Document:

Exhibit 10.11

 

FORM OF

third party PROPERTY MANAGEMENT AGREEMENT

 

This PROPERTY MANAGEMENT
AGREEMENT (this “Management Agreement”) is made and entered into as of this [∙] of [∙], 20[∙],
by and among [∙] (“Owner”), and POSTAL REALTY MANAGEMENT TRS, LLC, a Delaware limited liability company
(the “Manager”).

 

WHEREAS, Owner desires
to retain Manager to manage real estate properties owned by Owner as set forth on Exhibit A hereto (individually a “Property”,
and collectively, the “Properties”) upon the terms and subject to the conditions set forth in this Management
Agreement.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound hereby, do hereby agree, as follows:

 

ARTICLE
I

DEFINITIONS

 

Except as otherwise
specified or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes
of this Management Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms thereof:

 

1.1           “Account”
has the meaning set forth in Section 2.5.

 

1.2           “Affiliate”
means, except as otherwise provided herein, with respect to any Person, any other Person which, at the time of determination, directly
or indirectly controls, is controlled by or is under common control with, such Person. For the purposes of this definition, “control”
(including, with correlative meaning, the terms “controlling,” “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of
management and policies of such Person through the ownership of voting securities, by contract or otherwise.

 

1.3           “Agreement”
means any loan agreement, mortgage, indenture, deed of trust, lease, sublease, contract, covenant, plan, insurance policy or other
agreement, instrument, arrangement, obligation, understanding or commitment, permit, concession, franchise or license, whether
oral or written, expressed or implied.

 

1.4           “Business
Day” means any day other than a Saturday or a Sunday or a day on which banks located in New York, New York generally
are authorized or required by Law or regulation to close.

 

1.5           “Claim”
means any threatened, pending or completed claim, action, suit, litigation, arbitration, alternative dispute resolution mechanism,
investigation, hearing or any other proceeding, whether civil (including intentional and unintentional tort claims), criminal,
administrative, regulatory, investigative or other, or any inquiry or investigation that might lead to the institution of any such
claim, action, suit, litigation or other proceeding, whether civil (including intentional and unintentional tort claims), criminal,
administrative, regulatory, investigative or other.

 

1.6           “Construction
Work” has the meaning set forth in Section 5.2.

 

1.7           “Contracts”
has the meaning set forth in Section 3.2(d).

     

     

    

 

1.8           “Damages”
means any and all costs, losses, damages, Liabilities, obligations, lawsuits, deficiencies, Claims, demands, penalties, assessments,
fines, return of any consideration, Judgments, arbitration awards, indemnification payments, reasonable costs and reasonable expenses,
of any nature whatsoever, reasonable costs and reasonable expenditures required or incurred to comply with any Judgment, and all
reasonable amounts paid in investigation, defense or settlement of any of the foregoing. All Damages shall be calculated on a pre-Tax
basis, without reduction or other adjustment for any Tax consequences arising out of the payment of such Damages.

 

1.9           “Equity
Interests” means (i) with respect to a corporation, as determined under the Laws of the jurisdiction of organization
of such entity, shares of capital stock (whether common, preferred or treasury), (ii) with respect to a partnership, limited
liability company, limited liability partnership or similar Person, as determined under the Laws of the jurisdiction of organization
of such entity, units, interests, or other partnership or limited liability company interests, or (ii) any other equity ownership.

 

1.10         
“GAAP” means United States generally accepted accounting principles in effect on the Original Effective Date,
consistently applied.

 

1.11         “Governmental
Authority” means any United States or other international, national, state or local government, any political subdivision
thereof or any other governmental, judicial, public or statutory instrumentality, authority, body, agency, department, bureau,
commission or entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government,
or any arbitrator with authority to bind a party at law, including, for the avoidance of doubt and without limitation, the United
States Postal Service.

 

1.12         “Gross
Revenues” means all amounts actually collected as rents or other charges for the use and occupancy of the Properties,
but excluding (i) interest and other investment income of Owner, (ii) proceeds received by Owner from a sale, exchange,
condemnation, eminent domain taking, casualty or other disposition of assets of Owner, and (iii) proceeds received by Owner
from any financing.

 

1.13         “Improvements”
means any buildings, structures and equipment from time to time located on a Property and all parking and public common areas located
on a Property.

 

1.14         “Indemnified
Parties” has the meaning set forth in Section 6.5(a).

 

1.15       
“Judgments” means any judgments, injunctions, orders, decrees, writs, rulings, stipulations, consents, settlements,
or awards of any court or other judicial authority or any other Governmental Authority.

 

1.16         “Laws”
means all laws, statutes, by-laws, ordinances, rules, regulations, common law or Judgments of any Governmental Authority.

 

1.17         “Lease”
means, unless the context otherwise requires, any lease or sublease made by Owner or by its predecessor, as landlord, with respect
to a Property.

 

1.18         “Licensing
Claim” shall mean any Claim that Manager does not possess a real estate brokerage or similar license required by any
Law in connection with services provided by the Manager or its employees to Owner, or any Claim that arises from or relates to
the foregoing.

 

1.19         “Liabilities”
means any liability, indebtedness, guaranty, assurance, commitment, claim, loss, damage, deficiency, assessment, obligation or
responsibility, whether fixed or unfixed, choate or inchoate, liquidated or unliquidated, secured or unsecured, accrued or unaccrued,
absolute, known or unknown, contingent or unmatured, liquidated or unliquidated, asserted or unasserted, due or to become due,
whenever or however arising (including whether arising out of any Contract or tort based on negligence or strict liability) and
whether or not the same would be required by GAAP to be stated in financial statements or disclosed in the notes thereto.

    	 	2	 

     

    

 

1.20         “Losses”
has the meaning set forth in Section 6.5(a).

 

1.21         “Management
Agreement” has the meaning set forth in the Preamble.

 

1.22         “Management
Fees” has the meaning set forth in Section 5.1.

 

1.23         “Manager”
has the meaning set forth in the Preamble.

 

1.24         “Notice”
has the meaning set forth in Section 8.1.

 

1.25         “Effective
Date” means [∙].

 

1.26         “Oversight
Fee” has the meaning set forth in Section 5.1.

 

1.27         “Owner”
means [∙].

 

1.28         
“Person” means an individual, corporation, association, business trust, estate, trust, partnership, limited
liability company or other legal entity.

 

1.29         “Properties”
means the properties described on Exhibit A hereto. “Property” shall have the correlative meaning. For the avoidance
of doubt, if at any time Owner ceases to own any interest in a Property, it shall no longer be considered a “Property”
for the purposes of this Management Agreement.

 

1.30         “Proprietary
Properties” means all modeling algorithms, tools, computer programs, know-how, methodologies, processes, technologies,
ideas, concepts, skills, routines, subroutines, operating instructions and other materials and aides used in performing the duties
set forth in Article II that relate to management advice, services and techniques regarding current and potential Properties,
and all modifications, enhancements and derivative works of the foregoing.

 

1.31         “Tax
Return” means any report, return (including information return), election, document, estimated tax filing, declaration
or other filing required to be supplied to any taxing or other Governmental Authority with respect to Taxes, including any amendments
thereto.

 

1.32         “Taxes”
shall mean all taxes, charges, fees, levies or other assessments, including income, gross receipts, excise, property, sales, withholding,
social security, occupation, use, service, service and use, license, payroll, franchise, transfer and recording taxes, fees and
charges, imposed by the United States, or any state, local or foreign government or subdivision or agency thereof whether computed
on a separate, consolidated, unitary, combined or any other basis; and such term shall include any interest, fines, penalties or
additional amounts attributable to or imposed on or with respect to any such taxes, charges, fees, levies or other assessments
and (ii) any Liability for the payment of amounts determined by reference to amounts described in clause (i) as a result
of being a member of an affiliated, consolidated, combined or unitary group.

    	 	3	 

     

    

 

ARTICLE
II

APPOINTMENT AND STATUS OF MANAGER; SERVICES TO BE PERFORMED

 

2.1           Appointment
of Manager. Owner hereby engages and retains Manager as the manager and as tenant coordinating agent of the Properties, and
Manager hereby accepts such appointment on the terms and conditions hereinafter set forth; it being understood that this Management
Agreement shall cause Manager to be, at law, Owner’s agent upon the terms contained herein.

 

2.2           [Reserved].

 

2.3           General
Duties. Manager shall devote its commercially reasonable efforts to performing its duties hereunder to manage, operate and
maintain the Properties. The services of Manager are to be of scope and quality not less than those generally performed by professional
property managers of other similar properties in that geographic area.

 

2.4           Specific
Duties. In addition to the specific authority granted to Manager by Owner pursuant to Article III of this Management
Agreement, but subject to the terms hereof, Manager’s duties include the following:

 

(a)          Lease
Obligations. Manager shall perform all duties of the landlord under all Leases insofar as such duties relate to operation,
maintenance, and day-to-day management. Manager shall also cause to be provided, at Owner’s expense, all services normally
provided to tenants of like premises, including where applicable and without limitation, gas, electricity or other utilities required
to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning and janitorial service.

 

(b)          Permits;
Notice of Violations. At Owner’s request and cost and expense, Manager shall use commercially reasonable efforts to obtain
required permits for each Property and take all commercially reasonable steps to ensure compliance in all material respects with
applicable Laws. Manager shall forward to Owner promptly upon receipt, all notices of violation or other notices from any governmental
authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with
any notice as Manager believes is appropriate.

 

(c)          Technology
Use and Support. Manager shall utilize the software and technology platforms that it believes are appropriate in connection
with fulfilling its duties under this Management Agreement. In addition, Manager shall provide technical support and maintenance
with respect to any technology used in the maintenance, operation, management and leasing of the Properties.

 

2.5           The
Account. Manager shall establish and maintain a separate checking account (the “Account”) into which all
rent and other monies collected from tenants shall be deposited. All monies deposited from time to time in the Account shall be
deemed to be trust funds and shall be and remain the property of Owner and shall be withdrawn and disbursed by Manager for the
account of Owner only as expressly permitted by this Management Agreement. No monies collected by Manager on Owner’s behalf
shall be commingled with funds of Manager. The Account shall be maintained, and monies shall be deposited therein and withdrawn
therefrom, in accordance with the following:

 

(a)          All
sums received from rents and other income from the Properties shall be promptly deposited by Manager in the Account. Manager may
endorse any and all checks received in connection with the operation of any Property and drawn to the order of Owner, and Owner
shall, upon request by Manager, furnish Manager’s depository with an appropriate authorization for Manager to make such endorsement.
Manager shall have the right to designate two or more persons who shall be authorized to draw against the Account, but only for
purposes authorized by this Management Agreement.

    	 	4	 

     

    

 

(b)          All
sums due to Manager hereunder, whether (i) for compensation, (ii) reimbursement for expenditures approved by Owner or
(iii) permitted under Section 2.6(c) shall be a charge against the operating revenues of the Properties and
shall be paid or withdrawn by Manager or Owner from the Account prior to the making of any other disbursements therefrom.

 

(c)          By
the [∙] day after the end of each month, Manager shall forward to Owner all monies contained in the Account other than a
reserve of $[∙] and any other amounts otherwise provided in the budget for the relevant property which shall remain in the
Account.

 

Notwithstanding
the foregoing provisions of this Section 2.5, Manager hereby acknowledges that (A) Owner may obtain one or more
mortgage loans secured by one or more of the Properties and (B) Manager will act in conformity with the commercially reasonable
provisions of the documents evidencing or securing such mortgage loans, provided that Manager has been furnished copies of all
relevant loan documents that purport to impose obligations upon Manager. For the avoidance of doubt, neither this Management Agreement
nor the rights of Manager under this Management Agreement shall be subordinated to any future mortgage loans secured by one or
more of the Properties or any renegotiation, amendment, or other modification to any such existing mortgage loans, in each case,
without the prior written consent of Manager, which consent may be withheld or granted in Manager’s sole discretion.

 

Notwithstanding
the forgoing provisions of this Section 2.5, Manager shall not have the duties and responsibilities set forth in this
Section 2.5 to the extent Owner performs the respective activity or function contemplated by this Section 2.5.

 

2.6           Accounting,
Records and Reports.

 

(a)          Records.
Manager shall maintain the necessary books and records in connection with the maintenance and operation of the Properties, including
but not limited to, copies of invoices, leases, billing records, recovery calculations and budget data. Owner and persons designated
by Owner shall at all reasonable time have access to and the right to audit and make independent examinations of such records,
books and accounts and all vouchers, files and all other material pertaining to the Properties and this Management Agreement, all
of which Manager agrees to keep safe, available and separate from any records not pertaining to the Properties, at a place recommended
by Manager and approved by Owner.

 

(b)          Copies
of Contracts. Manager shall provide the original copies of all contracts entered into by Manager on behalf of Owner during
such period, if requested by Owner upon 15 days’ prior written notice.

 

(c)          Additional
Costs. Manager will not incur any costs with respect to any Property except for reasonable costs incurred in emergency situations
in which action is immediately necessary for the preservation or safety of the Property, or for the safety of occupants or other
persons (or to avoid the suspension of any necessary service of the Property) or as otherwise required in this Management Agreement.

    	 	5	 

     

    

 

ARTICLE
III

AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

 

3.1           Authority
As To Tenants, Etc. Owner agrees and does hereby give Manager the following authority and powers (all of which, unless
otherwise provided herein, shall be exercised either as Manager for Owner, or in the name of Owner entered into by Manager as Owner’s
authorized agent, and Owner shall assume all expenses in connection with such matters):

 

(a)          to
advertise each Property or any part thereof and to display signs thereon, as permitted by law and subject to the terms and conditions
of the Leases;

 

(b)          to
collect from tenants all or any of the following: a late rent administrative charge, a non-negotiable check charge, a subleasing
administrative charge or broker’s commission;

 

(c)          with
Owner’s prior written authorization, to terminate tenancies and to sign and serve in the name of Owner of each Property such
notices related thereto as are deemed necessary by Manager; and

 

(d)          with
Owner’s prior written authorization, to sue for and in the name of Owner and recover rent and other sums due; and to settle,
compromise, and release such actions or suits, or reinstate such tenancies. All expenses of litigation that Manager participates
in, at Owner’s prior written request, including, but not limited to, attorneys’ fees, filing fees and court costs that
Manager shall incur in connection with the collecting of rent and other sums, or to recover possession of any Property or any portion
thereof, shall be deemed to be an operational expense of the Property. Manager and Owner shall concur on the selection of the attorneys
to handle such litigation.

 

3.2           Operational
Authority. Owner agrees and does hereby give Manager the following authority and powers (all of which, unless otherwise provided
herein, shall be exercised either as Manager for Owner, or in the name of Owner entered into by Manager as Owner’s authorized
agent, and, unless otherwise provided herein, Owner shall assume all expenses in connection with such matters:

 

(a)          to
hire, supervise, discharge, and pay all labor required for maintenance of each Property, including but not limited to on-site personnel,
managers, assistant managers, leasing consultants, engineers, janitors, maintenance supervisors and other employees required for
the operation and maintenance of the Property, including personnel spending a portion of their working hours (to be charged on
a pro rata basis) at the Property; provided, however, that Manager shall not hire any new personnel, unless the cost
and expenses related to such new personnel or previously approved by Owner in writing. Any personnel hired by Manager to maintain
and lease the Properties shall be the employees of Manager or independent contractors . Manager shall use due care in selecting
and supervising these employees or independent contractors. With respect to these employees, Manager shall be responsible for maintaining
timekeeping records, processing regular payroll, filing payroll tax reports on a timely basis, ensuring compliance with wage and
tax laws and tracking benefit hours and garnishments and child support orders. All expenses of these employees’ employment
shall be deemed operational expenses of the Property.

 

(b)          to
perform the duties assigned to Manager in Section 2.4(b);

 

(c)          to
administer any Leases;

    	 	6	 

     

    

 

(d)          to
prepare, negotiate and enter into, as Manager of the Property, (i) contracts for all items on budgets that have been approved
by Owner, any emergency services or repairs for items not exceeding $[∙], (ii) appropriate service agreements and labor
agreements for normal operation of the Property, (iii) agreements for all budgeted maintenance, minor alterations, and utility
services, including, but not limited to, electricity, gas, fuel, water, telephone, window washing, scavenger service, landscaping,
snow removal, pest exterminating, decorating and legal services, in connection with the Leases and relating to the Property and
(iv) any other service agreements as Manager may reasonably consider appropriate, consistent with past practice (collectively,
the “Contracts”); and

 

(e)          to
purchase supplies and pay all bills as permitted under Section 2.6.

 

Manager shall use its
commercially reasonable efforts to obtain the foregoing services and utilities for each Property on terms consistent with, or substantially
similar to, those available to similar postal properties in the geographic region in which the Property is located. Owner hereby
appoints Manager as Owner’s authorized Manager for the purpose of executing, as Manager for said Owner, all Contracts. Manager
shall secure the approval of, and execution of appropriate Contracts by, Owner for any non-budgeted and non-emergency/contingency
capital items, alterations or other expenditures in excess of $[∙] for any one item. Manager shall have the right from time
to time during the term hereof, to contract with and make purchases from Affiliates of Manager, provided that contract rates
and prices are no less favorable to Owner than those available from unaffiliated third parties. Manager may at any time and from
time to time request and receive the prior written authorization of Owner of the Property of any one or more purchases or other
expenditures, notwithstanding that Manager may otherwise be authorized hereunder to make such purchases or expenditures.

 

3.3           Rent
and Other Collections. Owner agrees and does hereby give Manager the authority and powers (all of which, unless otherwise provided
herein, shall be exercised either as Manager for Owner, or in the name of Owner entered into by Manager as Owner’s authorized
agent, and Owner shall assume all expenses in connection with such matters) to collect rents, assessments and other items, including
but not limited to tenant payments for real estate taxes, property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements, administrative charges, proceeds of rental interruption insurance,
parking fees, income from coin operated machines and other miscellaneous income, due or to become due and give receipts therefor
and to deposit all such Gross Revenue collected hereunder in the Account. Manager shall also have the authority to collect and
handle tenants’ security deposits, including the right to apply such security deposits to unpaid rent, and to comply, on
behalf of Owner of the Property, with applicable state or local laws concerning security deposits and interest thereon, if any.

 

3.4           Advances.
Manager shall not be required to advance any monies for the care or management of any Property, but Owner agrees to advance all
monies necessary therefor. If Manager shall elect to advance any money in connection with a Property, Owner agrees to reimburse
Manager within 30 days, and hereby authorizes Manager to deduct such advances from any monies due Owner. In connection with any
insured losses or damages relating to any Property, Manager and Owner shall each reasonably cooperate with respect to all steps
necessary regarding any such claim. Manager will not make any adjustments or settlements in excess of $[∙] without Owner’s
prior written consent.

 

3.5           Payment
of Expenses. Owner agrees and does hereby give Manager the authority and power (all of which shall be exercised either as Manager
for Owner, or in the name of Owner entered into by Manager as Owner’s authorized agent, and Owner shall assume and be responsible
for all expenses in connection with such matters; provided, however, that Owner will not assume or be responsible
for any costs or expenses that have not been previously approved by Owner in writing (including, without limitation, as set forth
herein), or (z) are not permitted under Section 2.6(c)) to pay all expenses of the Property, including utility
and water charges, sewer rent and assessments, from the Gross Revenue collected in accordance with Section 3.3 above,
subject to any lender requirements, from the Account. All bills shall be paid by Manager within the time required to obtain discounts,
if any. Owner may from time to time request that Manager forward certain bills to Owner promptly after receipt, and Manager shall
comply with any such request. All expenses shall be billed at net cost (i.e., less all rebates, commissions, discounts and allowances,
however designed).

    	 	7	 

     

    

 

It is understood that
the Gross Revenue will be used first to pay the compensation to Manager as contained in Article V below, then operational
expenses and then any mortgage indebtedness, including real estate tax and insurance impounds, but only as directed by Owner in
writing and only if sufficient Gross Revenue is available for such payments. Nothing in this Management Agreement shall be interpreted
in such a manner as to obligate Manager to pay from Gross Revenue, any expenses incurred by Owner prior to the commencement of
this Management Agreement, except to the extent Owner advances additional funds to pay such expenses.

 

3.6           Environmental
Matters. Owner hereby warrants and represents to Manager that to the best of Owner’s knowledge, no Property has been
or will be used to treat, deposit, store, dispose of or place any hazardous substance that may subject Manager to liability or
claims under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C.A. Section 9607) or
any constitutional provision, statute, ordinance, law, or regulation of any governmental body or of any order or ruling of any
public authority or official thereof, having or claiming to have jurisdiction thereover.

 

3.7           Legal
Status of Properties. Owner represents that to the best of its knowledge each Property and any equipment thereon complies with
all legal requirements and authorizes Manager to disclose the identity of the Owner of the Property to any governmental or regulatory
officials. In the event it is alleged or charged that any Improvement or any equipment on a Property or any act or failure to act
by Owner with respect to the Property or the sale, rental, or other disposition thereof fails to comply with, or is in violation
of, any of the requirements of any constitutional provision, statute, ordinance, law, or regulation of any governmental body or
any order or ruling of any public authority or official thereof having or claiming to have jurisdiction thereover, and Manager,
in its sole and absolute discretion, considers that the action or position of Owner, with respect thereto may result in damage
or liability to Manager, Manager shall have the right to stop providing services with respect to such Property at any time by written
cancellation notice to Owner of its election so to do, which cancellation shall be effective upon the service of such notice. Such
cancellation shall not (a) terminate this Management Agreement, (b) release the indemnities of Owner set forth in this
Management Agreement or (c) terminate any liability or obligation of Owner to Manager for any payment, reimbursement, or other
sum of money then due and payable to Manager hereunder.

 

3.8           Extraordinary
Payments. Owner agrees to give adequate advance written notice to Manager if Owner desires that Manager make any extraordinary
payment, out of Gross Revenue, to the extent funds are available after the payment of Manager’s compensation as provided
for herein and all operational expenses, of mortgage indebtedness, general taxes, special assessments, or insurance premiums.

 

ARTICLE
IV

EXPENSES

 

4.1           Owner’s
Expenses. Except as otherwise specifically provided, all costs and expenses incurred hereunder by Manager in fulfilling its
duties to Owner, other than wages and other employee-related expenses of Manager shall be for the account of and on behalf of Owner.
All costs and expenses for which Owner is responsible under this Management Agreement shall be paid by Manager out of the Account.
In the event the Account does not contain sufficient funds to pay all said expenses, Owner shall fund all sums necessary to meet
such additional costs and expenses.

    	 	8	 

     

    

 

4.2           Manager’s
Expenses. Manager shall, out of its own funds, pay all of its general overhead and administrative expenses.

 

ARTICLE
V

MANAGER’S COMPENSATION

 

5.1           Management
Fees. Owner shall pay to Manager property management fees in an amount equal to [∙] percent ([∙]%) of Gross Revenues
(the “Management Fees”) on a monthly basis; provided, however, the Management Fees shall not be
less than the following amounts for any Property on a monthly basis:

 

5.2           Audit
Adjustment. If any audit of the records, books or accounts relating to the Properties discloses an overpayment or underpayment
of Management Fees, Owner or Manager shall promptly pay to the other party the amount of such overpayment or underpayment, as the
case may be. If such audit discloses an overpayment of Management Fees for any fiscal year of more than the correct Management
Fees for such fiscal year, Manager shall bear the cost of such audit.

 

ARTICLE
VI

INSURANCE AND INDEMNIFICATION

 

6.1           Insurance
to be Carried.

 

(a)          Manager
shall obtain and keep in full force and effect insurance liability policies that shall provide sufficient insurance satisfactory
to both Owner and Manager consistent with past practice and shall contain waivers of subrogation for the benefit of Owner.

 

(b)          Manager
shall obtain and keep in full force and effect, in accordance with the laws of the state in which each Property is located, employer’s
liability insurance applicable to and covering all employees of Manager at the Properties and all persons engaged in the performance
of any work required hereunder, and Manager shall furnish Owner certificates of insurers naming Owner as an additional insured
and evidencing that such insurance is in effect. If any work under this Management Agreement is subcontracted as permitted herein,
Manager shall include in each subcontract a provision that the subcontractor shall also furnish Owner with such a certificate.

 

6.2           Insurance
Expenses. Premiums and other expenses of such insurance, as well as any applicable payments in respect of deductibles shall
be borne by Owner.

 

6.3           Cooperation
with Insurers. Manager shall cooperate with and provide reasonable access to the Properties to representatives of insurance
companies and insurance brokers or agents with respect to insurance that is in effect or for which application has been made. Manager
shall use its best efforts to comply with all requirements of insurers.

 

6.4           Accidents
and Claims. Manager shall promptly investigate and shall report in detail to Owner all accidents, claims for damage relating
to Ownership, operation or maintenance of the Properties, and any damage or destruction to the Properties and the estimated costs
of repair thereof, and shall prepare for approval by Owner all reports required by an insurance company in connection with any
such accident, claim, damage, or destruction. Such reports shall be given to Owner promptly consistent with past practice. Manager
and Owner shall cooperate with respect to settling any claim against an insurance company arising out of any policy. Manager will
not settle any claim related to a Property against an insurance company arising out of any policy and, in connection with any such
claim, will not execute proofs of loss and adjustments of loss and to collect and receipt for loss proceeds.

    	 	9	 

     

    

 

6.5           Indemnification.

 

(a)           Indemnification
of Manager. Owner agrees to indemnify, defend, protect, save and hold harmless Manager and its stockholders, partners, members,
officers, directors, employees, managers, successors and assigns (collectively, the “Indemnified Parties”) from
any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney’s
fees and expenses, of every kind and nature whatsoever (collectively, “Losses”) in connection with or in any
way related to (i) any Contract, (ii) each Property, including any past, current or future allegations regarding treatment,
depositing, storage, disposal or placement by any party other than Manager of hazardous substances on the Property, from liability
for damage to each Property and injuries to or death of any person whomsoever, and damage to Property, and from liability arising
out of or related to a Property that Owner has abandoned or ceased funding operating shortfalls and (iii) the willful misconduct,
gross negligence or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner, or the
failure of Owner to correct any present or future violation or alleged violation of any and all present or future laws, ordinances,
statutes, or regulations of any public authority or official thereof, having or claiming to have jurisdiction thereover, of which
it has actual notice; provided, however, that the indemnification and exculpation shall not extend to any such Losses
arising out of the willful misconduct, gross negligence or unlawful acts (the unlawfulness having been adjudicated by a court of
proper jurisdiction) of Manager, its agents, servants, or employees; provided, further, that the indemnification
and exculpation shall be limited to the extent that Manager recovers insurance proceeds with respect to that matter. Manager shall
not be liable for any error of judgment or for any mistake of fact or law, or for anything that it may do or refrain from doing,
except in cases of willful misconduct, gross negligence or unlawful acts (the unlawfulness having been adjudicated by a court of
proper jurisdiction).

 

(b)          Indemnification
of Owner. Manager agrees to indemnify, defend, protect, save and hold harmless Owner and its stockholders, partners, members,
officers, directors, employees, managers, successors and assigns from any and all Losses for any injury or damage to any person
or property whatsoever for which Manager is responsible occurring in, on, or about the Properties, including, without limitation,
the Improvements, when the injury or damage shall be caused by the willful misconduct, gross negligence or unlawful acts (the unlawfulness
having been adjudicated by a court of proper jurisdiction) of Manager, its agents, servants, or employees, except to the extent
that Owner recovers insurance proceeds with respect to such matter.

 

ARTICLE
VII

TERM AND TERMINATION

 

7.1           Term.
This Management Agreement shall commence on the Effective Date and shall continue with respect to each Property until [∙],
subject to automatic renewals of additional successive one-year periods unless either the Owner or the Manager provides at least
[∙] days’ advance notice of non-renewal or (y) Owner’s sale of the Property.

 

7.2           Manager’s
Obligations Upon Termination. Upon termination of this Management Agreement, Manager shall cooperate with Owner and take all
reasonable steps requested by Owner to make an orderly transition of the Manager’s services, including without limitation:

    	 	10	 

     

    

 

(a)          Manager
shall deliver to Owner or its designee, all books and records with respect to the Properties.

 

(b)          Manager
shall transfer and assign to Owner, or its designee, all service contracts and personal property relating to or used in the operation
and maintenance of the Properties, except personal property paid for and owned by Manager. Manager shall also, for a period of
[∙] days immediately following the date of such termination, make itself available to consult with and advise Owner, or its
designee, regarding the operation, and maintenance of the Properties.

 

(c)          Manager
shall render to Owner an accounting of all funds of Owner in its possession and shall deliver to Owner a statement of all Management
Fees claimed to be due to Manager and shall cause funds of Owner held by Manager relating to the Properties to be paid to Owner
or its designee.

 

7.3           Owner’s
Obligations Upon Termination. Upon termination of this Management Agreement, Owner shall cooperate with Manager and take all
reasonable steps to make an orderly transition of the Manager’s services to Owner or Owner’s designee, including without
limitation:

 

(a)          Owner
shall pay or reimburse Manager for any sums of money due Manager under this Management Agreement for services and expenses prior
to termination of this Management Agreement. The parties understand and agree that Manager may withhold funds for [∙] days
after the end of the month in which this Management Agreement is terminated to pay bills previously incurred but not yet invoiced
and to close accounts. Should the funds withheld be insufficient to meet the obligation of Manager to pay bills previously incurred,
Owner will, upon demand, advance sufficient funds to Manager to ensure fulfillment of Manager’s obligation to do so, within
10 days of receipt of notice and an itemization of such unpaid bills.

 

(b)          Owner
shall assume in writing all obligations under all Contracts entered into by Manager, on behalf of Owner of the Property and in
accordance with this Management Agreement, upon termination of this Management Agreement.

 

ARTICLE
VIII

MISCELLANEOUS

 

8.1           Notices.
Any notice, report, approval, authorization, waiver, consent or other communication (each, a “Notice”) required
or permitted to be given hereunder shall be in writing and shall be deemed given or delivered: (i) when delivered personally;
(ii) one business day following deposit with a recognized overnight courier service that obtains a receipt, provided such
receipt is obtained, and provided further that the deposit occurs prior to the deadline imposed by such service for overnight delivery;
(iii) when transmitted, if sent by electronic mail, provided a read receipt is delivered to the sender, in each case provided
such communication is addressed to the intended recipient thereof as set forth below:

 

If to Owner, to:

 

[∙] 

 

If to Manager:

 

Postal Realty Management TRS, LLC

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Jeremy Garber

 

    	 	11	 

     

    

 

Either party shall,
as soon as reasonably practicable, give Notice in writing to the other party of a change in its address for the purposes of this
Section 8.1. The failure of any Party to give notice shall not relieve any other Party of its obligations under this
Management Agreement except to the extent that such Party is actually prejudiced by such failure to give notice.

 

8.2           Governing
Law: Venue. This provisions of this Management Agreement shall be construed and interpreted in accordance with the laws of
the State of New York, and venue for any action brought with respect to any claims arising out of this Management Agreement shall
be brought exclusively in the borough of Manhattan.

 

8.3           Assignment.

 

(a)          Neither
this Management Agreement nor any of the rights, interests or obligations hereunder shall be assigned, transferred, delegated or
otherwise disposed of (whether voluntarily or involuntarily, directly or indirectly, by operation of law, merger, sale of stock,
sale of assets or otherwise), by Manager without the prior written consent of Owner. Notwithstanding the foregoing, (i) Manager 
may, without the prior consent of Owner, assign, transfer, delegate or otherwise dispose of, this Management Agreement, or any
of its rights, interests or obligations hereunder to any Affiliate of the Manager, in whole or in part; provided, however,
that such Affiliate remains an Affiliate of the Manager at all times following such assignment, transfer, delegation or other disposition
and (if this Management Agreement is in whole assigned, transferred, delegated or disposed to such an Affiliate) signs a joinder
agreement and is bound hereunder, but no such assignment, transfer, delegation or other disposition shall relieve Manager of any
of its obligations hereunder.  Any purported assignment, transfer, delegation or disposition by Manager in violation of this
Section 8.3 shall be null and void ab initio.

 

(b)          
Subject to the foregoing, Owner acknowledges and agrees that any or all of the duties of Manager as contained herein may be delegated
pursuant to this Section 8.3(b) by Manager and performed by a person or entity (“Submanager”)
with whom Manager contracts for the purpose of performing such duties. Owner specifically grants Manager the authority to enter
into such a contract with a Submanager; provided, however, that, unless Owner otherwise agrees in writing with such
Submanager, Owner shall have no liability or responsibility to any such Submanager for the payment of the Submanager’s fee
or for reimbursement to the Submanager of its expenses or to indemnify the Submanager in any manner for any matter. Any contract
entered into between Manager and a Submanager pursuant to this Section 8.3 shall be consistent with the provisions
of this Management Agreement, except to the extent Owner otherwise specifically agrees in writing. This Management Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns.

 

8.4           No
Waiver. The failure of Owner to seek redress for violation or to insist upon the strict performance of any covenant or condition
of this Management Agreement shall not constitute a waiver thereof for the future.

 

8.5           Amendments.
This Management Agreement may be amended only by an instrument in writing signed by the party against whom enforcement of the amendment
is sought.

    	 	12	 

     

    

 

8.6           Headings.
The titles and headings of sections and subsections contained in this Management Agreement are for convenience only, and they neither
form a part of this Management Agreement nor are they to be used in the construction or interpretation hereof.

 

8.7           Counterparts.
This Management Agreement may be executed with counterpart signature pages or in multiple counterparts, each of which shall
be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one
and the same instrument. This Management Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories.

 

8.8           Facsimile
Signatures. A facsimile or other electronic signature on the signature pages hereto shall for all purposes be deemed an
original and shall bind the signor as if such facsimile or other electronic signature were an original.

 

8.9           Entire
Agreement. Subject to express references to past practices contained herein, this Management Agreement contains the entire
agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements,
understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject
matter hereof.

 

8.10         Disputes.
If there shall be a dispute between Owner and Manager relating to this Management Agreement resulting in litigation, the prevailing
party in such litigation shall be entitled to recover from the other party to such litigation such amount as the court shall fix
as reasonable attorneys’ fees.

 

8.11         Activities
of Manager. The obligations of Manager pursuant to the terms and provisions of this Management Agreement shall not be construed
to preclude Manager from engaging in other activities or business ventures, whether or not such other activities or ventures are
in competition with Owner or the business of Owner.

 

8.12         Independent
Contractor. Manager and Owner shall not be construed as joint venturers or partners of each other pursuant to this Management
Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status
of Manager to Owner under this Management Agreement is that of an independent contractor.

 

8.13         No
Third-Party Rights. Nothing expressed or referred to in this Management Agreement will be construed to give any Person other
than the parties to this Management Agreement any legal or equitable right, remedy or claim under or with respect to this Management
Agreement or any provision of this Management Agreement, except such rights as shall inure to a successor or permitted assignee
pursuant to Section 8.3.

 

8.14         Licensing
Claims. Owner shall not (i) bring or cause to be brought or support any Licensing Claim or (ii) seek to avoid the
observance or performance of any of the terms to be observed or performed under this Management Agreement (including, for the avoidance
of doubt, Owner’s past or future payment to Manager of fees and expenses under this Management Agreement) as result of or
with respect to any Licensing Claim. For the avoidance of doubt, Owner may respond to requests for information from any Governmental
Authority with respect to Licensing Claims. Owner shall not have any indemnification obligations under Section 6.5
or otherwise with respect to Licensing Claims or any Losses arising from Licensing Claims.

    	 	13	 

     

    

 

8.15         Tax
Cooperation. Each of Owner and Manager shall provide the other with such assistance and non-privileged information relating
to their respective businesses as may reasonably be requested in connection with the preparation of any Tax Return or the performance
of any audit, examination or any other proceeding by any Governmental Authority, whether conducted in a judicial or administrative
forum; provided, however, that the requesting party shall bear all reasonable costs and expenses associated with such request.

 

8.16         No
Presumption Against Drafter. Each of the parties has jointly participated in the negotiation and drafting of this Management
Agreement. In the event of an ambiguity or a question of intent or interpretation arises, this Management Agreement shall be construed
as if drafted jointly by each of the parties, and no presumptions or burdens of proof shall arise favoring any party by virtue
of the authorship of any of the provisions of this Management Agreement.

 

    	 	14	 

     

    

 

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

 

	 	[∙]
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	POSTAL REALTY MANAGEMENT TRS, LLC 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

  

    	 	15Exhibit
10.12

 

CONTRIBUTION
AGREEMENT

 

This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as of __________, 2019 by and among Unlimited Postal
Holdings, LP, a Texas limited partnership, (“Contributor”), Postal Realty LP, a Delaware limited
partnership (the “Operating Partnership”), and Postal Realty Trust, Inc., a Maryland corporation (the
“REIT”), the sole general partner of the Operating Partnership.

 

RECITALS

 

WHEREAS, Contributor
is the record and beneficial owner of equity interests in the amount or percentage described on Exhibit A hereto (the
“Contributed Interests”) in each of the entities described in Exhibit A hereto (each, a “Contributed
Entity” and collectively, the “Contributed Entities”);

 

WHEREAS, the
Contributed Entities are the direct or indirect owners of the properties described on Exhibit A hereto (each a “Property”
and collectively, the “Properties”); and

 

WHEREAS, Contributor
desires to contribute the Contributed Interests to the Operating Partnership, and the Operating Partnership desires to acquire
the Contributed Interests from Contributor, on the terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE,
for and in consideration of the foregoing, and the representations, warranties and other terms contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

ARTICLE
I

THE CONTRIBUTION

 

1.1          Contribution
of Contributed Interests. Contributor irrevocably agrees to contribute, transfer and assign at the Closing (as defined herein)
the Contributed Interests, together with any other interests such Contributor may have in any of the Contributed Entities, and
the Operating Partnership agrees to accept transfer of the Contributed Interests and any such other interests pursuant to the terms
and subject to the conditions set forth in this Agreement. Contributor shall transfer the Contributed Interests to the Operating
Partnership free and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances,
conditions, restrictions, claims, and any other matters affecting title thereto.

 

1.2          Consideration.

 

(a)          Consideration
Amount. The total consideration (the “Consideration”) for which Contributor agrees to
contribute, transfer and assign the Contributed Interests to the Operating Partnership, and for which the Operating
Partnership agrees to pay, issue or deliver to Contributor, subject to the terms of this Agreement, at Closing shall be the
amount set forth on Exhibit A as “Total Consideration.” The Consideration may be adjusted, upward or
downward, by the amount of any adjustments arising from the Prorations (as defined herein). Any decrease or increase in the
Consideration as a result of the Prorations will adjust the Consideration payable hereunder in the form of OP Units pursuant
to Section 1.2(a)(2). Contributor shall be credited with Contributor’s share of any cash held by or for the benefit of
any Contributed Entity or in respect of any Contributed Interest as of the date of Closing. Contributor shall be responsible
for all one time tenant improvement costs, tenant allowances, broker’s fees and commissions and all other costs and
expenses associated with existing leases of the Property; provided, however, that the Operating Partnership shall be
responsible for all tenant improvement costs, tenant allowances, broker’s fees and commissions and other one-time costs
and expenses associated with new leases of the Property entered into after the date of this Agreement with the consent of the
Operating Partnership.

 

      

     

    

 

(1)         The
Operating Partnership shall take each Contributed Interest and Contributed Entity subject to existing indebtedness, and the Contributor
shall receive a credit against the Consideration in an amount equal to the principal balance of the existing indebtedness, plus
all accrued interest to the Closing Date plus any prepayment premium and any other charges incurred by the Operating Partnership
and required by the lender in connection with the transactions contemplated by this Agreement. In addition, the Operating Partnership
shall be charged with, and the Contributor shall be credited for, the amount of the sums being held in escrow by the lender and
being assigned and transferred to or otherwise acquired by the Operating Partnership.

 

(2)         The
Consideration shall be the issuance to Contributor of a number of common units of limited partnership interests of the Operating
Partnership (“OP Units”) equal to (a) (x) the amount set forth on Exhibit A as “Total Consideration”
less (y) the amount assumed pursuant to Section 1.2(a)(1), (b) divided by the IPO Price.

 

(b)          OP
Units. Any portion of the Consideration payable hereunder to be in the form of OP Units shall be registered in the name of
Contributor. OP Units will not be delivered to Contributor unless Section 2.2(j) hereof is true and correct as of the Closing Date
(as defined herein). No fractional OP Units will be issued and OP Units will be rounded to the nearest whole number. The Consideration,
whether in cash, in OP Units or a combination thereof, may be reduced by the amount the Operating Partnership reasonably determines
must be withheld for tax purposes. The rights and obligations of holders of OP Units as of the Closing will be as set forth in
the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”),
the form of which was filed as Exhibit 10.1 to the REIT’s Registration Statement on Form S-11 (File No. 333- 230684), which
the REIT filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 2, 2019. Although initially
the OP Units will not be certificated, certificates, if any, subsequently evidencing the OP Units will bear appropriate legends
(i) indicating that the OP Units have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), (ii) indicating that the Partnership Agreement will restrict the transfer of the OP Units, and (iii) describing
the ownership limitations and transfer restrictions imposed by the charter of the REIT with respect to shares of the REIT’s
capital stock.

 

    2  

     

    

 

1.3           No
Further Interest. Contributor acknowledges and agrees that effective upon the Closing, and without any further action by Contributor,
the Contributed Interests shall be transferred, assigned and conveyed to the Operating Partnership, or a subsidiary thereof, and
Contributor shall no longer be an equity holder of any of the Contributed Entities, shall no longer be entitled to receive any
distributions from any of the Contributed Entities, and shall have no further right, title or interest in any of the Contributed
Interests, the Contributed Entities or the Property Entities, other than indirectly through the ownership of any OP Units.

 

1.4           Tax
Consequences to Contributor. Notwithstanding anything to the contrary contained in this Agreement, including without
limitation the use of words and phrases such as “sell,” “sale,” “purchase,” and
“pay,” the parties hereto acknowledge and agree that (i) all indebtedness to be assumed by the Operating
Partnership or any of its affiliates pursuant to the transactions contemplated by this Agreement be treated as
“qualified liabilities” within the meaning of Treasury Regulation Section 1.707-5(a)(5); and (ii) therefore, the Contribution be treated as a nontaxable contribution by the
Contributor of the Contributed Interests, Contributed Entity or Property to the Operating Partnership under Section 721(a) of
the Code, with no gain required to be recognized by the Contributor or any partner in the Contributor as a result thereof. Except as otherwise provided in the Tax
Protection Agreement, no Party shall take any position on any tax return that is inconsistent with the foregoing treatment
except as required by law.

 

1.5           Definitions.
As used in this Agreement, the following terms have the following meanings:

 

“Contributor’s
Percentage Interest” means, with respect to each Contributed Entity, the percentage set forth on Exhibit A hereto
under the heading “Contributed Interest”, which reflects the Contributor’s percentage ownership interest in each
Contributed Entity pursuant to and in accordance with the applicable Governing Agreement (as defined herein) of the Contributed
Entity.

 

“IPO”
means the underwritten initial public offering of shares of Class A common stock, par value $0.01 per share, of the REIT.

 

“IPO Price”
means the public offering price set forth on the front cover of the final prospectus for the IPO (the “Prospectus”),
to be filed by the REIT with the SEC.

 

“Post-Closing
Tax Period” means any taxable period that begins after the Closing Date and, in the case of a Straddle Period, the portion
of the Straddle Period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period (or portion thereof) ending on or before the end of the Closing Date and, in the
case of a Straddle Period, the portion of the Straddle Period ending on the Closing Date.

 

    3  

     

    

 

“Property
Entity” means an entity owning a Property, as set forth on Exhibit A hereto.

 

“Prorations”
means those proration and adjustment amounts that are customarily applied to closings of commercial real estate transactions in
the county in which the Property is located, which amounts shall be calculated as of midnight (Eastern time) of the day immediately
preceding the Closing Date. Contributor shall be entitled to Contributor’s share of all income and responsible for Contributor’s
share of all expenses of the Contributed Interest, Contributed Entity and the Property for the period of time up to but not including
the Closing Date, and the Operating Partnership shall be entitled to all such income and responsible for all such expenses for
the period of time after and including the Closing Date. Without limiting the generality of the foregoing, the following items
of income and expense shall be prorated at Closing:

 

(A)         Taxes.
All real estate and personal property taxes and special assessments, if any, with respect to each Property shall be prorated at
the Closing;

 

(B)         Utilities.
All telephone, electric, sewer, water and other utility bills, trash removal bills, janitorial and maintenance service bills and
all other expenses relating to a Property, if any, that are obligations of the Property Entity and which are allocable to the period
prior to the Closing Date shall be determined and paid, or caused to be paid, by the Property Entity or Contributed Entity before
the Closing, if possible, or if such is not determinable before the Closing, then the Parties shall use their commercially reasonable
efforts to determine and pay such amounts as promptly as possible following the Closing and the Operating Partnership may withhold
from any cash amount of the Consideration payable at the Closing hereunder an amount of cash reasonably estimated to cover any
estimated Proration for the items described in this subsection (B);

 

(C)         Rents.
All rents, including, without limitation, base rents, operating expense payments or common area maintenance charges and all other
forms of additional rents, payable under the leases for the Property and all other income from the Property shall be prorated at
the Closing; and

 

(D)         Other
Items. Any other items of revenue, operating expenses or other items which are customarily prorated between a transferor and
transferee of real estate in the county in which the Property is located shall be prorated at the Closing.

 

“Representation,
Warranty and Indemnity Agreement” means the Representation, Warranty and Indemnity Agreement dated ___________, 2019
by and among the REIT, the Operating Partnership and Andrew Spodek.

 

“Straddle
Period” means a taxable period beginning before and ending after the Closing Date.

 

    4  

     

    

 

ARTICLE
II

REPRESENTATIONS AND Warranties

 

2.1          Representations
by the Operating Partnership. The Operating Partnership hereby represents and warrants to Contributor that the following statements
are true, correct, and complete as of the date of this Agreement and will be true, correct, and complete as of the Closing Date:

 

(a)          Organization
and Power. The Operating Partnership is duly organized, validly existing, and in good standing under the laws of the State
of Delaware, and has full right, power, and authority to enter into this Agreement and to assume and perform all of its obligations
under this Agreement. The execution and delivery of this Agreement and the performance by the Operating Partnership of its obligations
hereunder have been duly authorized by all requisite action of the Operating Partnership and require no further action or approval
of the Operating Partnership’s partners or of any other individuals or entities in order to constitute this Agreement as
a binding and enforceable obligation of the Operating Partnership.

 

(b)          OP
Units Validly Issued. The OP Units, when issued in accordance with the terms of this Agreement and the Partnership Agreement,
will be duly and validly authorized and issued, free of any preemptive or similar rights, and will be without any obligation to
restore capital, except as required by the Delaware Revised Uniform Limited Partnership Act (the “Limited Partnership
Act”).

 

2.2          Representations
by Contributor. Contributor hereby represents and warrants to the Operating Partnership that the following statements are true,
correct, and complete as of the date of this Agreement and will be true, correct, and complete as of the Closing Date:

 

(a)          Organization
and Power; Due Authorization. Contributor, if an entity or trust, is duly incorporated, formed or organized, validly existing,
and in good standing under the laws of its state of incorporation, formation or organization. Contributor has full right, power,
and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement; and the execution
and delivery of this Agreement and the performance by Contributor of its obligations hereunder have been duly authorized by all
requisite action of Contributor and require no further action or approval of Contributor’s members, partners, stockholders,
managers, board of directors, trustees or of any other individuals or entities, as applicable, in order to constitute this Agreement
as a binding and enforceable obligation of Contributor. This Agreement, and each agreement, document and instrument executed and
delivered by or on behalf of Contributor pursuant to this Agreement, constitutes, or when executed and delivered will constitute,
the legal, valid and binding obligation of Contributor, enforceable against Contributor in accordance with its terms, except as
such enforceability may be limited by bankruptcy or the application of equitable principles.

 

(b)          Noncontravention.
Neither the entry into nor the performance of, or compliance with, this Agreement by Contributor has resulted, or will result,
in any violation of, or default under, or result in the acceleration of, any obligation under any charter, bylaws, limited liability
company agreement, partnership agreement, declaration of trust, mortgage indenture, lien agreement, note, contract, agreement,
permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Contributor or to any Contributed
Interests, any Contributed Entity or any Property Entity.

 

    5  

     

    

 

(c)          Litigation.
There is no action, suit, or proceeding, pending or known to be threatened, against or affecting Contributor in any court or before
any arbitrator or before any federal, state, municipal, or other governmental department, commission, board, bureau, agency or
instrumentality which (1) in any manner raises any question affecting the validity or enforceability of this Agreement, (2) could
materially and adversely affect the business, financial position, or results of operations of Contributor, any Contributed Entity,
Property Entity or Property, (3) could adversely affect the ability of Contributor to perform its obligations hereunder, or under
any document to be delivered pursuant hereto, (4) could create a lien on the Contributed Interests, any part thereof, or any interest
therein, or (5) could adversely affect the Contributed Interests, any part thereof, or any interest therein.

 

(d)          Good
Title. Exhibit A accurately sets forth Contributor’s Percentage Interest. Contributor is the sole record and beneficial
owner of the Contributed Interests and has full power and authority to convey the Contributed Interests pursuant to the terms of
this Agreement. Contributor has good and marketable title to the Contributed Interests. No person has any community property rights,
by virtue of marriage or otherwise, with respect to the Contributed Interests. The Contributed Interests are free and clear of
all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions, restrictions,
claims or any other matters affecting title thereto and at the Closing will be contributed to the Operating Partnership free and
clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions,
restrictions, claims or other matters affecting title thereto. No other person or entity has an option to purchase or a right of
first refusal to purchase the Contributed Interests nor are there any agreements or understandings with respect to the voting,
ownership or disposition of the Contributed Interests that could adversely affect Contributor’s ability to perform its obligations
hereunder or the Operating Partnership’s ownership of the Contributed Interests following the Closing.

 

(e)          Contributed
Interests. There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights relating
to the Contributed Interests or any equity interest in any Contributed Entity, Property Entity or Property that will be in effect
as of the Closing.

 

(f)          No
Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or filing
by or with any governmental agency or body necessary for the execution, delivery and performance of this Agreement or the transactions
contemplated hereby by Contributor has been obtained or will be obtained on or before the Closing Date. Each consent or approval
required under any Governing Agreement, contract or agreement of any Contributed Entity, or among the partners, members or stockholders
of any Contributed Entity, relating to indebtedness or otherwise, necessary for the execution, delivery and performance of this
Agreement and the contribution, acquisition and transfer of the Contributed Interests has been obtained or will be obtained on
or before the Closing Date.

 

    6  

     

    

 

(g)          Actions
Prior to Closing. From the date hereof until the Closing Date, Contributor shall not take any action or fail to take any action
the result of which would (1) have a material adverse effect on the Contributed Interests or the Operating Partnership’s
ownership thereof, or any material adverse effect on the assets, business, condition (financial or otherwise), results or operation
of any Property or any Contributed Entity or Property Entity after the Closing Date or (2) cause any of the representations and
warranties contained in this Section 2.2 to be untrue as of the Closing Date.

 

(h)          Governing
Agreements. Contributor has performed all of its obligations under the partnership agreement, limited liability company agreement,
operating agreement, charter and bylaws, as such may have been amended from time to time, as applicable, of each Contributed Entity
(each, a “Governing Agreement” and collectively, the “Governing Agreements”).

 

(i)           Securities
Law Matters.

 

(1)         In
deciding to engage in the transactions contemplated by this Agreement, including, if applicable, acquiring OP Units, neither Contributor
nor any equity holder thereof is relying upon any representations made to it by the Operating Partnership, or any of its partners,
officers, employees, or agents that are not contained herein. Contributor is aware of the risks involved in investing in the OP
Units and in the securities issuable upon redemption of the OP Units. Contributor is knowledgeable, sophisticated and experienced
in business and financial matters and fully understands the limitations on transfer imposed by the federal securities laws and
as described in this Agreement and related materials, including the Partnership Agreement. Contributor has received the Partnership
Agreement and related materials, including the registration statement filed by the REIT with the Securities and Exchange Commission
in connection with the IPO, has reviewed all documents and has had an opportunity to ask questions of, and to receive answers from,
the Operating Partnership and the REIT or a person or persons authorized to act on their behalf, concerning the terms and conditions
of an investment in the OP Units and the financial condition, affairs, and business of the Operating Partnership and the REIT.
Contributor confirms that all documents, records, and information pertaining to its investment in OP Units that have been requested
by Contributor have been made available or delivered to Contributor prior to the date hereof.

 

(2)         Contributor
and each equity holder thereof understands that the offer and sale of OP Units have not been registered under any state or federal
securities laws and are instead being offered and sold in reliance on an exemption from such registration requirements and that
the Operating Partnership’s reliance on such exemption is predicated in part on the accuracy and completeness of the representations
and warranties of Contributor contained herein. The OP Units issuable to Contributor are being acquired by Contributor solely for
its own account, for investment, and are not being acquired with a view to, or for resale in connection with, any distribution,
subdivision, or fractionalization thereof, in violation of such laws, and Contributor does not have any present intention to enter
into any contract, undertaking, agreement, or arrangement with respect to any such resale.

 

    7  

     

    

 

(3)         Contributor
is able to bear the economic risk of holding the OP Units for an indefinite period and is able to afford the complete loss of its
investment in the OP Units.

 

(4)         Contributor
understands that no federal agency (including the SEC) or state agency has made or will make any finding or determination as to
the fairness of an investment in the OP Units (including as to the value of the Consideration payable in OP Units).

 

(5)         Contributor
understands that there is no established public, private or other market for the OP Units to be issued to Contributor hereunder
and it is not anticipated that there will be any public, private or other market for such OP Units in the foreseeable future.

 

(6)         Contributor
understands that Rule 144 promulgated under the Securities Act is not currently available with respect to the sale of OP Units.

 

(j)           Accredited
Investor. If Contributor has elected to receive OP Units as some or all of the Consideration as set forth on Exhibit B,
Contributor is an “accredited investor,” as that term is defined in Rule 501 of Regulation D under the Securities
Act, and has previously provided the Operating Partnership and the REIT with a duly executed questionnaire confirming Contributor’s
accredited investor status. No event or circumstance has occurred since delivery of such questionnaire to make the statements therein
false or misleading.

 

(k)           Tax
Matters. Contributor represents and warrants that it has obtained from its own tax advisors advice regarding the tax consequences
of (i) the transfer of the Contributed Interests to the Operating Partnership and the receipt of OP Units and/or cash or deemed
assumption of debt as the Consideration therefor, (ii) its admission as a limited partner of the Operating Partnership, if
applicable, (iii) any other transaction contemplated by this Agreement and (iv) ownership of OP Units, including the effect
of Section 704(c) of the Code. Neither the Operating Partnership nor the REIT has made any representation to Contributor regarding
the tax treatment of the transactions contemplated by this Agreement, and Contributor further represents and warrants that it has
not relied on the Operating Partnership or the Operating Partnership’s representatives or counsel for any tax advice.

 

(l)           Bankruptcy
with respect to Contributor. No Act of Bankruptcy (as defined below) has occurred with respect to Contributor. As used herein,
“Act of Bankruptcy” means if Contributor or any equity holder, partner, manager or director thereof shall (A) apply
for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or
of all or a substantial part of its property, (B) admit in writing its inability to pay its debts as they become due, (C) make
a general assignment for the benefit of its creditors, (D) file a voluntary petition or commence a voluntary case or proceeding
under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated bankrupt or insolvent, (F) file
a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution,
winding-up or composition or adjustment of debts, (G) fail to controvert in a timely and appropriate manner, or acquiesce
in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (H) take any entity action for the purpose of effecting any of the foregoing.

 

    8  

     

    

 

(m)          Brokerage
Commission. Contributor has not engaged the services of any real estate agent, broker, finder or any other person or entity
for any brokerage or finder’s fee, commission or other amount with respect to the transactions described herein.

 

(n)          No
Other Ownership. Except for the Contributed Interests, neither Contributor nor any of its affiliates owns any interest in any
Property other than through the Contributed Interests.

 

ARTICLE
III

INDEMNIFICATION

 

3.1          Survival
of Representations and Warranties; Remedy for Breach.

 

(a)          Subject
to Section 3.5 hereof, all representations and warranties of Contributor contained in this Agreement or in any Schedule, Exhibit,
certificate or affidavit delivered pursuant to this Agreement shall survive the Closing.

 

(b)          Subject
to the limitations set forth in Section 3.4 hereof, following the Closing, Contributor shall be liable under this Agreement for
monetary damages (or otherwise) for breach of any of its representations, warranties, covenants and obligations contained in this
Agreement or in any Schedule, Exhibit, certificate or affidavit delivered by Contributor pursuant thereto.

 

3.2          General
Indemnification.

 

(a)          From
and after the Closing Date, Contributor shall indemnify, hold harmless and defend the Operating Partnership and the REIT, and their
respective officers, directors, employees, stockholders, partners, agents and affiliates (each of which is an “Indemnified
Party”), from and against any and all claims, losses, damages, liabilities and expenses, including, without limitation,
interest, penalties, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, judicial or administrative
proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”) asserted
against, imposed upon or incurred by the Indemnified Party, to the extent resulting from any breach of a representation, warranty
or covenant of Contributor contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit delivered by Contributor
pursuant thereto. In each case, Contributor shall only bear the fees, costs or expenses in connection with the employment of one
counsel and any necessary local counsel (regardless of the number of Indemnified Parties).

 

(b)          Contributor
shall also indemnify and hold harmless the Indemnified Parties from and against any and all Losses asserted against, imposed upon
or incurred by the Indemnified Parties to the extent resulting a third-party claim relating to the Contributed Interests arising
from matters that occurred prior to the Closing.

 

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(c)          With
respect to any indemnification claim by an Indemnified Party pursuant to this Section 3.2, to the extent available, the Operating
Partnership agrees to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any
right to defense under any insurance policy that covers the matter which is the subject of the indemnification prior to seeking
indemnification from Contributor until all proceeds and benefits, if any, to which the Operating Partnership or the Indemnified
Party is entitled pursuant to such insurance policy have been exhausted; provided, however, that the Operating Partnership may
make a claim under this Section 3.2 even if an insurance coverage dispute is pending, in which case, if the Indemnified Party
later receives insurance proceeds with respect to any Losses paid by Contributor for the benefit of any Indemnified Party, then
the Indemnified Party shall reimburse Contributor in an amount equivalent to such proceeds in excess of any deductible amount pursuant
to Section 3.2(a) hereof up to the amount actually paid (or deemed paid) by Contributor to the Indemnified Party in connection
with such indemnification (it being understood that all costs and expenses incurred by Contributor with respect to insurance coverage
disputes shall constitute Losses paid by Contributor for purposes of Section 3.2(a) hereof).

 

3.3          Notice
and Defense of Claims. As soon as reasonably practicable after receipt by the Indemnified Party of notice of any liability
or claim incurred by or asserted against the Indemnified Party that is subject to indemnification under this Article III,
the Indemnified Party shall give notice thereof to Contributor, including liabilities or claims to be applied against the indemnification
deductible established pursuant to Section 3.4 hereof; provided that failure to give notice to Contributor will not relieve
Contributor from any liability that it may have to any Indemnified Party, unless, and only to the extent that, such failure (a)
shall have caused prejudice to the defense of such claim or (b) shall have materially increased the costs or potential liability
of Contributor by reason of the inability or failure of Contributor (due to such lack of prompt notice) to be involved in any investigations
or negotiations regarding any such claim. Such notice shall describe in reasonable detail the facts known to such Indemnified Party
giving rise to such claim, and the amount or good faith estimate of the amount of Losses arising therefrom. Unless prohibited by
law, such Indemnified Party shall deliver to Contributor, promptly after such Indemnified Party’s receipt thereof, copies
of all notices and documents received by such Indemnified Party relating to such claim. The Indemnified Party shall permit Contributor,
at Contributor’s option and expense, to assume the defense of any such claim by counsel selected by Contributor and reasonably
satisfactory to the Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the Indemnified
Party may at all times participate in such defense at its sole expense; and provided further, however, that Contributor shall not,
in defense of any such claim, except with the prior written consent of the Indemnified Party in its sole and absolute discretion,
consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving
by the claimant or plaintiff in question to all Indemnified Parties a full and complete release of all liabilities in respect of
such claims, or that does not result only in the payment of money damages which are paid (or deemed paid) in full by Contributor.
If Contributor shall not have undertaken such defense within 20 days after such notice, or within such shorter time as may be reasonable
under the circumstances to the extent required by applicable law, then the Indemnified Party shall have the right to undertake
the defense, compromise or settlement of such liability or claim on behalf of and for the account of Contributor and at Contributor’s
sole cost and expense (subject to the limitations in Section 3.4 hereof).

 

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3.4          Limitations
on Indemnification Under Section 3.2(a).

 

(a)          Contributor
shall not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Parties under
Section 3.2(a) exceeds one percent (1%) of the value of the aggregate Consideration (valuing OP Units at the IPO Price) and
then only to the extent of such excess. Contributor’s total liability for indemnification shall not exceed the Consideration.

 

(b)          Notwithstanding
anything contained herein to the contrary, before taking recourse against any assets of Contributor and subject to the limitations
set forth in the following sentence, the Indemnified Parties shall look, first to available insurance proceeds (including without
limitation any title insurance proceeds, if applicable) in accordance with Section 3.2(c) above, and then to indemnification
under this Article III, (and agree to treat any return of OP Units in satisfaction of indemnification obligations hereunder
as an adjustment to the Consideration delivered to Contributor hereunder). Notwithstanding anything to the contrary in this Agreement,
except in the case of fraud or in the event of Losses relating to a third-party claim, Contributor shall not be liable to the Indemnified
Parties for any indirect, special or consequential damages, loss of profits, taxes relating to tax years beginning on or after
the Closing, loss of value or other similar speculative damages asserted or claimed by the Indemnified Parties.

 

(c)          The
limitations in this Section 3.4 shall not apply to any obligations of Contributor with respect to Prorations under this Agreement.

 

3.5          Limitation
Period.

 

(a)          Any
claim for indemnification under Section 3.2 hereof must be asserted in writing by the Indemnified Party, stating the nature
of the Losses and the basis for indemnification therefor on or prior to the fifth anniversary of the Closing.

 

(b)          If
asserted in writing on or prior to the date specified in Section 3.5(a) hereof for the applicable claim, any claims for indemnification
pursuant to Section 3.2 hereof shall survive until resolved by mutual agreement between Contributor and the Indemnified Party
or by arbitration or court proceeding.

 

3.6          Delivery
of Indemnity Amounts. Indemnity payments may be made by Contributor in the form of cash or OP Units. To the extent indemnification
is made through delivery by Contributor of OP Units, such OP Units shall be valued at an amount per OP Unit equal to the IPO Price.
Contributor hereby authorizes the REIT, as general partner of the Operating Partnership, to take all such action as may be necessary
to amend the Partnership Agreement, and any exhibits or schedules thereto, to reflect the delivery of any OP Units by Contributor
to the Operating Partnership as an indemnification payment hereunder and to reflect that Contributor has no further right, title
or interest with respect to any such OP Units.

 

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ARTICLE
IV

COVENANTS

 

4.1          Covenants
of Contributor.

 

(a)          Satisfaction
of Conditions. Contributor hereby covenants that Contributor shall: (A) use commercially reasonable efforts and diligence in
order to satisfy all of the conditions to the Closing set forth herein, and (B) cooperate and assist in the Operating Partnership’s
efforts to satisfy all of the conditions to the Closing set forth herein, and agrees that the Operating Partnership shall not have
any obligation to consummate the Closing hereunder unless and until such conditions have been satisfied or waived by the Operating
Partnership in writing.

 

(b)          Consent
to Transfers. Contributor hereby consents to the transfer of, and waives any rights of first refusal, right of first offer,
buy-sell agreements, put, option or similar parallel or dissenter rights or similar rights afforded to Contributor under the Governing
Agreements or otherwise with respect to any equity ownership interest in any Contributed Entity, Property Entity or Property or
any other company or property being contributed or transferred to the Operating Partnership pursuant to a separate contribution
or other agreement.

 

(c)          No
Disposition or Encumbrance of Contributed Interests. From the date hereof through the Closing, except as specifically contemplated
by this Agreement, Contributor shall not, without the prior written consent of the Operating Partnership: (i) sell, transfer (or
agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing)
all or any portion of the Contributed Interests or all or any portion of its interest in any Property Partnership or Property;
or (ii) mortgage, assign, pledge or otherwise encumber in any manner the Contributed Interests, the Property Entity or the Property.

 

(d)          Ordinary
Course of Business. From the date hereof through the Closing, and except as specifically contemplated by this Agreement, Contributor
shall, to the extent within its control, cause each Contributed Entity and Property Entity to conduct its business in the ordinary
course of business consistent with past practice, and shall, to the extent within its control, not permit any Contributed Entity
or any Property Entity without the prior written consent of the Operating Partnership, to: (i) enter into any material transaction
not in the ordinary course of business; (ii) mortgage, pledge or encumber any assets of the Contributed Entity any Property Entity
or any Property, (iii) cause or permit any change to the existing use of any Property; (iv) cause or take any action that would
render any of the representations or warranties set forth herein untrue; (v) file an entity classification election pursuant to
Treasury Regulations Section 301.7701-3(c) on Internal Revenue Service Form 8832 (Entity Classification Election) to treat the
Contributed Entity as an association taxable as a corporation for federal income tax purposes; (vi) make or change any other tax
elections; (vii) settle or compromise any claim, notice, audit report or assessment in respect of taxes; (viii) change any annual
tax accounting period; (ix) adopt or change any method of tax accounting; (x) file any amended return, report or form (including
an election, declaration, amendment, schedule, information return or attachment thereto) required to be filed with a governmental
authority with respect to taxes (each, a “Tax Return”); (xi) enter into any tax allocation agreement, tax sharing
agreement, tax indemnity agreement or closing agreement relating to any tax; (xii) surrender any right to claim a tax refund; (xiii)
consent to any extension or waiver of the statute of limitations period applicable to any tax claim or assessment; or (xiv) make
any distribution to its partners or members, except for cash distributions in the ordinary course of business consistent with past
practices or as permitted by this Agreement.

 

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4.2          Tax
Matters.

 

(a)          Tax
Returns.

 

(A)         Pre-Closing
Tax Periods. Contributor shall prepare and timely file all Tax Returns (other than amended Tax Returns) of the Contributed
Entities for any Pre-Closing Tax Periods, and Contributor shall remit or cause to be remitted any Taxes due in respect of such
Pre-Closing Tax Periods. Such Tax Returns shall be prepared in a manner consistent with past practice, except as otherwise required
by law, and on such Tax Returns, no position shall be taken, election made or method adopted that is inconsistent with positions
taken, elections made or methods used in preparing and filing similar Tax Returns in prior periods (including positions, elections
or methods that would have the effect of deferring income to periods ending after the Closing Date or accelerating deductions to
periods ending on or before the Closing Date). For the avoidance of doubt, the Operating Partnership will have authority to sign
any Tax Returns relating to the Contributed Entities that are filed after the Closing Date.

 

(B)         Straddle
Periods and Post-Closing Periods. The Operating Partnership shall prepare and timely file all Tax Returns of the Contributed
Entities for all taxable periods other than the Pre-Closing Tax Periods, and the Operating Partnership shall remit or cause to
be remitted any Taxes due in respect of such taxable periods. At least 45 days prior to the deadline for the filing of any Tax
Return for a Straddle Period (and before the Operating Partnership files such Tax Return), the Operating Partnership shall furnish
to Contributor a draft of such Tax Return and Contributor shall have the right to review, provide written comments on, and approve
the portion of such draft Tax Return that relates to Taxes allocable to the portion of the Straddle Period for which Contributor
is responsible.

 

(b)          Tax
Matters. Contributor shall pay and indemnify, without duplication, the Operating Partnership for the following Taxes (and all
related Adverse Consequences, including all out-of-pocket expenses incurred in defending an audit or other claim relating to such
Taxes):

 

(A)         all
such Taxes resulting from a breach of any representation in Section 1.14 of the Representations, Warranty and Indemnity Agreement
or a breach of any provision of this Section 4.2;

 

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(B)         with
respect to such Taxes attributable to any Pre-Closing Tax Period: (i) all such Taxes of the Contributed Entities; (ii) all
such Taxes of any other Person that the Contributed Entities are liable for as a result of transferee liability, successor liability,
or a contractual obligation, in each case, that is attributable to, or arose as a result of actions or breaches, incurred in such
Pre-Closing Tax Period; and (iii) all Taxes resulting from a Contributed Entity being a member of, or leaving, during a Pre-Closing
Tax Period, an affiliated group of corporations that files a consolidated, combined or unitary Tax Return for federal, state, local
or foreign Tax purposes; and

 

(C)         with
respect to such Taxes attributable to any Straddle Period: (i) the Taxes of a Contributed Entity attributable to the portion
of such Straddle Period that ends on the Closing Date, as determined under Section 4.2(c); and (ii) the Taxes
of any other person that a Contributed Entity is liable for as a result of transferee liability, successor liability, or a contractual
obligation, in each case, that is attributable to, or arose as a result of actions or breaches, incurred on or before the Closing
Date, as determined under Section 4.2(c).

 

For the avoidance of doubt, the indemnification obligations
of the Contributor under this Section 4.2 shall not be subject to the amount limitations set forth in Article III.

 

(c)          Allocation
of Taxes. For purposes of determining the amount of Taxes that relate to Pre-Closing Tax Periods and Straddle Periods for purposes
of any obligation to indemnify for Taxes under Section 4.2(b) the parties agree to use the following conventions:

 

(A)         Taxes
in the form of interest, penalties, additions to tax or other additional amounts that are actually incurred, accrued, assessed
or similarly charged on or after the Closing Date but that relate to Taxes that accrued on or before the Closing Date shall be
treated as occurring prior to the Closing Date;

 

(B)         Except
for Taxes for which the Operating Partnership is responsible hereunder and for real estate taxes (apportioned pursuant to Section 1.5),
for all Taxes that are payable with respect to any Straddle Period, the portion of such Tax that is attributable to the portion
of the Straddle Period ending on the Closing Date shall be allocated between the portion of the period ending on the Closing Date
and the portion of the period beginning after the Closing Date using the following conventions:

 

(1)         in
the case of such Taxes resulting from, or imposed on, net or gross income, Taxes resulting from, or imposed on, any sale, receipt,
use, transfer or assignments of property or other asset, or Taxes resulting from, or imposed on, any payment or accrual of any
amounts (including, without limitation, dividends, interest, or wages), the amount allocated to the portion of the period ending
on the Closing Date shall be the amount of Tax that would be payable for such portion of the Straddle Period if such person filed
a separate Tax Return with respect to such Taxes or Taxes solely for the portion of the Straddle Period ending on the Closing Date
using a “closing of the books” methodology for allocating items of such Tax Return; and

 

(2)         in
the case of all other such Taxes, the amount allocated to the portion of the period ending on the Closing Date shall equal to the
amount of Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days in
the portion of the period ending on the Closing Date and the denominator of which is the number of calendar days in the entire
Straddle Period.

 

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For purposes of clause (i), any item determined
on an annual or periodic basis (including amortization and depreciation deductions and the effects of graduated rates) shall be
allocated to the portion of the Straddle Period ending on the Closing Date based on the relative number of days in such portion
of the Straddle Period as compared to the number of days in the entire Straddle Period.

 

(d)          Survival.
The obligations of Contributor to pay or indemnify for a Tax under this Section 4.2 shall expire upon the expiration
of the applicable statute of limitations (after taking into account any waiver, extension, tolling, or mitigation thereof) of the
underlying Tax; provided, however, to the extent that Contributor’s obligation to pay a Tax arises under a contract or other
agreement or arrangement, Contributor’s obligations under this Section 4.2 shall not expire until sixty (60)
days after the expiration of such Contributor’s obligation to pay such Tax under the contract or other agreement or arrangement.
All other obligations of Contributor under this Section 4.2 shall survive until fully performed.

 

(e)          Contributor
and the Operating Partnership shall provide each other with such cooperation and information relating to any of the Contributed
Interests, the Contributed Entities, their subsidiaries, the Property Entities or the Properties as the parties reasonably may
request in (i) filing any Tax Return, amended Tax Return or claim for tax refund, (ii) determining any liability for taxes or a
right to a tax refund, (iii) conducting or defending any proceeding in respect of taxes, or (iv) performing tax diligence, including
with respect to the impact of this transaction on the REIT’s tax status as a REIT. Such reasonable cooperation shall include
making employees available on a mutually convenient basis to provide additional information and explanation of any material provided
hereunder. The Operating Partnership shall promptly notify Contributor upon receipt by the Operating Partnership or any of its
affiliates of notice of (i) any pending or threatened tax audits or assessments with respect to the income, properties or operations
of any of the Contributed Entities, their subsidiaries, the Property Entities or their subsidiaries or with respect to any Property
and (ii) any pending or threatened federal, state, local or foreign tax audits or assessments of the Operating Partnership or any
of its affiliates, in each case, which may affect the liabilities for taxes of Contributor with respect to any tax period ending
before or as a result of the Closing. Contributor shall promptly notify the Operating Partnership in writing upon receipt by Contributor
or any of its affiliates of notice of any pending or threatened federal, state, local or foreign tax audits or assessments relating
to the income, properties or operations of any of the Contributed Entities, the Property Entities or their subsidiaries or with
respect to any Property. Each of the Operating Partnership and Contributor may participate at its own expense in the prosecution
of any claim or audit with respect to taxes attributable to any taxable period ending on or before the Closing Date; provided,
that Contributor shall have the right to control the conduct of any such audit or proceeding or portion thereof for which such
Contributor has acknowledged liability (except as a partner of the Operating Partnership) for the payment of any additional tax
liability, and the Operating Partnership shall have the right to control any other audits and proceedings. Notwithstanding the
foregoing, neither the Operating Partnership nor Contributor may settle or otherwise resolve any such claim, suit or proceeding
which could have an adverse tax effect on the other party or its affiliates (other than on Contributor or any of its affiliates
as a partner of the Operating Partnership) without the consent of the other party, such consent not to be unreasonably withheld.
Contributor and the Operating Partnership shall retain all Tax Returns, schedules and work papers with respect to the Contributed
Entities, the Property Entities, their subsidiaries, and the Properties, and all material records and other documents relating
thereto, until the expiration of the statute of limitations (and, to the extent notified by any party, any extensions thereof)
of the taxable years to which such Tax Returns and other documents relate and until the final determination of any tax in respect
of such years.

 

    15  

     

    

 

(f)          For
purposes of allocating items of income, gain, loss and deduction with respect to the Property and/or the Contributed Interests
in the manner required by Section 704(c) of the Code, the Operating Partnership shall employ, and shall cause any entity controlled
by the Operating Partnership which holds title to the Property or the Contributed Interests to employ, the “traditional method”
(without curative allocations) as set forth in Treasury Regulations section 1.704-3(b)(1).

 

4.3          Relationship
to Contributed Entities. Contributor and the Operating Partnership acknowledge and agree that, from and after the Closing,
Contributor shall no longer be a member, partner, stockholder or equity owner, or, if applicable, managing member or general partner,
of any Contributed Entity and shall have no rights or benefits under any Governing Agreement.

 

ARTICLE
V

CONDITIONS PRECEDENT TO THE CLOSING

 

5.1          Conditions
to the Operating Partnership’s Obligation. In addition to any other conditions set forth in this Agreement, the Operating
Partnership’s obligation to consummate the Closing is subject to the timely satisfaction of each and every one of the conditions
and requirements set forth in this Section 5.1, all of which shall be conditions precedent to the Operating Partnership’s
obligations under this Agreement.

 

(a)          IPO.
The IPO, in such form and substance as the REIT, in its sole and absolute discretion, shall have determined to be acceptable, shall
have been completed (or be completed simultaneously with the Closing).

 

(b)          Formation
Transactions. The formation transactions described in the Prospectus shall have occurred or be scheduled to occur contemporaneously
with the Closing hereunder.

 

(c)          Representations
and Warranties. The representations and warranties made by Contributor pursuant to this Agreement, as well as those contained
in the Representation, Warranty and Indemnity Agreement, shall be true and correct as of the Closing as though such representations
and warranties were made at the Closing and, if requested by the Operating Partnership, Contributor shall have delivered a certificate
to the Operating Partnership to such effect in regard to Contributor’s representations and warranties set forth in this Agreement.

 

(d)          Performance.
Contributor shall have performed and complied with all agreements and covenants that it is required to perform or comply with pursuant
to this Agreement prior to the Closing, including having delivered each of the items set forth in Section 6.2 hereof.

 

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(e)          Legal
Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall have
been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that restrains, prohibits
or otherwise invalidates the consummation of the transactions contemplated by this Agreement, and no litigation or governmental
proceeding seeking such an order shall be pending or threatened.

 

(f)          Consents
and Approvals. All necessary approvals and consents of governmental and private parties, including, without limitation, all
ground lessors, tenants, other parties to service contracts, lenders and ratings agencies, partners, members or stockholders of
any Contributed Entity, Property Entity or their subsidiaries, to effect the transactions contemplated by this Agreement, shall
have been obtained.

 

(g)          Reliance
on Regulation D. If Contributor has elected to receive OP Units, the Operating Partnership shall, based on the advice
of its counsel and the representations made by Contributor in Contributor’s Investor Questionnaire, be reasonably satisfied
that the issuance of OP Units to Contributor may be made without registration under the Securities Act in reliance on Regulation D
under the Securities Act.

 

(h)          Representation,
Warranty and Indemnity Agreement. Each of the parties thereto shall have entered into the Representation, Warranty and Indemnity
Agreement.

 

(i)          No
Material Adverse Change. There shall have not occurred between the date hereof and the Closing Date any material adverse change
with respect to any of the Contributed Interests or any material adverse change in any of the assets, business, condition (financial
or otherwise), results of operation or prospects of any Property, Property Entity or Contributed Entity.

 

(j)          Tenant
and Lender Estoppels. The Operating Partnership shall have received tenant and lender estoppels in form and substance satisfactory
to the Operating Partnership and its counsel.

 

5.2          Conditions
to Contributor’s Obligation. In addition to any other conditions set forth in this Agreement, Contributor’s obligation
to consummate the Closing is subject to the timely satisfaction of each and every one of the conditions and requirements set forth
in this Section 5.2, all of which shall be conditions precedent to Contributor’s obligations under this Agreement.

 

(a)          Representations
and Warranties. The representations and warranties made by the Operating Partnership pursuant to this Agreement shall be true
and correct as of the Closing as though such representations and warranties were made at the Closing.

 

(b)          Performance.
The Operating Partnership shall have performed and complied in all material respects with all agreements and covenants that it
is required to perform or comply with pursuant to this Agreement prior to the Closing.

 

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(c)          Legal
Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall have
been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits the
consummation of the transactions contemplated by this Agreement, and no litigation or governmental proceeding seeking such an order
shall be pending or threatened.

 

ARTICLE
VI

CLOSING AND CLOSING DOCUMENTS

 

6.1          Closing.
The consummation and closing of the transactions contemplated pursuant to this Agreement (the “Closing”) shall
take place at the offices of Hunton Andrews Kurth LLP in New York, New York, or such other place as the Operating Partnership
may designate, promptly following satisfaction of the conditions to the Closing set forth herein (the “Closing Date”),
or as otherwise set by agreement of the parties.

 

6.2          Contributor’s
Deliveries. At the Closing, Contributor shall deliver the following to the Operating Partnership in addition to all other items
required to be delivered to the Operating Partnership by Contributor:

 

(a)          Assignment
of Contributed Interests. An Assignment, in substantially the form of Exhibit B attached hereto.

 

(b)          Execution
of Partnership Agreement. If Contributor has elected to receive OP Units, signature pages of the Partnership Agreement duly
executed by Contributor, as limited partner.

 

(c)          FIRPTA
Certificate. An affidavit from Contributor certifying pursuant to Section 1445 and Section 1446(f) of the Code that Contributor
is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms are defined
in the Code and the Treasury Regulations promulgated thereunder).

 

(d)          Other
Documents. Any other document or instrument reasonably requested by the Operating Partnership or required hereby.

 

6.3          Default
Remedies. If Contributor defaults in performing any of Contributor’s obligations under this Agreement, the Operating
Partnership shall have all rights and remedies available to it at law or in equity resulting from Contributor’s default,
including without limitation, the right to seek specific performance of this Agreement and Contributor’s obligation to convey
the Contributed Interests to the Operating Partnership hereunder. The parties acknowledge and agree that the failure of a condition
precedent to occur, notwithstanding the good faith and commercially reasonable efforts of the applicable party, shall not be a
default hereunder.

 

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ARTICLE
VII

MISCELLANEOUS

 

7.1          Notices.
Any notice provided for by this Agreement and any other notice, demand, or communication required hereunder shall be in writing
and either delivered in person (including by confirmed facsimile transmission) or sent by hand delivered against receipt or sent
by recognized overnight delivery service or by certified or registered mail, postage prepaid, with return receipt requested. All
notices shall be addressed as follows:

 

Operating Partnership:

 

Postal Realty LP

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Andrew Spodek

 

with a copy to (which shall not constitute notice):

 

Hunton Andrews Kurth LLP

Riverfront Plaza, East Tower

951 E. Byrd Street

Richmond, Virginia 23219

Attention: James V. Davidson

Fax No.: 804-787-8035

 

Contributor:

 

Unlimited Postal Holdings, LP

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Andrew Spodek

 

Any address or name specified above may
be changed by a notice given by the addressee to the other party. Any notice, demand or other communication shall be deemed given
and effective as of the date of delivery in person or set forth on the return receipt. The inability to deliver because of changed
address of which no notice was given, or rejection or other refusal to accept any notice, demand or other communication, shall
be deemed to be receipt of the notice, demand or other communication as of the date of such attempt to deliver or rejection or
refusal to accept.

 

7.2          Entire
Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto, constitutes the entire
agreement and supersedes each prior agreement and understanding, whether written or oral, among the parties regarding the subject
matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any person other than the parties
hereto.

 

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7.3          Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.

 

7.4          Governing
Law.

 

(a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts
of law rules thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers,
shareholders, partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is improper or is an inconvenient venue for such proceeding.

 

(b)          Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other
manner permitted by law.

 

(c)          If
one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing party
or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or proceeding
for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with the investigation,
preparation and prosecution of such action, suit or proceeding.

 

7.5          Counterparts.
This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of
a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto. Each party may rely
upon the facsimile or electronic pdf email signature of any other party as if such signature were an original signature.

 

7.6          Headings.
Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive
or interpretive effect whatsoever.

 

7.7          Incorporation.
All Exhibits attached hereto and referred to herein are hereby incorporated herein and made a part hereof for all purposes as if
fully set forth herein.

 

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7.8          Severability.
Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement
in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

 

7.9          Waiver
of Conditions. The conditions to each party’s obligations hereunder are for the sole benefit of such party and may be
waived by such party in whole or in part to the extent permitted by applicable law.

 

[Signature Page Follows.]

 

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IN WITNESS WHEREOF,
this Agreement has been entered into effective as of the date first written above.

 

	 	CONTRIBUTOR:
	 	 
	 	UNLIMITED POSTAL HOLDINGS LP, a Texas limited partnership
	 	 	 	 
	 	 	By:  	     
	 	 	 	Name: Andrew Spodek
	 	 	 	Title:
	 	 	 	 
	 	OPERATING PARTNERSHIP:
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	its general partner
	 	 	 	 
	 	 	By:  	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	 	REIT
	 	 
	 	POSTAL REALTY TRUST, INC., a Maryland corporation
	 	 	 	 
	 	By: 	 
	 	 	Name:	 
	 	 	Title:

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