Document:

EXHIBIT 10.1

  
 Exhibit 10.1 
  

  
 AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 CARR REALTY HOLDINGS, L.P. 
  

  
 December 31, 2003 
  

  
 TABLE OF CONTENTS

  

					
	 ARTICLE 1 DEFINED TERMS
	  	1
		
	 ARTICLE 2 ORGANIZATIONAL MATTERS
	  	13
	Section 2.1    	  	 Organization
	  	13
	Section 2.2    	  	 Name
	  	13
	Section 2.3    	  	 Registered Office and Agent; Principal Office
	  	13
	Section 2.4    	  	 Power of Attorney
	  	13
	Section 2.5    	  	 Term
	  	15
		
	 ARTICLE 3 PURPOSE
	  	15
	Section 3.1    	  	 Purpose and Business
	  	15
	Section 3.2    	  	 Powers
	  	15
		
	 ARTICLE 4 CAPITAL CONTRIBUTIONS
	  	15
	Section 4.1    	  	 Capital Contributions of the Partners
	  	15
	Section 4.2    	  	 Issuances of Additional Partnership Interests
	  	16
	Section 4.3    	  	 No Preemptive Rights
	  	18
		
	 ARTICLE 5 DISTRIBUTIONS
	  	18
	Section 5.1    	  	 Requirement and Characterization of Distributions
	  	18
	Section 5.2    	  	 Guaranteed Payment
	  	21
	Section 5.3    	  	 Amounts Withheld
	  	21
	Section 5.4    	  	 Distributions Upon Liquidation
	  	21
		
	 ARTICLE 6 ALLOCATIONS
	  	21
	Section 6.1    	  	 Allocations For Capital Account Purposes
	  	21
		
	 ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	22
	Section 7.1    	  	 Management
	  	22
	Section 7.2    	  	 Certificate of Limited Partnership
	  	25
	Section 7.3    	  	 Restrictions on General Partner’s Authority
	  	25
	Section 7.4    	  	 Reimbursement of the General Partner
	  	26
	Section 7.5    	  	 Outside Activities of the General Partner
	  	26
	Section 7.6    	  	 Contracts with Affiliates
	  	27
	Section 7.7    	  	 Indemnification
	  	28
	Section 7.8    	  	 Liability of the General Partner
	  	29
	Section 7.9    	  	 Other Matters Concerning the General Partner
	  	30
	Section 7.10  	  	 Title to Partnership Assets
	  	30
	Section 7.11  	  	 Reliance by Third Parties
	  	31
	Section 7.12  	  	 Partnership Operations
	  	31
		
	 ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	32
	Section 8.1    	  	 Limitation of Liability
	  	32
	Section 8.2    	  	 Management of Business
	  	32

  

 i 

					
	Section 8.3    	  	 Outside Activities of Limited Partners
	  	32
	Section 8.4    	  	 Return of Capital
	  	33
	Section 8.5    	  	 Rights of Limited Partners Relating to the Partnership
	  	33
	Section 8.6    	  	 Redemption Right
	  	34
		
	 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	35
	Section 9.1    	  	 Records and Accounting
	  	35
	Section 9.2    	  	 Fiscal Year
	  	35
	Section 9.3    	  	 Reports
	  	35
		
	 ARTICLE 10 TAX MATTERS
	  	36
	Section 10.1  	  	 Preparation of Tax Returns
	  	36
	Section 10.2  	  	 Tax Elections
	  	36
	Section 10.3  	  	 Tax Matters Partner
	  	36
	Section 10.4  	  	 Organizational Expenses
	  	38
	Section 10.5  	  	 Withholding
	  	38
		
	 ARTICLE 11 TRANSFERS AND WITHDRAWALS
	  	39
	Section 11.1  	  	 Transfer
	  	39
	Section 11.2  	  	 Transfer of General Partner’s Partnership Interest
	  	39
	Section 11.3  	  	 Limited Partners’ Rights to Transfer
	  	40
	Section 11.4  	  	 Substituted Limited Partners
	  	40
	Section 11.5  	  	 Assignees
	  	41
	Section 11.6  	  	 General Provisions
	  	41
		
	 ARTICLE 12 ADMISSION OF PARTNERS
	  	42
	Section 12.1  	  	 Admission of Successor General Partner
	  	42
	Section 12.2  	  	 Admission of Additional Limited Partners
	  	42
	Section 12.3  	  	 Amendment of Agreement and Certificate of Limited Partnership
	  	43
		
	 ARTICLE 13 DISSOLUTION AND LIQUIDATION
	  	43
	Section 13.1  	  	 Dissolution
	  	43
	Section 13.2  	  	 Winding Up
	  	44
	Section 13.3  	  	 Compliance with Timing Requirements of Regulations
	  	45
	Section 13.4  	  	 Deemed Distribution and Recontribution
	  	46
	Section 13.5  	  	 Rights of Limited Partners
	  	46
	Section 13.6  	  	 Notice of Dissolution
	  	46
	Section 13.7  	  	 Cancellation of Certificate of Limited Partnership
	  	46
	Section 13.8  	  	 Reasonable Time for Winding-Up
	  	47
	Section 13.9  	  	 Waiver of Partition
	  	47
		
	 ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS
	  	47
	Section 14.1  	  	 Amendments
	  	47
	Section 14.2  	  	 Meetings of the Partners
	  	48

  

 ii 

					
		
	 ARTICLE 15 GENERAL PROVISIONS
	  	49
	Section 15.1  	  	 Addresses and Notice
	  	49
	Section 15.2  	  	 Titles and Captions
	  	49
	Section 15.3  	  	 Pronouns and Plurals
	  	50
	Section 15.4  	  	 Further Action
	  	50
	Section 15.5  	  	 Binding Effect
	  	50
	Section 15.6  	  	 Creditors
	  	50
	Section 15.7  	  	 Waiver
	  	50
	Section 15.8  	  	 Counterparts
	  	50
	Section 15.9  	  	 Applicable Law
	  	50
	Section 15.10	  	 Invalidity of Provisions
	  	51

  
 EXHIBIT A 

INTENTIONALLY OMITTED 
  
 EXHIBIT B 
 CAPITAL ACCOUNT MAINTENANCE

  
 EXHIBIT C 
 SPECIAL ALLOCATION RULES 
  
 EXHIBIT D 
 VALUE OF CONTRIBUTED PROPERTY

  
 EXHIBIT E 
 NOTICE OF REDEMPTION 
  

 iii 

  
 AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP 
 OF 
 CARR REALTY HOLDINGS, L.P. 
  
 THIS AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP, dated as of December 31, 2003 and effective as of the Effective Time, is entered into by CarrAmerica Realty Corporation, a Maryland corporation, as the General Partner, for itself and on behalf of the Limited
Partners of the Partnership. 
  
 WHEREAS, CRLP and Carr Realty LP
Holdings, L.L.C. entered into that certain Agreement of Limited Partnership of the Partnership on December 23, 2003 (the “Original Agreement”); 
  
 WHEREAS, pursuant to the merger described in that certain Agreement and Plan of Merger dated as of December 23, 2003, by and among CRLP, Carr Realty GP
Holdings, LLC, a Delaware limited liability company, Carr Realty Merger Subsidiary, L.P., a Delaware limited partnership, the Partnership, and Carr Realty LP Holdings, LLC, a Delaware limited liability company, (i) each Class A, Class B and Class C
Unit (as defined in the CRLP Agreement) of limited partnership interest in CRLP issued and outstanding as of December 31, 2003, immediately prior to the Effective Time, ceased to be outstanding and was converted into and exchanged for the right to
receive one Class A, Class B and Class C unit of limited partnership interest in the Partnership, respectively, and (ii) the General Partner Interest (as defined in the CRLP Agreement) in CRLP issued and outstanding as of December 31, 2003,
immediately prior to the Effective Time, ceased to be outstanding and was automatically converted into and exchanged for the right to receive the General Partner Interest in the Partnership; 
  
 WHEREAS, the Partners intend that the Partnership is and will be treated as
the continuation of CRLP for federal income tax purposes; and 
  
 WHEREAS, the partners desire to amend and restate in its entirety the Original Agreement to reflect the rights and obligations of the Partners as they existed under the CRLP Agreement and to cause the Agreement to be, as of the date hereof,
substantially identical to the CRLP Agreement; 
  
 NOW, THEREFORE,
in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to continue the Partnership as a limited
partnership under the Act, as follows: 
  
 ARTICLE 1

 DEFINED TERMS 
  
 The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

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

 “Additional Limited Partner” means a Person admitted to the Partnership as a Limited
Partner pursuant to Section 4.2 hereof and who is shown as such on the books and records of the Partnership. 
  
 “Adjusted Capital Account” means the Capital Account maintained for each Partner as of the end of each Partnership Year (i) increased by
any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) and (ii)
decreased by the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
  
 “Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Adjusted Capital Account as of the end of the relevant Partnership Year

  
 “Adjusted Property” means any property the
Carrying Value of which has been adjusted pursuant to Exhibit B hereof. Once an Adjusted Property is deemed distributed by, and recontributed to, the Partnership for federal income tax purposes upon a termination thereof pursuant to Section 708 of
the Code, such property shall thereafter constitute a Contributed Property until the Carrying Value of such property is further adjusted pursuant to Exhibit B hereof. 
  
 “Affiliate” means, with respect to any Person, (i) any Person directly or indirectly controlling,
controlled by or under common control with such Person, (ii) any Person owning or controlling ten percent (10%) or more of the outstanding voting interests of such Person, (iii) any Person of which such Person owns or controls ten percent (10%) or
more of the voting interests, or (iv) any officer, director, general partner or trustee of such Person or any Person referred to in clauses (i), (ii), and (iii) above. 
  
 “Agreed Value” means (i) in the case of any Contributed Property set forth in Exhibit D and as of the time
of its contribution to the Partnership, the Agreed Value of such property as set forth in Exhibit D, (ii) in the case of any Contributed Property not set forth in Exhibit D and as of the time of its contribution to the Partnership, the 704(c) Value
of such property or other consideration, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed, and (iii) in the case of any property distributed to a Partner by the
Partnership, the Partnership’s Carrying Value of such property at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of
distribution as determined under Section 752 of the Code and the regulations thereunder. 
  
 “Agreement” means this Amended and Restated Agreement of Limited Partnership, as it may be amended, supplemented or restated from time to time. 
  

 - 2 - 

 “Agreement and Plan of Merger” means that certain Agreement and Plan of Merger dated as
of December 23, 2003, by and among CRLP, Carr Realty GP Holdings, LLC, a Delaware limited liability company, Carr Realty Merger Subsidiary, L.P., a Delaware limited partnership, the Partnership, and Carr Realty LP Holdings, LLC, a Delaware limited
liability company, as it may be amended, supplemented or restated from time to time. 
  
 “Articles of Incorporation” means the Articles of Incorporation of the General Partner filed in the State of Maryland on July 9, 1992, as amended or restated from time to time. 
  
 “Assignee” means a Person to whom one or more Partnership
Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5. 
  
 “Available Cash” means, with respect to any period for which such calculation is being made, (i) the sum
of: 
  
 (a) the Partnership’s Net Income or
Net Loss (as the case may be) for such period, taking into account all Guaranteed Payments deducted with respect to such period (without regard to adjustments resulting from allocations described in Sections 1.A-E of Exhibit C), 
  
 (b) Depreciation and all other noncash charges deducted in
determining Net Income or Net Loss for such period, 
  
 (c) the amount of any reduction in reserves of the Partnership referred to in clause (ii)(f) below (including, without limitation, reductions resulting because the General Partner determines such amounts are no longer necessary),

  
 (d) the excess of proceeds from the sale,
exchange, disposition, or refinancing of Partnership property for such period over the gain (or loss, as the case may be) recognized from such sale, exchange, disposition, or refinancing during such period (excluding Terminating Capital
Transactions), and 
  
 (e) all other cash
received by the Partnership for such period that was not included in determining Net Income or Net Loss for such period; 
  

	 	(ii)	less the sum of: 

  
 (a) all principal debt payments made during such period by the Partnership, 
  
 (b) capital expenditures made by the Partnership during such period, 
  

 - 3 - 

 (c) investments in any entity (including loans made thereto) to the extent that such
investments are not otherwise described in clauses (ii)(a) or (b), 
  
 (d) all other expenditures and payments not deducted in determining Net Income or Net Loss for such period, 
  
 (e) any amount included in determining Net Income or Net Loss for such period that was not received by the Partnership during such period,
and 
  
 (f) the amount of any increase in
reserves established during such period which the General Partner determines are necessary or appropriate in its sole and absolute discretion. 
  
 Notwithstanding the foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements made
or reserves established, after commencement of the dissolution and liquidation of the Partnership. 
  
 “Book-Tax Disparities” means, with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination,
the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all
of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Exhibit B and the hypothetical balance of such Partner’s Capital Account
computed as if it had been maintained strictly in accordance with federal income tax accounting principles. 
  
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or
required by law to close. 
  
 “Capital Account”
means the Capital Account maintained for a Partner pursuant to Exhibit B hereof. 
  
 “Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the Agreed Value of Contributed Property which such Partner contributes or is deemed to contribute to the
Partnership pursuant to Section 4.1 or 4.2 hereof. 
  
 “Carrying Value” means (i) with respect to a Contributed Property or Adjusted Property, the 704(c) Value of such property reduced (but not below zero) by all Depreciation with respect to such Property charged to the
Partners’ Capital Accounts and (ii) with respect to any other Partnership property, the adjusted basis of such property for federal income tax purposes, all as of the time of determination. The Carrying Value of any property shall be adjusted
from time to time in accordance with Exhibit B hereof, and to reflect changes, additions or other adjustments to the Carrying Value for dispositions and acquisitions of Partnership properties, as deemed appropriate by the General Partner.

  

 - 4 - 

 “Cash Amount” means an amount of cash per Partnership Unit equal to the Value on the
Valuation Date of the REIT Shares Amount. 
  
 “Certificate” means the Certificate of Limited Partnership relating to the Partnership filed in the office of the Delaware Secretary of State, as amended from time to time in accordance with the terms hereof and the Act.

  
 “Class A” means the Partners who are holders
of Class A Units. 
  
 “Class A Share” means that
portion of Available Cash for a Distribution Period to be distributed with respect to Class A as determined by multiplying the amount of Available Cash for such Distribution Period by the fraction set forth in Section 5.1.B.1 hereof. 
  
 “Class A Unit” means a Partnership Unit other than any other
Partnership Unit that is specifically designated by the General Partner pursuant to Section 4.2 as being of another class of Partnership Units. 
  
 “Class C” means the Partners who are holders of Class C Units. 
  
 “Class C Share” means that portion of Available Cash for a Distribution Period to be distributed with
respect to Class C as determined by multiplying the amount of Available Cash for such Distribution Period by the fraction set forth in Section 5.1.B.2 hereof (as such fraction may be adjusted in accordance with Section 5.1.B hereof). 
  
 “Class C Unit” means a Partnership Unit with such
designations, preferences, rights, powers and duties as are described in or pursuant to Section 4.2.F hereof. 
  
 “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations
thereunder. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 
  
 “Consent” means the consent or approval of a proposed action by a Partner given in accordance with Section
14.2 hereof. 
  
 “Contributed Property” means
each property or other asset, in such form as may be permitted by the Act, but excluding cash contributed or deemed contributed to the Partnership (or deemed contributed to the Partnership on termination and reconstitution thereof pursuant to
Section 708 of the Code). Once the Carrying Value of a Contributed Property is adjusted pursuant to Exhibit B hereof, such property shall no longer constitute a Contributed Property for purposes of Exhibit B hereof, but shall be deemed an Adjusted
Property for such purposes. 
  
 “Conversion
Factor” means 1.0, provided that in the event that 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 

  

 - 5 - 

 
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 (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 the record date for such dividend, distribution, subdivision 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. 
  
 “CRLP” means Carr Realty, L.P., a Delaware limited partnership. 
  
 “CRLP Agreement” means that certain Fourth Amended and Restated Agreement of Limited Partnership of CRLP dated July 31, 2002. 
  
 “Debt” means, as to any Person, as of any date of
determination, (i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services, (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of
credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person, (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on
any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof, and (iv) lease obligations of such Person which, in
accordance with generally accepted accounting principles, should be capitalized. 
  
 “Depreciation” means, for each fiscal year, an amount equal to the federal income tax depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year,
except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value
as the federal income tax depreciation, amortization, or other cost recovery deduction for such year bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization, or other
cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such beginning Carrying Value using any reasonable method selected by the General Partner. 
  
 “Distribution Period” means any calendar quarter or shorter
period with respect to which a distribution of Available Cash is to be made to the Partners by the Partnership. 
  
 “Effective Time” means 4:00 p.m. on December 31, 2003, or at such later time as the parties to the Agreement and Plan of Merger shall
agree upon and designate in the Certificate of Merger filed pursuant to the Agreement and Plan of Merger with the Delaware Secretary of State in accordance with applicable law. 
  
 “General Partner” means CarrAmerica Realty Corporation or its successors as general partner of the
Partnership. 
  

 - 6 - 

 “General Partner Interest” means a Partnership Interest held by the General Partner that
is a general partnership interest. A General Partner Interest may be expressed as a number of Partnership Units. 
  
 “Guaranteed Payment” means, with respect to each Partner holding Class A Units, an amount equal to the product of (x) twenty-eight and
three quarters cents ($0.2875) (except for the distribution made with respect to the quarter ended June 30, 2002, for which the number shall be thirty-two and one half cents ($0.325)) and (y) the number of Class A Units held as of the Partnership
Record Date by the Partner to whom a Guaranteed Payment is being made pursuant to Section 5.2. “Guaranteed Payment” means, with respect to each Partner holding Class C Units, an amount equal to the product of (x) twenty-eight and three
quarters cents ($0.2875), (y) the number of Class C Units held as of the Partnership Record Date by the Partner to whom a Guaranteed Payment is being made pursuant to Section 5.2, and (z) a fraction, the numerator of which is equal to the number of
days in the calendar quarter to which the Partnership Record Date relates for which the Class C Units held by such Partner were issued and outstanding and the denominator of which is the number of days in such calendar quarter. In the event that
Class C Units which have been issued on different dates are outstanding on the last day of a calendar quarter, then the Class C Units issued on each particular date shall be treated as a separate series of Partnership Units for purposes of
determining the amount of the Guaranteed Payment (and the formula set forth in the preceding sentence shall be modified for each separate series of Class C Units). 
  
 “IRS” means the Internal Revenue Service, which administers the internal revenue laws of the United States.

  
 “Immediate Family” means, with respect to any
natural Person, such natural Person’s spouse, parents, descendants, nephews, nieces, brothers, and sisters. 
  
 “Incapacity” or “Incapacitated” means, (i) as to any individual Partner, death, total physical disability or entry by a
court of competent jurisdiction adjudicating him incompetent to manage his Person or his estate, (ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its equivalent, for the corporation or the revocation of
its charter, (iii) as to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership, (iv) as to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the
Partnership, (v) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee), or (vi) as to any Partner, the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a
Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is
adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in effect has been entered against the Partner, (c) the Partner executes and delivers a general
assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Partner in any proceeding of the nature described
in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, 

  

 - 7 - 

 
receiver or liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation,
reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the
Partner’s consent or acquiescence of a trustee, receiver of liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) is not vacated within ninety (90) days after the
expiration of any such stay. 
  
 “Indemnitee”
means (i) any Person made a party to a proceeding by reason of his status as (A) the General Partner or (B) a director or officer 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, in its sole and absolute discretion. 
  
 “Limited Partner” means any Person named as a Limited Partner in the Partner Register, as such Partner Register may be amended from time
to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 
  
 “Limited Partnership Interest” means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the
Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms
and provisions of this Agreement. A Limited Partnership Interest may be expressed as a number of Partnership Units. 
  
 “Liquidator” has the meaning set forth in Section 13.2. 
  
 “Net Income” means, for any taxable period, the excess, if any, of the Partnership’s items of income
and gain for such taxable period over the Partnership’s items of loss and deduction for such taxable period. The items included in the calculation of Net Income shall be determined in accordance with Exhibit B. Once an item of income, gain,
loss or deduction that has been included in the initial computation of Net Income is subjected to the special allocation rules in Exhibit C, Net Income or the resulting Net Loss, whichever the case may be, shall be recomputed without regard to such
item. 
  
 “Net Loss” means, for any taxable
period, the excess, if any, of the Partnership’s items of loss and deduction for such taxable period over the Partnership’s items of income and gain for such taxable period. The items included in the calculation of Net Loss shall be
determined in accordance with Exhibit B. Once an item of income, gain, loss or deduction that has been included in the initial computation of Net Loss is subjected to the special allocation rules in Exhibit C, Net Loss or the resulting Net Income,
whichever the case may be, shall be recomputed without regard to such item. 
  
 “Nonrecourse Built-in Gain” means, with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or negative pledge securing a Nonrecourse Liability, the amount of
any taxable gain that would be allocated to 

  

 - 8 - 

 
the Partners pursuant to Section 2.B of Exhibit C if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and
for no other consideration. 
  
 “Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1), and the amount of Nonrecourse Deductions for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(c). 
  
 “Nonrecourse Liability” has the meaning set forth in
Regulations Section 1.752-1(a)(2). 
  
 “Notice of
Redemption” means the Notice of Redemption substantially in the form of Exhibit E to this Agreement. 
  
 “Original CRLP Limited Partner” means a Limited Partner who became a limited partner of CRLP on February 16, 1993, and who owns one or
more Original CRLP Limited Partnership Units on the date action is called for under Section 13.1. 
  
 “Original CRLP Limited Partnership Unit” means a Partnership Unit (1) issued to a Limited Partner in exchange for a Partnership Unit of
CRLP that was acquired by a Limited Partner on February 16, 1993 and (2) held by such Original CRLP Limited Partner on the date action is called for under Section 13.1. 
  
 “Partner” means a General Partner or a Limited Partner, and “Partners” means the General Partner
and the Limited Partners. 
  
 “Partner Minimum
Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if such Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with
Regulations Section 1.704-2(i)(3). 
  
 “Partner
Nonrecourse Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4). 
  
 “Partner Nonrecourse Deductions” has the meaning set forth in Regulations Section 1.704-2(i)(2), and the Amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a
Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 
  
 “Partner Register” means the register of Partners maintained by the General Partner in the books and records of the Partnership, which
shall include the name, address, number of Partnership Units, deemed capital contributions and Percentage Interest of each Partner. 
  
 “Partnership” means the limited partnership formed under the Act and continued pursuant to this Agreement, and any successor thereto.

  
 “Partnership Interest” means an ownership
interest in the Partnership representing a Capital Contribution 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 

  

 - 9 - 

 
entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership
Interest may be expressed as a number of Partnership Units. 
  
 “Partnership Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(b)(2), and the amount of Partnership Minimum Gain, as well as any net increase or decrease in Partnership Minimum Gain, for a Partnership
Year shall be determined in accordance with the rules of Regulations Section 1.704-2(d). 
  
 “Partnership Record Date” means the record date established by the General Partner for the distribution of Available Cash pursuant to Section 5.1 hereof or Guaranteed Payments pursuant to Section 5.2
hereof, 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 all of its portion of such distribution. 
  
 “Partnership Unit” means a fractional, undivided share of
the Partnership Interests of all Partners issued pursuant to Sections 4.1 and 4.2. The number of Partnership Units outstanding and the Percentage Interests in the Partnership represented by such Partnership Units are set forth in the Partner
Register, as such Partner Register may be amended from time to time. The ownership of Partnership Units may be evidenced by a certificate in a form approved by the General Partner. 
  
 “Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 

 
 “Percentage Interest” means, as to a Partner, its
interest in the Partnership as determined by dividing the Partnership Units owned by such Partner by the total number of Partnership Units then outstanding and as specified in the Partner Register, as such Partner Register may be amended from time
to time. 
  
 “Person” means an individual or a
corporation, partnership, trust, unincorporated organization, association or other entity. 
  
 “Recapture Income” means any gain recognized by the Partnership (computed without regard to any adjustment required by Section 734 or 743 of the Code) upon the disposition of any property or asset of
the Partnership, which gain is characterized as ordinary income because it represents the recapture of deductions previously taken with respect to such property or asset. 
  
 “Redeeming Partner” has the meaning set forth in Section 8.6 hereof. 
  
 “Redemption Amount” means either the Cash Amount or the REIT
Shares Amount, as determined by the General Partner in its sole and absolute discretion. A Redeeming Partner shall have no right, without the General Partner’s consent, to receive the Redemption Amount in the form of the REIT Shares Amount.

  
 “Redemption Right” shall have the meaning set
forth in Section 8.6 hereof. 
  

 - 10 - 

 “Regulations” means the Income Tax Regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
  
 “REIT” means a real estate investment trust under Section 856 of the Code. 
  
 “REIT Share” shall mean a share of common stock of the General Partner. 
  
 “REIT Shares Amount” shall mean a number of REIT Shares
equal to the product of the number of Partnership Units offered for redemption by a Redeeming Partner, multiplied by the Conversion Factor; provided that in the event the General Partner issues to all holders of REIT Shares rights,
options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the “rights”) then the REIT Shares Amount shall also
include such rights that a holder of that number of REIT Shares would be entitled to receive. 
  
 “Residual Gain” or “Residual Loss” means any item of gain or loss, as the case may be, of the Partnership recognized for federal income tax purposes resulting from a sale, exchange or
other disposition of Contributed Property or Adjusted Property, to the extent such item of gain or loss is not allocated pursuant to Section 2.B.1(a) or 2.B.2(a) of Exhibit C to eliminate Book-Tax Disparities. 
  
 “704(c) Value” of any Contributed Property means the value
of such property as set forth in Exhibit D, or if no value is set forth in Exhibit D, the fair market value of such property or other consideration at the time of contribution as determined by the General Partner using such reasonable method of
valuation as it may adopt; provided, however, that the 704(c) Value of any property deemed contributed to the Partnership for federal income tax purposes upon termination and reconstitution thereof pursuant to Section 708 of the Code
shall be determined in accordance with Exhibit B hereof. Subject to Exhibit B hereof, the General Partner shall, in its sole and absolute discretion, use such method as it deems reasonable and appropriate to allocate the aggregate of the 704(c)
Value of Contributed Properties in a single or integrated transaction among each separate property on a basis proportional to its fair market values. 
  
 “Specified Redemption Date” means the tenth Business Day after receipt by the General Partner of a Notice of Redemption; provided
that if the General Partner combines its outstanding REIT Shares into a smaller number of REIT Shares, no Specified Redemption Date shall occur prior to the effective date of such combination. 
  
 “Subsidiary” means, with respect to any Person, any
corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
  
 “Substituted Limited Partner” means a Person who is admitted
as a Limited Partner to the Partnership pursuant to Section 11.4. 
  
 “Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the Partnership or a related series of transactions that, 

  

 - 11 - 

 
taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 
  
 “Unrealized Gain” attributable to any item of Partnership
property means, as of any date of determination, the excess, if any, of (i) the fair market value of such property (as determined under Exhibit B hereof) as of such date, over (ii) the Carrying Value of such property (prior to any adjustment to be
made pursuant to Exhibit B hereof) as of such date. 
  
 “Unrealized Loss” attributable to any item of Partnership property means, as of any date of determination, the excess, if any, of (i) the Carrying Value of such property (prior to any adjustment to be made pursuant to
Exhibit B hereof) as of such date, over (ii) the fair market value of such property (as determined under Exhibit B hereof) as of such date. 
  
 “Valuation Date” means the date of receipt by the General Partner of a Notice of Redemption or, if such date is not a Business Day, the
first Business Day thereafter. 
  
 “Value” means,
with respect to a REIT Share, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the Valuation Date. The market price for each such trading day shall be: (i) if the REIT Shares are listed or
admitted to trading on any securities exchange or the NASDAQ-National Market System, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day, (ii) if the
REIT Shares are not listed or admitted to trading on any securities exchange or the NASDAQ-National Market System, 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 REIT Shares are not listed or admitted to trading on any securities exchange or the NASDAQ-National Market System 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 (10) days prior to the date in question) for which prices have been so reported; provided that if there are no bid and asked
prices reported during the ten (10) days prior to the date in question, the Value of the REIT Shares 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. In the event the REIT Shares Amount includes rights that a holder of REIT Shares would be entitled to receive, then the Value of such rights shall be determined by the General Partner acting in good faith on the
basis of such quotations and other information as it considers, in its reasonable judgment, appropriate. 
  

 - 12 - 

 ARTICLE 2 
 ORGANIZATIONAL MATTERS 
  

	 	Section 2.1	Organization 

  
 The Partnership is a limited partnership organized pursuant to the provisions of the Act and upon the terms and conditions set forth in the Original
Agreement. The Partners hereby continue the Partnership and amend and restate the Original Agreement in its entirety. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and
termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
  

	 	Section 2.2	Name 

  
 The name of the Partnership is Carr Realty Holdings, L.P. 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,” “L.P.,” “Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws
of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular
communication to the Limited Partners. 
  

	 	Section 2.3	Registered Office and Agent; Principal Office 

  
 The address of the registered office of the Partnership in the State of Delaware is located at 1209 Orange Street, Wilmington, Delaware, and the
registered agent for service of process on the Partnership in the State of Delaware at such registered office is Corporation Trust Company. The principal office of the Partnership is 1850 K Street, N.W., Washington, D.C., 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 advisable. 
  

	 	Section 2.4	Power of Attorney 

  
 A. Each Limited Partner and each Assignee constitutes and appoints the General Partner, any Liquidator, and authorized officers and attorneys-in-fact of
each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to: 
  

	 	(1)	 execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (a) all certificates, documents and other instruments (including, without
limitation, this Agreement and the 

  

 - 13 - 

	 	 
Certificate and all amendments or restatements thereof) that the General Partner or the Liquidator deems appropriate or necessary to form, qualify or
continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct
business or own property, (b) all instruments that the General Partner deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms, (c) all conveyances and other
instruments or documents that the General Partner deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation, (d)
all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Article 11, 12 or 13 hereof or the Capital Contribution of any Partner, and (e) all certificates, documents and
other instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 

  

	 	(2)	execute, swear to, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion
of the General Partner, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary,
in the sole discretion of the General Partner, to effectuate the terms or intent of this Agreement. 

  
 Nothing contained herein shall be construed as authorizing the General Partner to amend this Agreement except in accordance with Article 14 hereof or as
may be otherwise expressly provided for in this Agreement. 
  
 B.
The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner to act as contemplated by this
Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the subsequent Incapacity of any Limited Partner or Assignee and the transfer of all or any portion of such Limited
Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors, assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any
representation made by the General Partner, acting in good faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of
the General Partner, taken in good faith under such power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the Liquidator, within fifteen (15) days after receipt of the General Partner’s request
therefor, such further designation, powers of attorney and other instruments as the General Partner 

  

 - 14 - 

 
or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and the purposes of the Partnership. 
  

	 	Section 2.5	Term 

  
 The term of the Partnership commenced on December 23, 2003 and shall continue until December 31, 2091, unless it is dissolved sooner pursuant to the provisions of Article 13 or as otherwise provided by law.

  
 ARTICLE 3 
 PURPOSE 
  

	 	Section 3.1	Purpose and Business 

  
 The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, 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 be classified as a REIT, unless the General Partner ceases to
qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing, and (iii) to do anything necessary or
incidental to the foregoing. 
  

	 	Section 3.2	Powers 

  
 The Partnership is empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance
and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, provided that the Partnership shall not take, or refrain from taking, any action which, in the judgment of the General Partner,
in its sole and absolute discretion, (i) could adversely affect the ability of the General Partner to continue to qualify as a REIT, (ii) could subject the General Partner to any additional taxes under Section 857 or 4981 of the Code, or (iii) could
violate any law or regulation of any governmental body or agency having jurisdiction over the General Partner or its securities, unless such action (or inaction) shall have been specifically consented to by the General Partner in writing.

  
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS 
  

	 	Section 4.1	Capital Contributions of the Partners 

  
 At the Effective Time, the Partners shall be deemed to have made the Capital Contributions set forth in the Partner Register, which sets forth the Capital
Contributions actually made by or deemed to have been made by the Partners to CRLP as of December 31, 2003, immediately prior to the Effective Time. To the extent the 

  

 - 15 - 

 
Partnership acquires any property by the merger of any other Person into the Partnership, Persons who receive Partnership Interests in exchange for their
interests in the Person merging into the Partnership shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement and as set forth in the Partner Register, as amended to reflect such
deemed Capital Contributions. The Partners shall own Partnership Units in the amounts set forth in the Partner Register and shall have a Percentage Interest in the Partnership as set forth in the Partner Register, which Percentage Interest shall be
adjusted in the Partner Register from time to time by the General Partner to the extent necessary to reflect accurately redemptions, Capital Contributions, the issuance of additional Partnership Units, or similar events having an effect on a
Partner’s Percentage Interest. A number of Partnership Units held by the General Partner equal to one percent (1%) of all outstanding Partnership Units shall be deemed to be the General Partner Partnership Units and shall be the General
Partnership Interest. Except as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to make any additional Capital Contributions or loans to the Partnership. 
  

	 	Section 4.2	Issuances of Additional Partnership Interests 

  
 A. The General Partner is hereby authorized to cause the Partnership from time to time to issue to Partners or other Persons other than the General
Partner (including, without limitation, in connection with the contribution of property to the Partnership) additional Partnership Units or other Partnership Interests in one or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole
and absolute discretion 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 Interests, (ii) the right of each such
class or series of Partnership Interests to share in Partnership distributions, and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership. 
  
 B. The General Partner may make Capital Contributions to the Partnership at
such times and in such amounts as the General Partner, in its sole and absolute discretion, may determine advisable, but under no circumstances shall the General Partner be obligated to make any such Capital Contribution. In exchange for each such
Capital Contribution, the Partnership shall issue to the General Partner (i) that number of Class A or Class C Units equal to (a) the amount of the Capital Contribution divided by (b) the per Unit fair market value, as determined in good faith by
the General Partner, of the underlying assets of the Partnership or (ii) additional Partnership Units or other Partnership Interests, other than Class A or Class C Units, in one or more classes, or one or more series of any of such classes, with
such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in good
faith, subject to Delaware law, including, without limitation, (x) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests, (y) the right of each such class or series of
Partnership Interests to share in Partnership distributions, and (z) the rights of each such 

  

 - 16 - 

 
class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided that, in connection with an issuance of
Partnership Units and/or Partnership Interests, pursuant to clause (ii) of this Section 4.2.B, (q) such Partnership Units and/or Partnership Interests are issued in connection with an issuance of shares of the General Partner, which shares 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 and/or Partnership Interests issued to the General
Partner in accordance with clause (ii) of this Section 4.2.B, and (r) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of the General
Partner. 
  
 C. The General Partner may issue additional REIT
Shares or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares (“New Securities”) at such times and in such amounts and for such consideration as the General
Partner, in its sole and absolute discretion, determines. Under no circumstances shall the General Partner be obligated to contribute to the Partnership all or any part of the proceeds from any issuance of such New Securities or from the exercise of
rights contained in such New Securities, and the General Partner may, in its sole and absolute discretion, retain all such proceeds, to be used by the General Partner as it determines, in its sole and absolute discretion, to be advisable.

  
 D. The General Partner shall cause the Partnership to issue up
to 1,266,900 Partnership Units upon the exercise of the options granted pursuant to the 1993 Carr Realty Option Plan or the 1993 Carr Services Option Plan (together “the Plans”) in accordance with the terms of the Plans. Units issued upon
the exercise of options granted under the Carr Realty Option Plan shall be issued to the holder of such option for an amount equal to the exercise price with respect to such option. Units issued in connection with the exercise of an option under the
Carr Services Option Plan shall be sold to Carr Real Estate Services, Inc. (“CRES”), for delivery to the employee exercising an option under the CRES Plan at a price equal to the Value of a REIT Share on the date of exercise (as defined in
the Plans) of an option by such employee. Notwithstanding Section 11.3, Partnership Units delivered to CRES in connection with the exercise of an option by a CRES employee may be transferred to such employee, whereupon such employee shall be
admitted as an Additional Limited Partner for all purposes hereunder. 
  
 E. [Intentionally omitted] 
  
 F. Under the authority
granted to it by Section 4.2.A, the General Partner has established an additional class of Partnership Units entitled “Class C Units” that is available to be issued in lieu of Class A Units, at the election of the General Partner, in its
sole and absolute discretion, to newly admitted Partners in exchange for the contribution by such Partners of cash, real estate partnership interests, stock, notes, other assets or other consideration. Except as otherwise provided below and in
Section 5.1.B hereof, each Class C Unit shall have the same designations, rights, preferences, powers and duties as each Class A Unit: 
  

	 	(1)	 The amount of Available Cash distributable with respect to Class C Units shall be determined in accordance with Section 5.1.B hereof, 

  

 - 17 - 

	 	 
and the Guaranteed Payment with respect to Class C Units shall be computed as set forth in the definition of “Guaranteed Payment” as set forth in
Article 1 of this Agreement. 

  

	 	(2)	Each Class C Unit shall be converted automatically into a Class A Unit on the day immediately following the Partnership Record Date for the Distribution Period (as defined in
Section 5.1.B) in which the Class C Unit was issued, without the requirement for any action by either the Partnership or the Partner holding the Class C Unit. 

  

	 	(3)	[Intentionally omitted] 

  

	 	(4)	A holder of either Class C Units or Class A Units into which Class C Units have been converted pursuant to clause (2) above shall be subject to the restrictions on transfer imposed
by Section 11.3 of this Agreement (in addition to any other restrictions on transfer as may be set forth in the contribution agreement or amendment to this Agreement pursuant to which such Class C Units were issued). 

  

	 	(5)	The General Partner shall cause Class C Units to be issued by the Partnership only pursuant to an amendment to this Agreement, which amendment shall designate that the newly issued
Partnership Units are Class C Units. The General Partner shall have the right, in its sole and absolute discretion, subject to Section 4.2.A above, to determine whether the Partnership should issue Class A Units, Class C Units (or one or more series
thereof), or another class of Partnership Interests in connection with a contribution of property, other assets or other consideration, to the Partnership. 

  

	 	Section 4.3	No Preemptive Rights 

  
 No Person shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions or loans to the Partnership
or (ii) issuance or sale of any Partnership Units. 
  
 ARTICLE 5

 DISTRIBUTIONS 
  

	 	Section 5.1	Requirement and Characterization of Distributions 

  
 A. Except as set forth in Section 5.1.B, the General Partner shall distribute at least quarterly an amount equal to one hundred percent (100%) of
Available Cash generated by the Partnership during such quarter or shorter period to the Partners who are Partners on the Partnership Record Date with respect to such quarter or shorter period. Except as set forth in Section 5.1.B and in Exhibit G,
all distributions of Available Cash shall be made to the Partners in accordance with their respective Percentage 

  

 - 18 - 

 
Interests on such Partnership Record Date; provided that in no event may a Partner receive a distribution of Available Cash with respect to a
Partnership Unit if such Partner is entitled to receive a distribution out of such Available Cash with respect to a REIT Share for which such Unit has been redeemed or exchanged. The General Partner shall take such reasonable efforts, as determined
by it in its sole and absolute discretion and consistent with its qualification as a REIT, to distribute Available Cash to the Limited Partners so as to preclude any such distribution or portion thereof from being treated as part of a sale of
property to the Partnership by a Limited Partner under Section 707 of the Code or the Regulations thereunder; provided that the General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances
as a result of any distribution to a Limited Partner being so treated. 
  
 B. If for any quarter or shorter period with respect to which a distribution is to be made (a “Distribution Period”) Class C Units are outstanding on the Partnership Record Date for such Distribution Period, the General Partner
shall allocate the Available Cash with respect to such Distribution Period between the Partners who are holders of Class A Units (“Class A”) and the Partners who are holders of Class C Units (“Class C”) as follows: 
  

	 	(1)	Class A shall receive that portion of the Available Cash (the “Class A Share”) determined by multiplying the amount of Available Cash by the following fraction:

  
          A x Y          
 (A x Y)+(C
x X) 
  

	 	(2)	Class C shall receive that portion of the Available Cash (the “Class C Share”) determined by multiplying the amount of Available Cash by the following fraction:

  
          C x X          
 (A x Y)+(C
x X) 
  

	 	(3)	For purposes of the foregoing formulas, (i) “A” equals the number of Class A Units outstanding on the Partnership Record Date for such Distribution Period; (ii)
”C” equals the number of Class C Units outstanding on the Partnership Record Date for such Distribution Period; (iii) “Y” equals the number of days in the Distribution Period; and (iv) “X” equals the number of days in
the Distribution Period for which the Class C Units were issued and outstanding. 

  
 The Class A Share shall be distributed among Partners holding Class A Units on the Partnership Record Date for the Distribution Period in accordance with the number of Class A Units held by each Partner on such
Partnership Record Date; 

  

 - 19 - 

 
provided that in no event may a Partner receive a distribution of Available Cash with respect to a Class A Unit if a Partner is entitled to
receive a distribution out of such Available Cash with respect to a REIT Share for which such Class A Unit has been redeemed or exchanged. The Class C Share shall be distributed among the Partners holding Class C Units on the Partnership Record Date
for the Distribution Period in accordance with the number of Class C Units held by each Partner on such Partnership Record Date. In no event shall any Class C Units be entitled to receive any distribution of Available Cash for any Distribution
Period ending prior to the date on which such Class C Units are issued. 
  
 C. In the event that Class C Units which have been issued on different dates are outstanding on the Partnership Record Date for any Distribution Period, then the Class C Units issued on each particular date shall be treated as a separate
series of Partnership Units for purposes of making the allocation of Available Cash for such Distribution Period among the holders of Partnership Units (and the formula for making such allocation, and the definitions of variables used therein, shall
be modified accordingly). Thus, for example, if two series of Class C Units are outstanding on the Partnership Record Date for any Distribution Period, the allocation formula for each series, “Series C1” and “Series C2,” would be as follows: 
  

	 	(1)	Series C1 shall receive that portion of the
Available Cash determined by multiplying the amount of Available Cash by the following fraction: 

  
                  C1 x X1                  
 (A x
Y)+(C1 x X1)+(C2 x X2) 
  

	 	(2)	Series C2 shall receive that portion of the
Available Cash determined by multiplying the amount of Available Cash by the following fraction: 

  
                  C2 x X2                  
 (A x
Y)+(C1 x X1)+(C2 x X2) 
  

	 	(3)	For purposes of the foregoing formulas the definitions set forth in Section 5.1.B.3 remain the same except that (i) “C1” equals the number of Partnership Units in Series C1 outstanding on the Partnership Record Date for such Distribution Period; (ii) ”C2” equals the number of Partnership Units in Series C2 outstanding on the Partnership
Record Date for such Distribution Period; (iii) “X1” equals the number of days in the Distribution Period
for which the Partnership Units in Series C1 were issued and outstanding; and (iv) “X2” equals the number of days in the Distribution Period for which the Partnership Units in Series C2 were issued 

  

 - 20 - 

	 	Section 5.2	Guaranteed Payment 

  
 The Partnership shall pay quarterly to each Partner who is a Partner on the Partnership Record Date with respect to such quarter an amount of cash equal
to such Partner’s Guaranteed Payment; provided that under no circumstance shall the General Partner or any Limited Partner (i) be obligated to loan or contribute or otherwise make available money or property to the Partnership in
order to enable the Partnership to make a Guaranteed Payment or (ii) otherwise have personal liability for the payment of the Guaranteed Payment. Amounts paid pursuant to this Section 5.2 are intended to constitute guaranteed payments within the
meaning of Section 707(c) of the Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 
  

	 	Section 5.3	Amounts Withheld 

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

	 	Section 5.4	Distributions Upon Liquidation 

  
 Proceeds from a Terminating Capital Transaction shall be distributed to the Partners in accordance with Section 13.2. 
  
 ARTICLE 6 
 ALLOCATIONS 
  

	 	Section 6.1	Allocations For Capital Account Purposes 

  
 For purposes of maintaining the Capital Accounts and in determining the rights of the Partners among themselves, the Partnership’s items of income,
gain, loss and deduction (computed in accordance with Exhibit B hereof) shall be allocated among the Partners in each taxable year (or portion thereof) as provided herein below. 
  
 A. Net Income. After giving effect to the special allocations set forth in Section 1 of Exhibit C, Net Income shall
be allocated (i) first, to the General Partner to the extent that Net Losses previously allocated to the General Partner pursuant to the last sentence of Section 6.1.B of this Agreement and the last sentence of Section 6.1.B of the CRLP Agreement
exceed Net Income previously allocated to the General Partner pursuant to this clause (i) of Section 6.1.A of this Agreement and clause (i) of Section 6.1.A of the CRLP Agreement, and (ii) thereafter, Net Income shall be allocated to the Partners in
accordance with their respective Percentage Interests. 
  

 - 21 - 

 B. Net Losses. After giving effect to the special allocations set forth in Section 1 of Exhibit C,
Net Losses shall be allocated to the Partners in accordance with their respective Percentage Interests, provided that Net Losses shall not be allocated to any Limited Partner pursuant to this Section 6.1.B to the extent that such allocation would
cause such Limited Partner to have an Adjusted Capital Account Deficit at the end of such taxable year (or increase any existing Adjusted Capital Account Deficit). All Net Losses in excess of the limitations set forth in this Section 6.1.B shall be
allocated to the General Partner. 
  
 C. Allocation of
Nonrecourse Debt. For purposes of Regulations Section 1.752-3(a), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (i) the amount of Partnership Minimum Gain and (ii) the total amount of Nonrecourse
Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests. 
  
 D. Recapture Income. Any gain allocated to the Partners upon the sale or other taxable disposition of any Partnership asset shall to the extent
possible, after taking into account other required allocations of gain pursuant to Exhibit C, be characterized as Recapture Income in the same proportions and to the same extent as such Partners have been allocated any deductions directly or
indirectly giving rise to the treatment of such gains as Recapture Income. 
  
 ARTICLE 7 
 MANAGEMENT AND OPERATIONS OF BUSINESS 
  

	 	Section 7.1	Management 

  
 A. Except as otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Partnership are exclusively vested
in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the Partnership. The General Partner may not be removed by the Limited Partners with or
without cause. In addition to the powers now or hereafter granted a general partner of a limited partnership under applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject
to Section 7.3 hereof, shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 hereof and to effectuate the purposes set
forth in Section 3.1 hereof, including, without limitation: 
  

	 	(1)	 the making of any expenditures, the lending or borrowing of money (including, without limitation, making prepayments on loans and borrowing money to permit the
Partnership to make distributions to its Partners in such amounts as will permit the General Partner (so long as the General Partner qualifies as a REIT) to avoid the payment of any federal income tax (including, for this purpose, any excise tax
pursuant to Section 4981 of the Code) and to make distributions to its 

  

 - 22 - 

	 	 
shareholders sufficient to permit the General Partner to maintain REIT status), the assumption or guarantee of, or other contracting for, indebtedness and
other liabilities, the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations it deems necessary for the
conduct of the activities of the Partnership; 

  

	 	(2)	the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the
Partnership; 

  

	 	(3)	the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any assets of the Partnership or the merger or other combination of the Partnership with or
into another entity (all of the foregoing subject to any prior approval which may be required by Section 7.3 hereof); 

  

	 	(4)	the use of the assets of the Partnership (including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement and on any terms it sees fit,
including, without limitation, the financing of the conduct of the operations of the General Partner, the Partnership or any of the Partnership’s Subsidiaries, the lending of funds to other Persons (including the Partnership’s
Subsidiaries) and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment and the making of Capital Contributions to its Subsidiaries; 

  

	 	(5)	the negotiation, execution, and performance of any contracts, conveyances or other instruments that the General Partner considers useful or necessary to the conduct of the
Partnership’s operations or the implementation of the General Partner’s powers under this Agreement; 

  

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

  

	 	(7)	the selection and dismissal of employees of the Partnership or the General Partner (including, without limitation, employees having titles such as “president”, vice
president”, “secretary” and “treasurer”), and agents, outside attorneys, accountants, consultants and contractors of the General Partner or the Partnership and the determination of their compensation and other terms of
employment or hiring; 

  

	 	(8)	the maintenance of such insurance for the benefit of the Partnership and the Partners as it deems necessary or appropriate; 

  

 - 23 - 

	 	(9)	the formation of, or acquisition of an interest in, and the contribution of 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 investment from time to time); 

  

	 	(10)	the control of any matters affecting the rights and obligations of the Partnership, including the conduct of litigation and the incurring of legal expense and the settlement of
claims and litigation, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 

  

	 	(11)	the undertaking of any action in connection with the Partnership’s direct or indirect investment in its Subsidiaries or any other Person (including, without limitation, the
contribution or loan of funds by the Partnership to such Persons); and 

  

	 	(12)	the determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation as it may adopt. 

  
 B. Each of the Limited Partners agrees that the General Partner is authorized
to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provision of this Agreement (except as provided in
Section 7.3), the Act or any applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the
General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or equity. 
  
 C. At all times from and after the date hereof, the General Partner may cause
the Partnership to obtain and maintain (i) casualty, liability and other insurance on the properties of the Partnership and (ii) liability insurance for the Indemnitees hereunder. 
  
 D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain
working capital reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 
  
 E. In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences
to any Partner of any action taken by it. The General Partner and the Partnership shall not have liability to a Limited Partner under any circumstances as a result of an income tax liability incurred by such Limited Partner as a result of an action
(or inaction) by the General Partner pursuant to its authority under this Agreement. 
  

 - 24 - 

	 	Section 7.2	Certificate of Limited Partnership 

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

	 	Section 7.3	Restrictions on General Partner’s Authority 

  
 A. The General Partner may not, without the written Consent of all of the Limited Partners, take any action in contravention of this Agreement, including,
without limitation: 
  

	 	(1)	take any action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise provided in this Agreement; 

  

	 	(2)	possess Partnership property, or assign any rights in specific Partnership property, for other than a Partnership purpose except as otherwise provided in this Agreement;

  

	 	(3)	admit a Person as a Partner, except as otherwise provided in this Agreement; or 

  

	 	(4)	perform any act that would subject a Limited Partner to liability as a general partner in any jurisdiction or any other liability except as provided herein or under the Act.

  
 B. Except as provided in Article 13 hereof, the
General Partner may not sell, exchange, transfer or otherwise dispose of all or substantially all of the Partnership’s assets in a single transaction or a series of related transactions (including by way of merger, consolidation or other
combination with any other Person) without the Consent of holders of two-thirds of the outstanding Partnership Units. 
  

 - 25 - 

	 	Section 7.4	Reimbursement of the General Partner 

  
 A. Except as provided in this Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 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. The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute
discretion, for all expenses it incurs relating to the operation of, or for the benefit of, the Partnership. The General Partner shall determine in good faith the amount of expenses incurred by it related to the operation of, or for the benefit of,
the Partnership. In the event that certain expenses are incurred for the benefit of the Partnership and other entities (including the General Partner), such expenses will be allocated to the Partnership and such other entities in such a manner as
the General Partner in its sole and absolute discretion deems fair and reasonable. Such reimbursements shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 7.7 hereof. 
  
 C. The General Partner also shall be reimbursed for all expenses it incurs
relating to any issuance of additional Partnership Interests or REIT Shares (in such case based on the percentage of the net proceeds therefrom contributed or otherwise made available to the Partnership) pursuant to Section 4.2 hereof. 

 

	 	Section 7.5	Outside Activities of the General Partner 

  
 A. The General Partner shall devote to the Partnership such time as may be necessary for the proper performance of its duties as General Partner, but the
General Partner is not required, and is not expected, to devote its full time to the performance of such duties. Subject to any agreement entered into pursuant to Section 7.6.E hereof and any other agreements entered into by the General Partner or
its Affiliates with the Partnership or a Subsidiary, the General Partner and any officer, director, employee, agent, trustee, Affiliate or shareholder of 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, without limitation, owning and operating real estate and incurring indebtedness in its own name, whether or not the proceeds of such indebtedness are used for the benefit of the
Partnership), including, without limitation, engaging in other business interests and activities in direct or indirect competition with the Partnership. Neither the Partnership nor any Partners shall have any right by virtue of this Agreement or the
partnership relationship established hereby in or to such other ventures or activities or to the income or proceeds derived therefrom, and the pursuit of such ventures, even if competitive with the business of the Partnership, shall not be deemed
wrongful or improper. Neither the General Partner nor any Affiliate of the General Partner shall be obligated to present any particular opportunity to the Partnership even if such opportunity is of a character which, if presented to the Partnership,
could be taken by the Partnership, and, regardless of whether or not such opportunity is competitive with the Partnership, the General Partner or any Affiliate of the General Partner shall have the right to take for its own account (individually or
as a trustee, partner or fiduciary), or to recommend to others, any such particular opportunity. The General Partner and any Affiliates of the General 

  

 - 26 - 

 
Partner may acquire Limited Partnership Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partnership
Interests. 
  
 B. The General Partner may, from time to time in
its sole and absolute discretion, purchase and/or redeem REIT Shares (including, without limitation, in connection with a stock repurchase or similar program). In the event that the General Partner purchases and/or redeems REIT Shares, then the
General Partner shall purchase and/or redeem such REIT Shares with its own funds and not from the proceeds of any sale of Units to the Partnership; provided, however, that if the Partnership purchases Units pro rata from all Partners,
the General Partner may use the proceeds it receives from any such sale of Units to purchase and/or redeem REIT Shares. 
  
 C. The General Partner shall not make any extraordinary distributions of cash or property to its shareholders or effect a merger or sale of all or
substantially all of its assets without notifying the Limited Partners of its intention to make such distribution or effect such merger or sale at least 20 business days prior to the record date to determine shareholders eligible to receive such
distribution or to vote upon the approval of such merger or sale. 
  

	 	Section 7.6	Contracts with Affiliates 

  
 A. 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. 
  
 B. Except as provided in Section 7.5.A, 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 consistent with this Agreement and applicable law. 
  
 C. Except as expressly permitted by this Agreement, neither the General
Partner nor any of its Affiliates shall sell, transfer or convey any property to, or purchase any property from, or borrow funds from, or lend funds to, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that
are fair and reasonable and no less favorable to the Partnership than would be obtained from an unaffiliated third party. 
  
 D. The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the
Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or
indirectly, for the benefit of the Partnership, the General Partner, or any of the Partnership’s Subsidiaries. 
  
 E. The General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a right of first opportunity arrangement and
other conflict 

  

 - 27 - 

 
avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and absolute
discretion, believes are advisable. 
  

	 	Section 7.7	Indemnification 

  
 A. The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
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 7.7.A. The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that
the Indemnitee acted in a manner contrary to that specified in this Section 7.7.A. Any indemnification pursuant to this Section 7.7 shall be made only out of the assets of the Partnership. 
  
 B. Reasonable expenses incurred by an Indemnitee who is a party to a
proceeding may be paid or reimbursed by the Partnership 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 7.7.A has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard
of conduct has not been met. 
  
 C. The indemnification provided
by this Section 7.7 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an
Indemnitee who has ceased to serve in such capacity. 
  
 D. The
Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in
connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
  

 - 28 - 

 E. For purposes of this Section 7.7, (i) 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, (ii) excise
taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of Section 7.7, and (iii) actions taken or omitted by the Indemnitee with respect to an employee benefit
plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

  
 F. In no event may an Indemnitee subject the Limited Partners
to personal liability by reason of the indemnification provisions set forth in this Agreement. 
  
 G. An Indemnitee shall not be denied indemnification in whole or in part under this Section 7.7 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the
transaction was otherwise permitted by the terms of this Agreement. 
  
 H. The provisions of this Section 7.7 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. 
  

	 	Section 7.8	Liability of the General Partner 

  
 A. Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership,
any Partners or any Assignees for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. 
  
 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 Assignees) in
deciding whether to cause the Partnership to take (or decline to take) any actions, and that the General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in
connection with such decisions, provided that the General Partner has acted in good faith. 
  
 C. Subject to its obligations and duties as General Partner set forth in Section 7.1.A hereof, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed
upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith. 
  

 - 29 - 

 D. Any amendment, modification or repeal of this Section 7.8 or any provision hereof shall be prospective
only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to
claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  

	 	Section 7.9	Other Matters Concerning the General Partner 

  
 A. The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 B. The General Partner may consult with legal counsel, accountants,
appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to matters which such General Partner reasonably
believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 
  
 C. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of
its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and
duty which is permitted or required to be done by the General Partner hereunder. 
  
 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 avoid the General Partner incurring any
taxes under Section 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
  

	 	Section 7.10	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 

  

 - 30 - 

 
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. 
  

	 	Section 7.11	Reliance by Third Parties 

  
 Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General Partner
has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as
if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies which may be available against such Person to contest, negate or disaffirm any action
of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into
the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed on behalf of the Partnership by the General Partner or its representatives shall be
conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person
executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership, and (iii) such certificate, document or instrument was duly executed and delivered in accordance with
the terms and provisions of this Agreement and is binding upon the Partnership. 
  

	 	Section 7.12	Partnership Operations 

  
 A. The General Partner intends to use reasonable efforts to cause the Partnership to operate in a manner (including, without limitation, incurring
indebtedness, establishing and maintaining cash reserves, and undertaking and financing recurring and non-recurring capital expenditures) that enables the Partnership to maintain a distribution rate per Class A Unit that is equal to the distribution
rate per REIT Share payable to holders of common stock of the General Partner (after taking into account any appropriate adjustments in Class A Units and REIT Shares to reflect stock splits, stock dividends and other similar adjustments). The
General Partner agrees that it will act in good faith in attempting to accomplish the foregoing objective, but there is no assurance that such objective will be accomplished and neither the General Partner nor the Partnership shall have any
liability for the failure to achieve such objective so long as the General Partner acts in good faith. 
  

 - 31 - 

 B. Notwithstanding Section 14.1.A hereof, the General Partner shall not amend this Section 7.12 in a
manner that adversely affects the Limited Partners without the Consent of a majority of the Percentage Interests of the Limited Partners, excluding Limited Partnership Interests held by the General Partner. 
  
 ARTICLE 8 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
  

	 	Section 8.1	Limitation of Liability 

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

	 	Section 8.2	Management of Business 

  
 No Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the
General Partner, the Partnership or any of their Affiliates, in their capacity as such) shall take part in the operation, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the
Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of
the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners or Assignees under this Agreement. 
  

	 	Section 8.3	Outside Activities of Limited Partners 

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

 - 32 - 

	 	Section 8.4	Return of Capital 

  
 Except pursuant to the right of redemption set forth in Section 8.6, no Limited Partner shall be entitled to the withdrawal or return of his Capital
Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein. No Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to
the return of Capital Contributions or, except to the extent provided by Exhibit C hereof or as permitted by Section 4.2.B, or otherwise expressly provided in this Agreement, as to profits, losses or distributions. 
  

	 	Section 8.5	Rights of Limited Partners Relating to the Partnership 

  
 A. In addition to other rights provided by this Agreement or by the Act, and except as limited by Section 8.5.C hereof, each Limited Partner shall have
the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership, upon written demand with a statement of the purpose of such demand and at such Limited Partner’s own expense:

  

	 	(1)	to obtain a copy of the most recent annual and quarterly reports filed with the Securities and Exchange Commission by the General Partner pursuant to the Securities Exchange Act of
1934; 

  

	 	(2)	to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year; 

  

	 	(3)	to obtain a current list of the name and last known business, residence or mailing address of each Partner; 

  

	 	(4)	to obtain a copy of this Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the
Certificate and all amendments thereto have been executed; and 

  

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

  
 B. The Partnership shall notify each Limited Partner in writing of any change made to the Conversion Factor within ten (10) Business Days of the date such
change becomes effective. 
  
 C. Notwithstanding any other
provision of this Section 8.5, the General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any 

  

 - 33 - 

 
information that (i) the General Partner believes to be in the nature of trade secrets or other information the disclosure of which the General Partner in
good faith believes is not in the best interests of the Partnership or (ii) the Partnership is required by law or by agreements with unaffiliated third parties to keep confidential. 
  

	 	Section 8.6	Redemption Right 

  
 A. Subject to Section 8.6.C, each Limited Partner or Assignee, other than the General Partner, shall have the right (the “Redemption Right”) to
require the Partnership to redeem on a Specified Redemption Date all or a portion of the Partnership Units held by such Limited Partner at a redemption price equal to and in the form of the Redemption Amount to be paid by the Partnership. The
Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the redemption right (the “Redeeming Partner”). A Limited Partner may not exercise the
Redemption Right for less than one thousand (1,000) Partnership Units or, if such Limited Partner holds less than one thousand (1,000) Partnership Units, all of the Partnership Units held by such Partner. The Redeeming Partner shall have no right,
with respect to any Partnership Units so redeemed, to receive any distributions or Guaranteed Payments paid after the Specified Redemption Date. 
  
 B. Notwithstanding the provisions of Section 8.6.A, the General Partner may, in its sole and absolute discretion, assume directly and satisfy a Redemption
Right by paying to the Redeeming Partner the Redemption Amount on the Specified Redemption Date, whereupon the General Partner shall acquire the Partnership Units offered for redemption by the Redeeming Partner and shall be treated for all purposes
of this Agreement as the owner of such Partnership Units. In the event the General Partner shall exercise its right to satisfy the Redemption Right in the manner described in the preceding sentence, the Partnership shall have no obligation to pay
any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership, and the General Partner shall treat the transaction between the General Partner
and the Redeeming Partner as a sale of the Redeeming Partner’s Partnership Units to the General Partner for federal income tax purposes. Each Redeeming Partner agrees to execute such documents as the General Partner may reasonably require in
connection with the issuance of REIT Shares upon exercise of the Redemption Right. 
  
 C. Notwithstanding the provisions of Sections 8.6.A and 8.6.B, a Partner shall not be entitled to exercise the Redemption Right pursuant to Section 8.6.A if the delivery of REIT Shares to such Partner on the Specified
Redemption Date would be prohibited under the Articles of Incorporation. 
  

 - 34 - 

 ARTICLE 9 
 BOOKS, RECORDS, ACCOUNTING AND REPORTS 
  

	 	Section 9.1	Records and Accounting 

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

	 	Section 9.2	Fiscal Year 

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

	 	Section 9.3	Reports 

  
 A. As soon as practicable, but in no event later than one hundred five (105) days after the close of each Partnership Year, the General Partner shall make
available to each Limited Partner, if requested, as of the close of the Partnership Year, an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis
with the General Partner, for such Partnership Year, presented in accordance with generally accepted accounting principles, such statements to be audited by a nationally recognized firm of independent public accountants selected by the General
Partner. 
  
 B. As soon as practicable, but in no event later than
one hundred five (105) days after the close of each calendar quarter (except the last calendar quarter of each year), the General Partner shall make available to each Limited Partner, if requested, as of the last day of the calendar quarter, a
report containing unaudited financial statements of the Partnership, or of the General Partner, if such statements are prepared solely on a consolidated basis with the General Partner, and such other information as may be required by applicable law
or regulation, or as the General Partner determines to be appropriate. 
  

 - 35 - 

 ARTICLE 10 
 TAX MATTERS 
  

	 	Section 10.1	Preparation of Tax Returns 

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

	 	Section 10.2	Tax Elections 

  
 Except as otherwise provided herein, the General Partner shall, in its sole and absolute discretion, determine whether to make any available election
pursuant to the Code; provided, however, that the General Partner shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder. The General Partner shall have the right to seek to revoke
any such election (including, without limitation, the election under Section 754 of the Code) upon the General Partner’s determination in its sole and absolute discretion that such revocation is in the best interests of the Partners.

  

	 	Section 10.3	Tax Matters Partner 

  
 A. The General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes. Pursuant to Section 6223(c)(3) of
the Code, upon receipt of notice from the IRS of the beginning of an administrative proceeding with respect to the Partnership, the tax matters partner shall furnish the IRS with the name, address and profit interest of each of the Limited Partners;
provided, however, that such information is provided to the Partnership by the Limited Partners. 
  
 B. The tax matters partner is authorized, but not required: 
  

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

  

 - 36 - 

	 	 
“notice partner” (as defined in Section 6231 of the Code) or a member of a “notice group” (as defined in Section 6223(b)(2) of the Code);

  

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

  

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

  

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

  

	 	5)	to enter into an agreement with the IRS to extend the period for assessing any tax which is attributable to any item required to be taken into account by a Partner for tax purposes,
or an item affected by such item; and 

  

	 	6)	to take any other action on behalf of the Partners of the Partnership in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or
regulations. 

  
 The taking of any action and the
incurring of any expense by the tax matters partner in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the tax matters partner and the provisions relating to
indemnification of the General Partner set forth in Section 7.7 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such. 
  

C. The tax matters partner shall receive no compensation for its services. All third party costs and expenses incurred by the tax matters partner in
performing his duties as such (including legal and accounting fees) shall be borne by the Partnership. Nothing herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging
his duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable. 
  

 - 37 - 

	 	Section 10.4	Organizational Expenses 

  
 The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership ratably over a sixty (60) month period as provided in
Section 709 of the Code. 
  

	 	Section 10.5	Withholding 

  
 Each Limited Partner hereby authorizes the Partnership to withhold from or pay on behalf of or with respect to such Limited Partner any amount of federal,
state, local, or foreign taxes that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Limited Partner pursuant to this Agreement, including, without
limitation, any taxes required to be withheld or paid by the Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount paid on behalf of or with respect to a Limited Partner shall constitute a loan by the Partnership to such
Limited Partner, which loan shall be repaid by such Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the Partnership withholds such payment from a distribution which would
otherwise be made to the Limited Partner or (ii) the General Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the Partnership which would, but for such payment, be distributed
to the Limited Partner. Any amounts withheld pursuant to the foregoing clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally and irrevocably grants to the Partnership a
security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. In the event that a Limited Partner fails
to pay any amounts owed to the Partnership pursuant to this Section 10.5 when due, the General Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited Partner, and in such
event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to receive
distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus
four percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or
the General Partner shall request in order to perfect or enforce the security interest created hereunder. 
  

 - 38 - 

 ARTICLE 11 
 TRANSFERS AND WITHDRAWALS 
  

	 	Section 11.1	Transfer 

  
 A. The term “transfer,” when used in this Article 11 with respect to a Partnership Unit, shall be deemed to refer to a transaction by which the
General Partner purports to assign its General Partner Interest to another Person or by which a Limited Partner purports to assign its Limited Partnership Interest to another Person, and includes a sale, assignment, gift, pledge, encumbrance,
hypothecation, mortgage, exchange or any other disposition by law or otherwise. The term “transfer” when used in this Article 11 does not include any redemption of Partnership Units by a Limited Partner or acquisition of Partnership Units
from a Limited Partner by the General Partner pursuant to Section 8.6. 
  
 B. No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 11. Any transfer or purported transfer of a Partnership Interest not made in accordance with
this Article 11 shall be null and void. 
  

	 	Section 11.2	Transfer of General Partner’s Partnership Interest 

  
 A. The General Partner may not transfer any of its General Partner Interest or Limited Partnership Interests or withdraw as General Partner except as
provided in Section 11.2.B or in connection with a transaction described in Section 11.2.C or 11.2.D. 
  
 B. The General Partner may transfer Limited Partnership Interests held by it either to the Partnership in accordance with Section 7.5.B hereof or to a
purported holder of REIT Shares in accordance with the provisions of Article 5 of the Articles of Incorporation. 
  
 C. Except as otherwise provided in Section 11.2.D, the General Partner shall not engage in any merger, consolidation or other business combination with or
into another Person or a sale of all or substantially all of its assets (a “Transaction”), unless either (i) the Board of Directors of the General Partner determines in good faith that the Transaction likely will not have a material
adverse effect on the value of the Limited Partnership Interests (determined without regard to any tax consequences to Limited Partners as a result of the Transaction) or (ii) a majority of the Percentage Interests of the Limited Partners, excluding
Limited Partnership Interests held by the General Partner, Consents to the Transaction. 
  
 D. Notwithstanding Section 11.2.C, the General Partner may engage in a merger, consolidation or other business combination if (i) substantially all of the consideration that stockholders of the General Partner are
retaining or receiving in connection with the Transaction is a common equity interest in the surviving company and 

  

 - 39 - 

 
(ii) the surviving company (if not the General Partner) is assuming all of the obligations of the General Partner under the Partnership Agreement.

  

	 	Section 11.3	Limited Partners’ Rights to Transfer 

  
 A. Subject to the provisions of Sections 11.3.C, 11.3.D, 11.3.E and 11.4, a Limited Partner (other than the General Partner) may transfer, with or without
the consent of the General Partner, all or any portion of his Partnership Interest, or any of such Limited Partner’s rights as a Limited Partner, provided that prior written notice of such proposed transfer is delivered to the General Partner.

  
 B. If a Limited Partner is subject to Incapacity, the
executor, administrator, trustee, committee, guardian, conservator or receiver of such Limited Partner’s estate shall have all the rights of a Limited Partner, but not more rights than those enjoyed by other Limited Partners for the purpose of
settling or managing the estate and such power as the Incapacitated Limited Partner possessed to transfer all or any part of his or its interest in the Partnership. The Incapacity of a Limited Partner, in and of itself, shall not dissolve or
terminate the Partnership. 
  
 C. The General Partner may prohibit
any transfer by a Limited Partner of his Partnership Units if, in the opinion of legal counsel to the Partnership, such transfer would require filing of a registration statement under the Securities Act of 1933 or would otherwise violate any federal
or state securities laws or regulations applicable to the Partnership or the Partnership Unit. 
  
 D. No transfer by a Limited Partner of his Partnership Units may be made to any Person if (i) in the opinion of legal counsel for the Partnership, it would result in the Partnership being treated as an association
taxable as a corporation, or (ii) 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. 

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

	 	Section 11.4	Substituted Limited Partners 

  
 A. No Limited Partner shall have the right to substitute a transferee as a Limited Partner in his place. The General Partner shall, however, have the
right to consent to the admission of a transferee of the interest of a Limited Partner pursuant to 

  

 - 40 - 

 
this Section 11.4 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The
General Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. 
  
 B. A transferee who has been admitted as a Substituted Limited Partner in
accordance with this Article 11 shall have all the rights and powers and be subject to all the restrictions and liabilities of a Limited Partner under this Agreement. 
  
 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend the Partner Register to reflect the
name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted Limited Partner. 
  

	 	Section 11.5	Assignees 

  
 If the General Partner, in its sole and absolute discretion, does not consent to the admission of any permitted transferee under Section 11.3 as a
Substituted Limited Partner, as described in Section 11.4, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the
Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain, loss and Recapture Income attributable to the Partnership Units assigned to such transferee, but shall not be deemed to be a holder
of Partnership Units for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Units in any matter presented to the Limited Partners for a vote (such Partnership Units being deemed to have been voted on such
matter in the same proportion as all Partnership Units held by Limited Partners are voted). In the event any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions
of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Units. 
  

	 	Section 11.6	General Provisions 

  
 A. No Limited Partner may withdraw from the Partnership other than as a result of a permitted transfer of all of such Limited Partner’s Partnership
Units in accordance with this Article 11 or pursuant to redemption of all of its Partnership Units under Section 8.6. 
  
 B. Any Limited Partner who shall transfer all of his Partnership Units in a transfer permitted pursuant to this Article 11 or pursuant to redemption of
all of its Partnership Units under Section 8.6 shall cease to be a Limited Partner. 
  
 C. Transfers pursuant to this Article 11 may only be made on the first day of a fiscal quarter of the Partnership, unless the General Partner otherwise agrees. 
  

 - 41 - 

 D. If any Partnership Interest is transferred during any quarterly segment of the Partnership’s
fiscal year in compliance with the provisions of this Article 11 or redeemed or transferred pursuant to Section 8.6, Net Income, Net Losses, each item thereof and all other items attributable to such interest (other than Guaranteed Payments payable
under Section 5.2) for such fiscal year shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests during the fiscal year in accordance with Section 706(d) of the Code,
using the interim closing of the books method. Solely for purposes of making such allocations, each of such items for the calendar month in which the transfer or redemption occurs shall be allocated to the Person who is a Partner as of midnight on
the last day of said month. All distributions of Available Cash and payments of Guaranteed Payments with respect to which the Partnership Record Date is before the date of such transfer or redemption shall be made to the transferor Partner, and all
distributions of Available Cash and payments of Guaranteed Payments thereafter shall be made to the transferee Partner. 
  
 ARTICLE 12 
 ADMISSION OF PARTNERS

  

	 	Section 12.1	Admission of Successor General Partner 

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

	 	Section 12.2	Admission of Additional Limited Partners 

  
 A. A Person who makes a Capital Contribution to the Partnership in accordance with this Agreement or who exercises an option to receive Partnership Units
shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner (i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including,
without limitation, the power of attorney granted in Section 2.4 hereof and (ii) such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited
Partner. 
  
 B. Notwithstanding anything to the contrary in this
Section 12.2, no Person shall be admitted as an Additional Limited Partner without the consent of the General Partner, which consent may be given or withheld in the General Partner’s sole and absolute discretion. The admission of any Person as
an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books 

  

 - 42 - 

 
and records of the Partnership, following the consent of the General Partner to such admission. 
  

	 	Section 12.3	Amendment of Agreement and Certificate of Limited Partnership 

  
 For the admission to the Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records
of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an amendment of the Partner Register) and, if required by law, shall prepare and file an amendment to the Certificate and may for this
purpose exercise the power of attorney granted pursuant to Section 2.4 hereof. 
  
 ARTICLE 13 
 DISSOLUTION AND LIQUIDATION 
  

	 	Section 13.1	Dissolution 

  
 The Partnership shall not be dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor
General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor General Partner shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound
up, upon the first to occur of any of the following (“Liquidating Events”) : 
  
 A. the expiration of its term as provided in Section 2.5 hereof; 
  
 B. an event of withdrawal of the General Partner, as defined in the Act (other than an event of bankruptcy), unless, within ninety (90) days after the
withdrawal all the remaining Partners agree in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a substitute General Partner; 
  
 C. from and after the Effective Time through December 31, 2012, an election
to dissolve the Partnership made by the General Partner, unless any Original CRLP Limited Partner who holds one or more Original CRLP Limited Partnership Units objects in writing to such dissolution within thirty (30) days of receiving written
notice of such election from the General Partner; 
  
 D. from and
after January 1, 2013 through December 31, 2042, an election to dissolve the Partnership made by the General Partner, unless Original CRLP Limited Partners holding at least five percent (5%) of the Original CRLP Limited Partnership Units object in
writing to such dissolution within thirty (30) days of receiving written notice of such election from the General Partner; 
  
 E. on or after January 1, 2043, an election to dissolve the Partnership made by the General Partner, in its sole and absolute discretion; 
  

 - 43 - 

 F. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

  
 G. the sale of all or substantially all of the assets and
properties of the Partnership; or 
  
 H. a final and
non-appealable judgment is entered by a court with appropriate jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and non-appealable order for relief is entered by a court with appropriate jurisdiction against the
General Partner, in each case under any federal or state bankruptcy or insolvency laws as now or hereafter in effect, unless prior to the entry of such order or judgment all of the remaining Partners agree in writing to continue the business of the
Partnership and to the appointment, effective as of a date prior to the date of such order or judgment, of a substitute General Partner. 
  

	 	Section 13.2	Winding Up 

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

	 	(1)	First, to the payment and discharge of all of the Partnership’s debts and liabilities to creditors other than the Partners; 

  

	 	(2)	Second, to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner (other than the Guaranteed Payment); 

  

	 	(3)	Third, to the payment and discharge of all of the Partnership’s debts and liabilities to the Partners (other than the Guaranteed Payment); 

  

	 	(4)	Fourth, to the payment of the Guaranteed Payment; and 

  

	 	(5)	The balance, if any, to the General Partner and Limited Partners in accordance with their Capital Accounts, after giving effect to all contributions, distributions, and allocations
for all periods. 

  

 - 44 - 

 The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13.

  
 B. Notwithstanding the provisions of Section 13.2.A hereof
which require liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the Liquidator determines that an immediate sale of part or all of the
Partnership’s assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy
liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance with the provisions of Section 13.2.A hereof, undivided interests in such
Partnership assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Partners, and
shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidator shall
determine the fair market value of any property distributed in kind using such reasonable method of valuation as it may adopt. 
  

	 	Section 13.3	Compliance with Timing Requirements of Regulations 

  
 In the event the Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made
pursuant to this Article 13 to the General Partner and Limited Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Partner has a deficit balance in his Capital Account (after giving
effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect
to such deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. In the discretion of the General Partner, a pro rata portion of the distributions that would otherwise be
made to the General Partner and Limited Partners pursuant to this Article 13 may be: 
  
 (A) distributed to a trust established for the benefit of the General Partner and Limited Partners for the purposes of liquidating Partnership assets, collecting amounts owed to the Partnership, and paying any
contingent or unforeseen liabilities or obligations of the Partnership or of the General Partner arising out of or in connection with the Partnership. The assets of any such trust shall be distributed to the General Partner and Limited Partners from
time to time, in the reasonable discretion of the General Partner, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the General Partner and Limited Partners pursuant to this
Agreement; or 
  

 - 45 - 

 (B) withheld to provide a reasonable reserve for Partnership liabilities (contingent or otherwise) and to
reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld amounts shall be distributed to the General Partner and Limited Partners as soon as practicable. 
  

	 	Section 13.4	Deemed Distribution and Recontribution 

  
 Notwithstanding any other provision of this Article 13, in the event the Partnership is liquidated within the meaning of Regulations Section
1.704-1(b)(2)(ii)(g) but no Liquidating Event has occurred, the Partnership’s property shall not be liquidated, the Partnership’s liabilities shall not be paid or discharged, and the Partnership’s affairs shall not be wound up.
Instead, the Partnership shall be deemed to have distributed the Property in kind to the General Partner and Limited Partners, who shall be deemed to have assumed and taken such property subject to all Partnership liabilities, all in accordance with
their respective Capital Accounts. Immediately thereafter, the General Partner and Limited Partners shall be deemed to have recontributed the Partnership property in kind to the Partnership, which shall be deemed to have assumed and taken such
property subject to all such liabilities. 
  

	 	Section 13.5	Rights of Limited Partners 

  
 Except as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return of his Capital
Contribution and shall have no right or power to demand or receive property other than cash from the Partnership. No Limited Partner shall have priority over any other Limited Partner as to the return of his Capital Contributions, distributions, or
allocations. 
  

	 	Section 13.6	Notice of Dissolution 

  
 In the event a Liquidating Event occurs or an event occurs that would, but for provisions of Section 13.1, result in a dissolution of the Partnership, the
General Partner shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners and to all other parties with whom the Partnership regularly conducts business (as determined in the discretion of the General Partner)
and shall publish notice thereof in a newspaper of general circulation in each place in which the Partnership regularly conducts business (as determined in the discretion of the General Partner). 
  

	 	Section 13.7	Cancellation of Certificate of Limited Partnership 

  
 Upon the completion of the liquidation of the Partnership cash and property as provided in Section 13.2 hereof, the Partnership shall be terminated and
the Certificate and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken.

  

 - 46 - 

	 	Section 13.8	Reasonable Time for Winding-Up 

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

	 	Section 13.9	Waiver of Partition 

  
 Each Partner hereby waives any right to partition of the Partnership property. 
  
 ARTICLE 14 
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 
  

	 	Section 14.1	Amendments 

  
 A. Amendments to this Agreement may be proposed by the General Partner or by any Limited Partners holding twenty-five percent (25%) or more of the
Partnership Interests. 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 provided in Section 14.1.B, 14.1.C or 14.1.D, 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 Partners holding a majority of the Percentage Interests of the Limited Partners (including Limited Partnership Interests held by the General
Partner). 
  
 B. Notwithstanding Section 14.1.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: 
  

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

  

	 	(2)	to reflect the admission, substitution, termination, or withdrawal of Partners in accordance with this Agreement; 

  

 - 47 - 

	 	(3)	to set forth the rights, powers, duties, and preferences of the holders of any additional Partnership Interests issued pursuant to Section 4.2.A or Section 4.2.B hereof;

  

	 	(4)	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; and

  

	 	(5)	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 will provide notice to the Limited
Partners when any action under this Section 14.1.B is taken. 
  
 C. Notwithstanding Section 14.1.A hereof, 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’s interest, (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partner to receive distributions pursuant to Article 5, or the allocations specified in Article 6 (except as permitted pursuant to Section 4.2
and Section 14.1.B(3) hereof), (iv) alter or modify the Redemption Right and REIT Shares Amount as set forth in Sections 8.6 and 11.2.B, and related definitions hereof, (v) cause the termination of the Partnership prior to the time set forth in
Sections 2.5 or 13.1, or (vi) amend this Section 14.1.C. Further, no amendment may alter the restrictions on the General Partner’s authority set forth in Section 7.3 without the Consent specified in that section. 
  
 D. Notwithstanding Section 14.1.A hereof, the General Partner shall not amend
Section 4.2.B, 7.5, 7.6, 11.2 or 14.2 without the Consent of a majority of the Percentage Interests of the Limited Partners excluding Limited Partnership Interests held by the General Partner. 
  

	 	Section 14.2	Meetings of the Partners 

  
 A. Meetings of the Partners may be called by the General Partner and shall be called upon the receipt by the General Partner of a written request by
Limited Partners holding 25 percent or more of the Partnership Interests. The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all Partners not less than seven days nor more than 30 days
prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be
given in accordance with the procedure prescribed in 

  

 - 48 - 

 
Section 14.1 hereof. Except as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Percentage Interests shall
control. 
  
 B. Any action required or permitted to be taken at a
meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is signed by a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement).
Such consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of the Percentage Interests of the Partners (or such other percentage as is expressly required by this Agreement). Such
consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
  
 C. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which a Limited Partner is entitled to participate,
including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless
otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. 
  
 D. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such rules for
the conduct of the meeting as the General Partner or such other Person deems appropriate. 
  
 ARTICLE 15 
 GENERAL PROVISIONS 
  

	 	Section 15.1	Addresses and Notice 

  
 Any notice, demand, request or report required or permitted to be given or made to a Partner or Assignee under this Agreement shall be in writing and
shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Partner or Assignee at the address set forth in the Partner Register or such other address as the
Partners shall notify the General Partner in writing. 
  

	 	Section 15.2	Titles and Captions 

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

 - 49 - 

	 	Section 15.3	Pronouns and Plurals 

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

	 	Section 15.4	Further Action 

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

	 	Section 15.5	Binding Effect 

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

	 	Section 15.6	Creditors 

  
 None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership. 
  

	 	Section 15.7	Waiver 

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

	 	Section 15.8	Counterparts 

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

	 	Section 15.9	Applicable Law 

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

 - 50 - 

	 	Section 15.10	Invalidity of Provisions 

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

 - 51 - 

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

  

			
	 GENERAL PARTNER:

	
	 CARRAMERICA REALTY CORPORATION

		
	 By:
	 	 /s/ Linda A. Madrid

	 	 	

	 Name:
	 	 Linda A. Madrid

	 Title:
	 	 Managing Director – General Counsel & Corp. Secretary

  

					
	 LIMITED PARTNERS:

		
	 By:
	 	CarrAmerica Realty Corporation, as Attorney-in-Fact for the Limited Partners
			
	 	 	 By:
	 	 /s/ Linda A. Madrid

	 	 	 	 	

	 	 	 Name:
	 	 Linda A. Madrid

	 	 	 Title:
	 	Managing Director – General Counsel & Corp. Secretary

  

 EXHIBIT A 
  

Intentionally Omitted 
  

 EXHIBIT B 
  

CAPITAL ACCOUNT MAINTENANCE 
  

	1.	Capital Accounts of the Partners 

  
 A. The Partnership shall maintain for each Partner a separate Capital Account in accordance with the rules of Regulations Section 1.704-1 (b)(2)(iv). As
of the Effective Time of the Agreement, the Capital Account of each Partner shall equal such Partner’s capital account with respect to its interest in CRLP as of December 31, 2003, immediately prior to the Effective Time. Thereafter, such
Capital Account shall be increased by (i) the amount of all Capital Contributions made by such Partner to the Partnership pursuant to this Agreement and (ii) all items of Partnership income and gain (including income and gain exempt from tax)
computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1.A of the Agreement and Exhibit C hereof, and decreased by (x) the amount of cash or Agreed Value of all actual and deemed distributions of cash or
property made to such Partner pursuant to this Agreement and (y) all items of Partnership deduction and loss computed in accordance with Section 1.B hereof and allocated to such Partner pursuant to Section 6.1.B of the Agreement and Exhibit C
hereof. 
  
 B. For purposes of computing the amount of any item of
income, gain, deduction or loss to be reflected in the Partners’ Capital Accounts, unless otherwise specified in this Agreement, the determination, recognition and classification of any such item shall be the same as its determination,
recognition and classification for federal income tax purpose determined in accordance with Section 703(a) of the Code (for this purpose all items of income, gain, loss or deduction require to be stated separately pursuant to Section 703(a)(1) of
the Code shall be included in taxable income or loss), with the following adjustments: 
  

	 	(1)	Except as otherwise provided in Regulations Section 1.704-1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any
election under Section 754 of the Code which may be made by the Partnership, provided that the amounts of any adjustments to the adjusted bases of the assets of the Partnership made pursuant to Section 734 of the Code as a result of the distribution
of property by the Partnership to a Partner (to the extent that such adjustments have not previously been reflected in the Partners’ Capital Accounts) shall be reflected in the Capital Accounts of the Partners in the manner and subject to the
limitations prescribed in Regulations Section 1.704-1(b)(2)(iv)(m). 

  

	 	(2)	The computation of all items of income, gain, loss and deduction shall be made without regard to the fact that items described in Sections 705(a)(1)(B) or 705(a)(2)(B) of the Code
are not includable in gross income or are neither currently deductible nor capitalized for federal income tax purposes. 

  

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

  

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

  

	 	(5)	In the event the Carrying Value of any Partnership Asset is adjusted pursuant to Section 1.D hereof, the amount of any such adjustment shall be taken into account as gain or loss
from the disposition of such asset. 

  

	 	(6)	Any items specially allocated under Section 2 of Exhibit C hereof shall not be taken into account. 

  
 C. Generally, a transferee of a Partnership Unit shall succeed to a pro rata portion of the Capital Account of the
transferor; provided, however, that, if the transfer causes a termination of the Partnership under Section 708(b)(1)(B) of the Code, the Partnership’s properties shall be deemed to have been distributed in liquidation of the Partnership to the
Partners (including the transferee of a Partnership Interest) and recontributed by such Partners in reconstitution of the Partnership. In any event, the Carrying Values of the Partnership properties shall be adjusted immediately prior to such deemed
distribution pursuant to Section 1.D.(2) hereof. The Capital Accounts of such reconstituted Partnership shall be maintained in accordance with the principles of this Exhibit B. 
  
 D. (1) Consistent with the provisions of Regulations Section 1.704-1(b)(2)(iv)(f), and as provided in Section 1.D.(2), the
Carrying Values of all Partnership assets shall be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of the times of the adjustments provided in Section 1.D.(2) hereof, as if
such Unrealized Gain or Unrealized Loss had been recognized on an actual sale of each such property and allocated pursuant to Section 6.1 of the Agreement. 
  

	 	(2)	 Such adjustments shall be made as of the following times: (a) immediately prior to the acquisition of an additional interest in the Partnership by any new or
existing Partner in exchange for more than a de minimis Capital Contribution; (b) immediately prior to the distribution by the Partnership to a Partner of more than a de minimis amount of Property as consideration for an interest in the Partnership;
and (c) immediately prior to the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), provided however that adjustments pursuant to clauses (a) and (b) above shall be made only if the General Partner
determines 

  

 - 3 - 

	 	 
that such adjustments are necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership.

  

	 	(3)	In accordance with Regulations Section 1.704-1(b)(2)(iv)(e), the Carrying Value of Partnership assets distributed in kind shall be adjusted upward or downward to reflect any
Unrealized Gain or Unrealized Loss attributable to such Partnership property, as of the time any such asset is distributed. 

  

	 	(4)	In determining such unrealized Gain or Unrealized Loss, the aggregate cash amount and fair market value of all Partnership assets (including cash or cash equivalents) shall be
determined by the General Partner using such reasonable method of valuation as it may adopt, or in the case of a liquidating distribution pursuant to article 13 of the Agreement, be determined and allocated by the Liquidator using such reasonable
methods of valuation as it may adopt. The General Partner, or the Liquidator, as the case may be, shall allocate such aggregate value among the assets of the Partnership (in such manner as it determines in its sole and absolute discretion to arrive
at a fair market value for individual properties). 

  
 E. The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Regulations. In the event
the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or
distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners) are computed in order to comply with such Regulations, the General Partner may make such modification, provided that it is not likely to have
a material effect on the amounts distributable to any Person pursuant to Article 13 of the Agreement upon the dissolution of the Partnership. The General Partner also shall (i) make any adjustments that are necessary or appropriate to maintain
equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (ii) make
any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-(b). 
  

	2.	No Interest 

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

	3.	No Withdrawal 

  
 No Partner shall be entitled to withdraw any part of his Capital Contribution or his Capital Account or to receive any distribution from the Partnership,
except as provided in Articles 4, 5, 7 and 13 hereof. 
  

 - 4 - 

 EXHIBIT C 
  

SPECIAL ALLOCATION RULES 
  

	1.	Special Allocation Rules 

  
 Notwithstanding any other provision of the Agreement or this Exhibit C, the following special allocations shall be made in the following order:

  
 A. Minimum Gain Chargeback. Notwithstanding the provisions of
Section 6.1 of the Agreement or any other provisions of this Exhibit C, if there is a net decrease in Partnership Minimum Gain during any Partnership Year, each Partner shall be specially allocated items of Partnership income and gain for such year
(and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain, as determined under Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6). This Section 1.A. is intended to comply with the
minimum gain chargeback requirements in Regulations Section 1.704-2(f) and for purposes of this Section 1.A. only, each Partner’s Adjusted Capital Account Deficit shall be determined prior to any other allocations pursuant to Section 6.1 of the
Agreement with respect to such fiscal year and without regard to any decrease in Partner Minimum Gain during such fiscal year. 
  
 B. Partner Minimum Gain Chargeback. Notwithstanding any other provision of Section 6.1 of the Agreement or any other provisions of this Exhibit C (except
Section 1.A. hereof), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Partnership fiscal year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse
Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net
decrease in Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each General Partner and Limited Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section 1.B. is intended to comply with the minimum
gain chargeback requirement in such Section of the Regulations and shall be interpreted consistently therewith. Solely for purposes of this Section 1.B., each Partner’s Adjusted Capital Account Deficit shall be determined prior to any other
allocations pursuant to Section 6.1 of the Agreement or this Exhibit with respect to such fiscal year, other than allocation pursuant to Section 1.A. hereof. 
  
 C. Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Regulations Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), and after giving effect to the allocations required under Sections 1.A. and 1.B. hereof, such Partner has an Adjusted Capital Account Deficit, items of Partnership income
and gain shall be 

  

 
specifically allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, its Adjusted Capital
Account Deficit created by such adjustments, allocations or distributions as quickly as possible. 
  
 D. Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to the Partners in accordance with their respective Percentage
Interests. If the General Partner determines in its good faith discretion that the Partnership’s Nonrecourse Deductions must be allocated in a different ratio to satisfy the safe harbor requirements of the Regulations promulgated under Section
704(b) of the Code, the General Partner is authorized, upon notice to the Limited Partners, to revise the prescribed ratio to the numerically closest ratio which does satisfy such requirements. 
  
 E. Partner Nonrecourse Deductions. Any Partner Nonrecourse Deductions for any
fiscal year shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Regulations Section
1.704-2(i)(2). 
  
 F. Code Section 754 Adjustments. To the extent
an adjustment to the adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount
of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the
Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 
  

	2.	Allocations for Tax Purposes 

  
 A. Except as otherwise provided in this Section 2, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated among
the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 
  
 B. In an attempt to eliminate Book-Tax Disparities attributable to a
Contributed Property or Adjusted Property, items of income, gain, loss, and deduction shall be allocated for federal income tax purposes among the Partners as follows: 
  

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

  
 (b) any item of Residual Gain or Residual Loss attributable to a Contributed Property shall be allocated among the Partners in the same manner as its
correlative item of “book” gain or loss is allocated 

  

 - 2 - 

 
pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 
  

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

  
 (1) first, be allocated among the Partners in a manner consistent with the principles of Section 704(c) of the Code to take into account the Unrealized
Gain or Unrealized Loss attributable to such property and the allocations thereof pursuant to Exhibit B and 
  
 (2) second, in the event such property was originally a Contributed Property, be allocated among the Partners in a manner consistent with Section 2.B.(1)
of this Exhibit C; and 
  
 (b) any item of Residual Gain or
Residual Loss attributable to an Adjusted Property shall be allocated among the Partners in the same manner as its correlative items of “book” gain or loss is allocated pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit
C. 
  

	 	(3)	All other items of income, gain, loss and deduction shall be allocated among the Partners in the same manner as their correlative item of “book” gain or loss is allocated
pursuant to Section 6.1 of the Agreement and Section 1 of this Exhibit C. 

  
 C. To the extent Treasury Regulations promulgated pursuant to Section 704(c) of the Code permit a Partnership to utilize alternative methods to eliminate the disparities between the agreed value of property and its
adjusted basis, the General Partner shall have the authority to elect the method to be used by the Partnership and such election shall be binding on all Partners. 
  

 - 3 - 

 EXHIBIT D 
  

VALUE OF CONTRIBUTED PROPERTY 
  

							
	 Underlying Property

	  	704(c) Value

	  	Agreed Value

	 International Square
	  	$	143,457,708	  	$	55,176,000
	 1730 Pennsylvania
	  	 	33,668,893	  	 	13,497,385
	 2550 M Street
	  	 	27,332,666	  	 	11,919,666
	 900 19th Street
	  	 	24,867,852	  	 	3,044,852
	 1747 Pennsylvania
	  	 	27,120,302	  	 	12,319,802
	 1255 23rd Street
	  	 	30,475,660	  	 	2,626,844
	 2445 M Street
	  	 	27,391,434	  	 	8,632,734
	 AARP Headquarters
	  	 	35,814,576	  	 	653,136
	 1776 Eye Street
	  	 	2,582,156	  	 	332,156
	 Willard Office/Hotel
	  	 	6,436,750	  	 	1,954,150
	 1575 Eye Street
	  	 	728,270	  	 	261,250
	 Bond Building
	  	 	5,942,450	  	 	110,000
	 	  	
	
	  	
	

	 	  	$	365,818,717	  	$	110,527,975
	 	  	
	
	  	
	

  

 EXHIBIT E 
  

NOTICE OF REDEMPTION 
  
 The undersigned hereby irrevocably (i) redeems
                         Limited Partnership Units in Carr Realty Holdings, L.P. in accordance with the terms of the
Amended and Restated Limited Partnership Agreement of Carr Realty Holdings, L.P. and the Redemption Right referred to therein, (ii) surrenders such Limited Partnership Units and all right, title and interest therein, and (iii) directs that the Cash
Amount or REIT Shares (as determined by the General Partner) deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares are to be delivered, such REIT Shares be registered or placed in the
name(s) and at the address(es) specified below. 
  
 Dated:
                     
  

					
	                                 Name of Limited
 Partner:
	 	 	 	 
			
	  	 	 	 	  
	 	 	 	 	

	 	 	 	 	 (Signature of Limited Partner)

			
	  	 	 	 	  
	 	 	 	 	

	 	 	 	 	 (Street Address)

			
	  	 	 	 	  
	 	 	 	 	

	 	 	 	 	 (City)                                      
   (State)                    (Zip Code)

			
	                                 Signature Guaranteed
 by:
	 	 	 	  
	 	 	 	 	

  
 If REIT Shares are to be issued, issue
to: 
  
 Please insert social security or identifying number: 
  
 Name:EXHIBIT 10.14

  
 Exhibit 10.14 
  
 CONSENT AGREEMENT 
 (1255 23rd Street)

  
 CONSENT AGREEMENT (this
“Agreement”), dated as of December 19, 2003, by and between THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation (the “Lender”), and CAPITOL 50 ASSOCIATES, a District of Columbia joint
venture (the “Borrower”). 
  
 RECITALS

  
 A. The Borrower and the Lender are parties to certain of
the Loan Documents (as defined in the Definitional Appendix attached hereto and incorporated herein (the “Definitional Appendix”)) relating to a secured loan in the original principal amount of $38,300,000 (the
“Loan”). 
  
 B. CarrAmerica Realty Corporation, a
Maryland corporation (“CARC”), owns over 80% of the limited partnership interests in Carr Realty, L.P., a Delaware limited partnership (“CRLP”) and is the sole general partner of CRLP. 
  
 C. CRLP owns a 50% partnership interest in Square 50 Associates, a District
of Columbia general partnership (“Square 50”), and the remaining 50% partnership interest in Square 50 is owned by Tasea Investment Company, a Delaware corporation. 
  
 D. CRLP owns a 50% partnership interest in the Borrower, and the remaining 50% partnership interest in Borrower is owned by
Square 50. 
  
 E. In connection with the Loan, the Borrower, CRLP
and Square 50 entered into an Environmental Indemnity Agreement, dated as of March 19, 1999, with the Lender (the “Original Indemnity Agreement”), and CRLP and Square 50 entered into a Guarantee of Recourse Obligations, dated as of
March 19, 1999, with the Lender (the “Original Guarantee”). 
  
 F. CRLP is contemplating a restructuring transaction (the “CRLP Restructuring”), as more particularly described on Schedule I attached hereto and incorporated herein (the “CRLP Restructuring
Schedule”), as a result of which, among other things, (a) CARC will cease to hold directly the general partner interest and limited partner interests in CRLP, and such interests will be held, directly and indirectly, by Carr Realty Holdings
L.P., a newly formed subsidiary of CARC (“CRH”), and (b) CRLP will cease to hold its 50% partnership interests in Square 50 and the Borrower, respectively, and such interests will be held, directly and indirectly, by CRH.

  

 G. The Borrower has requested that the Lender consent to the CRLP Restructuring, and the Lender is
willing to do so on the terms set forth below. 
  
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  
 1. Defined Terms. All capitalized terms
not otherwise defined herein which are defined in the Definitional Appendix shall have the meanings assigned to them in the Definitional Appendix. 
  
 2. Lender Consent. (a) To the extent necessary under the Loan Documents, the Lender hereby consents to the CRLP Restructuring and to
the execution, delivery and performance of the documents and instruments contemplated by, or necessary to implement, the CRLP Restructuring (collectively, the “Documents”). The implementation and consummation of the CRLP
Restructuring and the execution, delivery and performance of the Documents shall not be deemed to be or to give rise to any Default or Event of Default, and the Lender hereby waives any breach or default under the Loan Documents that would otherwise
be caused by the CRLP Restructuring or by the execution, delivery and performance of the Documents. To the extent that the Loan Documents provide that any or all of the transactions included in the CRLP Restructuring may be implemented if certain
advance notice thereof is given, all such conditions or requirements of advance notice shall be deemed to have been complied with and all such notices shall be deemed to have been duly and timely given in accordance with the terms of the Loan
Documents. The Loan Documents are hereby deemed modified to the extent, but only to the extent, that may be necessary to permit and reflect the consummation of the CRLP Restructuring and the execution, delivery and performance of the Documents; such
modifications to become effective upon the consummation of the CRLP Restructuring. 
  
 (b) Without limiting the terms of Section 2(a), it is hereby agreed that, effective upon the CRLP Restructuring Effective Date, the Loan Documents shall be deemed to be modified as follows: 
  
 (i) any references to CARC as the general partner of CRLP
shall be replaced by references to CARC as the general partner of CRH or by references to GPLLC as the general partner of CRLP, as the context requires; 
  
 (ii) any references to CARC as a limited partner of CRLP shall be replaced by references to CARC as a limited partner of CRH or by
references to CRH as a limited partner of CRLP, as the context requires; 
  

 2 

 (iii) any references to CARC holding direct ownership interests in CRLP shall be replaced
by references to CARC holding direct ownership interests in CRH or indirect ownership interests in CRLP through CRH, or by references to CRH holding direct and indirect interests in CRLP, as the context requires; 
  
 (iv) any references to CRLP as the owner, directly or
indirectly, of interests in the Borrower or Square 50 or any Collateral shall be replaced by references to CRH; 
  
 (v) any references to the CRLP as an indemnitor under the Original Indemnity Agreement shall be replaced by references to CRH as an
indemnitor under the Replacement Indemnity Agreement; and any references to the Original Indemnity Agreement shall be replaced by references to the Replacement Indemnity Agreement; 
  
 (vi) any references to CRLP as a guarantor under the Original Guarantee shall be replaced by references to
CRH as a guarantor under the Replacement Guarantee; and any references to the Original Guarantee shall be replaced by references to the Replacement Guarantee; and 
  
 (vii) the Mortgage shall be deemed amended to replace the definition of “change in the proportionate
ownership of Grantor” set forth in the Mortgage with the definition set forth in Schedule II hereof. 
  
 (c) The Lender has advised the Borrower that it wishes to record the amendment to the Mortgage deemed made pursuant to clause (vii) of Section 2(b) by
recording the Lien Instrument Amendment (as defined in Section 4(iii)) following the CRLP Restructuring Effective Date. The Lender hereby acknowledges and agrees that the other modifications deemed made to the Loan Documents pursuant Sections 2(a)
and 2(b) hereof shall have the same force and effect as the modifications set forth in the Lien Instrument Amendment notwithstanding that such other modifications are not included in an amendment of lien instrument or other recorded instrument.

  
 3. Borrower Representations and Warranties. To
induce the Lender to enter into this Agreement, the Borrower hereby covenants, represents and warrants to the Lender that (a) the Borrower has full power and authority to enter into this Agreement, to execute and deliver all documents and
instruments required hereunder, and to incur and perform the obligations provided for herein and therein, all of which have been duly authorized by all necessary partnership action of the Borrower, and no consent or approval of any third party other
than those which will have been obtained and will still be in effect as of the CRLP Restructuring Effective Date is required as a condition to the validity or enforceability hereof or thereof; (b) this Agreement has been duly executed and 

  

 3 

 
delivered by the Borrower; (c) this Agreement constitutes the valid and binding obligation of the Borrower, enforceable against the Borrower in accordance
with its terms, subject to bankruptcy and other laws affecting the rights of creditors generally and the application of general principles of equity; (d) the execution, delivery and performance by the Borrower of this Agreement will not violate (i)
any provision of law or any order, rule or regulation of any court or governmental authority, or (ii) any instrument, contract, agreement, indenture, mortgage, deed of trust or other document or obligation to which the Borrower is a party or by
which the Borrower, or any of the Borrower’s property, is bound; and (e) upon giving effect hereto, no Default or Event of Default has occurred and is continuing under the Loan Documents. 
  
 4. Delivery of Additional Documents by the Borrower.

  
 Within thirty-five (35) days after the CRLP Restructuring
Effective Date, the Borrower shall deliver to the Lender: 
  
 (i) an Environmental Indemnity Agreement, dated as of the CRLP Restructuring Effective Date, by the Borrower, Square 50 and CRH, as indemnitors, in favor of the Lender, in the same form and containing the same terms
(except for its date and the substitution of CRH for CRLP as an indemnitor thereunder) as the Original Indemnity Agreement (the “Replacement Indemnity Agreement”), executed by the Borrower, Square 50 and CRH; 
  
 (ii) a Guarantee of Recourse Obligations, dated as of the
CRLP Restructuring Effective Date, by CRH and Square 50, as guarantors, in favor of the Lender, in the same form and containing the same terms (except for its date and the substitution of CRH for CRLP as a guarantor thereunder) as the Original
Guarantee (the “Replacement Guarantee”), executed by CRH and Square 50; 
  
 (iii) an Amendment of Lien Instrument dated as of the CRLP Restructuring Effective Date between Borrower and Lender amending the Mortgage
by replacing the definition of “change in the proportionate ownership of Grantor” in the Mortgage with the definition set forth in Schedule II attached hereto (the “Lien Instrument Amendment”); 
  
 (iv) certified copies of the certificate of limited
partnership and the limited partnership agreement of CRH; 
  
 (v) a certificate of good standing of CRH issued by the Secretary of State of the State of Delaware and dated not more than 15 days prior to the date of its delivery to the Lender; 
  
 (vi) certified copy of resolutions of the Borrower
authorizing the execution, delivery and performance of this Agreement, the Lien Instrument 

  

 4 

 
Amendment and the other agreements and documents contemplated hereby to be executed and delivered by the Borrower; 
  
 (vii) certified copy of resolutions of CRH authorizing the
execution, delivery and performance of the Replacement Indemnity Agreement and the Replacement Guarantee; and 
  
 (ix) a certificate of good standing of CARC issued by the Secretary of State of the State of Maryland and dated not more than 15 days
prior to the date of its delivery to the Lender. 
  
 5.
Confirmations Regarding Loan Documents. 
  
 (a) Each
Loan Document is hereby confirmed by the Borrower to be in full force and effect and is hereby ratified and continued in all respects, and remains subject to the Liens of the Lender pursuant to the Loan Documents. Except as deemed modified pursuant
to Section 2 hereof and pursuant to the Lien Instrument Amendment (and except as contemplated herein with respect to the replacement of the Original Indemnity Agreement and the Original Guarantee by the Replacement Indemnity Agreement and the
Replacement Guarantee, respectively), the Loan Documents shall remain unchanged after giving effect to the CRLP Restructuring and, as so modified or replaced, are hereby ratified and confirmed and shall continue in full force and effect. 

 
 (b) Without limiting the terms of Section 5(a), the Borrower hereby
confirms for the benefit of the Lender that: 
  
 (i) the Borrower shall pay, perform and discharge each and every obligation of payment and performance by the Borrower under, pursuant to and as set forth in the Mortgage and the other Loan Documents to which the Borrower is party, at the
time and in the manner set forth in such agreements; 
  
 (ii) there are no defenses, set-offs or counterclaims, or rights of defense, set-off or counterclaim, whether legal, equitable or otherwise, to the obligations evidenced by or set forth in the Mortgage and the other Loan Documents; and

  
 (iii) this Agreement in no way releases,
relinquishes or otherwise affects the Liens created by or arising under the Loan Documents in the Collateral to secure the Borrower’s obligations under the Loan Documents, or the priority of such Liens, and such Liens are hereby ratified and
confirmed by the Borrower in all respects. 
  
 (c) By signing the
Confirmation attached hereto, each of CRLP and Square 50 hereby confirms for the benefit of the Lender that each of the Original 

  

 5 

 
Indemnity Agreement and the Original Guarantee is in full force and effect, is hereby ratified, confirmed and continued in all respects, and shall continue
in full force and effect until replaced as contemplated herein by the Replacement Indemnity Agreement and the Replacement Guarantee, respectively. 
  
 6. Further Assurances. Each party hereto agrees promptly to do, make, execute and deliver all such additional and further acts,
things, deeds, assurances, instruments and documents as the other party may reasonably request to evidence and/or implement the terms of this Consent Agreement, and to vest in and assure to the requesting party its rights (and/or to confirm the
agreements and obligations of the non-requesting party) hereunder or under any of the Modified Agreements. 
  
 7. Expenses. The Borrower agrees to pay all out-of-pocket expenses (including, without limitation, attorneys’ fees) reasonably incurred
by the Lender in connection with the review, negotiation, execution and delivery of this Agreement and any other agreements and documents executed or to be executed in connection herewith. 
  
 8. Counterparts; Facsimile Execution. This Agreement may be
executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which, when so executed and delivered, shall be an original, but all of which counterparts shall together constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Agreement. 
  
 9. Recitals Incorporated. The recitals hereto are hereby
incorporated into and made a part hereof as though fully set forth herein. 
  
 10. Headings. The headings and subheadings contained in the titling of this Agreement and the schedules and exhibits hereto are intended to be used for convenience only and shall not be deemed to be part
of, or affect the interpretation of, the provisions hereof or thereof. 
  
 11. Governing Law. The performance and construction of this Agreement shall be governed by the internal laws of the District of Columbia (exclusive of principles of conflicts of laws). 
  
 12. Replacement of Certain Loan Documents; Release. Upon the
delivery of the Replacement Indemnity Agreement to the Lender executed by the Borrower, CRH and Square 50, and without any further action on the part of any party, the Original Indemnity Agreement shall be deemed to be cancelled and terminated and
shall be of no further force and effect as of the effective date of the Replacement Indemnity Agreement, and the Borrower, CRLP and Square 50 shall be released and discharged from any further liability or obligation under the Original Indemnity
Agreement as of such date. Upon the delivery of the Replacement Guarantee to the Lender executed by CRH and Square 50, and without any further action on the part of any party, the Original Guarantee shall be deemed to be cancelled and terminated and
shall be of no further force and effect as of the effective date of the Replacement Guarantee, and CRLP and Square 50 shall 

  

 6 

 
be released and discharged from any further liability or obligation under the Original Guarantee as of such date. The Lender shall mark as
“Cancelled” and deliver to the Borrower any and all originals in the possession or control of the Lender or its agents or representatives of: (i) the Original Indemnity Agreement, promptly upon delivery to the Lender of an original of the
Replacement Indemnity Agreement executed by the Borrower, CRH and Square 50, and (ii) the Original Guarantee, promptly upon delivery to the Lender of an original of the Replacement Guarantee executed by CRH and Square 50. 
  
 13. Termination of Certain Provisions. The Borrower shall
notify the Lender of the consummation of the CRLP Restructuring. If the CRLP Restructuring Effective Date has not occurred on or before April 30, 2004, the terms of Sections 2, 4, 5 and 6 of this Agreement shall lapse and be of no further force or
effect. 
  
 [SIGNATURES APPEAR ON NEXT PAGE] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Consent Agreement to be duly executed
under seal by their duly authorized respective officers as of the day and year first above written. 
  

					
	 LENDER:
  
 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation

		
	By:	 	Northwestern Investment Management Company, LLC, a Delaware limited liability company, its wholly-owned affiliate and authorized representative
			
	 	 	By:	 	 /s/ DAVID D. CLARK

	 	 	 	 	

	 	 	 Name:
	 	 David D. Clark

	 	 	 Title:
	 	 Managing Director

  
 (Signatures
continue on next page) 
  

 8 

							
	 BORROWER:
  
 CAPITOL 50 ASSOCIATES, a District of Columbia joint venture

		
	By:	 	CARR REALTY, L.P., a Delaware limited partnership, partner
			
	 	 	By:	 	CARRAMERICA REALTY CORPORATION, a Maryland corporation, its general partner
				
	 	 	 	 	 By:
	 	 /s/ STEPHEN E. RIFFEE

	 	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 	 	 Title:
	 	 CFO & Treasurer

  

									
		
	By:	 	SQUARE 50 ASSOCIATES, a District of Columbia general partnership, partner
			
	 	 	By:	 	CARR REALTY, L.P., a Delaware limited partnership, partner
				
	 	 	 	 	 By:
	 	CARRAMERICA REALTY CORPORATION, a Maryland corporation, its general partner
					
	 	 	 	 	 	 	 By:
	 	 /s/ STEPHEN E. RIFFEE

	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 	 	 	 	 Title:
	 	 CFO & Treasurer

  
 (Signatures
continue on next page) 
  

 9 

							
	 	 	By:	 	TASEA INVESTMENT COMPANY, a Delaware corporation, partner (which, by executing below, hereby also consents to the CRLP Restructuring in its capacity as a partner of Square 50
Associates)
				
	 	 	 	 	 By:
	 	 /s/ ROBERT W. LOWE

	 	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 Robert W. Lowe

	 	 	 	 	 Title:
	 	 Vice President

  

 10 

 CONFIRMATION 
  
 Each of the undersigned, as to itself, hereby confirms the matters set forth as confirmed by it in Section 5(c) of the above
Consent Agreement dated as of December 19, 2003 (the “Consent Agreement”), as to each Loan Document referred to in said Section 5(c) and by executing this Confirmation shall be a party to the Consent Agreement solely
for purposes of said Section 5(c) and for purposes of the releases of the undersigned set forth in Section 12 of the Consent Agreement. 
  
 IN WITNESS WHEREOF, each of the undersigned has caused this Confirmation to be executed by its duly authorized officer as of the date of the Consent
Agreement. 
  

					
	CARR REALTY, L.P., a Delaware limited partnership, partner
		
	By:	 	CARRAMERICA REALTY CORPORATION, a Maryland corporation, its general partner
			
	 	 	 By:
	 	 /s/ STEPHEN E. RIFFEE

	 	 	 	 	

	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 Title:
	 	 CFO & Treasurer

  

							
	SQUARE 50 ASSOCIATES, a District of Columbia general partnership, partner
		
	By:	 	 CARR REALTY, L.P., a Delaware limited partnership, partner

			
	 	 	By:	 	CARRAMERICA REALTY CORPORATION, a Maryland corporation, its general partner
				
	 	 	 	 	 By:
	 	 /s/ STEPHEN E. RIFFEE

	 	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 Stephen E. Riffee

	 	 	 	 	 Title:
	 	 CFO & Treasurer

  

					
		
	By:	 	TASEA INVESTMENT COMPANY, a Delaware corporation, partner
			
	 	 	 By:
	 	 /s/ ROBERT W. LOWE

	 	 	 	 	

	 	 	 Name:
	 	 Robert W. Lowe

	 	 	 Title:
	 	 Vice President

  

 2 

 SCHEDULE I 
  
 CRLP RESTRUCTURING SCHEDULE 
  
 The “CRLP Restructuring,” as such term is used
in the Consent Agreement to which this Schedule is attached (the “Consent Agreement”), include (i) the transactions and events referred to in the following paragraphs of this Schedule, in substantially the form
described herein or with such exclusions or changes as will not in the aggregate have a material adverse effect on the Collateral or the Lender’s rights under any one or more of the Modified Agreements and (ii) such other related transactions
and steps, occurring prior to or concurrently with or within a reasonable time after the transactions and events described below, as may be reasonably necessary to complete the transactions and events described below, provided that the
related transactions and steps referred to in this clause (ii) shall not result in the creation of any Lien on the Collateral in violation of the Modified Agreements or the transfer of ownership of the Collateral to any person or entity (except as
and to the extent contemplated by the transactions and events described below) nor otherwise in the aggregate have a material adverse effect on the Collateral or the Lender’s rights under any one or more of the Modified Agreements. 

 
 Capitalized terms used but not defined in this Schedule shall have the
meanings assigned to them in the Consent Agreement or the Definitional Appendix attached thereto. Matters described in this Schedule are not necessarily listed in the chronological order in which they may be taken. Nothing in this Schedule shall
constitute a binding obligation on the Borrower or any other party to enter into all or any of the transactions described in this Schedule. 
  
 CRLP Restructuring 
  
 The CRLP Restructuring includes the following steps: 
  
 Step 1 – CRLP will form CRH as a Delaware limited partnership that is owned 99% by CRLP as the sole limited partner of CRH and 1% by a newly
formed wholly-owned Delaware limited liability company subsidiary of CRLP as the sole general partner of CRH (“HMLLC”). 
  
 Step 2 – CRH will form a Delaware limited partnership (“Merger LP”) that is owned 99% by CRH as the sole limited partner of Merger
LP and 1% by a wholly-owned Delaware limited liability company subsidiary of CRH as the sole general partner of Merger LP (“GPLLC”). 
  
 Step 3 – Merger LP will merge with and into CRLP, with CRLP as the surviving entity (the “CRLP Merger”). In the CRLP Merger, (i) the

  

 
existing CRLP unitholders (including CARC) will receive interests in CRH reflecting the same percentage ownership interests and substantially the same terms
as their interests in CRLP in exchange for their CRLP interests, (ii) the interests in Merger LP held by CRH and GPLLC will become interests in CRLP, and (iii) the interests in CRH held by CRLP and HMLLC will be extinguished. 
  
 Step 4 – CRLP will assign to CRH its ownership interests in its
subsidiaries and joint venture investments (including its ownership interests in the Borrower and Square 50) but not its interests in properties currently owned directly by CRLP. 
  
 Step 5 – GPLLC will elect to be classified as an association for income tax purposes. 
  
 GPLLC, a wholly owned subsidiary of CRH, will replace CARC as the 1% sole
general partner of CRLP. CRH will replace CARC and the other current limited partners in CRLP as a 99% limited partner in CRLP. CARC will be the 1% sole general partner in CRH, and CARC and the other current limited partners in CRLP will become the
limited partners in CRH, with CARC holding the same percentage interest of over 80% that it currently holds in CRLP. 
  
 The Borrower will continue to exist and will continue to own the real estate property it now owns. Except as contemplated herein and in the Consent
Agreement with respect to the replacement of the Original Indemnity Agreement by the Replacement Indemnity Agreement, the Loan Documents to which the Borrower is a party will remain in effect. The Lender’s existing Liens under the Loan
Documents will remain in effect. CRH will replace CRLP, and CRLP will be released, as an obligor under any Loan Documents. 
  

 2 

 DEFINITIONAL APPENDIX 
  
 “Collateral” shall mean all property (including any after-acquired property) of the Borrower in which the
Lender has a Lien under the Loan Documents, and all property (including after-acquired property) of the Borrower in which the Lender may in the future acquire a Lien under the Loan Documents. 
  
 “CRLP Merger” shall have the meaning given to such term in
the CRLP Restructuring Schedule. 
  
 “CRLP Restructuring
Effective Date” shall mean the effective date of the CRLP Merger. 
  
 “Default” shall mean any event which, with the giving of notice or passage of time (or both), would constitute an Event of Default. 
  
 “Event of Default” shall mean any event which would, if remaining uncured or unwaived upon the expiration
of any applicable cure period, cause or permit the Lender to declare due and payable or otherwise accelerate the maturity of any indebtedness of the Borrower evidenced or secured by the Loan Documents. 
  
 “GPLLC” shall have the meaning given to such term in the
CRLP Restructuring Schedule. 
  
 “Lien” shall
mean any statutory or common law consensual or nonconsensual mortgage, pledge, security interest, encumbrance, lien, right of setoff, claim or charge of any kind, including, without limitation, any conditional sale or other title retention
transaction, any lease transaction in the nature thereof and any secured transaction under the Uniform Commercial Code of any jurisdiction. 
  
 “Loan Documents” shall mean, as the same may be in effect on the date hereof: the Mortgage and any and all loan agreements, credit
agreements, contracts, promissory notes and other instruments, security agreements, assignments, pledge agreements, hypothecation agreements, environmental indemnities, other indemnification agreements, subordination agreements, guaranties and other
documents and agreements executed and delivered by the Borrower and the Lender or for the benefit of the Lender and delivered to the Lender in connection with the Mortgage, as the foregoing have been amended and supplemented to the date hereof.
 
  
 “Modified Agreements” shall mean the
Loan Documents as deemed modified pursuant to this Agreement. 
  

 “Mortgage” shall mean the Amended and Restated Deed of Trust and Security Agreement,
dated as of March 19, 1999, by the Borrower to William H. Norton as trustee for the benefit of the Lender. 
  

 2 

 SCHEDULE II 
  
 DEFINITION OF “CHANGE IN PROPORTIONATE OWNERSHIP OF 
 GRANTOR” UPON CRLP RESTRUCTURING 
  
 For purposes of this instrument, a “change in the proportionate ownership of Grantor” means (i) any change in the ownership of the joint venture interests in Grantor resulting in Carr Realty Holdings, L.P.,
a Delaware limited partnership (“CRH”), owning, directly or indirectly, less than a 75% interest in Grantor, or (ii) any conveyance or transfer by CarrAmerica Realty Corporation, the general partner of CRH, of any of its partnership
interest in CRH.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]