Document:

EX-4.22

 Exhibit 4.22 

The issue of this Bond has been given Registration No. 04-2015-E by the Ministry of Finance and Public Credit of Mexico on
January 22, 2015. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CEDE & CO.), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS BOND IS A U.S. GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. THIS BOND MAY NOT BE EXCHANGED, IN WHOLE OR
IN PART, FOR A BOND REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF EXCEPT IN THE LIMITED CIRCUMSTANCES SET FORTH IN SECTION 3.05(a) OF THE INDENTURE. 

 PETRÓLEOS MEXICANOS 

(A Productive State-Owned Company of the Federal Government of the United Mexican States) 

5.625% Bonds due 2046 

Jointly and Severally Guaranteed by 

PEMEX EXPLORACIÓN Y PRODUCCIÓN, PEMEX TRANSFORMACIÓN INDUSTRIAL, 

PEMEX PERFORACIÓN Y SERVICIOS, PEMEX LOGÍSTICA AND 

PEMEX COGENERACIÓN Y SERVICIOS 

REGISTERED 
 NO. R-1 

The following summary of terms is subject to the information set forth on the reverse hereof. 

 

			
		
	PRINCIPAL AMOUNT:	  	U.S. $●
		
	SPECIFIED CURRENCY:	  	U.S. dollars (“U.S. $” or “$”)
		
	STATED MATURITY:	  	January 23, 2046
		
	ISSUE DATE:	  	●, 2016
		
	CUSIP NO.:	  	71654QBX9
		
	INTEREST PAYMENT DATES:	  	January 23 and July 23 of each year, commencing on July 23, 2016
		
	PRINCIPAL PAYING AGENT AND TRANSFER AGENT:	  	Deutsche Bank Trust Company Americas
		
	PAYING AGENTS AND TRANSFER AGENTS:	  	Deutsche Bank Luxembourg S.A.

 Petróleos Mexicanos (herein called “Petróleos Mexicanos” or the “Issuer,”
which terms include any successor entity under the Indenture hereinafter referred to), a productive state-owned company of the Federal Government (the “Mexican Government”) of the United Mexican States (“Mexico”), for value
received, hereby promises, in accordance with and subject to the provisions set forth on the face and reverse hereof, to pay to Cede & Co., or registered assigns, at the Stated Maturity specified above or on such earlier date as the same
may become payable in accordance with the terms hereof, the principal amount specified above in U.S. dollars or such other redemption amount as may be specified herein, and to pay in arrears on the dates specified herein interest on such
principal amount at the rate or rates specified herein, until the principal amount hereof is paid or made available for payment. 

  
 F-2 

 Unless defined herein, capitalized terms used herein shall have the meanings assigned to them on
the reverse hereof and in the indenture dated as of January 27, 2009, between Petróleos Mexicanos, as the Issuer, and Deutsche Bank Trust Company Americas, as trustee (the “Trustee,” which expression shall include any successor
to Deutsche Bank Trust Company Americas, in its capacity as such), as supplemented by (i) the First Supplemental Indenture, dated as of June 2, 2009, among the Issuer, the Trustee and Deutsche Bank AG, London Branch as International Paying
Agent, (ii) the Second Supplemental Indenture, dated as of October 13, 2009, among the Issuer, the Trustee, Credit Suisse, as Principal Swiss Paying Agent and Authenticating Agent, and BNP Paribas (Suisse) S.A., as Swiss Paying Agent,
(iii) the Third Supplemental Indenture, dated as of April 10, 2012, among the Issuer, the Trustee and Credit Suisse AG, as Swiss Paying Agent and Authenticating Agent, (iv) the Fourth Supplemental Indenture, dated as of June 24,
2014, between the Issuer and the Trustee, (v) the Fifth Supplemental Indenture, dated as of October 15, 2014, between the Issuer and the Trustee and (vi) the Sixth supplemental indenture dated as of December 8, 2015, between the Issuer and
the Trustee (as supplemented, the “Indenture”). 
 Reference is hereby made to the further provisions of this Bond set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee by manual signature, this Bond shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 F-3 

 IN WITNESS WHEREOF, the Issuer has caused this Bond to be duly executed. 

Dated: ●, 2016 
  

					
		 	PETRÓLEOS MEXICANOS
		
	By:	 	  

		 	Name:	 	Carlos Caraveo Sánchez
		 	Title:	 	Associate Managing Director of Finance of Petróleos Mexicanos

 CERTIFICATE OF AUTHENTICATION 

This is one of the series of Securities designated herein issued under the within-mentioned Indenture. 

Dated: ●, 2016 
  

			
		 	DEUTSCHE BANK TRUST COMPANY AMERICAS
		 	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 F-4 

 REVERSE OF BOND 

1. This Bond is one of a duly authorized series of Securities of Petróleos Mexicanos (the “Issuer”) designated as its
U.S. $3,000,000,000 5.625% Bonds due 2046 (the “Bonds”), issued and to be issued in accordance with an indenture dated as of January 27, 2009, between the Issuer and Deutsche Bank Trust Company Americas, as trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by (i) the First Supplemental Indenture, dated as of June 2, 2009, among the Issuer, the Trustee and Deutsche Bank AG, London Branch
as International Paying Agent, (ii) the Second Supplemental Indenture, dated as of October 13, 2009, among the Issuer, the Trustee, Credit Suisse, as Principal Swiss Paying Agent and Authenticating Agent, and BNP Paribas (Suisse) S.A., as
Swiss Paying Agent, (iii) the Third Supplemental Indenture, dated as of April 10, 2012, among the Issuer, the Trustee and Credit Suisse AG, as Swiss Paying Agent and Authenticating Agent, (iv) the Fourth Supplemental Indenture, dated
as of June 24, 2014, between the Issuer and the Trustee, and (v) the Fifth Supplemental Indenture, dated as of October 15, 2014, between the Issuer and the Trustee (as supplemented, the “Indenture”), copies of which
Indenture are on file and available for inspection at the Corporate Trust Office of the Trustee in the Borough of Manhattan, The City of New York and, so long as the Bonds are listed on the Luxembourg Stock Exchange and such Exchange shall so
require, at the office of the Paying Agent in Luxembourg. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer and the Holders of the Bonds and of
the terms upon which the Bonds are, and are to be, authenticated and delivered. The Bonds are limited to an aggregate initial principal amount of U.S. $3,000,000,000, subject to increase as provided in Paragraph 10 below. Capitalized terms not
otherwise defined herein or on the face of this Bond shall have the meanings assigned to them in the Indenture. 
 The Bonds are direct,
unsecured and unsubordinated Public External Indebtedness (as defined in Paragraph 8 below) of the Issuer for money borrowed and will at all times rank pari passu with each other. The payment obligations of the Issuer under the Bonds
will, except as may be provided by applicable law and subject to Section 10.06 of the Indenture, at all times rank pari passu with all other present and future unsecured and unsubordinated Public External Indebtedness for money borrowed
of the Issuer. The Bonds are not obligations of, or guaranteed by, the United Mexican States (“Mexico”). 
 The
Issuer’s payment obligations under the Bonds and the Indenture will have the benefit of unconditional, joint and several guaranties (the “Guaranties”) as to payment of principal, interest and any other amounts payable by the Issuer
under the Bonds from each of Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios, Pemex Logística and Pemex Cogeneración y Servicios (each, a “Guarantor”
and, together, the “Guarantors”), pursuant to a guaranty agreement, dated July 29, 1996, among the Issuer and the Guarantors (the “Guaranty Agreement”). The Issuer has designated each of the Indenture and the Bonds as
obligations of the Issuer entitled to the benefits of the Guaranty Agreement, pursuant to certificates of designation, each dated January 27, 2009, January 14, 2010, December 22, 2010, January 22,
2013, January 31, 2014 and January 23, 2015, respectively (the “Certificates of Designation”). 
 The Bonds are
denominated in U.S. dollars. Payments on the Bonds will be made in U.S. dollars. The Bonds are issuable only in fully registered form, without interest coupons. The Bonds are issuable in authorized denominations of U.S. $10,000 and integral
multiples of U.S. $1,000 in excess thereof. 

  
 R-2 

 2. (a) The Bonds will bear interest from January 23, 2016 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, at the rate of 5.625% per annum, until the principal hereof has been paid or duly made available for payment. The interest on this Bond shall be payable in arrears on each
Interest Payment Date specified on the face hereof, and shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Any payment on this Bond due on any day which is not a Business Day in The City of New York or the place of
payment need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the due date, and no interest shall accrue for the period from and after such due date. “Business Day,”
as used herein with respect to any particular location, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in such location are authorized or obligated by law to close in such location. 

(b) The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name
this Bond (or one or more predecessor Bonds) is registered at the close of business on the 15th day (whether or not a Business Day) (the “Regular Record Date”) next preceding such Interest Payment Date; provided that interest
payable at Stated Maturity will be payable to the person to whom principal shall be payable; and provided, further, that if this Bond is a Global Security, any payment of interest on this Bond shall be made to the applicable Depositary
or its nominee, as the registered owner hereof. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the person in whose name this Bond
(or one or more predecessor Bonds) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Bonds not less than 10 days
prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Bonds may be listed, and upon such notice as may be required by such exchange. 

(c) Payment of principal (and premium, if any) and any interest due with respect to the Bonds at Stated Maturity will be made in immediately
available funds upon surrender of such Bonds at the corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, or at the specified office of any other Paying Agent, provided that the Bond is presented to the
Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of principal (and premium, if any) and any interest in respect of this Bond to be made other than at Stated Maturity or
upon redemption will be made by check mailed on or before the due date for such payments to the address of the persons entitled thereto as they appear in the Security Register; provided that (i) the applicable Depositary, as Holder of
the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds and (ii) a Holder of U.S. $10,000,000 in aggregate principal or face amount of Bonds having the same Interest Payment
Date shall be entitled to receive payments of interest by wire transfer to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such person to the Paying Agent in writing no later
than the relevant Regular Record Date. Unless such designation is revoked, any such designation made by such Holder with respect to such Bond shall remain in effect with respect to any further payments with respect to such Bond payable to such
Holder. 

  
 R-3 

 3. (a) The Issuer shall maintain in the Borough of Manhattan, The City of New York, an
office or agency where Bonds may be surrendered for registration of transfer or exchange. The Issuer has initially appointed the Corporate Trust Office of the Trustee as its agent in the Borough of Manhattan, The City of New York, for such purpose
and has agreed to cause to be kept at such office a register in which, subject to such reasonable regulations as it may prescribe, the Issuer will provide for the registration of Bonds and registration of transfers of Bonds. The Issuer reserves the
right to vary or terminate the appointment of the Trustee as security registrar or of any Transfer Agent or to appoint additional or other registrars or Transfer Agents or to approve any change in the office through which any security registrar or
any Transfer Agent acts, provided that there will at all times be a security registrar in the Borough of Manhattan, The City of New York and, so long as the Bonds are listed on the Luxembourg Stock Exchange and such Exchange shall so require,
a Transfer Agent in Luxembourg. 
 (b) The transfer or exchange of a Bond is registrable on the aforementioned register upon surrender of
such Bond at the Corporate Trust Office of the Trustee or any Transfer Agent duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by the Holder thereof or his attorney
duly authorized in writing. Upon such surrender of a Bond for registration of transfer, the Issuer shall execute one or more new Bonds of any authorized denominations and of a like form, tenor and terms and a like aggregate principal amount, and the
Trustee shall authenticate and deliver in the name of the designated transferee or transferees, such new Bonds, dated the date of authentication thereof. At the option of the Holder upon request confirmed in writing, Bonds may be exchanged for Bonds
of any authorized denominations and of a like form, tenor and terms and a like aggregate principal amount upon surrender of the Bonds to be exchanged at the office of any Transfer Agent or at the corporate trust office of the Trustee. Whenever any
Bonds are so surrendered for exchange, the Issuer shall execute the Bonds which the Holder making the exchange is entitled to receive, and the Trustee shall authenticate and deliver such Bonds. 

(c) Any registration of transfer or exchange will be effected upon the Transfer Agent or the Trustee, as the case may be, being satisfied with
the documents of title and identity of the person making the request and subject to such reasonable regulations as the Issuer may from time to time agree with any Transfer Agents and the Trustee. 

(d) In the event of a redemption of Bonds in part (if permitted by the provisions hereof), the Issuer shall not be required (i) to
register the transfer of or exchange any Bond during a period beginning at the opening of business 15 days before, and continuing until, the date on which notice is given identifying the Bonds to be redeemed, or (ii) to register the transfer of
or exchange any Bond, or portion thereof, called for redemption. 
 (e) All Bonds issued upon any registration of transfer or exchange of
Bonds shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits, as the Bonds surrendered upon such registration of transfer or exchange. No service charge shall be made for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp tax or other governmental charge payable in connection therewith, other than an exchange in connection with a partial redemption of a Bond not involving
any registration of a transfer. 

  
 R-4 

 Prior to due presentment of this Bond for registration of transfer, the Issuer, each Guarantor,
the Trustee and any agent of the Issuer, any Guarantor or the Trustee may treat the person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond be overdue, and neither the Issuer, any Guarantor, the
Trustee nor any such agent shall be affected by any notice to the contrary. 
 4. The Issuer shall pay to the Trustee at its principal
office in the Borough of Manhattan, The City of New York, on or prior to 11:00 a.m., New York City time, on each Interest Payment Date, any Redemption Date and at the Stated Maturity of the Bonds, in such amounts sufficient (with any amounts then
held by the Trustee and available for the purpose) to pay the interest on, the Redemption Price of and accrued interest (if the Redemption Date is not an Interest Payment Date) on, and the principal of, the Bonds due and payable on such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be. The Trustee shall apply the amounts so paid to it to the payment of such interest, Redemption Price and principal in accordance with the terms of the Bonds. Any monies paid by the
Issuer to the Trustee for the payment of the principal, premium (if any) or interest on any Bonds and remaining unclaimed at the end of two years after such principal (or premium, if any) or interest shall have become due and payable (whether at the
Stated Maturity, upon call for redemption or otherwise) shall then be repaid to the Issuer upon its written request, and upon such repayment all liability of the Trustee with respect thereto shall cease, without, however, limiting in any way any
obligation the Issuer may have to pay the principal of (and premium, if any) and interest on each Bond as the same shall become due. Notwithstanding the foregoing, the right of the Holders to receive any payment of principal of (whether on the
Stated Maturity, upon call for redemption or otherwise) or interest on the Bonds will become void at the end of five years after the due date for such payment. 

5. (a) The Issuer will pay all stamp and other duties, if any, which may be imposed by the United States or any political subdivision
thereof or taxing authority of or in the foregoing with respect to the Indenture or the issuance of this Bond. Except as otherwise provided herein, the Issuer shall not be required to make any payment with respect to any tax, assessment or other
governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

  
 R-5 

 (b) The Issuer, or, in the case of a payment by a Guarantor, such Guarantor, will pay to the
Holder of this Bond such additional amounts (“Additional Amounts”) as may be necessary in order that every net payment made by the Issuer or a Guarantor on this Bond after deduction or withholding for or on account of any present or future
tax, assessment or other governmental charge imposed upon or as a result of such payment by Mexico or any political subdivision or taxing authority thereof or therein (“Mexican Withholding Taxes”), will not be less than the amount provided
for in this Bond and in the Indenture to be then due and payable on this Bond. The foregoing obligation to pay Additional Amounts, however, will not apply to (i) any Mexican Withholding Taxes that would not have been imposed or levied on the
Holder of this Bond but for the existence of any present or former connection between such Holder and Mexico or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such
Holder (A) being or having been a citizen or resident thereof, (B) maintaining or having maintained an office, permanent establishment or branch therein, or (C) being or having been present or engaged in trade or business therein,
except for a connection solely arising from the mere ownership of, or receipt of payment under, this Bond; (ii) except as otherwise provided, any estate, inheritance, gift, sales, transfer or personal property or similar tax, assessment or
other governmental charge; (iii) any Mexican Withholding Taxes that are imposed or levied by reason of the failure by such Holder to comply with any certification, identification, information, documentation, declaration or other reporting
requirement that is required or imposed by a statute, treaty, regulation, general rule or administrative practice as a precondition to exemption from, or reduction in the rate of, the imposition, withholding or deduction of any Mexican Withholding
Taxes; provided that at least 60 days prior to (A) the first payment date with respect to which the Issuer or a Guarantor shall apply this clause (iii) and, (B) in the event of a change in such certification,
identification, information, documentation, declaration or other reporting requirement, the first payment date subsequent to such change, the Issuer or a Guarantor, as the case may be, shall have notified the Trustee in writing that the Holders of
Bonds will be required to provide such certification, identification, information or documentation, declaration or other reporting; (iv) any Mexican Withholding Taxes imposed at a rate in excess of 4.9% in the event that such Holder has failed
to provide on a timely basis, at the reasonable request of the Issuer, information or documentation (not described in clause (iii) above) concerning such Holder’s eligibility, if any, for benefits under an income tax treaty that is in
effect to which Mexico is a party that is necessary to determine the appropriate rate of deduction or withholding of Mexican Withholding Taxes under any such treaty; (v) any Mexican Withholding Taxes that would not have been so imposed but for
the presentation by such Holder of this Bond for payment on a date more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; (vi) any payment
on this Bond to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial
owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of this Bond, (vii) any withholding tax or deduction imposed on a payment to an individual
and required to be made pursuant to European Council Directive 2003/48/EC or any other European Union directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law
implementing or complying with, or introduced in order to conform to, such a directive, or (viii) a Bond presented for payment by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the
relevant Bond to another Paying Agent in a member state of the European Union. All references in this Bond or in the Indenture to principal, premium, if any, interest and Redemption Price or any other amount payable under or with respect to the
Bonds shall, unless the context otherwise requires, be deemed to mean and include all Additional Amounts, if any, payable in respect thereof as set forth in this paragraph (b). 

  
 R-6 

 (c) Notwithstanding the foregoing, the limitations on the Issuer’s and the Guarantors’
obligation to pay Additional Amounts set forth in clauses (iii) and (iv) of paragraph (b) above shall not apply if the provision of the certification, identification, information, documentation, declaration or other evidence described
in such clauses (iii) and (iv) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of this Bond (taking into account any relevant differences between United
States and Mexican law, regulation or administrative practice) than comparable information or other applicable reporting requirements imposed or provided for under United States federal income tax law (including the United States-Mexico Income Tax
Treaty), regulation (including proposed regulations) and administrative practice. In addition, the limitations on the Issuer’s and the Guarantors’ obligation to pay Additional Amounts set forth in clauses (iii) and (iv) of
paragraph (b) above shall not apply if Article 195, Section II, paragraph a) of the Mexican Income Tax Law (or a substantially similar successor of such provision) is in effect, unless (A) the provision of the certification,
identification, information, documentation, declaration or other evidence described in clauses (iii) and (iv) is expressly required by statute, regulation, general rules or administrative practice in order to apply Article 195,
Section II, paragraph a) of the Mexican Income Tax Law (or a substantially similar successor of such provision), the Issuer or the applicable Guarantor cannot obtain such certification, identification, information, documentation, declaration or
evidence, or satisfy any other reporting requirements, on its own through reasonable diligence and the Issuer or the applicable Guarantor otherwise would meet the requirements for application of Article 195, Section II, paragraph a) of the Mexican
Income Tax Law (or such successor provision) or (B) in the case of a Holder or beneficial owner of a Bond that is a pension fund or other tax-exempt organization, such Holder or beneficial owner would be subject to Mexican Withholding Taxes at
a rate less than that provided by Article 195, Section II, paragraph a) of the Mexican Income Tax Law (or such successor provision) if the information, documentation or other evidence required under clause (iv) of paragraph (b) above
were provided. In addition, clauses (iii) and (iv) of paragraph (b) above shall not be construed to require that a non-Mexican pension or retirement fund, a non-Mexican tax-exempt organization or a non-Mexican financial institution or
any other Holder or beneficial owner of this Bond register with the Ministry of Finance and Public Credit of Mexico for the purpose of establishing eligibility for an exemption from or reduction of Mexican Withholding Taxes. 

(d) The Issuer or a Guarantor, as the case may be, will, upon written request, provide the Trustee, the Holders and the Paying Agents with a
duly certified or authenticated copy of an original receipt of the payment of Mexican Withholding Taxes which such Issuer or Guarantor has withheld or deducted in respect of any payments made under or with respect to the Bonds or the Guaranties, as
the case may be. 
 (e) Any reference herein or in the Indenture to principal, interest, Redemption Price or any other amount payable under
or with respect to the Bonds will be deemed also to refer to any Additional Amounts which may be payable under the undertakings referred to herein. 

(f) In the event that Additional Amounts actually paid with respect to this Bond are based on rates of deduction or withholding of Mexican
Withholding Taxes in excess of the appropriate rate applicable to the Holder or beneficial owner of this Bond, and, as a result thereof, such Holder or beneficial owner is entitled to make a claim for a refund or credit of such excess, then such
Holder or beneficial holder shall, by accepting this Bond, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or credit of such excess to the Issuer or the applicable Guarantor, as the case may
be. However, by making such assignment, the Holder or beneficial owner makes no representation or warranty that the Issuer or the applicable Guarantor, as the case may be, will be entitled to receive such claim for a refund or credit and such Holder
or beneficial owner incurs no other obligation with respect thereto. 

  
 R-7 

 6. (a) This Bond may not be redeemed prior to the Stated Maturity, except as specified in
paragraphs (b) and (c) below. 
 (b) The Bonds may be redeemed at the option of the Issuer in whole, but not in part, at any time,
together, if applicable, with interest accrued to but excluding the date fixed for redemption, at par, on giving not less than 30 nor more than 60 days’ notice to the Holders of the Bonds (which notice shall be irrevocable), if
(i) the Issuer or any Guarantor certifies to the Trustee immediately prior to the giving of such notice that it has or will become obligated to pay Additional Amounts in excess of the Additional Amounts that it would be obligated to pay if
payments (including payments of interest) on the Bonds (or payments under the Guaranties with respect to interest on the Bonds) were subject to Mexican Withholding Tax at a rate of 10%, as a result of any change in, amendment to, or lapse of, the
laws, rules or regulations of Mexico or any political subdivision or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, an official interpretation or application of such laws, rules or regulations, which
change or amendment becomes effective on or after the date of issuance of the Bonds and (ii) prior to the publication of any notice of redemption, the Issuer or any Guarantor shall deliver to the Trustee an Officer’s Certificate stating
that the obligation referred to in (i) above cannot be avoided by the Issuer or such Guarantor, as the case may be, taking reasonable measures available to it, and the Trustee shall be entitled to accept such certificate as sufficient evidence
of the satisfaction of the condition precedent set out in (i) above in which event it shall be conclusive and binding on the Holders of the Bonds; provided that no such notice of redemption shall be given earlier than 90 days prior to
the earliest date on which the Issuer or such Guarantor, as the case may be, would be obligated but for such redemption to pay such Additional Amounts were a payment in respect of the Bonds then due and, at the time such notice is given, such
obligation to pay such Additional Amounts remains in effect. 
 (c) The Bonds are subject to redemption upon not less than 30 nor more than
60 days’ notice by mail, in whole or in part, at any time or from time to time prior to Stated Maturity, at a Redemption Price equal to the sum of (A) 100% of the principal amount of such Bonds and (B) the Make-Whole Amount (as
defined below), plus accrued interest on the principal amount of the Bonds to the date of redemption. “Make-Whole Amount” means the excess of (i) the sum of the present values of each remaining scheduled payment of principal and
interest on the applicable Bonds (exclusive of interest accrued to the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below)
plus 50 basis points over (ii) the principal amount of such Bonds. “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity of the
Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such Redemption Date. “Comparable
Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Bonds to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Bonds. “Independent Investment
Banker” means one of the Reference Treasury Dealers (as defined below) appointed by the Issuer. “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations (as
defined below) for such Redemption Date. “Reference Treasury Dealer” means any of Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC or their Affiliates which are primary United States
government securities dealers, and their respective successors; provided that if any of the foregoing shall cease to be a primary United States government securities dealer in the City of New York (a “Primary Treasury Dealer”), the
Issuer will substitute therefor another Primary Treasury Dealer. “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York City time on the third business day preceding
such Redemption Date. 

  
 R-8 

 (d) The Issuer or any Guarantor may at any time purchase the Bonds at any price in the open
market or otherwise. Bonds so purchased by the Issuer or any Guarantor may be held, resold (subject to compliance with applicable securities and tax laws) or surrendered to the Trustee for cancellation. 

7. This Bond is not repayable prior to the Stated Maturity at the option of the Holder. 

8. If any of the following events (each, an “Event of Default”) occurs and is continuing, the Trustee, if so requested in writing by
Holders of at least 20% in principal amount of the Bonds then outstanding, shall give notice to the Issuer that the Bonds are, and they shall immediately become, due and payable at their principal amount together with accrued interest: 

(a) Non-Payment: default is made in payment of principal (or any part thereof) of or any interest on any of the Bonds
when due and such failure continues, in the case of non-payment of principal for seven days, or, in the case of non-payment of interest, for fourteen days after the due date; or 

(b) Breach of Other Obligations: the Issuer defaults in performance or observance of or compliance with any of its other
obligations set out in the Bonds or the Guaranties or (insofar as it concerns the Bonds or the Guaranties) the Indenture which default is incapable of remedy or, if capable of remedy, is not remedied within 30 days after written notice of such
default shall have been given to the Issuer and the Guarantors by the Trustee; or 

  
 R-9 

 (c) Cross-Default: default by the Issuer or any of the Issuer’s
Material Subsidiaries (as defined below) or the Guarantors or any of them or any of their respective Material Subsidiaries in the payment of the principal of, or interest on, any Public External Indebtedness (as defined below) of, or guaranteed by,
the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries, in an aggregate principal amount exceeding U.S. $40,000,000 or its equivalent, when and as the same
shall become due and payable, if such default shall continue for more than the period of grace, if any, originally applicable thereto; or 

(d) Enforcement Proceedings: a distress or execution or other legal process is levied or enforced or sued out upon or
against any substantial part of the property, assets or revenues of the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries and is not discharged or stayed within
60 days of having been so levied, enforced or sued out; or 
 (e) Security Enforced: an encumbrancer takes possession
or a receiver, manager or other similar officer is appointed of the whole or any substantial part of the undertaking, property, assets or revenues of the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or
any of their respective Material Subsidiaries; or 
 (f) Insolvency: the Issuer or any of the Issuer’s Material
Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries becomes insolvent or is generally unable to pay its debts as they mature or applies for or consents to or suffers the appointment of an administrator,
liquidator, receiver or similar officer of the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries or the whole or any substantial part of the undertaking,
property, assets or revenues of the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries or takes any proceeding under any law for a readjustment or deferment of
its obligations or any part of them for insolvency, bankruptcy, concurso mercantil, reorganization, dissolution or liquidation or makes or enters into a general assignment or an arrangement or composition with or for the benefit of its
creditors or stops or threatens to cease to carry on its business or any substantial part of its business; or 
 (g)
Winding-up: an order is made or an effective resolution passed for winding up the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries; or 

(h) Moratorium: a general moratorium is agreed or declared in respect of any External Indebtedness (as defined below) of
the Issuer or any of the Issuer’s Material Subsidiaries or the Guarantors or any of them or any of their respective Material Subsidiaries; or 

(i) Authorization and Consents: any action, condition or thing (including the obtaining or effecting of any necessary
consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required to be taken, fulfilled or done in order (i) to enable the Issuer lawfully to enter into, exercise its rights and perform and
comply with its obligations under such Bonds, the Indenture and the Guaranty Agreement or any of the Guarantors lawfully to enter into, perform and comply with its obligations under the Guaranty Agreement in relation to such Bonds and (ii) to
ensure that those obligations are legally binding and enforceable, is not taken, fulfilled or done within 30 days of its being so required; or 

  
 R-10 

 (j) Illegality: it is or becomes unlawful for (i) the Issuer to
perform or comply with one or more of its obligations under any of such Bonds, the Indenture or the Guaranty Agreement or (ii) the Guarantors or any of them to perform or comply with one or more of its obligations under the Guaranty Agreement
with respect to such Bonds; or 
 (k) Control: the Issuer ceases to be a public-sector entity of the Mexican
Government or the Mexican Government otherwise ceases to control the Issuer or any Guarantor; or the Issuer or any of the Guarantors shall be dissolved, disestablished or suspends its respective operations, and such dissolution, disestablishment or
suspension of operations is material in relation to the business of the Issuer and the Guarantors taken as a whole; or the Issuer, the Guarantors, and entities that they control cease to be, in the aggregate, the primary public-sector entities that
conduct on behalf of Mexico the activities of exploration, extraction, refining, transportation, storage, distribution and first-hand sale of crude oil and exploration, extraction, production and first-hand sale of gas; for purposes of this
provision, the term “primary” refers to the production of at least 75% of the barrels of oil equivalent of crude oil and gas produced by public-sector entities in Mexico; or 

(l) Disposals: 

(i) the Issuer ceases to carry on all or a substantial part of its business, or sells, transfers or otherwise disposes (whether
voluntarily or involuntarily) of all or substantially all of its assets (whether by one transaction or a series of transactions whether related or not) other than (A) solely in connection with the implementation of the Ley de
Petróleos Mexicanos (the “Petróleos Mexicanos Law”) or (B) to a Guarantor; or 
 (ii) any
Guarantor ceases to carry on all or a substantial part of its business, or sells, transfers or otherwise disposes (whether voluntarily or involuntarily) of all or substantially all of its assets (whether by one transaction or a series of
transactions whether related or not) and such cessation, sale, transfer or other disposal is material in relation to the business of the Issuer and the Guarantors taken as a whole; or 

(m) Analogous Events: any event occurs which under the laws of Mexico has an analogous effect to any of the events
referred to in paragraphs (d) to (g) above; or 
 (n) Guaranties: the Guaranty Agreement is not (or is
claimed by the Issuer or any of the Guarantors not to be) in full force and effect. 
 “External Indebtedness”
means Indebtedness which is payable, or at the option of its Holder may be paid, (i) in a currency or by reference to a currency other than the currency of Mexico, (ii) to a person resident or having its head office or its principal place
of business outside Mexico and (iii) outside the territory of Mexico. 

  
 R-11 

 “Guarantee” means any obligation of a person to pay the Indebtedness of
another person, including without limitation: 
 (i) an obligation to pay or purchase such Indebtedness; or 

(ii) an obligation to lend money or to purchase or subscribe for shares or other securities or to purchase assets or services
in order to provide funds for the payment of such Indebtedness; or 
 (iii) any other agreement to be responsible for such
Indebtedness. 
 “Indebtedness” means any obligation (whether present or future, actual or contingent) for the
payment or repayment of money which has been borrowed or raised (including money raised by acceptances and leasing). 

“Material Subsidiaries” means, at any time, each of the Guarantors and any Subsidiary of the Issuer or any of the
Guarantors having, as of the end of the most recent fiscal quarter of the Issuer, total assets greater than 12% of the total assets of the Issuer, the Guarantors and their Subsidiaries on a consolidated basis. 

“Public External Indebtedness” means any External Indebtedness which is in the form of, or represented by, notes,
bonds or other securities which are for the time being quoted, listed or ordinarily dealt in on any stock exchange. 

“Subsidiary” means, in relation to any person, any other person (whether or not now existing) which is controlled
directly or indirectly by, or more than 50 percent of whose issued equity share capital (or equivalent) is then held or beneficially owned by, the first person and/or any one or more of the first person’s Subsidiaries, and “control”
means the power to appoint the majority of the members of the governing body or management of, or otherwise to control the affairs and policies of, that person. 

After any such acceleration has been made, but before a judgment or decree for the payment of money due based on acceleration has been
obtained by the Trustee, the Holders of a majority in aggregate principal amount of the Bonds then outstanding may rescind and annul such acceleration if all Events of Default, other than the non-payment of the principal of the Bonds that have
become due solely by such declaration of acceleration have been cured or waived as provided in the Indenture. 
 9. (a) The Indenture
permits, with certain exceptions as therein provided, amendments, modifications and supplements of the rights and obligations of the Issuer and the rights of the Holders of the Bonds under the Indenture and the Bonds at any time to be made by the
Issuer and the Trustee with the consent of the Holders of specified percentages in principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Bonds at the time Outstanding, on behalf of the Holders of all Bonds, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture or the
Bonds and their consequences. Any such consent or waiver by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Bond. 

  
 R-12 

 (b) For purposes of voting on amendments, waivers, modifications, acceleration and other actions
by the Holders of the Bonds, the Bonds will be considered a single series with the Issuer’s 5.625% Bonds due 2046 issued on January 23, 2015. 

10. The Issuer may from time to time without the consent of any Holder of Bonds create and issue additional bonds having the same terms and
conditions as Bonds previously issued (or the same except the first payment of interest or the issue price), which additional bonds may be consolidated to form a single series with the outstanding Bonds; provided that such additional bonds do
not have, for purposes of U.S. federal income taxation, a greater amount of original issue discount than the Bonds have as of the date of the issue of such additional bonds. 

11. No reference herein to the Indenture and no provision of this Bond or of the Indenture shall alter or impair the obligations of the
Issuer, which are absolute and unconditional, to pay the principal and premium (if any) of and interest on this Bond (as such Bonds may be amended, modified, supplemented or waived, as provided in the Indenture) at the times, place and rate, and in
the coin or currency, herein prescribed. 
 12. THIS BOND SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, UNITED STATES OF AMERICA. 

  
 R-13 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

					
	TEN COM-	 	 as tenants
 in common
	  	 UNIF GIFT
 MIN ACT-
                 Custodian                 

		 		  	                      (Cust)
                      (Minor)
			
	TEN ENT-	 	 as tenants by
 the entireties
	  	                       Under
Uniform Gifts
                       to Minors
Act

			
	JT TEN-	 	 as joint tenants with
 right of survivorship
and
 not as tenants in common
	  	  

		 		  	State

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 
 PLEASE INSERT
SOCIAL SECURITY OR OTHER 
     IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 Please print or typewrite name and
address 
 including postal zip code of assignee 
  

 
 the within bond and all rights thereunder, 

hereby irrevocably constituting and appointing 

                          
                                         
                              attorney to transfer said bond on the books of Petróleos
Mexicanos, with full power of substitution in the premises. 
 Dated:
                                 

 
  

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever. 

  
 R-14Exhibit 10.1

 

INTEREST CONTRIBUTION AGREEMENT

 

by and among

 

NEHEMIAH CORPORATION OF AMERICA

 

NEHEMIAH COMMUNITY REINVESTMENT FUND,
INC.

 

INVISION HOLDINGS, INC.

 

NFINIT SOLUTIONS, INC.

 

SYPHAX STRATEGIC SOLUTIONS, LLC

 

CAPITOL STATION HOLDINGS, LLC

 

CAPITOL STATION MEMBER, LLC

 

CAPITOL STATION 65 LLC

 

SRS, LLC

 

FIRST CAPITAL UNITED FUNDS MANAGEMENT,
LLC

 

FIRST CAPITAL REAL
ESTATE OPERATING PARTNERSHIP, L.P.

 

FIRST CAPITAL REAL ESTATE INVESTMENTS,
LLC

 

and

 

FIRST CAPITAL REAL ESTATE TRUST INCORPORATED

 

February 5, 2016

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I.	CONTRIBUTION AND SALE	9
	 	 	 
	1.1	Recitals	9
	 	 	 
	1.2	New Entity Formation	9
	 	 	 
	1.3	Contribution	10
	 	 	 
	1.4	Consideration	11
	 	 	 
	1.5	Issuance of Securities	12
	 	 	 
	1.6	Further Action	12
	 	 	 
	1.7	Treatment as a Contribution	12
	 	 	 
	1.8	Distributions with respect to the FC OP Units	13
	 	 	 
	1.9	Conversion of OP Units	13
	 	 	 
	1.10	New Class of OP Units	13
	 	 	 
	ARTICLE II.	CLOSING	14
	 	 	 
	2.1	Closing	14
	 	 	 
	2.2	Closing deliveries by each of the Contributors	14
	 	 	 
	2.3	Closing Deliveries by FCRE OP, FCRE and FCREI	15
	 	 	 
	2.4	Other Closing Deliveries	15
	 	 	 
	2.5	Transfer Tax	15
	 	 	 
	ARTICLE III.	REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS	15
	 	 	 
	3.1	Representations and Warranties of Contributing Parties	15
	 	 	 
	3.2	Representations and Warranties of Contributing Parties Independently	19
	 	 	 
	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES OF FCRE OP AND FCRE	24
	 	 	 
	4.1	Organization and Authorization	24
	 	 	 
	4.2	No Litigation	24
	 	 	 
	4.3	No Consents or Approvals	24
	 	 	 
	4.4	No Violation	25
	 	 	 
	4.5	Valid Issuance of Securities	25
	 	 	 
	4.6	UPREIT Assets	25
	 	 	 
	4.7	Operation of Companies’ Business	25

 

    	 	i	 

     

    

 

	4.8	REIT Status	25
	 	 	 
	4.9	Charter Documents	25
	 	 	 
	4.10	SEC Filings; Financial Statements; Undisclosed Liabilities	25
	 	 	 
	4.11	Information Provided to Contributor	26
	 	 	 
	4.12	[Intentionally omitted]	26
	 	 	 
	4.13	Condition Precedent	27
	 	 	 
	4.14	Eminent Domain	27
	 	 	 
	4.15	Insurance	27
	 	 	 
	ARTICLE V.	CONDITIONS PRECEDENT	27
	 	 	 
	5.1	Conditions Precedent to the Obligations of Each Party	27
	 	 	 
	5.2	Conditions Precedent to the Obligations of the Contributors	27
	 	 	 
	5.3	Conditions Precedent to the Obligations of the FCRE Parties	28
	 	 	 
	5.4	Condition Precedent	28
	 	 	 
	ARTICLE VI.	LOAN MODIFICATION COVENANTS	28
	 	 	 
	6.1	Loan Modification Agreement	28
	 	 	 
	6.2	Condition Subsequent	29
	 	 	 
	ARTICLE VII.	termination	29
	 	 	 
	7.1	Termination	29
	 	 	 
	7.2	Effect of Termination	30
	 	 	 
	ARTICLE VIII.	GENERAL PROVISIONS	30
	 	 	 
	8.1	Survival	30
	 	 	 
	8.2	Notices	30
	 	 	 
	8.3	Severability	31
	 	 	 
	8.4	Amendment	31
	 	 	 
	8.5	Parties in Interest	32
	 	 	 
	8.6	Governing Law; Jurisdiction and Venue	32
	 	 	 
	8.7	Waiver of Jury Trial	32
	 	 	 
	8.8	Waiver	32
	 	 	 
	8.9	Mutual Drafting; Consultation with Advisors	32
	 	 	 
	8.10	Entire Agreement	33

 

    	 	ii	 

     

    

 

	8.11	Counterparts	33
	 	 	 
	8.12	Section Headings; Interpretation	33

 

    	 	iii	 

     

    

 

Index of Schedules

 

	Schedule A:	Contributed Properties
	 	 
	Schedule 3.16	Environmental Disclosure
	 	 
	Schedule 4.7	FCRE OP Assets

 

Index of Exhibits

 

	Exhibit A:	Form of Operating Agreement of T-9 Owner 
	 	 
	Exhibit B:	Form of Operating Agreement of T-9 Developers 
	 	 
	Exhibit C:	Form of Instrument of Assignment
	 	 
	Exhibit D:	Form of Certificate of OP Unit with Joinder to OP Agreement
	 	 
	Exhibit E:	Appraisal dated October 9, 2015

 

    	 	iv	 

     

    

 

CONTRIBUTION AGREEMENT

 

This CONTRIBUTION AGREEMENT
dated as of February 5, 2016 (this “Agreement”), is made and entered into among NEHEMIAH CORPORATION OF
AMERICA (“NCA”), NEHEMIAH COMMUNITY REINVESTMENT FUND, INC. (“NCRF”), INVISION
HOLDINGS, INC. (“Invision”), NFINIT SOLUTIONS, INC. (“Nfinit”) SYPHAX STRATEGIC
SOLUTIONS, LLC, (“Syphax”), SRS, LLC (“SRS” and together with NCA, NCRF, Invision,
Nfinit and Syphax are collectively referred to as the “Contributors”), CAPITOL STATION HOLDINGS, LLC
(“Holdings”), CAPITOL STATION MEMBER, LLC (“Station Member”), CAPITOL STATION 65
LLC (“CS 65 Owner”), FIRST CAPITAL UNITED FUNDS MANAGEMENT, LLC (“FCUFM”), FIRST
CAPITAL REAL ESTATE OPERATING PARTNERSHIP, L.P. (“FCRE OP”), FIRST CAPITAL REAL ESTATE INVESTMENTS, LLC
(“FCREI”), and FIRST CAPITAL REAL ESTATE TRUST INCORPORATED (“FCRE” and together
with FCRE OP are collectively referred to as the “FC Parties”). The Contributors, Holdings, Station Member,
CS 65 Owner, FCUFM, FCRE OP and FCRE are referred to herein collectively as the “Parties” and individually as
a “Party.” Appendix 1 to this Agreement contains certain definitions used in this Agreement and cross-references
to terms defined in the body of the Agreement.

 

RECITALS

 

WHEREAS, FCRE is engaged
in the business of investing in interests in real estate. FCRE has been organized and operated to qualify as a real estate investment
trust (a “REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”).
FCRE holds all or substantially all of its properties and assets through FCRE OP, its operating partnership;

 

WHEREAS, the Contributors
collectively are the owners of 100% of the limited liability company interests and profit participation interests in Holdings
(the “Holdings Membership Interests”) and Holdings is the sole owner of 100% of the limited liability
company interests and profit participation interests in Station Member, and Station Member is the sole owner of 100%
of the limited liability company interests and profit participation interests in CS 65 Owner;

 

WHEREAS CS 65 Owner
is the direct owner of 100% of the fee simple interests in those 23 parcels of land upon which a tentative map has been approved
identified on Schedule A hereto comprising 62.6 gross acres and 29.87 net developable acres (net of the sale of 1.8 acre
Parcel 4 of the subdivision map referenced below and roadways, parks and open space, and land situated within the American River)
and known as Lots 1, 2, 3, 5, 6 and 7, Lots A and B, and designated remainder 1 and designated remainder 2, as shown on the map
entitled "Township 9 - Phase 1, Subdivision No. P10_036", filed for record November 13, 2012 in Book 378 of Final Maps,
Page 1, Sacramento County Records and designated as Assessor’s Parcel Numbers 001-0020-056, 001-0020—057, 001-0020-058,
001-0020-060, 001-0020-061, 001-0020-062, 001-0020-063, 001-0020-064, 001-0020-066 and 001-0020-067 in the City of Sacramento,
California and collectively referred to as the “Township Nine” project (the “Contributed Properties”);

 

    	 	5	 

     

    

 

WHEREAS an affiliate
of the Contributors, Capitol Station Retail, LLC (“Retail”) owns a portion of tentative map Parcel 11 of the
T-9 Project and all parties understand and agree that Retail and Parcel 11 are not included in this transaction;

 

WHEREAS the Township
Nine project compromises a mixed-use, transit-oriented development which received entitlements for high density rental and for
sale housing, retail, office, mixed-use, parks and open space, along with supporting infrastructure, on Contributed Properties,
which are located on the north side of downtown Sacramento, California currently improved with street and utility/sewage connections,
street lighting, sidewalks, bike paths and signage in full or partial degrees of completion on the following streets and areas;
Township 9 Transit Station on Richards Blvd, Richards Blvd., N. 7th Street, N. 7th Street Promenade, Street
C (N. 6th St.), Riverfront Drive, Street D (Cannery Ave.), Street F (Chill Ave.) Signature Street (Township Nine Ave.), Street
A (Vine Ave.) (the “T-9 Project”);

 

WHEREAS, the current
development plans for the T-9 Project contemplates and proposes development on the Contributed Properties of 2,101 (2,381-180 recently
completed) residential units (including townhouses, apartments, condominiums and affordable units) and up to approximately 150,000
square feet of retail space. The project allows for the development of up to 840,000 square feet of office instead of 484 of the
residential units and includes approximately 20 acres of parks and open space, with a light rail station on the Green Line at the
front of the project, and extensive frontage along the American River and the Twin Rivers Bike Trail;

 

WHEREAS, the T-9 Project
received 2,000 pre-paid Regional Sewer Fee credits, (“ESDs”), as part of the acquisition of the Contributed
Properties by CS 65 Owner and currently have 1,863.92 ESDs remaining after using approximately 136 ESDs for the Cannery Place Project.
Each ESD entitles the holder to “hook-up” or “connect” the equivalent of a single residential dwelling
unit to the Regional Sanitary District sewer system without payment of a hook-up or connection fee. In the Appraisal (hereinafter
defined) the current value of each ESD is $3,063 (the current average hook-up or connection fee per dwelling unit), and the current
value of the 1,863.92 remaining ESDs is $5,709,187;

 

WHEREAS, the T-9 Project,
in addition to the ESDs and as part of the acquisition of the Contributed Properties by CS 65 Owner, received Park Development
Fee credits (“PIFs”), Water Development Fee credits (“WDFs”), Combined Sewer System Fee credits
(“CSSs”), SAFCA Development Impact Fee credits (“SDIs”) and Richards Boulevard Area Plan
Fee credits (“RBAs” and together with the PIFs, WDFs, CSSs, and SDIs the “Excess Fee Credits”).
In the Appraisal (hereinafter defined), the current value of the Excess Fee Credits is $15,210,005. The ESDs and the Excess Fee
Credits are referred to herein collectively as the “Fee Credits”.

 

WHEREAS, The T-9 Project
is fully-entitled and zoned RMX-PUD-SPD, A-OS-PUD and OB-PUD-SPD (Residential Mixed Use, Open Space and Office Building Planned
Unit Development, Special Planning District) and has received various land-use entitlements which include, without limitation,
a certified Environmental Impact Report (EIR) and Mitigation Monitoring Plan, a Development Agreement, a Master Tentative Map and
its conditions of approval, a Planned Unit Development (PUD) designation along with development guidelines, rezoning, and a lot
line adjustment relative to the Contributed Properties that were approved by the City of Sacramento on August 28, 2007 (the “Entitlements”
or “Approvals”). The Master Tentative Map and Planned Unit Development have been modified as of August 27, 2015.

 

    	 	6	 

     

    

 

WHEREAS, the T-9 Project
is certified SILVER under the LEED-ND (Neighborhood Development) Pilot Program, and has also received the following awards: (i)
State of CA Department of Housing & Community Development – “California Catalyst Gold Project” under the
California Sustainable Strategies Pilot Program – (1 of only 4 in California); (ii) US Conference of Mayors – “Outstanding
Achievement Award” (1 of only 4 projects in the United States to receive this award); (iii) Sacramento Business Journal 2012-2013
“Best Real Estate Projects – Community Impact Award”; (iv) Sacramento Area Council of Governments “Blueprint
Excellence Award,” 2013; and (v) Sacramento Regional Transit “Transit Oriented Development of the Year Award,”
2014;

 

WHEREAS, a portion
of the T-9 Project is subject to a levee easement in favor of the San Joaquin Drainage District, acting by and through the Central
Valley Flood Protection Board (“CVFPB”), granting exclusive perpetual flood control rights as detailed in that certain
easement deed for CVFPB Parcel No. 13786 (the “Easement Deed”). The Parties hereby authorize Scott Syphax to execute
the Easement Deed on behalf of Capitol Station 65, LLC and further authorize Thomas M. O’Neil, of the Department of Water
Resources, to record the executed Easement Deed with the Sacramento County Clerk Recorder;

 

WHEREAS, a land valuation
of the Contributed Properties was conducted for Nehemiah Corporation of America by AGI Valuations (the “Appraisal”)
with a date of value of October 9, 2015 and market value opinion of $78,160,000.00, which valuation includes the valuation of 1,863.92
ESDs and the Excess Fee Credits usable in the development of the T-9 Project (the “Appraisal” is attached hereto as
Exhibit E);

 

WHEREAS, the Contributed
Properties are subject to a loan guaranteed by NCA and NCRF, who have executed guarantee agreements in favor of the lender (the
“Guarantee”), from Isis Lending, LLC (“Lender”) to Owner pursuant to a loan agreement dated December
23, 2008 as amended up to and through that Third Amendment to the loan agreement and other Loan Documents (the “Loan”)
with outstanding principal and interest due as of January 16, 2016 of $34,486,654.00, and which is projected to grow to $35,988,143.54
as of January 31, 2016. The Loan provides for interest at 11% per annum, accruing. The Loan is secured by a deed of trust on the
Contributed Properties, a pledge of membership interests in Owner and upstream owners’ interests and guarantees by NCA and
NCRF. The Loan was due and payable on December 31, 2015, and, at the election of the Lender, becomes due and payable upon a transfer
of interests in Owner; and requires the payment of 4.0% of the outstanding principal balance of the Loan upon exit to cover the
Exit Fee, Additional Exit Fee and Supplemental Exit Fee due at said time; and an unpaid extension fee of 1.25% which was incurred
(but not then paid) at the time of the Third Amendment (December, 2014) which is due when the loan is repaid;

 

WHEREAS, the Loan has
been guaranteed by NCA and NCRF (the “Guarantors”, who have executed guarantee agreement (the “Guarantee”);

 

    	 	7	 

     

    

 

WHEREAS, the Contributors
desire to, and FCREI and FCRE OP desires the Contributors to, contribute to FCREI all the Contributors’ right, title and
interest in and to NINETY TWO PERCENT (92%) of the Holdings Membership Interests (the “Contributed Assets”),
free and clear of all Liens and encumbrances, and inclusive of the Fee Credits valued at TWENTY MILLION NINE HUNDRED NINETEEN THOUSAND
NINE HUNDRED NINETY FOUR AND 00/100 DOLLARS ($20,919,994.00) in exchange for units of limited partnership interest (“OP
Units”) in FCRE OP, received by FCREI pursuant to and in accordance with this Agreement and an indemnification of NCA
and NCRF by FCRE OP with respect to the Guarantee, all on the terms and subject to the conditions set forth herein;

 

WHEREAS, FCREI desires
to, and FCRE OP desires FCREI to, contribute to FCRE OP, all of the right, title and interest in and to the Contributed Assets,
received by FCREI pursuant to and in accordance with this Agreement, free and clear of all Liens and encumbrances, and inclusive
of the Fee Credits valued at TWENTY MILLION NINE HUNDRED NINETEEN THOUSAND NINE HUNDRED NINETY FOUR AND 00/100 DOLLARS ($20,919,994.00)
in exchange for OP Units in FCRE OP on the terms and subject to the conditions set forth herein;

 

WHEREAS, the value
of the consideration received by the Contributors in exchange for the Contributed Assets pursuant to this Agreement reflects, among
other things, the willingness of the Contributors to take into account FCREI’s need to contribute the Contributed Assets
to FCRE OP as a substitute for that certain portfolio of hotels (the RREAF Hotel Portfolio) which was originally intended to be
contributed to FCRE OP by FCREI on September 14, 2015;

 

WHEREAS, immediately
after FCREI’s contribution of the Contributed Assets to FCRE OP, Contributors and FCRE OP desire to form a new joint venture
entity to own and develop the Contributed Properties in the form of a Delaware limited liability company to be named “TOWNSHIP
NINE OWNER, LLC” (“T-9 Owner”);

 

WHEREAS, the Contributors,
SRS and FCUFM desire to form a new joint venture entity to act as the day-to-day manager of T-9 Owner and developer of the T-9
Project in the form of a Delaware limited liability company to be named “T-9 DEVELOPERS, LLC” (“T-9 Developers”)
to be owned THIRTY SEVEN and 50/100 PERCENT (37.50%) by NCA, and THIRTY ONE and 25/100 PERCENT (31.25%) by each of SRS and FCUFM;

 

WHEREAS, the Contributors
desire to, and SRS and FCUFM desire the Contributors to, contribute to T-9 Developers, all the Contributors’ right, title
and interest in and to EIGHT PERCENT (8%) of the Holdings Membership Interests which were not contributed to FCRE OP (the “Remaining
Holdings Membership Interests”), free and clear of all Liens and encumbrances on said membership interest, in exchange
for the membership interests in T-9 Developers;

 

WHEREAS, the Contributors
desire SRS and FCUFM to provide expertise and services to allow T-9 Developers to develop the T-9 Project and SRS and FCUFM agree
to contribute such expertise and services in exchange for THIRTY ONE and 25/100 PERCENT (31.25%) of the membership interest in
T-9 Developers subject to Section 1.3 (d) below; and

 

    	 	8	 

     

    

 

WHEREAS, T-9 Developers
and FCRE OP desire that (i) FCRE OP contribute to T-9 Owner all of the Contributed Assets in exchange for NINETY TWO PERCENT (92%)
of the membership interests in T-9 Owner, and (ii) T-9 Developers contribute to T-9 Owner all of T-9 Developer’s Remaining
Holdings Membership Interests to T-9 Owner in exchange for EIGHT PERCENT (8%) of the membership interests in T-9 Owner, and the
assumption by T-9 Owner of the Permitted Liens on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing recitals, the Parties acknowledge the adequacy of the consideration provided to each through their
respective representations, warranties, covenants and agreements and promises contained in this Agreement, as well as other good
and value consideration, and, intending to be legally bound, agree as provided below.

 

Article
I.

CONTRIBUTION AND SALE

 

1.1           Recitals.
The recitals above are incorporated into this Agreement and are hereby acknowledged to be true and correct.

 

1.2           New
Entity Formation. Prior to, or simultaneously with the execution hereof, the Parties shall have caused T-9 Owner and T-9 Developers
to each be formed as Delaware limited liability companies. The operating agreement of T-9 Owner (“T-9 Owner OA”)
is attached hereto as Exhibit “A” and the operating agreement of T-9 Developers (“T-9 Developers OA”) is
attached hereto as Exhibit “B”. The T-9 Owner OA provides for, among various other matters, the obligation of T-9 Developer,
as day-to-day manager for the T-9 Owner, to prepare a development plan and budget for the T-9 Project (“Project Plan”)
which shall be subject to the approval of FCRE and FCRE OP, such approval not to be unreasonably withheld conditioned or delayed.
T-9 Developer shall pursue and accomplish the entitlement and development of the T-9 Project in compliance with the Project Plan,
subject to force majeure delays, using best efforts, with time being of the essence. Any material deviation from the Project Plan
shall be subject to the approval of FCRE and FCRE OP, such approval not to be unreasonably withheld, conditioned or delayed (FCRE
and FCRE OP shall be deemed to have reasonably withheld its consent or approval, in the event that the proposed Project Plan could
adversely affect FCRE, FCRE OP, and/or the project or diminish or limit rights and benefits afforded to FCRE and FCRE OP under
this Agreement). The T-9 Owner OA shall further provide for usual and customary remedies for all of its members, including, without
limitation (x) the right of self-help (following reasonable notice and cure periods) in favor of a member in the event of any non-performance,
breach or default on the part of another member as well as the concomitant right to charge a defaulting member for all costs associated
with such self-help, (y) the right to dilute the ownership interests of a defaulting member, as a member of T-9 Owner, in the event
that such defaulting member fails to pay any obligation for which it is responsible, and (z) the indemnification of a non-defaulting
member for any costs, claims, damages, expenses, losses or liabilities arising from or related to any nonperformance, breach or
default (after the expiration of any applicable notice and cure periods) of T-9 Developers as Manager of T-9 Owner or another member
defaulting on its obligation. The Operating Agreement of T-9 Owner is attached hereto as Exhibit “A” and the Operating
Agreement of T-9 Developers is attached hereto as Exhibit “B”.

 

    	 	9	 

     

    

 

1.3           Contribution.
At the Closing and on the terms and subject to the conditions contained in this Agreement:

 

(a)          the
Contributors hereby agree to assign, set over, and transfer to FCREI, absolutely and unconditionally, and free and clear of all
Liens, all their right, title and interest in and to the Contributed Assets, in exchange for the consideration set forth in Section
1.4 (a), and FCREI hereby agrees to accept such assignment by the Contributors in the form of the assignment set forth in Exhibit
“C” attached hereto.

 

(b)          FCREI
hereby agrees to assign, set over, and transfer to FCRE OP, absolutely and unconditionally, and free and clear of all Liens, all
of its right, title and interest in and to the Contributed Assets, received pursuant to this Agreement and FCRE OP hereby agrees
to accept such assignment to the Contributors by FCREI in the form of the assignment set forth in Exhibit “C” attached
hereto.

 

(c)          the
Contributors hereby agree to assign, set over, and transfer to T-9 Developers, absolutely and unconditionally and free and clear
of all Liens, all their right, title and interest in and to Remaining Holdings Membership Interests, in the form of the assignment
set forth in Exhibit “C” attached hereto, in exchange for THIRTY SEVEN and 50/100 PERCENT (37.50%) of the membership
interests in T-9 Developers, and simultaneously with the execution hereof agree to execute the Operating Agreement of T-9 Developers
in the form of Exhibit “B” attached hereto.

 

(d)          SRS
and FCUFM each hereby agree to execute the Operating Agreement of T-9 Developers in the form of Exhibit “B” attached
hereto simultaneously with the execution hereof, each in exchange for THIRTY ONE and 25/100 PERCENT (31.25%) of the membership
interests in T-9 Developers in the form of the assignments set forth in Exhibit “C” attached hereto.

 

(e)          immediately
after FCREI’s contribution of the Contributed Assets to FCRE OP, FCRE OP hereby agrees to assign, set over, and transfer
to T-9 Owner, absolutely and unconditionally and free and clear of all Liens, all its right, title and interest in and to the Contributed
Assets, in exchange for NINETY TWO PERCENT (92%) of all the authorized and issued membership interests in T-9 Owner in the form
of the assignment set forth in Exhibit “C” attached hereto and FCRE OP hereby agree to execute the Operating Agreement
of T-9 Owner in the form of Exhibit “A” attached hereto;

 

(f)          immediately
after Contributors’ contribution of the Remaining Holdings Membership Interests to T-9 Developers, T-9 Developers hereby
agrees to assign, set over, and transfer to T-9 Owner, absolutely and unconditionally and free and clear of all Liens, all their
right, title and interest in and to the Remaining Holdings Membership Interests, in exchange for EIGHT PERCENT (8%) of all the
authorized and issued membership interests in T-9 Owner in the form of the assignment set forth in Exhibit “C” attached
hereto and T-9 Developers hereby agrees to execute the Operating Agreement of T-9 Owner in the form of Exhibit “A”
attached hereto;

 

    	 	10	 

     

    

 

(g)          all
of the foregoing references to transfer of interests “free and clear of all Liens” shall refer to the membership interests
but not the underlying real estate which shall be subject to “Permitted Liens”, and the Parties’ respective conditions
precedent as set forth in this Agreement.

 

1.4           Consideration.

 

(a)          OP
Units. At the Closing and on the terms and subject to the conditions contained in this Agreement, the Contributors hereby irrevocably
agree to accept, in exchange for the Contributed Assets, ONE MILLION NINE HUNDRED THOUSAND (1,900,000) OP Units free and clear
of all liens and encumbrances, without any right of redemption, to be allocated as designated by Contributors. Each OP Unit is
valued at $12.49 per OP Unit on the date of issuance. The OP Units shall be transferred and assigned to Contributors by FCREI.
This Agreement refers to the OP Units to be issued hereunder as the “Securities”.

 

(b)          At
the closing and on the terms and subject to the conditions contained in this Agreement, FCREI hereby irrevocably agrees to accept,
in exchange for the Contributed Assets, the Securities, free and clear of all liens and encumbrances, without any right of redemption,
to be simultaneously transferred and assigned by FCREI to the Contributors and allocated as designated by Contributors under Section
1.4(a) of this Agreement and such additional consideration as agreed upon by FCRE OP and FCREI. Each OP Unit is valued at $12.49
per OP Unit on the date of issuance. The OP Units shall be transferred and assigned to FCREI by FCRE OP.

 

(c)          At
the Closing, provided that the Lender has executed an agreement to modify and extend the Loan substantially as outlined in Section
6.1 hereof, or otherwise on terms acceptable to T-9 Owner and FCRE OP (the “Loan Modification Agreement”),
then FCRE OP and FCRE shall assume all responsibility to guarantee the Loan pursuant to the terms and conditions of the Loan Modification
Agreement and FCRE OP and FCRE shall replace NCA and NCRF as guarantors on the Loan and NCA and NCRF shall be released by the lender
from all guarantees or indemnities with respect to the Loan. In the event that the Lender shall not have executed a Loan Modification
Agreement, then notwithstanding the foregoing, FCRE shall indemnify NCA and NCRF with respect to any losses suffered by NCA and
NCRF as guarantors of the Loan as set forth in subsection (d) hereof.

 

(d)          Indemnification.
On the terms and subject to the conditions set forth in this Agreement, including those conditions set forth in Section 6.1
and Section 6.2, FCRE hereby agrees that effective upon the Closing, FCRE shall indemnify NCA and NCRF for any and all liability
or loss which NCA and/or NCRF may incur as a result of the guaranties which NCA and NCRF executed in favor of the Lender in connection
with the Loan pertaining to the non-payment of the indebtedness represented by the Loan. FCRE shall provide an indemnification
agreement from FCRE and FCRE OP in favor of the Guarantors under the Loan, in a form mutually agreed upon and acceptable to the
parties, within thirty (30) days of this Agreement and acceptable to NCA and NCRF in their sole discretion acting reasonably;

 

    	 	11	 

     

    

 

(e)          Guaranty
by FCRE. On terms and conditions as may be acceptable to FCRE, FCRE agrees to guaranty payment of the indebtedness represented
by the Loan in connection with the execution of a Loan Modification Agreement with the Lender.

 

(f)           Loan
Process. The parties shall cooperate in good faith using diligent commercially reasonable efforts to obtain the Loan Modification
as set forth in Article VI.

 

(g)          Assignment
of Rights. Contributors hereby set over and assign to the FC Parties all of their rights and remedies under the terms of
the Appraisal.

 

1.5           Issuance
of Securities. At the Closing and on the terms and subject to the conditions contained in this Agreement, FCRE OP shall issue
the Securities free and clear of all liens and encumbrances, without any right of redemption, to be allocated as designated by
Contributors.

 

1.6           Further
Action. If, at any time after the Closing, FCRE OP shall determine or be advised that any deeds, bills of sale, assignments
(including any intellectual property assignments), certificates, affidavits, consents, assurances or other actions or things are
necessary or desirable to vest, perfect or confirm of record or otherwise in FCRE OP the right, title or interest in or to any
of the Contributed Assets or to allow the FC Parties to structure, implement and effect any future agreements between FCREI and
its Affiliates on the one hand, and FCRE and FCRE OP, on the other hand (“Future FC Agreements”), that are not materially
adverse to the interests of the Contributors and their Affiliates, the Contributors shall execute and deliver, or take such other
actions as are within their respective control to cause to be executed and delivered, all such deeds, bills of sale, assignments
(including any intellectual property assignments), certificates, affidavits, consents, assurances and do or take such other actions
as are within their respective control to cause to be done, all such other actions and things as may be necessary or desirable
to vest, perfect or confirm any and all right, title and interest in or to any of the Contributed Assets or the Contributed Properties
or otherwise to carry out this Agreement or to allow the FC Parties to structure, implement and effect any Future FC Agreements
that are not materially adverse to the interests of the Contributors and their Affiliates.

 

1.7           Treatment
as a Contribution.

 

(a)          Any
sale by any Contributor of the Contributed Assets and the Remaining Holdings Membership Interests, or the contribution by FCRE
OP of the Contributed Assets, or the contribution by T-9 Developers of the Remaining Holdings Membership Interests of the Contributed
Assets effectuated pursuant to this Agreement shall constitute a “Capital Contribution” by such contributor as defined
in the respective partnership or operating agreements of FCRE OP, T-9 Owner and T-9 Developers respectively, and are each intended
to be governed by Section 721(a) of the Code.

 

(b)          The
Parties hereto acknowledge and agree to the tax treatment described in this Section 1.5, and shall all file their respective
Tax Returns consistent with such treatment, unless otherwise required by applicable Law.

 

    	 	12	 

     

    

 

1.8           Distributions
with respect to the FC OP Units. 

 

Notwithstanding anything
to the contrary contained in this Agreement, any of the other Agreements in connection with the T-9 Project and the partnership
agreement of First Capital Real Estate Operating Partnership, L.P. (the “OP Agreement”), no dividends or distributions
shall be paid by FCRE OP with respect to the OP Units being issued to FCREI and assigned to the Contributors hereunder until the
Trigger Event. Commencing on the Trigger Event the holders of the OP Units shall receive a distribution with respect to their OP
Units monthly equal to the same yield as the distributions made with respect to FCRE’s common stock.

 

1.9           Conversion
of OP Units. 

 

Notwithstanding anything
to the contrary contained in this Agreement, any of the other Agreements in connection with the T-9 Project and the OP Agreement,
the holders of the OP Units being issued to FCREI and assigned to the Contributors hereunder shall have no right to convert their
OP Units being issued to FCREI and assigned to the Contributors hereunder until the earlier to occur of: (i) the listing of FCRE
on a national stock exchange; (ii) the sale of all or substantially all of the assets of FCRE ; or (iii) the sale of all or substantially
all of the assets of the T-9 Project (collectively, the “Conversion Event”). From and after the Conversion Event, any
Holder of any OP Units being issued to the Contributors hereunder shall have the right to convert their OP Units into shares of
common stock of FCRE at an exchange ratio of one share of FCRE common stock for one OP Unit.

 

1.10         New
Class of OP Units.

 

As soon as practicable
following an amendment of the OP Agreement (the “OP Amendment”) to designate units of a new class of limited
partnership interest in FCRE OP (“T-9 Units”) that contain the rights and restrictions set forth in this Agreement
and are consistent in all material respects with the terms and conditions contained in Sections 1.8 and 1.9 hereof,
the Securities issued hereunder and held by the Contributors will automatically be deemed exchanged (on a one-for-one basis) for
T-9 Units without further action by any Party hereto.  The Parties hereby agree that, until such time that the automatic exchange
of the Securities described in this Section 1.10 occurs, the Contributors shall not exercise any of their rights as holders
of the Securities under the OP Agreement or otherwise, to the extent such exercise would be inconsistent with this Agreement, including
but not limited to the matters set forth in Sections 1.8 and 1.9.  Any certificate evidencing the issuance of
the Securities being issued to FCREI and assigned to the Contributors hereunder and registered in the name of each such Contributor
shall automatically be deemed to represent a certificate evidencing T-9 Units upon the effectiveness of the OP Amendment without
further action by any Party hereto.  Each certificate evidencing the Securities being issued to FCREI and assigned to the
Contributors hereunder will contain a legend to the foregoing effect.  Without limiting the effectiveness of the prior provisions
of this Section 1.10, the Contributors promptly will submit any certificate evidencing the Securities being issued to FCREI
and assigned to the Contributors hereunder to FCRE OP in exchange for a certificate evidencing a like number of T-9 Units following
the effectiveness of the OP Amendment.

 

    	 	13	 

     

    

 

Article
II.

CLOSING

 

2.1           Closing.
The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at FCRE’s
offices at 60 Broad Street, 34th Floor, New York, NY, or such other location in Manhattan which is mutually agreeable to the Parties,
on the date of the execution of this Agreement if the conditions to closing as set forth in Article V hereof have been met, or
the first business day after the conditions to closing as set forth in Section 5.1, 5.2 and 5.3 hereof have been met or waived
by each of the Parties by notice to each of the other Parties hereto, time being of the essence (the “Closing Date”).
The Parties and their representatives may participate in the Closing by electronic means and electronic delivery of signed documents.
The Closing shall be deemed to occur as of midnight at the end of the Closing Date.

 

2.2           Closing
deliveries by each of the Contributors. At the Closing, each Contributor (except as otherwise provided below) will deliver
or cause to be delivered to FCRE OP each of the following agreements, instruments and other documents:

 

(a)          with
respect to the Contributed Assets, a duly executed instrument of assignment in the form attached hereto as Exhibit C;

 

(b)          [LEFT
INTENTIONALLY BLANK]

 

(c)          with
respect to each Contributor, the execution by Contributor or its respective Affiliates of the Operating Agreements in the forms
of Exhibits “A”, “B” and a duly executed instrument of assignment in the form attached hereto as Exhibit
C;

 

(d)          with
respect to each Contributor, a duly executed joinder to the OP Agreement as set forth in each certificate of OP Units in the form
attached hereto as Exhibit D (each a “Joinder”);

 

(e)          
with respect to each Contributor, a duly completed and executed certificate pursuant to Treasury Regulation section 1.1445-2(b)(2)
certifying that such Contributor is not a “foreign person” within the meaning of Code section 1445 (each a “FIRPTA
Affidavit”);

 

(f)          A
reliance letter from AGI Valuations in favor of FCRE and FCRE OP giving the right to rely on the valuation appraisal (AGI 15-08-050)
prepared by AGI Valuations with a date of October 9, 2015 and market value opinion of $78,160,000.00 inclusive of the 1,863.92
ESDs and other Excess Fee Credits (which, together with the 1863.92 ESDs has an appraised value of Twenty Million Nine Hundred
Nineteen Thousand Nine Hundred Ninety Four Dollars ($20,919,994) necessary for development of the T-9 Project);

 

(g)          any
and all other instruments and documents required to be delivered by such Contributor at or prior to the Closing pursuant to and
in accordance with any of the other provisions of this Agreement, and such other documents or instruments as FCRE OP or FCRE may
reasonably request to effect any of the transactions contemplated hereby.

 

    	 	14	 

     

    

 

2.3           Closing
Deliveries by FCRE OP, FCRE and FCREI. At the Closing, FCRE OP and FCRE will deliver or cause to be delivered, to Contributors
each of the following agreements, instruments and other documents:

 

(a)          certificates
evidencing the approval of the issuance of the OP Units to be issued by FCRE OP to the Contributors to receive Securities hereunder
registered in the name of each such Contributor;

 

(b)          a
duly executed counterpart of each Joinder;

 

(c)          [LEFT
INTENTIONALLY BLANK]

 

(d)          If
obtained from the Lender in connection with the execution of a Loan Modification Agreement between the Lender and the Borrower
(or T-9 Owner), Releases from the Lender of NCA and NCRF from any and all liability of the guarantors under the Loan; and

 

(e)          any
and all other instruments and documents required to be delivered by FCRE OP, FCRE or FCREI at or prior to the Closing pursuant
to and in accordance with any of the other provisions of this Agreement, and such other documents or instruments as the Contributors
may reasonably request to effect any of the transactions contemplated hereby.

 

2.4           Other
Closing Deliveries. At the Closing, each of the respective Parties who are required to execute any of the following will execute
and deliver or cause to be executed and delivered, each of the following agreements, instruments and other documents:

 

(a)          The
Operating Agreement of T-9 Owner in the form attached hereto as Exhibit A;

 

(b)          The
Operating Agreement of T-9 Developers in the form attached hereto as Exhibit B; and

 

(c)          any
and all other instruments and documents required to be delivered by such Party at or prior to the Closing pursuant to and in accordance
with any of the other provisions of this Agreement.

 

2.5           Transfer
Tax. To the extent that the obligation to pay a transfer tax arises out of the Closing of the transactions contemplated herein
FCRE OP and the Contributors shall each pay an equal portion of any such transfer tax imposed.

 

Article
III.

REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTORS

 

3.1           The
Contributors, Holdings, Station Member, and CS 65 Owner (each a “Contributing Party” and collectively, the “Contributing
Parties”), hereby represent and warrant the accuracy of the preamble recitals and hereby jointly and severally make the
following representations and warranties to FCRE OP, FCRE and FCUFM (collectively, the “FCRE Parties”), as of
the date hereof:

 

    	 	15	 

     

    

 

(a)          No
Brokers. No Contributing Party or any of its Affiliates has or will have any obligation to pay any brokerage fees or
commissions, finder’s fee, advisory fees or other similar fees related to the execution of this Agreement, any of the
other Transaction Documents or the consummation of any of the transactions contemplated hereby or thereby and Contributing
Parties shall indemnify, defend and hold FCRE and FCRE OP from any responsibility, liability or obligation with respect
thereto.

 

(b)          
[LEFT INTENTIONALLY BLANK]

 

(c)          Compliance
with Laws. Except as expressly disclosed in a writing by the Contributing Party to FCRE OP dated prior to, and received by FCRE
OP prior to, the date hereof, to the Contributors Best Knowledge, the Contributed Properties have been maintained, and the Contributing
Parties have not received written notice that any such Contributed Properties are not, in compliance in all material respects with
all applicable laws, ordinances, rules, regulations, codes, orders and statutes (including, without limitation, those currently
relating to fire safety, conservation, parking, Americans with Disabilities Act, zoning and building laws) whether federal, state
or local, except where the failure to so comply would not have a Material Adverse Effect. Compliance with Environmental Laws is
not addressed by this Section 3.13, but rather solely by Section 3.16.

 

(d)          Eminent
Domain. To Contributors Best Knowledge, there is no existing or, to the Contributing Parties’ knowledge, proposed or
threatened condemnation, eminent domain or similar proceeding, or private purchase in lieu of such a proceeding, in respect of
all or any material portion of the Contributed Properties.

 

(e)          Licenses,
Approvals, Entitlements and Permits. To Contributors Best Knowledge, all licenses, permits or other governmental approvals
(including without limitation, all Approvals and Entitlements) required to be obtained by the owner of any of the Contributed Properties
in connection with the permitting, approval, construction, use, occupancy, management, leasing and operation of the T-9 Project
have been obtained and are in full force and effect and in good standing, and all Approvals and Entitlements are fully vested and
not subject to divestiture. Additional entitlements and/or permits may be necessary for future building projects depending on the
actual uses proposed. Such entitlements and/or permits may include site plan and design review approval, tentative map approval,
final map or parcel map approval, improvement plan approval, building permit approval and occupancy permit approval.

 

(f)          Fee
Credits. Each of the 1,863.92 ESDs and the Excess Fee Credits, which have an aggregate value of $20,919,994.00 which are a
component of the Contributed Assets, and which are being transferred as hereinabove set forth (collectively, the “Fee
Credits”) are owned by the Contributing Parties, free of claims or liens of any person, and the Fee Credits, except for
the PIFs, are each fully paid for, are currently fully entitled, without the need for any additional payment, charge, fee or cost
of any type or nature, and without the need for any further action by any person (including, without limitation, any governmental
authority or water or sewer district), to be exchanged, for credit in lieu of paying cash to the various permitting authorities
in connection with the T-9 Project, are in full force and effect and in good standing, and fully vested and not subject to divestiture.
In order to receive the Park Credits, parks yet to be developed must be developed according to approved agreements with the City
Parks Department.

 

    	 	16	 

     

    

 

(g)          Environmental
Compliance. To Contributors Best Knowledge, except as expressly disclosed in a writing by the Contributing Parties to FCRE
OP dated prior to, and received by FCRE OP prior to, the date hereof, each Contributing Party and each of the Contributed Properties
are currently in compliance with all Environmental Laws and Environmental Permits, except where the failure to so comply would
not have a Material Adverse Effect. No Contributing Party has received any written notice from the United States Environmental
Protection Agency or any other federal, state, county or municipal entity or agency that regulates Hazardous Materials or public
health risks or other environmental matters or any other private party or Person claiming any current violation of, or requiring
current compliance with, any Environmental Laws or Environmental Permits or demanding payment or contribution for any Release or
other environmental damage in, on, under, or upon any of the Contributed Properties. No litigation is pending with respect to Hazardous
Materials located in, on, under or upon any of the Contributed Properties, and, to such Contributors Best Knowledge, no investigation
in such respect is pending and no such litigation or investigation has been threatened in writing in the last twelve months by
any Governmental Authority or any third party. To each of the Contributor’s Best Knowledge, except as set forth on Schedule
3.16, there are no environmental conditions existing at, on, under, upon or affecting the Contributed Properties any portion thereof
that would reasonably be likely to result in any claim, liability or obligation under any Environmental Laws or Environmental Permit
or any claim by any third party that would have a Material Adverse Effect.

 

(h)          Employees.
None of the Contributing Parties are a party to any union contract or collective bargaining agreement.

 

(i)          Zoning.
The Contributing Parties have not received (a) any written notice (which remains uncured) from any Governmental Authority stating
that any of the Contributed Properties is currently violating any zoning, land use, development agreement or other similar rules
or ordinances in any material respect, or (b) any written notice of any pending or threatened proceedings for the rezoning (i.e.,
as opposed to the current zoning) of any of the Contributed Properties or any portion thereof except, in each case as would not
have a Material Adverse Effect, and the Contributing Parties know of no event or circumstance which currently exists, or which,
with the passage time may exist, which would in any way negate or subject the Contributed Properties to lose or be divested of
any Approvals or Entitlements.

 

    	 	17	 

     

    

 

(j)          Development.
Except for Township Nine Park, all of the infrastructure for the first phase of development of the T-9 Project (approximate cost
of $30 million) has been completed and paid for. This work includes stubbed utilities to numerous parcels as well as the completion
of the transit station, North 7th Street, Township Nine Avenue, Scalehouse Street, Cannery Avenue and Riverine Way. Also completed
and paid for is the historic rehabilitation of the old cannery Scalehouse. Construction on Township Nine Park along the riverfront
is scheduled to begin later this year and shall be paid for by Governmental Entities. Tentative Map Parcels 3, 4, 10B, 12, and
13 have all the necessary infrastructure improvements completed and paid for to permit immediate development of said parcels to
be developed. Tentative Map Parcel 11 (1.83 acres) is excluded from the transaction which contains 180 affordable multi-family
dwelling units and 9,300 SF of retail space. These affordable units on Parcel 11 fulfill the affordable requirement of the entire
T-9 Project and no additional affordable or low-income housing units are required to be developed or constructed in the T-9 Project
under current entitlements. Approvals or Entitlements required for the issuance of building permits for any of the remaining un-developed
21 Tentative Map parcels consisting of the Contributed Properties include subdivision approval (if a new subdivision), site plan
and design review approval, final or parcel map approval, improvement plan approval and building permit approval.. The first phase
final map for the T-9 Project was recorded on in 2012, creating 6 legal parcels and 2 large remainder parcels, and the six legal
parcels have been “finished” with no additional infrastructure improvements required to permit construction on these
parcels. Any of these 6 parcels can be transferred immediately with no further subdivision required. Schematic design and development
for apartments and townhomes has begun on parcels 7, 8, 15, 16, 10, and 12. Necessary infrastructure required to permit development
of, and construction of 72 Townhouse Units on Parcels 8 and 15 has yet to be constructed. Infrastructure for 203 Type III Proposed
Units and 147 Type V Proposed Units on Parcel 10, is partially complete. Infrastructure for 207 Type III Proposed Units on Parcel
12 is complete (collectively, the “Ready To Be Built Units”). With respect to each of the foregoing, the Contributing
Parties know of no matter or item which needs to be undertaken, installed, constructed or paid for other than the pulling of building
permits to enable to construction of the units on Parcels 3, 4, 10B, 12, and 13, and except for the application for a building
permit and the payment of the building permit fee, if any, there is nothing else required in order to obtain building permits to
construct any of the Ready To Be Built Units.

 

(k)          Additional
Representations. The Contributing Parties hereby make the following additional representations and Warranties in favor of the
FC Parties:

 

(i)          Title
to each of the Contributed Assets is good, marketable and insurable, subject to Permitted Liens.

 

(ii)         There
are no proceedings at law or in equity before any court, grand jury, administrative agency or other investigative agency, bureau
or instrumentality of any kind pending or, to the Best Knowledge of the Contributing Parties, threatened, against or affecting
the Contributed Properties or the Contributing Parties that (i) involve, or in any way may affect, the validity or enforceability
of this Agreement or any other instrument or document to be delivered by the Contributing Parties pursuant hereto, (ii) enjoin
or prevent or threaten to enjoin or prevent the performance of the Contributing Parties’ obligations hereunder or (iii) relate
specifically to the Contributed Properties or the Contributed Assets or the title thereto; and there is no other pending or threatened
litigation, governmental investigation or administrative proceeding affecting the Contributing Parties, the Contributed Properties,
the Contributed Entities and/or the Contributed Assets;

 

(iii)        None
of the Contributed Assets, the Contributed Properties or the Contributed Entities are debtors under any bankruptcy or other insolvency
law, or are in the hands of a receiver, nor is an application for the appointment of a receiver pending; and none of the Contributed
Entities have made an assignment for the benefit of creditors, nor filed, or had filed against it, any petition in bankruptcy which
is currently pending in any court;

 

    	 	18	 

     

    

 

(iv)        All
information and documents heretofore prepared and delivered by the Contributing Parties to the FC Parties are, to the Contributors
Best Knowledge, true, complete and accurate in all material respects, and with respect to documents, are true, correct and complete
copies thereof;

 

(l)          Labor.
All sums payable by reason of any labor or materials heretofore furnished with respect to the Contributed Properties or the Contributed
Assets have been, paid, and to Contributors Best Knowledge there are no disputes in connection therewith.

 

(m)        Condition
precedent. The truth, accuracy and completeness of each of the representations and warranties of the Contributing Parties made
in this Agreement as of the date hereof, and as of the Closing Date, shall constitute a condition precedent to the obligations
of the FCRE Parties hereunder. Each such representation and warranty shall survive the Closing and the transfer of the Contributed
Assets hereunder.

 

3.2           The
Contributors, Holdings, Station Member and CS 65 Owner, each solely with respect to their individual entity and not with respect
to any other entity make the following representations and warranties to the FCRE Parties on a sole, separate and several basis
as of the date hereof:

 

(a)         Organization
and Authorization. Each of the Contributing Parties is an entity duly organized, validly existing and in good standing in the
state of its organization. Each Contributing Party has all requisite power and authority to execute, deliver and perform its obligations
under this Agreement and any other Transaction Documents. Each Contributing Party has taken all necessary action to authorize the
execution, delivery and performance of this Agreement and any other Transaction Documents. Upon the execution and delivery of any
Transaction Document to be executed and delivered by any Contributing Party, such Transaction Document shall constitute the valid
and binding obligation of such Contributing Party, enforceable against such Contributing Party in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting
the rights and remedies of creditors and general principles of equity. The person or persons executing and delivering this Agreement
or any other Transaction Document on behalf of any Contributing Party is and shall have been prior to the Closing Date, duly authorized
to execute and deliver such documents on behalf of such Contributing Party. No Contributing Party is in default under or in violation
of any provision of its Organizational Documents.

 

(b)          Title
to Contributed Assets. Each Contributing Party owns its respective Contributed Assets and Remaining Holdings Membership Interests
free from all Liens, and the Contributed Properties are free from all Liens and encumbrances except for the Loan and any matters
disclosed in the “EXCEPTIONS” section (the “Permitted Exceptions” and together with the Loan the “Permitted
Liens”) of that certain CLTA Preliminary Report No. 404-11172 issued by Placer Title Company on September 22, 2015 (the “Title
Report”), and except for this Agreement and the agreements made in connection with this Agreement and the transactions contemplated
hereby, there are no agreements, arrangements, options, warrants, calls, rights (including preemptive rights) or commitments of
any character to which any of the Contributing Parties is a party relating to the sale, purchase or redemption of any of such Contributing
Parties respective Contributed Assets, Remaining Holdings Membership Interests and the Contributed Properties. Upon delivery to
FCRE OP on the Closing Date of each Contributing Parties respective Contributed Assets as contemplated by this Agreement (their
“Contributed Interest”), such Contributing Party will thereby transfer to FCRE OP good and marketable title to such
Contributed Interest, free and clear of all Liens, except for the Permitted Liens. All the issued and outstanding Contributed Interests
have been duly authorized and are validly issued, fully paid and non-assessable.

 

    	 	19	 

     

    

  

(c)          Contributed
Entities.

 

(i)          Each
of the Contributing Parties have delivered or made available to FCRE OP and FCRE true, correct and complete copies of the Organizational
Documents of each of Holdings, Station Member and CS 65 Owner (each a “Contributed Entity” and collectively, the “Contributed
Entities”).

 

(ii)         Each
of the Contributing Parties have delivered or made available to FCRE OP and FCRE true, correct and complete copies of all the notes,
mortgages, deeds of trust, security agreements, UCC filings, guaranties and all other documents and agreements in any way related
to the Loan (collectively, the “Loan Documents”).

 

(iii)        Each
of the Contributing Parties have delivered or made available to FCRE OP and FCRE true, correct and complete copies of annual financial
statements, including, without limitation, balance sheets, income statements and statements of cash flow for Holdings for each
of the past two (2) calendar years (2013 and 2014) prepared in conformance with GAAP and an internally prepared financial statement
for the eleven (11) months ended November 30, 2015 prepared utilizing consistently applied accounting principles (collectively,
the “Financial Statements”) and Holdings and the T-9 Project have no liabilities or contingent obligations which have
not been properly disclosed on the Financial Statements.

 

(iv)        Holdings
has no liabilities other than (i) Permitted Liens, (ii) in connection with future performance obligations under any Operating Agreements
disclosed to FCRE OP and FCRE, or (iii) those liabilities that will be satisfied at the Closing pursuant to this Agreement.

 

(v)         Since
the formation of Holdings, its sole business is and has been to own (directly or indirectly) one or more of the Contributed Properties
and matters relating thereto.

 

(d)          Absence
of Defaults and Conflicts. With respect to each Contributing Party, neither the execution and delivery of this Agreement or
any other document to be executed in connection with this Agreement on or subsequent to the Closing (including without limitation
any document to be executed in connection with the Loan Modification Agreement) (the “Transaction Document(s)”) by
such Contributing Party, nor the consummation of any of the transactions contemplated hereby or thereby, nor compliance with or
fulfillment of the terms, conditions and provisions hereof or thereof will: (a) conflict with, result in a breach of the terms,
conditions or provisions of, or constitute a default, an event of default or an event creating rights of acceleration, termination
or cancellation or a loss of rights under, or result in the creation or imposition of any Lien upon such Contributing Parties
Contributed Assets, under (i) any Organizational Documents of any Contributing Party, (ii) any agreement, document or instrument
to which any Contributing Party is a party or by which such Contributing Party or any of its Contributed Assets or the Contributing
Party is or are bound, (iii) any term or provision of any judgment, order, writ, injunction, or decree binding on any Contributing
Party (or its assets or properties, including Contributed Assets or Contributed Properties), or (iv) any Laws applicable to such
Contributing Party; or (b) require the approval, consent, authorization or act of, or the making by such Contributing Party of
any declaration, filing or registration with, any Person. 

 

    	 	20	 

     

    

 

(e)          FIRPTA.
No Contributing Party is a “foreign person” within the meaning of Code Section 1445(f)(3), and each Contributing Party
shall certify to that effect and certify its taxpayer identification number at Closing pursuant to Code Section 1445(b)(2).

 

(f)          No
Litigation. No Proceeding or Order is pending against or affecting any Contributing Party or any of its Affiliates or the Contributed
Properties (and, to the knowledge of each Contributing Party, no such Proceeding or Order has been threatened in writing): (a)
under any bankruptcy or insolvency Law; (b) that seeks or could be reasonably likely to seek injunctive or other relief in connection
with this Agreement, any of the other Transaction Documents or the transactions contemplated hereby or thereby; or (c) that reasonably
could be expected to adversely affect (i) the performance by such Contributing Party under this Agreement or any other Transaction
Document, or (ii) the consummation of any of the transactions contemplated hereby or thereby.

 

(g)          No
Consents Required. Except as shall have been satisfied on or prior to the Closing Date, no consent, waiver, approval or authorization
of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by any Contributing
Party in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except
for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would not have a Material
Adverse Effect. The Contributing Parties shall use commercially reasonable efforts to cooperate and assist the FCRE Parties in
obtaining those consents which have not yet been received by the date of Closing.

 

(h)          Taxes.
To Contributors’ Best Knowledge, except as would not have a Material Adverse Effect, (a) all Tax Returns and reports required
to be filed with respect to the Contributed Entities, the Contributed Assets and the Contributed Properties have been timely filed
(after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so) and all such
returns and reports are accurate and complete in all material respects, and all Taxes required to be paid with respect to the Contributed
Assets have been paid, and (b) no deficiencies for any Taxes have been proposed, asserted or assessed with respect to the Contributed
Assets, and no requests for waivers of the time to assess any such Taxes are pending.

 

(i)          Tax
Matters. Each Contributing Party represents and warrants that it has obtained from its own counsel advice regarding the tax
consequences of (a) the transfer of the Contributed Assets to FCRE OP and the receipt of OP Units and the indemnification of the
Guarantors under the Loan as consideration therefor, (b) Contributing Parties admission as a limited partner of FCRE OP, and (c)
any other transaction contemplated by this Agreement. Each Contributing Party further represents and warrants that it has not relied
on FCRE OP, FCRE, or any of their Affiliates, representatives or counsel for any tax advice and that it is not relying on any advice
or any information or material furnished by such parties, whether oral or written expressed or implied, of any nature whatsoever,
regarding the tax consequences of the events and transactions set forth in the preceding sentence.

 

    	 	21	 

     

    

 

(j)          Insurance.
Holdings has in place the public liability, casualty and other insurance coverages with respect to each of the Contributed Properties
owned by it necessary and in all cases required under the terms of any continuing loan agreement or other agreement to which the
Holdings is subject. Each of the insurance policies is in full force and effect in all material respects and all premiums due and
payable thereunder have been fully paid when due. Holdings has not received from any insurance company any notices of cancellation
or intent to cancel any insurance.

 

(k)          Investment
Representations.

 

(i)          Each
Contributor acknowledges that the offering and issuance of the Securities to be acquired pursuant to this Agreement are intended
to be exempt from registration under the Securities Act and that FCRE OP’s and FCRE’s reliance on such exemptions is
predicated in part on the accuracy and completeness of the representations and warranties of such Contributor contained herein.
In furtherance thereof, each Contributor represents and warrants to the FCRE OP and FCRE as follows:

 

1.          Such
Contributor is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated under the
Securities Act).

 

2.          Such
Contributor is acquiring the Securities solely for its own account for the purpose of investment and not as a nominee or agent
for any other Person and not with a view to, or for offer or sale in connection with, any distribution of any thereof in violation
of the federal securities Law.

 

3.          Such
Contributor is knowledgeable, sophisticated and experienced in business and financial matters and fully understands the limitations
on transfer imposed by the federal securities Law. Such Contributor is able to bear the economic risk of holding the Securities
for an indefinite period and is able to afford the complete loss of its investment in the Securities; such Contributor has received
and reviewed all information and documents about or pertaining to FCRE OP and FCRE and the business and prospects of the FCRE OP
and FCRE and the issuance of the Securities as such Contributor deems necessary or desirable, and has been given the opportunity
to obtain any additional information or documents and to ask questions and receive answers about such information and documents,
the FCRE OP and FCRE and the business and prospects of FCRE OP and FCRE which such Contributor deems necessary or desirable to
evaluate the merits and risks related to its investment in the Securities; and such Contributor understands and has taken cognizance
of all risk factors related to the purchase of the Securities. Such Contributor is relying upon its own independent analysis and
assessment (including with respect to taxes), and the advice of such Contributing Parties advisors (including tax advisors), and
not upon that of FCRE OP, FCRE or any of their Affiliates, for purposes of evaluating, entering into, and consummating the transactions
contemplated hereby.

 

    	 	22	 

     

    

 

(ii)         Each
Contributor is fully aware that the Securities have not been registered with the SEC in reliance on the exemptions specified in
Regulation D under the Securities Act, which reliance is based in part upon the Contributing Parties representations set forth
herein. Each Contributor understands that the Securities have not been registered under applicable state securities laws and are
being offered and sold pursuant to the exemptions specified in said laws, and unless they are registered, they may not be re-offered
for sale or resold except in a transaction or as a security exempt under those laws.

 

(l)          Exculpation
and Waiver of Claims.

 

(i)          Notwithstanding
the information and materials provided to or otherwise obtained by the Contributing Parties as described in this Section 3.2(l),
each Contributor understands and acknowledges that the FC Parties and their respective affiliates, officers, directors, partners,
members, employees and agents may be in possession of additional material non-public information about FCRE’s and FCRE OP’s
operations, prospects and strategic plans that has not been disclosed to the Contributing Parties or to their representatives in
connection with this Agreement. Therefore, each Contributor understands, acknowledges and agrees that: (y) any information in its
possession regarding FCRE and FCRE OP (i) may be incomplete in whole or in part, (ii) has been provided to it by FCRE and FCRE
OP without any representation (other than as expressly set forth in this Agreement), including without limitation, any representation
or warranty that such information (A) is true, correct, accurate or complete, or (B) does not omit any fact necessary to make any
such information not misleading, and (iii) does not contain any omissions or misstatements that an investor would consider material
in making a decision as to whether to invest in the Securities or enter in this Agreement; and (z) as a result of the foregoing,
it may not have adequate information concerning the business and financial condition of FCRE and FCRE OP to make an informed decision
regarding an investment in the Securities; provided, however, that the foregoing shall neither relieve the FC Parties of their
responsibilities and obligations pertaining to the representations and warranties expressly made by such parties in this Agreement
nor diminish the veracity or substantive effect of the same representations and warranties as expressly stated in this Agreement.

 

(ii)         Each
Contributor hereby irrevocably understands, acknowledges and agrees that it will not directly or indirectly institute, join any
person in instituting or take any action to directly or indirectly institute, any legal or other proceeding against FCRE, FCRE
OP or any of their affiliates, officers, directors, partners, members, employees or agents for any reason relating to, or seeking
damages or remedies (whether legal or equitable) with respect to this Agreement, an investment in the Securities or any of the
information that FCRE, FCRE OP or any of their affiliates, officers, directors, partners, members, employees, agents or representatives
has provided or omitted to provide to the Contributing Parties in connection with the this Agreement or otherwise, other than in
the case of any representation or warranty by FCRE or FCRE OP expressly set forth in this Agreement; provided, however, that except
as expressly provided above, the foregoing provisions shall not preclude or limit the rights and remedies available to Contributor
under and in accordance with the terms of this Agreement.

 

    	 	23	 

     

    

 

(iii)        Each
Contributor understands, acknowledges and agrees that it is not relying upon representations and warranties of any Person, other
than representations and warranties of the FC Parties contained herein and in the other Transaction Documents, in making its investment
or decision to invest in the Securities.

 

(iv)        Each
Contributor agrees that none of the Contributing Parties and their respective controlling Persons, officers, directors, partners,
agents, or employees shall be liable to any other Contributor for any action heretofore taken or omitted to be taken by any of
them in connection with the transactions contemplated hereby. Furthermore, the parties hereto acknowledge and agree that no individual,
duly authorized and acting as an officer, director, partner, member, shareholder, agent, consultant or employee on behalf of either
the Contributing Parties or the FC Parties, respectively, shall have any personal liability arising from this Agreement or from
the transactions contemplated by this Agreement except in connection with such individuals fraud, intentional misrepresentations
or willful misconduct.

 

Article
IV.

REPRESENTATIONS AND WARRANTIES OF FCRE OP
AND FCRE

 

FCRE OP and FCRE, jointly
and severally, hereby represent and warrant to the Contributors as follows:

 

4.1           Organization
and Authorization. Each of FCRE OP and FCRE is an entity duly organized, validly existing and in good standing in the state
of its organization. Each of FCRE OP and FCRE has all requisite entity power and authority to execute, deliver and perform its
obligations under this Agreement and any other Transaction Documents. Each of FCRE OP and FCRE has taken all necessary action to
authorize the execution, delivery and performance of this Agreement and any other Transaction Documents. Upon the execution and
delivery of any Transaction Documents to be executed and delivered by FCRE OP or FCRE, such Transaction Document shall constitute
the valid and binding obligation of FCRE OP or FCRE, enforceable against FCRE OP or FCRE in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting
the rights and remedies of creditors and general principles of equity. The person or persons executing and delivering this Agreement
or any other Transaction Document on behalf of FCRE OP or FCRE is and shall have been prior to the Closing Date, duly authorized
to execute and deliver such documents on behalf of FCRE OP or FCRE.

 

4.2           No
Litigation. No Proceeding or Order is pending against or affecting FCRE and FCRE OP or property owned by any such parties (and,
to the knowledge of such Contributor, no such Proceeding or Order has been threatened in writing) (a) under any bankruptcy or insolvency
Law, (b) that seeks or could be reasonably likely to seek injunctive or other relief in connection with this Agreement, any of
the other Transaction Documents or the transactions contemplated hereby or thereby, or (c) that reasonably could be expected to
adversely affect (i) the performance by FCRE of FCRE OP under this Agreement or any other Transaction Document, or (ii) the consummation
of any of the transactions contemplated hereby or thereby.

 

4.3           No
Consents or Approvals. Except as shall have been satisfied on or prior to the Closing Date, no consent, waiver, approval or
authorization of, or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained
by any FCRE OP or FCRE in connection with the execution, delivery and performance of this Agreement and the transactions contemplated
hereby, except for those consents, waivers, approvals, authorizations or filings, the failure of which to obtain or to file would
not have a Material Adverse Effect.

 

    	 	24	 

     

    

 

4.4           No
Violation. None of the execution, delivery or performance of this Agreement, any agreement contemplated hereby between the
Parties to this Agreement and the transactions contemplated hereby between the Parties to this Agreement does or will, with or
without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under
(a) the organizational documents of FCRE or FCRE OP, (b) any term or provision of any judgment, order, writ, injunction, or decree
binding on FCRE or FCRE OP, or (c) any other material agreement to which FCRE or FCRE OP is a party.

 

4.5           Valid
Issuance of Securities. The OP Units to be issued to the Contributors pursuant to this Agreement have been duly authorized
by FCRE OP and, when issued against the consideration therefor, will be validly issued by FCRE OP, free and clear of all Liens
created by FCRE OP (other than Liens created by the OP Agreement).

 

4.6           UPREIT
Assets. The assets held by FCRE OP as of the Closing Date and as reflected on Schedule 4.6 are owned by and constitute all
of the assets of FCRE OP other than those contemplated pursuant to this Agreement. The fair market value of each asset shown on
Schedule 4.6 constitutes a commercially reasonable estimate of the valuation of each asset as within the three (3) calendar months
prior to Closing.

 

4.7           Operation
of Companies’ Business. On August 14, 2015 FCRE filed with the SEC its Form 10-Q for the fiscal quarter ended June 30,
2015 and all previous fiscal quarters. Since September 30, 2015, FCRE and FCRE OP have maintained their assets and operated their
businesses in good faith and in the ordinary course consistent with past practice.

 

4.8           REIT
Status. To FCRE’s Best Knowledge, FCRE is a real estate investment trust properly formed under Section 856 through 860
of the Code.

 

4.9           Charter
Documents. FCRE has provided drafts of amendments to its Certificate of Incorporation and amendments to the governing charter
instruments of FCRE OP and each of its material subsidiaries reflecting a rebranding from United to First Capital. FCRE, FCRE OP
and each of its subsidiaries is in compliance with the provisions of its Certificate of Incorporation or equivalent governing charter
instrument.

 

4.10         SEC
Filings; Financial Statements; Undisclosed Liabilities.

 

(a)          All
forms, reports and documents, and all exhibits and schedules thereto and documents incorporated by reference therein that have
been filed with the SEC are referred to herein as the “FCRE SEC Reports.” As of their respective dates, to the Best
Knowledge of FCRE, the FCRE SEC Reports (i) materially complied as to form with the applicable requirements of the Securities Act
or the Exchange Act, as the case may be, and the applicable rules and regulations of the SEC promulgated thereunder, and (ii) did
not at the time each such FCRE SEC Report was filed (or if amended by a filing prior to the date of this Agreement, then on the
date of such filing) contain any knowingly untrue statement of a material fact actually known to be untrue at the time of filing
or omit to state a material fact with actual knowledge of such omission, required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not materially misleading.

 

    	 	25	 

     

    

 

(b)          Each
of the consolidated financial statements (including, in each case, any related notes thereto) contained in the FCRE SEC Reports
(i) materially complied as to form with the published rules and regulations of the SEC with respect thereto, (ii) was prepared
to be in accordance with GAAP applied on a consistent basis throughout the periods involved (except as may be indicated in the
notes thereto or, in the case of unaudited interim financial statements, as may be permitted by the SEC pursuant to the rules and
regulations governing Form 10 Q under the Exchange Act), and (iii) fairly presented the consolidated financial position of FCRE
and its consolidated Subsidiaries as of the respective dates thereof and the consolidated results of operations and cash flows
of FCRE and its consolidated subsidiaries for the periods indicated therein, except that the unaudited interim financial statements
were or are subject to reasonable, normal and recurring year-end adjustments.

 

(c)          Financial
Records. FCRE and FCRE OP have provided Contributors with the audited financials of FCRE and FCRE OP as of August 14, 2015,
the date of the filing of FCRE’s most recent quarterly report (collectively, the “Financial Records”).

 

(d)          Financial
Statements in Accordance with Books and Records; Fair Presentation. FCRE and FCRE OP hereby represent and warrant that the
financial statements provided are in accordance with the books and records of FCRE and FCRE OP, and fairly present the financial
condition of FCRE and FCRE OP as at the respective dates indicated.

 

(e)          [Intentionally
omitted].

 

(f)          FCRE
OP’s equity in its assets is fairly represented in FCRE’s most recently filed financial statements with the SEC as
of the date of their filing, and the equity generated as a result of the September 15 UPREIT transaction is fairly represented
in the September 22, 2015 8-K filing with the SEC, subject to possible adjustment with respect to the Houston and New Mexico hotels.

 

4.11         Information
Provided to Contributor. The financial statements, all financial data, organizational documents relating to the FC Parties
and their related entities, and all other documents and information heretofore delivered to Contributors by or with respect to
the FC Parties in connection with the transactions contemplated by this Agreement or otherwise relating to the FC Parties, are
to the Best Knowledge of the FC Parties correct and complete in all material respects; fairly present the FC Parties, and there
have been no material amendments thereto since the date such items were prepared or delivered to Contributors.

 

4.12         [Intentionally
omitted].

 

    	 	26	 

     

    

 

4.13         Condition
Precedent. The truth, accuracy and completeness of each of the representations and warranties by FCRE and FCRE OP to the Contributors
made in this Agreement as of the date hereof, and as of the Closing Date, shall constitute a condition precedent to the Closing.
Each such representation and warranty shall survive the Closing and the transfer of the Contributed Assets hereunder. In the event
that any Party to this agreement proceeds to Closing with knowledge of any untruth or inaccuracy with respect to the representations
and warranties made in ARTICLE IV, that Party shall be deemed to have waived its rights to any claim based such untruth or inaccuracy.
 

 

4.14         Eminent
Domain. There is no existing, proposed or threatened condemnation, eminent domain or similar proceeding, or private purchase
in lieu of such a proceeding, in respect of all or any material portion of the real property owned by FCRE OP that would likely
result in a Material Adverse Effect.

 

4.15         Insurance.
FCRE OP has in place the public liability, casualty and other insurance coverages, in normal and customary amounts, with respect
to any real property owned by FCRE OP to the extent it is required under the terms of any continuing loan or other agreement to
which the real property owned by FCRE OP is subject. To the Best Knowledge of FCRE OP, each of the insurance policies is in full
force and effect in all material respects.

 

Article
V.

CONDITIONS PRECEDENT

 

5.1           Conditions
Precedent to the Obligations of Each Party. The obligations of each Party to consummate the transactions contemplated hereby
at the Closing shall be subject to the satisfaction or waiver (where permissible), at or prior to the Closing, of the following
conditions:

 

(a)          No
Order. No Governmental Authority with jurisdiction over such matters shall have enacted, issued, promulgated, enforced or entered
any Law (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the transactions contemplated
hereby at the Closing illegal or otherwise restricting, preventing or prohibiting consummation of such transactions.

 

(b)          Simultaneous
Closing. The transfers contemplated in Sections 1.3 (a), 1.3 (b), 1.3 (c), 1.3 (d), 1.3(e) and 1.3(f) hereof shall all be consummated
at the Closing on the Closing Date and shall be deemed to have occurred simultaneously or in immediate succession.

 

5.2           Conditions
Precedent to the Obligations of the Contributors. The obligations of each Contributor to consummate the transactions contemplated
hereby at the Closing shall be subject to the satisfaction or waiver (where permissible), at or prior to the Closing, of the following
additional conditions:

 

(a)          Agreements
and Covenants. FCRE OP and FCRE shall have performed all obligations to be performed by them, and complied with their agreements
and covenants to be performed or complied with by them under this Agreement on or prior to the Closing.

 

(b)          Closing
Deliveries. FCRE OP and FCRE shall have delivered, or caused to be delivered, each of the items set forth in Section 2.3.

 

    	 	27	 

     

    

 

5.3           Conditions
Precedent to the Obligations of the FCRE Parties. The obligations of the FCRE Parties to consummate the transactions contemplated
hereby at the Closing shall be subject to the satisfaction or waiver by the FCRE Parties, at or prior to the Closing, of the following
additional conditions:

 

(a)          Agreements
and Covenants. The Contributors shall have performed all obligations to be performed by them, and complied with their agreements
and covenants to be performed or complied with by them under this Agreement on or prior to the Closing.

 

(b)          Closing
Deliveries. The Contributors shall have delivered, or caused to be delivered, each of the respective items set forth in Section
2.2.

 

(c)          The
FCRE Parties shall have the right to elect to waive one or more, or all, of the Conditions Precedent set forth in this Section
5.3, each of which Conditions Precedent run in favor of FCRE Parties, and elect to determine to Close the transactions contemplated
herein prior to satisfaction of any of the conditions precedent set forth in this Section 5.3, in which case, the Closing shall
occur promptly upon such waiver.

 

5.4           Condition
Precedent. The truth, accuracy and completeness of each of the representations and warranties by FCRE and FCRE OP to the Contributors
made in this Agreement as of the date hereof, and as of the Closing Date, shall constitute a condition precedent to the obligations
of the Contributors hereunder. Each such representation and warranty shall survive the Closing and the transfer of the Contributed
Assets hereunder. In the event that any Party to this Agreement proceeds to Closing with knowledge of any untruth or inaccuracy
with respect to the representations and warranties made in ARTICLE V that Party shall be deemed to have waived its rights to any
claim based such untruth or inaccuracy.  

 

Article
VI.

LOAN MODIFICATION COVENANTS

 

6.1           Loan
Modification. Following execution of this Agreement, all of the parties covenant and agree to cooperate in good faith and use
diligent commercially reasonable efforts to seek a Loan Modification Agreement in form and substance acceptable to the FCRE Parties
(the “Loan Modification Agreement”), the goals of the FCRE Parties is to obtain a Loan Modification Agreement which,
at minimum, shall provide for: (i) extension of the Loan for a term (24 months) sufficient to allow T-9 Owner to obtain replacement
financing on commercially reasonable terms; (ii) provide for a moratorium on the payment of interest sufficient to enable T-9 Owner
and T-9 Developer to garner and direct cash resources to fund important entitlement and development aspects of the Project; (iii)
provide for a reduction in the interest rate for the Loan to a market rate and upon market terms for acquisition and development
loans; (iv) provide the right to have any of the 23 parcels comprising the Contributed Properties released from the security of
the Loan upon the payment of the market-based release price as to each such parcel as set forth on Schedule A (the “Per Parcel
Release Price”) whereupon receipt by Lender of the payment of the Per Parcel Release Price the Lender shall file a release
and satisfaction of mortgage or deed of trust as to such parcel(s); (iv) provide the right of the borrower to prepay the loan in
whole or in part at any time without penalty or premium, and if the Loan is paid in whole (but not in part) graduated discounts
in the pay-off amount for the Loan (expected to range between 10% and 20% of the then outstanding principal balance), or on such
other terms as shall be acceptable to the FCRE Parties. Contributing Parties shall obtain the consent of the Lender to this Agreement
and the transactions contemplated hereby prior to the Contributing Parties entering into this Agreement as may be required pursuant
to the terms of any “due-on-sale” clause contained in the documentation that evidences and/or secures the Loan.

 

    	 	28	 

     

    

 

6.2           Condition
Subsequent

 

(a)          the
FC Parties may elect, in their sole and absolute discretion, to cancel this Agreement if an acceptable Loan Modification Agreement,
as described in Section 6.1, is not executed by Lender and the FC Parties or their affiliates within one hundred twenty
(120) days of the execution hereof (“Loan Modification Period”). The FC Parties shall have ten (10) Business
Days after expiration of the Loan Modification Period with which to provide Notice to the Contributors of the FC Parties election
to cancel the Agreement pursuant to this Section 6.2.

 

(b)          In
the event that the FCRE Parties elects to cancel this Agreement pursuant to Section 6.2(a);

 

(i)          
the Contributors hereby agree to assign, set over, and transfer to FCRE OP any and all consideration received under Section
1.4 of this Agreement;

 

(ii)         FCRE
OP hereby agrees to assign, set over, and transfer to the Contributors absolutely and unconditionally, and free and clear of all
Liens, all their right, title and interest in and to the Contributed Assets received under Section 1.3 of this Agreement;
and

 

(iii)        Contributors
hereby agree to release FCRE OP from any obligation arising out of this Agreement to indemnify NCA and NCRF with respect to any
losses suffered by NCA and NCRF as guarantors of the Loan.

 

(c)          Notwithstanding
anything herein to the contrary, the Contributors are prohibited from divesting any of the consideration received under Section
1.4 of this Agreement through sale, transfer, assignment or any other means of divestiture up and until the earlier of: (i)
entry into a Loan Modification Agreement in form and substance acceptable to the FC Parties; and (ii) one (1) day after the date
at which the FC Parties right to elect cancellation pursuant to Section 6.2(a) expires (i.e. ten (10) Business Days after
expiration of the Loan Modification Period). 

 

Article
VII.

TERMINATION

 

7.1           Termination.
Notwithstanding anything herein to the contrary, this Agreement may be terminated prior to the Closing:

 

(a)          by
any Party, as expressly provided in this Agreement upon the occurrence of the events specified herein as giving said Party the
right to terminate this Agreement;

 

(b)          by
the Contributors, as expressly provided in Section 5.2 hereof;

 

(c)          by
the FCRE Parties, as expressly provided in Section 5.3 hereof;

 

    	 	29	 

     

    

 

7.2           Effect
of Termination. If this Agreement is terminated pursuant to Section 7.1, no Party shall have any further obligations
or liabilities hereunder, except for those obligations or liabilities which expressly survive the termination of this Agreement.
For avoidance of doubt, the provisions of this Section 7.2 shall have no effect on the rights and obligations of the parties
to any of the Transaction Documents.

 

Article
VIII.

GENERAL PROVISIONS

 

8.1           Survival.
Unless otherwise set forth in this Agreement, the representations and warranties of the Parties contained in or made pursuant to
this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any
investigation or knowledge of the subject matter thereof made by or on behalf of any of the Parties.

 

8.2           Notices.
All notices, consents, approvals, waivers or other communications (each, a “Notice”) required or permitted hereunder,
except as herein otherwise specifically provided, shall be in writing and shall be: (a) delivered personally or by commercial messenger;
(b) sent via a recognized overnight courier service; (c) sent by registered or certified mail, postage pre-paid and return receipt
requested; or (d) sent by email or facsimile transmission, provided confirmation of receipt is received by sender and the original
Notice is thereafter sent or delivered by an additional method provided in this Section 7.2, in each case so long as such
Notice is addressed to the intended recipient thereof as set forth below:

 

If to any Contributor hereto:

 

NCA/NCRF

The Nehemiah Companies

640 Bercut Drive, Suite A

Sacramento, CA 95811

Attn: Scott Syphax

Email: scotts@nehemiahcorp.org

 

Invision Holdings, Inc.

640 Bercut Drive, Suite A

Sacramento, CA 95811

Attn: Steve Goodwin & Ron Mellon

Email: sgoodwin@t9ontheriver.com

Email: rmellon@t9ontheriver.com

 

Capitol Station

640 Bercut Drive, Suite A

Sacramento, CA 95811

Attn: Scott Syphax

Email: scotts@nehemiahcorp.org

 

    	 	30	 

     

    

 

With a copy (which shall not constitute
notice or service of process

under this Section 7.2) to:

 

Weintruab Tobin

400 Capitol Mall, 11th Floor

Sacramento, CA 95814

Attn: Chris Chediak, Esq.

Email: cchediak@weintraub.com

 

If to FC Party, to:

 

David Shapiro, Esq.

60 Broad Street, 34th Floor

New York, NY 10004

Email:d.shapiro@firstcapitalre.com

 

with a copy (which shall not constitute notice or service
of process

under this Section 8.2) to:

 

Downey Brand LLP

621 Capitol Mall

18th Floor

Sacramento, CA 95814

Attn: Anthony A. Arostegui, Esq.

Email: aarostegui@downeybrand.coms

 

Any Party may change its address specified
above by giving each party Notice of such change in accordance with this Section 8.2. Any Notice shall be deemed given upon
actual receipt (or refusal of receipt).

 

8.3           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy or the application of this Agreement to any Person or circumstance is invalid or incapable of being enforced by any rule
of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse
to any Party. To such end, the provisions of this Agreement are agreed to be severable. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

8.4           Amendment.
This Agreement may not be amended or modified in any respect other than by the written agreement of all of the Parties.

 

    	 	31	 

     

    

 

8.5           Parties
in Interest. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto, and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature
whatsoever under or by reason of this Agreement except that First Capital Real Estate Advisors, L.P. is a third party beneficiary
hereunder as the external advisor of FCRE.

 

8.6           Governing
Law; Jurisdiction and Venue.

 

(a)          This
Agreement shall be governed by and construed in accordance with, the laws of the State of New York without regard, to the fullest
extent permitted by law, to the conflicts of laws provisions thereof which might result in the application of the laws of any other
jurisdiction.

 

(b)          Each
Party agrees that any Proceeding for any claim arising out of or related to this Agreement or the transactions contemplated hereby,
whether in tort or contract or at law or in equity, shall be brought only in either the United States District Court for the Southern
District of New York or in a New York state court sitting in New York, New York (each, a “Chosen Court”), and
each Party irrevocably (a) submits to the jurisdiction of the Chosen Courts (and of their appropriate appellate courts), (b) waives
any objection to laying venue in any such Proceeding in either Chosen Court, (c) waives any objection that such Chosen Court is
an inconvenient forum for the Proceeding, and (d) agrees that, in addition to other methods of service provided by law, service
of process in any such Proceeding shall be effective if provided in accordance with Section 7.2, and the effective date
of such service of process shall be as set forth in Section 7.2.

 

8.7           Waiver
of Jury Trial. Each of the Parties hereto hereby waives to the fullest extent permitted by applicable Law any right it may
have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this
Agreement or the transactions contemplated hereby. Each of the Parties hereto (a) certifies that no representative, agent or attorney
of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to
enforce that foregoing waiver, and (b) acknowledges that it and the other Parties hereto have been induced to enter into this Agreement
and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this
Section 7.7.

 

8.8           Waiver.
Except as provided in this Agreement, no action taken pursuant to this Agreement, including, without limitation, any investigation
by or on behalf of any Party, shall be deemed to constitute a waiver by the Party taking such action of compliance with any representations,
warranties, covenants or agreements contained in this Agreement. The waiver by any Party hereto of a breach of any provision hereunder
shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision hereunder.

 

8.9           Mutual
Drafting; Consultation with Advisors. Each Party hereto has participated in the drafting of this Agreement, which each Party
acknowledges is the result of extensive negotiations between the Parties.

 

    	 	32	 

     

    

 

8.10         Entire
Agreement. This Agreement (including its exhibits, appendices and schedules and the other documents delivered pursuant hereto
and thereto constitute a complete and exclusive statement of the agreement between the Parties with respect to the subject matter
hereof and thereof, and supersede all other prior agreements, arrangements or understandings by or between the Parties, written
or oral, express or implied, with respect to the subject matter hereof or thereof.

 

8.11         Counterparts.
This Agreement may be executed (including by facsimile or other similar electronic transmission) with counterpart signature pages
or in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and
the same instrument.

 

8.12         Section
Headings; Interpretation.

 

(a)          The
descriptive headings of sections and paragraphs of this Agreement are inserted for convenience only, and do not constitute a part
of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement,

 

(b)          When
a reference is made in this Agreement to an Article, Section, Annex or Exhibit, such reference shall be to an Article, Section,
Annex or Exhibit of or to this Agreement unless otherwise indicated. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”
unless the context otherwise requires or unless otherwise specified. Unless the context requires otherwise, the terms “hereof,”
“herein,” “hereby,” “hereto” and derivative or similar words in this Agreement refer to this
entire Agreement. Except as otherwise specifically provided herein, where any action is required to be taken on a particular day
and such day is not a Business Day and, as a result, such action cannot be taken on such day, then this Agreement shall be deemed
to provide that such action shall be taken on the first Business Day after such day.

 

[REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK]

 

Signature Pages Follow

 

    	 	33	 

     

    

  

IN WITNESS OF THE FOREGOING, each Party
executes this Agreement as of the date first written above, by the Party’s duly authorized officer.

 

	 	NEHEMIAH CORPORATION OF AMERICA
	 	a California corporation
	 	 
	 	By:	/s/ Vincent D Teat Jr.
	 	Name:	      Vincent D Teat Jr.
	 	Title:  	      President
	 	 
	 	NEHEMIAH COMMUNITY REINVESTMENT FUND, INC.
	 	a California corporation
	 	 
	 	By:	/s/ Vincent D Teat Jr
	 	Name:	      Vincent D Teat Jr
	 	Title:	      President
	 	 
	 	INVISION HOLDINGS, INC.
	 	a California corporation
	 	 
	 	By:	/s/ Steve Goodwin
	 	Name:	      Steve Goodwin
	 	Title:  	 

 

[Signature page to Contribution Agreement]

 

    	 	34	 

     

    

 

	 	INVISION HOLDINGS, INC. 
	 	a California corporation
	 	 
	 	By:	/s/ Ron Mellon
	 	Name:  	    Ron Mellon
	 	Title:  	      President
	 	 
	 	NFINIT SOLUTIONS, INC.
	 	a California corporation
	 	 
	 	By:	/s/ Vincent D Teat Jr.
	 	Name:	      Vincent D Teat Jr.
	 	Title:  	 
	 	 
	 	SYPHAX STRATEGIC SOLUTIONS, LLC
	 	a California limited liability company
	 	 
	 	By:	/s/ Scott Syphax
	 	Name:	      Scott Syphax
	 	Title:  	      Member
	 	 
	 	CAPITOL STATION HOLDINGS, LLC
	 	a California limited liability company
	 	 
	 	By:	/s/ Scott Syphax
	 	Name:	      Scott Syphax
	 	Title:  	      CEO of Nfinit Solutions, Inc.
	 	 
	 	CAPITOL STATION MEMBER, LLC
	 	a California limited liability company
	 	 
	 	By:	/s/ Scott Syphax
	 	Name:	      Scott Syphax
	 	Title:  	      CEO of Nfinit Solutions, Inc.

 

[Signature page to Contribution Agreement]

 

    	 	35	 

     

    

 

	 	CAPITOL STATION 65 LLC
	 	a California limited liability company
	 	 
	 	By:	/s/ Scott Syphax
	 	Name:	      Scott Syphax
	 	Title:  	      CEO of Nfinit Solutions Inc.
	 	 
	 	SRS, LLC
	 	a  California limited liability company
	 	 
	 	By:	/s/ Ron Mellon
	 	Name:	      Ron Mellon
	 	Title:	 
	 	 
	 	SRS, LLC
	 	a California limited liability company
	 	 
	 	By:	/s/ Scott Syphax
	 	Name:	      Scott Syphax
	 	Title:	      Member
	 	 
	 	SRS, LLC
	 	a _________________ limited liability company
	 	 
	 	By:	/s/ Steve Goodwin
	 	Name:	      Steve Goodwin
	 	Title:	 
	 	 
	 	FIRST CAPITAL UNITED 
	 	FUNDS MANAGEMENT, LLC 
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Jacob Frydman
	 	Name:	    Jacob Frydman
	 	Title:	     Authorized Signatory

 

[Signature page to Contribution Agreement]

 

    	 	36	 

     

    

 

	 	FIRST CAPITAL REAL ESTATE
	 	OPERATING PARTNERSHIP, L.P.
	 	a Delaware limited partnership
	 	 
	 	By:	/s/ Suneet Singal
	 	Name:	    Suneet Singal
	 	Title:	    Authorized Signatory
	 	 
	 	FIRST CAPITAL REAL ESTATE TRUST INCORPORATED
	 	a Maryland corporation
	 	 
	 	By:	/s/ Suneet Singal
	 	Name:	   Suneet Singal
	 	Title:	   Chairman & CEO
	 	 
	 	FIRST CAPITAL REAL ESTATE INVESTMENTS, LLC  
	 	a California limited liability company
	 	 
	 	By:	/s/ Suneet Singal
	 	Name:	   Suneet Singal
	 	Title:	   Authorized Signatory

 

[Signature page to Contribution Agreement]

 

    	 	37	 

     

    

 

DEFINITIONS

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“Additional
Exit Fee” has the meaning set forth in Section 3 of the Loan.

 

“Affiliate”
means, with respect to a specified Person, each other Person that directly or indirectly Controls, is Controlled by, or is under
common Control with that Person.

 

“Appraisal”
has the meaning set forth in the recitals.

 

“Approvals” has the meaning
set forth in the recitals.

 

“Best Knowledge”
means to the extent that such knowledge is ascertainable though a reasonable inquiry
of the relevant facts and circumstances.

 

“Borrower” has the meaning
set forth in the recitals.

 

“Business
Day” means any day other than (a) a Saturday or a Sunday, or (b) a day on which banks are required or authorized by Law
to be closed in The City of New York.

 

“Chosen Court”
has the meaning set forth in Section 7.6.

 

“Closing”
has the meaning set forth in Section 2.1.

 

“Closing Date”
has the meaning set forth in Section 2.1.

 

“Code”
has the meaning set forth in the recitals.

 

“Contributed
Assets” has the meaning set forth in the recitals.

 

“Contributed
Entity” and “Contributed Entities” have the meanings set forth in the recitals.

 

“Contributed
Interests” has the meaning set forth in the recitals.

 

“Contributed
Properties” has the meaning set forth in the recitals.

 

“Contributed
Interest” has the meaning set forth in Section 3.2(b).

 

“Contributing
Parties” has the meaning set forth in the introductory paragraph of Article III

 

“Contributing
Party” has the meaning set forth in the introductory paragraph of Article III.

 

“Contributors”
has the meaning set forth in the introductory paragraph.

 

     

     

    

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of an equity interest, by contract or otherwise. The terms “Controlled by” and
“under common Control with” have correlative meanings.

 

“Conversion
Event” has the meaning set forth in Section 1.9.

 

“CSSs”
has the meaning set forth in the recitals.

 

“CVFPB”
has the meaning set forth in the recitals.

 

“Easement
Deed” has the meaning set forth in the recitals.

 

“Employees”
has the meaning set forth in Section 3.18.

 

“Entitlements” has the
meaning set forth in the recitals.

 

“Entity”
means, except for Governmental Authorities, (a) any corporation, partnership, joint venture, limited liability company, business
trust or other business entity, (b) any association, unincorporated business or other organization, (c) any trust, and (d) any
other organization having legal status as an entity under any Law.

 

“Entity Properties”
has the meaning set forth in the recitals.

 

“Environmental
Law” means Laws or Orders of any Governmental Authority relating to pollution or protection of the environment or natural
resources (including the generation, use, storage, management, treatment, transportation, disposal, presence, Release or threatened
Release of any Hazardous Material) or occupational health and safety, such as the Clean Air Act, 42 U.S.C. Section 7401 et seq.;
the Clean Water Act, 33 U.S.C. Section 1251 et seq. and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and
Rodenticide Act, 7 U.S.C. Section 136 et seq.; the Marine Protection, Research and Sanctuaries Act, 33 U.S.C. Section 1401 et seq.;
the National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901 et seq.; the
Occupational Safety and Health Act, 29 U.S.C. Section 651 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section
6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act, 42 U.S.C. Section 300f
et seq.; the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), 42 U.S.C. Section 9601
et seq., as amended by the Superfund Amendments and Reauthorization Act, the Emergency Planning and Community Right-to-Know Act,
and Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq.; the Atomic
Energy Act, 42 U.S.C. Section 2011 et seq., and the Nuclear Waste Policy act of 1982, 42 U.S.C. Section 10101 et seq.

 

“Environmental
Permits” means any and all licenses, certificates, permits, directives, requirements, registrations, government approvals,
agreements, authorizations, and consents that are required under or are issued pursuant to any Environmental Laws.

 

“ESDs”
has the meaning set forth in the recitals.

 

     

     

    

 

“Excess Fee
Credits” has the meaning set forth in the recitals.

 

“FC Parties”
has the meaning set forth in the introductory paragraph.

 

“FCRE”
has the meaning set forth in the introductory paragraph.

 

“FCRE Common
Stock” means the common stock, $0.01 par value per share, of FCRE.

 

“FCRE OP”
has the meaning set forth in the introductory paragraph.

 

“FCRE Parties”
has the meaning set forth in the introductory paragraph of Article III.

 

“Fee Credits”
has the meaning set forth in the recitals.

 

“Financial
Statements” has the meaning set forth in Section 3.2(c).

 

“FIRPTA Affidavit”
has the meaning set forth in Section 2.2(e).

 

“Future FC
Agreements” has the meaning set forth in Section 1.6.

 

“Governmental
Authority” means (a) any body exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government, including any governmental agency, department, board, commission or other instrumentality, whether
national, territorial, federal, state, provincial, local, supranational or other authority, (b) any organization of multiple nations,
or (c) any tribunal, court or arbitrator of competent jurisdiction.

 

“Guarantee”
has the meaning set forth in the recitals.

 

“Guarantors”
has the meaning set forth in the recitals.

 

“Hazardous
Material” means any material, substance or waste defined or regulated in relevant form, quantity or concentration as
hazardous or toxic or as a pollutant or contaminant (or words of similar import) pursuant to any Environmental Law, including any
petroleum, waste oil or petroleum constituents or by-products.

 

“Holdings
Membership Interests” has the meaning set forth in the recitals.

 

“Improvements”
means, with respect to the Contributed Properties, all buildings and other structures and improvements situated on the land, to
the extent the same form a part of the Property.

 

“Joinder”
has the meaning set forth in Section 2.2(d).

 

“Law”
and “Laws” mean (a) any constitution applicable to, and any statute, treaty, rule, regulation, ordinance, or
requirement of any kind of, any Governmental Authority, (b) principles of common law, and (c) any Order.

 

     

     

    

 

“Leases”
means, with respect to the Contributed Properties, collectively, all leases, rental agreements, license agreements and occupancy
agreements pursuant to which any non-commercial tenant, licensee or occupant has a possessory right or license with respect to
any portion of the Real Property, together with any amendments, modifications or supplements made thereto.

 

“Lender”
has the meaning set forth in the recitals.

 

“Liabilities”
means any and all debts, liabilities and obligations, of whatever kind or nature, primary or secondary, direct or indirect, whether
accrued or fixed, known or unknown, absolute or contingent, matured or unmatured or determined or determinable.

 

“Lien”
means any lien, encumbrance, security interest, pledge or any other title restriction of any kind.

 

“Loan”
has the meaning set forth in the recitals.

 

“Loan Documents”
has the meaning set forth in Section 3.2(c).

 

“Loan Modification
Agreement” has the meaning set forth in Section 6.1.

 

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

 

“Material
Adverse Effect” means a material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs, business prospects, management, assets or properties of FCRE, FCRE OP and their respective subsidiaries considered as
one enterprise, whether or not arising in the ordinary course of business.

 

“Notice”
has the meaning set forth in Section 8.2.

 

“OP Agreement”
means the agreement of limited partnership of FCRE OP, as amended and restated in connection with the Master Agreement and in effect
from time to time.

 

“OP Amendment”
has the meaning set forth in the Section 1.10.

 

“OP Units”
has the meaning set forth in the recitals.

 

“Operating
Contracts” has the meaning set forth in Section 3.17.

 

“Order”
means any decree, injunction, judgment, order, ruling, writ, assessment or arbitration award of a Governmental Authority, arbitrator
or arbitral body, commission or self-regulatory organization, whether arising from a Proceeding or applicable Law.

 

“Organizational
Documents” means each of the following, as applicable, as amended and supplemented: (a) the articles or certificate of
incorporation and the bylaws of a corporation; (b) the partnership agreement and any statement of partnership of a general partnership;
(c) the limited partnership agreement and the certificate of limited partnership of a limited partnership; (d) the operating agreement
(or limited liability company agreement) and certificate of organization or formation of a limited liability company; and (e) any
charter or similar document adopted or filed in connection with the creation, formation or organization of a Person.

 

     

     

    

 

“Parties”
has the meaning set forth in the introductory paragraph.

 

“Permits”
means, with respect to the Contributed Properties, all governmental permits and approvals, including licenses, registrations and
authorizations, required for the ownership and operation of the Contributed Entity or the Contributed Properties at the Real Property,
including without limitation, qualifications to do business, certificates of occupancy, building permits, signage permits, site
use approvals, zoning certificates, environmental and land use permits, and any and all other necessary approvals from Governmental
Authorities and other approvals granted by any public body.

 

“Permitted
Lien” means the Loan and any matters disclosed in the “EXCEPTIONS” section of that certain CLTA Preliminary
Report No. 404-11172 issued by Placer Title Company on September 22, 2015.

 

“Person”
means an individual, an Entity or a Governmental Authority.

 

“PIFs”
has the meaning set forth in the recitals.

 

“Proceeding”
means any action, claim, audit or other inquiry, hearing, investigation, suit or other charge or proceeding (whether civil, criminal,
administrative, investigative, formal or informal) by or before any Governmental Authority or before an arbitrator or arbitral
body or mediator.

 

“Properties”
has the meaning set forth in the recitals.

 

“RBAs”
has the meaning set forth in the recitals.

 

“Real Property”
shall mean, with respect to the Contributed Properties, collectively, the land and Improvements, together with all easements, rights
of way, privileges, licenses and appurtenances which the Contributed Entity or any of its Subsidiaries may now own or hereafter
acquire with respect thereto.

 

“REIT”
has the meaning set forth in the recitals.

 

“Remaining
Holdings Membership Interests” has the meaning set forth in the Recitals.

 

“Retail”
has the meaning set forth in the recitals.

 

“SDIs”
has the meaning set forth in the recitals.

 

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

 

“SEC Reports”
means any and all reports, schedules, forms, statements and other documents required under applicable Laws to be filed or furnished
by FCRE to the SEC, including, without limitation, proxy information and solicitation materials, in each case, in the form and
with the substance prescribed by such Laws.

 

“Securities”
has the meaning set forth in Section 1.4(a).

 

     

     

    

 

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

 

“Station Member”
has the meaning set forth in the introductory paragraph.

 

“T-9 Developers”
has the meaning set forth in the recitals.

 

“T-9 Developers
OA” has the meaning set forth in Section 1.2.

 

“T-9 Owner”
has the meaning set forth in the recitals.

 

“T-9 Owner
OA” has the meaning set forth in Section 1.2.

 

“T-9 Project”
has the meaning set forth in the recitals.

 

“T-9 Units”
has the meaning set forth in Section 1.10.

 

“Tax”
or “Taxes” means (i) all federal, state, local and foreign net or gross income, gross receipts, turnover, license,
payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code
Section 59A), customs, duties, export taxes and withholdings, capital stock, franchise, profits, withholding, social security (or
similar), unemployment, supplementary, retirement system, disability, real property, personal property, sales, use, transfer, registration,
value added, recording, intangible, documentary, goods and services, ad valorem, net proceeds, net worth, special assessments,
workers’ compensation, utility, production, gains, alternative or add-on minimum, estimated, or other tax of any kind whatsoever,
together with any interest, penalty, or addition thereto payable in connection with such taxes, whether disputed or not and (ii)
any liability of any Person for the payment of amounts of the type described in clause (i) as a transferee, successor or payable
pursuant to a contractual obligation.

 

“Tax Return”
means any return, declaration, report, claim for refund, document, or information return or statement relating to Taxes, or other
filing required to be supplied to any taxing authority or jurisdiction (foreign or domestic) with respect to Taxes, including any
schedules or attachments thereto, and including any amendments thereof.

 

“Total Equity”
means, with respect to any Contributed Asset, the agreed equity value of such Contributed Asset as indicated on Schedule A.

 

“Transaction
Documents” means collectively this Agreement and the other agreements contemplated to be delivered in connection herewith
or therewith and any other agreement, certificate, instrument or writing delivered by such Contributor in connection with this
Agreement or the transactions contemplated hereby.

 

“Trigger Event”
means such time as the T-9 Project shall have generated any Distributable Cash available for distributions under the T-9 Owner
Operating Agreement.

 

“Under Contract
Properties” has the meaning set forth in the recitals.

 

     

     

    

 

“WDFs”
has the meaning set forth in the recitals.

 

     

     

    

 

SCHEDULE A

 

	Parcel #	 	Development Use	 	Commercial SF (land
 parcel)	 	 	Value ($/Unit)*	 	 	Debt Allocated
 to Parcel	 
	1A	 	Condo	 	 	74487.6	 	 	$	5,960,000	 	 	$	2,689,775	 
	1B	 	Apt/Retail	 	 	96267.6	 	 	$	4,430,000	 	 	$	2,000,436	 
	1C	 	Apt/Retail	 	 	79714.8	 	 	$	3,440,000	 	 	$	1,554,393	 
	2	 	 	 	 	0	 	 	$	-	 	 	 	 	 
	3A	 	Apt/Retail	 	 	36154.8	 	 	$	2,390,000	 	 	$	1,081,317	 
	3B	 	Condo	 	 	54885.6	 	 	$	3,057,500	 	 	$	1,382,058	 
	4	 	Condo	 	 	39204	 	 	$	2,870,000	 	 	$	1,297,580	 
	5A	 	Condo	 	 	44866.8	 	 	$	5,139,500	 	 	$	2,320,100	 
	5B	 	Apt/Retail	 	 	81457.2	 	 	$	3,830,000	 	 	$	1,730,107	 
	6	 	Townhouse	 	 	111078	 	 	$	1,940,000	 	 	$	878,570	 
	7A	 	Townhouse	 	 	40946.4	 	 	$	770,000	 	 	$	351,428	 
	7B	 	Townhouse	 	 	36154.8	 	 	$	770,000	 	 	$	351,428	 
	8	 	Townhouse	 	 	60984	 	 	$	1,310,000	 	 	$	594,724	 
	9	 	 	 	 	0	 	 	$	-	 	 	 	 	 
	10	 	Apt/Retail	 	 	85377.6	 	 	$	6,200,075	 	 	$	2,797,940	 
	11	 	Affordable Housing	 	 	79714.8	 	 	$	-	 	 	 	 	 
	12	 	Apt/Retail	 	 	61855.2	 	 	$	6,388,310	 	 	$	2,882,749	 
	15	 	Townhouse	 	 	34848	 	 	$	830,000	 	 	$	378,461	 
	16A	 	Townhouse	 	 	40075.2	 	 	$	830,000	 	 	$	378,461	 
	16B	 	Apt/Retail	 	 	26136	 	 	$	1,650,000	 	 	$	743,405	 
	13	 	Office	 	 	278635	 	 	$	4,364,460	 	 	$	1,966,401	 
	14	 	Office	 	 	263870	 	 	$	4,142,985	 	 	$	1,866,616	 
	17	 	Office	 	 	297123	 	 	$	4,637,170	 	 	$	2,091,347	 
	 	 	SUBTOTAL Real

    Estate Assets*	 	 	 	 	 	$	64,950,000	 	 	 	 	 
	 	 	ESDs & other

Development Fee Credits

 included in Appraisal	 	 	 	 	 	$	13,211,494	 	 	$	4,120,442	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total Appraised Value	 	 	 	 	 	$	78,161,494	 	 	 	 	 

 

*Inclusive of Park Development Fee Credits ("PIFs")
valued at $7,708,500

 

     

     

    

 

 

     

     

    

 

EXHIBIT A

FORM OF TOWNSHIP
NINE OWNER, LLC OPERATING AGREEMENT

 

     

    	 

    

 

TOWNSHIP NINE OWNER, LLC

 

LIMITED LIABILITY COMPANY AGREEMENT

 

As Of February ___, 2016

 

     

    	 

    

 

TOWNSHIP NINE OWNER, LLC

 

LIMITED LIABILITY COMPANY AGREEMENT

 

THIS LIMITED LIABILITY
COMPANY AGREEMENT (this “Agreement”), dated as of February ___, 2016, is made by and among TOWNSHIP NINE
OWNER, LLC, a Delaware limited liability company (the “Company”), FIRST CAPITAL REAL ESTATE OPERATING PARTNERSHIP,
L.P., a Delaware limited partnership with an address at 60 Broad Street, New York, NY 10004 (hereinafter “FCRE OP Member”),
and T-9 DEVELOPERS, LLC, a Delaware limited liability company (hereinafter “T-9 Developer Member”). FCRE OP
Member and T-9 Developer Member are sometimes also referred to individually as a “Member” or collectively as
the “Members” and each other Person who after the date hereof becomes a Member of the Company and becomes a
party to this Agreement.

 

RECITALS

 

The Company was formed
as a limited liability company under the Act (as defined below) by the filing of a Certificate of Formation with the Secretary
of State of the State of Delaware on December 31, 2015. Upon receipt of the certificate of formation filed with the State
of Delaware for the Company (the “Certificate”, such Certificate shall be deemed incorporated within).

 

The FCRE OP Member
is the Owner of 92% of the limited liability company interests and profit participation interests in CAPITOL STATION HOLDINGS,
LLC (“Holdings”), and the T-9 Developer Member is the Owner of 8% of the limited liability company interests
and profit participation interests in Holdings, and Holdings is the sole owner of 100% of the limited liability company
interests and profit participation interests in CAPITOL STATION MEMBER, LLC (“CS Member”), and CS Member
is the sole owner of 100% of the limited liability company interests and profit participation interests in CAPITOL STATION 65
LLC (“CS 65 Owner”).

 

CS 65 Owner is the
direct owner of 100% of the fee simple interests in the real property identified on Schedule B hereto comprising 62.6
gross acres and 29.87 net developable acres (net of the sale of 1.8 acres and roadways, parks and open space, and land situated
within the American River) and known as Lots 1, 2, 3, 5, 6 and 7, Lots A and B, and designated remainder 1 and designated remainder
2, as shown on the map entitled “Township 9 - Phase 1, Subdivision No. P10_036”, filed for record November 13,
2012 in Book 378 of Final Maps, Page 1, Sacramento County Records and designated as Assessor’s Parcel Numbers 001-0020-056,
001-0020—057, 001-0020-058, 001-0020-060, 001-0020-061, 001-0020-062, 001-0020-063, 001-0020-064, 001-0020-066 and 001-0020-067
in the City of Sacramento, California and collectively referred to as the “Township Nine” project (the “Township
Nine Land”).

 

The Township Nine Land
is entitled and zoned RMX-PUD-SPD, A-OS-PUD and OB-PUD-SPD (Residential Mixed Use, Open Space and Office Building Planned Unit
Development, Special Planning District) and received is land-use entitlements which include, without limitation, a certified Environmental
Impact Report (EIR) and Mitigation Monitoring Plan, a Development Agreement, a Master Tentative Map and its conditions of approval,
a Planned Unit Development (PUD) designation along with development guidelines, rezoning, and a lot line adjustment and Development
Agreement covering the Contributed Properties were approved by the City of Sacramento on August 28, 2007 (the “Entitlements”
or “Approvals”); The Master Tentative Map and Planned Unit Development have been modified as of August 27, 2015,
on which land the Company intends to develop up to 2,201 (2,381 less 180 recently completed) residential units (including townhouses,
apartments, condominiums and affordable units), up to 840,000 square feet of office space and 146,000 square feet of retail space.
The project also allows for the development of up to 839,000 square feet of office instead of 484 dwelling units and includes approximately
20 acres of parks and open space, a light rail station on the Green Line at the front of the project, and extensive frontage along
the American River and the Two Rivers Bike Trail (the “T-9 Project”).

 

     1

    	 

    

 

The FCRE OP Member
desires to contribute all of FCRE OP Member’s right, title and interest in and to 92% of the Holdings Membership Interests
to the Company, free and clear of all Liens and encumbrances, except Permitted Exceptions, in exchange for 92,000 Units in the
Company, and the T-9 Developer Member desires to contribute all of T-9 Developer Member’s right, title and interest in and
to 8% of the Holdings Membership Interests to the Company, free and clear of all Liens and encumbrances, except Permitted Exceptions,
in exchange for 8,000 Units of Units in the Company.

 

The parties to this
Agreement wish to set forth their respective rights and obligations as members of the Company and provide for the management of
the Company and its affairs and the conduct of its business.

 

NOW, THEREFORE, in
consideration of the foregoing and the covenants and agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound, hereby agree
as follows:

 

Article
1

DEFINITIONS

 

Section
1.1           Definitions.
The following capitalized terms used in this Agreement have the following meanings:

 

“Act”
shall mean the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq., as amended
from time to time.

 

“Additional
Capital Contribution” shall have the meaning set forth in Section 3.4.

 

“Adjusted
Capital Account Balance” of a Member as of any date means the balance in such Member’s Capital Account as of
such date (a) increased by any amount such Member is deemed obligated to contribute to the Company pursuant to Treasury Regulation
Section 1.704-1(b)(2)(ii)(c) or is deemed obligated to restore with respect to any deficit balance pursuant to the penultimate
sentences of Treasury Regulation Section 1.704-2(g)(1) and Section 1.704-2(i)(5); and (b) reduced by any allocations or distributions
to such Member described in Treasury Regulation Sections 1.704-l(b)(2)(ii)(d)(4), (5) or (6).

 

“Affiliate”
or “affiliate” “affiliated” means, with respect to any Person: (i) any other Person directly or indirectly
controlling, controlled by, or under common control with such Person; (ii) any other Person directly or indirectly owning or owned
by such Person; (iii) the parent or Subsidiary of such Person; or (iv) any spouse, descendant (whether natural, adopted or step-related),
ancestor, or other Family Member of such Person, or any of their respective spouses, descendants (whether natural, adopted or step-related),
ancestors, or family members, and with respect to a Member, all such Member’s Principals.

 

“Affiliate
Transaction” shall have the meaning ascribed to such term in Section 12.30.

 

“Agreement”
means this Agreement, as amended, supplemented or restated from time to time.

 

“Annual
Premium Rate” has the meaning set forth in Section 3.6.

 

     2

    	 

    

 

“Applicable
Law” means all existing and future applicable laws, rules, regulations, statutes, treaties, codes, ordinances, permits,
certificates and applicable judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other administrative,
judicial or quasi-judicial tribunal or agency of competent jurisdiction, as any of the foregoing are amended, modified, codified,
replaced or reenacted, in whole or in part, and in effect from time to time.

 

“Approvals”
has the meaning set forth in the Recitals.

 

“Approved
Budget” has the meaning set forth in Section 6.1(d) and include the Approved Operating Budget, the Approved
Business Plan and the Approved Capital Budget.

 

“Approved
Business Plan” shall mean the Business Plan approved with any Approved Budget.

 

“Board”
shall mean the two (2) Manger Groups as set forth is Section 6.1 herein.

 

“Board
Members” shall be those duly appointed members of the Board appointed under Section 6.1.

 

“Budget”
means the Operating Budget and the Capital Budget.

 

“Business
Day” means any day other than (a) Saturday or Sunday; or (b) any other day on which banks in Maryland are permitted
or required to be closed.

 

“Business
Plan” has the meaning set forth in Section 6.1(d).

 

“Capital
Account” of a Member means the account maintained by the Company for each Member pursuant to Section 3.10
of which the initial balance for each Member is set forth on Schedule A.

 

“Capital
Budget” has the meaning set forth in Section 6.1(f).

 

“Capital
Contributions” of a Member means the amount of cash and/or the fair market value (as determined by the Board) of
property (net of liabilities secured by such property that the Company is considered to assume or take subject to under Section 752
of the Code) contributed by such Member to the Company from time to time.

 

“Capital
Securities” means as to any Person that is a corporation, the authorized shares of such Person’s capital stock
or other equity interests, including all classes of common, preferred, voting and nonvoting equity interests, and, as to any Person
that is not a corporation or an individual, the ownership or membership interests in such Person, including, without limitation,
the right to share in profits and losses, the right to receive distributions of cash and property, and the right to receive allocations
of items of income, gain, loss, deduction and credit and similar items from such Person, whether or not such interests include
voting or similar rights entitling the holder thereof to exercise control over such Person.

 

     3

    	 

    

 

“Cause”
means with respect to a Member, Manager, Principal or a Manager, a good faith determination by the Board or the Manager that: (i) such
person was convicted of, or entered a plea of nolo contendere to, any felony, or a misdemeanor relating to an act of fraud, intentional
misrepresentation, embezzlement or dishonesty or any other act involving self-dealing, personal profit or a breach of fiduciary
or similar duty which materially affects the Company, or any member of the Group, or property of any member of the Group; (ii)
such person is the subject of an enforcement action by a regulatory agency or the subject of a criminal complaint; (iii) such person
breached in any material respect this Agreement which breach is not cured (to the extent reasonably susceptible to cure) after
written notice of such breach and a 10 day opportunity to cure such breach; (iv) such person has breached any of the representations,
warranties or covenants contained in this Agreement or any other agreement with the Company or any member of the Group; (v) such
person has made or attempted to make a Transfer of its Membership Interests in violation of the terms of this Agreement; (vi) such
person has abandoned his or its Membership Interests in the Company; (vii) such person has taken any action with respect to the
Company, the Subsidiaries or their respective assets in violation of the terms of this Agreement; (viii) such person has voluntarily
filed a petition in Bankruptcy, or has had an involuntary petition in Bankruptcy filed against it or him which has not been dismissed
within 180 days after said involuntary petition was filed; (ix) such person has instituted an action against the Company, the Board,
a Manager or another Member which has been dismissed with prejudice, or found by a court of competent jurisdiction to be frivolous
or sanctionable; (x) such person has accepted substitute securities in exchange for its Membership Interests in violation of the
terms of this Agreement; and/or (xi) such person had been employed (as a full time employee, rather than in the capacity of a Member
or Manager) by the Company or a member of the Group, and such employment was terminated for Cause.

 

“Certificate”
means the Company’s Certificate of Formation filed with the Secretary of State of the State of Delaware on December 31,
2015.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
has the meaning set forth in the first paragraph of this Agreement.

 

“Confidential
Information” has the meaning set forth in Section 12.7.

 

“Contributing
Member” has the meaning set forth in Section 3.5.

 

“Conversion”
has the meaning set forth in Section 9.8.

 

“Covered
Person” means (a) each Member; (b) each officer, director, manager, stockholder, employee, member, partner, representative
or agent of each Member in the foregoing capacity listed; (c) each Manager; (d) any Liquidator; and (e) any other Person designated
by the Board as a Covered Person.

 

“Control”
(including, with correlative meaning, the terms “controlled by” and “under common control with”) or “Controlling”
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 and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, or
direct or indirect ownership of 20% or more of the outstanding equity or voting interests, membership interests or partnership
interests of a Person.

 

“CS 65
Owner” has the meaning set forth in the Recitals.

 

“CS Member”
has the meaning set forth in the Recitals.

 

“Day-to-Day
Manager” shall mean the T-9 Developer Member or its successor.

 

“Declining
Member” has the meaning set forth in Section 3.5.

 

     4

    	 

    

 

“Depreciation”
means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for
federal income tax purposes with respect to an asset for such Fiscal Year; provided, however, that if the Gross Asset
Value of an asset differs from its adjusted tax basis at the beginning of such Fiscal Year, Depreciation shall be an amount that
bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery
deduction with respect to such asset for such Fiscal Year bears to such beginning adjusted tax basis; and provided further, that
if the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board.

 

“DevCo”
has the meaning set forth in Section 6.1(g)(i).

 

“Developer
Manager Group” shall be Scott Syphax, Darrell Teat, Ron Mellon and Steve Goodwin.

 

“Development
Plan” has the meaning set forth in Section 6.6(a).

 

“Disparage”
or “disparage” means, with respect to a Person, regardless of truth, any statement or representation which in any way
derogates or cast such Person in a bad light, or questions or negatively remarks on the integrity, character, knowledge, credibility,
trustworthiness, veracity, ethics, performance, performance results, dependability, honor, credibility, responsibility, desirability,
capability, payment history, litigation or dealings of or with such Person, or which tarnish, blur, or dilute, or are likely to
tarnish, blur or dilute such Person.

 

“Distributable
Cash” means, for any period, as determined by the Manager: (a) the sum of (i) the amount of all cash receipts
of the Company during such period from all sources whatsoever, other than Capital Contributions; and (ii) any working capital in
the form of cash or cash reserves of the Company existing at the start of such period; less (b) the sum of (i) all cash amounts
paid, incurred or payable in such period on account of expenses and capital expenditures incurred in connection with the Company’s
and its Subsidiaries’ businesses during such period; and (ii) such reserves that may be required for the working capital,
repayment of any other debt, maintenance expenditures, operating expenditures, capital expenditures, acquisitions, initiatives,
plans, projects, research, developments and future needs of the Company and its Subsidiaries, and/or as may be required by any
instruments or agreements (including, without limitation agreements governing its debt), or as otherwise reasonably determined
by the Manager.

 

“Encumbrance”
means Lien.

 

“Entitlements”
has the meaning set forth in the Recitals.

 

“Effective
Date” means the date of this Agreement.

 

“Fair Value”
of Units means the fair market value of the applicable Units, as determined by the Board in good faith (excluding, for purposes
of this determination, any Board Member controlling or otherwise affiliated with the Member who’s Units are being valued).

 

“Family
Member” means, as applied to any Person who is an individual, such individual’s spouse, parent, sibling, child,
stepchild, grandchild or other descendent thereof (whether natural or adopted), the child of a spouse or former spouse, and each
trust, limited partnership, limited liability company or other estate or tax planning vehicle or entity created for the exclusive
benefit of the individual or one or more of such Persons.

 

“FCRE Manager
Group” shall be Suneet Singal, Jacob Frydman and Ron Cobb.

 

“FCRE OP
Member” has the meaning set forth in the first paragraph of this Agreement.

 

     5

    	 

    

 

“Former
Member” has the meaning set forth in Section 3.27.

 

“GAAP”
means United States generally accepted accounting principles consistently applied from period to period and throughout any period
and comparable accounting rules for any cash basis method of accounting.

 

“Gross
Asset Value” means, with respect to any asset, such asset’s adjusted basis for federal income tax purposes,
except as follows:

 

(i)          the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset,
as agreed to by the contributing Member and the independent members of the Board;

 

(ii)         for
purposes of “booking up” the Capital Accounts of Members to reflect increases in the value of the Company upon certain
occasions, the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as
determined by the Board, as of the following times: (a) the acquisition of an additional interest in the Company by any new or
existing Member in exchange for more than a de minimis Capital Contribution or as consideration for services performed on behalf
of the Company; (b) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration
for an interest in the Company; and (c) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-l(b)(2)(ii)(g);
provided, however, that adjustments pursuant to clause (a) and clause (b) of this sentence shall be made only if the Board reasonably
determines such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.

 

(iii)        the
Gross Asset Value of any Company asset distributed to any Member shall be the gross fair market value of such asset on the date
of distribution, as determined in good faith by the Board.

 

If the Gross Asset Value of an asset has
been determined or adjusted pursuant to paragraph (i) or paragraph (ii) above, such Gross Asset Value shall thereafter be adjusted
by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Loss.

 

“Group”
means the Company, any Subsidiary, any Covered Person, and/or any of their respective Assets, the other Members, their Principals
and Affiliates, each Manager and each of their respective Affiliates.

 

“Holdings”
has the meaning set forth in the Recitals.

 

“Holdings
Membership Interests” means all of the membership interests and profit participation interests of the members in
CAPITOL STATION HOLDINGS, LLC.

 

“Indemnified
Costs” has the meaning set forth in Section 3.18.

 

“Indemnified
Party” has the meaning set forth in Section 6.12.

 

“Law”
or “law” means Applicable Law.

 

     6

    	 

    

 

“Lien”
means (a) any encumbrance, mortgage, pledge, lien, charge or other security interest of any kind upon any property or assets of
any character, or upon the income or profits therefrom; (b) any acquisition of or agreement to have an option to acquire any property
or assets upon conditional sale or other title retention agreement, device or arrangement (including a capitalized lease); or (c)
any sale, assignment, pledge or other transfer for security of any accounts, general intangibles or chattel paper, with or without
recourse.

 

“Manager”
shall mean the FCRE OP Member or its successor.

 

“Manager
Group” and “Manager Groups” has the meaning set forth in Section 6.1(a).

 

“Manager
Group Representative” has the meaning set forth in Section 6.1(a).

 

“Member”
means each Person that executes a counterpart of, or joinder to, this Agreement as a Member, and becomes a Member as provided herein
or therein, as applicable, so long as such Person continues as a Member and is reflected as such in the records of the Company,
in each case in such Person’s capacity as a Member of the Company, and “Members” means all such Persons. If a
Member ceases to be a Member of the Company in accordance with the terms and conditions of this Agreement, all references in this
Agreement to the actual name of that Member shall, if applicable, be deemed to refer to that Member’s successors or permitted
assigns as provide herein, mutatis mutandis.  References to a Member that is not a natural person shall also be deemed to
include such Member’s Principals and any other person affiliated with such Member who is also a Manager or an employee of
the Company or its Subsidiaries.

 

“Membership
Interests” shall mean a Member’s interest in the Company as set forth on the books of the Company,
including such Member’s right to profits, losses and distributions, and the right, if any, to participate in the management
of the business and affairs of the Company, in each case to the extent granted pursuant to the terms of this Agreement, together
with the obligation to comply with the terms of this Agreement.

 

“Member
Loan” has the meaning set forth in Section 3.5.

 

“Membership
Rights” means all legal and beneficial ownership interests in, and rights and duties as a Member of, the Company,
including, without limitation, the right to share in Net Income and Net Loss, the right to receive distributions of cash and other
property from the Company, and the right to receive allocations of items of income, gain, loss, deduction and credit and similar
items from the Company.

 

“Net Income”
and “Net Loss” for each Fiscal Year or part thereof means the income and loss of the Company for that
period, as determined for federal income tax purposes, including all distributive items under Section 702 of the Code, adjusted
to take into account any tax-exempt income of the Company and any expenses of the Company that are described in Section 705 or
709 of the Code as not deductible or amortizable for federal income tax purposes, and further adjusted as follows:

 

(a)          Upon
adjustment of the Gross Asset Value of Company property pursuant to clauses (ii) and (iii) in the definition of Gross Asset Value,
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

 

(b)          Amount
of depreciation, amortization and other cost recovery with respect to Company property having a Gross Asset Value that differs
from its adjusted basis for tax purposes shall equal the Depreciation computed with respect to such property;

 

     7

    	 

    

 

(c)          Items
of income, gain, loss or deduction attributable to the disposition of Company property having a Gross Asset Value that differs
from its adjusted basis for tax purposes shall be computed by reference to such property’s book value in accordance with
Treasury Regulation Section 1.704-l(b)(2)(iv)(g);

 

(d)          Any
items that are specially allocated pursuant to Section 4.1(iii) shall not be taken into account.

 

“New Units”
shall mean any Units issued after the Effective Date other than (i) securities offered to the public pursuant to a registration
statement filed under the Securities Act in connection with a Public Offering; (ii) securities issued to any sellers in consideration
of the acquisition of another Person or business by the Company or any of its Subsidiaries by merger, consolidation, amalgamation,
exchange of shares, the purchase of substantially all of the assets or otherwise; (iii) Equity Securities or options to purchase
Equity Securities issued to any employees of, or providers of services to, the Company or its Subsidiaries pursuant to any form
of incentive compensation plan or agreement approved by the Board; (iv) Equity Securities issued upon any Equity Security
split, dividend, combination or other similar event with respect to the Equity Securities; (v) Equity Securities or warrants to
purchase Units issued to one or more lenders as partial consideration for the Company’s or any Subsidiary’s debt financing;
and (vi) Equity Securities subsequently issued on conversion, exercise or exchange of those Equity Securities, options, warrants
or other rights which have been issued in compliance with, or on issuance were exempt from, the preemptive rights provided for
in Section 7.16.

 

“Notice
of Appointment” has the meaning set forth in Section 6.3(e).

 

“Notice
of Proposed Issuance” has the meaning set forth in Section 7.16(b).

 

“Objection
Notice” has the meaning set forth in Section 6.3(e).

 

“Offer
Period” has the meaning set forth in Section 7.16(c).

 

“Offered
New Units” has the meaning set forth in Section 7.16(b).

 

“Operating
Budget” has the meaning set forth in Section 6.1(f).

 

“Original
Cost” means an amount equal to the aggregate Capital Contributions, if any, attributable to a Members Membership
Interest that have not been repaid by the Company as of the date of the exercise of the repurchase rights under this Agreement.

 

“Partial
Waiver” has the meaning set forth in Section 7.16(a).

 

“Percentage
Interests” means, with respect to each Member, as of any date, the fraction, expressed as a percentage, the numerator
of which is the aggregate Unrecouped Capital Contributions made by such Member and the denominator of which is the aggregate Unrecouped
Capital Contributions made by all of the Members; provided, however, that upon the Company returning all Unrecouped Capital Contributions,
Percentage Interests shall be calculated substituting Units for Unrecouped Capital Contributions.

 

     8

    	 

    

 

“Permitted
Transfer” means: (i) any Transfer of Units by a Member that is a natural person to a Family Member or Personal Representative
of such Member solely for estate planning purposes so long as the Transferor retains Control over, and sole and exclusive power
to direct and exercise all Member rights pertaining to such Units, including, but not limited to, voting power over all of the
Transferred Units; (ii) any Transfer of Units to a Family Member on such Member’s death; (iii) a Transfer of Units pursuant
to a Public Offering; (iv) any Transfer by a Member of its interest in the Company to the Company or a Manager or a Principal or
another Member or a person who is an owner, manager or officer of any Member, or to an Affiliate of any Member or an Affiliate
of any Principal; (v) any Transfer by a holder of any beneficial interest in a Member by a person who holds a beneficial interest
in a Member including, without limitation, the transfer of an ownership interest in one Member by the holder of such ownership
interest to the Company or a Manager or a Principal or another Member or a person who is an owner, manager or officer of any Member,
or to an Affiliate of any Member or an Affiliate of any Principal. For purposes of Permitted Transfers, the transfer of a beneficial
interest in a Member pursuant to clause (v) above shall be deemed to constitute the transfer of an equivalent Percentage Interest
in the Units held by such Member in the Company which is represented by the percentage ownership in such Member which is transferred
by the holder thereof. Each Member and each Principal of each Member hereby unconditionally agrees that the transfer of a beneficial
interest in a Member as contemplated in clause (v) above (including, without limitation, the transfer of an ownership interest
in a Member) may be made by the holder of such beneficial interest without the need to obtain any further approval from the Member
or any other Principal of such Member in which such beneficial interest is held irrespective of any requirements to the contrary
contained in the operating or other governance agreements of such Member. Any Transfer of Units pursuant to the preceding clauses
(i), (ii), (iv) or (v) shall only be a Permitted Transfer if such Transferee agrees to execute a joinder to this Agreement providing
that such Transferee is bound by all of the terms and conditions of this Agreement to the same extent that the Transferor was bound
with respect to the Transferred Units.

 

“Permitted
Transferee” means a Person to whom a Permitted Transfer of Units is made.

 

“Person”
or “person” means any individual, sole proprietorship, partnership, joint venture, limited liability company,
limited liability partnership, trust, estate, unincorporated organization, association, corporation, institution or any other entity.

 

“Personal
Representative” means the successor or legal representative (including, without limitation, a guardian, executor,
administrator or conservator) of a deceased or incompetent Member.

 

“Predevelopment
Expenditures” has the meaning set forth in Section 6.1(h).

 

“Preemptive
Rights Holder” has the meaning set forth in Section 7.16(b).

 

“Prime
Rate” shall mean the prime rate published by the Wall Street Journal from time to time.

 

“Principal”
means, with respect to a Member, each Person, directly or indirectly, holding an equity or ownership interest in such Member, and
each Person in Control of such Member, and each of their respective Affiliates, and each of the foregoing’s members, partners,
shareholders, owners, officers, directors, managers, employees and agents.

 

“Proportionate Share”
means Percentage Interest.

 

“Proposed
Buyer” has the meaning set forth in Section 7.16(b).

 

“Public
Offering” means the sale or distribution of the common stock of a Public Vehicle pursuant to an underwritten public
offering registered under the Securities Act following a Conversion of the Company.

 

“Public
Vehicle” has the meaning set forth in Section 9.8.

 

     9

    	 

    

 

“Ready
To Be Built Parcels” has the meaning set forth in Section 6.1(h).

 

“Recouped
Promote” means the 20% Recouped Promote and the 50% Recouped Promote as the case may be.

 

“20%
Recouped Promote” means a sum equal to: (a) twenty percent (20%) of the aggregate of all Distributable Cash distributed
by the Company to its Members from the Effective Date through the date of computation reduced by the aggregate of: (i) all distributions
of Distributable Cash made by the Company to its Members pursuant to Section 5.2(i) and Section 5.2(ii) through the
date of computation; and further reduced by (ii) all distributions made by all Dev Cos to the Day-to-Day Manager in respect of
the Promote as contemplated in Section 6.1(e)(x) from the effective date through the date of computation; and

 

“50%
Recouped Promote” means a sum equal to: (a) fifty percent (50%) of the aggregate of all Distributable Cash distributed
by the Company to its Members from the Effective Date through the date of computation reduced by the aggregate of: (i) all distributions
of Distributable Cash made by the Company to its Members pursuant to Section 5.2(iv) through the date of computation; and
further reduced by (ii) all distributions made by all Dev Cos to the Day-to-Day Manager in respect of the Promote as contemplated
in Section 6.1(e)(x) from the effective date through the date of computation

 

“Removal
Event” has the meaning set forth in Section 6.1.

 

“Removal
Notice” has the meaning set forth in Section 6.1.

 

“Right
of Conversion” has the meaning set forth in Section 3.5.

 

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

 

“Shortfall
Amount” has the meaning set forth in Section 3.5.

 

“Shortfall
Contribution” has the meaning set forth in Section 3.5.

 

“Shortfall
Notice” has the meaning set forth in Section 3.5.

 

“Subsidiary”
or “Subsidiaries” shall mean, individually and collectively, any corporation, partnership, limited liability
company, association or other business entity of which (a) if a corporation, a majority of the total voting power of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or
a combination thereof; or (b) if a partnership, limited liability company, association or other business entity, a majority of
the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the
Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, the Company or a Subsidiary thereof
shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business
entity if the Company or a Subsidiary thereof shall be allocated a majority of partnership, limited liability company, association
or other business entity gains or losses or shall be or control or have the right to appoint, as the case may be, the managing
director, manager, board of advisors, a general partner or other governing body of such partnership, limited liability company,
association or other business entity by means of ownership interest, agreement or otherwise.

 

     10

    	 

    

 

“Substituted
Member” means a Transferee of a Member that is admitted as a Member to the Company pursuant to the terms of this
Agreement.

 

“Successor”
means any Person to whom a Member shall have Transferred Units in a Transfer.

 

“T-9 Developer
Member” has the meaning set forth in the first paragraph of this Agreement.

 

“T-9 Project”
means that certain mixed-use, transit oriented development which received entitlements for high density rental and for sale housing,
retail, office, mixed-use, parks and open space, along with supporting infrastructure, comprising 62.6 gross acres and 29.87 net
developable acres (net of the sale of 1.8 acres and roadways, parks and open space, and land situated within the American River)
and known as Lots 1, 2, 3, 5, 6 and 7, Lots A and B, and designated remainder 1 and designated remainder 2, as shown on the map
entitled “Township 9 - Phase 1, Subdivision No. P10_036”, filed for record November 13, 2012 in Book 378 of Final
Maps, Page 1, Sacramento County Records and designated as Assessor’s Parcel Numbers 001-0020-056, 001-0020—057, 001-0020-058,
001-0020-060, 001-0020-061, 001-0020-062, 001-0020-063, 001-0020-064, 001-0020-066 and 001-0020-067 in the City of Sacramento,
California which has been approved for the development of up to 2,201 (2,381 less 180 recently completed) residential units (including
townhouses, apartments, condominiums and affordable units), up to 839,000 square feet of office space and 146,000 square feet of
retail space, 20 acres of parks and open space, a light rail station on the Green Line at the front of the project, and extensive
frontage along the American River and the Two Rivers Bike Trail, but excludes Parcel II owned by an affiliate of Holdings and Parcel
11 which was previously sold to a third party.

 

“Tax Matters
Member” shall have the meaning set forth in Section 4.9 hereof.

 

“Termination
Event” has the meaning set forth in Section 9.6.

 

“Township
Nine Land” has have the meaning set forth in the Recitals.

 

“Trade
Secret” or “trade secret” shall have the meaning given in the Delaware enactment of the Uniform
Trade Secrets Act, and shall include, without limitation, the whole or any portion or phase of any scientific or technical information,
design, process, formula, concept, data organization, manual, other system documentation, or any improvement of any thereof, in
any case that is valuable and secret (in the sense that it is not generally known to the owner’s competitors).

 

“Transfer”
means, with respect to any Unit, property, asset or other Membership Rights, when used as a verb, to sell, assign, transfer, exchange,
distribute, devise, gift, grant a lien on, encumber or otherwise dispose of such Unit, property, asset or other Membership Rights,
in whole or in part, or, when used as a noun, the sale, assignment, transfer, exchange, distribution, devise, gift, hypothecation,
granting of a lien, encumbrance or other disposition of such Unit, property, asset or other Membership Rights, in whole or in part,
in either case, whether pursuant to a sale, merger, combination, consolidation, Conversion, recapitalization, reclassification
or otherwise, and whether voluntarily or by operation of law.

 

“Transferor”
and “Transferee” have meanings corresponding to the definition of “Transfer”.

 

“Treasury
Regulations” means the final and temporary income tax regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

 

“Units”
means collectively, means collectively, the interests issued by the Company representing Membership Rights in the Company.

 

     11

    	 

    

 

“Unanimous”
or “unanimous” means, (i) with respect to a decision, vote, approval or consent required of the Board either,
the affirmative vote, consent or approval of all of the Members of the Board entitled to vote on such matter; and (ii) with respect
to a decision vote, approval or consent required of the of the Members (on which the Members are entitled to vote hereunder), the
affirmative vote, approval or consent of all of the Members entitled to vote on such matter(s).

 

“Unrecouped
Capital Contribution” means with respect to each Member as of the date of calculation, the aggregate of all deemed
and funded Capital Contributions made by such Member pursuant to Article 3, reduced, but not below zero, by the amount of cash
distributed to such Members in respect of such Member’s Capital Contributions pursuant to Section 5.2(ii).

 

“Unpaid
Preferred Return” means, with respect to each Member, as of the date of calculation, the positive difference, if
any, between (x) 12% multiplied by such Members’ Unrecouped Capital Contributions, as adjusted and calculated from time to
time, annually, less (y) cumulative aggregate distributions previously made to such Members pursuant to Section 5.2(i).

 

“Withholding
Payment” has the meaning set forth in Section 5.4.

 

“Withdrawal”,
including “Withdraw” and “Withdrawing” shall mean, with respect to a Member, such member’s withdrawal
from the Company as contemplated in Section 3.25.

 

Section
1.2         Other Definitions.
Certain additional defined terms used in this Agreement have the meanings specified throughout the Agreement.

 

Section
1.3          Rules of Interpretation.

 

(a)          The
singular includes the plural and the plural includes the singular.

 

(b)          A
reference to the masculine gender shall be deemed to be a reference to the feminine gender and vice versa.

 

(c)          The
word “or” is not exclusive.

 

(d)          A
reference to a Person includes its permitted successors and permitted assigns.

 

(e)          The
words “include”, “includes” and “including” are not limiting.

 

(f)          A
reference in a document to an Article, Section, Exhibit, Schedule, Annex or Appendix is to the Article, Section, Exhibit, Schedule,
Annex or Appendix of such document, unless otherwise indicated. Exhibits, Schedules, Annexes or Appendices to any document shall
be deemed incorporated by reference in such document.

 

(g)          References
to any document, instrument or agreement (i) shall include all exhibits, schedules and other attachments thereto; (ii) shall include
all documents, instruments or agreements issued or executed in replacement thereof; and (iii) shall mean such document, instrument
or agreement, or replacement or predecessor thereto, as amended, modified and supplemented from time to time and in effect at any
given time.

 

(h)          The
words “hereof”, “herein” and “hereunder” and words of similar import when used in any document
shall refer to such document as a whole and not to any particular provision of such document.

 

     12

    	 

    

 

(i)          This
Agreement is the result of negotiations among, and has been reviewed by, the Members with the advice of counsel to the extent deemed
necessary by any Member. Accordingly, this Agreement shall be deemed to be the product of the Members, and no ambiguity shall be
construed in favor of or against any Member.

 

(j)          All
accounting terms not specifically defined in this Agreement shall be construed in accordance with GAAP.

 

(k)          The
term “day” shall mean calendar day. Whenever an event or action is to be performed by a particular date or a period
ends on a particular date, and the date in questions falls on a day which is not a Business Day, the event or action shall be performed,
or the period shall end, on the next succeeding Business Day.

 

(l)          All
references in this Agreement to any law shall be to such law as amended, supplemented, modified and replaced from time to time.

 

Article
2

GENERAL PROVISIONS

 

Section
2.1          Formation.
The parties agree to form the Company under and pursuant to the Act as a limited liability company. The Members hereby confirm
that they caused an authorized person to execute and file the Certificate with the Secretary of State of Delaware, and hereby approve
and ratify all actions taken by the Corporation Trust Incorporated in connection therewith.

 

Section
2.2          Name.
The name of the Company is “TOWNSHIP NINE OWNER, LLC” and shall operate under such name, or such other name as may
from time to time be selected by the Board.

 

Section
2.3          Purpose.
The Company has been formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company
is, acquiring, developing, constructing, owning, operating, exploiting, and otherwise dealing with the T-9 Project and engaging
in the development of the T-9 Project and all matters incidental thereto, and any lawful activity for which limited liability companies
may be formed under the Act.

 

Section
2.4          Office.
The principal place of business of the Company shall be located c/o General Counsel, First Capital Real Estate Capital Operating
Partnership, LP, 60 Broad Street, 34th Floor, New York, NY 10004, or such other location as the Board may determine
from time to time; provided, however, that the Board shall provide notice of such change of the principal place of business to
the Members as promptly as practicable after such change.

 

Section
2.5          Term.
The term of the Company commenced with the filing of the Certificate with the office of the Secretary of State of the State of
Delaware and shall continue until the Company is dissolved in accordance with this Agreement and the Act.

 

Section
2.6          Ownership of
Company Property. All property acquired by the Company, real or personal, tangible
or intangible, shall be owned by the Company as an entity, and no Member, individually, shall have any ownership interest therein
solely due to its capacity as a Member.

 

Section
2.7          Registered
Office; Registered Agent; Principal Office in the United States; Other Offices. The
registered agent and registered office of the Company required by the Act to be maintained in the State of Delaware shall be as
provided in the Certificate or such other registered agent or office (which need not be a place of business of the Company) as
the Board may designate from time to time in the manner provided by law.

 

     13

    	 

    

 

Section
2.8          No State Law
Partnership. The Company (a) shall be taxed as a partnership for all applicable federal,
state and local income tax purposes; and (b) shall not be a partnership or joint venture for any other purpose, and no Member or
any Manager shall, by virtue of this Agreement, be a partner or joint venturer of any other Member or Manager.

 

Section
2.9          Manager.
The FCRE OP Member is hereby designated the Manager.

 

Article
3

UNITS, CAPITAL CONTRIBUTIONS, NATURE OF INTERESTS AND

ESTABLISHMENT OF CAPITAL ACCOUNTS

 

Section
3.1          Units.

 

(a)          Authorization.
There are hereby established and authorized for issuance 100,000 Class A Units. As of the Effective Date, 100,000 Class A Units
are issued and held as set forth in Schedule A attached hereof. No Units or other interests purporting to confer Membership
Rights shall be issued, unless they have been authorized for issuance by the Company pursuant to and under the terms of this Agreement.

 

(b)          Voting
Rights of Members. Except as otherwise provided by this Agreement or as otherwise required by the Act or Applicable Law each
Member shall be entitled to one vote per each unit on all matters upon which the Members have the right to vote under this Agreement.

 

Section
3.2          Issuance of
Additional Units; Admission of Additional Members. The Board may, subject to Section
6.8 and Section 7.16, issue additional Units or other Membership Rights, including any new class or series of Units,
on terms, including relative rights and preferences, established by the Board, and amend this Agreement and Schedule A
as the Board shall deem necessary or appropriate in connection with the authorization and issuance of such additional Units. No
Person acquiring any such additional Units that is not currently a Member shall be admitted as a Member, unless such Person shall
execute and deliver a counterpart of or joinder to this Agreement to the Manager in form and substance reasonably acceptable to
the Manager.

 

Section
3.3          Members’
Initial Capital Contributions. Each of the Members have contributed their respective
Holdings Membership Interests to the Company in exchange for the following Units in the Company, and the Members are deemed to
have made an initial Capital Contribution to the capital of the Company as set forth in Schedule A and, in consideration
therefor, the Company is issuing to each such Member the number of Units set forth opposite such Member’s name, representing
the Percentage Interests in the Company as set forth in Schedule A. 

 

The Members are admitted
as the Members of the Company upon their execution and delivery of this Agreement, or a joinder to this Agreement. The name, address,
and Members’ Percentage Interests are as set forth on Schedule A subject to adjustment as herein provided.
To the extent that any adjustment of Schedule A is required pursuant to this Agreement, whether as a result of the
Capital Contribution of any Member, the Transfer of any Membership Interest (or any portion thereof), the admission of any additional
Members, or otherwise as provided herein, the parties hereto acknowledge and agree that Schedule A shall automatically
be deemed amended and restated to reflect the correct name and capital contribution of each Member in accordance with the books
and records of the Company without further action by any of the Parties (and the Units held by the Members shall be similarly adjusted,
so that each Member shall have such number of Units equal to 100,000 multiplied by such Member’s Percentage Interest) from
time to time.

 

     14

    	 

    

 

Section
3.4           Additional
Capital Contributions. 

 

(a)          In
the event the Board determines that the Company requires additional capital, the Board may call upon the Members to make additional
Capital Contributions to the Company in such amounts that the Board shall reasonably determine is necessary or as may be required
(each of which shall be an “Additional Capital Contribution”) to be made pro-rata by the Members in accordance with
their Percentage Interests at such time. The Board shall do so by delivering to each Member a notice (the “Additional Contribution
Notice”) specifying: (a) the total amount of each such Additional Capital Contribution; (b) each Member’s proportionate
of such Additional Capital Contribution computed based on the Members’ Percentage Interest; and (c) the use of the requested
funds.

 

(b)          Notwithstanding
the foregoing, in the event that the Manager shall reasonably determine that it is in the best interests of the Company to issue
OP Units in First Capital Real Estate Operating Partnership, L.P. in lieu of cash for any Company purpose, including, without limitation,
for the payment or repayment of any obligation of the Company or any obligation of the Company’s Subsidiaries, and in the
event that the Manager shall issue OP Units in First Capital Real Estate Operating Partnership L.P. for such purpose, then the
Manager shall be deemed to have made an Additional Capital Contribution to the Capital of the Company in the amount of the value
of such issued OP Units (based on the exchange ratio for such OP Units at the time of issuance) and Schedule A shall automatically
be deemed amended and restated to reflect the Additional Capital Contribution made by the Manager by the issuance of OP Units,
and each Member’s Percentage Interest shall be adjusted as of such date, to a fraction, expressed as a percentage, the numerator
of which is the aggregate Capital Contributions made by each Member and the denominator of which is the aggregate Capital Contributions
made by all of the Members to the Capital of the Company, and the Units held by the Members shall be similarly adjusted, so that
each Member shall have such number of Units equal to 100,000 multiplied by the Member’s Percentage Interest.

 

Section
3.5          Call for Additional Capital Contributions.
Within 15 days from the date of the delivery to all of the Members of an Additional Capital Contribution Notice, each Member shall
advance its respective Percentage Interest of the Additional Capital Contribution. A Member who does so contribute shall sometimes
be referred to hereinafter as a “Contributing Member”. If any Member shall fail to contribute all or any portion
of its Percentage Interest of such Additional Capital Contribution within the applicable period of time (hereinafter a “Declining
Member”), then the Board shall send a second notice to the Declining Member stating the amount of the Declining Member’s
shortfall (the “Shortfall Amount”) and if such Declining Member fails to contribute such Shortfall Amount within
five days of receipt of such notice, the Board shall provide written notice thereof to all other Members (the “Shortfall
Notice”). Each Contributing Member shall have the right, thereafter, within three days after receipt of the Shortfall
Notice to contribute all or a portion of such Member(s)’ Shortfall Amount to the Company (a “Shortfall Contribution”),
in which event such Shortfall Contribution shall be treated as a loan to the Declining Member (each, a “Member Loan”).
In the event a Member Loan remains unpaid to the Contributing Member for a period of 12 months following the Shortfall Contribution,
then the Contributing Member shall have the right to either (a) extend the Member Loan; or (b) have the Declining Member’s
Percentage Interest reduced by a percentage, the numerator of which is an amount equal to one hundred percent (100%) of the Shortfall
Contribution and all accrued interest thereon (reduced by one hundred percent (100%) of any sums received in repayment thereof),
and the denominator of which is the aggregate Unrecouped Capital Contributions of the Declining Members at such time and have the
Percentage Interest of the Contributing Member increased by the same percentage that the Percentage Interest of the Declining Member
is decreased (the “Right of Conversion”).

 

     15

    	 

    

 

Section
3.6          Member Loans.
Each Member Loan made pursuant to this Agreement, unless otherwise specified, shall contain the following terms: (a) an initial
term of one year; (b) incur interest at the rate of at a rate per annum equal to the Prime Rate, plus 4% (“Annual
Premium Rate”), computed daily, by multiplying the amount of the advance by the quotient resulting from dividing the
Annual Premium Rate by 365 and multiplying the result by the number of days since the date of advance until paid; and (c) at
the expiration of the term of the Member Loan, to the extent that such loan is not repaid in full, the Member to whom such amount
is due may elect, by written notice to the owing Member who is so indebted, to either (1) exercise the Right of Conversion (as
provided in the prior paragraph); or (2) if such election has not been made, to deem such Member Loan as extended, and receive
all distributions otherwise payable to the owing Member who is so indebted, until such Member Loan (together with all interest
accrued thereon) is paid in full, in which event, such distributions shall be applied first to reduce any accrued and unpaid interest,
and then to reduce any unpaid principal.

 

Each Member Loan made pursuant hereto shall
also: (a) be non-recourse; (b) unless otherwise agreed to by the owing Member, be payable solely out of any distributions that
would otherwise thereafter be payable to the owing Member pursuant to the distribution provisions hereof (for so long as any Member
Loan shall be outstanding, all such distributions so paid to a Member who has advanced a Member Loan shall be deemed distributed
to the owing Member to which such Member Loan was made for purposes of determining such owing Member’s Capital Account balance)
and shall be allocated first to the repayment of accrued and unpaid interest, and thereafter to unpaid principal; (c) be secured
by the owing Member’s Membership Interest; (d) be repayable at any time in whole or in part without premium or penalty;
and (e) shall mature and be fully payable, at the election of the holder, on demand at any time after the 12th
month after same was made. Each Member to whom a Member Loan is made does hereby grant to the Contributing Member making such Member
Loan a first priority security interest in and to all of such owing Member’s Interest. Each owing Member shall, upon request,
execute such security agreements and financing statements as may from time to time be requested by the Contributing Member making
a Member Loan to better assure the security interest in such owing Member’s Membership Interest granted hereby, and, effective
upon the making of any Member Loan, hereby irrevocably constitutes and appoints the Contributing Member making such Member Loan
as its true and lawful attorney-in-fact, coupled with an interest, to make, execute on behalf of the owing Member, consent to,
swear to, acknowledge, deliver, record and file such documents and instruments as may be necessary in the sole discretion of the
Contributing Member to confirm and render fully effective the security interest granted herein with respect to such Member Loan.

 

Section
3.7          Members Default.

 

(a)          If
any Member fails to make full payment to the Company of any portion of such Person’s Commitment or cash contribution when
due pursuant to this Article 3 or any other payment when due pursuant to any other applicable provision of this Agreement and
such failure is not cured within 15 days after receipt by such Member (a “Defaulting Person”) of written notice from
the Manager of the Board with respect to such failure to pay, the Manager of the Board may (but shall not be obligated to) take
one or more or none of the following actions:

 

(i)           pursue
and enforce all rights and remedies the Company may have against such Defaulting Person with respect to such failure or breach,
including initiating a lawsuit to collect (A) the overdue amount or any damages resulting from such breach and (B) all costs and
expenses (including legal fees and expenses) incurred by the Company to pursue and enforce all such rights and remedies, in each
case with interest calculated thereon at a rate equal to the Prime Rate plus six percentage points per annum, compounded annually
(but not in excess of the highest rate per annum permitted by law);

 

     16

    	 

    

 

(ii)           reduce such Defaulting Person’s share of any amounts such Defaulting Person is entitled to receive from the Company
by (A) the amount due that such Defaulting Person has failed to pay to the Company; or (B) such other amount as determined by
the Managers;

 

(iii)          reduce
such Defaulting Person’s Percentage Interest; and/or

 

(iv)         offer
all or any part of the Defaulting Person’s interest in the Company to the Manager and if the Manager shall elect not to
purchase all or any portion of such Defaulting Person’s interests in the Company, to the other Members (other than the Defaulting
Person) pro rata according to their respective Percentage Interests on the terms set forth below.

 

		A.	If the Manager or one or more
Members elect to purchase all of the Defaulting Person’s interest pursuant to the terms hereof, the closing of such purchase
shall be held on a date and at a place designated by the Manager, at which time each purchasing Member shall, with respect to
the portion of the Defaulting Person’s interest in the Company purchased by such Member, deliver a non interest bearing,
5 year promissory note, secured only by the Defaulting Person’s interest being purchased, payable to the Defaulting Person
in an amount equal to the portion of the Defaulting Person’s Capital Account (adjusted to exclude any unrealized appreciation
with respect to any of the Company’s direct or indirect assets, and to include all unrealized depreciation with respect
to such assets) being purchased by such Member. The form of promissory note shall be subject to approval by the Manager of the
Board.

 

(v)          The
portion of a Defaulting Person’s Percentage Interest that is reduced pursuant to Section 3.7(a)(iii) shall be reallocated
among the remaining Members (other than the Defaulting Person) pro rata according to their respective Percentage Interests and/or
among such other Member(s) and in such proportions as approved by the Manager of the Board.

 

(vi)         Incorporation
by Reference. When references are made to the Manager in Section 3.7 for the purposes of making a determination or for granting
or withholding consent or approval, such references shall be deemed to require Board approval rather than the Manager’s
approval if the Defaulting Person is the Manager or the Manager is a Principal of the Defaulting Manager.

 

Section
3.8          Loans.
In the event that the Company requires additional funds to carry out its purposes, to conduct its business, or to meet its obligations,
the Company may borrow funds from such lender(s), including the Members, their Principals, the Managers and each of their respective
affiliates, and on such terms and conditions as are approved by the Board.

 

Section
3.9          Nature of Interests.
The Units and all other Membership Rights shall for all purposes be personal property. No Member has any interest in specific Company
property. Each Member hereby waives any and all rights such Person may have to initiate or maintain any suit or action for partition
of the Company’s assets.

 

     17

    	 

    

 

Section
3.10        Capital Accounts.
An individual Capital Account shall be established and maintained for each Member in accordance with the rules of Treasury Regulations
Section 1.704-1(b)(2)(iv). Each Member’s Capital Account shall be increased by (a) the amount of money contributed by such
Member to the Company; (b) the Gross Asset Value of property contributed by such Member to the Company (net of liabilities secured
by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code); and (c)
allocations to such Member of Net Income (or items thereof). Each Member’s Capital Account shall be decreased by (i) the
amount of money distributed to such Member by the Company; (ii) the Gross Asset Value of property distributed to such Member by
the Company (net of liabilities secured by the distributed property that the Member is considered to assume or take subject to
under Section 752 of the Code); and (iii) allocations to such Member of Net Loss (or items thereof). The Capital Accounts also
shall be maintained and adjusted as permitted by the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f) and as required
by the other provisions of Treasury Regulation Section 1.704-1(b)(2)(iv) and Section 1.704-1(b)(4). Upon the Transfer of all or
a portion of a Member’s Units, the Capital Account of the Transferor that is attributable to the Transferred Units shall
carry over to the Transferee Member in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(1).

 

Section
3.11        Negative Capital Accounts.
No Member shall be required to pay to any other Member or the Company any deficit or negative balance that may exist from time
to time in such Member’s Capital Account (including, without limitation, any such deficit or negative balance as may exist
upon and after dissolution of the Company).

 

Section
3.12        No Withdrawal of Capital.
No Member shall be entitled to withdraw all or any portion of such Member’s Capital Contributions or the balance of such
Member’s Capital Account, to borrow or withdraw any portion of such Member’s Capital Contribution or Capital Account
from the Company, or to receive any distribution from the Company, except as expressly provided herein. Subject to the foregoing,
any Member may withdraw from the Company at any time.

 

Section
3.13        Loans from Members.
Loans by Members to the Company shall not be considered Capital Contributions. If any Member shall advance funds to the Company
in excess of the amounts required hereunder to be contributed by such Member to the capital of the Company, the making of such
advances shall not result in any increase in the amount of the Capital Account of such Member, unless otherwise agreed by the Company
the Board and such Member. The amount of any such advances that are not agreed to be additional Capital Contributions shall be
a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon which
such advances are made. The making of any loan must be approved in advance by the Unanimous approval of the Board in advance of
any loan being made.

 

Section
3.14       Units Governed by Article
8 of the UCC. The Company hereby irrevocably elects that all Units in the Company
shall be securities governed by Article 8 of the Uniform Commercial Code as in effect in the State of Delaware and each other applicable
jurisdiction. Should the Company issue certificates to a Member evidencing the Units held by such Member in the Company, each such
certificate shall bear the following legend:

 

“This certificate evidences
an interest in TOWNSHIP NINE OWNER, LLC and shall be a security governed by Article 8 of the Uniform Commercial Code as in effect
in the State of Delaware and, to the extent permitted by Applicable Law, each other applicable jurisdiction.”

 

Section
3.15        Liability.
Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company and its Subsidiaries, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company or a Subsidiary, and no Manager,
Member, Principal or their respective Affiliates or any other Covered Person shall be obligated personally for any such debt, obligation
or liability of the Company or a Subsidiary solely by reason of being a Covered Person.

 

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Section
3.16        Exculpation.
To the fullest extent permitted by Applicable Law, no Covered Person shall be liable to the Company or any other Covered Person,
Member or other Person that is a party to or otherwise bound by this Agreement for any loss, damage or claim incurred by reason
of any act or omission performed or omitted by such Covered Person from and after the Effective Date in good faith on behalf of
the Company and its Subsidiaries and in a manner reasonably believed to be within the scope of authority conferred on such Covered
Person by this Agreement, except that a Covered Person shall not be released from liability to the Company or any other Covered
Person, Member or other Person that is a party to or otherwise bound by this Agreement for any such loss, damage or claim incurred
by reason of such Covered Person’s breach of a duty to the Company or its Members or fraud, intentional misconduct or bad
faith violation of the implied contractual covenant of good faith and fair dealing, or such Covered Person’s breach of this
Agreement or other agreement with the Company or a Subsidiary to which such Covered Person is a party. A Covered Person shall be
fully protected in relying in good faith upon the records of the Company and its Subsidiaries and upon such information, opinions,
reports or statements presented to the Company and its Subsidiaries by any Person as to matters the Covered Person reasonably believes
are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on
behalf of the Company and its Subsidiaries, including information, opinions, reports or statements as to the value and amount of
the assets, liabilities, profits, losses or income or any other facts pertinent to the existence and amount of assets from which
distributions to Members might properly be paid. Without limiting the foregoing, neither the Company nor any Covered Person shall
have any liability with respect to any valuations performed pursuant to this Agreement, and shall be fully protected in relying
in good faith upon the records of the Company and its Subsidiaries and upon information, opinions, reports or statements presented
to the Company and its Subsidiaries by any person as to matters which the Company or such Covered Person reasonably believes are
within such other Person’s professional or expert competence.

 

Section
3.17        Duties.
Except as to the Manager and the Day-to-Day Operating Manager, and otherwise set forth in this Agreement, no Covered Person shall
have any duty (including any fiduciary duty or any other duty or standard of care that may arise by default principles of law)
to the Company or any Subsidiary or the Company’s Members, Manager or to other Persons that are party to or otherwise bound
by this Agreement, provided, however, that nothing in this Agreement eliminates the implied contractual covenant of good faith
and fair dealing or exculpates or excuses fraud, misrepresentation or gross negligence or willful misconduct.

 

Section
3.18        Indemnification; Insurance.

 

(a)          The
Company shall, and shall cause its Subsidiaries to, indemnify and hold harmless each Covered Person and the Manager to the fullest
extent permitted by applicable law from and against any and all losses, claims, demands, costs, damages, liabilities (joint or
several), obligations, expenses of any nature (including reasonable legal and accounting fees and expenses, costs of investigation
and sums paid in settlement), judgments, fines, settlements, and other amounts (“Indemnified Costs”) arising
from any and all claims, demands, actions, suits, or proceedings, whether civil, criminal, administrative or investigative, in
which the Covered Person may be involved, or threatened to be involved as a party or otherwise, incurred by reason of any act or
omission performed or omitted by such Covered Person from and after the Effective Date in good faith on behalf of the Company and
its Subsidiaries and in a manner reasonably believed to be within the scope of authority conferred on such Covered Person by this
Agreement, regardless of whether the Covered Person is a Covered Person at the time any such Indemnified Cost is paid or incurred,
except that neither the Manager nor any Covered Person shall be entitled to be indemnified in respect of (and this provision shall
not reduce or limit the liability of a Covered Person with respect to) any Indemnified Cost incurred by such Covered Person by
reason of such Covered Person’s fraud, gross negligence, intentional misconduct or bad faith violation of the implied contractual
covenant of good faith and fair dealing or such Covered Person’s breach of a this Agreement or other agreement with the Company
or a Subsidiary to which such Covered Person is a party, and with respect to the Manager or the Day-to-Day Operating Manager, a
breach of fiduciary duties; provided, however, that any indemnity under this Section 3.18 shall be provided out of and to
the extent of the assets of the Company and its Subsidiaries (including insurance) only, and no Covered Person shall have any personal
liability on account thereof. Further, the Company shall not indemnify the Manager or any Covered Person in connection with a proceeding
(or part thereof) initiated by such Person or any of such Person’s Affiliates, against the Company or any Subsidiary or any
other Covered Person, whether by direct claim, counterclaim or otherwise, unless the initiation thereof was approved or ratified
by the Board. The Company may cause each of its Subsidiaries to execute a joinder agreeing to assume responsibility for its obligations
pursuant to this Section 3.18 and to act in accordance herewith.

 

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(b)          Notwithstanding
any other provision of this Section 3.18 or otherwise in this Agreement, the Company shall, and shall cause its Subsidiaries
to, reimburse Indemnified Costs incurred by the Manager or a Covered Person in connection with such Person’s appearance as
a witness on behalf of the Company or its Subsidiaries or other participation at the request of the Company or a Subsidiary in
a proceeding involving or affecting the Company or its Subsidiaries at a time when the Manager or a Covered Person in connection
with such Person’s appearance as a witness on behalf of the Company or the Manager or a Covered Person in connection with
such Person’s appearance as a witness on behalf of the Company or Covered Person is not a named defendant or respondent in
the proceeding.

 

(c)          The
indemnification provided by this Section 3.18 shall be in addition to any other rights to which the Manager or a Covered
Person in connection with such Person’s appearance as a witness on behalf of the Company or the Manager or a Covered Person
in connection with such Person’s appearance as a witness on behalf of the Company or a Covered Person may be entitled under
any agreement or determination of the Board, both as to the Manager or a Covered Person in connection with such Person’s
appearance as a witness on behalf of the Company or the Manager or a Covered Person in connection with such Person’s appearance
as a witness on behalf of the Company or the Manager or a Covered Person in connection with such Person’s appearance as a
witness on behalf of the Company, the Manager or the Covered Person’s capacity as the Manager or a Covered Person in connection
with such Person’s appearance as a witness on behalf of the Company or the Manager or a Covered Person, and as to an action
in another capacity, and shall continue as to the Manager and a Covered Person who has ceased to serve in such capacity and shall
inure to the benefit of the heirs, successors, assigns, and administrators of the Manager and each Covered Person.

 

(d)          The
Company shall have the power to purchase and maintain insurance on behalf of any Person who is or was an agent of the Company against
any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s
status against such liability under the provisions of Section 3.18 or under applicable law. Further, the Company shall maintain
director and officer insurance covering the Manager and members of the Board of Members in an amount to be determined by the Board,
but in any event no less than $1,000,000 for each incident and $10,000,000 total.

 

Section
3.19        Expenses; Advances.
Subject to Section 3.18, to the fullest extent permitted by applicable law, the Company may, in the sole discretion of the
Board, from time to time, advance the expenses (including reasonable legal fees and expenses and costs of investigation) incurred
by the Manager and a Covered Person in defense or settlement of any claim, demand, action, suit or proceeding (whether civil, criminal,
administrative, investigative or otherwise) that may be subject to a right of indemnification hereunder as such expenses are incurred
by the Manager or such Covered Person and prior to the final disposition thereof upon receipt by the Company of a written undertaking
by or on behalf of such Manager or Covered Person to repay such amount to the extent that it shall be determined that the Manager
or such Covered Person is not entitled to be indemnified as authorized in Section 3.18 hereof.

 

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Section
3.20        Nature of Rights.
The rights set forth in Sections 3.15 through Section 3.19 are contractual in nature and may not be revised as applied
to prior actions of the Manager or a Covered Person by a subsequent amendment of this Agreement without such Person’s prior
written approval.

 

Section
3.21        Change in Percentage Interests.
If the Percentage Interests of any Members are changed pursuant to the terms of this Agreement during any calendar year, then the
amount of all items to be credited, charged, allocated or distributed to such Members for such entire calendar year in accordance
with their respective Percentage Interests in the Company shall be apportioned to the portion of such calendar year which precedes
the date of such change and to the portion of such calendar year which occurs on and after the date of such change in proportion
to the number of days in each such portion. The amounts of the items so allocated to each such portion shall be credited, charged,
allocated or distributed to such Members in proportion to their respective Percentage Interests in the Company during each such
portion of the calendar year in question.

 

Section
3.22        Meetings.
Meetings of the Members may be held upon the notice of the Board, the Notice of any member of the Board, the Manager, or any Member,
for any purpose and on not less than three calendar days after the date of such notice, at the principal office of the Company
or another location selected by the Board or Manager, as the case may be, in Sacramento, California or such other location with
the prior approval of the Manager.

 

Section
3.23       Register; No Certificates.
The Company shall maintain a register indicating: (a) with respect to each issuance of Units, the date of such issuance, the
percentage of Membership Interests issued and the Member to whom such Membership Interests were issued and (b) with respect to
each Transfer permitted under this Agreement the date of such Transfer, the number of Units and corresponding percentage of Membership
Interests Transferred, and the identity of the transferor and transferee(s) of such Membership Interests. Unless the Board determines
otherwise, the Company will not issue certificates representing the Membership Interests.

 

Section
3.24        Record Holders.
Except as may otherwise be required by Law, the Company shall be entitled to treat the record holder of Membership Interests as
shown on its books as the owner of such Membership Interests for all purposes, including the payment of distributions and the Membership
Interests, with respect thereto, regardless of any Transfer of such Membership Interests, and shall incur no liability for distributions
of cash or other property made in good faith to such record holder until such Membership Interests have been Transferred on the
books of the Company in accordance with the requirements of and in compliance with the terms of this Agreement. It shall be the
duty of each Member to notify the Company of any change of address or contact information of such Member from that set forth in
his Agreement or on the books of the Company.

 

Section
3.25        Withdrawal.
Any Member may withdraw as a Member of the Company at any time, upon notice to the Manager and each Manager. In addition a Member
shall be deemed to have Withdrawn from the Company if as determined by the Manager or the Board that: (a) such Member shall have
made or attempted to make a Transfer of its Units in violation of the terms of this Agreement; (b) such Member has abandoned
his or its Units or Membership Interests in the Company; (c) such Member has taken any action with respect to the Company,
the Subsidiaries or their respective assets in violation of a material term of this Agreement; (d) such Member has or have breached
in any material respect this Agreement, which breach is not cured (to the extent reasonably susceptible to cure) after written
notice of such breach and a 10 day opportunity to cure such breach; (e) such Member has instituted an action against the Company,
the Manager or another Member which has been found by a court of competent jurisdiction to be frivolous or sanctionable; (f) such
Member has accepted substitute securities in exchange for its Units in violation of the terms of this Agreement; (g) such Member,
or the Manager designated by such Member, has caused the Company to take, or has attempted to cause, an ultra vires act in violation
of Section 6.8; (h) such Member or its Principal(s) had been employed by the Company or a member of the Group, and such
employment was terminated for Cause as determined by a court or arbitrator or admitted by such person in writing; or (i) such Member
or its Principal(s) has been convicted of, or entered a plea of nolo contendere to, any felony, or a misdemeanor relating to an
act of fraud, intentional misrepresentation, embezzlement or dishonesty or any other act involving self-dealing, personal profit
or a breach of fiduciary or similar duty which materially affects the Company, or any member of the Group, as determined by the
Manager or the Board.

 

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Section
3.26        Company Rights to Repurchase
Units on Withdrawal. In the event a Member has Withdrawn (or has been deemed to have
Withdrawn) from the Company as set forth in Section 3.25 hereof, then in such event the Company may (but shall not be obligated
to), at the election of the Manager, or with respect to the Manager at the election of the Board, elect to repurchase from such
Member, and/or his or her Personal Representative or Successor, and if the Manager (or the Board, with respect to the Manager)
so elects, such Member and/or such Personal Representative or Successor shall be obligated to sell to the Company, all or any portion
of such Member’s Units at a price equal to the lower of (A) the Original Cost of such Units; or (B) 50% of the Fair Value
of such Units.

 

Section
3.27        Procedure.
Upon a Member’s (a “Former Member”) Withdrawal as set forth in Section 3.25 hereof, and in the
event the Manager (or the Board, with respect to the Manager) has elected to repurchase such Former Member’s Units pursuant
to Section 3.26, the Company shall notify the Former Member or other applicable holder in writing of such election and,
within 30 days after determination of the repurchase price therefor, pay the repurchase price to the Former Member and/or his or
her Personal Representative or Successor, at the sole election of the Manager (or the Board, with respect to the Manager), by (a)
check or wire transfer of funds to the account specified by such Persons, and/or (b) by delivery of the Company’s promissory
note as herein set forth. For clarity, the repurchase price may be paid, in the discretion of the Manager, all in cash, all by
promissory note, or part by cash and part by promissory note. Any promissory note issued hereunder will be unsecured, subordinated
to indebtedness of the Company then outstanding or thereafter issued on terms and conditions set forth by the Manager (or the Board,
with respect to the Manager), and payable in three equal annual installments of principal, with interest accruing (without compounding)
at the Prime Rate per annum, provided that payments under such promissory note shall be suspended if and for so long as the Company’s
capacity to make such payments is prohibited by any credit agreement of the Company or any of its Subsidiaries. Upon payment of
the repurchase price pursuant to the terms of this Section 3.27 (including, without limitation, by delivery of the Company’s
promissory note to such Person), the Units subject to repurchase shall be deemed repurchased by the Company without any further
action being taken by the Former Member, his or her Personal Representative or Successor or the Company.

 

Article
4

ALLOCATIONS

 

Section
4.1           Allocations
of Net Income and Net Loss.

 

(i)           Subject
to Section 4.1(iii), for each Fiscal Year (or portion thereof), except as otherwise provided in this Agreement, Net Income
and Net Loss (and, to the extent necessary, individual items of income, gain, loss or deduction) of the Company shall be allocated
among the Members in a manner such that that would result in positive Capital Account balances equal to all amounts required to
be distributed pursuant to Section 9.2 in the manner provided therein on a hypothetical liquidation of the Company. In determining
the amounts distributable to the Members under Section 9.2 upon a hypothetical liquidation, the hypothetical distribution
to each Member shall be equal to the amount that would be received by such Member if all Company assets were sold on the last day
of the allocation period for cash equal to their basis for Capital Account purposes (provided, however, that the
Company may increase or decrease Capital Accounts in accordance with applicable Treasury Regulations to reflect any revaluations
of the Company’s property, including any write-downs in the amount thereof), all Company liabilities were satisfied to the
extent required by their terms (limited, with respect to each “partner nonrecourse liability” and “partner nonrecourse
debt”, as defined in Treasury Regulations Section 1.704-2(b)(4), to the fair market value of the assets securing such liability),
and the net assets of the Company were distributed in full to the Members all as of the last day of such allocation period in accordance
with Section 5.2 hereof.

 

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(ii)          The
parties intend that the allocation provisions of this Section 4.1 shall produce Capital Account balances of the Members
that will be consistent with the distribution provisions of Section 5.2 and the liquidation provisions of Section
9.2(c). Notwithstanding anything to the contrary in this Agreement, to the extent the Manager determines that the allocation
provisions of this Section 4.1 may fail to produce such Capital Account balances, (i) such provisions shall be amended by
the Manager to the extent necessary to produce such result; and (ii) Net Income and Net Loss and other items of income, gain, loss,
credit and deduction of the Company for the most recent open year (or items of income, gain, loss, deduction, and Code Section
705(a)(2)(B) expenditures of the Company for such years) shall be reallocated among the Members to the extent it is not possible
to achieve such results with allocations of Net Income and Net Loss (or items of income, gain, loss, deduction, and Code Section
705(a)(2)(B) expenditures) for the current year and future years, as determined by the Board. This Section 4.1(i) shall
control notwithstanding any reallocation or adjustment of taxable income, taxable loss, or items thereof by the Internal Revenue
Service or any other taxing authority.

 

(iii)         Special
Allocations.

 

(i)          Minimum
Gain Chargeback. Except as otherwise provided in Treasury Regulation Section 1.704-2(f), notwithstanding any other provision
of this Agreement, if there is a net decrease in partnership minimum gain (as defined in the Code) during any Fiscal Year, each
Member shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal
Years) in an amount equal to such Member’s share of the net decrease in partnership minimum gain, determined in accordance
with Treasury Regulation Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Treasury Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 4.1(iii)(i) is intended to comply with
the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

(ii)         Partner
Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4), notwithstanding any other
provision of this Section 4.1, if there is a net decrease in partner nonrecourse debt minimum gain (as defined in the Code)
attributable to a partner nonrecourse debt during any Fiscal Year, each Member who has a share of the partner nonrecourse debt
minimum gain attributable to such partner nonrecourse debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(5),
shall be specially allocated items of income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount
equal to such Member’s share of the net decrease in partner nonrecourse debt minimum gain attributable to such partner nonrecourse
debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall
be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated
shall be determined in accordance with Treasury Regulation Section 1.704-2(i)(4) and 1.704-2(j)(2). This Section 4.1(iii)(ii)
is intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

 

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(iii)        Qualified
Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (d)(5) or (d)(6), items of Company income and gain shall be specially allocated to
each such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the deficit
Adjusted Capital Account Balance of such Member as quickly as possible, provided that an allocation pursuant to this Section
4.1(iii)(iii) shall be made if and only to the extent that such Member would have a deficit Adjusted Capital Account Balance
after all other allocations provided for in this Article 4 have been tentatively made as if this Section 4.1(iii)(iii)
were not a term of this Agreement. This Section 4.1(iii)(iii) is intended to constitute a “qualified income offset”
provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(iv)        Gross
Income Allocation. In the event any Member has a deficit Capital Account at the end of any Fiscal Year which is in excess of
the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulation Sections
1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of
such excess as quickly as possible, provided that an allocation pursuant to this Section 4.1(iii)(iv) shall be made if and
only to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided
for in this Section 4.1(iii) have been tentatively made as if this Section 4.1(iii)(iv) and Section 4.1(iii)(iii)
hereof were not in the Agreement.

 

(v)         Partner
Nonrecourse Deductions. Any partner nonrecourse deductions for any Fiscal Year shall be specially allocated to the Member who
bears the economic risk of loss with respect to the partner nonrecourse debt to which such partner nonrecourse deductions are attributable
in accordance with Treasury Regulation Section 1.704-2(i)(1).

 

(vi)        Curative
Allocations. The allocations set forth in Section 4.1(iii)(i), (ii), (iii), (iv) and (v)
hereof (collectively, the “Regulatory Allocations”) are intended to comply with requirements of the Treasury
Regulations. It is the intent of the parties hereto that, to the extent possible, all Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant
to this Section 4.1(iii)(vi). Therefore, notwithstanding any other provision of Article 4 (other than the Regulatory
Allocations), the Manager shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever
manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Adjusted Capital Account
Balance is, to the extent possible, equal to the Capital Account such Member would have had if the Regulatory Allocations were
not terms of this Agreement and all Company items were allocated pursuant to Section 4.1. In exercising its discretion under
this Section 4.1(iii)(vi), the Manager shall take into account future Regulatory Allocations under Section 4.1(iii)(iii)
and (v) that, although not yet made, are likely to offset other Regulatory Allocations previously made under Section
4.1(iii)(ii) and (iv).

 

(vii)       Allocations
of Withholding. To the extent the Company receives (or is deemed to receive) an amount of income that is net of any withholding
tax, (A) such income shall be allocated among the Members as if the Company received the gross amount of such income before
giving effect to the payment of the withholding tax; and (B) any resulting tax credit shall be allocated among the Members
such that each Member receives a portion thereof reflecting the amount of withholding tax to which such Member would be subject
if such Member received the gross income allocated to such Member in accordance with clause (i) above directly.

 

(viii)      Member
Loans. Any interest deductions with respect to loans to the Company by any Member shall be specially allocated to the Member
making such loan.

 

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(ix)         Distributions
of Nonrecourse Liability Proceeds. If, during a Fiscal Year, the Company makes a distribution to any Member of the proceeds
of any nonrecourse liability of the Company that would otherwise be allocable to an increase in partnership minimum gain pursuant
to Treasury Regulation Section 1.704-2(h), then the Company may elect, to the extent permitted by Treasury Regulation Section 1.704-2(h)(3),
to treat such distribution as a distribution that is not allocable to an increase in partnership minimum gain.

 

(iv)         With
respect to any Fiscal Year during which any Member’s interest in the Company changes, allocations under Article 4
shall be adjusted appropriately to take into account the varying interests of the Members during such period.

 

Section
4.2           Tax Allocations.

 

(i)           Generally.
Except as otherwise provided in this Section 4.2, taxable income and loss and all items thereof shall be allocated to the
Members to the greatest extent practicable in a manner consistent with the manner set forth in Section 4.1 and Sections
704(b) and (c) of the Code. Allocations pursuant to this Section 4.2 are solely for federal income tax purposes and shall
not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Income, Net Loss,
other items or distributions pursuant to any provision of this Agreement.

 

(ii)          Section
704(c) of the Code. In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property
contributed to the capital of the Company shall, solely for income tax purposes, be allocated among the Members so as to
take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its
initial Gross Asset Value.

 

(iii)         Adjustments
Under Section 704(c) of the Code. In the event the Gross Asset Value of any Company asset is adjusted pursuant to paragraph
(ii) of the definition of “Gross Asset Value”, subsequent allocations of income, gain, loss and deduction with
respect to such asset shall take account of any variation between the adjusted tax basis of such asset and its Gross Asset Value
in the same manner as under Section 704(c) of the Code.

 

(iv)         Decisions
Relating to Section 704(c) of the Code. Any elections or other decisions relating to allocations under this Section 4.2,
including the selection of any allocation method permitted under Treasury Regulation Section 1.704-3, shall be made by the Board.

 

Section
4.3          Limitations
on Allocations to Holders of Units. Notwithstanding any other provision of this Article
4, to the extent that any Member has been granted any Units that, by the terms of such grant or by agreement, entitle the holder,
once such Units vest, to receive less than the full amount of allocations of Net Income otherwise allocable with respect to such
class or series of Units generally, then the provisions of such grant or agreement shall supersede such holder’s rights under
this Article 4 and the amount of reduction in allocations to such holder shall be made to all other Members in accordance
with this Article 4.

 

Section
4.4          Accounting
Principles. All decisions as to accounting principles for the Company shall be made
by the Manager subject to the terms of this Agreement.

 

Section
4.5          Interest on
and Return of Capital Contributions. No Member shall be entitled to interest on its
Capital Contribution; provided, however, that this provision shall not be deemed to be contrary to the distribution requirement
for Unpaid Preferred Return under Section 5.2(i).

 

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Section
4.6           Accounting
Period. The Company’s accounting period shall be the calendar year.

 

Section
4.7           Records.
At the expense of the Company, the Manager shall maintain or cause to be maintained the books, records and accounts of all operations
and expenditures (collectively, the “Records”) of the Company.

 

Section
4.8           Tax Returns
and Tax Elections.

 

(i)           The
Manager shall cause to be prepared and filed, at the expense of the Company, all required state and federal informational tax returns
for the Company on or before the date that such returns are due (including, pursuant to extensions, if obtained by or on behalf
of the Company), and shall cause to be prepared and delivered to all Members, all completed informational returns due to the Members,
including, without limitation, K-1 forms promptly after same are prepared. All expenses incurred in connection with the above shall
be borne by the Company.

 

(ii)          Except
as otherwise expressly provided herein, the Manager shall make all applicable elections, determinations and other decisions under
the Code (or any other federal or state law), including, without limitation, the deductibility of a particular item of expense
and the positions to be taken on the Company’s tax return, and shall approve the settlement or compromise of all audit matters
raised by the Internal Revenue Service or other taxing authority affecting the Members generally. The Members each shall take reporting
positions on their respective federal, state and local income tax returns consistent with the positions determined for the Company
by the Manager.

 

Section
4.9           Tax Matters
Member.

 

(i)           The
Manager is hereby designated as the “Tax Matters Member” (as defined in Code Section 6231 and for purposes of
this Agreement defined as the Tax Matters Member), and, subject to the further terms of this Section 4.9, is authorized
and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s
affairs by tax authorities, including, without limitation, administrative and judicial proceedings, subject to the further terms
of this Section 4.9, and to expend Company funds for professional services and costs associated therewith. The Members
agree to cooperate with each other and to do or refrain from doing any and all things reasonably required to conduct such proceedings.
All expenses incurred in connection with any such audit and with any other tax investigation, settlement or review shall be borne
by the Company.

 

(ii)          In
the event that the Company shall be the subject of an audit by any federal, state or local taxing authority, to the extent that
the Company is treated as an entity for purposes of such audit, including administrative settlement and judicial review, the Manager
shall be authorized to act for, and his decision shall be final and binding upon, the Company and each Member thereof; provided,
however, that the Manager shall (i) notify the Members of any administrative proceeding with respect to the Company pursuant to
Section 6223(c) of the Code; (ii) furnish the Members with any material correspondence or communication relating to the Company
from the Internal Revenue Service received by the Manager; and (iii) make all decisions affecting the tax affairs of the Company
in good faith using reasonable business judgment (it being understood and agreed that for the purposes of this Agreement, the term
“reasonable business judgment” shall refer to the “business judgment rule” as the same would be applied
under Applicable Law if the Person in question were a director of a corporation).

 

(iii)         The
Company shall indemnify and reimburse the Tax Matters Member for all reasonable expenses, including, without limitation, legal
and accounting fees, claims, liabilities, losses and damages incurred in connection with any administrative or judicial proceeding
with respect to the tax liability of the Members.

 

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Article
5

DISTRIBUTIONS

 

Section
5.1           Distributions.
The Manager shall from time to time determine the amounts of Distributable Cash available for distribution and the timing of
distributions, taking into account all debts, liabilities, and obligations of the Company then due, and working capital and other
amounts deemed necessary to be reserved to meet the Company’s anticipated needs (taking into account the needs of the Company’s
Subsidiaries and the assets, properties, undertakings and commitments of the Company and the Subsidiaries) and as may, in the Manager’s
reasonable discretion, be needed to affect the respective business plans of the Company and the Subsidiaries, and the customary
and usual obligations of the Company and its Subsidiaries and any claims known by the Manager to exist or which have been threatened,
or which may, based on the passage of time become a claim, against the Company and/or its Subsidiaries and their respective businesses,
assets and properties; provided, however, if any Distributable Cash as determined by the Manager is available for distribution
in any calendar year, the Company shall make at least one distribution of Distributable Cash at least once during each calendar
year. To the extent that the Manager shall determine that the Company generates Distributable Cash on a consistent and predictable
basis, the Manager shall endeavor (but shall not be obligated to) make monthly distributions of Distributable Cash to the Members
in accordance with the terms of this Agreement. The Manager may periodically review any reserves created and may increase such
reserves or release any excess amounts in such reserves for distribution in accordance with this Article 5.

 

Distributions shall be made only to such
Persons who, according to the books and records of the Company, is the holder of record of a Membership Interest on the actual
date of distribution. Neither the Manager nor the Company shall incur any liability for making distributions, or determining that
the Company is not then in a position to make distributions, in accordance with the provisions of the preceding sentence.

 

Except upon a dissolution or liquidation,
no Member has any right to demand and receive any distribution in any form other than cash.

 

Section 5.2         Distribution
of Distributable Cash. Subject to the repayment requirements of any Member Loans, Distributable
Cash shall be distributed by the Manager to the Members not less often than monthly within 15 days after the end of each calendar
month in which the Company has distributable cash as follows:

 

(i)           First:
100% to the Members, in proportion to their Unpaid Preferred Returns, until such time as the Members’ Unpaid Preferred Returns
have been reduced to zero;

 

(ii)          Second:
100% to the Members in proportion to their Unrecouped Capital Contributions until such time as the Members’ Unrecouped Capital
Contributions have been reduced to zero;

 

(iii)         Third:
Thereafter, 100% to the T-9 Developer Member until such time as the T-9 Developer Member shall have received an aggregate total
of Seven Million Dollars ($7,000,000.00) distributed to the T-9 Developer Member pursuant to this subsection 5.2(iii); 

 

(iv)         Fourth:
Thereafter, until such time as the Members have received distributions which in the aggregate have resulted in a twenty five percent
Internal Rate of Return on each Members’ aggregate Capital Contributions: (A) a sum equal to (i) twenty (20%) percent of
the remaining Distributable Cash reduced (but not below zero) by (ii) the 20% Recouped Promote to the Day-to-Day Manager; and (B)
the balance of all Distributable Cash to the Members in proportion to their Percentage Interests; and

 

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(v)          Fifth: from and after such time as the Members have received distributions which in the aggregate have resulted in a twenty five
percent Internal Rate of Return on each Members’ aggregate Capital Contributions: (A) a sum equal to (i) fifty percent (50%)
percent of the remaining Distributable Cash reduced (but not below zero) by (ii) the 50% Recouped Promote to the Day-to-Day Manager;
and (B) the balance of all Distributable Cash to the Members in proportion to their Percentage Interests.

 

Section
5.3           Limitation on Distributions.

 

(a) Notwithstanding
anything to the contrary contained in this Agreement or any other agreement relating to the T-9 Project, the parties hereto expressly
agree and acknowledge that until such time as the T-9 Project shall have generated any Distributable Cash available for distributions
under this Agreement (which shall be the same time that the Contributors under the Contribution Agreement shall first be entitled
to receive any dividends or other distributions with respect to the OP Units being issued to the Contributors under the Contribution
Agreement), no Member shall be entitled to, and each Member hereby expressly waives any right to receive any Unpaid Preferred Return,
and the Unpaid Preferred Return shall commence to be computed only after the T-9 Project shall have generated any Distributable
Cash available for distributions under this Agreement.

 

(b)          Notwithstanding
anything to the contrary contained in this Agreement, no distributions shall be made to any Member, if, after such distribution
or is made (a) the Company would be insolvent; or (b) the net assets of the Company would be less than zero, in each case, as determined
by the Manager or the Board. The Manager may base a determination that a distribution may be made in good faith reliance upon a
balance sheet and profit and loss statement of the Company represented to be correct by the person having charge of its books of
account or certified by an independent public or certified public accountant or firm of accountants to fairly reflect the financial
condition of the Company.

 

Section
1.2           Receipt of Fair Value; Withholding.
Notwithstanding any provision of the Act, no Person that ceases to be a Member of the Company shall be entitled to receive the
fair value of such Person’s interest in the Company prior to the dissolution and winding up of the Company. The Company
shall at all times be entitled to make payments with respect to any Member in amounts required to discharge any obligation of
the Company to withhold from a distribution or make payments to any governmental authority with respect to any foreign, federal,
state or local tax liability of such Member arising as a result of such Member’s interest in the Company (a “Withholding
Payment”). Any Withholding Payment made from funds withheld upon a distribution will be
treated as distributed to such Member for all purposes of this Agreement. Any other Withholding Payment will be deemed to be a
recourse loan by the Company to the relevant Member. The amount of any Withholding Payment treated as a loan, plus interest thereon
from the date of each such Withholding Payment until such amount is repaid to the Company at an interest rate of 8% per annum,
shall be repaid to the Company upon demand by the Company; provided, however, that in the Manager’s sole discretion, any
such amount may be repaid by deduction from any distributions payable to such Member pursuant to this Agreement (with such deduction
treated as an amount distributed to the Member) as determined by the Manager in its sole discretion.

 

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ARTICLE 6

MANAGEMENT OF THE COMPANY; INFORMATION

 

Section 6.1           Management
by Board.

 

(a)          Board.
Subject to Section 6.1(c), except for situations in which the vote, consent or approval of one or more Members is expressly
required by this Agreement or by non-waivable provisions of Applicable Law, (i) all of the powers of the Company and each of the
Company’s Subsidiaries, including, without limitation; (A) converting the Company or any Subsidiary into a corporation; and
(B) any merger, Conversion or consolidation of the Company or any Subsidiary with any other Person, shall be exercised by or under
the authority of, and all the business and affairs of the Company and its Subsidiaries shall be managed under the direction of,
a Board (the “Board”) which Board shall be fixed at two (2) Manager groups (individually referred to as a “Manager
Group” and sometimes collectively referred to as “Manager Groups”), one designated by FCRE OP (the
“FCRE Manager Group”) and one designated by the T-9 Developer Member (the “Developer Manager Group”).
Each of the two Manager Groups shall designate one individual to act as that Manager Group’s representative (each, a “Manager
Group Representative”). The FCRE Manager Group shall have three (3) out of five (5) votes on each matter on which the
Manager Groups are entitled to vote, and the Developer Manager Group shall have two (2) out of five (5) votes on each matter on
which the Manager Groups are entitled to vote. Each Manager Group may designate from one (1) to six (6) Managers to comprise its
respective Manager Group, but each Manager Group, regardless of the number of Managers comprising each Manager Group shall only
vote as a single block, and such vote shall be cast on behalf of each Manager Group by that Manager Group’s Manager Group
Representative.

 

(b)          Each
Manager Group may increase or decrease the number of individual Managers serving as Managers with respect to each Manager Group,
provided that no Manager Group shall have less than one acting Manager nor more than six acting managers at any given time, and
provided further that each manager group shall vote solely as a single block with the FCRE Manager Group having three (3) out of
five (5) votes on each matter on which the Manager Groups are entitled to vote and the Developer Manager Group having two (2) out
of five (5) votes on each matter on which the Manager Groups are entitled to vote, in each case, regardless of the number of individual
Managers which each Manager Group then has serving as Managers within its respective Manager Group, and provided further that such
number may be increased or decreased by the Unanimous vote of the Board as provided in Section 6.8. The initial Managers are as
set forth in the first paragraph of this Agreement.

 

(c)          The
Board may make all decisions and take all actions for the Company not otherwise provided in this Agreement by majority vote, unless
or Unanimous Consent is required.

 

(d)          FCRE
OP Member hereby initially appoints Suneet Singal, Ron Cobb and Jacob Frydman as Managers to comprise the FCRE Manager Group and
T9 Developers Member hereby initially appoints Scott Syphax, Darrell Teat, Steve Goodwin and Ron Mellon as Managers to comprise
the Developer Manager Group.

 

(e)          Day-to-day
Development Management. Generally, and so long as the T-9 Developer Member shall be a Member of the Company, but at all times
subject to the terms hereof and to the direction of the Board, the day-to-day management of the development of the T-9 Project
shall be vested with the T-9 Developer Member (also referred to as the “Day-to-Day Manager”) who shall be responsible
for the implementation of, and execution of, the development plans of the Company for the T-9 Project at the expense of the Company,
and its Subsidiaries, in each case pursuant to and in accordance with the Approved Business Plan(s) and Approved Budget(s) prepared
by the Manager and approved by the Board. 

 

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(f)          Business
Plans and Budgets. By November 15 of each year the Manager shall submit a plan for the proposed operation of the business
(the “Business Plan”), an annual operations budget (the “Operating Budget”) and an annual plan for
capital improvements and capital expenditures (the “Capital Budget”) (collectively, the “Budgets”)
for the T-9 Project for the subsequent Calendar year to the Board. The Business Plan for the T-9 Project shall identify which of
the of the 20 developable parcels comprising the T-9 Project shall be improved, developed, constructed, sold or otherwise dealt
with in the coming calendar year. The Manager shall prepare a separate Business Plan and Budgets for each such parcel which is
to be developed or constructed within the coming year. The Board shall review each such proposed Business Plan and the Budgets
and shall either approve same, or shall provide the Manager with its comments and suggestions with respect to the proposed Business
Plan and Operating Budget, in which case the Manager shall revise the proposed Business Plan and Operating Budget in accordance
with the comments and suggestions of the Board and re-submit a revised Business Plan and Operating Budget within 10 days for further
consideration by the Board, and this process shall continue until each of the Business Plans and Budgets are approved (as approved
the “Approved Budget”). In the event that the Board shall fail to approve any Business Plan or Operating Budget for
a subsequent year prior to the commencement of such subsequent year (or such latter date as determined by the Board), the Approved
Operating Budget shall continue, except that each item shall be adjusted for CPI increases, and utilities, real estate taxes, lease
payments, royalty payments and other then existing contractual undertakings of the Company or its Subsidiaries shall be deemed
to be approved by the Board to the extent set forth in any executory agreement to which the Company or its Subsidiaries are parties
or billed by the utilities and governmental agencies billing same. The Manager, shall, subject to the limitations contained in
this Agreement and the availability of cash flow, implement the Approved Business Plans and Budgets on behalf of Company, subject
to the provisions hereof. Each proposed or Approved Business Plan and Budgets shall include: A narrative description of the activities proposed to be undertaken by the Company or its Subsidiaries;

 

(i)          A
narrative description of the Business Plan for the Company and its Subsidiaries for the year

 

(ii)         A
projected annual income statement on an accrual basis;

 

(iii)        A
projected balance sheet as of the end of the period;

 

(iv)        A
schedule of proposed operating cash flow, project costs, all on a quarterly basis, including a schedule of operating deficits;

 

(v)         A
marketing plan, and subject to the approval of the Board, and if financially feasible, of ensuring that all work contemplated for
bid at Township 9 invites local, minority owned businesses (M/W/DVB) that are financially and professionally qualified and which
are capable of complying with appropriate business and regulatory requirements. The Day-to-Day Manager will collaborate with the
Nehemiah Social Enterprise on identifying and qualifying said business enterprises according to national Minority Supplier Development
Council model guidelines with a good faith and commensurate effort, if financially feasible, of attaining 40% of project contracting
to qualified (M/W/DVB) entities.

 

(vi)        A
description of proposed development, construction and capital expenditures;

 

(vii)       A
GANTT chart showing the timeline for each development or construction project, including projected completion dates, if possible;

 

(viii)      A
sources and uses schedule showing the sources and uses of capital for any development or construction budget and what amounts are
expected to be in the form of debt and equity, and a discussion of the expected sources for such debt and equity;

 

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(ix)         A
description of any other item of information reasonably necessary to allow the Board to assess and approve the proposed Business
Plans and Budgets.

 

(g)          Development
or construction of any parcel. In the event that the Board has approved an Approved Budget, the Manager shall determine that
it is in the best interest of the Company to develop or construct any of the 21 developable parcels or any portion thereof comprising
the T-9 Project, then:

 

(i)          The
Company shall transfer title to the developable parcel which is intended to be developed to a separate limited liability company
(each, a “DevCo”) in exchange for a deemed capital contribution in the DevCo equal to the then value of the
developable parcel, but in no event for a deemed capital contribution less than the value attributed to said parcel in the third
column (titled “value ($/per unit)”) set forth on Schedule B attached hereto, reduced by any then remaining
debt attributable to said parcel which said parcel is then subject to (based on the percentage allocation of debt as set forth
on said Schedule B) as its initial capital contribution to the DevCo;

 

(ii)         The
amount of equity capital and debt needed to effect the development/construction plan for said parcel shall be as set forth in the
Approved Budget;

 

(iii)        The
Day-to-Day Manager shall be required to contribute 5% of the total equity capital needed to effect the development/construction
plan for said parcel as set forth in the Approved Budget, and said amount shall be contributed in cash by the Day-to-Day Manager
to the DevCo at the time that the other equity capital is contributed to the DevCo, as the Day-to-Day Manager’s initial capital
contribution to the DevCo in the amount of said cash contribution;

 

(iv)        The
FCRE OP Member shall have the first right to make an additional capital contribution to the DevCo in any amount determined by the
FCRE OP Member in its sole discretion, up to the remaining 95% of the total equity capital needed to effect the development/construction
plan for said parcel as determined by the Manager, and said amount shall be contributed in cash by the FCRE OP to the DevCo at
the time that the other equity capital is contributed to the DevCo, as an additional capital contribution to the DevCo in the amount
of said cash contribution;

 

(v)         To
the extent that the FCRE OP Member shall have elected to contribute less than the remaining 95% of the total equity capital needed
to effect the development/construction plan for said parcel, then the Day-to-Day Manager shall use commercially reasonably efforts
to raise the balance of the remaining 95% of the total equity capital needed to effect the development/construction plan for said
parcel which was not contributed by the FCRE OP Member from third persons, who shall contribute the equity invested as a capital
contribution to the DevCo in the amount of said investment;

 

(vi)        The
Day-to-Day Manager shall use commercially reasonably efforts to source the debt necessary to develop the developable parcel as
contemplated in its sources and uses schedule on commercially reasonable, non-recourse, terms;

 

(vii)       To
the extent that the Company shall have transferred title to the developable parcel to the DevCo subject to any debt, the debt which
the Manager shall source shall be required to pay-off the debt to which the developable parcel is subject out of the first draw
down on such debt;

 

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(viii)      The
DevCo shall be structured as a limited liability company, and otherwise under the same organizational structure as the Company,
with the DevCo’s operating agreement being substantially similar to this Operating Agreement (except where the context requires
otherwise), and with T-9 Developer Member being the Day-to-Day Manager, and each of the additional investors being passive members,
and with the Board acting as the Board of the DevCo (as reasonably amended to reflect substantial capital contributions by third
parties (in each case as approved by the Board), and with a distribution waterfall of Distributable Cash of the DevCo the same
as set forth in this Agreement, except that the Preferred Return shall be the highest percentage which the DevCo shall have agreed
to provide any of the investor members (so long as same is not less than 12% per annum and is an equal amount for all Capital contributed);

 

(ix)         The
DevCo shall be obligated to pay the Day-to-Day Manager development fees equal to two (2) percent (2%) of the costs to develop the
parcel (excluding the land costs) payable monthly based on the percentage of completion of the development project; a capital markets
fee equal to 1% of all debt sourced and closed by the DevCo which is procured by the Day-to-Day Manager at the closing of said
debt, reimbursement of all out-of-pocket expenses reasonably incurred by the Day-to-Day Manager in developing/constructing the
developable parcel (monthly based on approved invoices and proper proof of payment); and a promote (in the form of the last tier
of the distribution waterfall) equal to 20% of all distributions in excess of the preferred return and a return of all contributed
capital; and

 

(x)          The
DevCo’s distribution waterfall shall provide that Distributable Cash of the DevCo shall be distributed no less than annually
by the Manager First: 100% to the DevCo members, in proportion to their Unpaid Preferred Returns, until such time as the Members’
Unpaid Preferred Returns have been reduced to zero; Second: 100% to the DevCo members in proportion to their Unrecouped Capital
Contributions until such time as the DevCo members’ Unrecouped Capital Contributions have been reduced to zero; Third: until
such time as the Members have received distributions which in the aggregate have resulted in a twenty five percent Internal Rate
of Return on each Members’ aggregate Capital Contributions, 80% to the DevCo members in proportion to their Percentage Interests,
and 20% to the Day-to-Day Manager in respect of its promoted interest; and Fourth: from and after such time as the Members have
received distributions which in the aggregate have resulted in a twenty five percent Internal Rate of Return on each Members’
aggregate Capital Contributions, 50% to the DevCo members in proportion to their Percentage Interests, and 50% to the Day-to-Day
Manager in respect of its promoted interest (the “Promote”).

 

(h)          DevCo
purchase of certain rights.  In connection with the development of the townhomes on parcels 8, 10, 12 and 15 (the “Ready
To Be Built Parcels”) the Contributors have completed certain pre-development work, including, without limitation, design
and development engineering and architectural work necessary for obtaining permits to build townhouses on the Ready To Be Built
Parcels (the “Predevelopment Expenditures”). The Contributors have expended approximately $600,000 to date in
out-of-pocket costs incurred from third-party vendors in arms’ length, bona fide transactions, in connection with such Predevelopment
Expenditures. The DevCos shall reimburse T-9 Developers for the actual costs previously expended by the Contributors in connection
with the Predevelopment Expenditures in connection with the Ready To Be Built Parcels, in the aggregate, in an amount up to, but
not exceeding, Six Hundred Thousand Dollars ($600,000.00) for all the Ready To Be Built Parcels (with each such Ready to Build
Parcels being responsible for only that portion of said approximately $600,000.00 attributable to that particular parcel, out of
the first dollars funded either as equity capital or debt financing raised by T-9 Developer in connection with the development
of each such Parcel, and which expenditures are included in the Development Plan and Approved Budget for each of the such of the
Ready To Be Built Parcels provided that (i) the Development Plan and Approved Budget for each of the Ready To Be Built Parcels
for which reimbursement of Predevelopment Expenditures are sought, includes such reimbursements; the Development Plan and Approved
Budget for each of the Ready To Be Built Parcels has been approved by the Board of the Company as herein provided; (ii) there are
no set-offs due to the Company from T-9 Developer or the Contributors; (iii) the work which is being sought for reimbursement was
used for obtaining of the permits for the construction of townhouse units on the Development Plan and Approved Budget for each
of the of the Ready To Be Built Parcels for which reimbursement of Predevelopment Expenditures are sought, and the work sought
to be reimbursed is usable in connection with the construction of said townhouses; and (iv) the Contributors have provided copies
of documents reasonably acceptable to T-9 Owner which evidence the amounts invoiced by third parties for such work and evidence
of payment of such invoices by the Contributors in connection with each of the Ready To Be Built Parcels for which reimbursement
of Predevelopment Expenditures is then being sought.

 

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(i)          Minimum
Requirements. The Manager hereby agrees that it shall commence commercially reasonable efforts, subject to fluctuating capital
and real estate markets absorption rates and construction issues, within 30 days of the date hereof, and shall continue in good
faith to pursue the development of the T-9 Project until it is completed, subject to the availability of equity and debt necessary
to capitalize same, and the Manager shall within 30 day of the date hereof commence pursuing the raising of the equity and debt
capital necessary to develop and construct said parcels as commercially reasonable and feasible.

 

(j)          Removal
of the Day-to-Day Manager. Upon the occurrence of a Removal Event, then at any time until the Removal Event has been cured
by the Day-to-Day Manager, the Board shall have the right to remove the Day-to-Day Manager by delivering written notice (“Removal
Notice”) thereof to the Day-to-Day Manager at any time following the occurrence of a Removal Event and appoint another
Member or another Person (which Person may be another Party, or may be a person unrelated to the Company) to be the successor Day-to-Day
Manager. As used herein, the term “Removal Event” means (i) a change of Control of the Day-to-Day Manager; (ii)
if the Day-to-Day Manager is no longer a Member of the Company; (iii) the commission by the Day-to-Day Manager of a fraud, misappropriation
of funds, gross negligence or willful misconduct as reasonably determined by the Board; (iv) the bankruptcy or insolvency of the
Day-to-Day Manager; (v) the commission by the Day-to-Day Manager or its Principal(s) of any “Cause” event; (vi) the
mutual agreement of the Day-to-Day Manager and the Board; (vii) the resignation of the Day-to-Day Manager; (viii) the breach by
the Day-to-Day Manager of any representation, warranty or covenant made in this Agreement as reasonably determined by the Board;
(ix) the failure of the Day-to-Day Manager to provide electronic copies of, or permit the Board to inspect and copy the Records
maintained at the Day-to-Day Manager’s offices as provided in Section 7.5 hereof; (x) the Day-to-Day Manager
shall fail for thirty consecutive days to reasonably pursue the development of at least one parcel or building in the T-9 Project;
(xi) the failure of the Day-to-Day Manager to reasonably perform its duties as reasonably determined by the Board; (xii) in the
event that the T-9 Project is over budget by 20% of any single line item, or 15% of the total of any Approved Budget; (xiii) a
development project is more than 90 days behind schedule, other than for reasons not reasonably controllable by Day-to-Day Manager,
as set forth in an Approved GANTT chart submitted with an Approved Budget; (xiv) the Day-to-Day Manager has taken an action in
violation of Section 6.8 hereof without receiving prior Unanimous approval of the Board for same; or (xv) based on the Day-to-Day
Manager’s failure to execute, comply with, perform or implement the Development Plan pursuant to Section 6.6.

 

(k)          In
the event of removal of the Day-to-Day Manager, effective on the removal date, the removed, former Day-to-Day Manager shall have
no further right to receive payments from the Company designated or expressly intended for the Day-to-Day Manager in its former
capacity as Day-to-Day Manager of the Company, except for accrued expenses incurred prior to the receipt of the removal notice
for which the Day-to-Day Manager is entitled to be reimbursed pursuant to the terms of this Agreement or any other applicable agreement
between the Day-to-Day Manager and the Company. Upon removal of the Day-to-Day Manager the Day-to-Day Manager shall cease to be
entitled to any Distributions made pursuant to Section 5.2(iii), 5.2 (iv) and 5.2 (v) hereof and any fees and promote
which the Day-to-Day Manager would otherwise have been entitled to under this Agreement, the T-9 Developer Agreement and any other
agreements entered into between the Day-to-Day Manager and the Company and its affiliates. Upon Removal of the Day-to-Day Manager
the Board may appoint any successor Day-to-Day Manager to replace the removed Day-to-Day Manager and to cause the Company to enter
into a replacement agreement or agreement on such terms as are deemed necessary or appropriate by the Board. As a condition to
the removal of a Day-to-Day Manager, if there exist any liabilities (contingent or otherwise) to any holder of debt secured by
the Company’s properties or any portion thereof that are recourse to the Day-to-Day Manager or any of its Affiliates, the
Company shall indemnify and hold harmless the removed Day-to-Day Manager and its Affiliates of, from and against such liabilities,
to the extent such liabilities arise from actions or events accruing from and after the date of such removal as a
result of the willful misconduct or gross negligence of the Company or any Member or replacement Day-to-Day Manager (other than
the removed Day-to-Day Manager and its Affiliates), it being agreed that the failure of the Company to take an action because no
Company funds are available to pay for the same, shall not be deemed to constitute gross negligence or willful misconduct.

 

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(l)          Officers.
The Day-to-Day Manager may, from time to time appoint one or more individuals as officers and delegate to such officers such authority
and duties as the Day-to-Day Manager deems advisable. In addition, the Day-to-Day Manager may assign titles (including, without
limitation, chairman, chief executive officer, president, chief operating officer, chief financial officer, vice president, secretary,
assistant secretary, treasurer or assistant treasurer) to such officers and, unless the Day-to-Day Manager decides otherwise, the
assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally associated
with that office. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such
officers shall be fixed from time to time by the Day-to-Day Manager with express prior written approval from the Board. Any delegation
pursuant to this Section 6.1(i) may be revoked at any time by the Day-to-Day Manager, in its sole and absolute discretion
and the Board may remove any officer with or without cause at any time and shall provide prompt written notice to the Members and
the Day-to-Day Manager of any removal of any officer.

 

(m)          Contracts.
The Day-to-Day Manager shall not, except as otherwise expressly permitted under this Agreement or as otherwise approved by the
Board, enter into any contracts, payments, etc., with or to any Member or any Affiliate thereof, except commensurate with fees
negotiated at arm’s length and at the market value payable to independent third parties for providing similar services similar
in scope nature and location to the services to be provided by such Member or an Affiliate of a Member, or with any person for
any matter which is not contemplated in any Approved Budget then in effect.

 

Section 6.2           Expenses.
The Company shall pay, or cause a Subsidiary to pay, all the reasonable out-of-pocket fees, costs and expenses incurred by the
Manager in connection with travel to and attendance at Board meetings and other business functions on behalf of, or in connection
with, the Company or any Subsidiaries or their respective businesses.

 

Section 6.3           Constitution
of the Board; Rights and Powers of the Board and Officers; Removal and Termination.

 

(a)          Board.
Subject to Section 6.1, except for situations in which the vote, consent or approval of one or more Members is expressly required
by this Agreement or by non-waivable provisions of Applicable Law, (i) all of the powers of the Company and each of the Company’s
Subsidiaries, including, without limitation; (A) converting the Company or any Subsidiary into a corporation; and (B) any merger,
Conversion or consolidation of the Company or any Subsidiary with any other Person, shall be exercised by or under the authority
of, and all the business and affairs of the Company and its Subsidiaries shall be managed under the direction of, a Board (the
“Board”) which Board shall be fixed at two (2) Manager groups, one designated by FCRE OP (the “FCRE Manager Group”)
and one designated by the T-9 Developer Member (the “Developer Manager Group”). Each of the two Manager Groups shall
designate one individual to act as that Manager Group’s representative (each, a “Manager Group Representative”).
The FCRE Manager Group shall have three (3) out of five (5) votes on each matter on which the Manager Groups are entitled to vote,
and the Developer Manager Group shall have two (2) out of five (5) votes on each matter on which the Manager Groups are entitled
to vote. Each Manager Group may designate from one (1) to six (6) Managers to comprise its respective Manager Group, but each Manager
Group, regardless of the number of Managers comprising each Manager Group shall only vote as a single block, and such vote shall
be cast on behalf of each Manager Group by that Manager Group’s Manager Group Representative.

 

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(b)          Each
Manager Group may increase or decrease the number of individual Managers serving as Managers with respect to each Manager Group,
provided that no Manager Group shall have less than one acting Manager nor more than six acting managers at any given time, and
provided further that each manager group shall vote solely as a single block with the FCRE Manager Group having three (3) out of
five (5) votes on each matter on which the Manager Groups are entitled to vote and the Developer Manager Group having two (2) out
of five (5) votes on each matter on which the Manager Groups are entitled to vote, in each case, regardless of the number of individual
Managers which each Manager Group then has serving as Managers within its respective Manager Group, and provided further that such
number may be increased or decreased by the Unanimous vote of the Board as provided in Section 6.8. The initial Managers are as
set forth in the first paragraph of this Agreement.

 

(c)          The
Board may make all decisions and take all actions for the Company not otherwise provided in this Agreement by majority vote, unless
or Unanimous Consent is required.

 

(d)          FCRE
OP Member hereby initially appoints Suneet Singal, Ron Cobb and Jacob Frydman as Managers to comprise the FCRE Manager Group and
T9 Developers Member hereby initially appoints Scott Syphax, Darrel Teat, Ron Mellon and Steve Goodwin Managers to comprise the
Developer Manager Group. 

 

(e)          In
the event any vacancy in the Board shall occur as a result of death, disability or resignation of a Member of the Board, except
as otherwise set forth in this Agreement, the Member that appointed said Board member may designate
such Board member’s successor. Either the FCRE OP or the T9 Developers Member may, from time to time, upon written notice
to all other Members, elect to replace a person previously appointed by such Member to the Board, and who is then serving as a
Board Member, with any other persons, effective immediately upon the sending of written notice (the “Notice of Appointment”)
subject, in each case, to the right, in favor of the other Member who has the right to appoint members of the Board, to object
to such appointment, and veto said appointment, provided however, that: (i) such objection must be in writing (the “Objection
Notice”) and must be properly sent by the objecting Member within ten (10) days of the receipt of the Notice of Appointment;
(ii) the Objection Notice must state with specificity the reasons for said objections; and (iii) the reasons for said objection
must be reasonable.

 

(f)          Except
as specifically provided otherwise in this Agreement, and except for those matters which require the Unanimous vote, consent or
approval of the Board as set forth in Section 6.8 herein, or as otherwise required by non-waivable provisions of the Act,
any action taken by the Board may only be taken with the approval, either in writing or at a duly called meeting of Board held
(in accordance with Section 4.1(iii)(e) of a majority of the votes held by the members
of the Board then serving on the Board. Each Board member shall be entitled to one vote on matters coming before the Board.

 

(g)          The
Board may establish one or more committees, which shall be comprised solely of its Members.

 

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(h)          Any
Board member may be removed from the Board for Cause by the majority vote of the other Board members not then subject to
removal for Cause.

 

Section 6.4           Meetings
of Board.

 

(a)          The
Board may hold its meetings at the principal office of the Company, or such other location(s) as set forth in the notice of meeting
which conforms to the terms of this Agreement.

 

(b)          Except
as otherwise set forth in this Agreement, meetings of the Board or a Board committee shall be held whenever called one or more
Board members. Notice of the day, hour and place of holding of each meeting of the Board or any meeting of a Board committee shall
be given to each Board member or committee member by email or any other method under Section 12.1, at least 72 hours before
the meeting. Unless otherwise indicated in the notice thereof, any and all business may be transacted at any such meeting. At any
meeting at which every Board member shall be present, even though without any notice, any business may be transacted.

 

(c)          A
quorum for the transaction of business by the Board shall consist of Board Members holding 80% of the votes then serving on the
Board, and a quorum for the transaction of business by a Board committee shall consist of committee members holding a majority
of the votes held by the committee members then serving on such committee. If at any meeting of the Board or committee thereof,
there is less than a quorum present, holders of a majority of the votes held by those present may adjourn the meeting from time
to time until a quorum is present upon Notice to all Board members. 

 

(d)          The
Manager and any Board Member may participate in any meeting of the Board or a Board committee by means of conference telephone
or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation
shall constitute presence in person at such meeting.

 

(e)          Any
action required or permitted to be taken at any meeting of the Board or a committee thereof may be taken without a meeting if a
consent in writing, setting forth the action so taken, is signed by Board members holding the requisite number of the votes
held by the Board members then serving on the Board or such committee as such action requires. Prompt notice of the taking of an
action without a meeting by less than unanimous written consent shall be given to those Board members who have not consented in
writing. A Board member who does not participate in any such meeting may approve any matter by email.

 

Section 6.5           Liability.
Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company and its Subsidiaries, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company or a Subsidiary, and no Covered
Person shall be obligated personally for any such debt, obligation or liability of the Company or a Subsidiary solely by reason
of being a Covered Person.

 

Section 6.6           Operating
of DevCos.

 

(a)          Proposed
Development Plan. No more than 30 days after to the formation of a DevCo pursuant to Section 6.1 the Day-to-Day Manager
shall provide each Board member and the Manager a description of the proposed development, construction and capital expenditures
(collectively the “Development Plan”) for each parcel, which shall include;

 

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(i)          
A GANTT chart showing the timeline for each development or construction project, including projected completion dates, if possible;

 

(ii)         A
narrative description of the proposed development, and the underwriting and proformas for same.

 

(iii)        A
sources and uses schedule showing the sources and uses of capital for any development or construction budget and what amounts are
expected to be in the form of debt and equity, and a discussion of the expected sources for such debt and equity; and

 

(iv)        A
description of any other item of information reasonably necessary to allow the Board to assess and approve the proposed development
plan and budgets;

 

(b)          Approval
of the Development Plan. Within 15 days of the acknowledged receipt of the Development Plan, the FCRE OP Member shall provide
to the Day-to-Day Manager with either their approval of the Development Plan, or comments and proposed changes to the Development
Plan;

 

(i)          In
the event that FCRE OP Member provides the Day-to-Day Manager with comments and changes to the Development Plan, FCRE OP Member
and Day-to-Day Manager shall have 10 days from receipt of such comments and proposed changes to, in good faith and through the
use of commercially reasonable efforts, negotiate a mutually agreed upon Development Plan, and such process shall continue until
such time as the Board shall approve the mutually agreed upon Development Plan;

 

(c)          Upon
approval of the Development Plan by the Board, the Approved Budget shall be revised by the Day-to-Day Manager to incorporate the
approved Development Plan, and same shall thereafter constitute the Approved Budget.

 

(d)          Minimum
Requirements. The Day-to-Day Manager hereby represents and warrants to each other Party that other than staff level design
review approval, there are no Approvals or Entitlements required in order to pull building permits for any of the remaining un-developed
21 parcels consisting of the Contributed Properties. The first phase final map for the T-9 Project was recorded on in 2012, creating
6 legal parcels and 2 large remainder parcels. Any of these 6 parcels can be transferred immediately with no further subdivision
required. Schematic design and development for apartments and townhomes has begun on parcels 8, 10, 12 and 15 with all necessary
infrastructure in place and paid for, and there is no additional infrastructure improvements required to permit development of,
and construction of 44 Townhouse Units on Parcel 8, 203 Type III Proposed Units and 147 Type V Proposed Units on Parcel 10, 207
Type III Proposed Units on Parcel 12, and 48 Townhouse Units on Parcel 15 (collectively, the “Ready To Be Built Units”),
and with respect to each of the foregoing, the Developer Manager knows of no matter or item which needs to be undertaken, installed,
constructed or paid for other that the pulling of building permits to enable the construction of the units on Parcels 8. 10, 12
and 15, and except for the application for a building permit and the payment of the building permit fee, if any, there is nothing
else required in order to obtain building permits to construct any of the Ready To Be Built Units.

 

(e)          Best
Efforts. Manager shall use its best efforts to execute, implement, perform or comply with any mutually agreed upon Development
Plan in a timely manner.

 

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(f)           Indemnification.
Day-to-Day Manager shall indemnify, defend and hold harmless the Company and FCRE OP Member from and against any and all claims,
cost, damages, expenses, losses, and or liabilities (collectively “Claims” for the purposes of this section) arising
from or related to Day-to-Day Manager’s failure to execute, implement, perform or comply with any mutually agreed upon Development
Plan subject to applicable notice and cure periods and force majeure delays.

 

(g)          Applicable
Laws. Day-to-Day Manager must only implement, execute, perform and/or comply with the mutually agreed upon Development Plan
to the extent allowable by applicable local, state and federal laws.

 

Section 6.7           Information
Rights. The Company shall comply with, and will cause its Subsidiaries to comply with, the following provisions:

 

(a)          Annual
Statements. Within 120 days after the close of each Fiscal Year of the Company, the Manager shall cause the Company to deliver
to the Board consolidated balance sheets and statements of income and retained earnings and cash flows of the Company and its Subsidiaries,
which annual financial statements shall show the financial condition of the Company and its Subsidiaries as of the close of such
Fiscal Year and the results of the Company’s operations during such Fiscal Year. Each of the financial statements delivered
in accordance with the immediately preceding sentence shall be certified by the Company’s accounting firm auditing the same
to have been prepared in accordance with GAAP, except as specifically disclosed therein. 

 

(b)          Quarterly
Statements. Within 60 days after the end of each calendar quarter, the Manager will deliver to the Board: (i) consolidated
balance sheets and statements of income and retained earnings and of cash flows for the Company and its Subsidiaries as of the
end of such month, comparing such financial position and results of operations against the same periods for the prior year and
against the Approved Budget; and (ii) a letter from the Company’s management discussing the revenues and operations of the
Company and its Subsidiaries with respect to such month.

 

(c)          Monthly
Statements. Within 15 days after the end of each calendar month, the Manager will deliver to the Board consolidated balance
sheets and statements of income and retained earnings and of cash flows for the Company and its Subsidiaries as of the end of such
month, comparing such financial position and results of operations against the same periods for the prior year and against the
Approved Budget.

 

(d)          Other
Member’s Rights to Information. Members who are not otherwise specifically entitled to information under this Section
6.7 are only entitled to information as set forth in Section 7.5 hereof.

 

(e)          Termination
of Information Rights. The information rights granted pursuant to this Section 6.7 and Section 7.5 will lapse
and terminate immediately (i) as to any Member who Withdraws or is deemed to have Withdrawn from the Company; (ii) as to each Board
Member upon the removal or resignation of such Board Member; (iii) as to Manager whose employment with the Company or any Subsidiary
is terminated for Cause; and (iv) as to each Member or Manager who breaches this Agreement or any covenant, agreement, undertaking,
representation or warranty made in this Agreement or in any other agreement with the Company, any Subsidiary or any member of the
Group.

 

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Section 6.8          Unanimous
Votes Required. Notwithstanding anything to the contrary contained in this Agreement, the Company and Day-to-Day Manager
shall not, and shall not permit any of the Subsidiaries to, engage in or cause any of the following transactions or take any of
the following actions, and the Board shall not permit or cause the Company or any of the Subsidiaries to engage in, take or cause
any such action, except with the Unanimous prior approval of all of the Board members:

 

(a)          the
issuance of any Units, class of Units, or the increase or decrease in the authorized numbers of Units, or the authorization or
issuance of any equity securities by the Company or any Subsidiary or other equity securities pursuant to Section 3.2, other
than those issued and outstanding as of the Effective Date; (A) to any Person not already a Member; or (B) except as provided
in Section 3.3, to existing Members in any proportions different than their Proportionate Shares;

 

(b)          the
repurchase of any Units by the Company;

 

(c)          the
admission of an additional Member;

 

(d)          any
action that results in a merger, Conversion, liquidation or dissolution of the Company or any Subsidiary;

 

(e)          [INTENTIONALLY
OMITTED] 

 

(f)          the
making of any Additional Capital Calls;

 

(g)          except
as may be set forth in any Approved Budget, the incurring of any debt obligations by the Company or by any Subsidiary of Company;
and the making of any loan of funds by the Company or by any Subsidiary of Company; or in undertaking and binding the Company or
any Subsidiary to any finance or capital lease, or guaranty;

 

(h)          the
entering into any hedge or swap transaction;

 

(i)          any
prepayment, defeasance, yield maintenance payment or similar payment with respect to any debt obligation of the Company or any
Subsidiary not otherwise set forth in an Approved Budget in an amount in excess of $150,000 with respect to any asset or property
of the Company or any Subsidiary; 

 

(j)          any
guarantee or other direct or indirect assumption of liability in excess of $50,000 by the Company or any Subsidiary, or any amount
with respect to the obligations of any third party;

 

(k)          an
increase or decrease in the number of Board members authorized to comprise the Board of the Company or any Subsidiary; 

 

(l)           the
acquisition of any Subsidiary other than a DevCo formed pursuant to this Agreement;

 

(m)          the
granting of any mortgage, security interest, Lien or Encumbrance on any assets of the Company or any Subsidiary;

 

(n)          the
granting of consent or approval with respect to any Transfer of any Units other than in a Permitted Transfer or as otherwise expressly
permitted in this Agreement;

 

(o)          any
modification or amendment of this Agreement;

 

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(p)          the
authorization of any New Units, or the authorization of any new class of Units; or the increase or decrease in the authorized numbers
of Units, or the authorization or issuance of any equity securities by the Company or any Subsidiary;

 

(i)          the
initiation of any litigation or arbitration, and the prosecution, waiver, settlement or compromise of any claim or cause of action
of or against the Company or a Subsidiary;

 

(ii)         the
prosecution or any settlement of any insurance claim or any condemnation award with respect to any claims, actions, causes of action,
assets or properties of the Company or any Subsidiaries;

 

(q)          approve,
adopt, amend or modify any Development Plan or make any expenditure which exceeds 15% of any line item in any Development Plan,
or 10% of the total expenditures set forth in any Development Plan;

 

(r)          any
action to change the tax status of the Company;

 

(s)          approve,
adopt, amend or modify any Budget or Business Plan or make any expenditure which exceeds 15% of any line item in any Approved Budget,
or 10% of the total expenditures set forth in any Approved Budget;

 

(t)          the
entry into by the Company or any Subsidiary and the taking by the Company or any Subsidiary of any and all actions in connection
with any acquisition, disposition, merger, “roll-up” consolidation, reorganization, recapitalization, restructuring,
joint venture, partnership, limited liability company, or any other material business transaction involving the Company, its Subsidiaries
or its assets, including, without limitation, any and all actions in connection with any initial public offering of ownership interests
in the Company or its Subsidiaries (or in connection with the merger or the transfer of the assets of the Company or its Subsidiaries
to any corporation or other entity that is the successor to the Company or its Subsidiaries that intends to conduct an initial
public offering) or any transfer of all or any portion of the assets of the Company or its Subsidiaries to a public or private
market vehicle;

 

(u)          the
approval of each Business Plan and Operating Budget for the Company prepared by the Manager, and any modifications or amendments
thereof;

 

(v)         except
to the extent dissolution of the Company is permitted or required by this Agreement or any non-waivable provision of applicable
law, the dissolution and winding up of the Company;

 

(w)          the
institution or defense of any legal proceedings (including arbitration) in the name of the Company or any Subsidiary, the settlement
of any such legal proceedings and the confession of any judgment against the Company any Subsidiary, or any property thereof other
than matters involving sums less than Fifty Thousand Dollars ($50,000);

 

(x)          any
of the following: (i) the filing of any voluntary petition in bankruptcy on behalf of the Company or any Subsidiary; (ii) the consenting
to the filing of any involuntary petition and bankruptcy against the Company or any Subsidiary; (iii) the filing on behalf of the
Company or any Subsidiary of any petition seeking, or consenting to, the reorganization or relief under any applicable federal
or state law relating to bankruptcy or insolvency; (iv) the consenting to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Company any Subsidiary or a substantial part of their respective properties;
(v) the making on behalf of the Company of any assignment for the benefit of creditors; (vi) the admission in writing of the
Company’s or any Subsidiary’s inability to pay its debts generally as they become due; or (vii) the taking of any action
by the Company or any Subsidiary in furtherance of any such action;

 

     40

    	 

    

 

(y)          any
and all tax or accounting elections permitted or required to be made by the Company or any of its Subsidiaries;

 

(z)          make
any change in any Member’s Capital Contribution Commitment, except as expressly permitted pursuant to this Agreement; or

 

(aa)         as
to the Company or any Subsidiary: to (i) amend or modify its Certificate of Formation; (ii) change or designate its Tax Matters
Partner; (iii) change its name; (iv) change its purpose; (v) hire or fire its accounting firms or law firms; (vi) approve a recapitalization,
consolidation, merger, recapitalization, Conversion or other business combination; (vii) determine whether or not to extend
indemnification to any Person, except as expressly provided in this Agreement; (viii) increase or decrease the number of managers,
general partners or the size of the board; (ix) hire or fire any Family Member or in-law of a member, partner or manager, or an
affiliate of any of the foregoing; or (x) the entry by the Company or any Subsidiary into an agreement with a Member, or any of
a Member’s Affiliates or Principals or any of their respective Affiliates.

 

Any acts which are taken in violation of
this Section 6.8 shall be deemed ultra vires and of no force or effect, and shall be null and void ab initio, and the Board
Member is hereby expressly authorized to notify any persons who have participated in, or are counter-parties to any such ultra
vires acts or transactions that the Company is not, and shall not, be bound by any such actions or transactions. Any party who
shall cause an ultra vires act to be undertaken shall (A) be obligated to indemnify the Company and each other Member and each
Covered Person for any costs, damages or other expenses incurred by the Company, any Subsidiary, any Manager and/or any other Member
as a result of the unauthorized action of such party, its Principals or any of their respective Affiliates; and (B) such Member
(or the Member who is affiliated with such Person) shall automatically be deemed to have withdrawn from the Company. To the fullest
extent permitted by Law, any attempted action in contravention of this Article 6 shall be null and void ab initio and not binding
upon the Company, any Subsidiary, any other Member and/or any other Covered Person.

 

Section 6.9           Bank
Accounts. The Manager may from time to time open one or more bank accounts in the name of the Company and any Subsidiary,
and shall be the sole signatory thereon, unless the Board unanimously determines otherwise.

 

Section 6.10         Liability
for Certain Acts; Exculpation. Except as expressly provided for in this Agreement including those matters concerning
any Development Plan, the Day-to-Day Manager shall devote such time to the Company’s business as the Day-to-Day Managers
deems to be necessary or desirable in connection with their duties and responsibilities hereunder. So long as the Day-to-Day Manager
is using diligent commercially reasonable efforts and does not engage in willful misconduct in performing its duties and does not
breach its covenants and agreements herein, the Day-to-Day Manager shall have no liability to the Company, the Subsidiaries, the
Members, the Company’s and the Subsidiaries’ employees, officers, directors, equity owners and each of their respective
affiliates for any matter whatsoever by reason of being or having been a Day-to-Day Manager or with respect to any decisions, actions
taken, or any elections not to act or refrain from acting on or as to any matter whatsoever. The Day-to-Day Manager does not, in
any way, guarantee a profit for the Members from the operations of the Company, the Subsidiaries, their respective assets and properties.

 

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Section 6.11         Duty
to Company.

 

(a)          the
Members recognize that the Day-to-Day Manager and each of the Members and their Principals and each of their respective officers,
directors, shareholders, members, partners, employees and Affiliates have or may have in the future other business interests, activities
and investments, some of which may be in conflict with the business of the Company, and that the Manager and each of the Members
and their Principals and each of their respective officers, directors, shareholders, members, partners, employees and Affiliates
are entitled to carry on such other business interests, activities and investments. Each Manager and each of the Members and their
Principals and each of their respective officers, directors, shareholders, members, partners, employees and Affiliates may engage
in or possess an interest in any business or venture of any kind, independently or with others, on their own behalf or on behalf
of other entities or persons with which the Manager or any of the Members is affiliated or otherwise. The Manager and the Members
and their Principals and each of their and their respective officers, directors, shareholders, members, partners, employees and
Affiliates may engage in such activities, whether or not competitive with the Company, without any obligation to offer any interest
in such activities to the Company or to the other Members. Neither the Company nor any Member nor any Manager shall have any right,
by virtue of this Agreement, in or to any other activities of any of the Manager or Members their Principals and each of their
and their respective officers, directors, shareholders, members, partners, or employees and Affiliates or the income or profits
derived therefrom, and the pursuit of such activities, even if competitive with the business of the Company, shall not be deemed
wrongful or improper. Notwithstanding the foregoing, so long as the Company owns any portion of the T-9 Project which is not fully
developed, each Member and each Day-to-Day Manager hereby agrees and covenants to the Company and each of the other Members that
so long as he or it is a Member or Day-to-Day Manager of the Company he or it will not undertake to develop or assist any other
Person in developing any property within the River District area of Sacramento as shown in Schedule C, directly or
indirectly, unless agreed to in advance in writing by the Board; and he or it will not, without in each case having obtained the
prior written consent of the Board, render services to, or give advice to, or be directly or indirectly affiliated with (as employee,
partner, consultant or otherwise) any Person that is developing any property within 10 miles of the T-9 Project.

 

Section 6.12         Indemnity
of Manager, Employees and Other Agents. The Company shall, to the fullest extent permitted by Applicable Law, indemnify
and defend each Covered Person (each individually an “Indemnified Party”) and hold each Indemnified Party harmless
from and against all losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees and expenses) which such Indemnified Party may suffer or incur or to which such Indemnified Party may become subject, arising
from or in connection with this Agreement or the Company’s and its Subsidiaries’ business or affairs, except for (and
only to the extent that) any loss, claim, damage, liability or expense attributable to (a) a willful breach of his or its covenants
and agreements herein; (b) the gross negligence or willful misconduct of such Indemnified Party; or (c) the breach of fiduciary
duty of such person to the Company. If any Indemnified Party becomes involved in any capacity in any action, proceeding or investigation
in connection with any matter arising from or in connection with this Agreement or the Company’s or any of its Subsidiaries
or assets or properties, the Company shall reimburse such Indemnified Party for its reasonable legal and other reasonable out-of-pocket
expenses (including the cost of any investigation and preparation) as and when they are incurred, provided that such Indemnified
Party shall promptly repay to the Company the amount of any such reimbursed expenses if it shall ultimately be determined that
such Indemnified Party was not entitled to be indemnified by the Company in connection with such action, proceeding or investigation.
If for any reason (other than the reasons set forth in clauses (a) to (c) of this section above) the foregoing indemnification
is unavailable to the Indemnified Party in question or is insufficient to hold it harmless, then the Company shall contribute to
the amount paid or payable by the Indemnified Party in question as a result of such loss, claim, damage, liability or expense,
in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Indemnified
Party in question on the other hand or, if such allocation is not permitted by Applicable Law, to reflect not only the relative
benefits referred to above but also any other relevant equitable considerations. To the extent that the foregoing provision is
inconsistent with or conflicts with other provisions of this Agreement regarding
Manager’s duties and responsibilities concerning any Development Plan, those provisions relevant to the Development Plan
supersede this section, govern and control.

 

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Section 6.13         Waiver,
Release and Indemnity by the Members. Each Member acknowledges and agrees that, in exercising the authority granted
to the Board members in this Agreement, to the fullest extent permitted by law, subject to any limitations specifically set forth
herein, the Board members shall have no duty, obligation or liability to any Member or their Principals and each of their and their
respective officers, directors, shareholders, members, partners, employees and Affiliates or any other person whatsoever, it being
understood that each Board Member shall be entitled to exercise his authority in any manner he deems reasonably necessary or desirable
to fulfill any such Company objectives, provided such authority is exercised in the best interests of the Company and the Members
as determined by the business judgment of such Board Member. Each Member hereby (a) absolutely, unconditionally and irrevocably
releases, waives, relinquishes, renounces and discharges forever each Board member from any and all claims, covenants, contracts,
agreements, promises, judgments, demands, actions or manner of actions, resulting or arising as a result of such Board Member’s
exercise of the broad rights granted to such Board Member under this Agreement, subject to any limitations specifically set forth
herein; and (b) to the fullest extent permitted by Law, except with respect to a willful breach by a Board Member of his or its
covenants and agreements herein, agrees to indemnify each Board Member and hold each Board Member harmless from and against any
and all costs, expenses and other liabilities of any kind incurred by the Company, the Subsidiaries, any Manager and any Member
their Principals and each of their respective officers, directors, shareholders, members, partners, employees and Affiliates as
a result of any claim, action or proceeding brought by or on behalf of a Member (other than as a result of a willful breach of
this Agreement or as a result of gross negligence or willful misconduct of a Board Member), or any other Person, predicated on
the existence of or otherwise relating to any of the rights waived or released in this Section 6.13. To the extent that
the foregoing provision is inconsistent with or conflicts with other provisions of this Agreement regarding Manager’s duties
and responsibilities concerning any Development Plan, those provisions relevant to the Development Plan supersede this section,
govern and control.

 

Section 6.14         Resignation.
The Day-to-Day Manager may resign at any time by delivering his or its written resignation to the Board, such resignation to specify
whether it will be effective at a particular time, and if no time is specified, resignation shall be effective upon receipt by
the Board. In the event of the resignation of the Day-to-Day Manager the Board may, by Unanimous approval, appoint a successor
Day-to-Day Manager.

 

Section 6.15         [Intentionally
Omitted.]

 

Section 6.16.         Redemption
Rights. The Board by Unanimous vote may direct the Manager to cause the Company to redeem all or any portion of
the issued and outstanding membership interests in the Company at any time, and from time to time, on such terms as the Manager
shall deem appropriate in the Manager’s sole discretion, provided that with respect to each redemption all Members are treated
equally with respect to the redemption compensation and the percentage of such compensation which is paid in cash and/or in kind,
and that each redemption is made proportionately in respect of each Member’s Percentage Interests as a percentage of all
Members’ Percentage Interests. The Manager’s right as herein provided may be used to redeem Membership Interests for
any reason in good faith believed by the Manager to benefit the Company and/or the Members, including, without limitation, as a
means to sell 100% of the Membership Interests in the Company in lieu of the sale of the Company’s assets, or other sale
of the Company in connection with any transaction or series of transactions, or otherwise, which are determined by the Manager
to be in the best interests of the Company and/or the Members. The Manager shall not need to obtain the consent of any Member in
connection with any redemption, and the Manager is authorized to either retire redeemed interests as treasury interests, or to
sell the redeemed interests, or any combination thereof, as the Manager shall determine. Each Member hereby appoints the Manager
as his, her or its agent in fact, with full power of attorney, to effect any such redemptions on behalf of each Member and their
respective Principals, and each Member hereby expressly agrees that this right is coupled with an interest and is irrevocable.

 

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ARTICLE 7

MEMBERS

 

Section
7.1           Limited Liability.
Except as otherwise provided by the Act or this Agreement, the Members will not be personally liable for any obligations of the
Company and will have no obligation to make contributions to the Company in excess of their respective Capital Contributions.

 

Section
7.2           No Member Management
Rights. Except as otherwise expressly set forth in this Agreement, the Members shall
have no voice or participation in the management of the Company business, and no power to bind the Company or to act on behalf
of the Company in any manner whatsoever, and shall not participate in the control, management, direction or operation of the affairs
of the Company or any of its Subsidiaries and shall have no power to act for or in any way bind the Company or its Subsidiaries,
except as specially authorized by this Agreement. Except as otherwise expressly set forth in this Agreement, no Member, as such,
shall have the authority or power, directly or indirectly, to act as agent of the Company for any purpose, or to engage in any
transaction, make any commitment, enter into any contract or incur any obligation (whether as principal, surety or agent) in the
name of the Company or any Subsidiaries, or in any other ways to bind the Company or to hold itself out as acting for or on behalf
of the Company. A Member shall be obligated to indemnify the Company for any costs, damages or other expenses incurred by the Company
as a result of the unauthorized action of such Member, its Principals or any officer, employee or agent of such Member. To the
fullest extent permitted by Law, any attempted action in contravention of this Section 7.2 shall be null and void ab initio
and not binding upon the Company. The Company shall not be responsible or liable for any indebtedness or obligation of any Member
incurred or arising either before or after the Effective Date.

 

No Member shall have any authority to bind,
to act for, to execute any document or instrument on behalf of or to assume any obligation or responsibility on behalf of any other
Member. No Member shall, by virtue of executing this Agreement, be responsible or liable for any indebtedness or obligation of
any other Member incurred or arising either before or after the Effective Date.

 

Section
7.3           Company Debt
Liability. Except as otherwise set forth in this Agreement, a Member will not be personally
liable for any debts or losses of the Company beyond its Capital Contribution.

 

Section
7.4           List of Members.
Upon written request of any Member, the Manager shall provide a list showing the names and addresses of all Members.

 

Section
7.5           Company Books.
The Day-to-Day Manager shall maintain and preserve, during the term of the Company, the accounts, books, and other relevant operating
documents for all the assets owned by the Company or its Subsidiaries at the Day-to-Day Manager’s offices, and the Day-to-Day
Manager shall maintain and preserve, during the term of the Company, the accounts, books, and other relevant Company documents
at the Company’s principal office, which books shall be kept confidential by all Members; provided that, the Board members
(directly or through representatives) shall have unfettered access to and the right upon 48 hours prior email or telephonic notice
to the Day-to-Day Manager to inspect and copy each and every of the operating documents for all assets owned or operated by the
Company or its Subsidiaries which are maintained at the Day-to-Day Manager’s offices (either at such office, or be provided
with scanned PDF electronic copies by the Day-to-Day Manager emailed to the Board member as directed by the Board member). Any
Member, upon two Business Day’s written notice to Day-to-Day Manager, shall be entitled to inspect any books and records
of the Company as maintained or available to Day-to-Day Manager. Any Member exercising such inspection rights shall reasonably
cooperate with Day-to-Day Manager so as to not unreasonably interfere with the Day-to-Day Manager’s business operations.

 

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Section
7.6           Acknowledgement
of Risks. Each Member hereby acknowledges that investments made in the Company may
suffer a diminution in value at any time and agrees that, except as otherwise expressly set forth in this Agreement, neither the
Board, the Day-to-Day Manager, nor any of their respective Affiliates shall have any duty (including, without limitation, fiduciary
duties) to any Member as to the preservation, enhancement or protection of assets of the Company or its Subsidiaries, and while
the Board and the Day-to-Day Manager shall endeavor to establish the various business goals of the Company, Distributable Cash
to the Company shall be dependent, at least in part, upon the performance of the Company’s businesses, and the Members understand
and accept the risk that the Company may never receive any Distributable Cash, and that the Members may never receive any distributions.

 

Section
7.7           Company Property.
All Subsidiaries and property of the Company shall be owned by the Company subject to the terms and provisions of this Agreement,
and no Member shall have any interest in any specific asset of the Company.

 

Section
7.8           Priority.
Except as may be expressly provided in this Agreement, and except with respect to loans made by the Manager, or the Members to
the Company, no Member shall have priority over any other Member as to distributions.

 

Section
7.9           Liability of
a Member to the Company. A Member who receives a distribution from the Company is
liable to the Company only to the extent provided by the Act.

 

Section
7.10         Exculpation.
Except as otherwise set forth in this Agreement, no Member shall be liable to the Company or to any other Member for damages (including,
without limitation, consequential damages) for any losses, claims, damages or liabilities arising from any act or omission performed
or omitted by it in connection with this Agreement or the Company’s business or affairs, except (and to the extent of) any
such loss, claim, damage or liability attributable to the gross negligence or willful misconduct of such Member. Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, a Member shall be obligated to indemnify
the Company for any costs, damages or other expenses incurred by the Company as a result of the unauthorized action of such Member,
its Principals or any officer, employee or agent of such Member. To the fullest extent permitted by Law, any attempted action in
contravention of this Article 7 shall be null and void ab initio and not binding upon the Company. The Company shall not be responsible
or liable for any indebtedness or obligation of any Member incurred or arising either before or after the Effective Date.

 

Section
7.11         Representation and Warranty
of Members. Each Member and Manager as a condition to admittance as a Member, or as
a condition to acceptance of appointment as a Manager or as Manager hereby represents and warrants to the Company, the Manager
and to each other Member that such person and its Principals and Affiliates, is or are not, nor have any of them ever been: (a)
convicted of a felony or misdemeanor (other than a minor traffic violation); (b) a member, associate, affiliate, instrument of,
or in any way, directly or indirectly, knowingly involved with organized crime or persons associated with organized crime; (c) disbarred,
had an application for a license rejected, or suspended for more than one year, or had a license revoked, with respect to the practice
of law, accounting or medicine, or in connection with the sale of securities; (d) the subject of an enforcement action by the US
Securities and Exchange Commission, NASD or FINRA.

 

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Section
7.12         Compensation of Members
and their Affiliates. No Member, nor any of its respective Principals and their respective
Affiliates, shall be entitled to compensation from the Company or any Subsidiary in connection with any matter that may be undertaken
solely in connection with the fulfillment of its duties and responsibilities as a Member hereunder, except as otherwise provided
in this Agreement, or as determined by the Board.

 

Section
7.13         No Agency or Authority.
Except as otherwise expressly set forth in this Agreement, no Member is an agent of or has authority to act for or bind the Company
solely by reason of such Member’s status as a Member. Any Member who takes any action or purports or attempts to bind the
Company in violation of this Section 7.13 shall be solely responsible for any loss and/or expense incurred by the Company,
its Subsidiaries, the Managers or any Member as a result of such unauthorized action, and such Member shall indemnify and hold
harmless the Company, its Subsidiaries, each Manager and each other Member with respect to such loss and/or expense.

 

Section
7.14         [Intentionally Omitted.]

 

Section
7.15         Mandatory Pledge.
Each of the Members agrees to pledge and grant a Lien on and a security interest in and to their respective Units to one or more
lenders to the Company or Subsidiaries, and take all steps necessary to enable such senior lenders to perfect such Liens and security
interests, on such terms and conditions as may from time to time be requested by the Board; provided that, none of
the Members shall be obligated to so pledge their respective Units or grant a Lien on or security interest therein, except on terms
and conditions that are identical in all material respects as those that are to be applied to the other Members with respect to
the Units held by the other Members.

 

Section
7.16         Preemptive Rights.
The Company shall only issue New Units in accordance with the following terms:

 

(a)          Notwithstanding
clauses (b) through (i) of this Section 7.16, the Board may waive, either prospectively or retrospectively, any and all
rights arising under this Section 7.16 with respect to the issuance of any New Units to any Person, or may elect to waive
the rights under this Section 7.16 with respect to the issuance of a portion of such New Units (a “Partial Waiver”),
provided none of the Members or their Affiliates are purchasing those New Units subject to a waiver or Partial Waiver, and any
such waiver or Partial Waiver shall be effective as to all holders with such rights under this Section 7.16.

 

(b)          In
the event the Company desires to issue any New Units or other Membership Rights, with the prior approval of the Board pursuant
to Section 6.8, it shall first deliver to each Member that demonstrates to the Company’s reasonable satisfaction that
it is an “accredited investor” (within the meaning of Regulation D promulgated under the Securities Act) (collectively,
the “Preemptive Rights Holders” and each a “Preemptive Rights Holder”) a written notice (each
such notice, a “Notice of Proposed Issuance”) specifying the name and address of the proposed purchaser of the
New Units or other Membership Rights (each such purchaser, a “Proposed Buyer”), the type and total number of
such New Units or other Membership Rights which the Company then desires to issue to such Proposed Buyer (such New Units or other
Membership Rights, the “Offered New Units”), all of the material terms, including the price, upon which the
Company proposes to issue such Offered New Units to such Proposed Buyer, and stating that the Preemptive Rights Holders shall have
the right to purchase such Offered New Units in the manner specified in this Section 7.16 at the price and in accordance
with the terms and conditions specified in such Notice of Proposed Issuance.

 

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(c)          During
the 10 Business Day period commencing on the date on which the Preemptive Rights Holders receive the Notice of Proposed Issuance
(the “Offer Period”), each Preemptive Rights Holder shall have the option to purchase the Offered New Units
subject to such Notice of Proposed Issuance at the price and terms specified in such Notice of Proposed Issuance and in the amount
specified in Section 7.16(d). A Preemptive Rights Holder shall give written notice of its election to purchase Offered New
Units to the Company on or before the last day of the Offer Period and, if a Preemptive Rights Holder has not given such written
notice within such period, such Preemptive Rights Holder shall be deemed to have rejected its right to purchase the Offered New
Units. If the Offered New Units are being offered as a part of an investment unit together with debt or other instruments, any
election by a Preemptive Rights Holder to purchase Offered New Units shall also constitute an election to purchase a like portion
of such debt or other instruments. Each Preemptive Rights Holder shall have the right to condition his, her or its purchase of
the Offered New Units upon the closing of the sale of the balance of such Offered New Units.

 

(d)          Each
Preemptive Rights Holder shall have the right to purchase up to that number of the Offered New Units as shall be equal to the number
of the Offered New Units multiplied by a fraction, the numerator of which is the number of Units then owned by such Preemptive
Rights Holder and the denominator of which shall be the aggregate number of Units then owned by all of the Preemptive Rights Holders
thereof. The amount of such Offered New Units that each Person is entitled to purchase under this Section 7.16(d) shall
be referred to as its “Proportionate Share”.

 

(e)          Each
Preemptive Rights Holder shall have a right of oversubscription (pursuant to one process pursuant to this subsection only) such
that if any Preemptive Rights Holder fails to elect to purchase its full Proportionate Share of the Offered New Units, the remaining
Preemptive Rights Holders shall, among them, have the right to purchase up to the balance of the Proportionate Shares of such Offered
New Units not so purchased. Each Preemptive Rights Holder may exercise such right of oversubscription by electing to purchase more
than its Proportionate Share of the Offered New Units by so indicating in its written notice given during the Offer Period. If,
as a result thereof, such oversubscriptions exceed the total number of the Offered New Units available in respect to such oversubscription
privilege, the oversubscribing Preemptive Rights Holders shall be cut back with respect to oversubscriptions on a pro rata basis
in accordance with their respective Proportionate Shares or as they may otherwise agree among themselves.

 

(f)          If
some or all of the Offered New Units have not been purchased by the Preemptive Rights Holders pursuant to Section 7.16(b)
through (e) hereof, then the Company shall have the right, until the expiration of 180 days commencing on the first day
immediately following the expiration of the Offer Period, to issue such remaining Offered New Units to the Proposed Buyer or one
or more third parties at not less than, and on terms no more favorable to the purchasers thereof than, the price and terms specified
in the Notice of Proposed Issuance. If for any reason the Offered New Units are not issued within such period and at such price
and on such terms, the right to issue in accordance with the Notice of Proposed Issuance shall expire and the provisions of this
Agreement shall continue to be applicable to the Offered New Units.

 

(g)          The
Preemptive Rights Holder purchasing the greatest percentage of any Offered New Units shall set the place, time and date for the
closing of the purchase of the Offered New Units, which closing shall be no later than the date of the closing of the sale of any
Offered New Units to the Proposed Buyer. The purchase price for the Offered New Units shall, unless otherwise agreed in writing
by the parties to such transaction, be paid in immediately available funds on the date of the closing.

 

(h)          The
Company may proceed with the issuance of New Units without first following procedures in Section 7.16(b) through (g)
above, provided that (i) the purchaser of such New Units agrees in writing to take such New Units subject to the provisions of
this Section 7.16(h); and (ii) within 10 days following the issuance of such New Units, the Company or the purchaser of
the New Units undertakes steps substantially similar to those in Section 7.16(b) through (g) above to offer to all
Preemptive Rights Holders the right to purchase from the Company or such purchaser a pro rata portion of such New Units or equivalent
at the same price and terms applicable to the purchaser’s purchase thereof so as to achieve substantially the same effect
from a dilution protection standpoint as if the procedures set forth in Section 7.16(b) through (g) had been followed
prior to the issuance of such New Units.

 

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(i)          Notwithstanding
the foregoing, no Preemptive Rights Holder shall have any rights under this Section 7.16 if (x) at any time such Preemptive
Rights Holder has failed to purchase its Proportionate Share of New Units that (1) had not been the subject of a waiver or Partial
Waiver pursuant to Section 7.16(a); and (2) such Preemptive Rights Holder had the right to purchase under this Section 7.16;
or (y) such Member breaches this Agreement or any confidentiality, non-competition or non-solicitation obligations to the Company
or any of its Subsidiaries or Affiliates.

 

Section
7.17         [Intentionally Omitted.]

 

ARTICLE 8

TRANSFERABILITY

 

Section 8.1           Restrictions
on Transfers.

 

(a)          Except
as expressly provided in this Article 8, no Member shall Transfer all or any portion of such Member’s Units, whether directly
or indirectly, without the prior written consent of the Board. Any Transfer in contravention of this Section 8.1 shall be
null and void. In addition, any Transferee (whether or not pursuant to a Permitted Transfer) will not become a Substituted Member,
unless and until the Transferee executes and delivers to the Company a counterpart of this Agreement. Except as otherwise provided
in the instrument of Transfer and approved by the Board, any Substituted Member admitted to the Company in accordance with the
terms of this Article 8 will succeed to all rights and be subject to all the obligations of the Transferor Member with respect
to the Units to which the Transferee Member was substituted.

 

(b)          Except
as expressly provided in this Agreement, the Transferor and Transferee will be jointly and severally obligated to reimburse the
Company for all reasonable expenses (including legal fees) in connection with any Transfer or proposed Transfer of a Member’s
Units. As a condition to any Transfer of Units in the Company, the Transferor and the Transferee shall provide such legal opinions
and documentation as the Manager shall reasonably request.

 

Section 8.2           Right
of First Refusal.  Except with respect to Permitted Transfers (hereinafter defined), if a Member who holds a Membership
Interest in the Company (a “Selling Member”) desires to sell all or any portion of its Membership Interest (“Offered
Interest”), the Selling Member shall obtain from the proposed purchaser a written offer (“Offer”)
to purchase such Offered Interest, stating the terms and conditions upon which the purchase is to be made and the consideration
offered therefor which must be payable in money. The Selling Member shall give written notification of such proposed sale to the
Manager and all remaining Member(s) (the “Remaining Members”), which notice shall be set forth the name and
address of the proposed purchaser and the terms and conditions of the proposed sale (“Transfer Notice”), and
shall be accompanies by a copy of the purchase agreement, letter of intent or other written offer by the proposed purchaser to
purchase the Offered Interest. All Offers must be to or by bona fide third parties at arm’s length terms.

 

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Section 8.3           Priority
of Rights.

 

(a)          The
Members shall each have the first right on behalf of the Company to purchase all (but not less than all) of the Offered Interest
at the same purchase price and upon the same terms and conditions as are set forth in the Offer by the proposed purchaser, by providing
the Selling Member with a written notice to such effect within 20 days of receipt of the Transfer Notice (“Response Notice”).
If the Members shall elect not to purchase the Offered Interest on behalf of the Company, then, the Manager shall have the right,
to purchase all (but not less than all) of the Offered Interest at the same purchase price and upon the same terms and conditions
as are set forth in the Offer by the proposed purchaser, by providing the Selling Member with a written notice to such effect within
20 days of receipt of the Transfer Notice (“Manager Response Notice”). If the Manager shall elect not to purchase
the Offered Interest, then the Manager shall notice the Remaining Members (the “Second Transfer Notice”), who
shall have the right, on a pro rata basis relative to their respective Membership Interests, to purchase all (but not less
than all) of the Offered Interest at the same purchase price and upon the same terms and conditions as are set forth in the Offer
by the proposed purchaser, by providing the Selling Member and the Manager with a written notice to such effect within 20 days
of receipt of the Second Transfer Notice (also a “Response Notice”).

 

(b)          If
the Manager or one or more Remaining Members (each a “Purchasing Member”) gives the Selling Member a Response
Notice, the Selling Member will be obligated to sell the Offered Interest to the Purchasing Member(s), and the Purchasing Member(s)
will be obligated to buy the Offered Interest at the purchase price and upon the other terms stated in the Transfer Notice.

 

(c)          The
closing of the sale of the Offered Interest to the Purchasing Member(s) shall take place at the office of the Company no later
than 30 days from the delivery of the Response Notice (i.e., no later than the end of 50 days from the receipt of the Transfer
Notice.).

 

(d)          If
the Board does not elect to have the Company purchase the Offered Interest, and the Manager and all of the Remaining Members do
not give a Response Notice and advise the Selling Member of their desire to exercise their right and purchase the Offered Interest
as provided for herein, then the Selling Member will be entitled to sell the Offered Interest under the terms stated in the Offer,
and for a period of 180 days commencing at the end of the 21st day period after the receipt of the last of the Transfer Notice
or Second Transfer Notice as aforementioned. If the Selling Member did not sell its Offered Interest within such 180-day period,
the Selling Member will not be permitted to perform such sale and/or any other sale and/or Transfer, without subjecting it to the
new fulfillment of the provisions of this Section 8.3. All expenses associated with the sale of Membership Interests by
a Member shall be paid for by the Selling Member. Notwithstanding anything to the contrary set forth herein, the sale of Membership
Interests pursuant to this Section 8.3 shall be subject to the provisions of Section 8.4 herein.

 

Section 8.4           Tag
Along Rights.

 

(a)          In
the event that (i) a Selling Member receives an Offer to purchase all or any portion of such Member’s Membership Interest;
(ii) the Manager and the Remaining Members do not exercise their rights of first refusal under Section 8.2 hereof; and (iii)
the Selling Member desires to sell the Offered Interest on the terms and conditions set forth in the Offer pursuant to Section
8.2 (the “Tag-Along Sale”), the Selling Member shall give written notice (the “Tag-Along Notice”)
to the Remaining Members at least 30 days prior to the proposed effective date of such proposed Tag-Along Sale. The Tag-Along Notice
shall include (x) the amount of the Selling Member’s Membership Interest proposed to be Transferred; (y) the fraction, expressed
as a percentage, determined by dividing the Offered Interest by the total Membership Interest owned by the Selling Member (the
“Tag-Along Sale Percentage”); and (z) the proposed effective date of the proposed Tag-Along Sale.

 

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(b)          The
Remaining Members shall have the right, exercisable upon delivery of an irrevocable written notice (“Notice of Election”)
to the Selling Member within 10 days after receipt of the Tag-Along Notice (the “Response Deadline”), to participate
in such Tag-Along Sale on the same terms and conditions as set forth in the Offer and Tag-Along Notice, including, without limitation,
the making of all representations and warranties, the granting of all indemnifications and similar arrangements (including any
purchase price adjustments) agreed to by the Selling Member (each Remaining Member electing to participate in the Transfer described
in the Tag-Along Notice, a “Participant”). Such Tag-Along Notice shall specify the amount of such Participant’s
Membership Interest (not in any event to exceed the Tag-Along Sale Percentage with respect to such Participant) which such Participant
desires to have included in the proposed Tag-Along Sale.

 

(c)          In
the event that the proposed purchaser in the Tag-Along Sale is unwilling to purchase the entire Membership Interest requested to
be included in the Tag-Along Sale by the Selling Member and the Participants, then the Membership Interest to be sold to such proposed
purchaser shall be allocated among the Selling Member and the Participants in proportion, as nearly as practicable, to the respective
Percentage Interests which each such selling Member requested to be included in the proposed Tag-Along Sale.

 

(d)          The
closing of a Tag-Along Sale pursuant to this Section 8.4 shall take place at the same time and place set forth in the Tag-Along
Notice or, if not so specified, such time and place as the Selling Member shall specify by notice to each Participant. At the closing
of such Tag-Along Sale, each Participant participating in such Tag-Along Sale shall deliver to the Selling Member an assignment
of Membership Interest duly endorsed for Transfer, free and clear of any Liens, claims or Encumbrances on the Membership Interest,
against delivery of the applicable consideration therefor. If the Selling Member has not completed the proposed Tag-Along Sale
as of the end of the 180th day following the date of the Tag-Along Notice, each Participant with respect to such Tag-Along
Sale shall be released from any obligation to Transfer its Membership Interest under such Tag-Along Sale, the Tag-Along Notice
shall be null and void, and it shall be necessary for this Section 8.4 to be complied with in order to consummate such Tag-Along
Sale pursuant to this Section 8.4.

 

Section 8.5           Transfer
Requirements. If a Transfer is consummated in accordance with the terms set forth in this Article 8, such Transfer shall
not entitle the transferee to become a Member or to be entitled to exercise or receive any of the rights, powers or benefits of
a Member other than the right to receive distributions to which the Transferring Member would be entitled with respect to the Transferred
Membership Interest, unless and until such transferee (a) executes a counterpart signature page to this Agreement or other instrument,
reasonably satisfactory to the Manager, accepting and agreeing to the terms and conditions of this Agreement; and (b) pays to the
Company a fee sufficient to cover all reasonable expenses of the Company in connection with such transferee’s admission as
a Member. If a Member transfers all of its Membership Interest and the transferee of such Membership Interest is entitled to become
a Member pursuant to this Article 8, then (i) immediately following such admission, the Transferring Member shall cease to be a
Member of the Company; and (ii) the transferee shall succeed to the Capital Account of the Transferring Member. Notwithstanding
anything in this Agreement to the contrary, no Transfer shall be permitted if such Transfer would result in a violation of any
Applicable Laws or regulations, or any loan documents and/or other agreements to which the Company is a party or by which the Company
is otherwise bound.

 

Section 8.6           Permitted
Transfers. Notwithstanding any provision in this Agreement to the contrary, any Member which is a natural person may transfer
all or a portion of his or her Membership Interests to a Permitted Transferee.

 

Section 8.7           Recognition
of Transfer by the Company. No Transfer that is in violation of this Article 8 shall be valid or effective, and
neither the Company nor the Members shall recognize such Transfer in making distributions pursuant hereto with respect to such
Membership Interest. Neither the Company nor the non-Transferring Members shall incur any liability as a result of refusing to
make any such distributions to the transferee of any such invalid transfer.

 

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Section 8.8           Compliance
with Securities Laws. The Members acknowledge and confirm that their Units may constitute securities for purposes
of state and federal securities laws and that, as a consequence, the Units may only be sold pursuant to appropriate registration
or exemption from registration. The Units have not been registered under any federal or state securities laws, and the Company
has no plan to register the Units. No Transfer or assignment of all or any part of a Member’s Unit(s), including, without
limitation, any Transfer of a right to distributions, Profits or Losses to a Person who does not become a Member, shall be effective,
unless such Transfer or assignment (a) may be effected without registration of the Units under the Securities Act of 1933, as amended;
and (b) does not violate any applicable federal or state securities laws (including any investment suitability standards) applicable
to the Company, the Manager or the Members. In no event may any Member sell all or any portion of his or its Units in violation
of the provisions of applicable securities laws.

 

Section 8.9           Other
Prohibited Transfers. No Member shall sell or otherwise Transfer its Units in the Company, if such Transfer would (a) require
the Company to file a Registration Statement with the Securities Exchange Commission or state agencies or otherwise violate securities
law; (b) cause a termination of the Company for federal income tax purposes; (c) cause any of the transactions contemplated
by this Agreement to be a “prohibited transaction” within the meaning of the Employee Retirement Income Security Act
of 1974, as amended from time to time (“ERISA”) or the Code; (d) cause any Member to become a “fiduciary”
within the meaning of ERISA or the Code; (e) cause the Company to be in breach of or default under any mortgage, deed of trust
or other security agreement encumbering any of the Assets or properties of the Company or its Subsidiaries; (f) cause the Company
to be classified as other than a “partnership” for federal income tax purposes; or (g) adversely affect the ability
of the Company to comply with the requirements of Section 514(a)(9) of the Code. Prior to effecting any Transfer of a Unit,
other than pursuant to other sections of this Agreement, the Transferor shall provide reasonable assurances to the Manager that
the proposed Transfer would be permitted under this Section 8.9 and that the Transferring Member shall pay any Transfer
taxes resulting from the Transfer.

 

Section 8.10         Indemnification.
If a Transfer or attempted Transfer is made in violation of this Article 8, the parties engaging or attempting to engage in
such Transfer shall be liable to indemnify and hold harmless the Company, the Manager and the other Members from all costs, liabilities
and damages that any of such indemnified Persons may incur (including, without limitation incremental tax liability and attorney’s
fees and expenses) as a result of such invalid Transfer or attempted Transfer and efforts to enforce the indemnity granted hereby.

 

Section 8.11         Section
754 Election. In the event of a Transfer of all or part of the Membership Interest of a Member, at the request of the transferee
or if in the best interests of the Company (as determined by the Manager), the Company shall elect pursuant to Section 754 of the
Code to adjust the basis of Company property as provided by Sections 734 and 743 of the Code, and any cost of such election or
cost of administering or accounting for such election shall be at the sole cost and expense of the requesting transferee.

 

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Section 8.12         Classification
as a Partnership; Consistency for Income Tax Reporting. For so long as the Company has more than one Member, the Company
shall be taxable as a partnership for federal income tax purposes, as permitted by Treasury Regulation Section 1.301.7701-3(b)(1)(i).
During such time as the Company would be classified as a partnership under the foregoing sentence, no Member shall take any action
that would result in the Company being taxed as other than a “partnership” for federal income tax purposes, including,
but not limited to, electing to be taxed as other than a “partnership” by filing Form 8832, “Entity Classification
Election”. All of the Members shall file their separate federal, state and local income tax returns strictly in accordance
with the information provided to them by the Company on their separate Form K-1, unless: (1) the Member notifies the Company that
it intends to file an IRS Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request, with respect to any
partnership items (within the meaning of Code Sec.6231(a)(3)) of the Company at least 30 days prior to the date that it files the
Form 8082; and (2) the Member has obtained the opinion of its tax counsel or tax accountant that the proposed inconsistent treatment
is more likely than not the correct treatment of the item(s) and has provided a copy of such opinion to the Company at the time
that it gives the notice required under clause (1).

 

ARTICLE 9

DISSOLUTION AND TERMINATION

 

Section
9.1           Dissolution.
The Company shall be dissolved upon the determination of the Board to dissolve and wind up the
Company, subject to this Article 9. The death, retirement, resignation, expulsion, withdrawal, abandonment, bankruptcy or dissolution
of a Member or occurrence of any other event which terminates the continued interest of a Member in the Company, and as otherwise
set forth in Section 3.25 herein (each a “Withdrawal Event”)
shall not result in dissolution of the Company, and the business of the Company shall continue without interruption despite the
occurrence of any such Withdrawal Event. Upon the occurrence of any event that causes the last remaining Member of the Company
to cease to be a Member of the Company, to the fullest extent permitted by law, the personal representative of such last remaining
Member (for purposes of this Article 9, wherever Manager if referenced for wind-up purposes but not Manager exists, the reference
shall be to the personal representative of the last remaining Member) is hereby authorized to, and shall, within 90 days after
the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (a) to continue
the Company; and (b) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute
Member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining
Member of the Company in the Company.

 

Section
9.2           Winding-Up, Liquidation and Distribution of Assets.
Upon dissolution of the Company, an accounting shall be made by the Company’s independent accountants of the accounts of
the Company and of the Company’s assets, liabilities and operations, from the date of the immediately preceding accounting
until the date of dissolution. The Day-to-Day Manager or the Board shall immediately proceed to wind up the affairs of the Company.
If the Company is dissolved and its affairs are to be wound up, the Day-to-Day Manager shall:

 

(a)          sell
or otherwise liquidate all of the Company’s assets as promptly as practicable;

 

(b)          allocate
any profit or loss resulting from such sales to the Member’s Capital Accounts;

 

(c)          discharge
all liabilities of the Company, including liabilities to the Manager or Members who are creditors, to the extent otherwise permitted
by law, other than liabilities to Members for distributions, and establish such reserves as may be reasonably necessary to provide
for contingent liabilities of the Company (for purposes of determining the Capital Accounts of Members, the amounts of such reserves
shall be deemed to be an expense of the Company);

 

(d)          distribute
the remaining assets as follows:

 

(i)          to
the Members in accordance with Section 5.2 hereof; and

 

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(ii)         if
any assets of the Company are to be distributed in kind, such assets shall be distributed as determined by the Manager. Such assets
shall be deemed to have been sold as of the date of dissolution for their fair market value, and the Capital Accounts of the Members
shall be adjusted pursuant to the provisions of this Agreement to reflect such deemed sale.

 

(e)          upon
completion of the winding-up, liquidation and distribution of the assets, the Company shall be deemed terminated; and

 

(f)          the
Manager shall comply with any applicable requirements of Applicable Law pertaining to the winding-up of the affairs of the Company
and the final distribution of its assets.

 

Section
9.3           Articles of Dissolution.
When all debts, liabilities and obligations of the Company have been paid and discharged or adequate
provisions have been made therefor and all of the remaining property and assets of the Company have been distributed, articles
of dissolution as required by the Act shall be executed and filed by the Manager with the Delaware Secretary of State.

 

Section
9.4           Effect of Filing of Articles of Dissolution.
Upon the filing of articles of dissolution with the Delaware Secretary of State, the existence of the Company shall cease, except
for the purpose of suits, other proceedings and appropriate action as provided in the Act. The Manager shall have authority to
distribute any property and assets owned by the Company discovered after dissolution, to convey real estate and to take such other
action as may be necessary on behalf of and in the name of the Company.

 

Section
9.5           Return of Contribution Nonrecourse to Other Members.
Except as provided by Law or as expressly provided in this Agreement, upon dissolution, each
Member shall look solely to the assets of the Company for the return of its Capital Contribution. If the Company property remaining
after the payment or discharge of the debts and liabilities of the Company is insufficient to return the Capital Contribution
of one or more Members, such Member or Members shall have no recourse against any other Member.

 

Section
9.6           Termination of Agreement.
Upon the consummation of (a) the dissolution of the Company in accordance with this Article 9; (b) a merger or consolidation of
the Company; or (c) a Conversion in accordance with Section 9.8 and consummation of an initial Public Offering in connection
therewith (each a “Termination Event”), except as provided in the next sentence,
all rights and obligations of the parties under this Agreement shall terminate immediately and be of no further effect. Notwithstanding
the preceding sentence, the representations and warranties of the parties hereto, the indemnifications set out in this Agreement,
and the rights and obligations of the applicable parties under Sections 3.7, 3.16, 3.17, 3.18, 3.19,
3.25, 3.26, 3.27, 6.8, 6.10, 6.11, 6.12, 6.13, 7.5, 7.10, 7.11,
8.10, 9.2, 9.6, 9.7 and Articles 10, 11, 12 and 13 shall survive any Termination Event.

 

Section 9.7           Liability
for Return of Capital Contributions. Each Member, by its execution of this Agreement, agrees that liability for the return
of its Capital Contribution is limited to the Company’s assets and, in the event of an insufficiency of such assets to return
the amount of its Capital Contribution, hereby waives any and all claims whatsoever, including any claim for additional contributions
that it might otherwise have, against any of the Company’s agents or representatives (in each case, unless there has been
fraud, gross negligence or intentional misconduct) by reason thereof. Each Member shall look solely to the Company and its assets
for all distributions with respect to the Company and his, her or its Capital Contribution thereto, and shall have no recourse
therefor (upon dissolution or otherwise) against any of the Company’s agents or representatives (in each case, unless there
has been fraud, gross negligence or intentional misconduct).

 

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Section 9.8           Conversion
to Corporation or Other Entity. At any time, in connection with an initial Public Offering, the Board shall have the power
and authority to, and shall, effect (a) the conversion of the Company’s business form from a limited liability company to
a corporation, a real estate investment trust or other entity (a “Public Vehicle”); (b) the merger of the Company
with or into a new or previously-established but dormant Public Vehicle; or (c) the contribution of the assets and liabilities
of the Company to a Public Vehicle, followed by a liquidation of the Company and a distribution of the Public Vehicle’s equity
securities to the Members (such a conversion, merger or liquidation is referred to as a “Conversion”). Upon
the consummation of a Conversion, the Units held by each Member shall be converted into or exchanged for a number of shares or
other units of the Public Vehicle’s common stock or other equity interests determined by (i) calculating the fair market
value of the Company based upon the actual offering price of the Public Vehicle’s common stock or other equity interests
and the number of Units of common stock or other equity interests to be outstanding after such offering; and (ii) by determining
the amount each Member would receive if (A) all of the Company’s assets were sold for such fair market value; and (B) the
proceeds were distributed in accordance with Section 5.2. The Board’s determination of the number of Units of the
Public Vehicle’s common stock or other equity interests that each Member receives upon a Conversion shall be final and binding
on the Members absent manifest arithmetic error. The Board shall use commercially reasonable efforts to undertake any Conversion
in such manner as would provide for no gain or loss to the Members solely as a result of the Conversion.

 

Section 9.9           Guaranty
Contribution.

 

(a)          In
the event that in connection with the business of the Company or any Subsidiary the Company or any Subsidiary shall borrow funds
or enter into any transactions as provided in the Approved Business Plan (including, without limitation, a lease, contract or other
instrument) FCRE OP or its owner FCRE shall provide any required guaranty obligations of the Company and/or the Subsidiaries (the
“Loan Guaranties”). The Manager shall provide any required “bad boy guaranty” required in such loan
transaction (“Manager Guaranty” and collectively with Loan Guaranties, “Guaranties”). In
order to induce the Guarantor(s) to execute and deliver any such Loan Guarantees or Manager Guaranty, the Company, and each of
the Members who are not Guarantors, hereby unconditionally agree to indemnify and hold the Guarantor(s) harmless from any claim,
expense, liability or loss, including reasonable attorney’s fees incurred in connection with each of the Guarantors’
Guaranties (collectively, a “Claim”) asserted against any such Guarantor(s) in connection with any such Guaranties.

 

(b)          In
the event of any Claim, the Company, and each Member who is not a Guarantor do hereby unconditionally agree to immediately, upon
demand of any Guarantor, to pay such Claim pro-rata in accordance with such Person’s Affiliated Members’ Percentage
Interests (i) if not yet paid by the Guarantor making said demand, to the person to whom same would otherwise be paid, or is payable
to, by Guarantor at the same time as Guarantor’s payment; or (ii) if said claim, or any portion thereof, had already been
paid by the Guarantor(s) or collected from said Guarantor(s), to reimburse the Guarantor(s) proportionately for the amount of said
Claim already paid or collected. In the event any Member or Manager (including a Guarantor) has paid any Claim, or any portion
thereof (whether as the Guarantor or as provided in this Section 9.9), then, immediately upon demand by such person, the
Company hereby agrees to reimburse such person for the amount of any such payment.

 

(c)          In
the event that any Member shall have paid (as Guarantor or as provided in this Section 9.9) any Claim or have any Claim
collected from such person, then until reimbursed by the Company or the Members as provided in this Section 9.9, such Claim
shall accrue interest at the lower of (i) 24% per annum; or (ii) the maximum legal interest rate, until paid in full on the outstanding
unpaid balance thereof, and the amount which the Company or the other Members shall be deemed to have indemnified pursuant to this
Section 9.9 shall be deemed to include said accrued interest.

 

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(d)          Notwithstanding
anything contained in this Agreement to the contrary, in the event that a Guarantor shall make a demand upon any other Member under
this Section 9.9 (each such Member, an “Indemnifying Member”), then until said Claim and all interest
accruing thereon has been paid in full as above set forth: (i) all distributions which would otherwise be distributed to the Indemnifying
Members shall be paid to the Guarantor(s) making said demand(s) directly in satisfaction of the Indemnifying Members’ obligations
under this Section 9.9, provided however, that such distributions shall nonetheless be deemed to have been made
by the Company to the Indemnifying Members for tax purposes and for purposes of accounting and shall be reflected on the Indemnifying
Members’ Capital Accounts as if such Distributions were made to such Indemnifying Members; and (ii) until such time as the
Indemnifying Members shall have paid such Claims and all accrued and unpaid interest on such Claims in full, the Indemnifying Member
(and the Manager appointed by such Indemnifying Member to the Board if the Company is then managed by a Board of Managers) shall
have no rights to vote on any matter which such Indemnifying Member (and/or the Manager appointed by such Indemnifying Member to
the Board if the Company is then managed by a Board of Managers) shall otherwise have the right to vote under the terms of this
Agreement.

 

(e)          Notwithstanding
anything contained in this Agreement to the contrary, as security for the performance by an Indemnifying Member of its obligations
under this Section 9.9, each Member hereby pledges to the Guarantor(s) and grants to the Guarantor(s) a lien on, and continuing
security interest in and to, the Indemnifying Member’s Units and all proceeds thereof. In the event that the Guarantor(s)
or any of them shall make a demand upon an Indemnifying Member under this Section 9.9, and if such Claim and all interest
accruing thereon has not been paid in full within six months of the date of said demand, then the Guarantor(s) or either of them
shall have the right, but shall not be obligated, to cause the Company, without any further notice to the Indemnifying Member,
to Transfer the Units then held by the Indemnifying Member in the Company to the Guarantor(s) pro-rata in proportion of the amount
due to each Guarantor from each Indemnifying Member in full satisfaction of the Indemnifying Members’ obligations under this
Section 9.9, and thereafter hold the same absolutely free and clear from any right or claim whatsoever of any kind by the
Indemnifying Members, each of whom hereby waive any rights of redemption, and any claims against the Company, the Manager(s) and
the Guarantor(s) as a result of the Transfer as herein provided, and the Indemnifying Members further agree that any such Transfer
made pursuant to the foregoing terms shall be deemed to have been made in a commercially reasonable manner.

 

(f)          Each
Indemnifying Member hereby agrees that it will execute one or more financing statements and security agreements and other certificates,
assignments, instruments or documents, if any, now or hereafter required to protect or give notice of the security interest granted
hereby pursuant to the Uniform Commercial Code or other Applicable Law, in form and substance satisfactory to Guarantor(s). Each
Indemnifying Member hereby appoints each Guarantor or any of their representatives as the Indemnifying Member’s attorney-in-fact
and agent, with full power of substitution to sign or endorse each such financing statement or other certificates, assignments,
instruments, or documents in such Indemnifying Members’ name and stead and authorizes such Guarantors to file such financing
statements, certificates, assignments, instruments or other documents in all places where necessary to perfect or give notice of
the Indemnifying Member’s pledge or Transfer of its Units as herein provided.

 

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ARTICLE 10

DISPUTE RESOLUTION

 

Section 10.1         Dispute
Resolution.  In the event of any dispute, controversy or claim arising out of or relating to this Agreement, or
the breach thereof, the rights and obligations of the Company, the Members or the Manager, the parties to such controversy or claim
shall first use their reasonable best efforts in good faith to resolve such dispute among themselves by sending written notice
to each other Member and Day-to-Day Manager (or any of them) setting forth in reasonable detail the nature of such dispute, the
resolution requested, and the damages which would result if a resolution were not affected (the “Dispute Notice”).
Each party and the Manager receiving a Dispute Notice shall meet at the principal office of the Company within 10 days of the date
of such Dispute Notice at a date and time selected by the Manager and noticed to each Member and Manager (which notice may be by
email) (or at such other date and time mutually agreeable to each Member and the Manager participating in such meeting) (the “Dispute
Resolution Meeting”). The Parties shall confer at the Dispute Resolution Meeting, and will use good faith efforts within
the 20 days after the Dispute Resolution Meeting to resolve the dispute (the “Dispute Resolution Period”). If
the dispute cannot be resolved within the Dispute Resolution Period, any dispute, controversy or claim arising out of or relating
to this Agreement, or the breach thereof, the rights and obligations of the Company, the Members or the Manager, the parties to
such controversy or claim shall be brought, as determined by the Board’s unanimous determination in the Board’s sole
discretion, either in arbitration or in a court by litigation as hereafter set forth. In the event that the Board shall be unable,
by unanimous vote to make such a determination the Board shall be deemed to have elected litigation in a court and not arbitration
as the dispute resolution forum. The Day-to-Day Manager shall use reasonable efforts to determine and advise the parties as to
whether the dispute addressed in the Dispute Notice, if not resolved during the Dispute Resolution Period, shall be brought by
arbitration or litigation as hereinafter provided. In the event that a party has complied with the foregoing dispute resolution
procedure, and no resolution has been effected during the Dispute Resolution Period, and such party desires to initiate an action,
and if the Board has not then determined whether such dispute shall be resolved in litigation or arbitration, then the party desiring
to initiate an action shall notice the Board of its desire and request a determination as to whether the dispute shall be resolved
by litigation or arbitration (the “Determination Request Notice”). In the event the Board shall fail, within
five Business Days after receipt of the Determination Request Notice to respond with a determination, then the Board shall be deemed
to have elected litigation and not arbitration as the dispute resolution forum.

 

Section 10.2         Dispute
Resolution Forum. Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach thereof,
which has not been resolved in accordance with the dispute resolution procedure set forth in Section 10.1 hereof, may be resolved
by arbitration or litigation as above set forth, and the complaining Member, or the Day-to-Day Manager, or any of them, may initiate
an action in an arbitration or a litigation as determined by the FCRE Member as the Manager, or if the FCRE Member as the Manager
has failed to make such determination within the five Business Days after receipt by the Board of a Determination Request Notice,
by litigation and not arbitration. If the dispute is to be resolved by litigation it may be initiated and brought by the complaining
party only in the Superior Court in and for the County of Sacramento, or the courts of the United States of America for the Eastern
District of California, and appellate courts thereof. If the dispute is to be arbitrated it shall be by initiated and brought by
the complaining party only in an arbitration administered by JAMS Endispute (“JAMS”) before a three arbitrator
panel selected from a list of then available JAMS arbitrators, each of who must be are either retired federal or state court judges
with 20 years or more commercial litigation experience assigned pursuant to JAMS procedures, and shall be brought and heard in
Sacramento, California, and judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
There shall be no ex parte communications with JAMS or any of the Arbitrators.

 

Section 10.3         Effect
of failure to follow the Dispute Resolution Procedure. In the event a party shall have failed to follow the dispute resolution
procedure set forth in Sections 10.1 and 10.2 hereof, or, having complied with the dispute resolution procedure, has thereafter
brought an action in a forum different then as determined by the Manager (unless the Manager has failed to make such determination
within the five Business Days after receipt by the Manager of a Determination Notice), then upon a motion brought by the Manager
or any other party to such dispute, the action initiated by the non-complying Member, or Manager, shall be dismissed with prejudice,
and the court or arbitrators shall enter an order dismissing such action with prejudice, and each Member and Manager hereby specifically
consents to same, and waives all right to challenge same or appeal therefrom.

 

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Section 10.4         Arbitration.
If an action has been properly initiated by any Manager or a Member in arbitration in accordance with the provisions if this Article
10, then (i) the parties shall be afforded the discovery rights as established under the applicable JAMS rules or as provided for
by the arbitrators; (ii) the award rendered in any arbitration commenced hereunder shall constitute an award under the Federal
Arbitration Act, Title 10 US Code shall be final and binding upon the parties and judgment thereon may be entered in any court
of competent jurisdiction. The arbitral tribunal may order any remedy permitted by law and this Agreement, including damages, injunctions
and specific performance of this Agreement or any portion thereof. The language of the arbitration shall be English. The place
of arbitration shall be Sacramento, California, United States. By agreeing to arbitration, the parties do not intend to deprive
any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration
proceedings and/or the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction
of a national court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to
request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the
failure of any party to respect the arbitral tribunal’s orders to that effect.

 

Section 10.5         Service
of Process. With respect to any action, suit, claim in arbitration, or other proceeding for which it has submitted
to jurisdiction pursuant to this Article 10, each party irrevocably consents to service of process in the manner provided for the
giving of notices pursuant to Section 10.1 of this Agreement. Nothing in this Section 10.6 shall affect the right of any
party to serve process in any other manner permitted by Applicable Law.

 

Section 10.6         Specific
Performance. Each of the parties hereto agrees that damages at law are an inadequate remedy for any breach of this
Agreement and that, in the event of any breach by a party, the Company, the Manager and the other parties hereto are and shall
be, to the fullest extent permitted by law, entitled to obtain a decree or decrees of specific performance entitling it or them
to seek a temporary restraining order, preliminary injunction, or permanent injunction to specifically enforce and require specific
performance by such breaching party of the terms and provisions of this Agreement. Nothing contained in this Section 10.6
shall be deemed a waiver of any claim or defense of any party hereto to an action brought by any other party under this Section
10.6, except as specifically set forth herein with respect to entitlement to specific performance.

 

ARTICLE 11

BREACH OF AGREEMENT

 

Section 11.1         Breach
of this Agreement. It is recognized that damages in the event of breach by a party of any representation, warranty or covenant
made in this Agreement will be difficult if not impossible to ascertain. It is therefore agreed that, in addition to, and without
limiting any other remedy or right that a nonbreaching party might have against a breaching party, each party shall also have the
right to:

 

(a)          Injunction.
An injunction against a breaching party issued by a court or arbitrator or arbitration panel of competent jurisdiction enjoining
such breach, and each breaching party hereby consents to the issuance of any TRO, preliminary or permanent injunction enjoining
the breaching conduct.

 

(b)          Specific
Enforcement. The right to have such covenants specifically enforced by any court having equity jurisdiction, it being acknowledged
and agreed that any breach of any of such covenants will cause irreparable injury to the nonbreaching party to whom such covenant
was made and that money damages will not provide an adequate remedy. Each party acknowledges and agrees that the covenants are
reasonable and valid in all respects.

 

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(c)          Other
Remedies. Nothing contained in subsections 11.1(a) and 11.1(b) shall be construed as exclusive or as prohibiting a party from
pursuing any other remedies available for such breach at law or in equity.

 

ARTICLE 12

MISCELLANEOUS PROVISIONS

 

Section 12.1         Notices.
Except as otherwise expressly set forth in this Agreement, all notices, demands, requests, consents and waivers under this
Agreement shall be in writing, shall refer to this Agreement and shall be (a) delivered personally; (b) sent by registered
or certified mail, postage prepaid, return receipt requested; (c) sent by a nationally recognized overnight courier; or (d) sent
by email, with confirmation of the receipt of such email, addressed as set forth below. If delivered personally, any notice shall
be deemed to have been given on the first Business Day on or after the date delivered or refused. If mailed, any notice shall be
deemed to have been given on the earlier to occur of the first Business Day on or after the date of delivery or the third Business
Day after such notice has been deposited in the U.S. mail in accordance with this Section 12.1. If sent by overnight
courier, any notice shall be deemed to have been given on the first Business Day on or after the date following the date such notice
was delivered to or picked up by the courier. If sent by email, any notice shall be deemed to have been given on the date sent,
if confirmation of receipt thereof is given on or before 5:00 p.m. (Sacramento, California time), or on the next Business Day,
if confirmation of receipt thereof is given after 5:00 p.m. (Sacramento, California time). Copies of all notices shall be given
in accordance with the above as follows:

 

If to the Company, the FCRE OP Member:

 

60 Broad Street, 34th
Floor

New York, NY 12004

Email: j.frydman@unitedrealty.com 

Attention: Jacob Frydman

 

with a copy to:

 

Suneet Singal

60 Broad Street, 34th Floor

New York, NY 12004

Email: s.@firstcapitalrealestate.com 

 

If to the Manager or the T-9 Developer
Member:

 

Scott Syphax

640 Bercut Drive

Sacramento, CA 95811

Scotts@nehemiahcorp.org

 

with a copy to:

 

Michael Kvarme, Esq.

Weintraub Tobin

400 Capitol Mall, 11th Floor

Sacramento, CA 95814

mkvarme@weintraub.com 

 

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with an electronic copy to:

 

Steve Goodwin

sgoodwin@t9ontheriver.com

 

with an electronic copy to:

 

Ron Mellon

rmellon@t9ontheriver.com

 

Section 12.2         Counsel
May Act. Any counsel designated above or any replacement counsel which may be designated respectively by the Company, the
Manager, or a Member or such counsel designated by written notice to the other parties is hereby authorized to give notices hereunder
on behalf of its respective client.

 

Section 12.3         Scope.
If any one or more of the provisions of this Agreement shall for any reason be held to be excessively broad as to time, duration,
geographical scope, activity, or subject, each such provision shall be construed, by limiting and reducing it, so as to be enforceable
to the extent compatible with Applicable Law then in force.

 

Section 12.4         No
Waiver. No waiver by the Manager, any Member or any party to this Agreement at any time of a breach by a party of any provision
of this Agreement to be performed by such other party shall be deemed a waiver of any similar or dissimilar provisions of this
Agreement at the same or any prior or subsequent time.

 

Section 12.5         Acknowledgments
and Representations.

 

(a)          Members’
Acknowledgements, Representations and Waiver. Each of the Members hereby severally, and not jointly, represents and
warrants to the Company, the Manager and each of the other members that (i) such Member has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of an investment in the Company and making an informed
investment decision with respect thereto; (ii) such Member is able to bear the economic and financial risk of the investment in
the Company contemplated hereby for an indefinite period of time; (iii) such Member is acquiring an interest in the Company
for investment only and not with a view to, or for resale in connection with, any distribution to the public or any public offering
thereof (other than such a distribution or offering which is registered and qualified under applicable federal or state securities
laws); (iv) such Member is an “accredited investor” within the meaning of Regulation D promulgated under the Securities
Act; (v) to the extent the Units have not been registered under the securities laws of any jurisdiction, the same cannot be disposed
of, unless they are subsequently registered and/or qualified under applicable securities laws or disposed of pursuant to an applicable
exemption from such laws; (vi) the execution, delivery and performance of this Agreement do not require such Member to obtain
any consent or approval that has not been obtained and do not contravene or result in a default under any provision of any existing
law or regulation applicable to it, any provision of its charter, by-laws or other governing documents or any agreement or instrument
to which it is a party or by which it is bound. Each Member has had the opportunity to seek the advice of counsel and other personal
advisors and acknowledges that neither the Company, the Managers nor any of their respective Affiliates has provided such Member
with any advice regarding the tax, economic or other impacts to such Member of the arrangements contemplated hereby.

 

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(b)          Company
Representations. The Company hereby represents and warrants to the Members as of the date of this Agreement, the following:
(i) the Company is a limited liability entity duly formed, validly existing and in good standing under the laws of the State of
Delaware; (ii) the Units, when issued in accordance with the terms of this Agreement will be validly issued and, not subject to
any adverse claim; (iii) except as set forth in this Agreement, there are no outstanding options, warrants, preemptive rights,
subscription rights, convertible securities or other agreements or plans under which the Company is or may become obligated to
issue, sell or Transfer any Units or other securities of the Company; and (iv) neither the Company nor anyone acting on its behalf
has offered the Units for sale to or otherwise approached or negotiated in respect of such offer in a manner constituting a general
solicitation and neither the Company nor anyone on its behalf has taken or will take any action that would subject the issuance
or sale of any of the Company’s securities to the registration requirements of Section 5 of the Securities Act of 1933,
as amended.

 

Section 12.6         Governing
Law. This Agreement shall be interpreted and enforced in accordance with (a) the provisions hereof, without the aid
of any canon, custom or rule of law requiring or suggesting construction against the party drafting or causing the drafting of
the provision in question; and (b) the internal laws of the State of Delaware, and specifically the Act, as the same may from time
to time exist, without giving effect to the principles of conflict of laws.

 

Subject to the provisions of Article 12
hereof, each Member hereby irrevocably and unconditionally (A) submits itself and its property, solely for the purposes of
any legal action or proceeding relating to this Agreement or for recognition and enforcement of any judgment in respect thereof,
to the non-exclusive jurisdiction of the Superior Court in and for the County of Sacramento, California, the courts of the United
States of America for the Eastern District of California, and appellate courts thereof (collectively, the “Courts”);
(B) consents to the bringing of any such action or proceeding in the Courts and waives any objection that it may now or hereafter
have to the venue or any such action or proceeding in any such court, including, without limitation, any objection that such action
or proceeding was brought in an inconvenient court, and agrees not to plead or otherwise assert the same; (C) agrees to service
upon it or him of any and all process in any such action or proceeding at the address set forth in Section 12.1 hereof;
(D) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and (E)
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. The parties hereto agree that any legal action or proceeding relating
to this Agreement shall be brought as determined by the Manager pursuant to Section 10.1 herein; provided, however,
that, if any Member breaches or seeks to resist any term, covenant or condition set forth in this Section 12.6, the other
Members shall not be bound by the limitations of this sentence with respect to such Member’s breaching or seeking to resist
any term, covenant or condition of this Section 12.6.

 

Section 12.7         Confidentiality.
The terms of this Agreement, the identity of any Person with whom the Company may be holding discussions with respect to any provision
of services, investment, acquisition, disposition or other transaction, and all other business, Trade Secrets, financial and other
information relating to the conduct of the business and affairs of the Company, its Subsidiaries, their respective assets and properties,
or the relative or absolute rights or interests of any of the Members (collectively, “Confidential Information”)
that (a) is not otherwise available to the public; or (b) has not been disclosed pursuant to authorization by the Manager
is confidential and proprietary information of the Company, the disclosure of which would cause irreparable harm to the Company
and the Members. Accordingly, each Member and the Manager represents that it has not disclosed Confidential Information to any
Person, and each Member and the Manager agrees that it and its Affiliates will not, and will direct its shareholders, partners,
members, officers, directors, agents and advisors not to, disclose Confidential Information to any Person or confirm any statement
made by any Person regarding Confidential Information, unless and until the Company has disclosed such Confidential Information
pursuant to authorization by the Manager and has notified each Member and the Manager that it has done so; provided, however,
that any Member (or its Affiliates) and the Manager may disclose such Confidential Information if required by law (it being specifically
understood and agreed that anything set forth in a registration statement or any other document filed pursuant to law will be deemed
required by law) or if necessary for it to perform any of its duties or obligations hereunder.

 

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Subject to the provisions of this Section
12.7, each Member agrees that neither it, nor any of its Principals nor any of their respective Affiliates will not disclose
any Confidential Information to any Person (other than a Person providing consulting services to such Member and the Manager who
agrees to maintain all Confidential Information in strict confidence, or a judge, magistrate or referee in any action, suit or
proceeding relating to or arising out of this Agreement or otherwise) and to keep confidential all documents (including, without
limitation, responses to discovery requests) containing any Confidential Information. Each Member and the Manager hereby agrees
not to contest any motion for any protective order brought by any other Member represented as being intended by the movant to implement
the purposes of this Section 12.7, provided that, if a Member and the Manager receives a request to disclose
any Confidential Information under the terms of a valid and effective order issued by a court or governmental agency and the order
was not sought by or on behalf of or consented to by such Members then such Member and the Manager may disclose the Confidential
Information to the extent required if the Member and the Manager as promptly as practicable (i) notifies each of the other
Members and the Manager of the existence, terms and circumstances of the order; (ii) consults in good faith with each of the
other Members and the Manager on the advisability of taking legally available steps to resist or to narrow the order; and (iii)
if disclosure of the Confidential Information is required, exercises its best efforts to obtain a protective order or other reliable
assurance that confidential treatment will be accorded to the portion of the disclosed Confidential Information that any other
Member and the Manager designates. The cost (including, without limitation, attorneys’ fees and expenses) of obtaining a
protective order covering Confidential Information designated by such other Member and the Manager will be borne by the Company.

 

Notwithstanding anything in the foregoing
or anything else contained in this Agreement to the contrary, each Member and the Manager (and any employee, representative or
other agent thereof) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of
the offering and ownership of Membership Interests and any transaction described in this Section 12.8 or elsewhere in this
Agreement and all materials of any kind (including opinions and other tax analyses) that are provided to such Member relating to
such tax treatment and tax structure. For this purpose, “tax structure” means any facts relevant to the federal income
tax treatment of the offering and ownership of Membership Interests and any transaction described in this Agreement.

 

The covenants contained in this Section
12.8 shall survive termination of this Agreement, any Transfer of a Membership Interest and the dissolution of the Company.

 

Section 12.8         Non
Solicitation. Each Member hereby agrees, on behalf of itself and on behalf of each of its Principals and
Affiliates, that from the Effective Date, and for a period of 24 months after the Withdrawal of a Member from the Company, the
Termination of this Agreement or the Dissolution of the Company, as the case may be, neither such Member, nor any Principal of
such Member shall, without the prior written consent of the Managers, directly or indirectly:

 

(a)          solicit,
induce or influence any person who has a business relationship with the Company, any Subsidiary and/or any of their respective
Assets, the other Members, their Principals and Affiliates, and the Manager and its Affiliates (the foregoing, collectively, the
“Group”), to discontinue or reduce the extent of such relationship in a manner in any way detrimental to the
Group or any member of the Group;

 

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(b)          recruit,
solicit or otherwise induce or influence any employee, consultant or advisor of or to the Group or any member of the Group, to
discontinue such person’s relationship with the Group or any member of the Group or with any asset owned or operated by the
Group or any member of the Group or hire any such employee, consultant or advisor,

 

(c)          induce
or attempt to influence any employee of the Group or any member of the Group to terminate his/her/its relationship with the Group
or any member of the Group or induce any person who has a contract with, or may have a contract with the Group or any member of
the Group to terminate or not enter into any contract with the Group or any member of the Group;

 

(d)          induce
or attempt to influence any person who is, is contemplating, or may prospectively invest with the Group or any member of the Group
to terminate his/her/its relationship with the Group or any member of the Group or induce any such person to not invest with the
Group or any member of the Group;

 

(e)          disparage
any person comprising the Group or any member of the Group in any communications, whether in writing or orally, in a manner whatsoever,
or

 

(f)          divulge
to any person (except as required by Law), use, retain copies of or seek to benefit personally from any Confidential Information,
Trade Secret or intellectual property of the Group or any member of the Group;

 

(g)          be
Affiliated in any way with any company or person, which does any of the things which are prohibited under Sub-Sections A, B, C,
D and/or E above.

 

If any court of competent jurisdiction
determines that any of the covenants set forth in this Section 12.8, or any part thereof, is unenforceable because of the
duration or geographic scope of such provision, such court shall have the power to modify any such unenforceable provision in lieu
of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting
any or all of the offending provision, adding additional language to this Section 12.8 or by making such other modifications
as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by
Applicable Law. The parties hereto expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable
against each of them.

 

The covenants contained in this Section
12.8 shall survive any Transfer of a Membership Interest and the dissolution of the Company.

 

Section 12.9         Amendments.
The provisions of this Agreement and the rights and obligations of the Company and all other parties hereto under this Agreement
may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified
period of time or indefinitely), or amended, or amended and restated, and, the Certificate may be amended (whether by merger or
otherwise), or amended and restated, by the Managers, from time to time, but only if such waiver, amendment, or amendment and restatement
does not materially and adversely change the specifically enumerated rights hereunder of one or more Members. If any amendment,
amendment and restatement, or waiver would materially and adversely change the specifically enumerated rights hereunder of one
or more Members (“Affected Members”) in a way that is materially different from the change such amendment, amendment
and restatement, or waiver would have on such specifically enumerated rights of other Members, such amendment, amendment and restatement,
or waiver shall not be effective as to any Affected Member, unless consented to by all of the Affected Members. Each Member shall
be bound by any amendment, amendment and restatement or waiver effected in accordance with this Section 12.9, whether or
not such Member has consented to such amendment, amendment and restatement or waiver. Upon effectuation of each such waiver, amendment,
or amendment and restatement, the Company shall give prompt written notice thereof to the Members who have not previously consented
thereto in writing.

 

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Section 12.10         [LEFT
INTENTIONALLY BLANK]

 

Section 12.11         Construction.
Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural and
vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa.

 

Section 12.12         Headings.
The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent or intent of this Agreement or any provision hereof.

 

Section 12.13         Purchase
for Investment.  Each Member acknowledges that all of the Membership Interests held by such Member are being (or
have been) acquired for investment and not with a view to the distribution thereof and that no Transfer of any such Membership
Interest may be made except in compliance with applicable federal and state securities laws.         

 

Section 12.14         Entirety;
Waiver. This Agreement, together with the agreements and instruments delivered pursuant hereto, contains the entire agreement
between the parties and supersedes all prior agreements and understandings related to the subject matter hereof. This Agreement
may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is sought. Failure
by any party to enforce against any other party any term or provision of this Agreement shall not waive such party’s right
to enforce against any other party the same or any other term or provision. No waiver by any party hereto of any condition hereunder
for its benefit shall constitute a waiver of any other or further right, nor shall any single or partial exercise of any right
preclude any other or further exercise thereof or any other rights. The waiver of any breach hereunder shall not be deemed to be
a waiver of any other or subsequent breach hereof. No extensions of time for the performance of any obligations shall be deemed
or construed as an extension of time for the performance of any other obligation.

 

Section 12.15         Covered
Person as Third Party Beneficiary. Each Covered Person is a third party beneficiary of this Agreement, and as such,
has the right to enforce the terms hereof on behalf of the Company as well as on his own behalf as if the Manager was a party hereto,
and each Member consents hereto.

 

Section 12.16         No
State Law Partnership. The Company (i) shall be taxed as a partnership for all applicable federal, state and local income
tax purposes and (ii) shall not be a partnership or joint venture for any other purpose, and no Member or any Managers shall, by
virtue of this Agreement, be a partner or joint venturer of any other Member or Managers.

 

Section 12.17         Further
Assurances. Upon the written request of any party hereto, from time to time, from and after the date hereof, the other
party or parties shall do, execute, acknowledge and deliver, at the sole cost and expense of the requesting party, such further
acts, deeds, conveyances, assignments, notices of assignment or transfer and assurances as the requesting party may reasonably
require in order to better assure, convey, grant, assign, transfer and confirm upon the requesting party the rights now or hereafter
intended to be granted under this Agreement or any other instrument executed in connection with this Agreement; provided, however,
no party shall be obligated to provide any further assurance that would materially increase the liabilities or obligations of such
party hereunder or materially reduce the rights and benefits of such party hereunder.

 

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Section 12.18         Consent.
Except as otherwise provided herein, in any instance hereunder where a person’s consent, approval, acceptance, satisfaction,
determination, waiver or other action or decision (collectively, “Consent”) is sought or required, such Consent
shall not be unreasonably withheld, delayed or conditioned by such person. The Manager shall make all decisions affecting the business
and affairs of the Company in good faith using his reasonable business judgment (it being understood and agreed that for the purposes
of this Agreement, the term “reasonable business judgment” shall refer to the “business judgment rule”
as the same would be applied under Applicable Law if the Person in question were a director of a corporation).

 

Section 12.19         Severability.
If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid, illegal or unenforceable
to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the
fullest extent permitted by law.

 

Section 12.20         Heirs,
Successors and Assigns. Each and all of the covenants, terms, provisions and agreements herein contained shall be binding
upon and inure to the benefit of the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal
representatives, successors and assigns.

 

Section 12.21         Prevailing
Party. If any Member or Manager (on its own behalf or on behalf of the Company) brings any action (whether by arbitration
or litigation) against any other Member, the Manager or the Company by reason of any breach of any of the covenants, agreements
or provisions of this Agreement, then, in such event, the prevailing party, as determined in such action or suit, shall be entitled
to have and recover from the other party or parties all costs and expenses of such action or suit, including, without limitation,
reasonable attorneys’ fees and expenses resulting therefrom, it being understood and agreed that the determination of the
prevailing party shall be included in the matters which are the subject of such action or suit.

 

Section 12.22         Equitable
Relief. The Members and Manager hereby confirm that damages at law may be an inadequate remedy for a breach or threatened
breach of this Agreement and agree that, in the event of a breach or threatened breach of any provision hereof, the respective
rights and obligations hereunder, shall be enforceable by specific performance, injunction or other equitable remedy, but, nothing
herein contained is intended to, nor shall it, limit or affect any right or rights at law or by statute or otherwise of the Manager
or a Member aggrieved as against the other for a breach or threatened breach of any provision hereof, it being the intention by
this Section 12.22 to make clear the agreement of the Members that the respective rights and obligations of the Manager
and the Members hereunder shall be enforceable in equity as well as at law or otherwise and that the mention herein of any particular
remedy shall not preclude the Members or Manager or any of them (on their own behalf or on behalf of the Company or any Subsidiaries)
or a Member or Manager from any other remedy it or he might have, either in law or in equity

 

Section 12.23         Counterparts/PDF.
This Agreement may be executed and delivered in multiple original counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same instrument. A .pdf or facsimile signature shall be deemed an original. Transmission
of an executed counterpart by fax or PDF file of this Agreement shall be deemed to constitute due and sufficient delivery of such
counterpart, and such signatures shall be deemed original signatures for purposes of the enforcement and construction of this Agreement

 

Section 12.24         Withdrawal
as Member. Subject to any applicable regulatory requirements, a Member may withdraw from the Company at any time.

 

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Section 12.25         No
Other Third-Party Beneficiaries. Except as set forth in Section 12.13, and except with respect to Covered Persons
(each of whom shall be an express third party beneficiary of those Sections which cover such Covered Persons), nothing in this
Agreement is intended to, or will, create any rights to any party, including, but not limited to, creditors other than a party
that is a signatory hereto or who becomes a Member in accordance with the terms of this Agreement.

 

Section 12.26         No
Fiduciary Duties of Members or Managers. No Member or Manager shall have any duties, fiduciary or otherwise, to the Company
or any other Manager, Member or their Principals or each of their respective Affiliates, in each case, other than the duty to act
in good faith in complying with contractual obligations applicable to such Member, Manager or Principals hereunder. Each Member,
on behalf of itself and its Principals and Affiliates, hereby waives, to the maximum extent permitted by law, any and all rights
and claims which it, he or she may otherwise have against any other Member or Manager and such other Member’s or Manager’s
officers, directors, shareholders, partners, members, managers, agents, employees, and Affiliates as a result of any claims of
breach of fiduciary duties; provided that the foregoing shall not limit a Member’s rights and claims with respect to a breach
of this Agreement. Except with respect to the Manager acting solely in its capacity as Manager, no Member or Managers shall be
liable to the Company or any other Member or their Principals or their respective Affiliates for any act or omission taken or suffered
by such Member or Managers in connection with the business or operations of the Company or arising out of this Agreement, unless
such act or omission has been adjudicated by a court or arbitral panel of competent jurisdiction, in a final, non-appealable judgment
or decision, to have constituted a breach of this Agreement on the part of such Member or Manager. The Company and each Member
agree that the provisions of this Agreement, to the extent such provisions eliminate, restrict or limit the duties (including,
without limitation, fiduciary duties) or liabilities of Members or Manager that may otherwise exist at law or in equity, shall
replace such duties and liabilities of the Members and Manager.

 

Section 12.27         Renunciation
of Opportunities; No Expansion of Duties. Except as otherwise expressly set forth in this Agreement, to the maximum extent
permissible under Applicable Law, each of the Members, their Principals and respective Affiliates, the Manager, the Company and
each Subsidiary hereby renounce any interest or expectancy any of them has or may have in, or in being offered an opportunity to
participate in, any and all business opportunities that are presented to the Manager, the other Members and their respective Principals
and Affiliates. Without limiting the foregoing renunciation, each of the Members, their respective Principals and Affiliates, the
Company and each Subsidiary and the Manager acknowledge that the Manager and the other Members are in the business of making investments
in, and have investments in, other businesses similar to and that may compete with the Company’s and its Subsidiaries’
businesses, and except as otherwise expressly set forth in this Agreement, agree that the Manager and all Members shall have the
unfettered right to make additional investments in or have relationships with other persons independent of their investments in
the Company and its Subsidiaries. Without limitation of the foregoing, the Manager and each Member may engage in or possess an
interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business
of any other Member, such other Manager’s and Member’s Affiliates, the Company or any Subsidiary, and none of the Company,
any of its Subsidiaries nor any other holder of Units (or such holder’s Principals or Affiliates) shall have rights or expectancy
by virtue of such Member’s relationships with the other Members, their respective Affiliates, the Manager, the Company or
any Subsidiary, this Agreement or otherwise in and to such independent venture or the income or profits derived therefrom; and
the pursuit of any such venture, and same shall not be deemed wrongful or improper. Neither the Manager nor any Member shall be
obligated to present any particular investment opportunity to the other Members, their respective Affiliates, the Company or any
Subsidiary, even if such opportunity is of a character that, if presented to the Company or a Subsidiary, could be taken by the
Company or such Subsidiary, and the Managers and each Member shall continue to have the right to take for its own respective account
or to recommend to others any such particular investment opportunity. Each party to this Agreement agrees and acknowledges that
no joint venture is created hereby.

 

 

     65

    	 

    

 

Section 12.28         [Intentionally
Omitted.]

 

Section 12.29         Appointment
of Attorney-in-Fact. Each Member hereby irrevocably constitutes and appoints the Manager or such Person as
the Manager may from time to time designate to act as its true and lawful attorney-in-fact, with full power of substitution, and
with such designee having full power and authority in its name, place and stead, to execute, acknowledge, deliver, swear to, file
and record with the appropriate public offices such certificates, instruments and documents as may be necessary or appropriate
to maintain the existence and good standing of the Company. The appointment by the Manager or such designee of the Members as attorney-in-fact
shall be deemed to be a power coupled with an interest, in recognition of the fact that each of the Members under this Agreement
will be relying upon the power of such designee to act as contemplated by this Agreement in any filing and other action by such
designee on behalf of the Company and, shall to the fullest extent permitted by Applicable Law, survive the Bankruptcy, death or
incompetency of any Member or its Principals hereby granting such power.

 

Section 12.30         Contribution.

 

(a)          In
the event that in connection with the business of the Company or any Subsidiary the Company or any Subsidiary shall borrow funds
or enter into any transactions (including, without limitation, a lease, contract or other instrument) where the lender or counter-party
(in either event, “Lender”) will not make the loan or enter into such transaction(s) unless the Managers, its Principals
or any Affiliate of the Managers agrees to guaranty certain obligations of the Company and/or the Subsidiaries (the "Guaranties"),
and in order to induce the Guarantors to execute and deliver any such Guaranties, the Company hereby unconditionally agree to indemnify
and hold the Guarantors harmless from any claim, expense, liability or loss including reasonable attorney’s fees incurred
in connection with each of the Guarantors’ Guaranties (collectively, a "Claim") asserted against any such Guarantors
in connection with any such Guaranties.

 

(b)          In
the event of any Claim, the Company, does hereby unconditionally agree to immediately, upon demand of any Guarantor, to pay such
Claim (i) if not yet paid by the Guarantor making said demand, to the person to whom same would otherwise be paid, or is payable
to, by Guarantor; or (ii) if said claim, or any portion thereof, had already been paid by the Guarantor(s) or collected from said
Guarantor(s), to reimburse the Guarantors proportionately for the amount of said Claim already paid or collected. In the event
any Member or Managers (including a Guarantor) has paid any Claim, or any portion thereof (whether as the Guarantor or as provided
in this Section 12.32), then, immediately upon demand by such person, the Company hereby agrees to reimburse such person for the
amount of any such payment.

 

(c)          In
the event that any Member shall have paid (as Guarantor or as provided in this Section 12.32) any Claim or have any Claim collected
from such person, then until reimbursed by the Company or the Members as provided in this Section 12.34, such Claim shall accrue
interest at the rate of ten percent (10%) per annum until paid in full on the outstanding unpaid balance thereof, and the amount
which the Company or the other Members shall be deemed to have indemnified pursuant to this Section 12.32 shall be deemed to include
said accrued interest. 

 

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Section 12.31         Use
of Name “Township Nine”. The name “Township Nine” and all goodwill associated therewith
are property of the Company, and no Member or Affiliate of the Company shall have the right to use the name “Township
Nine” or “T-9” as a component of the name of any business venture or otherwise without
the prior written approval of the Manager. Affiliates of T-9 Developer Member including, but not limited to, Nehemiah Corporation
of America and Nehemiah Community Reinvestment Fund, Inc. shall have the right to use the name “Township Nine”
or “T-9” on their website, in press announcements or as part of other marketing material subject to the
prior written approval of the FCRE OP Member and to the extent that such use does not lead to the violation of any state or federal
securities regulation.

 

Section 12.32         Blue
Pencil. If any court of competent jurisdiction determines that any of the covenants set forth in Sections 6.11 or
12.9 hereof, or any part thereof, is unenforceable because of the duration or geographic scope of such provision, such court
shall have the power to modify any such unenforceable provision in lieu of severing such unenforceable provision from this Agreement
in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional
language to said Sections 6.11 or 12.9 or by making such other modifications as it deems warranted to carry out the
intent and agreement of the parties as embodied herein to the maximum extent permitted by Applicable Law. The parties hereto expressly
agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them.

 

Section 12.33         Time
of Essence. Time is of the essence with respect to all matters contained in this Agreement.

 

Section
12.34         Waivers. Except
as otherwise expressly provided herein, each Member irrevocably waives during the term of the Company any right that it may have:

 

(i) To cause the Company
or any of its assets to be partitioned;

 

(ii) To cause the appointment
of a receiver for all or any portion of the assets of the Company;

 

(iii) To compel any
sale of all or any portion of the assets of the Company pursuant to Applicable Law; or

 

(iv) To file a complaint,
or to institute any proceeding at law or in equity on behalf of the Company (including, without limitation, a derivative action),
or to cause the termination, dissolution or liquidation of the Company.

 

[THE REMAINDER OF THIS PAGE IS LEFT
INTENTIONALLY BLANK]

 

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IN WITNESS WHEREOF,
the parties hereto have caused their duly authorized representatives to execute this Limited Liability Company Agreement as their
act and deed, to be effective as of the day and year first above written.

 

	 	The Members:
	 	 
	 	FIRST CAPITAL REAL ESTATE OPERATING PARTNERSHIP, L.P.,
	 	a Delaware limited partnership
	 	 	 
	 	By:	 
	 	 	Name: Suneet Singal
	 	 	Title:  Authorized Person
	 	 
	 	T-9 DEVELOPERS, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	Authorized Person

 

[SIGNATURE PAGE TO LIMITED LIABILITY
COMPANY AGREEMENT]

 

     

     

    

 

Schedule A

 

Member’s Capital Contributions

 

As of February __, 2016

 

Initial Capital Contribution Amount

 

	Member	 	Deemed Initial
 Capital Contribution	 	 	Units	 	 	Percentage
 Interests	 
	FCRE OP Member	 	$	23,731,000.00	 	 	 	92,000	 	 	 	92	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	T-9 Developer Member	 	$	3,313,196.60	 	 	 	8,000	 	 	 	8	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total:	 	$	27,044,196.60	 	 	 	100,000	 	 	 	100	%

 

     

     

    

 

Schedule B

 

	Parcel #	 	Development Use	 	Commercial SF (land 
 parcel)	 	Value ($/Unit)*	 	 	Debt Allocated
 to Parcel	 
	1A	 	Condo	 	74487.6	 	$	5,960,000	 	 	$	2,689,775	 
	1B	 	Apt/Retail	 	96267.6	 	$	4,430,000	 	 	$	2,000,436	 
	1C	 	Apt/Retail	 	79714.8	 	$	3,440,000	 	 	$	1,554,393	 
	2	 	 	 	0	 	$	-	 	 	 	 	 
	3A	 	Apt/Retail	 	36154.8	 	$	2,390,000	 	 	$	1,081,317	 
	3B	 	Condo	 	54885.6	 	$	3,057,500	 	 	$	1,382,05	 
	4	 	Condo	 	39204	 	$	2,870,000	 	 	$	1,297,580	 
	5A	 	Condo	 	44866.8	 	$	5,139,500	 	 	$	2,320,100	 
	5B	 	Apt/Retail	 	81457.2	 	$	3,830,000	 	 	$	1,730,107	 
	6	 	Townhouse	 	111078	 	$	1,940,000	 	 	$	878,570	 
	7A	 	Townhouse	 	40946.4	 	$	770,000	 	 	$	351,428	 
	7B	 	Townhouse	 	36154.8	 	$	770,000	 	 	$	351,428	 
	8	 	Townhouse	 	60984	 	$	1,310,000	 	 	$	594,724	 
	9	 	 	 	0	 	$	-	 	 	 	 	 
	10	 	Apt/Retail	 	85377.6	 	$	6,200,075	 	 	$	2,797,940	 
	11	 	Affordable Housing	 	79714.8	 	$	-	 	 	 	 	 
	12	 	Apt/Retail	 	61855.2	 	$	6,388,310	 	 	$	2,882,749	 
	15	 	Townhouse	 	34848	 	$	830,000	 	 	$	378,461	 
	16A	 	Townhouse	 	40075.2	 	$	830,000	 	 	$	378,461	 
	16B	 	Apt/Retail	 	26136	 	$	1,650,000	 	 	$	743,405	 
	13	 	Office	 	278635	 	$	4,364,460	 	 	$	1,966,401	 
	14	 	Office	 	263870	 	$	4,142,985	 	 	$	1,866,616	 
	17	 	Office	 	297123	 	$	4,637,170	 	 	$	2,091,347	 
	 	 	SUBTOTAL Real Estate Assets*	 	 	 	$	64,950,000	 	 	 	 	 
	 	 	ESDs & other Development Fee Credits  included in Appraisal	 	 	 	$	13,211,494	 	 	$	4,120,442	 
	 	 	Total Appraised Value	 	 	 	$	78,161,494	 	 	 	 	 

 

* Inclusive of Park Development Fee Credits
(“PIFs”) valued at $7,709,500

 

     

     

    

 

 

     

     

    

 

Schedule C

 

 

     

     

    

 

EXHIBIT B

FORM OF INSTRUMENT
OF T-9 DEVELOPER, LLC OPERATING AGREEMENT

  

    	 	 	 

     

    

 

T-9 DEVELOPERS, LLC

 

LIMITED LIABILITY COMPANY AGREEMENT

 

February ___, 2016

 

     

     

    

 

T-9 DEVELOPERS, LLC

LIMITED LIABILITY COMPANY AGREEMENT

 

THIS LIMITED LIABILITY
COMPANY AGREEMENT (this "Agreement"), dated February __, 2016, is made by and among T-9 DEVELOPERS, LLC,
a Delaware limited liability company (the "Company"), NEHEMIAH CORPORATION OF AMERICA (“NCA Member”),
NEHEMIAH COMMUNITY REINVESTMENT FUND, INC. (“NCRF Member”), SRS, LLC (“SRS Member”), INVISION HOLDINGS,
INC. (“Invision Member”), NFINIT SOLUTIONS, INC. (“Nfinit”), FIRST CAPITAL UNITED FUNDS MANAGEMENT, LLC
(“FCUFM Member”), Scott Syphax (“Syphax”), Steve Goodwin (“Goodwin”), Ron Mellon (“Mellon”),
Suneet Singal (“Singal”), Ron Cobb (“Cobb”) and Jacob Frydman (“Frydman”). NCA Member, NCRF
Member, Invision Member, SRS Member and FCUFM Member are sometimes also referred to individually as a "Member" or collectively
as the "Members"; and Syphax or his successors, Goodwin or his successors, and Mellon or his successors, are each are
sometimes referred to individually as a "Manager" or collectively as the "Developer Manager Group" and Singal
or his successors, Cobb or his successors and Frydman and his successors are sometimes also referred to individually as a "Manager"
or collectively as the "FCRE Manager Group"), and each other Person who after the date hereof becomes a Member of the
Company and becomes a party to this Agreement.

 

RECITALS

 

WHEREAS the Company
was formed as a limited liability company under the Act (as defined below) by the filing of a Certificate of Formation with the
Secretary of State of the State of Delaware on December 31, 2015.

 

WHEREAS the NCA Member,
the NCRF Member, the Invision Member and the Nfinit Member (collectively, the “Contributing Members”) are collectively
the Owners of EIGHT PERCENT (8%) of the limited liability company interests and profit participation interests in CAPITOL STATION
HOLDINGS, LLC (“Holdings”), and Holdings is the sole owner of 100% of the limited liability company interests and profit
participation interests in CAPITOL STATION MEMBER, LLC (“CS Member”), and CS Member is the sole owner of 100% of the
limited liability company interests and profit participation interests in CAPITOL STATION 65 LLC (“CS 65 Owner”).

 

WHEREAS CS 65 Owner
is the direct owner of 100% of the fee simple interests in those 23 parcels of land upon which a tentative map has been approved
identified on Schedule B hereto comprising 62.6 gross acres and 29.87 net developable acres (net of the sale of 1.8 acre
Parcel 4 of the subdivision map referenced below and roadways, parks and open space, and land situated within the American River)
and known as Lots 1, 2, 3, 5, 6 and 7, Lots A and B, and designated remainder 1 and designated remainder 2, as shown on the map
entitled "Township 9 - Phase 1, Subdivision No. P10_036", filed for record November 13, 2012 in Book 378 of Final Maps,
Page 1, Sacramento County Records and designated as Assessor’s Parcel Numbers 001-0020-056, 001-0020—057, 001-0020-058,
001-0020-060, 001-0020-061, 001-0020-062, 001-0020-063, 001-0020-064, 001-0020-066 and 001-0020-067 in the City of Sacramento,
California and collectively referred to as the “Township Nine” project (the “Township Nine Land”);

 

     

     

    

 

WHEREAS the Township
Nine Land is fully-entitled and zoned RMX-PUD-SPD, A-OS-PUD and OB-PUD-SPD (Residential Mixed Use, Open Space and Office Building
Planned Unit Development, Special Planning District) and has received various land-use entitlements which include, without limitation,
a certified Environmental Impact Report (EIR) and Mitigation Monitoring Plan, a Development Agreement, a Master Tentative Map and
its conditions of approval, a Planned Unit Development (PUD) designation along with development guidelines, rezoning, and a lot
line adjustment relative to the Contributed Properties that were approved by the City of Sacramento on August 28, 2007 (the “Entitlements”
or “Approvals”). The Master Tentative Map and Planned Unit Development have been modified as of August 27, 2015.
;

 

WHEREAS the Master
Tentative Map and Planned Unit Development have been modified as of August 27, 2015, on which Land the Company intends to develop
up to 2,201 (2,381 less 180 recently completed) residential units (including townhouses, apartments, condominiums and affordable
units), up to 840,000 square feet of office space and 146,000 square feet of retail space. The project also allows for the development
of up to 839,000 square feet of office instead of 484 dwelling units and includes approximately 20 acres of parks and open space,
a light rail station on the Green Line at the front of the project, and extensive frontage along the American River and the Two
Rivers Bike Trail (the “T-9 Project”);

 

WHEREAS the Contributing
Members desire to contribute all of their right, title and interest in and to EIGHT PERCENT (8%) of the Holdings Membership Interests
to the Company, free and clear of all Liens and encumbrances, in exchange for Units in the Company as herein provided;

 

WHEREAS the parties
to this Agreement wish to set forth their respective rights and obligations as members of the Company and provide for the management
of the Company and its affairs and the conduct of its business.

 

NOW, THEREFORE, in
consideration of the foregoing recitals, the truth and accuracy of which are hereby acknowledged, and the covenants and agreements
set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, each intending to be legally bound, hereby agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.1           Definitions.
The following capitalized terms used in this Agreement have the following meanings:

 

“Act”
shall mean the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101, et seq., as amended
from time to time.

 

“Additional
Capital Contribution” shall have the meaning set forth in Section 3.4.

 

"Adjusted
Capital Account Balance" of a Member as of any date means the balance in such Member's Capital Account as of such
date (a) increased by any amount such Member is deemed obligated to contribute to the Company pursuant to Treasury Regulation Section
1.704-1(b)(2)(ii)(c) or is deemed obligated to restore with respect to any deficit balance pursuant to the penultimate sentences
of Treasury Regulation Section 1.704-2(g)(1) and Section 1.704-2(i)(5) and (b) reduced by any allocations or distributions
to such Member described in Treasury Regulation Sections 1.704-l(b)(2)(ii)(d)(4), (5) or (6).

 

“Affected
Member(s)” has the meaning set forth in Section 12.11.

 

    	 	- 2 -	 

     

    

 

“Affiliate”
or "affiliate" “affiliated” means, with respect to any Person: (i) any other Person directly or indirectly
controlling, controlled by, or under common control with such Person, (ii) any other Person directly or indirectly owning or owned
by such Person, (iii) the parent or Subsidiary of such Person, or (iv) any spouse, descendant (whether natural, adopted or step-related),
ancestor, or other member of the family of such Person, or any of their respective spouses, descendants (whether natural, adopted
or step-related), ancestors, or family members, and with respect to a Member, all such Member’s Principals.

 

“Affiliated
Person” has the meaning set forth in Section 12.30.

 

“Affiliate
Transaction” has the meaning set forth in Section 12.30.

 

"Agreement"
means this Agreement, as amended, supplemented or restated from time to time.

 

“Applicable
Law” means all existing and future applicable laws, rules, regulations, statutes, treaties, codes, ordinances, permits,
certificates and applicable judgments, decrees, injunctions, writs, orders or like action of any court, arbitrator or other administrative,
judicial or quasi-judicial tribunal or agency of competent jurisdiction, as any of the foregoing are amended, modified, codified,
replaced or reenacted, in whole or in part, and in effect from time to time.

 

“Approved
Budget” has the meaning set forth in 6.1(c).

 

“Approved
Business Plan” has the meaning set forth in 6.1(c).

 

"Board"
shall mean those two (2) Manager Groups as set forth in Section 6.3 herein.

 

“Board
Members” shall be those duly appointed members of the Board appointed under Section 6.3.

 

“Budget”
means Operating Budget and Capital Budget as set forth in Section 6.1(d) herein.

 

“Business
Day” means any day other than (a) Saturday or Sunday or (b) any other day on which banks in Delaware are permitted
or required to be closed.

 

“Business
Plan” has the meaning set forth in 6.1(c).

 

“Buy/Sell
Offeree Member” has the meaning set forth in Section 7.17.

 

“Buy/Sell
Offeror Member” has the meaning set forth in Section 7.17.

 

"Capital
Account" of a Member means the account maintained by the Company for each Member pursuant to Section 3.10 of
which the initial balance for each Member is set forth on Schedule A.

 

"Capital
Contributions" of a Member means the amount of cash and/or the fair market value (as determined by the Board) of property
(net of liabilities secured by such property that the Company is considered to assume or take subject to under Section 752
of the Code) contributed by such Member to the Company from time to time.

 

"Capital
Securities" means as to any Person that is a corporation, the authorized shares of such Person's capital stock, including
all classes of common, preferred, voting and nonvoting capital stock, and, as to any Person that is not a corporation or an individual,
the ownership or membership interests in such Person, including, without limitation, the right to share in profits and losses,
the right to receive distributions of cash and property, and the right to receive allocations of items of income, gain, loss, deduction
and credit and similar items from such Person, whether or not such interests include voting or similar rights entitling the holder
thereof to exercise control over such Person.

 

    	 	- 3 -	 

     

    

 

"Cause"
means with respect to a Member or Manager, a good faith determination by the Board or the Manager(s) entitled to make such determination
that: (i) such person was convicted of, or entered a plea of nolo contendere to, any felony, or a misdemeanor involving moral
turpitude or relating to any act of fraud, intentional misrepresentation, embezzlement or dishonesty or any other act involving
self-dealing, personal profit or a breach of fiduciary or similar duty which affects the Company, or any member of the Group, or
property of any member of the Group; (ii) such person is the subject of a criminal action by a regulatory agency or the subject
of a criminal complaint; (iii) such person breached in any material respect this Agreement which breach is not cured (to the extent
reasonably susceptible to cure) after written notice of such breach and a ten (10) day opportunity to cure such breach, (iv) such
person has breached any of the representations, warranties or covenants contained in this Agreement or any other agreement with
the Company or any member of the Group, (v) such person has made or attempted to make a Transfer of its Units in violation of the
terms of this Agreement; (vi) such person has abandoned his or its Units in the Company; (vii) such person has taken any action
with respect to the Company, the Subsidiaries or their respective assets in violation of the terms of this Agreement; (viii) such
person has voluntarily filed a petition in Bankruptcy, or has had an involuntary petition in Bankruptcy filed against it or him
which has not been dismissed within one hundred eighty (180) Days after said involuntary petition was filed; (ix) such person has
instituted an action against the Company, the Board, a Manager, another Member or other member of the Group which has been dismissed
with prejudice, or found by a court of competent jurisdiction to be frivolous or sanctionable, (x) such person has accepted substitute
securities in exchange for its Units in violation of the terms of this Agreement, and/or (xi) such person had been employed (as
a full time employee, rather than in the capacity of a Member or Manager) by the Company or a member of the Group, and such employment
was terminated for Cause.

 

"Certificate"
means the Company's Certificate of Formation filed with the Secretary of State of the State of Delaware on December 31, 2015.

 

“Claim”
has the meaning set forth in Section 9.9(a).

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

"Company"
has the meaning set forth in the first paragraph of this Agreement.

 

"Confidential
Information" has the meaning set forth in Section 12.18.

 

“Consent”
has the meaning set forth in Section 12.19.

 

"Conversion"
has the meaning set forth in Section 9.8.

 

“Control”
(including, with correlative meaning, the terms "controlled by" and "under common control with")
or “Controlling” 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 and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise, or direct or indirect ownership of 20% or more of the outstanding equity or voting interests,
membership interests or partnership interests of a Person.

 

“Courts”
has the meaning set forth in Section 12.6.

 

    	 	- 4 -	 

     

    

 

"Covered
Person" means (a) each Member, (b) each Member’s Principals and each of their respective officers, directors,
managers, stockholders, members, partners, representatives or agents, (c) each Manager, (d) any officer or director of the Company
or its Subsidiaries, (e) a Liquidator, and (e) any other Person designated by the Board as a Covered Person.

 

“Deadlock”
means, (i) with respect to the Board, if there has been put to a vote of the Board of Managers any matter and such matter has not
been approved by at least a majority of the Managers entitled to vote on such matter, and (ii) with respect to the Members, if
there has been put to a vote of the Members any matter on which the Members are entitled to vote, and such matter has not been
approved by at least a majority of the Members entitled to vote on such matter.

 

"Depreciation"
means, for each Fiscal Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for
federal income tax purposes with respect to an asset for such Fiscal Year; provided, however, that if the Gross Asset
Value of an asset differs from its adjusted tax basis at the beginning of such Fiscal Year, Depreciation shall be an amount that
bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery
deduction with respect to such asset for such Fiscal Year bears to such beginning adjusted tax basis; and provided further, that
if the federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Board.

 

“Determination
Request Notice” has the meaning set forth in Section 10.1.

 

“Developer
Manager” means that Member designated as such in Section 2.9 of this Agreement.

 

““Developer
Manager Group” shall consist of Scott Syphax, Ron Mellon and Steve Goodwin.

 

“Development
Plan” has the meaning set forth in Section 6.1(c).

 

“Disparage”
or “disparage” means, with respect to a Person, regardless of truth, any statement or representation which in any way
derogates or cast such Person in a bad light, or questions or negatively remarks on the integrity, character, knowledge, credibility,
trustworthiness, veracity, ethics, performance, performance results, dependability, honor, credibility, responsibility, desirability,
capability, payment history, litigation or dealings of or with such Person, or which tarnish, blur, or dilute, or are likely to
tarnish, blur or dilute such Person.

 

“Dispute
Notice” has the meaning set forth in Section 10.1.

 

“Dispute
Resolution Meeting” has the meaning set forth in Section 10.1.

 

“Dispute
Resolution Period” has the meaning set forth in Section 10.1.

 

“Distributable
Cash” means, for any period, as determined by the Managing Member: (a) the sum of (i) the amount of all cash receipts
of the Company during such period from whatever source, other than Capital Contributions, and (ii) any working capital in the form
of cash or cash reserves of the Company existing at the start of such period less (b) the sum of (i) all cash amounts paid, incurred
or payable in such period on account of expenses and capital expenditures incurred in connection with the Company's and its Subsidiaries’
businesses, and (ii) such reserves that may be required for the working capital, repayment of any other debt, maintenance expenditures,
operating expenditures, capital expenditures, acquisitions, initiatives, plans, projects, research, developments and future needs
of the Company and its Subsidiaries, and/or as may be required by any instruments or agreements (including, without limitation
agreements governing its debt), or as otherwise reasonably determined by the Managing Member.

 

    	 	- 5 -	 

     

    

 

“Encumbrance”
means Lien.

 

"Effective
Date" means the date of this Agreement.

 

“ERISA”
has the meaning set forth in Section 8.9.

 

"Fair Value"
of Units means the fair market value of the applicable Units, as determined by the Board in good faith (excluding, for purposes
of this determination, any Board member controlling or otherwise affiliated with the Member who’s Units are being valued).

 

"Family
Member" means, as applied to any Person who is an individual, such individual's spouse, parent, sibling, child, stepchild,
grandchild or other descendent thereof (whether natural or adopted), the child of a spouse or former spouse, and each trust, limited
partnership, limited liability company or other estate or tax planning vehicle or entity created for the exclusive benefit of the
individual or one or more of such Persons.

 

"FCRE Manager
Group" shall consist of Suneet Singal, Jacob Frydman and Ron Cobb.

 

"Former
Member" has the meaning set forth in Section 3.27.

 

"GAAP"
means United States generally accepted accounting principles consistently applied from period to period and throughout any period.

 

"Gross Asset
Value" means, with respect to any asset, such asset's adjusted basis for federal income tax purposes, except as follows:

 

(i)          the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset,
as agreed to by the contributing Member and the Board;

 

(ii)         for
purposes of "booking up" the Capital Accounts of Members to reflect increases in the value of the Company upon certain
occasions, the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as
determined by the Board, as of the following times: (a) the acquisition of an additional interest in the Company by any new or
existing Member in exchange for more than a de minimis Capital Contribution or as consideration for services performed on behalf
of the Company; (b) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration
for an interest in the Company; and (c) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-l(b)(2)(ii)(g);
provided, however, that adjustments pursuant to clause (a) and clause (b) of this sentence shall be made only if the Board reasonably
determines such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.

 

(iii)        the
Gross Asset Value of any Company asset distributed to any Member shall be the gross fair market value of such asset on the date
of distribution, as determined in good faith by the Board.

 

    	 	- 6 -	 

     

    

 

If the Gross Asset Value of an asset has
been determined or adjusted pursuant to paragraph (i) or paragraph (ii) above, such Gross Asset Value shall thereafter be adjusted
by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Loss.

 

“Group”
means the Company, any Subsidiary and/or any of their respective Assets, the other Members, their Principals and Affiliates, each
Manager and each of their respective Affiliates

 

“Guaranties”
has the meaning set forth in Section 9.9(a).

 

“Holdings
Membership Interests” means all of the membership interests and profit participation interests of the members in
CAPITOL STATION HOLDINGS, LLC.

 

“Indemnifying
Member” has the meaning set forth in Section 9.9(e).

 

“JAMS”
has the meaning set forth in Section 10.2.

 

“Law”
or “law” means Applicable Law.

 

"Indemnified
Costs" has the meaning set forth in Section 3.18.

 

"Lien"
means (a) any encumbrance, mortgage, pledge, lien, charge or other security interest of any kind upon any property or assets of
any character, or upon the income or profits therefrom; (b) any acquisition of or agreement to have an option to acquire any property
or assets upon conditional sale or other title retention agreement, device or arrangement (including a capitalized lease); or (c)
any sale, assignment, pledge or other transfer for security of any accounts, general intangibles or chattel paper, with or without
recourse.

 

“Lender”
has the meaning set forth in Section 9.9(a).

 

"Managers"
has the meaning set forth in the first paragraph of this Agreement. For the purposes of this Agreement the Board shall be comprised
of the Managers who collectively shall have two (2) votes, one vote shall be the vote of the T-9 Managers and the other vote shall
be the vote of the FCU Managers. The Managing Member is not a Manager for purposes of the Board.

 

“Manager
Groups” means the two (2) groups of Managers entitled to vote on all matters before the Board, including the FCRE
Manager Group and the Developer Manager Group, in each case, acting as a group.

 

“Managing
Member” means that Member designated as such in Section 2.9 of this Agreement, which Member has the right
and power and is authorized by each of the other Members, in the event of a Deadlock of the Board or of the Members, to break any
such deadlock (by casting the deciding vote) with respect to any matter on which Board or Members may vote pursuant to this Agreement.

 

"Member"
means each Person that executes a counterpart of, or joinder to, this Agreement as a Member, and becomes a Member as provided herein
or therein, as applicable, so long as such Person continues as a Member and is reflected as such in the records of the Company,
in each case in such Person’s capacity as a Member of the Company, and “Members” means all such Persons. If a
Member ceases to be a Member of the Company in accordance with the terms and conditions of this Agreement, all references in this
Agreement to the actual name of that Member shall, if applicable, be deemed to refer to that Member’s successors or permitted
assigns pursuant to Section 7.14, mutatis mutandis. References to a Member that is not a natural person shall also
be deemed to include such Member’s Principals and any other person affiliated with such Member who is also a Manager or an
employee of the Company or its Subsidiaries.

 

    	 	- 7 -	 

     

    

 

“Membership
Interests” shall mean a Member’s interest in the Company as set forth on the books of the Company, including
such Member's right to profits, losses and distributions, and the right, if any, to participate in the management of the business
and affairs of the Company, in each case to the extent granted pursuant to the terms of this Agreement, together with the obligation
to comply with the terms of this Agreement.

 

"Membership
Rights" means all legal and beneficial ownership interests in, and rights and duties as a Member of, the Company,
including, without limitation, the right to share in Net Income and Net Loss, the right to receive distributions of cash and other
property from the Company, and the right to receive allocations of items of income, gain, loss, deduction and credit and similar
items from the Company.

 

"Net Income"
and "Net Loss" for each Fiscal Year or part thereof means the income and loss of the Company for that period,
as determined for federal income tax purposes, including all distributive items under Section 702 of the Code, adjusted to take
into account any tax-exempt income of the Company and any expenses of the Company that are described in Section 705 or 709 of the
Code as not deductible or amortizable for federal income tax purposes, and further adjusted as follows:

 

(a)   Upon
adjustment of the Gross Asset Value of Company property pursuant to clauses (ii) and (iii) in the definition of Gross Asset Value,
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

 

(b)   Amount
of depreciation, amortization and other cost recovery with respect to Company property having a Gross Asset Value that differs
from its adjusted basis for tax purposes shall equal the Depreciation computed with respect to such property;

 

(c)   Items
of income, gain, loss or deduction attributable to the disposition of Company property having a Gross Asset Value that differs
from its adjusted basis for tax purposes shall be computed by reference to such property's book value in accordance with Treasury
Regulation Section 1.704-l(b)(2)(iv)(g);

 

(d)   Any
items that are specially allocated pursuant to Section 4.1(c) shall not be taken into account.

 

“New Developer
Member” has the meaning set forth in Section 3.28.

 

"New Units"
shall mean any Units issued after the Effective Date other than (i) securities offered to the public pursuant to a registration
statement filed under the Securities Act in connection with a Public Offering; (ii) securities issued to any sellers in consideration
of the acquisition of another Person or business by the Company or any of its Subsidiaries by merger, consolidation, amalgamation,
exchange of shares, the purchase of substantially all of the assets or otherwise; (iii) Units or options to purchase Units
issued to any employees of, or providers of services to, the Company or its Subsidiaries pursuant to any form of incentive compensation
plan or agreement approved by the Board; (iv) Units issued upon any Unit split, dividend, combination or other similar event
with respect to the Units; (v) Units or warrants to purchase Units issued to one or more lenders as partial consideration for the
Company's or any Subsidiary's debt financing; and (vi) Units subsequently issued on conversion, exercise or exchange of those Units,
options, warrants or other rights which have been issued in compliance with, or on issuance were exempt from, the preemptive rights
provided for in Section 7.16.

 

    	 	- 8 -	 

     

    

 

“Notice
of Election” has the meaning set forth in Section 8.4(b).

 

"Notice
of Proposed Issuance" has the meaning set forth in Section 7.16(b).

 

“Offer”
has the meaning set forth in Section 8.2.

 

"Offer Period"
has the meaning set forth in Section 7.16(c).

 

“Offered
Interest” has the meaning set forth in Section 8.2.

 

"Offered
New Units" has the meaning set forth in Section 7.16(b).

 

“Operating
Budget” has the meaning set forth in 6.1(d).

 

"Original
Cost" means, with respect to a specified number of Units, an amount equal to the aggregate Capital Contributions,
if any, attributable to such Units that have not been repaid by the Company as of the date of the exercise of the repurchase rights
under this Agreement.

 

"Partial
Waiver" has the meaning set forth in Section 7.16(a).

 

“Participant”
has the meaning set forth in Section 8.4(b).

 

“Percentage
Interests” means, with respect to each Member, as of any date, the fraction, expressed as a percentage, the numerator
of which is the aggregate the Unrecouped Capital Contributions made by such Member and the denominator of which is the aggregate
Unrecouped Capital Contributions made by all of the Members; provided, however, that upon the Company returning all Unrecouped
Capital Contributions, Percentage Interests shall be calculated substituting Units for Unrecouped Capital Contributions.

 

"Permitted
Transfer" means: (i) any Transfer of Units by a Member that is a natural person to a Family Member or Personal Representative
of such Member solely for estate planning purposes so long as the Transferor retains Control over, and sole and exclusive power
to direct and exercise all Member rights pertaining to such Units, including but not limited to voting power over all of the Transferred
Units, (ii) any Transfer of Units to a Family Member on such Member's death, (iii) a Transfer of Units pursuant to a Public Offering,
(iv) any Transfer by a Member of its interest in the Company to the Company or a Manager or a Principal or another Member or a
person who is an owner, manager or officer of any Member, or to an Affiliate of any Member or an Affiliate of any Principal (v)
any Transfer by a holder of any beneficial interest in a Member by a person who holds a beneficial interest in a Member including,
without limitation, the transfer of an ownership interest in one Member by the holder of such ownership interest to the Company
or a Manager or a Principal or another Member or a person who is an owner, manager or officer of any Member, or to an Affiliate
of any Member or an Affiliate of any Principal. For purposes of Permitted Transfers. The transfer of a beneficial interest in a
Member pursuant to clause (v) above shall be deemed to constitute the transfer of an equivalent Percentage Interest in the Units
held by such Member in the Company which is represented by the percentage ownership in such Member which is transferred by the
holder thereof. Each Member and each Control Person of each Member hereby unconditionally agrees that the transfer of a beneficial
interest in a Member as contemplated in clause (v) above, (including, without limitation, the transfer of an ownership interest
in a Member) may be made by the holder of such beneficial interest without the need to obtain any further approval from the Member
or Control Person of such Member in which such beneficial interest is held irrespective of any requirements to the contrary contained
in the operating or other governance agreements of such Member. Any Transfer of Units pursuant to the preceding clauses (i), (ii),
(iv) or (v) shall only be a Permitted Transfer if such Transferee agrees to execute a joinder to this Agreement providing that
such Transferee is bound by all of the terms and conditions of this Agreement to the same extent that the Transferor was bound
with respect to the Transferred Units.

 

    	 	- 9 -	 

     

    

 

"Permitted
Transferee" means a Person to whom a Permitted Transfer of Units is made.

 

"Person"
or “person” means any individual, sole proprietorship, partnership, joint venture, limited liability
company, limited liability partnership, trust, estate, unincorporated organization, association, corporation, institution or any
other entity.

 

"Personal
Representative" means the successor or legal representative (including without limitation, a guardian, executor, administrator
or conservator) of a deceased or incompetent Member.

 

"Preemptive
Rights Holder" has the meaning set forth in Section 7.16(b).

 

“Prime
Rate” shall mean the prime rate published by the Wall Street Journal from time to time.

 

“Principal”
means, with respect to a Member, each Person, directly or indirectly, holding an equity or ownership interest in such Member, and
each Person in Control of such Member, and each of their respective Affiliates, and each of the foregoing’s members, partners,
shareholders, owners, officers, directors, managers, employees and agents.

 

"Proportionate Share"
means Percentage Interest

 

"Proposed
Buyer" has the meaning set forth in Section 7.16(b).

 

"Public
Offering" means the sale or distribution of the common stock of a Public Vehicle pursuant to an underwritten public
offering registered under the Securities Act following a Conversion of the Company.

 

"Public
Vehicle" has the meaning set forth in Section 9.8.

 

“Purchasing
Member” has the meaning set forth in Section 8.3(b).

 

“Remaining
Members” has the meaning set forth in Section 8.2.

 

“Removal
Event” has the meaning set forth in Section 6.1(e).

 

“Removal
Notice” has the meaning set forth in Section 6.1(e).

 

“Response
Deadline” has the meaning set forth in Section 8.4(b).

 

“Response
Notice” has the meaning set forth in Section 8.3(a).

 

“Second
Transfer Notice” has the meaning set forth in Section 8.3(a).

 

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

 

“Selling
Member” has the meaning set forth in Section 8.2.

 

    	 	- 10 -	 

     

    

 

"Subsidiary"
or Subsidiaries" shall mean, individually and collectively, any corporation, partnership, limited liability
company, association or other business entity of which (a) if a corporation, a majority of the total voting power of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or
a combination thereof, or (b) if a partnership, limited liability company, association or other business entity, a majority of
the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the
Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, the Company or a Subsidiary thereof
shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business
entity if the Company or a Subsidiary thereof shall be allocated a majority of partnership, limited liability company, association
or other business entity gains or losses or shall be or control or have the right to appoint, as the case may be, the managing
director, manager, board of advisors, a general partner or other governing body of such partnership, limited liability company,
association or other business entity by means of ownership interest, agreement or otherwise.

 

"Substituted
Member" means a Transferee of a Member that is admitted as a Member to the Company pursuant to Section 7.14.

 

"Successor"
means any Person to whom a Member shall have Transferred Units in a Transfer.

 

“T-9
Project” means that certain mixed-use, transit oriented development which received
entitlements for high density rental and for sale housing, retail, office, mixed-use, parks and open space, along with supporting
infrastructure, comprising 62.6 gross acres and 29.87 net developable acres (net of the sale of 1.8 acres and roadways, parks and
open space, and land situated within the American River) and known as Lots 1, 2, 3, 5, 6 and 7, Lots A and B, and designated remainder
1 and designated remainder 2, as shown on the map entitled "Township 9 - Phase 1, Subdivision No. P10_036", filed for
record November 13, 2012 in Book 378 of Final Maps, Page 1, Sacramento County Records and designated as Assessor’s Parcel
Numbers 001-0020-056, 001-0020—057, 001-0020-058, 001-0020-060, 001-0020-061, 001-0020-062, 001-0020-063, 001-0020-064, 001-0020-066
and 001-0020-067 in the City of Sacramento, California which has been approved for the development of up to 2,201 (2,381-180 recently
completed) residential units (including townhouses, apartments, condominiums and affordable units), up to 839,000 square feet of
office space and 146,000 square feet of retail space, 20 acres of parks and open space, a light rail station on the Green Line
at the front of the project, and extensive frontage along the American River and the Two Rivers Bike Trail, but excludes Parcel
II owned by an affiliate of Holdings and Parcel 11, which was previously sold to a third party.

 

“Tag-Along
Notice” has the meaning set forth in Section 8.4(a).

 

“Tag-Along
Sale” has the meaning set forth in Section 8.4(a).

 

“Termination
Event” has the meaning set forth in Section 9.6.

 

“Tax Matters
Member” shall have the meaning set forth in Section 4.9 hereof.

 

“Total
Assets Value” has the meaning set forth in Section 7.17.

 

“Trade
Secret” or “trade secret” shall have the meaning given in the Delaware enactment of the Uniform Trade
Secrets Act, and shall include, without limitation, the whole or any portion or phase of any scientific or technical information,
design, process, formula, concept, data organization, manual, other system documentation, or any improvement of any thereof, in
any case that is valuable and secret (in the sense that it is not generally known to the owner’s competitors).

 

    	 	- 11 -	 

     

    

 

"Transfer"
means, with respect to any Unit, property, asset or other right or interest, when used as a verb, to sell, assign, transfer, exchange,
distribute, devise, gift, grant a lien on, encumber or otherwise dispose of such Unit, property, asset or other right or interest,
in whole or in part, or, when used as a noun, the sale, assignment, transfer, exchange, distribution, devise, gift, hypothecation,
granting of a lien, encumbrance or other disposition of such Unit, property, asset or other right or interest, in whole or in part,
in either case, whether pursuant to a sale, merger, combination, consolidation, Conversion, recapitalization, reclassification
or otherwise, and whether voluntarily or by operation of law.

 

“Transfer
Notice” has the meaning set forth in Section 8.2.

 

"Transferor"
and "Transferee" have meanings corresponding to the definition of "Transfer."

 

"Treasury
Regulations" means the final and temporary income tax regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

 

"Units"
means collectively, the interests issued by the Company representing Membership Rights in the Company.

 

“Unanimous”
or “unanimous” means, (i) with respect to a decision, vote, approval or consent required of the Board, the affirmative
vote, consent or approval of each of the six (6) Managers comprising the Board, and (ii) with respect to a decision vote, approval
or consent required of the of the Members (on which the Members are entitled to vote hereunder), the affirmative vote, approval
or consent of all of the Members entitled to vote on such matter(s).

 

“Unrecouped
Capital Contribution” means the aggregate of all deemed and funded Capital Contributions made by the Members pursuant
to Article III, reduced, but not below zero, by the amount of cash distributed to the Members in respect of such Capital Contributions
pursuant to Section 5.2(ii).

 

“Unpaid
Preferred Return” means, with respect to the Members, the positive difference, if any, between (x) twelve percent
(12%) multiplied by the Members’ Unrecouped Capital Contributions, as adjusted and calculated from time to time, annually,
less (y) cumulative distributions to the Members pursuant to Section 5.2(i).

 

“Withholding
Payment” has the meaning set forth in Section 5.4.

 

“Withdrawal”,
including “Withdraw” and “Withdrawing” shall mean, with respect to a Member, such member’s withdrawal
from the Company as set forth in Section 3.25.

 

“Withdrawal
Event” has the meaning set forth in Section 9.1.

 

Section 1.2           Other
Definitions. Certain additional defined terms used in this Agreement have the meanings
specified throughout the Agreement.

 

Section 1.3           Rules
of Interpretation.

 

(a)  The
singular includes the plural and the plural includes the singular.

 

(b)  A
reference to the masculine gender shall be deemed to be a reference to the feminine gender and vice versa.

 

    	 	- 12 -	 

     

    

 

(c)  The
word "or" is not exclusive.

 

(d)  A
reference to a Person includes its permitted successors and permitted assigns.

 

(e)  The
words "include," "includes" and "including" are not limiting.

 

(f)  A
reference in a document to an Article, Section, Exhibit, Schedule, Annex or Appendix is to the Article, Section, Exhibit, Schedule,
Annex or Appendix of such document unless otherwise indicated. Exhibits, Schedules, Annexes or Appendices to any document shall
be deemed incorporated by reference in such document.

 

(g)  References
to any document, instrument or agreement (i) shall include all exhibits, schedules and other attachments thereto, (ii) shall include
all documents, instruments or agreements issued or executed in replacement thereof, and (iii) shall mean such document, instrument
or agreement, or replacement or predecessor thereto, as amended, modified and supplemented from time to time and in effect at any
given time.

 

(h)  The
words "hereof," "herein" and "hereunder" and words of similar import when used in any document shall
refer to such document as a whole and not to any particular provision of such document.

 

(i)  This
Agreement is the result of negotiations among, and has been reviewed by, the Members with the advice of counsel to the extent deemed
necessary by any Member. Accordingly, this Agreement shall be deemed to be the product of the Members, and no ambiguity shall be
construed in favor of or against any Member.

 

(j)  All
accounting terms not specifically defined in this Agreement shall be construed in accordance with GAAP.

 

(k)  The
term "day" shall mean calendar day. Whenever an event or action is to be performed by a particular date or a period ends
on a particular date, and the date in questions falls on a day which is not a Business Day, the event or action shall be performed,
or the period shall end, on the next succeeding Business Day.

 

(l)  All
references in this Agreement to any law shall be to such law as amended, supplemented, modified and replaced from time to time.

 

Article
2

GENERAL PROVISIONS

 

Section 2.1           Formation.
The parties agree to form the Company under and pursuant to the Act. As a limited liability company. The Members hereby confirm
that an "authorized person" for purposes of the Act to execute and file the Certificate with the Secretary of State of
Delaware, and hereby approve and ratify all actions taken by the Corporation Trust Incorporated in connection therewith.

 

Section 2.2           Name.
The name of the Company is “T-9 DEVELOPERS, LLC” and shall operate under such name, or such other name as may from
time to time be selected by the Board.

 

Section 2.3           Purpose.
The Company has been formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company
is, acting as the Day-to-Day Manager pursuant to that certain operating agreement of TOWNSHIP NINE OWNER, LLC, the entity which
indirectly owns and plans to develop the T-9 Project and engaging in the development of the T-9 Project and all matters incidental
thereto, and any lawful activity for which limited liability companies may be formed under the Act.

 

    	 	- 13 -	 

     

    

 

Section 2.4           Office.
The principal place of business of the Company shall be located c/o FCUFM Member, 60 Broad Street, New York, NY 10004, or such
other location as the Board may determine from time to time; provided, however, that the Board shall provide notice
of such change of the principal place of business to the Members as promptly as practicable after such change.

 

Section 2.5           Term.
The term of the Company commenced with the filing of the Certificate with the office of the Secretary of State of the State of
Delaware and shall continue until the Company is dissolved in accordance with this Agreement and the Act.

 

Section 2.6           Ownership
of Company Property. All property acquired by the Company, real or personal, tangible
or intangible, shall be owned by the Company as an entity, and no Member, individually, shall have any ownership interest therein
solely due to its capacity as a Member.

 

Section 2.7           Registered
Office; Registered Agent; Principal Office in the United States; Other Offices. The
registered agent and registered office of the Company required by the Act to be maintained in the State of Delaware shall be as
provided in the Certificate or such other registered agent or office (which need not be a place of business of the Company) as
the Board may designate from time to time in the manner provided by law.

 

Section 2.8           No
State Law Partnership. The Company (i) shall be taxed as a partnership for all applicable
federal, state and local income tax purposes and (ii) shall not be a partnership or joint venture for any other purpose, and no
Member or any Manager shall, by virtue of this Agreement, be a partner or joint venture of any other Member or Manager.

 

Section 2.9           Managing
Member and Developer Manager. The SRS Member is hereby designated the Managing Member
and Developer Manager. 

 

Article
3

UNITS, CAPITAL CONTRIBUTIONS, NATURE OF INTERESTS AND ESTABLISHMENT OF CAPITAL ACCOUNTS

 

Section 3.1           Units.

 

(a)  Authorization.
There are hereby established and authorized for issuance 100,000 Class A Units. As of the Effective Date, 100,000 Class A Units
are issued and held as set forth in Schedule A attached hereof. No Units or other interests purporting to confer Membership Rights
shall be issued unless they have been authorized for issuance by the Company pursuant to and under the terms of this Agreement.

 

(b)  Voting
Rights of Members. Except as otherwise provided by this Agreement or as otherwise required by the Act or Applicable Law each
Member shall be entitled to one vote per each Unit on all matters upon which the Members have the right to vote under this Agreement.

 

    	 	- 14 -	 

     

    

 

Section 3.2           Issuance
of Additional Units; Admission of Additional Members.  The Company may,
subject to the terms of this agreement, issue additional Units or other Membership Rights, including any new class or series of
Units, on terms, including relative rights and preferences, established by the Board, and amend this Agreement and Schedule
A as the Board shall deem necessary or appropriate in connection with the authorization and issuance of such additional
Units. No Person acquiring any such additional Units that is not currently a Member shall not be admitted as a Member unless such
Person shall execute and deliver a counterpart of or joinder to this Agreement.

 

Section 3.3           Members'
Initial Capital Contributions. Each of the Contributing Members have contributed their
respective Holdings Membership Interests to the Company in exchange for the following Units in the Company, and the Members are
deemed to have made an initial capital contribution to the capital of the Company as set forth in Schedule A and, in consideration
therefor, the Company is issuing to each such Member the number of Units set forth opposite such Member's name, representing the
Percentage Interests in the Company as set forth in Schedule A.

 

The Members are admitted
as the Members of the Company upon their execution and delivery of this Agreement or a joinder to this Agreement. The name, address,
and Members’ Percentage Interests are as set forth on Schedule A subject to adjustment as herein provided.
To the extent that any adjustment of Schedule A is required pursuant to this Agreement, whether as a result of the capital contribution
of any Member, the transfer of any Membership Interest (or any portion thereof), the admission of any additional Members, or otherwise
as provided herein, the parties hereto acknowledge and agree that Schedule A shall automatically be deemed amended and restated
to reflect the correct name and capital contribution of each Member in accordance with the books and records of the Company without
further action by any of the parties (and the Units held by the Members shall be similarly adjusted, so that each Member shall
have such number of Units equal to 100,000 multiplied by such Member’s Percentage Interest) from time to time.

 

Section 3.4           Additional
Capital Contributions. In the event the Board determines that the Company requires
additional capital, the Board may call upon the Members to make additional Capital Contributions to the Company in such amounts
that the Board shall reasonably determine is necessary or as may be required (each of which shall be an “Additional Capital
Contribution”) to be made pro-rata by the Members in accordance with their Percentage Interests at such time. The Board shall
do so by delivering to each Member a notice (the “Additional Contribution Notice”) specifying: (i) the total amount
of each such Additional Capital Contribution: (ii) each Member’s portion of such Additional Capital Contribution; and (ii)
the use of the requested funds.

 

Section 3.5           Call
for Additional Capital Contributions. Within fifteen (15) days from the date of the delivery to all of the Members of an
Additional Capital Contribution Notice, each Member shall advance its respective Percentage Interest of the Additional Capital
Contribution. A Member who does so contribute shall sometimes be referred to hereinafter as a “Contributing Member”.
If any Member shall fail to contribute all or any portion of its Percentage Interest of such Additional Capital Contribution within
the applicable period of time (hereinafter a “Declining Member”), then the Board shall send a second notice to the
Declining Member stating the amount of the Declining Member’s shortfall (the “Shortfall Amount”) and if such
Declining Member fails to contribute such Shortfall Amount within five (5) days of receipt of such notice, the Board shall provide
written notice thereof to all other Members (the “Shortfall Notice”). Each Contributing Member shall have the right,
thereafter, within three (3) days after receipt of the Shortfall Notice to contribute all or a portion of such Member(s)’
Shortfall Amount to the Company (a “Shortfall Contribution”), in which event such Shortfall Contribution shall be treated
as a loan to the Declining Member (each, a “Member Loan”). In the event a Member Loan remains unpaid to the Contributing
Member for a period of twelve (12) months following the Shortfall Contribution, then the Contributing Member shall have the right
to either (i) extend the Member Loan or (ii) have the Declining Member’s Percentage Interest reduced by a percentage, the
numerator of which is an amount equal to one hundred percent (100%) of the Shortfall Contribution and all accrued interest thereon
(reduced by one hundred percent (100%) of any sums received in repayment thereof), and the denominator of which is the aggregate
Unrecouped Capital Contributions of the Declining Members at such time and have the Percentage Interest of the Contributing Member
increased by the same percentage that the Percentage Interest of the Declining Member is decreased (the “Right of Conversion”).

 

    	 	- 15 -	 

     

    

 

Section 3.6           Member
Loans. Each Member Loan made pursuant to this Agreement, unless otherwise specified,
shall contain the following terms: (a) an initial term of one (1) year; (b) incur interest at the rate of ten percent (10%) per
annum; and (c) at the expiration of the term of the Member Loan, to the extent that such loan is not repaid in full, the Member
to whom such amount is due may elect, by written notice to the owing Member who is so indebted, to either (1) exercise the Right
of Conversion (as provided in the prior paragraph); or (2) if such election has not been made, to deem such Member Loan as extended.
and receive all distributions otherwise payable to the owing Member who is so indebted, until such Member Loan (together with all
interest accrued thereon) is paid in full, in which event, such distributions shall be applied first to reduce any accrued and
unpaid interest, and then to reduce any unpaid principal.

 

Each Member Loan made pursuant hereto shall
also: (a) be non-recourse, (b) unless otherwise agreed to by the owing Member, be payable solely out of any distributions that
would otherwise thereafter be payable to the owing Member pursuant to the distribution provisions hereof (for so long as any Member
Loan shall be outstanding, all such distributions so paid to a Member who has advanced a Member Loan shall be deemed distributed
to the owing Member to which such Member Loan was made for purposes of determining such owing Member’s Capital Account balance)
and shall be allocated first to the repayment of accrued and unpaid interest, and thereafter to unpaid principal; (c) be secured
by the owing Member’s Membership Interest; (d) be repayable at any time in whole or in part without premium or penalty; and
(e) shall mature and be fully payable, at the election of the holder, on demand at any time after the twelfth (12th) month after
same was made. Each Member to whom a Member Loan is made does hereby grant to the contributing Member making such Member Loan a
first priority security interest in and to all of such owing Member’s Interest. Each owing Member shall, upon request, execute
such security agreements and financing statements as may from time to time be requested by the Contributing Member making a Member
Loan to better assure the security interest in such owing Member’s Membership Interest granted hereby, and, effective upon
the making of any Member Loan, hereby irrevocably constitutes and appoints the Contributing Member making such Member Loan as its
true and lawful attorney-in-fact, coupled with an interest, to make, execute on behalf of the owing Member, consent to, swear to,
acknowledge, deliver, record and file such documents and instruments as may be necessary in the sole discretion of the Contributing
Member to confirm and render fully effective the security interest granted herein with respect to such Member Loan.

 

Section 3.7           Members
Default.

 

(a)          If
any Member fails to make full payment to the Company of any portion of such Person’s Commitment or cash contribution when
due pursuant to this Article 3 or any other payment when due pursuant to any other applicable provision of this Agreement and such
failure is not cured within fifteen (15) days after receipt by such Member (a “Defaulting Person”) of written notice
from the Managing Member with respect to such failure to pay, the Managing Member may (but shall not be obligated to) take one
or more or none of the following actions:

 

(i)          pursue and enforce all
rights and remedies the Company may have against such Defaulting Person with respect to such failure or breach, including initiating
a lawsuit to collect (A) the overdue amount or any damages resulting from such breach and (B) all costs and expenses (including
legal fees and expenses) incurred by the Company to pursue and enforce all such rights and remedies, in each case with interest
calculated thereon at a rate equal to the Prime Rate plus six percentage points per annum, compounded annually (but not in excess
of the highest rate per annum permitted by law);

 

    	 	- 16 -	 

     

    

 

(ii)          reduce such Defaulting
Person’s share of any amounts such Defaulting Person is entitled to receive from the Company by (A) the amount due that such
Defaulting Person has failed to pay to the Company or (B) such other amount as determined by the Managing Member;

 

(iii)        reduce
such Defaulting Person’s Percentage Interest; and/or

 

(iv)        offer
all or any part of the Defaulting Person’s interest in the Company to the Managing Member and if the Managing Member shall
elect not to purchase all or any portion of such Defaulting Person’s interests in the Company, to the other Members (other
than the Defaulting Person) pro rata according to their respective Percentage Interests on the terms set forth below.

 

A.    If
the Managing Member or one or more Members elect to purchase all of the Defaulting Person’s interest pursuant to the terms
hereof, the closing of such purchase shall be held on a date and at a place designated by the Managing Member, at which time each
purchasing Member shall, with respect to the portion of the Defaulting Person’s interest in the Company purchased by such
Member, deliver a non interest bearing, 5 year promissory note, secured only by the Defaulting Person’s interest being purchased,
payable to the Defaulting Person in an amount equal to the portion of the Defaulting Person’s Capital Account (adjusted to
exclude any unrealized appreciation with respect to any of the Company’s direct or indirect assets, and to include all unrealized
depreciation with respect to such assets) being purchased by such Member. The form of promissory note shall be subject to approval
by the Managing Member.

 

(v)         The
portion of a Defaulting Person’s Percentage Interest that is reduced pursuant to Section 3.7(a)(iii) shall be reallocated
among the remaining Members (other than the Defaulting Person) pro rata according to their respective Percentage Interests and/or
among such other Member(s) and in such proportions as approved by the Managing Member.

 

Section 3.8           Loans.
In the event that the Company requires additional funds to carry out its purposes, to conduct its business, or to meet its obligations,
the Company may borrow funds from such lender(s), including the Members, their Principals, the Managers and each of their respective
affiliates, and on such terms and conditions as are approved by the Board.

 

Section 3.9           Nature
Of Interests.  The Units and all other Membership Rights shall for all purposes
be personal property. No Member has any interest in specific Company property. Each Member hereby waives any and all rights such
Person may have to initiate or maintain any suit or action for partition of the Company's assets.

 

Section 3.10         Capital
Accounts.  An individual Capital Account shall be established and maintained
for each Member in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv). Each Member's Capital Account shall
be increased by (i) the amount of money contributed by such Member to the Company, (ii) the Gross Asset Value of property contributed
by such Member to the Company (net of liabilities secured by the contributed property that the Company is considered to assume
or take subject to under Section 752 of the Code), and (iii) allocations to such Member of Net Income (or items thereof). Each
Member's Capital Account shall be decreased by (i) the amount of money distributed to such Member by the Company, (ii) the Gross
Asset Value of property distributed to such Member by the Company (net of liabilities secured by the distributed property that
the Member is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to such Member of Net
Loss (or items thereof). The Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Treasury
Regulation Section 1.704-1(b)(2)(iv)(f) and as required by the other provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)
and Section 1.704-1(b)(4). Upon the Transfer of all or a portion of a Member's Units, the Capital Account of the Transferor that
is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury
Regulation Section 1.704-1(b)(2)(iv)(1).

 

    	 	- 17 -	 

     

    

 

Section 3.11         Negative
Capital Accounts.  No Member shall be required to pay to any other Member
or the Company any deficit or negative balance that may exist from time to time in such Member's Capital Account (including, without
limitation, any such deficit or negative balance as may exist upon and after dissolution of the Company).

 

Section 3.12         No
Withdrawal of Capital.  No Member shall be entitled to withdraw all or any
portion of such Member's Capital Contributions or the balance of such Member's Capital Account, to borrow or withdraw any portion
of such Member's Capital Contribution or Capital Account from the Company, or to receive any distribution from the Company, except
as expressly provided herein. Subject to the foregoing, any Member may withdraw from the Company at any time.

 

Section 3.13         Loans
From Members.  Loans by Members to the Company shall not be considered Capital
Contributions. If any Member shall advance funds to the Company in excess of the amounts required hereunder to be contributed by
such Member to the capital of the Company, the making of such advances shall not result in any increase in the amount of the Capital
Account of such Member unless otherwise agreed by the Company (with the approval of the Board) and such Member. The amount of any
such advances that are not agreed to be additional Capital Contributions shall be a debt of the Company to such Member and shall
be payable or collectible in accordance with the terms and conditions upon which such advances are made. The making of any loan
must be approved in advance by the unanimous approval of the Board in advance of any loan being made.

 

Section 3.14         Units
Governed by Article 8 of the UCC. The Company hereby irrevocably elects that all Units
in the Company shall be securities governed by Article 8 of the Uniform Commercial Code as in effect in the State of Delaware and
each other applicable jurisdiction. Should the Company issue certificates to a Member evidencing the Units held by such Member
in the Company, each such certificate shall bear the following legend:

 

"This certificate evidences
an interest in TOWNSHIP NINE OWNER, LLC and shall be a security governed by Article 8 of the Uniform Commercial Code as in effect
in the State of Delaware and, to the extent permitted by Applicable Law, each other applicable jurisdiction."

 

Section 3.15         Liability.
Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company and its Subsidiaries, whether arising
in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company or a Subsidiary, and no Manager,
Member, Principal or their respective Affiliates (collectively “Covered Person”) shall be obligated personally for
any such debt, obligation or liability of the Company or a Subsidiary solely by reason of being a Covered Person.

 

    	 	- 18 -	 

     

    

 

Section 3.16         Exculpation.
To the fullest extent permitted by Applicable Law, no Covered Person shall be liable to the Company or any other Covered Person,
Member or other Person that is a party to or otherwise bound by this Agreement for any loss, damage or claim incurred by reason
of any act or omission performed or omitted by such Covered Person from and after the Effective Date in good faith on behalf of
the Company and its Subsidiaries and in a manner reasonably believed to be within the scope of authority conferred on such Covered
Person by this Agreement, except that a Covered Person shall not be released from liability to the Company or any other Covered
Person, Member or other Person that is a party to or otherwise bound by this Agreement for any such loss, damage or claim incurred
by reason of such Covered Person's fraud, intentional misconduct or bad faith violation of the implied contractual covenant of
good faith and fair dealing, or such Covered Person's breach of this Agreement or other agreement with the Company or a Subsidiary
to which such Covered Person is a party. A Covered Person shall be fully protected in relying in good faith upon the records of
the Company and its Subsidiaries and upon such information, opinions, reports or statements presented to the Company and its Subsidiaries
by any Person as to matters the Covered Person reasonably believes are within such other Person's professional or expert competence
and who has been selected with reasonable care by or on behalf of the Company and its Subsidiaries, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities, profits, losses or income or any other facts pertinent
to the existence and amount of assets from which distributions to Members might properly be paid. Without limiting the foregoing,
neither the Company nor any Covered Person shall have any liability with respect to any valuations performed pursuant to this Agreement,
and shall be fully protected in relying in good faith upon the records of the Company and its Subsidiaries and upon information,
opinions, reports or statements presented to the Company and its Subsidiaries by any person as to matters which the Company or
such Covered Person reasonably believes are within such other Person's professional or expert competence.

 

Section 3.17         Duties.
Except as to the Managing Member and otherwise set forth in this Agreement, no Covered Person shall have any duty (including any
fiduciary duty or any other duty or standard of care that may arise by default principles of law) to the Company or any Subsidiary
or the Company’s Members, Managers or to other Persons that are party to or otherwise bound by this Agreement, provided,
however, that nothing in this Agreement eliminates the implied contractual covenant of good faith and fair dealing or exculpates
or excuses fraud, misrepresentation, gross negligence or willful misconduct. 

 

Section 3.18         Indemnification.

 

(a)  The
Company shall, and shall cause its Subsidiaries to, indemnify and hold harmless each Covered Person and the Manager to the fullest
extent permitted by applicable law from and against any and all losses, claims, demands, costs, damages, liabilities (joint or
several), obligations, expenses of any nature (including reasonable legal and accounting fees and expenses, costs of investigation
and sums paid in settlement), judgments, fines, settlements, and other amounts ("Indemnified Costs") arising from any
and all claims, demands, actions, suits, or proceedings, whether civil, criminal, administrative or investigative, in which the
Covered Person may be involved, or threatened to be involved as a party or otherwise, incurred by reason of any act or omission
performed or omitted by such Covered Person from and after the Effective Date in good faith on behalf of the Company and its Subsidiaries
and in a manner reasonably believed to be within the scope of authority conferred on such Covered Person by this Agreement, regardless
of whether the Covered Person is a Covered Person at the time any such Indemnified Cost is paid or incurred, except that neither
the Managing Member nor any Covered Person shall be entitled to be indemnified in respect of (and this provision shall not reduce
or limit the liability of a Covered Person with respect to) any Indemnified Cost incurred by such Covered Person by reason of such
Covered Person's fraud, intentional misconduct or bad faith violation of the implied contractual covenant of good faith and fair
dealing or such Covered Person's breach of a this Agreement or other agreement with the Company or a Subsidiary to which such Covered
Person is a party, and with respect to the Managing Member only, a breach of the Managing Member’s fiduciary duties; provided,
however, that any indemnity under this Section 3.18 shall be provided out of and to the extent of the assets of the Company and
its Subsidiaries (including insurance) only, and no Covered Person shall have any personal liability on account thereof. Further,
the Company shall not indemnify the Managing Member or any Covered Person in connection with a proceeding (or part thereof) initiated
by such Person or any of such Person’s Affiliates, against the Company or any Subsidiary or any other Covered Person, whether
by direct claim, counterclaim or otherwise, unless the initiation thereof was approved or ratified by the Manager. The Company
may cause each of its Subsidiaries to execute a joinder agreeing to assume responsibility for its obligations pursuant to this
Section 3.18 and to act in accordance herewith.

 

    	 	- 19 -	 

     

    

 

(b)  Notwithstanding
any other provision of this Section 3.18 or otherwise in this Agreement, the Company shall, and shall cause its Subsidiaries to,
reimburse Indemnified Costs incurred by the Managing Member or a Covered Person in connection with such Person's appearance as
a witness on behalf of the Company or its Subsidiaries or other participation at the request of the Company or a Subsidiary in
a proceeding involving or affecting the Company or its Subsidiaries at a time when the Managing Member or a Covered Person in connection
with such Person's appearance as a witness on behalf of the Company or the Managing Member or a Covered Person in connection with
such Person's appearance as a witness on behalf of the Company or Covered Person is not a named defendant or respondent in the
proceeding.

 

(c)  The
indemnification provided by this Section 3.18 shall be in addition to any other rights to which the Managing Member or a Covered
Person in connection with such Person's appearance as a witness on behalf of the Company or the Managing Member or a Covered Person
in connection with such Person's appearance as a witness on behalf of the Company or a Covered Person may be entitled under any
agreement or determination of the Managing Member, both as to an action in the Managing Member or a Covered Person in connection
with such Person's appearance as a witness on behalf of the Company or the Managing Member or a Covered Person in connection with
such Person's appearance as a witness on behalf of the Company or the Managing Member or a Covered Person in connection with such
Person's appearance as a witness on behalf of the Company, the Managing Member or the Covered Person's capacity as the Managing
Member or a Covered Person in connection with such Person's appearance as a witness on behalf of the Company or the Managing Member
or a Covered Person, and as to an action in another capacity, and shall continue as to the Managing Member and a Covered Person
who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns, and administrators of
the Managing Member and each Covered Person.

 

(d)  The
Company shall have the power to purchase and maintain insurance on behalf of any Person who is or was an agent of the Company against
any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s
status against such liability under the provisions of Section 3.18 or under applicable law. Further, the Company shall maintain
director and officer insurance covering the Manager and members of the Board of Members in an amount to be determined by the Manager,
but in any event no less than $1,000,000 for each incident and $10,000,000 total.

 

Section 3.19         Expenses;
Advances. Subject to Section 3.18, to the fullest extent permitted by applicable law,
the Company may, in the sole discretion of the Board, from time to time, advance the expenses (including reasonable legal fees
and expenses and costs of investigation) incurred by the Managing Member and a Covered Person in defense or settlement of any claim,
demand, action, suit or proceeding (whether civil, criminal, administrative, investigative or otherwise) that may be subject to
a right of indemnification hereunder as such expenses are incurred by the Managing Member or such Covered Person and prior to the
final disposition thereof upon receipt by the Company of a written undertaking by or on behalf of such Managing Member or Covered
Person to repay such amount to the extent that it shall be determined that the Managing Member or such Covered Person is not entitled
to be indemnified as authorized in Section 3.18 hereof.

 

    	 	- 20 -	 

     

    

 

Section 3.20         Nature
of Rights. The rights set forth in Sections 3.15 through Section 3.19 are contractual
in nature and may not be revised as applied to prior actions of the Managing Member or a Covered Person by a subsequent amendment
of this Agreement without such Person's prior written approval.

 

Section 3.21         Change
in Percentage Interests. If the Percentage Interests of any Members are changed pursuant
to the terms of this Agreement during any calendar year, then the amount of all items to be credited, charged, allocated or distributed
to such Members for such entire calendar year in accordance with their respective Percentage Interests in the Company shall be
apportioned to the portion of such calendar year which precedes the date of such change and to the portion of such calendar year
which occurs on and after the date of such change in proportion to the number of days in each such portion. The amounts of the
items so allocated to each such portion shall be credited, charged, allocated or distributed to such Members in proportion to their
respective Percentage Interests in the Company during each such portion of the calendar year in question.

 

Section 3.22         Meetings.
Meetings of the Members may be held upon the notice of the Board, any Manager or the Managing Member, for any purpose and on not
less than three (3) calendar days after the date of such notice, at the principal office of the Company or another location selected
by the Board, any Manager, the Managing Member or the Managing Member, as the case may be, in Sacramento, California or such other
location with the prior approval of the Managing Member. 

 

Section 3.23         Register;
No Certificates. The Company shall maintain a register indicating: (i) with respect
to each issuance of Units, the date of such issuance, the percentage of Membership Interests issued and the Member to whom such
Membership Interests were issued and (ii) with respect to each Transfer permitted under this Agreement the date of such Transfer,
the number of Units and corresponding percentage of Membership Interests Transferred, and the identity of the transferor and transferee(s)
of such Membership Interests. Unless the Board determines otherwise, the Company will not issue certificates representing the Membership
Interests.

 

Section 3.24         Record
Holders. Except as may otherwise be required by Law, the Company shall be entitled
to treat the record holder of Membership Interests as shown on its books as the owner of such Membership Interests for all purposes,
including the payment of distributions and the Membership Interests, with respect thereto, regardless of any Transfer of such Membership
Interests, and shall incur no liability for distributions of cash or other property made in good faith to such record holder until
such Membership Interests have been Transferred on the books of the Company in accordance with the requirements of and in compliance
with the terms of this Agreement. It shall be the duty of each Member to notify the Company of any change of address or contact
information of such Member from that set forth in his Agreement or on the books of the Company.

 

Section 3.25         Withdrawal.
Any Member may withdraw as a Member of the Company at any time, upon notice to the Managing
Member and each Manager. In addition a Member shall be deemed to have Withdrawn from the Company if as determined by the Managing
Member or the Board that: (i) such Member shall have made or attempted to make a Transfer of its Units in violation of the terms
of this Agreement; (ii) such Member has abandoned his or its Units or Membership Interests in the Company; (iii) such Member has
taken any action with respect to the Company, the Subsidiaries or their respective assets in violation a material term of this
Agreement; (iv) such Member has or have breached in any material respect this Agreement, which breach is not cured (to the extent
reasonably susceptible to cure) after written notice of such breach and a ten (10) Day opportunity to cure such breach; (v) such
Member has instituted an action against the Company, the Manager or another Member which has been found by a court of competent
jurisdiction to be frivolous or sanctionable, (vi) such Member has accepted substitute securities in exchange for its Units in
violation of the terms of this Agreement, (vii) such Member, or the Manager designated by such Member, has caused the Company to
take, or has attempted to cause, an ultra vires act in violation of Section 6.8, (viii) such Member or its Principal(s) had been
employed by the Company or a member of the Group, and such employment was terminated for cause as determined by a court or arbitrator
or admitted by such person in writing; (ix) such Member or its Principal(s) has been convicted, of, or entered a plea of nolo contendere
to, any felony, or a misdemeanor relating to an act of fraud, intentional misrepresentation, embezzlement or dishonesty or any
other act involving undisclosed self-dealing, personal profit or a breach of fiduciary or similar duty which materially affects
the Company, or any member of the Group, as determined by the Managing Member or the Board.

 

    	 	- 21 -	 

     

    

 

Section 3.26         Company
Rights to Repurchase Units on Withdrawal. In the event a Member has Withdrawn (or
has been deemed to have Withdrawn) from the Company as set forth in Section 3.25 hereof, then in such event the Company may, (but
shall not be obligated to), at the election of the Board, elect to repurchase from such Member, and/or his or her Personal Representative
or Successor, and if the Board so elects, such Member and/or such Personal Representative or Successor shall be obligated to sell
to the Company, all or any portion of such Member’s Units at a price equal to the lower of (A) the Original Cost of such
Units or (B) fifty percent (50%) of the Fair Value of such Units.

 

Section 3.27         Procedure.
Upon a Member's (a "Former Member") Withdrawal as set forth in Section 3.25 hereof, and in the event the Managing Member
(or the Board, with respect to the managing Member) has elected to repurchase such Former Member’s Units pursuant to Section
3.26, the Company shall notify the Former Member or other applicable holder in writing of such election and, within thirty (30)
days after determination of the repurchase price therefor, pay the repurchase price to the Former Member and/or his or her Personal
Representative or Successor, at the sole election of the Managing Member (or the Board, with respect to the managing Member), by
(i) check or wire transfer of funds to the account specified by such Persons, and/or (ii) by delivery of the Company’s promissory
note as herein set forth. For clarity, the repurchase price may be paid, in the discretion of the Manager, all in cash, all by
promissory note, or part by cash and part by promissory note. Any promissory note issued hereunder will be unsecured, subordinated
to indebtedness of the Company then outstanding or thereafter issued on terms and conditions set forth by the Managing Member (or
the Board, with respect to the Managing Member), and payable in three equal annual installments of principal, with interest accruing
(without compounding) at the Prime rate per annum, provided that payments under such promissory note shall be suspended if and
for so long as the Company's capacity to make such payments is prohibited by any credit agreement of the Company or any of its
Subsidiaries. Upon payment of the repurchase price pursuant to the terms of this Section 3.27 (including, without limitation, by
delivery of the Company’s promissory note to such Person), the Units subject to repurchase shall be deemed repurchased by
the Company without any further action being taken by the Former Member, his or her Personal Representative or Successor or the
Company.

 

Section 3.28         In
the event that an additional Member is admitted to the Company pursuant to Section 6.8 herein with the intention that such
new Member is to replace or act in addition to the SRS Member as the Managing Member and Day-to-Day Manager (the “New Developer
Member”), and that the New Developer Member is to receive Units in the Company by dilution of the existing Members Percentage
Interest, dilution of the existing Member’s Proportionate Share shall occur pursuant to the following:

 

(i)          First:
the SRS Member and FCUFM Member in equal amounts until each of their respective Percentage Interests is diluted to, but not below,
TWENTY AND 83/100 PERCENT (20.83%);

 

(ii)         Second:
Thereafter, all existing Member’s in proportion to their then respective Percentage Interest.

 

    	 	- 22 -	 

     

    

 

Article
4

ALLOCATIONS

 

Section 4.1           Allocations
of Net Income and Net Loss.

 

(a)  Subject
to Section 4.1(c), for each Fiscal Year (or portion thereof), except as otherwise provided in this Agreement, Net Income
and Net Loss (and, to the extent necessary, individual items of income, gain, loss or deduction) of the Company shall be allocated
among the Members in a manner such that that would result in positive Capital Account balances equal to all amounts required to
be distributed pursuant to Section 9.2 in the manner provided therein on a hypothetical liquidation of the Company. In determining
the amounts distributable to the Members under Section 9.2 upon a hypothetical liquidation, the hypothetical distribution
to each Member shall be equal to the amount that would be received by such Member if all Company assets were sold on the last day
of the allocation period for cash equal to their basis for Capital Account purposes (provided, however, that the
Company may increase or decrease Capital Accounts in accordance with applicable Treasury Regulations to reflect any revaluations
of the Company’s property, including any write-downs in the amount thereof), all Company liabilities were satisfied to the
extent required by their terms (limited, with respect to each "partner nonrecourse liability" and "partner nonrecourse
debt," as defined in Treasury Regulations Section 1.704-2(b)(4), to the fair market value of the assets securing such liability),
and the net assets of the Company were distributed in full to the Members all as of the last day of such allocation period in accordance
with Section 9.2 hereof.

 

(b)  The
parties intend that the allocation provisions of this Section 4.1 shall produce Capital Account balances of the Members
that will be consistent with the distribution provisions of Article 5 and the liquidation provisions of Section 9.2.
Notwithstanding anything to the contrary in this Agreement, to the extent the Board determines that the allocation provisions of
this Section 4.1 may fail to produce such Capital Account balances, (i) such provisions shall be amended by the Board to
the extent necessary to produce such result and (ii) Net Income and Net Loss and other items of income, gain, loss, credit and
deduction of the Company for the most recent open year (or items of income, gain, loss, deduction, and Code Section 705(a)(2)(B)
expenditures of the Company for such years) shall be reallocated among the Members to the extent it is not possible to achieve
such results with allocations of Net Income and Net Loss (or items of income, gain, loss, deduction, and Code Section 705(a)(2)(B)
expenditures) for the current year and future years, as determined by the Board. This Section 4.1(a) shall control notwithstanding
any reallocation or adjustment of taxable income, taxable loss, or items thereof by the Internal Revenue Service or any other taxing
authority.

 

(c)  Special
Allocations.

 

(i)          Minimum
Gain Chargeback. Except as otherwise provided in Treasury Regulation Section 1.704-2(f), notwithstanding any other provision
of this Agreement, if there is a net decrease in partnership minimum gain (as defined in the Code) during any Fiscal Year, each
Member shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal
Years) in an amount equal to such Member's share of the net decrease in partnership minimum gain, determined in accordance with
Treasury Regulation Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Treasury Regulation Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 4.1(c)(i) is intended to comply with
the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

 

    	 	- 23 -	 

     

    

 

(ii)         Partner
Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4), notwithstanding any other
provision of this Section 4.1, if there is a net decrease in partner nonrecourse debt minimum gain (as defined in the Code)
attributable to a partner nonrecourse debt during any Fiscal Year, each Member who has a share of the partner nonrecourse debt
minimum gain attributable to such partner nonrecourse debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(5),
shall be specially allocated items of income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount
equal to such Member's share of the net decrease in partner nonrecourse debt minimum gain attributable to such partner nonrecourse
debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall
be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated
shall be determined in accordance with Treasury Regulation Section 1.704-2(i)(4) and 1.704-2(j)(2). This Section 4.1(c)(ii)
is intended to comply with the minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.

 

(iii)        Qualified
Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (d)(5) or (d)(6), items of Company income and gain shall be specially allocated to
each such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the deficit
Adjusted Capital Account Balance of such Member as quickly as possible, provided that an allocation pursuant to this Section
4.1(c)(iii) shall be made if and only to the extent that such Member would have a deficit Adjusted Capital Account Balance
after all other allocations provided for in this Article 4 have been tentatively made as if this Section 4.1(c)(iii)
were not a term of this Agreement. This Section 4.1(c)(iii) is intended to constitute a "qualified income offset"
provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

 

(iv)        Gross
Income Allocation. In the event any Member has a deficit Capital Account at the end of any Fiscal Year which is in excess of
the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulation Sections
1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of
such excess as quickly as possible, provided that an allocation pursuant to this Section 4.1(c)(iv) shall be made if and
only to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided
for in this Section 4.1(c) have been tentatively made as if this Section 4.1(c)(iv) and Section 4.1(c)(iii)
hereof were not in the Agreement.

 

(v)         Partner
Nonrecourse Deductions. Any partner nonrecourse deductions for any Fiscal Year shall be specially allocated to the Member who
bears the economic risk of loss with respect to the partner nonrecourse debt to which such partner nonrecourse deductions are attributable
in accordance with Treasury Regulation Section 1.704-2(i)(1).

 

    	 	- 24 -	 

     

    

 

(vi)        Curative
Allocations. The allocations set forth in Section 4.1(c)(i), (ii), (iii), (iv) and (v) hereof
(collectively, the "Regulatory Allocations") are intended to comply with requirements of the Treasury Regulations.
It is the intent of the parties hereto that, to the extent possible, all Regulatory Allocations shall be offset either with other
Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this
Section 4.1(c)(vi). Therefore, notwithstanding any other provision of Article 4 (other than the Regulatory Allocations),
the Board shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines
appropriate so that, after such offsetting allocations are made, each Member's Adjusted Capital Account Balance is, to the extent
possible, equal to the Capital Account such Member would have had if the Regulatory Allocations were not terms of this Agreement
and all Company items were allocated pursuant to Section 4.1. In exercising its discretion under this Section 4.1(c)(vi),
the Board shall take into account future Regulatory Allocations under Section 4.1(c)(iii) and (v) that, although
not yet made, are likely to offset other Regulatory Allocations previously made under Section 4.1(c)(ii) and (iv).

 

(vii)       Allocations
of Withholding. To the extent the Company receives (or is deemed to receive) an amount of income that is net of any withholding
tax, (i) such income shall be allocated among the Members as if the Company received the gross amount of such income before
giving effect to the payment of the withholding tax and (ii) any resulting tax credit shall be allocated among the Members
such that each Member receives a portion thereof reflecting the amount of withholding tax to which such Member would be subject
if such Member received the gross income allocated to such Member in accordance with clause (i) above directly.

 

(viii)      Member
Loans. Any interest deductions with respect to loans to the Company by any Member shall be specially allocated to the Member
making such loan.

 

(ix)         Distributions
of Nonrecourse Liability Proceeds. If, during a Fiscal Year, the Company makes a distribution to any Member of the proceeds
of any nonrecourse liability of the Company that would otherwise be allocable to an increase in partnership minimum gain pursuant
to Treasury Regulation Section 1.704-2(h), then the Company may elect, to the extent permitted by Treasury Regulation Section 1.704-2(h)(3),
to treat such distribution as a distribution that is not allocable to an increase in partnership minimum gain.

 

(d)          With
respect to any Fiscal Year during which any Member's interest in the Company changes, allocations under Article 4 shall
be adjusted appropriately to take into account the varying interests of the Members during such period.

 

Section 4.2           Tax
Allocations.

 

(a)  Generally.
Except as otherwise provided in this Section 4.2, taxable income and loss and all items thereof shall be allocated to the
Members to the greatest extent practicable in a manner consistent with the manner set forth in Section 4.1 and Sections
704(b) and (c) of the Code. Allocations pursuant to this Section 4.2 are solely for federal income tax purposes and shall
not affect, or in any way be taken into account in computing, any Member's Capital Account or share of Net Income, Net Loss, other
items or distributions pursuant to any provision of this Agreement.

 

(b)  Section
704(c) of the Code. In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property
contributed to the capital of the Company shall, solely for income tax purposes, be allocated among the Members so as to
take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its
initial Gross Asset Value.

 

(c)  Adjustments
Under Section 704(c) of the Code. In the event the Gross Asset Value of any Company asset is adjusted pursuant to paragraph
(ii) of the definition of "Gross Asset Value," subsequent allocations of income, gain, loss and deduction with respect
to such asset shall take account of any variation between the adjusted tax basis of such asset and its Gross Asset Value in the
same manner as under Section 704(c) of the Code.

 

    	 	- 25 -	 

     

    

 

(d)  Decisions
Relating to Section 704(c) of the Code. Any elections or other decisions relating to allocations under this Section 4.2,
including the selection of any allocation method permitted under Treasury Regulation Section 1.704-3, shall be made by the Board.

 

Section 4.3           Limitations
on Allocations to Holders of Units. Notwithstanding any other provision of this Article
4, to the extent that any Member has been granted any Units that, by the terms of such grant or by agreement, entitle the holder,
once such Units vest, to receive less than the full amount of allocations of Net Income otherwise allocable with respect to such
class or series of Units generally, then the provisions of such grant or agreement shall supersede such holder's rights under this
Article 4 and the amount of reduction in allocations to such holder shall be made to all other Members in accordance with
this Article 4.

 

Section 4.4           Accounting
Principles. All decisions as to accounting principles for the Company shall be made
by the Manager subject to the terms of this Agreement.

 

Section 4.5           Interest
on and Return of Capital Contributions. No Member shall be entitled to interest on
its Capital Contribution.

 

Section 4.6           Accounting
Period. The Company’s accounting period shall be the calendar year.

 

Section 4.7           Records.
At the expense of the Company, the Managing Member shall maintain or cause to be maintained the books, records and accounts of
all operations and expenditures (collectively, the “Records”) of the Company; 

 

Section 4.8           Tax
Returns and Tax Elections.

 

(a)  The
Managing Member shall cause to be prepared and filed, at the expense of the Company, all required state and federal informational
tax returns for the Company on or before the date that such returns are due (including, pursuant to extensions, if obtained by
or on behalf of the Company), and shall cause to be prepared and delivered to all Members, all completed informational returns
due to the Members, including, without limitation, K-1 forms promptly after same are prepared. All expenses incurred in connection
with the above shall be borne by the Company.

 

(b)  Except
as otherwise expressly provided herein, the Managing Member shall make all applicable elections, determinations and other decisions
under the Code (or any other federal or state law), including, without limitation, the deductibility of a particular item of expense
and the positions to be taken on the Company’s tax return, and shall approve the settlement or compromise of all audit matters
raised by the Internal Revenue Service or other taxing authority affecting the Members generally. The Members each shall take reporting
positions on their respective federal, state and local income tax returns consistent with the positions determined for the Company
by the Managing Member.

 

Section 4.9           Tax
Matters Member.

 

(a)  The
Managing Member is hereby designated as the “Tax Matters Partner” (as defined in Code Section 6231 and for purposes
of this Agreement defined as the Tax Matters Member), and, subject to the further terms of this Section 4.9, is authorized and
required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs
by tax authorities, including, without limitation, administrative and judicial proceedings, subject to the further terms of this
Section 4.9, and to expend Company funds for professional services and costs associated therewith. The Members agree to cooperate
with each other and to do or refrain from doing any and all things reasonably required to conduct such proceedings. All expenses
incurred in connection with any such audit and with any other tax investigation, settlement or review shall be borne by the Company.

 

    	 	- 26 -	 

     

    

 

(b)  In
the event that the Company shall be the subject of an audit by any federal, state or local taxing authority, to the extent that
the Company is treated as an entity for purposes of such audit, including administrative settlement and judicial review, the Managing
Member shall be authorized to act for, and his decision shall be final and binding upon, the Company and each Member thereof; provided,
however, that the Managing Member shall (i) notify the Members of any administrative proceeding with respect to the Company pursuant
to Section 6223(c) of the Code, (ii) furnish the Members with any material correspondence or communication relating to the Company
from the Internal Revenue Service received by the Manager, and (iii) make all decisions affecting the tax affairs of the Company
in good faith using reasonable business judgment (it being understood and agreed that for the purposes of this Agreement, the term
“reasonable business judgment” shall refer to the “business judgment rule” as the same would be applied
under Applicable Law if the Person in question were a director of a corporation).

 

(c)  The
Company shall indemnify and reimburse the Tax Matters Member for all reasonable expenses, including, without limitation, legal
and accounting fees, claims, liabilities, losses and damages incurred in connection with any administrative or judicial proceeding
with respect to the tax liability of the Members.

 

Article
5

DISTRIBUTIONS

 

Section 5.1           Distributions.
The Board shall from time to time determine the amounts of Distributable Cash available for distribution and the timing of
distributions, taking into account all debts, liabilities, and obligations of the Company then due, and working capital and other
amounts deemed necessary to be reserved to meet the Company’s anticipated needs (taking into account the needs of the Company’s
Subsidiaries and the assets, properties, undertakings and commitments of the Company and the Subsidiaries) and as may, in the Managing
Member’s sole discretion, be needed to affect the respective business plans of the Company and the Subsidiaries, and the
customary and usual obligations of the Company and its Subsidiaries and any claims known by the Managing Member to exist or which
have been threatened, or which may, based on the passage of time become a claim, against the Company and/or its Subsidiaries and
their respective businesses, assets and properties; provided, however, if any Distributable Cash as determined by the Board is
available for distribution in any calendar year, the Company shall make at least one distribution of Distributable Cash at least
once during each calendar year. To the extent that the Board shall determine that the Company generates Distributable Cash on a
consistent and predictable basis, the Managing Member shall make monthly distributions of Distributable Cash to the Members in
accordance with the terms of this Agreement. The Board may periodically review any reserves created and may increase such reserves
or release any excess amounts in such reserves for distribution in accordance with this Article 5.

 

Distributions shall be made only to such
Persons who, according to the books and records of the Company, is the holder of record of a Membership Interest on the actual
date of distribution. Neither the Managing Member nor the Company shall incur any liability for making distributions, or determining
that the Company is not then in a position to make distributions, in accordance with the provisions of the preceding sentence.

 

    	 	- 27 -	 

     

    

 

Except upon a dissolution or liquidation,
no Member has any right to demand and receive any distribution in any form other than cash. The Managing Member, in its sole discretion,
shall determine the amounts of cash available for distribution

 

Section 5.2           Distribution
of Distributable Cash. Subject to the repayment requirements of any Member Loans, Distributable
Cash shall be distributed by the Managing Member to the Members not less often than monthly within ten (10) days after the end
of each calendar month as follows:

 

(i)          First:
100% to the Members, in proportion to their Unpaid Preferred Returns, until such time as the Members’ Unpaid Preferred Returns
have been reduced to zero;

 

(ii)         Second:
100% to the Members in proportion to their Unrecouped Capital Contributions until such time as the Members’ Unrecouped Capital
Contributions have been reduced to zero;

 

(iii)        Third:
Thereafter, 100% to be allocated to Nfinit, NCA Member and NCRF Member until such time as Nfinit, NCA Member and NCRF Member shall
have received an aggregate total of Seven Million Dollars ($7,000,000.00) to be allocated pursuant to the T9 SUB SPLIT REVIEW attached
hereto as Schedule D;

 

(iv)        Fourth:
Thereafter, 100% to the Members in proportion to their Percentage Interests.

 

Section
5.3           Limitation on Distributions.
Notwithstanding anything to the contrary contained in this Agreement, no distributions shall be made to any Member, if, after such
distribution or is made (i) the Company would be insolvent; or (ii) the net assets of the Company would be less than zero, in each
case, as determined by the Managing Member. The Managing Member may base a determination that a distribution may be made in good
faith reliance upon a balance sheet and profit and loss statement of the Company represented to be correct by the person having
charge of its books of account or certified by an independent public or certified public accountant or firm of accountants to fairly
reflect the financial condition of the Company.

 

Section
5.4           Receipt of Fair Value; Withholding. Notwithstanding
any provision of the Act, no Person that ceases to be a Member of the Company shall be entitled to receive the fair value of such
Person's interest in the Company prior to the dissolution and winding up of the Company. The Company shall at all times be entitled
to make payments with respect to any Member in amounts required to discharge any obligation of the Company to withhold from a distribution
or make payments to any governmental authority with respect to any foreign, federal, state or local tax liability of such Member
arising as a result of such Member's interest in the Company (a "Withholding Payment"). Any Withholding Payment made
from funds withheld upon a distribution will be treated as distributed to such Member for all purposes of this Agreement. Any other
Withholding Payment will be deemed to be a recourse loan by the Company to the relevant Member. The amount of any Withholding Payment
treated as a loan, plus interest thereon from the date of each such Withholding Payment until such amount is repaid to the Company
at an interest rate of eight percent (8%) per annum, shall be repaid to the Company upon demand by the Company; provided, however,
that in the Managing Member's sole discretion, any such amount may be repaid by deduction from any distributions payable to such
Member pursuant to this Agreement (with such deduction treated as an amount distributed to the Member) as determined by the Managing
Member in his sole discretion.

 

    	 	- 28 -	 

     

    

 

ARTICLE 6

 

MANAGEMENT
OF THE COMPANY; INFORMATION

 

Section 6.1           (a)
Management by Board of Managers. Except for situations in which the vote, consent or approval of one or more Members
is expressly required by this Agreement or by non-waivable provisions of Applicable Law, (i) all of the powers of the Company and
each of the Company’s Subsidiaries, including, without limitation, (A) converting the Company or any Subsidiary into
a corporation and (B) any merger, Conversion or consolidation of the Company or any Subsidiary with any other Person, shall be
exercised by or under the authority of, and all the business and affairs of the Company and its Subsidiaries shall be managed under
the direction of, a Board (the "Board") which Board shall be comprised of two (2) Manager groups comprising
six (6) Managers, three (3) Managers appointed by the FCUFM, and three (3) Managers appointed by the SRS Member, provided that
such number may be increased or decreased by the Unanimous vote of the Board as provided in Section 6.8. FCRE OP Member shall initially
appoint Suneet Singal, Ron Cobb and Jacob Frydman as Board Members. T-9 Developers Member shall initially appoint Steve Goodwin,
Ron Mellon and Scott Syphax as Board Members. Each Member may appoint replacement representative to the Board subject to a veto
by the other Member to be exercised within 30 days Written Notice of the replacement; and (ii) the Board may make all decisions
and take all actions for the Company not otherwise provided in this Agreement by majority vote, unless a Unanimous Consent is required.

 

(b)   Voting
Rights of Managers. Except as otherwise provided by this Agreement or as otherwise required by the Act or Applicable Law
each of the Manager Groups shall independently determine, by the unanimous vote of its 3 Managers, whether the Mangers comprising
such Manger Group shall vote by majority vote, unanimous vote, or other method within its respective Manager Group, and each Manager
Group shall designate one of its Managers as the “Lead Manager” to report on the vote results for its respective Manager
Group to the Board. In the event that a Manager Group is unable to agree on how said Manager Group is to vote among its three members,
then the vote of such Manager Group shall be deemed to require the vote of all three Managers unanimously, as to any matter of
which a vote is required.

 

(c)          Day-to-day
Development Management. Generally, and so long as the SRS Member shall be a Member of the Company, but at all times subject
to the terms hereof and to the direction of the Board, the day-to-day management of the Company and the T-9 Project shall be vested
with the SRS Member (also referred to as the “Managing Member”) who shall be responsible for the creation, implementation
of, and execution of, the Development Plans of the Company for the T-9 Project at the expense of the Company, and its Subsidiaries,
in each case pursuant to and in accordance with the Approved Business Plan(s), Approved Budget(s), and Development Plans prepared
by the Managing Member and approved by the Board of TOWNSHIP NINE OWNER, LLC in accordance with the operating agreement of TOWNSHIP
NINE OWNER, LLC.

 

Business
Plans and Budgets. The Company is obligated, by November 15 of each year to submit a proposed
Business Plan, Operating Budget and Capital Budget (collectively, the “Budgets”) for the T-9 Project for the subsequent
Calendar year to the Board of TOWNSHIP NINE OWNER,
LLC in accordance with the operating agreement of TOWNSHIP NINE OWNER, LLC. The Developer Manager shall be responsible to prepare
all such Business Plans and Budgets for each such parcel which is to be developed or constructed within the coming year in accordance
with the operating agreement of TOWNSHIP NINE OWNER, LLC and submit same to the Board for approval, prior to submitting same to
TOWNSHIP NINE OWNER, LLC. The Board shall review each such proposed Business Plan and the Budgets and shall approve same prior
to the Company’s submitting same to TOWNSHIP NINE OWNER, LLC.

 

    	 	- 29 -	 

     

    

 

(e)  Removal
of the Managing Member. Upon the occurrence of a Removal Event, then at any time until the Removal Event has been cured
by the Managing Member, the Board (excluding the Manager Group affiliated with the Managing Member)(the “Voting Group”)
shall have the right to remove the Managing Member of the Company by delivering written notice (“Removal Notice”) thereof
at any time following the occurrence of a Removal Event and appoint another Member or another Person (which Person may be another
Member, or may be a person unrelated to the Company or a Member, in which case such person shall be the “Day-to-Day Manager”
and during periods in which a Member is not the Managing Member, all references in this agreement to the “Managing Member”
shall be deemed a reference to the “Day-to-Day Manager”) to be the successor Managing Member. As used herein, the term
“Removal Event” means (i) a change of Control of the Managing Member, (ii) if the Managing Member is or was a Member
of the Company, such person is no longer a Member of the Company; (iii) the commission by the Managing Member of a fraud, misappropriation
of funds, gross negligence or willful misconduct as reasonably determined by the Voting Group; (iv) the bankruptcy or insolvency
of the Managing Member; (v) the commission by the Managing Member or its Principal(s) of any “Cause” event; (vi) the
mutual agreement of the Managing Member and the Board; (vii) the resignation of the Managing Member; (viii) the breach by the Managing
Member of any representation, warranty or covenant made in this Agreement as reasonably determined by the Voting Group; (ix) the
failure of the Managing Member to provide electronic copies of, or permit the Members to inspect and copy the documents maintained
at the Managing Member’s offices as provided in Section 7.5 hereof; (x) the Managing
Member shall fail for thirty consecutive days to pursue the development of any parcel in the T-9 Project; (xi) the failure of the
Managing Member to reasonably perform its duties as reasonably determined by the Voting Group; (xii) in the event that (a) the
Managing Member is over budget by 20% of any line item, or 15% the total of any Approved Budget; (b) EBITDA with respect to completed
parcel which is fifteen percent (15%) or more lower than the EBITDA projected in any such Approved Budget; (c) a development project
is more than forty-five days behind schedule as set forth in an Approved GANTT chart submitted with an Approved Budget and Business
Plan; or (d) the Developer Manager has taken an action in violation of Section 6.8 hereof without receiving prior Unanimous approval
for same.

 

(f)  In
the event of removal of the Managing Member, effective on the removal date, (i) the removed, former Managing Member shall have
no further right to receive payments from the Company designated or expressly intended for the Managing Member in its former capacity
as Managing Member of the Company, except for accrued expenses incurred prior to the receipt of the removal notice for which the
Managing Member is entitled to be reimbursed pursuant to the terms of this Agreement or any other applicable agreement between
the Managing Member and the Company. Upon removal of the Managing Member the Managing Member shall cease to be entitled to the
promote as set forth in Section 5.2(iv) of the T-9 Owners Operating Agreement. Upon Removal of the Managing Member the Voting Group
may appoint any successor Managing Member to replace the removed Managing Member and to cause the Company to enter into a replacement
agreement or agreement on such terms as are deemed necessary or appropriate by the Managing Member. As a condition to the removal
of the Manager, or Members, if there exist any liabilities (contingent or otherwise) to any holder of debt secured by the Company’s
properties or any portion thereof that are recourse to the Managing Member or any of its Affiliates, the Company shall indemnify
and hold harmless the removed Managing Member and its Affiliates of, from and against such liabilities, to the extent such liabilities
arise from actions or events accruing from and after the date of such removal as a result of the willful misconduct
or gross negligence of the Company or any Member or Manager (other than the removed Managing Member and its Affiliates), it being
agreed that the failure of the Company to take an action because no Company funds are available to pay for the same, shall not
be deemed to constitute gross negligence or willful misconduct. Notwithstanding the foregoing, in the event that there is a pre-existing
environmental condition affecting the Company’s properties, whether known or unknown, then the indemnification shall not
apply to said pre-existing condition.

 

    	 	- 30 -	 

     

    

 

Section 6.2     Expenses.  The
Company shall pay, or cause a Subsidiary to pay, all the reasonable out-of-pocket fees, costs and expenses incurred by the Managers
in connection with travel to and attendance at Board meetings and other business functions on behalf of, or in connection with,
the Company or any Subsidiaries or their respective businesses.

 

Section 6.3      Constitution
of the Board; Rights and Powers of the Board and Officers; Removal and Termination.

 

(a)   The
size of the Board shall be fixed at two (2) Manager groups, one designated by the FCUFM Member (the “FCRE Manager Group”)
and one designated by the SRS Member (the “Developer Manager Group”). Each of the two Manager Groups shall designate
one individual to act as that Manager Group’s representative (each, a “Manager Group Representative”). The FCRE
Manager Group shall have three (3) out of six (6) votes on each matter on which the Manager Groups are entitled to vote, and the
Developers Manager Group shall have three (3) out of six (6) votes on each matter on which the Manager Groups are entitled to vote.
Each Manager Group may designate from one (1) to six (6) Managers to comprise its respective Manager Group, but each Manager Group,
regardless of the number of Managers comprising each Manager Group shall only vote as a single block, and such vote shall be cast
on behalf of each Manager Group by that Manager Group’s Manager Group Representative.

 

(b)   Each
Manager Group may increase or decrease the number of individual Managers serving as Managers with respect to each Manager Group,
provided that no Manager Group shall have less than one acting Manager nor more than six acting managers at any given time, and
provided further that each manager group shall vote solely as a single block with the FCRE Manager Group having three (3) out of
five (6) votes on each matter on which the Manager Groups are entitled to vote and the Developers Manager Group having two (3)
out of six (6) votes on each matter on which the Manager Groups are entitled to vote, in each case, regardless of the number of
individual Managers which each Manager Group then has serving as Managers within its respective Manager Group, and provided further
that such number may be increased or decreased by the Unanimous vote of the Board as provided in Section 6.8. The initial
Managers are as set forth in Section 6.1 of this Agreement.

 

(c)   In
the event any vacancy in the Board shall occur as a result of death, disability or resignation of a Manager, except as otherwise
set forth in this Agreement, the Member affiliated with the Manager Group that appointed said Manager 
may designate such Manager’s successor Manager. In the event any vacancy in the Board
shall occur as a result of removal for Cause of a Manager, a replacement Manager may be designated by the Member affiliated with
the Manager Group that did not designate such removed Manager.

 

(d)   Except
as otherwise specifically provided in this Agreement, and except for those matters which require the Unanimous vote, consent or
approval of both Manager Groups comprising of the Board as set forth in Section 6.8 herein, or as otherwise required by non-waivable
provisions of the Act, any action taken by the Board may only be taken with the approval, either in writing or at a duly called
meeting of Managers holding (in accordance with this Section 5.4(c)) a majority of the votes held by the Managers then serving
on the Board. Each Manager Group shall be entitled to one (1) vote on matters coming before the Board.

 

(e)   The
Board may establish one or more committees, which shall be comprised solely of Managers.

 

(f)   Any
Manager may be removed from the Board for Cause by the majority vote of the other Manager Group or by the Managing Member.

 

    	 	- 31 -	 

     

    

 

Section 6.4    Officers.
The Board may, from time to time appoint one or more individuals as officers and delegate to such officers such authority and duties
as the Board deems advisable. In addition, the Board may assign titles (including, without limitation, chairman, chief executive
officer, president, chief operating officer, chief financial officer, vice president, secretary, assistant secretary, treasurer
or assistant treasurer) to such officers and, unless the Board decides otherwise, the assignment of such title shall constitute
the delegation to such officer of the authority and duties that are normally associated with that office. Any number of titles
may be held by the same individual. The salaries or other compensation, if any, of such officers shall be fixed from time to time
by the Board. Any delegation pursuant to this Section 6.4 may be revoked at any time by the Board, in its sole and absolute
discretion and the Board may remove any officer with or without cause at any time and shall provide prompt written notice to the
Members of any removal of any officer. The following are hereby appointed as officers of the Company:

 

Section 6.5           Meetings
of Board.

 

(a)          The
Board may hold its meetings at the principal office of the Company, or such other location(s) as set forth in the notice of meeting
which conforms to the terms of this Agreement.

 

(b)          Except
as otherwise set forth in this Agreement, meetings of the Board or a Board committee shall be held whenever called by at least
one (1) Manager. Notice of the day, hour and place of holding of each meeting of the Board or any meeting of a Board committee
shall be given to each Manager or committee member by email or any other method under Section
12.1, at least seventy-two (72) hours before the meeting. Unless otherwise indicated in the notice thereof, any and all business
may be transacted at any such meeting. At any meeting at which every Manager or committee member shall be present, even though
without any notice, any business may be transacted.

 

(c)          A
quorum for the transaction of business by the Board shall consist of not less than two Managers from each of the two Management
Groups then serving on the Board, and a quorum for the transaction of business by a Board committee shall consist of committee
members holding a majority of the votes held by the committee members then serving on such committee. If at any meeting of the
Board or committee thereof, there is less than a quorum present, holders of a majority of the votes held by those present may adjourn
the meeting from time to time until a quorum is present.

 

(d)          Any
Manager may participate in any meeting of the Board or a Board committee by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and such participation shall constitute
presence in person at such meeting. Any Manager may participate in any meeting either in person or by proxy, or by telephone.

 

(e)          Any
action required or permitted to be taken at any meeting of the Board or a committee thereof may be taken without a meeting if a
consent in writing, setting forth the action so taken, is signed by Managers holding the requisite number of the votes held
by the Managers then serving on the Board or such committee as such action requires. Prompt notice of the taking of an action without
a meeting by less than unanimous written consent shall be given to those Managers who have not consented in writing. A Manager
who does not participate in any such meeting may approve any matter by email.

 

    	 	- 32 -	 

     

    

 

Section 6.5           Liability.  Except
as otherwise provided by the Act, the debts, obligations and liabilities of the Company and its Subsidiaries, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company or a Subsidiary, and no Covered
Person shall be obligated personally for any such debt, obligation or liability of the Company or a Subsidiary solely by reason
of being a Covered Person.

 

Section 6.6           [Intentionally
Deleted].

 

Section 6.7           Information
Rights.  The Company shall comply with, and will cause its Subsidiaries to comply with, the following provisions:

 

(a)          Annual
Statements. Within one-hundred twenty (120) days after the close of each Fiscal Year of the Company, the Managing Member
shall cause the Company to deliver to the Board (by sending same to each Manager) consolidated balance sheets and statements of
income and retained earnings and cash flows of the Company and its Subsidiaries, which annual financial statements shall show the
financial condition of the Company and its Subsidiaries as of the close of such Fiscal Year and the results of the Company's operations
during such Fiscal Year. Each of the financial statements delivered in accordance with the immediately preceding sentence shall
be certified by the Company's accounting firm auditing the same to have been prepared in accordance with GAAP, except as specifically
disclosed therein.

 

(b)          Quarterly
Statements. Within forty-five (45) days after the end of each calendar quarter, the Managing Member will deliver to the
Board (by sending same to each Manager): (i) consolidated balance sheets and statements of income and retained earnings and of
cash flows for the Company and its Subsidiaries as of the end of such month, comparing such financial position and results of operations
against the same periods for the prior year and against the Approved Budget, and (ii) a letter from the Company's management discussing
the revenues and operations of the Company and its Subsidiaries with respect to such month.

 

(c)          Monthly
Statements. Within fifteen (15) days after the end of each calendar month, the Managing Member will deliver to the Board
(by sending same to each Manager): (i) consolidated balance sheets and statements of income and retained earnings and of cash flows
for the Company and its Subsidiaries as of the end of such month, comparing such financial position and results of operations against
the same periods for the prior year and against the Approved Budget.

 

(d)          Other
Member’s Rights to Information. Members who are not otherwise specifically entitled to information under this Section
6.7 are only entitled to information as set forth is Section 7.5 hereof;

 

(e)          Termination
of Information Rights. The information rights granted pursuant to this Section 6.7 and Section 7.5 will lapse
and terminate immediately (i) as to any Member who Withdraws or is deemed to have Withdrawn from the Company, (ii) as to each Manager
upon the removal or resignation of such Manager from the Board, (iii) as to each Member or Manager whose employment with the Company
or any Subsidiary is terminated for Cause; and (iv) as to each Member or Manager who breaches this Agreement or any covenant, agreement,
undertaking, representation or warranty made in this Agreement or in any other agreement with the Company, any Subsidiary or any
member of the Group.

 

    	 	- 33 -	 

     

    

 

Section 6.8           Unanimous
Votes Required. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not, and shall
not permit any of the Subsidiaries to, engage in or cause any of the following transactions to be undertaken or take any of the
following actions, and the Board (and the Managing Member or the Day-to-Day Manager) shall not permit or cause the Company or any
of the Subsidiaries to engage in, take or cause any such transaction or action, except with the Unanimous prior approval of all
of the Managers then serving on the Board:

 

(i)          the
issuance of any Units, or other equity securities pursuant to Section 3.2, other than those issued and outstanding as of
the Effective Date, (A) to any Person not already a Member, or (B) except as provided in Section 3.3, to existing Members
in any proportions different than their Proportionate Shares;

 

(ii)         the
repurchase of any Units by the Company,

 

(iii)        the
admission of an additional Member;

 

(iv)        the
Company’s consent to any Transfer of Units;

 

(v)         a
merger, consolidation, Conversion or other similar transaction involving the Company or any of the Subsidiaries;

 

(vi)        any
action that results in a merger, Conversion, liquidation or dissolution of the Company or any Subsidiary;

 

(vii)       the
making of any Additional Capital Calls;

 

(viii)      except
as may be set forth in any Approved Budget, the incurring of any debt obligations by the Company or by any Subsidiary of Company;
and the making of any loan of funds by the Company or by any Subsidiary of Company; or in undertaking and binding the Company or
any Subsidiary to any finance or capital lease, or guaranty;

 

(ix)         the
entering into any hedge or swap transaction;

 

(x)          any
prepayment, defeasance, yield maintenance payment or similar payment with respect to any debt obligation of the Company or any
Subsidiary not otherwise set forth in an Approved Budget in an amount in excess of $150,000 with respect to any asset or property
of the Company or any Subsidiary;

 

(xi)         any
guarantee or other direct or indirect assumption of liability in excess of $50,000 by the Company or any Subsidiary, or any amount
with respect to the obligations of any third party;

 

(xii)        an
increase or decrease in the number of Managers authorized to comprise the Board of the Company or any Subsidiary;

 

(xiii)       the
acquisition, establishment or creation of any Subsidiary;

 

(xiv)      the
granting of any mortgage, security interest, Lien or Encumbrance on any assets of the Company or any Subsidiary;

 

    	 	- 34 -	 

     

    

 

(xv)       the
entering into any lease for the occupancy of any space by the Company or any Subsidiary;

 

(xvi)      the
granting of consent or approval with respect to any Transfer of any Units other than in a Permitted Transfer or as otherwise expressly
permitted in this Agreement;

 

(xvii)     any
modification or amendment of this Agreement;

 

(xviii)    the
authorization of any New Units, or the authorization of any new class of Units, or the increase or decrease in the authorized numbers
of Units, or the authorization or issuance of any equity securities by the Company or any Subsidiary;

 

(xix)       the
initiation of any litigation or arbitration, and the prosecution, waiver, settlement or compromise of any claim or cause of action
of or against the Company or a Subsidiary;

 

(xx)        the
prosecution or any settlement of any insurance claim or any condemnation award with respect to any claims, actions, causes of action,
assets or properties of the Company or any Subsidiaries;

 

(xxi)       any
amendment or modification of the organizational documents of the Company or any Subsidiary;

 

(xxii)      any
action to change the tax status of the Company;

 

(xxiii)     approve,
adopt, amend or modify any Budget or Business Plan or make any expenditure which exceeds 15% of any line item in any Approved Budget,
or 10% of the total expenditures set forth in any Approved Budget;

 

(xxiv)    the
entry into by the Company or any Subsidiary and the taking by the Company or any Subsidiary of any and all actions in connection
with any acquisition, disposition, merger, “roll-up” consolidation, reorganization, recapitalization, restructuring,
joint venture, partnership, limited liability company, or any other material business transaction involving the Company, its Subsidiaries
or its assets, including, without limitation, any and all actions in connection with any initial public offering of ownership interests
in the Company or its Subsidiaries (or in connection with the merger or the transfer of the assets of the Company or its Subsidiaries
to any corporation or other entity that is the successor to the Company or its Subsidiaries that intends to conduct an initial
public offering) or any transfer of all or any portion of the assets of the Company or its Subsidiaries to a public or private
market vehicle;

 

(xxv)     the
approval of each Business Plan, Development Plan, Operating Budget and/or Capital Budget for the Company and its subsidiaries prepared
by the Managing Member, and any modifications or amendments thereof;

 

(xxvi)    except
to the extent dissolution of the Company is permitted or required by this Agreement or any non-waivable provision of applicable
law, the dissolution and winding up of the Company;

 

    	 	- 35 -	 

     

    

 

(xxvii)   the
institution or defense of any legal proceedings (including arbitration) in the name of the Company or any Subsidiary, the settlement
of any such legal proceedings and the confession of any judgment against the Company any Subsidiary, or any property thereof other
than matters involving sums less than Fifty Thousand Dollars ($50,000);

 

(xxviii)    any
of the following: (i) the filing of any voluntary petition in bankruptcy on behalf of the Company or any Subsidiary; (ii) the consenting
to the filing of any involuntary petition and bankruptcy against the Company or any Subsidiary; (iii) the filing on behalf of the
Company or any Subsidiary of any petition seeking, or consenting to, the reorganization or relief under any applicable federal
or state law relating to bankruptcy or insolvency; (iv) the consenting to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Company any Subsidiary or a substantial part of their respective properties;
(v) the making on behalf of the Company of any assignment for the benefit of creditors; (vi) the admission in writing of the Company’s
or any Subsidiary’s inability to pay its debts generally as they become due; or (vii) the taking of any action by the Company
or any Subsidiary in furtherance of any such action;

 

(xxix)      any
and all tax or accounting elections permitted or required to be made by the Company or any of its Subsidiaries;

 

(xxx)        make
any change in any Member’s Capital Contribution Commitment, except as expressly permitted pursuant to this Agreement; or

 

(xxxi)      as
to the Company or any Subsidiary: to (i) amend or modify its Certificate of Formation, (ii) change or designate its Tax Matters
Partner, (iii) change its name, (iv) change its purpose, (v) hire or fire its accounting firms or law firms, (vi) approve a recapitalization,
consolidation, merger, recapitalization, Conversion or other business combination (vii) determine whether or not to extend indemnification
to any Person except as expressly provided in this Agreement, (viii) increase or decrease the number of managers, general partners,
managing members or the size of the board, or (ix) hire or fire any Family Member or in-law of a member, partner or manager, or
an affiliate of any of the foregoing.

 

Any acts which are taken in violation of
this Section 6.8 shall be deemed ultra vires and of no force or effect, and shall be null and void ab initio, and the Managing
Member or any Manager is hereby expressly authorized to notify any persons who have participated in, or are counter-parties to
any such ultra vires acts or transactions that the Company is not, and shall not, be bound by any such actions or transactions.
Any Manger, Day-to-Day Manager, Managing Member or any Member who shall cause an ultra vires act to be undertaken shall (i) be
obligated to indemnify the Company, each other Manager and each other Covered Persons for any costs, damages or other expenses
incurred by the Company, any Subsidiary, any other Manager and/or any other Member as a result of the unauthorized action of such
Manager, Member, its Principals or any officer, employee or agent of such person; and (ii) such Member (or the Member who is affiliated
with such Manager, Day-to-Day Manager, Managing Member, or who designated such Manger) shall automatically be deemed to have withdrawn
from the Company. To the fullest extent permitted by Law, any attempted action in contravention of this Article 6 shall be null
and void ab initio and not binding upon the Company, any Subsidiary, any other Member and/or any other Manager.

 

Section 6.9           Bank
Accounts. The Managing Member may from time to time open one or more bank accounts in the name of the Company and any Subsidiary,
and shall be the sole signatory thereon, unless the Board determines otherwise.

 

    	 	- 36 -	 

     

    

 

Section 6.10         Liability
for Certain Acts; Exculpation. The Managers shall devote such time to the Company’s business as the Managers
deems to be necessary or desirable in connection with their duties and responsibilities hereunder. So long as a Manager uses diligent
commercially reasonable efforts and does not engage in willful misconduct in performing his duties and does not breach its covenants
and agreements herein, the Manager shall have no liability to the Company, the Subsidiaries, the Members, the Company’s and
the Subsidiaries’ employees, officers, directors, equity owners and each of their respective affiliates for any matter whatsoever
by reason of being or having been a Manager or with respect to any decisions, actions taken, or any elections not to act or refrain
from acting on or as to any matter whatsoever, and the Manager shall have no fiduciary duties (and may not be sued for or otherwise
liable with respect to, any fiduciary duties, all of which fiduciary duties are hereby expressly waived by the Company, the Subsidiaries
and the Members) to the Company, the Subsidiaries, and/or the Members. The Managers do not, in any way, guarantee a profit for
the Members from the operations of the Company, the Subsidiaries, their respective assets and properties.

 

Section 6.11    Duty to Company.

 

(a) The Members
recognize that the Managers and each of the Members and their Principals and each of their respective officers, directors, shareholders,
members, partners, employees and Affiliates have or may have in the future other business interests, activities and investments,
some of which may be in conflict with the business of the Company, and that the Managers and each of the Members and their Principals
and each of their respective officers, directors, shareholders, members, partners, employees and Affiliates are entitled to carry
on such other business interests, activities and investments. Each Manager and each of the Members and their Principals and each
of the Day-to-Day Manager and Managing Member and each of their respective officers, directors, shareholders, members, partners,
employees and Affiliates may engage in or possess an interest in any business or venture of any kind, independently or with others,
on their own behalf or on behalf of other entities or persons with which the Managers or any of the Members is affiliated or otherwise.
The Managers and the Members and their Principals and each of their and their respective officers, directors, shareholders, members,
partners, employees and Affiliates may engage in such activities, whether or not competitive with the Company, without any obligation
to offer any interest in such activities to the Company or to the other Members. Neither the Company nor any Member nor any Manager
shall have any right, by virtue of this Agreement, in or to any other activities of any of the other Managers or Members their
Principals and each of their and their respective officers, directors, shareholders, members, partners, employees and Affiliates
or the income or profits derived therefrom, and the pursuit of such activities, even if competitive with the business of the Company,
shall not be deemed wrongful or improper. Notwithstanding the foregoing, so long as the Company owns any portion of the T-9 Project
which is not fully developed, each Member and each Manager hereby agrees and covenants to the Company and each of the other Members
and Managers that so long as he or it is a Member or Manager of the Company he or it will not undertake to develop any residential
mixed-use property within the River District marked in Schedule C directly or indirectly, or assist any other Person in
such developing unless agreed to in advance in writing by the Board; and he or it will not, without in each case having obtained
the prior written consent of the Board, render services to, or give advice to, or be directly or indirectly affiliated with (as
employee, partner, consultant or otherwise) any Person that is developing any property within ten (10) miles of the T-9 Project.

 

Section 6.12 Indemnity
of Managing Member, Employees and Other Agents. The Company shall, to the fullest extent permitted by Applicable
Law, indemnify and defend each Manager, the Managing Member and the Members and each of their Affiliates, and each of their respective
officers, directors, employees, shareholders, partners, members, agents, representatives, successors and assigns (each individually
an “Indemnified Party”) and hold each Indemnified Party harmless from and against all losses, claims, damages,
liabilities and expenses (including, without limitation, reasonable attorneys’ fees and expenses) which such Indemnified
Party may suffer or incur or to which such Indemnified Party may become subject, arising from or in connection with this Agreement
or the Company’s and its Subsidiaries’ business or affairs, except for (and only to the extent that) any loss, claim,
damage, liability or expense attributable to (i) a willful breach of his or its covenants and agreements herein, or (ii) the gross
negligence or willful misconduct of such Indemnified Party. If any Indemnified Party becomes involved in any capacity in any action,
proceeding or investigation in connection with any matter arising from or in connection with this Agreement or the Company’s
or any of its Subsidiaries or assets or properties, the Company shall reimburse such Indemnified Party for its reasonable legal
and other reasonable out-of-pocket expenses (including the cost of any investigation and preparation) as and when they are incurred,
provided that such Indemnified Party shall promptly repay to the Company the amount of any such reimbursed expenses if it shall
ultimately be determined that such Indemnified Party was not entitled to be indemnified by the Company in connection with such
action, proceeding or investigation. If for any reason (other than the gross negligence or willful misconduct of the Indemnified
Party in question) the foregoing indemnification is unavailable to the Indemnified Party in question or is insufficient to hold
it harmless, then the Company shall contribute to the amount paid or payable by the Indemnified Party in question as a result of
such loss, claim, damage, liability or expense, in such proportion as is appropriate to reflect the relative benefits received
by the Company on the one hand and the Indemnified Party in question on the other hand or, if such allocation is not permitted
by Applicable Law, to reflect not only the relative benefits referred to above but also any other relevant equitable considerations.
To the extent that the foregoing provision is inconsistent with or in conflict with other provisions of this Agreement regarding
the Managing Member’s duties and responsibilities relative to any Development Plan the provisions set forth herein shall
be deemed modified to conform to the same.

 

    	 	- 37 -	 

     

    

 

Section 6.13         
Waiver, Release and Indemnity by the Members. Each Member acknowledges and agrees that, in exercising the
authority granted to the Managers or the Managing Member in this Agreement, to the fullest extent permitted by law, subject to
any limitations specifically set forth herein, the Managers and the Managing Member and each of them shall have no duty, obligation
or liability to any Member their Principals and each of their and their respective officers, directors, shareholders, members,
partners, employees and Affiliates or any other person whatsoever, it being understood that each Manager shall be entitled to exercise
his authority in any manner he deems reasonably necessary or desirable to fulfill any such Manager’s objectives, provided
such authority is exercised in the best interests of the Company and the Members as determined by the business judgment of such
Manager. Each Member hereby (i) absolutely, unconditionally and irrevocably releases, waives, relinquishes, renounces and discharges
forever each Manager and the Managing Member from any and all claims, covenants, contracts, agreements, promises, judgments, demands,
actions or manner of actions, resulting or arising as a result of such Manager’s or Managing Member’s exercise of the
broad rights granted to such Manager under this Agreement, subject to any limitations specifically set forth herein; and (ii) to
the fullest extent permitted by Law, except with respect to a willful breach by a Manager or the Managing Member of his or its
covenants and agreements herein, agrees to indemnify each Manager and the Managing Member and hold each Manager and his Affiliates
harmless from and against any and all costs, expenses and other liabilities of any kind incurred by the Company, the Subsidiaries,
any other Manager and any Member their Principals and each of their respective officers, directors, shareholders, members, partners,
employees and Affiliates as a result of any claim, action or proceeding brought by or on behalf of a Member (other than as a result
of a willful breach of this Agreement or as a result of gross negligence or willful misconduct of a Manager or the Managing Member),
or any other Person, predicated on the existence of or otherwise relating to any of the rights waived or released in this Section
6.13. To the extent that the foregoing provision is inconsistent with or in conflict with other provisions of this Agreement regarding
the Managing Member’s duties and responsibilities relative to any Development Plan the provisions set forth herein shall
be deemed modified to conform to the same.

 

Section 6.14 Resignation.
The Managing Member and any Manager may resign at any time by delivering his or its written resignation to the Managing Member,
such resignation to specify whether it will be effective at a particular time, and if no time is specified, resignation shall be
effective upon receipt by the Managing Member. In the event of the resignation of the Managing Member the Board may, by Unanimous
approval, appoint a successor Managing Member.

 

    	 	- 38 -	 

     

    

 

Section 6.15         [Intentionally
Omitted]

 

Section 6.16.         Redemption
Rights. The Managing Member may cause the Company to redeem all or any portion of the issued and outstanding membership
interests in the Company at any time, and from time to time, on such terms as the Managing Member shall deem appropriate in the
Managing Member’s sole discretion, provided that with respect to each redemption all members are treated equally with respect
to the redemption compensation and the percentage of such compensation which is paid in cash and/or in kind, and that each redemption
is made proportionately in respect of each Member’s Percentage Interests as a percentage of all Members’ Percentage
Interests. The Managing Member’s right as herein provided may be used to redeem Membership Interests for any reason in good
faith believed by the Managing Member to benefit the Company and/or the Members, including, without limitation, as a means to sell
100% of the Membership Interests in the Company in lieu of the sale of the Company’s assets, or other sale of the Company
in connection with any transaction or series of transactions, or otherwise, which are determined by the Managing Member to be in
the best interests of the Company and/or the Members. The Managing Member shall not need to obtain the consent of any Member in
connection with any redemption, and the Managing Member is authorized to either retire redeemed interests as treasury interests,
or to sell the redeemed interests, or any combination thereof, as the Managing Member shall determine. Each Member hereby appoints
the Managing Member as his, her or its agent in fact, with full power of attorney, to effect any such redemptions on behalf of
each Member and their respective Principals, and each Member hereby expressly agrees that this right is coupled with an interest
and is irrevocable.

 

ARTICLE 7

MEMBERS

 

Section 7.1           Limited
Liability.  Except as otherwise provided by the Act or tis Agreement, the
Members will not be personally liable for any obligations of the Company and will have no obligation to make contributions to the
Company in excess of their respective Capital Contributions.

 

Section 7.2           No
Member Management Rights. Except as otherwise expressly set forth in this Agreement,
the Members shall have no voice or participation in the management of the Company business, and no power to bind the Company or
to act on behalf of the Company in any manner whatsoever, and shall not participate in the control, management, direction or operation
of the affairs of the Company or any of its Subsidiaries and shall have no power to act for or in any way bind the Company or its
Subsidiaries except as specially authorized by this Agreement. Except as otherwise expressly set forth in this Agreement, no Member,
as such, shall have the authority or power, directly or indirectly, to act as agent of the Company for any purpose, or to engage
in any transaction, make any commitment, enter into any contract or incur any obligation (whether as principal, surety or agent)
in the name of the Company or any Subsidiaries, or in any other ways to bind the Company or to hold itself out as acting for or
on behalf of the Company. A Member shall be obligated to indemnify the Company for any costs, damages or other expenses incurred
by the Company as a result of the unauthorized action of such Member, its Principals or any officer, employee or agent of such
Member. To the fullest extent permitted by Law, any attempted action in contravention of this Section 7.2 shall be null and void
ab initio and not binding upon the Company. The Company shall not be responsible or liable for any indebtedness or obligation of
any Member incurred or arising either before or after the Effective Date.

 

No Member shall have any authority to bind,
to act for, to execute any document or instrument on behalf of or to assume any obligation or responsibility on behalf of any other
Member. No Member shall, by virtue of executing this Agreement, be responsible or liable for any indebtedness or obligation of
any other Member incurred or arising either before or after the Effective Date.

 

    	 	- 39 -	 

     

    

 

Section 7.3           Company
Debt Liability. Except as otherwise set forth in this Agreement, a Member will not
be personally liable for any debts or losses of the Company beyond its Capital Contribution.

 

Section 7.4           List
of Members. Upon written request of any Member, the Manager shall provide a list showing
the names and addresses of all Members.

 

Section 7.5           Company
Books. The Managing Member shall maintain and preserve, during the term of the Company,
the accounts, books, and other relevant operating documents for all the Assets owned by the Company or its Subsidiaries at the
Managing Member’s offices, and the Managing Member shall maintain and preserve, during the term of the Company, the accounts,
books, and other relevant Company documents at the Company’s principal office, which books shall be kept confidential by
all Members; provided that the Board Members (directly or through representatives) shall have unfettered access to and the right
upon 48 hours prior email or telephonic notice to the Managing Member to inspect and copy each and every of the operating documents
for all assets owned or operated by the Company or its Subsidiaries which are maintained at the Managing Member’s offices
(either at such office, or be provided with scanned PDF electronic copies by the Managing Member emailed to the Board as directed
by the Board Member). Any Member, upon two Business Day’s written notice to Manager, shall be entitled to inspect any books
and records of the Company as maintained or available to Manager. Any Member exercising such inspection rights shall reasonably
cooperate with Manager so as to not unreasonably interfere with the Company’s business operation.

 

Section 7.6           Acknowledgement
of Risks. Each Member hereby acknowledges that (a) investments made in the Company
may suffer a diminution in value at any time and agrees that except as otherwise expressly set forth in this Agreement, neither
the Board, the Managers, the Managing Member nor any of their respective Affiliates shall have any duty (including, without limitation,
fiduciary duties) to any Member as to the preservation, enhancement or protection of assets of the Company or its Subsidiaries,
and while the Board, the Managers and the Managing Member shall endeavor to establish the various business goals of the Company,
Net Income to the Company shall be dependent, at least in part, upon the performance of the Company’s businesses, and the
Members understand and accept the risk that the Company may never receive any Net Income, and that the Members may never receive
any distributions.

 

Section 7.7           Company
Property; Nature of Interests in the Company. All Subsidiaries and property of the
Company shall be owned by the Company subject to the terms and provisions of this Agreement, and no Member shall have any interest
in any specific asset of the Company. The Membership Interests of all Members in the Company are personal property.

 

Section 7.8           Priority.
Except as may be expressly provided in this Agreement, and except with respect to loans made by the Managers, the Managing Member
or the Members to the Company, no Member shall have priority over any other Member as to distributions.

 

Section 7.9           Liability
of a Member to the Company. A Member who receives a distribution from the Company
is liable to the Company only to the extent provided by the Act.

 

    	 	- 40 -	 

     

    

 

Section 7.10         Exculpation.
Except as otherwise set forth in this Agreement, no Member shall be liable to the Company or to any other Member for damages (including,
without limitation, consequential damages) for any losses, claims, damages or liabilities arising from any act or omission performed
or omitted by it in connection with this Agreement or the Company’s business or affairs except (and to the extent of) any
such loss, claim, damage or liability attributable to the gross negligence or willful misconduct of such Member. Notwithstanding
the foregoing, and notwithstanding anything contained in this Agreement to the contrary, a Member shall be obligated to indemnify
the Company for any costs, damages or other expenses incurred by the Company as a result of the unauthorized action of such Member,
its Principals or any officer, employee or agent of such Member. To the fullest extent permitted by Law, any attempted action in
contravention of this Article 7 shall be null and void ab initio and not binding upon the Company. The Company shall not be responsible
or liable for any indebtedness or obligation of any Member incurred or arising either before or after the Effective Date.

 

Section 7.11         Representation
and Warranty of Members. Each Member, Manager and the Managing Member as a condition
to admittance as a Member, or as a condition to acceptance of appointment as a Manager or as Managing Member hereby represents
and warrants to the Company, the Manager and to each other Member that such person and its Principals and Affiliates, is or are
not, nor have any of them ever been: (i) convicted of a felony or misdemeanor (other than a minor traffic violation); (ii) a member,
associate, affiliate, instrument of, or in any way, directly or indirectly, knowingly involved with organized crime or persons
associated with organized crime, (iii) disbarred, had an application for a license rejected, or suspended for more than one year,
or had a license revoked, with respect to the practice of law, accounting or medicine, or in connection with the sale of securities;
(iv) the subject of an enforcement action by the US Securities and Exchange Commission, NASD or FINRA. 

 

Section 7.12         Compensation
of Members and their Affiliates. No Member, nor any of its respective Principals and
their respective Affiliates, shall be entitled to compensation from the Company or any Subsidiary in connection with any matter
that may be undertaken solely in connection with the fulfillment of its duties and responsibilities as a Member hereunder except
as otherwise provided in this Agreement, or as determined by the Board.

 

Section 7.13         No
Agency or Authority.  Except as otherwise expressly set forth in this Agreement,
no Member is an agent of or has authority to act for or bind the Company solely by reason of such Member's status as a Member.
Any Member who takes any action or purports or attempts to bind the Company in violation of this  Section
7.13 shall be solely responsible for any loss and/or expense incurred by the Company, its Subsidiaries, the Managers or any
Member as a result of such unauthorized action, and such Member shall indemnify and hold harmless the Company, its Subsidiaries,
each Manager and each other Member with respect to such loss and/or expense.

 

Section 7.14         Managing
Member. The SRS Member or its successor is the Managing Member of the Company.

 

Section 7.15         Mandatory
Pledge. Each of the Members agrees to pledge and grant a Lien on and a security interest
in and to their respective Units on a non-recourse basis to one or more lenders to the Company or Subsidiaries, and take all steps
necessary to enable such senior lenders to perfect such Liens and security interests, on such terms and conditions as may from
time to time be requested by the Board; provided that, none of the Members shall be obligated to so pledge their
respective Units or grant a Lien on or security interest therein except on terms and conditions that are identical in all material
respects as those that are to be applied to the other Members with respect to the Units held by the other Members.

 

Section 7.16         Preemptive
Rights.         The Company shall
only issue New Units in accordance with the following terms:

 

    	 	- 41 -	 

     

    

 

(a)          Notwithstanding
clauses (b) through (i) of this Section 7.16, the Board may waive, either prospectively or retrospectively, any and all
rights arising under this Section 7.16 with respect to the issuance of any New Units to any Person, or may elect to waive
the rights under this Section 7.16 with respect to the issuance of a portion of such New Units (a "Partial Waiver"),
provided none of the Members or their Affiliates are purchasing those New Units subject to a waiver or Partial Waiver, and any
such waiver or Partial Waiver shall be effective as to all holders with such rights under this 16.

 

(b)          In
the event the Company desires to issue any New Units or other Membership Rights, with the prior approval of the Board pursuant
to Section 6.8, it shall first deliver to each Class A Member that demonstrates to the Company’s reasonable satisfaction
that it is an “accredited investor” (within the meaning of Regulation D promulgated under the Securities Act) (collectively,
the "Preemptive Rights Holders" and each a "Preemptive Rights Holder") a written
notice (each such notice, a "Notice of Proposed Issuance") specifying the name and address of the proposed
purchaser of the New Units or other Membership Rights (each such purchaser, a "Proposed Buyer"), the type
and total number of such New Units or other Membership Rights which the Company then desires to issue to such Proposed Buyer (such
New Units or other Membership Rights, the "Offered New Units"), all of the material terms, including the
price, upon which the Company proposes to issue such Offered New Units to such Proposed Buyer, and stating that the Preemptive
Rights Holders shall have the right to purchase such Offered New Units in the manner specified in this Section 7.16 at the
price and in accordance with the terms and conditions specified in such Notice of Proposed Issuance.

 

(c)          During
the ten (10) Business Day period commencing on the date on which the Preemptive Rights Holders receive the Notice of Proposed Issuance
(the "Offer Period"), each Preemptive Rights Holder shall have the option to purchase the Offered New Units
subject to such Notice of Proposed Issuance at the price and terms specified in such Notice of Proposed Issuance and in the amount
specified in Section 7.16(d). A Preemptive Rights Holder shall give written notice of its election to purchase Offered New
Units to the Company on or before the last day of the Offer Period and, if a Preemptive Rights Holder has not given such written
notice within such period, such Preemptive Rights Holder shall be deemed to have rejected its right to purchase the Offered New
Units. If the Offered New Units are being offered as a part of an investment unit together with debt or other instruments, any
election by a Preemptive Rights Holder to purchase Offered New Units shall also constitute an election to purchase a like portion
of such debt or other instruments. Each Preemptive Rights Holder shall have the right to condition his, her or its purchase of
the Offered New Units upon the closing of the sale of the balance of such Offered New Units.

 

(d)          Each
Preemptive Rights Holder shall have the right to purchase up to that number of the Offered New Units as shall be equal to the number
of the Offered New Units multiplied by a fraction, the numerator of which is the number of Class A Units then owned by such Preemptive
Rights Holder and the denominator of which shall be the aggregate number of Class A Units then owned by all of the Preemptive Rights
Holders thereof. The amount of such Offered New Units that each Person is entitled to purchase under this Section 7.16(d)
shall be referred to as its "Proportionate Share."

 

(e)          Each
Preemptive Rights Holder shall have a right of oversubscription (pursuant to one process pursuant to this subsection only) such
that if any Preemptive Rights Holder fails to elect to purchase its full Proportionate Share of the Offered New Units, the remaining
Preemptive Rights Holders shall, among them, have the right to purchase up to the balance of the Proportionate Shares of such Offered
New Units not so purchased. Each Preemptive Rights Holder may exercise such right of oversubscription by electing to purchase more
than its Proportionate Share of the Offered New Units by so indicating in its written notice given during the Offer Period. If,
as a result thereof, such oversubscriptions exceed the total number of the Offered New Units available in respect to such oversubscription
privilege, the oversubscribing Preemptive Rights Holders shall be cut back with respect to oversubscriptions on a pro rata basis
in accordance with their respective Proportionate Shares or as they may otherwise agree among themselves.

 

    	 	- 42 -	 

     

    

 

(f)          If
some or all of the Offered New Units have not been purchased by the Preemptive Rights Holders pursuant to Section 7.16(b)
through (e) hereof, then the Company shall have the right, until the expiration of one-hundred eighty (180) days commencing
on the first day immediately following the expiration of the Offer Period, to issue such remaining Offered New Units to the Proposed
Buyer or one or more third parties at not less than, and on terms no more favorable to the purchasers thereof than, the price and
terms specified in the Notice of Proposed Issuance. If for any reason the Offered New Units are not issued within such period and
at such price and on such terms, the right to issue in accordance with the Notice of Proposed Issuance shall expire and the provisions
of this Agreement shall continue to be applicable to the Offered New Units.

 

(g)          The
Preemptive Rights Holder purchasing the greatest percentage of any Offered New Units shall set the place, time and date for the
closing of the purchase of the Offered New Units, which closing shall be no later than the date of the closing of the sale of any
Offered New Units to the Proposed Buyer. The purchase price for the Offered New Units shall, unless otherwise agreed in writing
by the parties to such transaction, be paid in immediately available funds on the date of the closing.

 

(h)          The
Company may proceed with the issuance of New Units without first following procedures in Section 7.16(b) through (g)
above, provided that (i) the purchaser of such New Units agrees in writing to take such New Units subject to the provisions of
this Section 7.16(h), and (ii) within ten (10) days following the issuance of such New Units, the Company or the purchaser
of the New Units undertakes steps substantially similar to those in Section 7.16(b) through (g) above to offer to
all Preemptive Rights Holders the right to purchase from the Company or such purchaser a pro rata portion of such New Units or
equivalent at the same price and terms applicable to the purchaser's purchase thereof so as to achieve substantially the same effect
from a dilution protection standpoint as if the procedures set forth in Section 7.16(b) through (g) had been followed
prior to the issuance of such New Units.

 

(i)          Notwithstanding
the foregoing, no Preemptive Rights Holder shall have any rights under this Section 7.16 if (A) at any time such Preemptive
Rights Holder has failed to purchase its Proportionate Share of New Units that (1) had not been the subject of a waiver or Partial
Waiver pursuant to Section 7.16(a) and (2) such Preemptive Rights Holder had the right to purchase under this 16,
or (B) in the case of a Preemptive Rights Holder that is a Member (w) such Member’s employment with the Company or any Subsidiary
is terminated for Cause, (x) such Member voluntarily terminates his or her employment with the Company or any Subsidiary prior
to the first (1st) anniversary of the Effective Date, or (y) such Member breaches this Agreement or any confidentiality, non-competition
or non-solicitation obligations to the Company or any of its Subsidiaries or Affiliates.

 

Section 7.17         Buy
– Sell.

 

(a)          Commencing
on the third (3rd) anniversary of the Effective Date, and at any time thereafter, and from time to time, at the option
of any Member (a "Buy/Sell Offeror Member") may give written notice to any other such Member (the "Buy/Sell Offeree
Member"), specifying the cash price (the "Buy/Sell Offered Price") that the Buy/Sell Offeror Member is willing to
pay the Buy/Sell Offeree Member for all, but not less than all, of such Buy/Sell Offeree Member's Membership Interests, which price
shall represent the Buy/Sell Offeror Member's value of the total equity of the Company (the "Total Assets Value"), multiplied
by Buy/Sell Offeree Member's percentage Membership Interests.

 

    	 	- 43 -	 

     

    

 

(b)          The
Buy/Sell Offeree Member shall have thirty (30) days from the date of its receipt of the Buy/Sell Offeror Member's notice within
which to notify the Buy/Sell Offeror Member in writing either that (i) the Buy/Sell Offeree Member agrees to buy all of Buy/Sell
Offeror Member's Membership Interests at the price specified in Buy/Sell Offeror Member's notice, or (ii) the Buy/Sell Offeree
Member agrees to sell all of the Buy/Sell Offeree Member's Membership Interests to the Buy/Sell Offeror Member at the price specified
in Buy/Sell Offeror Member's notice (adjusted for percentage of Membership Interests owned). If the Buy/Sell Offeree Member shall
not specify to the Buy/Sell Offeror Member which alternative such Buy/Sell Offeree Member has elected within such thirty (30) days,
the Buy/Sell Offeree Member shall be deemed to have accepted the Buy/Sell Offeror Member's offer to purchase the Buy/Sell Offeree
Member's Membership Interests as set forth in the Buy/Sell Offeror Member's notice.

 

(c)          The
purchase and sale of such Membership Interests under this Section 7.17 shall close at the offices of the Company on the next Business
Day after the expiration of sixty (60) days after the date of the Buy/Sell Offeree Member's notice (or such other date as may be
agreed by the Buy/Sell Offeror Member and Buy/Sell Offeree Member). The price shall be paid in Cash on the Closing date. At the
Closing the buying Member shall indemnify the selling Member with respect to all liabilities of the Company and its Subsidiaries
from and after the Closing Date, and in the event that the selling Member or its affiliated Manager shall have guaranteed any obligations
of the Company or any Subsidiaries to any third person, then, as a condition precedent to the closing, at the election of the selling
Member, the buying Member shall either (i) deliver to the selling Member and its related Principals a novation and release of such
guaranties from the third person in who’s favor such guaranties were provided, or (ii) provide the selling Member and its
related Principals with the personal indemnification of the buying Member and its Principals and Control persons with respect to
such guaranties.

 

ARTICLE 8

TRANSFERABILITY

 

Section 8.1            Restrictions
on Transfers.

 

(a)          Except
as expressly provided in this Article 8, no Member shall Transfer all or any portion of such Member’s Units, whether directly
or indirectly, without the prior written consent of the Manager. Any Transfer in contravention of this Section 8.1 shall be null
and void. In addition, any Transferee (whether or not pursuant to a Permitted Transfer) will not become a Substituted Member unless
and until the Transferee executes and delivers to the Company a counterpart of this Agreement. Except as otherwise provided in
the instrument of Transfer and approved by the Manager, any Substituted Member admitted to the Company in accordance with the terms
of this Article 8 will succeed to all rights and be subject to all the obligations of the Transferor Member with respect to the
Units to which the Transferee Member was substituted.

 

(b)          Except
as expressly provided in this Agreement, the Transferor and Transferee will be jointly and severally obligated to reimburse the
Company for all reasonable expenses (including legal fees) in connection with any Transfer or proposed Transfer of a Member's Units.
As a condition to any Transfer of Units in the Company, the Transferor and the Transferee shall provide such legal opinions and
documentation as the Manager shall reasonably request.

 

Section 8.2           Right
of First Refusal.  Except with respect to Permitted Transfers (hereinafter defined), if a Member who holds a Membership
Interest in the Company (a “Selling Member”) desires to sell all or any portion of its Membership Interest (“Offered
Interest”), the Selling Member shall obtain from the proposed purchaser a written offer (“Offer”) to purchase
such Offered Interest, stating the terms and conditions upon which the purchase is to be made and the consideration offered therefor
which must be payable in money. The Selling Member shall give written notification of such proposed sale to the Manager and all
remaining Member(s) (the “Remaining Members”), which notice shall be set forth the name and address of the proposed
purchaser and the terms and conditions of the proposed sale (“Transfer Notice”), and shall be accompanies by a copy
of the purchase agreement, letter of intent or other written offer by the proposed purchaser to purchase the Offered Interest.
All Offers must be to or by bona fide third parties at arm’s length terms.

 

    	 	- 44 -	 

     

    

 

Section 8.3           Priority
of Rights.

 

(a)          The
Board shall have the first right on behalf of the Company to purchase all (but not less than all) of the Offered Interest at the
same purchase price and upon the same terms and conditions as are set forth in the Offer by the proposed purchaser, by providing
the Selling Member with a written notice to such effect within twenty (20) days of receipt of the Transfer Notice (“Response
Notice”). If the Board shall elect not to purchase the Offered Interest on behalf of the Company, then, the Managing Member
shall notice the Remaining Members (the “Second Transfer Notice”), who shall have the right, on a pro rata basis
relative to their respective Membership Interests, to purchase all (but not less than all) of the Offered Interest at the same
purchase price and upon the same terms and conditions as are set forth in the Offer by the proposed purchaser, by providing the
Selling Member and the Manager with a written notice to such effect within twenty (20) days of receipt of the Second Transfer Notice
(also a “Response Notice”).

 

(b)          If
the Managing Member or one or more Remaining Members (each a “Purchasing Member”) gives the Selling Member a Response
Notice, the Selling Member will be obligated to sell the Offered Interest to the Purchasing Member(s), and the Purchasing Member(s)
will be obligated to buy the Offered Interest at the purchase price and upon the other terms stated in the Transfer Notice.

 

(c)          The
closing of the sale of the Offered Interest to the Purchasing Member(s) shall take place at the office of the Company no later
than thirty (30) days from the delivery of the Response Notice (i.e., no later than the end of fifty (50) days from the receipt
of the Transfer Notice.).

 

(d)          If
the Board does not elect to have the Company purchase the Offered Interest, and all of the Remaining Members do not give a Response
Notice and advise the Selling Member of their desire to exercise their right and purchase the Offered Interest as provided for
herein, then the Selling Member will be entitled to sell the Offered Interest under the terms stated in the Offer, and for a period
of one hundred eighty (180) days commencing at the end of the twenty first (21st) day period after the receipt of the last of the
Transfer Notice or Second Transfer Notice as aforementioned. If the Selling Member did not sell its Offered Interest within such
one hundred eighty (180) day period, the Selling Member will not be permitted to perform such sale and/or any other sale and/or
Transfer, without subjecting it to the new fulfillment of the provisions of this Section 8.3. All expenses associated with the
sale of Membership Interests by a Member shall be paid for by the Selling Member. Notwithstanding anything to the contrary set
forth herein, the sale of Membership Interests pursuant to this Section 8.3 shall be subject to the provisions of Section 8.4.
herein.

 

Section 8.4           Tag
Along Rights.

 

		(a)	In the event that (i) a Selling Member receives an Offer
to purchase all or any portion of such Member’s Membership Interest, (ii) the Managing Member and the Remaining Members
do not exercise their rights of first refusal under Section 8.2 hereof, and (iii) the Selling Member desires to sell the Offered
Interest on the terms and conditions set forth in the Offer pursuant to Section 8.2 (the “Tag-Along Sale”), the Selling
Member shall give written notice (the “Tag-Along Notice”) to the Remaining Members at least thirty (30) days prior
to the proposed effective date of such proposed Tag-Along Sale. The Tag-Along Notice shall include (x) the amount of the Selling
Member’s Membership Interest proposed to be Transferred, (y) the fraction, expressed as a percentage, determined by dividing
the Offered Interest by the total Membership Interest owned by the Selling Member (the “Tag-Along Sale Percentage”),
and (z) the proposed effective date of the proposed Tag-Along Sale.

 

    	 	- 45 -	 

     

    

 

		(b)	The Remaining Members shall have the right, exercisable
upon delivery of an irrevocable written notice (“Notice of Election”) to the Selling Member within ten (10) days after
receipt of the Tag-Along Notice (the “Response Deadline”), to participate in such Tag-Along Sale on the same terms
and conditions as set forth in the Offer and Tag-Along Notice, including, without limitation, the making of all representations
and warranties, the granting of all indemnifications and similar arrangements (including any purchase price adjustments) agreed
to by the Selling Member (each Remaining Member electing to participate in the Transfer described in the Tag-Along Notice, a “Participant”).
Such Tag-Along Notice shall specify the amount of such Participant’s Membership Interest (not in any event to exceed the
Tag-Along Sale Percentage with respect to such Participant) which such Participant desires to have included in the proposed Tag-Along
Sale.

 

		(c)	In the event that the proposed purchaser in the Tag-Along
Sale is unwilling to purchase the entire Membership Interest requested to be included in the Tag-Along Sale by the Selling Member
and the Participants, then the Membership Interest to be sold to such proposed purchaser shall be allocated among the Selling
Member and the Participants in proportion, as nearly as practicable, to the respective Percentage Interests which each such selling
Member requested to be included in the proposed Tag-Along Sale.

 

		(d)	The closing of a Tag-Along Sale pursuant to this Section
8.4 shall take place at the same time and place set forth in the Tag-Along Notice or, if not so specified, such time and place
as the Selling Member shall specify by notice to each Participant. At the closing of such Tag-Along Sale, each Participant participating
in such Tag-Along Sale shall deliver to the Selling Member an assignment of Membership Interest duly endorsed for Transfer, free
and clear of any Liens, claims or Encumbrances, against delivery of the applicable consideration therefor. If the Selling Member
has not completed the proposed Tag-Along Sale as of the end of the one hundred eightieth (180th) day following the
date of the Tag-Along Notice, each Participant with respect to such Tag-Along Sale shall be released from any obligation to Transfer
its Membership Interest under such Tag-Along Sale, the Tag-Along Notice shall be null and void, and it shall be necessary for
this Section 8.4 to be complied with in order to consummate such Tag-Along Sale pursuant to this Section 8.4.

 

Section 8.5           Transfer
Requirements. If a Transfer is consummated in accordance with the terms set forth in this Article 8, such Transfer
shall nevertheless not entitle the transferee to become a Member or to be entitled to exercise or receive any of the rights, powers
or benefits of a Member other than the right to receive distributions to which the Transferring Member would be entitled with respect
to the Transferred Membership Interest, unless and until such transferee (a) executes a counterpart signature page to this Agreement
or other instrument, reasonably satisfactory to the Managing Member, accepting and agreeing to the terms and conditions of this
Agreement, and (b) pays to the Company a fee sufficient to cover all reasonable expenses of the Company in connection with such
transferee’s admission as a Member. If a Member transfers all of its Membership Interest and the transferee of such Membership
Interest is entitled to become a Member pursuant to this Article 8, then (i) immediately following such admission, the Transferring
Member shall cease to be a Member of the Company, and (ii) the transferee shall succeed to the Capital Account of the Transferring
Member. Notwithstanding anything in this Agreement to the contrary, no Transfer shall be permitted if such Transfer would result
in a violation of any Applicable Laws or regulations, or any loan documents and/or other agreements to which the Company is a party
or by which the Company is otherwise bound.

 

    	 	- 46 -	 

     

    

 

Section 8.6           Permitted
Transfers. Notwithstanding any provision in this Agreement to the contrary, (i) any Member which is a natural person may
transfer all or a portion of his or her Membership Interests to a Permitted Transferee.

 

Section 8.7           
Recognition of Transfer by the Company. No Transfer that is in violation of this Article 8 shall be valid
or effective, and neither the Company nor the Members shall recognize such Transfer in making distributions pursuant hereto with
respect to such Membership Interest. Neither the Company nor the non-Transferring Members shall incur any liability as a result
of refusing to make any such distributions to the transferee of any such invalid transfer.

 

Section 8.8           Compliance
with Securities Laws. The Members acknowledge and confirm that their Units may constitute securities for purposes of state
and federal securities laws and that, as a consequence, the Units may only be sold pursuant to appropriate registration or exemption
from registration. The Units have not been registered under any federal or state securities laws, and the Company has no plan to
register the Units. No Transfer or assignment of all or any part of a Member’s Unit(s), including, without limitation, any
Transfer of a right to distributions, Profits or Losses to a Person who does not become a Member, shall be effective unless such
Transfer or assignment (a) may be effected without registration of the Units under the Securities Act of 1933, as amended, and
(b) does not violate any applicable federal or state securities laws (including any investment suitability standards) applicable
to the Company, the Managing Member or the Members. In no event may any Member sell all or any portion of his or its Units in violation
of the provisions of applicable securities laws.

 

Section 8.9           Other
Prohibited Transfers. No Member shall sell or otherwise Transfer its Units in the Company, if such Transfer would (i) require
the Company to file a Registration Statement with the Securities Exchange Commission or state agencies or otherwise violate securities
laws, (ii) cause a termination of the Company for federal income tax purposes, (iii) cause any of the transactions contemplated
by this Agreement to be a "prohibited transaction" within the meaning of the Employee Retirement Income Security Act
of 1974, as amended from time to time ("ERISA") or the Code, (i v) cause any Member to become a "fiduciary"
within the meaning of ERISA or the Code, (v) cause the Company to be in breach of or default under any mortgage, deed of trust
or other security agreement encumbering any of the Assets or properties of the Company or its Subsidiaries, (vi) cause the Company
to be classified as other than a "partnership" for federal income tax purposes, or (vii) adversely affect the ability
of the Company to comply with the requirements of Section 514(a)(9) of the Code. Prior to effecting any Transfer of a Unit, other
than pursuant to other Sections of this Agreement, the Transferor shall provide reasonable assurances to the Manager that the proposed
Transfer would be permitted under this Section 8.9 and that the Transferring Member shall pay any Transfer taxes resulting from
the Transfer.

 

Section 8.10         Indemnification.
If a Transfer or attempted Transfer is made in violation of this Article 8, the parties engaging or attempting to engage in such
Transfer shall be liable to indemnify and hold harmless the Company, the Manager and the other Members from all costs, liabilities
and damages that any of such indemnified Persons may incur (including, without limitation incremental tax liability and attorney’s
fees and expenses) as a result of such invalid Transfer or attempted Transfer and efforts to enforce the indemnity granted hereby.

 

    	 	- 47 -	 

     

    

 

Section 8.11         Section
754 Election. In the event of a Transfer of all or part of the Membership Interest of a Member, at the request of the transferee
or if in the best interests of the Company (as determined by the Managing Member), the Company shall elect pursuant to Section
754 of the Code to adjust the basis of Company property as provided by Sections 734 and 743 of the Code, and any cost of such election
or cost of administering or accounting for such election shall be at the sole cost and expense of the requesting transferee.

 

Section 8.12         Classification
as a Partnership; Consistency for Income Tax Reporting. For so long as the Company has more than one Member, the Company
shall be taxable as a partnership for federal income tax purposes, as permitted by Treasury Regulation Section 1.301.7701-3(b)(1)(i).
During such time as the Company would be classified as a partnership under the foregoing sentence, no Member shall take any action
that would result in the Company being taxed as other than a "partnership" for federal income tax purposes, including,
but not limited to, electing to be taxed as other than a "partnership" by filing Form 8832, "Entity Classification
Election." All of the Members shall file their separate federal, state and local income tax returns strictly in accordance
with the information provided to them by the Company on their separate Form K-1 unless: (1) the Member notifies the Company that
it intends to file an IRS Form 8082, Notice of Inconsistent Treatment or Administrative Adjustment Request, with respect to any
partnership items (within the meaning of Code Sec.6231(a)(3)) of the Company at least thirty (30) days prior to the date that it
files the Form 8082; and (2) the Member has obtained the opinion of its tax counsel or tax accountant that the proposed inconsistent
treatment is more likely than not the correct treatment of the item(s) and has provided a copy of such opinion to the Company at
the time that it gives the notice required under clause (1).

 

    	 	- 48 -	 

     

    

 

ARTICLE 9

DISSOLUTION AND TERMINATION

 

Section
9.1 Dissolution. The
Company shall be dissolved upon the determination of the Board to dissolve and wind up the Company, subject to this Article 9.
The death, retirement, resignation, expulsion, withdrawal, abandonment, bankruptcy or dissolution of a Member or occurrence of
any other event which terminates the continued interest of a Member in the Company, and as otherwise set forth in Section 3.25
herein (each a “Withdrawal Event”) shall not result in dissolution of the Company, and the business of
the Company shall continue without interruption despite the occurrence of any such Withdrawal Event. Upon the occurrence of any
event that causes the last remaining Member of the Company to cease to be a Member of the Company, to the fullest extent permitted
by law, the personal representative of such last remaining Member (for purposes of this Article 9, wherever Managing Member is
referenced for wind-up purposes but no Managing Member exists, the reference shall be to the personal representative of the last
remaining Member) is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued
membership of such Member in the Company, agree in writing (i) to continue the Company, and (ii) to the admission of the personal
representative or its nominee or designee, as the case may be, as a substitute Member of the Company, effective as of the occurrence
of the event that terminated the continued membership of the last remaining Member of the Company in the Company.

 

Section
9.2 Winding-Up, Liquidation and Distribution of Assets. Upon dissolution of the Company,
an accounting shall be made by the Company’s independent accountants of the accounts of the Company and of the Company’s
assets, liabilities and operations, from the date of the immediately preceding accounting until the date of dissolution. The Managing
Member shall immediately proceed to wind up the affairs of the Company. If the Company is dissolved and its affairs are to be wound
up, the Manager shall:

 

(i)          sell
or otherwise liquidate all of the Company’s assets as promptly as practicable;

 

(ii)         allocate
any profit or loss resulting from such sales to the Member’s Capital Accounts;

 

(iii)        discharge
all liabilities of the Company, including liabilities to the Managers or Members who are creditors, to the extent otherwise permitted
by law, other than liabilities to Members for distributions, and establish such reserves as may be reasonably necessary to provide
for contingent liabilities of the Company (for purposes of determining the Capital Accounts of Members, the amounts of such reserves
shall be deemed to be an expense of the Company); and

 

(iv)        distribute
the remaining assets as follows:

 

		(a)	to the Members in accordance with Section 5.2 hereof;
and

 

		(b)	if any assets of the Company are to be distributed in
kind, such assets shall be distributed as determined by the Manager. Such assets shall be deemed to have been sold as of the date
of dissolution for their fair market value, and the Capital Accounts of the Members shall be adjusted pursuant to the provisions
of this Agreement to reflect such deemed sale.

 

(iv)        Upon
completion of the winding-up, liquidation and distribution of the assets, the Company shall be deemed terminated.

 

    	 	- 49 -	 

     

    

 

(v)         The
Managing Member shall comply with any applicable requirements of Applicable Law pertaining to the winding-up of the affairs of
the Company and the final distribution of its assets.

 

Section
9.3      Articles of Dissolution.
When all debts, liabilities and obligations of the Company have been paid
and discharged or adequate provisions have been made therefor and all of the remaining property and assets of the Company have
been distributed, articles of dissolution as required by the Act shall be executed and filed by the Managing Member with the Delaware
Secretary of State.

 

Section
9.4      Effect of Filing of Articles of Dissolution. Upon the filing of articles of dissolution
with the Delaware Secretary of State, the existence of the Company shall cease, except for the purpose of suits, other proceedings
and appropriate action as provided in the Act. The Managing Member shall have authority to distribute any property and assets owned
by the Company discovered after dissolution, to convey real estate and to take such other action as may be necessary on behalf
of and in the name of the Company.

 

Section
9.5      Return of Contribution Nonrecourse to Other Members. Except as provided by Law or
as expressly provided in this Agreement, upon dissolution, each Member shall look solely to the assets of the Company for the return
of its Capital Contribution. If the Company property remaining after the payment or discharge of the debts and liabilities of the
Company is insufficient to return the Capital Contribution of one or more Members, such Member or Members shall have no recourse
against any other Member.

 

Section
9.6      Termination of Agreement. Upon the consummation of (a) the dissolution of the Company
in accordance with this Article 9, (b) a merger or consolidation of the Company, or (c) a Conversion in accordance with Section
9.8 and consummation of an initial Public Offering in connection therewith (each a "Termination Event"), except as provided
in the next sentence, all rights and obligations of the parties under this Agreement shall terminate immediately and be of no further
effect. Notwithstanding the preceding sentence, the representations and warranties of the parties hereto, the indemnifications
set out in this Agreement, and the rights and obligations of the applicable parties under Sections 3.7, 3.16, 3.17, 3.18, 3.25,
3.26, 3.27, 6.8, 6.10, 6.11, 6.12, 6.13, 7.5, 7.10, 7.11, 8.10, 9.2 and Articles 11, 12 and 13 shall survive any Termination Event.

 

Section 9.7      Liability for Return of Capital
Contributions. Each Member, by its execution of this Agreement, agrees that liability for the return of its Capital Contribution
is limited to the Company's assets and, in the event of an insufficiency of such assets to return the amount of its Capital Contribution,
hereby waives any and all claims whatsoever, including any claim for additional contributions that it might otherwise have, against
any of the Company's agents or representatives (in each case unless there has been fraud, gross negligence or intentional misconduct)
by reason thereof. Each Member shall look solely to the Company and its assets for all distributions with respect to the Company
and his, her or its Capital Contribution thereto, and shall have no recourse therefor (upon dissolution or otherwise) against any
of the Company's agents or representatives (in each case unless there has been fraud, gross negligence or intentional misconduct).

 

Section 9.8      Conversion to Corporation
or Other Entity. At any time, in connection with an initial Public Offering, the Board shall have the power and authority
to, and shall, effect (a) the conversion of the Company's business form from a limited liability company to a corporation, a real
estate investment trust or other entity (a “Public Vehicle”), (b) the merger of the Company with or into a new or previously-established
but dormant Public Vehicle, or (c) the contribution of the assets and liabilities of the Company to a Public Vehicle, followed
by a liquidation of the Company and a distribution of the Public Vehicle's equity securities to the Members (such a conversion,
merger or liquidation is referred to as a "Conversion"). Upon the consummation of a Conversion, the Units held by each
Member shall be converted into or exchanged for a number of shares or other units of the Public Vehicle's common stock or other
equity interests determined by (i) calculating the fair market value of the Company based upon the actual offering price of the
Public Vehicle's common stock or other equity interests and the number of Units of common stock or other equity interests to be
outstanding after such offering, and (ii) by determining the amount each Member would receive if (A) all of the Company's assets
were sold for such fair market value and (B) the proceeds were distributed in accordance with Section 9.2. The Board's determination
of the number of Units of the Public Vehicle's common stock or other equity interests that each Member receives upon a Conversion
shall be final and binding on the Members absent manifest arithmetic error. The Board shall use commercially reasonable efforts
to undertake any Conversion in such manner as would provide for no gain or loss to the Members solely as a result of the Conversion.

 

    	 	- 50 -	 

     

    

 

Section 9.9 Guaranty
Contribution.

 

(a) In the event that in
connection with the business of the Company or any Subsidiary the Company or any Subsidiary shall borrow funds or enter into any
transactions (including, without limitation, a lease, contract or other instrument) where the lender or counter-party (in either
event, “Lender”) will not make the loan or enter into such transaction(s) unless the Managers or the Managing Member
or one or more Principals or any Affiliate of any of the foregoing agrees to guaranty certain obligations of the Company and/or
the Subsidiaries (the "Guaranties"), and in order to induce the Guarantor(s) to execute and deliver any such Guaranties,
the Company, and each of the Members and Principals who are not Guarantors, hereby unconditionally agree to indemnify and hold
the Guarantor(s) harmless from any claim, expense, liability or loss including reasonable attorney’s fees incurred in connection
with each of the Guarantors’ Guaranties (collectively, a "Claim") asserted against any such Guarantor(s) in connection
with any such Guaranties.

 

(b) In the event of any
Claim, the Company, and each Member and each Principal who is not a Guarantor do hereby unconditionally agree to immediately, upon
demand of any Guarantor, to pay such Claim pro-rata in accordance with such Person’s Affiliated Members’ Percentage
Interests (i) if not yet paid by the Guarantor making said demand, to the person to whom same would otherwise be paid, or is payable
to, by Guarantor; or (ii) if said claim, or any portion thereof, had already been paid by the Guarantor(s) or collected from said
Guarantor(s), to reimburse the Guarantor(s) proportionately for the amount of said Claim already paid or collected. In the event
any Member or Manager (including a Guarantor) has paid any Claim, or any portion thereof (whether as the Guarantor or as provided
in this Section 9.9), then, immediately upon demand by such person, the Company hereby agrees to reimburse such person for the
amount of any such payment.

 

(c) [LEFT INTENTIONALLY
BLANK]

 

(d) In the event that any
Member shall have paid (as Guarantor or as provided in this Section 9.9) any Claim or have any Claim collected from such person,
then until reimbursed by the Company or the Members as provided in this Section 9.9, such Claim shall accrue interest at the lower
of (i) Twenty-Four percent (24%) per annum, and (ii) the maximum legal interest rate, until paid in full on the outstanding unpaid
balance thereof, and the amount which the Company or the other Members shall be deemed to have indemnified pursuant to this Section
9.9 shall be deemed to include said accrued interest.

 

(e)          Notwithstanding
anything contained in this Agreement to the contrary, in the event that a Guarantor shall make a demand upon any other Member under
this Section 9.9 (each such Member, an “Indemnifying Member”), then until said Claim and all interest accruing thereon
has been paid in full as above set forth: (i) all distributions which would otherwise be distributed to the Indemnifying Members
shall be paid to the Guarantor(s) making said demand(s) directly in satisfaction of the Indemnifying Members’ obligations
under this Section 9.9, provided however, that such distributions shall nonetheless be deemed to have been made by the Company
to the Indemnifying Members for tax purposes and for purposes of accounting and shall be reflected on the Indemnifying Members’
Capital Accounts as if such Distributions were made to such Indemnifying Members; and (ii) until such time as the Indemnifying
Members shall have paid such Claims and all accrued and unpaid interest on such Claims in full, the Indemnifying Member (and the
Manager appointed by such Indemnifying Member to the Board if the Company is then managed by a Board of Managers) shall have no
rights to vote on any matter which such Indemnifying Member (and/or the Manager appointed by such Indemnifying Member to the Board
if the Company is then managed by a Board of Managers) have the right to vote under the terms of this Agreement.

 

    	 	- 51 -	 

     

    

 

(f)          Notwithstanding
anything contained in this Agreement to the contrary, as security for the performance by an Indemnifying Member of its obligations
under this Section 9.9, each Member hereby pledges to the Guarantor(s) and grants to the Guarantor(s) a lien on, and continuing
security interest in and to, the Indemnifying Member’s Units and all proceeds thereof. In the event that the Guarantor(s)
or any of them shall make a demand upon an Indemnifying Member under this Section 9.9, and if such Claim and all interest accruing
thereon has not been paid in full within six (6) months of the date of said demand, then the Guarantor(s) or either of them shall
have the right, but shall not be obligated, to cause the Company, without any further notice to the Indemnifying Member, to Transfer
the Units then held by the Indemnifying Member in the Company to the Guarantor(s) pro-rata in proportion of the amount due to each
Guarantor from each Indemnifying Member in full satisfaction of the Indemnifying Members’ obligations under this Section
9.9, and thereafter hold the same absolutely free and clear from any right or claim whatsoever of any kind by the Indemnifying
Members, each of whom hereby waive any rights of redemption, and any claims against the Company, the Manager(s) and the Guarantor(s)
as a result of the Transfer as herein provided, and the Indemnifying Members further agree that any such Transfer made pursuant
to the foregoing terms shall be deemed to have been made in a commercially reasonable manner.

 

(g)          Each
Indemnifying Member hereby agrees that it will execute one or more financing statements and security agreements and other certificates,
assignments, instruments or documents, if any, now or hereafter required to protect or give notice of the security interest granted
hereby pursuant to the Uniform Commercial Code or other Applicable Law, in form and substance satisfactory to Guarantor(s). Each
Indemnifying Member hereby appoints each Guarantor or any of their representatives as the Indemnifying Member’s attorney-in-fact
and agent, with full power of substitution to sign or endorse each such financing statement or other certificates, assignments,
instruments, or documents in such Indemnifying Members’ name and stead and authorizes such Guarantors to file such financing
statements, certificates, assignments, instruments or other documents in all places where necessary to perfect or give notice of
the Indemnifying Member's pledge or Transfer of its Units as herein provided.

 

ARTICLE 10

DISPUTE RESOLUTION

 

Section 10.1 Dispute Resolution.
 In the event of any dispute, controversy or claim arising out of or relating to this Agreement, or the breach thereof, the
rights and obligations of the Company, the Members the Managing Member or the Managers, the parties to such controversy or claim
shall first use their reasonable best efforts in good faith to resolve such dispute among themselves by sending written notice
to each other Member and the Managers (or any of them) setting forth in reasonable detail the nature of such dispute, the resolution
requested, and the damages which would result if a resolution were not affected (the “Dispute Notice”). Each party
and the Managers receiving a Dispute Notice shall meet at the principal office of the Company within ten (10) days of the date
of such Dispute Notice at a date and time selected by the Managing Member and noticed to each Member and Manager and the Operating
Member (which notice may be by email) (or at such other date and time mutually agreeable to each Member and the Managers participating
in such meeting) (the “Dispute Resolution Meeting”). The Parties shall confer at the Dispute Resolution Meeting, and
will use good faith efforts within the twenty (20) days after the Dispute Resolution Meeting to resolve the dispute (the “Dispute
Resolution Period”). If the dispute cannot be resolved within the Dispute Resolution Period, any dispute, controversy or
claim arising out of or relating to this Agreement, or the breach thereof, the rights and obligations of the Company, the Members
the Managing Member or the Managers, the parties to such controversy or claim shall be brought, as determined by the Managing Member’s
sole discretion, either in arbitration or in a court by litigation as hereafter set forth. The Managing Member shall use reasonable
efforts to determine and advise the parties as to whether the dispute addressed in the Dispute Notice, if not resolved during the
Dispute Resolution Period, shall be brought by arbitration or litigation as hereafter provided. In the event that a party has complied
with the foregoing dispute resolution procedure, and no resolution has been effected during the Dispute Resolution Period, and
such party desires to initiate an action, and if the Managing Member has not then determined whether such dispute shall be resolved
in litigation or arbitration, then the party desiring to initiate an action shall notice the Managing Member of its desire and
request a determination as to whether the dispute shall be resolved by litigation or arbitration (the “Determination Request
Notice”). In the event the Managing Member shall fail, within five (5) business days after receipt of the Determination Request
Notice to respond with a determination, then the party sending the Determination Request Notice may elect to bring the action in
litigation or arbitration.

 

    	 	- 52 -	 

     

    

 

Section 10.2 Dispute Resolution Forum.
Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach thereof, which has not been
resolved in accordance with the dispute resolution procedure set forth in Section 10.1 hereof, may be resolved by arbitration or
litigation as above set forth, and the complaining Member, the Operating Member or the Managers, or any of them, may initiate an
action in an arbitration or a litigation as determined by the Managing Member, or if the Managing has failed to make such determination
within the five (5) business days after receipt by the Managing Member of a Determination Request Notice, as determined by the
complaining Member, the Managing Member or Manager. If the dispute is to be resolved by litigation it may be initiated and brought
by the complaining party only in the Superior Court in and for the County of Sacramento, or the courts of the United States of
America for the Eastern District of California and appellate courts thereof. If the dispute is to be arbitrated it shall be by
initiated and brought by the complaining party only in an arbitration administered by JAMS Endispute (“JAMS”)
before a three (3) arbitrator panel selected from a list of then available JAMS arbitrators, each of who must be are either retired
federal or state court judges with twenty (20) years or more commercial litigation experience assigned pursuant to JAMS procedures,
and shall be brought and heard in Sacramento, California, and judgment on the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. There shall be no ex parte communications with JAMS or any of the Arbitrators.

 

Section 10.3         Effect
of failure to follow the Dispute Resolution Procedure. In the event a party shall have failed to follow the dispute resolution
procedure set forth in Sections 10.1 and 10.2 hereof, or, having complied with the dispute resolution procedure, has thereafter
brought an action in a forum different then as determined by the Managing Member (unless the Managing Member has failed to make
such determination within the five (5) business days after receipt by the Managing Member of a Determination Notice), then upon
a motion brought by the Managing Member or any other party to such dispute, the action initiated by the non-complying Member, Managing
Member or Manager, shall be dismissed with prejudice, and the court or arbitrators shall enter an order dismissing such action
with prejudice, and each Member and Manager hereby specifically consents to same, and waives all right to challenge same or appeal
therefrom.

 

    	 	- 53 -	 

     

    

 

Section 10.4 TROs and Preliminary
Injunctions. No Member or Manager may initiate an action seeking a Temporary Restraining Order or a Preliminary Injunction
against the Company, any other Manager, or any other Member unless such person has complied with the dispute resolution procedure
set forth in Section 10.1 hereof, provided however, that this Section 10.4 shall not apply if complying with the dispute
resolution procedure of Section 10.1 will result in irreparable harm to such Member within the thirty (30) day dispute resolution
procedure if complied with. In such event, the person who would be irreparably harmed if such Member or Manager complied with the
dispute resolution procedure of Section 10.1 shall nonetheless provide the requisite Dispute Notice as required by Section 10.1,
and shall in addition, set forth the irreparable harm which would occur if such the dispute resolution procedure of Section 10.1
were complied with, and that such Member or Manager intends to simultaneously, or promptly thereafter, seek a TRO and Preliminary
injunction in a proper court hereunder, and in such event, the action brought by such Member or Manager shall be limited in scope
to the seeking of injunctive relief, and the underlying disputes beyond the seeking of a TRO or Preliminary injunction, shall nonetheless
be subject to all of the other provisions of this Article 10. Should a party initiate an action seeking a TRO and/or a preliminary
injunction in violation of the notice requirement provided for in this Section 10.4, then, upon a motion or other application brought
by the party against whom the action seeking a TRO and/or a preliminary injunction has been brought without the prior requisite
notice set forth in this Section 10.4, the court shall deny said motion for a TRO and preliminary injunction with prejudice, and
the party initiating the action without the requisite notice hereby specifically consents to same, and waives all right to challenge
same or appeal therefrom.

 

Section 10.5 Arbitration.
If an action has been properly initiated by any Manager or a Member in arbitration in accordance with the provisions if this Article
10, then (i) the parties shall be afforded the discovery rights as established under the applicable JAMS rules or as provided for
by the arbitrators; (ii) the award rendered in any arbitration commenced hereunder shall constitute an award under the Federal
Arbitration Act, Title 10 US Code, shall be final and binding upon the parties and judgment thereon may be entered in any court
of competent jurisdiction. The arbitral tribunal may order any remedy permitted by law and this Agreement, including damages, injunctions
and specific performance of this Agreement or any portion thereof. The language of the arbitration shall be English. The place
of arbitration shall be Sacramento, California, United States. By agreeing to arbitration, the parties do not intend to deprive
any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of arbitration
proceedings and/or the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction
of a national court, the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to
request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the
failure of any party to respect the arbitral tribunal's orders to that effect.

 

Section 10.6 Service of Process.
With respect to any action, suit, claim in arbitration, or other proceeding for which it has submitted to jurisdiction pursuant
to this Article 10, each party irrevocably consents to service of process in the manner provided for the giving of notices pursuant
to Section 10.1 of this Agreement. Nothing in this Section 10.6 shall affect the right of any party to serve process in any other
manner permitted by Applicable Law.

 

Section 10.7 Specific Performance.
Each of the parties hereto agrees that damages at law are an inadequate remedy for any breach of this Agreement and that, in the
event of any breach by a party, the Company, the Manager and the other parties hereto are and shall be, to the fullest extent permitted
by law, entitled to obtain a decree or decrees of specific performance entitling it or them to seek a temporary restraining order,
preliminary injunction, or permanent injunction to specifically enforce and require specific performance by such breaching party
of the terms and provisions of this Agreement. Nothing contained in this Section 10.7 shall be deemed a waiver of any claim or
defense of any party hereto to an action brought by any other party under this Section 10.7, except as specifically set forth herein
with respect to entitlement to specific performance.

 

    	 	- 54 -	 

     

    

 

ARTICLE 11

BREACH OF AGREEMENT

 

Section 11.1         Breach
of this Agreement. It is recognized that damages in the event of breach by a party of any representation, warranty or covenant
made in this Agreement will be difficult if not impossible to ascertain. It is therefore agreed that, in addition to, and without
limiting any other remedy or right that a non-breaching party might have against a breaching party, each party shall also have
the right to:

 

(a)          Injunction.
An injunction against a breaching party issued by a court or arbitrator or arbitration panel of competent jurisdiction enjoining
such breach, and each breaching party hereby consents to the issuance of any TRO, preliminary or permanent injunction enjoining
the breaching conduct without limitation and without bond;

 

(b)          Specific
Enforcement. The right to have such covenants specifically enforced by any court having equity jurisdiction, it being acknowledged
and agreed that any breach of any of such covenants will cause irreparable injury to the non-breaching party to whom such covenant
was made and that money damages will not provide an adequate remedy. Each party acknowledges and agrees that the covenants are
reasonable and valid in all respects.

 

(c)          Removal
of Manager. In the event of a breach by a Member, the Managing Member or a Manager of any representation, warranty
or covenant made in this Agreement, then, in addition to any other right, remedy and/or liquidated damages herein provided, the
Manager designated by non-breaching party may, upon notice, remove the Manager designated by the breaching party as a Manager of
the Company and notwithstanding anything contained in this Agreement to the contrary, the non-breaching Member may designate the
successor Manager to the removed Manager, and thereafter only the non-breaching Member shall have the sole right and power to substitute
or designate a replacement Manager in the event of the death, disability, removal, retirement, or resignation of a Manager appointed
by the non-breaching Member.

 

(d)          Other
Remedies. Nothing contained in subsections 11.1(a), 11.1(b), 11.1(c) and/or 11.1(d) shall be construed as exclusive or
as prohibiting a party from pursuing any other remedies available for such breach at law or in equity.

 

ARTICLE 12

MISCELLANEOUS PROVISIONS

 

Section 12.1 Notices. Except
as otherwise expressly set forth in this Agreement, all notices, demands, requests, consents and waivers under this Agreement shall
be in writing, shall refer to this Agreement and shall be (i) delivered personally, (ii) sent by registered or certified mail,
postage prepaid, return receipt requested, (iii) sent by a nationally recognized overnight courier, or (iv) sent by email, with
confirmation of the receipt of such email, addressed as set forth below. If delivered personally, any notice shall be deemed to
have been given on the first (1st) business day on or after the date delivered or refused. If mailed, any notice shall be deemed
to have been given on the earlier to occur of the first (1st) business day on or after the date of delivery or the third (3rd)
business day after such notice has been deposited in the U.S. mail in accordance with this Section 12.1. If sent by overnight courier,
any notice shall be deemed to have been given on the first (1st) business day on or after the date following the date such notice
was delivered to or picked up by the courier. If sent by email, any notice shall be deemed to have been given on the date sent,
if confirmation of receipt thereof is given on or before 5:00 p.m. (California time), or on the next business day, if confirmation
of receipt thereof is given after 5:00 p.m. (California time). Copies of all notices shall be given in accordance with the above
as follows:

 

    	 	- 55 -	 

     

    

 

If to the Company, the FCUFM Member:

60 Broad Street, 34th
Floor

New York, New York 10004

Attention: Jacob Frydman

Email: j.frydman@unitedrealty.com

 

with a copy to:

Alex Libin, Esq.

60 Broad Street, 34th
Floor

New York, New York 12004

Email: a.libin@firstcapitalre.com

 

with a copy to:

 

Suneet Singal

2377 Gold Meadow Way, Suite 290

Gold River, CA 95670

Email: S@firstcapitalrealestate.com

 

If to the Managing Member, the SRS
Member, the NCA Member:

 

The Nehemiah Companies

640 Bercut Drive, Suite A

Sacramento, CA 95811

Attn: Scott Syphax

Email: scotts@nehemiahcorp.org

 

with a copy to:

 

Michael Kvarme, Esq.

Weintraub Tobin

400 Capitol Mall, 11th
Floor

Sacramento, CA 95814

m.kvarme@weintraub.com

 

with an electronic copy to:

 

Steve Goodwin

sgoodwin@t9ontheriver.com

 

with an electronic copy to:

 

Ron Mellon

rmellon@t9ontheriver.com

 

Section 12.2 Counsel may act.
Any counsel designated above or any replacement counsel which may be designated respectively by the Company, the Manager, or a
Member or such counsel designated by written notice to the other parties is hereby authorized to give notices hereunder on behalf
of its respective client.

 

    	 	- 56 -	 

     

    

 

Section 12.3 Scope. If any one
or more of the provisions of this Agreement shall for any reason be held to be excessively broad as to time, duration, geographical
scope, activity, or subject, each such provision shall be construed, by limiting and reducing it, so as to be enforceable to the
extent compatible with Applicable Law then in force.

 

Section 12.4 No Waiver. No waiver
by the Managers or any party to this Agreement at any time of a breach by a party of any provision of this Agreement to be performed
by such other party shall be deemed a waiver of any similar or dissimilar provisions of this Agreement at the same or any prior
or subsequent time.

 

Section 12.5 Acknowledgments and Representations.

 

		(a)	Members' Acknowledgements,
Representations and Waiver. Each of the Members hereby severally, and not jointly, represents and warrants to the
Company, the Managers and each of the other members that (i) such Member has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment in the Company and making an informed investment
decision with respect thereto, (ii) such Member is able to bear the economic and financial risk of the investment in the Company
contemplated hereby for an indefinite period of time, (iii) such Member is acquiring an interest in the Company for investment
only and not with a view to, or for resale in connection with, any distribution to the public or any public offering thereof (other
than such a distribution or offering which is registered and qualified under applicable federal or state securities laws), (iv)
such Member is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act, (v)
to the extent the Units have not been registered under the securities laws of any jurisdiction, the same cannot be disposed of
unless they are subsequently registered and/or qualified under applicable securities laws or disposed of pursuant to an applicable
exemption from such laws, (vi) the execution, delivery and performance of this Agreement do not require such Member to obtain
any consent or approval that has not been obtained and do not contravene or result in a default under any provision of any existing
law or regulation applicable to it, any provision of its charter, by-laws or other governing documents or any agreement or instrument
to which it is a party or by which it is bound. Each Member has had the opportunity to seek the advice of counsel and other personal
advisors and acknowledges that neither the Company, the Managers nor any of their respective Affiliates has provided such Member
with any advice regarding the tax, economic or other impacts to such Member of the arrangements contemplated hereby.

 

		(b)	Company Representations.
The Company hereby represents and warrants to the Members as of the date of this Agreement, the following: (i) the Company is
a limited liability entity duly formed, validly existing and in good standing under the laws of the State of Delaware; (ii) the
Units, when issued in accordance with the terms of this Agreement will be validly issued and, not subject to any adverse claim;
(iii) except as set forth in the this Agreement, there are no outstanding options, warrants, preemptive rights, subscription rights,
convertible securities or other agreements or plans under which the Company is or may become obligated to issue, sell or Transfer
any Units or other securities of the Company; and (iv) neither the Company nor anyone acting on its behalf has offered the Units
for sale to or otherwise approached or negotiated in respect of such offer in a manner constituting a general solicitation and
neither the Company nor anyone on its behalf has taken or will take any action that would subject the issuance or sale of any
of the Company's securities to the registration requirements of Section 5 of the Securities Act of 1933, as amended.

 

    	 	- 57 -	 

     

    

 

Section 12.6 Governing Law. This
Agreement shall be interpreted and enforced in accordance with (i) the provisions hereof, without the aid of any canon, custom
or rule of law requiring or suggesting construction against the party drafting or causing the drafting of the provision in question,
and (ii) the internal laws of the State of Delaware, and specifically the Act, as the same may from time to time exist, without
giving effect to the principles of conflict of laws.

 

Subject to the provisions of Article 12 hereof,
each Member hereby irrevocably and unconditionally (i) submits itself and its property, solely for the purposes of any legal action
or proceeding relating to this Agreement or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive
jurisdiction of the Superior Court in and for the County of Sacramento, California, the courts of the United States of America
for the Eastern District of California and appellate courts thereof (collectively, the “Courts”), (ii) consents
to the bringing of any such action or proceeding in the Courts and waives any objection that it may now or hereafter have to the
venue or any such action or proceeding in any such court, including, without limitation, any objection that such action or proceeding
was brought in an inconvenient court, and agrees not to plead or otherwise assert the same, (iii) agrees to service upon it or
him of any and all process in any such action or proceeding at the address set forth in Section 12.1 hereof, (iv) agrees that nothing
herein shall affect the right to effect service of process in any other manner permitted by law, and (v) agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. The parties hereto agree that any legal action or proceeding relating to this Agreement shall be
brought as determined by the Managers pursuant to Section 10.1 herein; provided, however, that, if any Member breaches
or seeks to resist any term, covenant or condition set forth in this Section 12.6, the other Members shall not be bound by the
limitations of this sentence with respect to such Member’s breaching or seeking to resist any term, covenant or condition
of this Section 12.6.

 

Section 12.7 Waivers.
Except as otherwise expressly provided herein, each Member irrevocably waives during the term of the Company any right that it
may have:

 

(ii)         To
cause the Company or any of its assets to be partitioned;

 

(iii)        To
cause the appointment of a receiver for all or any portion of the assets of the Company;

 

(iv)        To
compel any sale of all or any portion of the assets of the Company pursuant to Applicable Law; or

 

(v)         To
file a complaint, or to institute any proceeding at law or in equity on behalf of the Company (including, without limitation, a
derivative action), or to cause the termination, dissolution or liquidation of the Company.

 

    	 	- 58 -	 

     

    

 

Section 12.8 Confidentiality.
The terms of this Agreement, the identity of any Person with whom the Company may be holding discussions with respect to any provision
of services, investment, acquisition, disposition or other transaction, and all other business, Trade Secrets, financial and other
information relating to the conduct of the business and affairs of the Company, its Subsidiaries, their respective assets and properties,
or the relative or absolute rights or interests of any of the Members (collectively, “Confidential Information”)
that (x) is not otherwise available to the public, or (y) has not been disclosed pursuant to authorization by the Managers
is confidential and proprietary information of the Company, the disclosure of which would cause irreparable harm to the Company
and the Members. Accordingly, each Member represents that it has not disclosed Confidential Information to any Person, and each
Member agrees that it and its Affiliates will not, and will direct its shareholders, partners, members, officers, directors, agents
and advisors not to, disclose Confidential Information to any Person or confirm any statement made by any Person regarding Confidential
Information unless and until the Company has disclosed such Confidential Information pursuant to authorization by the Managers
and has notified each Member that it has done so; provided, however, that any Member (or its Affiliates) may disclose
such Confidential Information if required by law (it being specifically understood and agreed that anything set forth in a registration
statement or any other document filed pursuant to law will be deemed required by law) or if necessary for it to perform any of
its duties or obligations hereunder.

 

Subject to the provisions of this Section 12.8,
each Member agrees that neither it, nor any of its Principals nor any of their respective Affiliates will not disclose any Confidential
Information to any Person (other than a Person providing consulting services to such Member who agrees to maintain all Confidential
Information in strict confidence, or a judge, magistrate or referee in any action, suit or proceeding relating to or arising out
of this Agreement or otherwise) and to keep confidential all documents (including, without limitation, responses to discovery requests)
containing any Confidential Information. Each Member hereby agrees not to contest any motion for any protective order brought by
any other Member represented as being intended by the movant to implement the purposes of this Section 12.8, provided
that, if a Member receives a request to disclose any Confidential Information under the terms of a valid and effective order issued
by a court or governmental agency and the order was not sought by or on behalf of or consented to by such Members then such Member
may disclose the Confidential Information to the extent required if the Member as promptly as practicable (i) notifies each
of the other Members of the existence, terms and circumstances of the order, (ii) consults in good faith with each of the
other Members on the advisability of taking legally available steps to resist or to narrow the order, and (iii) if disclosure of
the Confidential Information is required, exercises its best efforts to obtain a protective order or other reliable assurance that
confidential treatment will be accorded to the portion of the disclosed Confidential Information that any other Member designates.
The cost (including, without limitation, attorneys’ fees and expenses) of obtaining a protective order covering Confidential
Information designated by such other Member will be borne by the Company.

 

Notwithstanding anything in the foregoing or
anything else contained in this Agreement to the contrary, each Member (and any employee, representative or other agent thereof)
may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the offering and ownership
of Membership Interests and any transaction described in this Section 12.8 or elsewhere in this Agreement and all materials of
any kind (including opinions and other tax analyses) that are provided to such Member relating to such tax treatment and tax structure.
For this purpose, “tax structure” means any facts relevant to the federal income tax treatment of the offering and
ownership of Membership Interests and any transaction described in this Agreement.

 

The covenants contained in this Section 12.8
shall survive termination of this Agreement, any Transfer of a Membership Interest and the dissolution of the Company.

 

Section 12.9       Non Solicitation; Non-Disparagement.
Each Member hereby agrees, on behalf of itself and on behalf of each of its Principals and Affiliates, that from the Effective
Date, and for a period of twenty four (24) months (24) months after the Withdrawal of a Member from the Company, the Termination
of this Agreement or the Dissolution of the Company, as the case may be, neither such Member, nor any Principal of such Member
shall, without the prior written consent of the Managers, directly or indirectly:

 

    	 	- 59 -	 

     

    

 

		A.	solicit, induce or influence any person which has a business
relationship with the Company, any Subsidiary and/or any of their respective Assets, the other Members, their Principals and Affiliates,
and the Managers and his Affiliates (the foregoing, collectively, the “Group”), to discontinue or reduce the extent
of such relationship in a manner in any way detrimental to the Group or any member of the Group;

 

		B.	recruit, solicit or otherwise induce or influence any
employee, consultant or advisor of or to the Group or any member of the Group, to discontinue such person’s relationship
with the Group or any member of the Group or with any asset owned or operated by the Group or any member of the Group or (i) hire
any such employee, consultant or advisor,

 

		C.	induce or attempt to influence any employee of the Group
or any member of the Group to terminate his/her/its relationship with the Group or any member of the Group or induce any person
who has a contract with, or may have a contract with the Group or any member of the Group to terminate or not enter into any contract
with the Group or any member of the Group;

 

		D.	induce or attempt to influence any person who is, is
contemplating, or may prospectively invest with the Group or any member of the Group to terminate his/her/its relationship with
the Group or any member of the Group or induce any such person to not invest with the Group or any member of the Group;

 

		E.	Disparage any person comprising the Group or any member
of the Group in any communications, whether in writing or orally, in a manner whatsoever, or

 

		F.	divulge to any person (except as required by Law), use,
retain copies of or seek to benefit personally from any Confidential Information, Trade Secret or intellectual property of the
Group or any member of the Group;

 

		G.	be Affiliated in any way with any company or person,
which does any of the things which are prohibited under Sub-Sections A, B, C, D, E and/or F above.

 

If any court of competent jurisdiction determines
that any of the covenants set forth in this Section 12.9, or any part thereof, is unenforceable because of the duration
or geographic scope of such provision, such court shall have the power to modify any such unenforceable provision in lieu of severing
such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or
all of the offending provision, adding additional language to this Section 12.9 or by making such other modifications as
it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by Applicable
Law. The parties hereto expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against
each of them.

 

The covenants contained in this Section 12.9
shall survive any Transfer of a Membership Interest and the dissolution of the Company.

 

Section 12.10 Mandatory Pledge. Each
of the Members agrees to pledge and grant a Lien on and a security interest in and to their respective Units on a non-recourse
basis to one or more lenders to the Company or Subsidiaries, and take all steps necessary to enable such senior lenders to perfect
such Liens and security interests, on such terms and conditions as may from time to time be requested by the Board; provided that,
none of the Members shall be obligated to so pledge their respective Units or grant a Lien on or security interest therein except
on terms and conditions that are identical in all material respects as those that are to be applied to the other Members with respect
to the Units held by the other Members.

 

    	 	- 60 -	 

     

    

 

Section 12.11 Amendments. The
provisions of this Agreement and the rights and obligations of the Company and all other parties hereto under this Agreement may
be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period
of time or indefinitely), or amended, or amended and restated, and, the Certificate may be amended (whether by merger or otherwise),
or amended and restated, by the Board, from time to time, but only if such waiver, amendment, or amendment and restatement does
not materially and adversely change the specifically enumerated rights hereunder of one or more Members. If any amendment, amendment
and restatement, or waiver would materially and adversely change the specifically enumerated rights hereunder of one or more Members
("Affected Members") in a way that is materially different from the change such amendment, amendment and restatement,
or waiver would have on such specifically enumerated rights of other Members, such amendment, amendment and restatement, or waiver
shall not be effective as to any Affected Member unless consented to by all of the Affected Members. Each Member shall be bound
by any amendment, amendment and restatement or waiver effected in accordance with this Section 12.11, whether or not such Member
has consented to such amendment, amendment and restatement or waiver. Upon effectuation of each such waiver, amendment, or amendment
and restatement, the Company shall give prompt written notice thereof to the Members who have not previously consented thereto
in writing.

 

Section 12.12 Purchase for Investment.
 Each Member acknowledges that all of the Membership Interests held by such Member are being (or have been) acquired for
investment and not with a view to the distribution thereof and that no Transfer of any such Membership Interest may be made except
in compliance with applicable federal and state securities laws.

 

Section 12.13 Construction. Whenever
the singular number is used in this Agreement and when required by the context, the same shall include the plural and vice versa,
and the masculine gender shall include the feminine and neuter genders and vice versa.

 

Section 12.14 Headings. The headings
in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope,
extent or intent of this Agreement or any provision hereof.

 

Section 12.15 Entirety; Waiver.
This Agreement, together with the agreements and instruments delivered pursuant hereto, contains the entire agreement between the
parties and supersedes all prior agreements and understandings related to the subject matter hereof. This Agreement may be amended
or supplemented only by an instrument in writing executed by the party against whom enforcement is sought. Failure by any party
to enforce against any other party any term or provision of this Agreement shall not waive such party’s right to enforce
against any other party the same or any other term or provision. No waiver by any party hereto of any condition hereunder for its
benefit shall constitute a waiver of any other or further right, nor shall any single or partial exercise of any right preclude
any other or further exercise thereof or any other rights. The waiver of any breach hereunder shall not be deemed to be a waiver
of any other or subsequent breach hereof. No extensions of time for the performance of any obligations shall be deemed or construed
as an extension of time for the performance of any other obligation.

 

Section 12.16 No State Law Partnership.
The Company (i) shall be taxed as a partnership for all applicable federal, state and local income tax purposes and (ii) shall
not be a partnership or joint venture for any other purpose, and no Member or any Managers shall, by virtue of this Agreement,
be a partner or joint venturer of any other Member or Managers.

 

    	 	- 61 -	 

     

    

 

Section 12.17   Managers as Third Party
Beneficiary. The Managers are each a third party beneficiary of this Agreement, and as such, has the right to enforce
the terms hereof on behalf of the Company as well as on his own behalf as if the Managers were a party hereto, and each Member
consents hereto.

 

Section 12.18   Further Assurances. 
Upon the written request of any party hereto, from time to time, from and after the date hereof, the other party or parties shall
do, execute, acknowledge and deliver, at the sole cost and expense of the requesting party, such further acts, deeds, conveyances,
assignments, notices of assignment or transfer and assurances as the requesting party may reasonably require in order to better
assure, convey, grant, assign, transfer and confirm upon the requesting party the rights now or hereafter intended to be granted
under this Agreement or any other instrument executed in connection with this Agreement; provided, however, no party shall be obligated
to provide any further assurance that would materially increase the liabilities or obligations of such party hereunder or materially
reduce the rights and benefits of such party hereunder

 

Section 12.19   Consent. Except
as otherwise provided herein, in any instance hereunder where a person’s consent, approval, acceptance, satisfaction, determination,
waiver or other action or decision (collectively, “Consent”) is sought or required, such Consent shall not be unreasonably
withheld, delayed or conditioned by such person. The Managers shall make all decisions affecting the business an affairs of the
Company in good faith using his reasonable business judgment (it being understood and agreed that for the purposes of this Agreement,
the term “reasonable business judgment” shall refer to the “business judgment rule” as the same would be
applied under Applicable Law if the Person in question were a director of a corporation).

 

Section 12.20   Severability. If
any provision of this Agreement or the application thereof to any person or circumstance shall be invalid, illegal or unenforceable
to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the
fullest extent permitted by law.

 

Section 12.21   Heirs, Successors and Assigns.
Each and all of the covenants, terms, provisions and agreements herein contained shall be binding upon and inure to the benefit
of the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal representatives, successors
and assigns.

 

Section 12.22   Creditors. None
of the provisions of this Agreement shall be for the benefit of, or enforceable by, any creditor of the Company or any creditor
of any Member.

 

Section 12.23   Prevailing Party.
If any Member or Manager (on its own behalf or on behalf of the Company) brings any action (whether by arbitration or litigation)
against any other Member, the Managers or the Company by reason of any breach of any of the covenants, agreements or provisions
of this Agreement, then, in such event, the prevailing party, as determined in such action or suit, shall be entitled to have and
recover from the other party or parties all costs and expenses of such action or suit, including, without limitation, reasonable
attorneys’ fees and expenses resulting therefrom, it being understood and agreed that the determination of the prevailing
party shall be included in the matters which are the subject of such action or suit.

 

Section 12.24   Equitable Relief.
The Members and Managers hereby confirm that damages at law may be an inadequate remedy for a breach or threatened breach of this
Agreement and agree that, in the event of a breach or threatened breach of any provision hereof, the respective rights and obligations
hereunder, shall be enforceable by specific performance, injunction or other equitable remedy, but, nothing herein contained is
intended to, nor shall it, limit or affect any right or rights at law or by statute or otherwise of the Managers or a Member aggrieved
as against the other for a breach or threatened breach of any provision hereof, it being the intention by this Section 12.24 to
make clear the agreement of the Members that the respective rights and obligations of the Managers and the Members hereunder shall
be enforceable in equity as well as at law or otherwise and that the mention herein of any particular remedy shall not preclude
the Managers or any of them (on their own behalf or on behalf of the Company or any Subsidiaries) or a Member from any other remedy
it or he might have, either in law or in equity

 

    	 	- 62 -	 

     

    

 

Section 12.25   Counterparts/PDF. 
This Agreement may be executed and delivered in multiple original counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same instrument. A .pdf or facsimile signature shall be deemed an original. Transmission
of an executed counterpart by fax or PDF file of this Agreement shall be deemed to constitute due and sufficient delivery of such
counterpart, and such signatures shall be deemed original signatures for purposes of the enforcement and construction of this Agreement

 

Section 12.26   Withdrawal as Member.
Subject to any applicable regulatory requirements, a Member may withdraw from the Company at any time.

 

Section 12.27   No Other Third-Party Beneficiaries.
Except as set forth in Section 12.17, and except with respect to Covered Persons (each of whom shall be an express third party
beneficiary of those Sections which cover such Covered Persons), nothing in this Agreement is intended to, or will, create any
rights to any party other than a party that is a signatory hereto or who becomes a Member in accordance with the terms of this
Agreement.

 

Section 12.28   No Fiduciary Duties of
Members or Managers. Except with respect to the Managing Member acting solely in its capacity as Managing Member, no Member
or Managers shall have any duties, fiduciary or otherwise, to the Company or any other Manager, Member or their Principals or each
of their respective Affiliates, in each case, other than the duty to act in good faith in complying with contractual obligations
applicable to such Member, Managers or Principals hereunder. Each Member, on behalf of itself and its Principals and Affiliates,
hereby waives, to the maximum extent permitted by law, any and all rights and claims which it, he or she may otherwise have against
any other Member or Managers and such other Member’s or Managers’ officers, directors, shareholders, partners, members,
Managers, agents, employees, and Affiliates as a result of any claims of breach of fiduciary duties; provided that the foregoing
shall not limit a Member’s rights and claims with respect to a breach of this Agreement. Except with respect to the Managing
Member acting solely in its capacity as Managing Member, no Member or Managers shall be liable to the Company or any other Member
or their Principals or their respective Affiliates for any act or omission taken or suffered by such Member or Managers in connection
with the business or operations of the Company or arising out of this Agreement, unless such act or omission has been adjudicated
by a court or arbitral panel of competent jurisdiction, in a final, non-appealable judgment or decision, to have constituted a
breach of this Agreement on the part of such Member or Managers. The Company and each Member agree that the provisions of this
Agreement, to the extent such provisions eliminate, restrict or limit the duties (including, without limitation, fiduciary duties)
or liabilities of Members or Managers that may otherwise exist at law or in equity, shall replace such duties and liabilities of
the Members and Managers.

 

    	 	- 63 -	 

     

    

 

Section 12.29    Renunciation of Opportunities;
No Expansion of Duties. Except as otherwise expressly set forth in this Agreement, to the maximum extent permissible under
Applicable Law, each of the Members, their Principals and respective Affiliates, the Managers, the Company and each Subsidiary
hereby renounce any interest or expectancy any of them has or may have in, or in being offered an opportunity to participate in,
any and all business opportunities that are presented to the Managers, the other Members and their respective Principals and Affiliates.
Without limiting the foregoing renunciation, each of the Members, their respective Principals and Affiliates, the Company and each
Subsidiary and the Managers acknowledge that the Managers and the other Members are in the business of making investments in, and
have investments in, other businesses similar to and that may compete with the Company's and its Subsidiaries’ businesses,
and except as otherwise expressly set forth in this Agreement, agree that the Managers and all Members shall have the unfettered
right to make additional investments in or have relationships with other persons independent of their investments in the Company
and its Subsidiaries. Without limitation of the foregoing, the Managers and each Member may engage in or possess an interest in
other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of any
other Member, such other Managers’ and Member’s Affiliates, the Company or any Subsidiary, and none of the Company,
any of its Subsidiaries nor any other holder of Units (or such holder’s Principals or Affiliates) shall have rights or expectancy
by virtue of such Member's relationships with the other Members, their respective Affiliates, the Managers, the Company or any
Subsidiary, this Agreement or otherwise in and to such independent venture or the income or profits derived therefrom; and the
pursuit of any such venture, and same shall not be deemed wrongful or improper. Neither the Managers nor any Member shall be obligated
to present any particular investment opportunity to the other Members, their respective Affiliates, the Company or any Subsidiary,
even if such opportunity is of a character that, if presented to the Company or a Subsidiary, could be taken by the Company or
such Subsidiary, and the Managers and each Member shall continue to have the right to take for its own respective account or to
recommend to others any such particular investment opportunity. Each party to this Agreement agrees and acknowledges that no joint
venture is created hereby.

 

Section 12.30    Affiliated Transactions.
Anything else in this Agreement to the contrary notwithstanding, the Managers may cause the Company and/or its Subsidiaries, at
any time and from time to time, to enter into transactions (including, without limitation, to contract with for the provision of
services, to buy from or sell the assets or properties of the Company (each an "Affiliate Transaction") to an Affiliate
of the Managers or a Principal or Affiliate of a Member (the "Affiliated Person"), on such terms as the Managers shall
in good faith determine to be fair to the Company, and each of the Members hereby agrees that the Managers may proceed in accordance
with this Section 12.30 without being deemed to have violated any of his obligations under this Agreement or otherwise arising
at Law or in equity to the Members.

 

Section 12.31     Appointment
of Attorney-in-fact. Each Member hereby irrevocably constitutes and appoints the Managing Member or such Person
as the Managing Member may from time to time designate to act as its true and lawful attorney-in-fact, with full power of substitution,
and with such designee having full power and authority in its name, place and stead, to execute, acknowledge, deliver, swear to,
file and record with the appropriate public offices such certificates, instruments and documents as may be necessary or appropriate
to maintain the existence and good standing of the Company. The appointment by the Members of the Managing Members or such designee
of the Members as attorney-in-fact shall be deemed to be a power coupled with an interest, in recognition of the fact that each
of the Members under this Agreement will be relying upon the power of such designee to act as contemplated by this Agreement in
any filing and other action by such designee on behalf of the Company and, shall to the fullest extent permitted by Applicable
Law, survive the Bankruptcy, death or incompetency of any Member or its Principals hereby granting such power.

 

Section 12.32. [LEFT
INTENTIONALLY BLANK]

 

Section 12.33 Use
of Name “Township Nine”.   The name “Township Nine” and all goodwill associated
therewith are property of the Company, and no Member or Affiliate of the Company shall have the right to use the name “Township
Nine” or “T-9” as a component of the name of any business venture or otherwise without
the prior written approval of the Managing Member.

 

    	 	- 64 -	 

     

    

 

Section 12.34 Blue
Pencil. If any court of competent jurisdiction determines that any of the covenants set forth in Sections 6.11 or
12.9 hereof, or any part thereof, is unenforceable because of the duration or geographic scope of such provision, such court
shall have the power to modify any such unenforceable provision in lieu of severing such unenforceable provision from this Agreement
in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional
language to said Sections 6.11 or 12.9 or by making such other modifications as it deems warranted to carry out the
intent and agreement of the parties as embodied herein to the maximum extent permitted by Applicable Law. The parties hereto expressly
agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them.

 

Section 12.35 Time
of Essence. Time is of the essence with respect to all matters contained in this Agreement.

 

Section
12.34         Waivers. Except as otherwise
expressly provided herein, each Member irrevocably waives during the term of the Company any right that it may have:

 

(i) To cause the Company
or any of its assets to be partitioned;

 

(ii) To cause the appointment
of a receiver for all or any portion of the assets of the Company;

 

(iii) To compel any sale
of all or any portion of the assets of the Company pursuant to Applicable Law; or

 

(iv) To file a complaint,
or to institute any proceeding at law or in equity on behalf of the Company (including, without limitation, a derivative action),
or to cause the termination, dissolution or liquidation of the Company.

 

Section 12.35         Public
Representation.  Except as would be otherwise prohibited herein, each Member may fairly and accurately represent
to the public their involvement in the development of the T-9 Project.

 

[The remainder of this page is left blank
intentionally blank]

 

    	 	- 65 -	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused their duly authorized representatives to execute this Limited Liability Company Agreement as their act
and deed, to be effective as of the day and year first above written.

 

	 	The Members:
	 	 
	 	NEHEMIAH CORPORATION OF AMERICA
	 	a _________________ corporation
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:  Authorized Person
	 	 
	 	NEHEMIAH COMMUNITY REINVESTMENT FUND, INC.
	 	a _________________ corporation
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:  Authorized Person
	 	 
	 	SRS, LLC
	 	a _________________ limited liability company
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:  Authorized Person
	 	 
	 	FIRST CAPITAL UNITED
	 	FUNDS MANAGEMENT, LLC
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:	  Jacob Frydman
	 	 	Title:  Authorized Person

 

[Signature Page to an Operating Agreement]

 

    	 

     

    

 

	 	NFINIT SOLUTIONS, INC.
	 	a _________________ corporation
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:  Authorized Person
	 	 
	 	INVISION HOLDINGS, INC.
	 	a _________________ corporation
	 	 	 
	 	By:	 
	 	 	Name:	Ron Mellon
	 	 	Title:  Authorized Person
	 	 
	 	INVISION HOLDINGS, INC.
	 	a _________________ corporation
	 	 	 
	 	By:	 
	 	 	Name:	Steve Goodwin
	 	 	Title:  Authorized Person

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

[Signature Page to an Operating Agreement]

 

    	 

     

    

 

	 	The Initial Managers:
	 	 
	 	FCRE MANAGER GROUP:
	 	 
	 	 
	 	SUNEET SINGAL
	 	 
	 	 
	 	JACOB FRYDMAN
	 	 
	 	 
	 	RON COBB
	 	 
	 	DEVELOPER MANAGER GROUP:
	 	 
	 	 
	 	SCOTT SYPHAX
	 	 
	 	 
	 	STEVE GOODWIN
	 	 
	 	 
	 	RON MELLON

 

[Signature Page to an Operating Agreement]

 

    	 

     

    

 

Schedule A

 

Member’s Capital Contributions

 

As of February__, 2016

 

Initial Capital Contribution
Amount

 

	Member	 	Deemed Initial

Capital Contribution	 	 	Units	 	 	Percentage

Interests	 
	 	 	 	 	 	 	 	 	 	 
	NCA Member	 	$	2,129,723.60	 	 	 	37,500	 	 	 	37.50	%
	SRS Member	 	$	1,183,473	 	 	 	31,250	 	 	 	31.25	%
	FCUFM  Member	 	$	0	 	 	 	31,250	 	 	 	31.25	%
	Total	 	$	3,313,196.60	 	 	 	100,000	 	 	 	100	%

 

    	 

     

    

 

Schedule B

 

 

  

    	 

     

    

 

  

    	 

     

    

 

Schedule C

 

 

 

    	 

     

    

 

Schedule D

 

 

 

    	 

     

    

 

EXHIBIT C

 

FORM OF INSTRUMENT OF ASSIGNMENT 

 

     

     

    

 

ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP
INTEREST

 

THIS ASSIGNMENT AND
ASSUMPTION OF MEMBERSHIP INTEREST (this "Assignment") is made as of this _____ Day of February, 2016 by and between
_______________________ a _______________________ ("Assignor"), and _________________________, a ___________________________________
("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor owns
100% Percent of the Membership Interests in ____________________, a ______________ company (the “Company”) under the
Operating Agreement of _____________________, as the same may have been amended or modified from time to time (the "LLC
Agreement"); and

 

WHEREAS, the Company
owns fee simple title to that certain real property and improvements located thereon, located__________________________ (the “Property”)
which title is good and marketable, and free and clear of liens and encumbrances except only non-monetary matters of record, zoning
and similar laws, and which Property is subject to the Mortgage Debt as described below (collectively, the “Permitted
Exceptions”); and

 

WHEREAS, Assignor desires
to contribute and assign [•]% percent of the Membership Interests in the Company (the “Membership Interests”)
to Assignee, and Assignee desires to assume the same, all under the terms and conditions set forth herein; and

 

WHEREAS, this Assignment
and Assumption is being made pursuant to that certain agreement dated February [•], 2016 (the “Contribution Agreement”),
by and among the Contributors, Holdings, Member, CS 65 Owner, FCUFM, FCRE OP, FCREI and FCRE (each, as defined in the Contribution
Agreement);

 

NOW, THEREFORE, in
consideration of the foregoing, the payment of good and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, Assignor and Assignee, intending to be legally bound hereby, agree as follows:

 

1.           Assignment; Representations.

 

(a)         Assignor hereby
contributes and assigns all of Assignor's right, title and interest in and to the Membership Interest to Assignee, to have and
to hold the Membership Interest unto Assignee, and Assignee's legal representatives, heirs, successors and assigns, as the case
may be, forever.

 

(b)         Assignor hereby
represents and warrants to Assignee that:

 

		(i)	each of the representations in the recitals are true and correct and are incorporated herein by
reference as if fully restated herein;

 

     

     

    

 

the Property
owned by the Company is subject to one or more mortgage loans with a current balance of principal and interest of not more than
$____________________ (the “Mortgage Debt”); and that except for the Mortgage Debt neither the Property nor the Company
has any other debt except for ordinary trade debt incurred in the ordinary course of business, and that neither the Company nor
the Property has received a notice of default on any of the Mortgage Debt or any other debt, obligations or agreements which the
Company or the Property have with any persons; and

 

		(ii)	the Membership Interest is free and clear of any and all liens, charges and/or encumbrances, is
owned entirely by Assignor and has not previously been conveyed or assigned by Assignor to any other party, and Assignor has full
power and authority to execute and deliver this Assignment.

 

2.          Incorporation
by Reference. This Assignment and Assumption Agreement is being made in accordance with and pursuant to the Interest Contribution
Agreement, and all of the Assignor’s representations and warranties, and agreements, undertakings, indemnifications and commitments
relating to the Property, the Company and this Assignment and Assumption as set forth in the Agreements are incorporated herein
by reference as if fully restated herein.

 

3.          Assumption.
Assignee hereby accepts Assignor’s assignment of the Membership Interests and assumes the performance and observance of all
of the covenants, agreements and conditions on the part of Assignor to be performed and observed respecting the Mortgage Debt and
the Membership Interest pursuant to the LLC Agreement from and after the date hereof.

 

4.          Regulation
S-X Cooperation. Assignee has advised Assignor that Assignee, or one or more of its affiliates, must comply with Securities
and Exchange Commission Regulation S-X (17. C.F.R. §Part 210) (“Regulation S-X”), including, but not limited to,
Rule 3-14. In connection with such compliance with Regulation S-X, Assignor shall (a) make available to Assignee for review and,
as necessary, copying, all financial and other information pertaining to the period of the Assignor’s ownership and operation
of the Property, which information is relevant and necessary, in the opinion of Assignee or its independent registered public accounting
firm (the “Accountants”), to enable Assignee and its Accountants to prepare financial statements in compliance with
Regulation S-X, if and to the extent the same then exists and has not been previously provided or made available to Assignee prior
to or in connection with the Closing, (b) cooperate with Assignee and provide access to any of Assignor’s or Assignor’s
contractor’s personnel involved with the financial reporting of the Property, at no expense to Assignor and at reasonable
times and places for a period ending on March 31, 2017, and (c) provide to Assignee’s Accountants a commercially reasonable
representation letter, at Assignee’s sole cost and expense, regarding the books and records of the Property in connection
with such Accountants’ auditing of the Property in accordance with generally accepted auditing standards. Assignee acknowledges
that (i) the information described in clause (a) above shall be made available in the locations at which such information is currently
maintained by Assignor, (ii) Assignee will reimburse Assignor as soon as practicable for any reasonable out-of-pocket costs incurred
by Assignor in connection with Assignor’s compliance with this Section 3, and (iii) Assignee shall maintain the confidentiality
of all information provided pursuant to this Section 3 except solely to the extent necessary for Assignee to comply with Regulation
S-X or any request by the staff of the Securities and Exchange Commission.

 

     

     

    

 

5.          Survival.
The representations and warranties contained in Paragraphs 1 and 2, and the undertakings set forth in Paragraph 2 of this agreement,
shall survive the delivery hereof.

 

IN WITNESS WHEREOF,
Assignor and Assignee have duly executed and delivered this Assignment and Assumption of Membership Interest as of the date first
above written.

 

[Balance of page is blank; Signature page
follows]

 

	 	ASSIGNOR:
	 	 
	 	[____________________________]
	 	 
	 	By:	 
	 	 
	 	ASSIGNEE:
	 	 
	 	[____________________________]
	 	 
	 	By:	 

 

	STATE OF ________________	)
	 	) SS:
	COUNTY OF______________	)

 

I certify
that on February ____, 2016, ___________ came before me in person and stated to my satisfaction that he made and signed the attached
instrument; and was authorized to and did execute this instrument on behalf of and as authorized signatory for __________________________,
the entity named in this instrument, as the free act and deed of the entity, by virtue of the authority granted by its operating
agreement and its members. 

 

	 	 
	 	 
	NOTARY PUBLIC	 

 

     

     

    

 

	STATE OF ________________	)
	 	) SS:
	COUNTY OF______________	)

 

I certify
that on February ____, 2016, ___________ came before me in person and stated to my satisfaction that he made and signed the attached
instrument; and was authorized to and did execute this instrument on behalf of and as authorized signatory for __________________________,
the entity named in this instrument, as the free act and deed of the entity, by virtue of the authority granted by its operating
agreement and its members. 

 

	 	 
	 	 
	NOTARY PUBLIC	 

 

     

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE
OF OP UNIT WITH JOINDER TO OP AGREEMENT

 

     

     

    

 

JOINDER AGREEMENT

 

The
Undersigned, as assignee of the certificate holder identified on the front of this certificate, hereby requests that First Capital
Real Estate Operating Partnership, L.P. (the “Partnership”) countersign this Joinder Agreement, cancel this certificate,
and issue a replacement certificate in the undersigned’s favor for the number of OP Units assigned to the undersigned, and
a second replacement certificate to the assignor holder for such number of remaining OP Units which were not assigned to the undersigned,
if any, and in connection therewith the undersigned makes reference to the Agreement Limited Partnership of the Partnership of
dated as of August 15, 2012 (as amended by that certain First Amendment to Agreement of Limited Partnership of United Realty Capital
Operating Partnership, L.P., dated April 24, 2013 and that certain Second Amendment to Agreement of Limited Partnership of United
Realty Capital Operating Partnership, L.P., dated May 20, 2014) (the “OP Agreement”). Pursuant to and in accordance
with Section 12.2 of the OP Agreement, the undersigned, having made a Capital Contribution to the Partnership in accordance with
the OP Agreement, or is an assignee of a Person who has made a Capital Contribution to the Partnership in accordance with the OP
Agreement, hereby acknowledges that he, she or it has received and reviewed a complete copy of the OP Agreement and accepts and
adopts the OP Agreement and agrees that upon execution of this Joinder Agreement, such Person shall become a party to the OP Agreement
and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the OP Agreement as though an original
party thereto and shall be deemed, and admitted as, a Limited Partner for all purposes thereof and entitled to all the rights incidental
thereto. This certificate shall constitute, and simultaneously herewith, the undersigned is delivering this certificate as an executed
counterpart of the signature page to the OP Agreement. Capitalized terms used herein without definition shall have the meanings
ascribed thereto in the OP Agreement.

 

	 	First Capital Real Estate Operating Partnership, L.P., 
	 	 
	 	By: First Capital Real Estate Trust Incorporated, General Partner
	 	 
	 	 
	 	Name:
	 	Title:
	 	 
	 	Certificate Holder- Limited Partner 
	 	 
	 	 
	 	Name:
	 	Title:

 

     

     

    

 

EXHIBIT E

 

APPRAISAL DATED OCTOBER
9, 2015

 

[ATTACHED]

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