Document:

<PAGE>
                                                                    EXHIBIT 10.1

                                    AGREEMENT
                             OF LIMITED PARTNERSHIP

                                       OF

                                  A REIT, L.P.
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                                TABLE OF CONTENTS

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                                                                                PAGE
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ARTICLE I...................................................................       1

ARTICLE II..................................................................      11

  Section 2.01 Organization.................................................      11
  Section 2.02 Name.........................................................      11
  Section 2.03 Registered Office and Agent; Principal Office................      11
  Section 2.04 Partners.....................................................      11
  Section 2.05 Term and Dissolution.........................................      11
  Section 2.06 Filing of Certificate and Perfection of Limited Partnership..      12
  Section 2.07 Certificates Describing Partnership Units....................      12

ARTICLE III.................................................................      13

  Section 3.01 Purpose and Nature...........................................      13
  Section 3.02 Powers.......................................................      13

ARTICLE IV..................................................................      13

  Section 4.01 Capital Contributions........................................      13
  Section 4.02 Additional Capital Contributions and Issuances of
  Additional Partnership Interests..........................................      13
  Section 4.03 Additional Funding...........................................      15
  Section 4.04 Capital Accounts.............................................      15
  Section 4.05 Percentage Interests.........................................      16
  Section 4.06 No Interest on Contributions.................................      16
  Section 4.07 Return of Capital Contributions..............................      16
  Section 4.08 No Third-Party Beneficiary...................................      16

ARTICLE V...................................................................      17

  Section 5.01 Allocations..................................................      17
  Section 5.02 Distributions................................................      21
  Section 5.03 REIT Distribution Requirements...............................      24
  Section 5.04 No Right to Distributions in Kind............................      24
  Section 5.05 Limitations on Return of Capital Contributions...............      24
  Section 5.06 Distributions Upon Liquidation...............................      24
  Section 5.07 Substantial Economic Effect..................................      25

ARTICLE VI..................................................................      25

  Section 6.01 Management of the Partnership................................      25
  Section 6.02 Delegation of Authority......................................      27
  Section 6.03 Indemnification and Exculpation of Indemnitees...............      28
  Section 6.04 Liability of the General Partner.............................      29
  Section 6.05 Reimbursement Obligations of Partnership.....................      30
  Section 6.06 Outside Activities...........................................      30
  Section 6.07 Employment or Retention of Affiliates........................      30
  Section 6.08 Title of Partnership Assets..................................      31
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  Section 6.09 Miscellaneous................................................      31

ARTICLE VII.................................................................      32

  Section 7.01 Transfer of the General Partner's Partnership Interest.......      32
  Section 7.02 Admission of a Substitute or Additional General Partner......      33
  Section 7.03 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a
  General Partner...........................................................      34
  Section 7.04 Removal of a General Partner.................................      34
  Section 7.05 Option to Acquire Incentive Limited Partnership Interest.....      36

ARTICLE VIII................................................................      36

  Section 8.01 Management of the Partnership................................      36
  Section 8.02 Power of Attorney............................................      36
  Section 8.03 Limitation of Liability of Limited Partners..................      36
  Section 8.04 [Reserved]...................................................      36
  Section 8.05 Redemption Right.............................................      36
  Section 8.06 Registration.................................................      39

ARTICLE IX..................................................................      40

  Section 9.01 Purchase for Investment......................................      40
  Section 9.02 Restrictions on Transfer of Limited Partnership Interests....      40
  Section 9.03 Admission of Substitute Limited Partner......................      41
  Section 9.04 Rights of Assignees of Partnership Interests.................      43
  Section 9.05 Effect of Bankruptcy, Death, Incompetence, or Termination
  of a Limited Partner......................................................      43
  Section 9.06 Joint Ownership of Interests.................................      43

ARTICLE X...................................................................      43

  Section 10.01 Books and Records...........................................      43
  Section 10.02 Custody of Partnership Funds; Bank Accounts.................      44
  Section 10.03 Fiscal and Taxable Year.....................................      44
  Section 10.04 Annual Tax Information and Report...........................      44
  Section 10.05 Tax Matters Partner; Tax Elections; Special Basis
  Adjustments                                                                     44
  Section 10.06 Reports to Limited Partners.................................      45

ARTICLE XI..................................................................      45

  Section 11.01 Amendment of this Agreement.................................      45

ARTICLE XII.................................................................      46

  Section 12.01 Notices.....................................................      46
  Section 12.02 Survival of Rights..........................................      46
  Section 12.03 Additional Documents........................................      46
  Section 12.04 Severability................................................      46
  Section 12.05 Entire Agreement............................................      46
  Section 12.06 Pronouns and Plurals........................................      46
  Section 12.07 Headings....................................................      46
  Section 12.08 Counterparts................................................      47
  Section 12.09 Governing Law...............................................      47
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EXHIBITS

EXHIBIT A - Partners, Capital Contributions and Percentage Interests
EXHIBIT B - Notice of Exercise of Redemption Right
EXHIBIT C - Certification of Non-Foreign Status

                                      iii
<PAGE>
                                    AGREEMENT
                             OF LIMITED PARTNERSHIP

                                       OF

                                  A REIT, L.P.

      This Agreement of Limited Partnership (the "Agreement") of A REIT, L.P.
(the "Partnership"), dated as of April 26, 2004, is entered into by and among A
REIT, Inc., a Maryland corporation (the "Company" or the "General Partner"),
Triple Net Properties L.L.C., a Virginia limited liability company (the "Special
Limited Partner"), Triple Net Properties, L.L.C., as the initial limited partner
(the "Initial Limited Partner") and the other Limited Partners (as defined
herein).

      NOW, THEREFORE, in consideration of mutual covenants between the parties
hereto, and 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 meaning
specified below:

      "ACT" means the Maryland 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 LIMITED PARTNER" means a Person admitted to this Partnership
as a Limited Partner pursuant to Section 4.02 hereof.

      "ADDITIONAL SECURITIES" means any additional REIT Shares (other than REIT
Shares issued in connection with a redemption 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).

      "ADJUSTED INVESTED CAPITAL" means Invested Capital, minus, upon the sale
of a Property, the lesser of (i) the Sale Proceeds from that Property that are
available for distribution or (ii) the sum of (A) the Allocable Invested Capital
for that Property and (B) any Cumulative Allocable Invested Capital Shortfall.

      "ADMINISTRATIVE EXPENSES" means (i) all administrative and operating costs
and expenses incurred by the Partnership, (ii) those administrative costs and
expenses of the Company, including any salaries or other payments to directors,
officers or employees of the Company, and any accounting and legal expenses of
the Company, which expenses, the Partners have agreed, are expenses of the
Partnership and not the Company, and (iii) to the extent not included in clause
(ii) above, REIT Expenses; provided, however, that
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Administrative Expenses shall not include any administrative costs and expenses
incurred by the Company that are attributable to Properties or Subsidiaries that
are owned by the Company directly, rather than through the Partnership.

      "ADVISOR" means the Person, if any, appointed, employed or contracted with
by the Company pursuant to Section 8.1 of the Charter and responsible for
directing or performing the day-to-day business affairs of the Company,
including any Person to whom the Advisor subcontracts substantially all of such
functions.

      "AFFILIATE" means, as to any individual, corporation, partnership, trust,
limited liability company or other legal entity, (i) any Person directly or
indirectly owning, controlling or holding, with the power to vote, ten percent
(10%) or more of the outstanding voting securities of such other Person; (ii)
any Person ten percent (10%) or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held, with the power to vote, by
such other Person; (iii) any Person directly or indirectly controlling,
controlled by or under common control with such other Person; (iv) any executive
officer, director, trustee or general partner of such other Person; and (v) any
legal entity for which such Person acts as an executive officer, director,
manager, trustee or general partner.

      "AGREED VALUE" means the fair market value of a Partner's non-cash Capital
Contribution as of the date of contribution as agreed to by the Partners. 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.

      "ALLOCABLE INVESTED CAPITAL" means, for each Property, the product of (i)
the Invested Capital and (ii) a fraction equal to the Partnership's original
investment in that Property divided by the Partnership's total original
investment in all of its Properties.

      "ALLOCABLE INVESTED CAPITAL SHORTFALL" means, for each Property that is
sold, the amount, if any, by which the Allocable Invested Capital exceeds the
Sale Proceeds available for distribution.

      "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.

                                       2
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      "CAPITAL TRANSACTION" means the refinancing, sale, exchange, condemnation,
recovery of a damage award or insurance proceeds (other than business or rental
interruption insurance proceeds not reinvested in the repair or reconstruction
of Properties) or other disposition of any Property (or the Partnership's
interest therein), except for any Terminating Capital Transaction.

      "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 Redemption. The value of the REIT Shares Amount shall be based on
the average of the daily market price of REIT Shares for the ten (10)
consecutive Trading Days immediately preceding the date of such valuation. The
market price for each such Trading Day shall be: (i) if the REIT Shares are
listed or admitted to trading on any securities exchange, the sale price,
regular way, on such day, or if no such sale takes place on such day, the
average of a closing bid and asked prices, regular way, on such day, (ii) if the
REIT Shares are not listed or admitted to trading on any securities exchange,
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 the REIT
Shares are not listed or admitted to trading on any securities exchange 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 the ten days prior to
the date in question, the value of the REIT Shares shall be determined by the
General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. In the
event the REIT Shares Amount includes rights that a holder of REIT Shares would
be entitled to receive, 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.

      "CASH AVAILABLE FOR DISTRIBUTION" means, for a taxable year of the
Partnership, a positive amount, if any, equal to the cash revenues and receipts
of the Partnership (other than those arising from a Capital Transaction or a
Terminating Capital Transaction) available for distribution to the partners
after payment of the Partnership's expenses and other expenditures and the
creation of any reasonably required reserves, as determined by the General
Partner.

      "CERTIFICATE" means any instrument or document that is required under the
laws of the State of Maryland, 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 Maryland 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 Maryland or such other
jurisdiction.

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      "CHARTER" means the charter of the Company.

      "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.

      "COMPANY" means A REIT, Inc., a Maryland corporation.

      "CONVERSION FACTOR" means 1.0, provided that in the event that the Company
(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 Company shall become General
Partner pursuant to any merger, consolidation or combination of the Company 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 a
Redeeming Partner is to receive the Cash Amount and the record date for such
event falls during the valuation period for determining the Cash Amount, the
Conversion Factor shall be appropriately adjusted by the General Partner to
produce a fair and equitable calculation of the Cash Amount.

      "CUMULATIVE ALLOCABLE INVESTED CAPITAL SHORTFALL" means the cumulative
Allocable Invested Capital Shortfall from prior sales of Properties that has not
previously been distributed to the General Partner and the Limited Partners.

      "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 debtor
under any other reorganization, arrangement, insolvency, adjustment of debt or
liquidation law of any jurisdiction, whether now in existence or hereinafter in
effect, either by such Person or by another, provided that if such proceeding is
commenced by another, such Person indicates his approval of such proceeding,
consents thereto or acquiesces

                                       4
<PAGE>
therein or such proceeding is contested by such Person and has not been finally
dismissed within 90 days.

      "GENERAL PARTNER" means the Company, 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.

      "INCENTIVE LIMITED PARTNERSHIP INTEREST" means the ownership interest of
the Special Limited Partner in the Partnership at any particular time, including
the right of such Special Limited Partner to any and all benefits to which such
Special Limited Partner may be entitled as provided in this Agreement and in the
Act, together with the obligations of such Special Limited Partner to comply
with all the provisions of this Agreement and of such Act.

      "INDEMNITEE" means (i) any Person made a party to a proceeding by reason
of its status as the General Partner or a director, officer or employee of the
Partnership, the Company or the General Partner and (ii) such other Persons
(including Affiliates of the Company, the General Partner or the Partnership) as
the General Partner may designate to from time to time, in its sole and absolute
discretion.

      "INDEPENDENT DIRECTOR" means a director who is not, and within the last
two (2) years has not been, directly or indirectly, associated with the Sponsor
or the Advisor by virtue of (i) ownership of an interest in the Sponsor, the
Advisor or their Affiliates, (ii) employment by the Sponsor, the Advisor or
their Affiliates, (iii) service as an officer or director of the Sponsor, the
Advisor or their Affiliates, (iv) performance of services, other than as a
director, for the Company, (v) service as a director or trustee of more than
three (3) real estate investment trusts organized by the Sponsor or advised by
the Advisor or (vi) maintenance of a material business or professional
relationship with the Sponsor, the Advisor or their Affiliates. An indirect
relationship shall include circumstances in which a director's spouse, parents,
children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or
brothers- or sisters-in-law is or has been associated with the Sponsor, the
Advisor, any of the Affiliates or the Company. A business or professional
relationship is considered material if the gross revenue derived by the director
from the Sponsor, the Advisor or their Affiliates exceeds five percent (5%) of
either the director's annual gross revenue derived from all sources during
either of the last two (2) years or the director's net worth, on a fair market
value basis. Notwithstanding the foregoing, serving as a director or owning an
interest in a REIT or other real estate program organized by the Sponsor or
advised or managed by the Advisor or its Affiliates shall not, by itself, cause
a director to be deemed associated with the Sponsor or the Advisor.

                                       5
<PAGE>
      "INVESTED CAPITAL" means (i) the sum of (A) the number of REIT Shares
issued by the Company (including any REIT Shares actually issued through the
Company's distribution reinvestment program or the Company's incentive award)
and (B) the number of Partnership Units issued by the Partnership to Limited
Partners, multiplied by (ii) amount initially equal to $10.00, which amount
shall be adjusted appropriately to reflect (A) stock dividends, stock splits or
other changes in the capital structure of the Company or the Partnership and (B)
at the discretion of the General Partner, any changes in the average price per
share paid for REIT Shares and Partnership Units after the Offering.

      "LIMITED PARTNER" means any Person (other than the Special Limited
Partner) named as a Limited Partner on Exhibit A attached hereto, as Exhibit A
may be amended from time to time, 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" shall have the meaning set forth in Section 5.01(k) hereof.

      "NOTICE OF REDEMPTION" means the Notice of Exercise of Redemption Right
substantially in the form attached as Exhibit B hereto.

      "OFFER" has the meaning set forth in Section 7.01(c) hereof.

      "OFFERING" means the initial offer and sale by the Company and the
participating broker-dealers pursuant to the Prospectus of REIT Shares for sale
to the public.

      "OPERATING INCOME OR LOSS" means, for a taxable year of the Partnership,
the Profits and Losses of the Partnership (other than the Profits and Losses
arising from a Capital Transaction or a Terminating Capital Transaction), but
subject to the following adjustments:

            (i) There shall be no reduction for depreciation or amortization
expenses; and

            (ii) Operating Income or Loss shall not include any items of income,
loss, gain or expense that are specially allocated pursuant to Section 5.01(g),
(h) or (i).

      "PARTNER" means any General Partner, Limited Partner or Special
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).

                                       6
<PAGE>
      "PARTNERSHIP INTEREST" means an ownership interest in the Partnership held
by the General Partner, the Special Limited Partner or any Limited 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 Company for
a distribution to its stockholders of some or all of its portion of such
distribution.

      "PARTNERSHIP UNIT" means a fractional, undivided share of the Partnership
Interests of all Partners (other than the Special Limited Partner) 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, limited liability company,
corporation, joint venture, trust or other entity.

      "PROFIT" shall have the meaning set forth in Section 5.01(k) hereof.

      "PROPERTY" means any office or industrial property or other investment in
which the Partnership holds an ownership interest.

      "PROSPECTUS" means the same as that term is defined in Section 2(10) of
the Securities Act of 1933, including a preliminary prospectus, an offering
circular as described in Rule 256 of the General Rules and Regulations under the
Securities Act of 1933 or, in the case of an intrastate offering, any document
by whatever name known, used for the purpose of offering and selling securities
to the public.

      "REDEMPTION AMOUNT" means either the Cash Amount or the REIT Shares
Amount, as selected by the General Partner in its sole discretion pursuant to
Section 8.05(b) hereof.

                                       7
<PAGE>
      "REDEMPTION RIGHT" has the meaning provided in Section 8.05(a) hereof.

      "REDEMPTION SHARES" has the meaning provided in Section 8.06(a) hereof.

      "REDEEMING PARTNER" has the meaning provided in Section 8.05(a) hereof.

      "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 Company and any Subsidiaries
thereof (which Subsidiaries shall, for purposes hereof, be included within the
definition of Company), including taxes, fees and assessments associated
therewith, any and all costs, expenses or fees payable to any director, officer
or employee of the Company, (ii) costs and expenses relating to any public
offering and registration of securities by the Company 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
Company, (iv) costs and expenses associated with the preparation and filing of
any periodic or other reports and communications by the Company under federal,
state or local laws or regulations, including filings with the Commission, (v)
costs and expenses associated with compliance by the Company 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 directors or employees of the Company or the Partnership, (vii) costs and
expenses incurred by the Company relating to any issuance or redemption of
Partnership Interests and (viii) all other operating or administrative costs of
the Company incurred in the ordinary course of its business on behalf of or in
connection with the Partnership.

      "REIT SHARES" means the shares of common stock, $.01 par value per share,
of the Company (or Successor Entity, as the case may be).

      "REIT SHARES AMOUNT" shall mean a number of REIT Shares equal to the
product of the number of Partnership Units offered for redemption by a Redeeming
Partner, multiplied by the Conversion Factor as adjusted to and including the
day immediately preceding the Specified Redemption Date; provided, that in the
event the Company issues to all holders of REIT Shares rights, options, warrants
or convertible or exchangeable securities entitling the stockholders to
subscribe for or purchase REIT Shares or any other securities or property
(collectively, the "rights") and the rights have not expired at the Specified
Redemption Date, then the REIT Shares Amount shall also include the rights

                                       8
<PAGE>
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.

      "RETURN" means an 8% per annum cumulative, non-compounded return on
Adjusted Invested Capital. If Adjusted Invested Capital is adjusted during a
period for which the Return is calculated, the Return will be computed based on
the weighted average Adjusted Invested Capital for the period. The Return shall
be prorated with respect to any Partner that is admitted as a Partner during a
period or that withdraws as a Partner during a period.

      "SALE PROCEEDS" means the cash proceeds from a Capital Transaction after
payment of or adequate provision for, transaction expenses, debts of the
Partnership and any reasonably necessary reserves; provided, however, that Sale
Proceeds shall not include proceeds from any Terminating Capital Transaction.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

      "SERVICE" means the Internal Revenue Service.

      "SPECIAL LIMITED PARTNER" means Triple Net Properties, L.L.C., a
Virginia limited liability company, or any Person who becomes an Advisor
pursuant to the authority of the Company under Section 8.1 of the Charter.

      "SPECIFIED REDEMPTION DATE" means the first business day that is at least
60 days after the receipt by the General Partner of the Notice of Redemption or
such earlier date as shall be designated in writing to the Redeeming Partner by
the General Partner.

      "SPONSOR" means any Person directly or indirectly instrumental in
organizing, wholly or in part, the Company or any Person who will control,
manage or participate in the management of the Company and any Affiliate of such
Person. Not included is any Person whose only relationship with the Company is
that of an independent property manager of Company assets and whose only
compensation is as such. Sponsor does not include wholly independent third
parties such as attorneys, accountants and underwriters whose only compensation
is for professional services. A Person may also be deemed a Sponsor of the
Company by:

            (i) taking the initiative, directly or indirectly, in founding or
organizing the business or enterprise of the Company, either alone or in
conjunction with one or more other Persons;

            (ii) receiving a material participation in the Company in connection
with the founding or organizing of the business of the Company, in consideration
of services or property or both services and property;

            (iii) having a substantial number of relationships and contacts with
the Company;

            (iv) possessing significant rights to control the Company's
properties;

                                       9
<PAGE>
            (v) receiving fees for providing services to the Company which are
paid on a basis that is not customary in the industry; or

            (vi) providing goods or services to the Company on a basis which was
not negotiated at arms' length with the Company.

      "SUBSIDIARY" means, with respect to any Person, any corporation,
partnership 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 in which the General
Partner, a Subsidiary of the General Partner or the Partnership owns a
partnership interest.

      "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.

      "SURVIVOR" has the meaning set forth in Section 7.01(d) hereof.

      "TERMINATING CAPITAL TRANSACTION" means the sale, exchange or other
disposition of all or substantially all of the assets of the Partnership, after
which transaction the Partnership is dissolved and terminated.

      "TRADING DAY" means a day on which the principal national securities
exchange on which a security is listed or admitted to trading is open for the
transaction of business or, if a security is not listed or admitted to trading
on any national securities exchange, shall mean any day other than a Saturday, a
Sunday or a day on which banking institutions in the State of New York are
authorized or obligated by law or executive order to close.

      "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 that date on which the Offering is
declared effective by the Commission or such later date as shall be established
by agreement between the Partnership and any Limited Partner.

      "WITHHELD AMOUNT" means an amount required to be withheld by the
Partnership 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.

                                       10
<PAGE>
                                   ARTICLE II
                   PARTNERSHIP CONTINUATION AND IDENTIFICATION

      Section 2.01 Organization. The Partnership is a limited partnership
organized pursuant to the provisions of the Act. Except as expressly provided
herein to the contrary, the rights and obligations of the Partners and the
administration and termination of the Partnership shall be governed by the Act.
The Partnership Interest of each Partner shall be personal property for all
purposes.

      Section 2.02 Name. The name of the Partnership shall be A REIT, L.P. The
Partnership's business may be conducted under any other name or names deemed
advisable by the General Partner, including the name of the General Partner or
any Affiliate thereof. The words "Limited Partnership," "L.P.," "Ltd." or
similar words or letters shall be included in the Partnership's name where
necessary for the purposes of complying with the laws of any jurisdiction that
so requires. The General Partner, in its sole and absolute discretion, may
change the name of the Partnership at any time and from to time to time shall
notify the Limited Partners of such change in the next regular communication to
the Limited Partners.

      Section 2.03 Registered Office and Agent; Principal Office. The name and
address of the Partnership's registered agent in the State of Maryland is
CSC-Lawyers Incorporating Service, 11 East Chase Street, Baltimore, Maryland
21202. The principal office of the Partnership in the State of Maryland shall be
located at Suite 650, 3 Bethesda Metro Center, Bethesda, Maryland 20814 or such
other place as the General Partner may from time to time designate, in its sole
and absolute discretion, by notice to the Limited Partners. The Partnership may
maintain offices at such other place or places within or outside the State of
Maryland as the General Partner deems advisable.

      Section 2.04  Partners.

      (a) The General Partner of the Partnership is the Company. Its principal
place of business in the State of Maryland shall be the same as that of the
Partnership.

      (b) The General Partner hereby consents to admit those persons identified
on Exhibit A as Limited Partners or Special Limited Partners as of the date
hereof. The Limited Partners shall be those Persons identified as Limited
Partners on Exhibit A hereto, as amended from time to time.

      Section 2.05  Term and Dissolution.

      (a) The term of the Partnership commenced on January 29, 2004, the date
the Certificate was filed in the State Department of Assessments and Taxation of
the State of Maryland in accordance with the Act and shall continue in full
force and effect in perpetuity, 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

                                       11
<PAGE>
      that if a General Partner is on the date of such occurrence a partnership,
      the dissolution of such General Partner as a result of the dissolution,
      death, withdrawal, removal or Event of Bankruptcy of a partner in such
      partnership shall not be an event of dissolution of the Partnership if the
      business of such General Partner is continued by the remaining partner or
      partners, either alone or with additional partners and such General
      Partner and such partners comply with any other applicable requirements of
      this Agreement;

            (ii) The passage of 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 election by the General Partner that the Partnership
      should be dissolved; or

            (iv) As otherwise provided in the Act.

      (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 of the
Partnership to the Partners in kind.

      Section 2.06 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.

      Section 2.07 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 A REIT, L.P., as amended from time to time.

                                       12
<PAGE>
                                   ARTICLE III
                           BUSINESS OF THE PARTNERSHIP

      Section 3.01 Purpose and Nature. 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
manner as to permit the Company at all times to qualify as a REIT, unless the
Company 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 Company's right in its
sole discretion to cease qualifying as a REIT, the Partners acknowledge that the
Company's current status as a REIT inures to the benefit of all the Partners and
not solely to the Company. 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 a "publicly traded partnership" that is treated as a
corporation under Section 7704 of the Code.

      Section 3.02 Powers. The Partnership is empowered to do any and all acts
and things necessary, appropriate, proper, advisable, incidental to or
convenient for the furtherance and accomplishment of the purposes and business
described herein and for the protection and benefit of the Partnership, provided
that the Partnership shall not take or refrain from taking, any actions which,
in the judgment of the General Partner, in its sole and absolute discretion,
could: (i) adversely affect the ability of the Company to initially qualify, or
continue to qualify, as a REIT; (ii) subject the Company to any taxes under
Section 857 or Section 4981 of the Code (other than any tax imposed under Code
Section 857 on capital gains that the Company elects to retain); or (iii)
violate any law or regulation of any governmental body or agency having
jurisdiction over the Company or its securities, unless such action (or
inaction) shall have been specifically consented to in writing by the Company.

                                   ARTICLE IV
                       CAPITAL CONTRIBUTIONS AND ACCOUNTS

      Section 4.01 Capital Contributions. The General Partner, the Special
Limited Partner and the Limited Partners have made capital contributions to the
Partnership in exchange for the Partnership Interests set forth opposite their
names on Exhibit A, as amended from time to time.

      Section 4.02 Additional Capital Contributions and Issuances 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.

                                       13
<PAGE>
            (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 Special
      Limited 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 the Special
      Limited Partner or 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 General Partner in its sole
      and absolute discretion and without the approval of the Special Limited
      Partner or any Limited Partner, subject to Maryland 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 Company or any
      wholly owned Subsidiary of the Company unless either:

                  (1)(A) the additional Partnership Interests are issued in
            connection with an issuance of REIT Shares of or other interests in
            the Company, 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 Company
            by the Partnership in accordance with this Section 4.02 and (B) the
            Company shall make a Capital Contribution (directly or through the
            General Partner) to the Partnership in an amount equal to the
            proceeds raised in connection with the issuance of such REIT Shares
            of or other interests in the Company, or

                  (2) 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.

      (b) Upon Issuance of Additional Securities. After the Offering, the
Company shall not issue any additional REIT Shares (other than REIT Shares
issued in connection with a redemption 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 Company Partnership
Interests or rights, options, warrants or convertible or exchangeable securities

                                       14
<PAGE>
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 Company contributes (directly or through the General
Partner) the proceeds from the issuance of such Additional Securities and from
any exercise of rights contained in such Additional Securities to the
Partnership; provided, however, that the Company is allowed to issue Additional
Securities without complying with the provisions of (A) and (B) above if such
issuance of Additional Securities has been approved and determined to be in the
best interests of the Company and the Partnership by a majority of the
Independent Directors. Without limiting the foregoing, the Company is expressly
authorized to issue Additional Securities for less than fair market value and
the General Partner is expressly authorized to cause the Partnership to issue to
the Company corresponding Partnership Interests, so long as (x) the General
Partner concludes in good faith that such issuance is in the best interests of
the Partnership and (y) the Company contributes (directly or through the General
Partner) all proceeds from such issuance to the Partnership. In the event the
Company issues REIT Shares for a cash purchase price and contributes (directly
or through the General Partner) all of the proceeds of such issuance to the
Partnership, 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 Company, 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.

      (c) Certain Deemed Contributions of Proceeds of Offering of REIT Shares.
In connection with any and all offerings of REIT Shares, the Company shall make
(directly or through the General Partner) Capital Contributions to the
Partnership of the net proceeds therefrom, provided that if the proceeds
actually received and contributed are less than the gross proceeds of such
offering as a result of any underwriter's discount or other expenses paid or
incurred in connection with such issuance, then the Company shall make (directly
or through a General Partner) a Capital Contribution of such net proceeds to the
Partnership but the General Partner shall receive additional Partnership Units
with a value equal to the aggregate amount of the gross proceeds of such
issuance pursuant to Section 4.02(a) hereof. Upon any such Capital Contribution
by the Company or the General Partner, its Capital Account shall be increased by
the actual amount of its Capital Contribution pursuant to Section 4.01 hereof.

      Section 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 provide such Additional
Funds to the Partnership through loans or otherwise.

      Section 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 discretion, and taking into account Section 7701(g)
of the

                                       15
<PAGE>
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 Account 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 discretion, and taking into account Section
7701(g) of the Code) on the date of the revaluation.

      Section 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, Operating Income for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day
preceding the effective date of such adjustment and the part of the year
beginning on the effective date of such adjustment 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 discretion, shall determine which
method shall be used to allocate Operating Income for the taxable year in which
the adjustment occurs. The allocation of Operating Income for the earlier part
of the year shall be based on the Percentage Interests before adjustment, and
the allocation of Operating Income for the later part shall be based on the
adjusted Percentage Interests.

      Section 4.06 No Interest on Contributions. No Partner shall be entitled to
interest on its Capital Contribution.

      Section 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.

      Section 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 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

                                       16
<PAGE>
in violation of the Act. However, if any court of competent jurisdiction holds
that, not withstanding 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
                           ALLOCATIONS; DISTRIBUTIONS

      Section 5.01  Allocations.

      (a) Operating Income. Operating Income of the Partnership for each taxable
year of the Partnership shall be allocated among the Partners as follows:

            (i) First, 100% to the General Partner and the Limited Partners in
      accordance with their respective Percentage Interests until the cumulative
      amount of Operating Income and gain allocated pursuant to this Section
      5.01(a)(i) and Section 5.01(c)(i)(A) for the current and all prior years
      equals the cumulative amount of Operating Losses and losses allocated
      pursuant to Section 5.01(b)(iii) and Section 5.01(c)(ii)(B) for the
      current and all prior years;

            (ii) Second, 90% to the General Partner and the Limited Partners in
      accordance with their respective Percentage Interests and 10% to the
      Special Limited Partner until the cumulative amount of Operating Income
      and gain allocated pursuant to this Section 5.01(a)(ii) and Section
      5.01(c)(i)(B) for the current and all prior years equals the cumulative
      amount of Operating Losses and losses allocated pursuant to Section
      5.01(b)(ii) and Section 5.01(c)(ii)(A) for the current and all prior
      years;

            (iii) Third, 100% to the General Partner and the Limited Partners in
      accordance with their respective Percentage Interests until the cumulative
      amount of Operating Income and gain allocated to the General Partner and
      each of the Limited Partners under this Section 5.01(a)(iii) and Section
      5.01(c)(i)(C)(4) for the current and all prior years and under Section
      5.01(a)(v) for all prior years (less the cumulative amount of Operating
      Losses allocated under Section 5.01(b)(i) for the current and all prior
      years) equals the cumulative amount distributed to the General Partner and
      each of the Limited Partners pursuant to Section 5.02(a) and Section
      5.02(b)(i)(C) for the current and all prior years;

            (iv) Fourth, 90% to the General Partner and the Limited Partners in
      accordance with their respective Percentage Interests and 10% to the
      Special Limited Partner until the cumulative amount of Operating Income
      and gain allocated to the Special Limited Partner under this Section
      5.01(a)(iv) and Section 5.01(c)(i)(D) for the current and all prior years
      equals the cumulative amount distributed to the Special Limited Partner
      pursuant to Section 5.02(b)(ii) for the current and all prior years; and

                                       17
<PAGE>
              (v) Thereafter, 100% to the General Partner and the Limited
       Partners in accordance with their respective Percentage Interests.

       (b) Operating Losses. Operating Losses of the Partnership for each
taxable year of the Partnership shall be allocated among the Partners as
follows:

              (i) First, 100% to the General Partner and the Limited Partners in
       accordance with their respective Percentage Interests until the
       cumulative amount of Operating Losses allocated pursuant to this Section
       5.01(b)(i) for the current and all prior years equals the cumulative
       amount of Operating Income allocated pursuant to Section 5.01(a)(v) for
       the current and all prior years;

              (ii) Second, 90% to the General Partner and the Limited Partners
       in accordance with their respective Percentage Interests and 10% to the
       Special Limited Partner until the cumulative amount of Operating Losses
       and losses allocated pursuant to this Section 5.01(b)(ii) and Section
       5.01(c)(ii)(A) for the current and all prior years (less the cumulative
       amount of Operating Income and gain allocated pursuant to Section
       5.01(a)(ii) and Section 5.01(c)(i)(B) for the current and all prior
       years) equals the cumulative amount of Operating Income and gain
       allocated pursuant to Section 5.01(a)(iv) and Section 5.01(c)(i)(D) for
       the current and all prior years; and

              (iii) Thereafter, 100% to the General Partner and the Limited
       Partners in accordance with their respective Percentage Interests.

       (c) Gains and Losses from Capital Transactions. (i) Gains from Capital
Transactions shall be allocated among the Partners as follows:

                     (A) First, 100% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              until the cumulative amount of Operating Income and gain allocated
              pursuant to Section 5.01(a)(i) and this Section 5.01(c)(i)(A) for
              the current and all prior years equals the cumulative amount of
              Operating Losses and losses allocated pursuant to Section
              5.01(b)(iii) and Section 5.01(c)(ii)(B) for the current and all
              prior years;

                     (B) Second, 90% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              and 10% to the Special Limited Partner until the cumulative amount
              of Operating Income and gain allocated pursuant to Section
              5.01(a)(ii) and this Section 5.01(c)(i)(B) for the current and all
              prior years equals the cumulative amount of Operating Losses and
              losses allocated pursuant to Section 5.01(b)(ii) and Section
              5.01(c)(ii)(A) for the current and all prior years;

                     (C) Third, 100% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              until the General Partner and the Limited Partners have been
              allocated an aggregate amount equal to the sum of (1) any
              depreciation or amortization recapture associated with the
              Partnership's investment in the Property, (2) the amount by which

                                       18
<PAGE>
              the Allocable Invested Capital exceeds the Partnership's
              investment in the Property, (3) any amounts distributed to the
              General Partner and the Limited Partners pursuant to Section
              5.02(b)(i)(B) (except to the extent that the related Cumulative
              Allocable Invested Capital Shortfall was attributable to a loss
              previously allocated pursuant to Section 5.01(c)(ii)(B) that has
              been previously recaptured pursuant to Section 5.01(a)(i) or
              Section 5.01(c)(i)(A)) and (4) any amounts distributed to the
              General Partner and the Limited Partners pursuant to Section
              5.02(b)(i)(C); and

                     (D) Thereafter, 90% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests,
              and 10% to the Special Limited Partner.

              (ii) Losses from Capital Transactions shall be allocated among the
       Partners follows:

                     (A) First, 90% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              and 10% to the Special Limited Partner until the cumulative amount
              of Operating Losses and losses allocated pursuant to Section
              5.01(b)(ii) and this Section 5.01(c)(ii)(A) for the current and
              all prior years (less the cumulative amount of Operating Income
              and gain allocated pursuant to Section 5.01(a)(ii) and Section
              5.01(c)(i)(B) for the current and all prior years) equals the
              cumulative amount of Operating Income and gain allocated pursuant
              to Section 5.01(a)(iv) and Section 5.01(c)(i)(D) for the current
              and all prior years; and

                     (B) Thereafter, 100% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests.

       (d) Gains and Losses from Terminating Capital Transactions. (i) Gains
from a Terminating Capital Transaction shall be allocated among the Partners as
follows:

                     (A) First, 100% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              until the aggregate Capital Account balance of the General Partner
              and the Limited Partners equals the sum of (1) the Adjusted
              Invested Capital (after reduction by any amounts previously
              distributed pursuant to Section 5.02(b)(i)(A) and (B)) and (2) the
              cumulative Return for the current year and all prior years that
              has not previously been distributed pursuant to Section
              5.02(b)(i)(C); and

                     (B) Thereafter, 90% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests,
              and 10% to the Special Limited Partner.

              (ii) Losses from a Terminating Capital Transaction shall be
       allocated among the Partners as follows:

                                       19
<PAGE>
                     (A) First, 90% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests
              and 10% to the Special Limited Partner until the cumulative amount
              of Operating Losses and losses allocated pursuant to Section
              5.01(b)(ii), Section 5.01(c)(ii)(A) and this Section
              5.01(d)(ii)(A) for the current and all prior years (less the
              cumulative amount of Operating Income and gain allocated pursuant
              to Section 5.01(a)(ii) and Section 5.01(c)(i)(B) for the current
              and all prior years) equals the cumulative amount of Operating
              Income and gain allocated pursuant to Section 5.01(a)(ii), Section
              5.01(a)(iv) and Section 5.01(c)(i)(D) for the current and all
              prior years; and

                     (B) Thereafter, 100% to the General Partner and the Limited
              Partners in accordance with their respective Percentage Interests.

       (e) Clawback. Notwithstanding Sections 5.01(a), (b), (c) and (d) hereof,
to the extent that the Special Limited Partner is required to repay
distributions to the Partnership pursuant to Section 5.02(c) hereof, the
allocations under Sections 5.01(a), (b), (c) and (d) hereof shall be adjusted to
reflect such repayment.

       (f) Depreciation and Amortization Deductions. Depreciation and
amortization deductions for each taxable year of the Partnership shall be
allocated to the General Partner and the Limited Partners in accordance with
their respective Percentage Interests.

       (g) 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.

       (h) Qualified Income Offset. If a Partner receives in any taxable year an
adjustment, allocation, or distribution described in subparagraph (4), (5), or
(6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a
deficit balance in such Partner's Capital Account that exceeds the sum of such
Partner's shares of Partnership Minimum Gain and Partner Nonrecourse Debt
Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g)
and 1.704-2(i), such Partner shall be

                                       20
<PAGE>
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(h), 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(h).

       (i) Capital Account Deficits. Loss shall not be allocated to a 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 other Partners who have
positive Capital Account balances in accordance with their respective Percentage
Interests. After the occurrence of an allocation of loss to a Partner in
accordance with this Section 5.01(i), to the extent permitted by Regulations
Section 1.704-1(b), profit, income, or gain shall be allocated to such Partner
in an amount necessary to offset a loss previously allocated to such Partner
under this Section 5.01(i).

       (j) 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 income, gain, loss and expense 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 discretion, shall determine which method shall be used to allocate the
distributive shares of the various items of income, gain, loss and expense
between the transferor and the transferee Partner.

       (k) 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). 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, expense and loss as required by Section 704(c) of the Code and
such election shall be binding on all Partners.

       Section 5.02 Distributions.

       (a) Cash Available for Distribution. The Partnership shall distribute
Cash Available for Distribution 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 discretion, to

                                       21
<PAGE>
the Partners who are Partners on the Partnership Record Date with respect to
such quarter (or other distribution period) 100% to the General Partner and the
Limited Partners in accordance with their respective Percentage Interests.

Notwithstanding the foregoing, however, 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) Sale Proceeds. The Partnership shall distribute Sale Proceeds 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 discretion, to the
Partners who are Partners on the Partnership Record Date with respect to such
quarter (or other distribution period) as follows:

              (i) First, 100% to the General Partner and the Limited Partners in
       accordance with their respective Percentage Interests until the General
       Partner and the Limited Partners have received an amount equal to the sum
       of (A) the Allocable Invested Capital with respect to the Properties sold
       during such quarter (or other distribution period), (B) any Cumulative
       Allocable Invested Capital Shortfall that has not been distributed
       pursuant to Section 5.02(a) hereof and (C) any cumulative shortfall in
       the General Partner's and the Limited Partners' receipt of the Return
       pursuant to Section 5.02(a) hereof and this Section 5.02(b)(i)(c); and

              (ii) Thereafter, 90% to the General Partner and the Limited
       Partners in accordance with their respective Percentage Interests, and
       10% to the Special Limited Partner.

       (c) Clawback. Notwithstanding Section 5.02 (b) hereof, if there is a
shortfall in the distribution of the Return to the General Partner and the
Limited Partners at the end of any calendar year and the Special Limited Partner
previously has received distributions pursuant to Section 5.02(b)(ii) (other
than distributions that have previously been repaid pursuant to this Section
5.02(c)), the Special Limited Partner will be required to repay to the
Partnership whatever portion of those prior distributions is

                                       22
<PAGE>
necessary to cause the Return to be met. The Partnership will distribute any
repaid amounts to the General Partner and the Limited Partners in accordance
with their respective Percentage Interests. For purposes of this Section
5.02(c), in determining whether there is a shortfall in the Return, only amounts
distributed pursuant to Section 5.02(b)(ii) or Section 5.02(c) generally will be
taken into account. However, to the extent that the Special Limited Partner has
returned a distribution under this Section 5.02(c), the returned distribution
plus the original accompanying 90% distribution to the General Partner and the
Limited Partners will be treated as having been distributed 100% to the General
Partner and the Limited Partners pursuant to Section 5.02(b)(ii) or Section
5.02(c). In no event will the cumulative amount repaid by the Special Limited
Partner to the Partnership pursuant to this Section 5.02(c) exceed the
cumulative amount of distributions that the Special Limited Partner previously
has received pursuant to Section 5.02(b)(ii).

       (d) Withholding. Notwithstanding any other provision of this Agreement,
the General Partner is authorized to take any action that it determines to be
necessary or appropriate to cause the Partnership to comply with any withholding
requirements established under the Code or any other federal, state, or local
law, including, without limitation, 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 (the "Distributable Amount") equals or exceeds the amount required
to be withheld by the Partnership (the "Withheld Amount"), the entire
Distributable Amount shall be treated as a distribution of cash to such Partner,
or (ii) if the Amount is less than the Withheld Amount, the excess of the
Withheld Amount over the Distributable Amount 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 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 have been made by the Partnership
to the Defaulting Limited Partner until such time the General Partner Loan has
been paid in full and any such distributions so received 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(d) 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

                                       23
<PAGE>
obligation, such interest to accrue from the date the Partnership or the General
Partner, as applicable, is deemed to extend the loan until such loan is repaid
in full.

       (e) Redeemed Partnership Units. In no event may a Partner receive a
distribution of cash with respect to a Partnership Unit if such Partner is
entitled to receive an equivalent 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
redeemed.

       Section 5.03 REIT Distribution Requirements. The General Partner shall
use its reasonable efforts to cause the Partnership to distribute amounts
sufficient to enable the Company to pay stockholder dividends that will allow a
Company to (i) meet its distribution requirement for qualification as a REIT as
set forth in Section 857 of the Code and (ii) avoid any federal income or excise
tax liability imposed by the Code (other than federal income tax liability
associated with capital gains that the Company elects to retain).

       Section 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.

       Section 5.05 Limitations on 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.

       Section 5.06 Distributions Upon Liquidation.

       (a) 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 this Section 5.06(a), 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.

       (b) If less than all of the Adjusted Invested Capital has been returned
to the General Partner and the Limited Partners or there is a shortfall in the
distribution of the Return to the General Partner and the Limited Partners when
the Partnership's last Property has been sold and the Special Limited Partner
previously has received distributions pursuant to Section 5.02(b)(ii) (other
than distributions that have previously been repaid pursuant to Section
5.02(c)), the Special Limited Partner will be required to repay to the
Partnership whatever portion of those prior distributions is necessary to cause
a full return of Adjusted Invested Capital and a full distribution of the Return
to the General Partner and the Limited Partners. The Partnership will distribute
any repaid amounts to the General Partner and the Limited Partners in accordance
with

                                       24
<PAGE>
their respective Percentage Interests. For purposes of this Section 5.06(b), in
determining whether Adjusted Invested Capital has been returned and a full
distribution of the Return has been made to the General Partner and the Limited
Partners, generally only amounts distributed pursuant to Section 5.02(b)(i) and
Section 5.06(a) will be taken into account. However, to the extent that the
Special Limited Partner returns a distribution under Section 5.02(c) or this
Section 5.06(b), the returned distribution plus the original accompanying 90%
distributions to the General Partner and the Limited Partners will be treated as
having been distributed 100% to the General Partner and the Limited Partners in
accordance with their respective Percentage Interests pursuant to Section
5.02(b)(i). In no event will the cumulative amount repaid by the Special Limited
Partner to the Partnership pursuant to Section 5.02(c) and this Section 5.06(b)
exceed a cumulative amount of distributions that the Special Limited Partner
previously has received pursuant to Section 5.02(b)(ii).

       Section 5.07 Substantial Economic Effect. It is the intent of the
Partners that the allocations of Operating Income, Operating Loss, income, gain,
loss and expense 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 or expenses attributable to nonrecourse debt) within the
meaning of Section 704(b) of the Code 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. Furthermore, the
General Partner shall have the right, without the consent of the Limited
Partners or the Special Limited Partner, to modify the provisions of Section
5.01 to the extent necessary to comply with Section 704(b) of the Code or
otherwise to achieve the intended distribution of Cash Available for
Distribution, Sale Proceeds, or liquidation proceeds among the Partners.

                                   ARTICLE VI
              RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER

       Section 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

                                       25
<PAGE>
       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 guarantee or become a co-maker of indebtedness of the
       Company, 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;

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

              (vii) 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;

              (viii) 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;

              (ix) 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;

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

              (xi) 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;

              (xii) to determine whether or not to apply any insurance proceeds
       for any property to the restoration of such property or to distribute the
       same;

                                       26
<PAGE>
              (xiii) 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 Partnership business and to
       pay therefor such reasonable remuneration as the General Partner may deem
       reasonable and proper;

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

              (xv) 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;

              (xvi) to maintain accurate accounting records and to file promptly
       all federal, state and local income tax returns on behalf of the
       Partnership;

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

              (xviii) 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);

              (xix) to establish Partnership reserves for working capital,
       capital expenditures, contingent liabilities or any other valid
       Partnership purpose; and

              (xx) 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 Company at all times to qualify as a REIT unless the
       Company 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.

       Section 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,

                                       27
<PAGE>
which Person may, under supervision of the General Partner, perform any acts or
services for the Partnership as the General Partner may approve.

       Section 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 service 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

                                       28
<PAGE>
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 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 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.

       Section 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, the Company and the Company's
stockholders collectively, that the General Partner is under no obligation to
consider the separate interests of the Limited Partners (including, without
limitation, the tax consequences to Limited Partners or the tax consequences of
some, but not all, of the Limited Partners) in deciding whether to cause the
Partnership to take (or decline to take) any actions. In the event of a conflict
between the interests of the stockholders of the Company on one hand and the
Limited Partners on the other, the General Partner shall endeavor in good faith
to resolve the conflict in a manner not adverse to either the Company's
stockholders or the Limited Partners; provided, however, that for so long as the
Company owns a controlling interest in the Partnership, any such conflict that
cannot resolved in a manner not adverse to either the Company's stockholders or
the Limited Partners shall be resolved in favor of the stockholders. The General
Partner shall not be liable for monetary damages for losses sustained,
liabilities incurred or benefits of 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, a 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

                                       29
<PAGE>
by or through its agents. The General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by it in good
faith.

       (d) Notwithstanding any other provisions of this Agreement or the Act,
any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership,
undertaken in the good faith belief that such action or omission is necessary or
advisable in order (i) to protect the ability of the Company to continue to
qualify as a REIT or (ii) to prevent the Company 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.

       Section 6.05 Reimbursement Obligations of Partnership. The General
Partner is hereby authorized to pay compensation for accounting, administrative,
legal, technical, management and other services rendered to the Partnership. All
of the aforesaid expenditures (including Administrative Expenses and REIT
Expenses) shall be obligations of the Partnership and the General Partner shall
be entitled to reimbursement by the Partnership for any expenditure (including
Administrative Expenses and REIT Expenses) incurred by it on behalf of the
Partnership which shall be made other than out of the funds of the Partnership.

       Section 6.06 Outside Activities. Subject to Section 6.08 hereof, the
Charter and any agreements entered into by the Company, the General Partner or
its Affiliates with the Partnership or a Subsidiary, any officer, director,
employee, agent, trustee, Affiliate or stockholder of the Company or 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.

       Section 6.07 Employment or Retention of Affiliates.

       (a) Any Affiliate of the Company or the General Partner may be employed
or retained by the Partnership and may otherwise deal with the Partnership
(whether as a buyer, lessor, lessee, manager, furnisher of goods or services,
broker, agent, lender or

                                       30
<PAGE>
otherwise) and may receive from the Partnership any compensation, price or other
payment therefor, which the General Partner determines to be fair and
reasonable.

       (b) The Partnership may lend or contribute to its Subsidiaries or other
Persons in which it has an equity investment and such Persons may borrow funds
from the Partnership, on terms and conditions established in the sole and
absolute discretion of the General Partner. The foregoing authority shall not
create any right or benefit in favor of any Subsidiary or any other Person.

       (c) The Partnership may transfer assets to joint ventures, other
partnerships, corporations or other business entities in which it is or thereby
becomes a participant upon such terms and subject to such conditions as the
General Partner deems are consistent with this Agreement 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.

       Section 6.08 Title of 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 Person, 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 a 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.

       Section 6.09 Miscellaneous. In the event the Company 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 terms that the Company redeemed
such REIT Shares. Moreover, if the Company 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 acquired by the Company 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.

                                       31
<PAGE>
                                   ARTICLE VII
                           CHANGES IN GENERAL PARTNER

       Section 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 Section 7.01(c) or in connection with a transaction described in Section
7.01(d) or (e).

       (b) The General Partner agrees that its Percentage Interest will at all
times be in the aggregate at least 1%.

       (c) Except as otherwise provided herein in Section 7.01(d) or (e) hereof,
the Company shall not engage in any merger, consolidation or other combination
with or into another Person or sale of all or substantially all of its assets,
or any reclassification, or any recapitalization or change of outstanding REIT
Shares (other than a change in par value, or from par value to no par value, or
as a result of a subdivision or combination of REIT Shares), in each case which
results in a change of control of the Company (a "Transaction"), unless:

              (i) 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 Redemption
       Right and (B) sold, tendered or exchanged pursuant to the Offer the REIT
       Shares received upon exercise of the Redemption Right immediately prior
       to the expiration of the Offer; or

              (ii) the Company is the surviving entity in the Transaction and
       either 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 an Affiliate of the General Partner) receive an
       amount of cash, securities or other property (expressed as an amount per
       REIT Share) that is no less than the product of 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 Company 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, including any wholly owned Subsidiary of such entity (collectively, the
"Survivor"), other than Partnership Units or the stock of any wholly owned
Subsidiary, 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

                                       32
<PAGE>
faith and (ii) the Survivor expressly agrees to assume all obligations of the
Company, 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 redeemed 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.

       (e) Notwithstanding Section 7.01(c),

              (i) a General Partner (including the Company) 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, withdraw as General Partner; and

              (ii) the Company may engage in any 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.

       Section 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) Except where the admission of a substitute or additional General
Partner is expressly authorized in Section 7.01, a majority in interest of the
Limited Partners (other than the General Partner) must consent in writing to the
admission of the substitute or additional General Partner, which consent may be
withheld in the sole discretion of such Limited Partners;

       (b) 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;

                                       33
<PAGE>
       (c) 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

       (d) Counsel for the Partnership shall have rendered an opinion (relying
on such opinion 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.

       Section 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 or 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.

       (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 or Event of Bankruptcy 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 reconstitute the Partnership and continue the business of the Partnership for
the balance of the term specified in Section 2.04 hereof by selecting, subject
to Section 7.02 hereof and any other provisions of this Agreement, a substitute
General Partner by unanimous consent of the Limited Partners. If the Limited
Partners elect to reconstitute 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.

       Section 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 or
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

                                       34
<PAGE>
partners. The Limited Partners may not otherwise 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(b) 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 ten (10) days
following the removal of the General Partner. In a event that the parties are
unable to agree upon an appraiser, the removed General Partner and a majority in
interest of the Limited Partners each shall select an appraiser. Each such
appraiser shall complete an appraisal of the fair market value of the removed
General Partner's General Partnership Interest within thirty (30) days of the
General Partner's removal and the fair market value of the removed General
Partner's General Partnership Interest shall be the average of the two
appraisals; provided, however, that if the higher appraisal exceeds the lower
appraisal by more than 20% of the amount of the lower appraisal, the two
appraisers, no later than forty (40) days after the removal of the General
Partner, shall select a third appraiser who shall complete an appraisal of the
fair market value of the removed General Partner's General Partnership Interest
no later than sixty (60) days after the removal of the General Partner. In such
case, the fair market value of the removed General Partner's General Partnership
Interest shall be the average of the two appraisals closest in value.

       (c) The General Partnership Interest of a removed General Partner, during
the time after default until transfer under Section 7.04(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 have been entitled to receive in its
capacity as General Partner, until a 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.

                                       35

<PAGE>

      Section 7.05 Option to Acquire Incentive Limited Partnership Interest. The
General Partner shall have the option to acquire the Incentive Limited
Partnership Interest upon the listing of the REIT Shares on a stock exchange.
The purchase price for the Incentive Limited Partnership Interest shall be
payable in REIT Shares or Limited Partnership Interests, at the election of the
Special Limited Partner, except that the Special Limited Partner shall not be
permitted to elect to receive REIT Shares to the extent that doing so would
cause the Company to fail to qualify as a REIT. The purchase price for the
Incentive Limited Partnership Interest shall equal the amount of the
distribution that the Special Limited Partner would receive pursuant to Section
5.02(a)(ii) and Section 5.02(b)(ii) hereof if the Partnership were immediately
to sell all of its Properties for their market value.

                                  ARTICLE VIII
                 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

      Section 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.

      Section 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 and 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.

      Section 8.03 Limitation of 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.

      Section 8.04  [Reserved].

      Section 8.05  Redemption Right.

      (a)   Subject to the provisions of this Section 8.05 and the terms of any
agreements between the Partnership and one or more Limited Partners, each
Limited Partner (other than the Special Limited Partner, the General Partner or
any wholly owned Subsidiaries of the General Partner or the Partnership Units
purchased by the Initial Limited Partner) shall have the right (the "Redemption
Right") to require the Partnership to redeem on the Specified Redemption Date
all or a portion of the Partnership Units held by such Limited Partner at a
redemption price equal to and in the form of the Cash Amount to be paid by the
Partnership. The Redemption Right shall be exercised

                                       36
<PAGE>
pursuant to a Notice of Redemption delivered to the Partnership (with a copy to
the General Partner) by the Limited Partner who is exercising the Redemption
Right (the "Redeeming Partner"); provided, however, that the Partnership shall
not be obligated to satisfy such Redemption Right if the General Partner elects
to purchase the Partnership Units subject to the Notice of Redemption pursuant
to Section 8.05(b); and provided, further, that no Limited Partner may deliver
more than two Notices of Redemption during each calendar year. A Limited Partner
may not exercise the Redemption 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 Redeeming Partner shall have no
right, with respect to any Partnership Units so redeemed, to receive any
distribution paid with respect to Partnership Units if the Partnership Record
Date for such distribution is on or after the Specified Redemption Date.

      (b)   Notwithstanding the provisions of Section 8.05(a), a Limited Partner
that exercises the Redemption Right shall be deemed to have offered to sell the
Partnership Units described in the Notice of Redemption 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 Redeeming
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
Redemption Date, whereupon the General Partner shall acquire the Partnership
Units offered for redemption by the redeeming 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 Redemption, it shall so
notify the Redeeming Partner within ten (10) Business Days after the receipt by
the General Partner of such Notice of Redemption. Unless the General Partner (in
its sole and absolute discretion) shall exercise its right to purchase
Partnership Units from the Redeeming Partner pursuant to this Section 8.05(b),
the General Partner shall have no obligation to the Redeeming Partner or the
Partnership with respect to the Redeeming Partner's exercise of the Redemption
Right. In the event the General Partner shall exercise its right to purchase
Partnership Units with respect to the exercise of a Redemption 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 Redeeming Partner with respect
to such Redeeming Partner's exercise of such Redemption Right and each of the
Redeeming Partner, the Partnership and the General Partner, as the case may be,
shall treat the transaction between the General Partner and the Redeeming
Partner for federal income tax purposes as a sale of the Redeeming Partner's
Partnership Units to the General Partner. Each Redeeming 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 Redemption
Right. If the Redeeming Partner receives REIT Shares, the Redeeming Partner
shall have the right to receive any dividend or other distribution paid with
respect to REIT Shares if the record date for such dividend or distribution is
on or after the Specified Redemption Date.

      (c)   Notwithstanding the provisions of Section 8.05(a) and 8.05(b), a
Limited Partner shall not be entitled to exercise the Redemption Right if the
delivery of REIT Shares to such Partner on the Specified Redemption Date by the
General Partner pursuant to Section 8.05(b) (regardless of whether the General
Partner would in fact exercise its rights under Section 8.05(b)) would (i)
result in such Partner or any other person owning, directly or indirectly, REIT
Shares in excess of the Aggregate Stock Ownership Limit or

                                       37
<PAGE>
Common Stock Ownership Limit (each as defined in the Charter) and calculated in
accordance therewith, except as provided in the Charter, (ii) result in REIT
Shares being owned by fewer than 100 persons (determined without reference to an
rules of attribution), (iii) result in the General Partner being "closely held"
within the meaning of Section 856(h) of the Code, (iv) otherwise jeopardize the
General Partner's status as a REIT or (iv) 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. The General Partner, in its sole discretion, may waive the restriction on
redemption set forth in this Section 8.05(c); provided, however, that in the
event such restriction is waived, the Redeeming Partner shall be paid the Cash
Amount.

      (d)   Any Cash Amount to be paid to a Redeeming Partner pursuant to this
Section 8.05 shall be paid on the Specified Redemption Date; provided, however,
the General Partner may elect to cause the Specified Redemption 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 redeemed Partnership Units hereunder to occur as quickly as
reasonably possible.

      (e)   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 that apply
upon a Redeeming Partner's exercise of the Redemption Right. If a Redeeming
Partner believes that it is exempt from such withholding upon a exercise of the
Redemption Right, such Partner must furnish the General Partner with a FIRPTA
Certificate in the form attached hereto as Exhibit C. If the Partnership or the
General Partner is required to withhold and pay over to any taxing authority any
amount upon a Redeeming Partner's exercise of the Redemption Right and if the
Redemption Amount equals or exceeds the Withheld Amount, the Withheld Amount
shall be treated as an amount received by such Partner in redemption of its
Partnership Units. If, however, the Redemption Amount is less than the Withheld
Amount, the Redeeming Partner shall not receive any portion of the Redemption
Amount, the Redemption Amount shall be treated as an amount received by such
Partner in redemption of its Partnership Units and the Partner shall contribute
the excess of the Withheld Amount over the Redemption Amount to the Partnership
before the Partnership is required to pay over such excess to a taxing
authority.

      (f)   Notwithstanding any other provision of this Agreement, the General
Partner shall place appropriate restrictions on the ability of the Limited
Partners to exercise their Redemption Rights as and if deemed necessary to
ensure that the Partnership does not constitute a "publicly traded partnership"
that is taxed as a corporation 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" that is taxed as a
corporation under Section 7704 of the Code.

                                       38
<PAGE>
      Section 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 redeemed (or such later date as may be permitted under
applicable provisions of the Securities Act), the General Partner agrees to file
with 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 REIT Shares that may be issued upon
redemption of such Partnership Units pursuant to Section 8.05 hereof
("Redemption 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 separate Registration Statement, but may file one
Registration Statement covering Redemption 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 Redemption 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 Redemption Shares by
Affiliates or others whose Redemption Shares are not covered by a Registration
Statement filed pursuant to subsection (a) above, provided that the General
Partner is furnished all information with respect to holders of Redemption
Shares required to complete such Registration Statement and have it declared
effective by the Commission. 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 Redemption 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 REIT Shares on any securities exchange or national
market system, it will at its expense and as necessary to permit the
registration and sale of the Redemption Shares hereunder, list thereon, maintain
and, when necessary, increase such listing to include such Redemption Shares.

                                       39
<PAGE>
      (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 Redemption Shares after the first date upon
which, in the opinion of counsel to the General Partner, all of the Redemption
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

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

      Section 9.02  Restrictions on Transfer of Limited Partnership Interests.

      (a)   Subject to the provisions of this Article IX, 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 an absolute discretion. Any such purported transfer undertaken without such
consent shall considered to be null and void ab initio and shall not be given
effect. Each 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 Section 9.05
below) of all of his Partnership Units pursuant to this Article IX or pursuant
to a redemption of all of his Partnership Units pursuant to Section 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 the provisions of this Article IX, a Limited Partner may
Transfer, with the consent of the General Partner, all or a portion of his
Partnership Units to (i) a

                                       40
<PAGE>
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 clause (i) above, or
(iii) if the Limited Partner is an entity, its beneficial owners or one or more
of its Affiliates.

      (d)   No Limited Partner may effect a Transfer of its Limited Partnership
Interest, in whole or in part, if, in the opinion of legal counsel for the
Partnership, such proposed Transfer would require the registration of the
Limited Partnership Interest under the Securities Act, or would otherwise
violate any applicable federal or state securities or blue sky law (including
investment suitability standards).

      (e)   No Transfer by a Limited Partner of its Partnership 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 being treated as
an association taxable as 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
Company to continue to qualify as a REIT or subject the Company to any taxes
under Section 857 or Section 4981 of the Code, or (iii) such transfer is
effectuated through an "established securities market" or a "secondary market
(or the substantial equivalent thereof)" within a 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 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, however, that as a condition to such consent,
the lender may 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 which a security interest is held simultaneously with the time at which
such lender would 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 a transferee shall deliver to the General Partner such
opinions, certificates and other documents as the General Partner shall request
in connection with such Transfer.

      Section 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

                                       41
<PAGE>
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, limited
      liability company 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.

            (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 reasonable legal fees 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 Operating Income 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.

                                       42
<PAGE>
      Section 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.

      Section 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 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.

      Section 9.06 Joint Ownership of Interests. A Partnership Interest may be
acquired by two individuals as joint tenants with the 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

      Section 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

                                       43
<PAGE>
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.

      Section 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 commingling as may
necessarily result from an investment in those investment companies permitted by
this Section 10.02(b).

      Section 10.03 Fiscal and Taxable Year.  The fiscal and taxable year of the
Partnership shall be the calendar year.

      Section 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 a properly
completed Schedule K-1.

      Section 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.

                                       44
<PAGE>
      (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 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.

      Section 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
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 THIS AGREEMENT

      Section 11.01 Amendment of this Agreement The General Partner's consent
shall be required for any amendment to this Agreement. The General Partner,
without the consent of the Limited Partners, may amend this Agreement in any
respect; provided, however, that the following amendments shall require the
consent of Limited Partners holding more than 50% of the Percentage Interests of
the Limited Partners:

      (a)   any amendment affecting the operation of the Conversion Factor or
the Redemption Right (except as provided in Section 7.01 or 8.05 hereof) in a
manner adverse to the Limited Partners;

      (b)   any amendment that would adversely affect the rights of the Limited
Partners to receive the distributions payable to them hereunder, other than
pursuant to the issuance of additional Partnership Units pursuant to Section
4.02 hereof;

                                       45
<PAGE>
      (c)   any amendment that would alter the Partnership's allocations of
income, gain, loss and expense to the Limited Partners, other than pursuant to
the issuance of additional Partnership Units pursuant to Section 4.02 hereof or
an amendment effected pursuant to Section 5.07 hereof; or

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

                                   ARTICLE XII
                               GENERAL PROVISIONS

      Section 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 and return receipt requested, to the Partners at the addresses
set forth in Exhibit A attached hereto; provided, however, that any Partner may
specify a different address by notifying the General Partner in writing of such
different address. Notices to the Partnership shall be delivered at, or mailed
to, its specified office.

      Section 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.

      Section 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.

      Section 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 no affect the remainder hereof.

      Section 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.

      Section 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.

      Section 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.

                                       46
<PAGE>
      Section 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.

      Section 12.09 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Maryland.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

                                       47
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have hereunder affixed their
signatures to this Agreement of Limited Partnership, all as of April 26, 2004.

                                GENERAL PARTNER:

                                A REIT, INC., a Maryland corporation

                                By:
                                   ---------------------------------------
                                   Anthony W. Thompson, President

                                SPECIAL LIMITED PARTNER:

                                TRIPLE NET PROPERTIES L.L.C., a Virginia limited
                                liability company

                                By:
                                   ---------------------------------------
                                   Anthony W. Thompson, President

                                INITIAL LIMITED PARTNER:

                                TRIPLE NET PROPERTIES L.L.C., a Virginia limited
                                liability company

                                By:
                                   ---------------------------------------
                                   Anthony W. Thompson, President

                                       48
<PAGE>
                                    EXHIBIT A

<TABLE>
<CAPTION>
                                           Agreed Value
                                 Cash       of Capital   Partnership  Percentage
Partner                      Contribution  Contribution     Units      Interest
<S>                          <C>           <C>           <C>          <C>
GENERAL PARTNER:

A REIT, Inc.                  $  1,000      $  1,000         100        0.50%

LIMITED PARTNER:

Triple Net Properties,        $200,000      $200,000      20,000        99.5%
L.L.C.

SPECIAL LIMITED PARTNER:

Triple Net Properties, L.L.C.        0             0           0           0%*

</TABLE>

* The Special Limited Partner will be entitled to the distributions provided for
in Article V of this Agreement.

                                       A-1
<PAGE>
                                    EXHIBIT B

                   NOTICE OF EXERCISE OF REDEMPTION RIGHT

      In accordance with Section 8.05 of the Agreement of Limited Partnership
(the "Agreement") of A REIT, L.P., a Maryland limited partnership, the
undersigned hereby irrevocably (i) presents for redemption Partnership Units in
A REIT, L.P. in accordance with the terms of the Agreement and the Redemption
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 Redemption 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:

                                       B-1
<PAGE>
                                    EXHIBIT C

For Redeeming Partners that are entities:

                       CERTIFICATION OF NON-FOREIGN STATUS

      Under Section 1445(e) of the Internal Revenue Code of 1986, as amended
(the "Code"), in the event of a disposition by a non-U. S. person of a
partnership interest in a partnership in which (i) 50% or more of the value of
the gross assets consists of United States real property interests ("USRPIs"),
as defined in section 897(c) of the Code and (ii) 90% or more of the value of
the gross assets consists of USRPIs, cash and cash equivalents, the transferee
will be required to withhold 10% of the amount realized by the non-U. S. person
upon the disposition. To inform A REIT, Inc., a Maryland corporation (the
"General Partner"), and A REIT, L.P., a Maryland limited partnership (the
"Partnership"), that no withholding is required with respect to the redemption
by ________________________ ("Limited Partner") of its units of limited
partnership interest in the Partnership, the undersigned hereby certifies the
following on behalf of Limited Partner:

1.    Limited Partner is not a foreign corporation, foreign partnership, foreign
      trust, or foreign estate as those terms are defined in the Code and the
      Treasury regulations thereunder.

2.    The U. S. employer identification number of Limited Partner is __________.

3.    The principal business address of Limited Partner is _____________________
      __________________________________________, and Limited Partner's place of
      incorporation is ______________________________________________________.

4.    Limited Partner agrees to inform the General Partner if it becomes a
      foreign person at any time during the three-year period immediately
      following the date of this notice.

5.    Limited Partner understands that this certification may be disclosed to
      the Internal Revenue Service by the General Partner and that any false
      statement contained herein could be punished by fine, imprisonment, or
      both.

                                    LIMITED PARTNER

                                    By:_________________________________________

                                    Name:_______________________________________

                                    Its:________________________________________

Under penalties of perjury, I declare that I have examined this certification
and, to the best of my knowledge and belief, it is true, correct and complete
and I further declare that I have authority to sign this document on behalf of
Limited Partner.

Date: ____________________           [NAME]

                                     ___________________________________________
                                      Title

                                       C-1
<PAGE>
For Redeeming Partners that are individuals:

                       CERTIFICATION OF NON-FOREIGN STATUS

      Under section 1445(e) of the Internal Revenue Code of 1986, as amended
(the "Code"), in the event of a disposition by a non-U. S. person of a
partnership interest in a partnership in which (i) 50% or more of the value of
the gross assets consists of United States real property interests ("USRPIs"),
as defined in section 897(c) of the Code and (ii) 90% or more of the value of
the gross assets consists of USRPIs, cash and cash equivalents, the transferee
will be required to withhold 10% of the amount realized by the non-U. S. person
upon the disposition. To inform A REIT, Inc., a Maryland corporation (the
"General Partner"), and A REIT, L.P., a Maryland limited partnership (the
"Partnership"), that no withholding is required with respect to my redemption of
my units of limited partnership interest in the Partnership, I,
_________________, hereby certify the following:

1.    I am not a nonresident alien for purposes of U. S. income taxation.

2.    My U. S. taxpayer identification number (social security number) is
      _____________________________.

3.    My home address is:______________________________________________________.

4.    I agree to inform the General Partner promptly if I become a
      nonresident alien at any time during the three-year period immediately
      following the date of this notice.

5.    I understand that this certification may be disclosed to the Internal
      Revenue Service by the General Partner and that any false statement
      contained herein could be punished by fine, imprisonment, or both.

                                      __________________________________________
                                      Name:

Under penalties of perjury, I declare that I have examined this certification
and, to the best of my knowledge and belief, it is true, correct and complete.

Date: ______________________
                                      __________________________________________
                                      Name:

                                       C-1<PAGE>

                                                                    EXHIBIT 10.6

                           FORM OF ADVISORY AGREEMENT

         ADVISORY AGREEMENT made as of ________ __, 2004 between A REIT, Inc., a
Maryland corporation (the "Company"), and Triple Net Properties, LLC, a Virginia
limited liability company (the "Advisor").

                                   WITNESSETH:

         WHEREAS, the Company intends to qualify as a real estate investment
trust (a "REIT") as defined in Sections 856 through 860 of the Internal Revenue
Code of 1986, as amended (the "Code"), and to make investments of the type
permitted to qualified REITs under the Code and not inconsistent with the
Charter of the Company (the "Charter") and the Bylaws of the Company; and

         WHEREAS, the Company desires to avail itself of the experience, sources
of information, advice and assistance of the Advisor and to have the Advisor
undertake the duties and responsibilities hereinafter set forth, on behalf of
and subject to the supervision of the Board of Directors of the Company (the
"Board of Directors"), all as provided herein; and

         WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth;

         NOW, THEREFORE, in consideration of the mutual covenants herein set
forth, the parties hereto agree as follows:

         1.       DEFINITIONS.

         As used herein, the following terms shall have the meanings set forth
below:

                  (a) "ACQUISITION EXPENSES" shall mean any and all expenses
         related to selecting, evaluating and acquiring properties, whether or
         not acquired, including, but not limited to, legal fees and expenses,
         travel and communications expenses, cost of appraisals and surveys,
         nonrefundable option payments on property not acquired, accounting fees
         and expenses, computer use related expenses, architectural, engineering
         and other property reports, environmental and asbestos audits, title
         insurance and escrow fees, transfer taxes and personnel and
         miscellaneous expenses related to the selection, evaluation and
         acquisition of properties.

<PAGE>

                  (b) "ACQUISITION FEES" shall mean any and all fees and
         commissions, exclusive of Acquisition Expenses, paid by any Person to
         any other Person (including any fees or commissions paid by or to any
         Affiliate of the Company or the Advisor) in connection with the
         purchase, development or construction of any Property, including,
         without limitation, real estate commissions, acquisition fees, finder's
         fees, selection fees, non-recurring management fees, consulting fees,
         loan fees or points or any fee of a similar nature, however designated.

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

                  (d) "AVERAGE INVESTED ASSETS" shall mean, for any period, the
         average of the aggregate Book Value of the assets of the Company
         invested, directly or indirectly, in real estate assets or in equity
         interests in and loans secured by real estate, before reserves for
         depreciation or bad debts or other similar non-cash reserves, computed
         by taking the average of such values at the end of each month during
         such period.

                  (e) "BOOK VALUE" of an asset shall mean the value of such
         asset on the books of the Company, before allowance for depreciation or
         amortization.

                  (f) "BYLAWS" shall mean the bylaws of the Company, as the same
         are in effect from time to time.

                  (g) "CHARTER" shall mean the Articles of Incorporation of the
         Company filed within the meaning of the Maryland General Corporation
         Law, as amended from time to time.

                  (h) "COMMON STOCK" shall mean the common stock, par value $.01
         per share, of the Company.

                  (i) "COMPETITIVE REAL ESTATE COMMISSION" shall mean the real
         estate or brokerage commission paid for the purchase or sale of a
         Property which is reasonable, customary and competitive in light of the
         size, type and location of such Property.

                                       2
<PAGE>

                  (j) "CUMULATIVE RETURN" shall mean a cumulative,
         non-compounded return equal to 8% per annum on Invested Capital
         commencing upon acceptance by the Company of an investor's
         subscription.

                  (k) "FISCAL YEAR" shall mean any period for which any income
         tax return is submitted by the Company to the Internal Revenue Service
         and which is treated by the Internal Revenue Service as a reporting
         period.

                  (l) "GROSS OFFERING PROCEEDS" shall mean the total proceeds
         from the sale of Shares before deductions for Organization and Offering
         Expenses. For purposes of calculating Gross Offering Proceeds, the
         purchase price for all Shares issued in the Company's initial public
         offering, including those for which volume discounts apply, shall be
         deemed to be $10.00 per Share. Unless specifically included, Gross
         Offering Proceeds does not include any proceeds from the sale of Shares
         pursuant to the Company's Distribution Reinvestment Plan.

                  (m) "GROSS INCOME FROM PROPERTIES" shall mean all cash
         receipts derived from the operation of the Company's Property,
         excluding (i) tenant security deposits unless and until such deposits
         are forfeited upon a tenant default, and (ii) proceeds from insurance
         claims, condemnation proceedings, sales or refinancings.

                  (n) "INCENTIVE DISTRIBUTION UPON DISPOSITIONS" shall mean an
         amount equal to 10% of the net proceeds from the sale of a Property
         after the Company has received and paid to Stockholders the sum of (i)
         Invested Capital initially allocated to that Property, and (ii) any
         remaining shortfall in the recovery of Invested Capital with respect to
         prior sales of Properties, and (iii) any remaining shortfall in the
         Cumulative Return as described in Section 9(h).

                                       3
<PAGE>

                  (o) "INDEPENDENT DIRECTORS" shall mean a Director who is not,
         and within the last two (2) years has not been, directly or indirectly,
         associated with a Sponsor or the Advisor by virtue of (i) ownership of
         an interest in a Sponsor, the Advisor or their Affiliates, (ii)
         employment by a Sponsor, the Advisor or their Affiliates, (iii) service
         as an officer or director of a Sponsor, the Advisor or their
         Affiliates, (iv) performance of services, other than as a Director, for
         the Company, (v) service as a director or trustee of more than three
         (3) real estate investment trusts organized by a Sponsor or advised by
         the Advisor, or (vi) maintenance of a material business or professional
         relationship with a Sponsor, the Advisor or any of their Affiliates. An
         indirect relationship shall include circumstances in which a Director's
         spouse, parents, children, siblings, mothers- or fathers-in-law, sons-
         or daughters-in-law or brothers- or sisters-in-law is or has been
         associated with a Sponsor, the Advisor, any of their Affiliates or the
         Company. A business or professional relationship is considered material
         if the gross revenue derived by the Director from a Sponsor, the
         Advisor and Affiliates exceeds five percent (5%) of either the
         Director's annual gross revenue during either of the last two (2) years
         or the Director's net worth on a fair market value basis.

                  (p) "INVESTED CAPITAL" shall mean the total proceeds from the
         sale of Shares. When a Property is sold, Invested Capital will be
         reduced by the lesser of (1) the net sale proceeds available for
         distribution from such sale or (2) the sum of (A) the portion of
         Invested Capital that initially was allocated to that Property and (B)
         any remaining shortfall in the recovery of Invested Capital with
         respect to prior sales of Properties.

                  (q) "LISTING" shall mean the listing of the Shares of the
         Company on a national securities exchange or inclusion for quotation on
         a national market system.

                  (r) "NET INCOME" shall mean, for any period, total revenues
         applicable to such period, less the operating expenses applicable to
         such period other than additions to or allowances for reserves for
         depreciation, amortization or bad debts or other similar noncash
         reserves; provided, however, that Net Income shall not include any gain
         from the sale of the Company's assets.

                  (s) "OFFERING" shall mean the offering of Shares of the
         Company pursuant to the Prospectus on a "best efforts" basis.

                                       4
<PAGE>

                  (t) "ORGANIZATION AND OFFERING EXPENSES" shall mean those
         expenses incurred by and to be paid from the assets of the Company in
         connection with and in preparing the Company for registration and
         subsequently offering and distributing Shares to the public, including,
         but not limited to, total underwriting and brokerage discounts and
         commissions (including reasonable fees of the underwriters' attorneys),
         expenses for printing, engraving, mailing, salaries of employees while
         engaged in sales activity, charges of transfer agents, registrars,
         trustees, escrow holders, depositaries, experts, expenses of
         qualification of the sale of the Shares under federal and state laws,
         including taxes and fees, and accountants', consultants' and attorneys'
         fees and expenses.

                  (u) "PARTNERSHIP" shall mean A REIT, L.P., a Maryland limited
         partnership, and a majority-owned subsidiary of the Company.

                  (v) "PERFORMANCE TERMINATION FEE" shall mean, upon the
         Termination Date, an amount equal to 10% of the amount, if any, by
         which (1) the appraised value of the Company's assets on the
         Termination Date, less (a) the amount of all indebtedness secured by
         such assets, and (b) the aggregate distributions made to the
         Stockholders, exceeds (2) the sum of (a) 100% of the Invested Capital
         and (b) the total amount required to be distributed to the Stockholders
         in order to pay the Cumulative Return from inception through such
         Termination Date.

                  (w) "PROPERTY" or "PROPERTIES" shall mean any, or all,
         respectively, of the real property and improvements thereon or direct
         or indirect interests in, including equity or debt interests in
         entities that own, real property and improvements thereon owned or to
         be owned by the Company, directly or indirectly.

                  (x) "PROPERTY DISPOSITION FEE" shall mean a real estate
         disposition fee payable (under certain conditions) to the Advisor and
         its Affiliates upon the sale of the Company's Property as described in
         Section 9(e).

                  (y) "PROPERTY MANAGEMENT FEE" shall mean any fee paid to an
         Affiliate or third party as compensation for management of the
         Company's properties as described in Section 9(f).

                  (z) "PERSON" shall mean any natural person, partnership,
         corporation, association, trust, limited liability company or other
         legal entity.

                  (aa) "PROSPECTUS" shall mean the final prospectus of the
         Company in connection with the initial registration of Shares filed
         with the Securities

                                       5
<PAGE>

         and Exchange Commission on Form S-11, as supplemented and amended from
         time to time.

                  (bb) "REAL ESTATE COMMISSION" shall mean the real estate or
         brokerage commission paid in connection with the purchase of a
         Property.

                  (cc) "SHARES" shall mean the shares of Common Stock of the
         Company.

                  (dd) "SPONSOR" shall mean any Person, directly or indirectly,
         instrumental in organizing, wholly or in part, the Company or any
         Person who will control, manage or participate in the management of the
         Company, and any Affiliate of such Person. Not included is any Person
         whose only relationship with the Company is that of an independent
         property manager of Company assets, and whose only compensation is as
         such. Sponsor does not include wholly independent third parties such as
         attorneys, accountants, and underwriters whose only compensation is for
         professional services. A Person also may be deemed a Sponsor of the
         Company by:

                           (i) taking the initiative, directly or indirectly, in
                  founding or organizing the business or enterprise of the
                  Company, either alone or in conjunction with one or more other
                  Persons;

                           (ii) receiving a material participation in the
                  Company in connection with the founding or organizing of the
                  business of the Company, in consideration of services or
                  property, or both services and property;

                           (iii) having a substantial number of relationships
                  and contacts with the Company;

                           (iv) possessing significant rights to control Company
                  properties;

                           (v) receiving fees for providing services to the
                  Company which are paid on a basis that is not customary in the
                  industry; or

                           (vi) providing goods or services to the Company on a
                  basis which was not negotiated at arms length with the
                  Company.

                  (ee) "STOCKHOLDERS" shall mean holders of the Shares.

                  (ff) "TERMINATION DATE" shall mean the date this Agreement is
         terminated.

                                       6
<PAGE>

                  (gg) "TOTAL OPERATING EXPENSES" shall mean the aggregate
         expenses of every character paid or incurred by the Company as
         determined under generally accepted accounting principles, including
         fees paid to the Advisor, but excluding:

                           (i) the expenses of raising capital such as
                  Organization and Offering Expenses, legal, audit, accounting,
                  underwriting, brokerage, listing, registration and other fees,
                  printing and other such expenses, and taxes incurred in
                  connection with the issuance, distribution, transfer,
                  registration and Listing of the Shares;

                           (ii) interest payments;

                           (iii) taxes;

                           (iv) non-cash expenditures such as depreciation,
                  amortization and bad debt reserves;

                           (v) the Incentive Distribution Upon Dispositions; and

                           (vi) Acquisition Fees, Acquisition Expenses, real
                  estate commissions on resale of any property and other
                  expenses connected with the acquisition, disposition (whether
                  by sale, exchange or condemnation) and ownership of real
                  estate interests, mortgage loans or other property (such as
                  the costs of foreclosure, insurance premiums, legal services,
                  maintenance, repair and improvement of property).

         2.       DUTIES OF THE ADVISOR.

         The Advisor shall consult with the Company and shall, at the request of
the Board of Directors or the officers of the Company, furnish advice and
recommendations with respect to all aspects of the business and affairs of the
Company. In general, the Advisor shall inform the Board of Directors of factors
that come to its attention which could influence the policies of the Company.
Subject to the supervision of the Board of Directors and consistent with the
provisions of the Charter and the Bylaws, the Advisor shall, either directly or
by engaging an Affiliate, use its best efforts to:

                                       7
<PAGE>

                  (a) Present to the Company a continuing and suitable
         investment program and opportunities to make investments consistent
         with the investment objectives and policies of the Company and the
         investment program adopted by the Board of Directors and in effect at
         the time and furnish the Company with advice with respect to the
         making, acquiring, holding and disposing of investments and commitments
         therefor. The Advisor also is obligated to provide the Company with the
         first opportunity to purchase any income-producing automotive, aviation
         or aerospace-related properties placed under contract by the Advisor or
         its Affiliates, provided that: (1) the Company has funds available to
         make the purchase; (2) the Board of Directors votes to make the
         purchase within 7 days of being offered such property by the Advisor;
         and (3) the property meets the Company's acquisition criteria as
         disclosed to the Advisor from time to time; provided, further, that in
         the event that any income-producing automotive, aviation or
         aerospace-related property contains government tenants that would fit
         within the investment criteria of G REIT, Inc., a public company for
         which the Advisor also acts as the advisor, is placed under contract
         for acquisition, that the Advisor has an obligation to provide the
         first opportunity to acquire such property to G REIT, Inc.;

                  (b) Manage the Company's day-to-day operations to effect the
         investment program adopted by the Board of Directors and perform or
         supervise the performance of such other administrative functions
         necessary in connection with the management of the Company as may be
         agreed upon by the Advisor and the Company;

                  (c) Serve as the Company's investment advisor in connection
         with policy decisions to be made by the Board of Directors and, as
         requested, furnish reports to the Board of Directors and provide
         research, economic and statistical data in connection with the
         Company's investments and investment policies;

                  (d) On behalf of the Company, investigate, select and conduct
         business with such Persons as the Advisor deems necessary to the proper
         performance of its obligations hereunder, including, but not limited
         to, lenders, consultants, accountants, brokers, property managers,
         attorneys, underwriters, appraisers, insurers, escrow agents, transfer
         agents, corporate fiduciaries, banks, builders and developers, sellers
         and buyers of investments and persons acting in any other capacity
         specified by the Company from time to time, and enter into contracts
         with, retain and supervise services performed by such parties in
         connection with investments which have been or may be acquired or
         disposed of by the Company;

                                       8
<PAGE>

                  (e) Perform such property management services and other
         activities relating to the Company's assets as the Advisor shall deem
         appropriate in the particular circumstances, or cooperate with any
         property manager in connection with property management services and
         other activities relating to the Company's properties as the Advisor
         shall deem appropriate in the particular circumstances, subject to the
         requirement that the Advisor qualify as an "independent contractor" as
         that phrase is used in connection with applicable laws, rules and
         regulations affecting REITs that own real property;

                  (f) Upon request of the Company, act, or obtain the services
         of others to act, as attorney-in-fact or agent of the Company in
         making, acquiring and disposing of investments, voting or otherwise
         consenting to actions required to be taken as the holder of a security
         or other interest in any property or Person, disbursing and collecting
         the funds, paying the debts and fulfilling the obligations of the
         Company and handling, prosecuting and settling any claims of the
         Company, including foreclosing and otherwise enforcing mortgage and
         other liens and security interests securing investments;

                  (g) Assist in negotiations on behalf of the Company with
         investment banking firms, broker-dealers, and other institutions or
         investors for public or private sales of securities of the Company or
         for other financing on behalf of the Company, but in no event in such a
         way that the Advisor shall be acting as a broker, dealer, investment
         adviser or underwriter of securities of the Company; and provided
         further, that any fees and expenses payable to third parties incurred
         by the Advisor in connection with the foregoing shall be the
         responsibility of the Company;

                  (h) On behalf of the Company, maintain, with respect to any
         real property and to the extent available, title insurance or other
         assurance of title and customary fire, casualty and public liability
         insurance with respect to the Company's assets;

                  (i) At the direction of the Board of Directors, invest and
         reinvest any money of the Company;

                  (j) Supervise the preparation and filing and distribution of
         returns and reports to governmental agencies and to investors and act
         on behalf of the Company in connection with investor relations;

                  (k) Provide office space, equipment and personnel as required
         for the performance of the foregoing services as advisor;

                                       9
<PAGE>

                  (1) Advise the Company of the operating results of the
         Company's properties, prepare on a timely basis, and review, for such
         properties, operating budgets, maintenance and improvement schedules,
         projections of operating results and such other reports as may be
         appropriate and/or requested by the Board of Directors;

                  (m) As requested by the Company, make reports to the Company
         of its performance of the foregoing services and furnish advice and
         recommendations with respect to other aspects of the business of the
         Company;

                  (n) Prepare on behalf of the Company, or engage independent
         professionals to prepare, all reports and returns required by the
         Securities and Exchange Commission, Internal Revenue Service and other
         state or federal governmental agencies, provided that the Company is
         responsible for the fees and expenses of such independent
         professionals;

                  (o) Notify the Board of Directors of all proposed material
         transactions prior to their completion;

                  (p) Undertake and perform all services or other activities
         necessary and proper to carry out the investment objectives of the
         Company; and

                  (q) Undertake communications with Stockholders in accordance
         with applicable law and the Charter;

provided, however, that Affiliates of the Advisor have no obligations to the
Company other than as expressly stated herein. Notwithstanding the foregoing,
the Advisor hereby represents and acknowledges that it will have fiduciary
duties to the Stockholders and that the Company is making a statement to that
effect in its registration statement filed with the Securities and Exchange
Commission.

         3.       NO PARTNERSHIP OR JOINT VENTURE.

         The Company and the Advisor are not, and shall not be deemed to be,
partners or joint venturers with each other.

         4.       RECORDS; ACCESS.

         The Advisor shall maintain appropriate books of account and records
relating to services performed hereunder, which shall be accessible for
inspection by the Company, its attorneys, auditors and authorized agents at any
time and from time to time during normal business hours.

                                       10
<PAGE>

         5.       LIMITATIONS ON ACTIVITIES.

         Notwithstanding any other provision of this Agreement to the contrary,
the Advisor shall refrain from taking any action which, in its reasonable
judgment, (a) would adversely affect the qualification of the Company as a REIT
under the Code or (b) would violate any law, rule, regulation or statement of
policy of any governmental body or agency having jurisdiction over the Company
or its securities, or (c) would otherwise not be permitted by the Charter or
Bylaws of the Company, except if such action shall be ordered by the Board of
Directors, in which case, the Advisor shall promptly notify the Board of
Directors of the Advisor's judgment of the potential impact of such action and
shall thereafter refrain from taking such action until it receives further
clarification or instructions from the Board of Directors. In such event, the
Advisor shall have no liability for acting in accordance with the specific
instructions of the Board of Directors so given. Notwithstanding the foregoing,
the Advisor, its managers, officers, employees and members, managers, directors,
officers and stockholders of its Affiliates shall not be liable to the Company
or to the Board of Directors or Stockholders for any act or omission by the
Advisor, its managers, officers or employees, or managers, directors or officers
of the Advisor's Affiliates except as provided in Sections 25 and 26 of this
Agreement.

         6.       BANK ACCOUNTS.

         At the direction of the Board of Directors, the Advisor may establish
and maintain bank accounts in the name of the Company, and may collect and
deposit into and disburse from such accounts any money on behalf of the Company,
under such terms and conditions as the Board of Directors may approve, provided
that no funds in any such account shall be commingled with funds of the Advisor.
The Advisor shall from time to time, as the Company may require, render
appropriate accountings of such collections, deposits and disbursements to the
Board of Directors and to the auditors of the Company.

         7.       FIDELITY BOND.

         The Advisor shall not be required to obtain or maintain a fidelity bond
in connection with the performance of its services hereunder.

                                       11
<PAGE>

         8.       INFORMATION FURNISHED TO THE ADVISOR.

         The Board of Directors will keep the Advisor informed in writing
concerning the investment and financing policies of the Company. The Board of
Directors shall notify the Advisor promptly in writing of its intention to make
any investments or to sell or dispose of any existing investments. The Company
shall furnish the Advisor with a certified copy of all financial statements, a
signed copy of each report prepared by independent certified public accountants,
and such other information with regard to its affairs as the Advisor may
reasonably request.

         9.       COMPENSATION.

         The Advisor and its Affiliates shall be paid for services rendered by
the Advisor under this Agreement as follows:

                  (a) The Company will reimburse the Advisor for Organization
         and Offering Expenses incurred on behalf of the Company.

                  (b) In property acquisitions in which an Affiliate of the
         Advisor or the Company acts as real estate broker, such Affiliate may
         receive a Real Estate Commission from the seller or the Company of up
         to 3% of the purchase price of the Property.

                  (c) The Company will reimburse the Advisor for Acquisition
         Expenses. The total of all Acquisition Expenses paid when added to any
         Real Estate Commission paid in connection with the purchase of a
         Property may not exceed an amount equal to 6% of the contract purchase
         price for the Property. The total of all Acquisition Expenses paid in
         connection with the purchase of all Properties by the Company may not
         exceed 0.5% of the Gross Offering Proceeds.

                  (d) The Company will reimburse the Advisor and its Affiliates
         for: (i) the cost to the Advisor or its Affiliates of goods and
         services used for and by the Company and obtained from unaffiliated
         parties, and (ii) Administrative Services related thereto.
         "Administrative Services" include only ministerial services such as
         typing, recordkeeping, preparation and dissemination of Company
         reports, preparation and maintenance of records regarding Stockholders,
         recordkeeping and administration of the Company's Distribution
         Reinvestment Plan, preparation and dissemination of responses to
         Stockholder inquiries and other communications with Stockholders and
         any other recordkeeping required for Company purposes. Such
         reimbursements are subject to limitations imposed by Sections 10(b) and
         (c) hereof.

                                       12
<PAGE>

                  (e) A Property Disposition Fee, payable out of the proceeds of
         the sale of a Property, equal to the lesser of (i) 3% of the contracted
         for sales price of the Property; or (ii) 50% of the Competitive Real
         Estate Commission. The amount paid, when added to the sums paid to
         unaffiliated parties, shall not exceed the lesser of the Competitive
         Real Estate Commission or an amount equal to 6% of the contracted for
         sales price of the Property. Payment of such fee shall be made only if
         the Advisor provides a substantial amount of services in connection
         with the sale of the Property.

                  (f) The Company will pay to an Affiliate of the Advisor or a
         third party a Property Management Fee equal to 5% of the Gross Income
         from Properties. This fee will be paid monthly.

                  (g) The Company will pay to the Advisor fees for
         property-level services including leasing fees, construction management
         fees, loan origination and servicing fees and risk management fees;
         provided that any such compensation to the Advisor will not exceed the
         amount which would be paid to unaffiliated third parties providing such
         services and all such compensation must be approved by a majority of
         the Independent Directors.

                  (h) Upon the sale of a Property by the Company, the
         Partnership will pay to the Advisor the Incentive Distribution Upon
         Dispositions. If the Company, and in turn the Stockholders, have not
         received a return of Invested Capital or if there is a shortfall in the
         Cumulative Return after the sale of the last Property and the Advisor
         previously has received Incentive Distributions Upon Dispositions,
         other than Incentive Distributions Upon Dispositions that have been
         repaid previously, the Advisor will repay to the Partnership a portion
         of those distributions sufficient to cause the Company, and in turn the
         Stockholders, to receive a full return of Invested Capital and the full
         Cumulative Return. In no event will the aggregate amount repaid by the
         Advisor to the Partnership exceed the aggregate amount of Incentive
         Distributions Upon Dispositions that the Advisor previously received.

         10.      COMPENSATION FOR ADDITIONAL SERVICES, CERTAIN LIMITATIONS.

                  (a) If the Company shall request the Advisor or its Affiliates
         or any director, manager, officer or employee thereof to render
         services to the Company other than those required to be rendered by the
         Advisor hereunder, such additional services, if the Advisor elects to
         perform them, will be compensated separately on terms to be agreed upon
         between such party and the Company from time to time in accordance with
         this Section 10. The rate of compensation for such services shall be
         approved by a majority of the Board of Directors, including a majority
         of the Independent Directors, as

                                       13
<PAGE>

         being fair and reasonable to the Company and shall not exceed an amount
         that would be paid to nonaffiliated third parties for similar services.

                  (b) In extraordinary circumstances fully justified to the
         official or agency administering the state securities laws, the Advisor
         and its Affiliates may provide other goods and services to the Company
         if all of the following criteria are met: (i) the goods or services
         must be necessary to the prudent operation of the Company; or (ii) the
         compensation, price or fee must be equal to the lesser of 90% of the
         compensation, price or fee the Company would be required to pay to
         independent parties who are rendering comparable services or selling or
         leasing comparable goods on competitive terms in the same geographic
         location, or 90% of the compensation, price or fee charged by the
         Advisor or its Affiliates for rendering comparable services or selling
         or leasing comparable goods on competitive terms. In addition, any such
         payment will be subject to the further limitation described in
         paragraph (c) below. Extraordinary circumstances shall be presumed only
         when there is an emergency situation requiring immediate action by the
         Advisor or its Affiliates and the goods or services are not immediately
         available from unaffiliated parties. Services which may be performed in
         such extraordinary circumstances include emergency maintenance of
         Company Properties, janitorial and other related services due to
         strikes or lock-outs, emergency tenant evictions and repair services
         which require immediate action, as well as operating and re-leasing
         properties with respect to which the leases are in default or have been
         terminated.

                  (c) No reimbursement will be permitted to the Advisor or its
         Affiliates under Section 9(d)(ii) above for the salaries, fringe
         benefits, travel expenses and other administrative items of any
         controlling persons of the Advisor, its Affiliates or any other
         supervisory personnel except in those instances in which the Company
         believes it to be in the best interest of the Company that the Advisor
         or its Affiliates operate or otherwise deal with, for an interim
         period, a property with respect to which the lease is in default or
         terminated. Controlling persons, for purposes of this Section, include,
         but are not limited to those entities or individuals holding 5% or more
         of the ownership interests of the Advisor or a person having the power
         to direct or cause the direction of the Advisor, whether through
         ownership of voting securities, by contract or otherwise, and any
         person, irrespective of his or her title, who performs functions for
         the Advisor similar to those of (A) chairman or member of the board of
         directors; or (B) president or executive vice-president.

         Notwithstanding the foregoing, and subject to the approval of the Board
of Directors, the Company may reimburse the Advisor for expenses related to the
activities of controlling persons undertaken in capacities other than those
which

                                       14
<PAGE>

cause them to be controlling persons. The Advisor believes that the employees of
the Advisor, its Affiliates and controlling persons who perform services for the
Company for which reimbursement is allowed pursuant to Section 10(b) have the
experience and educational background, in their respective fields of expertise,
appropriate for the performance of such services.

         The foregoing reimbursements of expenses, as limited by this Agreement,
will be made regardless of whether any cash distributions are made to the
Stockholders.

         11.      RELATIONSHIP WITH DIRECTORS.

         Managers, officers and employees of the Advisor or directors, managers,
officers and employees of an Affiliate of the Advisor or any corporate parent of
an Affiliate, or directors, officers or stockholders of any director, officer or
corporate parent of an Affiliate may serve as a Director and as officers of the
Company, except that no director, manager, officer or employee of the Advisor or
its Affiliates who is also a Director or officer of the Company shall receive
any compensation from the Company for serving as a Director or officer other
than reasonable reimbursement for travel and related expenses incurred in
attending meetings of the Board of Directors.

         12.      STATEMENTS.

         The Advisor shall furnish to the Company not later than the 60th day
following the end of each Fiscal Year, a statement showing a computation of the
fees or other compensation payable to the Advisor or an Affiliate of the Advisor
with respect to such Fiscal Year under Sections 9 and 10 hereof. The final
settlement of compensation payable under Sections 9 and 10 hereof for each
Fiscal Year shall be subject to adjustments in accordance with, and upon
completion of, the annual audit of the Company's financial statements.

                                       15
<PAGE>

         13.      LISTING OF THE SHARES.

         If this Agreement is terminated in connection with Listing the Shares,
the Advisor will receive, in exchange for terminating this Agreement and the
giving up or waiving of its fees then earned but not paid and all future fees,
such consideration to be determined by the Independent Directors and the
Advisor. In addition, at such time, the Company may cause the Partnership to
redeem the Advisor's interests as special limited partner for cash, or if agreed
by both parties, units of limited partnership interest in the Partnership or
Shares, for the amount the Advisor would have received if the Partnership
immediately sold all of its assets at fair market value. In the event of such a
termination of this Agreement, the Company shall thereafter be relieved of its
obligation to pay the fees contemplated by this Agreement.

         14.      EXPENSES OF THE COMPANY.

         The Company shall pay all of its expenses and shall reimburse the
Advisor for its expenses as provided in Sections 9 and 10 hereof and, without
limiting the generality of the foregoing, it is agreed that the following
expenses of the Company shall be paid by the Company:

                  (a) To the extent the Advisor is not expressly required to pay
         such expenses pursuant to this Agreement, salaries and other employment
         expenses of the personnel employed by the Company, directors' fees and
         expenses incurred in attending directors' meetings, travel and other
         expenses incurred by directors, officers and employees of the Company
         and the cost of directors' liability insurance;

                  (b) The cost of borrowed money;

                  (c) All taxes applicable to the Company;

                  (d) Legal, accounting, auditing, underwriting, brokerage,
         listing, registration and other expenses and taxes incurred in
         connection with the organization or operations of the Company, the
         issuance, distribution, transfer, registration and Listing of the
         Company's securities;

                  (e) Fees and expenses paid to advisors, independent
         contractors and Affiliates of the Advisor (as described herein),
         consultants, managers and other agents employed directly by the Company
         or by the Advisor at the Company's request for the account of the
         Company;

                                       16
<PAGE>

                  (f) Expenses connected with the acquisition, disposition,
         leasing and ownership of investments, including, to the extent not paid
         by others, but not limited to, legal fees and other expenses for
         professional services, maintenance, repair and improvement of Property,
         brokerage and sales commissions and expenses of maintaining and
         managing property equity interests;

                  (g) All insurance costs incurred in connection with the
         Company and its properties;

                  (h) Expenses connected with payments of dividends or interest
         or distributions in cash or any form made or caused to be made by the
         Board of Directors to Stockholders;

                  (i) All expenses connected with communications to Stockholders
         and the other bookkeeping and clerical work necessary in maintaining
         relations with Stockholders and in complying with the continuous
         reporting and other requirements of governmental bodies or agencies,
         including the cost of printing and mailing certificates for securities,
         annual and periodic reports and proxy solicitation materials and other
         reports to Stockholders;

                  (j) Transfer agent and registrar's fees and charges; and

                  (k) Expenses relating to any office or office facilities
         maintained by the Company separate from the office or offices of the
         Advisor.

         15.      REIMBURSEMENT BY THE ADVISOR.

         The parties acknowledge that pursuant to the "Statement of Policy
Regarding Real Estate Investment Trusts," as revised and adopted by the North
American Securities Administrators Association on September 29, 1993, Total
Operating Expenses of the Company shall be deemed to be excessive if in any
Fiscal Year they exceed the greater of (a) 2% of the Company's Average Invested
Assets for such Fiscal Year; or (b) 25% of the Net Income for such Fiscal Year.
The Independent Directors shall have the fiduciary responsibility of limiting
such expenses to amounts that do not exceed such limitations. Within 60 days
after the end of any fiscal quarter of the Company for which Total Operating
Expenses (for the 12 months then ended) exceed 2% of Average Invested Assets or
25% of Net Income, whichever is greater, the Company shall send to the
Stockholders written notice of such fact together with the determination of the
Independent Directors as to whether such higher operating expenses were
justified and if so justified, an explanation of the facts the Independent
Director considered in arriving at that conclusion also shall be included. If
the Independent Directors determine that such excess expenses are not justified,
then the Advisor shall reimburse the Company the

                                       17
<PAGE>

amount by which the aggregate expenses incurred by the Company exceed the
limitations described above at the end of the Fiscal Year; provided, however,
that the Company may instead permit such reimbursements to be effected by a
reduction in the amount of the next payments of compensation under Section 9.

         16.      OTHER ACTIVITIES OF THE ADVISOR.

         Nothing contained in this Agreement shall prevent the Advisor from
engaging in other activities, including, without limitation, the rendering of
advice to other Persons (including other REITs) and the management of other
programs advised, sponsored or organized by the Advisor or its Affiliates; nor
shall this Agreement limit or restrict the right of any director, manager,
officer, employee, stockholder or member of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other
Persons. The Advisor may, with respect to any investment in which the Company is
a participant, also render advice and service to each and every other
participant therein. The Advisor shall report to the Board of Directors the
existence of any condition or circumstance, existing or anticipated, of which it
has knowledge, which creates or could create a conflict of interest between the
Advisor's obligations to the Company and its obligations to or its interest in
any other Person. The Advisor or its Affiliates shall promptly disclose to the
Board of Directors knowledge of such condition or circumstance.

         17.      TERM; TERMINATION OF AGREEMENT.

         (a) This Agreement will continue in force until ________ __, 2005,
subject to an unlimited number of successive one-year renewals with the written
mutual consent of the parties. It is the duty of the Board of Directors,
including a majority of the Independent Directors, to evaluate the performance
of the Advisor annually before renewing the Agreement, and each such agreement
shall have a term of no more than one year.

         (b) Notwithstanding any other provision of this Agreement to the
contrary, either the Company or the Advisor may terminate this Agreement, or any
extension hereof, or the parties by mutual consent or a majority of the
Independent Directors may do so, in each case upon 60 days written notice
without cause. In the event of the termination of this Agreement, the Advisor
will cooperate with the Company and take all reasonable steps requested to
assist the Board of Directors in making an orderly transition of the advisory
function.

                                       18
<PAGE>

         (c) If this Agreement is terminated pursuant to this Section 17 for any
reason other than the Listing of the Shares as contemplated by Section 13, upon
the satisfactory performance of the Advisor, as determined by a majority of the
Board of Directors, including a majority of the Independent Directors, when the
Advisor's performance is compared to (1) the performance of the Advisor in
comparison to its performance for other entities and (2) performance of other
advisors for similar entities, the Advisor shall be entitled to the Performance
Termination Fee.

         (d) If this Agreement is terminated for any reason other than the
Listing of the Shares as contemplated in Section 13, all obligations of the
Advisor and its Affiliates to offer property to the Company for purchase, as
described in Section 2(a), also shall terminate.

         18.      ASSIGNMENTS.

         The Company may terminate this Agreement immediately in the event of
its assignment by the Advisor except an assignment to a successor organization
which acquires substantially all of the assets and carries on the affairs of the
Advisor; provided, that following such assignment the Persons who controlled the
operations of the Advisor immediately prior thereto shall control the operations
of the successor organization, including the performance of its duties under
this Agreement; however, if at any time subsequent to such assignment such
Persons shall cease to control the operations of the successor organization, the
Company may thereupon immediately terminate this Agreement. This Agreement shall
not be assignable by the Company without the consent of the Advisor, except in
the case of assignment by the Company to a corporation, trust or other
organization which is a successor to all of the assets, rights and obligations
of the Company. Any assignment of this Agreement shall bind the assignee
hereunder in the same manner as the assignor is bound hereunder.

         19.      DEFAULT, BANKRUPTCY, ETC.

         At the sole option of the Company, this Agreement shall be terminated
immediately upon written notice of termination from the Board of Directors to
the Advisor if any of the following events occurs:

                  (a) The Advisor violates any material provisions of this
         Agreement and, after receipt of written notice of such violation, such
         violation is not cured within 30 days; or

                  (b) A court of competent jurisdiction enters a decree or order
         for relief in respect of the Advisor in any involuntary case under the
         applicable bankruptcy, insolvency or other similar law now or hereafter
         in effect, or appoints a receiver, liquidator, assignee, custodian,
         trustee, sequestrator (or

                                       19
<PAGE>

         similar official) of the Advisor or for all or substantially all of its
         assets or orders the winding up or liquidation of the Advisor's
         affairs; or

                  (c) The Advisor commences a voluntary case under any
         applicable bankruptcy, insolvency or other similar law now or hereafter
         in effect, or consents to the entry of an order for relief in an
         involuntary case under any such law, or consents to the appointment of
         or taking possession by a receiver, liquidator, assignee, custodian,
         trustee, sequestrator (or similar official) of the Advisor or for all
         or substantially all of its assets, or makes any general assignment for
         the benefit of creditors, or fails generally to pay its debts as they
         become due.

                      The Advisor agrees that if any of the events specified in
         subsections (b) and (c) of this Section 19 occur, it will give written
         notice thereof to the Company within 7 days after the occurrence of
         such event.

         20.      ACTION UPON TERMINATION.

         The Advisor shall not be entitled to compensation after the Termination
Date of this Agreement for further services hereunder, but shall be paid all
compensation accruing to such Termination Date, including the Performance
Termination Fee, if any. Upon termination and subject to the provisions of
Section 13, the Advisor shall promptly:

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

                  (b) Deliver to the Board of Directors a full accounting,
         including a statement showing all payments collected by it and a
         statement of all monies held by it, covering the period following the
         date of the last accounting furnished to the Board of Directors;

                  (c) Deliver to the Board of Directors all property, documents
         and books and records of the Company then in the custody of the
         Advisor; and

                  (d) Cooperate with the Company and take all reasonable steps
         requested by the Company to assist the Board of Directors in making an
         orderly transition of the advisory function.

                                       20
<PAGE>

         21.      EQUITY CONTRIBUTION BY THE ADVISOR.

         The Advisor has contributed to the Partnership $200,000 in exchange for
20,000 units of limited partnership interest (the "Units"). The Advisor may not
sell these Units while this Agreement is in effect, although the Advisor may
transfer such Units to Affiliates. The restrictions included above shall not
apply to any other Units or any Shares acquired by the Advisor or its
Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter
acquires, in any vote for the removal of Directors or any vote regarding the
approval or termination of any contract with the Advisor, including this
Agreement, or any of its Affiliates.

         22.      AMENDMENTS.

         This Agreement shall not be amended, changed, modified, terminated or
discharged in whole or in part except by an instrument in writing signed by both
parties hereto, or their respective successors or assigns or otherwise provided
herein.

         23.      SUCCESSORS AND ASSIGNS.

         This Agreement shall bind any successors or permitted assigns of the
parties hereto as herein provided.

         24.      GOVERNING LAW.

         The provisions of this Agreement shall be governed, construed and
interpreted in accordance with the laws of the State of Maryland, without regard
to its conflict of laws provisions.

         25.      INDEMNIFICATION BY THE COMPANY.

         The Company shall, to the fullest extent permitted by Maryland
statutory or decisional law, as amended or interpreted, and without limiting the
generality of the foregoing, in accordance with Section 2-418 of the Maryland
General Corporation Law, indemnify and hold harmless the Advisor and its
Affiliates, including their respective officers, directors, managers, partners
and employees from all liability, claims, damages, taxes or losses arising in
the performance of their duties hereunder, and related expenses, including
reasonable attorneys' fees, to the extent such liability, claims, damages, taxes
or losses and related expenses are not fully reimbursed by insurance, subject to
any limitations imposed by the laws of the State of Maryland or the Charter or
the Bylaws. Notwithstanding the foregoing, the Advisor shall not be entitled to
indemnification or be held harmless pursuant to this Section 25 for any activity
for which the Advisor shall be required to indemnify or hold harmless the
Company pursuant to Section 26. Any

                                       21
<PAGE>

indemnification of the Advisor may be made only out of the net assets of the
Company and not from the Stockholders.

         26.      INDEMNIFICATION BY THE ADVISOR.

         The Advisor shall indemnify and hold harmless the Company from contract
or other liability, claims, damages, taxes or losses and related expenses
including reasonable attorneys' fees, to the extent that such liability, claims,
damages, taxes or losses and related expenses are not fully reimbursed by
insurance and are incurred by reason of the Advisor's bad faith, fraud,
misconduct or negligence and, in the case of a criminal proceeding, the
Advisor's conduct was unlawful; provided, however, the Advisor shall not be held
responsible for any action of the Board of Directors in following or declining
to follow any advice or recommendation given by the Advisor.

         27.      NOTICES.

         Any notice, report or other communication required or permitted to be
given hereunder shall be in writing unless some other method of giving such
notice, report or other communication is accepted by the party to whom it is
given and shall be given by being delivered at the following addresses of the
parties hereto:

                  THE COMPANY AND/OR THE BOARD OF DIRECTORS:

                  A REIT, Inc.
                  Suite 200
                  1551 N. Tustin Avenue
                  Santa Ana, CA 92705

                  THE ADVISOR:

                  Triple Net Properties, LLC
                  Suite 200
                  1551 N. Tustin Avenue
                  Santa Ana, CA 92705

         Either party may at any time give notice in writing to the other party
of a change of its address for the purpose of this Section 27.

         28.      MISCELLANEOUS.

         (a) Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

                                       22
<PAGE>

         (b) Severability. The provisions of this Agreement are independent of
and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or
others of them may be invalid or unenforceable in whole or in part.

         (c) Entire Agreement. This Agreement contains the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

         (d) Execution in Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts thereof, individually or taken together,
shall bear the signature of all of the parties reflected hereon as the
signatories.

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

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

                                       23
<PAGE>

         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the date first above written.

COMPANY:

A REIT, INC., a Maryland corporation

By:
    -----------------------------------
Title:
       --------------------------------

ADVISOR:

TRIPLE NET PROPERTIES, LLC, a Virginia limited liability
company

By:
    -----------------------------------
Title:
       --------------------------------

                                       24

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