply to any disclosures made by Buyer as required by law, by court
order, or in connection with any subpoena served upon Buyer; provided Buyer shall provide Seller with written notice before making any such disclosure. 

2.3.    Inspections in General. During the Due Diligence Period, and provided this Agreement is not sooner
terminated, through and including the Closing Date (provided, however, that Buyer shall have no right to terminate this Agreement pursuant to Paragraph 2.5 below as a result of due diligence inspections following the

  
 3 

 
expiration of the Due Diligence Period), Buyer, its agents, and employees shall have the right to enter upon the Property for the purpose of making
non-invasive inspections, which shall be deemed to include a Phase I environmental inspection and, subject to Seller’s prior written approval which shall not be unreasonably withheld, Buyer’s
inspection of the EIFS building cladding system, in each case, at Buyer’s sole risk, cost and expense. Before any such entry, Buyer shall provide Seller with a certificate of insurance naming Seller and Property Owner as additional insureds and
with an insurer and insurance limits and coverage reasonably satisfactory to Seller. All of such entries upon the Property shall be at reasonable times during normal business hours and after at least 24 hours prior written notice to Seller or
Seller’s agent, and Seller or Seller’s agent shall have the right to accompany Buyer during any activities performed by Buyer on the Property; provided, however, that Buyer shall be entitled to perform such scheduled activities
irrespective of whether Seller or Seller’s agent is unable to attend a previously scheduled activity for which the requisite notice to Seller was given in accordance with this Section 2.3. Buyer shall not contact any tenant of the
Property, any employee of Seller or Property Owner, any governmental agency or instrumentality (other than customary inquiries to complete a Phase I environmental investigation and to confirm the zoning status and conformance of the Property with
applicable laws) , or any other third person regarding the Interests, Property Owner or the Property without the prior written consent of Seller. Upon reasonable prior written notice and request from Buyer, Seller shall notify tenants of the
Property and permit Buyer to view occupied units, subject to the rights of tenants under their leases and except to the extent specifically prohibited in such tenants’ leases. At Seller’s request, Buyer shall provide Seller, without
representation or warranty, with a copy of the results of any third-party tests and inspections obtained by Buyer, excluding only market and economic feasibility studies. If any inspection or test physically damages the Property, Buyer will restore
such physical damage caused to the Property to substantially the same condition as existed before such inspection or test. Buyer shall defend, indemnify and hold Property Owner, Seller, Seller’s partners, members, managers, directors, officers,
tenants, agents, contractors and employees and the Property (collectively, “Indemnified Parties”) harmless from and against any and all losses, costs, actual damages (and not consequential, special, exemplary or punitive damages),
claims, or liabilities, including but not limited to, mechanic’s and materialmen’s liens and Seller’s reasonable attorneys’ fees (collectively, “Claims”), to the extent such Claim (1) is suffered by, or
asserted by any third party against an Indemnified Party and (2) arises out of or is in connection with Buyer’s inspection of the Property as allowed herein; provided, however, this indemnity shall not apply to any Claims to the extent
arising out of the gross negligence or intentional misconduct of any Indemnified Parties or any pre-existing adverse condition or defect affecting the Property not caused by but merely revealed, and not
exacerbated, by Buyer’s investigations. The provisions of this paragraph shall survive the Closing or the earlier termination of this Agreement. 

2.4.    Environmental Inspections and Release. The inspections under Paragraph 2.3 may include a non-invasive Phase I environmental inspection of the Property, but no Phase II environmental inspection or other invasive inspection or sampling of soils, water, air or other materials, including without limitation
construction materials, for analytical testing, either as part of the Phase I inspection or any other inspection, shall be performed without the prior written consent of Seller, which may be withheld in its sole and absolute discretion, and if
consented to by Seller, the proposed scope of work and the party who will perform the work shall be subject to Seller’s review and approval. At Seller’s request, Buyer shall deliver to Seller, without representation or warranty, copies of
any Phase II or other environmental report to which Seller consents as provided above. BUYER, FOR ITSELF AND ANY ENTITY AFFILIATED WITH BUYER, WAIVES AND RELEASES SELLER AND SELLER’S AFFILIATES (HEREAFTER DEFINED) FROM AND AGAINST ANY
LIABILITY OR CLAIM RELATED TO THE PROPERTY ARISING UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT OF 1980, THE SUPERFUND AMENDMENTS AND REAUTHORIZATION ACT OF 1986, THE RESOURCE CONSERVATION AND RECOVERY ACT, AND THE
TOXIC SUBSTANCE CONTROL ACT, ALL AS AMENDED, OR ANY OTHER CAUSE OF ACTION BASED ON ANY OTHER STATE, LOCAL, OR FEDERAL ENVIRONMENTAL LAW, RULE OR REGULATION. The provisions of this Paragraph 2.4 shall survive indefinitely any Closing or
termination of this Agreement and shall not be merged into the Closing documents. “Seller’s Affiliates” means (a) any entity that directly or indirectly controls, is controlled by or is under common control with Seller, or
(b) any entity at least a majority of whose economic interest is owned by Seller; and the term “control” means the power to direct the management of such entity through voting rights, ownership or contractual obligations.
Notwithstanding the foregoing, the waivers and releases set forth in this Paragraph 2.4 shall not apply to (i) any breach of the representations and warranties of Seller contained in Paragraph 7.1(f), or (ii) any fraud
perpetrated by Seller in connection with the transactions contemplated by this Agreement. 

  
 4 

 2.5.    Termination During Due Diligence Period. If Buyer
determines, in its sole and absolute discretion, before the expiration of the Due Diligence Period that the Interests and/or the Property is unacceptable for Buyer’s purposes, Buyer shall have the right to terminate this Agreement by giving to
Seller written notice of termination before the expiration of the Due Diligence Period and the Earnest Money shall be immediately refunded to Buyer. In addition, upon such a termination, Buyer shall promptly return the Property Information to
Seller, or certify to Seller that the Property Information has been destroyed. If Buyer does not give written notice of termination before the expiration of the Due Diligence Period, this Agreement shall continue in full force and effect, the
Earnest Money shall become non-refundable to Buyer except as otherwise expressly provided herein, and Buyer shall have no further right to terminate this Agreement pursuant to this Paragraph 2.5. 

2.6.    Buyer’s Reliance on its Investigations. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW AND
EXCEPT FOR SELLER’S REPRESENTATIONS AND WARRANTIES IN PARAGRAPHS 6.6 AND 7.1 AND ANY WARRANTIES (THE “SELLER’S WARRANTIES”) IN ANY DOCUMENT DELIVERED BY SELLER
AT CLOSING PURSUANT TO THIS AGREEMENT (COLLECTIVELY, THE “CLOSING DOCUMENTS”), THIS SALE IS MADE AND WILL BE MADE WITHOUT REPRESENTATION, COVENANT, OR WARRANTY OF ANY KIND (WHETHER EXPRESS, IMPLIED, OR, TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, STATUTORY) BY SELLER. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, BUYER AGREES TO ACCEPT THE INTERESTS AND THE PROPERTY ON AN “AS IS” AND “WHERE IS” BASIS, WITH ALL FAULTS, AND WITHOUT
ANY REPRESENTATION OR WARRANTY, ALL OF WHICH SELLER HEREBY DISCLAIMS, EXCEPT FOR SELLER’S WARRANTIES. EXCEPT FOR SELLER’S WARRANTIES, NO WARRANTY OR REPRESENTATION IS MADE BY SELLER AS TO FITNESS FOR ANY PARTICULAR PURPOSE,
MERCHANTABILITY, DESIGN, QUALITY, CONDITION, OPERATION OR INCOME, COMPLIANCE WITH DRAWINGS OR SPECIFICATIONS, ABSENCE OF DEFECTS, ABSENCE OF HAZARDOUS OR TOXIC SUBSTANCES, ABSENCE OF FAULTS, FLOODING, OR COMPLIANCE WITH LAWS AND REGULATIONS
INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO HEALTH, SAFETY, AND THE ENVIRONMENT. IN ENTERING INTO THIS AGREEMENT, BUYER IS NOT RELYING ON ANY STATEMENT, REPRESENTATION OR WARRANTY OTHER THAN SELLER’S WARRANTIES. BUYER ACKNOWLEDGES THAT
BUYER HAS ENTERED INTO THIS AGREEMENT WITH THE INTENTION OF MAKING AND RELYING UPON ITS OWN INVESTIGATION OF THE PHYSICAL, ENVIRONMENTAL, ECONOMIC, USE, COMPLIANCE, AND LEGAL CONDITION OF THE INTERESTS AND THE PROPERTY AND THAT, OTHER THAN THE
SELLER’S WARRANTIES, BUYER IS NOT NOW RELYING, AND WILL NOT LATER RELY, UPON ANY REPRESENTATIONS AND WARRANTIES MADE BY SELLER OR ANYONE ACTING OR CLAIMING TO ACT, BY, THROUGH OR UNDER OR ON SELLER’S BEHALF CONCERNING THE PROPERTY.
NOTWITHSTANDING THE FOREGOING, THE FOREGOING RELEASE SHALL NOT APPLY TO (I) ANY FRAUD BY SELLER, OR (II) THIRD PARTY PERSONAL INJURY CLAIMS (E.G., SLIP AND FALL CASES) AGAINST BUYER CAUSED BY AN ACT OR OMISSION
OF SELLER OCCURRING PRIOR TO THE CLOSING. The provisions of this Paragraph 2.6 shall survive indefinitely any Closing or termination of this Agreement and shall not be merged into the Closing documents. 

ARTICLE 3: TITLE AND SURVEY REVIEW 

3.1.    Delivery of Title Commitment and Survey. Seller shall cause to be delivered to Buyer (i) within three
(3) days of the Date of this Agreement, a title commitment issued by the Title Company (the “Title Commitment”), covering the Property, together with copies of all documents referenced in the Title Commitment, and
(ii) within 10 days of the Date of this Agreement, or as soon as available thereafter, an updated survey (the “Survey”). 

3.2.    Title Review and Cure. 

(a)    On or before the date that is seven (7) days after the delivery to Buyer of the Title Commitment and Survey
(the “Objection Deadline”), Buyer shall give written notice (the “Objection Notice”) to Seller of any matter set forth in the Title Commitment and Survey to which Buyer objects (the “Objections”).
If Buyer fails to tender an Objection Notice on or before the Objection Deadline, Buyer shall be deemed to have approved and 

  
 5 

 
irrevocably waived any objections to any matters covered by the Title Commitment and the Survey. On or before three (3) business days after receipt of the Objections (the “Response
Deadline”), Seller may, in Seller’s sole discretion, give Buyer notice (the “Response Notice”) of those Objections that Seller is willing to cure or cause Property Owner to cure, if any. Seller shall have no obligation
to cure or caused to be cured Objections except the Must-Cure Items (as hereinafter defined). If Seller fails to deliver a Response Notice by the Response Deadline, Seller shall be deemed to have elected not to cure or otherwise resolve any matter
set forth in the Objection Notice. If Buyer is dissatisfied with the Response Notice or the lack of Response Notice, Buyer may, as its exclusive remedy, exercise its right to terminate this Agreement within three (3) business days following the
Response Deadline. If Buyer provides such notice within such 3-business day period, this Agreement shall terminate and be of no further force and effect, and the Title Company shall return the Earnest Money to
Buyer. If Buyer fails to timely exercise such right, Buyer shall be deemed to accept the Title Commitment and Survey with resolution, if any, of the Objections set forth in the Response Notice (or if no Response Notice is tendered, without any
resolution of the Objections (and such Objections shall thereafter be deemed Permitted Exceptions) and without any reduction or abatement of the Purchase Price. Notwithstanding the foregoing, Seller shall be required to cure the Must-Cure Items and
Buyer shall have such rights and remedies as provided in the case of a default by Seller hereunder with respect to any failure by Seller to cure a Must-Cure Item. In furtherance of the foregoing and notwithstanding anything to the contrary contained
herein, at or prior to the Closing, Seller shall be obligated to remove, or cause Property Owner to remove, as the case may be, from title by payment of cash (or in the case of mechanic’s liens, posting of sufficient bonds): (a) all mortgages
or deeds of trust securing indebtedness for money borrowed and which encumbers the Property, (b) all mechanic’s liens affecting the Property as a result of any act or omission, or at the express direction, of Seller or Property Owner (as
distinguished from those arising, for instance, as a result of any act or omission of any tenant) which may be fully liquidated and discharged by payment of a fixed and ascertainable sum not to exceed $250,000, (c) all judgment liens first arising
after the Date of this Agreement which may be fully liquidated and discharged by payment of a fixed and ascertainable sum not to exceed $250,000, and (d) any exceptions or encumbrances to title that are intentionally and knowingly created by
Seller or Property Owner after the Date of this Agreement but prior to Closing without Buyer’s consent (collectively, the “Must-Cure Items”). 

(b)    The term “Permitted Exceptions” shall mean: the specific exceptions (exceptions that are not part
of the promulgated title insurance form) in the Title Commitment that the Title Company has not agreed to insure over or remove from the Title Commitment prior to Closing and that Seller is not required to remove as provided above; items shown on
the Title Commitment and/or the Survey which have not been objected to under paragraph (a) above; the lien of real estate taxes not yet due and payable; and tenants in possession as tenants only under the Leases entered into as of the date
hereof and hereinafter in accordance with this Agreement, with no options or rights to purchase all or any portion of the Property (including, without limitation, any rights of first opportunity, offer or refusal). 

(c)    With respect to any material and adverse title exceptions or survey matters first arising after the effective date
of the Title Commitment or the issuance of the Survey, as applicable, and prior to Closing (other than any of the Permitted Exceptions, to which Buyer shall have no right to object) (“New Title Exception”), Buyer shall have until
the earlier of: (i) three (3) business days after Buyer’s knowledge of the New Title Objection (provided that Buyer shall request a date-down to the Title Commitment to be delivered to Buyer by the Title Company no later than five
(5) business days prior to the expiration of the Diligence Period and Buyer shall be deemed to have knowledge of any New Title Exceptions contained therein); or (ii) the Closing Date to notify Seller in writing of Buyer’s objection
thereto. If Buyer shall timely object to the New Title Exception, Seller shall have the right, but not the obligation, to cure such objection(s) in its sole and absolute discretion, subject to the provisions above in the case of Must-Cure Items.
Within five (5) business days after receipt of Buyer’s notice of objection(s), with the Closing Date automatically extended, if necessary, to allow for such response period, Seller shall notify Buyer in writing whether Seller elects to
attempt to cure such objection(s). Failure of Seller to give such notice within such five (5)-business day period shall be deemed an election by Seller not to cure such objection(s). If Seller elects or is deemed to have elected not to cure any
objection(s) specified in Buyer’s notice, Buyer shall have the following options, to be given by written notice to Seller within two (2) business days after Seller’s election (or deemed election) not to cure such objection(s): (i) to
accept a conveyance of the Property subject to the Permitted Exceptions, specifically including such New Title Exception (which such matter(s) shall thereafter be deemed to be a Permitted Encumbrances), without reduction of the Purchase Price; or
(ii) to terminate this Agreement by sending written notice thereof to Seller and Escrow Agent, and upon delivery of such notice of termination, this Agreement shall terminate and the Deposit shall be returned to Buyer, and thereafter neither
party hereto shall have any further rights, obligations or liabilities hereunder except for any obligation that expressly survives such termination of this Agreement. 

  
 6 

 3.3.    Delivery of Title Policy at Closing. As a condition to
Buyer’s obligation to close, the Title Company shall deliver to Property Owner at Closing either (at Buyer’s election in its sole discretion; provided that in no event shall Seller have or incur any additional cost, expense, liability or
obligation to any party (including the Title Company) if Buyer elects the endorsement described in the immediately succeeding clause (i)), (i) an endorsement to Property Owner’s current Owner’s Title Policy, or (ii) a new Owner’s
Policy of Title Insurance, in each case, issued as of the date and time of the effectiveness of the Assignment, in such amount as may be required by Buyer, insuring Property Owner as owner of good and indefeasible fee simple title to the Property,
and subject only to the Permitted Exceptions (provided that if Buyer fails to provide Title Company with a Municipal Lien Certificate from the Town of Norwood in order to remove certain standard title policy exceptions, Buyer shall accept the
Owner’s Policy of Title Insurance subject to such exception(s)) (such endorsement to Property Owner’s current Owner’s Title Policy or such new Owner’s Policy of Title Insurance, as applicable, being herein referred to as the
“Title Policy”). Seller shall cause Property Owner execute at Closing an affidavit in such form reasonably acceptable to Seller as the Title Company shall require for the issuance of the Title Policy. The Title Policy may be
delivered after Closing if that is customary in the locality, provided that Seller shall instruct the Title Company to do so as promptly as possible following the Closing. In addition, Buyer may request that (a) the Title Company issue, at
Buyer’s sole cost and expense, a non-imputation endorsement (the “Non-Imputation Endorsement”) against the knowledge of Seller; and (b) Seller
execute a non-imputation affidavit substantially in the form attached hereto as Exhibit E (the “Non-Imputation Affidavit”); it being agreed that
each of the issuance of a Non-Imputation Endorsement and Seller’s execution of the Non-Imputation Affidavit shall be a condition precedent to Buyer’s
obligation to consummate the Closing. 
 ARTICLE 4: OPERATIONS AND RISK OF LOSS 

4.1.    Ongoing Operations. During the pendency of this Agreement, Seller shall carry on its business and
activities relating to the Property Owner and the Property, including leasing of the Property, substantially in the same manner as it did before the Date of this Agreement and maintaining in full force and effect all insurance policies (or like
policies) now in effect with respect to the Property. Seller shall not remove or permit to be removed from the Property any Personal Property, except as may be necessary for repairs or discarding worn out or useless items, provided that discarded
items shall be replaced with new items of substantially equal quality and quantity and shall be free and clear of any lien or encumbrance. 

4.2.    Performance under Leases and Service Contracts. During the pendency of this Agreement, Seller shall cause
Property Owner to perform its material obligations under the Leases and Service Contracts and other agreements that may affect the Property. After the Date of this Agreement, Seller shall give prompt and reasonably detailed written notice to Buyer
in the event it applies any tenant’s security deposit to the discharge of such tenant’s obligations. 

4.3.    New Contracts. During the pendency of this Agreement, Seller will not and will not permit Property Owner
enter into any contract that will be an obligation affecting the Interests, the Property Owner or the Property subsequent to the Closing, except (a) Leases and (b) contracts entered into in the ordinary course of business that are
terminable without cause on 30-days’ notice and without penalty or cancellation fee, without the prior consent of Buyer, which shall not be unreasonably withheld or delayed. 

4.4.    Termination of Service Contracts. During the Due Diligence Period, Buyer shall notify Seller which Service
Contracts Buyer wishes to have Property Owner retain from and after Closing. Notwithstanding the foregoing, Property Owner shall retain Service Contracts that are not terminable on 30 days or less notice or that require the payment of a termination
charge (unless Buyer agrees to pay such termination charge). Buyer shall pay any transfer or assignment charges due as a result of Buyer’s acquisition of the Interest hereunder, if any, under Service Contracts. Notice of termination for all
Service Contracts not to be retained by Property Owner shall be given or caused to be given by Seller not later than the Closing Date and any charges due thereunder after the Closing Date and through the date of actual termination shall be included
as a prorated expense. Notwithstanding the foregoing, Seller shall terminate any property management or leasing agreement affecting the Property, and Seller shall be solely responsible for paying, on or before the Closing Date, any fee, premium or
penalty payable to any property or leasing agent in connection with such termination. 

  
 7 

 4.5.    Damage or Condemnation. Risk of loss resulting from any
condemnation or eminent domain proceeding which is commenced or has been threatened before the Closing, and risk of loss to the Property due to fire, flood or any other cause before the Closing, shall remain with Seller. If before the Closing the
Property or any portion thereof shall be materially damaged, or if the Property or any material portion thereof shall be subjected to a bona fide threat of condemnation or shall become the subject of any proceedings, judicial,
administrative or otherwise, with respect to the taking by eminent domain or condemnation, then Buyer may terminate this Agreement by written notice to Seller given within five (5) days after Buyer receives written notice from Seller of the
damage or taking, in which event the Earnest Money shall be promptly returned to Buyer. If the Closing Date is within the aforesaid 5-day period, then Closing shall be extended to the next business day
following the end of said five (5)-day period. If no such election is made, and in any event if the damage is not material, this Agreement shall remain in full force and effect and the purchase contemplated
hereby, less any interest taken by eminent domain or condemnation, shall be effected with no further adjustment, and upon the Closing of this purchase, Seller shall assign, transfer and set over to Buyer all of the right, title and interest of
Seller (if any) in and to any awards that have been or that may thereafter be made for such taking, and Seller shall assign, transfer and set over to Buyer any interest of Seller (if any) in any insurance proceeds that may thereafter be made for
such damage or destruction giving Buyer a credit at Closing for any deductible under such policies, it being acknowledged and agreed that such separate assignments will not be required if Property Owner (as distinguished from Seller) shall have
rights to such awards or proceeds. Any insurance proceeds received by Seller after the Closing and assigned to Buyer hereunder shall be promptly paid to Buyer upon receipt and until so paid, shall be held in trust by Seller for the benefit of Buyer.
For the purposes of this paragraph, the phrases “material damage” and “materially damaged” means damage reasonably estimated by Seller in good faith (such estimate, the “Seller Assessment”) to have
a cost exceeding three percent (3%) of the Purchase Price. If Buyer disagrees with the Seller Assessment and the parties are unable to agree on the cost of repair or restoration within five (5) business days after delivery of notice containing
the Seller Assessment, the Closing Date shall automatically be extended until the earlier of (i) thirty (30) days after such damage or condemnation, and (ii) such time as the parties are able to agree on the cost of repair or restoration
as follows: 
  

	 	(i)	 the matter will be submitted to an engineer designated by Seller and an engineer designated by Buyer, each
licensed to practice in the Commonwealth of Massachusetts, and the engineers shall resolve the dispute. 

  

	 	(ii)	 If the engineers fail to resolve the dispute, such engineers shall designate a third engineer, who shall
determine such resolution, which determination shall be binding on Seller and Buyer. 

  

	 	(iii)	 Each party hereto shall bear the costs and expenses of its own engineer. The cost of a third engineer, if any
is appointed by the parties’ respective engineers, shall be borne one half (1/2) by the Sellers and one half (1/2) by the Buyer. 

4.6.    Actions. Unless otherwise agreed to in writing by Buyer, Seller shall not knowingly and intentionally take
any action or direct, require or advise any other person or entity to take any action that result in a breach of any of Seller’s representation or warranty provided under this Agreement or result in a default by Seller of its obligations under
this Agreement. Seller shall not knowingly create or expressly permit to be created any encumbrances on the Property, other than those which may be fully satisfied from the proceeds of sale at the Closing. 

ARTICLE 5: CLOSING 

5.1.    Closing. The consummation of the transactions contemplated hereby (the “Closing”) shall
occur on the Closing Date at the offices of the Title Company. 

  
 8 

 5.2.    Conditions to the Parties’ Obligations to Close. The
obligation of Seller, on the one hand, and Buyer, on the other hand, to consummate the transactions contemplated hereby is contingent upon the following: 

(a)    The other party’s representations and warranties expressly set forth in this Agreement shall be true and
correct in all material respects as of the Date of this Agreement and the Closing Date, except for those Seller’s Warranties (other than the Fundamental Representations) which may no longer be true and correct in all material respects as a
result of a change in facts or circumstances which do not arise from Seller’s breach of default hereunder; 

(b)    As of the Closing Date, the other party shall have performed its obligations expressly set forth in this Agreement
and all deliveries to be made at Closing as expressly set forth in this Agreement have been tendered; 
 (c)    There
shall exist no actions, suits, arbitrations, claims, attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, pending or threatened against the other party that would materially
and adversely affect the other party’s ability to perform its obligations under this Agreement; 
 (d)    There
shall exist no pending or threatened action, suit or proceeding with respect to the other party before or by any court or administrative agency which seeks to restrain or prohibit, or to obtain damages or a discovery order with respect to, this
Agreement or the consummation of the transactions contemplated hereby; and 
 (e)    All Must Cure-Items shall be
satisfied as provided in this Agreement, regardless of whether such issues were raised in Buyer’s objections hereunder. 
 So long as a
party is not in default hereunder, if any condition to such party’s obligation to proceed with the Closing hereunder has not been satisfied as of the Closing Date, such party may, in its sole discretion, terminate this Agreement by delivering
written notice to the other party on or before the Closing Date, in which event, unless the failure of such condition shall also constitute a breach of Buyer’s obligations hereunder (in which case the provisions of Paragraph 8.1 shall
control) the Earnest Money shall be returned to Buyer, or elect to close, notwithstanding the non-satisfaction of such condition, in which event such party shall be deemed to have waived any such condition. If
such party elects to close, notwithstanding the nonsatisfaction of such condition, there shall be no liability on the part of the other party for nonsatisfaction of such condition or for breaches of representations and warranties of which the party
electing to close had knowledge as of the Closing. 
 5.3.    Seller’s Deliveries in Escrow. At least one
(1) business day prior to the Closing Date, Seller shall deliver in escrow to the Title Company the following: 

(a)    Assignment. An Assignment and Assumption of Interests in the form of Exhibit C attached hereto (the
“Assignment”), executed by Seller, conveying the Interests free and clear of any lien or encumbrance. 

(b)    Authority Documentation. Documentation to establish to Buyer’s reasonable satisfaction the due
authority of Seller’s assignment of the Interests (including, but not limited to, the organizational documents of Seller, as amended from time to time, resolutions of Seller and incumbency certificates of Seller). 

(c)    Property Owner Organizational Documents. Certified copies of the certificate of formation and operating
agreement for Property Owner showing Seller as the sole and managing member thereof, together with good standing certificates for Property Owner from the States of Delaware and Massachusetts and resignations of any officers and managers for Property
Owner, if any. 
 (d)    FIRPTA Affidavit. A certification from Seller and Property Owner that they are not a
“foreign person” pursuant to Code Section 1445. 
 (e)    Intentionally Blank. 

(f)    Additional Documents. Any additional documents that Title Company may reasonably require for the proper
consummation of the transactions contemplated by this Agreement. 

  
 9 

 (g)    Keys and Codes. Keys, combinations, and security codes for
all locks and security devices on the Property, to the extent available. 
 (h)    Termination Notices. If not
already provided prior to the Closing Date, Seller shall deliver evidence of termination for all Service Contracts not to be retained by Property Owner, if any, as determined by Buyer pursuant to the provisions of Section 4.4 of the Agreement
(including termination of any property management or leasing agreements affecting the Property). 
 (i)    Tenant
Notification Letter. A tenant notification letter, in a form reasonably provided by Buyer and duly executed by Seller, on behalf of Property Owner, notifying each tenant under a Lease that the Interests have been conveyed to Buyer and directing
each Tenant to make all payments of rent and to send any notices or other correspondence regarding their respective leases to the persons and addresses to be determined by Buyer and specified in each such letter. 

5.4.    Buyer’s Deliveries in Escrow. At least one business day prior to the Closing Date, Buyer shall deliver
in escrow to the Title Company the following: 
 (a)    Purchase Price. The Purchase Price, less the Earnest
Money that is applied to the Purchase Price, plus or minus applicable prorations, deposited by Buyer with the Title Company in immediate, same-day federal funds wired for credit into the Title Company’s
escrow account at a bank satisfactory to Seller. 
 (b)    Assignment. The Assignment, executed by Buyer. 

(c)    Additional Documents. Any additional documents that the Title Company may reasonably require for the proper
consummation of the transactions contemplated by this Agreement (including, without limitation, a Municipal Lien Certificate from the Town of Norwood regarding the status of property taxes). 

5.5.    Closing Statements. At the Closing, Seller and Buyer shall deposit with the Title Company executed closing
statements consistent with this Agreement in the form required by the Title Company. 
 5.6.    Title Policy. The
Title Policy shall be delivered at Closing as provided in Paragraph 3.3. 
 5.7.    Costs. Each party
shall pay its portion of the following costs as indicated below: 
  

	 	(a)	 Survey – Buyer 

  

	 	(b)	 Title Policy: 

  

	 	(i)	 Basic premium – Buyer 

 

	 	(ii)	 Deletion of standard exceptions – Seller 

 

	 	(iii)	 Endorsements – Seller (any endorsements that Seller obtains to cure a title matter which Seller is
obligated to cure pursuant to the terms of this Agreement to the extent such endorsement results in an additional premium payable to the Title Company); Buyer (any endorsements that Buyer elects to obtain) 

 

	 	(c)	 Recording charges 

  

	 	(i)	 Instruments to remove encumbrances that Seller is obligated to remove – Seller 

 

	 	(d)	 Appraisals, engineering studies, termite inspections, environmental inspections and other inspections and tests
desired by Buyer – Buyer 

  

	 	(e)	 Any and all financing costs of Buyer or Buyer’s lender, including mortgage recording taxes – Buyer

  

	 	(f)	 Transfer taxes, if any - Seller 

 

	 	(g)	 Other – The Title Company’s escrow fee shall be evenly divided between the parties. Each party shall
pay its own attorneys’ fees. Buyer shall pay any escrow cancellation fee or other fees due upon a termination of this Agreement. All other costs shall be borne according to local custom. 

  
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 5.8.    Close of Escrow. The Title Company shall agree in writing
with Seller and Buyer that (1) delivery of the Assignment to Buyer constitutes its representation that it is holding the closing documents, closing funds and closing statement and is prepared and irrevocably committed to disburse the closing
funds in accordance with the closing statements and (2) release of funds to Seller shall irrevocably commit it to issue the Title Policy in accordance with this Agreement. Upon satisfaction or completion of the foregoing conditions and
deliveries, the parties shall direct the Title Company to immediately deliver the documents described above to the appropriate parties and make disbursements according to the closing statements executed by Seller and Buyer and in accordance with
escrow instructions by each party consistent with this Agreement. Buyer acknowledges and agrees that, in connection with the Closing, Seller shall be entitled to direct the Title Company to use a portion of the Purchase Price to pay Property
Owner’s existing loan secured by the Property a moment in time prior the Closing hereunder, provided that the Title Company shall have received from Seller irrevocable instructions to effectuate the Closing hereunder immediately following such pay-off. 
 ARTICLE 6: PRORATIONS 

6.1.    Prorations. The day of Closing shall belong to Buyer (as the new sole member of Property Owner) and all
prorations hereinafter provided to be made as of the Closing shall each be made as of the end of the day before the Closing Date. In each such proration set forth below, the portion thereof applicable to periods beginning as of Closing shall be
credited or charged to Buyer and the portion thereof applicable to periods ending as of 11:59 P.M. on the day preceding Closing shall be credited or charged to Seller. 

(a)    Taxes and Assessments. General real estate taxes and any other taxes or assessments imposed by governmental
authority and any assessments imposed by private covenant constituting a lien or charge on the Property or the Property Owner for the then current calendar year or other current tax period (collectively, “Taxes”) not yet due and
payable shall be prorated. If the Closing occurs prior to the receipt by Seller of the tax bill for the calendar year or other applicable tax period in which the Closing occurs, Buyer and Seller shall prorate Taxes for such calendar year or other
applicable tax period based upon the most recent ascertainable combination of assessed values and tax rates. Seller shall be responsible for any Taxes relating to taxable periods, or portions thereof, ending on or before the Closing Date, and Buyer
shall be responsible for any Taxes relating to taxable periods, or portions thereof, beginning on or after the Closing Date. Any refund or rebate of Taxes resulting from a tax protest, challenge or appeal (an “Appeal”) for a tax
year ending prior to the Closing Date shall belong to Seller, whether received before or after Closing, and Seller shall have the sole authority to prosecute such Appeals. Any refund or rebate of Taxes, less a proportionate share of reasonable costs
incurred in connection therewith, resulting from an Appeal for the tax year in which the Closing Date occurs shall be prorated between the parties in the same manner as prescribed above, whether received before or after Closing, and Seller shall
have the sole authority to prosecute any such Appeal prior to the Closing Date and after the Closing Date, Buyer shall have the exclusive right to commence, continue and settle any Appeal to contest any Taxes for any taxable period which include the
Closing Date. 
 (b)    Rents. All collected rent and other collected income (and any applicable state or local
tax on rent) under Leases in effect on the Closing Date shall be prorated. Seller shall be charged with any rent and other income collected by Seller before Closing but applicable to any period of time after Closing. Uncollected rent and other
income shall not be prorated. At Closing, Seller shall deliver to Buyer a schedule of delinquent rent. Until the date that is six (6) months after the Closing Date, Buyer shall include such delinquencies (or unpaid amounts) in its normal
billing and shall pursue the collection thereof in good faith (but Buyer shall not be required to litigate or declare a default under any Lease or pursue any other action or remedy in connection with the recovery from tenants of such delinquencies
or other unpaid amounts). To the extent Buyer receives payment of rent on or after the Closing Date, such payment shall be applied first toward the rent (or other tenant charge) for the month in which the Closing occurs, then to the rent owed to
Buyer in connection with the applicable Lease, and then to any delinquent rents owed to Seller, with Seller’s share thereof being promptly delivered to Seller. Subject to the foregoing, Buyer may not waive any delinquent (or unpaid) rents or
modify a Lease so as to reduce or otherwise affect amounts owed thereunder for any period in which Seller is entitled to receive a share of charges or amounts without first obtaining Seller’s written consent. In no event shall Seller be
entitled to sue or otherwise seek to pursue any remedy for damages against any tenant under any non-terminated Lease owing delinquent rents and any other amounts to Seller (including, without limitation, seek
to terminate any Lease or any tenant’s right to possession). Buyer shall reasonably cooperate with Seller, at no material out-of-pocket cost to Buyer, in any
collection efforts hereunder. With respect to delinquent or other uncollected rents and any other amounts or other rights of any kind respecting tenants whose lease has been terminated or expired and who are no longer tenants of the Property as of
the Closing Date, Seller shall retain all of the rights and obligations relating thereto. 

  
 11 

 (c)    Utilities. Utilities, including water, sewer, electric,
and gas, based upon the last reading of meters prior to the Closing shall be prorated. Seller shall endeavor to obtain, or cause to be obtained, meter readings on a date not more than two (2) business days before the Closing Date, and if such
readings are obtained, there shall be no proration of such items. Seller shall cause Property Owner to pay at Closing the bills therefor for the period to the day preceding the Closing, and Buyer shall cause Property Owner to pay the bills therefor
for the period subsequent thereto. If the utility company will not issue separate bills, Buyer will receive a credit against the Purchase Price for Seller’s portion and will pay the entire bill prior to delinquency after Closing. If Seller has
paid any utilities no more than 30 days in advance in the ordinary course of business, then Buyer shall be charged its portion of such payment at Closing. Recoveries from the reimbursement of utility expenses collected by Buyer or Seller (or a
third-party service provider) shall be prorated based upon, and shall relate back to, the months in which the billed expenses were incurred. 

(d)    Fees and Charges under Service Contracts, Licenses and Permits. Fees and charges under the Service Contracts
to be retained by Property Owner as provided herein, licenses and permits, on the basis of the periods to which such Service Contracts, licenses and permits relate shall be prorated. 

6.2.    Final Adjustment After Closing. If final prorations cannot be made at Closing for any item being prorated
under Paragraph 6.1, including Taxes, then Buyer and Seller agree to allocate such items on a fair and equitable basis as soon as invoices or bills are available, with final adjustment to be made for any such invoices or bills that are then
available within ninety (90) days following Closing, but in all events within 10 months after the Closing, to the effect that income and expenses are received and paid by the parties on an accrual basis with respect to their period of ownership
of the Interests. Payments in connection with the final adjustment shall be due within 30 days of written notice. 

6.3.    Rental-Ready. Seller, at Seller’s sole expense, shall cause, or shall cause the Property Owner to
cause, all unoccupied apartment units located in the Property vacant for more than five (5) days prior to Closing to be placed in a rental-ready condition on or before the Closing Date, in accordance with the Property Owner’s or
Sellers’ past operating procedures; failing which, Buyer shall receive a credit against the Purchase Price at Closing in amount equal to $500.00 for each such unit which is not in rental-ready condition on the Closing Date. No earlier than five
(5) business days prior to Closing and no later than two (2) business days prior to Closing, Seller and Buyer shall conduct a walk-through of the Property. At such time, the parties shall agree as to the status and number of units which
are not rental-ready and shall determine the above credit based upon the number of units that are not rental-ready. 

6.4.    Tenant Deposits. All refundable tenant security deposits in Property Owner’s possession, as reflected
on a final Rent Roll delivered to Buyer (and interest thereon if required by law or contract to be earned thereon) and not theretofore applied to tenant obligations under the Leases, shall be credited to Buyer at Closing or placed in escrow if
required by law. Buyer will indemnify, defend, and hold Seller harmless from and against all demands and claims made by tenants to the extent such claims relate to periods accruing after the Closing Date arising out of the transfer or disposition of
any security deposits credited to Buyer and will reimburse Seller for any reasonable expenses (including all reasonable attorneys’ fees) incurred or that may be incurred by Seller as a result of any such claims or demands by tenants. 

6.5.    Utility Deposits. Seller shall not be credited at Closing the amount of any deposits made with utility
companies in respect of the Property, if any, unless such deposits (i) are not refunded to Seller in connection with the Closing, and (ii) continue to run to the benefit of Property Owner following the Closing Date. 

6.6.    Sale Commissions. Seller and Buyer represent and warrant each to the other that they have not dealt with
any real estate broker, sales person or finder in connection with this transaction other than Broker. If this transaction is closed, Seller shall pay Broker in accordance with their separate agreement. Broker is an independent contractor and is not
authorized to make any agreement or representation on behalf of either party. Except as expressly set forth above, if any Claim is made for broker’s or finder’s fees or commissions in connection with the negotiation, execution or
consummation of this Agreement or the transactions contemplated hereby, each party shall defend, indemnify and hold harmless the other party from and against any such Claim based upon any statement, representation or agreement of the indemnifying
party. 

  
 12 

 ARTICLE 7: REPRESENTATIONS AND WARRANTIES 

7.1.    Seller’s Representations and Warranties. As a material inducement to Buyer to execute this Agreement
and consummate this transaction, Seller represents and warrants to Buyer that as of the date hereof and as of the Closing Date (unless otherwise expressly provided herein): 

(a)    Organization and Authority. Seller is duly organized and validly existing as a Delaware limited liability
company and is in good standing in the State of Delaware. Seller has the full corporate authority to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the
documents to be delivered by Seller at the Closing will be, authorized and properly executed and constitutes, or will constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application or equitable principles affecting the rights and remedies of creditors. To Seller’s knowledge, no approval or consent of
any governmental, administrative or regulatory body or any other person or entity (including, without limitation, any tenant under any Lease demising space at the Property) is required for the execution, delivery or performance by Seller of this
Agreement, or any related documents or instruments, to which Seller is a party. 
 (b)    Conflicts and Pending
Action. There is no agreement to which Seller is a party or to Seller’s knowledge binding on Seller which is in conflict with this Agreement. There is no action, administrative proceeding, suit, claim, litigation, investigation or other
legal proceeding pending or, to Seller’s knowledge, threatened in writing against the Interests, the Property Owner or the Property, including condemnation proceedings, or against Seller which challenges or impairs Seller’s ability to
execute or perform its obligations under this Agreement, and there are currently no remediation activities being conducted or in process on or in connection with the Property. 

(c)    Rent Roll and Operating Statements. To Seller’s knowledge, the Rent Roll provided or to be provided to
Buyer is or will be true, correct and complete in all material respects as of the date thereof. The Operating Statements were prepared by or for Seller or Property Owner in the ordinary course of its business and are the Operating Statements used
and relied upon by Seller and Property Owner in connection with Property Owner’s operation of the Property. Other than as provided as part of the Property Information or set forth in the Rent Roll, to Seller’s knowledge, there are no
leases, licenses or other rights of occupancy with respect to the Property to which Property Owner is a party. Seller has received no written notice from a tenant under its Lease of a material default by Property Owner under such tenant’s
Lease. 
 (d)    Service Contracts. The list of Service Contracts delivered or to be delivered to Buyer pursuant
to this Agreement is or will be true, correct, and complete in all material respects as of the date of its delivery. Neither Property Owner nor, to Seller’s knowledge, any other party is in material default under any Service Contract. 

(e)    Books and Records. All books, records and other information prepared by Property Owner or its property
manager and provided to Buyer by Seller were prepared by or for Seller or Property Owner in the ordinary course of its business and are the same books, records and other information used and relied upon by Seller and Property Owner in Property
Owner’s operation of the Property. 
 (f)    Violations. To Seller’s knowledge, neither Seller nor
Property Owner has received written notice from any governmental entity of any violation of any law, rule or regulation affecting the Property or its use including any environmental law or regulation, nor any written notice that the Property is in
violation of any applicable building or zoning code or ordinance, except for any such matters which may have been previously cured by Seller or Property Owner, or from any insurance company, board of fire underwriters (or any organization exercising
functions similar thereto) requiring or requesting the repair, alteration or correction of any existing condition on the Property. To Seller’s Knowledge, there are no pending changes to the zoning classification, or any plan, study or effort by
any governmental authority or agency which in any way may or could materially impair the continued use and operation of the Property as currently used and operated. To Seller’s knowledge, all material

  
 13 

 
required governmental permits, approvals, and certificates of occupancy have been obtained for the operation of the Property, the Property is operating according to its intended purpose, and the
Property is properly zoned for its current use and it is not in material violation thereof. 
 (g)    FIRPTA.
Seller is not a foreign person within the meaning of Section 1445 of the Code as hereinafter defined). 

(h)    Entity Representations. 

(i)    Seller is the sole owner of the Interests, and, at the Closing, Seller shall have transferred good title to such
Interests to Buyer be free and clear of any liens, charges, claims, pledges, or encumbrances of any third party (collectively, “Liens”). 

(ii)    Seller has or will deliver to Buyer a true and complete copy of the Limited Company Operating Agreement of the
Property Owner in effect as of Closing Date (the “Property Owner Operating Agreement”). 
 (iii)    As
of the Closing Date: (A) Property Owner will have filed, or caused to be filed, all tax returns required to be filed by it under applicable law; (B) all taxes required by applicable law to be paid by Property Owner will have been timely
paid in full as and when due and payable; (C) there will be no liens with respect to unpaid taxes (other than for current taxes not yet delinquent) upon the Interests or the assets of the Property Owner; (D) all taxes required by
applicable law to be withheld, collected or deposited by Property Owner will have been timely withheld, collected or deposited; and (E) the Property Owner has not (i) waived any statute of limitations in respect of taxes or
(ii) agreed to any extension of time with respect to any tax assessment or deficiency, and the Property Owner has not received any request from a governmental authority to take any such action (which request is still pending). As of the date of
this Agreement, Property Owner is not under audit, examination or proceeding by any governmental authority with respect to any taxes, and there are no claims or proceedings proposed or threatened in writing against Property Owner with respect to any
taxes, and no assessment, deficiency or adjustment in respect of any taxes has been asserted by any governmental authority against the Property Owner that has not been finally resolved and satisfied. Property Owner is and at all times has been
treated as a disregarded entity for federal and state income tax purposes, and no election has been made under the “check-the-box” regulations to treat the
Property Owner as an association taxable as a corporation. 
 (iv)    Except for the matters set forth on Exhibit
D hereto, the year-end operating statements, balance sheets and other financial statements heretofore provided or made available to Buyer by Seller are the year-end
operating statements, balance sheets and other financial statements that Seller uses for its own account with respect to Property Owner for the 2019 calendar year and 2020 year to date (the “Financial Statements”). Except for the
matters set forth on Exhibit D hereto, to Seller’s knowledge, the Financial Statements reflect all of Property Owner’s material liabilities (whether absolute, accrued, contingent or otherwise) as of the date thereof. As of the
Closing Date, Property Owner has not incurred any new material liabilities (other than those liabilities incurred under Service Contracts in the ordinary course of business) since the date of the Financial Statements delivered to Buyer hereunder.

 (v)    As of the Closing Date, Property Owner will be duly organized and validly existing and in good standing under
the laws of the State of Delaware, and qualified to do business in the State of Massachusetts. 
 (vi)    Since the date
of its formation, Property Owner has not had, and will not have had, any employees. 
 (vii)    Since the date of
formation of Property Owner, Seller has not approved of, or consented to, or caused, the acquisition by Property Owner of any material assets other than the Property and property incidental to the ownership, use, maintenance and operation thereof;
and to Seller’s knowledge, Property Owner has never engaged in any business or activities other than the acquisition, ownership, maintenance, financing and/or operation of the Property and activities incidental thereto. 

  
 14 

 (viii)    Property Owner (a) is not party to any agreements with,
and (b) does not have any liabilities to, in each case, any affiliate of Seller which will in each case remain in effect and be binding on Property Owner from and after the Closing. 

(ix)    To Seller’s knowledge, the representations and warranties set forth on Exhibit F are true and correct
in all material respects. 
 The representations and warranties of Seller contained in Paragraph 7.1(a), and 7.1(h)(i) shall be referred to
herein as the “Fundamental Representations”. The representations and warranties of Seller contained in Paragraph 7.1(h)(ii), (iii), (iv), and (vii), shall be referred to herein as the “Entity
Representations”. 
 (i)    Patriot Act. Seller is in compliance with all applicable anti-money
laundering and anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act (“BSA”), as amended by The International
Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act (the “Patriot Act”), and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities
and Exchange Commission, SRO or other agency rules and regulations, and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance. 

(j)    OFAC. Neither (i) Seller, any Affiliate of Seller nor any Person controlled by Seller; nor (ii) to
the best of Seller’s knowledge, after making due inquiry, any Person who owns a controlling interest in or otherwise controls Seller; nor (iii) to the best of Seller’s knowledge, after making due inquiry, if Seller is a privately held
entity, any Person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in Seller; nor (iv) any Person for whom Seller is acting as agent or nominee in connection with
this investment, is a country, territory, Person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, Person, organization, or entity under any economic sanctions program administered or maintained by OFAC. For
purposes of this Paragraph 7.1(i) and Paragraph 7.2(e), “Affiliate” means, with respect to a particular Person, any other Person who is Controlled by, under common Control with, or in Control of, such particular
Person; “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or other beneficial
interests, by contract or otherwise; and “Person” means any individual, company, trust or other legal entity of any kind whatsoever, or other organization, whether or not a legal entity. 

(k)    Senior Foreign Political Figure. Unless disclosed in writing to Buyer on the date hereof, Seller is not a
Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, Seller is not controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior
Foreign Political Figure, and, to the best of Seller’s knowledge, after making due inquiry, none of the direct or indirect owners of 10% or more of Seller (other than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior
Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. For purposes of this Paragraph 7.1(k) and Paragraph 7.2(f), “Senior Foreign Political Figure” means a
senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned
corporation, and includes any corporation, business or other entity that has been formed by, or for the benefit of, a such senior official or executive; “Immediate Family Member” of a Senior Foreign Political Figure typically
includes the Senior Foreign Political Figure’s parents, siblings, spouse, children and in-laws; and “Close Associate” of a Senior Foreign Political Figure means a person who is widely and
publicly known to maintain an unusually close relationship with Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the Senior Foreign
Political Figure. 
 (l)    Seller has delivered true and correct copies of all reports and other documentation in
Seller’s possession or control with respect to Property Owner’s obligations under Chapter 40B Affordable Housing, including, but not limited to, MassHousing Rental and Income Qualification Sheet and MassHousing Compliance Reports. 

  
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 (m)    Property Information. All items comprising the Property
Information delivered by or on behalf of Seller to Buyer, or made available by Seller to Buyer for review, are to Seller’s knowledge, the complete and unaltered copies, in all material respects, of such items comprising the Property Information
in Seller’s possession or control. 
 “Seller’s knowledge”, as used in this Agreement, means the
current actual knowledge of Paul Wasserman and James Duncan, without any duty of inquiry or investigation, being the individuals most familiar with the matters contained in this Section 7.1. 

7.2.    Buyer’s Representations and Warranties. As a material inducement to Seller to execute this Agreement
and consummate this transaction, Buyer represents and warrants to Seller that: 
 (a)    Organization and
Authority. Buyer has been duly organized and is validly existing as a limited liability company, in good standing in the State of Delaware and is qualified to do business in the state in which the Property is located. Buyer has the full right
and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Buyer
at the Closing will be, authorized and properly executed and constitutes, or will constitute, as appropriate, the valid and binding obligation of Buyer, enforceable in accordance with their terms. 

(b)    Conflicts and Pending Action. There is no agreement to which Buyer is a party or to Buyer’s knowledge
binding on Buyer which is in conflict with this Agreement. There is no action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s ability to execute or perform its obligations under
this Agreement. 
 (c)    Bankruptcy. Buyer has not (i) commenced a voluntary case, or had entered against
it a petition, for relief under any federal bankruptcy act or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for debtors, (ii) caused, suffered or consented to
the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate all
or substantially all of its property, or (iii) made an assignment for the benefit of creditors. 

(d)    Patriot Act. Buyer is in compliance with all applicable anti-money laundering and anti-terrorist laws,
regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the BSA, as amended by The International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, Title
III of the Patriot Act, and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, SRO or other agency rules and regulations, and has policies, procedures, internal controls
and systems that are reasonably designed to ensure such compliance. 
 (e)    OFAC. Neither (i) Buyer, any
Affiliate of Buyer nor any Person controlled by Buyer; nor (ii) to the best of Buyer’s knowledge, after making due inquiry, any Person who owns a controlling interest in or otherwise controls Buyer; nor (iii) to the best of
Buyer’s knowledge, after making due inquiry, if Buyer is a privately held entity, any Person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in Buyer; nor
(iv) any Person for whom Buyer is acting as agent or nominee in connection with this investment, is a country, territory, Person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, Person, organization, or
entity under any economic sanctions program administered or maintained by OFAC. 
 (f)    Senior Foreign Political
Figure. Unless disclosed in writing to Seller on the date hereof, Buyer is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, Buyer is not controlled by a Senior
Foreign Political Figure, or an Immediate Family Member or a 

  
 16 

 
Close Associate of a Senior Foreign Political Figure, and, to the best of Buyer’s knowledge, after making due inquiry, none of the direct or indirect owners of 10% or more of Buyer (other
than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. 

“Buyer’s knowledge,” as used in this Agreement means the current actual knowledge of Gregg Christensen
(“Buyer’s Knowledge Party”; each of Buyer’s Knowledge Party and Seller’s Knowledge Party is sometimes referred to herein as a “Knowledge Party”), without any duty of inquiry or investigation. 

ARTICLE 8: DEFAULT AND DAMAGES 

8.1.    Default by Buyer. If Buyer shall be in breach of any of its obligations hereunder and such breach shall
remain uncured for a period of three (3) business days following written notice thereof by Seller (other than a breach under Paragraph 1.3 and Paragraph 5.4 hereof or otherwise a default to close hereunder on the Closing Date, with respect to
which no such notice and cure period shall apply), Buyer agrees that Seller shall have the right to terminate this Agreement and to have the Title Company deliver the Earnest Money to Seller as liquidated damages to recompense Seller for time spent,
labor and services performed, and the loss of its bargain. Buyer and Seller agree that it would be impracticable or extremely difficult to affix damages if Buyer so defaults and that the Earnest Money, together with the interest thereon, represents
a reasonable estimate of Seller’s damages. Seller agrees to accept the Earnest Money as Seller’s total damages and relief hereunder if Buyer defaults in its obligation to close hereunder, Seller waiving all other rights and remedies, other
than for its rights to indemnification pursuant to Paragraph 2.3. 
 8.2.    Default by Seller. If Seller
shall be in breach of any of its obligations hereunder and such breach shall remain uncured for a period of three (3) business days following written notice thereof by Buyer (other than a breach under Paragraph 5.3 and Paragraph 6.6 hereof or
otherwise a default to close hereunder on the Closing Date, with respect to which no such notice and cure period shall apply), Buyer’s sole and exclusive remedy shall be to elect one of the following: (a) to terminate this Agreement, in
which event Buyer shall be entitled to the return by the Title Company to Buyer of the Earnest Money and reimbursement by Seller of its actual, documented out-of-pocket
costs in connection with the transactions contemplated hereby (inclusive of any non-refundable deposits paid by Buyer to any third party for due diligence inspections or investigations and any non-refundable financing or rate lock deposit paid by Buyer to obtain financing for the acquisition of the Property), not to exceed, in any event, $125,000.00, (b) to bring a suit for specific performance provided
that any suit for specific performance must be brought within 60 days of Seller’s default, to the extent permitted by law, Buyer waiving the right to bring suit at any later date or (c) if specific performance is not available or
attainable solely as a result of Seller’s conveyance of the Interests or the Property or conveyance of a superior right to purchase the Interests or the Property to any person other than Buyer on or before the Closing Date, then Seller shall be
liable to Buyer for actual damages (but not consequential , special, exemplary or punitive damages) caused by such action as Buyer’s sole and exclusive remedy. Buyer agrees not to file a lis pendens or other similar notice against the
Interests, the Property, or any portion thereof, in any event, and the filing of this provision shall be deemed sufficient evidence in any court of competent jurisdiction to cause any such notice to be promptly and permanently removed of record from
the Interests and/or Property. Buyer shall indemnify and hold Seller harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred as a result of Buyer’s breach of this Paragraph 8.2. 

ARTICLE 9: EARNEST MONEY PROVISIONS 

9.1.    Investment and Use of Funds. The Title Company shall invest the Earnest Money in government insured
interest-bearing accounts satisfactory to Buyer, shall not commingle the Earnest Money with any funds of the Title Company or others, and shall promptly provide Buyer and Seller with confirmation of the investments made. 

9.2.    Contract Terminations. Upon a termination of this Agreement pursuant to the terms of the Agreement, either
party to this Agreement (the “Terminating Party”) may give written notice to the Title Company and the other party (the “Non-Terminating Party”) of such termination and the
reason for such termination. Such request shall also constitute a request for the release of the Earnest Money to the Terminating Party. The Non-Terminating Party shall then have five (5) business days in
which to object in writing to the release of the Earnest 

  
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Money to the Terminating Party. If the Non-Terminating Party provides such an objection, then the Title Company shall retain the Earnest Money until it
receives written instructions executed by both Seller and Buyer as to the disposition and disbursement of the Earnest Money, or until ordered by final court order, decree or judgment, which is not subject to appeal, to deliver the Earnest Money to a
particular party, in which event the Earnest Money shall be delivered in accordance with such instructions, order, decree or judgment. 

9.3.    Interpleader. Seller and Buyer mutually agree that in the event of any controversy regarding the Earnest
Money, unless mutual written instructions are received by the Title Company directing the Earnest Money’s disposition, the Title Company shall not take any action, but instead shall await the disposition of any proceeding relating to the
Earnest Money or, at the Title Company’s option, the Title Company may interplead all parties and deposit the Earnest Money with a court of competent jurisdiction in which event the Title Company may recover all of its court costs and
reasonable attorneys’ fees. Seller or Buyer, whichever loses in any such interpleader action, shall be solely obligated to pay such costs and fees of the Title Company, as well as the reasonable attorneys’ fees of the prevailing party in
accordance with the other provisions of this Agreement. 
 9.4.    Liability of Title Company. The parties
acknowledge that the Title Company is acting solely as a stakeholder at their request and for their convenience, that the Title Company shall not be deemed to be the agent of either of the parties, and that the Title Company shall not be liable to
either of the parties for any action or omission on its part taken or made in good faith, and not in disregard of this Agreement, but shall be liable for its grossly negligent acts and for any loss, cost or expense incurred by Seller or Buyer
resulting from the Title Company’s mistake of law respecting the Title Company’s scope or nature of its duties. Seller and Buyer shall jointly and severally indemnify and hold the Title Company harmless from and against all costs, claims
and expenses, including reasonable attorneys’ fees, incurred in connection with the performance of the Title Company’s duties hereunder, except with respect to actions or omissions taken or made by the Title Company in bad faith, in
willful disregard of this Agreement or involving gross negligence on the part of the Title Company. 

9.5.    Release of Earnest Money for Failure to Close. Notwithstanding anything contained herein to the contrary,
in the event that Buyer fails to close under this Agreement on the Closing Date, and such failure to close is for any reason other than Seller’s default under this Agreement, then the Earnest Money shall be released to Seller on the business
day immediately following the on which the Closing Date would have occurred. 
 ARTICLE 10: MISCELLANEOUS 

10.1.    Parties Bound. Except for an assignment pursuant to Paragraph 10.17, neither party may assign this
Agreement without the prior written consent of the other, and any such prohibited assignment shall be void. No assignment permitted under this Agreement shall relieve the assigning party of any liability hereunder, whether arising before or after
the date of such assignment. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the respective legal representatives, successors, assigns, heirs, and devisees of the parties. 

At Closing, Buyer shall be permitted to assign this Agreement, the Earnest Money, and the rights of “Buyer” in connection therewith,
to a Buyer’s Affiliate without the prior written consent of Seller, provided that Buyer delivers written notice of its intent to do so at least 5 business days prior to the Closing Date. “Buyer’s Affiliate” means
(a) any entity that directly or indirectly controls, is controlled by or is under common control with Buyer, and (b) any entity at least a majority of whose economic interest is owned by Buyer; and the term “control” means
the power to direct the management of such entity through voting rights, ownership or contractual obligations. 

10.2.    Confidentiality. Neither Buyer nor Seller shall make any disclosure or public announcement of the
existence of this Agreement, the identity of the parties hereto, the terms hereof or any other information related to this Agreement to outside brokers or third parties, before or for a period of two (2) years after the Closing, without the
prior written consent of the other, and shall keep all of such information in strict confidence, except as to any investors and potential investors in privately placed debt and equity offerings of securities of Buyer or any affiliate of Buyer under
Section 4(a)(2) of the Securities Act of 1933, as amended, or Regulation D promulgated thereunder, or as otherwise required by applicable law or regulation, or in connection with any filings or disclosures required by the Securities and
Exchange Commission. Buyer shall not record this Agreement or any memorandum of this Agreement. 

  
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 10.3.    Headings. The article and paragraph headings of this
Agreement are for convenience only and in no way limit or enlarge the scope or meaning of the language hereof. 

10.4.    Exhibits and Schedules. All exhibits and schedules annexed hereto are a part of this Agreement for all
purposes. 
 10.5.    Invalidity and Waiver. If any portion of this Agreement is held invalid or inoperative,
then so far as is reasonable and possible the remainder of this Agreement shall be deemed valid and operative, and effect shall be given to the intent manifested by the portion held invalid or inoperative. The failure by either party to enforce
against the other any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or any other such term or provision in the future. 

10.6.    Governing Law. This Agreement shall, in all respects, be governed, construed, applied, and enforced in
accordance with the law of the state in which the Property is located. 
 10.7.    Limitations. Unless otherwise
expressly stated in this Agreement (including under this Paragraph 10.7), each of the covenants, obligations, representations, and agreements contained in this Agreement shall not survive the Closing and the execution and delivery of the
Assignment required hereunder, or any earlier termination of this Agreement; provided, that (i) each of the representations and warranties contained in Paragraphs 7.1 and 7.2 shall survive the Closing for a period of nine
(9) months immediately following the Closing Date, and (ii) the indemnification provisions provided in this Agreement in respect of either party hereto shall survive the termination of this Agreement or the Closing, whichever occurs,
through the expiration of the applicable statute of repose. Notwithstanding the remaining provisions of this Paragraph 10.7, (x) the Fundamental Representations shall survive the Closing (but not the termination of this Agreement), and shall
not be merged, for a period of five (5) years immediately following the Closing Date plus thirty (30) days (the “Fundamental Survival Period”), and (y) the Entity Representations shall survive the Closing (but not the
termination of this Agreement), and shall not be merged, for a period of twenty four (24) months immediately following the Closing Date (the “Entity Survival Period”). As conditions precedent of the Buyer’s right to make
any claim against Seller on account of any breach of any representations or warranties set forth in Paragraph 7.1, Buyer must (a) provide written notice of such breach of a representation or warranty (any notice to such effect must, in
order to qualify as such for purposes of this Agreement, set forth specifically the representation or warranty allegedly breached and a reasonably detailed description of the alleged breach) within nine (9) months after Closing (or, with
respect to breaches of Fundamental Representations or Entity Representations, within the Fundamental Survival Period or the Entity Survival Period, respectively) or Buyer shall be deemed to have waived any and all claims and rights to sue Seller for
damages for such breach of representation and or warranty by Seller, and (b) upon timely written notice, Buyer must commence an action against Seller with respect to any such claims prior to the expiration of a
3-month period following delivery of such notice. To the fullest extent permitted by law, the foregoing shall constitute the express intent of the parties to shorten the period of limitations for bringing
claims on account of Seller’s breach of its representations and warranties contained in Paragraph 7.1 if a longer period would otherwise be permitted by applicable law. Furthermore, no claim against Seller on account of any breach of any
representations or warranties set forth in Paragraph 7.1 may be brought against Seller unless the amount of all such claims exceeds $75,000.00 in the aggregate, and Seller’s liability for all such claims, in the aggregate, shall be
capped at $1,560,000.00 which sum shall be Seller’s sole liability; provided, that the foregoing deductible and cap shall not apply to any claim based on (i) a breach of a Fundamental Representation, (ii) a breach of an Entity
Representation, or (iii) any intentional or willful misrepresentations, fraud or willful misconduct. Notwithstanding the foregoing, Seller’s liability for any breach of (a) the Fundamental Representations shall in no event exceed
$104,000,000.00, and (b) the Entity Representations shall in no event exceed an amount equal to twenty percent (20%) of an amount equal to the portion of the Purchase Price actually received by Seller. In no event shall Seller be liable for
consequential, punitive or exemplary damages. Buyer agrees that no present or future direct or indirect partner, member, manager, officer, director, shareholder, beneficial owner, affiliate, control person, agent or employee of Seller (the
“Constituents”) shall have any personal liability, directly or indirectly, for any of Seller’s obligations hereunder, and recourse (whether by piercing the corporate veil or otherwise) shall not be had against any such
Constituents, under or in connection with this Agreement, any documents executed and delivered by Seller at Closing or the transactions contemplated by this Agreement, and Buyer hereby waives and releases any and all such personal liability and
recourse. Any judgment in any action or proceeding against any Seller shall be enforceable against such Seller only to the extent of such Seller’s interest in the portion of the Purchase Price actually received by such Seller. The provisions of
this Paragraph 10.7 shall survive the Closing, and any earlier termination of this Agreement. 

  
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 10.8.    No Third Party Beneficiary. This Agreement is not
intended to give or confer any benefits, rights, privileges, claims, actions, or remedies to any person or entity as a third party beneficiary, whether by decree or otherwise. 

10.9.    Entirety and Amendments. This Agreement embodies the entire agreement between the parties and supersedes
all prior agreements and understandings relating to the Property except for any confidentiality agreement binding on Buyer, which shall not be superseded by this Agreement. This Agreement may be amended or supplemented only by an instrument in
writing executed by the party against whom enforcement is sought. 
 10.10.    Time. Time is of the essence in
the performance of this Agreement. 
 10.11.    Attorneys’ Fees. Should either party employ attorneys to
enforce any of the provisions hereof, the party against whom any final judgment is entered agrees to pay the prevailing party all reasonable costs, charges, and expenses, including reasonable attorneys’ fees, expended or incurred in connection
therewith. The term “prevailing party” is defined to mean the party who obtains a determination of wrongful conduct by the other party regardless of whether actual damages are awarded. 

10.12.    Notices and Deliveries. All notices required or permitted hereunder shall be in
writing and shall be served on the parties at the addresses set forth in Paragraph 1.1. Any such notices shall be either (a) sent by overnight delivery using a nationally recognized overnight courier, in which case notice shall be deemed
delivered 1 business day after deposit with such courier, (b) sent by e-mail, with written confirmation by overnight or first class mail, in which case notice shall be deemed delivered upon the sending of
such e-mail notice, or (c) sent by personal delivery, in which case notice shall be deemed delivered upon receipt. Any notice sent by e-mail or personal delivery
and delivered after 5:00 p.m. local time where the Property is located shall be deemed received on the next business day. A party’s address may be changed by written notice to the other party; provided, however, that no notice of a change of
address shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. Notices given by counsel to
Buyer shall be deemed given by Buyer; notices given by counsel to Seller shall be deemed given by Seller; and notices given to a party’s counsel shall be deemed given to the party. 

10.13.    Construction. The parties acknowledge that the parties and their counsel have reviewed and revised this
Agreement and that the normal rule of construction – to the effect that any ambiguities are to be resolved against the drafting party – shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto.

 10.14.    Business Days; Calculation of Time Periods. “Business Day” (or “business
day”) means, as to any party, any day that is not a Saturday, Sunday or legal holiday for national banks in the location where the Property is located. If the last day of any time period hereunder, or the last day of performance of any
obligation, or for the giving of notice, or for taking any other action falls on a day that is not a Business Day, then such last day shall be extended to the first day thereafter that is a Business Day, and any such day shall be deemed to end at
5:00 p.m. local time where the Property is located. Subject to the foregoing, in computing any time period described herein, the day of the act or event after which the designated period of time begins to run is not to be included and the last day
of the period so computed is to be included. 
 10.15.    Procedure for Indemnity. The following provisions
govern actions for indemnity under this Agreement. Promptly after receipt by an indemnitee of notice of any claim, such indemnitee will, if a claim in respect thereof is to be made against the indemnitor, deliver to the indemnitor written notice
thereof and the indemnitor shall have the right to participate in such proceeding and, if the indemnitor agrees in writing that it will be responsible for any costs, expenses, judgments, damages, and losses incurred by the indemnitee with respect to
such claim, to assume the defense thereof, with counsel mutually satisfactory to the parties; provided, however, that an indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnitor, if the
indemnitee reasonably believes that representation of such indemnitee by the counsel retained by the indemnitor would be inappropriate due to actual or potential differing interests between such indemnitee and any

  
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other party represented by such counsel in such proceeding. The failure of the indemnitee to deliver written notice to the indemnitor within a reasonable time after the indemnitee receives notice
of any such claim shall relieve such indemnitor of any liability to the indemnitee under this indemnity only if and to the extent that such failure is prejudicial to its ability to defend such action, and the omission so to deliver written notice to
the indemnitor will not relieve it of any other liability that it may have to any indemnitee. If an indemnitee settles a claim without the prior written consent of the indemnitor, then the indemnitor shall be released from liability with respect to
such claim unless the indemnitor has unreasonably withheld such consent. 
 10.16.    Execution in Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement, the parties may execute and
exchange by e-mail counterparts of the signature pages. 
 10.17.    Section
1031 Exchange. Either party may consummate the purchase or sale (as applicable) of the Property as part of a so-called like kind exchange (an “Exchange”) pursuant to §1031 of the
Internal Revenue Code of 1986, as amended (the “Code”), provided that: (a) the Closing shall not be delayed or affected by reason of the Exchange nor shall the consummation or accomplishment of an Exchange be a condition
precedent or condition subsequent to the exchanging party’s obligations under this Agreement; (b) the exchanging party shall effect its Exchange through an assignment of this Agreement, or its rights under this Agreement, to a qualified
intermediary; (c) neither party shall be required to take an assignment of the purchase agreement for the relinquished or replacement property or be required to acquire or hold title to any real property for purposes of consummating an Exchange
desired by the other party; and (d) the exchanging party shall pay any additional costs that would not otherwise have been incurred by the non-exchanging party had the exchanging party not consummated the
transaction through an Exchange. Neither party shall by this Agreement or acquiescence to an Exchange desired by the other party have its rights under this Agreement affected or diminished in any manner or be responsible for compliance with or be
deemed to have warranted to the exchanging party that its Exchange in fact complies with §1031 of the Code. 

10.18.    Buyer has informed Seller that Buyer is required by law to complete with respect to certain matters relating to
the Property an audit pursuant to Rule 3-14 of Securities and Exchange Commission Regulation S-X (the “Audit”), of the income statements of the Property
for the last complete fiscal year immediately preceding the Closing Date and the stub period through the Closing Date (the “Audit Period”). In connection with the Audit, Seller shall, within 10 business days following the Effective
Date, use commercially reasonable efforts to provide or otherwise make available to Buyer the documents which are necessary to conduct the Audit, to the extent in existence and in Seller’s possession. Following the Closing Date and for a period
of up to one (1) year following the Closing Date, Seller shall reasonably cooperate (at no cost or liability of any kind to Seller) with Buyer’s auditor in the conduct of the Audit. Without limiting the foregoing, (a) Buyer or its
designated independent or other auditor may audit the operating statements of the Property, at Buyer’s expense and, upon Buyer’s reasonable prior written request, Seller shall allow Buyer’s auditors reasonable access to such books and
records maintained by Seller in respect to the Property and pertaining to the Audit Period as necessary to conduct the Audit; and (b) Seller shall use reasonable efforts to provide to Buyer such existing financial information as may be
reasonably required by Buyer and required for Buyer’s auditors to conduct the Audit, provided, however, that the ongoing obligations of Seller shall be limited to providing such information or documentation as may be in the possession or
control of Seller, the Sellers accountants or the applicable property or asset manager, at no cost or liability of any kind to any of such parties, and in the format the Seller has maintained such information. 

10.19.    Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY WAIVE ANY RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

10.20.    Limitation of Liability. No partner, member, manager, officer, director, shareholder, beneficial owner,
agent or employee of Seller or any affiliate thereof shall be personally liable for any obligation of Seller hereunder. 

  
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 10.21.    Indivisible Economic Package. Buyer has no right to
purchase, and Seller has no obligation to sell, less than all of the Interests, it being the express agreement and understanding of Buyer and Seller that, as a material inducement to Seller and Buyer to enter into this Agreement, Buyer has agreed to
purchase, and Seller has agreed to sell, all of the Interests, subject to and in accordance with the terms and conditions hereof. Any termination of this Agreement shall operate to terminate this Agreement as to all of the Interests simultaneously.

 10.22.    Publicity. Seller, on the one hand, and Buyer, on the other hand, shall agree on the form and
content of any press release or other public statement regarding the transactions contemplated hereby, if any, and thereafter shall consult with each other before issuing, provide each other the opportunity to review and comment upon, and negotiate
in good faith to agree upon, any press release or other public statement with respect to any of the transactions contemplated hereby and shall not issue any such press release or make any such public statement prior to such consultation and prior to
considering in good faith any such comments, except as may be required by applicable law, provided that neither party hereto may unreasonably withhold its consent to a proposed release or other public statement regarding the transactions
contemplated hereby so long as the nature of such release or statement, as applicable, does not reveal non-public information that is not otherwise the subject of a disclosure made by a party hereto pursuant
to applicable law. 
 [Signature Page Follows] 

  
 22 

 SIGNATURE PAGE TO 

MEMBERSHIP INTEREST PURCHASE AND SALE AGREEMENT 

BY AND BETWEEN 
 KRE JAG ONE UPLAND
VENTURE LLC 
 AND 
  

 
 IN WITNESS
WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 
  

			
	KRE JAG ONE UPLAND VENTURE LLC, a Delaware limited liability company
		
	By:	 	 /s/ Michael Friedland

	Name:	 	Michael Friedland
	Title:	 	Vice President

 “Seller” 

[Signatures continue on the following page] 

 
							
	CC ONE UPLAND, LLC, a Delaware limited liability company
		
	By:	 	COTTONWOOD COMMUNITIES O.P., LP, a Delaware limited partnership, its Sole Member
			
		 	By:	 	Cottonwood Communities, Inc., a Maryland corporation, its General Partner
				
		 		 	By:	 	/s/ Gregg Christensen
		 		 	Name:	 	Gregg Christensen
		 		 	Title:	 	Chief Legal Officer

 “Buyer” 

  
 [Signature page to
Membership Purchase and Sale Agreement] 

 Title Company has executed this Agreement in order to confirm that the Title Company has received and shall
hold the Earnest Money and the interest earned thereon, in escrow, and shall disburse the Earnest Money, and the interest earned thereon, pursuant to the provisions of Article 9. 

 

			
	OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
		
	By:	 	         /s/ Erin Parker

	Name:	 	Erin Parker
	Title:	 	First Vice President

 “Title Company” 

[Signatures end.] 

  
 [Signature page to
Membership Purchase and Sale Agreement] 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Parcel One 

That certain parcel of land in Norwood, Norfolk County, Massachusetts shown as Lot 4A on a plan 

entitled “Campanelli Thorndike Norwood LLC, Lot 4A - Upland Woods Lower Road, Norwood, MA” prepared 

by Kelly Engineering Group, Inc. dated October 10, 2014 recorded with the Norfolk County Registry 

of Deeds in Plan Book 635, Page 22. 
 Parcel Two 

Together with the benefits of the Access Easement for Use of Common Areas and other easements set 

forth in Paragraph 8 of the Park Covenants and Maintenance Agreement by and between CFRI/CQ Norwood 

Upland, L.L.C. and Upland Woods Management LLC dated February 10, 2005 recorded in Book 22094, Page 

439 and filed as Document No. 1055346, as amended by First Amendment to Park Covenants and 

Maintenance Agreement dated September 22, 2017 and recorded October 26, 2017 in Book 35548, Page 

179. 
 Parcel Three 

Together with the benefit of the Utility and Sewer Easement Agreement dated as of November 14, 2014 

by and between CFRI/CQ Norwood Upland L.L.C. and Campanelli Thorndike Norwood LLC recorded in Book 

32699 Page 206 as amended by Amendment to Utility and Sewer Easement Agreement between 

Campanelli-Trigate Norwood Upland, L.L.C. and Campanelli Thorndike Norwood LLC dated as of June 

29, 2017 recorded June 30, 2017 in Book 35240 Page 176. 

  
 A-1 

 EXHIBIT B 

DUE DILIGENCE REPORTS 
  

					
	 Reports
	  	Preferred Format	 
	Financials	  			
		
	 Current Balance Sheet
	  	 	Excel	 
		
	 Current Rent Roll with Lease Charges
	  	 	Excel	 
		
	 Unit Directory
	  	 	Excel	 
		
	 Market Rent Schedule by Unit Type
	  	 	Excel	 
		
	 Two Years of Operating Statements
	  	 	Excel	 
		
	 T-12 Operating Statement
	  	 	Excel	 
		
	 Payroll Schedule
	  			
		
	 A/P Aging Schedule
	  			
		
	 A/R Aging Schedule including a Prepaid Report
	  			
		
	 Utility Bills (3-6 months) Including Phone, Internet and
Cable
	  			
		
	 Rent Collections Ledger
	  			
		
	 Concession Schedule
	  			
		
	 Other Income Schedules (including parking, gardens, etc.)
	  			
		
	 Occupancy History (since leaseup)
	  			

 Capex History (material capex projects during Seller’s ownership period only; provided, however, that
Seller shall reasonably cooperate to provide additional information reasonably requested by Buyer) 
 Real Estate Tax Bills (2 years) 

3rd Party Reports 
 Alta Survey 

Termite Inspection Report 
 Title
Policy Phase I 
 Unrecorded Title Docs 

Elevator work order history and copy of the last years inspections 

KKR EIFS Siding Letter 2019, 2018 

  
 B-1 

 Other Documents 

Market Survey 
 List of 40B Units
and 2019 Mass Housing Rent and Income Qualification Sheet 
 Copy of last Mass Housing Compliance Report 

List of how 40b utilities are calculated and contract for Compliance Company Used 

HOA Agreement or Contracts and Fee’s (2019 and 2020) 

Leasing Status Report/Box Score Summary 

Insurance Certificate 
 Insurance
Claims (loss run) 
 Property Damage Incident Reports 

Building Plans 
 Service Contracts

 Licenses, Permits, Approvals 

Vendor List with Addresses 
 List
of Personal Property (Office, Amenities, Maintenance) 
 Site Plan/Survey 

List of Pending Litigation 

Residential Lease 
 Residential
Security Deposits Report 
 Certificates of Occupancy 

Current Pricing Sheet 
 Copies of
existing Warranties 
 Existing Termite Bond 

Floor Plans 
 Copies of any
notices of violations of any federal, state, municipal or other health, fire, building, zoning, safety, environmental protection or other applicable codes, laws, rules, regulations or ordinances relating or applying to the Property within the past 2
years. 
 List of all litigation pending against the Property Manager, Property, Seller or as of the Effective Date. 

  
 B-2 

 Site Map 

Amenity Rent Analysis 
 Lease
Expiration Report Next 12 Months 
 Rentable Items Report 

Demographic Report 
 Report
Showing % of Students and Corporate Units 
 Maintenance Work Order Summary 2019 

Certificate of Compliance on the Storm Water System 

Current Internet Provider Current Telephone Provider, Make, and Model of all Phones 

  
 B-3 

 EXHIBIT C 

FORM OF ASSIGNMENT AND ASSUMPTION OF INTERESTS 

ASSIGNMENT AND ASSUMPTION OF INTERESTS 

THIS ASSIGNMENT AND ASSUMPTION OF INTERESTS (this “Assignment”) is made and entered into as of
                     by and between KRE JAG ONE UPLAND VENTURE LLC, a Delaware limited liability company (“Assignor”) to
                     (“Assignee”) pursuant to that certain Membership Interest Purchase and Sale Agreement (the “Purchase
Agreement”), dated as of                      between Assignor, and Assignee. 

WHEREAS, Assignor is a member of, and owns 100% of the membership interests (the “Interests”) in, KRE JAG ONE UPLAND OWNER LLC, a
Delaware limited liability company (“Property Owner”); 
 WHEREAS, Assignor desires to transfer 100% of its right, title and
interest in and to the Interests to Assignee. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Assignor and Assignee agree as follows: 
 1.    Representation. Assignor hereby
represents and warrants to Assignee that the recitals hereto are true, correct and complete. 
 2.    Assignment.
Assignor hereby sells, conveys, assigns and transfers all of its right, title and interest in and to the Interests owned by it to the Assignee, to have and to hold such Interests unto Assignee, and the legal representatives, successors and assigns
of Assignee, forever. Assignor hereby agrees to indemnify, defend and hold Assignee harmless against all Claims (as defined in the Purchase Agreement) arising out of, or in connection with, the Interests to the extent accruing during periods on or
before the date hereof. 
 3.    Assumption. Assignee hereby accepts the assignment of the Interests and hereby
assumes and agrees to perform and observe all liabilities and obligations of the Assignor in connection with the Interests arising or accruing from and after the date hereof. Assignee hereby agrees to indemnify, defend and hold Assignor harmless
against all Claims arising out of, or in connection with, the Interests to the extent accruing during periods following the date hereof. 

4.    Substitution as Member. Upon execution and delivery of this Assignment, Assignor shall have withdrawn as a
member of Property Owner and Assignee shall thereafter be admitted as a substituted member of Property Owner. 

5.    Governing Law. This Assignment shall be construed in accordance with, and be governed by, the internal laws
of the State of Delaware. 
 6.    Counterparts. This Assignment may be executed in counterparts, including
electronic counterparts, each of which will be deemed to be an original and all of which are one and the same assignment, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page
to this Assignment by electronic transmission shall be effective delivery of a manually executed counterpart of this Assignment. 

7.    Further Assurances. Assignor agrees to cooperate at all times from and after the date hereof with respect to
the supplying of any information reasonably requested by Assignee regarding any of the matters described in this Assignment, and Assignor agrees to execute such other instruments or documents as may be reasonably requested for the purpose of giving
effect to, evidencing or giving notice of the transactions described herein. 

  
 C-1 

 8.    Conflicts. In the event of any conflict or inconsistency
between the terms of the Purchase Agreement and the terms of this Assignment, the terms of the Purchase Agreement shall govern. For the avoidance of doubt, nothing contained in this Assignment shall in any way supersede, modify, replace, amend,
rescind, waive, narrow or broaden any provision set forth in the Purchase Agreement or any of the rights, remedies or obligations arising therefrom. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

(Signatures appear on following page) 

  
 C-2 

 IN WITNESS WHEREOF, Assignor and Assignee caused this Assignment to be duly executed as of
the date first above written. 
  

			
	ASSIGNOR:
	
	 KRE JAG ONE UPLAND VENTURE LLC,
 a
Delaware limited liability company

		
	By:	 	
                     
                    

	Name:	 	
                     

	Title:	 	
                     

	
	ASSIGNEE:
	
	[                                    
    ]
		
	By:	 	
                     

	Name:	 	
                     

	Its:	 	
                     

  
 C-3 

 EXHIBIT D 

DISCLOSURES 
 None. 

  
 D-1 

 EXHIBIT E 

FORM OF NON-IMPUTATION AFFIDAVIT 

Old Republic National Title Insurance Co. Policy No.:
                         

NON-IMPUTATION ENDORSEMENT INDEMNITY AGREEMENT 

WHEREAS, Old Republic National Title Insurance Company, is about to issue its title insurance policy in connection with Commitment Number
[                    ], hereinafter referred to as “Title Insurance Policy”, in respect of
[                    ] (the “Property”); 

WHEREAS, this Non-Imputation Endorsement Indemnity Agreement (this “Agreement”) is duly authorized by each
of (i) [                    ], (ii)
[                    ], and (iii)
[                    ] (the “Members”). 

WHEREAS, the Members are members of [                    ]
(the “Company”), and the Company is the sole member of [                    ], a Delaware limited liability company (“Owner”).

 WHEREAS, Old Republic National Title Insurance Company (“Underwriter”) has been requested to issue the Title Insurance Policy and, in
connection therewith has been requested to include that certain Non-Imputation Endorsement, the form of which is attached hereto as Exhibit “A” (the “Endorsement”) as part of the Title
Insurance Policy for the purpose of assuring Owner that, notwithstanding the terms of the Conditions and Stipulations or the Exclusions from Coverage in the Title Insurance Policy to the contrary, in the event of loss or damage insured against under
the Title Insurance Policy, Underwriter will not deny liability under the Title Insurance Policy solely on the grounds that Owner had knowledge of any matter being imputed to it through the Members. 

AND WHEREAS, Underwriter would refrain from issuing the Endorsements to the Title Insurance Policies in the absence of the representation, agreements and
undertakings contained herein. 
 NOW THEREFORE, the undersigned, to his/their actual knowledge, after having made a reasonable inquiry of the
(i) books and records and (ii) officers of Owner who, to his knowledge, have had substantial contact with any transaction or negotiation involving the Property, as material inducement to Underwriter to issue the Title Insurance Policy with
the Endorsement, represent and warrant that neither the Members on behalf of Owner nor Owner (acting through any other person) have (or caused to be) executed or delivered any deed, land contract, lease (other than space leases with tenants shown on
the rent roll described in the Title Affidavit or any documents associated with the garage lease), option to purchase, mortgage, deed of trust, confessed to any judgment, or executed any other agreement or other instrument to voluntarily create any
lien upon, encumbrance upon, direct transfer of interest of the Property, or constructive trust in the Property or suffered or acquiesced in any of the foregoing not disclosed in title commitment
[                    ] (the “Commitment”) or that certain Title-Affidavit, executed by Owner as of the date hereof (the “Title
Affidavit”) (“Title Matters”) nor do they have any actual knowledge of such Title Matters. 
 FURTHER, the Members, jointly and severally,
for themselves, their heirs, personal representatives and assigns do hereby covenant and agree with Underwriter: 
  

	 	1.	 To forever fully protect, defend and save Underwriter harmless from and against any and all actual, out-of-pocket loss, costs, damages (but excluding punitive, special, consequential and/or exemplary damages), reasonable attorney’s fees and out-of-pocket expenses of every kind and nature which it actually suffers, expends or incurs (“Losses”) under or by reason of, or in consequence of, the Endorsement
to the Title Insurance Policy (i) on account of, or in 

  
 Non-Imputation Endorsement Indemnity
Agreement 

	 	
consequence of, or growing out of Title Matters created by the Members, or (ii) on account of the assertion or enforcement or attempted assertion or enforcement thereof or of any rights
existing or hereafter arising of which may be claimed to exist under or by reason of, or in consequence of, or growing out of the Title Matters created by the Members (the matters referenced in clauses (i) and (ii) hereof, the “Indemnified
Matters”); provided, however the term “Losses” shall not include any Losses that result from or arise in connection with the fraud, gross negligence, or willful misconduct of Chicago Title Insurance Company, its agents, affiliates,
and/or co-insurers; 

  

	 	2.	 To provide for the defense, at their own expense, on behalf and for the protection of Underwriter and parties
protected under the Endorsement (but without prejudice to the right of Underwriter to defend if it so elects) in all litigation consisting of actions or proceedings based on the Indemnified Matters which may be asserted or attempted to be asserted,
established or enforced in, to, upon, against or in respect to the Property or any part thereof, or interest therein; and/or 

  

	 	3.	 To pay, discharge, satisfy or remove all or any of the Indemnified Matters, when called upon by Underwriter
after thirty (30) days’ notice in writing and mailed to Members at the address set out below. 

 Nothing contained herein shall
be construed so as to obligate the Underwriter to issue its Title Insurance Policy with the Endorsement in the form requested. However, should Underwriter issue the Title Insurance Policy, it will do so in reliance upon the undertakings of the
Members and the issuance of the Title Insurance Policy with the Endorsement shall be the consideration for the above undertakings by the Members. 

Underwriter shall have the right at any time hereafter, after written notice to the Members below and reasonable opportunity for the Members to cure, when it
shall deem necessary, expedient, desirable or of interest to do so, in its/their sole discretion, to pay, discharge, satisfy or remove from the title to said Property all or any of the Indemnified Matters. The Members covenant and agree to pay
Underwriter all amounts so expended for Losses incurred by the Underwriter. Notwithstanding anything to the contrary contained herein, none of the partners, shareholders, members, managers, officers, directors, trustees, agents or employees in or of
any of the undersigned shall be personally liable in any manner or to any extent under or in connection with this Agreement whatsoever. 
 Notices to the
Members shall be in writing addressed to them c/o [insert name and address] and sent by overnight courier service such as FedEx or UPS and deemed delivered and effective upon attempted delivery thereof (whether or not accepted). 

  

			
	Non-Imputation Endorsement Indemnity Agreement	  	Order No. [                    ]

 IN WITNESS WHEREOF, the Member(s) has/have executed this agreement this      day of
            , 2020. 
 [NOTARY PAGE FOLLOWS] 

  

			
	Non-Imputation Endorsement Indemnity Agreement	  	Order No. [                    ]

 
  A notary public or other officer completing this 

  certificate verifies only the identity of the individual 

  who signed the document to which this certificate is 

  attached, and not the truthfulness, accuracy, or 

  validity of that document. 

STATE OF
                                         
                    
 COUNTY OF
                                         
                                         
   
 SUBSCRIBED AND SWORN TO (or affirmed) before me on this 

     day of             ,
         by                      proved to me on the basis of 

satisfactory evidence to be the person(s) who appeared before me. 

Notary Signature:
                                         
                                        

 EXHIBIT F 

SPE PROVISIONS 
 Borrower Single
Asset Status. 
 Until the indebtedness is fully paid, Borrower: 

(1)    shall not acquire or lease any real property, personal property, or assets other than the Mortgaged Property; 

(2)    shall not acquire, own, operate, or participate in any business other than the leasing, ownership, management,
operation, and maintenance of the Mortgaged Property; 
 (3)    shall not commingle its assets or funds with those of
any other Person, unless such assets or funds can easily be segregated and identified in the ordinary course of business from those of any other Person; 

(4)    shall maintain its financial statements, accounting records, and other partnership, real estate investment trust,
limited liability company, or corporate documents, as the case may be, separate from those of any other Person (unless Borrower’s assets are included in a consolidated financial statement prepared in accordance with generally accepted
accounting principles); 
 (5)    shall have no material financial obligation under any indenture, mortgage, deed of
trust, deed to secure debt, loan agreement, or other agreement or instrument to which Borrower is a party or by which Borrower is otherwise bound, or to which the Mortgaged Property is subject or by which it is otherwise encumbered, other than: 

(A)    unsecured trade payables incurred in the ordinary course of the operation of the Mortgaged Property
(exclusive of amounts (i) to be paid out of the Replacement Reserve Account or Repairs Escrow Account, or (ii) for rehabilitation, restoration, repairs, or replacements of the Mortgaged Property or otherwise approved by Lender) so long as
such trade payables (1) are not evidenced by a promissory note, (2) are payable within sixty (60) days of the date incurred, and (3) as of any date, do not exceed, in the aggregate, two percent (2%) of the original principal
balance of the Mortgaged Loan; provided, however, that otherwise compliant outstanding trade payables may exceed two percent (2%) up to an aggregate amount of four percent (4%) of the original principal balance of the Mortgage Loan for a period
(beginning on or after the Effective Date) not to exceed ninety (90) consecutive days; 
 (B)    if
the Security Instrument grants a lien on a leasehold estate, Borrower’s obligation as lessee under the ground lease creating such leasehold estate; and 

(C)    obligations under the Loan Documents and obligations secured by the Mortgaged Property to the extent
permitted by the Loan Documents; 
 (6)    shall not assume, guaranty, or pledge its assets to secure the liabilities or
obligations of any other Person (except in connection with the Mortgage Loan or other mortgage loans that have been paid in full or collaterally assigned to Lender, including in connection with any Consolidation, Extension and Modification Agreement
or similar instrument) or hold out its credit as being available to satisfy the obligations of any other Person; 

(7)    shall not make loans or advances to any other Person; or 

(8)    shall not enter into, or become a party to, any transaction with any Borrower Affiliate, except in the ordinary
course of business and on terms which are no more favorable to any such Borrower Affiliate than would be obtained in a comparable arm’s-length transaction with an unrelated third party.

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