Document:

Trademark License Agreement

 Exhibit 10.25 
 TRADEMARK LICENSE AGREEMENT 
 This TRADEMARK LICENSE AGREEMENT (the
“Agreement”) is entered into as of the 1st day of December 2009 (the “Effective Date”), by and between Anheuser-Busch, Incorporated, a Missouri corporation (“Licensor”), and Busch Entertainment LLC,
a Delaware limited liability company (“Licensee”, and each of Licensor and Licensee, a “Party”). 
 WHEREAS, Licensor exclusively owns the marks identified on Exhibit A and is the registrant of the Internet domain names identified on Exhibit B (collectively, “Licensed
Marks”); 
 WHEREAS, Anheuser-Busch Companies, Inc., a Delaware corporation (“Seller”), BPOF
Corp., a Delaware corporation, HSHO Corp., a Delaware corporation, SW Acquisitions Co., Inc. (formerly known as Orca Acquisition Co., Inc.), a Delaware corporation, Anheuser-Busch InBev SA/NV, a public company organized under the laws of Belgium
(“ABI”), solely with respect to Section 5.3, Section 5.11, Article VII, Section 9.8 and Section 9.9 therein, and the Limited Partnership Entities named therein, solely for purposes of Section 2.2 and
Section 5.23 therein, have entered into that certain Purchase Agreement, dated as of October 7, 2009 and amended and restated as of November [    ], 2009, (“Purchase Agreement”), pursuant to which,
among other things, Seller has agreed to cause Licensor to license the Licensed Marks to Licensee at the closing of the transactions contemplated by the Purchase Agreement; 
 WHEREAS, Seller and Licensee entered into that certain Sponsorship Agreement (“Sponsorship Agreement”), dated as of December 1, 2009, pursuant to which, among other things,
Seller and Licensee have agreed to certain sponsorship benefits that Seller will receive with regard to the Parks and the Program (as such terms are defined in the Sponsorship Agreement); and 

WHEREAS, in order to effect the purposes of the Sponsorship Agreement, Licensor wishes to grant to Licensee, and Licensee wishes
to obtain a license to, the Licensed Marks on the terms and subject to the conditions set forth in this Agreement; 
 NOW
THEREFORE, in consideration of the premises and mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. Unless otherwise defined herein, all capitalized terms used herein shall have the same meanings as set
forth in the Purchase Agreement. The following capitalized terms used in this Agreement shall have the meanings set forth below. 
 (a) “Ancillary Sublicense” has the meaning ascribed to it in Section 2(b)(i)A. 
 (b) “Affiliate” means, with respect to any Person, any Person directly .or indirectly controlling, controlled by, or under common control with, such other Person as of the date on which,
or at any time during the period for which, the determination of affiliation is being made. For purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities
or by contract or otherwise. 

 (c) “Busch Gardens Theme Parks” means the following two
(2) amusement parks: (i) Busch Gardens, Williamsburg, Virginia, and (ii) Busch Gardens, Tampa, Florida. 
 (d) “Change of Control” of a Person (the “Target”) shall mean the occurrence of one of the following events: (i) if any Competing Person shall acquire beneficial
ownership of more than 50% of the issued and outstanding voting securities of such Target, (ii) the consummation of a merger, consolidation, binding share exchange or other business combination of such Target into or with another Competing
Person in which the stockholders of such Target immediately prior to the consummation of such transaction shall own less than 50% of the voting securities of the surviving Person (or the parent of the surviving Person where the surviving Person is
wholly owned by the parent) immediately following the consummation of such transaction, or (iii) the consummation of the sale, transfer, lease or other disposition (but not including a pledge or mortgage to a bona fide lender) of all or
substantially all of the assets of such Target to a Competing Person. 
 (e) “Chosen Courts” has
the meaning ascribed to it in Section 13(c). 
 (f) “Claims” has the meaning ascribed to it
in Section 8(a). 
 (g) “Competing Person” shall mean any Person (i) whose primary
business (50% or more of its annual revenues) for the fiscal year preceding the date of determination is manufacturing, brewing, importing or wholesaling of beverages, (ii) whose primary public identity is manufacturing, brewing, importing or
being a wholesaler of beverage products, or (iii) who is a direct or indirect subsidiary of any Person described in (i) or (ii). 
 (h) “Coverage Amount” means Ten Million U.S. Dollars (U.S. $10,000,000) except that on January 1, 2010 and on January 1 of each succeeding year during the Term, the Coverage
Amount shall be reevaluated and shall be increased by One Million U.S. Dollars (U.S. $1,000,000) for each ten (10) percentage increase in the Consumer Price Index (U.S. City Average) published by the Bureau of Labor Statistics over the Consumer
Price Index as of the Closing Date. 
 (i) “Divested Entity” means any former Affiliate of
Licensee owning one or more Theme Parks as and from the moment it no longer constitutes an Affiliate hereunder because of a sale, conveyance or other transfer or change of control of such Affiliate. 

(j) “Effective Date” has the meaning set forth in the preamble. 

(k) “Existing Park Sublicense” means a sublicense of this Agreement, on substantially similar terms as if
such sublicensee were the “Licensee” hereunder, solely to operate the Theme Parks that the sublicensee owns on the date that the sublicense is granted, but with no rights to use the Licensed Marks in connection with any New Parks.

  
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 (l) “Field of Use” means all current and future activities
and services related to operation, marketing, promotion and advertising of the Theme Parks, in all current and future forms and media, including the Internet, electronic and social media. 

(m) “Licensor Indemnified Party” has the meaning ascribed to it in Section 8(a). 

(n) “Law” means all federal, state and local laws, regulations, rules and ordinances, and all applicable
industry and governmental standards and guidelines. 
 (o) “Licensed Items” means any item
produced, used, distributed, offered for sale or sold in connection with the Theme Parks and any packaging, advertising and promotional materials used in connection therewith and the promotion thereof; provided that Licensed Items shall not include
any beverage product, obscene or pornographic materials, items with a sexual function or purpose, firearms or other weapons, toys or video games that are violent in nature, cigarettes or any substance regulated under the Controlled Substance Act.
For the avoidance of doubt, nothing contained herein shall restrict the sale of beverages or cigarettes on the premises of any Theme Park, provided that such items themselves are not branded with the Licensed Marks. 

(p) “Licensed Marks” has the meaning set forth in the preamble. 

(q) “New Parks” means any amusement or theme park anywhere in the world which Licensee or any of its
Affiliates, any Acquirer or any Divested Entity shall own after the Effective Date that is similar in design and nature to one or more of the following parks: Discovery Cove, SeaWorld Orlando, SeaWorld San Antonio, SeaWorld San Diego, Busch Gardens
Tampa, Busch Gardens Williamsburg, Adventure Island, Water Country USA, Aquatica and Sesame Place as they were operated as of the Effective Date. For clarity, a “New Park” includes an amusement or theme park (i) built after the
Effective Date and (ii) in existence as of the Effective Date, but rebranded with the Licensed Marks thereafter. As an illustrative but not limiting example, the Parties agree that “New Parks” includes parks with air, land or
water-based rides, animals, historical or cultural themes and/or themes around fictional characters but excludes parks whose primary attraction or theme is video games, concert music halls, sporting events, or cruise ships. 

(r) “New Trademark Use” has the meaning ascribed to it in Section 3. 

(s) “Person” means an individual, a corporation, a partnership, an association, a limited liability
company, a government entity, a trust or other entity or organization. 
 (t) “Security
Interest” has the meaning ascribed to it in Section 11. 
 (u) “Sublicensee” means
a sublicensee of Licensee as permitted by Section 2(a)(iii). 
 (v) “Term” has the meaning
ascribed to it in Section 7(a). 

  
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 (w) “Theme Park Operator” has the meaning ascribed to it in
Section 2(b)(i)B. 
 (x) “Theme Parks” means (i) the Busch Gardens Theme Parks and
(ii) the New Park, once branded or rebranded with “Busch Gardens”. 
 (y)
“Trademark” means trademark, service mark, trade name, corporate name, logo, trade dress, domain name or any other indicator of source or origin. 

(z) Other Definitional Provisions. Unless the express context otherwise requires: 

(i) 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; 

(ii) the terms defined in the singular have a comparable meaning when used in the plural, and vice versa; 

(iii) references herein to a specific Section, Subsection, Exhibit or Schedule shall refer, respectively, to Sections,
Subsections, Exhibits or Schedules of this Agreement; 
 (iv) wherever the word “include”,
“includes”, or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; 
 (v) references herein to any gender includes each other gender; and 

(vi) for purposes of this Agreement, neither Licensee nor any of its subsidiaries will be deemed to be an Affiliate of
Licensor or any entity controlling Licensee before the Effective Date. 
 2. License. 

(a) Grant of Rights. 
 (i) Theme Parks. Subject to the terms and conditions set forth herein, Licensor hereby grants to Licensee, effective as of the Effective Date, a perpetual, exclusive (even as against Licensor and
its Affiliates), royalty-free, non-transferable, and non-assignable (except to the extent expressly permitted in Sections 13 and 14), non-sublicensable (except to the extent expressly permitted in Sections 2(b) and 12) and worldwide license to use
and display the Licensed Marks as Trademarks (other than as corporate or trade names) within the Field of Use. Subject to Licensor’s rights under Section 7(b), Licensee is under no obligation to use the Licensed Mark. 

(ii) Merchandising. Subject to the terms and conditions set forth herein, Licensor hereby grants to Licensee a
perpetual, exclusive, royalty-free, nontransferable, non-assignable (except to the extent expressly permitted in Section 12), nonsublicensable (except to the extent expressly permitted in Sections 2(b) or 12) and

  
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worldwide license to use and display the Licensed Marks as Trademarks (other than as corporate or trade names) on or in the Licensed Items or in connection with the production, use, distribution,
offer for sale or sale thereof. Subject to Licensor’s rights under Section 7(b), Licensee is under no obligation to use the Licensed Marks. 
 (iii) Exclusivity. To support the exclusive nature of the above licenses, Licensor agrees that, during the Term, Licensor and its Affiliates will not use or license to any other Person the right to
use (A) any Trademark containing the word “Busch” or “Bush” (or any translation or transliteration thereof) in the Field of Use or in connection with Licensed Items used to promote amusement or theme parks; or (B) any
Trademark containing the words “Busch Garden(s)” or “Bush Garden(s)” as a whole (or any translation or transliteration thereof) for any purpose. For clarity, this Section 2(a)(iii) shall not prohibit, limit or restrict
Licensor, its Affiliates or their licensees from using or licensing any Trademark containing the word “Busch” or “Bush” without the word “Garden” or “Gardens” on any merchandise, promotional items, or
marketing or advertising materials (including those used to promote the sale and consumption of beer and other beverages) so long as such use does not suggest a corporate or “Busch”- branded endorsement of any other amusement or theme park
or its operator. As an illustrative but not limiting example, Licensor may advertise its products within an amusement or theme park, or for morale purposes, host a corporate-sponsored free day for employees at a competing amusement or theme park,
but Licensor and its Affiliates will not serve as a corporate or brand-based sponsor for any other amusement or theme park or its operator. Without limiting the foregoing, this Agreement will not be violated if Licensor or its Affiliates use the
words (A) “Busch” or “Bush” in a non-trademark manner or in a manner consistent with “fair use”; or (B) “Busch Gardens” in a non-trademark manner to describe accurately Licensor’s corporate
history and the transactions described in the Purchase Agreement and herein. 
 (b) Sublicensing.

 (i) Licensee may sublicense the rights granted in Section 2(a) without the right to further sublicense
such rights (other than as expressly indicated herein), as follows: 
 A. to advertisers, distributors, vendors,
suppliers and other Persons, with no further right to sublicense such rights, as necessary or desirable for Licensee to exercise its own rights under the license in Section 2(a), but not for any other use (including any use for their own
benefit) by such advertisers, distributors, vendors, suppliers and other Persons (an “Ancillary Sublicense”); 
 B. to one or more Persons who leases one or more Theme Parks or operates or manages one or more of the Theme Parks on Licensee’s behalf (a “Theme Park Operator”), with the right of
such Theme Park Operator to grant Ancillary Sublicenses but no other sublicenses, provided that Licensee or its agents must directly supervise all material aspects of such Theme Parks’ design and operation; 

C. as permitted in Section 12(b); and 

D. to its Affiliates, so long as they remain Affiliates of Licensee, who have the further sublicensing rights in
subsections (A)-(C) above. 

  
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 (ii) Each sublicense granted by Licensee or Sublicensee shall be in writing
and shall provide that Licensor is a third party beneficiary of such sublicense, and that Licensor is entitled to enforce directly upon the Sublicensee the terms of this Agreement relating to the Licensed Marks, including the sampling and quality
control obligations set forth herein. 
 (iii) Each sublicense shall not allow for further sublicensing, except
for Ancillary Sublicenses. 
 (iv) Licensee shall notify Licensor promptly of, and in no event more than ten
(10) days after, entering into a sublicense, and upon Licensor’s request, shall provide Licensor with a copy of each such sublicense. 
 (v) Licensee shall enforce the terms of each sublicense unless Licensor has agreed with Licensee that enforcement may be waived. 

(vi) Licensee shall remain liable to Licensor hereunder for any and all damages suffered by Licensor or its Affiliates due
to acts or omissions of any Sublicensee under any sublicense as if such acts or omissions were made by Licensee directly, provided that Licensor may not make a duplicate recovery against both Licensee and any Sublicensee with respect to any such
same act or omission. A material breach by a Sublicensee of its sublicense (and Licensee’s failure to prevent same) shall not constitute a material breach of this Agreement by Licensee for purposes of termination this Agreement pursuant to
Section 7(c)(i) unless (y) such Sublicensee does not cure such material breach within forty-five (45) days after (1) receipt of notice from either Licensor (with a copy to Licensee) or Licensee or (2) Licensor notifying
Licensee of such matter, or (z) Licensee has not, after using reasonable best efforts to have its Sublicensee cure such material breach, terminated the applicable sublicense at the end of such forty-five (45) day period. 

(c) Domain Names. 
 (i) Notwithstanding anything herein to the contrary, and subject to Section 3, Licensee may use domain names included in the Licensed Marks only as domain names and not as any other type of
Trademark. 
 (ii) Without limiting transfers in Section 2(c)(iii), Licensee shall not, and shall specify in
any sublicense agreement that such Sublicensee shall not register or apply for any Internet domain name that contains any of the Licensed Marks or any Trademark that is confusingly similar thereto. 

(iii) During the Term, Licensor agrees that it or its Affiliates will remain the registrant of all domain names included
in the Licensed Marks; provided however, that Licensor shall give Licensee at least thirty (30) days advance notice of its intent to cancel or no longer maintain any such domain names, and at Licensee’s request

  
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and expense, will transfer same to Licensee. Licensor agrees that Licensee shall, subject to the terms hereof, including those pertaining to standards of use and quality control: (i) have
exclusive control over the content and operation of all websites operating under any Licensed Marks, including redirecting the domain names included in the Licensed Marks to the server Internet protocol (IP) address designated in writing by
Licensee, and (ii) to the extent possible, be the first and primary point of communication (e.g., the administrative and technical contact) with the applicable registrar for such domain name. 

(d) Licensed Marks Used at Theme Parks. Licensor represents and warrants that, except for the Trademarks set forth
on Schedule 5.6(a) of the Purchase Agreement and the Trademarks owned by Licensee or its subsidiaries (or licensed to Licensee or its subsidiaries from third parties), the Licensed Marks are all of the material Trademarks used at the Theme Parks as
of the Effective Date. If either Party discovers any “Busch Gardens” Trademark (other than a corporate name or trade name) that is owned by Licensor or its Affiliates (other than Licensee and its subsidiaries) and used in the Theme Parks
as of the Effective Date, the Parties will amend the definition of “Licensed Marks” to include same. 

(e) Combination/Composite Marks. Except as expressly set forth in this Agreement, neither Licensee nor any
Sublicensee shall use the Licensed Marks: (i) as part of any composite Trademark bearing Licensee’s or any Sublicensee’s Trademarks; (ii) as part of any composite Trademark bearing any Trademark of any Person; or (iii) as a
part of any other combination or composite mark. The foregoing restriction shall not prohibit Licensee or its Affiliates from using the Licensed Marks in connection with the names of any New Parks owned by Licensee or its Affiliates. 

(f) Products/Services. Except as expressly set forth in this Agreement, the Licensed Marks shall not be used by
Licensee to identify products or services other than Licensed Items or within the Field of Use. 
 (g)
Alterations/Display. When Licensee uses the Licensed Mark “Busch Gardens”, (i) Licensee must use the words “Busch Gardens” together and may not use the word “Busch” separately from the word
“Gardens” and (ii) the word “Busch” must appear in equal prominence as the word “Gardens”. 
 (h) Reservation of Rights. This Agreement provides Licensee with no right to use any Trademark or other intellectual property of Licensor or its Affiliates, except for the Licensed Marks as
expressly permitted by and subject to this Agreement. All rights in the Licensed Marks other than the rights expressly granted to Licensee by this Agreement are hereby reserved to Licensor. 

(i) Websites. Each Party agrees that it and its Affiliates will not link its websites to the other Party’s and
its Affiliates’ websites, without consent, except as provided for in the Purchase Agreement and/or the Sponsorship Agreement. 

  
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 3. Sampling and Approval. 

Licensee must submit any proposed (i) new translation, transliteration, modification or stylization of any Licensed
Marks or inclusion in a new composite Trademark or domain name, (ii) new use of the Licensed Marks within the Field of Use, (iii) new use of a Licensed Mark on a Licensed Item, (iv) adoption of a Licensed Mark in a new country or
jurisdiction or (v) new registration of any Licensed Mark in any country or jurisdiction (each, a “New Trademark Use”) by Licensee or any Sublicensee to Licensor for prior review and approval to ensure that such New Trademark
Use is in compliance with this Agreement, and such approval shall not be unreasonably withheld. Licensee shall, and shall provide in any sublicense agreement that such Sublicensee shall, submit all requests for approval of a New Trademark Use in
writing and furnish to Licensor’s designated contact on Exhibit C samples of and/or applicable information relating to such proposed New Trademark Use. Licensor shall have twenty (20) days from the date Licensor receives such samples or
information to object to any proposed New Trademark Use, and if Licensor does not respond within such twenty (20) day period, then Licensee shall resubmit such approval materials and provide notice of such resubmission to Licensor’s
additional contacts on Exhibit C, with a prominent header on the top page or front of such submission saying “FINAL NOTICE FOR APPROVAL” or words of similar import. If Licensor does not object within twenty (20) days of receiving such
second notice, Licensor shall be deemed to have consented to such use. Any objection by Licensor must be reasonably detailed so as to facilitate cure by Licensee, who may resubmit the New Trademark Use, subject to the above timetable. Licensor shall
not object to any New Trademark Use if it does not (i) exceed the scope of Licensee’s rights in this Agreement, (ii) violate any provision of Section 4, (iii) violate any Person’s rights or (iv) harm
Licensor’s rights in the Licensed Marks. If any of the foregoing will occur, Licensor shall not be deemed to have unreasonably objected to a New Trademark Use. Once a New Trademark Use is approved, such New Trademark Use need not be submitted
for further approvals, unless such New Trademark Use is altered in any way (other than insignificant alterations) thereafter. Licensee shall ensure that no approved New Trademark Uses are altered in any way (other than insignificant alterations)
without prior notification to Licensor, for which the above procedures shall apply. Licensor agrees that any uses of the Licensed Marks in a manner consistent with their use immediately prior to the Effective Date does not require further approval
from Licensor. 
 4. Quality Control. 

(a) Licensee shall ensure that the Licensed Marks are used in a manner that (i) is consistent with the purpose of the
Theme Parks; (ii) complies with Licensor’s branding guidelines as may be reasonably updated and provided to Licensee by Licensor from time-to-time, and any other reasonable standards, guidelines and formats provided to Licensee from
time-to-time; and (iii) is in accordance with good trademark practice in the applicable country or jurisdiction. 
 (b) Licensee acknowledges the high standards, quality, style and image of the Licensed Marks and that the quality control provisions of this Agreement are designed to ensure that all uses of the Licensed
Marks are consistent with the reputation for high quality symbolized by the Licensed Marks and attributed to Licensor. Licensee shall ensure that: 
 (i) the operation of the Theme Parks, in connection with the grant of rights in Section 2(a), shall be consistent with the high standards and practices employed by Licensor in connection with its
operation of the Busch Gardens Theme Parks; 

  
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 (ii) all Licensed Items (A) shall be suitable for their intended use;
(B) shall not be designed or produced to be inherently dangerous or contain or be packaged in any injurious, poisonous, deleterious or toxic substance or material; and (C) shall be manufactured, offered for sale, sold, labeled, packaged
and distributed, advertised and otherwise exploited, in accordance with all applicable Laws (including all child and other labor Law, all customs requirements country of origin regulations, Laws relating to health and safety, such as
flammability-related Laws); 
 (iii) the Licensed Marks are not used by Licensee and the Theme Parks are not
operated in any manner that would reflect adversely on the reputation for high quality symbolized by the Licensed Marks or the reputation of Licensor or its Affiliates; 

(iv) neither Licensee nor any Sublicensees use the Licensed Marks in any manner that devalues, injures, demeans or dilutes
the reputation of the Licensed Mark or the reputation of Licensor or its Affiliates; and 
 (v) the use of the
Licensed Marks shall adhere to a level of quality at least as high as the highest standard used by the Licensee in connection with its use of any Trademarks it may own, develop or acquire. 

(c) Upon the reasonable request of Licensor, Licensee shall deliver to Licensor representative samples of any of its uses
of the Licensed Marks (including any uses in or on advertising materials) and any Licensed Items as necessary to ensure the above standards are being maintained. 

(d) Non-compliance of Licensee with this Section 4 shall constitute a material breach of Licensee hereunder.

 5. Notices and Legends. 

(a) Uses of the Licensed Mark shall reasonably include any notices and legends required by applicable
Law or as reasonably requested by Licensor to preserve the validity of or Licensor’s rights in and to the Licensed Marks, including where applicable the ® and TM notices. 
 (b) Each trademark notice need be used only the first time the Licensed Mark appears or is displayed in such materials. 

  
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 6. Intellectual Property Rights. 

(a) Licensee acknowledges and agrees that, as between Licensor and Licensee, Licensor is the sole and exclusive owner of
all right, title and interest in and to the Licensed Marks and is entitled to all goodwill associated therewith, and that all uses of the Licensed Marks by Licensee and any Sublicensees and the goodwill generated thereby shall inure solely to the
benefit of and be on behalf of Licensor. Licensee acknowledges and agrees that nothing in this Agreement shall give Licensee or any Sublicensees any right, title or interest in or to the Licensed Marks or the goodwill associated therewith, other
than the right to use the Licensed Marks solely in accordance with and subject to this Agreement. To the extent that any rights in or to the Licensed Marks are deemed to accrue to Licensee or any Sublicensees anywhere in the world pursuant to this
Agreement, any use of the Licensed Marks or otherwise, Licensee hereby assigns, and shall specify in any sublicense agreement that such Sublicensee shall, assign all such rights, at such time as they may be deemed to accrue, to Licensor. 

(b) Licensee shall not, and shall specify in any sublicense agreement that such Sublicensee shall not, at any time during
or after the Term: 
 (i) challenge, contest or attack, directly or indirectly, Licensor’s right, title or
interest in or to any of the Licensed Marks in any jurisdiction, or do or cause to be done or intentionally omit to do anything, the doing, causing or omitting of which would contest or in any way impair the rights of Licensor in or to any of the
Licensed Marks, or that could affect the validity of any of the Licensed Marks or any registrations or applications thereof, including in any action in which enforcement of a provision of this Agreement is sought. Licensee shall not willingly become
a party adverse to Licensor in any claim, action, suit, arbitration, litigation or other proceeding in which a third party contests the value, validity and/or enforceability of the Licensed Marks or Licensor’s rights therein; 

(ii) except as permitted in Section 3, use (A) any Trademark that is confusingly similar to any of the Licensed
Marks; or (B) any word, symbol, character or set of words, symbols or characters, which in any language or any characters would be identified as any of the Licensed Marks or which is otherwise confusingly similar to any of the Licensed Marks;
and 
 (iii) except as permitted in Section 3, adopt, use, reserve, register or attempt to register (or
allow others within its control to do the same), in any state or country or other jurisdiction throughout the world, any Trademark that is confusingly similar to, misleading or deceptive with respect to, or dilutes or damages, any of the Licensed
Marks. 
 (c) In the event that either Party learns of any actual or threatened unauthorized use of any of the
Licensed Marks by a third party, such Party shall promptly notify the other Party of such use and any details thereof of which such Party is aware. Within twenty (20) days of such notice (or sooner, if reasonably justified under the
circumstances), Licensor, in its sole discretion, shall decide and inform Licensee whether 

  
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Licensor will commence legal proceedings or take any other action in connection with such use. If Licensor makes such election, Licensee shall, at Licensor’s expense, provide all information
in its possession and reasonable assistance to Licensor or its authorized representatives in connection therewith. If Licensor does not so elect and such unauthorized use is materially impairing Licensee’s rights under this Agreement, Licensee
may, in its sole discretion, in consultation with Licensor, commence legal proceedings in its own name and/or take other action in connection with such use and Licensor shall, at Licensee’s expense, provide all information in its possession and
reasonable assistance to Licensee or its authorized representatives (including all actions reasonably required to assist Licensee in enforcing its rights) in connection therewith. Absent a future agreement to the contrary, the Party bringing an
action under this Section shall control such action, bear all costs and expenses associated with such action and keep all settlements and recoveries in connection therewith; provided, however, that neither Party shall enter into any settlement that
would prejudice the other Party’s rights in or to the Licensed Trademarks or otherwise impose any liability or obligations on the other Party, without the prior written consent of such Party. 

(d) Each Party, as applicable, shall promptly notify the other Party of (i) any material dispute or claim, or any
anticipated investigation, by regulators involving the Licensed Marks or products or services provided hereunder; and (ii) any threatened legal action involving the Licensed Marks or products or services provided hereunder. 

(e) Licensee shall, upon Licensor’s reasonable request and at Licensor’s expense, execute and deliver to
Licensor all documents which are necessary or useful to: (A) secure or preserve Licensor’s rights in and to the Licensed Marks (including Licensor’s ownership of the Licensed Marks and any goodwill associated therewith);
(B) protect and enforce Licensor’s rights in and to the Licensed Marks (including in any action taken by Licensor with regard to third parties); (C) record this Agreement or to record Licensee or any Sublicensees as registered user(s)
of the Licensed Marks, as appropriate; or (D) cancel such registered user recordations when appropriate. 
 7. Term
and Terminations. 
 (a) Term. This Agreement shall commence on the Effective Date and shall
continue in perpetuity in full force and effect unless and until terminated as provided herein (the “Term”). 
 (b) Termination as to Theme Park. If Licensee or a Sublicensee ceases to operate any Theme Park under the name of “Busch Gardens”, this Agreement or the applicable sublicense shall
terminate with respect to such Theme Park and Licensee’s or Sublicensee’s rights, as applicable in the Licensed Marks, with respect to such Theme Park (but with respect to no other Theme Parks), shall likewise be terminated. If no Person
(i.e., Licensee or any Sublicensee) is operating at least one Theme Park under the name of “Busch Gardens”, this Agreement shall terminate in whole. For clarity, the above termination applies if the name of a Theme Park is changed but not
if the entire Theme Park ceases to be operational due to a force majeure or similar event, unless Licensee or a Sublicensee (as applicable) does not take active steps within a year to return the Theme Park to operation, in which case, Licensor may
terminate this Agreement with respect to such Theme Park, effective upon notice. 

  
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 (c) Termination as to Licensee. This Agreement shall terminate
immediately as to Licensee (and except as provided in Section 12(b), all sublicenses granted pursuant to this Agreement shall terminate immediately as to the respective Sublicensees) in the event: 

(i) that Licensee materially breaches Sections 2, 4, 8 or any other provision of this Agreement, in each case, in such a
manner that materially impairs the value or validity of, or Licensor’s goodwill in, the Licensed Marks and such breach is not cured within forty-five (45) days after receipt of such notice; 

(ii) of a Change of Control of Licensee (including if and after Licensee files for bankruptcy); or 

(iii) that Licensee assigns this Agreement or any obligation hereunder (including if and after Licensee files for
bankruptcy) to a third party in violation of Section 12. 
 (d) Termination of Sponsorship Agreement.
This Agreement shall terminate immediately if the Sponsorship Agreement terminates pursuant to an uncured material breach by Licensee of (i) Section 2(a) (“Official Corporate Sponsor” rights in the Initial Term), 2(b)
(“Presenting Sponsor” rights in the Initial Term), 3 (with respect to the sponsorship rights in Section 2(a) referenced therein), 7(a)(vii)(3) (compliance with applicable law), 14(n) (competing brewer sponsorships) or 14(o)
(“Pouring Rights”) thereof, subject to the 45-day cure period set forth in the Sponsorship Agreement, or (ii) Section 14(m) (sponsorship exclusions) thereof, only if (x) Sponsor (as defined in the Sponsorship Agreement) does
not elect to terminate the Sponsorship Agreement at the end of such 45-day cure period, (y) such material breach is not cured after sixty (60) days after receipt of notice of such breach, and (z) Sponsor elects to terminate the
Sponsorship Agreement thereafter. 
 (e) Termination as to Sublicensees. Any sublicense granted pursuant
to Section 2(b) hereof shall provide that (i) such sublicense shall terminate immediately as to such Sublicensee if this Agreement terminates and/or in the event (A) that such Sublicensee materially breaches any of its obligations
under the sublicense and such breach is not cured within forty-five (45) days after receipt of such notice; (B) of a Change of Control of such Sublicensee (including if and after Sublicensee files for bankruptcy); or (C) that such
Sublicensee sublicenses this Agreement or any of its obligations thereunder (including if and after Sublicensee files for bankruptcy) and (ii) upon any such termination, such Sublicensee shall terminate all further use of the Licensed Marks as
soon as reasonably practicable but in no event more than ninety (90) days after termination, and at Licensor’s option, return to Licensee or irretrievably destroy or delete all materials bearing the Licensed Marks. 

(f) Effect of Termination. Upon the termination of this Agreement (or of any license to a Theme Park granted):
(i) Licensee shall terminate all further use of the Licensed Marks as soon as reasonably practicable but in no event more than ninety (90) days after termination (provided that any such permitted post-termination use complies with the
terms of this Agreement), and at Licensor’s option, return to Licensor or irretrievably destroy or delete all materials bearing the Licensed Marks; and (ii) except as permitted by the foregoing, any and all rights to the Licensed Marks
granted hereunder shall immediately cease and without further act or instrument revert to Licensor. 

  
 - 12 -

 8. Indemnification and Insurance. 

(a) Indemnification. Licensee acknowledges that it will have no claims under this Agreement against Licensor, its
Affiliates and each of their respective directors, officers, shareholders, employees, agents and representatives (each, a “Licensor Indemnified Party”) for any damage to property or injury to Persons arising out of the operation of
Licensee’s business. Licensee agrees to indemnify, hold harmless and defend each Licensor Indemnified Party, with legal counsel reasonably acceptable to Licensor, from and against all third-party demands, claims, injuries, losses, damages,
actions, suits, causes of action, proceedings, judgments, liabilities and expenses, including attorneys’ fees, court costs and other legal expenses (collectively, “Claims”), arising out of or connected with, except as otherwise
provided in and without limiting the Purchase Agreement: (i) the Theme Parks and their operation after the Closing Date (excluding claims to the extent caused in whole or in part by such Licensor Indemnified Party’s gross negligence),
(ii) Licensee’s promotions of the Theme Parks or Licensee’s methods of marketing or promoting the Theme Parks, (iii) any website located at a domain name included in the Licensed Marks, (iv) any Licensed Item,
(v) infringement, dilution or other violation of a third party’s intellectual property rights in relation to any use of the Licensed Marks by Licensee not made by the Licensor or its Affiliates immediately prior to the Effective Date, or
(iii) any breach by Licensee of any provision of this Agreement or of any representation or warranty made by Licensee in this Agreement. No approval by Licensor of any action by Licensee shall affect any right of Licensor to indemnification
hereunder. Licensor agrees to indemnify, hold harmless and defend Licensee, its Affiliates and each of their respective directors, officers, shareholders, employees, agents and representatives, with legal counsel reasonably acceptable to Licensee,
from and against all third-party Claims arising out of or connected with (i) Licensor’s operation of its business (but excluding Claims covered by Licensee’s indemnity obligations in Section 8(a) above)) or (ii) any breach
by Licensor of any provision of this Agreement or of any representation or warranty made by Licensor in this Agreement. 
 (b) Insurance. Licensee shall obtain and maintain during the term of this Agreement comprehensive general liability insurance coverage, including products, premises, completed operations and
contractual liability insurance (to the extent that such contractual liability insurance can be obtained through commercially reasonable efforts), naming Licensor and its Affiliates as additional insureds. Such insurance shall be underwritten by
insurers with an A.M. Best rating of A- or above and shall be written for limits of not less than the Coverage Amount each occurrence combined, for bodily injury, 

  
 - 13 -

 
including death and property damage. Licensee shall furnish Licensor promptly upon the execution of this Agreement and annually thereafter on each anniversary date of this Agreement with a
certificate of insurance stating thereon the Coverage Amount, the limits of liability, the period of coverage, the parties insured (including Licensee and Licensor), and the insurer’s agreement not to terminate or materially modify such
insurance without endeavoring to notify Licensor in writing at least ninety (90) days before such termination or modification. Coverage maintained for Licensor by Licensee shall be exhausted before any insurance maintained by Licensor shall
attach. Coverage shall be on an occurrence rather than a claims made basis. In no event shall Licensee make any use of the Licensed Marks before Licensor’s receipt of such insurance certificate. The existence of the insurance coverage shall not
mitigate, alter or waive the indemnity provisions in this Agreement. Licensor shall not be responsible for the payment of the premiums, charge taxes, assessments or other costs for the insurance coverage provided by Licensee. 

(c) Procedure. The provisions of Section 7.5 (“Third Party Claim Indemnification Procedures”) and
Section 7.6 (“Payments”) of the Purchase Agreement shall govern indemnification under this Section 8, mutatis mutandis. 
 9. Licensor’s Remedies. 
 Each Party
acknowledges and agrees that there would be no adequate remedy at law for its failure to comply with the provisions of this Agreement and agrees that, in the event of such failure and in addition to the rights provided by Section 8, each Party
shall be entitled to equitable relief by way of temporary restraining order, preliminary injunction and permanent injunction and such other and further relief as any court with jurisdiction may deem just and proper, without the necessity of posting
bond or proving actual damages. This remedy is separate and apart from any other remedy a Party may have. 
 10.
Maintenance. 
 Licensee shall have the sole right, but not the obligation, at Licensee’s sole
cost and expense, to maintain and renew all Licensed Marks in the United States Patent and Trademark Office or any other federal, state or local agency or foreign equivalent, or any other registry (including domain name registries) or equivalent, as
applicable, which shall include the filing of all necessary documentation and payment of all renewal, maintenance and other fees. Licensor will reasonably cooperate with Licensee in such maintenance efforts, at Licensee’s sole cost and expense,
including by executing all documents and performing all acts reasonably requested by Licensee in connection therewith. Licensee shall give Licensor at least thirty (30) days advance notice of its intent to no longer maintain any such Licensed
Marks, and at Licensor’s request and expense, will allow Licensor to do so. 

  
 - 14 -

 11. Security Interest. 

To protect Licensee from and against all damages of any kind or nature resulting from Licensor’s rejection of this
agreement in bankruptcy, Licensor hereby grants to Licensee a continuing security interest in and first priority lien upon the Licensed Marks (the “Security Interest”). Licensor shall execute any documents and perform all further
acts, including with all applicable government agencies and authorities, at Licensee’s expense, which Licensee reasonably requests in order to evidence and perfect the Security Interest. Upon termination of this Agreement as to all Theme Parks
under Section 7(b) (but not if Licensor rejects this Agreement in bankruptcy), the Security Interest shall automatically terminate (subject to Section 12(b)) and Licensee shall execute any documents and perform all further acts, including
with all applicable government agencies and authorities, at Licensor’s expense, which Licensor reasonably requests in order to evidence and record such termination. 
 12. Assignment and Sales. 
 (a) Complete Sale to a
Single Acquirer. Licensee must, and may without consent, assign this Agreement in whole (i) if Licensee (A) divests all of the Theme Parks (or the Persons who own them) as one or more divested entities to be acquired by a single Person
that is not a Competing Person) or (B) sells all of the Theme Parks (or the Persons who own them) to a Person that is not a Competing Person or (ii) in any transaction described in Section 12(b)(iii). For clarity, Licensee cannot
retain any of its rights under this Agreement unless Licensee continues to own at least one Theme Park. 
 (b)
Sale to Partial Acquirer. If Licensee either (i) divests less than all of the Theme Parks (or the Persons who own them) as one or more divested entities to be acquired by one or more Persons (none of which may be a Competing Person) or
(ii) sells less than all of the Theme Parks (or the Persons who own them) to one or more Persons (none of which may be a Competing Person), the following provisions apply. For clarity, after any transaction in this Section 12(b), only one
Person at a time, the person who is “Licensee” hereunder, can hold the right under this Agreement to use the Licensed Marks in connection with New Parks (e.g, to build or rebrand amusement or theme parks under the Licensed Marks).

 (i) If the transaction involves a single divested entity or acquirer (for example, Licensee owns 10 Theme
Parks: Licensee retains 5 Theme Parks and sells 5 Theme Parks to one Person), Licensee may, without consent, (A) assign this Agreement in whole to such entity or acquirer, and at Licensee’s request, Licensor must consent to a grant by the
acquirer or divested entity to Licensee of an Existing Park Sublicense or (B) retain this Agreement and grant an Existing Park Sublicense to such entity or acquirer. In the event that any party grants an Existing Park Sublicense under this
Section 12(b)(i), such Existing Park Sublicense will require, that if sublicensor’s rights under this Agreement are terminated for any reason (or rejected in bankruptcy), the sublicensee will enter into a direct license with Licensor on
substantially similar terms as the Existing Park Sublicense for the applicable Theme Parks, and Licensor agrees to enter into such direct license. 

  
 - 15 -

 (ii) If the transaction involves more than one divested entity or acquirer
and Licensee continues to own at least one existing Theme Park (for example, Licensee owns 10 Theme Parks: Licensee retains 2 Theme Parks, sells 5 Theme Parks to one Person and sells 3 to another Person), Licensee may, without consent,
(A) assign this Agreement in whole to one such entity or acquirer, and at Licensee’s request, Licensor must consent to a grant by the acquirer or divested entity to Licensee and any other divested entities or acquirers of one or more
Existing Park Sublicenses; or (B) retain this Agreement and grant an Existing Park Sublicense to each such entity or acquirer. In the event that any party grants any Existing Park Sublicenses under this Section 12(b)(ii), such Existing
Park Sublicenses will require, that if sublicensor’s rights under this Agreement are terminated for any reason (or rejected in bankruptcy), each such sublicensee will enter into a direct license with Licensor on substantially similar terms as
the Existing Park Sublicense for the applicable Theme Parks, and Licensor agrees to enter into such direct license. 
 (iii) If the transaction involves more than one divested entity or acquirer, and Licensee will no longer continue to own at least one existing Theme Park (for example, Licensee owns 10 Theme Parks:
Licensee sells 5 Theme Parks to one Person and sells 5 to another Person), Licensee must and may without consent, assign this Agreement in whole to one such entity or acquirer, and at Licensee’s request, Licensor must consent to a grant by the
acquirer or divested entity to any other divested entities or acquirers of one or more Existing Park Sublicenses. Any such sublicense will require, that if sublicensor’s rights under this Agreement are terminated for any reason (or rejected in
bankruptcy), each such sublicensee will enter into a direct license with Licensor on substantially similar terms as the Existing Park Sublicense for the applicable Theme Parks, and Licensor agrees to enter into such direct license. 

(c) Sponsorship Agreement. Any assignee or sublicensee under an Existing Park Sublicense must promptly enter into
an agreement with Licensor on terms substantially similar to the Sponsorship Agreement, with respect to the applicable Theme Parks. 
 (d) Other Rights. This Section 12 does not restrict Licensee from making any sale, lease or other disposition of any assets or rights relating to one or more Theme Parks without assigning or
sublicensing this Agreement. For clarity, if Licensee sells one or more (but not all) of the Theme Parks but does not assign or sublicense this Agreement pursuant to Section 12(a) or 12(b), Licensee retains the right to exercise its rights
under Section 12(a) or 12(b) in a future qualifying transaction. 
 (e) Assignment by Licensor.
Licensor may not assign, transfer, sell or otherwise dispose of the Licensed Marks to any Person other than an Affiliate without first granting Licensee a reasonable right of first refusal to purchase them, and any assignee, transferee, or purchaser
of the Licensed Marks must assume in writing all of Licensor’s obligations hereunder. Licensor may not assign this Agreement except to the then-current owner of the Licensed Marks. 

  
 - 16 -

 (f) Other Transactions. Licensor agrees that Licensee may pledge or
grant a lien in its rights in this Agreement and/or assume this Agreement in bankruptcy; provided that Licensee does not assign this Agreement to a Competing Person and subject to all other terms and conditions of this Agreement. Except as permitted
in Section 12, neither Party may assign this Agreement without the other Party’s prior written consent, which consent shall not be unreasonably withheld. 

(g) Effect of Assignment. Any purported sublicense or assignment granted in violation of this Agreement shall be
null and void ab initio and of no force and effect. In the event of a permitted assignment, this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective permitted successors, assigns
and transferees. 
 13. Miscellaneous. 

(a) Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and
equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of
such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any
other jurisdiction. 
 (b) Notices. All notices or other communications required under the provisions of
this Agreement shall be (i) in writing; (ii) delivered by hand; by registered or certified mail, return receipt requested or by facsimile transmission; and (iii) deemed given upon receipt. All notices or other communications shall be
sent to the parties at the address set forth below, or at such other address as the parties shall have specified by written notice: 
 If to Licensor: 
 Anheuser-Busch Companies, Inc. 

One Busch Place 

St. Louis, Missouri 63118 
 Telecopy: (314) 577-0776 
 Attn: Vice President and General Counsel

 If to Licensee: 
 The Blackstone Group L.P. 
 345 Park Avenue 

New York, NY 10154 
 Telephone: 212-583-5000 
 Fax: 212-583-5710 

Email: wallace@blackstone.com 
 Attn: Peter Wallace 

  
 - 17 -

 (c) Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver
of Trial by Jury. THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Each party hereto agrees that it shall bring any action or proceeding in
respect of any claim arising out of or related to this Agreement or the transactions contained in or contemplated by this Agreement, exclusively in the United States District Court for the Southern District of New York or any New York State court
sitting in New York City (the “Chosen Courts”), and solely in connection with claims arising under this Agreement (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to
laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party hereto and (iv) agrees that service of process upon
such party in any such action or proceeding shall be effective if notice is given in accordance with Section 13(b) of this Agreement. Each party hereto irrevocably designates C.T. Corporation as its agent and attorney-in-fact for the acceptance
of service of process and making an appearance on its behalf in any such claim or proceeding and for the taking of all such acts as may be necessary or appropriate in order to confer jurisdiction over it before the Chosen Courts and each party
hereto stipulates that such consent and appointment is irrevocable and coupled with an interest. Each party hereto irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement.

 (d) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which shall constitute one and the same Agreement. 
 (e) Entire Agreement.
This Agreement (including all Exhibits hereto) and the applicable provisions of the Sponsorship Agreement and Purchase Agreement contain the entire agreement between the parties hereto with respect to the subject matter hereof and thereof and
supersedes all prior agreements and understandings, oral or written, with respect to such matters. Any representation, promise, or condition not explicitly set forth herein shall not be binding on any party. Any amendments or modifications to this
Agreement must be in writing specifically referencing and amending or modifying this Agreement and signed by an officer of each party. 
 (f) Nonwaiver. The failure of any party to assert or enforce any right arising under this Agreement shall not constitute a waiver of such right, or any other right arising hereunder. No waiver of
any of the provisions hereof shall be effective unless in writing and signed by the party charged with such waiver. 
 (g) Headings. Any headings or captions appearing in this Agreement are intended solely for convenience of reference and shall not constitute a part of this Agreement or define or limit any of the
terms and conditions hereof. 

  
 - 18 -

 (h) Relationship. The parties hereto are and shall remain independent
contractors. Nothing herein shall be deemed to establish a partnership, joint venture or agency relationship between the parties. Neither party shall have the right to obligate or bind the other party in any manner to any third party. 

(i) No Third-Party Rights. Nothing contained in this Agreement, expressed or implied, is intended to confer upon
any person or entity, other than the parties hereto and their respective permitted successors and assigns, any rights or remedies resulting from this Agreement. 
 (j) Costs. Unless expressly stated to the contrary in this Agreement, all costs incurred by a party hereto in connection with its performance hereunder shall be borne by that party. 

(k) Survival. Each of the provisions of this Agreement which are not, by the expressed terms of this Agreement,
fully to be performed during the term of this Agreement including, without limitation, Sections 6(a), 7(f), 8(a), 9, 12(b) (as applicable) and 13 (as applicable) shall survive the termination of this Agreement for any reason. 

(l) Further Assurances. Licensor and Licensee agree to execute such further documentation and perform such further
actions, including the recordation of such documentation with the appropriate authorities, as may be reasonably requested by the other party to evidence and effectuate further the purposes and intents set forth in this Agreement. 

  
 - 19 -

 IN WITNESS WHEREOF, this Agreement has been executed by each party hereto through a
duly authorized representative as of the day and year first above written. 
  

					
	LICENSOR:
	
	ANHEUSER-BUSCH, INCORPORATED
		
	By:	 	 /s/ Thomas Larson

		 	Name:	 	Thomas Larson
		 	Title:	 	Assistant Secretary
	
	LICENSEE:
	
	BUSCH ENTERTAINMENT LLC
		
	By:	 	  

		 	Name:	 	James D. Atchison
		 	Title:	 	Authorized Person

 Signature Page to Trademark License Agreement 

 IN WITNESS WHEREOF, this Agreement has been executed by each party hereto through a
duly authorized representative as of the day and year first above written. 
  

					
	LICENSOR:
	
	ANHEUSER-BUSCH, INCORPORATED
		
	By:	 	  

		 	Name:	 	Thomas Larson
		 	Title:	 	Assistant Secretary
	
	LICENSEE:
	
	BUSCH ENTERTAINMENT LLC
		
	By:	 	 /s/ James D. Atchison

		 	Name:	 	James D. Atchison
		 	Title:	 	Authorized Person

 Signature Page to Trademark License Agreement 

 Exhibit A 
 Licensed Marks 
  

													
	 Country Name
	  	 Trademark Name
	  	 App
 Number
	  	 Fil Date
	  	 Reg
 Number
	  	 Reg Date
	  	 Owner

	 Azerbaijan
	  	BUSCH GARDENS	  	967395	  	18-June-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Saudi Arabia
	  	BUSCH GARDENS	  	135321	  	14-Sep-2008	  		  		  	
							
	 Spain
	  	BUSCH GARDENS	  	1548637	  	12-Feb-1990	  	1548637	  	04-Jan-1993	  	Licensor
							
	 China (People’s Republic)
	  	BUSCH GARDENS	  	93092481	  	02-Sep-1993	  	778712	  	28-Feb-1995	  	Licensor
							
	 Korea, Republic of
	  	BUSCH GARDENS	  	93002302	  	03-May-1993	  	25113	  	12-Oct-1994	  	Licensor
							
	 Canada
	  	BUSCH GARDENS	  	1157533	  	05-Nov-2002	  	618382	  	01-Sep-2004	  	Licensor
							
	 United Arab Emirates
	  	BUSCH GARDENS	  	73146	  	14-Sep-2005	  	60421	  	16-May-2006	  	Licensor
							
	 United Arab Emirates
	  	BUSCH GARDENS	  	73147	  	14-Sep-2005	  	77711	  	21-Nov-2006	  	Licensor
							
	 Iran
	  	BUSCH GARDENS	  	87082107	  	11-Nov-2008	  		  		  	Licensor
							
	 Turkmenistan
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor

													
	 Country Name
	  	 Trademark Name
	  	 App
 Number
	  	 Fil Date
	  	 Reg
 Number
	  	 Reg Date
	  	 Owner

	 Belarus
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 European Community
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Georgia
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Croatia
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Kyrgyz Republic
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Moldova
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 Russian Federation
	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	Int’l Registration – Madrid
Protocol Only	  	BUSCH GARDENS	  	967395	  	18-Jun-2008	  	967395	  	18-Jun-2008	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	72/347190	  	29-Dec-1969	  	925302	  	07-Dec-1971	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS (Stylized)	  	78/172574	  	09-Oct-2002	  	2783350	  	11-Nov-2003	  	Licensor
							
	 United States of America
	  	THE WORLDS OF BUSCH GARDENS	  	77/090868	  	25-Jan-2007	  	3293429	  	18-Sep-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/953564	  	16-Aug-2006	  	3256146	  	26-Jun-2007	  	Licensor

													
	 Country Name
	  	 Trademark Name
	  	 App
 Number
	  	 Fil Date
	  	 Reg
 Number
	  	 Reg Date
	  	 Owner

							
	 United States of America
	  	BUSCH GARDENS	  	78/953522	  	16-Aug-2006	  	3283086	  	21-Aug-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/958346	  	23-Aug-2006	  	3312598	  	16-Oct-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/958231	  	23-Aug-2006	  	3256382	  	26-Jun-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/959322	  	24-Aug-2006	  	3256430	  	26-Jun-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/964851	  	31-Aug-2006	  	3256481	  	26-Jun-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/965306	  	31-Aug-2006	  	3302601	  	02-Oct-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	78/965962	  	01-Sep-2006	  	3256484	  	26-Jun-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	77/000227	  	15-Sep-2006	  	3273349	  	07-Aug-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	77/002024	  	19-Sep-2006	  	3273369	  	07-Aug-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	77/003565	  	20-Sep-2006	  	3235723	  	01-May-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	77/005002	  	22-Sep-2006	  	3337890	  	20-Nov-2007	  	Licensor
							
	 United States of America
	  	BUSCH GARDENS	  	77/215259	  	26-Jun-2006	  	3503701	  	23-Sep-2008	  	Licensor

 Exhibit B  

Interest Domain Names 
  

			
	 Domain Name
	  	 Expiration Date

	 bgtip.com
	  	2010-07-01
	 bgtmobile.com
	  	2010-04-16
	 bgwchristmas.com
	  	2010-11-07
	 bgwfun.com
	  	2010-12-16
	 bgwilliamsburg.com
	  	2010-05-11
	 bgwjobs.com
	  	2010-10-21
	 bgwmobile.com
	  	2010-04-16
	 bgwpolls.com
	  	2011-06-25
	 boycottbusch-gardens.com
	  	2010-11-17
	 boycottbuschgardens.com
	  	2010-11-17
	 busch-gardens.com
	  	2010-03-26
	 busch-gardens.us
	  	2010-04-18
	 buschentertainmentcorporation.us
	  	2010-04-25
	 buschgarden.cn
	  	2010-03-16
	 buschgarden.com.cn
	  	2010-12-15
	 buschgarden.net.cn
	  	2010-12-15
	 buschgarden.org
	  	2011-01-29
	 buschgarden.org.cn
	  	2010-12-15
	 buschgardenmobile.com
	  	2010-04-16
	 buschgardennews.com
	  	2010-11-13
	 buschgardens.asia
	  	2009-11-21
	 buschgardens.biz
	  	2010-11-18
	 buschgardens.com
	  	2010-07-06
	 buschgardens.info
	  	2010-08-01
	 buschgardens.mobi
	  	2010-06-12
	 buschgardens.net
	  	2010-03-23
	 buschgardens.org
	  	2010-12-12
	 buschgardens.us
	  	2010-04-18
	 buschgardensdubai.com
	  	2010-02-22
	 buschgardensdubai.org
	  	2010-02-22
	 buschgardensdubai.travel
	  	2010-02-22
	 buschgardensexcursions.com
	  	2010-04-12
	 buschgardensezticket.com
	  	2010-05-01
	 buschgardensgroupevents.com
	  	2010-09-08
	 buschgardensinfo.com
	  	2010-03-30
	 buschgardensjobs.com
	  	2010-04-18
	 busehgardenspassmember.com
	  	2010-06-10
	 buschgardensshop.com
	  	2010-12-19
	 buschgardenstalent.com
	  	2010-07-11
	 buschgardenstampa.biz
	  	2010-06-17
	 busehgardenstampa.info
	  	2010-06-18
	 buschgardenstampa.mobi
	  	2010-09-26

			
	 Domain Name
	  	 Expiration Date

	 buschgardenstampa.net
	  	2010-06-18
	 buschgardenstampa.org
	  	2010-06-18
	 buschgardenstampa.us
	  	2010-04-23
	 buschgardenstampabay.com
	  	2010-05-11
	 buschgardensusa.org
	  	2010-02-22
	 buschgardensusa.travel
	  	2010-02-22
	 buschgardensvacations.com
	  	2010-05-30
	 buschgardenswilliamsburg.biz
	  	2010-06-17
	 buschgardenswilliamsburg.com
	  	2010-07-25
	 buschgardenswilliamsburg.info
	  	2010-06-18
	 buschgardenswilliamsburg.mobi
	  	2010-09-26
	 buschgardenswilliarnsburg.net
	  	2010-06-18
	 buschgardenswilliamsburg.org
	  	2010-06-18
	 buschgardenswilliamsburg.us
	  	2010-04-23
	 bush-gardens.com
	  	2010-04-20
	 bush-gardens.net
	  	2010-04-20
	 bushgardenmobile.com
	  	2010-04-16
	 bushgardens.com
	  	2010-09-18
	 bushgardens.net
	  	2010-04-18
	 bushgardensfl.com
	  	2010-05-24
	 bushgardensflorida.com
	  	2010-05-24
	 bushgardensmobile.com
	  	2010-04-16
	 bushgardenstampabay.com
	  	2010-04-14
	 bushgardensvacations.com
	  	2010-04-05
	 bushgardensvacations.net
	  	2010-04-05
	 christmasatbushgardens.com
	  	2010-07-28
	 clubbushgardens.com
	  	2010-01-26
	 floridabushgardens.com
	  	2010-05-24
	 gloryatthegardens.com
	  	2010-07-28
	 gloryatthegardenstampa.com
	  	2010-01-14
	 mybuschgardens.com
	  	2011-03-09
	 mybuschgardens.info
	  	2011-02-16
	 mybuschgardensinfo.com
	  	2011-02-08
	 mybuschgardensphoto.com
	  	2011-06-02
	 mybuschgardensphotos.com
	  	2011-06-02
	 swbg-adventurecamp.com
	  	2010-03-11
	 swbg-adventurecamps.com
	  	2010-03-11
	 swbg-animal.com
	  	2010-08-06
	 swbg-animal.org
	  	2010-08-06
	 swbg-animals.com
	  	2010-08-06
	 swbg-animals.org
	  	2010-08-06
	 swbg-conservation.org
	  	2010-06-06
	 swbg-conservationfund.com
	  	2010-03-20
	 swbg-conservationfund.net
	  	2010-03-20
	 swbg-conservationfund.org
	  	2010-04-25
	 swbg-estore.com
	  	2010-01-10

			
	 Domain Name
	  	 Expiration Date

	 swbgadventurecamp.com
	  	2010-03-10
	 swbgadventurecamps.com
	  	2010-03-11
	 swbganimal.com
	  	2010-08-06
	 swbganimal.org
	  	2010-08-06
	 swbganimals.com
	  	2010-08-06
	 swbganimals.org
	  	2010-08-06
	 swbgconservationfund.com
	  	2010-03-20
	 swbgconservationfund.net
	  	2010-03-20
	 swbgconservationfund.org
	  	2010-08-12
	 swbgfund.com
	  	2010-05-05
	 swbgfund.org
	  	2010-05-05
	 talentsearchbgw.com
	  	2010-12-03
	 williamsburgbuschgardens.com
	  	2010-10-10

 Exhibit C – Approval Contacts 

Anheuser-Busch Companies, Inc. 
 One Busch Place

 St. Louis, Missouri 63118 
 Telecopy:
(314) 577-0776 
 Attn: General Counsel 
 With copy to: 
 Anheuser-Busch Companies, Inc. 

One Busch Place 
 St. Louis, Missouri 63118

 Telecopy: (314) 577-0776 
 Attn:
Intellectual Property Section Head, Legal DepartmentSecond Amended and Restated Agreement

 EXHIBIT 10.1 
 SECOND AMENDED AND RESTATED 
 AGREEMENT OF LIMITED LIABILITY LIMITED
PARTNERSHIP 
 OF 
 INREIT PROPERTIES, LLLP 
 1711 GOLD DRIVE SOUTH, SUITE 100

 FARGO, NORTH DAKOTA 58103 

 TABLE OF CONTENTS 
  

					
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 ARTICLE II PARTNERSHIP CONTINUATION AND IDENTIFICATION
	  	 	7	  
	 2.01 Name, Office and Registered Agent
	  	 	7	  
	 2.02 Partners
	  	 	7	  
	 2.03 Terms and Dissolution
	  	 	7	  
	 2.04 Filing of Certificate and Perfection of Limited Partnership
	  	 	8	  
	 2.05 Certificates Describing Partnership Units
	  	 	8	  
		
	 ARTICLE III BUSINESS OF THE PARTNERSHIP
	  	 	8	  
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS
	  	 	9	  
	 4.01 Capital Contributions
	  	 	9	  
	 4.02 Additional Capital Contributions and Issuances of Additional Partnership Interest
	  	 	9	  
	 4.03 Additional Funding
	  	 	10	  
	 4.04 Capital Accounts
	  	 	10	  
	 4.05 Percentage Interests
	  	 	11	  
	 4.06 No Interest on Contributions
	  	 	11	  
	 4.07 Return of Capital Contributions
	  	 	11	  
	 4.08 No Third Party Beneficiary
	  	 	11	  
		
	 ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS
	  	 	12	  
	 5.01 Allocation of Profit and Loss
	  	 	12	  
	 5.02 Distribution of Cash
	  	 	13	  
	 5.03 INREIT Distribution Requirements
	  	 	14	  
	 5.04 No Right to Distributions in Kind
	  	 	14	  
	 5.05 Limitations on Return of Capital Contributions
	  	 	14	  
	 5.06 Distributions Upon Liquidation
	  	 	14	  
	 5.07 Substantial Economic Effect
	  	 	15	  
		
	 ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER
	  	 	15	  
	 6.01 Management of the Partnership
	  	 	15	  
	 6.02 Delegation of Authority
	  	 	18	  
	 6.03 Indemnification and Exculpation of Indemnitees
	  	 	18	  
	 6.04 Liability of the General Partner
	  	 	19	  
	 6.05 Reimbursement
	  	 	20	  
	 6.06 Outside Activities
	  	 	20	  
	 6.07 Conflicts of Interest and Investment Restrictions
	  	 	21	  
	 6.08 General Partner Participation
	  	 	21	  
	 6.09 Title to Partner Participation
	  	 	21	  
	 6.10 Miscellaneous
	  	 	21	  
		
	 ARTICLE VII CHANGES IN GENERAL PARTNER
	  	 	22	  

  
 - i -

					
	 7.01 Transfer of the General Partner’s Partnership Interest
	  	 	22	  
	 7.02 Admission of a Substitute or Additional General Partner
	  	 	23	  
	 7.03 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner
	  	 	24	  
	 7.04 Removal of a General Partner
	  	 	24	  
		
	 ARTICLE VIII RIGHT AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	 	25	  
	 8.01 Management of the Partnership
	  	 	25	  
	 8.02 Power of Attorney
	  	 	25	  
	 8.03 Limitation on Liability of Limited Partners
	  	 	26	  
	 8.04 Ownership by Limited Partner of Corporate General Partner or Affiliate
	  	 	26	  
	 8.05 Exchange Right
	  	 	26	  
	 8.06 Registration
	  	 	28	  
		
	 ARTICLE IX TRANSFERS OF LIMITED PARTNERSHIP INTERESTS
	  	 	29	  
	 9.01 Purchase for Investment
	  	 	29	  
	 9.02 Restrictions on Transfer of Limited Partnership Interests
	  	 	29	  
	 9.03 Admission of Substitute Limited Partner
	  	 	30	  
	 9.04 Rights of Assignees of Partnership Interests
	  	 	31	  
	 9.05 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner
	  	 	32	  
	 9.06 Joint Ownership of Interests
	  	 	32	  
		
	 ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS
	  	 	32	  
	 10.01 Books and Records
	  	 	32	  
	 10.02 Custody of Partnership Funds; Bank Accounts
	  	 	33	  
	 10.03 Fiscal and Taxable Year
	  	 	33	  
	 10.04 Annual Tax Information and Report
	  	 	33	  
	 10.05 Tax Matters Partner; Tax Elections; Special Basis Adjustments
	  	 	33	  
	 10.06 Reports to Limited Partners
	  	 	34	  
		
	 ARTICLE XI AMENDMENT OF AGREEMENT
	  	 	34	  
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	35	  
	 12.01 Notices
	  	 	35	  
	 12.02 Survival of Rights
	  	 	35	  
	 12.03 Additional Documents
	  	 	35	  
	 12.04 Severability
	  	 	35	  
	 12.05 Entire Agreement
	  	 	35	  
	 12.06 Pronouns and Plurals
	  	 	35	  
	 12.07 Headings
	  	 	35	  
	 12.08 Counterparts
	  	 	35	  
	 12.09 Governing Law
	  	 	36	  

  
 - ii -

 SECOND AMENDED AND RESTATED 

AGREEMENT OF LIMITED LIABILITY LIMITED PARTNERSHIP 
 OF 
 INREIT PROPERTIES, LLLP 

This Second Amended and Restated Agreement is effective as of 1st day of January, 2013. 

The parties to this Amendment do hereby restate the terms and conditions in their previously formed Limited Liability Limited
Partnership. The following terms used in this Agreement shall have the meanings specified below: 
 ARTICLE I 

DEFINITIONS 
 1.1 Act: means the North Dakota Limited Liability Limited Partnership Act (Chapter 45-23 of the North Dakota Century Code) as it may be amended from time to time. 

1.2 Additional Funds: has the meaning set forth in Section 4.03 hereof. 

1.3 Additional Limited Partner: means a Person admitted to this Partnership as a Limited Partner pursuant to
Section 4.02 hereof. 
 1.4 Additional Securities: means any additional INREIT shares (other than INREIT shares
issued in connection with an exchange pursuant to Section 8.05 hereof) or rights, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase INREIT shares, as set forth in Section 4.02. 

1.5 Administrative Expenses: means (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those administrative costs and expenses of the General Partner, including the advisory fees and trustee fees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed,
are expenses of the Partnership and are not the General Partner, and (iii) to the extent not included in clause (ii) above, all other INREIT expenses. 
 1.6 Affiliate: means (i) any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person, (ii) any other person that owns,
beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interest of such Person, or (iii) any officer, director, employee, partner or trustee of such Person or any Person controlling, controlled by
or under common control with such Person (excluding trustees and persons serving in similar capacities who are not otherwise an Affiliate of such Person). For the purposes of this definition, “control” (including the correlative meanings
of the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such Person, through ownership of voting securities or partnership interests or otherwise. 

  
 1 

 1.7 Agreed Value: means the fair market value of Partner’s non-cash Capital
Contribution as of the date of contribution determined by the General Partner. For purposes of this Partnership Agreement, the Agreed Value of a Partner’s non-cash capital contribution shall be equal to the number of Partnership Units received
by such Partner in exchange for Property or an interest therein or in connection with the merger of a partnership of which such person is a partner with and into the Partnership, or for any other non-cash assets so contributed, multiplied by the
“Market Price”, calculated in accordance with the second and third sentences of the definition of “Cash Account”. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the Agreed Value
of the non-cash contributions as of the date of contribution is set forth on Exhibit A. 
 1.8
Agreement: means this Second Amended and Restated Agreement. 
 1.9 Capital Account: has the meaning
provided in Section 4.04 hereof. 
 1.10 Capital Contribution: means the total amount of cash, cash
equivalents, and the Agreed Value of any Property or other asset contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of the Agreement. Any reference to the Capital Contribution
of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner. 

1.11 Capital Transaction: means the refinancing, sale, exchange, condemnation, recovery of a damage award, or insurance
proceeds (other than business or rental interruption insurance proceeds not reinvested in the repair or reconstruction of Properties), or other disposition of any Property (or the Partnership’s interest therein). 

1.12 Cash Amount: means an amount of cash per Partnership unit equal to the value of the INREIT Shares Amount on the date of
receipt by INREIT of a Notice of Exchange. The value of the INREIT Shares Amount shall be based on the average of the daily market price of INREIT Shares for the ten consecutive trading days immediately preceding the date of such valuation. The
market price for each such trading day shall be: (i) if the INREIT Shares are listed or admitted to trading on any securities exchange, the sale price, regular way, on such day; (ii) if the INREIT shares are not listed or admitted to
trading on any securities exchange, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by INREIT, or
(iii) if the INREIT Shares are not listed or admitted to trading on any securities exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such
day, as so reported, on the most recent day (not more than ten days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked prices reported during the ten days prior to the date in question,
the value of the INREIT Shares shall be determined by INREIT acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. In the event the INREIT Share Amount includes rights
that a holder of INREIT Shares would be entitled to receive, then the value of such rights shall be determined by INREIT acting in good faith on the basis of such quotations and other information as it considers, in its reasonable judgment,
appropriate. 

  
 2 

 1.13 Certificate: means any instrument or document that is required under the
laws of the State of North Dakota, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney, granted to the General
Partners in Section 8.02 hereof) and filed for recording in the appropriate public offices within the State of North Dakota or such other jurisdiction to perfect or maintain the Partnership as a limited liability limited Partnership, to effect
the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited Partners under the laws of the State of North Dakota or such other jurisdiction. 

1.14 Code: means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any
particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 
 1.15 Commission: means the US Securities and Exchange Commission. 

1.16 Conversion Factor: means on a one-for-one basis provided that in the event INREIT (i) declares or pays a dividend
on its outstanding INREIT Shares in INREIT Shares or makes a distribution to all holders of its outstanding INREIT Shares in INREIT Shares, (ii) subdivides its outstanding INREIT Shares, or (iii) combines its outstanding INREIT Shares into
a smaller number of INREIT Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of INREIT Shares issued and outstanding on the record date for such dividend,
distribution, subdivision or combination that has occurred as of such time), and the denominator of which shall be the actual number of INREIT Shares (determined without the above assumption) issued and outstanding on such date. Any adjustment to
the Conversion Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if INREIT receives a Notice of Exchange after the record date, but prior
to the effective date of such dividend, distribution, subdivision or combination, the Conversion Factor shall be determined as if INREIT had received the Notice of Exchange immediately prior to the record date for such dividend, distribution,
subdivision, or combination. 
 1.17 Declaration of Trust: means that Declaration of Trust of INREIT, as amended or
restated from time to time. 
 1.18 Event of Bankruptcy: as to any person means the filing for relief as to such
Person under Federal Bankruptcy statutes or appointment of a receiver under the law of any jurisdiction (except if such petition is/has been dismissed within 90 days); insolvency as finally determined by the court proceeding; commencement of any
proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided
that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days.

  
 3 

 1.19 Exchange Amount: means either the Cash Amount or the INREIT Shares amount,
as selected by the General Partner at its sole discretion pursuant to Section 8.05(b) hereof. 
 1.20 Exchange
Right: has the meaning provided in Section 8.05(a) hereof. 
 1.21 Exchange Partner: has the meaning
provided in Section 8.05(a) hereof. 
 1.22 General Partner: means INREIT Real Estate Investment Trust, a North
Dakota unincorporated, but registered trust, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 

1.23 General Partnership Interest: means a Partnership Interest held by the General Partner that is a general partnership
interest. 
 1.24 Indemnitee: means: (i) any Person made a party to a proceeding by reason of its status as
INREIT, as the General Partner, or a trustee, director, officer or employee of INREIT, or the Partnership, and (ii) such other Persons (including Affiliates of INREIT or the Partnership) as the General Partner may designate from time to time,
in its sole and absolute discretion. 
 1.25 Independent Trustee: means a trustee of INREIT who is not an officer,
member, affiliate or employee of INREIT Management, LLC, the advisor to INREIT. 
 1.26 Initial Properties: means
those properties listed in Exhibit B hereto. 
 1.27 INREIT: means INREIT Real Estate Investment Trust, a
North Dakota unincorporated but registered business trust whose address is 1711 Gold Drive South, Suite 100, Fargo, ND 58103. 

1.28 INREIT PROPERTIES, LLLP: means a North Dakota limited liability limited partnership, whose mailing address is 1711 Gold
Drive South, Suite 100, Fargo, ND 58103. 
 1.29 INREIT Expenses: means: (i) costs and expenses relating to the
formation and continuity of existence and operation of INREIT and any Subsidiaries thereof, which subsidiaries shall for purposes hereof, be included within the definition of INREIT; including taxes, fees and assessments associated therewith, any
and all costs, expenses or fees payable to any trustee, officer, or employee of INREIT; (ii) costs relating to the public offering and registration of securities by INREIT, and all statements, reports, fees and expenses incidental thereto,
including underwriting discounts and selling commissions applicable to any such offering of securities; (iii) costs and expenses associated with the preparation and filing of any periodic reports by INREIT under federal, state or local laws or
regulations, including filings with the Commission; (iv) costs and expenses associated with compliance by INREIT with laws, rules and regulations promulgated by any regulatory body, including the Commission; and (v) all other operating or
administrative costs of INREIT incurred in the ordinary course of its business on behalf of or in connection with the Partnership. 
 1.30 INREIT Share: means a unit of beneficial interest of INREIT. 

  
 4 

 1.31 INREIT Shares Amount: means a number of INREIT Shares equal to the product
of the number of Partnership Units offered for exchange by an Exchanging Partner, multiplied by the Conversion Factor as adjusted to and including the Specified Exchange Date; provided that in the event INREIT issues to all holders of INREIT Shares
rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase INREIT Shares, or any other securities or property (collectively “the rights”), and the rights have not expired at
the Specified Exchange Date, then the INREIT Shares Amount shall also include the rights issuable to a holder of the INREIT Shares. 
 1.32 Limited Partner: means any Person named as a Limited Partner on Exhibit A attached hereto, and any Person who becomes a Substitute or Additional Limited Partner, in such
Person’s capacity as a Limited Partner in the Partnership. 
 1.33 Limited Partnership Interest: means the
ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act,
together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. 

1.34 Loss: has the meaning provided in Section 5.01(f) hereof. 

1.35 Notice of Exchange: means the Notice of Exercise of Exchange Rights substantially in the form attached as Exhibit
C hereto. 
 1.36 Offer: has the meaning set forth in Section 7.01(c) hereof 

1.37 Partner: means any General Partner or Limited Partner. 

1.38 Partner Nonrecourse Debt Minimum Gain: has the meaning set forth in Regulations Section 1.704-2(i). A
Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 
 1.39 Partnership: means INREIT Properties, LLLP, whose mailing address is 1711 Gold Drive South, Suite 100, Fargo, ND 58103. 

1.40 Partnership Interest: means an ownership interest in the Partnership held by either a Limited Partner or the General
Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.

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

  
 5 

 1.42 Partnership Record Date: means the record date established by the General
Partner for the distribution of cash pursuant to Section 5.02 hereof, which record date shall be the same as the record date established by INREIT for a distribution to its shareholders of some or all of its portion of such distribution.

 1.43 Partnership Unit: means a fractional, undivided share of the Partnership Interests of all Partners, issued
hereunder. The allocation of Partnership Units among the partners shall be as set forth in Exhibit A, as may be amended from time to time. 
 1.44 Percentage Interest: means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of
Partnership units then outstanding. The Percentage Interest of each Partner shall be as set forth on Exhibit A, as may be amended from time to time. 
 1.45 Person: means any individual, partnership, corporation, joint venture, trust or other entity. 
 1.46 Profit: has the meaning provided in Section 5.01(f) hereof. 

1.47 Property: means any residential, office or industrial property or other investment in which the Partnership holds an
ownership interest. 
 1.48 Regulations: means the Federal Income Tax Regulations issued under the Code, as amended
and as hereafter amended from time to time. Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date hereof and any successor provision of the Regulations. 

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

1.50 Service: means the Internal Revenue Service. 
 1.51 Specified Exchange Date: means the first business day of the month that is at least 60 business days after the receipt by INREIT of the Notice of Exchange. 

1.52 Subsidiary: means with respect to any Person, any corporation or other entity of which a majority of: (i) the
voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
 1.53 Subsidiary Partnership: means any partnership of which the majority of the limited or general partnership interests are owned, directly or indirectly, by the Partnership. 

1.54 Substitute Limited Partner: means any Person admitted to the Partnership as a Limited Partner pursuant to
Section 9.03 hereof. 
 1.55 Surviving General Partner: has the meaning set forth in Section 7.01(d)
hereof. 
 1.56 Term: has the meaning set forth in Section 2.03. 

  
 6 

 1.57 Transaction: has the meaning set forth in Section 7.01(c) hereof.

 1.58 Transfer: has the meaning set forth in Section 9.02(a) hereof. 

ARTICLE II 

PARTNERSHIP CONTINUATION AND IDENTIFICATION 
  

	2.01	 Name, Office and Registered Agent. The name of the partnership is INREIT PROPERTIES, LLLP. The specified office and place of business of the
Partnership shall be 1711 Gold Drive South, Suite 100, Fargo, North Dakota 58103. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the partners of any such change. The name and
address of the Partnership’s registered agent is Corporation Service Company, 316 North 5th Street, Bismarck, North Dakota 58502-1695. 

  

	2.02	Partners. 

  

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

 

	 	(b)	Attached as Exhibit A is the name and addresses of the Limited Partners as of the date hereof. The Limited Partners shall be those Persons identified as Limited
Partners on Exhibit A hereto, as amended from time to time. 

  

	2.03	Terms and Dissolution. 

  

	 	(a)	The Term of the Partnership shall be perpetual. Except that the Partnership shall be dissolved upon the first to occur of any of the following events:

  

	 	(i)	dissolution, death, removal or withdrawal of the General Partner unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof; provided
that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an
event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable
requirements of the Agreement; 

  

	 	(ii)	The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an
installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full);

  

	 	(iii)	The exchange of all Limited Partnership Interests; or 

  
 7 

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

 

	 	(b)	Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.03(b) hereof), the General Partner (or its trustee,
receiver, successor or legal representative) shall amend or cancel the Certificate and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.06 hereof. Notwithstanding the foregoing,
the liquidating General Partner may either: (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations) or
(ii) distribute the assets to the Partners in kind. 

  

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

  

	2.05	Certificates Describing Partnership Units. At the request of a Limited Partner, the General Partner, at its option, may issue a certificate summarizing the terms
of such Limited Partner’s interests in the Partnership, including the number of Partnership Units owned and the Percentage Interest represented by such Partnership Units, as of the date of such Certificate. Any such Certificate: (i) shall
be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect: 

 “This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Partnership Agreement of
INREIT Properties, LLLP, as from time to time amended and restated.” 
 ARTICLE III 

BUSINESS OF THE PARTNERSHIP 
 The purpose and nature of the business to be conducted by the Partnership shall be: (i) to conduct any business that may be lawfully conducted by a limited liability limited partnership organized
pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit INREIT at all times to qualify as a REIT, unless INREIT otherwise ceases to qualify as a REIT; (ii) to enter into any
partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing; and (iii) to do anything necessary or incidental to the foregoing: In
connection with the foregoing, and without limiting INREIT’s right in its sole discretion to cease qualifying as a REIT, the Partners acknowledge that INREIT’s current status as a REIT inures to the benefit of all the Partners and not
solely to INREIT. The General Partner shall also be empowered to do any and all acts and things necessary or prudent to ensure 

  
 8 

 that the Partnership will not be classified as a “Publicly traded partnership” for
purposes of Section 7704 of the Code. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS AND ACCOUNTS 
  

	4.01	Capital Contributions. INREIT shall contribute to the capital of the Partnership all of its assets subject to all of its liabilities as specified on Exhibit
A hereof. The Limited Partners shall contribute to the capital of the Partnership interests in one or more of the Properties or the partnerships owning such Properties, each with values as set forth opposite their names on Exhibit A. The
Agreed Values of such Limited Partners’ ownership interests in the Properties that are contributed to the Partnership are as set forth opposite their names on Exhibit A. 

 

	4.02	Additional Capital Contributions and Issuances of Additional Partnership Interest. Except as provided in this Section 4.02 or in Section 4.03, the
Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership
Interests in respect thereof, in the manner contemplated in this Section 4.02. 

  

	 	(a)	Issuance of Additional Partnership Interests. 

 General. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or
from time to time, to the Partners (including INREIT) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any
Limited Partners. Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special
rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to
North Dakota law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of
Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of Partnership; provided, however, that no additional Partnership Interests
shall be issued to the General Partner unless either: 
  

	 	(1)	 the additional Partnership Interests are issued in connection with an issuance of INREIT Shares of or other interests in INREIT, which shares or
interests have designations, preferences and other rights, all such that the economic interests are substantially similar to the designations, 

  
 9 

	 	
preferences and other rights of the additional Partnership Interests issued to the General Partner by the Partnership in accordance with this Section 4.02 and the General Partner shall make
a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of stock of or other interests in INREIT, or 

 

	 	(2)	the additional Partnership Interests are issued to all Partners in proportion to their respective Percentage Interests. Without limiting the foregoing, the General
Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the
Partnership. 

  

	 	(b)	In connection with any and all issuances of INREIT Shares, General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that
if the proceeds actually received and contributed by INREIT are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General
Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with
Section 6.05 hereof and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.02(a) hereof. 

 

	4.03	Additional Funding. If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds
(“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General Partner provide such Additional Funds to the
Partnership through loans or otherwise. 

  

	4.04	Capital Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each Partner in accordance with Regulation
Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a de minimus Capital Contribution, (ii) the Partnership distributes to a Partner more than a de minimus
amount of Partnership property as consideration for a Partnership Interest, or (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), the General Partner shall revalue the property of the
Partnership to its fair market value (as determined by the General Partner, in its sole discretion, taking into account Section 7701(g) of the Code) in accordance with Regulation Section 1.704-1(b)(2)(iv)(f). When the Partnership’s
property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the
manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.01 if there were a taxable disposition of such
property for its fair market value (as determined by the General 

  
 10 

 Partner, in its sole discretion, and taking into account Section 7701(g) of the Code)
on the date of the revaluation. 
  

	4.05	Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall
be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding
after giving effect to such increase or decrease. If the Partners’ Percentage Interest are adjusted pursuant to this Section 4.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the
part of the year ending on the day when the Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either: (i) as if the taxable year had ended on the date of the adjustment or
(ii) based on the number of days in each part. The General Partner, in its sole discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits
and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests. 

 

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

 

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

  

	4.08	No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any
Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced
solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for
any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any
of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent Jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner, without limiting the generality of
the foregoing, a 

  
 11 

 deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner
nor an asset or property of the Partnership. 
 ARTICLE V 

PROFITS AND LOSSES; DISTRIBUTIONS 
  

	5.01	Allocation of Profit and Loss. 

  

	 	(a)	General. Profit and Loss of the Partnership for each fiscal year of the Partnership shall be allocated among the Partners in accordance with their respective
Percentage Interests. 

  

	 	(b)	Minimum Gain Chargeback. Notwithstanding any provision to the contrary: (i) any expense of the Partnership that is a “nonrecourse deduction”
within the meaning of Regulations Section 1.704-2(b)(1) shall be allocated in accordance with the Partners’ respective Percentage Interests, (ii) any expense of the Partnership that is a “partner nonrecourse deduction”
within the meaning Regulations Section 1.704-2(i)(2) shall be allocated to the Partner that bears the “economic risk of loss” of such deduction in accordance with Regulations Section 1.704-2(i)(1), (iii) if there is a net
decrease in Partnership Minimum Gain within the meaning of Regulations Section 1.704-2(f)(1) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(f)(2), (3), (4) and (5), items of
gain and income shall be allocated among the Partners in accordance with Regulations Section 1.704-2(f) and the ordering rules contained in Regulations Section 1.704-2(j), and (iv) if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain within the meaning of Regulations Section 1.704-2(i)(4) for any Partnership taxable year, then, subject to the exceptions set forth in Regulations Section 1.704-2(g), items of gain and income shall be allocated among the
Partners in accordance with Regulations Section 1.704-2(i)(4) and the ordering rules contained in Regulations Section 1.704-2(j). A Partners’ “interest in partnership profits” for purposes of determining its share of the
nonrecourse liabilities the Partnership within the meaning of Regulations Section 1.752-3(a)(3) shall be such Partner’s Percentage Interest. 

  

	 	(c)	Qualified Income Offset. If a Limited Partner receives in any taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or
(6) of Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a deficit balance in such Partner’s Capital Account that exceeds the sum of such Partner’s shares of Partnership Minimum Gain and Partner Nonrecourse Debt
Minimum Gain, as determined in accordance with Regulations Sections 1.704-2(g) and 1.704-2(i), such Partner shall be allocated specially for such taxable year (and, if necessary, later taxable years) items of income and gain in an amount and manner
sufficient to eliminate such deficit Capital Account balance as quickly as possible as provided in Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Limited Partner in accordance with this
Section 5.01(c), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Partner in an amount necessary to 

  
 12 

 offset the income or gain previously allocated to such Partner under this
Section 5.01(c). 
  

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

 

	 	(e)	Allocations Between Transferor and Transferee. If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items
of Profit and Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee Partner either: (i) as if the Partnership’s fiscal year had ended on the date of the
transfer, or (ii) based on the number of days of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such fiscal year in which the transferor and the transferee were
Partners. The General Partner, in its sole discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner.

  

	 	(f)	Definition of Profit and Loss. “Profit” and “Loss” and any items of income, gain, expense, or loss referred to in this Agreement shall be
determined in accordance with federal income tax accounting principles, as modified by Regulations Section 1.704-1(b)(2)(iv), except that Profit and Loss shall not include items of income, gain and expense that are specially allocated pursuant
to Section 5.01(b), 5.01(c), or 5.01(a). All allocations of income, Profit, gain, Loss, and expense (and all items contained therein) for federal income tax purposes shall be identical to all allocations of such items set forth in this
Section 5.01, except as otherwise required by Section 704(c) of the Code and Regulations Section 1.704-1(b)(4). The General Partner shall have the authority to elect the method to be used by the Partnership for allocating items of
income, gain, and expense as required by Section 704(c) of the Code and such election shall be binding on all Partners. 

  

	5.02	Distribution of Cash. 

  

	 	(a)	 The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the
General Partner in its sole discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with their respective Percentage Interests on the Partnership Record
Date; provided, however, that if a new or existing Partner acquires an additional 

  
 13 

	 	
Partnership Interest in exchange for a Capital Contribution on any date other than a Partnership Record Date, the cash distribution attributable to such additional Partnership Interest relating
to the Partnership Record Date next following the issuance of such additional Partnership Interest shall be reduced in the proportion that the number of days that such additional Partnership Interest is held by such Partner bears to the number of
days between such Partnership Record Date and the immediately preceding Partnership Record Date. 

  

	 	(b)	Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate to cause
the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the
Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to the Partner or assignee (including by reason of Section 1446 of the Code), the amount withheld shall
be treated as a distribution of cash in the amount of such withholding to such Partner. 

  

	 	(c)	In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash dividend as the holder of
record of an INREIT Share for which all or part of such Partnership Unit has been or will be exchanged. 

  

	5.03	INREIT Distribution Requirements. The General Partner shall use its reasonable efforts to cause the Partnership to distribute amounts sufficient to enable INREIT
to pay shareholder dividends that will allow INREIT to: (i) meet its distribution for qualification as a REIT as set forth in Section 857(a)(1) of one Code and (ii) avoid any federal income or excise tax liability imposed by the Code.

  

	5.04	No Right to Distributions in Kind. No Partner shall be entitled to demand property other than cash in connection with any distributions by the Partnership.

  

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

 

	5.06	Distributions Upon Liquidation. 

  

	 	(a)	 Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner
loans, any remaining assets of the Partnership shall be distributed to all Partners with positive Capital Accounts in accordance with their respective positive Capital 

  
 14 

	 	
Account balances. For purposes of the preceding sentence, the Capital Account of each Partner shall be determined after all adjustments made in accordance with Sections 5.01 and 5.02 resulting
from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be
made to assure that adequate funds are available to pay any contingent debts or obligations. 

  

	 	(b)	If the General Partner has a negative balance in its Capital Account following a liquidation of the Partnership, as determined after taking into account all Capital
Account adjustments in accordance with Sections 5.01 and 5.02 resulting from Partnership operations and from all sales and dispositions of all or any part of the Partnership’s assets, the General Partner shall contribute to the Partnership an
amount of cash equal to the negative balance in its Capital Account and such cash shall be paid or distributed by the Partnership to creditors, if any, and then to the Limited Partners in accordance with Section 5.06(a). Such contribution by
the General Partner shall be made by the end of the Partnership’s taxable year in which liquidation occurs (or, if later, within 90 days after the date of the liquidation). 

 

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

 ARTICLE VI 
 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER

  

	6.01	Management of the Partnership. 

  

	 	(a)	Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of
the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement, the powers of the General Partner shall include,
without limitation, the authority to take the following actions on behalf of the Partnership: 

  

	 	(i)	to acquire, purchase, own, operate, lease and dispose of any real property and any other property or assets that the General Partner determines are necessary or
appropriate or in the best interests of the business of the Partnership; 

  

	 	(ii)	to construct buildings and make other improvements on the properties owned or leased by the Partnership; 

  
 15 

	 	(iii)	to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt obligations of the
Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership; 

 

	 	(iv)	to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or
change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

 

	 	(v)	to guarantee or become a comaker of indebtedness of INREIT or any Subsidiary thereof, refinance, increase the amount, modify or change the terms of, or extend the time
for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

 

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

  

	 	(vii)	to lease all or any portion of any of the Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and
whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine;

  

	 	(viii)	to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General
Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; provided, however, that the General Partner may not, without the consent of
all of the Partners, confess a judgment against the Partnership; 

  

	 	(ix)	to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s
assets or any other aspect of the Partnership business; 

  

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

  
 16 

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

 

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

 

	 	(xiii)	to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel,
accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefore such reasonable remuneration as the General Partner may
deem reasonable and proper; 

  

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

  

	 	(xv)	to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner;

  

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

 

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

 

	 	(xviii)	to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships that it deems
desirable (including, without limitation, the acquisition of interests in, and the contributions of property to INREIT, its Subsidiaries and any other Person in which it has an equity interest from time to time); 

 

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

  

	 	(xx)	to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner
deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all actions consistent with allowing INREIT at all times to qualify as an INREIT unless INREIT
voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 

  
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	 	(b)	Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner
shall not have any obligations hereunder except to the extent that partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its
capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

 

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

  

	6.03	Indemnification and Exculpation of Indemnitees. 

  

	 	(a)	The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including reasonable legal
fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set
forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the
proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; or (iii) in the case of any criminal
proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite
standard of conduct set forth in this Section 6.03(a). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption
that the Indemnitee acted in a manner contrary to that specified in this Section 6.03(a). Any Indemnification pursuant to this Section 6.03 shall be made only out of the assets of the Partnership. 

 

	 	(b)	The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of
the proceeding upon receipt by the Partnership of: (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this
Section 6.03 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met. 

  
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	 	(c)	The indemnification provided by this Section 6.03 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any
agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

 

	 	(d)	The Partnership may purchase and maintain insurance, on behalf of the Indemnities and such other Persons as the General Partner shall determine, against any liability
that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the
provisions of this Agreement. 

  

	 	(e)	For purposes of this Section 6.03, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the
performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit
plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.03; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably
believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership. 

 

	 	(f)	In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement.

  

	 	(g)	An Indemnitee shall not be denied Indemnification in whole or in part under this Section 6.03 because the Indemnitee had an interest in the transaction with
respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

  

	 	(h)	The provisions of this Section 6.03 are for the benefit of the Indemnities, their heirs, successors, assigns and administrators and shall not be deemed to create
any rights for the benefit of any other Persons. 

  

	6.04	Liability of the General Partner. 

  

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

  
 19 

	 	(b)	The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership and the Limited Partners collectively, that the General
Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of same, but not all, of the Limited Partners) in deciding
whether to cause the Partnership to take (or decline to take) any actions. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such
decisions, provided that the General Partner has acted in good faith. 

  

	 	(c)	Subject to its obligations and duties as General Partner set forth in Section 6.01 hereof, the General Partner may exercise any of the powers granted to it under
this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good
faith. 

  

	 	(d)	Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner
to refrain from acting on behalf of the Partnership, undertaken in good faith belief that such action or omission is necessary or advisable in order: (i) to protect the ability of INREIT to continue to qualify as a REIT or (ii) to prevent
INREIT from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 

 

	 	(e)	Any amendment, modification or repeal of this Section 6.04 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the
General Partner’s liability to the Partnership and the Limited Partners under this Section 6.04 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. 

  

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

  

	6.06	Outside Activities. Subject to Section 6.08 hereof, any agreements entered into by the General Partner or its Affiliates with the Partnership or a
Subsidiary, any officer, director, employee, agent, trustee, Affiliate or shareholder of the General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to
the Partnership, including business interests and 

  
 20 

	 	
activities substantially similar or identical to those of the Partnership. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership
relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and activities to the
Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

 

	6.07	Conflicts of Interest and Investment Restrictions. The Partnership shall not purchase any property, sell or lease any property, borrow or loan any money nor
invest in any joint ventures with any Trustee, Director, employee or any affiliate (including the Advisor) of INREIT, except in connection with a transaction approved by a majority of the Independent Trustees of INREIT who are not themselves in any
way involved in the transaction as being a fair, competitive and commercially reasonable transaction which is no less favorable to the Partnership than a similar transaction between unaffiliated parties under the same circumstances.

  

	6.08	General Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities pertaining to the
acquisition, development or ownership of office or industrial property or other property, shall be conducted through the Partnership or one or more Subsidiary Partnerships. 

 

	6.09	Title to Partner Participation. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by
the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the
Partnership, the General Partner, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the
General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall
use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is held. 

  

	6.10	Miscellaneous. In the event INREIT redeems any INREIT Shares, then as the General Partner, it shall cause the Partnership to purchase from the General Partner a
number of Partnership Units as determined based on the application of the Conversion Factor on the same terms that INREIT exchanged such INREIT shares. Moreover, if INREIT makes a cash tender offer or other offer to acquire INREIT Shares, then as
the General Partner, it shall cause the Partnership to make a corresponding offer to the General Partner and INREIT to acquire an equal number of Partnership Units held by the General Partner and INREIT. In the event any INREIT Shares are exchanged
by INREIT pursuant to such offer, the Partnership shall redeem an equivalent number of the General Partner’s and 

  
 21 

 INREIT Partnership Units for an equivalent purchase price based on the application of the
Conversion Factor. 
 ARTICLE VII 
 CHANGES IN GENERAL PARTNER 
  

	7.01	Transfer of the General Partner’s Partnership Interest. 

  

	 	(a)	The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in Section 7.01(c)
or in connection with a transaction described in Section 7.01(d). 

  

	 	(b)	The General Partner agrees that it will at all times own in the aggregate at least 10% of the Partnership. 

 

	 	(c)	Except as otherwise provided in Section 6.06(b) or Section 7.01(d) hereof, INREIT shall not engage in any merger, consolidation or other combination with or
into another Person or sale of all or substantially all of its assets, or any reclassification, or any recapitalization or change of outstanding INREIT Shares (a “Transaction”), unless: (i) the Transaction also includes a merger of
the Partnership or sale of substantially all of the assets of the Partnership as a result of which all Limited Partners will receive for each Partnership Unit an amount of cash, securities, or other property equal to the product of the Conversion
Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one INREIT Share in consideration of one INREIT Share, provided that if, in connection with the Transaction, a purchase, tender or exchange
offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding INREIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of
cash, securities, or other property which a Limited Partner would have received had it (A) exercised its Exchange Right and (B) sold, tendered or exchanged pursuant to the Offer the INREIT Shares received upon exercise of the Exchange
Right immediately prior to the expiration of the Offer; and (ii) no more than 75% of the equity securities of the acquiring Person in such Transaction is owned, after consummation of such Transaction, by INREIT, the General Partner, or Persons
who were Affiliates of the Company, the Partnership or the General Partner immediately prior to the date on which the Transaction is consummated. 

  

	 	(d)	 Notwithstanding Section 7.01(c), may merge with or into or consolidation with another entity if immediately after such merger or
consolidation: (i) substantially all of the assets of the successor or surviving entity (the “Survivor”), other than Partnership Units held by INREIT are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General
Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend 

  
 22 

	 	
this Agreement as set forth in this Section 7.01(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the INREIT Shares Amount and Conversion
Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount
of securities, cash and other property that was receivable upon such merger or consolidation by a holder of INREIT Shares or options, warrants or other rights relating thereto, and to which a holder of Partnership Units could have acquired had such
Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the
adjustments provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of INREIT Shares and make such amendments to Section 8.05 hereof so as to approximate the existing rights and
obligations set forth in Section 8.05 as closely as reasonably possible. The above provisions of this Section 7.01(d) shall similarly apply to successive mergers or consolidations permitted hereunder. 

 

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

  

	 	(a)	a majority of interest of the Limited Partners shall have consented in writing to the admission of the substitute or additional General Partner, which consent may be
withheld in the sole discretion of such Limited Partners; 

  

	 	(b)	the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by
executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General
Partner shall have been filed for recordation and all other actions required by Section 2.05 hereof in connection with such admission shall have been performed; 

 

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

 

	 	(d)	if requested by the Partnership, in its sole discretion, counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the
state or any other jurisdiction as may be necessary) that the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions taken in connection with the

  
 23 

 admission of such Person as a substitute or additional General Partner will cause: (i)
the Partnership to be classified other than as a partnership for federal income tax purposes, or (ii) the loss of any Limited Partner’s limited liability. 
  

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

 

	 	(a)	Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof or the death, withdrawal, removal or
dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to
be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to
Section 7.03(b) hereof. 

  

	 	(b)	Following the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.04(a) hereof or the death, withdrawal, removal or
dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to
be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners)), the Limited Partners, within 90 days after such occurrence, may elect to reconstitute the Partnership and continue
the business of the Partnership for the balance of the term specified in Section 2.04 hereof by selecting, subject to Section 7.02 hereof and any other provisions of this Agreement, a substitute General Partner by unanimous consent of the
Limited Partners. If the Limited Partners elect to reconstitute the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be
governed by this Agreement. 

  

	7.04	Removal of a General Partner. 

  

	 	(a)	Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically;
provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be a dissolution of the
General Partner if the business of such General Partner is continued by the remaining partner or partners. 

  

	 	(b)	 If a General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03 hereof, such
General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.03(b) hereof and
otherwise 

  
 24 

	 	
admitted to the Partnership in accordance with Section 7.02 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner
the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by
the General Partner and a majority in interest of the Limited Partners within 10 days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in
interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within 30 days of the General Partner’s
removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the
amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s General
Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in value.

  

	 	(c)	The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.04(b), shall be converted to that of a
special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to a portion of the income, expense, profit, gain or loss
allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have
been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.04(b). 

  

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

 ARTICLE VIII 

RIGHT AND OBLIGATIONS OF THE LIMITED PARTNERS 
  

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

 

	8.02	Power of Attorney. Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited
Partner and in 

  
 25 

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

  

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

  

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

  

	8.05	Exchange Right. 

  

	 	(a)	Subject to Sections 8.05(b), 8.05(c), 8.05(d), 8.05(e), after the date which is two years after the acquisition of such units, each Limited Partner, shall have the
right (the “Exchange Right”) to require the Partnership to redeem on a Specified Exchange Date all or a portion of the Partnership Units held by such Limited Partner at an exchange price equal to and in the form of the Cash Amount to be
paid by the Partnership. The Exchange Right shall be exercised pursuant to a Notice of Exchange delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Exchange Right (the “Exchanging
Partner”); provided, however, that the Partnership shall not be obligated to satisfy such Exchange Right if the General Partner elects to purchase the Partnership Units subject to the Notice of Exchange pursuant to Section 8.05(b); and
provided, further, that no Limited Partner may deliver more than two Notices of Exchange during each calendar year. A Limited Partner may not exercise the Exchange Right for less than 1,000 Partnership Units or, if such Limited Partner holds less
than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Exchanging Partner shall have no right, with respect to any Partnership Units so exchanged, to receive any distribution paid with respect to Partnership Units if
the record date for such distribution is on or after the Specified Exchange Date. 

  
 26 

	 	(b)	Notwithstanding the provisions of Section 8.05(a), a Limited Partner that exercises the Exchange Right shall be deemed to have offered to sell the Partnership
Units described in the Notice of Exchange to the General Partner and the General Partner may, in its sole and absolute discretion, elect to purchase directly and acquire such Partnership Units by paying to the Exchanging Partner the Cash Amount on
the Specified Exchange Date (or at the option of the General Partner, provided such conversion is legally available and permissible under this Article VIII, in the form of INREIT Shares based on the Conversion Factor), whereupon the General Partner
shall acquire the Partnership Units offered for exchange by the Exchanging Partner and shall be treated for all purposes of this Agreement as the owner of such Partnership Units. Unless the General Partner (in its sole and absolute discretion) shall
exercise its right to purchase Partnership Units from the Exchanging Partner pursuant to this Section 8.05(b), the General Partner shall not have any obligation to the Exchanging Partner or the Partnership with respect to the Exchanging
Partner’s exercise of the Exchange Right. In the event the General Partner shall exercise its right to purchase Partnership Units with respect to the exercise of an Exchange Right in the manner described in the first sentence of this
Section 8.05(b), the Partnership shall have no obligation to pay any amount to the Exchanging Partner with respect to such Exchanging Partner’s exercise of such Exchange Right, and each of the Exchanging Partner, the Partnership, and the
General Partner, as the case may be, shall treat the transaction between the General Partner and the Exchanging Partner for federal income tax purposes as a sale of the Exchanging Partner’s Partnership Units to the General Partner. Each
Exchanging Partner agrees to execute such documents as the General Partner may reasonably require in connection with the issuance of INREIT Shares upon exercise of the Exchange Right. 

 

	 	(c)	Notwithstanding the provisions of Section 8.05(a) and 8.05(b), a Limited Partner shall not be entitled to exercise the Exchange Right if the delivery of INREIT
Shares to such Partner on the Specified Exchange Date by the General Partner pursuant to Section 8.05(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.05(b) would: (i) result in
such Partner or any other person owning, directly or indirectly, INREIT Shares in excess of the ownership Limitation (as defined in INREIT’s Declaration of Trust) and calculated in accordance therewith, except as provided in INREIT’s
Declaration of Trust, (ii) result in INREIT Shares being owned by fewer than 100 persons (determined without reference to any rules of attribution), except as provided in INREIT’s Declaration of Trust, (iii) result in INREIT being
“closely held” within the meaning of Section 856(h) of the Code, (iv) cause INREIT to own, directly or constructively, 10% or more of the ownership interests in a tenant of the General Partner’s, the Partnership’s, or a
Subsidiary Partnership’s, real property, within the meaning of Section 856(d)(2)(D) of the Code, or (v) cause the acquisition of INREIT Shares by such Partner to be “integrated” with any other distributions of INREIT Shares
for purposes of complying with the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”). The General Partner, in its sole discretion, may waive the restriction on 

  
 27 

 exchange set forth in this Section 8.05(c); provided, however, that in the event such
restriction is waived, the Exchanging Partner shall be paid the Cash Amount. 
  

	 	(d)	Any Cash Amount to be paid to an Exchanging Partner pursuant to this Section 8.05 shall be paid on the Specified Exchange Date; provided, however, that the General
Partner may elect to cause the Specified Exchange Date to be delayed for up to an additional 180 days to the extent required for INREIT to cause additional INREIT Shares to be issued to provide financing to be used to make such payment of the Cash
Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of exchanged Partnership Units hereunder to occur as quickly as reasonably possible. 

 

	 	(e)	Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their
Exchange Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly traded partnership” under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is
necessary, the General Partner shall give prompt written notice thereof (a “Restriction Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in
the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being treated as a “publicly traded partnership” under section 7704 of the Code. 

 

	8.06	Registration. 

  

	 	(a)	Shelf Registration of the INREIT Shares. Prior to or on the first date upon which the Partnership Units owned by any Limited Partner may be exchanged (or such
other date as may be required under applicable provisions of the Securities Act), if necessary, the Company agrees to file with the Securities and Exchange Commission (the “Commission”) a shelf registration statement on Form S-3 under Rule
415 of the Securities Act (a “Registration Statement”), or any similar rule that may be adopted by the Commission, with respect to all of the INREIT Shares that may be issued upon exchange of such Partnership Units pursuant to
Section 8.05 hereof (“Exchange Shares”). INREIT will use its best efforts to have the Registration Statement declared effective under the Securities Act. INREIT need not file a separate Registration Statement, but may file one
Registration Statement covering Exchange Shares issuable to more than one Limited Partner. INREIT further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the
registration form utilized by INREIT or by the Securities Act or rules and regulations thereunder for such Registration Statement. 

  

	 	(b)	 If a Registration Statement under subsection (a) above is not available under the securities laws or the rules of the Commission, or if required
to permit the resale of Exchange Shares by “Affiliates” (as defined in the Securities Act), INREIT 

  
 28 

	 	
agrees to file with the Commission a Registration Statement covering the resale of Exchange Shares by Affiliates or others whose Exchange Shares are not covered by a Registration Statement filed
pursuant to subsection (a) above. INREIT will use its best efforts to have the Registration Statement declared effective under the Securities Act. INREIT need not file a separate Registration Statement, but may file one Registration Statement
covering Exchange Shares issuable to more than one Limited Partner. INREIT further agrees to supplement or make amendments to each Registration Statement, if required by the rules, regulations or instructions applicable to the registration form
utilized by INREIT or by the Securities Act or rules and regulations thereunder for such Registration Statement. 

  

	 	(c)	Listing on Securities Exchange. If INREIT shall list or maintain the listing of any of its shares of Beneficial Interest on any securities exchange or national
market system, it will, as necessary to permit the registration and sale of the Exchange Shares hereunder, list thereon, maintain and, when necessary, increase such listing to include such Exchange Shares. 

ARTICLE IX 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 
  

	9.01	Purchase for Investment. 

  

	 	(a)	Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interests is made as a
principal for its account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest. 

  

	 	(b)	Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of
law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.01(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or
fraction thereof to any Person who does not similarly represent, warrant and agree. 

  

	9.02	Restrictions on Transfer of Limited Partnership Interests. 

  

	 	(a)	Subject to the provisions of 9.02(b), (c) and (d), a Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his
Limited Partnership Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) with or without the consent
of the General Partner. The General Partner may require, as a condition of any Transfer, that the transferor assume all costs incurred by the Partnership in connection therewith. 

 

	 	(b)	 No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, if, in the opinion of legal counsel for the
Partnership (requested in its sole discretion), such proposed Transfer would require the registration of the 

  
 29 

	 	
Limited Partnership Interest under the Securities Act of 1933, as amended, or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability
standards). 

  

	 	(c)	No transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if: (i) in the opinion of legal counsel for the
Partnership (requested in its sole discretion), the transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified INREIT subsidiary within the meaning of Section 856(i) of the
Code), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of INREIT to continue to qualify as a REIT or subject INREIT to any additional taxes under Section 857 or section 4981 of the Code, or
(iii) such transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code. 

 

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

 

	 	(e)	Any Transfer in contravention of any of the provisions of this Article IX shall be void and ineffectual and shall not be binding upon or recognized by the Partnership.

  

	9.03	Admission of Substitute Limited Partner. 

  

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

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

  
 30 

	 	(i)	To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in
accordance with the Act. 

  

	 	(ii)	The assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement set forth in Section 9.01(b)
hereof. 

  

	 	(iii)	If the assignee is a corporation, partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel or the Partnership of
the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement. 

  

	 	(iv)	The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.02 hereof. 

 

	 	(v)	The assignee shall have paid all reasonable legal fees of the Partnership and the General Partner and filing and publication costs in connection with its substitution
as a Limited Partner. 

  

	 	(vi)	The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the
exercise of the General Partner’s sole and absolute discretion. 

  

	 	(b)	For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and
appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.03(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on
which the General Partner has received all necessary instruments of transfer and substitution. 

  

	 	(c)	The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making
all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article IX to the admission of such Person as a Limited Partner of the Partnership.

  

	9.04	Rights of Assignees of Partnership Interests. 

  

	 	(a)	Subject to the provisions of Sections 9.01 and 9.02 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever
to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof. 

  
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	 	(b)	Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not become a Substitute Limited Partner and
desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article IX to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited
Partnership Interest. 

  

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

 

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

 ARTICLE X 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 
  

	10.01	Books and Records. At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office
true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited
Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal, state and local income tax 

  
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returns and reports, (d) copies of the Agreement and financial statements of the Partnership for the three most recent years and all documents and information required under the Act. Any
Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours. 

 

	10.02	Custody of Partnership Funds; Bank Accounts. 

  

	 	(a)	All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General
Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

  

	 	(b)	All deposits and other funds not needed in the operation of the business of the Partnership may be invested by the General Partner in investment grade instruments (or
investment companies whose portfolio consists primarily thereof), government obligations, certificates of deposit, bankers’ acceptances and municipal notes and bonds. The funds of the Partnership shall not be commingled with the funds of any
other Person except for such commingling as may necessarily result from an investment in those investment companies permitted by this Section 10.02(b). 

 

	10.03	Fiscal and Taxable Year. The fiscal and taxable year of the Partnership shall be established by the General Partner. 

 

	10.04	Annual Tax Information and Report. Within 75 days after the end of each fiscal year of the Partnership, the General Partner shall furnish to each person who was
a Limited Partner at any time during such year the tax information necessary to file such Limited Partner’s individual tax returns as shall be reasonably required by law. 

 

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

  

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

  
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	 	(b)	All elections required or permitted to be made by the Partnership under the Code or any applicable state or local tax law shall be made by the General Partner in its
sole discretion. 

  

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

  

	10.06	Reports to Limited Partners. 

  

	 	(a)	As soon as practicable after the close of each fiscal quarter (other than the last quarter of the fiscal year), the General Partner shall cause to be mailed to each
Limited Partner a quarterly report containing financial statements of the Partnership for such fiscal quarter, presented in accordance with generally accepted accounting principles. As soon as practicable after the close of each fiscal year, the
General Partner shall cause to be mailed to each Limited Partner an annual report containing financial statements of the Partnership for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial
statements shall be audited by accountants selected by the General Partner. 

  

	 	(b)	Any Partner shall further have the right to a private audit of the books and records of the Partnership, provided such audit is made for Partnership purposes, at the
expense of the Partner desiring it and is made during normal business hours. 

 ARTICLE XI 

AMENDMENT OF AGREEMENT 

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

 

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

  

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

  
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	 	(c)	Any amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional
Partnership Units pursuant to Section 4.02 hereof; or 

  

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

ARTICLE XII 

GENERAL PROVISIONS 
  

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

  

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

  

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

  

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

 

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

  

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

  

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

  

	12.08	Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall
constitute one and 

  
 35 

 the same instrument binding on all parties hereto, notwithstanding that all parties shall
not have signed the same counterpart. 
  

	12.09	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Dakota without giving regard to the choice of
law rules. 

  
 36

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