Document:

EX-10.2

 Exhibit 10.2 

MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT (this “Management Agreement”), dated as of [—],
2015, is made and entered into by and among JERNIGAN CAPITAL, INC., a Maryland corporation, (the “Company”), JERNIGAN CAPITAL OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Operating Partnership”)
and JCap Advisors, LLC, a Delaware limited liability company (the “Manager”). 
 WITNESSETH: 

WHEREAS, the Company is a newly organized corporation that intends to elect to be taxed as a real estate investment trust
(“REIT”) for U.S. federal income tax purposes; 
 WHEREAS, the Operating Partnership is a wholly owned subsidiary of the
Company; and 
 WHEREAS, the Company and each of its Subsidiaries, including the Operating Partnership, desire to retain the Manager to
provide certain management and advisory services to them on the terms and conditions hereinafter set forth, and the Manager desires to be retained to provide such services upon the terms and conditions hereof. 

NOW, THEREFORE, for the mutual promises made herein and in the other agreements executed by the parties concurrently herewith or contemplated
hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

Section 1. Definitions. The following terms have the following meanings assigned to them: 

(a) “Affiliate” means with respect to any Person, (i) any other Person directly or indirectly controlling, controlled
by, or under common control with such other Person, (ii) any executive officer, general partner or employee of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such
Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner. 
 (b)
“Agreement” means this Management Agreement, as amended, restated or supplemented from time to time. 
 (c)
“Bankruptcy” means with respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United
States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors,
(c) the expiration of 90 days after the filing of an involuntary petition under Title 11 of the Unites States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition
seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 90-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect.

 (d) “Base Management Fee” means an amount equal to 0.375% of the Company
stockholders’ equity (a 1.5% annual rate) calculated and payable quarterly in arrears in cash. 
 For purposes of calculating the base
management fee, the Company stockholder’s equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the
fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior
periods); less (b) any amount that the Company pays to repurchase the Common Stock since inception. It also excludes any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the
Company’s financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and one-time events pursuant to changes in GAAP (such as a cumulative change to the Company’s operating
results as a result of a codification change pursuant to GAAP), and certain non-cash items not otherwise described above (such as depreciation and amortization), in each case after discussions between the Company’s Manager and the Independent
Directors and approval by a majority of the Independent Directors. 
 (e) “Board of Directors” means the Board of Directors
of the Company. 
 (f) “Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in
New York, New York are not required to be open. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. 

(h) “Common Stock” means the common stock, par value $0.01, of the Company. 

(i) “Company Account” shall have the meaning set forth in Section 5 of this Agreement. 

(j) “Core Earnings” means net income (loss) determined under accounting principles generally accepted in the United States of
America, or GAAP, plus non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that the Company forecloses on any facilities underlying the Company’s target investments), any unrealized losses or
other non-cash expense items reflected in GAAP net income (loss), less any unrealized gains reflected in GAAP net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after
discussions between the Manager and the Independent Directors and after approval by a majority of the Independent Directors. 
 (k)
“Covered Person” shall have the meaning set forth in Section 12(b) of this Agreement. 

  
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 (l) “Effective Termination Date” shall have the meaning set forth in
Section 13(a) of this Agreement. 
 (m) “Excess Funds” shall have the meaning set forth in
Section 2(l) of this Agreement. 
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (o) “Expenses” shall have the meaning set forth in Section 10(a) of this Agreement. 

(p) “GAAP” means generally accepted accounting principles, as applied in the United States. 

(q) “Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a
corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of a limited liability company, the
trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 
 (r)
“Incentive Fee” means an amount, not less than zero, determined pursuant to the following formula: 
 IF = .20 times (A
minus (B times .08)) minus C 
 In the foregoing formula: 
  

	 	(i)	“A” equals the Company’s Core Earnings for the previous 12-month period; 

  

	 	(ii)	“B” equals (A) the weighted average of the issue price per share to the public of the Common Stock of all of the Company’s public offerings of the Common Stock, multiplied by (B) the weighted
average number of all shares of the Common Stock outstanding (including any restricted stock units and any restricted stock shares of the Company’s Common Stock in the previous 12-month period and shares of the Common Stock which may be issued
upon the conversion of any outstanding units of the Operating Partnership); and 

  

	 	(iii)	“C” equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period. 

; provided, however, that no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total
return for the four most recently completed fiscal quarters is greater than 8%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The
total return for this purpose will be calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of the Company’s Common Stock on the NYSE (or other applicable trading market) for the last ten
consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of 

  
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the Company’s Common Stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share of Common Stock paid
during such computation period, divided by the volume-weighted average of the closing market price of the Company’s Common Stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period.

 For purposes of calculating the incentive fee prior to the completion of a 12-month period following the Initial Public Offering, Core
Earnings will be calculated on the basis of the number of days that the Agreement has been in effect on an annualized basis. 
 (s)
“Independent Directors” means the members of the Board of Directors who are not officers or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise
“independent” in accordance with the NYSE’s corporate governance listing standards (or the rules of any other national securities exchange on which the Common Stock is listed). 

(t) “Initial Public Offering” means the Company’s sale of the Common Stock to the public through underwriters pursuant
to the Company’s Registration Statement on Form S-11 (No. 333-202219) 
 (u) “Initial Term” shall have the meaning set
forth in Section 13(a) of this Agreement. 
 (v) “Internalization Formulas” means (i) the Manager’s
earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or “EBITDA” (excluding any reimbursements from the Company), annualized based on the most recent
quarter ended, multiplied by a specific multiple, or EBITDA Multiple, set forth below depending on the Company’s achieved total annual return, and (ii) the Company’s equity market capitalization multiplied by a specific percentage, or
Capitalization Percentage, set forth below depending on the Company’s achieved total return. 
 For purposes of the computations above,
the EBITDA Multiple and Capitalization Percentage, respectively, for specific levels of total return are (i) 5.0 and 5.0% if total return is less than 8.0%; (ii) 5.5 and 5.5% if total return is at least 8.0% and not more than 12.0%; and
(iii) 6.0 and 6.0% if total return is greater than 12.0%. For purposes of the foregoing computation, total return will be calculated by adding (i) the difference (if any, but not a negative number) between the volume-weighted average of
the closing price per share of the Common Stock on the NYSE (or other applicable trading market) for the last ten consecutive trading days of the computation period and the Initial Public Offering price per share (taking into account any stock
splits, subdivisions, or reclassifications), plus (ii) dividends per share paid in respect of the Common Stock since the Initial Public Offering, dividing the result by the number of full months elapsed since the Initial Public Offering, and
multiplying the result by 12. 
 (w) “Internalization Price” means the consideration in any Internalization Transaction
agreed upon between the Company and the Manager pursuant to Section 17 of this Agreement. 

  
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 (x) “Internalization Transaction” means a transaction in which the Manager
contributes to the Operating Partnership all of the assets or equity interests in the Manager. 
 (y) “Investment Company
Act” means the Investment Company Act of 1940, as amended. 
 (z) “Investment Committee” shall have the meaning
set forth in Section 2(k) of this Agreement. 
 (aa) “Investment Guidelines” shall have the meaning set forth
in Section 2(b)(i) of this Agreement. 
 (bb) “Investments” means the investments of the Company and the
Subsidiaries. 
 (cc) “Manager Change of Control” means the sale, lease, transfer or other disposition, in one or a series
of related transactions, of interests in the Manager which will transfer to any Person other than an Affiliate of the Company the power to direct or control the Manager; provided, however, that Manager Change of Control shall not include
(i) any public offering of the equity interests of the Manager, or (ii) any assignment of this Agreement by the Manager as permitted hereby and in accordance with the terms hereof. 

(dd) “Monitoring Services” shall have the meaning set forth in Section 2(b) of this Agreement. 

(ee) “Notice of Proposal to Negotiate” shall have the meaning set forth in Section 13(a) of this Agreement. 

(ff) “NYSE” means the New York Stock Exchange. 

(gg) “OP Units” means units of limited partnership interests in the Operating Partnership. 

(hh) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

(ii) “Portfolio Management Services” shall have the meaning set forth in Section 2(b) of this Agreement. 

(jj) “REIT” shall have the meaning set forth in the recitals of this Agreement. 

(kk) “Renewal Term” shall have the meaning set forth in Section 13(a) of this Agreement. 

  
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 (ll) “SEC” means the U.S. Securities and Exchange Commission. 

(mm) “Securities Act” means the Securities Act of 1933, as amended. 

(nn) “Subsidiary” means a corporation, limited liability company, partnership, joint venture or other entity or organization
of which: (a) the Company or any other subsidiary of the Company is a general partner or managing member; or (b) voting power to elect a majority of the board of directors, trustees or others performing similar functions with respect to
such entity or organization is held by the Company or by any one or more of the Company’s subsidiaries. Initially, the only Subsidiary shall be the Operating Partnership. 

(oo) “Target Assets” means the types of investments described under “Business—Our Investment Strategy” in the
Company’s prospectus dated             , 2015, relating to the Initial Public Offering, subject to, and including any changes to the Investment Guidelines that may be approved by the
Manager and the Board of Directors from time to time. 
 (pp) “Termination Fee” shall have the meaning set forth in
Section 13(b) of this Agreement. 
 (qq) “Termination Notice” shall have the meaning set forth in
Section 13(a) of this Agreement. 
 (rr) “Treasury Regulations” means the regulations promulgated under the
Code, as amended from time to time. 
 (ss) The words “hereof,” “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 

(tt) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words
include, includes and including shall be deemed to be followed by the phrase “without limitation.” 
 Section 2.
Appointment and Duties of the Manager. 
 (a) The Company and each of its Subsidiaries hereby appoint the Manager to (i) manage the
Investments and day-to-day operations of the Company and each of its Subsidiaries subject to the terms and conditions set forth in this Agreement. The Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set
forth herein. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, in accordance with the
terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 

  
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 (b) The Manager, in its capacity as manager of the Investments and the day-to-day operations of
the Company and its Subsidiaries, at all times will be subject to the supervision of the Board of Directors, and the Manager will have only such functions and authority as the Company may delegate to it including, without limitation, managing the
Company’s business affairs in conformity with the Investment Guidelines and policies that are approved and monitored by the Board of Directors. The Company and the Manager hereby acknowledge the recommendation by the Manager and the approval by
the Board of Directors, of the Investment Guidelines, including the Company’s investment strategy in the Target Investments. The Company and the Manager hereby acknowledge and agree that, during the term of this Agreement, any proposed changes
to the Company’s investment strategy that would modify or expand the Target Investments may only be recommended by the Manager and shall require the approval of the Board of Directors and the Manager. The Manager will be responsible for the
day-to-day operations of the Company and the Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the Company and the Subsidiaries as may be appropriate, including, without
limitation: 
 (i) serving as consultant to the Company and the Subsidiaries with respect to the periodic review of the investment
guidelines and other parameters for the Investments, financing activities and operations, which review shall occur no less often than annually, any modification to which shall be approved by a majority of the Independent Directors (such guidelines
as initially approved and attached hereto as Exhibit A, as the same may be modified, supplemented or waived with such approval, the “Investment Guidelines”); 

(ii) representing and making recommendations to the Company and the Subsidiaries in connection with the origination and finance of, and
commitment to originate and finance, commercial mortgage loans on self-storage facilities (including on a portfolio basis), including conducting loan underwriting and the execution of loan transactions, as well as the purchase of real estate-related
debt securities and other real estate-related assets, and the sale and commitment to sell such assets; 
 (iii) identifying, investigating,
analyzing and selecting possible investment opportunities and originating, acquiring, financing, retaining, selling, restructuring or disposing of Investments consistent with the Investment Guidelines; 

(iv) with respect to prospective purchases, sales or exchanges of Investments, conducting negotiations on behalf of the Company and the
Subsidiaries with sellers, purchasers and brokers and, if applicable, their respective agents and representatives; 
 (v) negotiating and
entering into, on behalf of the Company and the Subsidiaries, bank credit facilities, repurchase agreements, interest rate swap agreements and all other agreements and instruments required for the Company and the Subsidiaries to conduct its
business; 
 (vi) engaging and supervising, on behalf of, and at the expense of, the Company and the Subsidiaries, independent contractors
that provide investment banking, securities brokerage, mortgage brokerage and other financial services, due diligence services, underwriting review services, legal and account services, and all other services (including transfer agent and registrar
services) as may be required relating to the Investments (or potential Investments); 

  
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 (vii) coordinating and managing operations of any joint venture or co-investment interests held
by the Company and the Subsidiaries and conducting all matters with the joint venture or co-investment partners; 
 (viii) providing
executive and administrative personnel, office space and office services required in rendering services to the Company and the Subsidiaries; 

(ix) administering the day-to-day operations and performing and supervising the performance of such other administrative functions necessary
to the management of the Company and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, services in respect of any equity incentive plans of the Company, the collection of revenues and
the payment of debts and obligations of the Company and the Subsidiaries and maintenance of appropriate computer services to perform such administrative functions; 

(x) communicating on behalf of the Company and the Subsidiaries with the holders of any of their equity or debt securities as required to
satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor conferences and
annual meeting arrangements; 
 (xi) counseling the Company in connection with policy decisions to be made by the Board of Directors; 

(xii) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities on behalf of the Company
and the Subsidiaries, consistent with such strategies as modified from time to time, while maintaining the Company’s qualification as a REIT and within the Investment Guidelines; 

(xiii) counseling the Company regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 

(xiv) counseling the Company and the Subsidiaries regarding the maintenance of their exemptions from the status of an investment company
required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such status; 

(xv) furnishing reports and statistical and economic research to the Company and the Subsidiaries regarding their activities and services
performed for the Company and the Subsidiaries by the Manager; 
 (xvi) monitoring the operating performance of the Investments and
providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 

  
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 (xvii) investing and reinvesting any money and securities of the Company and the Subsidiaries
(including investing in short-term Investments pending investment in other Investments, payment of fees, costs and expenses, or payment of dividends or distributions to stockholders and partners of the Company and the Subsidiaries) and advising the
Company and the Subsidiaries as to their capital structure and capital raising; 
 (xviii) causing the Company and the Subsidiaries to
retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial reporting
obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, TRSs, and to conduct quarterly compliance reviews with respect thereto; 

(xix) assisting the Company and the Subsidiaries in qualifying to do business in all applicable jurisdictions and to obtain and maintain all
appropriate licenses; 
 (xx) assisting the Company and the Subsidiaries in complying with all regulatory requirements applicable to them
with respect to their business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange
Act, the Securities Act, or by the NYSE; 
 (xxi) assisting the Company and the Subsidiaries in taking all necessary action to enable them
to make required tax filings and reports, including soliciting stockholders for all information required by the provisions of the Code and Treasury Regulations applicable to REITs; 

(xxii) placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations on behalf of the
Company and the Subsidiaries, either directly with the issuer or with a broker or dealer (including any affiliated broker or dealer); 

(xxiii) handling and resolving on behalf of the Company and/or the Subsidiaries all claims, disputes or controversies (including all
litigation, arbitration, settlement or other proceedings or negotiations) in which the Company and/or the Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or its
Affiliates), subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 
 (xxiv) using
commercially reasonable efforts to cause expenses incurred by the Company and the Subsidiaries or on their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of
Directors from time to time; 
 (xxv) advising the Company and the Subsidiaries with respect to (A) long-term financing vehicles for
Investments and (B) the offering and selling of securities publicly or privately in connection with any such structured financing; 

  
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 (xxvi) serving as the Company’s and the Subsidiaries’ consultant with respect to
decisions regarding any financings, hedging activities or borrowings undertaken by the Company and the Subsidiaries, including (A) assisting the Company and the Subsidiaries in developing criteria for debt and equity financing that are
specifically tailored to their investment objectives, and (B) advising the Company and the Subsidiaries with respect to obtaining appropriate financing for the Investments; 

(xxvii) providing the Company and the Subsidiaries with portfolio management services and monitoring services as described below; 

(xxviii) arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization
memberships) and other promotional efforts designed to promote the Company’s and the Subsidiaries’ business; 
 (xxix) performing
such other services as may be required from time to time for the management of, and other activities relating to, the assets and business of the Company and the Subsidiaries as the Board of Directors shall reasonably request or as the Manager shall
deem appropriate under the particular circumstances; and 
 (xxx) using commercially reasonable efforts to cause the Company and the
Subsidiaries to comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio management services
(the “Portfolio Management Services”) on behalf of the Company and the Subsidiaries with respect to the Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and
other investment opportunities in connection with, the Investments; the collection of information and the submission of reports pertaining to the assets of the Company and the Subsidiaries, interest rates and general economic conditions; periodic
review and evaluation of the performance of the Company’s and the Subsidiaries’ portfolio of assets; acting as a liaison between the Company and the Subsidiaries and banking, mortgage banking, investment banking and other parties with
respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) on behalf of the
Company and the Subsidiaries with respect to any activities provided by third parties. Such Monitoring Services will include, but not be limited to, negotiating servicing agreements; acting as a liaison between servicer providers of the assets and
the Company and the Subsidiaries; reviewing servicers’ delinquency, foreclosure and other reports on assets; supervising claims filed under and insurance policies; and enforcing the obligation of any servicer to repurchase assets. 

(c) For the period and on the terms and conditions set forth in this Agreement, the Company and each of the Subsidiaries hereby constitutes,
appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute and deliver and enter into such finance agreements and arrangements and securities repurchase and reverse
repurchase agreements and arrangements, brokerage agreements, interest rate swap agreements, “to be announced” forward contracts, agreements relating to borrowings under programs established by the U.S. Government and/or any agencies
thereunder and such other agreements, instruments and authorizations on their behalf, on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be
coupled with an interest. 

  
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 (d) The Manager may enter into agreements with other parties, including its Affiliates, for the
purpose of engaging one or more parties for and on behalf, and except as otherwise agreed, at the sole cost and expense, of the Company and the Subsidiaries, to provide credit analysis, risk management services, asset management and/or other
services to the Company and the Subsidiaries (including, without limitation Portfolio Management Services and Monitoring Services) pursuant to the agreement(s) with terms that are then customary for agreements regarding the provision of services to
companies that have assets similar in type, quality and value to the assets of the Company and the Subsidiaries; provided that (i) any such agreements entered into with Affiliates of the Manager shall be (A) on terms no more favorable to
such Affiliate than would be obtained from an independent third party on an arm’s length basis and (B) approved by a majority of the Independent Directors, (ii) any such agreements entered into with parties other than Affiliates of
the Manager shall be approved by a majority of the Independent Directors, and (iii) the Manager shall remain liable for the performance of such Portfolio Management Services and Monitoring Services. 

(e) To the extent that the Manager deems necessary or advisable, the Manager may, from time to time, propose to retain one or more additional
entities for the provision of sub-advisory services to the Manager in order to enable the Manager to provide the services to the Company and the Subsidiaries specified by this Agreement; provided that any such agreement (i) shall be on terms
and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company and the Subsidiaries, (ii) shall not result in an increased Base Management Fee or additional expenses payable
hereunder, and (iii) shall be approved by a majority of the Independent Directors of the Company. 
 (f) The Manager may retain, for
and on behalf and, at the sole cost and expense of the Company and the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, investment banks, financial advisors, due diligence firms,
banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company and the Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have
the right to cause any such services to be rendered by its employees or Affiliates. Except as otherwise provided herein, the Company and the Subsidiaries shall pay or reimburse the Manager or its Affiliates performing such services for the cost
thereof; provided that such costs and reimbursements are (A) no greater than those which would be payable to outside professional or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length basis
and (B) approved by a majority of the Independent Directors. 
 (g) As frequently as the Manager may deem necessary or advisable, or at
the direction of the Company’s Board of Directors, the Manager shall, at the sole cost and expense of the Company and the Subsidiaries, prepare, or cause to be prepared, with respect to any Investment, reports and other information reasonably
requested by the Company. 
 (h) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the Company and the
Subsidiaries, all reports, financial or otherwise, with respect to the Company and the Subsidiaries reasonably required by the Company’s Board of Directors in 

  
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order for the Company or the Subsidiaries to comply with their Governing Instruments or any other materials required to be filed with any governmental body or agency, including but not limited
to, the SEC, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s and the Subsidiaries’ books of account
by a nationally recognized independent registered public accounting firm. 
 (i) The Manager shall prepare regular reports for the Board of
Directors to enable the Board of Directors to review the Company’s and the Subsidiaries’ acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and other policies
approved by the Board of Directors. 
 (j) If requested by the Company or the Subsidiaries, the Manager shall provide such internal audit,
compliance and control services as may be required for the Company and the Subsidiaries to comply with applicable law (including the Securities Act and the Exchange Act), regulation (including SEC regulations) and the rules and requirements of the
NYSE or such other securities exchange on which the Common Stock may be listed and as otherwise reasonably requested by the Board of Directors from time to time. 

(k) The Manager shall establish an Investment Committee (the “Investment Committee”) that will oversee, advise and consult
with respect to the Company’s investment strategy, acquisition of Investments, sourcing, financing and leveraging strategies and compliance with the Investment Guidelines. The Investment Committee will meet periodically, as many times as
necessary but no less than once every quarter, to discuss investment opportunities. The Investment Committee will periodically review the Company’s investment portfolio and its compliance with the Investment Guidelines, and provide the Board of
Directors an investment report at the end of each quarter in conjunction with its review of the quarterly results of the Company. 
 (l)
Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional money is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in
the right of the Company and the Subsidiaries to terminate the Agreement pursuant to Section 14 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that
are required to be paid for or reimbursed by the Company and the Subsidiaries pursuant to Section 10 in excess of that contained in any applicable Company Account or otherwise made available by the Company and the Subsidiaries to be
expended by the Manager hereunder. Failure of the Manager to spend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 13(a) of this Agreement to terminate this Agreement
due to the Manager’s unsatisfactory performance. 
 (m) In performing its duties under this Section 2, the Manager shall be
entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager at the Company’s and the Subsidiaries’ sole cost and expense.

  
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 Section 3. Devotion of Time; Additional Activities. 

(a) The Manager and its Affiliates will provide the Company and the Subsidiaries with a management team, including a chief executive officer
and chief financial officer or similar positions, along with appropriate support personnel, to provide the management services to be provided by the Manager to the Company and the Subsidiaries hereunder, the members of which team shall devote such
portion of their time to the management of the Company and the Subsidiaries as is necessary and appropriate to enable the Company and the Subsidiaries to operates its business, commensurate with the Company’s and the Subsidiaries’ level of
activity. The Manager shall provide reasonable access to their respective investment professionals in order to support the day-to-day operations of the Company and the Subsidiaries. Notwithstanding anything to the contrary herein, for so long as the
Manager is managing the Company pursuant to this Agreement, neither it nor any of its Affiliates will sponsor or manage any other U.S. publicly traded REIT. 

(b) Managers, partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as directors,
officers, employees, partners, personnel, agents, nominees or signatories for the Company and the Subsidiaries to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company and the Subsidiaries, such persons shall use their respective titles in the Company and the Subsidiaries. 

(c) Subject to Section 2(d), the Manager is authorized, for and on behalf, and at the sole cost and expense of the Company to
employ securities dealers for the purchase and sale of Investments as the Manager deems necessary or appropriate, in its sole discretion. 

(d) The Company (including the Board of Directors) agrees to take, or cause to be taken, all actions reasonably required to permit and enable
the Manager to carry out its duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on behalf of the Company and the Subsidiaries in a timely
manner or to deliver any financial statements or other reports with respect to the Company and the Subsidiaries. 
 Section 4.
Agency. The Manager shall act as agent of the Company and the Subsidiaries in making, acquiring, financing and disposing of Investments, disbursing and collecting the funds of the Company and the Subsidiaries, paying the debts and fulfilling
the obligations of the Company and the Subsidiaries, supervising the performance of professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and settling any claims of or against the Company and the
Subsidiaries, the Board of Directors, holders of the Company’s and the Subsidiaries’ securities or representatives or assets of the Company and the Subsidiaries. 

Section 5. Bank Accounts. At the direction of the Board of Directors, the Manager may establish and maintain as an agent on behalf
of the Company of the Subsidiaries one or more bank accounts in the name of the Company or the Subsidiaries, the Operating Partnership or any subsidiary (any such account, a “Company Account”), and may collect and deposit funds into
any such Company Account or Company Accounts, and disburse funds from any such Company Account, under such terms and conditions as the Board of Directors may approve and the 

  
 13 

 
Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the Company or any Subsidiaries.

 Section 6. Records; Confidentiality. 

(a) The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books
of account and records shall be accessible for inspection by representatives of the Company and the Subsidiaries at any time during normal business hours. 

(b) The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and
shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties, except: (i) with the prior written consent of the Board of Directors; (ii) to legal counsel,
accountants and other professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company’s business; (iv) to governmental officials having jurisdiction over the Company or the Subsidiaries;
(v) in connection with any governmental or regulatory filings of the Company or the Subsidiaries, or disclosure or presentations to Company investors; (vi) as required by law or legal process to which the Manager or any Person to whom
disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise publicly available through the actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6.
The provisions of this Section 6(b) shall survive the expiration or earlier termination of this Agreement for a period of one year. 

Section 7. Obligations of Manager; Restrictions. 

(a) The Manager shall require each seller or transferor of Investments to the Company and the Subsidiaries to make such representations and
warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments. 

(b) The Manager shall refrain from any action that, in its sole judgment made in good faith: 

(i) is not in compliance with the Investment Guidelines; 

(ii) would adversely and materially affect the qualification of the Company as a REIT under the Code; 

(iii) would adversely and materially affect the Company’s or any Subsidiary’s status as an entity intended to be exempted or
excluded from investment company status under the Investment Company Act; or 
 (iv) would violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Company or any Subsidiary or that would otherwise not be permitted by the Company’s Governing Instruments, code of conduct, or other compliance or governance policies and procedures. 

  
 14 

 If the Manager is ordered to take any such action by the Board of Directors, the Manager shall
promptly notify the Board of Directors of the Manager’s judgment that such action would adversely and materially affect such status or violate any such law, rule or regulation or the Company’s Governing Instruments. Notwithstanding the
foregoing, the Manager and its officers, directors, members, managers and employees shall not be liable to the Company or any Subsidiary or to any director or stockholder of the Company or any Subsidiary for acts or omissions performed in accordance
with and pursuant to this Agreement, except as provided in Section 12 of this Agreement. 
 (c) The Board of Directors shall
periodically review the Investment Guidelines and the Company’s portfolio of Investments, but will not review each proposed investment, except as provided in the Investment Guidelines. If a majority of the Independent Directors determine in
their periodic review of transactions that a particular transaction does not comply with the Investment Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, can be taken. The Manager shall be
permitted to rely upon the direction of the Secretary of the Company to evidence the approval of the Board of Directors or the Independent Directors with respect to a proposed investment. 

(d) The Manager agrees to be bound by all policies and procedures, including the Company’s code of conduct and other compliance and
governance policies and procedures, applicable to the Manager and its officers, directors, members, managers and employees that are adopted by the Board of Directors from time to time, including those required under the Exchange Act, the Securities
Act, or by the NYSE, and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees, and any principals, officers or employees of its Affiliates who are involved in the business
and affairs of the Company and the Subsidiaries, to be bound by such policies and procedures to the extent applicable to such persons. 

(e) The Manager shall at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and other
insurance coverage that is customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company and the Subsidiaries, in an amount
which is comparable to that customarily maintained by other managers or servicers of similar assets. 
 Section 8. Base Management
Fee. 
 (a) During the Initial Term and any Renewal Term, the Company shall pay the Manager the Base Management Fee quarterly in
arrears, in cash, following the completion of the Initial Public Offering (with such initial payment pro-rated based on the number days during such quarter that this Agreement was in effect). The Base Management Fee is payable independent of the
performance of the Company or the Investments. 

  
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 (b) The Manager shall calculate each installment of the Base Management Fee within 30 days after
the end of the fiscal quarter with respect to which such installment is payable. A copy of such calculation made by the Manager shall thereafter promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of
the Base Management Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable in cash no later than the date which is five Business Days after the date of delivery to the Board of Directors of
the written statement of the Manager setting forth the computation of the management fee for such quarter. 
 (c) The Base Management Fee is
subject to adjustment pursuant to and in accordance with the provisions of Section 13(a) of this Agreement. 
 Section 9.
Incentive Fee. 
 The Incentive Fee shall be payable in arrears, in cash, with respect to each fiscal quarter following the
completion of the Initial Public Offering. The Manager shall calculate each quarterly installment of the Incentive Fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly deliver such
calculation to the Board of Directors and, upon such delivery, payment of such installment of the Incentive Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable no later than the date which
is five Business Days after the date of delivery to the Board of Directors of such calculation. 
 Section 10. Expenses of the
Company. 
 (a) The Company and the Subsidiaries shall pay all of the expenses of the Company and the Subsidiaries and shall reimburse
the Manager for documented expenses of the Manager incurred on behalf of the Company and the Subsidiaries (collectively, the “Expenses”) excepting only those expenses that are specifically the responsibility of the Manager pursuant
to Sections 2 and 10(b) of this Agreement. Such costs and reimbursements shall not be in amounts greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements
negotiated on an arm’s length basis. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company and the Subsidiaries shall be paid by the Company and the Subsidiaries and
shall not be paid by the Manager or Affiliates of the Manager: 
 (i) expenses in connection with the issuance and transaction costs
incident to the origination, acquisition, disposition and financing of Investments; 
 (ii) subject to Section 10(b) of this
Agreement, the costs of legal, financial, tax, accounting, servicing, due diligence consulting, auditing and other similar services rendered for the Company and the Subsidiaries by providers retained by the Manager; 

(iii) the compensation and expenses of the Company’s directors; 

  
 16 

 (iv) the compensation expense for employees of the Manager, other than the Manager’s chief
executive officer and chief financial officer; 
 (v) the cost of liability insurance to indemnify the Company’s directors and
officers and the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premium; 

(vi) costs associated with the establishment and maintenance of any of the Company’s and the Subsidiaries’ secured funding
facilities, other financing arrangements, or other indebtedness of the Company and the Subsidiaries (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s or the Subsidiaries’
securities offerings; 
 (vii) expenses connected with communications to holders of the Company’s and the Subsidiaries’
securities and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of
preparing and filing required reports with the SEC, the costs payable by the Company and the Subsidiaries to any transfer agent and registrar in connection with the listing and/or trading of the Company’s or the Subsidiaries’ securities on
any exchange, the fees payable by the Company and the Subsidiaries to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Company stockholders and proxy materials with
respect to any meeting of the Company’s stockholders; 
 (viii) costs associated with any computer software or hardware, electronic
equipment or purchased information technology services from third-party vendors that is used for the Company; 
 (ix) expenses incurred by
managers, officers, personnel and agents of the Manager for travel on the Company’s or any Subsidiary’s behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the
purchase, financing, refinancing, sale or other disposition of an investment or establishment and maintenance of any of the Company’s or the Subsidiaries’ securitizations or any of the Company’s or the Subsidiaries’ securities
offerings; 
 (x) costs and expenses incurred with respect to market information systems and publications, research publications and
materials, and settlement, clearing and custodial fees and expenses; 
 (xi) compensation and expenses of the Company’s or any
Subsidiaries’ custodian and transfer agent, if any; 
 (xii) the costs of maintaining compliance with all federal, state and local
rules and regulations or any other regulatory agency; 

  
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 (xiii) all federal, state and local taxes and license fees; 

(xiv) all insurance costs incurred in connection with the operation of the Company’s and the Subsidiaries’ business, except for the
costs attributable to the insurance that the Manager elects to carry for itself or its personnel; 
 (xv) costs and expenses incurred in
contracting with third parties for or on behalf of the Company; 
 (xvi) all other costs and expenses relating to the Company’s and
the Subsidiaries’ business and investment operations, including the costs and expenses of originating, acquiring, owning, protecting, maintaining, developing and disposing of investments, including appraisal, reporting, audit and legal fees;

 (xvii) expenses (including rent, telephone, printing, mailing, utilities, office furniture, equipment, machinery and other office,
internal and overhead expenses) relating to any office(s) or office properties, including disaster backup recovery sites and properties, incurred by the Manager; 

(xviii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be
made by the Board of Directors to or on account of holders of the Company’s securities, including in connection with any dividend reinvestment plan; 

(xix) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any
Subsidiary, or against any trustee, director, partner, member or officer of the Company or any Subsidiary, or in his or her capacity as such for which the Company or any Subsidiary is required to indemnify such trustee, director, partner, member or
officer by any court or governmental agency; and 
 (xx) all other expenses actually incurred by the Manager (except as described below)
which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement. 
 The Manager may, at
its option, elect not to seek reimbursement for certain expenses during a given quarterly period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. In the event that the Initial
Public Offering is consummated, the Company will reimburse the Manager for all organizational, formation and offering costs it has incurred on behalf of the Company. 

Section 11. Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses during each fiscal quarter,
and shall deliver such statement to the Company within 30 days after the end of each fiscal quarter. Expenses shall be reimbursed by the Company and the Subsidiaries to the Manager no later than the 15th Business Day immediately following the date
of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company or the Subsidiaries. The provisions of this Section 11 shall survive the expiration or earlier
termination of this Agreement. 

  
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 Section 12. Limits of the Manager’s Responsibility; Indemnification. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith
and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager and its
officers, employees, members and managers (each a “Covered Person”) will not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders or partners for any acts or
omissions by any such Covered Person performed in accordance with and pursuant to this Agreement, except by reason of acts or omissions constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties
under this Agreement. The Manager will maintain reasonable and customary insurance coverages. 
 (b) The Company to the full extent
permitted by law shall indemnify and hold harmless each Covered Person from and against with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of or arising from any acts or omissions of the Manager and
the officers, employees, members and managers of the Manager, performed in good faith under this Agreement and not constituting bad faith, willful misconduct, gross negligence, or reckless disregard of their respective duties under this Agreement.

 (c) The Manager to the full extent permitted by law shall indemnify and hold harmless the Company and the Subsidiaries and each of the
directors, officers and stockholders of the Company and the Subsidiaries with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of or arising from any acts or omissions of the Manager constituting bad
faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement or any claims by the Manager’s employees relating to the terms and conditions of their employment by the Manager. 

(d) The provisions of this Section 12 shall survive the expiration or earlier termination of this Agreement. 

Section 13. Term; Termination. 

(a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until
[        ] [    ], 2020 (the “Initial Term”) and shall be automatically renewed for a one-year term each anniversary date thereafter (a “Renewal Term”) for
a maximum of three one-year terms, unless previously terminated as provided below. Following the Initial Term, this Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Independent Directors based on a
determination that (i) there has been unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries taken as a whole or (ii) the compensation payable to the Manager is unfair to the Company
and the Subsidiaries; provided that the Company shall not have the right to terminate this Agreement 

  
 19 

 
under clause (ii) above if the Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of the Independent Directors determines to be
fair pursuant to the procedure set forth below. If the Company elects not to renew this Agreement at the expiration of the Initial Term or any Renewal Term as set forth above, the Company shall deliver to the Manager prior written notice (the
“Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this Section 13(a) not less than 180 days prior to the expiration of the then existing term. If the Company so
elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than 180 days from the date of the notice, on which the Manager shall cease to provide services under this
Agreement, and this Agreement shall terminate on such date; provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager shall have
the right to renegotiate such compensation by delivering to the Company, no fewer than 45 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to Negotiate”) of its
intention to renegotiate its compensation under this Agreement. Thereupon, the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this
Agreement. Provided that the Manager and at least two-thirds of the Independent Directors agree to the terms of the revised compensation to be payable to the Manager within 45 days following the receipt of the Notice of Proposal to Negotiate, the
Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder shall be the revised
compensation then agreed upon by the parties to this Agreement. The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding same. In
the event that the Company and the Manager are unable to agree to the terms of the revised compensation to be payable to the Manager during such 45-day period, this Agreement shall terminate, such termination to be effective on the date which is the
later of (A) 10 days following the end of such 45-day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 

(b) In recognition of the upfront effort required by the Manager to structure and acquire the assets of the Company and the Subsidiaries and
the commitment of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of Section 13(a) (including a termination as a result of the expiration of the third Renewal Term if no
Internalization Transaction has occurred prior thereto pursuant to Section 17 of this Agreement) or Section 14(b) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a
termination fee (the “Termination Fee”) equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination,
calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the Internalization Price (as defined in Section 17(e) below). Any Termination Fee will be payable by the Operating
Partnership in OP Units equal to the Termination Fee divided by the average of the daily market price of the Common Stock for the ten consecutive trading days immediately preceding the date of termination within 90 days after occurrence of the event
requiring the payment of the Termination Fee. The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

  
 20 

 (c) No later than 180 days prior to the expiration of the Initial Term or Renewal Term, the
Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the
anniversary date of this Agreement next following the delivery of such notice. The Company shall not be required to pay the Termination Fee to the Manager if the Manager terminates this Agreement pursuant to this Section 13(c). 

Section 14. Termination for Cause. 

(a) The Company may terminate this Agreement at any time, including during the Initial Term, upon at least 30 days’ prior written notice
of termination from the Board of Directors to the Manager, without payment of any Termination Fee, if: 
 (i) the Manager breaches this
Agreement in any material respect and such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period; 

(ii) there is a commencement of any proceeding relating to the Bankruptcy or insolvency of the Manager, including an order for relief in an
involuntary Bankruptcy case or the authorization or filing by the Manager of a voluntary Bankruptcy petition; 
 (iii) there is a Manager
Change of Control and a majority of the Independent Directors reasonably determines that such Manager Change of Control is materially detrimental to the Company; 

(iv) the Manager engages in any act of bad faith, willful misconduct, fraud, misappropriation of funds, or embezzlement against the Company
or any Subsidiary; 
 (v) there is an act or omission that constitutes gross negligence on the part of the Manager in the performance of
its duties under this Agreement; 
 (vi) there is a dissolution of the Manager; 

(vii) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment
opportunities for the Company and the Subsidiaries and to manage and develop the Company’s and the Subsidiaries’ investment portfolios, if such default continues uncured for a period of 60 days after written notice thereof, which notice
must contain a request that the same be remedied; 
 (viii) the Manager is convicted (including a plea of nolo contendere) of a felony; or

 (ix) Dean Jernigan is no longer a senior executive officer of the Manager or the Company during the term of the Agreement or, in the
event of an assignment of this Agreement pursuant to Section 16 of this Agreement, of the Affiliate, other than by reason of death or disability. 

  
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 (b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of
termination to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written
notice thereof specifying such default and requesting that the same be remedied in such 30-day period (or 60 days after written notice of such breach if the Company takes steps to cure such breach within 30 days of the written notice). The Company
is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 14(b). 

(c) The Manager may terminate this Agreement in the event the Company becomes regulated as an “investment company” under the
Investment Company Act, with such termination deemed to have occurred immediately prior to such event. If the Manager terminates this Agreement pursuant to this Section 14(c), the Company shall not be required to pay the Termination Fee.

 Section 15. Survival; Action Upon Termination. From and after the effective date of termination of this Agreement, pursuant
to Sections 13, 14 or 16 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated
pursuant to Section 13(a) or 14(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 

(i) after deducting any accrued compensation and reimbursement for Expenses to which it is then entitled, pay over to the Company all money
collected and held for the account of the Company pursuant to this Agreement; 
 (ii) deliver to the Board of Directors a full accounting,
including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company; and 

(iii) deliver to the Board of Directors all property and documents of the Company or any subsidiary then in the custody of the Manager. 

Sections 6, 10, 11, 12, 13, 14, 15 and 25 shall survive the termination of this
Agreement. 
 Section 16. Assignment. Subject to Section 14(a), the Manager may assign the agreement in its entirety or
delegate certain of its duties under the Agreement to any of its Affiliates without the approval of the Independent Directors; provided that any such assignment or delegation does not require the approval of the Independent Directors under the
Investment Company Act. Any other assignment by the Manager must be consented to in writing by the Company with the approval of a majority of the Independent Directors. Any permitted 

  
 22 

 
assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee
under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of
the Manager, except in the case of assignment by the Company to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to the Company, in which case such successor organization
shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this Agreement. 

Section 17. Internalization of the Manager. 

(a) No later than 180 days prior to the end of the Initial Term, the Manager shall provide the Company with an offer for an Internalization
Transaction with the Operating Partnership on such terms and conditions included in a written offer provided by the Manager. The offer price will be based on the following financial framework: the lesser of the two amounts determined pursuant to the
Internalization Formulas. Upon receipt of the Manager’s initial Internalization Transaction offer, a special committee consisting solely of the Company’s independent directors may accept the Manager’s proposal or submit a counter
offer to the Manager. If the Company and the Manager agree upon an Internalization Price pursuant to this Section 17(a), the Company shall seek satisfaction of the conditions set forth in Section 17(c). 

(b) If an Internalization Transaction is not consummated pursuant to Section 17(a), the Manager will annually submit to the Company a new
offer for an Internalization Transaction with the Operating Partnership, with an Internalization Price based on the financial framework set forth in Section 17(a), not later than 180 days prior to the end of any Renewal Term until termination
of this Agreement. The special committee of the Company’s board of directors and the Manager will follow the same process set forth in Section 17(a) with respect to each Internalization Transaction offer by the Manager. If the Company and
the Manager agree upon an Internalization Price pursuant to this Section 17(b), the Company shall seek satisfaction of the conditions set forth in Section 17(c). 

(c) Consummation of any Internalization Transaction agreed to between the Company and the Manager is conditioned upon the satisfaction of the
following conditions: 
 (i) The Company’s receipt of a fairness opinion from a nationally-recognized investment banking firm to the
effect that the consideration to be paid by the Company (or the Operating Partnership) for the assets and equity of the Manager is fair, from a financial point of view, to holders of the Common Stock who are not affiliated with the Manager or its
Affiliates; 
 (ii) The approval of the acquisition by a special committee of the Company’s Board of Directors comprised solely of
Independent Directors; and 
 (iii) The approval of Company stockholders holding a majority of the votes cast on such Internalization
proposal at a meeting of stockholders duly called and at which a quorum is present. 

  
 23 

 (d) The Internalization Price paid to the Manager in any Internalization Transaction will be
payable by the Operating Partnership in the number of OP Units equal to the agreed upon Internalization Price, divided by the volume-weighted average of the closing market price of the Common Stock for the ten consecutive trading days immediately
preceding the date with respect to which value must be determined. 
 (e) Upon any Internalization pursuant to this Section 17, the
Manager shall not be entitled to the receipt of any Termination Fee. The “Internalization Price” for purposes of Section 13(b) shall mean the lesser of the prices determined pursuant to the Internalization Formulas, subject to
the Board of Directors’ discretion. 
 Section 18. Release of Money or Other Property Upon Written Request. The Manager
agrees that any money or other property of the Company or any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or such Subsidiary, and the Manager’s records shall be appropriately
marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company or any Subsidiary requesting the
Manager to release to the Company or such Subsidiary any money or other property then held by the Manager for the account of the Company or such Subsidiary under this Agreement, the Manager shall release such money or other property to the Company
or such Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s or Subsidiary’s
stockholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or Subsidiary in accordance with the second sentence of this
Section 18. The Company and any such Subsidiary shall indemnify the Manager and its officers, directors, personnel, managers, and officers against any and all expenses, losses, damages, liabilities, demands, charges and claims of any
nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or Subsidiary in accordance with the terms of this Section 18. Indemnification pursuant to this provision shall
be in addition to any right of the Manager to indemnification under Section 12 of this Agreement. 
 Section 19.
Representations and Warranties. 
 (a) The Company hereby make the following representations and warranties to the Manager, all of
which shall survive the execution and delivery of this Agreement: 
 (i) Each of the Company and the Operating Partnership is a corporation
duly organized, validly existing and in good standing under the laws of the State of Maryland or the State of Delaware, as applicable, and each is, or shall be prior to the commencement of services hereunder, qualified to do business and in good
standing in Maryland or Delaware, as applicable. Each of the Company and the Operating Partnership has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. 

  
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 (ii) The execution, delivery, and performance of this Agreement by each of the Company and the
Operating Partnership have been duly authorized by all necessary action on the part of the Company and the Operating Partnership, respectively. 

(iii) This Agreement constitutes a legal, valid, and binding agreement of each of the Company and the Operating Partnership, enforceable
against each of the Company and the Operating Partnership in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without
limitation, those relating to the availability of specific performance. 
 (b) The Manager hereby makes the following representations and
warranties to the Company and the Operating Partnership, all of which shall survive the execution and delivery of this Agreement: 
 (i)
The Manager is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing
in Delaware. The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying to do business and obtaining all requisite permits and
licenses required as a result of or relating to the nature or location of any of the assets or properties of the Company (which it shall do promptly after being required to do so). 

(ii) The execution, delivery, and performance of this Agreement by the Manager have been duly authorized by all necessary action on the part
of the Manager. 
 (iii) This Agreement constitutes a legal, valid, and binding agreement of the Manager enforceable against the Manager in
accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those relating to the availability of specific
performance. 
 Section 20. Notice. 

(a) All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in writing, to the following
addresses: 
 If to the Company or the Operating Partnership: 

Jernigan Capital, Inc. 
 1395
Brickell Avenue 
 Miami, FL 33131 

Attention: Gregory W. Ward 

  
 25 

 If to the Manager: 

JCap Advisors, LLC 
 1395 Brickell
Avenue 
 Miami, FL 33131 

Attention: Dean Jernigan 
 (b)
All notices, demands and requests to be sent to a party hereto pursuant to this Agreement shall be deemed to have been properly given or served if: (i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other
similar overnight courier services, addressed to such party, (iii) deposited in the United States mail, addressed to such party, prepaid and registered or certified with return receipt requested or (iv) transmitted via facsimile or other
similar device to the attention of such party. 
 (c) All notices, demands and requests so given shall be deemed received: (i) when
personally delivered, (ii) twenty-four hours after being deposited for next day delivery with an overnight courier, (iii) forty-eight hours after being deposited in the United States mail, or (iv) three hours after being transmitted
via facsimile or otherwise transmitted and receipt has been confirmed. 
 Section 21. Binding Nature of Agreement; Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

Section 22. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter of this Agreement, 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 of this
Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 

Section 23. Amendments. This Agreement may be amended or modified only by an agreement in writing signed by all parties hereto.

 Section 24. No Implied Waivers; Remedies. No failure or delay on the part of any party in exercising any right, privilege,
power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or remedy under this Agreement preclude
any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing by such party. The rights, privileges,
powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. Except as provided in this Agreement, no notice to or demand on
any party in any case shall entitle such party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party giving such notice or making such demand to take any other or further
action in any circumstances without notice or demand. 

  
 26 

 Section 25. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER
THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH
ACTION OR PROCEEDING IN SAID COURTS. 
 Section 26. Headings. The headings contained in this Agreement are for convenience only
and shall not affect the construction or interpretation of any provisions of this Agreement. 
 Section 27. Severability. If any
provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be affected thereby. 
 Section 28.
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 of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

[Signature Page Follows] 

  
 27 

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

  

							
	 JERNIGAN CAPITAL, INC.,
 a Maryland
corporation

		
	By:		  

			Name:		Dean Jernigan
			Title:		Chief Executive Officer
	
	 JERNIGAN CAPITAL OPERATING PARTNERSHIP, LP,

a Delaware limited partnership

			
			By:		Jernigan Capital, Inc., its general partner
			
			By:		  

					Name:		Dean Jernigan
					Title:		Chief Executive Officer

  

					
	 JCAP ADVISORS, LLC
 a Delaware
limited liability company

		
	By:		  

			Name:		Dean Jernigan
			Title:		Chief Executive Officer

 Exhibit A 
  

	 	•	 	No investment will be made that would cause the Company to fail to qualify as a REIT for U.S. federal income tax purposes. 

  

	 	•	 	No investment will be made that would cause the Company to register as an investment company under the Investment Company Act. 

  

	 	•	 	No more than 20% of the Company’s equity, determined as of the date of investment, will be invested in any single project and no more than 20% of the Company’s equity, determined as of the date of such
investment, will be invested in projects controlled by a single borrower or group of affiliated borrowers that would form a consolidated group under GAAP; provided however, that this provision shall not apply to the initial portfolio set forth in
the final prospectus for the Initial Public Offering). 

  

	 	•	 	Over time the Company’s average leverage should be between 25% and 35%, but the Company may borrow up to 100% of the principal value of certain First Mortgage Loans (as defined in the final prospectus for the
Initial Public Offering). During periods where the Company’s portfolio consists largely of Whole Loans (as defined in the final prospectus for the Initial Public Offering), the Company may borrow up to 65% of the principal of such loans pending
tranching of such loans and sale of First Mortgage Loans resulting from such tranching. 

  

	 	•	 	The Company will maintain a portfolio of geographically diverse assets. 

  

	 	•	 	The Manager must seek approval of a majority of the Company’s Independent Directors before engaging in any transaction that falls outside of these guidelines.EX-10.3

 Exhibit 10.3 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 JERNIGAN CAPITAL
OPERATING PARTNERSHIP LP 
  
  

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION, UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE PARTNERSHIP THE PROPOSED SALE, TRANSFER OR OTHER DISPOSITION MAY BE
EFFECTED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
  

 
 Dated as of March 20, 2015

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	14	  
			
	 Section 2.1
	 	 Organization
	  	 	14	  
	 Section 2.2
	 	 Name
	  	 	15	  
	 Section 2.3
	 	 Registered Office and Agent; Principal Office
	  	 	15	  
	 Section 2.4
	 	 Term
	  	 	15	  
	 Section 2.5
	 	 Partnership Interests as Securities
	  	 	16	  
	 Section 2.6
	 	 Certificates Describing Partnership Units
	  	 	16	  
		
	 ARTICLE III PURPOSE
	  	 	16	  
			
	 Section 3.1
	 	 Purpose and Business
	  	 	16	  
	 Section 3.2
	 	 Powers
	  	 	16	  
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS
	  	 	17	  
			
	 Section 4.1
	 	 Capital Contributions of the Partners
	  	 	17	  
	 Section 4.2
	 	 Issuances of Partnership Interests
	  	 	17	  
	 Section 4.3
	 	 No Preemptive Rights
	  	 	19	  
	 Section 4.4
	 	 Other Contribution Provisions
	  	 	19	  
	 Section 4.5
	 	 No Interest on Capital
	  	 	19	  
	 Section 4.6
	 	 LTIP Units
	  	 	19	  
	 Section 4.7
	 	 Conversion of LTIP Units
	  	 	22	  
		
	 ARTICLE V DISTRIBUTIONS
	  	 	25	  
			
	 Section 5.1
	 	 Requirement and Characterization of Distributions
	  	 	25	  
	 Section 5.2
	 	 Amounts Withheld
	  	 	26	  
	 Section 5.3
	 	 Distributions Upon Liquidation
	  	 	26	  
	 Section 5.4
	 	 Revisions to Reflect Issuance of Partnership Interests
	  	 	26	  
		
	 ARTICLE VI ALLOCATIONS
	  	 	26	  
			
	 Section 6.1
	 	 Allocations for Capital Account Purposes
	  	 	26	  
	 Section 6.2
	 	 Revisions to Allocations to Reflect Issuance of Partnership Interests
	  	 	29	  
		
	 ARTICLE VII MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	29	  
			
	 Section 7.1
	 	 Management
	  	 	29	  
	 Section 7.2
	 	 Certificate of Limited Partnership
	  	 	33	  
	 Section 7.3
	 	 Title to Partnership Assets
	  	 	34	  
	 Section 7.4
	 	 Reimbursement of the General Partner
	  	 	34	  
	 Section 7.5
	 	 Outside Activities of the General Partner; Relationship of Shares to Partnership Units; Funding Debt
	  	 	37	  
	 Section 7.6
	 	 Transactions with Affiliates
	  	 	39	  
	 Section 7.7
	 	 Indemnification
	  	 	40	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 7.8
	 	 Liability of the General Partner
	  	 	42	  
	 Section 7.9
	 	 Other Matters Concerning the General Partner
	  	 	43	  
	 Section 7.10
	 	 Reliance by Third Parties
	  	 	43	  
	 Section 7.11
	 	 Restrictions on General Partner’s Authority
	  	 	44	  
	 Section 7.12
	 	 Loans by Third Parties
	  	 	44	  
		
	 ARTICLE VIII RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	44	  
			
	 Section 8.1
	 	 Limitation of Liability
	  	 	44	  
	 Section 8.2
	 	 Management of Business
	  	 	44	  
	 Section 8.3
	 	 Outside Activities of Limited Partners
	  	 	45	  
	 Section 8.4
	 	 Return of Capital
	  	 	45	  
	 Section 8.5
	 	 Rights of Limited Partners Relating to the Partnership
	  	 	45	  
	 Section 8.6
	 	 Redemption Right
	  	 	47	  
		
	 ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	50	  
			
	 Section 9.1
	 	 Records and Accounting
	  	 	50	  
	 Section 9.2
	 	 Fiscal Year
	  	 	50	  
	 Section 9.3
	 	 Reports
	  	 	50	  
		
	 ARTICLE X TAX MATTERS
	  	 	51	  
			
	 Section 10.1
	 	 Preparation of Tax Returns
	  	 	51	  
	 Section 10.2
	 	 Tax Elections
	  	 	51	  
	 Section 10.3
	 	 Tax Matters Partner
	  	 	52	  
	 Section 10.4
	 	 Organizational Expenses
	  	 	53	  
	 Section 10.5
	 	 Withholding
	  	 	53	  
		
	 ARTICLE XI TRANSFERS AND WITHDRAWALS
	  	 	54	  
			
	 Section 11.1
	 	 Transfer
	  	 	54	  
	 Section 11.2
	 	 Transfers of Partnership Interests of General Partner
	  	 	54	  
	 Section 11.3
	 	 Limited Partners’ Rights to Transfer
	  	 	55	  
	 Section 11.4
	 	 Substituted Limited Partners
	  	 	57	  
	 Section 11.5
	 	 Assignees
	  	 	57	  
	 Section 11.6
	 	 General Provisions
	  	 	58	  
		
	 ARTICLE XII ADMISSION OF PARTNERS
	  	 	60	  
			
	 Section 12.1
	 	 Admission of a Successor General Partner
	  	 	60	  
	 Section 12.2
	 	 Admission of Additional Limited Partners
	  	 	60	  
	 Section 12.3
	 	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	61	  
	 Section 12.4
	 	 Limit on Number of Partners
	  	 	61	  
		
	 ARTICLE XIII DISSOLUTION AND LIQUIDATION
	  	 	61	  
			
	 Section 13.1
	 	 Dissolution
	  	 	61	  
	 Section 13.2
	 	 Winding Up
	  	 	62	  
	 Section 13.3
	 	 Compliance with Timing Requirements of Regulations; Restoration of Deficit Capital Accounts
	  	 	63	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 13.4
	 	 Rights of Limited Partners
	  	 	65	  
	 Section 13.5
	 	 Notice of Dissolution
	  	 	65	  
	 Section 13.6
	 	 Cancellation of Certificate of Limited Partnership
	  	 	65	  
	 Section 13.7
	 	 Reasonable Time for Winding Up
	  	 	65	  
	 Section 13.8
	 	 Waiver of Partition
	  	 	65	  
	 Section 13.9
	 	 Liability of Liquidator
	  	 	66	  
		
	 ARTICLE XIV AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	 	66	  
			
	 Section 14.1
	 	 Amendments
	  	 	66	  
	 Section 14.2
	 	 Meetings of the Partners
	  	 	68	  
		
	 ARTICLE XV GENERAL PROVISIONS
	  	 	69	  
			
	 Section 15.1
	 	 Addresses and Notice
	  	 	69	  
	 Section 15.2
	 	 Titles and Captions
	  	 	69	  
	 Section 15.3
	 	 Pronouns and Plurals
	  	 	69	  
	 Section 15.4
	 	 Further Action
	  	 	69	  
	 Section 15.5
	 	 Binding Effect
	  	 	69	  
	 Section 15.6
	 	 Creditors
	  	 	69	  
	 Section 15.7
	 	 Waiver
	  	 	70	  
	 Section 15.8
	 	 Counterparts
	  	 	70	  
	 Section 15.9
	 	 Applicable Law
	  	 	70	  
	 Section 15.10
	 	 Invalidity of Provisions
	  	 	70	  
	 Section 15.11
	 	 Power of Attorney
	  	 	70	  
	 Section 15.12
	 	 Entire Agreement
	  	 	71	  
	 Section 15.13
	 	 No Rights as Stockholders
	  	 	71	  
	 Section 15.14
	 	 Limitation to Preserve REIT Status
	  	 	72	  

 List of Exhibits: 
  

	
	Exhibit A — Partner Registry
	
	Exhibit B — Capital Account Maintenance
	
	Exhibit C — Special Allocation Rules
	
	Exhibit D — Notice of Redemption
	
	Exhibit E — Form of DRO Registry
	
	Exhibit F — Notice of Election by Partner to Convert LTIP Units into Class A Units
	
	Exhibit G — Notice of Election by Partnership to Force Conversion of LTIP Units into Class A Units

  
 iii 

 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 JERNIGAN CAPITAL
OPERATING PARTNERSHIP LP 
 THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of March 20, 2015, (the
“Agreement”) is entered into by and among Jernigan Capital, Inc., a Maryland corporation, as the “General Partner”, and the Persons whose names are set forth on the Partner Registry (as hereinafter
defined) as Limited Partners, together with any other Persons who become Partners in Jernigan Capital Operating Partnership LP (the “Partnership”) as provided herein. 

WHEREAS, on March 5, 2015, the General Partner formed the Partnership as a limited partnership pursuant to Delaware law by the filing of
the Certificate of Limited Partnership with the Delaware Secretary of State; 
 WHEREAS, the Parent and Dean Jernigan (the
“Organizational Limited Partner”) entered into that certain Agreement of Limited Partnership of the Partnership dated as of March 5, 2015 (the “Original Agreement”); and 

WHEREAS, the partners of the Partnership now wish to amend and restate the partnership agreement as set forth herein, which shall amend,
restate and supersede the Original Agreement in its entirety. 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend and restate the Original Agreement in its entirety and agree to continue the Partnership as a
limited partnership under the Delaware Revised Uniform Limited Partnership Act, as amended from time to time, as follows: 
 ARTICLE I

 DEFINED TERMS 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from
time to time, and any successor to such statute. 
 “Additional Limited Partner” means a Person
admitted to the Partnership as a Limited Partner pursuant to Section 12.2 and who is shown as a Limited Partner on the Partner Registry. 

  
 1 

 “Adjusted Capital Account” means the Capital Account maintained
for each Partner as of the end of each Fiscal Year (i) increased by any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences
of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii) decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such
Partner’s Adjusted Capital Account as of the end of the relevant Fiscal Year. 
 “Adjusted
Property” means any property the Carrying Value of which has been adjusted pursuant to Exhibit B. 

“Adjustment Event” has the meaning set forth in Section 4.6.A(i). 

“Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten
percent (10%) or more of the voting interests or (iv) any officer, director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii), and (iii) above. For purposes of this definition,
“control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate DRO
Amount” means the aggregate balances of the DRO Amounts, if any, of all DRO Partners, if any, as determined on the date in question. 

“Agreed Value” means (i) in the case of any Contributed Property, the Section 704(c) Value of such
property as of the time of its contribution to the Partnership, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed as determined under Section 752 of the
Code and the Regulations thereunder; and (ii) in the case of any property distributed to a Partner by the Partnership, the Partnership’s Carrying Value of such property at the time such property is distributed, reduced by any indebtedness
either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution. 

“Agreement” means this Amended and Restated Agreement of Limited Partnership, as it may be amended,
supplemented or restated from time to time. 
 “Assignee” means a Person to whom one or more Partnership
Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 

  
 2 

 “Available Cash” means, with respect to any period for which such
calculation is being made: 
 (a) all cash revenues and funds received by the Partnership from whatever source (excluding the
proceeds of any Capital Contribution, unless otherwise determined by the General Partner in its sole and absolute discretion) plus the amount of any reduction (including, without limitation, a reduction resulting because the General Partner
determines such amounts are no longer necessary) in reserves of the Partnership, which reserves are referred to in clause (b)(iv) below; 

(b) less the sum of the following (except to the extent made with the proceeds of any Capital Contribution): 

(i) all interest, principal and other debt-related payments made during such period by the Partnership, 

(ii) all cash expenditures (including capital expenditures) made by the Partnership during such period, 

(iii) investments in any entity (including loans made thereto) to the extent that such investments are permitted under this Agreement and are
not otherwise described in clauses (b)(i) or (ii), and 
 (iv) the amount of any increase in reserves established during such period which
the General Partner determines is necessary or appropriate in its sole and absolute discretion (including any reserves that may be necessary or appropriate to account for distributions required with respect to Partnership Interests having a
preference over other classes of Partnership Interests). 
 (c) with any other adjustments as determined by the General Partner, in its sole
and absolute discretion. 
 Notwithstanding the foregoing, after commencement of the dissolution and liquidation of the Partnership,
Available Cash shall not include any cash received or reductions in reserves and shall not take into account any disbursements made or reserves established. 

“Book-Tax Disparities” means, with respect to any item of Contributed Property or Adjusted Property, as of the
date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for U.S. federal income tax purposes as of such date. A Partner’s share of the
Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Exhibit B and the
hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with U.S. federal income tax accounting principles. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, NY
are authorized or required by law to close. 

  
 3 

 “Capital Account” means the Capital Account maintained for a
Partner pursuant to Exhibit B. The initial Capital Account balance for each Partner who is a Partner on the date hereof shall be the amount set forth opposite such Partner’s name on the Partner Registry. 

“Capital Account Limitation” has the meaning set forth in Section 4.7.B. 

“Capital Contribution” means, with respect to any Partner, any cash and the Agreed Value of Contributed
Property which such Partner contributes or is deemed to contribute to the Partnership. 
 “Carrying
Value” means (i) with respect to a Contributed Property or Adjusted Property, the Section 704(c) Value of such property reduced (but not below zero) by all Depreciation with respect to such Contributed Property or Adjusted
Property, as the case may be, charged to the Partners’ Capital Accounts and (ii) with respect to any other Partnership property, the adjusted basis of such property for U.S. federal income tax purposes, all as of the time of determination.
The Carrying Value of any property shall be adjusted from time to time in accordance with Exhibit B, and to reflect changes, additions (including capital improvements thereto) or other adjustments to the Carrying Value for dispositions
and acquisitions of Partnership properties, as deemed appropriate by the General Partner. 
 “Cash
Amount” means an amount of cash equal to the Value on the Valuation Date of the Shares Amount. 

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

“Charter” means the charter of the General Partner, within the meaning of Section 1-101(f) of the Maryland
General Corporation Law. 
 “Class A Unit” means any Partnership Unit that is not specifically
designated by the General Partner as being of another specified class of Partnership Units. 
 “Class A Unit
Distribution” has the meaning set forth in Section 4.6.A. 
 “Class A Unit Economic
Balance” has the meaning set forth in Section 6.1.E. 
 “Class A Unit Transaction”
has the meaning set forth in Section 4.7.F. 
 “Code” means the Internal Revenue Code of 1986,
as amended and in effect from time to time, as interpreted by the applicable regulations thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future
law. 
 “Consent” means the consent or approval of a proposed action by a Partner given in accordance with
Article XIV. 

  
 4 

 “Consent of the Outside Limited Partners” means the Consent of
Limited Partners (excluding for this purpose (i) any Limited Partner Interests held by the General Partner, (ii) any Person of which the General Partner directly or indirectly owns or controls more than fifty percent (50%) of the
voting interests and (iii) any Person directly or indirectly owning or controlling more than fifty percent (50%) of the outstanding voting interests of the General Partner) holding Partnership Interests representing more than fifty percent
(50%) of the Percentage Interest of the Class A Units of all Limited Partners which are not excluded pursuant to (i), (ii) and (iii) above. 

“Constituent Person” has the meaning set forth in Section 4.7.F. 

“Contributed Property” means each property or other asset contributed to the Partnership, in such form as may
be permitted by the Act, but excluding cash contributed or deemed contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B, such property shall no longer constitute a
Contributed Property for purposes of Exhibit B, but shall be deemed an Adjusted Property for such purposes. 

“Conversion Date” has the meaning set forth in Section 4.7.B. 

“Conversion Factor” means 1.0; provided, however, that, if the General Partner Entity (i) declares or pays
a dividend on its outstanding Shares in Shares or makes a distribution to all holders of its outstanding Shares in Shares and does not make a corresponding distribution on Class A Units in Class A Units, (ii) subdivides its
outstanding Shares, or (iii) combines its outstanding Shares into a smaller number of Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of 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 Shares (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination; and provided further that if an entity other than an Affiliate of
the General Partner or General Partner Entity shall become the General Partner pursuant to any merger, consolidation or combination of the General Partner or the General Partner Entity 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 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 the event retroactive to the record date, if any, for the event giving rise thereto, it
being intended that (x) adjustments to the Conversion Factor are to be made to avoid unintended dilution or anti-dilution as a result of transactions in which Shares are issued, redeemed or exchanged without a corresponding issuance, redemption
or exchange of Partnership Units and (y) if a Specified Redemption Date shall fall between the record date and the effective date of any event of the type described above, that the Conversion Factor applicable to such redemption shall be
adjusted to take into account such event. 
 “Conversion Notice” has the meaning set forth in
Section 4.7.B. 

  
 5 

 “Conversion Right” has the meaning set forth in Section
4.7.A. 
 “Convertible Funding Debt” has the meaning set forth in Section 7.5.F.

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

“Depreciation” means, for each Fiscal Year, an amount equal to the U.S. federal income tax depreciation,
amortization, or other cost recovery deduction allowable with respect to an asset for such year, except that if the Carrying Value of an asset differs from its adjusted basis for U.S. federal income tax purposes at the beginning of such year or
other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such year bears to such beginning adjusted tax
basis; provided, however, that if the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Carrying Value using any reasonable
method selected by the General Partner. 
 “DRO Amount” means the amount specified in the DRO Registry
with respect to any DRO Partner, as such DRO Registry may be amended from time to time. 
 “DRO
Partner” means a Partner who has agreed in writing to be a DRO Partner and has agreed and is obligated to make certain contributions, not in excess of such DRO Partner’s DRO Amount, to the Partnership with respect to any deficit
balance in such Partner’s Capital Account upon the occurrence of certain events. A DRO Partner who is obligated to make any such contribution only upon liquidation of the Partnership shall be designated in the DRO Registry as a Part I DRO
Partner and a DRO Partner who is obligated to make any such contribution to the Partnership either upon liquidation of the Partnership or upon liquidation of such DRO Partner’s Partnership Interest shall be designated in the DRO Registry as a
Part II DRO Partner. 
 “DRO Registry” means the DRO Registry maintained by the General Partner in the
books and records of the Partnership containing substantially the same information as would be necessary to complete the Form of DRO Registry attached hereto as Exhibit E. 

“Economic Capital Account Balances” has the meaning set forth in Section 6.1.E. 

“Effective Date” means the date of the closing of the General Partner’s initial public offering.

  
 6 

 “Equity Incentive Plan” means any equity incentive plan of the
General Partner, the General Partner Entity, the Partnership and/or any Affiliate of the Partnership, including, without limitation, the Jernigan Capital, Inc. 2015 Equity Incentive Plan. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fiscal Year” means the fiscal year of the Partnership, which shall be the calendar year as provided in
Section 9.2. 
 “Forced Conversion” has the meaning set forth in Section 4.7.C.

 “Forced Conversion Notice” has the meaning set forth in Section 4.7.C. 

“Funding Debt” means any Debt incurred for the purpose of providing funds to the Partnership by or on behalf of
the General Partner or the General Partner Entity or any wholly owned subsidiary of either the General Partner or the General Partner Entity. 

“General Partner” means Jernigan Capital, Inc., a Maryland corporation, or its successor or permitted assignee,
as general partner of the Partnership. 
 “General Partner Entity” means the General
Partner; provided, however, that if (i) the common shares of beneficial interest (or other comparable equity interests) of the General Partner are at any time not Publicly Traded and (ii) the common shares of
beneficial interest (or other comparable equity interests) of an entity that owns, directly or indirectly, fifty percent (50%) or more of the common shares of beneficial interest (or other comparable equity interests) of the General Partner are
Publicly Traded, the term “General Partner Entity” shall refer to such entity whose common shares of beneficial interest (or other comparable equity securities) are Publicly Traded. If both requirements set forth in clauses (i) and
(ii) above are not satisfied, then the term “General Partner Entity” shall mean the General Partner. 

“General Partner Interest” means the Partnership Interest held by the General Partner, which Partnership
Interest is an interest as a general partner under the Act. The General Partner will not be required to make a Capital Contribution to the Partnership in exchange for the General Partner Interest. A General Partner Interest may be expressed as a
number of Partnership Units. 
 “General Partner Payment” has the meaning set forth in Section
15.14. 
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws of
the United States. 
 “Immediate Family” means, with respect to any natural Person, such natural
Person’s spouse, parents, descendants, nephews, nieces, brothers, and sisters. 
 “Incapacity” or
“Incapacitated” means, (i) as to any individual who is a Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner

  
 7 

 
incompetent to manage his or her Person or estate, (ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or
the revocation of its charter, (iii) as to any partnership or limited liability company which is a Partner, the dissolution and commencement of winding up of the partnership or limited liability company, (iv) as to any estate which is a
Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership, (v) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee) or (vi) as to
any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief
under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or
hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to
contest the material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or
liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in
effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed
within ninety (90) days of such appointment or (h) an appointment referred to in clause (g) is not vacated within ninety (90) days after the expiration of any such stay. 

“Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as (A) the
General Partner, (B) the General Partner Entity, (C) a Limited Partner or (D) a director or officer of the Partnership, the General Partner or the General Partner Entity and (ii) such other Persons (including Affiliates of the
General Partner, the General Partner Entity, a Limited Partner or the Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion.

 “Limited Partner” means any Person named as a Limited Partner in the Partner Registry or any
Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partner Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a
fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to
comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Partnership Units. 

“Liquidating Event” has the meaning set forth in Section 13.1. 

“Liquidating Gains” has the meaning set forth in Section 6.1.E. 

  
 8 

 “Liquidator” has the meaning set forth in Section 13.2.A.

 “LTIP Units” means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences
and other privileges designated in Section 4.6 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the Partners shall be set forth in the Partner Registry, as it may be amended or
restated from time to time. 
 “LTIP Unitholder” means a Partner that holds LTIP Units. 

“LV Safe Harbor” “LV Safe Harbor Election” and “LV Safe Harbor
Interest” each has the meaning set forth in Section 10.2.B. 
 “Management
Agreement” means the Management Agreement, dated             , 2015, between the General Partner, the Partnership and the Manager, as it may be amended from time to time in
accordance with its terms. 
 “Manager” means JCap Advisors, LLC, a Delaware limited liability
company, or its successor or permitted assignee. 
 “Net Income” means, for any taxable period, the
excess, if any, of the Partnership’s items of income and gain for such taxable period over the Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net Income shall be determined in
accordance with Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation of Net Income is subjected to the special allocation rules in Exhibit C, Net Income or the
resulting Net Loss, whichever the case may be, shall be recomputed without regard to such item. 
 “Net
Loss” means, for any taxable period, the excess, if any, of the Partnership’s items of loss and deduction for such taxable period over the Partnership’s items of income and gain for such taxable period. The items included in
the calculation of Net Loss shall be determined in accordance with Exhibit B. If an item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is subjected to the special allocation rules in
Exhibit C, Net Loss or the resulting Net Income, whichever the case may be, shall be recomputed without regard to such item. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having
the right to subscribe for or purchase Shares, excluding grants under any Equity Incentive Plan, or (ii) any Debt issued by the General Partner Entity that provides any of the rights described in clause (i). 

“Nonrecourse Built-in Gain” means, with respect to any Contributed Properties or Adjusted Properties that are
subject to a mortgage or negative pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 2.B of Exhibit C if such properties were disposed of in a
taxable transaction in full satisfaction of such liabilities and for no other consideration. 

  
 9 

 “Nonrecourse Deductions” has the meaning set forth in Regulations
Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Fiscal Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 

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

“Notice of Redemption” means a Notice of Redemption substantially in the form of
Exhibit D. 
 “Operating Entity” has the meaning set forth in Section
7.4.F. 
 “Organizational Limited Partner” has the meaning set forth in the recitals hereto. 

 “Original Agreement” has the meaning set forth in the recitals hereto.  

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

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

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

“Partner Registry” means the Partner Registry maintained by the General Partner in the books and records of the
Partnership, which contains substantially the same information as would be necessary to complete the form of the Partner Registry attached hereto as Exhibit A. 

“Partnership” has the meaning set forth in the recitals hereto. 

“Partnership Interest” means a Limited Partner Interest, a General Partner Interest or LTIP Units, to the
extent the General Partner has awarded LTIP Units to its employees pursuant to an incentive plan, and includes any and all benefits to which the holder of such a partnership interest may be entitled as provided in this Agreement, together with all
obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership Interest may be expressed as a number of Partnership Units. 

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

  
 10 

 “Partnership Record Date” means the record date established by the
General Partner either (i) for the distribution of Available Cash pursuant to Section 5.1, which record date shall be the same as the record date established by the General Partner Entity for a distribution to its stockholders of
some or all of its portion of such distribution, or (ii) if applicable, for determining the Partners entitled to vote on or Consent to any proposed action for which the Consent or approval of the Partners is sought pursuant to Section
14.2. 
 “Partnership Unit” means a fractional, undivided share of the Partnership Interests of
all Partners issued pursuant to Sections 4.1 and 4.2, and includes Class A Units, LTIP Units and any other classes or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding and
the Percentage Interests in the Partnership represented by such Partnership Units are set forth in the Partner Registry. 

“Percentage Interest” means, as to a Partner holding a class of Partnership Interests, its interest in such
class, determined by dividing the Partnership Units of such class owned by such Partner by the total number of Partnership Units of such class then outstanding.  

“Person” means a natural person, partnership (whether general or limited), trust, estate, association,
corporation, limited liability company, unincorporated organization, custodian, nominee or any other individual or entity in its own or any representative capacity. 

“Publicly Traded” means listed or admitted to trading on the New York Stock Exchange, the NYSE MKT LLC, the
NASDAQ Stock Market or any successor to any of the foregoing. 
 “Qualified Assets” means any of the
following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt;
(iii) equity interests in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely
of Qualified Assets; (iv) up to a one percent (1%) equity interest in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership;
(v) cash held for payment of administrative expenses or pending distribution to security holders of the General Partner Entity or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and
intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries. 

“Qualified REIT Subsidiaries” means any Subsidiary of the General Partner Entity that is a “qualified REIT
subsidiary” within the meaning of Section 856(i) of the Code. 
 “Recapture Income” means
any gain recognized by the Partnership (computed without regard to any adjustment pursuant to Section 754 of the Code) upon the disposition of any property or asset of the Partnership, which gain is characterized either as ordinary income or as
“unrecaptured Section 1250 gain” (as defined in Section 1(h)(6) of the Code) because it represents the recapture of depreciation deductions previously taken with respect to such property or asset. 

  
 11 

 “Recourse Liabilities” means the amount of liabilities owed by the
Partnership (other than Nonrecourse Liabilities and liabilities to which Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-(2)(i) of the Regulations). 

“Redeeming Partner” has the meaning set forth in Section 8.6.A. 

“Redemption Amount” means either the Cash Amount or the Shares Amount, as determined by the General Partner, in
its sole and absolute discretion; provided, however, that if the Shares are not Publicly Traded at the time a Redeeming Partner exercises its Redemption Right, the Redemption Amount shall be paid only in the form of the Cash
Amount unless the Redeeming Partner, in its sole and absolute discretion, consents to payment of the Redemption Amount in the form of the Shares Amount. A Redeeming Partner shall have no right, without the General Partner’s
consent, in its sole and absolute discretion, to receive the Redemption Amount in the form of the Shares Amount. 

“Redemption Right” has the meaning set forth in Section 8.6.A. 

“Regulations” means the Treasury Regulations promulgated under the Code, as such regulations may be amended
from time to time (including corresponding provisions of succeeding regulations). 
 “REIT” means an
entity that qualifies as a real estate investment trust under the Code. 
 “REIT Requirements” has the
meaning set forth in Section 5.1.A. 
 “Residual Gain” or “Residual
Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for U.S. federal income tax purposes resulting from a sale, exchange or other disposition of Contributed Property or Adjusted Property, to the
extent such item of gain or loss is not allocated pursuant to Section 2.B.1(a) or 2.B.2(a) of Exhibit C to eliminate Book-Tax Disparities. 

“Safe Harbor” has the meaning set forth in Section 11.6.F. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Section 704(c) Value” of any Contributed Property or Adjusted Property means the fair market value of such
property at the time of contribution or adjustment, as the case may be, as determined by the General Partner using such reasonable method of valuation as it may adopt; provided, however, subject to Exhibit B, the General Partner shall,
in its sole and absolute discretion, use such method as it deems reasonable and appropriate to allocate the aggregate of the Section 704(c) Value of Contributed Properties or Adjusted Properties in a single or integrated transaction among each
separate property on a basis proportional to its fair market values. 
 “Share” means a share of
common stock (or other comparable equity interest) of the General Partner Entity (or the Successor Entity, as the case may be). Shares may be issued in one or more classes or series in accordance with the terms of the Charter. Shares issued in lieu
of the Cash Amount by the Partnership or the General Partner Entity may be either registered or 

  
 12 

 
unregistered Shares at the option of the General Partner or Partnership. If there is more than one class or series of Shares, the term “Shares” shall, as the context
requires, be deemed to refer to the class or series of Shares that corresponds to the class or series of Partnership Interests for which the reference to Shares is made. When used with reference to Class A Units, the term “Shares”
refers to shares of common stock (or other comparable equity interest) of the General Partner Entity. 
 “Shares
Amount” means a number of Shares equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner times the Conversion Factor; provided, however, that, if the General Partner Entity issues to holders
of Shares securities, rights, options, warrants or convertible or exchangeable securities entitling such holders to subscribe for or purchase Shares or any other securities or property (collectively, the “rights”), then the Shares Amount
shall also include such rights that a holder of that number of Shares would be entitled to receive unless the Partnership issues corresponding rights to holders of Partnership Units. 

“Specified Redemption Date” means the tenth Business Day after the Valuation Date or such shorter period as the
General Partner, in its sole and absolute discretion, may determine; provided, however, that, if the Shares are not Publicly Traded, the Specified Redemption Date means the thirtieth Business Day after receipt by the General Partner of a Notice of
Redemption. 
 “Subsidiary” means, with respect to any Person, any corporation, limited liability
company, trust, partnership or joint venture, or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 “Substituted Limited Partner” means a Person who is admitted as a Limited Partner to the Partnership
pursuant to Section 11.4 and who is shown as a Limited Partner in the Partner Registry. 
 “Successor
Entity” has the meaning set forth in the definition of “Conversion Factor” herein. 

“Termination Transaction” has the meaning set forth in Section 11.2.B. 

“Unrealized Gain” attributable to any item of Partnership property means, as of any date of determination, the
excess, if any, of (i) the fair market value of such property (as determined under Exhibit B) as of such date, over (ii) the Carrying Value of such property (prior to any adjustment to be made pursuant to Exhibit
B) as of such date. 
 “Unrealized Loss” attributable to any item of Partnership property
means, as of any date of determination, the excess, if any, of (i) the Carrying Value of such property (prior to any adjustment to be made pursuant to Exhibit B) as of such date, over (ii) the fair market value of such
property (as determined under Exhibit B) as of such date. 
 “Unvested LTIP Units” has
the meaning set forth in Section 4.6.C. 

  
 13 

 “Valuation Date” means the date of receipt by the General Partner
of a Notice of Redemption or, if such date is not a Business Day, the first Business Day thereafter. 

“Value” means, with respect to one Share of a class of outstanding Shares of the General Partner Entity that are
Publicly Traded, the average of the daily market price for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. The market price for each such trading day shall be the closing price, regular
way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day. If the outstanding Shares of the General Partner Entity are Publicly Traded and the Shares Amount includes, in addition to the
Shares, rights or interests that a holder of Shares has received or 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. If the Shares of the General Partner Entity are not Publicly Traded, the Value of the Shares Amount per Partnership Unit tendered for redemption (which will be the Cash Amount per Partnership
Unit offered for redemption payable pursuant to Section 8.6.A) means the amount that a holder of one Partnership Unit would receive if each of the assets of the Partnership were to be sold for its fair market value on the Specified
Redemption Date, the Partnership were to pay all of its outstanding liabilities, and the remaining proceeds were to be distributed to the Partners in accordance with the terms of this Agreement. Such Value shall be determined by the General Partner,
acting in good faith and based upon a commercially reasonable estimate of the amount that would be realized by the Partnership if each asset of the Partnership (and each asset of each partnership, limited liability company, trust, joint venture or
other entity in which the Partnership owns a direct or indirect interest) were sold to an unrelated purchaser in an arm’s-length transaction where neither the purchaser nor the seller were under economic compulsion to enter into the transaction
(without regard to any discount in value as a result of the Partnership’s minority interest in any property or any illiquidity of the Partnership’s interest in any property). 

“Vested LTIP Units” has the meaning set forth in Section 4.6.C. 

“Vesting Agreement” means each or any, as the context implies, agreement or instrument entered into by a holder
of LTIP Units upon acceptance of an award of LTIP Units under an Equity Incentive Plan. 
 ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.1 Organization 
 A.
Organization, Status and Rights. The Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the terms and conditions set forth in the Original Agreement. The Partners hereby confirm and agree to their
status as partners of the Partnership and to continue the business of the Partnership on the terms set forth in this Agreement. Upon the Effective Date, the Organizational Limited Partner shall withdraw from the Partnership and relinquish any and
all rights or interest he may have in the Partnership, and the Partnership shall continue without dissolution. Except as expressly provided herein, the 

  
 14 

 
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. 
 B. Qualification of Partnership. The Partners (i) agree that if the laws of any jurisdiction in which the
Partnership transacts business so require, the appropriate officers or other authorized representatives of the Partnership shall file, or shall cause to be filed, with the appropriate office in that jurisdiction, any documents necessary for the
Partnership to qualify to transact business under such laws; and (ii) agree and obligate themselves to execute, acknowledge and cause to be filed for record, in the place or places and manner prescribed by law, any amendments to the Certificate
of Limited Partnership as may be required, either by the Act, by the laws of any jurisdiction in which the Partnership transacts business, or by this Agreement, to reflect changes in the information contained therein or otherwise to comply with the
requirements of law for the continuation, preservation and operation of the Partnership as a limited partnership under the Act. 
 C.
Representations. Each Partner represents and warrants that such Partner is duly authorized to execute, deliver and perform its obligations under this Agreement and that the Person, if any, executing this Agreement on behalf of such Partner is
duly authorized to do so and that this Agreement is binding on and enforceable against such Partner in accordance with its terms. 
 Section 2.2
Name 
 The name of the Partnership is Jernigan Capital Operating Partnership LP. The Partnership’s business may be conducted under
any other name or names deemed advisable by the General Partner, including the name of any of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “LP,” “Ltd.” or similar words or letters shall
be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time
and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 
 Section 2.3
Registered Office and Agent; Principal Office 
 The address of the registered office of the Partnership in the State of Delaware is
located at 615 South Dupont Highway, City of Dover, County of Kent, Delaware 19901 and the registered agent for service of process on the Partnership in the State of Delaware at such registered office is National Corporate Research, Ltd. The
principal office of the Partnership is 8670 Wolff Court, Suite 240, Westminster, CO 80031, or shall be such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at
such other place or places within or outside the State of Delaware as the General Partner deems advisable. 
 Section 2.4 Term 

The term of the Partnership commenced on March 5, 2015, and shall continue until dissolved pursuant to the provisions of Article
XIII or as otherwise provided by law. 

  
 15 

 Section 2.5 Partnership Interests as Securities 

All Partnership Interests shall be securities within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial
Code and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction. 
 Section 2.6 Certificates Describing Partnership
Units 
 The General Partner shall have the authority to issue certificates evidencing the Limited Partnership Interests in accordance
with Section 17-702(b) of the Act. 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 (A) THE PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF JERNIGAN CAPITAL OPERATING PARTNERSHIP LP, AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME AND (B) ANY APPLICABLE FEDERAL OR STATE SECURITIES OR
BLUE SKY LAWS. 
 ARTICLE III 

PURPOSE 
 Section 3.1 Purpose and
Business 
 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; (ii) to enter into any corporation, partnership, joint venture, trust, limited liability company or other similar arrangement to engage in any of the foregoing or the
ownership of interests in any entity engaged, directly or indirectly, in any of the foregoing; and (iii) to do anything necessary or incidental to the foregoing; provided, however, that any business shall be limited to and conducted in such a
manner as to permit the General Partner and, if different, the General Partner Entity, at all times to be classified as a REIT, unless the General Partner or General Partner Entity, as applicable, in its sole and absolute discretion has chosen to
cease to qualify as a REIT or has chosen not to attempt to qualify as a REIT for any reason or reasons whether or not related to the business conducted by the Partnership. In connection with the foregoing, and without limiting the General
Partner’s or the General Partner Entity’s right, in its sole and absolute discretion, to cease qualifying as a REIT, the Partners acknowledge that the status of the General Partner as a REIT inures to the benefit of all the Partners and
not solely to the General Partner, the General Partner Entity or their Affiliates. 
 Section 3.2 Powers 

The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the
furtherance and accomplishment of the 

  
 16 

 
purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and authority, directly or through its ownership interest
in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other lien, acquire, own, manage, improve and develop real
property, and lease, sell, transfer and dispose of real property; provided, however, that the Partnership shall not take, or shall refrain from taking, any action which, in the judgment of the General Partner, in its sole and absolute discretion,
(i) could adversely affect the ability of the General Partner Entity to qualify or continue to qualify as a REIT (unless the General Partner Entity has decided to terminate or revoke its election to be taxed as a REIT), (ii) could subject
the General Partner Entity to any taxes under Sections 857 or 4981 of the Code, or (iii) could violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner or the General Partner Entity, or their
securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing. 
 ARTICLE IV

 CAPITAL CONTRIBUTIONS AND ISSUANCES OF PARTNERSHIP INTERESTS 

Section 4.1 Capital Contributions of the Partners 

A. Capital Contributions. Prior to or concurrently with the execution of this Agreement, the Partners have made the Capital
Contributions as set forth in the Partner Registry. On the date hereof, the Partners own Partnership Units in the amounts set forth in the Partner Registry and have Percentage Interests in the Partnership as set forth in the Partner Registry. The
number of Partnership Units and Percentage Interest shall be adjusted in the Partner Registry from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital Contributions, the issuance of
additional Partnership Units or similar events having an effect on a Partner’s Percentage Interest occurring after the Effective Date and in accordance with the terms of this Agreement. 

B. General Partnership Interest. Except for any Partnership Units designated as Limited Partner Interests by the General Partner, the
Partnership Units held by the General Partner shall be the General Partner Interest of the General Partner. 
 C. Except as provided in
Sections 7.5, 10.5, and 13.3, the Partners shall have no obligation to make any additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or
otherwise). Except as otherwise set forth in Section 13.3, no Partner shall have any obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of the Partnership or otherwise. 

Section 4.2 Issuances of Partnership Interests 

A. General. The General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners (including the
General Partner and its Affiliates) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership or any of its Subsidiaries) Partnership Units or other Partnership Interests in one or

  
 17 

 
more classes, or in 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 one or more other classes of Partnership Interests, all as shall be determined, subject to applicable Delaware law, by the General Partner in its sole and absolute discretion, 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, (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership, (iv) the rights, if any, of each such class to vote on matters that require the vote or Consent of
the Limited Partners, and (v) the consideration, if any, to be received by the Partnership; provided, however, that no such Partnership Units or other Partnership Interests shall be issued to the General Partner unless (a) the Partnership
Interests are issued in connection with the grant, award or issuance of Shares or other equity interests in the General Partner Entity (including a transaction described in Section 7.4.F) having designations, preferences and other rights
such that the economic interests attributable to such Shares or other equity interests are substantially similar to the designations, preferences and other rights (except voting rights) of the Partnership Interests issued to the General Partner in
accordance with this Section 4.2.A, and the General Partner contributes to the Partnership the proceeds (if any) from the issuance of Shares or equity received by the General Partner as required pursuant to Section 7.5.D,
(b) the General Partner makes an additional Capital Contribution to the Partnership, or (c) the additional Partnership Interests are issued to all Partners holding Partnership Interests in the same class in proportion to their respective
Percentage Interests in such class. If the Partnership issues Partnership Interests pursuant to this Section 4.2.A, the General Partner shall make such revisions to this Agreement (including but not limited to the revisions described in
Section 5.4, Section 6.2 and Section 8.6) as it deems necessary to reflect the issuance of such Partnership Interests. The designation of any newly issued class or series of Partnership Interests may provide a
formula for treating such Partnership Interests solely for purposes of voting on or consenting to any matter that requires the vote or Consent of the Limited Partners as set forth in one or more of Sections 7.1, 7.5.A, 7.11,
13.1(i), 13.1(vi), 14.1.A, 14.1.C, 14.2.A, and 14.2.B of this Agreement as the equivalent of a specified number (including any fraction thereof) of Class A Units. Nothing in this Agreement shall
prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interests of the Partnership. 

B. Classes of Partnership Units. On the Effective Date, the Partnership shall have two authorized classes of Partnership Units,
entitled “Class A Units and “LTIP Units,” and, thereafter, such additional classes of Partnership Units as may be created by the General Partner pursuant to Section 4.2.A and this Section 4.2.B. Class A
Units or a class of Partnership Interests created pursuant to Section 4.2.A or this Section 4.2.B, at the election of the General Partner, in its sole and absolute discretion, may be issued to newly admitted Partners in
exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes or other assets or consideration; provided, however, that any Partnership Unit that is not specifically designated by the General Partner as
being of a particular class shall be deemed to be a Class A Unit. The issuance and terms of any LTIP Units shall be in accordance with Section 4.6. 

  
 18 

 Section 4.3 No Preemptive Rights 

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

Section 4.4 Other Contribution Provisions 

A. General. If any Partner is admitted to the Partnership and is given a Capital Account in exchange for services rendered to the
Partnership, such transaction shall be treated by the Partnership and the affected Partner (and set forth in the Partner Registry) as if the Partnership had compensated such Partner in cash, and the Partner had made a Capital Contribution of such
cash to the capital of the Partnership. 
 B. Mergers. To the extent the Partnership acquires any property (or an indirect interest
therein) by the merger of any other Person into the Partnership or with or into a Subsidiary of the Partnership, Persons who receive Partnership Interests in exchange for their interest in the Person merging into the Partnership or with or into a
Subsidiary of the Partnership shall be deemed to have been admitted as Additional Limited Partners pursuant to Section 12.2 and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement (or if not
so provided, as determined by the General Partner in its sole and absolute discretion) and as set forth in the Partner Registry. 
 Section 4.5 No
Interest on Capital 
 No Partner shall be entitled to interest on its Capital Contributions or its Capital Account. 

Section 4.6 LTIP Units 
 A.
Issuance of LTIP Units. The General Partner may from time to time, for such consideration as the General Partner may determine to be appropriate, issue LTIP Units to Persons who provide services to the Partnership or the General Partner, and
admit such Persons as Limited Partners. Subject to the following provisions of this Section 4.6 and the special provisions of Sections 4.7 and 6.1.E, LTIP Units shall be treated as Class A Units, with all of the
rights, privileges and obligations attendant thereto. For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Class A Unit holders and LTIP Units shall be treated as Class A Units. In
particular, the Partnership shall maintain at all times a one-to-one correspondence between LTIP Units and Class A Units for conversion, distribution and other purposes, including, without limitation, complying with the following procedures:

 (i) If an Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to
maintain a one-for-one conversion and economic equivalence ratio between Class A Units and LTIP Units. The following shall be “Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Class A Units in
Partnership Units, (B) the Partnership subdivides the outstanding Class A Units into a greater number of units or combines the outstanding Class A Units into a smaller number of units, or (C) the Partnership issues any
Partnership Units in exchange for its 

  
 19 

 
outstanding Class A Units by way of a reclassification or recapitalization of its Class A Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made
only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of
Partnership Units in a financing, reorganization, acquisition or other similar business Class A Unit Transaction, (y) the issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan
or (z) the issuance of any Partnership Units to the General Partner in respect of a capital contribution to the Partnership. If the Partnership takes an action affecting the Class A Units other than actions specifically described above as
“Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such
adjustment to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment
is made to the LTIP Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment,
which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after the filing of such certificate, the Partnership shall mail a notice to each LTIP Unitholder setting forth the adjustment to
his or her LTIP Units and the effective date of such adjustment; and 
 (ii) The LTIP Unitholders shall, when, as and if authorized and
declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Class A Unit (the “Class A Unit
Distribution”) paid to holders of Class A Units on such Partnership Record Date established by the General Partner with respect to such distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or
in kind) shall be authorized, declared or paid on Class A Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units. 

B. Priority. Subject to the provisions of this Section 4.6 and the special provisions of Sections 4.7 and
5.1.C, the LTIP Units shall rank pari passu with the Class A Units as to the payment of regular and special periodic or other distributions and distribution of assets in accordance with Section 13.2 upon liquidation,
dissolution or winding up. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms specifies that it shall rank junior to, on a
parity with, or senior to the Class A Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an LTIP Unitholder shall be entitled to transfer his or
her LTIP Units to the same extent, and subject to the same restrictions as holders of Class A Units are entitled to transfer their Class A Units pursuant to Article XI. 

  
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 C. Special Provisions. LTIP Units shall be subject to the following special provisions:

 (i) Vesting Agreements. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture
and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment
imposed by the relevant Vesting Agreement or by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to as “Vested LTIP Units;” all other LTIP Units shall
be treated as “Unvested LTIP Units.” 
 (ii) Forfeiture. Unless otherwise specified in the Vesting Agreement,
upon the occurrence of any event specified in a Vesting Agreement as resulting in either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if
the Partnership or the General Partner exercises such right to repurchase or forfeiture in accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no
longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a
Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her
LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 6.1.E, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any. 

(iii) Allocations. LTIP Unitholders shall be entitled to certain special allocations of gain under Section 6.1.E. 

(iv) Redemption. The Redemption Right provided to the holders of Class A Units under Section 8.6 shall not apply with
respect to LTIP Units unless and until they are converted to Class A Units as provided in clause (v) below and Section 4.7. 

(v) Conversion to Class A Units. Vested LTIP Units are eligible to be converted into Class A Units in accordance with
Section 4.7. 

  
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 D. Voting. LTIP Unitholders shall (a) have the same voting rights as the Limited
Partners, with the LTIP Units voting as a single class with the Class A Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set forth below. So long as any LTIP Units remain outstanding,
the Partnership shall not, without the affirmative vote of the holders of a majority of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal,
whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such
amendment, alteration, or repeal affects equally, ratably and proportionately the rights, privileges and voting powers of all of Class A Units (including the Class A Units held by the General Partner ); but subject, in any event, to the
following provisions: 
 (i) With respect to any Class A Unit Transaction (as defined in Section 4.7.F), so long as the
LTIP Units are treated in accordance with Section 4.7.F, the consummation of such Class A Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP
Units or the LTIP Unitholders as such; and 
 (ii) Any creation or issuance of any Partnership Units or of any class or series of
Partnership Interest in accordance with the terms of this Agreement, including, without limitation, additional Class A Units or LTIP Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions
and the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. 

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be
required will be effected, all outstanding LTIP Units shall have been converted into Class A Units. 
 Section 4.7 Conversion of LTIP
Units. 
 A. Conversion Right. An LTIP Unitholder shall have the right (the “Conversion Right”), at
his or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Class A Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or,
if such holder holds less than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested LTIP Units into Class A Units until they become Vested LTIP Units;
provided, however, that when an LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice
conditioned upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any
time to cause a conversion of Vested LTIP Units into Class A Units. In all cases, the conversion of any LTIP Units into Class A Units shall be subject to the conditions and procedures set forth in this Section 4.7. 

B. Exercise by an LTIP Unitholder. A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid
and non-assessable Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units that
exceeds (x) the Economic Capital Account Balance of such Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Unit Economic Balance, in each case as determined as of the effective date
of conversion (the “Capital Account Limitation”). In order to exercise his or her Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as
Exhibit F to this Agreement to the Partnership (with a copy to the General Partner) not less than ten nor more than 60 days prior to a date (the “Conversion Date”) specified in such Conversion Notice; provided,
however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming  

  
 22 

 
Class A Unit Transaction (as defined in Section 4.7.F) at least 30 days prior to the effective date of such Class A Unit Transaction, then LTIP Unitholders shall have the
right to deliver a Conversion Notice until the earlier of (x) the tenth day after such notice from the General Partner of a Class A Unit Transaction or (y) the third business day immediately preceding the effective date of such
Class A Unit Transaction. A Conversion Notice shall be provided in the manner provided in Section 15.1. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this
Section 4.7.B shall be free and clear of all liens and encumbrances. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section 8.6 relating to those
Class A Units that will be issued to such holder upon conversion of such LTIP Units into Class A Units in advance of the Conversion Date; provided, however, that the redemption of such Class A Units by the Partnership shall in no
event take place until after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put an LTIP Unitholder in a position where, if he or she so wishes, the Class A Units into which his or her Vested LTIP Units
will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner elects to cause the General Partner Entity to assume and perform the Partnership’s redemption
obligation with respect to such Class A Units under Section 8.6 by delivering to such holder Shares rather than cash, then such holder can have such Shares issued to him or her simultaneously with the conversion of his or her Vested
LTIP Units into Class A Units. The General Partner and LTIP Unitholder shall reasonably cooperate with each other to coordinate the timing of the events described in the foregoing sentence. 

C. Forced Conversion. The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP
Units held by an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of Class A Units, giving effect to all adjustments (if any) made pursuant to Section 4.6; provided, however, that
the Partnership may not cause Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 4.7.B. In order to exercise its right of Forced Conversion,
the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form attached as Exhibit G to this Agreement to the applicable LTIP Unitholder not less than ten nor more than 60 days prior to the
Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 15.1. 

D. Completion of Conversion. A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the
Partnership has given a Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited
on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Class A Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall
deliver to such LTIP Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of Class A Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The Assignee
of any Limited Partner pursuant to Article XI may exercise the rights of such Limited Partner pursuant to this Section 4.7 and such Limited Partner shall be bound by the exercise of such rights by the Assignee. 

  
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 E. Impact of Conversions for Purposes of Section 6.1.E. For purposes of making future
allocations under Section 6.1.E and applying the Capital Account Limitation, the portion of the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall be reduced,
as of the date of conversion, by the product of the number of LTIP Units converted and the Class A Unit Economic Balance. 
 F.
Class A Unit Transactions. If the Partnership or the General Partner Entity shall be a party to any Class A Unit Transaction, as defined below (including without limitation a merger, consolidation, unit exchange, self tender offer for
all or substantially all Class A Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any Class A Unit Transaction that constitutes an Adjustment Event)
in each case as a result of which Class A Units shall be exchanged for or converted into the right, or the holders of such Class A Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof
(each of the foregoing being referred to herein as a “Class A Unit Transaction”), then the General Partner shall, immediately prior to the Class A Unit Transaction, exercise its right to cause a Forced Conversion with
respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Class A Unit Transaction or that would occur in connection with the Class A Unit Transaction if
the assets of the Partnership were sold at the Class A Unit Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Class A
Unit Transaction (in which case the Conversion Date shall be the effective date of the Class A Unit Transaction). In anticipation of such Forced Conversion and the consummation of the Class A Unit Transaction, the Partnership shall use
commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Class A Unit Transaction in consideration for the Class A Units into which his or her LTIP Units will be converted
the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Class A Unit Transaction by a holder of the same number of Class A Units, assuming such holder of
Class A Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person. In the event that holders of Class A Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Class A Unit Transaction,
prior to such Class A Unit Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford the LTIP Unitholders the right to elect, by written
notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into Class A Units in connection with such Class A Unit Transaction. If an LTIP Unitholder fails to make
such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Class A Unit would
receive if such Class A Unit holder failed to make such an election. Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use commercially reasonable
efforts to cause the terms of any Class A Unit Transaction to be consistent with the provisions of this Section 4.7.F and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any
LTIP Unitholders whose LTIP Units will not be converted into Class A Units in connection with  

  
 24 

 
the Class A Unit Transaction that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Class A Unit Transaction to convert their LTIP
Units into securities as comparable as reasonably possible under the circumstances to the Class A Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other
rights set forth in this Agreement for the benefit of the LTIP Unitholders. 
 ARTICLE V 

DISTRIBUTIONS 
 Section 5.1
Requirement and Characterization of Distributions 
 A. General. The General Partner may cause the Partnership to
distribute at least quarterly all, or such portion as the General Partner may in its sole and absolute discretion determine, of the Available Cash of the Partnership with respect to such quarter or shorter period to the Partners in accordance with
the terms established for the class or classes of Partnership Interests held by such Partners who are Partners on the respective Partnership Record Date with respect to such quarter or shorter period as provided in Section 5.1.B and in
accordance with the respective terms established for each class of Partnership Interest. Notwithstanding anything to the contrary contained herein, in no event may a Partner receive a distribution of Available Cash with respect to a Partnership Unit
for a quarter or shorter period if such Partner is entitled to receive a distribution with respect to a Share for which such Partnership Unit has been redeemed or exchanged. Unless otherwise expressly provided for herein, or in the terms established
for a new class or series of Partnership Interests created in accordance with Article IV hereof, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. The General Partner shall make such
reasonable efforts, as determined by it in its sole and absolute discretion and consistent with the qualification of the General Partner as a REIT, to distribute Available Cash (a) to Limited Partners so as to preclude any such distribution or
portion thereof from being treated as part of a sale of property to the Partnership by a Limited Partner under Section 707 of the Code or the Regulations thereunder; provided, however, that none of the General Partner, the General Partner
Entity, and the Partnership shall have liability to a Limited Partner under any circumstances as a result of any distribution to a Limited Partner being so treated, and (b) to the General Partner in an amount sufficient to enable the General
Partner Entity to make distributions to its stockholders that will enable the General Partner Entity to (1) satisfy the requirements for qualification as a REIT under the Code and the Regulations (the “REIT
Requirements”), and (2) avoid any U.S. federal income or excise tax liability. 
 B. Method. (i) Each
holder of Partnership Interests that is entitled to any preference in distribution shall be entitled to a distribution in accordance with the rights of any such class of Partnership Interests (and, within such class, pro rata in proportion to the
respective Percentage Interests on such Partnership Record Date); and 
 (ii) To the extent there is Available Cash remaining after the
payment of any preference in distribution in accordance with the foregoing clause (i), with respect to Partnership Interests that are not entitled to any preference in distribution or with respect to which distributions are not limited to any
preference in distribution, such Available Cash shall be 

  
 25 

 
distributed pro rata to each such class in accordance with the terms of such class (and, within each such class, pro rata in proportion to the respective Percentage Interests on such Partnership
Record Date). 
 C. Distributions With Respect to LTIP Units. In accordance with Section 4.6.A, LTIP Unitholders shall be
entitled to receive distributions in an amount per LTIP Unit equal to the Class A Unit Distribution. 
 Section 5.2 Amounts Withheld 

All amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 10.5 with respect to any
allocation, payment or distribution to the General Partner, the Limited Partners or Assignees shall be treated as amounts distributed to the General Partner, Limited Partners or Assignees, as the case may be, pursuant to Section 5.1 for
all purposes under this Agreement. 
 Section 5.3 Distributions Upon Liquidation 

Proceeds from a Liquidating Event shall be distributed to the Partners in accordance with Section 13.2. 

Section 5.4 Revisions to Reflect Issuance of Partnership Interests 

If the Partnership issues Partnership Interests pursuant to Article IV, the General Partner shall make such revisions to this
Article V and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the issuance of such additional Partnership Interests without the consent or approval of any other Partner. 

ARTICLE VI 
 ALLOCATIONS

 Section 6.1 Allocations for Capital Account Purposes 

For purposes of maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s
items of income, gain, loss and deduction (computed in accordance with Exhibit B) shall be allocated among the Partners in each taxable year (or portion thereof) as provided herein below. 

A. Net Income. After giving effect to the special allocations set forth in Section 1 of Exhibit C, Net Income
shall be allocated: 
 (1) first, to the General Partner until the cumulative Net Income allocated under this clause
(1) equals the cumulative Net Losses allocated to the General Partner under Section 6.1.B(6); 
 (2) second,
to each DRO Partner until the cumulative Net Income allocated such DRO Partner under this clause (2) equals the cumulative Net Losses allocated such DRO 

  
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Partner under Section 6.1.B(5) (and among the DRO Partners, pro rata in proportion to their respective percentages of the cumulative Net Losses allocated to all DRO Partners pursuant
to Section 6.1.B(5)); 
 (3) third, to the General Partner until the cumulative Net Income allocated under this
clause (3) equals the cumulative Net Losses allocated the General Partner under Section 6.1.B(4); 
 (4)
fourth, to the holders of any Partnership Interests that are entitled to any preference upon liquidation until the cumulative Net Income allocated under this clause (4) equals the cumulative Net Losses allocated to such Partners under
Section 6.1.B(3); 
 (5) fifth, to the holders of any Partnership Interests that are entitled to any preference
in distribution in accordance with the rights of any such class of Partnership Interests until each such Partnership Interest has been allocated, on a cumulative basis pursuant to this clause (5), Net Income equal to the amount of distributions
payable that are attributable to the preference of such class of Partnership Interests whether or not paid (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which such
allocation is being made); and 
 (6) finally, with respect to Partnership Interests that are not entitled to any preference
in distribution or with respect to which distributions are not limited to any preference in distribution, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective
Percentage Interests as of the last day of the period for which such allocation is being made). 
 B. Net Losses. After giving effect
to the special allocations set forth in Section 1 of Exhibit C, Net Losses shall be allocated: 

(1) first, to the holders of Partnership Interests, in proportion to, and to the extent that, their share of the Net Income
previously allocated pursuant to Section 6.1.A(6) exceeds, on a cumulative basis, the sum of (a) distributions with respect to such Partnership Interests pursuant to clause (ii) of Section 5.1.B and (b) Net Losses
allocated under this clause (1); 
 (2) second, with respect to classes of Partnership Interests that are not entitled to any
preference in distribution upon liquidation, pro rata to each such class in accordance with the terms of such class (and, within such class, pro rata in proportion to the respective Percentage Interests as of the last day of the period for which
such allocation is being made); provided, however, that Net Losses shall not be allocated to any Partner pursuant to this Section 6.1.B(2) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account
Deficit (or increase any existing Adjusted Capital Account Deficit) (determined in each case (i) by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with
respect to any deficit in its Capital Account pursuant to Section 13.3 and (ii) in the case of a Partner who also holds classes of Partnership Interests that are entitled to any preferences in distribution upon liquidation, by
subtracting from such Partners’ Adjusted Capital Account the amount of such preferred distribution to be made upon liquidation) at the end of such taxable year (or portion thereof); 

  
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 (3) third, with respect to classes of Partnership Interests that are entitled to
any preference in distribution upon liquidation, in reverse order of the priorities of each such class (and within each such class, pro rata in proportion to their respective Percentage Interests as of the last day of the period for which such
allocation is being made); provided, however, that Net Losses shall not be allocated to any Partner pursuant to this Section 6.1.B(3) to the extent that such allocation would cause such Partner to have an Adjusted Capital Account Deficit
(or increase any existing Adjusted Capital Account Deficit) (determined in each case by not including in the Partners’ Adjusted Capital Accounts any amount that a Partner is obligated to contribute to the Partnership with respect to any deficit
in its Capital Account pursuant to Section 13.3) at the end of such taxable year (or portion thereof); 
 (4)
fourth, to the General Partner in an amount equal to the excess of (a) the amount of the Partnership’s Recourse Liabilities over (b) the Aggregate DRO Amount; 

(5) fifth, to and among the DRO Partners, in proportion to their respective DRO Amounts, until such time as the DRO Partners as
a group have been allocated cumulative Net Losses pursuant to this clause (5) equal to the Aggregate DRO Amount; and 

(6) thereafter, to the General Partner. 

C. Allocation of Nonrecourse Debt. For purposes of Regulation Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities
of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse Built-in Gain shall be allocated by the General Partner by taking into account facts and circumstances relating
to each Partner’s respective interest in the profits of the Partnership. For this purpose, the General Partner shall have the sole and absolute discretion in any Fiscal Year to allocate such excess Nonrecourse Liabilities among the Partners in
any manner permitted under Code Section 752 and the Regulations thereunder. 
 D. Recapture Income. Any gain allocated to the
Partners upon the sale or other taxable disposition of any Partnership asset shall, to the extent possible after taking into account other required allocations of gain pursuant to Exhibit C, be characterized as Recapture Income in the
same proportions and to the same extent as such Partners have been allocated any deductions directly or indirectly giving rise to the treatment of such gains as Recapture Income. 

E. Special Allocations Regarding LTIP Units. Notwithstanding the provisions of Section 6.1.A, Liquidating Gains shall first
be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership of LTIP Units, are equal to (i) the Class A Unit Economic Balance, multiplied by (ii) the number of
their LTIP Units. For this purpose, “Liquidating Gains” means net gains that are or would be realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including
but not limited to net capital gain realized in connection with an adjustment to the value of Partnership assets under Section 704(b) of the Code made pursuant to Section 1.D of Exhibit B of the Partnership Agreement.
The “Economic Capital Account 

  
 28 

 
Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their ownership of LTIP Units. Similarly, the “Class
A Unit Economic Balance” shall mean (i) the Capital Account balance of the General Partner Entity, plus the amount of the General Partner Entity’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case
to the extent attributable to the General Partner Entity’s ownership of Class A Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under this
Section 6.1.E, but prior to the realization of any Liquidating Gains, divided by (ii) the number of the General Partner Entity’s Class A Units. Any such allocations shall be made among the LTIP Unitholders in proportion to
the amounts required to be allocated to each under this Section 6.1.E. The parties agree that the intent of this Section 6.1.E is to make the Capital Account balance associated with each LTIP Unit to be economically
equivalent to the Capital Account balance associated with the General Partner Entity’s Class A Units (on a per-Unit basis), provided that Liquidating Gains are of a sufficient magnitude to do so upon a sale of all or substantially all of
the assets of the Partnership, or upon an adjustment to the Partners’ Capital Accounts pursuant to Section 1.D of Exhibit B. To the extent the LTIP Unitholders receive a distribution in excess of their Capital
Accounts, such distribution will be a guaranteed payment under Section 707(c) of the Code. 
 F. Special Allocations in Connection
with a Liquidity Event. The Partners intend that the allocation of Net Profits, Net Losses and other items of income, gain, loss, deduction and credit required to be allocated to the Capital Accounts of the Partners pursuant to this Agreement
will result in final Capital Account balances that will permit the amount each Partner is entitled to receive upon “liquidation” of the Partnership (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations) to
equal the amount such Partner would have received if such amount was distributable solely pursuant to the priorities set forth in Article V and Section 13.2.A(1) - (4) (and, for the avoidance of doubt, taking into account any
applicable DRO Amounts). Accordingly, notwithstanding the provisions of Section 6.1.A, in the taxable year of the event precipitating a Liquidity Event and thereafter, appropriate adjustments to allocations of Net Profits and Net Losses
to the Partners shall be made to achieve such result. 
 Section 6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests 

If the Partnership issues Partnership Interests pursuant to Article IV, the General Partner shall make such revisions to this
Article VI and the Partner Registry in the books and records of the Partnership as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including making preferential allocations to classes of Partnership
Interests that are entitled thereto. Such revisions shall not require the consent or approval of any other Partner. 
 ARTICLE VII

 MANAGEMENT AND OPERATIONS OF BUSINESS 

Section 7.1 Management 
 A. Powers
of General Partner. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are and shall be exclusively vested in the General Partner, and no Limited Partner shall have
any right to 

  
 29 

 
participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the Limited Partners with or without cause. In
addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to
Section 7.11, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes
set forth in Section 3.1, including, without limitation: 
 (1) the making of any expenditures, the lending or
borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as are required under Section 5.1.A or will permit the
General Partner Entity (so long as the General Partner Entity qualifies as a REIT) to avoid the payment of any U.S. federal income tax (including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions
to its stockholders sufficient to permit the General Partner to maintain its REIT status), the assumption or guarantee of, or other contracting for, indebtedness and other liabilities including, without limitation, the assumption or guarantee of the
debt of the General Partner, its Subsidiaries or the Partnership’s Subsidiaries, the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets)
and the incurring of any obligations the General Partner deems necessary for the conduct of the activities of the Partnership; 

(2) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other
agencies having jurisdiction over the business or assets of the Partnership; 
 (3) the acquisition, disposition, mortgage,
pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership (including acquisition of any new assets, the exercise or grant of any conversion, option, privilege or subscription right or other right available in
connection with any assets at any time held by the Partnership) or the merger or other combination of the Partnership or any Subsidiary of the Partnership with or into another entity on such terms as the General Partner deems proper; 

(4) the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the
terms of this Agreement and on any terms it sees fit, including, without limitation, the financing of the conduct of the operations of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other
Persons (including, without limitation, the General Partner Entity, the General Partner and their Subsidiaries and the Partnership’s Subsidiaries) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in
which the Partnership has an equity investment and the making of capital contributions to its Subsidiaries; 
 (5) the
origination, acquisition, ownership, financing, including through securitizations, servicing and disposition of mortgage loans and other interests in real property; 

  
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 (6) the management, operation, leasing, landscaping, repair, alteration,
demolition or improvement of any real property or improvements owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment; 

(7) the negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner
considers useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement, including contracting with contractors, developers, consultants, accountants, legal
counsel, other professional advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets; 

(8) the mortgage, pledge, encumbrance or hypothecation of any assets of the Partnership; 

(9) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement; 

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

(11) the hedging of liabilities of the Partnership; 

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

(13) the selection, designation of powers, authority and duties and the dismissal of employees of the Partnership (including,
without limitation, employees having titles such as “president,” “vice president,” “secretary” and “treasurer”) and agents, outside attorneys, accountants, consultants and contractors of the Partnership and
the determination of their compensation and other terms of employment or hiring; 
 (14) the maintenance of such insurance
for the benefit of the Partnership and the Partners (including, without limitation, the General Partner Entity and the General Partner) as it deems necessary or appropriate; 

(15) the formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of
the Partnership or third parties) in, and the contribution of property to, any further limited or general partnerships, joint ventures, limited liability companies or other relationships that it deems desirable (including, without limitation, the
acquisition of interests in, and the contributions of funds or property to, or making of loans to, its Subsidiaries and any other Person in which it has an equity investment from time to time, or the incurrence of indebtedness on behalf of such
Persons or the guarantee of the obligations of such Persons); provided, however, that as long as the General Partner Entity has determined to qualify or continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition
or contribution that would cause the General Partner Entity to fail to qualify as a REIT; 

  
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 (16) the control of any matters affecting the rights and obligations of the
Partnership, including the settlement, compromise, submission to arbitration or any other form of dispute resolution or abandonment of any claim, cause of action, liability, debt or damages due or owing to or from the Partnership, the commencement
or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolution, the representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms
of dispute resolution, the incurring of legal expense and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

(17) the determination of the fair market value of any Partnership property distributed in kind, using such reasonable method
of valuation as the General Partner may adopt; 
 (18) the exercise, directly or indirectly, through any attorney-in-fact
acting under a general or limited power of attorney, of any right, including the right to vote, appurtenant to any assets or investment held by the Partnership; 

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

(20) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have any interest pursuant to contractual or other arrangements with such Person; 
 (21) the making,
executing and delivering of any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or other legal instruments or
agreements in writing necessary or appropriate in the judgment of the General Partner for the accomplishment of any of the powers of the General Partner enumerated in this Agreement; 

(22) the distribution of cash to acquire Partnership Units held by a Limited Partner in connection with a Limited
Partner’s exercise of its Redemption Right under Section 8.6; 
 (23) the determination regarding whether a
payment to a Partner who exercises its Redemption Right under Section 8.6 that is assumed by the General Partner Entity will be paid in the form of the Cash Amount or the Shares Amount, except as such determination may be limited by
Section 8.6. 
 (24) the acquisition of Partnership Interests in exchange for cash, debt instruments and other
property; 
 (25) the maintenance of the Partner Registry in the books and records of the Partnership to reflect the Capital
Contributions and Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any Additional Limited
Partner or any Substituted Limited Partner or otherwise; and 
 (26) the registration of any class of securities of the
Partnership under the Securities Act or the Exchange Act, and the listing of any debt securities of the Partnership on any exchange. 

  
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 B. No Approval by Limited Partners. Except as provided in Section 7.11, each
of the Limited Partners agrees that the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners,
notwithstanding any other provision of this Agreement, the Act or any applicable law, rule or regulation, to the full extent permitted under the Act or other applicable law. The execution, delivery or performance by the General Partner or the
Partnership of any agreement authorized or permitted under this Agreement shall be in the sole and absolute discretion of the General Partner without consideration of any other obligation or duty, fiduciary or otherwise, of the Partnership or the
Limited Partners and shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or
equity. The Limited Partners acknowledge that the General Partner is acting for the benefit of the Partnership, the Limited Partners and the stockholders of the General Partner. 

C. Insurance. At all times from and after the date hereof, the General Partner may cause the Partnership to obtain and maintain
(i) casualty, liability and other insurance on the properties of the Partnership and its Subsidiaries, (ii) liability insurance for the Indemnitees hereunder, and (iii) such other insurance as the General Partner, in its sole and
absolute discretion, determines to be necessary. 
 D. Working Capital and Other Reserves. At all times from and after the date
hereof, the General Partner may cause the Partnership to establish and maintain working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time, including upon
liquidation of the Partnership under Article XIII. 
 Section 7.2 Certificate of Limited Partnership 

To the extent that such action is determined by the General Partner to be reasonable and necessary or appropriate, the General Partner shall
file amendments to and restatements of the Certificate of Limited Partnership and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) under the laws of the
State of Delaware and each other state, the District of Columbia or other jurisdiction in which the Partnership may elect to do business or own property. Subject to the terms of Section 8.5.A(4), the General Partner shall not be
required, before or after filing, to deliver or mail a copy of the Certificate of Limited Partnership or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause to be filed such other certificates
or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and
any other state, the District of Columbia or other jurisdiction in which the Partnership may elect to do business or own property. 

  
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 Section 7.3 Title to Partnership Assets 

Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership
as an entity, and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General
Partner or one or more nominees, as the General Partner may determine, in its sole and absolute discretion, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal
title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership
assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

Section 7.4 Reimbursement of the General Partner 

A. No Compensation. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of
Articles V and VI regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not receive payments from the Partnership or otherwise be compensated for its services as the general partner
of the Partnership. 
 B. Responsibility for Partnership, General Partner and General Partner Entity Expenses. The Partnership shall
be responsible for and shall pay all expenses relating to the Partnership’s organization, the ownership of its assets and its operations. The Partnership shall also be responsible for the administrative and operating costs and expenses incurred
by the General Partner, including, but not limited to, all expenses relating to the General Partner’s and the General Partner Entity’s (i) continued existence and subsidiary operations, (ii) offerings and registration of
securities, (iii) preparation and filing of any periodic or other reports and communications required under federal, state or local laws and regulations, (iv) compliance with laws, rules and regulations promulgated by any regulatory body,
(v) operating or administrative costs incurred in the ordinary course of business on behalf of the Partnership, (vi) director fees and expenses of the Parent, (vii) any expenses (other than the purchase price) incurred by the General
Partner in connection with the redemption or other repurchase of its Shares, and (viii) all costs and expenses of the General Partner in connection with its operation as a REIT; provided, however, that such costs and expenses shall not include
any administrative or operating costs of the General Partner attributable to assets owned by the General Partner directly and not through the Partnership or its subsidiaries; and provided, further, such costs shall not include any costs that are the
responsibility of the Manager under the Management Agreement. The General Partner, at the General Partner’s sole and absolute discretion, shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its
sole and absolute discretion, for all expenses the General Partner incurs relating to or resulting from the ownership and operation of, or for the benefit of, the Partnership (including, without limitation, expenses related to the operations of the
General Partner Entity and to the management and administration of any Subsidiaries of the General Partner, the General Partner Entity or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing fees); provided,
however, that (i) the amount of any such reimbursement shall be reduced by (x) any interest earned by the 

  
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General Partner with respect to bank accounts or other instruments or accounts held by it on behalf of the Partnership as permitted in Section 7.5.A (which interest is considered to
belong to the Partnership and shall be paid over to the Partnership to the extent not applied to reimburse the General Partner for expenses hereunder); and (y) any amount derived by the General Partner from any investments permitted in
Section 7.5.A; (ii) the Partnership shall not be responsible for any taxes that the General Partner Entity would not have been required to pay if the General Partner Entity qualified as a REIT for U.S. federal income tax purposes or
any taxes imposed on the General Partner Entity by reason of the General Partner Entity’s failure to distribute to its stockholders an amount equal to its taxable income; (iii) the Partnership shall not be responsible for expenses or
liabilities incurred by the General Partner in connection with any business or assets of the General Partner other than its ownership of Partnership Interests or operation of the business of the Partnership or ownership of interests in Qualified
Assets to the extent permitted in Section 7.5.A; and (iv) the Partnership shall not be responsible for any expenses or liabilities of the General Partner that are excluded from the scope of the indemnification provisions of
Section 7.7.A by reason of the provisions of clause (i), (ii) or (iii) thereof. The General Partner shall determine in good faith the amount of expenses incurred by it or the General Partner Entity related to the ownership of
Partnership Interests or operation of, or for the benefit of, the Partnership. If certain expenses are incurred that are related both to the ownership of Partnership Interests or operation of, or for the benefit of, the Partnership and to the
ownership of other assets (other than Qualified Assets as permitted under Section 7.5.A) or the operation of other businesses, such expenses will be allocated to the Partnership and such other entities (including the General Partner and
the General Partner Entity) owning such other assets or businesses in such a manner as the General Partner in its sole and absolute discretion deems fair and reasonable. Such reimbursements shall be in addition to any reimbursement to the General
Partner and the General Partner Entity pursuant to Section 10.3.C and as a result of indemnification pursuant to Section 7.7. All payments and reimbursements hereunder shall be characterized for U.S. federal income tax
purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner or the General Partner Entity. 

C. Partnership Interest Issuance Expenses. The General Partner shall also be reimbursed for all expenses they incur relating to any
issuance of Partnership Interests, Shares, Debt of the Partnership, Funding Debt of the General Partner or the General Partner Entity, or rights, options, warrants or convertible or exchangeable securities pursuant to Article IV (including,
without limitation, all costs, expenses, damages and other payments resulting from or arising in connection with litigation related to any of the foregoing), all of which expenses are considered by the Partners to constitute expenses of, and for the
benefit of, the Partnership. 
 D. Purchases of Shares by the General Partner Entity. If the General Partner Entity exercises its
rights under the Charter (or, if the General Partner is not the General Partner Entity, the organizational documents of the General Partner Entity) to purchase Shares or otherwise elects or is required to purchase from its stockholders Shares
in connection with a share repurchase or similar program or otherwise, or for the purpose of delivering such Shares to satisfy an obligation under any dividend reinvestment or equity purchase program adopted by the General Partner Entity, any
employee equity purchase plan adopted by the General Partner Entity or any similar obligation or arrangement undertaken by the General Partner Entity in the future, the purchase price paid by the General Partner Entity for those Shares and any other
expenses incurred by the General Partner Entity in connection with such purchase shall be considered 

  
 35 

 
expenses of the Partnership and shall be reimbursable to the General Partner Entity, subject to the conditions that: (i) if those Shares subsequently are to be sold by the General Partner
Entity, the General Partner Entity shall pay to the Partnership any proceeds received by the General Partner Entity for those Shares (provided, however, that a transfer of Shares for Partnership Units pursuant to Section 8.6 would not be
considered a sale for such purposes); and (ii) if such Shares are required to be cancelled pursuant to applicable law or are not retransferred by the General Partner Entity within thirty (30) days after the purchase thereof, the General
Partner shall cause the Partnership to cancel a number of Partnership Units (rounded to the nearest whole Partnership Unit) held by the General Partner equal to the product attained by multiplying the number of those Shares by a fraction, the
numerator of which is one and the denominator of which is the Conversion Factor. 
 E. Reimbursement not a Distribution. Except as
set forth in the succeeding sentence, if and to the extent any reimbursement made pursuant to this Section 7.4 is determined for U.S. federal income tax purposes not to constitute a payment of expenses of the Partnership, the amount so
determined shall constitute a guaranteed payment with respect to capital within the meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners and shall not be treated as a distribution
for purposes of computing the Partners’ Capital Accounts. Amounts deemed paid by the Partnership to the General Partner in connection with redemption of Partnership Units pursuant to clause (ii) of subparagraph (D) above shall be
treated as a distribution for purposes of computing the Partner’s Capital Accounts. 
 F. Funding for Certain Capital
Transactions. In the event that the General Partner Entity shall undertake to acquire (whether by merger, consolidation, purchase or otherwise) the assets or equity interests of another Person and such acquisition shall require the payment of
cash by the General Partner Entity (whether to such Person or to any other selling party or parties in such transaction or to one or more creditors, if any, of such Person or such selling party or parties), (i) the Partnership shall advance to
the General Partner Entity the cash required to consummate such acquisition if, and to the extent that, such cash is not to be obtained by the General Partner Entity through an issuance of Shares described in Section 4.2 or pursuant to a
transaction described in Section 7.5.B, (ii) the General Partner Entity shall, upon consummation of such acquisition, transfer to the Partnership (or cause to be transferred to the Partnership), in full and complete satisfaction of
such advance and as required by Section 7.5, the assets or equity interests of such Person acquired by the General Partner Entity in such acquisition (or equity interests in Persons owning all of such assets or equity interests), and
(iii) pursuant to and in accordance with Section 4.2 and Section 7.5.B, the Partnership shall issue to the General Partner Entity, Partnership Interests and/or rights, options, warrants or convertible or exchangeable
securities of the Partnership having designations, preferences and other rights that are substantially the same as those of any additional Shares, other equity securities, New Securities and/or Convertible Funding Debt, as the case may be, issued by
the General Partner Entity in connection with such acquisition (whether issued directly to participants in the acquisition transaction or to third parties in order to obtain cash to complete the acquisition). In addition to, and without limiting,
the foregoing, in the event that the General Partner Entity engages in a transaction in which (x) the General Partner Entity (or a wholly owned direct or indirect Subsidiary of the General Partner Entity) merges with another entity (referred to
as the “Parent Entity”) that is organized in the “UPREIT format” (i.e., where the Parent Entity holds substantially all of its assets and conducts substantially all of its operations through a partnership,

  
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limited liability company or other entity (referred to as an “Operating Entity”)) and the General Partner Entity survives such merger, (y) such Operating Entity
merges with or is otherwise acquired by the Partnership in exchange in whole or in part for Partnership Interests, and (z) the General Partner Entity is required or elects to pay part of the consideration in connection with such merger
involving the Parent Entity in the form of cash and part of the consideration in the form of Shares, the Partnership shall distribute to the General Partner Entity with respect to its existing Partnership Interest an amount of cash sufficient to
complete such transaction and the General Partner shall cause the Partnership to cancel a number of Partnership Units (rounded to the nearest whole number) held by the General Partner Entity equal to the product attained by multiplying the number of
additional Shares of the General Partner Entity that the General Partner Entity would have issued to the Parent Entity or the owners of the Parent Entity in such transaction if the entire consideration therefor were to have been paid in Shares by a
fraction, the numerator of which is one and the denominator of which is the Conversion Factor. 
 Section 7.5 Outside Activities of the
General Partner; Relationship of Shares to Partnership Units; Funding Debt 
 A. General. Without the Consent of the Outside
Limited Partners, the General Partner shall not, directly or indirectly, enter into or conduct any business other than in connection with the ownership, acquisition and disposition of Partnership Interests and the management of the business of the
Partnership and such activities as are incidental thereto. Without the Consent of the Outside Limited Partners, the assets of the General Partner shall be limited to Partnership Interests and permitted debt obligations of the Partnership (as
contemplated by Section 7.5.F); provided, however, that the General Partner shall be permitted to hold such bank accounts or similar instruments or accounts in its name as it deems necessary to carry out its responsibilities and purposes
as contemplated under this Agreement and its organizational documents (provided that accounts held on behalf of the Partnership to permit the General Partner to carry out its responsibilities under this Agreement shall be considered to belong to the
Partnership and the interest earned thereon shall, subject to Section 7.4.B, be applied for the benefit of the Partnership); and, provided further that, the General Partner shall be permitted to acquire Qualified Assets. 

B. Repurchase of Shares and Other Securities. If the General Partner Entity exercises its rights under the Charter (or, if the General
Partner is not the General Partner Entity, the organizational documents of the General Partner Entity) to purchase Shares or otherwise elects to purchase from the holders thereof Shares, other equity securities of the General Partner Entity, New
Securities or Convertible Funding Debt, then the General Partner Entity shall cause the Partnership to purchase from the General Partner (i) in the case of a purchase of Shares, that number of Partnership Units of the appropriate class equal to
the product obtained by multiplying the number of Shares purchased by the General Partner Entity times a fraction, the numerator of which is one and the denominator of which is the Conversion Factor, or (ii) in the case of the purchase of any
other securities on the same terms and for the same aggregate price that the General Partner Entity purchased such securities. 
 C.
Forfeiture of Shares. If the Partnership or the General Partnership Entity acquires Shares as a result of the forfeiture of such Shares under a restricted or similar share, share bonus or similar share plan, then the General Partner shall
cause the Partnership to cancel, without 

  
 37 

 
payment of any consideration to the General Partner Entity, that number of Partnership Units of the appropriate class equal to the number of Shares so acquired, and, if the Partnership acquired
such Shares, it shall transfer such Shares to the General Partner for cancellation. 
 D. Issuances of Shares and Other Securities.
The General Partner Entity shall not grant, award or issue any additional Shares (other than Shares issued pursuant to Section 8.6 or pursuant to a dividend or distribution (including any stock split) of Shares to all of its stockholders
that results in an adjustment to the Conversion Factor pursuant to clause (i), (ii) or (iii) of the definition thereof), other equity securities of the General Partner Entity, New Securities or Convertible Funding Debt unless (i) the
General Partner shall cause, pursuant to Section 4.2.A, the Partnership to issue to the General Partner Entity, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having
designations, preferences and other rights, all such that the economic interests are substantially the same as those of such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be, and (ii) in
exchange therefor, the General Partner Entity transfers or otherwise causes to be transferred to the Partnership, as an additional Capital Contribution, the proceeds (if any) from the grant, award, or issuance of such additional Shares, other equity
securities, New Securities or Convertible Funding Debt, as the case may be, or from the exercise of rights contained in such additional Shares, other equity securities, New Securities or Convertible Funding Debt, as the case may be (or, in the case
of an acquisition described in Section 7.4.F in which all or a portion of the cash required to consummate such acquisition is to be obtained by the General Partner Entity through an issuance of Shares described in
Section 4.2, the General Partner Entity complies with such Section 7.4.F). Without limiting the foregoing, the General Partner Entity is expressly authorized to issue additional Shares, other equity securities, New Securities
or Convertible Funding Debt, as the case may be, for less than fair market value, and the General Partner is expressly authorized, pursuant to Section 4.2.A, to cause the Partnership to issue to the General Partner corresponding
Partnership Interests, (for example, and not by way of limitation, the issuance of Shares and corresponding Partnership Units pursuant to a stock purchase plan providing for purchases of Shares, either by employees or stockholders, at a discount
from fair market value or pursuant to employee stock options that have an exercise price that is less than the fair market value of the Shares, either at the time of issuance or at the time of exercise) as long as (a) the General Partner
concludes in good faith that such issuance is in the interests of the General Partner and the Partnership and (b) the General Partner Entity transfers all proceeds from any such issuance or exercise to the Partnership as an additional Capital
Contribution. 
 E. Equity Incentive Plan. If at any time or from time to time, the General Partner Entity sells or otherwise issues
Shares pursuant to any Equity Incentive Plan, the General Partner Entity shall transfer or cause to be transferred the proceeds of the sale of such Shares, if any, to the Partnership as an additional Capital Contribution in exchange for an amount of
additional Partnership Units equal to the number of Shares so sold divided by the Conversion Factor. 
 F. Funding Debt. The General
Partner or the General Partner Entity or any wholly owned Subsidiary of either of them may incur a Funding Debt from a financial institution or other lender, including, without limitation, a Funding Debt that is convertible into Shares or otherwise
constitutes a class of New Securities (“Convertible Funding Debt”), subject to the condition that the General Partner, the General Partner Entity or such Subsidiary, as the case may

  
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be, lend to the Partnership the net proceeds of such Funding Debt; provided, however, that Convertible Funding Debt shall be issued in accordance with the provisions of Section 7.5.D
above; and, provided further that the General Partner, the General Partner Entity or such Subsidiary shall not be obligated to lend the net proceeds of any Funding Debt to the Partnership in a manner that would be inconsistent with the General
Partner’s or the General Partner Entity’s ability to qualify or remain qualified as a REIT. If the General Partner, the General Partner Entity or such Subsidiary enters into any Funding Debt, the loan to the Partnership shall be on
comparable terms and conditions, including interest rate, repayment schedule, costs and expenses and other financial terms, as are applicable with respect to or incurred in connection with such Funding Debt. 

G. Capital Contributions of the General Partner Entity. The Capital Contributions by the General Partner Entity pursuant to Sections
7.5.D and 7.5.E will be deemed to equal the cash contributed by the General Partner plus (a) in the case of cash contributions funded by an offering of any equity interests in or other securities of the General Partner Entity, the
offering costs attributable to the cash contributed to the Partnership to the extent not reimbursed pursuant to Section 7.4.C and (b) in the case of Partnership Units issued pursuant to Section 7.5.E, an amount equal to
the difference between the Value of the Shares sold pursuant to any Equity Incentive Plan and the net proceeds of such sale. 
 H. Tax
Loans. The General Partner may in its sole and absolute discretion, cause the Partnership to make an interest free loan to the General Partner, as applicable, provided that the proceeds of such loans are used to satisfy any tax liabilities of
the General Partner, as applicable. 
 Section 7.6 Transactions with Affiliates 

A. Transactions with Certain Affiliates. Except as expressly permitted by this Agreement, with respect to any transaction with an
Affiliate not negotiated on an arm’s-length basis, the Partnership shall not, directly or indirectly, sell, transfer or convey any property to, or purchase any property from, or borrow funds from, or lend funds to, any Partner or any Affiliate
of the Partnership that is not also a Subsidiary of the Partnership, except pursuant to transactions that are determined in good faith by the General Partner to be on terms that are fair and reasonable and no less favorable to the Partnership than
would be obtained from an unaffiliated third party. 
 B. Joint Ventures. The Partnership may transfer assets to joint ventures,
limited liability companies, partnerships, corporations, business trusts or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions consistent with this Agreement and applicable law as
the General Partner, in its sole and absolute discretion, believes to be advisable. 
 C. Conflict Avoidance. The General Partner is
expressly authorized to enter into, in the name and on behalf of the Partnership, a non-competition arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and General Partner on such terms as the General
Partner, in its sole and absolute discretion, believes are advisable. 

  
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 D. Benefit Plans Sponsored by the Partnership. The General Partner in its sole and
absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership,
Subsidiaries of the Partnership or any Affiliate of any of them. 
 Section 7.7 Indemnification 

A. General. The Partnership shall indemnify each Indemnitee to the fullest extent provided by the Act from and against any and all
losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, attorneys fees and other legal fees and expenses), judgments, fines, settlements and other amounts, arising from or in connection with any and all
claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, incurred by the Indemnitee and relating to the Partnership or the General Partner Entity or the operation of, or the ownership of property by,
the Indemnitee, Partnership or the General Partner Entity as set forth in this Agreement in which any such Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established by a final determination of a
court of competent jurisdiction 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. Without limitation,
the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guarantee, contractual obligation for any indebtedness or other obligation or otherwise, for any indebtedness of the Partnership or any Subsidiary of the
Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to
enter into one or more indemnity agreements consistent with the provisions of this Section 7.7 in favor of any Indemnitee having or potentially having liability for any such indebtedness. The termination of any proceeding by judgment,
order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 7.7.A. The termination of any proceeding by conviction or upon a plea of nolo contendere or
its equivalent, or an entry of an order of probation prior to judgment, does not create a rebuttable presumption that the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A with respect to the subject matter of
such proceeding. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership, and any insurance proceeds from the liability policy covering the General Partner and any Indemnitee, and neither
the General Partner nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership or otherwise provide funds to enable the Partnership to fund its obligations under this Section 7.7. 

B. Reimbursement of Expenses. Reasonable expenses expected to be incurred by an Indemnitee shall be paid or reimbursed by the
Partnership in advance of the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative made or threatened against an Indemnitee 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 Section 7.7.A 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. 

  
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 C. No Limitation of Rights. The indemnification provided by this Section 7.7
shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to
serve in such capacity unless otherwise provided in a written agreement pursuant to which such Indemnitee is indemnified. 
 D.
Insurance. 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 Indemnitee or Person against such liability under the provisions of this Agreement. 

E. No Personal Liability for Partners. In no event may an Indemnitee subject any of the Partners to personal liability by reason of the
indemnification provisions set forth in this Agreement. 
 F. Interested Transactions. An Indemnitee shall not be denied
indemnification in whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 G. Benefit. The provisions of this Section 7.7 are for the benefit of the Indemnitees, their employees,
officers, directors, trustees, heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. Any amendment, modification or repeal of this Section 7.7, or any provision
hereof, shall be prospective only and shall not in any way affect the limitation on the Partnership’s liability to any Indemnitee under this Section 7.7 as in effect immediately prior to such amendment, modification or repeal with
respect to claims arising from or related to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

H. Indemnification Payments Not Distributions. If and to the extent any payments to the General Partner pursuant to this
Section 7.7 constitute gross income to the General Partner (as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the
Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

I. Exception to Indemnification. Notwithstanding anything to the contrary in this Agreement, the General Partner shall not be entitled
to indemnification hereunder for any loss, claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement between the General Partner and the Partnership. 

  
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 Section 7.8 Liability of the General Partner 

A. General. Notwithstanding anything to the contrary set forth in this Agreement, the General Partner (which for the purposes of this
Section 7.8 shall include the directors and officers of the General Partner) shall not be liable for monetary or other damages to the Partnership, any Partners or any Assignees for losses sustained, liabilities incurred or benefits not
derived as a result of errors in judgment or mistakes of fact or law or of any act or omission unless the General Partner acted in bad faith and the act or omission was material to the matter giving rise to the loss, liability or benefit not
derived. 
 B. Obligation to Consider Interests of General Partner. The Limited Partners expressly acknowledge that the General
Partner, in considering whether to dispose of any of the Partnership assets, shall take into account the tax consequences to the General Partner Entity of any such disposition and shall have no liability whatsoever to the Partnership or any Limited
Partner for decisions that are based upon or influenced by such tax consequences. 
 C. No Obligation to Consider Separate Interests of
Limited Partners. The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, the Limited Partners and the General Partner’s stockholders and, to the extent separate, the stockholders of the
General Partner Entity, and that, except as set forth herein, 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
Assignees) in deciding whether to cause the Partnership to take (or decline to take) any actions, and that the General Partner shall not be liable for monetary or other damages for losses sustained, liabilities incurred or benefits not derived by
Limited Partners in connection with any decisions or actions made or taken or declined to be made or taken, provided that the General Partner has acted pursuant to its authority under this Agreement. Any decisions or actions not taken by the General
Partner in accordance with the terms of this Agreement shall not constitute a breach of any duty owed to the Partnership or the Limited Partners by law or equity, fiduciary or otherwise. In the event of a conflict between the interests of the
Limited Partners and the stockholders of the General Partner, the General Partner and its Affiliates may endeavor in good faith to resolve any conflicts in a manner that is not adverse to either the stockholders of the General Partner or the Limited
Partners; provided the Limited Partners acknowledge and agree that the General Partner and its Affiliates may fulfill their duties to the Limited Partners by acting in the best interests of the stockholders of the General Partner; and the General
Partner shall not be liable for monetary or other losses sustained, liabilities incurred or benefits not derived by the Limited Partners in connection therewith. 

D. Actions of Agents. Subject to its obligations and duties as General Partner set forth in Section 7.1.A, the General
Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence
on the part of any such agent appointed by the General Partner in good faith. 
 E. Effect of Amendment. Notwithstanding any other
provision contained herein, any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability

  
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to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or
relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

F. Limitations of Fiduciary Duty. Sections 7.1.B, Section 7.7.E and this Section 7.8 and any other
Section of this Agreement limiting the liability of the General Partner and/or the directors and officers of the General Partner shall constitute an express limitation of any duties, fiduciary or otherwise, that they would owe the Partnership or the
Limited Partners if such duty would be imposed by any law, in equity or otherwise. 
 Section 7.9 Other Matters Concerning the General Partner

 A. Reliance on Documents. The General Partner may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or
parties. 
 B. Reliance on Advisors. The General Partner may consult with legal counsel, accountants, appraisers, management
consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which the General Partner reasonably believes to be within such
Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

C. Action Through Agents. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act
through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and
every act and duty that is permitted or required to be done by the General Partner hereunder. 
 D. Actions to Maintain REIT Status or
Avoid Taxation of the General Partner Entity. 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 Entity to refrain from acting
on behalf of the Partnership undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to qualify as a REIT or (ii) to allow the General Partner
Entity to avoid incurring any liability for taxes under Sections 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

Section 7.10 Reliance by Third Parties 

Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner has full power and authority, without consent or approval of any other Partner or Person, to encumber, sell or otherwise use in any manner any and all assets of the Partnership, to enter into any contracts on behalf of the
Partnership and to take any and all actions on behalf of the Partnership, and such Person shall be 

  
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entitled to deal with the General Partner as if the General Partner were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and
all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing, in each case except to the extent that such action imposes, or purports
to impose, liability on the Limited Partner. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or
expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence
in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing
and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the
terms and provisions of this Agreement and is binding upon the Partnership. 
 Section 7.11 Restrictions on General Partner’s Authority

 The General Partner may not take any action in contravention of an express prohibition or limitation of this Agreement without the
written Consent of (i) all Partners adversely affected or (ii) such lower percentage of the Partnership Interests held by Limited Partners as may be specifically provided for under a provision of this Agreement or the Act. The preceding
sentence shall not apply to any limitation or prohibition in this Agreement that expressly authorizes the General Partner to take action (either in its discretion or in specified circumstances) so long as the General Partner acts within the scope of
such authority. 
 Section 7.12 Loans by Third Parties 

The Partnership may incur Debt, or enter into similar credit, guarantee, financing or refinancing arrangements for any purpose (including,
without limitation, in connection with any acquisition of property and any borrowings from, or guarantees of Debt of the General Partner or any of its Affiliates) with any Person upon such terms as the General Partner determines appropriate. 

ARTICLE VIII 
 RIGHTS
AND OBLIGATIONS OF LIMITED PARTNERS 
 Section 8.1 Limitation of Liability 

The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement, including
Section 10.5, or under the Act. 
 Section 8.2 Management of Business 

No Limited Partner or Assignee (other than the General Partner or any of its Affiliates, or any officer, director, employee, partner, agent or
trustee of the General Partner, the Partnership 

  
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or any of their Affiliates, in their capacity as such) shall take part in the operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any
business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent
or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 

Section 8.3 Outside Activities of Limited Partners 

Subject to Section 7.5, and subject to any agreements entered into pursuant to Section 7.6.B and to any other
agreements entered into by a Limited Partner or its Affiliates with the General Partner or a Subsidiary, the Partnership, any Limited Partner (other than the General Partner) and any officer, director, employee, agent, trustee, Affiliate or
stockholder of any Limited Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities in direct or indirect competition
with the Partnership. Neither the Partnership nor any Partners shall have any rights by virtue of this Agreement in any business ventures of any Limited Partner or Assignee. None of the Limited Partners (other than the General Partner Entity) or any
other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any business ventures of any other Person (other than the General Partner to the extent expressly provided herein), and no Person
(other than the Organizational Limited Partner or the General Partner) shall have any obligation pursuant to this Agreement to offer any interest in any such business venture to the Partnership, any Limited Partner or any such other Person, even if
such opportunity is of a character which, if presented to the Partnership, any Limited Partner or such other Person, could be taken by such Person. 

Section 8.4 Return of Capital 

Except pursuant to the right of redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or
return of its Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. No Limited Partner or Assignee shall have priority over any other Limited Partner or
Assignee either as to the return of Capital Contributions (except as permitted by Section 4.2.A) or, except to the extent provided by Exhibit C or as permitted by Sections 4.2.A, 5.1.B(i), 6.1.A
and 6.1.B, or otherwise expressly provided in this Agreement, as to profits, losses, distributions or credits. 
 Section 8.5 Rights of
Limited Partners Relating to the Partnership 
 A. General. In addition to other rights provided by this Agreement or by the Act,
and except as limited by Section 8.5.D, each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of
the purpose of such demand and at such Limited Partner’s own expense: 
 (1) to obtain a copy of the most recent annual
and quarterly reports filed with the Securities and Exchange Commission by either the General Partner Entity or the Partnership, if any, pursuant to the Exchange Act; 

  
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 (2) to obtain a copy of the Partnership’s U.S. federal, state and local
income tax returns for each Fiscal Year; 
 (3) to obtain a current list of the name and last known business, residence or
mailing address of each Partner; 
 (4) to obtain a copy of this Agreement and the Certificate of Limited Partnership and all
amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Limited Partnership and all amendments thereto have been executed; 

(5) to obtain true and full information regarding the amount of cash and a description and statement of the Agreed Value of any
other property or services contributed by each Partner and which each Partner has agreed to contribute in the future, and the date on which each Partner became a Partner; and 

(6) other information regarding the affairs of the Partnership as is just and reasonable. 

B. Notice of Conversion Factor. The Partnership shall notify each Limited Partner upon request (i) of the then current Conversion
Factor and (ii) of any changes to the Conversion Factor. 
 C. Notice of Extraordinary Transaction of the General Partner
Entity. The General Partner Entity shall not make any extraordinary distributions of cash or property to its stockholders or effect a merger (including, without limitation, a triangular merger), consolidation or other combination with or into
another Person, a sale of all or substantially all of its assets or any other similar extraordinary transaction without providing written notice to the Limited Partners of its intention to make such distribution or effect such merger, consolidation,
combination, sale or other extraordinary transaction at least twenty (20) Business Days prior to the record date to determine stockholders eligible to receive such distribution or to vote upon the approval of such merger, sale or other
extraordinary transaction (or, if no such record date is applicable, at least twenty (20) Business Days before consummation of such merger, sale or other extraordinary transaction), which notice shall describe in reasonable detail the action to
be taken; provided, however, that the General Partner, in its sole and absolute discretion, may shorten the required notice period of not less than twenty (20) Business Days prior to the record date to determine the stockholders eligible to
vote upon a merger transaction (but not any of the other transactions covered by this Section 8.5.C.) to a period of not less than ten (10) calendar days (thereby continuing to afford the holders of Partnership Units the opportunity
to redeem Partnership Units under Section 8.6 on or prior to the record date for the stockholder vote on the merger transaction) so long as (i) (A) the General Partner Entity will be the surviving entity in such merger
transaction, (B) immediately following the merger transaction, Persons who held voting securities of the General Partner Entity immediately prior to such merger transaction will 

  
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hold, solely by reason of the ownership of voting securities of the General Partner Entity immediately prior to the merger transaction, voting securities of the General Partner Entity
representing not less than fifty-one percent (51%) of the total combined voting power of all outstanding voting securities of the General Partner Entity after such merger, and (C) in the event that in connection with such merger
transaction the Partnership will merge with another entity, the Partnership will be the surviving entity in such merger, or (ii) the General Partner otherwise determines that it is in the best interests of the General Partner to shorten such
required notice period to a period of not less ten (10) calendar days. This provision for such notice shall not be deemed (i) to permit any transaction that otherwise is prohibited by this Agreement or requires a Consent of the Partners or
(ii) to require a Consent on the part of any one or more of the Limited Partners to a transaction that does not otherwise require Consent under this Agreement. Each Limited Partner agrees, as a condition to the receipt of the notice pursuant
hereto, to keep confidential the information set forth therein until such time as the General Partner has made public disclosure thereof and to use such information during such period of confidentiality solely for purposes of determining whether to
exercise the Redemption Right; provided, however, that a Limited Partner may disclose such information to its attorney, accountant and/or financial advisor for purposes of obtaining advice with respect to such exercise so long as such attorney,
accountant and/or financial advisor agrees to receive and hold such information subject to this confidentiality requirement. 
 D.
Confidentiality. Notwithstanding any other provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute
discretion, any information that (i) the General Partner reasonably believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interests of the
Partnership or could damage the Partnership or its business or (ii) the Partnership is required by law or by agreements with unaffiliated third parties to keep confidential, provided, however, that this Section 8.5.D shall not
affect the notice requirements set forth in Section 8.5.C above. 
 Section 8.6 Redemption Right 

A. General. (i) Subject to Section 8.6.C and Section 11.6.E, at any time on or after one
(1) year following the date of the initial issuance thereof (which, in the event of the transfer of a Class A Unit, shall be deemed to be the date that the Class A Unit was issued to the original recipient thereof for purposes of this
Section 8.6), the holder of a Class A Unit (if other than the General Partner or any Subsidiary of the General Partner), including any LTIP Units that are converted into Class A Units, shall have the right (the
“Redemption Right”) to require the Partnership to redeem such Class A Unit, with such redemption to occur on the Specified Redemption Date and at a redemption price equal to and in the form of the Cash Amount to be paid
by the Partnership. Any such Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the holder of the Partnership Units who is exercising the Redemption Right (the
“Redeeming Partner”). A Limited Partner may exercise the Redemption Right from time to time, without limitation as to frequency, with respect to part or all of the Partnership Units that it owns, as selected by the Limited
Partner, provided, however, that a Limited Partner may not exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units of a particular class unless such Redeeming Partner then holds fewer than one thousand
(1,000) Partnership Units in that class, in  

  
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which event the Redeeming Partner must exercise the Redemption Right for all of the Partnership Units held by such Redeeming Partner in that class, and provided further that, with respect to a
Limited Partner which is an entity, such Limited Partner may exercise the Redemption Right for fewer than one thousand (1,000) Partnership Units without regard to whether or not such Limited Partner is exercising the Redemption Right for all of
the Partnership Units held by such Limited Partner as long as such Limited Partner is exercising the Redemption Right on behalf of one or more of its equity owners in respect of one hundred percent (100%) of such equity owners’ interests
in such Limited Partner. 
 (ii) The Redeeming Partner shall have no right with respect to any Partnership Units so redeemed to receive any
distributions paid in respect of a Partnership Record Date for distributions in respect of Partnership Units after the Specified Redemption Date with respect to such Partnership Units. 

(iii) The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 8.6, and such
Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the exercise of such rights by such Limited Partner’s Assignee. In connection with any exercise of such rights by such Assignee on behalf of
such Limited Partner, the Cash Amount shall be paid by the Partnership directly to such Assignee and not to such Limited Partner. 
 (iv) If
the General Partner Entity provides notice to the Limited Partners, pursuant to Section 8.5.C, the Redemption Right shall be exercisable, without regard to whether the Partnership Units have been outstanding for any specified period,
during the period commencing on the date on which the General Partner Entity provides such notice and ending on the record date to determine stockholders eligible to receive such distribution or to vote upon the approval of such merger, sale or
other extraordinary transaction (or, if no such record date is applicable, at least twenty (20) Business Days before the consummation of such merger, sale or other extraordinary transaction). If this subparagraph (iv) applies, the
Specified Redemption Date is the date on which the Partnership and the General Partner receive notice of exercise of the Redemption Right, rather than ten (10) Business Days after receipt of the Notice of Redemption. 

B. General Partner Entity Assumption of Redemption Right. (i) If a Limited Partner has delivered a Notice of Redemption, the
General Partner Entity may, in its sole and absolute discretion (subject to the limitations on ownership and transfer of Shares set forth in the Charter or, if the General Partner is not the General Partner Entity, the organizational documents of
the General Partner Entity), elect to assume directly and satisfy a Redemption Right. If such election is made by the General Partner, the Partnership shall determine whether the General Partner Entity shall pay the Redemption Amount in the form of
the Cash Amount or the Shares Amount. The Partnership’s decision regarding whether such payment shall be made in the form of the Cash Amount or the Shares Amount shall be made by the General Partner, in its capacity as the general partner of
the Partnership and in its sole and absolute discretion. Upon such payment by the General Partner Entity, the General Partner Entity 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. Unless the General Partner Entity, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the 

  
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Redemption Right, the General Partner Entity shall not have any obligation to the Redeeming Partner or to the Partnership with respect to the Redeeming Partner’s exercise of the Redemption
Right. If the General Partner Entity shall exercise its right to assume directly and satisfy the Redemption Right in the manner described in the first sentence of this Section 8.6.B and the General Partner Entity shall fully perform its
obligations in connection therewith, the Partnership shall have no right or obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the
Partnership and the General Partner Entity shall, for U.S. federal income tax purposes, treat the transaction between the General Partner Entity and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General
Partner Entity. Nothing contained in this Section 8.6.B shall imply any right of the General Partner Entity to require any Limited Partner to exercise the Redemption Right afforded to such Limited Partner pursuant to
Section 8.6.A. 
 (ii) If the General Partner determines that the General Partner Entity shall pay the Redeeming Partner the
Redemption Amount in the form of Shares, the total number of Shares to be paid to the Redeeming Partner in exchange for the Redeeming Partner’s Partnership Units shall be the applicable Shares Amount. If this amount is not a whole number of
Shares, the Redeeming Partner shall be paid (i) that number of Shares which equals the nearest whole number less than such amount plus (ii) an amount of cash which the General Partner Entity determines, in its reasonable discretion, to
represent the fair value of the remaining fractional Share which would otherwise be payable to the Redeeming Partner. 
 (iii) Each
Redeeming Partner agrees to execute such documents or provide such information or materials as the General Partner Entity may reasonably require in connection with the issuance of Shares upon exercise of the Redemption Right. 

C. Exceptions to Exercise of Redemption Right. Notwithstanding the provisions of Sections 8.6.A and 8.6.B, a Partner
shall not be entitled to exercise the Redemption Right pursuant to Section 8.6.A if (but only as long as) the delivery of Shares to such Partner on the Specified Redemption Date would (i) be prohibited under the restrictions on the
ownership or transfer of Shares in the Charter (or, if the General Partner is not the General Partner Entity, the organizational documents of the General Partner Entity), (ii) be prohibited under applicable federal or state securities laws or
regulations (in each case regardless of whether the General Partner Entity would in fact assume and satisfy the Redemption Right), (iii) without limiting the foregoing, result in the General Partner’s Shares being owned by fewer than 100
persons (determined without reference to rules of attribution), (iv) without limiting the foregoing, result in the General Partner Entity being “closely held” within the meaning of Section 856(h) of the Code or cause the General
Partner to own, actually or constructively, ten percent (10%) or more of the ownership interests in a tenant of the General Partner, the Partnership or a Subsidiary of the Partnership’s real property within the meaning of
Section 856(d)(2)(B) of the Code, and (v) without limiting the foregoing, cause the acquisition of the Shares by the Redeeming Partner to be “integrated” with any other distribution of Shares for purposes of complying with the
registration provision of the Securities Act, as amended. Notwithstanding the foregoing, the General Partner may, in its sole and absolute discretion, waive such prohibition set forth in this Section 8.6.C. 

  
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 D. No Liens on Partnership Units Delivered for Redemption. Each Limited Partner covenants
and agrees that all Partnership Units delivered for redemption shall be delivered to the Partnership or the General Partner Entity, as the case may be, free and clear of all liens; and, notwithstanding anything contained herein to the contrary,
neither the General Partner Entity nor the Partnership shall be under any obligation to acquire Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is
payable as a result of the transfer of its Partnership Units to the Partnership or the General Partner Entity, such Limited Partner shall assume and pay such transfer tax. 

E. Additional Partnership Interests; Modification of Holding Period. If the Partnership issues Partnership Interests to any Additional
Limited Partner pursuant to Article IV, the General Partner shall make such revisions to this Section 8.6 as it determines are necessary to reflect the issuance of such Partnership Interests (including setting forth any
restrictions on the exercise of the Redemption Right with respect to such Partnership Interests which differ from those set forth in this Agreement), provided, however, that no such revisions shall materially adversely affect the rights of any other
Limited Partner to exercise its Redemption Right without that Limited Partner’s prior written consent. In addition, the General Partner may, with respect to any holder or holders of Partnership Units, at any time and from time to time, as it
shall determine in its sole and absolute discretion, (i) reduce or waive the length of the period prior to which such holder or holders may not exercise the Redemption Right or (ii) reduce or waive the length of the period between the
exercise of the Redemption Right and the Specified Redemption Date. 
 ARTICLE IX 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 

Section 9.1 Records and Accounting 

The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the
Partnership’s business, including, without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 9.3. Any records
maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of, punch cards, magnetic tape, photographs, micrographics or any other information storage device, provided, however, that the
records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally
accepted accounting principles. 
 Section 9.2 Fiscal Year 

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

Section 9.3 Reports 
 A. Annual
Reports. As soon as practicable, but in no event later than the date on which the General Partner Entity mails its annual report to its stockholders, the General Partner 

  
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Entity shall cause to be mailed to each Limited Partner an annual report, as of the close of the most recently ended Fiscal Year, containing financial statements of the Partnership, or of the
General Partner Entity (and, if different, the General Partner) if such statements are prepared on a consolidated basis with the Partnership, for such Fiscal Year, presented in accordance with generally accepted accounting principles, such
statements to be audited by a nationally recognized firm of independent public accountants selected by the General Partner Entity. 
 B.
Quarterly Reports. If and to the extent that the General Partner Entity mails quarterly reports to its stockholders, as soon as practicable, but in no event later than the date on which such reports are mailed, the General Partner Entity
shall cause to be mailed to each Limited Partner a report containing unaudited financial statements, as of the last day of such fiscal quarter, of the Partnership, or of the General Partner Entity (and, if different, the General Partner) if such
statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by applicable law or regulation, or as the General Partner determines to be appropriate. 

C. The General Partner shall have satisfied its obligations under Section 9.3.A and Section 9.3.B by posting or making
available the reports required by this Section 9.3 on the website maintained from time to time by the Partnership or the General Partner Entity, provided that such reports are able to be printed or downloaded from such website. 

ARTICLE X 
 TAX MATTERS

 Section 10.1 Preparation of Tax Returns 

The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and
other items required of the Partnership for U.S. federal and state income tax purposes and shall use all reasonable efforts to furnish, within ninety (90) days of the close of each taxable year, the tax information reasonably required by
Limited Partners for U.S. federal and state income tax reporting purposes. 
 Section 10.2 Tax Elections 

A. Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available
election pursuant to the Code (including the election under Section 754 of the Code and any elections available in applying Section 704(c) of the Code). The General Partner shall have the right to seek to revoke any such election upon the
General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners. 

B. Without limiting the foregoing, the Partners, intending to be legally bound, hereby authorize the General Partner, on behalf of the
Partnership, to make an election (the “LV Safe Harbor Election”) to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation § 1.83-3(l) and the Proposed Revenue Procedure set forth in
Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed guidance is issued in final form or as amended by subsequently issued guidance (the “LV Safe Harbor”),

  
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apply to any interest in the Partnership transferred to a service provider, including any LTIP Units, while the LV Safe Harbor Election remains effective, to the extent such interest meets the LV
Safe Harbor requirements (collectively, such interests are referred to as “LV Safe Harbor Interests”). The tax matters partner is authorized and directed to execute and file the LV Safe Harbor Election on behalf of the
Partnership and the Partners. The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred in connection with the performance of services) hereby agree to comply with all requirements of the LV Safe
Harbor (including forfeiture allocations) with respect to all LV Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences of the issuance and vesting of LV Safe Harbor Interests consistent with
such final LV Safe Harbor guidance. The Partnership is also authorized to take such actions as are necessary to achieve, under the LV Safe Harbor, the effect that the election and compliance with all requirements of the LV Safe Harbor referred to
above would be intended to achieve under Proposed Treasury Regulation § 1.83-3, including amending this Agreement. 
 Section 10.3 Tax Matters
Partner 
 A. General. The General Partner shall be the “tax matters partner” of the Partnership for U.S. federal income
tax purposes. Pursuant to Section 6223(c)(3) of the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name,
address, taxpayer identification number and profit interest of each of the Limited Partners and any Assignees; provided, however, that such information is provided to the Partnership by the Limited Partners. 

B. Powers. The tax matters partner is authorized, but not required: 

(1) to enter into any settlement with the IRS with respect to any administrative or judicial proceedings for the adjustment of
Partnership items required to be taken into account by a Partner for income tax purposes (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”),
and in the settlement agreement the tax matters partner may expressly state that such agreement shall bind all Partners, except that such settlement agreement shall not bind any Partner (i) who (within the time prescribed pursuant to the Code
and Regulations) files a statement with the IRS providing that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or (ii) who is a “notice partner” (as defined in
Section 6231(a)(8) of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code); 

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

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

  
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 (4) to file a request for an administrative adjustment with the IRS at any time
and, if any part of such request is not allowed by the IRS, to file an appropriate pleading (petition or complaint) for judicial review with respect to such request; 

(5) to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item
required to be taken into account by a Partner for tax purposes, or an item affected by such item; 
 (6) to take any other
action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding, to the extent permitted by applicable law or regulations; and 

(7) to take any other action required by the Code and Regulations in connection with its role as tax matters partner. 

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

Section 10.4 Organizational Expenses 

The Partnership shall elect to deduct expenses as provided in Section 709 of the Code. 

Section 10.5 Withholding 
 Each
Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of U.S. federal, state, local, or foreign taxes that the General Partner determines that the Partnership is
required to withhold or pay with respect to any amount distributable, allocable or otherwise transferred to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership
pursuant to Sections 1441, 1442, 1445, 1446 or 1471-1474, inclusive, of the Code and the Regulations thereunder. Any amount paid on behalf of or with respect to a Limited Partner (other than amounts actually withheld from payments to a Limited
Partner) shall constitute a loan by the Partnership, to such Limited Partner, which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available
funds of the Partnership which would, but for such payment, be distributed to the Limited Partner. Any 

  
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amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed or otherwise paid to such Limited Partner. Each Limited Partner hereby
unconditionally and irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to
this Section 10.5. If a Limited Partner fails to pay any amounts owed to the Partnership pursuant to this Section 10.5 when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the
Partnership on behalf of such defaulting Limited Partner, and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting
Limited Partner (including, without limitation, the right to receive distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as
published from time to time in The Wall Street Journal, plus four (4) percentage points (but not higher than the maximum rate that may be charged under law) from the date such amount is due (i.e., fifteen (15) days after demand) until such
amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner shall request to perfect or enforce the security interest created hereunder. 

ARTICLE XI 
 TRANSFERS
AND WITHDRAWALS 
 Section 11.1 Transfer 

A. Definition. The term “transfer,” when used in this Article XI with respect to a Partnership Interest or a
Partnership Unit, shall be deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest to another Person or by which a Limited Partner purports to assign all or any part of its
Limited Partner Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this Article XI
does not include any redemption or repurchase of Partnership Units by the Partnership from a Partner or acquisition of Partnership Units from a Limited Partner by the General Partner Entity pursuant to Section 8.6 or otherwise. No part
of the interest of a Limited Partner shall be subject to the claims of any creditor, any spouse for alimony or support, or to legal process, and may not be voluntarily or involuntarily alienated or encumbered except as may be specifically provided
for in this Agreement. 
 B. General. No Partnership Interest shall be transferred, in whole or in part, except in accordance with
the terms and conditions set forth in this Article XI. Any transfer or purported transfer of a Partnership Interest not made in accordance with this Article XI shall be null and void. 

Section 11.2 Transfers of Partnership Interests of General Partner 

A. General. Other than to an Affiliate of the General Partner Entity, the General Partner may not transfer any of its Partnership
Interests except in connection with (i) a transaction permitted under Section 11.2.B, (ii) a Transfer to any wholly owned Subsidiary of the 

  
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General Partner or the owner of all of the ownership interests of the General Partner Entity, or (iii) as otherwise expressly permitted under this Agreement, nor shall the General Partner
withdraw as General Partner except in connection with a transaction permitted under Section 11.2.B or any Transfer, merger, consolidation, or other combination permitted under clause (ii) of this Section 11.2.A. 

B. Termination Transactions. The General Partner Entity shall not engage in any merger (including, without limitation, a triangular
merger), consolidation or other combination with or into another Person (other than any transaction permitted by Section 11.2.A), any sale of all or substantially all of its assets or any reclassification, recapitalization or change of
outstanding 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 as described in the definition of “Conversion Factor”) (a “Termination
Transaction”), unless: 
 (i) the Consent of the Outside Limited Partners is obtained; 

(ii) following such Termination Transaction, substantially all of the assets directly or indirectly owned by the surviving entity are owned
directly or indirectly by the Partnership or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with the Partnership; or 

(iii) in connection with such Termination Transaction all Partners either will receive, or will have the right to 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 to a holder of Shares, if any, corresponding to such Unit in
consideration of one such Share at any time during the period from and after the date on which the Termination Transaction is consummated; provided, however, that, if in connection with the Termination Transaction, a purchase, tender or exchange
offer shall have been made to and accepted by the holders of the percentage required for the approval of mergers under the organizational documents of the General Partner Entity, each holder of Partnership Units shall receive, or shall have the
right to receive without any right of Consent set forth above in this Section 11.2.B, the greatest amount of cash, securities, or other property which such holder would have received had it exercised the Redemption Right and received
Shares in exchange for its Partnership Units immediately prior to the expiration of such purchase, tender or exchange offer and had thereupon accepted such purchase, tender or exchange offer. 

C. Creation of New General Partner. The General Partner shall not enter into an agreement or other arrangement providing for or
facilitating the creation of a General Partner other than the General Partner, unless the successor General Partner executes and delivers a counterpart to this Agreement in which such General Partner agrees to be fully bound by all of the terms and
conditions contained herein that are applicable to a General Partner. 
 Section 11.3 Limited Partners’ Rights to Transfer 

A. General. Except to the extent expressly permitted in Sections 11.3.B and 11.3.C or in connection with the exercise of a
Redemption Right pursuant to Section 8.6, a Limited Partner may not transfer all or portion of its Partnership Interest, or any of such Limited Partner’s 

  
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rights as a Limited Partner, without the prior written consent of the General Partner, which consent may be withheld in the General Partner’s sole and absolute discretion. Any transfer
otherwise permitted under Sections 11.3.B and 11.3.C shall be subject to the conditions set forth in Section 11.3.D and 11.3.E, and all permitted transfers shall be subject to Section 11.5 and
Section 11.6. 
 B. Incapacitated Limited Partner. If a Limited Partner is subject to Incapacity, the executor,
administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partner, for the purpose of settling
or managing the estate and such power as the Incapacitated Limited Partner possessed to transfer all or any part of its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or terminate the
Partnership. 
 C. Permitted Transfers. A Limited Partner may transfer, with or without the consent of the General Partner, all or a
portion of its Partnership Interest (i) in the case of a Limited Partner who is an individual, to a member of his or her Immediate Family, any trust formed for the benefit of himself or herself and/or members of his or her Immediate Family, or
any partnership, limited liability company, joint venture, corporation or other business entity comprised only of himself or herself and/or members of his or her Immediate Family and entities the ownership interests in which are owned by or for the
benefit of himself or herself and/or members of his or her Immediate Family, (ii) in the case of a Limited Partner which is a trust, to the beneficiaries of such trust, (iii) in the case of a Limited Partner which is a partnership, limited
liability company, joint venture, corporation or other business entity to which Units were transferred pursuant to clause (i) above, to its partners, owners or stockholders, as the case may be, who are members of the Immediate Family of or are
actually the Person(s) who transferred Partnership Units to it pursuant to clause (i) above, (iv) in the case of a Limited Partner which acquired Partnership Units as of the date hereof and which is a partnership, limited liability
company, joint venture, corporation or other business entity, to its partners, owners, stockholders or Affiliates thereof, as the case may be, or the Persons owning the beneficial interests in any of its partners, owners or stockholders or
Affiliates thereof (it being understood that this clause (iv) will apply to all of each Person’s Interests whether the Partnership Units relating thereto were acquired on the date hereof or hereafter), (v) in the case of a Limited
Partner which is a partnership, limited liability company, joint venture, corporation or other business entity other than any of the foregoing described in clause (iii) or (iv), in accordance with the terms of any agreement between such Limited
Partner and the Partnership pursuant to which such Partnership Interest was issued, (vi) pursuant to a gift or other transfer without consideration, (vii) pursuant to applicable laws of descent or distribution, (viii) to another
Limited Partner and (ix) pursuant to a grant of security interest or other encumbrance effectuated in a bona fide transaction or as a result of the exercise of remedies related thereto, subject to the provisions of Section 11.3.E
hereof. A trust or other entity will be considered formed “for the benefit” of a Partner’s Immediate Family even though some other Person has a remainder interest under or with respect to such trust or other entity. 

D. No Transfers Violating Securities Laws. The General Partner may prohibit any transfer of Partnership Units by a Limited Partner
unless it receives a written opinion of legal counsel (which opinion and counsel shall be reasonably satisfactory to the Partnership) to such 

  
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Limited Partner to the effect that such transfer would not require filing of a registration statement under the Securities Act or would not otherwise violate any federal or state securities laws
or regulations applicable to the Partnership or the Partnership Unit or, at the option of the Partnership, an opinion of legal counsel to the Partnership to the same effect. 

E. No Transfers to Holders of Nonrecourse Liabilities. No pledge or transfer of any Partnership Units may be made to a lender to the
Partnership or any Person who is related (within the meaning of Section 1.752-4(b) of the Regulations) to any lender to the Partnership whose loan otherwise constitutes a Nonrecourse Liability unless (i) the General Partner is provided
prior written notice thereof and (ii) the lender enters into an arrangement with the Partnership and the General Partner to exchange or redeem for the Redemption Amount any Partnership Units in which a security interest is held simultaneously
with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code. 

Section 11.4 Substituted Limited Partners 

A. Consent of General Partner. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in its place. The
General Partner shall, however, have the right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the
General Partner in its sole and absolute discretion. The General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the
Partnership, the General Partner or any Partner. The General Partner hereby grants its consent to the admission as a Substituted Limited Partner to any bona fide financial institution that loans money or otherwise extends credit to a holder of
Partnership Units and thereafter becomes the owner of such Partnership Units pursuant to the exercise by such financial institution of its rights under a pledge of such Partnership Units granted in connection with such loan or extension of credit.

 B. Rights of Substituted Partner. A transferee who has been admitted as a Substituted Limited Partner in accordance with this
Article XI shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. The admission of any transferee as a Substituted Limited Partner shall be conditioned upon the
transferee executing and delivering to the Partnership an acceptance of all the terms and conditions of this Agreement (including, without limitation, the provisions of Section 15.11) and such other documents or instruments as may be
required to effect the admission. 
 C. Partner Registry. Upon the admission of a Substituted Limited Partner, the General Partner
shall update the Partner Registry in the books and records of the Partnership as it deems necessary to reflect such admission in the Partner Registry. 

Section 11.5 Assignees 
 If the
General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a Substituted Limited Partner, as 

  
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described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited
partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain, loss and Recapture Income attributable to the Partnership Units assigned to such transferee, and
shall have the rights granted to the Limited Partners under Section 8.6, but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Units in
any matter presented to the Limited Partners for a vote (such Partnership Units being deemed to have been voted on such matter in the same proportion as all other Partnership Units held by Limited Partners are voted). If any such transferee desires
to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions of this Article XI to the same extent and in the same manner as any Limited Partner desiring to make an assignment of
Partnership Units. 
 Section 11.6 General Provisions 

A. Withdrawal of Limited Partner. No Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer of
all of such Limited Partner’s Partnership Units in accordance with this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.6. 

B. Termination of Status as Limited Partner. Any Limited Partner who shall transfer all of its Partnership Units in a transfer
permitted pursuant to this Article XI or pursuant to redemption of all of its Partnership Units under Section 8.6 shall cease to be a Limited Partner. 

C. Timing of Transfers. Transfers pursuant to this Article XI may only be made upon three (3) Business Days prior notice to
the General Partner, unless the General Partner otherwise agrees. 
 D. Allocations. If any Partnership Interest is transferred
during any quarterly segment of the Partnership’s fiscal year in compliance with the provisions of this Article XI or redeemed or transferred pursuant to Section 8.6, Net Income, Net Losses, each item thereof and all other
items attributable to such interest for such fiscal year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the fiscal year in accordance with
Section 706(d) of the Code and corresponding Regulations, using the interim closing of the books method (unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly, or a monthly proration period, in which
event Net Income, Net Losses, each item thereof and all other items attributable to such interest for such fiscal year shall be prorated based upon the applicable method selected by the General Partner). Solely for purposes of making such
allocations, each of such items for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner as of midnight on the last day of said month. All distributions of Available Cash attributable to any
Partnership Unit with respect to which the Partnership Record Date is before the date of such transfer, assignment or redemption shall be made to the transferor Partner or the Redeeming Partner, as the case may be, and, in the case of a transfer or
assignment other than a redemption, all distributions of Available Cash thereafter attributable to such Partnership Unit shall be made to the transferee Partner. 

  
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 E. Additional Restrictions. Notwithstanding anything to the contrary herein, and in
addition to any other restrictions on transfer herein contained, including, without limitation, the provisions of Article VII and this Article XI, in no event may any transfer or assignment of a Partnership Interest by any Partner
(including pursuant to Section 8.6) be made without the express consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks the legal right, power or capacity to own a Partnership
Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components of a Partnership Interest;
(iv) if in the opinion of legal counsel to the Partnership there is a significant risk that such transfer would cause a termination of the Partnership for U.S. federal or state income tax purposes (except as a result of the redemption or
exchange for Shares of all Partnership Units held by all Limited Partners other than the General Partner, or any Subsidiary of either, or pursuant to a transaction expressly permitted under Section 11.2); (v) if in the opinion of
counsel to the Partnership, there is a significant risk that such transfer would cause the Partnership to be treated as an association taxable as a corporation for U.S. federal income tax purposes; (vi) if such transfer requires the
registration of such Partnership Interest pursuant to any applicable federal or state securities laws; (vii) if such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial
equivalent thereof)” within the meaning of Section 7704 of the Code and the Regulations thereunder or such transfer causes the Partnership to become a “publicly traded partnership,” as such term is defined in Sections 469(k)(2)
or 7704(b) of the Code (provided, however, that, this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the Redemption Right under Section 8.6 unless, and only to the extent that, outside
tax counsel provides to the General Partner an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly traded partnership” and, by reason
thereof, taxable as a corporation for U.S. federal income tax purposes); (viii) if such transfer subjects the Partnership or the activities of the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act
of 1940 or ERISA, each as amended; or (ix) if in the opinion of legal counsel for the Partnership, there is a risk that such transfer would adversely affect the ability of the General Partner Entity to qualify or continue to qualify as a REIT
or subject the General Partner Entity to any additional taxes under Sections 857 or 4981 of the Code. 
 F. Avoidance of “Publicly
Traded Partnership” Status. The General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded on an “established securities market” or a “secondary market
(or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code and (ii) whether additional transfers of interests would result in the Partnership being unable to qualify for at least one of the “safe
harbors” set forth in Regulations Section 1.7704-1 (or such other guidance subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe Harbors”). The General Partner shall take all steps reasonably necessary or appropriate to prevent any trading of interests
or any recognition by the Partnership of transfers made on such markets and, except as otherwise provided herein, to insure that at least one of the Safe Harbors is met; provided, however, that the foregoing shall not authorize the General Partner
to limit or restrict in any manner the right of any holder of a Partnership Unit to exercise the Redemption Right in accordance with the terms of Section 8.6 unless, and only to the extent that, outside tax counsel provides to the
General Partner an opinion 

  
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to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be treated as a “publicly traded partnership” and, by reason
thereof, taxable as a corporation. 
 ARTICLE XII 

ADMISSION OF PARTNERS 

Section 12.1 Admission of a Successor General Partner 

A successor to all of the General Partner’s General Partner Interest pursuant to Section 11.2 who is proposed to be admitted
as a successor General Partner shall be admitted to the Partnership as the General Partner, effective upon such transfer. Any such successor shall carry on the business of the Partnership without dissolution. In such case, the admission shall be
subject to such successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as may be required to effect the admission. 

Section 12.2 Admission of Additional Limited Partners 

A. General. No Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent shall
be given or withheld in the General Partner’s sole and absolute discretion. A Person who makes a Capital Contribution to the Partnership in accordance with this Agreement or who exercises an option to receive Partnership Units shall be admitted
to the Partnership as an Additional Limited Partner only with the consent of the General Partner and only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and
conditions of this Agreement, including, without limitation, the power of attorney granted in Section 15.11 and (ii) such other documents or instruments as may be required in the discretion of the General Partner to effect such
Person’s admission as an Additional Limited Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and records of the Partnership,
following the consent of the General Partner to such admission. 
 B. Allocations to Additional Limited Partners. If any Additional
Limited Partner is admitted to the Partnership on any day other than the first day of a Fiscal Year, then Net Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Fiscal Year shall be allocated
among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying interests during the Fiscal Year in accordance with Section 706(d) of the Code, using the interim closing of the books method
(unless the General Partner, in its sole and absolute discretion, elects to adopt a daily, weekly or monthly proration method, in which event Net Income, Net Losses, and each item thereof would be prorated based upon the applicable period selected
by the General Partner). Solely for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited Partner occurs shall be allocated among all the Partners and Assignees including such
Additional Limited Partner. All distributions of Available Cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to 

  
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Partners and Assignees other than the Additional Limited Partner, and all distributions of Available Cash thereafter shall be made to all the Partners and Assignees including such Additional
Limited Partner. 
 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 

For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend
the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment to the Partner Registry) and, if required by law, shall prepare and file an amendment to the Certificate of
Limited Partnership and may for this purpose exercise the power of attorney granted pursuant to Section 15.11. 
 Section 12.4 Limit on
Number of Partners 
 Unless otherwise permitted by the General Partner in its sole and absolute discretion, no Person shall be admitted
to the Partnership as an Additional Limited Partner if the effect of such admission would be to cause the Partnership to have a number of Partners that would cause the Partnership to become a reporting company under the Exchange Act. 

ARTICLE XIII 

DISSOLUTION AND LIQUIDATION 

Section 13.1 Dissolution 
 The
Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General
Partner, any successor General Partner shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following (“Liquidating Events”):

 (i) an event of withdrawal of the General Partner (other than an event of bankruptcy) unless within ninety (90) days after the
withdrawal, the written Consent of the Outside Limited Partners to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General Partner is obtained; 

(ii) an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 

(iii) entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 

(iv) ninety (90) days after the sale of all or substantially all of the assets and properties of the Partnership for cash or for
marketable securities; 

  
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 (v) the redemption of all Partnership Units other than those held by the General Partner; or 

(vi) a final and non-appealable judgment is entered by a court of competent jurisdiction ruling that the General Partner is bankrupt or
insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless
prior to or at the time of the entry of such order or judgment, the written Consent of the Outside Limited Partners is obtained to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such
order or judgment, of a substitute General Partner. 
 Section 13.2 Winding Up 

A. General. Upon the occurrence of a Liquidating Event, the Partnership shall continue solely for the purposes of winding up its
affairs in an orderly manner, liquidating its assets, and satisfying the claims of its creditors and Partners. No Partner shall take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the
Partnership’s business and affairs. The General Partner (or, if there is no remaining General Partner, any Person elected by a majority in interest of the Limited Partners (the “Liquidator”)) shall be responsible for
overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s liabilities and property and the Partnership property shall be liquidated as promptly as is consistent with obtaining the fair value
thereof, and the proceeds therefrom (which may, to the extent determined by the General Partner, include equity or other securities of the General Partner or any other entity) shall be applied and distributed in the following order: 

(1) First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the
Partners; 
 (2) Second, to the payment and discharge of all of the Partnership’s debts and liabilities to the General
Partner; 
 (3) Third, to the payment and discharge of all of the Partnership’s debts and liabilities to the Limited
Partners; 
 (4) Fourth, to the holders of Partnership Interests that are entitled to any preference in distribution upon
liquidation in accordance with the rights of any such class or series of Partnership Interests (and, within each such class or series, to each holder thereof pro rata based on its Percentage Interest in such class); and 

(5) The balance, if any, to the Partners in accordance with their positive Capital Accounts, after giving effect to all
contributions, distributions, and allocations for all periods. 
 The General Partner shall not receive any additional compensation for any
services performed pursuant to this Article XIII. 

  
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 B. Deferred Liquidation. Notwithstanding the provisions of Section 13.2.A
which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the
Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy
liabilities of the Partnership (including to those Partners as creditors) or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A, undivided interests in such
Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and
shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall
determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
 Section 13.3
Compliance with Timing Requirements of Regulations; Restoration of Deficit Capital Accounts 
 A. Timing of Distributions. If the
Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made under this Article XIII to the General Partner and Limited Partners who have positive Capital Accounts in
compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). In the discretion of the General Partner, a pro rata portion of the distributions that would otherwise be made to the General Partner and Limited Partners pursuant to this Article
XIII may be: (A) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership and paying any contingent or
unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership (in which case the assets of any such trust shall be distributed to the General Partner and Limited Partners from
time to time, in the reasonable discretion of the General Partner, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited Partners pursuant to this
Agreement); or (B) withheld to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership; provided, however, that such
withheld amounts shall be distributed to the General Partner and Limited Partners as soon as practicable. 
 B. Restoration of Deficit
Capital Accounts upon Liquidation of the Partnership. If any Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which
such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person
for any purpose whatsoever, except as otherwise set forth in this Section 13.3.B, or as otherwise expressly agreed in writing by the affected Partner and the Partnership after the date hereof. Notwithstanding the foregoing, (i) if
the General Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions, and allocations for all Partnership years or portions thereof, 

  
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including the year during which such liquidation occurs), the General Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in
compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(3); (ii) if a DRO Partner has a deficit balance in its Capital Account (after giving effect to all contributions, distributions, and allocations for all Partnership Years or portions
thereof, including the year during which such liquidation occurs), such DRO Partner shall be obligated to make a contribution to the Partnership with respect to any such deficit balance in such DRO Partner’s Capital Account upon a liquidation
of the Partnership in an amount equal to the lesser of such deficit balance or such DRO Partner’s DRO Amount; and (iii) the first sentence of this Section 13.3.B shall not apply with respect to any other Partner to the extent,
but only to such extent, that such Partner previously has agreed in writing, with the consent of the General Partner, to undertake an express obligation to restore all or any portion of a deficit that may exist in its Capital Account upon a
liquidation of the Partnership. No Limited Partner shall have any right to become a DRO Partner, to increase its DRO Amount, or otherwise agree to restore any portion of any deficit that may exist in its Capital Account without the express written
consent of the General Partner, in its sole and absolute discretion. Any contribution required of a Partner under this Section 13.3.B shall be made on or before the later of (i) the end of the Partnership Year in which the interest
is liquidated or (ii) the ninetieth (90th) day following the date of such liquidation. The proceeds of any contribution to the Partnership made by a DRO Partner with respect to a deficit in such DRO Partner’s Capital Account balance
shall be treated as a Capital Contribution by such DRO Partner and the proceeds thereof shall be treated as assets of the Partnership to be applied as set forth in Section 13.2.A. 

C. Restoration of Deficit Capital Accounts upon a Liquidation of a Partner’s Interest by Transfer. If a DRO Partner’s
interest in the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than in connection with a liquidation of the Partnership) which term shall include a redemption by the Partnership of
such DRO Partner’s interest upon exercise of the Redemption Right, and such DRO Partner is designated on Exhibit E as a Part II DRO Partner, such DRO Partner shall be required to contribute cash to the Partnership equal to the
lesser of (i) the amount required to increase its Capital Account balance as of such date to zero, or (ii) such DRO Partner’s DRO Amount. For this purpose, (i) the DRO Partner’s deficit Capital Account balance shall be
determined by taking into account all contributions, distributions, and allocations for the portion of the Fiscal Year ending on the date of the liquidation or redemption, and (ii) solely for purposes of determining such DRO Partner’s
Capital Account balance, the General Partner shall redetermine the Carrying Value of the Partnership’s assets on such date based upon the principles set forth in Sections 1.D.(3) and (4) of Exhibit B hereto, and
shall take into account the DRO Partner’s allocable share of any Unrealized Gain or Unrealized Loss resulting from such redetermination in determining the balance of its Capital Account. The amount of any payment required hereunder shall be due
and payable within the time period specified in the second to last sentence of Section 13.3.B. 
 D. Effect of the Death of a
DRO Partner. After the death of a DRO Partner who is an individual, the executor of the estate of such DRO Partner may elect to reduce (or eliminate) the DRO Amount of such DRO Partner. Such elections may be made by such executor by delivering
to the General Partner within two hundred and seventy (270) days of the death of such Limited Partner, a written notice setting forth the maximum deficit balance in its Capital Account that such executor agrees to restore under this
Section 13.3, if any. If such executor 

  
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does not make a timely election pursuant to this Section 13.3 (whether or not the balance in the applicable Capital Account is negative at such time), then the DRO Partner’s
estate (and the beneficiaries thereof who receive distributions of Partnership Interests therefrom) shall be deemed a DRO Partner with a DRO Amount in the same amount as the deceased DRO Partner. Any DRO Partner which itself is a partnership for
U.S. federal income tax purposes may likewise elect, after the date of its partner’s death to reduce (or eliminate) its DRO Amount by delivering a similar notice to the General Partner within the time period specified above, and in the absence
of any such notice the DRO Amount of such DRO Partner shall not be reduced to reflect the death of any of its partners. 
 Section 13.4 Rights of
Limited Partners 
 Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the
Partnership for the return of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the Partnership. Except as otherwise expressly provided in this Agreement, no Limited Partner shall have
priority over any other Limited Partner as to the return of its Capital Contributions, distributions, or allocations. 
 Section 13.5 Notice of
Dissolution 
 If a Liquidating Event occurs or an event occurs that would, but for provisions of an election or objection by one or more
Partners pursuant to Section 13.1, result in a dissolution of the Partnership, the General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners and to all other parties with whom
the Partnership regularly conducts business (as determined in the discretion of the General Partner). 
 Section 13.6 Cancellation of Certificate of
Limited Partnership 
 Upon the completion of the liquidation of the Partnership cash and property as provided in
Section 13.2, the Partnership shall be terminated and the Certificate of Limited Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be canceled
and such other actions as may be necessary to terminate the Partnership shall be taken. 
 Section 13.7 Reasonable Time for Winding Up 

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

Section 13.8 Waiver of Partition 

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

  
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 Section 13.9 Liability of Liquidator 

The Liquidator shall be indemnified and held harmless by the Partnership in the same manner and to the same degree as an Indemnitee may be
indemnified pursuant to Section 7.7. 
 ARTICLE XIV 

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 

Section 14.1 Amendments 
 A.
General. Amendments to this Agreement may be proposed by the General Partner or by any Limited Partner holding Partnership Interests representing twenty-five percent (25%) or more of the Percentage Interest of the Class A Units.
Following such proposal (except an amendment governed by Section 14.1.B), the General Partner shall submit any proposed amendment to the Limited Partners. The General Partner shall seek the written Consent of the Partners as set forth in
this Section 14.1 on the proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate. For purposes of obtaining a written Consent, the General Partner may require a response
within a reasonable specified time, but not less than fifteen (15) days, any failure to respond in such time period shall constitute a vote in favor of the recommendation of the General Partner. A proposed amendment shall be adopted and be
effective as an amendment hereto if it is approved by the General Partner and, except as provided in Section 14.1.B, 14.1.C or 14.1.D, it receives the Consent of the Partners holding Partnership Interests representing more
than fifty percent (50%) of the Percentage Interest of the Class A Units (including Class A Units held by the General Partner Entity). 

B. Amendments Not Requiring Limited Partner Approval. Notwithstanding Section 14.1.A but subject to
Section 14.1.C, the General Partner shall have the power, without the Consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(1) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any
Affiliate of the General Partner for the benefit of the Limited Partners; 
 (2) to reflect the admission, substitution,
termination, or withdrawal of Partners in accordance with this Agreement (which may be effected through the replacement of the Partner Registry with an amended Partner Registry); 

(3) to set forth the designations, rights, powers, duties, and preferences of the holders of any additional Partnership
Interests issued pursuant to Article IV; 
 (4) to reflect a change that does not adversely affect the Limited
Partners in any material respect, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions of this Agreement, or make other changes with respect to matters arising under this
Agreement that will not be inconsistent with law or with the provisions of this Agreement; 

  
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 (5) to satisfy any requirements, conditions, or guidelines contained in any
order, directive, opinion, ruling or regulation of a federal, state or local agency or contained in federal, state or local law; 

(6) to modify the method by which Partners’ Capital Accounts, or any debits or credits thereto, are computed, in each case
in accordance with Section 1.E of Exhibit B to this Agreement; and 
 (7) to include provisions in
the Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance regarding the U.S. federal income tax treatment of compensatory partnership interests issued and made effective after the date hereof or in
connection with any elections that the General Partner determines to be necessary or advisable in respect of any such guidance. Any such amendment may include, without limitation, (a) a provision authorizing or directing the General Partner to
make any election under such guidance, (b) a covenant by the Partnership that all of the Partners must (I) comply with the such guidance and (II) take all actions (or, as the case may be, not take any action) necessary, including providing
the Partnership with any required information, to permit the Partnership to comply with the requirements set forth or referred to in the Regulations for such election or other related guidance from the IRS, and (c) an amendment to the capital
account maintenance provisions and the allocation provisions contained in Exhibit B or Exhibit C of this Agreement so that such provisions comply with (I) the provisions of the Code and the Regulations as they apply
to the issuance of compensatory partnership interests and (II) the requirements of such guidance and any election made by the General Partner with respect thereto, including, a provision requiring “forfeiture allocations” as appropriate.

 The General Partner shall notify the Limited Partners in writing when any action under this Section 14.1.B is taken in the next regular
communication to the Limited Partners or within ninety (90) days of the date thereof, whichever is earlier. 
 C. Amendments
Requiring Limited Partner Approval (Excluding the General Partner Entity). Notwithstanding Sections 14.1.A and 14.1.B, without the Consent of the Outside Limited Partners, the General Partner shall not amend
Section 4.2.A, Section 7.1.A (second sentence only), Section 7.5, Section 7.6, Section 7.8, Section 7.11, Section 11.2, Section 13.1, the last sentence
of Section 11.4.A (provided, however, that no such amendment shall in any event adversely affect the rights of any lender who made a loan or who extended credit and received in connection therewith a pledge of Partnership Units prior to
the date such amendment is adopted unless, and only to the extent such lender consents thereto), this Section 14.1.C or Section 14.2. 

D. Other Amendments Requiring Certain Limited Partner Approval. Notwithstanding anything in this Section 14.1 to the
contrary, this Agreement shall not be amended with respect to any Partner adversely affected without the Consent of such Partner adversely affected or to any Assignee who is a bona fide financial institution that loans money or otherwise extends
credit to a holder of Partnership Units that is adversely affected, but in either case only if such amendment would (i) convert such Limited Partner’s interest in the Partnership into a general partner’s interest, (ii) modify the
limited liability of such Limited Partner, (iii) amend Section 7.11, (iv) amend Article V or Article VI (except as permitted pursuant to Sections 4.2, 

  
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5.4, 6.2 and 14.1.B(3)), (v) amend Section 8.6 or any defined terms set forth in Article I that relate to the Redemption Right (except as permitted in
Section 8.6.E), or (vi) amend Sections 11.3 or 11.5, or add any additional restrictions to Section 11.6.E or amend Section 14.1.B(4) or this Section 14.1.D. 

E. Amendment and Restatement of Partner Registry Not an Amendment. Notwithstanding anything in this Article XIV or elsewhere in
this Agreement to the contrary, any amendment and restatement of the Partner Registry by the General Partner to reflect events or changes otherwise authorized or permitted by this Agreement shall not be deemed an amendment of this Agreement and may
be done at any time and from time to time, as determined by the General Partner without the Consent of the Limited Partners and without any notice requirement. 

Section 14.2 Meetings of the Partners 

A. General. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of
a written request by Limited Partners holding Partnership Interests representing twenty-five percent (25%) or more of the Percentage Interest of the Class A Units (including Class A Units held by the General Partner Entity). The call
shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date of such meeting. Partners entitled to vote may
vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedure
prescribed in Section 14.1.A. Except as otherwise expressly provided in this Agreement, the Consent of holders of Partnership Interests representing a majority of the Percentage Interests of the Class A Units shall control
(including Class A Units held by the General Partner Entity). 
 B. Actions Without a Meeting. Except as otherwise expressly
provided by this Agreement, any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by Partners holding Partnership Interests
representing more than fifty percent (50%) (or such other percentage as is expressly required by this Agreement) of the Percentage Interest of the Class A Units (including Class A Units held by the General Partner Entity). Such
consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of Partners. Such consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held
on the date on which written consents from the Partners holding the required Percentage Interest of the Class A Units have been filed with the General Partner. 

C. Proxy. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is
entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or its attorney-in-fact. No proxy shall be valid after the expiration of eleven
(11) months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice
thereof. 
 D. Conduct of Meeting. Each meeting of Partners shall be conducted by the General Partner or such other Person as the
General Partner may appoint pursuant to such rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 

  
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 ARTICLE XV 

GENERAL PROVISIONS 
 Section 15.1
Addresses and Notice 
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under
this Agreement shall be in writing and shall be deemed given or made when delivered in person, when sent by first class United States mail or by other means of written communication (including, but not limited to, via e-mail) to the Partner or
Assignee at the address set forth in the Partner Registry or such other address as the Partners shall notify the General Partner in writing. 

Section 15.2 Titles and Captions 

All article or section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and in no
way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” “Sections” and “Exhibits” are to Articles, Sections and Exhibits of
this Agreement. 
 Section 15.3 Pronouns and Plurals 

Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section 15.4 Further Action 

The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or
appropriate to achieve the purposes of this Agreement. 
 Section 15.5 Binding Effect 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors,
legal representatives and permitted assigns. 
 Section 15.6 Creditors 

Other than as expressly set forth herein with regard to any Indemnitee, none of the provisions of this Agreement shall be for the benefit of,
or shall be enforceable by, any creditor of the Partnership. 

  
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 Section 15.7 Waiver 

No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise
any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 15.8 Counterparts 
 This
Agreement may be executed in counterparts, all of which together shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall
become bound by this Agreement immediately upon affixing its signature hereto. 
 Section 15.9 Applicable Law 

This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the
principles of conflicts of law. 
 Section 15.10 Invalidity of Provisions 

If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein shall not be affected thereby. 
 Section 15.11 Power of Attorney 

A. General. Each Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated
therewith) is deemed to irrevocably constitute and appoint the General Partner, any Liquidator and authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and
lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
 (1) execute, swear to,
acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate of Limited Partnership and all amendments or
restatements thereof) that the General Partner or any Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners
have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property, (b) all instruments that the General Partner or any Liquidator deem appropriate or necessary to
reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms, (c) all conveyances and other instruments or documents that the General Partner or any Liquidator deems appropriate or necessary to
reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation, (d) all instruments relating to the admission, withdrawal, removal or substitution
of any Partner pursuant to, or other events described in, Article XI, XII or XIII or the Capital Contribution of any Partner and (e) all certificates, documents and other instruments relating to the determination of the
rights, preferences and privileges of Partnership Interests; and 

  
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 (2) execute, swear to, acknowledge and file all ballots, consents, approvals,
waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action
which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to effectuate the terms or intent of this
Agreement. 
 Nothing contained in this Section 15.11 shall be construed as authorizing the General Partner or any Liquidator to
amend this Agreement except in accordance with Article XIV or as may be otherwise expressly provided for in this Agreement. 
 B.
Irrevocable Nature. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner or any
Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or
any portion of such Limited Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby
agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses which may be available to
contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen
(15) days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to
effectuate this Agreement and the purposes of the Partnership. 
 Section 15.12 Entire Agreement 

This Agreement contains the entire understanding and agreement among the Partners with respect to the subject matter hereof and supersedes any
prior written oral understandings or agreements among them with respect thereto. 
 Section 15.13 No Rights as Stockholders 

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

  
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 Section 15.14 Limitation to Preserve REIT Status 

To the extent that any amount paid or credited to the General Partner Entity or any of their officers, directors, employees or agents pursuant
to Sections 7.4 or 7.7 would constitute gross income to the General Partner Entity for purposes of Sections 856(c)(2) or 856(c)(3) of the Code (a “General Partner Payment”) then, notwithstanding any other
provision of this Agreement, the amount of such General Partner Payment for any Fiscal Year shall not exceed the lesser of: 
 (i) an amount
equal to the excess, if any, of (a) 4% of the General Partner Entity’s total gross income (within the meaning of Section 856(c)(3) of the Code but not including the amount of any General Partner Payments) for the Fiscal Year which is
described in subsections (A) though (H) of Section 856(c)(2) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(2) of the Code) derived by the General Partner Entity from sources other than
those described in subsections (A) through (H) of Section 856(c)(2) of the Code (but not including the amount of any General Partner Payments); or 

(ii) an amount equal to the excess, if any of (a) 24% of the General Partner Entity’s total gross income (but not including the
amount of any General Partner Payments) for the Fiscal Year which is described in subsections (A) through (I) of Section 856(c)(3) of the Code over (b) the amount of gross income (within the meaning of Section 856(c)(3) of
the Code but not including the amount of any General Partner Payments) derived by the General Partner Entity from sources other than those described in subsections (A) through (I) of Section 856(c)(3) of the Code; 

provided, however, that General Partner Payments in excess of the amounts set forth in subparagraphs (i) and (ii) above may be made if the General
Partner Entity, as a condition precedent, obtains an opinion of tax counsel that the receipt of such excess amounts would not adversely affect the General Partner Entity’s ability to qualify as a REIT. To the extent General Partner Payments may
not be made in a given Fiscal Year due to the foregoing limitations, such General Partner Payments shall carry over and be treated as arising in the following year; provided, however, that such amounts shall not carry over for more than five
(5) Fiscal Years, and if not paid within such five (5) Fiscal Year period, shall expire; and provided further that (i) as General Partner Payments are made, such payments shall be applied first to carry over amounts outstanding, if
any, and (ii) with respect to carry over amounts for more than one Fiscal Year, such payments shall be applied to the earliest Fiscal Year first. 

[Remainder of page intentionally left blank, signature page follows] 

  
 72 

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

					
	GENERAL PARTNER:
	
	Jernigan Capital, Inc.
			
			By:		 /s/ Gregory W. Ward

			
			Name:		Gregory W. Ward
			Title:		Chief Financial Officer
	
	LIMITED PARTNER:
			
			By:		 /s/ Dean Jernigan

			
			Name:		Dean Jernigan

 EXHIBIT A 

FORM OF PARTNER REGISTRY 
  

									
	 	  	CLASS A UNITS	 
	 Name And Address Of Partner
	  	Partnership
Units	  	Initial Capital
Account	  	Percentage
Interest	 
				
	 GENERAL PARTNER:
	  		  		  			
				
	 Jernigan Capital, Inc.
	  		  		  			
				
	 LIMITED PARTNERS:
	  		  		  			
				
	 Dean Jernigan
	  		  		  			
				
	 TOTAL CLASS A UNITS
	  		  		  	 	100.00000	% 

 EXHIBIT B 

CAPITAL ACCOUNT MAINTENANCE 
  

	1.	Capital Accounts of the Partners 

 A. The Partnership shall maintain for each Partner a
separate Capital Account in accordance with the rules of Regulations Section l.704-l(b)(2)(iv). Such Capital Account shall be increased by (i) the amount of all Capital Contributions and any other deemed contributions made by such Partner to
the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and gain exempt from tax) computed in accordance with Section 1.B and allocated to such Partner pursuant to
Section 6.1 of the Agreement and Exhibit C thereof, and decreased by (x) the amount of cash or Agreed Value of property actually distributed or deemed to be distributed to such Partner pursuant to this Agreement and
(y) all items of Partnership deduction and loss computed in accordance with Section 1.B and allocated to such Partner pursuant to Section 6.1 of the Agreement and Exhibit C thereof. 

B. For purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’ Capital Accounts,
unless otherwise specified in this Agreement, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes determined in accordance
with Section 703(a) of the Code (for this purpose all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following
adjustments: 
 (1) Except as otherwise provided in Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all
items of income, gain, loss and deduction shall be made without regard to any adjustments to the adjusted bases of the assets of the Partnership pursuant to Sections 734(b) and 743(b) of the Code, provided, however, that the amounts of any
adjustments to the adjusted bases of the assets of the Partnership made pursuant to Section 734 of the Code as a result of the distribution of property by the Partnership to a Partner (to the extent that such adjustments have not previously
been reflected in the Partners’ Capital Accounts) shall be reflected in the Capital Accounts of the Partners in the manner and subject to the limitations prescribed in Regulations Section l.704-1(b)(2)(iv)(m)(4). 

(2) The computation of all items of income, gain, and deduction shall be made without regard to the fact that items described
in Sections 705(a)(l)(B) or 705(a)(2)(B) of the Code are not includible in gross income or are neither currently deductible nor capitalized for U.S. federal income tax purposes. 

(3) Any income, gain or loss attributable to the taxable disposition of any Partnership property shall be determined as if the
adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Carrying Value with respect to such property as of such date. 

 (4) In lieu of the depreciation, amortization, and other cost recovery deductions
taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year. 

(5) In the event the Carrying Value of any Partnership asset is adjusted pursuant to Section 1.D, the amount of any
such adjustment shall be taken into account as gain or loss from the disposition of such asset. 
 (6) Any items specially
allocated under Section 2 of Exhibit C to the Agreement hereof shall not be taken into account. 
 C. A transferee
(including any Assignee) of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the transferor in accordance with Regulations Section 1.704-1(b)(2)(iv)(l). 

D. (1) Consistent with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D(2), the Carrying
Values of all Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of the times of the adjustments provided in Section 1.D(2), as if such
Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.1 of the Agreement. 

(2) Such adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional
interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately prior to the distribution by the Partnership to a Partner of more than a de minimis amount of property as
consideration for an interest in the Partnership; (c) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-l(b)(2)(ii)(g); (d) immediately prior to the grant of an interest in the
Partnership (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership; (e) immediately prior to the issuance by the Partnership of a noncompensatory option to acquire an interest
in the Partnership (other than an option for a de minimis interest); and (f) at such other times as are permitted by applicable Regulations and as determined in the discretion of the General Partner; provided, however, that adjustments pursuant
to clauses (a), (b), (d), (e) and (f) above shall be made only if the General Partner determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership or to comply
with applicable Regulations; provided further, however, that the issuance of any LTIP Unit shall be deemed to require a revaluation pursuant to this Section 1.D. 

(3) In accordance with Regulations Section 1.704-l(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in
kind shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of the time any such asset is distributed. 

(4) In determining Unrealized Gain or Unrealized Loss for purposes of this Exhibit B, the aggregate cash amount
and fair market value of all Partnership assets (including cash or cash equivalents) shall be determined by the General Partner using such reasonable 

  
 B-2 

 
method of valuation as it may adopt, or in the case of a liquidating distribution pursuant to Article XIII of the Agreement, shall be determined and allocated by the Liquidator using such
reasonable methods of valuation as it may adopt. The General Partner, or the Liquidator, as the case may be, shall allocate such aggregate fair market value among the assets of the Partnership in such manner as it determines in its sole and absolute
discretion to arrive at a fair market value for individual properties. 
 E. The provisions of the Agreement (including this Exhibit
B and the other Exhibits to the Agreement) relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. In
the event the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by
contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners) are computed in order to comply with such Regulations, the General Partner may make such modification without regard to
Article XIV of the Agreement, provided that it is not likely to have a material effect on the amounts distributable to any Person pursuant to Article XIII of the Agreement upon the dissolution of the Partnership. The General Partner
also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for
book purposes, in accordance with Regulations Section l.704-l(b)(2)(iv)(q), and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section l.704-1(b).

  

	2.	No Interest 

 No interest shall be paid by the Partnership on Capital Contributions or on
balances in Partners’ Capital Accounts. 
  

	3.	No Withdrawal 

 No Partner shall be entitled to withdraw any part of its Capital
Contribution or Capital Account or to receive any distribution from the Partnership, except as provided in Articles IV, V, VII and XIII of the Agreement. 

  
 B-3 

 EXHIBIT C 

SPECIAL ALLOCATION RULES 
  

	1.	Special Allocation Rules. 

 Notwithstanding any other provision of the Agreement or this
Exhibit C, the following special allocations shall be made in the following order: 
 A. Minimum Gain Chargeback. Notwithstanding the
provisions of Section 6.1 of the Agreement or any other provisions of this Exhibit C, if there is a net decrease in Partnership Minimum Gain during any Fiscal Year, each Partner shall be specially allocated items of Partnership income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6). This
Section 1.A is intended to comply with the minimum gain chargeback requirements in Regulations Section 1.704-2(f) and for purposes of this Section 1.A only, each Partner’s Adjusted Capital Account Deficit shall be determined
prior to any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit C with respect to such Fiscal Year and without regard to any decrease in Partner Minimum Gain during such Fiscal Year. 

B. Partner Minimum Gain Chargeback. Notwithstanding any other provision of Section 6.1 of this Agreement or any other provisions
of this Exhibit C (except Section 1.A), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner
Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s
share of the net decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5). Allocations pursuant to the previous sentence shall be made in proportion to the
respective amounts required to be allocated to each General Partner and Limited Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section 1.B is intended
to comply with the minimum gain chargeback requirement in such Section of the Regulations and shall be interpreted consistently therewith. Solely for purposes of this Section 1.B, each Partner’s Adjusted Capital Account Deficit shall be
determined prior to any other allocations pursuant to Section 6.1 of the Agreement or this Exhibit C with respect to such Fiscal Year, other than allocations pursuant to Section 1.A. 

C. Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in
Regulations Sections 1.704-l(b)(2)(ii)(d)(4), l.704-1(b)(2)(ii)(d)(5), or 1.704-l(b)(2)(ii)(d)(6), and after giving effect to the allocations required under Sections 1.A and 1.B with respect to such Fiscal Year, such Partner has an Adjusted Capital
Account Deficit, items of Partnership income and gain (consisting of a pro rata portion of each item of Partnership income, including gross income and gain for the Fiscal Year) 

 
shall be specifically allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, its Adjusted Capital Account Deficit created by such
adjustments, allocations or distributions as quickly as possible. This Section 1.C is intended to constitute a “qualified income offset” under Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith. 
 D. Gross Income Allocation. In the event that any Partner has an Adjusted Capital Account Deficit at the end of any
Fiscal Year (after taking into account allocations to be made under the preceding paragraphs hereof with respect to such Fiscal Year), each such Partner shall be specially allocated items of Partnership income and gain (consisting of a pro rata
portion of each item of Partnership income, including gross income and gain for the Fiscal Year) in an amount and manner sufficient to eliminate, to the extent required by the Regulations, its Adjusted Capital Account Deficit. 

E. Nonrecourse Deductions. Except as may otherwise be expressly provided by the General Partner pursuant to Section 4.2 of the
Agreement with respect to other classes of Partnership Units, Nonrecourse Deductions for any Fiscal Year shall be allocated only to the Partners holding Class A Units in accordance with their respective Percentage Interests. If the General
Partner determines in its good faith discretion that the Partnership’s Nonrecourse Deductions must be allocated in a different ratio to satisfy the safe harbor requirements of the Regulations promulgated under Section 704(b) of the Code,
the General Partner is authorized, upon notice to the Limited Partners, to revise the prescribed ratio for such Fiscal Year to the numerically closest ratio which would satisfy such requirements. 

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

G. Adjustments Pursuant to Code Section 734 and Section 743. To the extent an adjustment to the adjusted tax basis of any
Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulations Section 1.704-l(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital
Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 
  

	2.	Allocations for Tax Purposes 

 A. Except as otherwise provided in this Section 2,
for U.S. federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to
Section 6.1 of the Agreement and Section 1 of this Exhibit C. 

  
 C-2 

 B. In an attempt to eliminate Book-Tax Disparities attributable to a Contributed Property or
Adjusted Property, items of income, gain, loss, and deduction shall be allocated for U.S. federal income tax purposes among the Partners as follows: 

(1) (a) In the case of a Contributed Property, such items attributable thereto shall be allocated among the Partners consistent with the
principles of Section 704(c) of the Code to take into account the variation between the Section 704(c) Value of such property and its adjusted basis at the time of contribution (taking into account Section 2.C of this Exhibit C); and

 (b) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same
manner as its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 

(2) (a) In the case of an Adjusted Property, such items shall 

(i) first, be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account
the Unrealized Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Exhibit B; 
 (ii) second, in
the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 2.B(1) of this Exhibit C; and 

(b) any item of Residual Gain or Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner
its correlative item of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 

(3) all other items of income, gain, loss and deduction shall be allocated among the Partners in the same manner as their correlative item of
“book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 
 C. To the
extent Regulations promulgated pursuant to Section 704(c) of the Code permit a Partnership to utilize alternative methods to eliminate the disparities between the Carrying Value of property and its adjusted basis, the General Partner shall have
the authority to elect the method to be used by the Partnership and such election shall be binding on all Partners. 

  
 C-3 

 EXHIBIT D 

NOTICE OF REDEMPTION 
 The
undersigned hereby irrevocably (i) redeems              Partnership Units in Jernigan Capital Operating Partnership LP (the “Partnership”) in accordance with the terms of the
Amended and Restated Agreement of Limited Partnership of the Partnership, as amended, and the Redemption Right referred to therein, (ii) surrenders such Partnership Units and all right, title and interest therein and (iii) directs that the
Cash Amount or Shares Amount (as determined by the General Partner) deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if Shares are to be delivered, such Shares be registered or placed in the name(s)
and at the address(es) specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has marketable and unencumbered title to such Partnership Units, free and clear of the rights of or interests of any
other person or entity, (b) has the full right, power and authority to redeem and surrender such Partnership Units as provided herein and (c) has obtained the consent or approval of all persons or entities, if any, having the right to
consult or approve such redemption and surrender. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Amended and Restated Agreement of Limited Partnership of the Partnership. 

 

											
	Dated:		  
				Name of Limited Partner:
				
							  

							(Signature of Limited Partner)
				
							  

							(Street Address)
				
							  

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

 IF SHARES ARE TO BE ISSUED, ISSUE TO: 
  

					
	Name:		  
		

					
			
	Social Security or tax identifying number:		  
		

 EXHIBIT E 

FORM OF DRO REGISTRY 
  

			
	 	  	DRO AMOUNT
	 PART I DRO PARTNERS
	  	
		
	 PART II DRO PARTNERS
	  	

 EXHIBIT F 

NOTICE OF ELECTION BY PARTNER TO CONVERT 

LTIP UNITS INTO CLASS A UNITS 
 The
undersigned holder of LTIP Units hereby irrevocably (i) elects to convert              LTIP Units in Jernigan Capital Operating Partnership LP (the “Partnership”) into
Class A Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs that any cash in lieu of Class A Units that may be deliverable upon such
conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such LTIP Units, free and clear of the rights or interests of any other person or entity
other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has obtained the consent to or approval of all persons or entities, if any, having the right to
consent or approve such conversion. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Amended and Restated Agreement of Limited Partnership of the Partnership. 

 

							
	Dated:		  
				Name of Limited Partner:
				
							  

							(Signature of Limited Partner)
				
							  

							(Street Address)
				
							  

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

 EXHIBIT G 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION OF 

LTIP UNITS INTO CLASS A UNITS 

Jernigan Capital Operating Partnership LP (the “Partnership”) hereby irrevocably elects to cause the number of LTIP Units held by
the holder of LTIP Units set forth below to be converted into Class A Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the “Agreement”). Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Agreement. 
 Name of Holder: 

Date of this Notice: 
 Number of
LTIP Units to be Converted: 
 Please Print: Exact Name as Registered with Partnership

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