Document:

Form of Agreement of Limited Partnership

 Exhibit 10.2 
  
 FORM OF 
 AGREEMENT OF LIMITED
PARTNERSHIP 
 OF 
 WELLS OPERATING PARTNERSHIP II, L.P. 
  

 TABLE OF CONTENTS 
  

	 ARTICLE I  DEFINED TERMS
	  	1
		
	 ARTICLE II  PARTNERSHIP FORMATION AND IDENTIFICATION
	  	8
	 2.01
	  	 Formation.
	  	8
	 2.02
	  	 Name, Office and Registered Agent.
	  	8
	 2.03
	  	 Partners
	  	8
	 2.04
	  	 Term and Dissolution
	  	8
	 2.05
	  	 Filing of Certificate and Perfection of Limited Partnership
	  	9
	 2.06
	  	 Certificates Describing Partnership Units
	  	9
		
	 ARTICLE III  BUSINESS OF THE PARTNERSHIP
	  	10
		
	 ARTICLE IV  CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	10
	 4.01
	  	 Capital Contributions
	  	10
	 4.02
	  	 Additional Capital Contributions and Issuance of Additional Partnership Interests
	  	10
	 4.03
	  	 Additional Funding
	  	12
	 4.04
	  	 Capital Accounts
	  	13
	 4.05
	  	 Percentage Interests
	  	13
	 4.06
	  	 No Interest on Contributions
	  	13
	 4.07
	  	 Return of Capital Contributions
	  	13
	 4.08
	  	 No Third Party Beneficiary
	  	13
		
	 ARTICLE V  PROFITS AND LOSSES; DISTRIBUTIONS
	  	14
	 5.01
	  	 Allocation of Profit and Loss
	  	14
	 5.02
	  	 Distribution of Cash
	  	16
	 5.03
	  	 REIT Distribution Requirements
	  	17
	 5.04
	  	 No Right to Distributions In Kind
	  	17
	 5.05
	  	 Limitations on Return of Capital Contributions
	  	17
	 5.06
	  	 Distributions Upon Liquidation
	  	17
	 5.07
	  	 Substantial Economic Effect
	  	17
		
	 ARTICLE VI  RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	18
	 6.01
	  	 Management of the Partnership
	  	18
	 6.02
	  	 Delegation of Authority
	  	20
	 6.03
	  	 Indemnification and Exculpation of Indemnitees
	  	21
	 6.04
	  	 Liability of the General Partner
	  	22
	 6.05
	  	 Reimbursement of General Partner
	  	23
	 6.06
	  	 Outside Activities
	  	23
	 6.07
	  	 Employment or Retention of Affiliates
	  	23
	 6.08
	  	 General Partner Participation
	  	24
	 6.09
	  	 Title to Partnership Assets
	  	24
	 6.10
	  	 Miscellaneous
	  	24

  

 -ii- 

	 ARTICLE VII  CHANGES IN GENERAL PARTNER
	  	25
	 7.01
	  	 Transfer of the General Partner’s Partnership Interest
	  	25
	 7.02
	  	 Admission of a Substitute or Additional General Partner
	  	27
	 7.03
	  	 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	27
	 7.04
	  	 Removal of a Geneal Partner
	  	28
		
	 ARTICLE VIII  RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	29
	 8.01
	  	 Management of the Partnership
	  	29
	 8.02
	  	 Power of Attorney
	  	29
	 8.03
	  	 Limitation on Liability of Limited Partners
	  	29
	 8.04
	  	 Ownership by Limited Partner of Corporate General Partner or Affiliate
	  	29
	 8.05
	  	 Exchange Right
	  	29
	 8.06
	  	 Registration
	  	31
		
	 ARTICLE IX  TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	32
	 9.01
	  	 Purchase for Investment
	  	32
	 9.02
	  	 Restrictions on Transfer of Limited Partnership Interests
	  	33
	 9.03
	  	 Admission of Substitute Limited Partner
	  	34
	 9.04
	  	 Rights of Assignees of Partnership Interests
	  	35
	 9.05
	  	 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	35
	 9.06
	  	 Joint Ownership of Interests
	  	36
		
	 ARTICLE X  BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	36
	 10.01
	  	 Books and Records
	  	36
	 10.02
	  	 Custody of Partnership Funds, Bank Accounts
	  	36
	 10.03
	  	 Fiscal and Taxable Year
	  	37
	 10.04
	  	 Annual Tax Information and Report
	  	37
	 10.05
	  	 Tax Matters Partner, Tax Elections, Special Basis Adjustments
	  	37
	 10.06
	  	 Reports to Limited Partners
	  	37
		
	 ARTICLE XI  AMENDMENT OF AGREEMENT; MERGER
	  	38
		
	 ARTICLE XII  GENERAL PROVISIONS
	  	38
	 12.01
	  	 Notices
	  	38
	 12.02
	  	 Survival of Rights
	  	39
	 12.03
	  	 Additional Documents
	  	39
	 12.04
	  	 Severability
	  	39
	 12.05
	  	 Entire Agreement
	  	39
	 12.06
	  	 Pronouns and Plurals
	  	39
	 12.07
	  	 Headings
	  	39
	 12.08
	  	 Counterparts
	  	39
	 12.09
	  	 Governing Law
	  	39
			
	 EXHIBIT A
	  	 	  	41
			
	 EXHIBIT B
	  	 	  	42

  

 -iii- 

 AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 WELLS OPERATING PARTNERSHIP II, L.P. 
  
 RECITALS 
  
 Wells Operating Partnership II, L.P. (the “Partnership”) was formed as a limited partnership under the laws of the
State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware effective as of July     , 2003. This Agreement of Limited Partnership is
entered into this day      of
                                , 2003 between Wells Real Estate Investment Trust
II, Inc., a Maryland corporation (the “General Partner”) and the Limited Partner(s) set forth on Exhibit A hereto (the “Agreement”). 
  

AGREEMENT 
  
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINED TERMS 
  
 The following defined terms used in this Agreement shall have the meanings specified below: 
  
 “Act” means the Delaware Revised Uniform Limited Partnership
Act, as it may be amended from time to time. 
  
 “Additional Funds” has the meaning set forth in Section 4.03 hereof. 
  
 “Additional Securities” means any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.05 hereof) or rights, options, warrants or convertible or
exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.02(a)(ii). 
  
 “Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those
administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners
have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and
expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary Partnership that are owned by the General Partner directly. 

 “Affiliate” means, (i) any Person that, directly or indirectly, controls or is
controlled by or is under common control with such Person, (ii) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interests of such Person, or (iii) any officer,
director, employee, partner or trustee of such Person or any Person controlling, controlled by or under common control with such Person (excluding trustees and persons serving in similar capacities who are not otherwise an Affiliate of such Person).
For the purposes of this definition, “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities or partnership interests or otherwise. 
  
 “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. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the Agreed Value of
non-cash Capital Contributions as of the date of contribution is set forth on Exhibit A. 
  
 “Agreement” means this Agreement of Limited Partnership. 
  
 “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. 
  
 “Capital Account” has the meaning provided in Section 4.04 hereof. 
  
 “Capital Contribution” means the total 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 the 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 of cash per Partnership Unit equal to the Value of the REIT Shares Amount on the date of receipt by the General Partner of a Notice of Exchange. 
  
 “Certificate” means any instrument or document that is
required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted
to the General Partner in Section 8.02 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the
admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction. 
  

 -2- 

 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter amended
from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
  
 “Commission” means the U.S. Securities and Exchange Commission. 
  
 “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, 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 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 a Notice of Exchange 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 Notice of Exchange immediately prior to the record date for such dividend, distribution, subdivision or combination.

  
 “Event of Bankruptcy” as to any Person means
the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90
days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial
part of his assets; commencement of any proceedings relating to such Person as a debt or under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in
effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and
has not been finally dismissed within 90 days. 
  
 “Exchange Amount” means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner or the General Partner in its sole and absolute discretion pursuant to Section 8.05(b) hereof. 
  

 -3- 

 “Exchange Right” has the meaning provided in Section 8.05(a) hereof. 
  
 “Exchanging Partner” has the meaning provided in Section
8.05(a) hereof. 
  
 “General Partner” means Wells
Real Estate Investment Trust II, Inc. a Maryland corporation, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 
  
 “General Partnership Interest” means a Partnership Interest
held by the General Partner that is a general partnership interest. 
  
 “Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the General Partner, the General Partner or a director, officer or employee of the General Partner, the Partnership or the General
Partner, and (ii) such other Persons (including Affiliates of the General Partner, General Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion. 
  
 “Independent Director” means a director of the General
Partner who is not an officer or employee of the General Partner, any Affiliate of an officer or employee or any Affiliate of (i) any lessee of any property of the General Partner or any Subsidiary of the General Partner, (ii) any Subsidiary of the
General Partner, or (iii) any partnership that is an Affiliate of the General Partner. 
  
 “Limited Partner” means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute or Additional Limited Partner, in such Person’s capacity
as a Limited Partner in the Partnership. 
  
 “Limited
Partnership Interest” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided
in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 
  
 “Loss” has the meaning provided in Section 5.01(f) hereof. 
  
 “Minimum Limited Partnership Interest” means the lesser of (i) 1% or (ii) if the total Capital
Contributions to the Partnership exceeds $50 million, 1% divided by the ratio of the total Capital Contributions to the Partnership to $50 million; provided, however, that the Minimum Limited Partnership Interest shall not be less than 0.2% at any
time. 
  
 “Notice of Exchange” means the Notice
of Exercise of Exchange Right substantially in the form attached as Exhibit B hereto. 
  
 “NYSE” means the New York Stock Exchange. 
  
 “Offer” has the meaning set forth in Section 7.01(c) hereof. 
  

 -4- 

 “Offering” means the initial offer and sale by the General Partner and the purchase by
the Dealer Manager (as defined in the Prospectus) of REIT Shares for sale to the public. 
  
 “Original Limited Partner” means the Limited Partner designated as “Original Limited Partner” on Exhibit A hereto. 
  
 “Partner” means any General Partner or Limited Partner. 
  
 “Partner Nonrecourse Debt Minimum Gain” has the meaning set
forth in Regulations Section 1.704-2(i). A Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
  
 “Partnership” means Wells Operating Partnership II, L.P., a Delaware limited partnership. 
  
 “Partnership Interest” means an ownership interest in the
Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. 
  
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(d). 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 5.02
hereof, which record date shall be the same as the record date established by the General Partner for a distribution to its shareholders of some or all of its portion of such distribution. 
  
 “Partnership Unit” means a fractional, undivided share of
the Partnership Interests of all Partners issued hereunder. The allocation of Partnership Units among the Partners shall be as set forth on Exhibit A, as may be amended from time to time. 
  
 “Percentage Interest” means the percentage ownership
interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit
A, as may be amended from time to time. 
  
 “Person” means any individual, partnership, corporation, joint venture, trust or other entity. 
  

 -5- 

 “Profit” has the meaning provided in Section 5.01(f) hereof. 
  
 “Property” means any office or industrial property or other
investment in which the Partnership holds an ownership interest. 
  
 “Prospectus” means the final prospectus delivered to purchasers of REIT Shares in the Offering. 
  
 “Regulations” means the Federal Income Tax Regulations issued under the Code, as amended and as hereafter amended from time to time.
Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 
  
 “REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 
  
 “REIT Expenses” means (i) costs and expenses relating to the
formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments
associated therewith, any and all costs, expenses or fees payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities by the General Partner and all
statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any
holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any
periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules
and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees
of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary
course of its business on behalf of or in connection with the Partnership. 
  
 “REIT Share” means a common share of beneficial interest 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 Partnership 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 rights, options,
warrants or convertible or exchangeable securities entitling the shareholders 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 
  

 -6- 

 rights issuable to a holder of the REIT Shares Amount of 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. 
  
 “Service” means the Internal Revenue Service. 
  
 “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 Notice of Exchange. 
  
 “Subsidiary” means, with respect to any Person, any
corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
  
 “Subsidiary Partnership” means any partnership of which the
partnership interests therein are owned by the General Partner or a wholly-owned subsidiary of the General Partner. 
  
 “Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03 hereof.

  
 “Successor Entity” has the meaning provided
in the definition of “Conversion Factor” contained herein. 
  
 “Surviving General Partner” has the meaning set forth in Section 7.01(d) hereof. 
  
 “Transaction” has the meaning set forth in Section 7.01(c) hereof. 
  
 “Transfer” has the meaning set forth in Section 9.02(a) hereof. 
  
 “Transfer Restriction Date” means
                            . 
  
 “Value” means, with respect to any security, the average of the daily market price of such security for the
ten consecutive trading days immediately preceding the date of such valuation. The market price for each such trading day shall be: (i) if security is listed or admitted to trading on any securities exchange or the NYSE, the sale price, regular way,
on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day, (ii) if security is not listed or admitted to trading on any securities exchange or the NYSE, the last reported sale
price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or (iii) if security is not listed or admitted to
trading on any securities exchange or the NYSE and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten days prior to the date in question)for which
prices have been so reported; provided that if there are no bid and asked prices reported during 
  

 -7- 

 the ten days prior to the date in question, the value of the security shall be determined by the General Partner acting
in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the security includes any additional rights, then the value of such rights shall be determined by the General
Partner acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
  
 ARTICLE II 
 PARTNERSHIP FORMATION AND
IDENTIFICATION 
  
 2.01 Formation. The Partners hereby
agree to form the Partnership pursuant to the Act and upon the terms and conditions set forth in this Agreement. 
  
 2.02 Name, Office and Registered Agent. The name of the Partnership is Wells Operating Partnership II, L.P. The specified office and place of
business of the Partnership shall be 6200 The Corners Parkway, Suite 250, Atlanta, Georgia 30092. 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 The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The sole duty of the registered agent as such is to
forward to the Partnership any notice that is served on him as registered agent. 
  
 2.03 Partners. 
  
 (a) The
General Partner of the Partnership is Wells Real Estate Investment Trust II, Inc., a Maryland corporation. Its principal place of business is the same as that of the Partnership. 
  
 (b) The Limited Partners are those Persons identified as Limited Partners on Exhibit A hereto, as amended from time
to time. 
  
 2.04 Term and Dissolution. 
  
 (a) The term of the Partnership shall continue in full force and effect until
December 31, 2053, except that the Partnership shall be dissolved upon the first to occur of any of the following events: 
  
 (i) The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution,
death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, 
  

 -8- 

 either alone or with additional partners, and such General Partner and such partners comply with any
other applicable requirements of this Agreement; 
  
 (ii) The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other
disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); 
  
 (iii) The exchange of all Limited Partnership Interests (other than any of such interests held by the
General Partner or Affiliates of the General Partner); or 
  
 (iv) The election by the General Partner that the Partnership should be dissolved. 
  
 (b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof), the General Partner (or
its trustee, receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.06 hereof. Notwithstanding the
foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations),
or (ii) distribute the assets to the Partners in kind. 
  
 2.05
Filing of Certificate and Perfection of Limited Partnership. The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, the Certificate and any and all amendments thereto 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. 
  
 2.06 Certificates Describing
Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms of such Limited Partner’s interest in the Partnership, including the number of Partnership Units owned
and the Percentage Interest represented by such Partnership Units as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a
legend to the following effect: 
  
 This certificate is not
negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Agreement of Limited Partnership of Wells Operating Partnership II, L.P., as amended from time to time.

  

 -9- 

 ARTICLE III 
 BUSINESS OF THE PARTNERSHIP 
  
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be
limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to qualify as a REIT, (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 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 cease qualifying as a REIT, the Partners acknowledge that the General Partner’s current status as a REIT and the avoidance of income and excise taxes on the General Partner
inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent
permitted under the Articles of Incorporation. The General Partner 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. 
  
 ARTICLE IV

 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
  
 4.01 Capital Contributions. The General Partner and the Limited Partner have made capital contributions to the Partnership in exchange for the
Partnership Interests set forth opposite their names on Exhibit A, as amended from time to time. 
  
 4.02 Additional Capital Contributions and Issuance of Additional Partnership Interests. Except as provided in this Section 4.02 or in Section 4.03,
the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Interests in respect thereof, in the manner contemplated in this Section 4.02. 
  
 (a) Issuances of Additional Partnership Interests. 
  
 (i) General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in
the form of Partnership Units for any Partnership purpose at any time or from time to time, to the Partners (including the General Partner and 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 Partners. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of
such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the

  

 -10- 

 General Partner in its sole and absolute discretion and without the approval of any Limited Partner,
subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of
Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests
shall be issued to the General Partner or the General Partner unless: 
  
 (1) (A) the additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other interests in the General Partner, which shares or interests have designations, preferences and other rights, all 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 or the General Partner by the Partnership in accordance with this Section 4.02 and
(B) the General Partner or 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 shares of stock of or other interests in the General Partner;

  
 (2) the additional Partnership Interests are issued in
exchange for property owned by the General Partner or 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 
  
 (3) the additional Partnership Interests are issued to all Partners in
proportion to their respective Percentage Interests. 
  
 Without limiting the
foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units 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. 
  
 (ii)
Upon Issuance of Additional Securities. The General Partner shall not issue any additional REIT Shares (other than REIT Shares issued in connection with an exchange pursuant to Section 8.05 hereof) or rights, options, warrants or convertible
or exchangeable securities containing the right to subscribe for or purchase REIT Shares (collectively, “Additional Securities”) other than to all holders of REIT Shares, unless (a) the General Partner shall cause the Partnership to issue
to the General Partner, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights, all such that the
economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner contributes the 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; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of a property to be held directly by the General
Partner, 
  

 -11- 

 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 (as defined in the General Partner’s Amended and Restated Articles of Incorporation). 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 (x) 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 Partnership 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, and (y) the General Partner contributes all proceeds from such issuance to the Partnership. For example, in the event the General Partner issues REIT Shares for a cash purchase price and contributes all of the proceeds of such issuance to
the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units equal to the product of (a) the number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed,
multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution. 
  

(b) Certain Deemed Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT
Shares, the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that 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 discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross
proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.05 hereof and in connection with the required issuance of additional Partnership Units to the General
Partner for such Capital Contributions pursuant to Section 4.02(a) hereof. 
  
 (c) Minimum Limited Partnership Interest. In the event that either an exchange pursuant to Section 8.05 hereof or additional Capital Contributions by the General Partner would result in the Limited Partners, in
the aggregate, owning less than the Minimum Limited Partnership Interest, the General Partner and the Limited Partners shall form another partnership and contribute sufficient Limited Partnership Interests together with such other Limited Partners
so that the limited partners of such partnership own at least the Minimum Limited Partnership Interest. 
  
 4.03 Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional
Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner, the General Partner or any of
their Affiliates provide such Additional Funds to the Partnership through loans or otherwise. 
  

 -12- 

 4.04 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 as consideration for a Partnership Interest, or (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), the General
Partner shall revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section
1.704- 1(b)(2)(iv)(f). When the Partnership’s property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such
Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.01 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. 

 
 4.05 Percentage Interests. If the number of outstanding Partnership
Units increases or decreases during a taxable year, 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
Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.05, the
Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on
the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to
allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and
Losses for the later part shall be based on the adjusted Percentage Interests. 
  
 4.06 No Interest on Contributions. No Partner shall be entitled to interest on its Capital Contribution. 
  
 4.07 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. 
  
 4.08 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 
  

 -13- 

 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, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership. 
  
 ARTICLE V 
 PROFITS AND LOSSES; DISTRIBUTIONS 
  
 5.01 Allocation of Profit and Loss. 
  
 (a) General. Profit and Loss of the Partnership for each fiscal year of the Partnership shall be allocated among the Partners in accordance with
their respective Percentage Interests. 
  
 (b) Minimum Gain
Chargeback. Notwithstanding any provision to the contrary, (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” of such deduction 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 (iv) if there is a net decrease in Partner Nonrecourse Debt 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 nonrecourse liabilities of the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 

 
 (c) Qualified Income Offset. If a Partner 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 
  

 -14- 

 that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain,
as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), 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). After the occurrence of an allocation of income or gain to a Partner in accordance with this Section 5.01(c), 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 5.01(c). 
  
 (d) Capital Account Deficits. Loss shall not be allocated to a Limited
Partner to the extent that such allocation would cause a deficit in such Partner’s Capital Account (after reduction to reflect the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such
Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain. Any Loss in excess of that limitation shall be allocated to the General Partner. After the occurrence of an allocation of Loss to the General Partner in
accordance with this Section 5.01(d), to the extent permitted by Regulations Section 1.704-1(b), Profit shall be allocated to such Partner in an amount necessary to offset the Loss previously allocated to each Partner under this Section 5.01(d).

  
 (e) Allocations Between Transferor and Transferee. If a
Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the
transferee Partner either (i) as if the Partnership’s fiscal year had ended on the date of the transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in
the respective portions of such fiscal year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the
various items of Profit and Loss between the transferor and the transferee Partner. 
  
 (f) Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with federal income tax
accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant to Sections 5.01(b), 5.01(c), or 5.01(d). All
allocations of income, Profit, gain, 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 5.01, except as otherwise required by Section
704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of income, gain, and expense as required by Section 704(c) of the Code
including a method that may result in a Partner receiving a disproportionately larger share of the Partnership tax depreciation deductions, and such election shall be binding on all Partners. 
  

 -15- 

 5.02 Distribution of Cash. 
  
 (a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis,
in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with their respective
Percentage Interests on the Partnership Record Date; 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 a 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 reduced in the 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. 
  
 (b) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it
determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445
and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to the Partner or assignee (including by reason of Section 1446
of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the amount of such withholding
to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from
the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or
assignee. In the event that a Limited Partner (a “Defaulting 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, 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 5.02(b) shall bear interest at the lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of
interest on such obligation, such interest to accrue 
  

 -16- 

 from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is
repaid in full. 
  
 (c) 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 dividend as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged. 
  
 5.03 REIT Distribution Requirements. The General Partner shall use its
reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to pay shareholder dividends that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set
forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code. 
  
 5.04 No Right to Distributions In Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the
Partnership. 
  
 5.05 Limitations of Return of Capital
Contributions. Notwithstanding any of the provisions of this Article V, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s
Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market
value of the Partnership’s assets. 
  
 5.06 Distributions
Upon Liquidation. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans, any remaining assets of the Partnership shall be distributed to all
Partners with positive Capital Accounts in accordance with their respective positive Capital Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments made in accordance
with Sections 5.01 and 5.02 resulting from 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. 
  
 5.07 Substantial Economic Effect. It is the intent of the Partners that the allocations of Profit and Loss under the Agreement have substantial
economic effect (or be consistent with the Partners’ interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code as interpreted by the Regulations
promulgated pursuant thereto. Article V and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent. 
  

 -17- 

 ARTICLE VI 
 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 
  
 6.01 Management of the Partnership. 
  
 (a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein
stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include, without limitation, the authority to
take the following actions on behalf of the Partnership: 
  
 (i) to acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets including, but not limited to notes and mortgages, that the General Partner determines are necessary or
appropriate or in the best interests of the business of the Partnership; 
  
 (ii) to construct buildings and make other improvements on the properties owned or leased by the Partnership; 
  
 (iii) to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured
debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

  
 (iv) to borrow or lend money for the
Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by
mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 
  
 (v) to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third
parties or to the General Partner or its Affiliates as set forth in this Agreement; 
  
 (vi) to guarantee or become a comaker 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; 

 
 (vii) to use assets of the Partnership (including,
without limitation, cash on hand) for any purpose consistent with this Agreement, including, without limitation, payment, either directly or by reimbursement, of all operating costs and general 
  

 -18- 

 administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to third
parties or to the General Partner as set forth in this Agreement; 
  
 (viii) to lease all or any portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the
Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 
  
 (ix) to prosecute, defend, arbitrate, or compromise any and
all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the
Partnership, or the Partnership’s assets; provided, however, that the General Partner may not, without the consent of all of the Partners, confess a judgment against the Partnership that is in excess of $20,000 or is not covered by insurance;

  
 (x) to file applications, communicate, and
otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 
  
 (xi) to make or revoke any election permitted or required of the Partnership by any taxing authority;

  
 (xii) to maintain such insurance coverage for
public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such
types, as it shall determine from time to time; 
  
 (xiii) to determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute the same; 
  
 (xiv) to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the
Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefore such
reasonable remuneration as the General Partner may deem reasonable and proper; 
  
 (xv) to retain other services of any kind or nature in connection with the Partnership business, and to pay therefore such remuneration as
the General Partner may deem reasonable and proper; 
  
 (xvi) to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner; 
  

 -19- 

 (xvii) to maintain accurate accounting records and to file promptly all federal, state
and local income tax returns on behalf of the Partnership; 
  
 (xviii) to distribute Partnership cash or other Partnership assets in accordance with this Agreement; 
  
 (xix) to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other
relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time); 
  
 (xx) to establish Partnership reserves for working capital,
capital expenditures, contingent liabilities, or any other valid Partnership purpose; and 
  
 (xxi) to merge, consolidate or combine the Partnership with or into another person; 
  
 (xxii) to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Code; and 
  
 (xxiii) to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all
other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing the General Partner at
all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 
  
 (b) Except as otherwise provided herein, to the extent the duties of the
General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties,
and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the
Partnership. 
  
 6.02 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. 
  

 -20- 

 6.03 Indemnification and Exculpation of Indemnitees. 
  
 (a) The Partnership shall indemnify an Indemnitee from and against any and
all losses, claims, damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil,
criminal, administrative or investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established
that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper
personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by judgment, order or
settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 6.03(a). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an
entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 6.03(a). Any indemnification pursuant to this Section 6.03 shall be made only out of
the assets of the Partnership. 
  
 (b) The Partnership shall
reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 6.03 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount
if it shall ultimately be determined that the standard of conduct has not been met. 
  
 (c) The indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a
matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 
  
 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine,
against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such
liability under the provisions of this Agreement. 
  
 (e) For
purposes of this Section 6.03, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise
involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section
6.03; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose 
  

 -21- 

 reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be
for a purpose which is not opposed to the best interests of the Partnership. 
  
 (f) In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
  
 (g) An Indemnitee shall not be denied indemnification in whole or in part
under this Section 6.03 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 
  
 (h) The provisions of this Section 6.03 are for the benefit of the
Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
  
 6.04 Liability of the General Partner. 
  
 (a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership
or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General Partner may
owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 
  
 (b) The Limited Partners expressly acknowledge that the General Partner is
acting on behalf of the Partnership, itself and its shareholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited
Partners or the tax consequences of same, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its shareholders on one hand
and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its shareholders or the Limited Partners; provided, however, that for so long as the General Partner
directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its shareholders or the Limited Partner shall
be resolved in favor of the shareholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the
General Partner has acted in good faith. 
  
 (c) Subject to its
obligations and duties as General Partner set forth in Section 6.01 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
  

 -22- 

 (d) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner
on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability
of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed
approved by all of the Limited Partners. 
  
 (e) Any amendment,
modification or repeal of this Section 6.04 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.04
as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be
asserted. 
  
 6.05 Reimbursement of General Partner.

  
 (a) Except as provided in this Section 6.05 and elsewhere in
this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

  
 (b) The General Partner shall be reimbursed on a monthly
basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all REIT Expenses and Administrative Expenses. 
  
 6.06 Outside Activities. Subject to Section 6.08 hereof, the Articles of Incorporation and any agreements entered into by the General Partner or
its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or shareholder 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, interest or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such
business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if
such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 
  
 6.07 Employment or Retention of Affiliates. 
  
 (a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer,
lessor, lessee, 
  

 -23- 

 manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any
compensation, price, or other payment therefore which the General Partner determines to be fair and reasonable. 
  
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds
from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person. 
  
 (c) The Partnership may transfer assets to joint ventures, other
partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement and applicable law. 
  
 (d) Except as expressly permitted by this Agreement, neither the General
Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable to the
Partnership. 
  
 6.08 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 office or industrial property or other property, shall be conducted through the Partnership
or one or more Subsidiary Partnerships; 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. 
  
 6.09 Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible
or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership
assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership
assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this
Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the
property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 
  
 6.10 Miscellaneous. In the event the General Partner redeems any REIT Shares, then the General Partner shall cause the Partnership to purchase from
the General Partner a number of Partnership Units as determined based on the application of the Conversion Factor on the same 
  

 -24- 

 terms that the General Partner exchanged such REIT Shares. Moreover, if the General Partner makes a cash tender offer or
other offer to acquire REIT Shares, then the General Partner shall cause the Partnership to make a corresponding offer to the General Partner to acquire an equal number of Partnership Units held by the General Partner. In the event any REIT Shares
are exchanged by the General Partner pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s Partnership Units for an equivalent purchase price based on the application of the Conversion Factor.

  
 ARTICLE VII 
 CHANGES IN GENERAL PARTNER 
  
 7.01 Transfer of the General Partner’s Partnership Interest. 
  
 (a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General
Partner except as provided in or in connection with a transaction contemplated by Section 7.01(c), (d) or (e). 
  
 (b) The General Partner agree that the Percentage Interest for it will at all times be in the aggregate at least 1%. 
  
 (c) Except as otherwise provided in Section 6.04(b) or Section 7.01(d) or (e)
hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner’s state
of incorporation or organizational form) in each case which results in a change of control of the General Partner (a “Transaction”), unless: 
  
 (i) the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained; 
  
 (ii) as a result of such Transaction all Limited Partners
will receive for each Partnership 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
in consideration of one REIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares,
each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner would have received had it (a) exercised its Exchange Right and (B)
sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Exchange Right immediately prior to the expiration of the Offer; or 
  
 (iii) the General Partner is the surviving entity in the Transaction and either (a) the holders of REIT
Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary) receive an amount of cash, securities, or other property (expressed as an amount per

  

 -25- 

 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. 
  
 (d) Notwithstanding Section 7.01(c), 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 “Survivor”), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General
Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.01(d). The Survivor shall in good faith arrive at a new method for the
calculation of the Cash Amount, the REIT Shares Amount and Conversion Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. 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 or other rights relating
thereto, and to which a holder of Partnership Units could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of
calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to
Section 8.05 hereof so as to approximate the existing rights and obligations set forth in Section 8.05 as closely as reasonably possible. The above provisions of this Section 7.01(d) shall similarly apply to successive mergers or consolidations
permitted hereunder. 
  
 In respect of any transaction described
in the preceding Paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the
occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise of the Board of Trustees’ fiduciary duties to the shareholders of the General Partner under applicable law. 
  
 (e) Notwithstanding Section 7.01(c), 
  
 (i) a General Partner may transfer all or any portion of its
General Partnership Interest to (a) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as
General Partner; and 
  
 (ii) the General Partner
may engage in a transaction not required by law or by the rules of any national securities exchange on which the REIT Shares are listed to be submitted to the vote of the holders of the REIT Shares. 
  

 -26- 

 7.02 Admission of a Substitute or Additional General Partner. A Person shall be admitted as a
substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied: 
  
 (a) the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of
this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such
Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.05 hereof in connection with such admission shall have been performed; 
  
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall
have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 
  
 (c) counsel for the Partnership shall have rendered an opinion (relying on
such opinions from other counsel and the state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken
in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s
limited liability. 
  
 7.03 Effect of Bankruptcy, Withdrawal,
Death or Dissolution of a General Partner. 
  
 (a) Upon the
occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such
occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is
continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.03(b) hereof. The merger of the General Partner with or into any entity that is admitted as
a substitute or successor General Partner pursuant to Section 7.02 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner. 
  
 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a)
hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner
in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to
continue the business of the Partnership for the balance of the term specified in Section 2.04 hereof by selecting, subject to 
  

 -27- 

 Section 7.02 hereof and any other provisions of this Agreement, a substitute General Partner by consent of a majority in
interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the
Partnership shall be governed by this Agreement. 
  
 7.04
Removal of a General Partner. 
  
 (a) Upon the occurrence
of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the
withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or
partners. The Limited Partners may not remove the General Partner, with or without cause. 
  
 (b) If a General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03 hereof, such General Partner shall promptly transfer and assign its General Partnership
Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.03(b) hereof and otherwise admitted to the Partnership in accordance with Section 7.02 hereof. At
the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the
Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within 10 days following the removal of the General
Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair
market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average
of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall
select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value
of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value. 
  
 (c) The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.04(b), shall be converted
to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit,
gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it
would 
  

 -28- 

 have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section
7.04(b). 
  
 (d) All Partners shall have given and hereby do give
such consents, shall take such actions and shall execute such documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this Section. 
  
 ARTICLE VIII 
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
  
 8.01 Management of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for
or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 
  
 8.02 Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for
each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed
necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal
incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest. 
  
 8.03 Limitation on Liability of Limited Partners. No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the
Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise
required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 
  
 8.04 Ownership by Limited Partner of Corporate General Partner or Affiliate. No Limited Partner shall at any time, either directly or indirectly,
own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the
Partnership, jeopardize the classification of the Partnership as a partnership for federal income tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish compliance by
the Limited Partners with the provisions of this Section. 
  
 8.05
Exchange Right. 
  
 (a) Subject to Sections 8.05(b),
8.05(c), 8.05(d), 8.05(e) and 8.05(f) and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner, other than the General Partner, 
  

 -29- 

 shall have the right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date
all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be paid by the Partnership, provided that such Partnership Units shall have been outstanding for at least one
year. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the 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 Partnership Units subject to the Notice of Exchange pursuant to Section 8.05(b); and provided, further, that
no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership
Units, all of the Partnership Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if the record date for such
distribution is on or after the Specified Exchange Date. 
  
 (b)
Notwithstanding the provisions of Section 8.05(a), a Limited Partner that exercises the Exchange Right shall be deemed to have offered to sell the Partnership Units described in the Notice of Exchange to the General Partner, and the General Partner
may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership 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 Partnership Units offered for exchange by the exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership
Units. If the General Partner shall elect to exercise its right to purchase Partnership Units under this Section 8.05(b) with respect to a Notice of Exchange, they shall so notify the Exchanging Partner within five Business Days after the receipt by
the General Partner of such Notice of Exchange. Unless the General Partner (in its sole and absolute discretion) shall exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.05(b), the General Partner
shall have any 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 Partnership Units with respect
to the exercise of a Exchange Right in the manner described in the first sentence of this Section 8.05(b), 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, the Partnership, and the General Partner, as the case may be, shall treat the transaction between the General Partner, as the case may be, and the Exchanging Partner for federal income tax
purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner, as the case may be. 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. 
  
 (c)
Notwithstanding the provisions of Section 8.05(a) and 8.05(b), a Limited Partner shall not be entitled to exercise the Exchange Right if the delivery of REIT Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to
Section 8.05(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 
  

 -30- 

 8.05(b)) would (i) result in such Partner or any other person owning, directly or indirectly, REIT Shares in excess of
the Ownership Limitation (as defined in the Articles of Incorporation) and calculated in accordance therewith, except as provided in the Articles of Incorporation, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without
reference to any rules of attribution), except as provided in the Articles of Incorporation, (iii) result in the General Partner being “closely held” within the meaning of Section 856(h) of the Code, (iv) cause the General Partner to own,
directly or constructively, 10% or more of the ownership interests in a tenant of the General Partner’s, the Partnership’s, or a Subsidiary Partnership’s, real property, within the meaning of Section 856(d)(2)(B) of the Code, or (v)
cause the acquisition of REIT Shares by such Partner to be “integrated” with any other distribution of REIT Shares for purposes of complying with the registration provisions of the Securities Act of 1933, as amended (the “Securities
Act”). The General Partner, in their sole and absolute discretion, may waive the restriction on exchange set forth in this Section 8.05(c); provided, however, that in the event such restriction is waived, the Exchanging Partner shall be paid
the Cash Amount. 
  
 (d) Any Cash Amount to be paid to an
Exchanging Partner pursuant to this Section 8.05 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 an additional 180 days to the extent
required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the
closing of the acquisition of exchanged Partnership Units hereunder to occur as quickly as reasonably possible. 
  
 (e) Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the 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 (a “Restriction Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which
states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the Code. 
  
 8.06 Registration. Subject to the terms of any agreement between the
General Partner and one or more Limited Partners with respect to Partnership Units held by them: 
  
 (a) Shelf Registration of the Common Stock. Within two weeks prior or subsequent to the first date upon which the Partnership Units owned by any
Limited Partner may be exchanged (or such later date as may be required under applicable provisions of the Securities Act), the General Partner agrees to file with the Securities and Exchange Commission (the “Commission”), a shelf
registration statement on Form S-3 (if the General Partner is eligible to use such form) under Rule 415 of the Securities Act (a “Registration Statement”), or any similar rule that may be adopted by the Commission, with respect to all of
the shares of Common Stock that may be issued upon exchange of such Partnership Units pursuant to Section 8.05 hereof (“Exchange Shares”). The General Partner will use its best efforts to have the Registration Statement declared effective
under the Securities Act. The General Partner need not file a 
  

 -31- 

 separate Registration Statement, but may file one Registration Statement covering Exchange Shares issuable to more than
one Limited Partner. The General Partner further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration form utilized by the General Partner or by
the Securities Act or rules and regulations thereunder for such Registration Statement. 
  
 (b) If a Registration Statement under subsection (a) above is not available under the securities laws or the rules of the Commission, or if required to permit the resale of Exchange Shares by “Affiliates”
(as defined in the Securities Act), upon the written request of any Limited Partner holding at least 20,000 Partnership Units, the General Partner agrees to file with the Commission a Registration Statement covering the resale of Exchange Shares by
Affiliates or others whose Exchange Shares are not covered by a Registration Statement filed pursuant to subsection (a) above. The General Partner will use its best efforts to have the Registration Statement declared effective under the Securities
Act. The General Partner need not file a separate Registration Statement, but may file one Registration Statement covering Exchange Shares issuable to more than one Limited Partner. The General Partner further agrees to supplement or make amendments
to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for such Registration Statement.

  
 (c) Listing on Securities Exchange. If the General
Partner shall list or maintain the listing of any shares of Common Stock on any securities exchange or national market system, it will at its expense and as necessary to permit the registration and sale of the Exchange Shares hereunder, list
thereon, maintain and, when necessary, increase such listing to include such Exchange Shares. 
  
 (d) Registration Not Required. Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness of a registration statement relating to Exchange Shares after the
first date upon which, in the opinion of counsel to the General Partner, all of the Exchange Shares covered thereby could be sold by the holders thereof in any period of three months pursuant to Rule 144 under the Securities Act, or any successor
rule thereto. 
  
 ARTICLE IX 
 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
  
 9.01 Purchase for Investment. 
  
 (a) Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interests is
made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 
  
 (b) Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily
or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.01(a) above and similarly agree not to sell, assign or 
  

 -32- 

 transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree.

  
 9.02 Restrictions on Transfer of Limited Partnership
Interests. 
  
 (a) Subject to the provisions of 9.02(b), (c)
and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or
by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported transfer
undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. Each Original Limited Partner acknowledges that the General Partner has agreed not to grant any such consent prior to the Transfer
Restriction Date. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith. 
  
 (b) No Limited Partner may withdraw from the Partnership other than as a
result of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to 9.05 below) of all of his Partnership Units pursuant to this Article IX or pursuant to an exchange of all
of his Partnership Units pursuant to 8.05. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Units, such Limited Partner shall cease to be a Limited Partner. 
  
 (c) Subject to 9.02(d), (e) and (f) below, a Limited Partner may Transfer,
with the consent of the General Partner, all or a portion of his Partnership Units to (i) a parent or parent’s spouse, natural or adopted descendant or descendants, spouse of such descendant, or brother or sister, or a trust created by such
Limited Partner for the benefit of such Limited Partner and/or any such person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the
Limited Partner is an entity, its beneficial owners. 
  
 (d) No
Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under
the Securities Act of 1933, as amended, or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards). 
  
 (e) No Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the
opinion of legal counsel for the Partnership, the transfer 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 opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the
Code, or (iii) such transfer is effectuated through an 
  

 -33- 

 “established securities market” or a “secondary market (or the substantial equivalent thereof)”
within the meaning of Section 7704 of the Code. 
  
 (f) No
transfer of any Partnership Units may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within
the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender will be required to enter into an
arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the
Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 
  
 (g) Any Transfer in contravention of any of the provisions of this Article IX shall be void and ineffectual and shall not be binding upon, or recognized
by, the Partnership. 
  
 (h) Prior to the consummation of any
Transfer under this Article IX, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer. 
  
 9.03 Admission of Substitute Limited Partner. 
  
 (a) Subject to the other provisions of this Article IX, an assignee of the
Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of
the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following: 
  
 (i) The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an
amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner. 
  
 (ii) To the extent required, an amended Certificate
evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act. 
  
 (iii) The assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement set
forth in Section 9.01(b) hereof. 
  
 (iv) 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. 
  

 -34- 

 (v) The assignee shall have executed a power of attorney containing the terms and
provisions set forth in Section 8.02 hereof. 
  
 (vi) The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner. 
  
 (vii) The assignee has obtained the prior written consent of
the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion. 
  
 (b) For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited
Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.03(a)(ii) hereof or, if no such filing is required, the later of the date specified in
the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution. 
  
 (c) The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this
Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of the
Partnership. 
  
 9.04 Rights of Assignees of Partnership
Interests. 
  
 (a) Subject to the provisions of Sections 9.01
and 9.02 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice
thereof. 
  
 (b) Any Person who is the assignee of all or any
portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article
IX to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest. 
  
 9.05 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. The occurrence of an Event of Bankruptcy as to a Limited
Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of
the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated
incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner 
  

 -35- 

 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. 
  
 9.06 Joint Ownership of Interests. A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and
share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the
written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of
the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not
as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner
shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 
  
 ARTICLE X 
 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
  
 10.01 Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office true and complete books of account in accordance with generally
accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all certificates of amendment thereto, (c) copies of the
Partnership’s federal, state and local income tax returns and reports, (d) copies of the Agreement and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any
Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 
  
 10.02 Custody of Partnership Funds, Bank Accounts. 
  
 (a) All funds of the Partnership not otherwise invested shall be deposited in
one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

  
 (b) All deposits and other funds not needed in the operation
of the business of the Partnership may be invested by the General Partner in investment grade instruments (or investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’
acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any other Person except for such 
  

 -36- 

 commingling as may necessarily result from an investment in those investment companies permitted by this Section
10.02(b). 
  
 10.03 Fiscal and Taxable Year. The fiscal and
taxable year of the Partnership shall be the calendar year. 
  
 10.04 Annual Tax Information and Report. Within 75 days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was a Limited Partner at any time during such year the tax information
necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law. 
  
 10.05 Tax Matters Partner, Tax Elections, Special Basis Adjustments. 
  
 (a) The General Partner shall be the Tax Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the
Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax Matters Partner. The General Partner shall have the right to retain professional
assistance in respect of any audit of the Partnership by the Service and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the Partnership as Tax Matters Partner shall constitute Partnership expenses. In the event the
General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either (i) file a court petition for judicial review of such final adjustment within the period provided under Section
6226(a) of the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within such period, that describes the General Partner’s reasons
for determining not to file such a petition. 
  
 (b) All elections
required or permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its sole and absolute discretion. 
  
 (c) In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option
of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Properties. Notwithstanding anything contained in Article V of this Agreement, any adjustments made pursuant to Section 754 shall affect only the
successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the
Partnership with all information necessary to give effect to such election. 
  
 10.06 Reports to Limited Partners. 
  
 (a) As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner shall cause to be mailed to each 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 
  

 -37- 

 fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the
close of each fiscal year, the General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated
basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements shall be audited by accountants selected by the General Partner. 
  
 (b) Any Partner shall further have the right to a private audit of the books
and records of the Partnership, provided such audit is made for Partnership purposes, at the expense of the Partner desiring it and is made during normal business hours. 
  
 ARTICLE XI 
 AMENDMENT OF AGREEMENT; MERGER 
  
 The General
Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the 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 7.01(c), (d) or (e) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall
require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partner: 
  
 (a) any amendment affecting the operation of the Conversion Factor or the Exchange Right (except as provided in Section 8.05(d) or 7.01(d) hereof) in a
manner adverse to the Limited Partner; 
  
 (b) any amendment that
would adversely affect the rights of the Limited Partner to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof; 
  
 (c) any amendment that would alter the Partnership’s allocations of
Profit and Loss to the Limited Partner, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof; or 
  
 (d) any amendment that would impose on the Limited Partner any obligation to make additional Capital Contributions to the Partnership. 
  
 ARTICLE XII 
 GENERAL PROVISIONS 
  
 12.01 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 
  

 -38- 

 addresses set forth in Exhibit A attached hereto; provided, however, that any Partner may specify a different
address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office. 
  
 12.02 Survival of Rights. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon
and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns. 
  
 12.03 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. 
  
 12.04 Severability. If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such
provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 
  
 12.05 Entire Agreement. This Agreement and exhibits attached hereto
constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. 
  
 12.06 Pronouns and Plurals. When the context in which words are used
in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require. 
  
 12.07 Headings. The Article headings or sections in this Agreement are
for convenience only and shall not be used in construing the scope of this Agreement or any particular Article. 
  
 12.08 Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which
together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 
  
 12.09 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. 
  

 -39- 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Agreement of
Limited Partnership, all as of the      day of                         , 2003. 
  

	WELLS REAL ESTATE INVESTMENT TRUST II, INC.
		
	 By:
	 	

	Name:	 	

	Title:	 	

  

	WELLS CAPITAL, INC.
		
	 By:
	 	

	Name:	 	

	Title:	 	

  

 -40- 

 EXHIBIT A 
  

	 Partner

	  	 Cash
 Contribution

	  	 Agreed Value
 of Capital
 Contribution

	  	 Partnership
 Units

	  	 Percentage
 Interest

	 
	 GENERAL PARTNER:
 Wells Real Estate
 Investment Trust II, Inc.
 6200 The Corners
 Parkway, Suite 250,
 Atlanta, Georgia 30092
	  	$	 	  	$	 	  	$	 	  	1	%
	 	  	 	 	  	 	 	  	 	 	  	 	 
	 Partner

	  	 Cash
 Contribution

	  	 Agreed Value
 of Capital
 Contribution

	  	 Partnership
 Units

	  	 Percentage
 Interest

	 
	 ORIGINAL LIMITED
 PARTNER
 Wells Capital, Inc.
 6200 The Corners
 Parkway, Suite 250,
 Atlanta, Georgia 30092
	  	$	200,000	  	$	200,000	  	 	20,000	  	99	%

  

 -41- 

 EXHIBIT B 
  
 NOTICE OF EXERCISE OF EXCHANGE RIGHT 
  
 In accordance with Section 8.05 of the Agreement of Limited Partnership (the “Agreement”) of Wells Operating
Partnership II, L.P., the undersigned hereby irrevocably (i) presents for exchange                      Partnership Units in Wells Operating
Partnership II, L.P. in accordance with the terms of the Agreement and the Exchange Right referred to in Section 8.05 thereof, (ii) surrenders such Partnership 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:

	
	

	 (Signature of Limited Partner)

	
	

	 (Mailing Address)

	
	

	 (City) (State) (Zip Code)

	
	Signature Guaranteed by:
	 

	
	

  
 If
REIT Shares are to be issued, issue to: 
  
 Please insert social security or identifying number: 
  
 Name: 
  

 -42-Form of  Property , Leasing & Asset Management Agreement

 Exhibit 10.3 
  
 FORM OF 
 PROPERTY MANAGEMENT, LEASING

 AND ASSET MANAGEMENT AGREEMENT 
  
 THIS PROPERTY MANAGEMENT, LEASING AND ASSET MANAGEMENT AGREEMENT (“Agreement”) is made and entered into as of the
             day of             , by and among WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation
(“Wells REIT II”), WELLS OPERATING PARTNERSHIP II, L.P., a Delaware limited partnership (“Owner”), and WELLS MANAGEMENT COMPANY, INC., a Georgia corporation with offices in Norcross, Georgia (“Manager”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Owner was organized to acquire, own, operate, lease and manage real
estate properties on behalf of Wells REIT II; and 
  
 WHEREAS,
Owner intends to retain Manager to manage and coordinate the leasing of the real estate properties acquired by Owner under the terms and conditions set forth herein; and 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, do hereby agree as follows: 
  
 ARTICLE I. 
 DEFINITIONS 
  
 Except as otherwise specified or as the context may otherwise require, the following terms have the respective meanings set
forth below for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof: 
  
 1.1 “Affiliate” means a person who is (i) in the case of an individual, any relative of such person, (ii) any officer, director, trustee,
partner, manager, employee or holder of ten percent (10%) or more of any class of the voting securities of or equity interest in such person; (iii) any corporation, partnership, limited liability company, trust or other entity controlling,
controlled by or under common control with such person; or (iv) any officer, director, trustee, partner, manager, employee or holder of ten percent (10%) or more of the outstanding voting securities of any corporation, partnership, limited liability
company, trust or other entity controlling, controlled by or under common control with such person. For purposes of this definition, the term “controls,” “is controlled by,” or “is under common control with” shall mean
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting rights, by contract or otherwise. 
  
 1.2 “Fair Market Value” means the actual amount invested in the
Properties owned by Owner (whether wholly owned or partially through a joint venture partnership or other co-ownership arrangement) which shall include Owner’s allocable share of the purchase price paid for the Properties plus any capital
improvements made to the Properties, until such time as Owner is required to annually estimate the value of its Properties for ERISA reporting purposes; and after such time, “Fair Market Value” means the lesser of (1) the actual amount
invested in the Properties owned by Owner (whether wholly owned or partially through a 
  

 joint venture partnership or other co-ownership arrangement) which shall include Owner’s allocable share of the
purchase price paid for the Properties plus any capital improvements made to the Properties, or (2) the aggregate value of the Properties as established in connection with Owner’s most recent annual ERISA valuation. 
  
 1.3 “Gross Revenues” means all amounts actually collected as rents
or other charges for the use and occupancy of the Properties, but shall exclude interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner. 
  
 1.4 “Improvements” means buildings,
structures, equipment from time to time located on the Properties and all parking and common areas located on the Properties. 
  
 1.5 “Lease” means, unless the context otherwise requires, any lease or sublease made by Owner as landlord or by its predecessor. 
  
 1.6 “Management Fees” has the meaning set forth in Section 4.1(a)
hereof. 
  
 1.7 “Net Asset Value” means the excess of
(i) the aggregate of the Fair Market Value of all the Properties (excluding vacant properties) owned by Owner (whether wholly owned or partial investment through a joint venture partnership or other co-ownership arrangement), over (ii) the aggregate
outstanding debt of Owner (excluding debt having maturities of one year of less). 
  
 1.8 “Owner” means Wells Operating Partnership II, L.P. and any joint venture, limited liability company or other Affiliate of Wells Operating Partnership, L.P., including in some instances the Wells REIT II
or Affiliates of the Wells REIT II, that own, in whole or in part, on behalf of Wells REIT II, any Improvements. 
  
 1.9 “Ownership Agreements” has the meaning set forth in Section 2.4(k) hereof. 
  
 1.10 “Properties” means all real estate properties owned by Owner and all tracts acquired by Owner in the future
containing income-producing Improvements or on which Owner will construct income-producing Improvements. 
  
 1.11 “Third Party Property Manager” means any entity other than Manager or an Affiliate of Manager that has been retained by Owner or Manager to
perform and carry out at one or more of the Properties the property management services described in Section 2.4 hereof, but shall exclude persons, entities or independent contractors retained or hired by Owner or Manager to perform facility
management or other services or tasks at a particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
  

 2 

 ARTICLE II. 
 APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED 
  
 2.1 Appointment of Manager. Owner hereby engages and retains Manager as the sole and exclusive manager, as tenant coordinating agent of the Properties and as asset manager of the portfolio of Owner’s
Properties, and Manager hereby accepts such appointment on the terms and conditions hereinafter set forth, it being understood that this Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein. 
  
 2.2 General Duties. Manager shall devote its best efforts to
performing its duties hereunder to administer, promote, manage, operate, maintain, improve and lease the Properties in a diligent, careful and vigilant manner. The services of Manager are to be of scope and quality not less than those generally
performed by professional asset and property managers of other similar properties in the area. Manager shall make available to Owner the full benefit of the judgment, experience and advice of the members of Manager’s organization and staff with
respect to the policies to be pursued by Owner relating to the management, operation and leasing of the Properties. Manager shall assist Owner in obtaining Third Party Property Managers or, with the approval of Owner, subcontract property management
services to be provided hereunder to Third Party Property Managers, as it deems appropriate for certain Properties. 
  
 2.3 Specific Duties as Asset Manager. Manager’s duties as asset manager of the portfolio of Owner’s Properties shall include the
following: 
  
 (a) Oversight of Property Managers. Manager
shall oversee the performance by the property manager of each Property of its duties, including collection and proper deposits of rental payments, payment of Property expenses, Property maintenance, etc. 
  
 (b) Conduct On-Site Visits. Manager shall conduct periodic on-site
property visits to each Property to inspect the physical condition of the Property and to evaluate the performance of the property manager of its duties. 
  
 (c) Preparation of the Budget. Manager shall review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and
submitted by the property manager of each Property. 
  
 (d)
Review and Analysis of Financial Information. Manager shall review and analyze on-going financial information pertaining to each Property and the overall portfolio of Properties owned by Owner. 
  
 (e) Asset Management Strategies. Manager shall formulate and oversee
the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement, financing and refinancing, leasing and disposition of Owner’s Properties on an overall portfolio basis. 
  
 2.4 Specific Duties as Property Manager. Manager’s duties as
property manager of the Properties shall include the following: 
  
 (a) Lease Obligations. Manager shall perform all duties of the landlord under all leases insofar as such duties relate to operation, maintenance, and day-to-day management. Manager shall also provide or cause to be provided, at
Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas, electricity or other utilities required to be furnished to tenants under leases, normal repairs and
maintenance, and cleaning and janitorial service. 
  

 3 

 Manager shall arrange for and supervise the performance of all installations and improvements in space leased to any
tenant which are either expressly required under the terms of the lease of such space or which are customarily provided to tenants. 
  
 (b) Maintenance. Manager shall cause the Properties to be maintained in the same manner as similar properties in the area. Manager’s duties
and supervision in this respect shall include, without limitation, cleaning of the interior and the exterior of the Improvements and the public common areas on the Properties and the making and supervision of repairs, alterations, and decoration of
the Improvements, subject to and in strict compliance with this Agreement and the Leases. Construction activities undertaken by the Manager, if any, will be limited to activities related to the management, operation, maintenance, and leasing of the
Property (e.g., repairs, renovations, and leasehold improvements). 
  
 (c) Leasing Functions. Manager shall coordinate the leasing of the Properties and shall negotiate and use its best efforts to secure executed leases from qualified tenants, and to execute same on behalf of Owner, if requested, for
available space in the Properties, such leases to be in form and on terms approved by Owner and Manager, and to bring about complete leasing of the Properties. Manager shall be responsible for the hiring of all leasing agents, as necessary for the
leasing of the Properties, and to otherwise oversee and manage the leasing process on behalf of the Owner. 
  
 (d) Notice of Violations. Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any governmental
authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate. 
  
 (e) Personnel. Any personnel hired by Manager to maintain, operate and lease the Property shall be the employees or
independent contractors of Manager and not of Owner. Manager shall use due care in the selection and supervision of such employees or independent contractors. Manager shall be responsible for the preparation of and shall timely file all payroll tax
reports and timely make payments of all withholding and other payroll taxes with respect to each employee. 
  
 (f) Utilities and Supplies. Manager shall enter into or renew contracts for electricity, gas, steam, landscaping, fuel, oil, maintenance and other
services as are customarily furnished or rendered in connection with the operation of similar rental property in the area. 
  
 (g) Expenses. Manager shall analyze all bills received for services, work and supplies in connection with the maintaining and operating the
Properties, pay all such bills, and, if requested by Owner, pay, when due, utility and water charges, sewer rent and assessments, and any other amount payable in respect to the Properties. All bills shall be paid by Manager within the time required
to obtain discounts, if any. Owner may from time to time request that Manager forward certain bills to Owner promptly after receipt, and Manager shall comply with any such request. It is understood that the payment of real property taxes and
assessment and insurance premiums will be paid out of the Account (as hereinafter defined) by Manager. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances, however designed). 
  
 (h) Monies Collected. Manager shall collect all rent and other monies
from tenants and any sums otherwise due Owner with respect to the Properties in the ordinary course of business. In collecting such monies, Manager shall inform tenants of the Properties that all remittances are to be in the form of a check or money
order. Owner authorizes Manager to request, demand, collect and receipt for all such rent and other monies and to institute legal proceedings in the name of Owner for the collection thereof and for the dispossession of any tenant in default under
its Lease. 
  

 4 

 (i) Banking Accommodations. Manager shall establish and maintain a separate checking account (the
“Account”) for funds relating to the Properties. All monies deposited from time to time in the Account shall be deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the
account of Owner only as expressly permitted by this Agreement for the purposes of performing the obligations of Manager hereunder. No monies collected by Manager on Owner’s behalf shall be commingled with funds of Manager. The Account shall be
maintained, and monies shall be deposited therein and withdrawn therefrom, in accordance with the following: 
  
 (i) All sums received from rents and other income from the Properties shall be promptly deposited by Manager in the Account. Manager shall
have the right to designate two or more persons who shall be authorized to draw against the Account, but only for purposes authorized by this Agreement. 
  
 (ii) All sums due to Manager hereunder, whether for compensation, reimbursement for expenditures, or otherwise, as herein provided, shall
be a charge against the operating revenues of the Properties and shall be paid and/or withdrawn by Manager from the Account prior to the making of any other disbursements therefrom. 
  
 (iii) By the 30th day of the first month following each calendar quarter, Manager shall forward to Owner net operating proceeds from the preceding quarter, retaining at all times, however a reserve of $5,000, in
addition to any amounts otherwise provided in the budget. 
  
 (j)
Tenant Complaints. Manager shall maintain business-like relations with the tenants of the Properties. 
  
 (k) Ownership Agreements. Manager has received copies of agreements of limited partnership, joint venture partnership agreements and operating
agreements of Owner and its Affiliates (the “Ownership Agreements”) and is familiar with the terms thereof. Manager shall use reasonable care to avoid any act or omission which, in the performance of its duties hereunder, shall in any way
conflict with the terms of the Ownership Agreements. 
  
 (l)
Signs. Manager shall place and remove, or cause to be placed and removed, such signs upon the Properties as Manager deems appropriate, subject, however, to the terms and conditions of the Leases and to any applicable ordinances and
regulations. 
  
 2.5 Approval of Leases, Contracts, Etc. In
fulfilling its duties to the Owner, Manager may and hereby is authorized to enter into any leases, contracts or agreements on behalf of the Owner in the ordinary course of the management, operation, maintenance and leasing of the Property.

  
 2.6 Accounting, Records and Reports. 
  
 (a) Records. Manager shall maintain all office records and books of
account and shall record therein, and keep copies of, each invoice received from services, work and supplies ordered in connection with the maintenance and operation of the Properties. Such records shall be maintained on a double entry basis. Owner
and persons designated by Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records, books and accounts and all vouchers, files and all other material pertaining to the Properties and
this Agreement, all of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended by Manager and approved by Owner. 
  

 5 

 (b) Quarterly Reports. On or before the 30th day of the first month following each calendar quarter for which such report or statement is prepared and during the term of this Agreement, Manager shall
prepare and submit to Owner the following reports and statements: 
  
 (i) Rental collection record; 
  
 (ii) Quarterly operating statement; 
  
 (iii) Copy of cash disbursements ledger entries for such period, if requested; 
  
 (iv) Copy of cash receipts ledger entries for such period, if requested; 
  
 (v) The original copies of all contracts entered into by Manager on behalf of Owner during such period, if
requested; and 
  
 (vi) Copy of ledger entries
for such period relating to security deposits maintained by Manager, if requested. 
  
 (c) Budgets and Leasing Plans. Not later than November 15 of each calendar year, Manager shall prepare and submit to Owner for its approval an operating budget and a marketing and leasing plan on the Properties
for the calendar year immediately following such submission. The budget and leasing plan shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such
budget, Manager may submit to Owner for its approval an updated budget or plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner does not disapprove any such budget within 30 days
after receipt thereof by Owner, such budget shall be deemed approved. If Owner shall disapprove any such budget or plan, it shall so notify Manager within said 30-day period and explain the reasons therefor. Manager will not incur any costs other
than those estimated in any budget except for: 
  
 (i) tenant improvements and real estate commissions required under a Lease; 
  
 (ii) maintenance or repair costs under $5,000; 
  

(iii) costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of the Property,
or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property); 
  
 (iv) expenditures for real estate taxes and assessment; and 
  
 (v) maintenance supplies calling for an aggregate purchase price less than $25,000. 
  
 (d) Returns Required by Law. Manager shall execute and file when due
all forms, reports, and returns required by law relating to the employment of its personnel. 
  
 (e) Notices. Promptly after receipt, Manager shall deliver to Owner all notices, from any tenant, or any governmental authority, that are not a routine nature. Managers shall also report expeditiously to Owner
notice of any extensive damage to any part of the Properties. 
  

 6 

 ARTICLE III. 
 EXPENSES 
  
 3.1 Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager in fulfilling its duties to Owner shall be for the account of and on behalf of Owner. Such costs and expenses may include reasonable wages
and salaries and other employee-related expenses of all on-site and off-site employees of Manager who are engaged in the operation, management, maintenance and leasing or access control of the Properties, including taxes, insurance and benefits
relating to such employees, and legal, travel and other out-of-pocket expenses which are directly related to the management of specific Properties. All costs and expenses for which Owner is responsible under this Agreement shall be paid by Manager
out of the Account. In the event said account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet such additional costs and expenses. 
  
 3.2 Manager’s Expenses. Manager shall, out of its own funds, pay all of its general overhead and administrative
expenses. 
  
 ARTICLE IV. 
 MANAGER’S COMPENSATION 
  
 4.1 Property Management, Leasing and Asset Management Fees. 
  
 (a) Management Fees. Subject to the overall limitations contained in Section 4.1(b) below, commencing on the date
hereof, Owner shall pay Manager for the property management, leasing and asset management services described in Article II hereof fees payable monthly (“Management Fees”) in an amount equal to 0.5% of the aggregate Fair Market Value of all
the Properties (excluding vacant properties) owned by Owner on the last day of each preceding month. Out of these Management Fees, at Properties with respect to which Third Party Property Managers are retained to manage the Property, Manager shall
either (i) credit and reduce this amount by the amount of any property management fees payable to the Third Party Property Manager by Owner, in the event that a Third Party Property Manager is retained directly by Owner, or (ii) pay the property
management fees due and owing to the Third Party Property Managers directly, in the event that a Third Party Property Manager is retained by Manager on a subcontract basis. Manager’s compensation under this Section 4.1 shall apply to all
renewals, extensions or expansions of Leases which Manager has originally negotiated. 
  
 (b) Limitations on Management Fees. Notwithstanding the foregoing, the aggregate Management Fees payable to Manager during any calendar year pursuant to subsection (a) above shall not exceed 0.7% of Net Asset
Value, calculated on an annual basis as of December 31 of each such calendar year. 
  
 (c) Other Management Fee Matters. For planning and coordinating the construction of any tenant finish along with Owner or any architect, contractor or other authorized person, the payment for which shall be the
responsibility of the tenant, Manager shall be entitled to receive from any such tenant an amount equal to up to 5% of the amount as remitted by the tenant to Owner or to a representative of Owner in payment for such construction. 
  
 4.2 Initial Lease-Up Fee. In addition to the compensation paid to
Manager under Section 4.1 above, Manager shall be entitled to receive a separate fee for the one-time initial rent-up or leasing-up of newly constructed Improvements in an amount not to exceed the fee customarily charged in arm’s length
transactions by others rendering similar services in the same geographic area for similar properties as 
  

 7 

 determined by a survey of brokers and agents in such area. For this purpose, a total rehabilitation shall be included in
the term “newly constructed.” 
  
 4.3 Audit
Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment of Management Fees, Owner or Manager shall promptly pay to the other party the amount of such overpayment or
underpayment, as the case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management Fees for such fiscal year, Manager shall bear the cost of such audit. 
  
 ARTICLE V. 
 INSURANCE AND INDEMNIFICATION 
  
 5.1 Insurance to be Carried. 
  
 (a) Manager shall obtain and keep in full force and effect insurance on the Properties against such hazards as Owner and Manager shall deem appropriate, but in any event insurance sufficient to comply with the Leases and the Ownership
Agreements shall be maintained. All liability policies shall provide sufficient insurance satisfactory to both Owner and Manager and shall contain waivers of subrogation for the benefit of Manager. 
  
 (b) Manager shall obtain and keep in full force and effect, in accordance
with the laws of the state in which each Property is located, employer’s liability insurance applicable to and covering all employees of Manager at the Properties and all persons engaged in the performance of any work required hereunder, and
Manager shall furnish Owner certificates of insurers naming Owner as a co-insured and evidencing that such insurance is in effect. If any work under this Agreement is subcontracted as permitted herein, Manager shall include in each subcontract a
provision that the subcontractor shall also furnish Owner with such a certificate. 
  
 5.2 Cooperation with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance companies and insurance brokers or agents with respect to insurance
which is in effect or for which application has been made. Manager shall use its best efforts to comply with all requirements of insurers. 
  
 5.3 Accidents and Claims. Manager shall promptly investigate and shall report in detail to Owner all accidents, claims for damage relating to the
ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs of repair thereof, and shall prepare for approval by Owner all reports required by an insurance company in connection with
any such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly and any report not so given within 10 days after the occurrence of any such accident, claim, damage or destruction shall be noted in the monthly report
delivered to Owner pursuant to Section 2.6(b). Manager is authorized to settle any claim against an insurance company arising out of any policy and, in connection with such claim, to execute proofs of loss and adjustments of loss and to collect and
receipt for loss proceeds. 
  
 5.4 Indemnification. Manager
shall hold Owner harmless from and indemnify and defend Owner against any and all claims or liability for any injury or damage to any person or property whatsoever for which Manager is responsible occurring in, on, or about the Properties,
including, without limitation, the Improvements when such injury or damage shall be caused by the negligence of Manager, its agents, servants, or employees, except to the extent that Owner recovers insurance proceeds with respect to such matter.
Owner will indemnify and hold Manager harmless against all liability for injury to 
  

 8 

 persons and damage to property caused by Owner’s negligence and which did not result from the negligence or
misconduct of Manager, except to the extent Manager recovers insurance proceeds with respect to such matter. 
  
 ARTICLE VI. 
 TERM, TERMINATION 
  
 6.1 Term. This Agreement shall commence on the date first above
written and shall continue until terminated in accordance with the earliest to occur of the following: 
  
 (a) One year from the date of the commencement of the term hereof. However, this Agreement will be automatically extended for an additional one-year
period at the end of each year unless Owner or Manager gives sixty (60) days written notice of its intention to terminate the Agreement; or 
  
 (b) Immediately upon the occurrence of any of the following: 
  
 (i) A decree or order is rendered by a court having jurisdiction (A) adjudging Manager as bankrupt or insolvent, or (B) approving as
properly filed a petition seeking reorganization, readjustment, arrangement, composition or similar relief for Manager under the federal bankruptcy laws or any similar applicable law or practice, or (C) appointing a receiver or liquidator or trustee
or assignee in bankruptcy or insolvency of Manager or a substantial part of the property of Manager, or for the winding up or liquidation of its affairs, or 
  
 (ii) Manager (A) institutes proceedings to be adjudicated a voluntary bankrupt or an insolvent, (B) consents to the filing of a bankruptcy
proceeding against it, (C) files a petition or answer or consent seeking reorganization, readjustment, arrangement, composition or relief under any similar applicable law or practice, (D) consents to the filing of any such petition, or to the
appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency for it or for a substantial part of its property, (E) makes an assignment for the benefit of creditors, (F), is unable to or admits in writing its inability
to pay its debts generally as they become due unless such inability shall be the fault of Owner, or (G) takes corporate or other action in furtherance of any of the aforesaid purposes. 
  
 Upon termination, the obligations of the parties hereto shall cease, provided that Manager shall comply with the provisions
hereof applicable in the event of termination and shall be entitled to receive all compensation which may be due Manager hereunder up to the date of such termination, and provided, further, that if this Agreement terminates pursuant to clause (b)
above, Owner shall have other remedies as may be available at law or in equity. 
  
 6.2 Manager’s Obligations after Termination. Upon the termination of this Agreement, Manager shall have the following duties: 
  
 (a) Manager shall deliver to Owner, or its designee, all books and records with respect to the Properties. 
  
 (b) Manager shall transfer and assign to Owner, or its designee, all service
contracts and personal property relating to or used in the operation and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of sixty (60) days immediately 
  

 9 

 following the date of such termination, make itself available to consult with and advise Owner, or its designee,
regarding the operation, maintenance and leasing of the Properties. 
  
 (c) Manager shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of Management Fees claimed to be due Manager and shall cause funds of Owner held by Manager relating to the
Properties to be paid to Owner or its designee. 
  
 ARTICLE VII.

 MISCELLANEOUS 
  
 7.1 Notices. All notices, approvals, consents and other communications hereunder shall be in writing, and, except when receipt is required to start
the running of a period of time, shall be deemed given when delivered in person or on the fifth day after its mailing by either party by registered or certified United States mail, postage prepaid and return receipt requested, to the other party, at
the addresses set forth after their respect name below or at such different addresses as either party shall have theretofore advised the other party in writing in accordance with this Section 7.1. 
  

	 Owner:
	  	 WELLS OPERATING PARTNERSHIP II, L.P.
 C/O WELLS REAL ESTATE INVESTMENT TRUST II, INC.
 6200 The Corners Parkway, Suite 250
 Norcross, Georgia 30092
  

		
	Manager:	  	 WELLS MANAGEMENT COMPANY, INC.
 6200 The Corners Parkway, Suite 250
 Norcross, Georgia 30092
 Attention: Vice President of Property Management

  
 7.2 Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia. 
  
 7.3 Assignment. Manager may delegate partially or in full its duties and rights under this Agreement but only with the prior written consent of
Owner. Except as provided in the immediately preceding sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. 
  
 7.4 No Waiver. The failure of Owner to seek redress for violation or
to insist upon the strict performance of any covenant or condition of this Agreement shall not constitute a waiver thereof for the future. 
  
 7.5 Amendments. This Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment is
sought. 
  
 7.6 Headings. The headings of the various
subdivisions of this Agreement are for reference only and shall not define or limit any of the terms or provisions hereof. 
  
 7.7 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be
necessary in making proof of this Agreement to produce or account for more than one such counterpart. 
  

 10 

 7.8 Entire Agreement. This Agreement contains the entire understanding and all agreements between
Owner and Manager respecting the management of the Properties. There are no representations, agreements, arrangements or understandings, oral or written, between Owner and Manager relating to the management of the Properties that are not fully
expressed herein. 
  
 7.9 Disputes. If there shall be a
dispute between Owner and Manager relating to this Agreement resulting in litigation, the prevailing party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix as reasonable
attorneys’ fees. 
  
 7.10 Activities of Manager. The
obligations of Manager pursuant to the terms and provisions of this Agreement shall not be construed to preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are in competition with
the Owner or the business of Owner. 
  
 7.11 Independent
Contractor. Manager and Owner shall not be construed as joint venturers or partners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status
of Manger to Owner under this Agreement is that of an independent contractor. 
  
 [Signatures appear on next page] 
  

 11 

 IN WITNESS WHEREOF, the parties have executed this Property Management, Leasing and Asset Management
Agreement as of the date first above written. 
  

	WELLS REIT II:
	
	WELLS REAL ESTATE INVESTMENT TRUST II, INC.
		
	 By:
	 	

	Name:	 	

	Title:	 	

  

	
	 OWNER:
  
 WELLS OPERATING PARTNERSHIP II, L.P.

		
	 By:
	 	 Wells Real Estate Investment Trust II, Inc.

	 	 	 (As General Partner of Wells Operating
 Partnership II, L.P.)

  

		
	 By:
	 	

	Name:	 	

	Title:	 	

  

	
	MANAGER:
	
	WELLS MANAGEMENT COMPANY, INC.
		
	 By:
	 	

	Name:	 	

	Title:	 	

  

 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]