Document:

HOT MAMA’S FOODS, INC.

 

CODE OF BUSINESS CONDUCT

 

General Policy and Procedures

 

The Code of Business
Conduct (the “Code”) of Hot Mama’s Foods, Inc. (the "Company") applies to all employees and consultants,
including directors and officers (an "Employee" and, collectively, the "Employees"), and must be
strictly observed. Failure to do so could result in disciplinary action, up to and including termination.

 

The Company is committed
to the highest standards of ethics and business conduct. The Company conducts its business as a good corporate citizen and complies
with all laws, rules and regulations applicable to it or the conduct of its business. These principles govern our relationships
with customers, suppliers, shareholders, competitors, the communities in which we operate, and with each other as Employees at
every organizational level.

 

The Code is an expression of our core values
and represents a framework for decision-making. To this end, Employees are responsible for understanding the Code and acting in
accordance with it. The Code cannot and is not intended to cover every applicable law, rule or regulation or provide answers to
all questions that may arise; for that, we must ultimately rely on each Employee's good sense of what is right, including a sense
of when it is proper to seek guidance from others with respect to the appropriate course of conduct. Questions regarding any law,
rule, policy or regulation which may govern business conduct, should be directed to your supervisor or the Chief Financial Officer.

 

The Code does not in any way constitute
an employment contract or an assurance of continued employment. It is for the sole and exclusive benefit of the Company and may
not be used or relied upon by any other party. The Company may modify or repeal the provisions of the Code or adopt a new Code
at any time it deems appropriate, with or without notice.

 

		1.	Compliance with Laws, Rule & Regulations

 

Employees
are required to comply fully with all laws, rules and regulations affecting the Company's business and its conduct in business
matters. The Company conducts its business globally where applicable laws, rules, regulations, customs and social requirements
may be different from those in the United States. It is the Company's policy to abide by the national and local laws of our host
nations and communities. In the case of any conflict between foreign and United States law, or in any situation where an Employee
has a doubt as to the proper course of conduct, it is incumbent upon an Employee to immediately consult his supervisor or the
Chief Financial Officer. Beyond the strictly legal aspects involved, Employees at all times are expected to act honestly and maintain
the highest standards of ethics and business conduct, consistent with the professional image of the Company.

 

    	 

    	 

    

 

		2.	Confidential, Proprietary Information

 

One of the Company's
most valuable assets is information. Employees should maintain the confidentiality of information entrusted to them not only by
the Company, but also by suppliers, customers and others related to our business. Confidential information includes all
non-public information that might be of use to our competitors or harmful to the Company, or its customers or suppliers, if disclosed.
Examples of confidential information include trade secrets, new product or marketing plans, customer lists, research and development
ideas, manufacturing processes, or acquisition or divestiture prospects. Confidential information may be disclosed to others when
disclosure is authorized by the Company or legally mandated.

 

Employees
should take steps to safeguard confidential information by keeping such information secure, limiting access to those who have a
need to know in order to do
their job, and avoiding discussion of confidential information in public areas, for example, in elevators, on planes, and on mobile
phones.

 

The obligation to preserve confidential
information is ongoing, even after termination of employment.

 

		3.	Conflicts of Interest

 

Company policy prohibits
conflicts of interest. A conflict of interest occurs when an individual's private interest interferes in anyway with the
interests of the Company as a whole. A conflict situation can arise when an Employee or a member of his or her family takes actions
or has interests that may make it difficult to perform his or her Company work objectively and effectively. Conflicts of interest
also arise when an Employee or a member of his or her family, receives improper personal benefits as a result of his or her position
in the Company. Such conflicts of interest can undermine our business judgment and our responsibility to the Company and its stockholders
and threaten the Company's business and reputation. Accordingly, all potential and actual conflicts of interest should be scrupulously
avoided. Though it is not possible to list every activity or situation that might raise a conflict of interest issue, the
list below is included to help you recognize and avoid some of the more significant ones:

 

		·	Corporate
Opportunities. Taking personally, opportunities that are discovered through the use of
corporate property, information or position, or using corporate property, information or position for personal gain or competing
with the Company. Such action is prohibited.

 

		·	Gifts. The occasional exchange of inexpensive gifts and modest forms of entertainment that
are reasonable in nature, frequency and cost are normal in business and help build relationships with customers and suppliers.
However, receiving such gifts or entertainment must never affect your judgment or decision making, nor should they be offered in
return for favorable treatment from others.

 

Gifts to you valued at more than
$100 or forms of business entertainment that exceed reasonable and customary practices, offered by customers, suppliers or competitors,
must be politely declined unless first disclosed to and approved by your supervisor or the Chief Financial Officer .

 

    	 

    	 

    

 

		·	Loans. Providing loans to, or guarantees of obligations of,
Employees or their family members. Such activity will not be allowed without prior written approval of the Board of Directors or
a committee of the Board. The Company will not extend, maintain or arrange for any personal loan to or for any director or executive
officer (or the equivalent thereof).

 

		·	Outside Activity. Engaging in any outside activity that materially detracts from
or interferes with the performance by an Employee of his or her services to the Company. This generally — but not necessarily
- applies to outside activity during normal business hours.

 

		·	Personal Interests. Having a direct or indirect personal interest in a transaction involving the
Company.

 

		·	Personal Investments. Directly or indirectly, owning a material amount of stock in, being
a creditor of, or having another financial interest in a supplier, customer or competitor.

 

All potential and actual conflicts of interest or material transactions or relationships
that reasonably could be expected to give rise to such a conflict or the appearance of such a conflict must be promptly communicated
to your supervisor or the Chief Financial Officer. Employees should take care to report violations to a person whom they believe
is not involved in the matter giving rise to the violation. 

 

Any Employee who has
a doubt about whether a conflict of interest exists after consulting this provision of the Code, should contact his or her supervisor
or the Chief Financial Officer, so that he or she can assist you in making that determination.

 

		4.	Fair Dealing

 

Every Employee
should endeavor to deal fairly with each of our customers, suppliers, competitors and other Employees. No Employee should take
unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation or material facts,
or any other unfair-dealing practices.

 

		5.	Insider Trading

 

Federal and state law
prohibits the use of "material nonpublic or inside information" when trading in or recommending Company securities.
In accordance with applicable federal and state law, no Employee may engage in transactions in Company stock (whether for their
own account, for the Company's account or otherwise) while in possession of material nonpublic information ("Insider Trading").
Further, no Employee who is in possession of material nonpublic information may communicate such information to third parties who
may use such information in the decision to purchase or sell Company securities ("Tipping"). In addition to violating Company policy, Insider Trading
and Tipping are illegal.

 

    	 

    	 

    

 

What constitutes "material
nonpublic or inside information" is a complex legal question, but is generally considered to be information not available
to the general public, which a reasonable investor contemplating a purchase of Company stock would be substantially likely to take
into account in making his or her investment decision. Such information includes information relating to capital structure, major
management changes, contemplated acquisitions or divestitures, and information concerning earnings or other financial information.
Such information continues to be "inside" information until it is disclosed to the general public.

 

Substantial criminal
and civil penalties may be assessed against people who trade while in possession of material Inside Information and can also be
imposed upon companies and so-called controlling persons such as officers and directors, who fail to take appropriate steps to
prevent or detect insider trading violations by their employees or subordinates to avoid severe consequences, Employees and those
associated with the Company should avoid even the appearance of improper conduct.

 

		6.	Qualitity of Disclosures

 

The federal and state
securities laws impose continuing disclosure requirements on the Company, and require the Company to regularly file certain periodic
reports with and make certain submissions (the "Reports") to the Securities and Exchange Commission and disseminate them
to its shareholders. Such Reports must comply with all applicable legal requirements and may not contain material misstatements
or omit material facts.

 

All Employees directly
or indirectly involved in preparing such Reports, any Employees who communicate with the press, investors and analysts concerning
the Company, and all representatives who assist the Company in preparing such Reports and communications, will ensure that such
Reports and communications are (i) full, fair, timely, accurate and understandable and (ii) meet all legal requirements. This policy
applies to all public disclosures of material information about the Company, including written disclosures, oral statements, visual
presentations, press conferences and media calls.

 

		7.	Protection and Proper Use of Assets

 

Proper and efficient
use of Company and customer property, such as electronic communications system, information resources, material, facilities and
equipment, as well as intangible assets, is each Employee's responsibility. Employees must act in a manner to protect the Company's
assets from loss, damage, misuse, theft and waste. Employees must ensure that Company assets are used only for legitimate business
purposes.

 

		8.	Reporting_of Any Illegal or Unethical Behavior

 

Any Employee who is
aware of any illegal or unethical behavior or who believes that any applicable law, rule or regulation or this Code of Conduct
has been violated, must promptly report the matter to his or her supervisor or to the Chief Financial Officer. In addition, an
Employee who has a concern about the Company's accounting practices, internal controls or auditing matters, should report his or
her concerns to the Chief Financial Officer, or, if he or she believes the violation significant, to the Audit Committee of the
Board of Directors, at the address listed at the end of this Code. Such reports may be unsigned and anonymous. Employees should
take care to report violations to a person whom they believe is not involved in the matter giving rise to the violation. All reports
of violations will be promptly investigated and, if appropriate, remedied, and if legally required, immediately reported to the
proper governmental authority.

 

    	 

    	 

    

 

Employees will be expected
to cooperate in assuring that violations of the Code are promptly addressed. The Company has a policy of protecting the confidentiality
of those making reports of possible misconduct to the maximum extent permitted by law. In no event will there be any retaliation
against someone for reporting an activity that he or she in good faith believes to be a violation of any law, rule, regulation
or of this Code. Any supervisor intimidating or imposing sanctions on an Employee for reporting a matter will be disciplined
up to and including termination.

 

Employees should know
that it is a crime to retaliate against a person, including with respect to their employment, for providing truthful information
to a law enforcement officer or a supervisor relating to the possible commission of any federal offense. Employees who believe
that they have been retaliated against by the Company, its Employees, contractors, subcontractors or agents, for providing information
to or assisting in any investigation conducted by a federal agency, Congress or a person with supervisory authority over the Employee
in connection with conduct that the Employee reasonably believes constitutes a violation of federal criminal fraud statutes or
any rule or regulation of the Securities and Exchange Commission, may file a complaint with the Secretary of Labor, or in federal
court if the Secretary does not take action in a timely manner.

 

		9.	Responding to Improper Conduct

 

This Code
will be enforced on a uniform basis for everyone, without regard to their position within the Company. If an Employee violates
the Company's Code, he or she will be subject to disciplinary action. Supervisors and managers of a disciplined Employee may also
be subject to disciplinary action for their failure to properly oversee an Employee's conduct, or for retaliation against an Employee
who reports a violation(s).

 

The response will depend
upon a number of factors including whether the improper behavior involved illegal conduct. Disciplinary action may include, but
is not limited to, reprimands and warnings, probation, suspension, demotion, reassignment, reduction in salary or immediate termination.
Employees should be aware that certain actions and omission prohibited by the Code might be crimes that could lead to individual
criminal prosecution and, upon conviction, to fines and imprisonment.

 

		10.	Waivers

 

Employees should understand
that waivers or exceptions to our Code will be granted only in advance and only under exceptional circumstances. A waiver of this
Code for any executive officer or director may be made only the Board of Directors or a committee of the Board and must be promptly
disclosed to shareholders in accordance with applicable law.`SECOND AMENDED AND RESTATED AGREEMENT OF
LIMITED PARTNERSHIP

OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P.

(a Delaware limited partnership)

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINED TERMS	1
	ARTICLE II FORMATION OF PARTNERSHIP	11
	2.01	 	Formation of the Partnership	11
	2.02	 	Name	12
	2.03	 	Registered Office and Agent; Principal Office	12
	2.04	 	Term and Dissolution	12
	2.05	 	Filing of Certificate and Perfection of Limited Partnership	13
	2.06	 	Certificates Describing Partnership Units	13
	ARTICLE III BUSINESS OF THE PARTNERSHIP	13
	ARTICLE IV CAPITAL CONTRIBUTIONS AND ACCOUNTS	14
	4.01	 	Capital Contributions	14
	4.02	 	Additional Capital Contributions and Issuances of Additional Partnership Units	14
	4.03	 	Additional Funding	17
	4.04	 	LTIP Units	17
	4.05 	 	Conversion of LTIP Units	20
	4.06	 	Capital Accounts	23
	4.07	 	Percentage Interests	23
	4.08	 	No Interest on Contributions	24
	4.09	 	Return of Capital Contributions	24
	4.10	 	No Third-Party Beneficiary	24
	ARTICLE V PROFITS AND LOSSES; DISTRIBUTIONS	24
	5.01	 	Allocation of Profit and Loss	24
	5.02	 	Distribution of Cash	27
	5.03	 	REIT Distribution Requirements	28
	5.04	 	No Right to Distributions in Kind	28
	5.05	 	Limitations on Return of Capital Contributions	28
	5.06	 	Distributions Upon Liquidation	28
	5.07	 	Substantial Economic Effect	29
	ARTICLE VI RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	29
	6.01	 	Management of the Partnership	29
	6.02	 	Delegation of Authority	31
	6.03	 	Indemnification and Exculpation of Indemnitees	32
	6.04	 	Liability of the General Partner	33
	6.05	 	Partnership Obligations	34
	6.06	 	Outside Activities	35
	6.07	 	Employment or Retention of Affiliates	35
	6.08	 	General Partner Activities	35
	6.09	 	Title to Partnership Assets	36
	6.10	 	Restrictions on General Partner Authority	36
	ARTICLE VII CHANGES IN GENERAL PARTNER	36
	7.01	 	Transfer of the General Partner’s Partnership Interest	36
	7.02	 	Admission of a Substitute or Additional General Partner	38

  

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	7.03	 	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	39
	7.04	 	Removal of General Partner	39
	ARTICLE VIII RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	40
	8.01	 	Management of the Partnership	40
	8.02	 	Power of Attorney	40
	8.03	 	Limitation on Liability of Limited Partners	41
	8.04	 	Common Unit Redemption Right	41
	8.05	 	Registration	43
	ARTICLE IX TRANSFERS OF PARTNERSHIP INTERESTS	47
	9.01	 	Purchase for Investment	47
	9.02	 	Restrictions on Transfer of Partnership Units	48
	9.03	 	Admission of Substitute Limited Partner	49
	9.04	 	Rights of Assignees of Partnership Units	50
	9.05	 	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	51
	9.06	 	Joint Ownership of Partnership Units	51
	ARTICLE X BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	51
	10.01	 	Books and Records	51
	10.02	 	Custody of Partnership Funds; Bank Accounts	52
	10.03	 	Fiscal and Taxable Year	52
	10.04	 	Annual Tax Information and Report	52
	10.05	 	Tax Matters Partner; Tax Elections; Special Basis Adjustments	52
	ARTICLE XI AMENDMENT OF AGREEMENT	53
	11.01	 	Amendment of Agreement	53
	ARTICLE XII GENERAL PROVISIONS	55
	12.01	 	Notices	55
	12.02	 	Survival of Rights	55
	12.03	 	Additional Documents	55
	12.04	 	Severability	55
	12.05	 	Entire Agreement	55
	12.06	 	Pronouns and Plurals	56
	12.07	 	Headings	56
	12.08	 	Counterparts	56
	12.09	 	Governing Law	56

 

EXHIBITS 

 

EXHIBIT A - Partners, Capital Contributions and Percentage Interests

EXHIBIT B - Notice of Exercise of Common Unit Redemption Right

EXHIBIT C-1 - Certification of Non-Foreign Status (For Redeeming
Limited Partners That Are Entities)

EXHIBIT C-2 - Certification of Non-Foreign Status (For Redeeming
Limited Partners That Are Individuals)

EXHIBIT D - Notice of Election by Partner to Convert LTIP Units
into Common Units

EXHIBIT E - Notice of Election by Partnership to Force Conversion
of LTIP Units into Common Units

 

    	ii

    	 

    

 

 

SECOND AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

OF

BLUEROCK RESIDENTIAL HOLDINGS, L.P.

 

THIS SECOND AMENDED
AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF BLUEROCK RESIDENTIAL HOLDINGS, L.P. (the “Partnership”), dated
as of April 2, 2014, is made and entered into by and among Bluerock Residential Growth REIT, Inc., a Maryland corporation (together
with its successors and assigns, the “General Partner”), and the Limited Partners set forth on the attached
Exhibit A.

 

RECITALS

 

WHEREAS, the
Partnership was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership
filed with the Secretary of State of the State of Delaware effective as of August 8, 2008 and an Agreement of Limited Partnership,
entered into as of August 8, 2008 (the “Original Agreement”), by and between the General Partner and Bluerock
Enhanced Multifamily Advisor, LLC, a Delaware limited liability company as the initial limited partner (the “Initial Limited
Partner”);

 

WHEREAS, Bluerock
REIT Holdings, LLC (“REIT Holdings”) was formed to replace the Initial Limited Partner;

 

WHEREAS, the
General Partner and REIT Holdings amended and restated the Original Agreement by entering into that certain Amended and Restated
Limited Partnership Agreement of the Partnership dated as of June 2009 (the “A & R Partnership Agreement”);

 

WHEREAS, the
Partners desire to amend and restate the A & R Partnership Agreement as set forth below; and

 

WHEREAS, capitalized
terms used herein but not otherwise defined shall have the meanings given to such terms in Article I.

  

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing, of mutual covenants between the parties, and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ARTICLE I

DEFINED TERMS

 

The following defined
terms used in this Agreement shall have the following meanings:

 

“Act”
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time.

 

    	1

    	 

    

 

“Additional Funds” has
the meaning set forth in Section 4.03.

 

“Additional Securities”
has the meaning set forth in Section 4.02(a)(ii).

 

“Adjustment Events” has
the meaning set forth in Section 4.04(a)(i).

 

“Administrative
Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) administrative
costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the
General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed, are expenses
of the Partnership and not the General Partner, and (iii) to the extent not included in clauses (i) or (ii), REIT Expenses;
provided, however, that Administrative Expenses shall not include any administrative costs and expenses incurred
by the General Partner that are attributable to Properties or interests in a Subsidiary that are owned by the General Partner other
than through its ownership interest in the Partnership.

 

“Affiliate”
means, (i) any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person,
(ii) any other Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares
or equity interests of such Person, or (iii) any officer, director, employee, partner, member, manager or trustee of such
Person or any Person controlling, controlled by or under common control with such Person (excluding directors and persons serving
in similar capacities who are not otherwise an Affiliate of such Person). For the purposes of this definition, “control”
(including the correlative meanings of the terms “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, through the ownership of voting securities or partnership interests or otherwise.

 

“Agreed Value”
means the fair market value of a Partner’s non-cash Capital Contribution as of the date of contribution as agreed to by such
Partner and the General Partner. The names and addresses of the Partners, number of Partnership Units issued to each Partner, and
the Agreed Value of non-cash Capital Contributions as of the date of contribution is set forth on Exhibit A, as it
may be amended or restated from time to time.

 

“Agreement”
means this Second Amended and Restated Agreement of Limited Partnership, as it may be amended, supplemented or restated from time
to time.

 

“Board of Directors”
means the Board of Directors of the General Partner.

 

“Capital Account” has
the meaning provided in Section 4.06.

 

“Capital Account Limitation”
has the meaning set forth in Section 4.05(b).

 

“Capital Contribution”
means the total amount of cash, cash equivalents, and the Agreed Value of any Property or other asset contributed or agreed to
be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of the Agreement. Any reference
to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership
Interest of such Partner.

 

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“Cash Amount”
means an amount of cash per Common Unit equal to the Value of the REIT Shares Amount on the date of receipt by the Partnership
and the General Partner of a Notice of Redemption.

 

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

 

“Change of
Control” means, as to the General Partner, the occurrence of any of the following: (i) the sale, lease or transfer,
in one or a series of related transactions, of 80% or more of the assets of the General Partner, taken as a whole, to any Person
or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
other than an Affiliate of the General Partner; or (ii) the acquisition by any Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring,
holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than an Affiliate
of the General Partner in a single transaction or in a related series of transactions, by way of merger, share exchange, consolidation
or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act,
or any successor provision) of more than 50% of the total voting power of the voting capital securities of the General Partner.

 

“Charter”
means the Second Articles of Amendment and Restatement of the General Partner filed on March 26, 2014 with the State Department
of Assessments and Taxation of the State of Maryland, as amended, supplemented or restated from time to time.

 

“Class A REIT
Share” means one share of the Class A common stock, par value $0.01 per share, of the General Partner (or Successor Entity,
as the case may be).

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time. Reference to any particular provision of the Code means
that provision in the Code on the date of this Agreement and any successor provision of the Code.

 

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

 

“Common Partnership
Unit Distribution” has the meaning set forth in Section 4.04(a)(ii).

  

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“Common Redemption
Amount” means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner pursuant to Section 8.04(b).

 

“Common Unit”
means a Partnership Unit which is designated as a Common Unit of the Partnership.

 

“Common Unit
Economic Balance” has the meaning set forth in Section 5.01(g).

 

“Common Unit
Redemption Right” has the meaning provided in Section 8.04(a).

 

“Common Unit Transaction”
has the meaning set forth in Section 4.05(f).

 

“Constituent Person”
has the meaning set forth in Section 4.05(f).

 

“Conversion Date” has
the meaning set forth in Section 4.05(b).

 

“Conversion
Factor” means 1.0, provided, however, if the General Partner (i) declares or pays a dividend on its outstanding
REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides
its outstanding REIT Shares or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion
Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT
Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such
purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which
shall be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such date and, provided,
however, if an entity other than an Affiliate of the General Partner shall become General Partner pursuant to any merger, consolidation
or combination of the General Partner with or into another entity (the “Successor Entity”), the Conversion Factor
shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into which one REIT Share
is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or
combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event; provided, however, if the General Partner receives a Notice of Redemption
after the record date, but before the effective date of such dividend, distribution, subdivision or combination, the Conversion
Factor shall be determined as if the General Partner had received the Notice of Redemption immediately before the record date for
such dividend, distribution, subdivision or combination. Notwithstanding the foregoing, no adjustment shall be made to the Conversion
Factor if the number of outstanding Common Units is otherwise adjusted in the same manner and at the same time as the adjustment
to the number of outstanding REIT Shares.

 

“Conversion Notice” has
the meaning set forth in Section 4.05(b).

 

“Conversion Right” has
the meaning set forth in Section 4.05(a).

 

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“Defaulting
Limited Partner” means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership
Loan within 15 days after demand for payment thereof is made by the Partnership.

 

“Distributable Amount”
has the meaning set forth in Section 5.02(d).

 

“Economic Capital Account Balances”
has the meaning set forth in Section 5.01(g).

 

“Equity Incentive
Plan” means any equity incentive or compensation plan hereafter adopted by the Partnership or the General Partner, including,
without limitation, the General Partner’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities.

 

“Event of
Bankruptcy” as to any Person means (i) the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978, as amended, or similar provision of law of any jurisdiction (except if such petition is contested
by such Person and has been dismissed within 90 days); (ii) the insolvency or bankruptcy of such Person as finally determined
by a court proceeding; (iii) the filing by such Person of a petition or application to accomplish the same or for the appointment
of a receiver or a trustee for such Person or a substantial part of his assets; or (iv) the commencement of any proceedings
relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation
law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided, that
if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces
therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days.

 

“Excepted Holder Limit”
has the meaning set forth in the Charter.

 

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

 

“Forced Conversion” has
the meaning set forth in Section 4.05(c).

 

“Forced Conversion Notice”
has the meaning set forth in Section 4.05(c).

 

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

 

“General Partner
Loan” means a loan extended by the General Partner to a Defaulting Limited Partner in the form of a payment on a Partnership
Loan by the General Partner to the Partnership on behalf of the Defaulting Limited Partner.

 

“General Partnership
Interest” means the Partnership Interest held by the General Partner in its capacity as the general partner of the Partnership,
which Partnership Interest is an interest as a general partner under the Act. The General Partnership Interest may be expressed
as a number of Partnership Units. A number of Common Units held by the General Partner equal to one-tenth of one percent (0.1%)
of all outstanding Partnership Units shall be deemed to be the General Partnership Interest. All other Partnership Units owned
by the General Partner and any Partnership Units owned by any Affiliate or Subsidiary of the General Partner shall be considered
to constitute a Limited Partnership Interest.

 

    	5

    	 

    

 

“Indemnified
Party” has the meaning set forth in Section 8.05(e)

 

“Indemnifying
Party” has the meaning set forth in Section 8.05(e).

 

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

 

“Independent
Director” means a director of the General Partner who meets the NYSE requirements for an independent director as set
forth from time to time.

 

“Initial Limited
Partner” has the meaning set forth in the Recitals hereto.

 

“Initial Redemption
Shares” has the meaning set forth in Section 8.05(a).

 

“Initial Registration
Statement” has the meaning set forth in Section 8.05(a).

 

“Investment
Allocation Agreement” means that certain Investment Allocation Agreement dated as of April 1, 2014, by and among the
General Partner, the Partnership, the Manager and Bluerock Real Estate, L.L.C.

 

“Limited Partner”
means any Person named as a Limited Partner on the attached Exhibit A, as it may be amended or restated from time to
time, and any Person who becomes a Substitute Limited Partner or any additional Limited Partner, in such Person’s capacity
as a Limited Partner in the Partnership.

 

“Limited Partnership
Interest” means a Partnership Interest held by a Limited Partner at any particular time representing a fractional part
of the Partnership Interest of all Limited Partners, and includes any and all benefits to which the holder of such a Limited Partnership
Interest may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to
comply with all the provisions of this Agreement and of such Act. Limited Partnership Interests may be expressed as a number of
Common Units, LTIP Units or other Partnership Units.

 

“Liquidating Gains” has
the meaning set forth in Section 5.01(g).

 

“LTIP Unit”
means a Partnership Unit which is designated as an LTIP Unit and which has the rights, preferences and other privileges designated
in Section 4.04 and elsewhere in this Agreement in respect of holders of LTIP Units. The allocation of LTIP Units among the
Partners shall be set forth on Exhibit A, as it may be amended or restated from time to time.

 

    	6

    	 

    

 

“LTIP Unitholder” means
a Partner that holds LTIP Units.

 

“Loss” has the meaning
provided in Section 5.01(h).

 

“Majority
in Interest” means the Limited Partners holding more than fifty percent (50%) of the Percentage Interests of the Limited
Partners.

 

“Management
Agreement” means that certain Management Agreement dated as of April 1, 2014 by and among the General Partner, the Partnership
and the Manager.

 

“Manager”
means BRG Manager, LLC, Delaware limited liability company.

 

“Notice of
Redemption” means the Notice of Exercise of Common Unit Redemption Right substantially in the form attached as Exhibit B.

 

“NYSE” means the New
York Stock Exchange.

 

“Offer” has the meaning
set forth in Section 7.01(c)(ii).

 

“Offering”
means the underwritten initial public offering of Class A REIT Shares by the General Partner.

 

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

 

“Partner”
means any General Partner or Limited Partner, and “Partners” means the General Partner and the Limited Partners.

 

“Partner Nonrecourse
Debt Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(i). A Partner’s share of Partner
Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5).

 

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

 

“Partnership
Interest” means an ownership interest in the Partnership held by either a Limited Partner or the General Partner, and
includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement,
together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership Interest
may be expressed as a number of Common Units, LTIP Units or other Partnership Units.

 

“Partnership
Loan” means a loan from the Partnership to the Partner on the day the Partnership pays over the excess of the Withheld
Amount over the Distributable Amount to a taxing authority.

 

    	7

    	 

    

 

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

 

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

 

“Partnership
Unit” means a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, and includes
Common Units, LTIP Units and any other class or series of Partnership Units that may be established after the date of this Agreement.
The number of Partnership Units outstanding and the Percentage Interests represented by such Partnership Units are set forth on
Exhibit A, as it may be amended or restated from time to time. The ownership of Partnership Units may be evidenced
by a certificate in a form approved by the General Partner.

 

“Percentage
Interest” means the percentage determined by dividing the number of Common Units of a Partner by the aggregate number
of Common Units of all Partners, treating LTIP Units as Common Units for this purpose in accordance with Section 4.04(a).

 

“Person”
means any individual, partnership, corporation, limited liability company, joint venture, trust or other entity.

 

“Profit” has the meaning
provided in Section 5.01(h).

 

“Property”
means any property or other investment in which the Partnership, directly or indirectly, holds an ownership interest.

 

“Redeeming Limited Partner”
has the meaning provided in Section 8.04(a).

 

“Redemption Shares” has
the meaning provided in Section 8.05(a).

 

“Registration Statement”
has the meaning provided in Section 8.05(a).

 

“Regulations”
means the Federal Income Tax Regulations validly issued under the Code, as amended and as hereafter amended from time to time.
Reference to any particular provision of the Regulations shall mean that provision of the Regulations on the date of this Agreement
and any successor provision of the Regulations.

 

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

 

    	8

    	 

    

 

“REIT Expenses”
means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and
any Subsidiaries thereof (which Subsidiaries shall, for these purposes, be included within the definition of the General Partner),
including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer
or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration, or private offering,
of securities by the General Partner, and all statements, reports, fees and expenses incidental thereto, including, without limitation,
underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated
with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses
associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation
and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations,
including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws,
rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs
and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees
of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of
Partnership Interests and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary
course of its business on behalf of or in connection with the Partnership.

 

“REIT Share”
means one share of common stock, par value $0.01 per share, of the General Partner (or Successor Entity, as the case may be), including
without limitation the General Partner’s Class A REIT Shares and shares of the General Partner’s Class B common stock.

 

“REIT Shares
Amount” means the number of Class A REIT Shares equal to the product of (X) the number of Common Units offered for
redemption by a Redeeming Limited Partner, multiplied by (Y) the Conversion Factor as adjusted to and including the Specified
Redemption Date; provided that in the event the General Partner issues to all holders of Class A REIT Shares rights, options,
warrants or convertible or exchangeable securities entitling the holders of Class A REIT Shares to subscribe for or purchase additional
Class A REIT Shares, or any other securities or property (collectively, the “Rights”), and such Rights have
not expired at the Specified Redemption Date, then the Class A REIT Shares Amount shall also include such Rights issuable to a
holder of the Class A REIT Shares on the record date fixed for purposes of determining the holders of Class A REIT Shares entitled
to Rights.

 

“Restriction Notice”
has the meaning set forth in Section 8.04(f).

 

“Rights” has the meaning
set forth in the definition of “REIT Shares Amount” contained herein.

 

“S-3 Eligible Date” has
the meaning provided in Section 8.05(a).

 

“Safe Harbor” has the
meaning set forth in Section 10.05(d)

 

    	9

    	 

    

 

“Safe Harbor Election”
has the meaning set forth in Section 10.05(d).

 

“Safe Harbor Interests”
has the meaning set forth in Section 10.05(d).

 

“Secondary Market Safe Harbors”
has the meaning set forth in Section 9.02(f).

 

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

 

“Service” means the Internal
Revenue Service.

 

“Share Ownership
Limit” means the Aggregate Share Ownership Limit and the Common Share Ownership Limit, each as defined in the Charter.

 

“Specified
Redemption Date” means the date that is three business days following the General Partner’s receipt of a Notice
of Redemption.

 

“Subsequent
Redemption Shares” has the meaning set forth in Section 8.05(a).

 

“Subsidiary”
or “Subsidiaries” means, with respect to any Person, any corporation or other entity of which a majority of
(i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly,
by such Person.

 

“Subsidiary
Partnership” means any partnership or limited liability company in which the General Partner, the Partnership, or a wholly
owned subsidiary of the General Partner or the Partnership owns a partnership or limited liability company interest.

 

“Substitute
Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.03.

 

“Successor
Entity” has the meaning set forth in the definition of “Conversion Factor” contained herein.

 

“Survivor” has the meaning
set forth in Section 7.01(d).

 

“Tax Matters Partner”
has the meaning set forth within Section 6231(a)(7) of the Code.

 

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

 

“Transaction” has the
meaning set forth in Section 7.01(c).

 

“Transfer” has the meaning
set forth in Section 9.02(a).

 

    	10

    	 

    

 

“TRS”
means a taxable REIT subsidiary (as defined in Section 856(l) of the Code) of the General Partner.

 

“Two Thirds
Majority” means the Limited Partners holding more than Sixty-Six and Sixty-Six Hundredths percent (66.66%) of the Percentage
Interests of the Limited Partners.

 

“Unvested LTIP Units”
has the meaning set forth in Section 4.04(c).

 

“Value”
means, with respect to any security, the average of the daily market price of such security for the ten consecutive Trading Days
immediately preceding the date of such valuation. The market price for each such Trading Day shall be: (i) if the security
is listed or admitted to trading on the NYSE or any national securities exchange, the last reported sale price, regular way, on
such day, or if no such sale takes place on such day, the average of the closing bid and asked prices, regular way, on such day,
(ii) if the security is not listed or admitted to trading on the NYSE or any national securities exchange, the last reported
sale price on such day or, if no sale takes place on such day, the average of the closing bid and asked prices on such day, as
reported by a reliable quotation source designated by the General Partner, or (iii) if the security is not listed or admitted
to trading on the NYSE or any national securities exchange and no such last reported sale price or closing bid and asked prices
are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, or if there shall be no bid and asked prices on such day, the average of the high bid and low
asked prices, as so reported, on the most recent day (not more than ten days before the date in question) for which prices have
been so reported; provided, that if there are no bid and asked prices reported during the ten days before the date in question,
the value of the security shall be determined by the General Partner acting in good faith on the basis of such quotations and other
information as it considers, in its reasonable judgment, appropriate. If security includes any Rights, then the value of such rights
shall be determined by the General Partner acting in good faith on the basis of such quotations and other information as it considers,
in its reasonable judgment, appropriate.

 

“Vested LTIP Units” has
the meaning set forth in Section 4.04(c).

 

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

 

“Withheld
Amount” means any amount required to be withheld by the Partnership to pay over to any taxing authority as a result of
any allocation or distribution of income to a Partner.

 

ARTICLE II

FORMATION OF PARTNERSHIP

 

2.01         Formation
of the Partnership. The Partnership was formed as a limited partnership pursuant to the provisions of the Act and upon
the terms and conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the Act shall govern
the rights and obligations of the Partners and administration and termination of the Partnership. The Partnership Interest of each
Partner shall be personal property for all purposes.

 

    	11

    	 

    

 

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

 

2.03         Registered
Office and Agent; Principal Office. The address of the registered office of the Partnership in the State of Delaware is
located at 160 Greentree Drive, Suite 101, Dover, 19904 and the registered agent for service of process on the Partnership in the
State of Delaware at such registered office is National Registered Agents, Inc., a Delaware corporation. The principal office of
the Partnership is located at 712 Fifth Avenue, 9th Floor, New York, New York 10019, or such other place as the General
Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other place
or places within or outside the State of Delaware as the General Partner deems necessary or desirable.

 

2.04         Term
and Dissolution.

 

(a)            The
term of the Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following
events:

 

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

 

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

 

(iii) the redemption
of all Limited Partnership Interests (other than any such Limited Partnership Interests held by the General Partner or its subsidiaries),
unless the General Partner determines to continue the term of the Partnership by the admission of one or more additional Limited
Partners; or

 

    	12

    	 

    

 

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

 

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

 

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

 

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

 

THIS CERTIFICATE IS NOT NEGOTIABLE. THE
PARTNERSHIP UNITS REPRESENTED BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE
AGREEMENT OF LIMITED PARTNERSHIP OF BLUEROCK RESIDENTIAL HOLDINGS, LP AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME.

 

ARTICLE III

BUSINESS OF THE PARTNERSHIP

 

The purpose and nature
of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner
as to permit the General Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to, or the Board
of Directors determines, pursuant to Section 7.7 of the Charter, that the General Partner shall no longer qualify as a REIT,
(ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership
of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing.
In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute discretion to
cease qualifying as a REIT, the Partners acknowledge that the General Partner has elected REIT status and intends to continue to
elect REIT status and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners
and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate
or revoke its status as a REIT under the Code at any time. The General Partner shall also be empowered to do any and all acts and
things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership”
taxable as a corporation for purposes of Section 7704 of the Code.

 

    	13

    	 

    

 

ARTICLE IV

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

4.01         Capital
Contributions. The General Partner and each Limited Partner has made a capital contribution to the Partnership in exchange
for the Partnership Units set forth opposite such Partner’s name on Exhibit A, as it may be amended or restated
from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges or other Transfers, redemptions,
Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on a Partner’s ownership
of Partnership Units.

 

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

 

(a)          Issuances
of Additional Partnership Units.

 

(i) General.
As of the effective date of this Agreement, the Partnership shall have two classes of Partnership Units, entitled “Common
Units” and “LTIP Units.” The General Partner is hereby authorized to cause the Partnership to issue additional
Partnership Interests, in the form of Partnership Units, for any Partnership purpose at any time or from time to time to the Partners
(including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established
by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. The General Partner’s
determination that consideration is adequate shall be conclusive insofar as the adequacy of consideration relates to whether the
Partnership Units are validly issued and fully paid. Any additional Partnership Units issued thereby may be issued in one or more
classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional
or other special rights, powers and duties, including rights, powers and duties senior to the then-outstanding Partnership Units
held by the Limited Partners, all as shall be determined by the General Partner in its sole and absolute discretion and without
the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items
of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Units; (ii) the right
of each such class or series of Partnership Units to share in Partnership distributions; and (iii) the rights of each such
class or series of Partnership Units upon dissolution and liquidation of the Partnership; provided, however, that no additional
Partnership Units shall be issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner,
including without limitation REIT Holdings) unless:

 

    	14

    	 

    

 

(1) (A) the additional
Partnership Units are issued in connection with an issuance of REIT Shares of or other interests in the General Partner, which
shares or interests have designations, preferences and other rights, all such that the economic interests are substantially similar
to the designations, preferences and other rights of the additional Partnership Units issued to the General Partner (or any direct
or indirect wholly owned Subsidiary of the General Partner) by the Partnership in accordance with this Section 4.02 and (B) the
General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make a Capital Contribution to
the Partnership in an amount equal to the cash consideration received by the General Partner from the issuance of such REIT Shares
or other interests in the General Partner;

 

(2) (A) the additional
Partnership Units are issued in connection with an issuance of REIT Shares of or other interests in the General Partner pursuant
to a taxable share dividend declared by the General Partner, which shares or interests have designations, preferences and other
rights, all such that the economic interests are substantially similar to the designations, preferences and other rights of the
additional Partnership Units issued to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
by the Partnership in accordance with this Section 4.02, (B) if the General Partner allows the holders of its REIT Shares
to elect whether to receive such dividend in REIT Shares, other interests of the General Partner or cash, the Partnership will
give the Limited Partners (excluding the General Partner or any direct or indirect Subsidiary of the General Partner) the same
election to elect to receive (I) Partnership Units or cash or, (II) at the election of the General Partner, REIT Shares or
cash, and (C) if the Partnership issues additional Partnership Units pursuant to this Section 4.02(a)(i)(2), then an
amount of income equal to the value of the Partnership Units received will be allocated to those holders of Common Units that elect
to receive additional Partnership Units;

 

(3) the additional
Partnership Units are issued in exchange for property owned by the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner) with a fair market value, as determined by the General Partner, in good faith, equal to the value of the
Partnership Units; or

 

(4) Common Units are issued to all Partners
owning Common Units or LTIP Units in proportion to their respective Percentage Interests.

 

Without limiting the foregoing, the General
Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as
the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership.

 

    	15

    	 

    

 

(ii) Upon Issuance of Additional
Securities. The General Partner shall not issue any additional REIT Shares (other than (i) REIT Shares issued in connection
with an exchange pursuant to Section 8.04, (ii) Class A REIT Shares issued upon a conversion in accordance with Section 5.2.6
of the Charter, (iii) REIT Shares issued in a taxable share dividend as described in Section 4.02(a)(i)(2)), or (iv) Rights (collectively,
“Additional Securities”) other than to all holders of REIT Shares, unless (A) the General Partner shall
cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner,
including without limitation REIT Holdings) Partnership Units or Rights having designations, preferences and other rights, all
such that the economic interests are substantially similar to those of the Additional Securities, and (B) the General Partner
(or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings) contributes
the proceeds from the issuance of such Additional Securities and from any exercise of Rights contained in such Additional Securities
to the Partnership; provided, however, that the General Partner is allowed to issue Additional Securities in connection with an
acquisition of Property to be held directly by the General Partner, but if and only if, such direct acquisition and issuance of
Additional Securities have been approved by a majority of the Independent Directors. Without limiting the foregoing, the General
Partner is expressly authorized to issue Additional Securities for less than fair market value, and the General Partner is authorized
to cause the Partnership to issue to the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner)
corresponding Partnership Units, so long as (x) the General Partner concludes in good faith that such issuance is in the best
interests of the General Partner and the Partnership and (y) the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner, including without limitation REIT Holdings) contributes all proceeds from such issuance to the Partnership,
including without limitation, the issuance of REIT Shares and corresponding Partnership Units pursuant to a share purchase plan
providing for purchases of REIT Shares at a discount from fair market value or pursuant to share awards, including share options
that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the
time of exercise, and restricted or other share awards approved by the Board of Directors. For example, in the event the
General Partner issues REIT Shares for a cash purchase price and the General Partner (or any direct or indirect wholly owned Subsidiary
of the General Partner, including without limitation REIT Holdings) contributes all of the proceeds of such issuance to the Partnership
as required hereunder, the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including
without limitation REIT Holdings) shall be issued a number of additional Partnership Units equal to the product of (A) the
number of such REIT Shares issued by the General Partner, the proceeds of which were so contributed, multiplied by (B) a fraction,
the numerator of which is 100%, and the denominator of which is the Conversion Factor in effect on the date of such contribution.

 

(b)          Certain
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings)
shall make Capital Contributions to the Partnership of the proceeds therefrom, provided that if the proceeds actually received
and contributed by the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner, including without
limitation REIT Holdings) are less than the gross proceeds of such issuance as a result of any underwriter’s discount, commissions,
placement fees or other expenses paid or incurred in connection with such issuance, then the General Partner (or any direct or
indirect wholly owned Subsidiary of the General Partner, including without limitation REIT Holdings) shall be deemed to have made
a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus the amount of
such underwriter’s discount, commissions, placement fees or other expenses paid by the General Partner and the Partnership
shall be deemed simultaneously to have reimbursed such discount, commissions, placement fees and expenses as an Administrative
Expense for the benefit of the Partnership for purposes of Section 6.05(b)).

 

    	16

    	 

    

 

(c)          Repurchases
of General Partner Securities. If the General Partner shall repurchase shares of any class of its shares of beneficial
interest, all costs incurred in connection with such repurchase shall be reimbursed to the General Partner by the Partnership pursuant
to Section 6.05 and the General Partner simultaneously shall cause the Partnership to redeem an equivalent number of Partnership
Units of the appropriate class or series held by the General Partner, or by the General Partner in its capacity as a Limited Partner,
(which, in the case of REIT Shares, shall be a number equal to the quotient of the number of such REIT Shares divided by the Conversion
Factor).

 

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

 

4.04         LTIP
Units.

 

(a)            Issuance
of LTIP Units. The General Partner may from time to time cause the Partnership to issue LTIP Units to Persons who provide services
to the Partnership or the General Partner, for such consideration as the General Partner may determine to be appropriate, and admit
such Persons as Limited Partners. Subject to the following provisions of this Section 4.04 and the special provisions of Sections 4.05
and 5.01(g), LTIP Units shall be treated as Common Units, with all of the rights, privileges and obligations attendant thereto.
For purposes of computing the Partners’ Percentage Interests, holders of LTIP Units shall be treated as Common Unit holders
and LTIP Units shall be treated as Common Units. In particular, the Partnership shall maintain at all times a one-to-one correspondence
between LTIP Units and Common Units for conversion, distribution and other purposes, including, without limitation, complying with
the following procedures:

 

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(i) If an Adjustment Event
occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one conversion and
economic equivalence ratio between Common Units and LTIP Units. The following shall be “Adjustment Events”:
(A) the Partnership makes a distribution on all outstanding Common Units in Partnership Units, (B) the Partnership subdivides
the outstanding Common Units into a greater number of units or combines the outstanding Common Units into a smaller number of units,
or (C) the Partnership issues any Partnership Units in exchange for its outstanding Common Units by way of a reclassification
or recapitalization of its Common Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made
only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment Events occurred simultaneously.
For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing,
reorganization, acquisition or other similar business Common Unit Transaction, (y) the issuance of Partnership Units pursuant
to any employee benefit or compensation plan or distribution reinvestment plan or (z) the issuance of any Partnership Units
to the General Partner in respect of a capital contribution to the Partnership of proceeds from the sale of Additional Securities
by the General Partner. If the Partnership takes an action affecting the Common Units other than actions specifically described
above as “Adjustment Events” and in the opinion of the General Partner such action would require an adjustment to the
LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment
to the LTIP Units, to the extent permitted by law and by any Equity Incentive Plan, in such manner and at such time as the General
Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP
Units, as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate
setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive
evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership
shall mail a notice to each LTIP Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such
adjustment; and

 

(ii) The LTIP Unitholders
shall, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled
to receive distributions in an amount per LTIP Unit equal to the distributions per Common Unit (the “Common Partnership
Unit Distribution”), paid to holders of Common Units on such Partnership Record Date established by the General Partner
with respect to such distribution. So long as any LTIP Units are outstanding, no distributions (whether in cash or in kind) shall
be authorized, declared or paid on Common Units, unless equal distributions have been or contemporaneously are authorized, declared
and paid on the LTIP Units.

 

(b)          Priority.
Subject to the provisions of this Section 4.04 and the special provisions of Sections 4.05 and 5.01(g), the LTIP Units
shall rank pari passu with the Common Units as to the payment of regular and special periodic or other distributions and
distribution of assets upon liquidation, dissolution or winding up. As to the payment of distributions and as to distribution of
assets upon liquidation, dissolution or winding up, any class or series of Partnership Units which by its terms specifies that
it shall rank junior to, on a parity with, or senior to the Common Units shall also rank junior to, or pari passu with,
or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, an LTIP Unitholder shall be entitled
to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Units are entitled
to transfer their Common Units pursuant to Article IX.

 

(c)          Special
Provisions. LTIP Units shall be subject to the following special provisions:

 

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(i) Vesting Agreements.
LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions
on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner
from time to time in its sole discretion, subject to any restrictions on amendment imposed by the relevant Vesting Agreement or
by the Equity Incentive Plan, if applicable. LTIP Units that have vested under the terms of a Vesting Agreement are referred to
as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested LTIP Units.”

 

(ii) Forfeiture. Unless
otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in
either the right of the Partnership or the General Partner to repurchase LTIP Units at a specified purchase price or some other
forfeiture of any LTIP Units, then if the Partnership or the General Partner exercises such right to repurchase or forfeiture in
accordance with the applicable Vesting Agreement, the relevant LTIP Units shall immediately, and without any further action, be
treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration
or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with
respect to a Partnership Record Date before the effective date of the forfeiture. In connection with any repurchase or forfeiture
of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her
LTIP Units shall be reduced by the amount, if any, by which it exceeds the target balance contemplated by Section 5.01(g),
calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any.

 

(iii) Allocations. LTIP Unitholders shall
be entitled to certain special allocations of gain under Section 5.01(g).

 

(iv) Redemption.
The Common Unit Redemption Right provided to Limited Partners under Section 8.04 shall not apply with respect to LTIP Units
unless and until they are converted to Common Units as provided in Section 4.04(c)(v)  and Section 4.05.

 

(v) Conversion
to Common Units. Vested LTIP Units are eligible to be converted into Common Units in accordance with Section 4.05.

 

(d)          Voting.
LTIP Unitholders shall (a) have the same voting rights as the Limited Partners, with the LTIP Units voting as a single class
with the Common Units and having one vote per LTIP Unit; and (b) have the additional voting rights that are expressly set
forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders
of a majority of the LTIP Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting
separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement
applicable to LTIP Units so as to materially and adversely affect any right, privilege or voting power of the LTIP Units or the
LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights,
privileges and voting powers of the Limited Partners; but subject, in any event, to the following provisions:

 

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(i) With respect to
any Common Unit Transaction (as defined in Section 4.05(f)), so long as the LTIP Units are treated in accordance with Section 4.05(f),
the consummation of such Common Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences,
privileges or voting powers of the LTIP Units or the LTIP Unitholders as such; and

 

(ii) Any creation or issuance of
any Partnership Units or of any class or series of Partnership Interest including without limitation additional Common Units or
LTIP Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and the distribution
of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences,
privileges or voting powers of the LTIP Units or the LTIP Unitholders as such.

 

The foregoing voting
provisions will not apply if, at or before the time when the act with respect to which such vote would otherwise be required will
be effected, all outstanding LTIP Units shall have been converted into Common Units.

 

4.05         Conversion
of LTIP Units.

 

(a)             Subject
to the provisions of this section, an LTIP Unitholder shall have the right (the “Conversion Right”), at his
or her option, at any time to convert all or a portion of his or her Vested LTIP Units into Common Units; provided, however, that
a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less
than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right
to convert Unvested LTIP Units into Common Units until they become Vested LTIP Units; provided, however, that when an LTIP Unitholder
is notified of the expected occurrence of an event that will cause his or her Unvested LTIP Units to become Vested LTIP Units,
such LTIP Unitholder may give the Partnership a Conversion Notice conditioned upon and effective as of the time of vesting and
such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such
condition. The General Partner shall have the right at any time to cause a conversion of Vested LTIP Units into Common Units.
In all cases, the conversion of any LTIP Units into Common Units shall be subject to the conditions and procedures set forth in
this Section 4.05. 

 

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(b)            A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Common Units, giving
effect to all adjustments (if any) made pursuant to Section 4.04. Notwithstanding the foregoing, in no event may a holder
of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such Limited
Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Common Unit Economic Balance, in each
case as determined as of the effective date of conversion (the “Capital Account Limitation”). To exercise such
LTIP Unitholder’s Conversion Right, an LTIP Unitholder shall deliver a notice (a “Conversion Notice”)
substantially in the form attached as Exhibit D to the Partnership (with a copy to the General Partner) not less than
ten nor more than 60 days before a date (the “Conversion Date”) specified in such Conversion Notice; provided,
however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Common Unit Transaction
(as defined in Section 4.05(f)) at least 30 days before the effective date of such Common Unit Transaction, then LTIP
Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth day after such notice from
the General Partner of a Common Unit Transaction or (y) the third business day immediately preceding the effective date of
such Common Unit Transaction. A Conversion Notice shall be provided in the manner provided in Section 12.01. Each LTIP Unitholder
covenants and agrees that all Vested LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of
all liens. Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant
to Section 8.04(a) relating to those Common Units that will be issued to such holder upon conversion of such LTIP Units into
Common Units in advance of the Conversion Date; provided, however, that the redemption of such Common Units by the
Partnership shall in no event take place until after the Conversion Date. For clarity, it is noted that the objective of this paragraph
is to put an LTIP Unitholder in a position where, if such LTIP Unitholder so wishes, the Common Units into which such LTIP Unitholder’s
Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence
that, if the General Partner elects to assume the Partnership’s redemption obligation with respect to such Common Units under
Section 8.04(b) by delivering to such holder Class A REIT Shares rather than cash, then such holder can have such Class A
REIT Shares issued to him or her simultaneously with the conversion of his or her Vested LTIP Units into Common Units. The General
Partner and LTIP Unitholder shall reasonably cooperate with each other to coordinate the timing of the events described in the
foregoing sentence.

 

(c)         
   The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP
Units held by an LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of Common
Units, giving effect to all adjustments (if any) made pursuant to Section 4.04; provided, however, that the Partnership may
not cause Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of such
LTIP Unitholder pursuant to Section 4.05(b). To exercise its right of Forced Conversion, the Partnership shall deliver a
notice (a “Forced Conversion Notice”) in the form attached as Exhibit E to the applicable LTIP
Unitholder not less than ten nor more than 60 days before the Conversion Date specified in such Forced Conversion Notice. A
Forced Conversion Notice shall be provided in the manner provided in Section 12.01.

 

(d)            A
conversion of Vested LTIP Units for which the LTIP Unitholder has given a Conversion Notice or the Partnership has given a Forced
Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on
the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records of the Partnership
with the issuance as of the opening of business on the next day of the number of Common Units issuable upon such conversion. After
the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP Unitholder, upon his or her written request,
a certificate of the General Partner certifying the number of Common Units and remaining LTIP Units, if any, held by such person
immediately after such conversion. The Assignee of any Limited Partner pursuant to Article IX may exercise the rights of such
Limited Partner pursuant to this Section 4.05 and such Limited Partner shall be bound by the exercise of such rights by the
Assignee.

 

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(e)             For
purposes of making future allocations under Section 5.01(g) and applying the Capital Account Limitation, the portion of the
Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable to his or her LTIP Units shall
be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Unit Economic Balance.

 

(f)             If
the Partnership or the General Partner shall be a party to any Common Unit Transaction (including without limitation a merger,
consolidation, unit exchange, self-tender offer for all or substantially all Common Units or other business combination or reorganization,
or sale of all or substantially all of the Partnership’s assets, but excluding any Common Unit Transaction which constitutes
an Adjustment Event) in each case as a result of which Common Units shall be exchanged for or converted into the right, or the
holders of such Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each
of the foregoing being referred to herein as a “Common Unit Transaction”), then the General Partner shall, immediately
before the Common Unit Transaction, exercise its right to cause a Forced Conversion with respect to the maximum number of LTIP
Units then eligible for conversion, taking into account any allocations that occur in connection with the Common Unit Transaction
or that would occur in connection with the Common Unit Transaction if the assets of the Partnership were sold at the Common Unit
Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the
Partnership Units in the context of the Common Unit Transaction (in which case the Conversion Date shall be the effective date
of the Common Unit Transaction).

 

In anticipation of
such Forced Conversion and the consummation of the Common Unit Transaction, the Partnership shall use commercially reasonable efforts
to cause each LTIP Unitholder to be afforded the right to receive in connection with such Common Unit Transaction in consideration
for the Common Units into which such LTIP Units will be converted the same kind and amount of cash, securities and other property
(or any combination thereof) receivable upon the consummation of such Common Unit Transaction by a holder of the same number of
Common Units, assuming such holder of Common Units is not a Person with which the Partnership consolidated or into which the Partnership
merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent
Person”), or an affiliate of a Constituent Person. In the event that holders of Common Units have the opportunity to
elect the form or type of consideration to be received upon consummation of the Common Unit Transaction, before such Common Unit
Transaction the General Partner shall give prompt written notice to each LTIP Unitholder of such election, and shall use commercially
reasonable efforts to afford the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type
of consideration to be received upon conversion of each LTIP Unit held by such holder into Common Units in connection with such
Common Unit Transaction. If an LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive
upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of consideration
that a holder of a Common Unit would receive if such Common Unit holder failed to make such an election.

 

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Subject to the rights
of the Partnership and the General Partner under any Vesting Agreement and any Equity Incentive Plan, the Partnership shall use
commercially reasonable efforts to cause the terms of any Common Unit Transaction to be consistent with the provisions of this
Section 4.05(f) and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit
of any LTIP Unitholders whose LTIP Units will not be converted into Common Units in connection with the Common Unit Transaction
that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Common Unit Transaction
to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Common Units and
(ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and
other rights set forth in this Agreement for the benefit of the LTIP Unitholders.

 

4.06         Capital
Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each
Partner in accordance with Regulations Section 1.704-1(b)(2)(iv). If (i) a new or existing Partner acquires an additional
Partnership Interest in exchange for more than a de minimis Capital Contribution, (ii) the Partnership distributes
to a Partner more than a de minimis amount of Partnership property as consideration for a Partnership Interest, (iii) the
Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g) or (iv) the Partnership
grants a Partnership Interest (other than a de minimis Partnership Interest) as consideration for the provision of services
to or for the benefit of the Partnership to an existing Partner acting in a Partner capacity, or to a new Partner acting in a Partner
capacity or in anticipation of being a Partner, the General Partner shall revalue the property of the Partnership to its fair market
value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the
Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f); provided, that (i) the issuance of any LTIP Unit
shall be deemed to require a revaluation pursuant to this Section 4.06 and (ii) the General Partner may elect not to revalue
the property of the Partnership in connection with the issuance of additional Partnership Units pursuant to Section 4.02 to the
extent it determines, in its sole and absolute discretion, that revaluing the property of the Partnership is not necessary or appropriate
to reflect the relative economic interests of the Partners. When the Partnership’s property is revalued by the General Partner,
the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f)
and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain
or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the
Partners pursuant to Section 5.01 if there were a taxable disposition of such property for its fair market value (as determined
by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of
the revaluation.

 

4.07         Percentage
Interests. If the number of outstanding Common Units or LTIP Units increases or decreases during a taxable year, each Partner’s
Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease
to a percentage equal to the number of Common Units or LTIP Units held by such Partner divided by the aggregate number of Common
Units and LTIP Units, as applicable, outstanding after giving effect to such increase or decrease. If the Partners’ Percentage
Interests are adjusted pursuant to this Section 4.07, the Profits and Losses for the taxable year in which the adjustment
occurs shall be allocated between the part of the year ending on the day when the Partnership’s property is revalued by the
General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date
of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion,
shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs.
The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment,
and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

 

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

 

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

 

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

 

ARTICLE V

PROFITS AND LOSSES; DISTRIBUTIONS

 

5.01         Allocation
of Profit and Loss.

 

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

 

(b)            Loss.
Loss of the Partnership for each fiscal year of the Partnership shall be allocated to the Partners in accordance with their respective
Percentage Interests.

 

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

 

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

 

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

 

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

 

(g)            Special
Allocations Regarding LTIP Units. Notwithstanding the provisions of Sections 5.01(a) and (b), Liquidating Gains shall
first be allocated to the LTIP Unitholders until their Economic Capital Account Balances, to the extent attributable to their ownership
of LTIP Units, are equal to (i) the Common Unit Economic Balance, multiplied by (ii) the number of their LTIP Units.
For this purpose, “Liquidating Gains” means net capital gains realized in connection with the actual or hypothetical
sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in connection
with an adjustment to the value of Partnership assets under Section 704(b) of the Code. The “Economic Capital Account
Balances” of the LTIP Unitholders will be equal to their Capital Account balances to the extent attributable to their
ownership of LTIP Units. Similarly, the “Common Unit Economic Balance” shall mean (i) the Capital Account
balance of the General Partner, plus the amount of the General Partner’s share of any Partner Nonrecourse Debt Minimum Gain
or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Common Units
and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made
under this Section 5.01(g), divided by (ii) the number of the General Partner’s Common Units. Any such allocations
shall be made among the LTIP Unitholders in proportion to the amounts required to be allocated to each under this Section 5.01(g).
The parties agree that the intent of this Section 5.01(g) is to make the Capital Account balance associated with each LTIP
Unit to be economically equivalent to the Capital Account balance associated with the General Partner’s Common Units (on
a per-Unit basis).

 

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

 

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5.02         Distribution
of Cash.

 

(a)             Subject
to Sections 5.02(c), (d) and (e), the Partnership shall distribute cash at such times and in such amounts as are determined
by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with
respect to such quarter (or other distribution period) in proportion with their respective Percentage Interests on the Partnership
Record Date.

 

(b)             In
accordance with Section 4.04(a)(ii), the LTIP Unitholders shall be entitled to receive distributions in an amount per LTIP
Unit equal to the Common Partnership Unit Distribution.

 

(c)             If
a new or existing Partner acquires additional Partnership Units in exchange for a Capital Contribution on any date other than a
Partnership Record Date, the cash distribution attributable to such additional Partnership Units relating to the Partnership Record
Date next following the issuance of such additional Partnership Units shall be reduced in the proportion to (i) the number
of days that such additional Partnership Units are held by such Partner bears to (ii) the number of days between such Partnership
Record Date and the immediately preceding Partnership Record Date.

 

(d)           
Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines
to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code
or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of
the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting
from the allocation or distribution of income to a Partner or assignee (including by reason of Section 1446 of the Code),
either (i) if the actual amount to be distributed to the Partner (the “Distributable Amount”) equals or
exceeds the Withheld Amount, the entire Distributable Amount shall be treated as a distribution of cash to such Partner, or (ii) if
the Distributable Amount is less than the Withheld Amount, the excess of the Withheld Amount over the Distributable Amount shall
be treated as a Partnership Loan from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing
authority. A Partnership Loan shall be repaid upon the demand of the Partnership or, alternatively, through withholding by the
Partnership with respect to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner
fails to pay any amount owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment
thereof is made by the Partnership on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect
to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the
General Partner shall be deemed to have extended a General Partner Loan to the Defaulting Limited Partner in the amount of the
payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting Limited
Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise
would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner Loan has been paid in
full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting
Limited Partner and immediately paid to the General Partner.

 

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Any amounts treated
as a Partnership Loan or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 300
basis points above the base rate on corporate loans at large United States money center commercial banks, as published from time
to time in The Wall Street Journal, Eastern Addition, or (ii) the maximum lawful rate of interest on such obligation,
such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until
such loan is repaid in full.

 

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

 

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

 

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

 

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

 

5.06         Distributions
Upon Liquidation.

 

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

 

(b)            For
purposes of Section 5.06(a), the Capital Account of each Partner shall be determined after all adjustments made in accordance
with Sections 5.01 and 5.02 resulting from Partnership operations and from all sales and dispositions of all or any part of
the Partnership’s assets.

 

(c)            Any
distributions pursuant to this Section 5.06 shall be made by the end of the Partnership’s taxable year in which the
liquidation occurs (or, if later, within 90 days after the date of the liquidation). To the extent deemed advisable by the
General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds
are available to pay any contingent debts or obligations.

 

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

 

ARTICLE VI

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

 

6.01         Management
of the Partnership.

 

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

 

(i) to acquire, purchase,
own, operate, lease and dispose of any real property and any other property or assets including, but not limited to, notes and
mortgages that the General Partner determines are necessary or appropriate in the business of the Partnership;

 

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

 

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

 

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

 

(v) to pay, either directly
or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third parties or to the
General Partner or its Affiliates as set forth in this Agreement;

 

(vi) to guarantee
or become a co-maker of indebtedness of any Subsidiary of the General Partner or the Partnership, refinance, increase the amount
of, modify, amend or change the terms of, or extend the time for the payment of, any such guarantee or indebtedness, and secure
such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership’s assets; 

 

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

 

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

 

(ix) to prosecute, defend,
arbitrate or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner
as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners,
the Partnership or the Partnership’s assets;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xxi) to merge, consolidate
or combine the Partnership with or into another Person;

 

(xxii) to do any and all acts
and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership”
taxable as a corporation under Section 7704 of the Code or an "investment company" or a subsidiary of an investment
company under the Investment Company Act of 1940; and

 

(xxiii) enter into and perform
obligations under underwriting or other agreements in connection with issuances of securities by the Partnership or the General
Partner or any affiliate thereof;

 

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

 

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

 

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

 

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6.03         Indemnification
and Exculpation of Indemnitees.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)          Any
amendment, modification or repeal of this Section 6.03 or any provision shall be prospective only and shall not in any way
affect the indemnification of an Indemnitee by the Partnership under this Section 6.03 as in effect immediately before such
amendment, modification or repeal with respect to matters occurring, in whole or in part, before such amendment, modification or
repeal, regardless of when claims relating to such matters may arise or be asserted.

 

6.04         Liability
of the General Partner.

 

(a)            Notwithstanding
anything to the contrary set forth in this Agreement, neither the General Partner, nor any of its Directors, officers, agents or
employees shall be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred
as a result of errors in judgment or mistakes of fact or law or of any act or omission if any such party acted in good faith. The
General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership
or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting
in good faith, abides by the terms of this Agreement.

 

(b)            The
Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership and the General Partner’s
shareholders collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners
(including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited
Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between
the interests of the shareholders of the General Partner on the one hand and the Limited Partners on the other, the General Partner
shall endeavor in good faith to resolve the conflict in a manner not adverse to either the shareholders of the General Partner
or the Limited Partners; provided, however, that any such conflict that the General Partner, in its sole and absolute
discretion, determines cannot be resolved in a manner not adverse to either the shareholders of the General Partner or the Limited
Partners shall be resolved in favor of the shareholders of the General Partner. The General Partner shall not be liable for monetary
damages for losses sustained, liabilities incurred or benefits not derived by the Limited Partners in connection with such decisions.

 

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

 

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

 

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

 

6.05         Partnership
Obligations.

 

(a)            Except
as provided in this Section 6.05 and elsewhere in this Agreement (including the provisions of Articles V and VI regarding
distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its services
as general partner of the Partnership.

 

(b)           All
Administrative Expenses shall be obligations of the Partnership, and the General Partner shall be entitled to reimbursement by
the Partnership for any expenditure (including Administrative Expenses) incurred by it on behalf of the Partnership that shall
be made other than out of the funds of the Partnership. All reimbursements hereunder shall be characterized for federal income
tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the General Partner.

 

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6.06         Outside
Activities. Subject to Section 6.08, the Charter and any agreements, including without limitation the Investment Allocation
Agreement and the Management Agreement, entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary,
any officer, director, employee, agent, trustee, Affiliate or shareholder of the General Partner, the General Partner shall be
entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership
nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interest or activities.
None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship
established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant
to this Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited
Partner, even if such opportunity is of a character that, if presented to the Partnership or any Limited Partner, could be taken
by such Person.

 

6.07         Employment
or Retention of Affiliates.

 

(a)            Any
Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether
as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the
Partnership any compensation, price or other payment therefor that the General Partner determines to be fair and reasonable.

 

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

 

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

 

6.08         General
Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including
activities pertaining to the acquisition, development, ownership of or investment in real properties or other property, shall be
conducted through the Partnership or one or more Subsidiary Partnerships; provided, however, that the General Partner may make
direct acquisitions or undertake business activities if such acquisitions or activities are made in connection with the issuance
of Additional Securities by the General Partner or the business activity has been approved by a majority of the Independent Directors.
If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets on behalf of the Partnership),
the definition of “REIT Shares Amount” may be adjusted, as reasonably determined by the General Partner, to reflect
only the fair market value of a Class A REIT Share attributable to the General Partner’s Partnership Units and other assets
held on behalf of the Partnership.

 

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

 

6.10         Restrictions
on General Partner Authority. The General Partner may not take any action in contravention
of an express prohibition or limitation of this Agreement without the written consent of a Two Thirds Majority (other than the
General Partner or any Subsidiary of the General Partner), or such other percentage of the Limited Partners as may be specifically
provided for under a provision of this Agreement, and may not perform any act that would subject a Limited Partner to liability
as a general partner in any jurisdiction or any liability not contemplated herein or under the Act except with the written consent
of such Limited Partner.

 

ARTICLE VII

CHANGES IN GENERAL PARTNER

 

7.01         Transfer
of the General Partner’s Partnership Interest.

 

(a)            The
General Partner shall not transfer all or any portion of its General Partnership Interests, and the General Partner shall not withdraw
as General Partner, except as provided in or in connection with a transaction contemplated by Sections 7.01(c), (d) or
(e).

 

(b)            The
General Partner agrees that its General Partnership Interest will at all times be in the aggregate at least 0.1%.

 

(c)            Except
as otherwise provided in Section 7.01(d) or (e), the General Partner shall not engage in any merger, consolidation or other
combination with or into another Person or sale of all or substantially all of its assets (other than in connection with a change
in the General Partner’s state of incorporation or organizational form), in each case which results in a Change of Control
of the General Partner (a “Transaction”), unless at least one of the following conditions is met:

 

(i) the consent of a Majority in
Interest (other than the General Partner or any Subsidiary of the General Partner) is obtained;

 

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(ii) as a result of such Transaction,
all Limited Partners (other than the General Partner and any Subsidiary of the General Partner) will receive, or have the right
to receive, for each Partnership Unit an amount of cash, securities or other property equal in value to the product of the Conversion
Factor and the greatest amount of cash, securities or other property paid in the Transaction to a holder of one Class A REIT Share
in consideration of one Class A REIT Share, provided that if, in connection with such Transaction, a purchase, tender or
exchange offer (“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding
REIT Shares, each holder of Partnership Units (other than the General Partner and any Subsidiary of the General Partner) shall
be given the option to exchange its Partnership Units for the greatest amount of cash, securities or other property that such Limited
Partner would have received had it (A) exercised its Common Unit Redemption Right pursuant to Section 8.04 and (B) sold,
tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Common Unit Redemption Right immediately
before the expiration of the Offer; or

 

(iii) the General Partner is the
surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities or other property
in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary of the General Partner) receive
for each Partnership Unit an amount of cash, securities or other property (expressed as an amount per Class A REIT Share) that
is no less in value than the product of the Conversion Factor and the greatest amount of cash, securities or other property (expressed
as an amount per Class A REIT Share) received in the Transaction by any holder of Class A REIT Shares.

 

(d)          Notwithstanding
Section 7.01(c), the General Partner may merge with or into or consolidate with another entity if immediately after such merger
or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Survivor”),
other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital
Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined
by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner hereunder.
Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this
Section 7.01(d). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount, the REIT
Shares Amount and Conversion Factor for a Partnership Unit after any such merger or consolidation so as to approximate the existing
method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the
kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of Class
A REIT Shares or options, warrants or other rights relating thereto, and which a holder of Partnership Units could have acquired
had such Partnership Units been exchanged immediately before such merger or consolidation. Such amendment to this Agreement shall
provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments
provided for with respect to the Conversion Factor. The Survivor also shall in good faith modify the definition of Class A REIT
Shares and make such amendments to Section 8.04 so as to approximate the existing rights and obligations set forth in Section 8.04
as closely as reasonably possible. The above provisions of this Section 7.01(d) shall similarly apply to successive mergers
or consolidations permitted hereunder.

 

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In respect of any transaction
described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such
transaction to avoid causing the Limited Partners (other than the General Partner or any Subsidiary) to recognize a gain for federal
income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent
with and subject in all respects to the exercise of the Board of Directors’ fiduciary duties to the shareholders of the General
Partner under applicable law.

 

(e)           Notwithstanding
anything in this Article VII:

 

(i) The General Partner may transfer
all or any portion of its General Partnership Interest to (A) any wholly owned Subsidiary of the General Partner or (B) the
owner of all of the ownership interests of the General Partner, and following a transfer of all of its General Partnership Interest,
may withdraw as General Partner; and

 

(ii) the General Partner may engage
in a transaction required by law or by the rules of any national securities exchange or over-the-counter interdealer quotation
system on which the REIT Shares are listed or traded.

 

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

 

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

 

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

 

(c)       
    counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel
as may be necessary) that the admission of the Person to be admitted as a substitute or additional General Partner is
in conformity with the Act, that none of the actions taken in connection with the admission of such Person as a substitute
or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for
federal income tax purposes, or (ii) the loss of any Limited Partner’s limited liability.

 

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

 

(a)        
  Upon the occurrence of an Event of Bankruptcy as to the General Partner (and its removal pursuant to
Section 7.04(a)) or the death, withdrawal, removal or dissolution of the General Partner (except that, if the General
Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or
removal of a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business of
the General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated
unless the Partnership is continued pursuant to Section 7.03(b). The merger of the General Partner with or into any
entity that is admitted as a substitute or successor General Partner pursuant to Section 7.02 shall not be deemed to be
the withdrawal, dissolution or removal of the General Partner.

 

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

 

7.04         Removal
of General Partner.

 

(a)            Upon
the occurrence of an Event of Bankruptcy as to, or the dissolution of, the General Partner, the General Partner shall be deemed
to be removed automatically; provided, however, that if the General Partner is on the date of such occurrence a partnership, the
withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be deemed not to be
a dissolution of the General Partner if the business of the General Partner is continued by the remaining partner or partners.
The Limited Partners may not remove the General Partner, with or without cause.

 

(b)            If
the General Partner has been removed pursuant to this Section 7.04 and the Partnership is continued pursuant to Section 7.03,
the General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General
Partner approved by a Majority in Interest in accordance with Section 7.03(b) and otherwise be admitted to the Partnership
in accordance with Section 7.02. At the time of assignment, the removed General Partner shall be entitled to receive from
the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced
by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually
agreed upon by the General Partner and a Majority in Interest (excluding the General Partner and any Subsidiary of the General
Partner) within ten days following the removal of the General Partner. In the event that the parties are unable to agree upon an
appraiser, the removed General Partner and a Majority in Interest (excluding the General Partner and any Subsidiary of the General
Partner) each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed
General Partner’s General Partnership Interest within 30 days of the General Partner’s removal, and the fair market
value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided,
however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two
appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete
an appraisal of the fair market value of the removed General Partner’s General Partnership Interest no later than 60 days
after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership
Interest shall be the average of the two appraisals closest in value.

 

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

 

(d)       
   All Partners shall have given and hereby do give such consents, shall take such actions and shall execute
such documents as shall be legally necessary and sufficient to effect all the foregoing provisions of this
Section 7.04.

 

ARTICLE VIII

RIGHTS AND OBLIGATIONS

OF THE LIMITED PARTNERS

 

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

 

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

 

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

 

8.04         Common
Unit Redemption Right.

 

(a)            Subject
to Sections 8.04(b), (c), (d), (e) and (f) and the provisions of any agreements between the Partnership and one or more
Limited Partners with respect to Common Units (including any LTIP Units that are converted into Common Units) held by them, each
Limited Partner (other than the General Partner or any Subsidiary of the General Partner, shall have the right (the “Common
Unit Redemption Right”) to require the Partnership to redeem on a Specified Redemption Date all or a portion of the Common
Units held by such Limited Partner at a redemption price equal to and in the form of the Common Redemption Amount to be paid by
the Partnership, provided that such Common Units (or the LTIP Units converted into such Common Units) shall have been outstanding
for at least one year (or such lesser time as determined by the General Partner in its sole and absolute discretion), and subject
to any restriction agreed to in writing between the Redeeming Limited Partner and the Partnership or General Partner. The Common
Unit Redemption Right shall be exercised pursuant to a Notice of Exercise of Redemption Right in the form attached hereto as Exhibit B
delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Common Unit Redemption
Right (the “Redeeming Limited Partner”); provided, however, that the Partnership shall, in its sole and absolute
discretion, have the option to deliver either the Cash Amount or the REIT Shares Amount; provided, further, that the Partnership
shall not be obligated to satisfy such Common Unit Redemption Right if the General Partner elects to purchase the Common Units
subject to the Notice of Redemption; and provided, further, that, subject to the terms of any agreement between the General Partner
and a Limited Partner with respect to Common Units (or any LTIP Units converted into such Common Units) held by such Limited Partner,
no Limited Partner may deliver more than two Notices of Redemption during each calendar year. A Limited Partner may not exercise
the Common Unit Redemption Right for less than one thousand (1,000) Common Units or, if such Limited Partner holds less than one
thousand (1,000) Common Units, all of the Common Units held by such Limited Partner. The Redeeming Limited Partner shall have no
right, with respect to any Common Units so redeemed, to receive any distribution paid with respect to Common Units if the record
date for such distribution is on or after the Specified Redemption Date.

 

(b)           Notwithstanding
the provisions of Section 8.04(a), a Limited Partner that exercises the Common Unit Redemption Right shall be deemed to have
offered to sell the Common Units described in the Notice of Redemption to the General Partner, and the General Partner may, in
its sole and absolute discretion, elect to purchase directly and acquire such Common Units by paying to the Redeeming Limited Partner
either the Cash Amount or the REIT Shares Amount, as elected by the General Partner (in its sole and absolute discretion), on the
Specified Redemption Date, whereupon the General Partner shall acquire the Common Units offered for redemption by the Redeeming
Limited Partner and shall be treated for all purposes of this Agreement as the owner of such Common Units. If the General Partner
shall elect to exercise its right to purchase Common Units under this Section 8.04(b) with respect to a Notice of Redemption,
it shall so notify the Redeeming Limited Partner within five Business Days after the receipt by the General Partner of such Notice
of Redemption.

 

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If the General Partner
shall exercise its right to purchase Common Units with respect to the exercise of a Common Unit Redemption Right, the Partnership
shall have no obligation to pay any amount to the Redeeming Limited Partner with respect to such Redeeming Limited Partner’s
exercise of such Common Unit Redemption Right, and each of the Redeeming Limited Partner, the Partnership and the General Partner
shall treat the transaction between the General Partner and the Redeeming Limited Partner for federal income tax purposes as a
sale of the Redeeming Limited Partner’s Common Units to the General Partner. Each Redeeming Limited Partner agrees to execute
such documents as the General Partner may reasonably require in connection with the issuance of Class A REIT Shares upon exercise
of the Common Unit Redemption Right.

 

(c)           Notwithstanding
the provisions of Section 8.04(a) and 8.04(b), a Limited Partner shall not be entitled to exercise the Common Unit Redemption
Right if the delivery of Class A REIT Shares to such Limited Partner on the Specified Redemption Date by the General Partner pursuant
to Section 8.04(b) (regardless of whether or not the General Partner would in fact exercise its rights under Section 8.04(b))
would (i) result in such Limited Partner or any other Person (as defined in the Charter) owning, directly or indirectly, REIT
Shares in excess of the Share Ownership Limit or any Excepted Holder Limit and calculated in accordance therewith, except as provided
in the Charter, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without reference to any rules
of attribution), (iii) result in the General Partner being “closely held” within the meaning of Section 856(h)
of the Code, (iv) cause the General Partner to own, actually or constructively, 10% or more of the ownership interests in
a tenant (other than a TRS) of the General Partner’s, the Partnership’s or a Subsidiary Partnership’s real property,
within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise cause the General Partner to fail to qualify as
a REIT under the Code or (vi) cause the acquisition of REIT Shares by such Limited Partner to be “integrated”
with any other distribution of REIT Shares or Common Units for purposes of complying with the registration provisions of the Securities
Act. The General Partner, in its sole and absolute discretion, may waive the restriction on redemption set forth in this Section 8.04(c).

 

(d)        
  Any Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on the
Specified Redemption Date. Any REIT Share Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04
shall be paid on the Specified Redemption Date. 

 

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(e)         
 Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it
determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established
under the Code or any other federal, state or local law that apply upon a Redeeming Limited Partner’s exercise of the
Common Unit Redemption Right. If a Redeeming Limited Partner believes that it is exempt from such withholding upon the
exercise of the Common Unit Redemption Right, such Partner must furnish the General Partner with a FIRPTA Certificate in
substantially the form attached as Exhibit C and any similar forms or certificates required to avoid or reduce
the withholding under state, local or foreign law. If the Partnership or the General Partner is required to withhold and pay
over to any taxing authority any amount upon a Redeeming Limited Partner’s exercise of the Common Unit Redemption Right
and if the Common Redemption Amount equals or exceeds the Withheld Amount, the Withheld Amount shall be treated as an amount
received by such Partner in redemption of its Common Units. If, however, the Common Redemption Amount is less than the
Withheld Amount, the Redeeming Limited Partner shall not receive any portion of the Common Redemption Amount, the Common
Redemption Amount shall be treated as an amount received by such Partner in redemption of its Common Units, and the Partner
shall contribute the excess of the Withheld Amount over the Common Redemption Amount to the Partnership before the
Partnership is required to pay over such excess to a taxing authority.

 

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

 

8.05 Registration.
 Subject to the terms of any agreement between the General Partner and a Limited Partner with respect to Common Units or
LTIP Units held by such Limited Partner:

 

(a) Registration
of the REIT Shares. One year following the date of this Agreement, or as soon as is practicable thereafter, the General Partner
shall file with the Commission a continuous offering registration statement under Rule 415 of the Securities Act (a “Registration
Statement”), or any similar rule that may be adopted by the Commission, on appropriate form as determined by the General
Partner, covering the resale of REIT Shares issuable upon redemption of the Common Units or LTIP Units held by the Limited Partners
as of the date of this Agreement, or their respective transferees and assigns (collectively, “Qualifying Limited Partners”),
other than the REIT Shares covered by a separate registration statement under the Securities Act, including without limitation
a registration statement on Form S-8 (“Initial Redemption Shares”). In connection therewith, the General Partner
will:

 

(1) use
commercially reasonable efforts to have such Registration Statement declared effective;

 

(2) register
or qualify the Redemption Shares covered by a Registration Statement under the securities or blue sky laws of such jurisdictions
within the United States as required by law, and do such other reasonable acts and things as may be required of it to enable such
holders to consummate the sale or other disposition in such jurisdictions of the Initial Redemption Shares; provided, however,
that the General Partner shall not be required to (i) qualify as a foreign corporation or consent to a general or unlimited service
or process in any jurisdictions in which it would not otherwise be required to be qualified or so consent or (ii) qualify as a
dealer in securities; and

 

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(3) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection with
a Registration Statement.

 

The General Partner
agrees to supplement or make amendments to the Registration Statement, if required by the rules, regulations or instructions applicable
to the registration form utilized by the General Partner or by the Securities Act or rules and regulations thereunder for a Registration
Statement. The General Partner further agrees that it shall, in its discretion, either (i) amend or supplement the Registration
Statement filed with respect to the Initial Redemption Shares (the “Initial Registration Statement”) to cover
the resale of any REIT Shares issuable upon redemption of Common Units or LTIP Units issued by the Partnership to the Qualifying
Limited Partners after the Initial Registration Statement is declared effective, other than those Units covered by another registration
statement under the Securities Act, including without limitation a registration statement on Form S-8 (“Subsequent Redemption
Shares” and collectively with the Initial Redemption Shares, “Redemption Shares”); or (ii) file a
new Registration Statement covering any Subsequent Redemption Shares. In connection with and as a condition to the General Partner’s
obligations with respect to the filing of the Registration Statement pursuant to this Section 8.05, each Limited Partner agrees
with the General Partner that:

 

(w) it will provide
in a timely manner to the General Partner such information with respect to the Limited Partner as reasonably required to complete
a Registration Statement, including without limitation the information required by Item 507 of Regulation S-K promulgated under
the Securities Act, and file the Registration Statement and to have the Registration Statement declared effective by the Commission
and cleared by the Financial Industry Regulatory Authority (if required), and take such other acts as otherwise required to comply
with applicable securities laws and regulations;

 

(x) it will not offer
or sell its Redemption Shares until (A) such Redemption Shares have been included in a Registration Statement and (B) it has received
notice that the Registration Statement covering such Redemption Shares, or any post-effective amendment thereto, has been declared
effective by the Commission, such notice to have been satisfied by the posting by the Commission on www.sec.gov of a notice
of effectiveness;

 

(y) if the General
Partner determines in its good faith judgment, after consultation with counsel, that the use of a Registration Statement, including
any pre- or post-effective amendment thereto, or the use of any prospectus contained in such Registration Statement would require
the disclosure of important information that the General Partner has a bona fide business purpose for preserving as confidential
or the disclosure of which, in the judgment of the General Partner, would impede the General Partner’s ability to consummate
a significant transaction, upon written notice of such determination by the General Partner (which notice shall be deemed sufficient
if given through the issuance of a press release or filing with the Commission and, if such notice is not publicly distributed,
the Limited Partner agrees to keep the subject information confidential and acknowledges that such information may constitute material
non-public information subject to the applicable restrictions under securities laws), the rights of each Limited Partner to offer,
sell or distribute its Redemption Shares pursuant to such Registration Statement or prospectus or to require the General Partner
to take action with respect to the registration or sale of any Redemption Shares pursuant to a Registration Statement (including
any action contemplated by this Section 8.05) will be suspended until the date upon which the General Partner notifies such Limited
Partner in writing (which notice shall be deemed sufficient if given through the issuance of a press release or filing with the
Commission and, if such notice is not publicly distributed, the Limited Partner agrees to keep the subject information confidential
and acknowledges that such information may constitute material non-public information subject to the applicable restrictions under
securities laws) that suspension of such rights for the grounds set forth in this paragraph is no longer necessary; provided,
however, that the General Partner may not suspend such rights for an aggregate period of more than 180 days in any 12-month
period; and

  

    	44

    	 

    

 

(z) in the case of
the registration of any underwritten equity offering proposed by the General Partner (other than any registration by the General
Partner on Form S-8, or a successor or substantially similar form, of an employee share option, share purchase or compensation
plan or of securities issued or issuable pursuant to any such plan), each Limited Partner will agree, (i) if requested in writing
by the General Partner, managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution
of any REIT Shares or Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period
commencing on the tenth day prior to the expected effective date (which date shall be stated in such notice) of the registration
statement covering such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective
shelf registration statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice)
of such offering and ending on the date specified by such General Partner, managing underwriter, or underwriters administering
such offering in such written request to the Limited Partners and (ii) to keep all information regarding any such offering, including
without limitation the existence, timing, pricing and terms of any such offering, confidential until such time as the General Partner
makes such information public; provided, however, that no Limited Partner shall be required to agree not to effect
any offer, sale or distribution of its Redemption Shares for a period of time that is longer than the greater of 90 days or the
period of time for which any senior executive of the General Partner is required so to agree in connection with such offering.
Nothing in this paragraph shall be read to limit the ability of any Limited Partner to redeem its Common Units in accordance with
the terms of this Agreement.

 

(b) Listing on
Securities Exchange. If the General Partner lists or maintains the listing of REIT Shares on any securities exchange or national
market system, it shall, at its expense and as necessary to permit the registration and sale of the Redemption Shares hereunder,
list thereon, maintain and, when necessary, increase such listing to include such Redemption Shares.

 

(c) Allocation
of Expenses. The Partnership shall pay all expenses in connection with the Registration Statement, including without limitation
(i) all expenses incident to filing with the Financial Industry Regulatory Authority, Inc., (ii) registration fees, (iii) printing
expenses, (iv) accounting and legal fees and expenses, except to the extent holders of Redemption Shares elect to engage accountants
or attorneys in addition to the accountants and attorneys engaged by the General Partner or the Partnership, which fees and expenses
for such accountants or attorneys shall be for the account of the holders of the Redemption Shares, (v) accounting expenses incident
to or required by any such registration or qualification and (vi) expenses of complying with the securities or blue sky laws of
any jurisdictions in connection with such registration or qualification; provided, however, neither the Partnership
nor the General Partner shall be liable for, or pay (A) any discounts or commissions to any underwriter or broker attributable
to the sale of Redemption Shares, or (B) any fees or expenses incurred by holders of Redemption Shares in connection with such
registration that, according to the written instructions of any regulatory authority, the Partnership or the General Partner is
not permitted to pay.

 

    	45

    	 

    

 

(d) Indemnification.

 

(i) In connection
with the Registration Statement, the General Partner and the Partnership agree to indemnify each holder of Redemption Shares and
each Person who controls any such holder of Redemption Shares within the meaning of Section 15 of the Securities Act, against all
losses, claims, damages, liabilities and expenses (including reasonable costs of investigation) caused by any untrue, or alleged
untrue, statement of a material fact contained in a Registration Statement, preliminary prospectus or prospectus (as amended or
supplemented if the General Partner shall have furnished any amendments or supplements thereto) or caused by any omission or alleged
omission, to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or expenses are caused by any untrue statement, alleged untrue statement,
omission, or alleged omission based upon information furnished to the General Partner by the Limited Partner or the holder for
use therein. The General Partner and each officer, director, stockholder, employee, agent, external advisor, investment adviser,
and controlling Person of the General Partner and the Partnership shall be indemnified by each Limited Partner or holder of Redemption
Shares covered by a Registration Statement for all such losses, claims, damages, liabilities and expenses (including reasonable
costs of investigation) caused by any untrue, or alleged untrue, statement or any omission, or alleged omission, based upon information
furnished to the General Partner by the Limited Partner or the holder for use therein.

 

(ii) Promptly upon
receipt by a party indemnified under this Section 8.05(d) of notice of the commencement of any action against such indemnified
party in respect of which indemnity or reimbursement may be sought against any indemnifying party under this Section 8.05(d), such
indemnified party shall notify the indemnifying party in writing of the commencement of such action, but the failure to so notify
the indemnifying party shall not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 8.05(d) unless such failure shall materially adversely affect the defense of such action. In case notice of commencement
of any such action shall be given to the indemnifying party as above provided, the indemnifying party shall be entitled to participate
in and, to the extent it may wish, jointly with any other indemnifying party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory to such indemnified party. The indemnified party
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses
of such counsel shall be paid by the indemnified party unless (i) the indemnifying party agrees to pay the same, (ii) the indemnifying
party fails to assume the defense of such action with counsel reasonably satisfactory to the indemnified party or (iii) the named
parties to any such action (including any impleaded parties) have been advised by such counsel that representation of such indemnified
party and the indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct
(in which case the indemnified party shall have the right to separate counsel and the indemnifying party shall pay the reasonable
fees and expenses of such separate counsel, provided that, the indemnifying party shall not be liable for more than one separate
counsel). No indemnifying party shall be liable for any settlement of any proceeding entered into without its consent.

 

    	46

    	 

    

 

(iii) The indemnification
provided for in this Section 8.05(d) shall survive the termination of this Agreement and shall remain in full force and effect
regardless of any investigation made by or on behalf of any indemnified party.

 

(e) Contribution.

 

(i) If for any reason
the indemnification provisions contemplated by Section 8.05(d) hereof are either unavailable or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the party that would otherwise
be required to provide indemnification or the indemnifying party (in either case, for purposes of this Section 8.05(e), the “Indemnifying
Party”) in respect of such losses, claims, damages or liabilities, shall contribute to the amount paid or payable by
the party that would otherwise be entitled to indemnification or the indemnified party (in either case, for purposes of this Section
8.05(e), the “Indemnified Party”) as a result of such losses, claims, damages, liabilities or expense, in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well as any
other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact related to information supplied by the Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount
paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed
to include any legal or other fees or expenses reasonably incurred by such party.

 

(ii) The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 8.05(e) were determined by pro rata
allocation (even if the holders were treated as one entity for such purpose) or by any other method of allocation that does not
take account of the equitable considerations referred to in the immediately preceding paragraph. No person or entity determined
to have committed a fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(iii) The contribution
provided for in this Section 8.05(e) shall survive the termination of this Agreement and shall remain in full force and effect
regardless of any investigation made by or on behalf of any Indemnified Party.

 

ARTICLE IX

TRANSFERS OF PARTNERSHIP INTERESTS

 

9.01        Purchase
for Investment.

 

(a)       
   Each Limited Partner, by its signature below or by its subsequent admission to the Partnership, hereby
represents and warrants to the General Partner and to the Partnership that the acquisition of such Limited Partner’s
Partnership Units is made for investment purposes only and not with a view to the resale or distribution of such Partnership
Units.

 

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(b)       
    Subject to the provisions of Section 9.02, each Limited Partner agrees that such Limited Partner will
not sell, assign or otherwise transfer such Limited Partner’s Partnership Units or any fraction thereof, whether
voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and
warranties to the General Partner set forth in Section 9.01(a).

 

9.02        Restrictions
on Transfer of Partnership Units.

 

(a)            Subject
to the provisions of Sections 9.02(b), (c) and (d), no Limited Partner may offer, sell, assign, hypothecate, pledge or
otherwise transfer all or any portion of such Limited Partner’s Partnership Units, or any of such Limited Partner’s
economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively,
a “Transfer”) without the consent of the General Partner, which consent may be granted or withheld in its sole
and absolute discretion. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor
assume all costs incurred by the Partnership in connection therewith.

 

(b)           No
Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented
to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.05) of all of such
Limited Partner’s Partnership Units pursuant to this Article IX or pursuant to a redemption of all of such Limited Partner’s
Common Units pursuant to Section 8.04. Upon the permitted Transfer or redemption of all of a Limited Partner’s Common
Units, such Limited Partner shall cease to be a Limited Partner.

 

(c)           Subject
to Sections 9.02(d), (e) and (g), a Limited Partner may Transfer, with the written consent of the General Partner, all
or a portion of such Limited Partner’s Partnership Units to such Limited Partner’s (i) parent or parent’s
spouse, (ii) spouse, (iii) natural or adopted descendant or descendants, (iv) spouse of such Limited Partner’s
descendant, (v) brother or sister, (vi) trust created by such Limited Partner for the primary benefit of such Limited Partner
and/or any such Person(s) described in (i) through (v) above, of which trust such Limited Partner or any such Person(s)
or bank or other commercial entity in the business of acting as a fiduciary in its ordinary course of business and having an equity
capitalization of at least $100,000,000 is a trustee, (vii) a corporation, partnership or limited liability company controlled
by a Person or Persons named in (i) through (v) above, or (viii) if the Limited Partner is an entity, its beneficial
owners.

 

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

 

    	48

    	 

    

 

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

 

(f)       
   The General Partner shall monitor the Transfers of Partnership Units (including any acquisition of Common
Units by the Partnership or the General Partner) to determine (i) if such units could be treated as being traded on an
“established securities market” or a “secondary market (or the substantial equivalent thereof)”
within the meaning of Section 7704 of the Code and (ii) whether such Transfers could result in the Partnership being
unable to qualify for the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance
subsequently published by the Service setting forth safe harbors under which interests will not be treated as “readily
tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the
Code) (the “Secondary Market Safe Harbors”). The General Partner shall have the authority (but shall not
be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion (i) to
prevent any Transfer of Partnership Units which could cause the Partnership to become a “publicly traded
partnership,” within the meaning of Code Section 7704 or (ii) to ensure that one or more of the Secondary
Market Safe Harbors is met.

 

(g)    
      Any purported Transfer in contravention of any of the provisions of this Article IX
shall be void ab initio and ineffectual and shall not be binding upon, or recognized by, the General Partner or the
Partnership.

 

(h)       
   Before the consummation of any Transfer under this Article IX, the transferor and/or the transferee shall
deliver to the General Partner such opinions, certificates and other documents as the General Partner shall reasonably request
in connection with such Transfer.

 

9.03        Admission
of Substitute Limited Partner.

 

(a)      
    Subject to the other provisions of this Article IX, an assignee of the Partnership Units of a
Limited Partner (which shall be understood to include any purchaser, transferee, donee or other recipient of any disposition
of such Partnership Units) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the
General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion, and upon
the satisfactory completion of the following:

 

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

 

    	49

    	 

    

 

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

 

(iii) The assignee
shall have delivered a letter containing the representation set forth in Section 9.01(a) and the representations and warranties
set forth in Section 9.01(b);

 

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

 

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

 

(vi) The assignee shall have paid
all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with
its substitution as a Limited Partner; and

 

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

 

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

 

(c)      
    The General Partner and the Substitute Limited Partner shall cooperate with each other by preparing
the documentation required by this Section 9.03 and making all required filings and publications. The Partnership shall
take all such action as promptly as practicable after the satisfaction of the conditions in this Article IX to the
admission of such Person as a Limited Partner of the Partnership.

 

9.04        Rights
of Assignees of Partnership Units.

 

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

 

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

 

    	50

    	 

    

 

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

 

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

 

ARTICLE X

BOOKS AND RECORDS; ACCOUNTING; TAX
MATTERS

 

10.01         Books
and Records. At all times during the continuance of the Partnership, the General Partner shall keep or cause to be kept
at the Partnership’s specified office true and complete books of account in accordance with generally accepted accounting
principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy
of the Certificate Limited Partnership and all certificates of amendment thereto, (c) copies of the Partnership’s federal,
state and local income tax returns and reports, (d) copies of this Agreement and any financial statements of the Partnership
for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized
representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records
during ordinary business hours.

 

    	51

    	 

    

 

10.02      Custody
of Partnership Funds; Bank Accounts.

 

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

 

(b)        
  All deposits and other funds not needed in the operation of the business of the Partnership may be invested by
the General Partner. The funds of the Partnership shall not be commingled with the funds of any other Person except for such
commingling as may necessarily result from an investment in those investment companies permitted by this
Section 10.02(b).

 

10.03      Fiscal
and Taxable Year. The fiscal and taxable year of the Partnership shall be the calendar year unless otherwise required by
the Code.

 

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

 

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

 

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

 

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

 

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

 

    	52

    	 

    

 

(d)          The
Partners, intending to be legally bound, hereby authorize the Partnership to make an election (the “Safe Harbor Election”)
to have the “liquidation value” safe harbor provided in Proposed Treasury Regulation Section 1.83-3(1) and the Proposed
Revenue Procedure set forth in Internal Revenue Service Notice 2005-43, as such safe harbor may be modified when such proposed
guidance is issued in final form or as amended by subsequently issued guidance (the “Safe Harbor”), apply to
any interest in the Partnership transferred to a service provider while the Safe Harbor Election remains effective, to the extent
such interest meets the Safe Harbor requirements (collectively, such interests are referred to as “Safe Harbor Interests”).
The Tax Matters Partner is authorized and directed to execute and file the Safe Harbor Election on behalf of the Partnership and
the Partners. The Partnership and the Partners (including any person to whom an interest in the Partnership is transferred in connection
with the performance of services) hereby agree to comply with all requirements of the Safe Harbor (including forfeiture allocations)
with respect to all Safe Harbor Interests and to prepare and file all U.S. federal income tax returns reporting the tax consequences
of the issuance and vesting of Safe Harbor Interests consistent with such final Safe Harbor guidance. The Partnership is also authorized
to take such actions as are necessary to achieve, under the Safe Harbor, the effect that the election and compliance with all requirements
of the Safe Harbor referred to above would be intended to achieve under Proposed Treasury Regulation Section 1.83-3, including
amending this Agreement.

 

ARTICLE XI

AMENDMENT OF AGREEMENT

 

11.01     Amendment
of Agreement.

 

(a)          
Amendments to this Agreement may be proposed by the General Partner or by Limited Partners forming a Two Thirds Majority
(other than the General Partner or any Subsidiary of the General Partner). Following such proposal, the General Partner shall
submit any proposed amendment to the Limited Partners. The General Partner shall seek the written vote of the Partners on the
proposed amendment or shall call a meeting to vote thereon and to transact any other business that it may deem appropriate.
For purposes of obtaining a written vote, the General Partner may require a response within a reasonable specified time, but
not less than fifteen (15) days, and failure to respond in such time period shall constitute a vote which is consistent with
the General Partner’s recommendation with respect to the proposal. Except as otherwise provided in this Agreement, a
proposed amendment shall be adopted and be effective as an amendment hereto if it is approved by the General Partner and it
receives the consent of a Two Thirds Majority (other than the General Partner or any Subsidiary of the General Partner).

 

(b)    
      Notwithstanding Section 11.01(a), the General Partner shall have the power, without the
consent of the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following
purposes:

 

    	53

    	 

    

 

(i) to add to the obligations
of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of the General Partner for
the benefit of the Limited Partners;

 

(ii) to reflect the
issuance of additional Partnership Units or the admission, substitution, termination, or withdrawal of Partners in accordance with
this Agreement;

 

(iii) to set forth
or amend the designations, rights (including redemption rights that differ from those specified in Section 8.04), powers, duties,
and preferences of holders of any additional Partnership Units or other Partnership Interests issued pursuant to Section 4.02;

 

(iv) to reflect a change
that is of an inconsequential nature and does not adversely affect the Limited Partners in any material respect, or to cure any
ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other
changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this
Agreement;

 

(v) to reflect such
changes as are reasonably necessary for the General Partner to maintain its qualification as a REIT, including changes which may
be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the Service;

 

(vi) to modify the manner in which Capital
Accounts are computed;

 

(vii) to include provisions
in this Agreement that may be referenced in any rulings, regulations, notices, announcements, or other guidance regarding the federal
income tax treatment of compensatory partnership interests issued and made effective after the date hereof or in connection with
any elections that the General Partner determines to be necessary or advisable in respect of any such guidance. Any such amendment
may include, without limitation, (a) a provision authorizing or directing the General Partner to make any election under the such
guidance, (b) a covenant by the Partnership and all of the Partners to agree to comply with the such guidance, (c) an amendment
to the capital account maintenance provisions and the allocation provisions contained in this Agreement so that such provisions
comply with (I) the provisions of the Code and the Regulations as they apply to the issuance of compensatory partnership interests
and (II) the requirements of such guidance and any election made by the General Partner with respect thereto, including, a provision
requiring “forfeiture allocations” as appropriate. Any such amendments to this Agreement shall be binding upon all
Partners; and

 

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

 

The General Partner shall provide notice
to the Limited Partners when any action under this Section 11.01(b) is taken.

 

    	54

    	 

    

 

(c)          Notwithstanding
Sections 11.01(a) and (b), this Agreement shall not be amended without the consent of each Partner adversely affected if such amendment
would (i) convert a Limited Partner’s interest in the Partnership into a General Partner Interest; (ii) modify the limited
liability of a Limited Partner in a manner adverse to such Limited Partner; (iii) alter rights of such Partner to receive distributions
pursuant to Article 5, or the allocations specified in Article 5 (except as permitted pursuant to Section 4.02 and Section 11.01(b)(iii))
in a manner adverse to such Partner; (iv) alter or modify the Common Unit Redemption Right and REIT Shares Amount as set forth
in Section 8.04, and the related definitions, in a manner adverse to such Partner; (v) cause the termination of the Partnership
prior to the time set forth in Section 2.04; or (vi) amend this Section 11.01(c); provided, however, that the consent
of each Partner adversely affected shall not be required for any amendment or action that affects all Partners holding the same
class or series of Partnership Units on a uniform or pro rata basis. Any amendment consented to by any Partner shall
be effective as to that Partner, notwithstanding the absence of such consent by any other Partner.

 

(d)          Notwithstanding
Sections 11.01(a) or (b), the General Partner shall not amend Sections 4.02(a), 6.06, 6.07 or 7.01 without the consent of a Two
Thirds Majority (other than the General Partner or any Subsidiary of the General Partner).

 

ARTICLE XII

GENERAL PROVISIONS

 

12.01     Notices.
All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered
personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at
the addresses set forth in the attached Exhibit A, as it may be amended or restated from time to time; provided, however,
that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices
to the General Partner and the Partnership shall be delivered at or mailed to its office address set forth in Section 2.03.
The General Partner and the Partnership may specify a different address by notifying the Limited Partners in writing of such different
address.

 

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

 

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

 

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

 

12.05     Entire
Agreement. This Agreement and its attached Exhibits constitute the entire agreement of the Partners and supersede all prior
written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter,
including without limitation the Original Agreement.

 

    	55

    	 

    

 

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

 

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

 

12.08     Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together
shall constitute one and the same instrument binding on all parties, notwithstanding that all parties shall not have signed the
same counterpart.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	56

    	 

    

 

IN WITNESS WHEREOF,
the parties have hereunder affixed their signatures to this Second Amended and Restated Agreement of Limited Partnership, all as
of the 2nd day of April, 2014.

 

	 	GENERAL PARTNER:
	 	 
	 	BLUEROCK RESIDENTIAL GROWTH REIT, INC.
	 	 	 	 
	 	 	By:	/s/ Christopher J. Vohs
	 	 	Name:	Christopher J. Vohs
	 	 	Title:	Treasurer and Chief Accounting Officer
	 	 	 	 
	 	LIMITED PARTNERS:
	 	 
	 	BLUEROCK REIT HOLDINGS, LLC,
	 	 	 	 
	 	By: Bluerock Residential Growth REIT, Inc.
	 	Its: Sole Member
	 	 	 	 
	 	 	By:	/s/ Christopher J. Vohs
	 	 	Name:	Christopher J. Vohs
	 	 	Title:	Treasurer and Chief Accounting Officer
	 	 	 	 
	 	BRG MANAGER, LLC
	 	 
	 	 	By: Bluerock Real Estate, L.L.C.
	 	 	Its: Manager
	 	 	 	 
	 	 	By:	/s/ Jordan B. Ruddy
	 	 	Name:	Jordan B. Ruddy
	 	 	Title:	Authorized Signatory

 

[Signature Page to Second Amended and Restated
Agreement of Limited Partnership]

 

    	57

    	 

    

 

	 	BR-NPT SPRINGING ENTITY, LLC
	 	 	 	 
	 	By: BR–North Park Towers, LLC
	 	Its: Manager
	 	 	 	 
	 	 	By: Bluerock Real Estate, L.L.C.
	 	 	Its: Manager
	 	 	 	 
	 	 	By:	/s/ Jordan B. Ruddy
	 	 	Name:	Jordan B. Ruddy
	 	 	Title:	Authorized Signatory
	 	 	 	 
	 	BLUEROCK MULTIFAMILY ADVISOR, LLC
	 	 	 	 
	 	By:	 /s/ Jordan B. Ruddy
	 	Name:	Jordan B. Ruddy
	 	Its:	President and Chief Operating Officer

 

[Signature Page to Second Amended and Restated
Agreement of Limited Partnership - Continued]

 

    	58

    	 

    

 

	 	BLUEROCK PROPERTY MANAGEMENT, LLC
	 	 	 	 
	 	By:	Bluerock Real Estate, L.L.C.
	 	Its:	Manager
	 	 	 	 
	 	 	By: 	/s/ Jordan B. Ruddy
	 	 	Name: Jordan B. Ruddy
	 	 	Its: Authorized Signatory

 

[Signature Page to Second Amended and Restated
Agreement of Limited Partnership - Continued]

 

    	59

    	 

    

 

EXHIBIT A

(As of April 2, 2014)

 

	 	 	 	 	 	Agreed	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Value of	 	 	 	 	 	 	 	 	 	 
	 	 	Cash	 	 	Capital	 	 	Common	 	 	LTIP	 	 	Percentage	 
	Partner	 	Contribution	 	 	Contribution	 	 	Units	 	 	Units	 	 	Interest	 
	General Partner:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bluerock Residential Growth REIT, Inc.	 	$	402,856	 	 	 	 	 	 	 	27,783	 	 	 	0	 	 	 	0.45	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Limited Partners:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bluerock REIT Holdings, LLC	 	$	80,168,326	 	 	 	 	 	 	 	5,528,850	 	 	 	0	 	 	 	89.68	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BRG Manager, LLC	 	$	0	 	 	$	2,603,652	 	 	 	0	 	 	 	179,562	 	 	 	2.91	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	BR-NPT Springing Entity, LLC	 	$	0	 	 	$	3,632,000	 	 	 	250,483	 	 	 	0	 	 	 	4.06	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bluerock Property Management, LLC	 	$	0	 	 	$	468,000	 	 	 	32,276	 	 	 	0	 	 	 	2.53	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bluerock Multifamily Advisor, LLC	 	$	0	 	 	$	2,117,237	 	 	 	0	 	 	 	146,016	 	 	 	2.37	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTALS	 	$	80,571,182	 	 	$	8,820,889	 	 	 	5,839,392	 	 	 	325,579	 	 	 	100.0000	%

 

    	60

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