Document:

Loan No. 33-0914451

 

GUARANTY OF RECOURSE OBLIGATIONS

 

This Guaranty of Recourse
Obligations is executed and delivered, as of this 22nd day of February, 2012, FOR VALUE RECEIVED, and to induce WELLS
FARGO BANK, NATIONAL ASSOCIATION, having an address at Wells Fargo Center, 1901 Harrison Street, 2nd Floor,
MAC A0227-020, Oakland, California 94612 (together with its successors and/or assigns, “Lender”), to lend
to THE ENTITIES LISTED ON SCHEDULE I (individually and/or collectively, as the context may require, “Borrower”),
each a Delaware limited liability company and each having its principal place of business at 405 Park Avenue, 15th Floor,
New York, New York 10022, the principal sum of THIRTY-SIX MILLION SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($36,600,000.00) (the
“Loan”), evidenced by that certain Promissory Note (as the same may be amended, restated, replaced, split or
otherwise modified, the “Note”) and that certain Loan Agreement (as the same may be amended, restated, replaced
or otherwise modified the “Loan Agreement”) and secured by the Security Instrument (as defined in the Loan Agreement).
The Note, the Security Instrument, the Loan Agreement and all other documents, agreements and certificates executed and/or delivered
in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time,
are collectively referred to herein as the “Loan Documents”. The undersigned, AMERICAN REALTY CAPITAL OPERATING
PARTNERSHIP III, L.P., a Delaware limited partnership, having an address at 405 Park Avenue, 15th Floor,
New York, New York 10022 (hereinafter referred to as “Guarantor”), hereby absolutely and unconditionally guarantees
to Lender the prompt and unconditional payment of the Guaranteed Obligations (hereinafter defined). Capitalized terms not otherwise
defined herein have the meanings set forth in the Loan Agreement.

 

1.          It
is expressly understood and agreed that this is a continuing guaranty and that the obligations of Guarantor hereunder are and shall
be absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan
Agreement, the Security Instrument or the other Loan Documents, a true copy of each of said documents Guarantor hereby acknowledges
having received and reviewed.

 

2.          The
term “Debt” as used in this Guaranty of Recourse Obligations (this “Guaranty”) shall mean
the principal sum evidenced by the Note and secured by the Security Instrument, or so much thereof as may be outstanding from time
to time, together with interest thereon at the rate of interest specified in the Loan Agreement and all other sums and any Additional
Interest due and payable pursuant to the Interest Rate Protection Agreement.

 

3.          The
term “Guaranteed Obligations” as used in this Guaranty shall mean all obligations and liabilities of Borrower
for which Borrower shall be personally liable pursuant to Article 13 of the Loan Agreement.

 

    	 

    	 

    

 

4.          Any
indebtedness of Borrower to Guarantor now or hereafter existing (including, but not limited to, any rights to subrogation Guarantor
may have as a result of any payment by Guarantor under this Guaranty), together with any interest thereon, shall be, and such indebtedness
is, hereby deferred, postponed and subordinated to the prior payment in full of the Debt. Until payment in full of the Debt (and
including interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code,
which interest the parties agree shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any
contrary practice, custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or
satisfaction of any kind of indebtedness of Borrower to Guarantor and hereby assigns such indebtedness to Lender, including the
right to file proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the
right to vote on any plan of reorganization. Further, if Guarantor shall comprise more than one person, firm or corporation, Guarantor
agrees that until such payment in full of the Debt, (a) no one of them shall accept payment from the others by way of contribution
on account of any payment made hereunder by such party to Lender, (b) no one of them will take any action to exercise or enforce
any rights to such contribution, and (c) if any of Guarantor should receive any payment, satisfaction or security for any
indebtedness of Borrower to any of Guarantor or for any contribution by the others of Guarantor for payment made hereunder by the
recipient to Lender, the same shall be delivered to Lender in the form received, endorsed or assigned as may be appropriate for
application on account of, or as security for, the Debt and until so delivered, shall be held in trust for Lender as security for
the Debt.

 

5.          Guarantor
agrees that, with or without notice or demand, Guarantor will reimburse Lender, to the extent that such reimbursement is not made
by Borrower, for all costs and expenses (including reasonable counsel fees) incurred by Lender in connection with the collection
of the Guaranteed Obligations or any portion thereof or with the enforcement of this Guaranty.

 

6.          All
moneys available to Lender for application in payment or reduction of the Debt may be applied by Lender in such manner and in such
amounts and at such time or times and in such order and priority as Lender may see fit to the payment or reduction of such portion
of the Debt as Lender may elect.

 

    	 

    	 

    

 

7.          Guarantor
waives: (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or other person,
or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable
under the Loan Agreement or any of the other Loan Documents; (b) any defense based upon any lack of authority of the officers,
directors, partners or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any defect in the
formation of Borrower or any principal of Borrower; (c) any defense based upon the application by Borrower of the proceeds
of the Loan for purposes other than the purposes represented by Borrower to Lender or intended or understood by Lender or Guarantor;
(d) all rights and defenses arising out of an election of remedies by Lender; (e) any defense based upon Lender’s
failure to disclose to Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing
on Borrower’s ability to pay all sums payable under the Loan Agreement or any of the other Loan Documents; (f) any defense
based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any
other respects more burdensome than that of a principal; (g) any defense based upon Lender’s election, in any proceeding
instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute;
(h) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code;
(i) presentment, demand, protest and notice of any kind; and (j) the benefit of any statute of limitations affecting
the liability of Guarantor hereunder or the enforcement hereof. In addition, Guarantor waives all rights and defenses that Guarantor
may have because Borrower’s debt is secured by real property. This means, among other things: (1) Lender may collect
from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and (2) if Lender
forecloses on any real property collateral pledged by Borrower, then (i) the amount of the Debt may be reduced only by the
price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and
(ii) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right
Guarantor may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and
defenses Guarantor may have because Borrower’s debt is secured by real property. Finally, Guarantor agrees that the payment
of all sums payable under the Loan Agreement or any of the other Loan Documents or any part thereof or other act which tolls any
statute of limitations applicable to the Note or the other Loan Documents shall similarly operate to toll the statute of limitations
applicable to Guarantor’s liability hereunder.

 

Guarantor hereby acknowledges
that: (a) as part of Lender's consideration for entering into this transaction, Lender has specifically bargained for the
waiver and relinquishment by Guarantor of all such defenses and (b) Guarantor has had the opportunity to seek and receive
legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Guaranty and the Loan
Documents.  Guarantor hereby represents and confirms to Lender that Guarantor is fully informed regarding, and that Guarantor
does thoroughly understand, (i) the nature of all such possible defenses, (ii) the circumstances under which those defenses
may arise, (iii) the benefits which those defenses might confer upon Guarantor, and (iv) the legal consequences to Guarantor
of waiving those defenses. Guarantor acknowledges that Guarantor has entered into this Guaranty, and both undertaken Guarantor's
obligations and given its unconditional waiver with the intent that this Guaranty and all such waivers shall be fully enforceable
by Lender, and that Lender has been induced to enter into this transaction in material reliance upon the presumed full enforceability
thereof.

 

    	 

    	 

    

 

8.          Guarantor
further agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no way be terminated, affected
or impaired by reason of (a) the assertion by Lender of any rights or remedies which it may have under or with respect to
either the Note, the Loan Agreement, the Security Instrument, or the other Loan Documents, against any Person obligated thereunder
or against the owner of the Property, (b) any failure to file or record any of such instruments or to take or perfect any
security intended to be provided thereby, (c) the release or exchange of any property covered by the Security Instrument or
other collateral for the Loan, (d) Lender’s failure to exercise, or delay in exercising, any such right or remedy or
any right or remedy Lender may have hereunder or in respect to this Guaranty, (e) the commencement of a case under the Bankruptcy
Code by or against any Person obligated under the Note, the Loan Agreement, the Security Instrument or the other Loan Documents,
or the death of any Guarantor, (f) by any partial or total transfer or pledge of the interests in Borrower, or in any direct
or indirect owner of Borrower, and/or the reconstitution of Borrower as a result of such transfer or pledge, regardless of whether
any of the foregoing is permitted under the Loan Documents, or (g) any payment made on the Debt or any other indebtedness
arising under the Note, the Loan Agreement, the Security Instrument or the other Loan Documents, whether made by Borrower or Guarantor
or any other person, which is required to be refunded pursuant to any bankruptcy or insolvency law; it being understood that no
payment so refunded shall be considered as a payment of any portion of the Debt, nor shall it have the effect of reducing the liability
of Guarantor hereunder. In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor
relief law or any judgment, order or decision thereunder Lender must rescind or restore any payment or any part thereof received
by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from the terms of
this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain in full force and effect. It
is the intention of Borrower and Guarantor that the Guaranteed Obligations hereunder shall not be discharged except by Guarantor’s
performance of such Guaranteed Obligations and then only to the extent of such performance. It is further understood, that if Borrower
shall have taken advantage of, or be subject to the protection of, any provision in the Bankruptcy Code, the effect of which is
to prevent or delay Lender from taking any remedial action against Borrower, including the exercise of any option Lender has to
declare the Debt due and payable on the happening of any default or event by which under the terms of the Note, the Loan Agreement,
the Security Instrument or the other Loan Documents, the Debt shall become due and payable, Lender may, as against Guarantor, nevertheless,
declare the Debt due and payable and enforce any or all of its rights and remedies against Guarantor provided for herein.

 

9.          Guarantor
warrants and acknowledges that: (a) Lender would not make the Loan but for this Guaranty; (b) there are no conditions
precedent to the effectiveness of this Guaranty and this Guaranty shall be in full force and effect and binding on Guarantor regardless
of whether Lender obtains other collateral or any guaranties from others or takes any other action contemplated by Guarantor; (c) Guarantor
has established adequate means of obtaining from sources other than Lender, on a continuing basis, financial and other information
pertaining to Borrower’s financial condition, the Property and Borrower’s activities relating thereto, and the status
of Borrower’s performance of obligations under the Loan Documents, and Guarantor agrees to keep adequately informed from
such means of any facts, events or circumstances which might in any way affect Guarantor’s risks hereunder and Lender has
not made any representation to Guarantor as to any such matters; (d) the most recent financial statements of Guarantor previously
delivered to Lender are true and correct in all respects, have been prepared in accordance with GAAP or in accordance with other
principles acceptable to Lender in its reasonable discretion (consistently applied) and fairly present the financial condition
of Guarantor in all material respects as of the respective dates thereof, and no material adverse change has occurred in the financial
condition of Guarantor since the respective dates thereof; (e) Guarantor has not and will not, without the prior written consent
of Lender, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially all of Guarantor’s
assets, other than in the ordinary course of Guarantor’s business; and (f) Guarantor has not and will not cause or consent
to any action or failure to act that would result in Borrower failing to be at all times a “single purpose entity”
as described in Article 5 of the Loan Agreement.

 

    	 

    	 

    

 

10.         So
long as the Loan or any other obligation guaranteed hereby remains outstanding (other than, following the termination of the Loan
Agreement and all other Loan Documents, contingent indemnification obligations as to which no claim has been made), Guarantor shall
provide to Lender (i) within ninety (90) days after the end of each fiscal year, (A) financial statements of Guarantor,
prepared on a consolidated basis, covering the corresponding period then ended including a balance sheet and an income and expenses
statement and (B) a statement of cash flow, prepared on a consolidated basis, prepared by an independent certified public
accountant, reasonably acceptable to Lender, each of such statements delivered pursuant to this clause (i) shall be certified
as being true and correct by a Responsible Officer of Guarantor and (ii) such other information reasonably requested by Lender
and reasonably available to Guarantor. Guarantor agrees that all financial statements to be delivered
to Lender pursuant to this Section 10 shall: (i) be complete and correct in all material respects; (ii) present
fairly and accurately the financial condition of Guarantor; (iii) disclose all liabilities that are required to be reflected
or reserved against; and (iv) be prepared (A) in hardcopy and electronic formats and (B) in accordance with the
Approved Accounting Method. Guarantor shall be deemed to warrant and represent that, as of the date of delivery of any such financial
statement, there has been no material adverse change in financial condition, since the date of such financial statement except
as disclosed by Guarantor in a writing delivered to Lender. Guarantor agrees that all financial statements shall not contain any
misrepresentation or omission of a material fact which would make such financial statements inaccurate, incomplete or otherwise
misleading in any material respect. 

 

Furthermore, each legal
entity and individual obligated on this Guaranty hereby authorizes Lender, at Lender’s sole cost, to order and obtain from
a credit reporting agency of Lender’s choice, a third party credit report on such legal entity and individual.

 

11.         Guarantor
further covenants that this Guaranty shall remain and continue in full force and effect as to any modification, extension or renewal
of the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents, that Lender shall not be under a
duty to protect, secure or insure any security or lien provided by the Security Instrument or other such collateral, and that other
indulgences or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without
notice to, or further consent of, Guarantor.

 

    	 

    	 

    

 

12.         As
a further inducement to Lender to make the Loan and in consideration thereof, Guarantor further covenants and agrees (a) that
in any action or proceeding brought by Lender against Guarantor on this Guaranty, Guarantor shall and does hereby waive trial by
jury, (b) Guarantor will maintain a place of business or an agent for service of process in the State of New York, and give
prompt notice to Lender of the address of such place of business and of the name and address of any new agent appointed by it,
as appropriate, (c) the failure of Guarantor’s agent for service of process to give it notice of any service of process
will not impair or affect the validity of such service or of any judgment based thereon, (d) if, despite the foregoing, there
is for any reason no agent for service of process of Guarantor available to be served, and if Guarantor at that time has no place
of business in the State of New York then Guarantor irrevocably consents to service of process by registered or certified mail,
postage prepaid, to it at its address given in or pursuant to the first paragraph hereof, Guarantor hereby waiving personal service
thereof, (e) that within thirty days after such mailing, Guarantor so served shall appear or answer to any summons and complaint
or other process and should Guarantor so served fail to appear or answer within said thirty-day period, said Guarantor shall be
deemed in default and judgment may be entered by Lender against the said party for the amount as demanded in any summons and complaint
or other process so served, (f) Guarantor initially and irrevocably designates Timothy Fitzgerald, with offices on the date
hereof at c/o Bond, Schoeneck & King, PLLC, Linden Oaks, Suite 310, Rochester, New York 14625, to receive for and on behalf
of Guarantor service of process in the State of New York with respect to this Guaranty, (g) with respect to any claim or action
arising hereunder, Guarantor (i) irrevocably submits to the nonexclusive jurisdiction of the courts of the State of New York
located in the County of New York and any United States District Court located in the County of New York, and appellate courts
from any thereof, and (ii) irrevocably waives any objection which it may have at any time to the laying on venue of any suit,
action or proceeding arising out of or relating to this Guaranty brought in any such court, irrevocably waives any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum, and (h) nothing in this
Guaranty will be deemed to preclude Lender from bringing an action or proceeding with respect hereto in the State where any Individual
Property is located.

 

13.         This
is a guaranty of payment and not of collection and upon the Guaranteed Recourse Obligations of Borrower not being paid when due
or upon any Event of Default of Borrower under the Note, the Loan Agreement, the Security Instrument or the other Loan Documents,
Lender may, at its option, proceed directly and at once, without notice, against Guarantor to collect and recover the full amount
of the liability hereunder or any portion thereof, without proceeding against Borrower or any other person, or foreclosing upon,
selling, or otherwise disposing of or collecting or applying against any of the mortgaged property or other collateral for the
Loan.

 

14.         Each
reference herein to Lender shall be deemed to include its successors and assigns, to whose favor the provisions of this Guaranty
shall also inure. Each reference herein to Guarantor shall be deemed to include the heirs, executors, administrators, legal representatives,
successors and assigns of Guarantor, all of whom shall be bound by the provisions of this Guaranty.

 

    	 

    	 

    

 

15.         If
any party hereto shall be a partnership, the agreements and obligations on the part of Guarantor herein contained shall remain
in force and application notwithstanding any changes in the individuals composing the partnership and the term “Guarantor”
shall include any altered or successive partnerships but the predecessor partnerships and their partners shall not thereby be released
from any obligations or liability hereunder.

 

16.         It
is the intent of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute and unconditional
under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed, and not subject
to refund or disgorgement, the obligations and liabilities of Guarantor hereunder shall not be discharged or released, in whole
or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable discharge
or release of a Guarantor. This Guaranty shall be deemed to be continuing in nature and shall remain in full force and effect and
shall survive the exercise of any remedy by Lender under the Security Instrument or any of the other Loan Documents, including,
without limitation, any foreclosure or deed in lieu of foreclosure.

 

17.         All
understandings, representations and agreements heretofore had with respect to this Guaranty are merged into this Guaranty which
alone fully and completely expresses the agreement of Guarantor and Lender.

 

18.         This
Guaranty may be executed in one or more counterparts by some or all of the parties hereto, each of which counterparts shall be
an original and all of which together shall constitute a single agreement of Guaranty. The failure of any party hereto to execute
this Guaranty, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.

 

19.         This
Guaranty may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act
on the part of Lender or Borrower, but only by an agreement in writing signed by the party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.

 

20.         This
Guaranty shall be deemed to be a contract entered into pursuant to the laws of the State of New York (including, but not limited
to, with respect to matters of performance) and shall in all respects be governed, construed, applied and enforced in accordance
with applicable federal law and the laws of the State of New York, without reference or giving effect to any choice of law doctrine.

 

21.         Guarantor
(and its representative, executing below, if any) hereby warrants, represents and covenants to Lender that:

 

(a)          Guarantor
is duly organized and existing and in good standing under the laws of the state in which such entity is organized. Guarantor is
currently qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which
the nature of its business requires it to be so qualified or licensed.

 

    	 

    	 

    

 

(b)          The
execution and delivery by Guarantor (and its representative executing below, if any) of the Loan Documents to which Guarantor is
a party has been duly authorized and the Loan Documents to which Guarantor is a party constitute valid and binding obligations
of Guarantor, enforceable in accordance with their terms, except as such enforcement may be limited by bankruptcy, insolvency,
moratorium or other laws affecting the enforcement of creditors’ rights, or by the application of rules of equity.

 

(c)          The
execution, delivery and performance by Guarantor of each of the Loan Documents to which Guarantor is a party do not violate any
provision of any law or regulation, or result in any breach or default under any contract, obligation, indenture or other instrument
to which Guarantor is a party or by which Guarantor is bound.

 

(d)          There
are no pending or, to Guarantor’s knowledge, threatened actions, claims, investigations, suits or proceedings before any
governmental authority, court or administrative agency which affect the financial condition or operations of Guarantor, Borrower
and/or the Property.

 

(e)          There
are no pending assessments or adjustments of Guarantor’s income tax payable with respect to any year.

 

(f)          None
of the transactions contemplated by the Loan Documents will be or have been made with an actual intent to hinder, delay or defraud
any present or future creditors of Borrower or Guarantor, and Borrower and Guarantor, on the date hereof, will have received fair
and reasonably equivalent value in good faith for the continued grant of the liens or security interests effected by the Loan Documents.
As of the date hereof, Borrower and Guarantor are solvent and will not be rendered insolvent by the transactions contemplated by
the Loan Documents. As of the date hereof, Borrower and Guarantor are able to pay their respective debts as they become due.

 

(g)          Guarantor
shall promptly notify Lender in writing of any litigation pending or threatened in writing against Guarantor that could reasonably
be expected to have a Material Adverse Effect.

 

(h)          As
of the date hereof and continuing thereafter for the term of the Loan, the representations and warranties set forth in Sections 3.7,
3.8, 3.21, 3.28 and 3.29 of the Loan Agreement are true and correct with respect to Guarantor, it being understood that wherever
the term “Borrower” is used in each the foregoing sections it shall be deemed to be “Guarantor”.

 

(i)          Guarantor
shall keep and maintain or will cause to be kept and maintained proper and accurate books and records reflecting the financial
affairs of Guarantor. Lender shall have the right from time to time during normal business hours upon reasonable notice to Guarantor
to examine such books and records at the office of Guarantor or other Person maintaining such books and records and to make such
copies or extracts thereof as Lender shall desire.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Guarantor has duly executed this Guaranty of Recourse Obligations as of the day and year first above written.

 

	 	[BORROWER TO PROVIDE SIGNATURE BLOCKS]
	 	 
	 	By:	/s/William M. Kahane
	 	 	 
	 	Name:  	William M. Kahane
	 	 	 
	 	Title:	President

  

    	 

    	 

    

 

SCHEDULE I

BORROWERS

ARC3 FETULOK001, LLC

ARC3 FEGNVNC001, LLC

ARC3 TSATNNJ001, LLC

ARC3 WGBYNOH01, LLC

ARC3 WGFFTKY01, LLC

ARC3 WGGWDMS01, LLC

ARC3 WGASNSC01, LLC

ARC3 WGWTKAL01, LLC

ARC3 WGSPTLA01, LLC

ARC3 DGMNVIN001, LLC

ARC3 DGTRTAL001, LLC

ARC3 GSCRGCO001, LLC

ARC3 FDNTNND001, LLC

ARC3 FDFLATX001, LLC

ARC3 FDMADNE001, LLC

ARC3 FDFTYND001, LLC

ARC3 FDRLAND001, LLC

ARC3 FDSTWOK001, LLC

ARC3 FDMTNSD001, LLC

ARC3 DGLMLIA01, LLC

ARC3 DGHTNIA01, LLC

ARC3 DGABTTX01, LLCAGREEMENT OF LIMITED PARTNERSHIP

 

OF

 

AMERICAN REALTY CAPITAL

OPERATING PARTNERSHIP II, L.P.

 

Date as of August 15, 2011

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1	DEFINED TERMS	1
	 	 	 
	Article 2	ORGANIZATIONAL MATTERS	16
	2.1	Formation	16
	2.2	Name	16
	2.3	Registered Office and Agent; Principal Office	17
	2.4	Power of Attorney	17
	2.5	Term	18
	 	 	 
	Article 3	PURPOSE	19
	3.1	Purpose and Business	19
	3.2	Powers	19
	 	 	 
	Article 4	CAPITAL CONTRIBUTIONS	20
	4.1	Capital Contributions of the Partners	20
	4.2	Additional Funds; Restrictions on the General Partner	21
	4.3	Issuance of Additional Partnership Interests; Admission of Additional Limited Partners	22
	4.4	Contribution of Proceeds of Issuance of Common Stock	23
	4.5	Repurchase of Common Stock; Shares-In-Trust	23
	4.6	No Third-Party Beneficiary	24
	4.7	No Interest; No Return	24
	4.8	No Preemptive Rights.	24
	 	 	 
	Article 5	DISTRIBUTIONS	25
	5.1	Distributions	25
	5.2	Qualification as a REIT	28
	5.3	Withholding	29
	5.4	Additional Partnership Interests	29
	 	 	 
	Article 6	ALLOCATIONS	29
	6.1	Allocations	29
	6.2	Revisions to Allocations to Reflect Issuance of Partnership Interests	29
	 	 	 
	Article 7	MANAGEMENT AND OPERATIONS OF BUSINESS	29
	7.1	Management	29
	7.2	Certificate of Limited Partnership	34
	7.3	Reimbursement of the General Partner	34
	7.4	Outside Activities of the General Partner	35
	7.5	Contracts with Affiliates	36
	7.6	Indemnification	37
	7.7	Liability of the General Partner	39
	7.8	Other Matters Concerning the General Partner	40
	7.9	Title to Partnership Assets	40

 

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	7.10	Reliance by Third Parties	41
	7.11	Loans By Third Parties	42
	 	 	 
	Article 8	RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS	42
	8.1	Limitation of Liability	42
	8.2	Management of Business	42
	8.3	Outside Activities of Limited Partners	42
	8.4	Return of Capital	43
	8.5	Rights of Limited Partners Relating to the Partnership	43
	8.6	Exchange Rights Agreements	43
	 	 	 
	Article 9	BOOKS, RECORDS, ACCOUNTING AND REPORTS	44
	9.1	Records and Accounting	44
	9.2	Fiscal Year	44
	9.3	Reports	44
	 	 	 
	Article 10	TAX MATTERS	45
	10.1	Preparation of Tax Returns	45
	10.2	Tax Elections	45
	10.3	Tax Matters Partner	46
	10.4	Organizational Expenses	47
	10.5	Withholding	47
	 	 	 
	Article 11	TRANSFERS AND WITHDRAWALS	49
	11.1	Transfer	49
	11.2	Transfer of the General Partner’s General Partner Interest	49
	11.3	Limited Partners’ Rights to Transfer	51
	11.4	Substituted Limited Partners	52
	11.5	Assignees	53
	11.6	General Provisions	54
	 	 	 
	Article 12	ADMISSION OF PARTNERS	56
	12.1	Admission of Successor General Partner	56
	12.2	Admission of Additional Limited Partners	57
	12.3	Amendment of Agreement and Certificate of Limited Partnership	58
	 	 	 
	Article 13	DISSOLUTION, LIQUIDATION AND TERMINATION	58
	13.1	Dissolution	58
	13.2	Winding Up	59
	13.3	No Obligation to Contribute Deficit	60
	13.4	Rights of Limited Partners	61
	13.5	Notice of Dissolution	61
	13.6	Termination of Partnership and Cancellation of Certificate of Limited Partnership	61
	13.7	Reasonable Time for Winding-Up	61
	13.8	Waiver of Partition	61

 

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	Article 14	AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS	61
	14.1	Amendments	61
	14.2	Meetings of the Partners	62
	 	 	 
	Article 15	GENERAL PROVISIONS	64
	15.1	Addresses and Notice	64
	15.2	Titles and Captions	64
	15.3	Pronouns and Plurals	64
	15.4	Further Action	64
	15.5	Binding Effect	64
	15.6	Creditors	64
	15.7	Waiver	65
	15.8	Counterparts	65
	15.9	Applicable Law	65
	15.10	Invalidity of Provisions	65
	15.11	Entire Agreement	65
	15.12	Merger	65
	15.13	No Rights as Stockholders	65

 

EXHIBITS

 

Exhibit A – Partners’
Contributions and Partnership Interests

Exhibit B – Allocations

Exhibit C – Certificate of Limited Partnership

 

    	iii

    	 

    

 

FORM OF

AGREEMENT OF LIMITED PARTNERSHIP

OF

AMERICAN REALTY CAPITAL

OPERATING PARTNERSHIP II, L.P.

 

THIS AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN
REALTY TRUST OPERATING PARTNERSHIP II, L.P. (this “Agreement”) dated as of August 15, 2011, is entered into
among AMERICAN REALTY CAPITAL DAILY NET ASSET VALUE TRUST, INC., a Maryland corporation, as general partner (the “General
Partner”), and AMERICAN REALTY CAPITAL ADVISORS II, LLC, a Delaware limited liability company, as Limited Partner (the
“Initial Limited Partner”), and the Limited Partners party hereto from time to time.

 

WHEREAS, the General Partner formed American
Realty Capital Operating Partnership II, L.P. on September 10, 2010 pursuant to the Revised Uniform Limited Partnership Act of
the State of Delaware and filed a certificate of limited partnership with the Secretary of State of the State of Delaware.

 

NOW THEREFORE, in consideration of the mutual
covenants herein contained, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties do hereby agree 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 amended from time to time, and any successor to such statute.

 

“Additional Limited Partner”
means a Person that has executed and delivered an additional limited partner signature page in the form attached hereto, has been
admitted to the Partnership as a Limited Partner pursuant to Section 4.3 hereof and that is shown as such on the books and records
of the Partnership.

 

“Adjusted Capital Account Deficit”
means with respect to any Partner, the negative balance, if any, in such Partner’s Capital Account as of the end of any relevant
fiscal year, determined after giving effect to the following adjustments:

 

(a)          credit
to such Capital Account any portion of such negative balance which such Partner (i) is treated as obligated to restore to the Partnership
pursuant to the provisions of Section 1.704-1(b)(2)(ii)(c) of the Regulations, or (ii) is deemed to be obligated to restore to
the Partnership pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and

 

    	 

    	 

    

 

(b)          debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Regulations.

 

“Advisory Agreement”
means the Advisory Agreement between the General Partner, as advisee, and the Initial Limited Partner, as advisor.

 

“Advisory Agreement Termination
Date” means the date of termination of the Advisory Agreement.

 

“Affected Gain” has
the meaning set forth in paragraph 4(b) of Exhibit B.

 

“Affiliate” means,

 

(a)          with
respect to any individual Person, any member of the Immediate Family of such Person or a trust established for the benefit of such
member, or

 

(b)          with
respect to any Entity, any Person which, directly or indirectly through one or more intermediaries, controls, is controlled by,
or is under common control with, any such Entity. For purposes of this definition, “control,” when used with respect
to a any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Agreement” means
this Agreement of Limited Partnership, as originally executed and as amended, modified, supplemented or restated from time to time,
as the context requires.

 

“Articles of Incorporation”
means the General Partner’s Articles of Incorporation, filed with the Maryland State Department of Assessments and Taxation,
or other organizational document governing the General Partner, as amended, modified, supplemented 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 the applicable period of measurement (i.e., any period beginning on the first day of the fiscal year, quarter or
other period commencing immediately after the last day of the fiscal year, quarter or other applicable period for purposes of the
prior calculation of Available Cash for or with respect to which a distribution has been made, and ending on the last day of the
fiscal year, quarter or other applicable period immediately preceding the date of the calculation), the excess, if any, as of such
date, of

 

(a)          the
gross cash receipts of the Partnership for such period from all sources whatsoever, including, without limitation, the following:

 

    	2

    	 

    

 

(i)          all
rents, revenues, income and proceeds derived by the Partnership from its operations, including, without limitation, distributions
received by the Partnership from any Entity in which the Partnership has an interest;

 

(ii)         all
proceeds and revenues received by the Partnership on account of any sales of any Partnership property or as a refinancing of or
payment of principal, interest, costs, fees, penalties or otherwise on account of any borrowings or loans made by the Partnership
or financings or refinancings of any property of the Partnership;

 

(iii)        the
amount of any insurance proceeds and condemnation awards received by the Partnership;

 

(iv)        all
capital contributions and loans received by the Partnership from its Partners;

 

(v)         all
cash amounts previously reserved by the Partnership, to the extent such amounts are no longer needed for the specific purposes
for which such amounts were reserved; and

 

(vi)        the
proceeds of liquidation of the Partnership’s property in accordance with this Agreement;

 

over

 

(b)         the
sum of the following:

 

(i)          all
operating costs and expenses, including taxes and other expenses of the properties directly and indirectly held by the Partnership
and capital expenditures made during such period (without deduction, however, for any capital expenditures, charges for Depreciation
or other expenses not paid in cash or expenditures from reserves described in (viii) below);

 

(ii)         all
costs and expenses expended or paid during such period in connection with the sale or other disposition, or financing or refinancing,
of the property directly or indirectly held by the Partnership or the recovery of insurance or condemnation proceeds;

 

(iii)        all
fees provided for under this Agreement;

 

(iv)        all
debt service, including principal and interest, paid during such period on all indebtedness (including under any line of credit)
of the Partnership;

 

(v)         all
capital contributions, advances, reimbursements, loans or similar payments made to any Person in which the Partnership has an interest;

 

(vi)        all
loans made by the Partnership in accordance with the terms of this Agreement;

 

    	3

    	 

    

 

(vii)       all
reimbursements to the General Partner or its Affiliates during such period; and

 

(viii)      the
amount of any new reserve or increase in reserves established during such period which the General Partner determines is 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.

 

“Average Net Investment Balance”
means, on any Distribution Date, the daily average Net Investment balance for such period (calculated on a daily basis).

 

“Business Combination”
has the meaning set forth in Section 7.1(a)(iii)(C).

 

“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 with respect to any Partner, the Capital Account maintained for such Partner in accordance with the following provisions:

 

(a)         to
each Partner’s Capital Account there shall be credited

 

(i)          such
Partner’s Capital Contributions;

 

(ii)         such
Partner’s distributive share of Net Income and any items in the nature of income or gain which are specially allocated to
such Partner pursuant to Paragraphs 1 and 2 of Exhibit B and

 

(iii)        the
amount of any Partnership liabilities assumed by such Partner or which are secured by any asset distributed to such Partner;

 

(b)         to
each Partner’s Capital Account there shall be debited

 

(i)          the
amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any provision of this Agreement,

 

(ii)         such
Partner’s distributive share of Net Losses and any items in the nature of expenses or losses which are specially allocated
to such Partner pursuant to Paragraphs 1 and 2 of Exhibit B and

 

(iii)        the
amount of any liabilities of such Partner assumed by the Partnership or which are secured by any asset contributed by such Partner
to the Partnership; and

 

    	4

    	 

    

 

(c)          if
all or a portion of a Partnership Interest is transferred in accordance with the terms of this Agreement, the transferee shall
succeed to the Capital Account of the transferor to the extent it relates to the transferred Partnership Interest.

 

The foregoing provisions and the other provisions of this Agreement
relating to the maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations,
and shall be interpreted and applied in a manner consistent with such Regulations. If the General Partner shall reasonably 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 assets or which are assumed by the Partnership,
the General Partner or any Limited Partner) are computed in order to comply with such Regulations, the General Partner may make
such modification; provided, that, all allocations of Partnership income, gain, loss and deduction continue to have

“substantial economic effect” within the meaning of Section 704(b) of the Code and that no Limited Partner is materially
adversely affected by any such modification.

 

“Capital Contribution”
means, with respect to any Partner, any cash, cash equivalents or the Gross Asset Value of property (net of any liabilities secured
by contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code) which such
Partner contributes or is deemed to contribute to the Partnership pursuant to Article 4 hereof.

 

“Capital Transaction”
means any sale, or other disposition (other than a deemed disposition pursuant to Section 708(b)(1)(B) of the Code and the Regulations
thereunder) of all or substantially all of the assets and properties of the Partnership or a related series of transactions that,
taken together, result in the sale or other disposition of all or substantially all of the assets and properties of the Partnership.

 

“Cash Amount” means
an amount of cash per Partnership Unit equal to the value of one share of Common Stock as determined under the applicable Exchange
Rights Agreement on the Valuation Date of the Common Stock Amount.

 

“Cash Available for Distribution”
means the Available Cash other than Net Sales Proceeds.

 

“Certificate” means
the Certificate of Limited Partnership relating to the Partnership to be filed in the form of Exhibit C hereto as soon as practicable
after the date hereof in the office of the Delaware Secretary of State, as amended from time to time in accordance with the terms
hereof and the Act.

 

“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.

 

“Common Stock” means
a share of the common stock of the General Partner, $.01 par value. Common Stock may be issued in one or more classes or series
in accordance with the terms of the Articles of Incorporation. If there is more than one class or series of Common Stock, the term
“Common Stock” shall, as the context requires, be deemed to refer to the class or series of Common Stock that correspond
to the class or series of Partnership Interests for which the reference to Common Stock is made.

 

    	5

    	 

    

 

“Common Stock Amount”
means that number of shares of Common Stock equal to the product of the number of Partnership Units offered for exchange by an
exchanging Partner, multiplied by the Exchange Factor as of the Valuation Date, provided, that if the General Partner
or the Operating Partnership issues to all holders of Common Stock rights, options, warrants or convertible or exchangeable securities
entitling the stockholders to subscribe for or purchase Common Stock, or any other securities or property (collectively, the “rights”),
then the Common Stock Amount shall also include such rights that a holder of that number of shares of Common Stock would be entitled
to receive.

 

“Consent” means the
consent or approval of a proposed action by a Partner given in accordance with Section 14.2 hereof.

 

“Consent of the Limited Partners”
means the Consent of Limited Partners (excluding for this purpose any Partnership Interests held by the General Partner, any other
Person of which they own or control more than fifty percent (50%) of the voting interests and any Person directly or indirectly
owning or controlling more than fifty percent (50%) of the outstanding voting interests of the General Partner) holding Percentage
Interests that are greater than fifty percent (50%) of the aggregate Percentage Interest of all Limited Partners who are not excluded
for the purposes hereof.

 

“Contributed Property”
means each property, partnership interest, contract right or other asset, in such form as may be permitted by the Act, contributed
or deemed contributed to the Partnership by any Partner, including any interest in any successor partnership occurring as a result
of a termination of the Partnership pursuant to Section 708 of Code.

 

“Debt” means, as to
any Person, as of any date of determination, (a) all indebtedness of such Person for borrowed money or for the deferred purchase
price of property or services; (b) 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; (c) 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 (d) obligations of such Person incurred in connection
with entering into a lease which, in accordance with generally accepted accounting principles, should be capitalized.

 

“Depreciation” means,
with respect to any asset of the Partnership for any fiscal year or other period, the depreciation, depletion, amortization or
other cost recovery deduction, as the case may be, allowed or allowable for federal income tax purposes in respect of such asset
for such fiscal year or other period; provided, however, that except as otherwise provided in Section 1.704-2 of
the Regulations, if there is a difference between the Gross Asset Value (including the Gross Asset Value, as increased pursuant
to paragraph (d) of the definition of Gross Asset Value) and the adjusted tax basis of such asset at the beginning of such fiscal
year or other period, Depreciation for such asset shall be an amount that bears the same ratio to the beginning Gross Asset Value
of such asset as the federal income tax depreciation, depletion, amortization or other cost recovery deduction for such fiscal
year or other period bears to the beginning adjusted tax basis of such asset; provided, further, that if the federal
income tax depreciation, depletion, amortization or other cost recovery deduction for such asset for such fiscal year or other
period is zero, Depreciation of such asset shall be determined with reference to the beginning Gross Asset Value of such asset
using any reasonable method selected by the General Partner.

 

    	6

    	 

    

 

“Distribution Date”
has the meaning set forth in Section 5.1(a).

 

“Effective Date” means
the date of first closing of the offering pursuant to the Registration Statement on Form S-11.

 

“Entity” means any
general partnership, limited partnership, corporation, joint venture, trust, business trust, real estate investment trust, limited
liability company, limited liability partnership, cooperative or association.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time (or any corresponding provisions of succeeding laws).

 

“Exchange Factor”
means 1.0, provided, that if the General Partner (i) declares or pays a dividend on its outstanding Common Stock
in Common Stock or makes a distribution to all holders of its outstanding Common Stock in Common Stock; (ii) subdivides its outstanding
Common Stock; or (iii) combines its outstanding Common Stock into a smaller number of shares of Common Stock, the Exchange Factor
shall be adjusted by multiplying the Exchange Factor by a fraction, the numerator of which shall be the number of shares of Common
Stock issued and outstanding on the record date for such dividend, contribution, subdivision or combination (assuming for such
purpose that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which
shall be the actual number of shares of Common Stock (determined without the above assumption) issued and outstanding on the record
date for such dividend, distribution, subdivision or combination. Any adjustment to the Exchange Factor shall become effective
immediately after the effective date of such event retroactive to the record date, if any, for such event.

 

“Exchange Right” means
the exchange right of a Limited Partner described in Section 8.6 and to be set forth in one or more Exchange Rights Agreements.

 

“Exchange Rights Agreements”
has the meaning set forth in Section 8.6.

 

“First Level Return”
means, on any Distribution Date, the excess, if any, of (a) a cumulative non-compounded return of 6% per year from the Effective
Date until such Distribution Date on the Average Net Investment Balance (based on a year of 365 days), over (b) distributions made
under Sections 5.1(a) and (b)(ii).

 

“General Partner”
means American Realty Capital Daily Net Asset Value Trust, Inc., a Maryland corporation, and any successor as general partner of
the Partnership.

 

    	7

    	 

    

 

“General Partner Interest”
means a Partnership Interest held by the General Partner, in its capacity as general partner. A General Partner Interest may be
expressed as a number of Partnership Units.

 

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

 

(a)         the
initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the gross fair market value of such
asset, without reduction for liabilities, as determined by the contributing Partner and the Partnership on the date of contribution
thereof;

 

(b)         if
the General Partner determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the
Partners, the Gross Asset Values of all Partnership assets shall be adjusted in accordance with Sections 1.704-1(b)(2)(iv)(f) and
(g) of the Regulations to equal their respective gross fair market values, without reduction for liabilities, as reasonably determined
by the General Partner, as of the following times:

 

(i)          a
Capital Contribution (other than a de minimis Capital Contribution) to the Partnership by a new or existing Partner as consideration
for a Partnership Interest; or

 

(ii)         the
distribution by the Partnership to a Partner of more than a de minimis amount of Partnership assets as consideration for
the repurchase of a Partnership Interest; or

 

(iii)        the
liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations;

 

(c)         the
Gross Asset Values of Partnership assets distributed to any Partner shall be the gross fair market values of such assets (taking
Section 7701(g) of the Code into account) without reduction for liabilities, as determined by the General Partner as of the date
of distribution; and

 

(d)         the
Gross Asset Values of Partnership assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations (as set forth in Exhibit B); provided,
however, that Gross Asset Values shall not be adjusted pursuant to this paragraph (d) to the extent that the General Partner
determines that an adjustment pursuant to paragraph (b) above is necessary or appropriate in connection with a transaction that
would otherwise result in an adjustment pursuant to this paragraph (d).

 

At all times, Gross Asset Values shall be adjusted by any Depreciation
taken into account with respect to the Partnership’s assets for purposes of computing Net Income and Net Loss.

 

    	8

    	 

    

 

“Gross Proceeds”
means the aggregate purchase price of all shares of Common Stock sold for the account of the General Partner through an Offering,
without deduction for Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any
share of Common Stock for which reduced selling commissions are paid to (i) Realty Capital Securities, LLC or any successor dealer
manager to the General Partner or (ii) a broker-dealer (where net proceeds to the General Partner are not reduced) shall be deemed
to be the full amount of the offering price per share of Common Stock pursuant to the Registration Statement for such Offering
without reduction.

 

“Incapacity” or “Incapacitated”
means,

 

(a)         as
to any individual who is a Partner, death, total physical disability or entry by a court of competent jurisdiction adjudicating
him incompetent to manage his person or his estate;

 

(b)         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;

 

(c)         as
to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership;

 

(d)         as
to any limited liability company which is a Partner, the dissolution and commencement of winding up of the limited liability company;

 

(e)         as
to any estate which is a Partner, the distribution by the fiduciary of the estate’s entire interest in the Partnership;

 

(f)         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

 

(g)         as
to any Partner, the bankruptcy of such Partner, which shall be deemed to have occurred when

 

(i)          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;

 

(ii)         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;

 

(iii)        the
Partner executes and delivers a general assignment for the benefit of the Partner’s creditors;

 

(iv)        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 (ii) above;

 

    	9

    	 

    

 

(v)         the
Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator for the Partner or for all or
any substantial part of the Partner’s properties;

 

(vi)        any
proceeding seeking liquidation, reorganization or other relief of or against such Partner 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;

 

(vii)       the
appointment without the Partner’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated or stayed
within ninety (90) days of such appointment; or

 

(viii)      an
appointment referred to in clause (vii) which has been stayed is not vacated within ninety (90) days after the expiration of any
such stay.

 

“Included Assets”
has the meaning in Section 5.1(e)(i).

 

“Indemnitee” means

 

(a)         any
Person made a party to a proceeding by reason of its status as

 

(i)          the
General Partner,

 

(ii)         a
Limited Partner,

 

(iii)        an
investment advisor to the General Partner,

 

(iv)        a
trustee, director or officer of the Partnership, the General Partner, or the investment advisor to the General Partner, or

 

(v)         a
director, trustee, member or officer of any other Entity, each Person serving in such capacity at the request of the Partnership
or the General Partner, or

 

(vi)        his
or its liabilities, pursuant to a loan guarantee or otherwise, for any indebtedness of the Partnership or any Subsidiary of the
Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed
or taken assets subject to); and

 

(b)         such
other Persons (including Affiliates of the General Partner, a Limited Partner or the Partnership) as the General Partner may designate
from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion.

 

“Initial Limited Partner”
means American Realty Capital Advisors II, LLC.

 

    	10

    	 

    

 

“Investment” or “Investments”
means any investment or investments by the Partnership, directly or indirectly, in Properties, Loans or other Permitted Investments.

 

“Investment Liquidation Event”
means a liquidation or the sale of all or substantially all the Investments (regardless of the form in which such sale shall occur,
including through a merger or sale of stock or other interests in an entity).

 

“IRS” shall mean the
Internal Revenue Service of the United States (or any successor organization).

 

“Loans” means mortgage
loans and other types of debt financing investments made by the Partnership, either directly or indirectly, including through ownership
interests in a joint venture or other entity and including mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound
mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans.

 

“Lien” means any lien,
security interest, mortgage, deed of trust, charge, claim, encumbrance, pledge, option, right of first offer or first refusal and
any other right or interest of others of any kind or nature, actual or contingent, or other similar encumbrance of any nature whatsoever.

 

“Limited Partner”
means, prior to the admission of the first Additional Limited Partner to the Partnership, the Initial Limited Partner, and thereafter
any Person named as a Limited Partner in Exhibit A, as such Exhibit may be amended from time to time, upon the execution and delivery
by such Person of an additional limited partner signature page, or any Substituted Limited Partner or Additional Limited Partner,
in such Person’s capacity as a Limited Partner of the Partnership.

 

“Limited Partner Interest”
means a Partnership Interest of a Limited Partner in the Partnership representing a fractional part of the Partnership Interests
of all 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
Partner Interest may be expressed as a number of Partnership Units.

 

“Liquidating Event”
has the meaning set forth in Section 13.1 hereof.

 

“Liquidator” has the
meaning set forth in Section 13.2 hereof.

 

“Listing” means (i)
the listing of the shares of Common Stock on a national securities exchange or (ii) the receipt by the Stockholders of securities
that are listed on a national securities exchange in exchange for shares of the Common Stock in a merger or any other type of transaction.

 

“Listing Note” has
the meaning set forth in Section 5.1(c) hereof.

 

    	11

    	 

    

 

“Market Value” means
the value calculated based on the average market value of the shares of Common Stock issued and outstanding at Listing over the
30 days beginning 180 days after the shares of Common Stock are first listed or included for quotation.

 

“Net Income” or “Net
Loss” means, for each fiscal year or other applicable period, an amount equal to the Partnership’s taxable
income or loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance
with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately
pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows:

 

(a)          by
including as an item of gross income any tax-exempt income received by the Partnership and not otherwise taken into account in
computing Net Income or Net Loss;

 

(b)          by
treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (or which is
treated as a Section 705(a)(2)(B) expenditure pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations) and not otherwise taken
into account in computing Net Income or Net Loss, including amounts paid or incurred to organize the Partnership (unless an election
is made pursuant to Section 709(b) of the Code) or to promote the sale of interests in the Partnership and by treating deductions
for any losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant to Section 267(a)(1)
or 707(b) of the Code as expenditures described in Section 705(a)(2)(B) of the Code;

 

(c)          by
taking into account Depreciation in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into
account in computing taxable income or loss;

 

(d)          by
computing gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized
for federal income tax purposes by reference to the Gross Asset Value of such property rather than its adjusted tax basis;

 

(e)          if
an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partnership be
adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations, by taking into account the amount of such adjustment
as if such adjustment represented additional Net Income or Net Loss pursuant to Exhibit B; and

 

(f)          by
not taking into account in computing Net Income or Net Loss items separately allocated to the Partners pursuant to Paragraphs 2
and 3 of Exhibit B.

 

“Net Investment” means
the excess, if any, of (a) (i) as it relates to the Stockholders, Gross Proceeds raised in all Offerings; and (ii) as it relates
to the Limited Partners the total amount of Capital Contributions, over (b) in each case, without duplication, (i) as it relates
to the Stockholders, all prior distributions to Stockholders of Net Sales Proceeds and any amounts paid by the General Partner
to repurchase shares of Common Stock pursuant to the General Partner’s plan for redemption of Common Stock or otherwise;
and (ii) as it relates to the Limited Partners any proceeds or property used to redeem Limited Partner Interests (except those
held directly or indirectly the General Partner).

 

    	12

    	 

    

 

“Net Sales Proceeds”
has the meaning set forth in the Articles of Incorporation.

 

“Nonrecourse Deductions”
has the meaning set forth in Sections 1.704-2(b)(1) and 1.704-2(c) of the Regulations.

 

“Nonrecourse Liabilities”
has the meaning set forth in Section 1.704-2(b)(3) of the Regulations.

 

“Note” means an interest-bearing
promissory note at an interest rate of the then-current market rate which shall be repaid from the Net Sales Proceeds of each sale
of an Investment that occurs after the date of Listing or the termination of the Advisory Agreement, as applicable. The General
Partner may pay at its discretion all or a portion of such Note in shares of Common Stock, which may or may not be registered under
the Securities Act of 1933, as amended, or cash.

 

“Offering” means the
public offering of shares of Common Stock pursuant to the Registration Statement on Form S-11.

 

“Organization and Offering Expenses”
means all expenses incurred by or on behalf of the General Partner in connection with or in preparing the General Partner for registration
of and subsequently offering and distributing its shares of Common Stock to the public, whether incurred before, on or after the
date of the Advisory Agreement, which may include total underwriting and brokerage discounts and commissions (including fees of
the underwriters’ attorneys); any expense allowance granted by the General Partner to the underwriter or any reimbursement
of expenses of the underwriter by the General Partner; expenses for printing, engraving and mailing; compensation of employees
while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and
expenses of qualification of the sale of the securities under federal and state laws, including taxes and fees, accountants’
and attorneys’ fees.

 

“Partner” means the
General Partner or a Limited Partner, and “Partners” means the General Partner and the Limited Partners collectively.
Solely for purposes of Exhibit B, “Partner” shall include the Special Limited Partner.

 

“Partner Nonrecourse Debt”
has the meaning set forth in Section 1.704-2(b)(4) of the Regulations.

 

“Partner Nonrecourse Debt 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 Section 1.704-2(i)(3)
of the Regulations.

 

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“Partner Nonrecourse Deductions”
has the meaning set forth in Sections 1.704-2(i)(1) and (2) of the Regulations, and the amount of Partner Nonrecourse Deductions
with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Section
1.704-2(i)(2) of the Regulations.

 

“Partnership” means
the limited partnership formed under the Act and 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 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 Section 1.704-2(b)(2) of the Regulations, and the amount of Partnership Minimum Gain, as well as any
net increase or decrease in a Partnership Minimum Gain, for a Partnership taxable year shall be determined in accordance with the
rules of Section 1.704-2(d) of the Regulations.

 

“Partnership Record Date”
means the record date established by the General Partner for a distribution pursuant to Section 5.1(a) hereof, which record date
shall be the same as the record date established by the General Partner for a distribution to its stockholders 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, 4.2 and 4.3 and
includes any classes or series of Partnership Units established after the date hereof. The number of Partnership Units outstanding
and the Percentage Interests in the Partnership represented by such Partnership Units are set forth in Exhibit A, as such Exhibit
may be amended from time to time. The ownership of Partnership Units shall be evidenced by such form of certificate for Partnership
Units as the General Partner adopts from time to time unless the General Partner determines that the Partnership Units shall be
uncertificated securities.

 

“Partnership Year”
means the fiscal year of the Partnership, as set forth in Section 9.2 hereof.

 

“Percentage Interest”
means, as to a Partner, the fractional part of the Partnership Interests owned by such Partner and expressed as a percentage as
specified in Exhibit A, as such Exhibit may be amended from time to time.

 

“Permitted Investments”
means all investments (other than Properties and Loans) in which the Partnership acquires an interest, either directly or indirectly,
including through ownership interests in a joint venture or other entity, pursuant to the Certificate, this Agreement and the investment
objectives and policies adopted by the General Partner from time to time, other than short-term investments acquired for purposes
of cash management, and that allow the General Partner to meet the REIT Requirements.

 

“Permitted Transferee”
means any person to whom Partnership Units are Transferred in accordance with Section 11.3 of this Agreement.

 

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“Person” means an
individual or Entity.

 

“Precontribution Gain”
has the meaning set forth in subparagraph 3(c) of Exhibit B.

 

“Property” or “Properties”
means any real property or properties transferred or conveyed to the Partnership or any subsidiary of the Partnership, either directly
or indirectly, and/or any real property or properties transferred or conveyed to a joint venture or partnership in which the Partnership
is, directly or indirectly, a co-venturer or partner.

 

“Quarter” means each
of the three-month periods ending on March 31, June 30, September 30 and December 31.

 

“Registration Statement”
means the Registration Statement on Form S-11 to be filed by the General Partner with the Securities and Exchange Commission, and
any amendments at any time made thereto.

 

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

 

“Regulatory Allocations”
means the allocations set forth in paragraph 2 of Exhibit B.

 

“REIT” means a real
estate investment trust as defined in Section 856 of the Code.

 

“REIT Requirements”
has the meaning set forth in Section 5.2.

 

“Sales” has the meaning
set forth in the Articles of Incorporation.

 

“Special Limited Partner”
means American Realty Capital Trust II Special Limited Partner, LLC, a Delaware limited liability company, which shall be a limited
partner of the Partnership and recognized as such under applicable Delaware law, but not a “Limited Partner” within
the meaning of this Agreement.

 

“Special Limited Partner Interest”
means the interest of the Special Limited Partner in the Partnership representing its right as the holder of an interest in distributions
described in Sections 5.1(b)(iii)(A), (c), (d) and (e) (and any corresponding allocations of income, gain, loss and deduction under
this Agreement).

 

“Stockholder” means
a holder of Common Stock.

 

“Stockholder Distributions”
means any distributions of money or other property by the General Partner to Stockholders, including distributions that may constitute
a return of capital for U.S. federal income tax purposes.

 

“Subsidiary” means,
with respect to any Person, any corporation, partnership, limited liability company or other entity of which a majority of

 

(a)          the
voting power of the voting equity securities; and/or

 

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(b)          the
outstanding equity interests (whether or not voting), 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 hereof.

 

“Tax Allocations”
means the allocations set forth in paragraph 4 of Exhibit B.

 

“Tax Items” has the
meaning set forth in paragraph 4(a) of Exhibit B.

 

“Termination Amount”
has the meaning set forth in Section 5.1(d)(i) hereof.

 

“Transfer” as a noun,
means any sale, assignment, conveyance, pledge, hypothecation, gift, encumbrance or other transfer, and as a verb, means to sell,
assign, convey, pledge, hypothecate, give, encumber or otherwise transfer.

 

“Valuation Date” means
the date of receipt by the Partnership and the General Partner of notice from an exchanging Partner that such Partner is exercising
its Exchange Rights or, if such date is not a Business Day, the first Business Day thereafter.

 

Certain additional terms and phrases have the
meanings set forth in Exhibit B.

 

Article
2

ORGANIZATIONAL MATTERS

 

2.1         Formation

 

The General Partner has formed the Partnership
by filing the Certificate on September 10, 2010 in the office of the Delaware Secretary of State. The Partnership is a limited
partnership organized pursuant to the provision of the Act and upon the terms and conditions set forth in this Agreement. 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.

 

2.2         Name

 

The name of the Partnership is American Realty
Capital Operating Partnership II, 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,”
“LP,” “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 and shall notify the Limited Partners of such change in the next regular communication
to the Limited Partners.

 

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2.3         Registered
Office and Agent; Principal Office

 

The address of the registered office of the
Partnership in the State of Delaware and the name and address of the registered agent for service of process on the Partnership
in the State of Delaware is the Corporation Service Company, 2711 Centerville Road Suite 400, Wilmington, Delaware 19808. The principal
office of the Partnership shall be 405 Park Avenue, New York, New York 10022, 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.

 

2.4         Power
of Attorney

 

(a)         Each
Limited Partner and each Assignee who accepts Partnership Units (or any rights, benefits or privileges associated therewith) is
deemed to irrevocably constitute and appoint 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:

 

(i)          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 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 or plans to conduct business
or own property, including, without limitation, any documents necessary or advisable to convey any Contributed Property to the
Partnership;

 

(B)         all
instruments that the General Partner or any Liquidator 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 or any Liquidator 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;

 

(E)         all
certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of Partnership
Interest; and

 

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(F)         amendments
to this Agreement as provided in Article 14 hereof; and

 

(ii)         execute,
swear to, seal, 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 or any Liquidator, 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 or any Liquidator,
to effectuate the terms or intent of this Agreement.

 

Nothing contained herein shall be construed as authorizing the General
Partner or any Liquidator to amend this Agreement except in accordance with Article 14 hereof or as may be otherwise expressly
provided for in this Agreement.

 

(b)          (i)          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 and any Liquidator 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.

 

(ii)         Each
such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator,
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 or any Liquidator, taken in good faith
under such power of attorney.

 

(iii)        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 or Liquidator’s request therefore, such further designation, powers of attorney and
other instruments as the General Partner or the Liquidator, as the case may be, deems necessary to effectuate this Agreement and
the purposes of the Partnership.

 

2.5         Term

 

The term of the Partnership shall commence on
the date hereof and shall continue until December 31, 2099, unless the Partnership is dissolved sooner pursuant to the provisions
of Article 13 or as otherwise provided by law.

 

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Article
3

PURPOSE

 

3.1         Purpose
and Business

 

(a)          The
purpose and nature of the business to be conducted by the Partnership is to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act including, without limitation, to engage in the following activities:

 

(i)          to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with the properties described in the prospectus contained in the Registration Statement;

 

(ii)         to
acquire, hold, own, develop, construct, improve, maintain, operate, sell, lease, transfer, encumber, convey, exchange, and otherwise
dispose of or deal with real and personal property of all kinds;

 

(iii)        to
enter into any partnership, joint venture, corporation, limited liability company, trust or other similar arrangement to engage
in any of the foregoing;

 

(iv)        to
undertake such other activities as may be necessary, advisable, desirable or convenient to the business of the Partnership; and

 

(v)         to
engage in such other ancillary activities as shall be necessary or desirable to effectuate the foregoing purposes;

 

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 determines not to qualify as a REIT or ceases to qualify as a REIT for any reason not related to the business conducted
by the Partnership.

 

(b)          The
Partnership shall have all powers necessary or desirable to accomplish the purposes enumerated.

 

3.2         Powers

 

(a)          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 including, without limitation, full power and authority to enter into, perform, and carry out contracts of any kind,
to borrow money and to issue evidences of indebtedness, whether or not secured by mortgage, trust deed, pledge or other Lien, and,
directly or indirectly, to acquire, own, improve, develop and construct real property, and lease, sell, transfer and dispose of
real property; 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, unless the General Partner otherwise ceases
to qualify as a REIT;

 

    	19

    	 

    

 

(ii)         could
subject the General Partner to any additional taxes under Section 857 or Section 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.

 

(b)          The
General Partner also is empowered to do any and all acts and things necessary, appropriate or advisable to ensure that the Partnership
will not be classified as a “publicly traded partnership” for the purposes of Section 7704 of the Code, including but
not limited to imposing restrictions on exchanges of Partnership Units.

 

Article
4

CAPITAL CONTRIBUTIONS

 

4.1         Capital
Contributions of the Partners

 

(a)          The
General Partner and Initial Limited Partner have made the Capital Contributions as set forth in Exhibit A to this Agreement.

 

(b)          To
the extent the Partnership acquires any property by the merger of any other Person into the Partnership or the contribution of
assets by any other Person, Persons who receive Partnership Interests in exchange for their interests in the Person merging into
or contributing assets to the Partnership shall become Partners and shall be deemed to have made Capital Contributions as provided
in the applicable merger agreement or contribution agreement and as set forth in Exhibit A, as amended to reflect such deemed Capital
Contributions.

 

(c)          Each
Partner shall own Partnership Units in the amounts set forth for such Partner in Exhibit A and shall have a Percentage Interest
in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the
General Partner to the extent necessary to reflect accurately exchanges, additional Capital Contributions, the issuance of additional
Partnership Units or similar events having an effect on any Partner’s Percentage Interest.

 

(d)          The
number of Partnership Units held by the General Partner, in its capacity as general partner, shall be deemed to be the General
Partner Interest.

 

(e)          Except
as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to make any additional Capital Contributions or provide
any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise) and no Partner shall
have any obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of the Partnership
or otherwise.

 

    	20

    	 

    

 

4.2         Additional
Funds; Restrictions on the General Partner

 

(a)          (i)          The
sums of money required to finance the business and affairs of the Partnership shall be derived from the initial Capital Contributions
made to the Partnership by the Partners as set forth in Section 4.1 and from funds generated from the operation and business of
the Partnership, including, without limitation, rents and distributions directly or indirectly received by the Partnership from
any Subsidiary.

 

(ii)         If
additional financing is needed from sources other than as set forth in Section 4.2(a)(i) for any reason, the General Partner may,
in its sole and absolute discretion, in such amounts and at such times as it solely shall determine to be necessary or appropriate,

 

(A)         cause
the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance
with Section 4.3;

 

(B)         make
additional Capital Contributions to the Partnership (subject to the provisions of Section 4.2(b));

 

(C)         cause
the Partnership to borrow money, enter into loan arrangements, issue debt securities, obtain letters of credit or otherwise borrow
money on a secured or unsecured basis;

 

(D)         make
a loan or loans to the Partnership (subject to Section 4.2(b)); or

 

(E)         sell
any assets or properties directly or indirectly owned by the Partnership.

 

(iii)        In
no event shall any Limited Partners be required to make any additional Capital Contributions or any loan to, or otherwise provide
any financial accommodation for the benefit of, the Partnership.

 

(b)          The
General Partner shall not issue any debt securities, any preferred stock or any common stock (including additional Common Stock
(other than (i) as payment of the Common Stock Amount or (ii) in connection with the conversion or exchange of securities of the
General Partner solely in conversion or exchange for other securities of the General Partner)) or rights, options, warrants or
convertible or exchangeable securities containing the right to subscribe for or purchase any of the foregoing (collectively, “Securities”),
other than to all holders of Common Stock, unless the General Partner shall

 

(i)          in
the case of debt securities, lend to the Partnership the proceeds of or consideration received for such Securities on the same
terms and conditions, including interest rate and repayment schedule, as shall be applicable with respect to or incurred in connection
with the issuance of such Securities and the proceeds of, or consideration received from, any subsequent exercise, exchange or
conversion thereof (if applicable);

 

    	21

    	 

    

 

(ii)         in
the case of equity Securities senior or junior to the Common Stock as to dividends and distributions on liquidation, contribute
to the Partnership the proceeds of or consideration (including any property or other non-cash assets) received for such Securities
and the proceeds of, or consideration received from, any subsequent exercise, exchange or conversion thereof (if applicable), and
receive from the Partnership, interests in the Partnership in consideration therefor with the same terms and conditions, including
dividend, dividend priority and liquidation preference, as are applicable to such Securities; and

 

(iii)        in
the case of Common Stock or other equity Securities on a parity with the Common Stock as to dividends and distributions on liquidation,
(including, without limitation, Common Stock or other Securities granted as a stock award to directors and officers of the General
Partner or directors, officers or employees of its Affiliates in consideration for services or future services, and Common Stock
issued a pursuant to a dividend reinvestment plan or issued to enable the General Partner make distributions to satisfy the REIT
Requirements), contribute to the Partnership the proceeds of or consideration (including any property or other non-cash assets,
including services) received for such Securities and the proceeds of, or consideration received from, any subsequent exercise,
exchange or conversion thereof (if applicable), and receive from the Partnership a number of additional Partnership Units in consideration
therefor equal to the product of

 

(A)         the
number of shares of Common Stock or other equity Securities issued by the General Partner, multiplied by

 

(B)         a
fraction the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such contribution.

 

4.3         Issuance
of Additional Partnership Interests; Admission of Additional Limited Partners

 

(a)          In
addition to any Partnership Interests issuable by the Partnership pursuant to Section 4.2, the General Partner is authorized to
cause the Partnership to issue additional Partnership Interests (or options therefore) in the form of Partnership Units or other
Partnership Interests in one or more series or classes, or in one or more series of any such class senior, on a parity with, or
junior to the Partnership Units to any Persons at any time or from time to time, on such terms and conditions, as the General Partner
shall establish in each case 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 class or series of Partnership Interests,
(ii) the right of each class or series of Partnership Interests to share in Partnership distributions, and (iii) the rights
of each class or series of Partnership Interest upon dissolution and liquidation of the Partnership; provided, that, no
such Partnership Interests shall be issued to the General Partner unless either (a) the Partnership Interests are issued in connection
with the grant, award, or issuance of Common Stock or other equity interests in the General Partner having designations, preferences
and other rights such that the economic interests attributable to such Common Stock or other equity interests are substantially
similar to the designations, preferences and other rights (except voting rights) of the Partnership Interests issued to the General
Partner in accordance with this Section 4.3(a) or (b) the additional Partnership Interests are issued to all Partners holding Partnership
Interests in the same class in proportion to their respective Percentage Interests in such class, without any approval being required
from any Limited Partner or any other Person; and provided, however, that

 

    	22

    	 

    

 

(i)          such
issuance does not cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA or Section
4975 of the Code, a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified person”
(as defined in Section 4975(e) of the Code); and

 

(ii)         such
issuance would not cause any portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant
to Section 2510.3-101 of the regulations of the United States Department of Labor.

 

(b)          Subject
to the limitations set forth in Section 4.3(a), the General Partner may take such steps as it, in its sole and absolute discretion,
deems necessary or appropriate to admit any Person as a Limited Partner of the Partnership or to issue any Partnership Interests,
including, without limitation, amending the Certificate, Exhibit A or any other provision of this Agreement.

 

4.4         Contribution
of Proceeds of Issuance of Common Stock

 

In connection with any offering, grant, award,
or issuance of Common Stock or securities, rights, options, warrants or convertible or exchangeable securities pursuant to Section
4.2, the General Partner shall make aggregate Capital Contributions to the Partnership of the proceeds raised in connection with
such offering, grant, award, or issuance, including any property issued to the General Partner pursuant to a merger or contribution
agreement in exchange for Common Stock; provided, however, that if the proceeds actually received by the General Partner are less
than the gross proceeds of such offering, grant, award, or issuance as a result of any underwriter’s discount, commission,
or fee or other expenses paid or incurred in connection with such offering, grant, award, or issuance, then the General Partner
shall make a Capital Contribution to the Partnership in the amount equal to the sum of (i) the net proceeds of such issuance plus
(ii) an intangible asset in an amount equal to the capitalized costs of the General Partner relating to such issuance of Common
Stock. Upon any such Capital Contribution by the General Partner, the Capital Account of the General Partner shall be increased
by the amount of its Capital Contribution as described in the previous sentence.

 

4.5         Repurchase
of Common Stock; Shares-In-Trust

 

(a)          If
the General Partner shall elect to purchase from its stockholders Common Stock for the purpose of delivering such Common Stock
to satisfy an obligation under any distribution reinvestment plan adopted by the General Partner, any employee stock purchase plan
adopted by the General Partner, or for any other purpose, the purchase price paid by the General Partner for such Common Stock
and any other expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership
and shall be reimbursed to the General Partner, subject to the condition that:

 

(i)          if
such Common Stock subsequently is to be sold by the General Partner, the General Partner shall pay to the Partnership any proceeds
received by the General Partner from the sale of such Common Stock (provided that an exchange of Common Stock for Partnership Units
pursuant to the applicable Exchange Rights Agreement would not be considered a sale for such purposes); and

 

    	23

    	 

    

 

(ii)         if
such Common Stock is not re-transferred by the General Partner within 30 days after the purchase thereof, the General Partner shall
cause the Partnership to cancel a number of Partnership Units held by the General Partner (as applicable) equal to the product
of

 

(x)          the
number of shares of such Common Stock, multiplied by

 

(y)          a
fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such cancellation.

 

(b)          If
the General Partner purchases Shares-in-Trust (as from time to time defined in the Articles of Incorporation, as may be amended
from time to time), the Partnership will purchase from the General Partner a number of Partnership Units equal to the product of

 

(i)          the
number of Shares-in-Trust purchased by the General Partner, multiplied by

 

(ii)         a
fraction, the numerator of which is one and the denominator of which is the Exchange Factor in effect on the date of such purchase.

 

4.6         No
Third-Party Beneficiary

 

No creditor or other third party having dealings
with the Partnership shall have the right to enforce the right or obligations of any Partner to make Capital Contributions or loans
or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of
this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors
and assigns.

 

4.7         No
Interest; No Return

 

(a)          No
Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account.

 

(b)          Except
as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from
the Partnership.

 

4.8         No
Preemptive Rights.

 

Subject to any preemptive rights that may be
granted pursuant to Section 4.3 hereof, no Person shall have any preemptive or other similar right with respect to

 

(a)          additional
Capital Contributions or loans to the Partnership; or

 

(b)          issuance
or sale of any Partnership Units or other Partnership Interests.

 

    	24

    	 

    

 

Article
5

DISTRIBUTIONS

 

5.1         Distributions

 

(a)          Cash
Available for Distribution. Subject to the provisions of Sections 5.3, 5.4 and 12.2(c), the General Partner shall cause the
Partnership to distribute, at such times as the General Partner shall determine (each a “Distribution Date”),
an amount of Cash Available for Distribution, determined by the General Partner in its sole discretion to the Limited Partners
and the General Partner, as of the applicable Partnership Record Date, in accordance with each such Partner’s respective
Percentage Interest. In no event may any Partner receive a distribution pursuant to this Section 5.1(a) with respect to a Partnership
Unit if such Partner is entitled to receive a distribution with respect to Common Stock for which such a Partnership Unit has been
exchanged.

 

(b)          Net
Sales Proceeds. Subject to the provisions of Sections 5.1(e), 5.3, 5.4 and 12.2(c), Net Sales Proceeds shall be distributed
as follows:

 

(i)          First,
100% to the General Partner and Limited Partners in accordance with each such Partner’s respective Percentage Interest until
the Net Investment balance is zero;

 

(ii)         Second,
100% to the General Partner and Limited Partners in accordance with each such Partner’s respective Percentage Interest until
the First Level Return balance is zero; and

 

(iii)        Thereafter,
(A) 15% to the Special Limited Partner, and (B) 85% to the General Partner and Limited Partners in the case of this clause (B)
in accordance with each such Partner’s respective Percentage Interest.

 

(c)          Listing
Amounts. Upon Listing and subject to Section 5.1(e), the General Partner shall cause the Partnership to issue and distribute
to the Special Limited Partner in redemption of the Special Limited Partner Interest a Note (the “Listing Note”)
in an amount equal to 15% of the amount, if any, by which (i) the sum of (A) the Market Value of all issued and outstanding shares
of Common Stock plus (B) the sum of all Stockholder Distributions paid by the General Partner prior to Listing, exceeds (ii) the
sum of (Y) the total Gross Proceeds in all Offerings plus (Z) the total amount of cash that, if distributed to those Stockholders
who purchased shares of Common Stock in an Offering, would have provided such Stockholders a First Level Return on the Gross Proceeds
raised in all such Offerings. Notwithstanding anything herein to the contrary, in accordance with Section 736 of the Code, the
Listing Note shall be disregarded for applicable income tax purposes and the Special Limited Partner shall continue to be treated
as a partner of the Partnership in respect of its Special Limited Partner Interest for such purposes until the Partnership has
satisfied all of its obligations under the Listing Note. Without limiting the foregoing, the Special Limited Partner shall not
be required to accrue interest on the Listing Note in income and the Partnership shall not deduct such interest for such purposes;
provided, that, any cash or property paid to the Special Limited Partner with respect to such interest shall be reported to the
Special Limited Partner on Internal Revenue Service Schedule K-1 to Form 1065 (or such successor schedule or form).

 

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(d)          Termination
Amounts.

 

(i)          Upon
termination of the Advisory Agreement and subject to Sections 5.1(d)(ii) and (e), the General Partner shall cause the Partnership
to distribute an amount to the Special Limited Partner in redemption of the Special Limited Partner Interest (the “Termination
Amount”) in the form of a Note equal to 15% of the amount, if any, by which (A) the sum of (1) the fair market value
(determined by appraisal as of the Advisory Agreement Termination Date) of the Investments on the Advisory Agreement Termination
Date, minus (2) any Loans secured by such Investments, plus (3) the sum of all Stockholder Distributions paid by the General Partner
through the Advisory Agreement Termination Date on shares of Common Stock issued in an Offering through the Advisory Agreement
Termination Date, minus (4) any amounts distributable as of the Advisory Agreement Termination Date to the Limited Partners who
received Partnership Units in connection with the contribution of any Investments to the Partnership, upon the liquidation or sale
of such Investments (assuming the liquidation or sale of such Investments on the Advisory Agreement Termination Date), exceeds
(B) the sum of (1) the Gross Proceeds raised in all Offerings through the Advisory Agreement Termination Date (less amounts
paid on or prior to the Advisory Agreement Termination Date to purchase or redeem any shares of Common Stock purchased in an Offering
pursuant to the General Partner’s share repurchase plan) plus (2) the total amount of cash that, if distributed to those
Stockholders who purchased shares of Common Stock in an Offering on or prior to the Advisory Agreement Termination Date, would
have provided such Stockholders a First Level Return on the Gross Proceeds raised in all Offerings through the Advisory Agreement
Termination Date, measured for the period from inception through the Advisory Agreement Termination Date. Notwithstanding anything
herein to the contrary, in accordance with Section 736 of the Code, the Termination Amount in the Form of a Note shall be disregarded
for applicable income tax purposes and the Special Limited Partner shall continue to be treated as a partner of the Partnership
in respect of its Special Limited Partner Interest for such purposes until the Partnership has satisfied all of its obligations
under such Note. Without limiting the foregoing, the Special Limited Partner shall not be required to accrue interest on such Note
in income and the Partnership shall not deduct such interest for such purposes; provided, that, any cash or property paid to the
Special Limited Partner with respect to such interest shall be reported to the Special Limited Partner on Internal Revenue Service
Schedule K-1 to Form 1065 (or such successor schedule or form).

 

(ii)         Upon
termination of the Advisory Agreement and subject to Section 5.1(e), the Special Limited Partner may elect to receive, in lieu
of its right to receive the Termination Amount in the form of a Note, either:

 

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(A)         If
there is a subsequent Listing, then the Special Limited Partner shall be entitled to receive the Termination Amount (in redemption
of the Special Limited Partner Interest) payable out of Net Sales Proceeds equal to 15% of the amount, if any, by which (1) the
sum of (w) the fair market value (determined by appraisal as of the date of Listing) of the Investments owned as of the Advisory
Agreement Termination Date and any Investments acquired after the Advisory Agreement Termination Date for which a contract to acquire
such Investment had been entered into by the General Partner as of the Advisory Agreement Termination Date (collectively, the “Included
Assets”), minus (x) any Loans secured by the Included Assets, plus (y) the sum of all Stockholder Distributions
paid by the General Partner through the date of Listing on shares of Common Stock issued in Offerings through the Advisory Agreement
Termination Date, minus (z) any amounts distributable as of the date of Listing to the Limited Partners who received Partnership
Units in connection with the contribution of any Included Assets to the Partnership, upon the liquidation or sale of such Included
Assets (assuming the liquidation or sale of such Included Assets on the date of Listing), exceeds (2) the sum of (y) the Gross
Proceeds raised in all Offerings through the Advisory Agreement Termination Date (less amounts paid on or prior to the date of
Listing to purchase or redeem any shares of Common Stock purchased in an Offering on or prior to the Advisory Agreement Termination
Date pursuant to the General Partner’s share repurchase plan), plus (z) the total amount of cash that, if distributed to
those Stockholders who purchased shares of Common Stock in an Offering on or prior to the Advisory Agreement Termination Date,
would have provided such Stockholders a First Level Return on the Gross Proceeds raised in all Offerings through the Advisory Agreement
Termination Date, measured for the period from inception through the date of Listing. 

 

(B)         If
there is a subsequent Investment Liquidation Event, then the Special Limited Partner shall be entitled to receive the Termination
Amount (in redemption of the Special Limited Partner Interest) payable out of Net Sales Proceeds equal to 15% of the amount, if
any, by which (1) the sum of (w) the fair market value (determined by appraisal as of the date of the Investment Liquidation Event)
of the Included Assets, minus (x) any Loans secured by the Included Assets, plus (y) the sum of all Stockholder Distributions paid
by the General Partner through the date of the Investment Liquidity Event on shares of Common Stock issued in Offerings through
the Advisory Agreement Termination Date, minus (z) any amounts distributable as of the date of the Investment Liquidation Event
to the Limited Partners who received Partnership Units in connection with the contribution of any Included Assets to the Partnership,
upon the liquidation or sale of such Included Assets (assuming the liquidation or sale of such Included Assets on the date of the
Investment Liquidation Event), exceeds (2) the sum of (y) the Gross Proceeds raised in all Offerings through the Advisory Agreement
Termination Date (less amounts paid on or prior to the date of the Other Liquidity Event to purchase or redeem any shares of Common
Stock purchased in an Offering on or prior to the Advisory Agreement Termination Date pursuant to the General Partner’s share
repurchase plan), plus (z) the total amount of cash that, if distributed to those Stockholders who purchased shares of Common Stock
in an Offering on or prior to the Advisory Agreement Termination Date, would have provided such Stockholders First Level Return
on the Gross Proceeds raised in all Offerings through the Advisory Agreement Termination Date, measured for the period from inception
through the date of the Investment Liquidity Event.

 

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(e)          Coordination.

 

(i)          Any
Net Sales Proceeds paid to the Special Limited Partner pursuant to Section 5.1(b) prior to a Listing shall reduce dollar for dollar
the amount of a Listing Note to be issued and distributed pursuant to Section 5.1(c). If the Special Limited Partner receives a
Listing Note pursuant to Section 5.1(c), it would no longer be entitled to receive Net Sales Proceeds or a Termination Amount.

 

(ii)         Any
Net Sales Proceeds paid to the Special Limited Partner pursuant to Section 5.1(b) prior to the Advisory Agreement Termination Date
shall reduce dollar for dollar the amount of a Termination Amount to be distributed pursuant to Section 5.1(d). If the Special
Limited Partner receives, or is entitled to receive, a Termination Amount pursuant to Section 5.1(d), it would no longer be entitled
to receive Net Sales Proceeds (except to the extent described in Section 5.1(d)(ii)) or a Listing Note.

 

(iii)        If
the General Partner chooses in its discretion to satisfy all or a portion of a Listing Note or Termination Amount with shares of
Common Stock, the amount of the Listing Note or Termination Amount due to the Special Limited Partner shall be reduced by the fair
market value of the Common Stock on the date such Common Stock is issued to the Special Limited Partner.

 

5.2         Qualification
as a REIT

 

The General Partner shall use its best efforts
to cause the Partnership to distribute sufficient amounts under this Article 5 to enable the General Partner to pay dividends to
the Stockholders that will enable the General Partner to

 

(a)          satisfy
the requirements for qualification as a REIT under the Code and Regulations (“REIT Requirements”), and

 

(b)          avoid
any federal income or excise tax liability;

 

provided, however, the General Partner shall not be
bound to comply with this covenant to the extent such distributions would

 

(x)          violate
applicable Delaware law or

 

(y)          contravene
the terms of any notes, mortgages or other types of debt obligations to which the Partnership may be subject in conjunction with
borrowed funds.

 

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5.3         Withholding

 

With respect to any withholding tax or other
similar tax liability or obligation to which the Partnership may be subject as a result of any act or status of any Partner or
the Special Limited Partner or to which the Partnership becomes subject with respect to any Partnership Unit or the Special Limited
Partner Interest, the Partnership shall have the right to withhold amounts distributable pursuant to this Article V to such Partner
or the Special Limited Partner or with respect to such Partnership Units or the Special Limited Partner Interest, to the extent
of the amount of such withholding tax or other similar tax liability or obligation pursuant to the provisions contained in Section
10.5, and the amount of any withholding shall reduce the right of such Partner or the Special Limited Partner to future distribution
to the extent provided in Section 10.5.

 

5.4         Additional
Partnership Interests

 

If the Partnership issues Partnership Interests
in accordance with Section 4.2 or 4.3, the distribution priorities set forth in Section 5.1 shall be amended, as necessary, to
reflect the distribution priority of such Partnership Interests and corresponding amendments shall be made to the provisions of
Exhibit B.

 

Article
6

ALLOCATIONS

 

6.1         Allocations

 

The Net Income, Net Loss and other Partnership
items shall be allocated pursuant to the provisions of Exhibit B.

 

6.2         Revisions
to Allocations to Reflect Issuance of Partnership Interests

 

If the Partnership issues Partnership Interests
to the General Partner or any additional Limited Partner pursuant to Article IV, the General Partner shall make such revisions
to this Article 6 and Exhibit B as it deems necessary to reflect the terms of the issuance of such Partnership Interests, including
making preferential allocations to classes of Partnership Interests that are entitled thereto. Such revisions shall not require
the consent or approval of any other Partner.

 

Article
7

MANAGEMENT AND OPERATIONS OF BUSINESS

 

7.1         Management

 

(a)          (i)          Except
as otherwise expressly provided in this Agreement, full, complete and exclusive discretion to manage and control the business and
affairs of the Partnership are and shall be 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.

 

(ii)         The
General Partner may not be removed by the Limited Partners with or without cause.

 

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(iii)        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 7.11, 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:

 

(A)         (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 stockholders in amounts sufficient to permit the General
Partner to maintain REIT status,

 

(2)         the
assumption or guarantee of, or other contracting for, indebtedness and other liabilities,

 

(3)         the
issuance of evidence of indebtedness (including the securing of the same by deed, mortgage, deed of trust or other lien or encumbrance
on the Partnership’s assets) and

 

(4)         the
incurring of any obligations it deems necessary for the conduct of the activities of the Partnership, including the payment of
all expenses associated with the General Partner;

 

(B)         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 or the General Partner;

 

(C)         the
acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of all or substantially all of the assets of
the Partnership (including the exercise or grant of any conversion, option, privilege, or subscription right or other right available
in connection with any assets at any time held by the Partnership) or the merger, consolidation or other combination (each a “Business
Combination”) of the Partnership with or into another Entity on such terms as the General Partner deems proper, provided
that the General Partner shall be required to send to each Limited Partner a notice of such proposed Business Combination
no less than 15 days prior to the record date for the vote of the General Partner’s stockholders on such Business Combination,
if any;

 

(D)         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,

 

    	30

    	 

    

 

(1)         the
financing of the conduct of the operations of the General Partner, the Partnership or any of the Partnership’s Subsidiaries,

 

(2)         the
lending of funds to other Persons (including, without limitation, the Subsidiaries of the Partnership and/or the General Partner)
and the repayment of obligations of the Partnership and its Subsidiaries and any other Person in which it has an equity investment,
and

 

(3)         the
making of capital contributions to its Subsidiaries;

 

(E)         the
expansion, development, construction, leasing, repair, alteration, demolition or improvement of any property in which the Partnership
or any Subsidiary of the Partnership owns an interest;

 

(F)         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, including contracting with contractors, developers, consultants, accountants, legal counsel, other professional
advisors and other agents and the payment of their expenses and compensation out of the Partnership’s assets;

 

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

 

(H)         holding,
managing, investing and reinvesting cash and other assets of the Partnership;

 

(I)         the
collection and receipt of revenues and income of the Partnership;

 

(J)         the
establishment of one or more divisions of the Partnership, the selection and dismissal of employees of the Partnership (including,
without limitation, employees having titles such as “president,” “vice president,” “secretary”
and “treasurer” of the Partnership), and agents, outside attorneys, accountants, consultants and contractors of the
Partnership, and the determination of their compensation and other terms of employment or engagement;

 

(K)         the
maintenance of such insurance for the benefit of the Partnership and the Partners and directors and officers thereof as it deems
necessary or appropriate;

 

(L)         the
formation of, or acquisition of an interest (including non-voting interests in entities controlled by Affiliates of the Partnership
or third parties) in, and the contribution of property to, any further Entities or other relationships that it deems desirable,
including, without limitation, the acquisition of interests in, and the contributions of funds or property to, or making of loans
to, its Subsidiaries and any other Person from time to time, or the incurrence of indebtedness on behalf of such Persons or the
guarantee of the obligations of such Persons; provided that, as long as the General Partner has determined to elect to qualify
as a REIT or to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution
that would cause the General Partner to fail to qualify as a REIT;

 

    	31

    	 

    

 

(M)         the
control of any matters affecting the rights and obligations of the Partnership, including

 

(1)         the
settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of, any claim, cause
of action, liability, debt or damages, due or owing to or from the Partnership,

 

(2)         the
commencement or defense of suits, legal proceedings, administrative proceedings, arbitration or other forms of dispute resolution,
and

 

(3)         the
representation of the Partnership in all suits or legal proceedings, administrative proceedings, arbitrations or other forms of
dispute resolution, the incurring of legal expenses, and the indemnification of any Person against liabilities and contingencies
to the extent permitted by law;

 

(N)         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);

 

(O)         the
determination of the fair market value of any Partnership property distributed in kind using such reasonable method of valuation
as the General Partner, in its sole discretion, may adopt;

 

(P)         the
exercise, directly or indirectly, through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership;

 

(Q)         the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary
of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary
or other Person;

 

(R)         the
exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the Partnership
does not have an interest pursuant to contractual or other arrangements with such Person;

 

    	32

    	 

    

 

(S)         the
making, execution and delivery of any and all deeds, leases, notes, mortgages, deeds of trust, security agreements, conveyances,
contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate,
in the judgment of the General Partner, for the accomplishment of any of the foregoing;

 

(T)         the
issuance of additional Partnership Units in connection with Capital Contributions by Additional Limited Partners and additional
Capital Contributions by Partners pursuant to Article 4 hereof;

 

(U)         the
opening of bank accounts on behalf of, and in the name of, the Partnership and its Subsidiaries; and

 

(V)         the
amendment and restatement of Exhibit A to reflect accurately at all times the Capital Contributions and Percentage Interests of
the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions,
the issuance of Partnership Units, the admission of any Additional Limited Partner or any Substituted Limited Partner or otherwise,
which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment of
this Agreement, as long as the matter or event being reflected in Exhibit A otherwise is authorized by this Agreement.

 

(b)          (i)          Each
of the Limited Partners agree 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 to the fullest extent permitted under the Act or other applicable law, rule or regulation.

 

(ii)         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 at the expense of the Partnership, may or may not, cause the Partnership
to obtain and maintain

 

(i)          casualty,
liability and other insurance on the properties of the Partnership;

 

(ii)         liability
insurance for the Indemnitees hereunder; and

 

(iii)        such
other insurance as the General Partner, in its sole and absolute discretion, determines to be appropriate and reasonable.

 

    	33

    	 

    

 

(d)          At
all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain at any and all
times working capital accounts and other cash or similar balances in such amount as the General Partner, in its sole and absolute
discretion, deems appropriate and reasonable from time to time.

 

(e)          (i)          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 (including the General Partner) of any action taken (or not taken) by it. The General Partner
and the Partnership shall not have liability to any Limited Partner for monetary damages or otherwise for losses sustained, liabilities
incurred or benefits not delivered by such Limited Partner in connection with such decisions, provided that the General Partner
has acted in good faith pursuant to its authority under this Agreement. The Limited Partners expressly acknowledge that the General
Partner is acting on behalf of the Partnership, the General Partner, and the General Partner’s stockholders, collectively.

 

(ii)         The
General Partner and the Partnership shall not have liability to the any 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 taken pursuant
to its authority under and in accordance with this Agreement.

 

7.2         Certificate
of Limited Partnership

 

(a)          The
General Partner has previously filed the Certificate with the Secretary of State of Delaware as required by the Act.

 

(b)          (i)          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.

 

(ii)         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 of 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.

 

(iii)        Subject
to the terms of Section 8.5(a)(iv) 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.

 

7.3         Reimbursement
of the General Partner

 

(a)          Except
as provided in this Section 7.3 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.

 

    	34

    	 

    

 

(b)          (i)          The
Partnership shall be responsible for and shall pay all expenses relating to the Partnership’s organization, the ownership
of its assets and its operations. The General Partner shall be reimbursed on a monthly basis, or such other basis as it may determine
in its sole and absolute discretion, for all expenses that it incurs on behalf of the Partnership relating to the ownership and
operation of the Partnership’s assets, or for the benefit of the Partnership, including all expenses associated with compliance
by the General Partner and the Initial Limited Partner with laws, rules and regulations promulgated by any regulatory body, expenses
related to the operations of the General Partner and to the management and administration of any Subsidiaries of the General Partner
or the Partnership or Affiliates of the Partnership, such as auditing expenses and filing fees and any and all salaries, compensation
and expenses of officers and employees of the General Partner, but excluding any portion of expenses reasonably attributable to
assets not owned by or for the benefit of, or to operations not for the benefit of, the Partnership or Affiliates of the Partnership;
provided, that the amount of any such reimbursement shall be reduced by any interest earned by the General Partner
with respect to bank accounts or other instruments or accounts held by it in its name.

 

(ii)         Such
reimbursement shall be in addition to any reimbursement made as a result of indemnification pursuant to Section 7.6 hereof.

 

(iii)        The
General Partner shall determine in good faith the amount of expenses incurred by it related to the ownership and operation of,
or for the benefit of, the Partnership. If 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 reasonable discretion deems fair and reasonable. All payments and reimbursements hereunder shall be
characterized for federal income tax purposes as expenses of the Partnership incurred on its behalf, and not as expenses of the
General Partner.

 

(c)          (i)          Expenses
incurred by the General Partner relating to the organization or reorganization of the Partnership and the General Partner the issuance
of Common Stock in connection with an Offering and any issuance of additional Partnership Interests, Common Stock or rights, options,
warrants, or convertible or exchangeable securities pursuant to Section 4.2 hereof and all costs and expenses associated with the
preparation and filing of any periodic reports by the General Partner under federal, state or local laws or regulations (including,
without limitation, all costs, expenses, damages, and other payments resulting from or arising in connection with litigation related
to any of the foregoing) are primarily obligations of the Partnership.

 

(ii)         To
the extent the General Partner pays or incurs such expenses, the General Partner shall be reimbursed for such expenses.

 

7.4         Outside
Activities of the General Partner

 

(a)          Without
the Consent of the Limited Partners, the General Partner shall not directly or indirectly enter into or conduct any business other
than in connection with the ownership, acquisition, and disposition of Partnership Interests and the management of its business
and the business of the Partnership, and such activities as are incidental thereto.

 

    	35

    	 

    

 

(b)          The
General Partner and any Affiliates of the General Partner may acquire Limited Partner Interests and shall be entitled to exercise
all rights of a Limited Partner relating to such Limited Partner Interests.

 

7.5         Contracts
with Affiliates

 

(a)          (i)          The
Partnership may lend or contribute funds or other assets to its Subsidiaries or other Persons in which it has an equity investment
and such Subsidiaries and Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute
discretion of the General Partner.

 

(ii)         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 7.4, the Partnership may Transfer assets to 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 as the General Partner, in its sole
and absolute discretion, may determine.

 

(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, the Partnership, directly or indirectly, except pursuant to transactions that are
determined by the General Partner in good faith to be fair and reasonable.

 

(d)          The
General Partner, in its sole and absolute discretion and without the approval the Limited Partners, may propose and adopt, on behalf
of the Partnership, employee benefit plans, stock option plans, and similar plans funded by the Partnership for the benefit of
employees of the Partnership, the General Partner, any 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, any Subsidiaries of the
Partnership or any Affiliate of any of them.

 

(e)          The
General Partner is expressly authorized to enter into, in the name and on behalf of the Partnership, a “right of first opportunity”
or “right of first offer” arrangement, non-competition agreements and other conflict 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.

 

    	36

    	 

    

 

7.6         Indemnification

 

(a)          (i)          To
the fullest extent permitted by Delaware law or as provided herein, the Partnership shall indemnify each Indemnitee from and against
any and all losses, claims, damages, liabilities, joint or several, expenses (including, without limitation, reasonable attorneys’
fees and other 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 (collectively, “Claims”), that
relate to the operations of the Partnership or the General Partner as set forth in this Agreement, in which such Indemnitee may
be involved, or is threatened to be involved, as a party or otherwise, so long as (w) the course of conduct which gave rise to
the Claim was taken, in the reasonable determination of the Indemnitee made in good faith, in the best interests of the Partnership
or the General Partner, (x) such Claim was not the result of negligence or misconduct by the Indemnitee, (y) the Indemnitee (if
other than the General Partner) was acting on behalf or performing services for the Partnership and (z) such indemnification is
not satisfied or recoverable from the assets of the stockholders of the General Partner. Notwithstanding the foregoing, no Indemnitee
(other than the General Partner) shall be indemnified for any Claim arising from or out of an alleged violation of federal or state
securities laws unless (x) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to such Indemnitee, (y) such allegations have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to such Indemnitee, or (z) a court of competent jurisdiction approves a settlement of such allegations against
such Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering
the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published
position of any state securities regulatory authority in which the Common Stock was offered or sold as to indemnification for violations
of securities law.

 

(ii)         Without
limitation, the foregoing indemnity shall extend to any liability of any Indemnitee, pursuant to a loan guaranty (except a guaranty
by a limited partner of nonrecourse indebtedness of the Partnership or as otherwise provided in any such loan guaranty), contractual
obligation for any indebtedness or other obligation or otherwise for any indebtedness of the Partnership or any Subsidiary of the
Partnership (including, without limitation, any indebtedness which the Partnership or any Subsidiary of the Partnership has assumed
or taken subject to), and the General Partner is hereby authorized and empowered, on behalf of the Partnership, to enter into one
or more indemnity agreements consistent with the provisions of this Section 7.6 in favor of any Indemnitee having or potentially
having liability for any such indebtedness.

 

(iii)        Any
indemnification pursuant to this Section 7.6 shall be made only out of the assets of the Partnership, and neither the General Partner
nor any Limited Partner shall have any obligation to contribute to the capital of the Partnership, or otherwise provide funds,
to enable the Partnership to fund its obligations under this Section 7.6.

 

(b)          Reasonable
expenses incurred by an Indemnitee who is a party to a proceeding shall be paid or reimbursed by the Partnership in advance of
the final disposition of any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative
made or threatened against an Indemnitee 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 7.6 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 7.6 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 unless otherwise provided in a written agreement pursuant to which
such Indemnities are indemnified.

 

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(d)          The
Partnership may, but shall not be obligated to, purchase and maintain insurance, on behalf of the Indemnities and such other Persons
as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by
such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to
indemnify such Person against such liability under the provisions of this Agreement.

 

(e)          For
purposes of this Section 7.6, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee
benefit plan whenever the performance by such Indemnitee of its duties to the Partnership also imposes duties on, or otherwise
involves services by, such Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee
with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 7.6;
and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a
purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be
for a purpose which is not opposed to the best interests of the Partnership.

 

(f)          In
no event may an Indemnitee subject any of the Partners (other than the General Partner) 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 7.6 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)          (i)          The
provisions of this Section 7.6 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.

 

(ii)         Any
amendment, modification or repeal of this Section 7.6 or any provision hereof shall be prospective only and shall not in any way
affect the Partnership’s liability to any Indemnitee under this Section 7.6, 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.

 

(i)          If
and to the extent any payments to the General Partner pursuant to this Section 7.6 constitute gross income to the General Partner
(as opposed to the repayment of advances made on behalf of the Partnership), such amounts shall 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.

 

    	38

    	 

    

 

(j)          Notwithstanding
anything to the contrary in this Agreement, the General Partner shall not be entitled to indemnification hereunder for any loss,
claim, damage, liability or expense for which the General Partner is obligated to indemnify the Partnership under any other agreement
between the General Partner and the Partnership.

 

7.7         Liability
of the General Partner

 

(a)          Notwithstanding
anything to the contrary set forth in this Agreement, neither the General Partner nor the investment advisor of the General Partner,
nor any of their respective officers and directors, shall 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 mistakes of fact or law or of any act
or omission unless the General Partner or its investment advisor, as the case may be, acted in bad faith and the act or omission
was material to the matter giving rise to the loss, liability or benefit not derived.

 

(b)          (i)          The
Limited Partners expressly acknowledge that the General Partner (and its investment advisor) is acting on behalf of the Partnership
and the shareholders of the General Partner collectively, that the General Partner (and its investment advisor), subject to the
provisions of Section 7.1(e) hereof, is under no obligation to consider the separate interest of the Limited Partners (including,
without limitation, the tax consequences to the Limited Partners or Assignees) in deciding whether to cause the Partnership to
take (or decline to take) any actions, and that the General Partner (and its investment advisor) 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 (and its investment advisor) has acted in good faith.

 

(ii)         With
respect to any indebtedness of the Partnership which any Limited Partner may have guaranteed, the General Partner (and its investment
advisor) shall have no duty to keep such indebtedness outstanding.

 

(c)         (i)          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 agent, including its investment advisor.

 

(ii)         The
General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General
Partner in good faith.

 

(d)          The
Limited Partners expressly acknowledge that if any conflict in the fiduciary duties owed by the General Partner to its stockholders
and by the General Partner, in its capacity as a general partner of the Partnership, to the Limited Partners, the General Partner
may act in the best interests of the General Partner’s stockholders without violating its fiduciary duties to the Limited
Partners, and that the General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or
benefits not derived by the Limited Partners in connection with any such violation.

 

(e)          Any
amendment, modification or repeal of this Section 7.7 or any provision hereof shall be prospective only and shall not in any way
affect the limitations on the General Partner’s and its officers’ and directors’ liability to the Partnership
and the Limited Partners under this Section 7.7 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.

 

    	39

    	 

    

 

7.8         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 in good
faith 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, architects,
engineers, environmental consultants 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)          (i)          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 duly appointed attorneys-in-fact.

 

(ii)         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 each 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 Section 4981 of the Code,

 

is expressly authorized under this Agreement and is deemed approved
by all of the Limited Partners.

 

7.9         Title
to Partnership Assets

 

(a)          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.

 

    	40

    	 

    

 

(b)          (i)          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.

 

(ii)         The
General Partner hereby declares and warrants that any Partnership asset for which legal title is held in the name of the General
Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the
Partnership in accordance with the provisions of this Agreement; provided, 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.

 

(iii)        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.

 

7.10       Reliance
by Third Parties

 

(a)          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, without consent or approval of any other Partner or Person, 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 take
any and all actions on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if the
General Partner were the Partnership’s sole party in interest, both legally and beneficially.

 

(b)          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.

 

(c)          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 expediency of any act or action of the General Partner or
its representatives.

 

(d)          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.

 

    	41

    	 

    

 

7.11       Loans
By Third Parties

 

The Partnership may incur Debt, or enter into
similar credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in connection
with any acquisition of property) with any Person upon such terms as the General Partner determines appropriate.

 

Article
8

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS

 

8.1         Limitation
of Liability

 

No Limited Partner shall have any liability
under this Agreement except as expressly provided in this Agreement, including Section 10.5 hereof, or under the Act.

 

8.2         Management
of Business

 

(a)          No
Limited Partner or Assignee (other than the General Partner, any of its Affiliates or any officer, director, employee, 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.

 

(b)          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.

 

8.3         Outside
Activities of Limited Partners

 

(a)          Subject
to any agreements entered into pursuant to Section 7.5 hereof and any other agreements entered into by a Limited Partner or its
Affiliates with the Partnership or any of its Subsidiaries, and 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 that are in direct competition
with the Partnership or that are enhanced by the activities of the Partnership.

 

(b)          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.

 

(c)          No
Limited Partner 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.

 

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8.4         Return
of Capital

 

(a)          Except
pursuant to the Exchange Rights Agreements, no Limited Partner shall be entitled to the withdrawal or return of its Capital Contribution,
except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein.

 

(b)          Except
as provided in Articles 5 and 13 hereof, no Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee,
either as to the return of Capital Contributions or as to profits, losses or distributions.

 

8.5         Rights
of Limited Partners Relating to the Partnership

 

(a)          In
addition to the other rights provided by this Agreement or by the Act, and except as limited by Section 8.5(b) 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
(including such reasonable copying and administrative charges as the General Partner may establish from time to time):

 

(i)          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;

 

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

 

(b)          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 information that

 

(i)          the
General Partner reasonably 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 could damage the Partnership or its business;
or

 

(ii)         the
Partnership is required by law or by agreements with an unaffiliated third party to keep confidential.

 

8.6         Exchange
Rights Agreements

 

(a)          The
Limited Partners will be granted the right, but not the obligation, to exchange all or a portion of their Partnership Units for
cash or, at the option of the Partnership, for shares of Common Stock on such terms and subject to such conditions and restrictions
as will be contained in one or more exchange rights agreements among the General Partner, the Partnership and one or more Limited
Partners (as amended from time to time, the “Exchange Rights Agreements”). The form of each Exchange Rights
Agreement governing the exchange of Partnership Units shall hereafter be provided by the General Partner.

 

    	43

    	 

    

 

(b)          The
Limited Partners and all successors, assignees and transferees (whether by operation of law, including by merger or consolidation,
dissolution or liquidation of an entity that is a Limited Partner, or otherwise) shall be bound by the provisions of the Exchange
Rights Agreement to which they are parties.

 

Article
9

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

9.1         Records
and Accounting

 

(a)          The
General Partner shall keep or cause to be kept at the principal office of the Partnership those records and documents required
to be maintained by the Act and other books and records deemed by the General Partner to be appropriate with respect to the Partnership’s
business, including, without limitation, all books and records necessary for the General Partner to comply with applicable REIT
Requirements and to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant
to Sections 8.5(a) and 9.3 hereof.

 

(b)          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.

 

(c)          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, or such other basis as the General Partner determines to be necessary or appropriate.

 

9.2         Fiscal
Year

 

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

 

9.3         Reports

 

(a)          As
soon as practicable, but in no event later than the date on which the General Partner mails its annual report to its stockholders,
the General Partner shall cause to be mailed to each Limited Partner 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 on a consolidated
basis with the Partnership, for such Partnership Year, presented in accordance with the standards of the Public Accounting Oversight
Board (United States), such statements to be audited by a nationally recognized firm of independent public accountants selected
by the General Partner in its sole discretion.

 

    	44

    	 

    

 

(b)          If
and to the extent that the General Partner mails quarterly reports to its stockholders, then as soon as practicable, but in no
event later than the date such reports are mailed, the General Partner shall cause to be mailed to each Limited Partner a report
containing unaudited financial statements as of the last day of the calendar quarter of the Partnership, or of the General Partner,
if such statements are prepared on a consolidated basis with the Partnership, and such other information as may be required by
applicable law or regulation, or as the General Partner determines to be appropriate.

 

(c)          Notwithstanding
the foregoing, the General Partner may deliver to the Limited Partners each of the reports described above, as well as any other
communications that it may provide hereunder, by e-mail or by any other electronic means.

 

Article
10

TAX MATTERS

 

10.1       Preparation
of Tax Returns

 

(a)          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 the Limited Partners and
the Special Limited Partner for federal and state income tax reporting purposes. The federal income tax return of the Partnership
shall be filed annually on IRS Form 1065 (or such other successor form) or on any other IRS form as may be required.

 

(b)          If
required under the Code or applicable state or local income tax law, the General Partner shall also arrange for the preparation
and timely filing of all returns of income, gains, deductions, losses and other items required of the Subsidiaries 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 the Limited Partners for federal and state income tax reporting
purposes.

 

10.2       Tax
Elections

 

(a)          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.

 

(b)          The
General Partner shall elect a permissible method (which need not be the same method for each item or property) of eliminating the
disparity between the book value and the tax basis for each item of property contributed to the Partnership or to a Subsidiary
of the Partnership pursuant to the regulations promulgated under the provisions of Section 704(c) of the Code.

 

(c)          The
General Partner shall have the right to seek to revoke any tax election it makes, 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.

 

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10.3       Tax
Matters Partner

 

(a)          (i)          The
General Partner shall be the “tax matters partner” of the Partnership for federal income tax purposes.

 

(ii)         Pursuant
to Section 6230(e) of the Code, upon receipt of notice from the Internal Revenue Service of the beginning of an administrative
proceeding with respect to the Partnership, the tax matters partner shall furnish the Internal Revenue Service with the name, address,
taxpayer identification number, and profit interest of each of the Limited Partners, the Special Limited Partner and the Assignees;
provided, that such information is provided to the Partnership by the Limited Partners, the Special Limited Partner
and the Assignees.

 

(iii)        The
tax matters partner is authorized, but not required:

 

(A)         to
enter into any settlement with the Internal Revenue Service 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 (including
the Special Limited Partner), except that such settlement agreement shall not bind any Partner or the Special Limited Partner

 

(1)         who
(within the time prescribed pursuant to the Code and Regulations) files a statement with the Internal Revenue Service providing
that the tax matters partner shall not have the authority to enter into a settlement agreement on behalf of such Partner or the
Special Limited Partner; or

 

(2)         who
is a “notice partner” (as defined in Section 6231(a)(8) of the Code) or a member of a “notice group” (as
defined in Section 6223(b)(2) of the Code);

 

(B)         if
a notice of a final administrative adjustment at the Partnership level of any item required to be taken into account by a Partner
or the Special Limited 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 filing
of a complaint for refund with the United States Claims Court or the District Court of the United States for the district in which
the Partnership’s principal place of business is located;

 

(C)         to
intervene in any action brought by any other Partner or the Special Limited Partner for judicial review of a final adjustment;

 

    	46

    	 

    

 

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

 

(E)         to
enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax which is attributable to any
item required to be taken account of by a Partner or the Special Limited Partner for tax purposes, or an item affected by such
item; and

 

(F)         to
take any other action on behalf of the Partners, the Special Limited Partner or 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 7.6 of this Agreement shall be fully applicable to the tax matters partner in its capacity as such.

 

(b)          (i)          The
tax matters partner shall receive no compensation for its services.

 

(ii)         All
third party costs and expenses incurred by the tax matters partner in performing its duties as such (including legal and accounting
fees and expenses) shall be borne by the Partnership.

 

(iii)        Nothing
herein shall be construed to restrict the Partnership from engaging an accounting firm to assist the tax matters partner in discharging
its duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 

10.4         Organizational
Expenses

 

The Partnership shall elect to deduct expenses,
if any, incurred by it in organizing the Partnership ratably over a one hundred eighty (180) month period as provided in Section
709 of the Code.

 

10.5         Withholding

 

(a)          Each
Limited Partner and the Special Limited Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with
respect to, such Limited Partner or the Special 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 or the Special Limited Partner pursuant to this Agreement, including, without limitation, any taxes required
to be withheld or paid by the Partnership pursuant to Sections 1441, 1442, 1445, or 1446 of the Code.

 

    	47

    	 

    

 

(b)          (i)          Any
amount paid on behalf of or with respect to a Limited Partner or the Special Limited Partner shall constitute a loan by the Partnership
to such Limited Partner or the Special Limited Partner, which loan shall be repaid by such Limited Partner or the Special Limited
Partner as the case may be within fifteen (15) days after notice from the General Partner that such payment must be made unless

 

(A)         the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner or the Special Limited
Partner; or

 

(B)         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 or the Special Limited Partner.

 

(ii)         Any
amounts withheld pursuant to the foregoing clauses (i)(A) or (B) shall be treated as having been distributed to the Limited Partner.

 

(c)          (i)          Each
Limited Partner and the Special Limited Partner hereby unconditionally and irrevocably grants to the Partnership a security interest
in such Limited Partner’s Partnership Interest and such Special Limited Partner’s Special Limited Partner Interest,
as the case may be, to secure such Limited Partner’s or Special Limited Partner’s obligation to pay to the Partnership
any amounts required to be paid pursuant to this Section 10.5.

 

(ii)         (A)         If
a Limited Partner or the Special Limited Partner fails to pay when due any amounts owed to the Partnership pursuant to this Section
10.5, 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 or Special Limited Partner, and in such event shall be deemed to have loaned such amount to such defaulting
Limited Partner or Special Limited Partner and shall succeed to all rights and remedies of the Partnership as against such defaulting
Limited Partner or Special Limited Partner.

 

(B)         Without
limitation, in such event, the General Partner shall have the right to receive distributions that would otherwise be distributable
to such defaulting Limited Partner or Special Limited Partner until such time as such loan, together with all interest thereon,
has been paid in full, and any such distributions so received by the General Partner shall be treated as having been distributed
to the defaulting Limited Partner or Special Limited Partner and immediately paid by the defaulting Limited Partner or Special
Limited Partner to the General Partner in repayment of such loan.

 

(iii)        Any
amount payable by a Limited Partner or the Special Limited Partner hereunder shall bear interest at the highest base or prime rate
of interest published from time to time by The Wall Street Journal, plus four (4) percentage points, but in no event higher than
the maximum lawful rate of interest on such obligation, such interest to accrue from the date such amount is due (i.e., fifteen
(15) days after demand) until such amount is paid in full.

 

    	48

    	 

    

 

(iv)        Each
Limited Partner and the Special 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.

 

Article
11

TRANSFERS AND WITHDRAWALS

 

11.1        Transfer

 

(a)          (i)          The
term “Transfer,” when used in this Article 11 with respect to a Partnership Interest or a Partnership Unit, shall be
deemed to refer to a transaction by which the General Partner purports to assign all or any part of its General Partner Interest
to another Person, or a Limited Partner purports to assign all or any part of its Limited Partner Interest to another Person, and
includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange or any other disposition by law or otherwise.

 

(ii)         The
term “Transfer” when used in this Article 11 does not include any exchange of Partnership Units for cash or Common
Stock pursuant to the Exchange Rights Agreement.

 

(b)          (i)          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.

 

(ii)         Any
Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article 11 shall be null and void.

 

11.2        Transfer
of the General Partner’s General Partner Interest

 

(a)          The
General Partner may not Transfer any of its General Partner Interest or withdraw as General Partner, or Transfer any of its Limited
Partner Interest, except

 

(i)          if
holders of at least two-thirds of the Limited Partner Interests consent to such Transfer or withdrawal;

 

(ii)         if
such Transfer is to an entity which is wholly owned by the General Partner and is a Qualified REIT Subsidiary as defined in Section
856(i) of the Code; or

 

(iii)        in
connection with a transaction described in Section 11.2(c) or 11.2(d) (as applicable)

 

(b)          If
the General Partner withdraws as general partner of the Partnership in accordance with Section 11.2(a), the General Partner’s
General Partner Interest shall immediately be converted into a Limited Partner Interest.

 

    	49

    	 

    

 

(c)          Except
as otherwise provided in Section 11.2(d), the General Partner shall not engage in any merger, consolidation or other combination
of the General Partner with or into another Person (other than a merger in which the General Partner is the surviving entity) or
sale of all or substantially all of its assets, or any reclassification, or any recapitalization of outstanding Common Stock (other
than a change in par value, or from par value to no par value, or as a result of a subdivision or combination of Common Stock)
(a “Transaction”), unless

 

(i)          in
connection with the Transaction all Limited Partners will either receive, or will have the right to elect to receive, for each
Partnership Unit an amount of cash, securities, or other property equal to the product of the Exchange Factor and the amount of
cash, securities or other property or value paid in the Transaction to or received by a holder of one share of Common Stock corresponding
to such Partnership Unit in consideration of one share of Common Stock at any time during the period from and after the date on
which the Transaction is consummated; provided that if, in connection with the Transaction, a purchase, tender or exchange offer
(“Offer”) shall have been made to and accepted by the holders of more than 50% of the outstanding Common Stock,
each holder of Partnership Units shall be given the option to exchange its Partnership Units for the amount of cash, securities,
or other property which a Limited Partner would have received had it

 

(A)         exercised
its Exchange Right and

 

(B)         sold,
tendered or exchanged pursuant to the Offer the Common Stock received upon exercise of the Exchange Right immediately prior to
the expiration of the Offer.

 

The foregoing is not intended to,
and does not, affect the ability of (i) a stockholder of the General Partner to sell its stock in the General Partner or (ii) the
General Partner to perform its obligations (under agreement or otherwise) to such stockholders (including the fulfillment of any
obligations with respect to registering the sale of stock under applicable securities laws).

 

(d)          (i)          Notwithstanding
Section 11.2(c), the General Partner may merge into or consolidate with another entity if immediately after such merger or consolidation

 

(A)         substantially
all of the assets of the successor or surviving entity (the “Surviving General Partner”), other than Partnership
Units held by the General Partner, are contributed to the Partnership as a Capital Contribution in exchange for Partnership Units
with a fair market value equal to the value of the assets so contributed as determined by the Surviving General Partner in good
faith and

 

(B)         the
Surviving General Partner expressly agrees to assume all obligations of the General Partner hereunder.

 

(ii)         (A)         Upon
such contribution and assumption, the Surviving General Partner shall have the right and duty to amend this Agreement and the Exchange
Rights Agreement as set forth in this Section 11.2(d).

 

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(B)         (1)         The
Surviving General Partner shall in good faith arrive at a new method for the calculation of the Exchange Factor for a Partnership
Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably
possible.

 

(2)         Such
calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable
upon such merger or consolidation by a holder of Common Stock or options, warrants or other rights relating thereto, and which
a holder of Partnership Units could have acquired had such Partnership Units been redeemed for Common Stock immediately prior to
such merger or consolidation.

 

(C)         Such
amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as
may be practicable to the adjustments provided for with respect to the Exchange Factor.

 

(iii)        The
above provisions of this Section 11.2(d) shall similarly apply to successive mergers or consolidations permitted hereunder.

 

11.3        Limited
Partners’ Rights to Transfer

 

(a)          Subject
to the provisions of Sections 11.3(c), 11.3(d), 11.3(e), 11.4 and 11.6, a Limited Partner may, without the consent of the General
Partner, Transfer all or any portion of its Limited Partner Interest, or any of such Limited Partner’s economic right as
a Limited Partner. In order to effect such transfer, the Limited Partner must deliver to the General Partner a duly executed copy
of the instrument making such transfer and such instrument must evidence the written acceptance by the assignee of all of the terms
and conditions of this Agreement and represent that such assignment was made in accordance with all applicable laws and regulations.

 

(b)          (i)          If
a Limited Partner is Incapacitated, the executor, administrator, trustee, committee, guardian, conservator or receiver of such
Limited Partner’s estate shall have all of 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.

 

(ii)         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 its Partnership Units if it reasonably believes (based on the
advice of counsel) such Transfer would require filing of a registration statement under the Securities Act of 1933, as amended,
or would otherwise violate any federal or state securities laws or regulations applicable to the Partnership or the Partnership
Units.

 

(d)          No
Transfer by a Limited Partner of its Partnership Units may be made to any Person if

 

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(i)          it
would adversely affect the ability of the General Partner to continue to qualify as a REIT or would subject the General Partner
to any additional taxes under Section 857 or Section 4981 of the Code;

 

(ii)         it
would result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes;

 

(iii)        such
Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest”
(as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code);

 

(iv)        such
Transfer would, in the opinion of legal counsel for the Partnership, cause any portion of the assets of the Partnership to constitute
assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101;

 

(v)         such
Transfer would subject the Partnership to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940
or the Employee Retirement Income Security Act of 1974, each as amended;

 

(vi)        without
the consent of the General Partner, which consent may be withheld in its sole and absolute discretion, such Transfer is a sale
or exchange, and such sale or exchange would, when aggregated with all other sales and exchanges during the 12-month period ending
on the date of the proposed Transfer, result in 50% or more of the interests in Partnership capital and profits being sold or exchanged
during such 12-month period; or

 

(vii)       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
Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning
of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute
discretion, provided that as a condition to such consent the lender will be required to enter into an arrangement
with the Partnership and the General Partner to exchange for the Cash Amount any Partnership Units in which a security interest
is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating
liabilities to such lender under Section 752 of the Code.

 

(f)          Any
Transfer in contravention of any of the provisions of this Section 11.3 shall be void and ineffectual and shall not be binding
upon, or recognized by, the Partnership.

 

11.4        Substituted
Limited Partners

 

(a)          (i)          No
Limited Partner shall have the right to substitute a Permitted Transferee for a Limited Partner in its place.

 

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(ii)         The
General Partner shall, however, have the right to consent to the admission of a Permitted Transferee of the Partnership Interest
of a Limited Partner pursuant to 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.

 

(iii)        The
General Partner’s failure or refusal to permit such transferee 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)          (i)          No
Permitted Transferee will be admitted as a Substituted Limited Partner, unless such transferee has furnished to the General Partner
evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement and, as
it relates to the Substituted Limited Partners, the Exchange Rights Agreement, including, without limitation, the power of attorney
granted in Section 2.4 hereof.

 

(ii)         Upon
the admission of a Substituted Limited Partner, the General Partner shall amend Exhibit A 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.

 

11.5        Assignees

 

(a)          If
the General Partner, in its sole and absolute discretion, does not consent to the admission of any transferee as a Substituted
Limited Partner, as described in Section 11.4(a), such transferee shall be considered an Assignee for purposes of this Agreement.

 

(b)          An
Assignee shall be deemed to have had assigned to it, and shall be entitled to receive distributions from the Partnership and the
share of Net Income, Net Losses and any other items of gain, loss, deduction or credit of the Partnership 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 other Partnership Units held
by Limited Partners are voted).

 

(c)          If
any such transferee desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all
of 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.

 

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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, as it relates to the Limited Partners, pursuant to exchange of all of
its Partnership Units pursuant to the applicable Exchange Rights Agreement.

 

(b)          (i)          Any
Limited Partner which shall Transfer all of its Partnership Units in a Transfer permitted pursuant to this Article 11 shall cease
to be a Limited Partner upon the admission of all Assignees of such Partnership Units as Substituted Limited Partners.

 

(ii)         Similarly,
any Limited Partner which shall Transfer all of its partnership Units pursuant to an exchange of all of its Partnership Units pursuant
to an Exchange Rights Agreement shall cease to be a Limited Partner.

 

(c)          Other
than pursuant to the Exchange Rights Agreement or with the consent of the General Partner, transfers pursuant to this Article 11
may only be made as of the first day of a fiscal quarter of the Partnership.

 

(d)          (i)          If
any Partnership Interest is transferred or assigned during the Partnership’s fiscal year in compliance with the provisions
of this Article 11 or exchanged pursuant to the applicable Exchange Rights Agreement on any day other than the first day of a Partnership
Year, then Net Income, Net Losses, each item thereof and all other items attributable to such interest for such Partnership Year
shall be divided and allocated between the transferor Partner and the transferee Partner by taking into account their varying interests
during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method.

 

(ii)         Solely
for purposes of making such allocations, each of such items for the calendar month in which the Transfer or assignment occurs shall
be allocated to the transferee Partner, and none of such items for the calendar month in which an exchange occurs shall be allocated
to the exchanging Partner, provided, however, that the General Partner may adopt such other conventions relating
to allocations in connection with transfers, assignments, or exchanges as it determines are necessary or appropriate.

 

(iii)        All
distributions pursuant to Section 5.1(a) attributable to Partnership Units, with respect to which the Partnership Record Date is
before the date of such Transfer, assignment, or exchange of such Partnership Units, shall be made to the transferor Partner or
the exchanging Partner, as the case may be, and in the case of a Transfer or assignment other than an exchange, all distributions
pursuant to Section 5.1(a) thereafter attributable to such Partnership Units shall be made to the transferee Partner.

 

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(e)          In
addition to any other restrictions on transfer herein contained, including without limitation the provisions of this Article 11,
in no event may any Transfer or assignment of a Partnership Interest by any Partner (including pursuant to Section 8.6) be made
without the express consent of the General Partner, in its sole and absolute discretion, (i) to any person or entity who lacks
the legal right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion
of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all other components
of a Partnership Interest; (iv) if in the opinion of legal counsel to the Partnership such transfer would cause a termination of
the Partnership for federal or state income tax purposes (except as a result of the exchange for Common Stock of all Partnership
Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 7.11 or Section 11.2); (v) if
in the opinion of counsel to the Partnership, there would be a significant risk that such transfer would cause the Partnership
to cease to be classified as a partnership for federal income tax purposes (except as a result of the exchange for Common Stock
of all Partnership Units held by all Limited Partners or pursuant to a transaction expressly permitted under Section 7.11 or Section
11.2); (vi) if such transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state
securities laws; (vii) if 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 or such transfer causes the
Partnership to become a “publicly traded partnership,” as such term is defined in Section 469(k)(2) or Section 7704(b)
of the Code (provided that this clause (vii) shall not be the basis for limiting or restricting in any manner the exercise of the
Exchange Right under Section 8.6 unless, and only to the extent that, outside tax counsel provides to the General Partner an opinion
to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership will be
treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation); (viii) such transfer
could adversely affect the ability of the General Partner to remain qualified as a REIT; or (ix) if in the opinion of legal counsel
of the transferring Partner (which opinion and counsel are reasonably satisfactory to the Partnership), or legal counsel of the
Partnership, such transfer would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject
the General Partner to any additional taxes under Section 857 or Section 4981 of the Code, if the General Partner has elected to
be qualified as a REIT.

 

(f)          The
General Partner shall monitor the transfers of interests in the Partnership to determine (i) if such interests are being traded
on an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within
the meaning of Section 7704 of the Code; and (ii) whether additional transfers of interests would result in the Partnership being
unable to qualify for at least one of the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance
subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable
on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code) (the “Safe
Harbors”). The General Partner shall take all steps reasonably necessary or appropriate to prevent any trading of interests
or any recognition by the Partnership of transfers made on such markets and, except as otherwise provided herein, to insure that
at least one of the Safe Harbors is met; provided, however, that the foregoing shall not authorize the General Partner to limit
or restrict in any manner the right of any holder of a Partnership Unit to exercise the Exchange Right in accordance with the terms
of the applicable Exchange Rights Agreement unless, and only to the extent that, outside tax counsel provides to the General Partner
an opinion to the effect that, in the absence of such limitation or restriction, there is a significant risk that the Partnership
will be treated as a “publicly traded partnership” and, by reason thereof, taxable as a corporation.

 

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Article
12

ADMISSION OF PARTNERS

 

12.1        Admission
of Successor General Partner

 

(a)          (i)          A
successor to all of the General Partner Interest pursuant to Section 11 hereof who is proposed to be admitted as a successor General
Partner shall be admitted to the Partnership as the General Partner, effective immediately following such transfer and the admission
of such successor General Partner as a general partner of the Partnership upon the satisfaction of the terms and conditions set
forth in Section 12.1(b).

 

(ii)         Any
such transferee shall carry on the business of the Partnership without dissolution.

 

(b)          A
Person shall be admitted as a substitute or successor General Partner of the Partnership only if the following terms and conditions
are satisfied:

 

(i)          the
Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms
and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required
or appropriate in order to effect the admission of such Person as a General Partner;

 

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

 

(iii)        counsel
for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that the admission
of the person to be admitted as a substitute or additional General Partner is in conformity with the Act, that none of the actions
taken in connection with the admission of such Person as a substitute or additional General Partner will cause

 

(A)         the
Partnership to be classified other than as a partnership for federal income tax purposes, or

 

(B)         the
loss of any Limited Partner’s limited liability.

 

(c)          In
the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner
Interest for such Partnership Year shall be allocated between the transferring General Partner and such successor as provided in
Section 11.6(d) hereof.

 

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12.2       Admission
of Additional Limited Partners

 

(a)          A
Person who makes a Capital Contribution to the Partnership in accordance with this Agreement 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 and the applicable
Exchange Rights 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)          (i)          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.

 

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

 

(c)          (i)          If
any Additional Limited Partner is admitted to the Partnership on any day other than the first day of a Partnership Year, then Net
Income, Net Losses, each item thereof and all other items allocable among Partners and Assignees for such Partnership Year shall
be allocated among such Additional Limited Partner and all other Partners and Assignees by taking into account their varying interests
during the Partnership Year in accordance with Section 706(d) of the Code, using the interim closing of the books method.

 

(ii)         (A)         Solely
for purposes of making such allocations, each of such items for the calendar month in which an admission of any Additional Limited
Partner occurs shall be allocated among all of the Partners and Assignees, including such Additional Limited Partner.

 

(B)         distributions
pursuant to Section 5.1(a) with respect to which the Partnership Record Date is before the date of such admission shall be made
solely to Partners and Assignees, other than the Additional Limited Partner, and all distributions pursuant to Section 5.1(a) thereafter
shall be made to all of the Partners and Assignees, including such Additional Limited Partner.

 

(d)          Upon
the admission of the first Additional Limited Partner to the Partnership, the Initial Limited Partner’s original interest
in the Partnership shall automatically, and without further action on the part of the Initial Limited Partner or the Partnership,
be withdrawn.

 

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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 Exhibit A) 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, LIQUIDATION AND TERMINATION

 

13.1       Dissolution

 

(a)          The
Partnership shall not be dissolved by the admission of Substituted Limited Partners, 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.

 

(b)          The
Partnership shall dissolve, and its affairs shall be wound up, only upon the first to occur of any of the following (“Liquidating
Events”):

 

(i)          the
expiration of its term as provided in Section 2.5 hereof;

 

(ii)         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 such event of withdrawal, a “majority in interest” (as defined below) of the remaining Partners Consent
in writing to continue the business of the Partnership and to the appointment, effective as of the date of withdrawal, of a successor
General Partner;

 

(iii)        an
election to dissolve the Partnership made by the General Partner, with the Consent of the Limited Partners holding at least a majority
of the Percentage Interest of the Limited Partners (including Limited Partner Interests held by the General Partner);

 

(iv)        entry
of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act;

 

(v)         a
Capital Transaction;

 

(vi)        a
final and non-appealable judgment is entered by a court of competent 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 and a “majority in interest” (as defined below) of the remaining Partners Consent 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.

 

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As used herein, a “majority in interest”
shall refer to Partners (excluding the General Partner) who hold more than fifty percent (50%) of the outstanding Percentage Interests
not held by the General Partner.

 

13.2       Winding
Up

 

(a)          (i)          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.

 

(ii)         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.

 

(iii)        The
General Partner, or, if there is no remaining General Partner, any Person elected unanimously by the Limited Partners holding at
least a “majority in interest” (the General Partner or such other Person being referred to herein as 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 common
stock or other securities of the General Partner) shall be applied and distributed in the following order:

 

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

 

(B)         Second,
to the payment and discharge of all of the Partnership’s debts and liabilities to the General Partner;

 

(C)         Third,
to the payment and discharge of all of the Partnership’s debts and liabilities to the other Partners; and

 

(D)         the
balance, if any, shall be distributed to all Partners (including the Special Limited Partner) with positive Capital Accounts in
accordance with their respective positive Capital Account balances.

 

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

 

(v)         Any
distributions pursuant to this Section 13.2(a) shall be made by the end of the Partnership’s taxable year in which the liquidation
occurs (or, if later, within 90 days after the date of the liquidation).

 

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(b)          (i)          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 (including the
Special Limited Partner), the Liquidator may, in its sole and absolute discretion, defer for a reasonable time the liquidation
of any asset except those necessary to satisfy liabilities of the Partnership (including to those Partners, including the Special
Limited Partner, as creditors) or distribute to the Partners (including the Special Limited Partner), 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.

 

(ii)         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 interests of the Partners (including the Special Limited Partner), 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.

 

(iii)        The
Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of valuation
as it may adopt.

 

(c)          In
the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the General Partner,
the Limited Partners and the Special Limited Partner pursuant to this Article 13 may be:

 

(A)         distributed
to a trust established for the benefit of the General Partner, the Limited Partners and the Special Limited Partner 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 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, the Limited Partners and the Special Limited Partner from time to time,
in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Partnership
would otherwise have been distributed to the General Partner, the Limited Partners and the Special Limited Partner pursuant to
this Agreement; or

 

(B)         withheld
or escrowed 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 or escrowed amounts shall be distributed
to the General Partner, the Limited Partners and the Special Limited Partner in the manner and order of priority set forth in Section
13.2(a), as soon as practicable.

 

13.3       No
Obligation to Contribute Deficit

 

If any Partner or the Special Limited 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 and the Special Limited 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.

 

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13.4       Rights
of Limited Partners

 

(a)          Except
as otherwise provided in this Agreement, each Limited Partner shall look solely to the assets of the Partnership for the return
of its Capital Contributions and shall have no right or power to demand or receive property other than cash from the Partnership.

 

(b)          Except
as otherwise provided in this Agreement, no Limited Partner shall have priority over any other Partner as to the return of its
Capital Contributions, distributions, or allocations.

 

13.5       Notice
of Dissolution

 

If a Liquidating Event occurs or an event occurs
that would, but for the provisions of an election or objection by one or more Partners pursuant to 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 (including the Special Limited Partner).

 

13.6       Termination
of Partnership and Cancellation of Certificate of Limited Partnership

 

Upon the completion of the liquidation of the
Partnership’s assets, as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation
shall be filed, 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.

 

13.7       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
among the Partners (including the Special Limited Partner) during the period of liquidation.

 

13.8       Waiver
of Partition

 

Each Partner hereby waives any right to partition
of the Partnership property.

 

Article
14

AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS

 

14.1       Amendments

 

(a)          (i)          The
General Partner shall have the power, without the consent of the Limited Partners, to amend this Agreement except as set forth
in Section 14.1(b) hereof.

 

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(ii)         The
General Partner shall provide notice to the Limited Partners when any action under this Section 14.1(a) is taken in the next regular
communication to the Limited Partners.

 

(b)          Notwithstanding
Section 14.1(a) hereof, this Agreement shall not be amended with respect to

 

(i)          any
Partner adversely affected without the Consent of such Partner adversely affected if such amendment would:

 

(A)         convert
a Limited Partner’s interest in the Partnership into a General Partner Interest;

 

(B)         modify
the limited liability of a Limited Partner in a manner adverse to such Limited Partner; or

 

(C)         amend
this Section 14.1(b)(i).

 

(ii)         any
Limited Partner adversely affected without the Consent of Limited Partners holding more than fifty percent (50%) of the outstanding
Percentage Interests of the Limited Partners adversely affected if such amendment would:

 

(A)         alter
or change Exchange Rights;

 

(B)         create
an obligation to make Capital Contributions not contemplated in this Agreement;

 

(C)         alter
or change the terms of this Agreement or the Exchange Rights Agreement regarding the rights of the limited partners with respect
to Business Combinations;

 

(D)         alter
or change the distribution and liquidation rights provided in Section 5 and 13 hereto, except as otherwise permitted under this
Agreement; or

 

(E)         amend
this Section 14.1(b)(ii).

 

Section 14.1(b)(i) does not require unanimous consent of all Partners
adversely affected unless the amendment is to be effective against all Partners adversely affected.

 

14.2       Meetings
of the Partners

 

(a)          (i)          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.

 

(ii)         The
request shall state the nature of the business to be transacted.

 

(iii)        Notice
of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date
of such meeting.

 

    	62

    	 

    

 

(iv)        Partners
may vote in person or by proxy at such meeting.

 

(v)         Whenever
the vote or Consent of the Limited Partners is permitted or required under this Agreement, such vote or Consent may be given at
a meeting of the Partners or may be given in accordance with the procedure prescribed in Section 14.1(a) hereof.

 

(vi)        Except
as otherwise expressly provided in this Agreement, the Consent of holders of a majority of the Percentage Interests held by Partners
(including the General Partner) shall control.

 

(b)          (i)          Subject
to Section 14.2(a)(vi), 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).

 

(ii)         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).

 

(iii)        Such
consent shall be filed with the General Partner.

 

(iv)        An
action so taken shall be deemed to have been taken at a meeting held on the effective date of the consent as certified by the General
Partner.

 

(c)          (i)          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.

 

(ii)         Every
proxy must be signed by the Partner or an attorney-in-fact and a copy thereof delivered to the Partnership.

 

(iii)        No
proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy.

 

(iv)        Every
proxy shall be revocable at the pleasure of the Partner executing it, such revocation to be effective upon the General Partner’s
receipt of written notice of such revocation from the Partner executing such proxy.

 

(d)          (i)          Each
meeting of the 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.

 

(ii)         Meetings
of Partners may be conducted in the same manner as meetings of the stockholders of the General Partner and may be held at the same
time, and as part of, meetings of the stockholders of the General Partner.

 

    	63

    	 

    

 

Article
15

GENERAL PROVISIONS

 

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 five days after being sent by first class United States mail or by overnight delivery or via facsimile
to the Partner or Assignee at the address set forth in Exhibit A or such other address of which the Partner shall notify the General
Partner in writing. Notwithstanding the foregoing, the General Partner may elect to deliver any such notice, demand, request or
report by E-mail or by any other electronic means, in which case such communication shall be deemed given or made one day after
being sent.

 

15.2       Titles
and Captions

 

All article or section titles or captions in
this Agreement are for convenience of reference only, shall not be deemed part of this Agreement and shall 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.

 

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.

 

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.

 

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.

 

15.6       Creditors

 

Other than as expressly set forth herein with
respect to the Indemnities, none of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any
creditor of the Partnership.

 

    	64

    	 

    

 

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.

 

15.8       Counterparts

 

This Agreement may be executed in counterparts,
all of which together shall constitute one agreement binding on all of 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.

 

15.9       Applicable
Law

 

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

 

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.

 

15.11     Entire
Agreement

 

This Agreement contains the entire understanding
and agreement among the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings
or agreements among them with respect thereto.

 

15.12     Merger

 

Subject to Section 4.2 herein, the Partnership
may merge with, or consolidate into, any Person or Entity in accordance with Section 17-211 of the Act.

 

15.13     No
Rights as Stockholders

 

Nothing contained in this Agreement shall be
construed as conferring upon the holders of the Partnership Units any rights whatsoever as stockholders of the General Partner,
including, without limitation, any right to receive dividends or other distributions made to shareholders or to vote or to consent
or receive notice as shareholders in respect to any meeting or shareholders for the election of directors of the General Partner
or any other matter.

 

[SIGNATURE PAGE FOLLOWS]

 

    	65

    	 

    

 

Signature Page to Agreement of Limited
Partnership of American Realty Capital Operating Partnership II, L.P., among the undersigned and the other parties thereto.

 

	 	GENERAL PARTNER:
	 	 
	 	
        AMERICAN REALTY CAPITAL DAILY NET

        ASSET VALUE TRUST, INC.

	 	 
	 	By:	/s/William M. Kahane
	 	 	Name:	William M. Kahane
	 	 	Title:	President
	 	 	 
	 	INITIAL LIMITED PARTNER:
	 	 
	 	AMERICAN REALTY CAPITAL ADVISORS II, LLC
	 	 
	 	By: American Realty Capital Trust II Special Limited Partner, LLC, its Member
	 	 	 
	 	By:	American Realty Capital II, LLC,
	 	 	its Managing Member
	 	 	 
	 	By:	/s/Nicholas S. Schorsch
	 	 	Name:	Nicholas S. Schorsch
	 	 	Title:	Authorized Signatory
	 	 	 
	 	SPECIAL LIMITED PARTNER:
	 	 
	 	AMERICAN REALTY CAPITAL TRUST II SPECIAL LIMITED PARTNER, LLC
	 	 	 
	 	By:	American Realty Capital II, LLC,
	 	 	its Managing Member
	 	 	 
	 	By:	/s/Nicholas S. Schorsch
	 	 	Name:	Nicholas S. Schorsch
	 	 	Title:	Authorized Signatory

 

    	 

    	 

    

 

Corporate/Limited Liability Company Additional
Limited Partner Signature Page to Agreement of Limited Partnership of American Realty Capital Operating Partnership II, L.P., among
the undersigned and the other parties thereto.

 

	Dated:  ____________ __, 20___	[Name of Corporation/LLC]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Individual Additional Limited Partner
Signature Page to Agreement of Limited Partnership of American Realty Capital Operating Partnership II, L.P., among the undersigned
and the other parties thereto.

 

	Dated:  ____________ __, 20___	 
	 	 
	 	 

 

    	 

    	 

    

 

Partnership Limited Partner Signature
Page to Agreement of Limited Partnership of American Realty Capital Operating Partnership II, L.P., among the undersigned and the
other parties thereto.

 

	Dated:  ____________ __, 20___	[Name of LP]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

Exhibit A

 

Partners’ Contributions and Partnership Interests

 

	Name and Address of Partner	 	Type of Interest	 	 	Capital
 Contribution	 	 	Number of

    Partnership Units	 	 	Percentage
 Interest	 
	American Realty Capital Daily Net	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Asset Value Trust, Inc. 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	405 Park Avenue	 	 	General
                                                                                             Partnership	 	 	 	 	 	 	 	 	 	 	 	 	 
	New York, New York 10022	 	 	Interest	 	 	$	200,000	 	 	 	20,000	 	 	 	99	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	American Realty Capital Advisors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	II, LLC 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	405 Park Avenue	 	 	Limited
                                                                                  Partnership	 	 	 	 	 	 	 	 	 	 	 	 	 
	New York, New York 10022	 	 	Interest	 	 	$	2,020	 	 	 	202	 	 	 	1	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	American Realty Capital Trust II 
Special Limited Partner, LLC
    
405 Park Avenue 
New York, New York 10022	 	 	Subordinated
                                                                                15% interest in distributions described in Sections
                                                                                5.1(b), 5.1(c) and 5.1(d)	 	 	 	None	 	 	 	Not applicable	 	 	 	Not applicable	 

  

    	A-1

    	 

    

 

Exhibit B

 

Allocations

 

1.          Allocation
of Net Income and Net Loss.

 

(a)          General.

 

Net Income, Net Loss and, to the extent
necessary, individual items of income, gain, loss or deduction, of the Partnership for each fiscal year or other applicable period
of the Partnership shall be allocated among the General Partner and Limited Partners in accordance with their respective Percentage
Interests;

 

Notwithstanding the foregoing, and
subject only to the provisions of subparagraph 1(b) and, to the extent set forth in this clause (ii) below, subparagraph 1(c),
Net Income shall first be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations
of income for all fiscal years equal to the aggregate amount of distributions the Special Limited Partner is entitled to receive
or has received with respect to the Special Limited Partner Interest for such fiscal year and all prior fiscal years, provided
that in the event the Special Limited Partner’s entitlement to income allocations in such fiscal year would be satisfied
pursuant to the allocations set forth in subparagraph 1(c) below, then such allocations shall be made pursuant to subparagraph
1(c) below in lieu of the provisions of this clause (ii).

 

(b)          General
Partner Gross Income Allocation. There shall be specially allocated to the General Partner an amount of (i) first, items
of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period, before
any other allocations are made hereunder, in an amount equal to the excess, if any, of (A) the cumulative distributions made
to the General Partner under Section 7.3(b) of the Agreement, other than distributions which would properly be treated as “guaranteed
payments” or which are attributable to the reimbursement of expenses which would properly be deductible by the Partnership,
over (B) the cumulative allocations of Partnership income and gain to the General Partner under this subparagraph 1(b).

 

(c)          Special
Allocation with Respect to Sales. Items of income, gain, credit, loss and deduction of the Partnership for each fiscal year
or other applicable period from Sales, other than any such items allocated under subparagraph 1(b), shall be allocated among the
Partners in a manner that will, as nearly as possible (after giving effect to the allocations under subparagraph 1(a) and paragraph
2 cause the Capital Account balance of each Partner at the end of such fiscal year or other applicable period to equal (i) the
amount of the distributions that would be made to such Partner pursuant to Section 5.1(b) of the Agreement if the Partnership were
dissolved, its affairs wound up and its assets were sold for cash equal to their Gross Asset Value, taking into account any adjustments
thereto for such period, all Partnership liabilities were satisfied in full in cash according to their terms (limited with respect
to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and Net Sales Proceeds (after satisfaction
of such liabilities) were distributed in full in accordance with Section 5.1(b) to the Partners immediately after making such allocations,
minus (ii) the sum of such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the
amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all
computed immediately prior to the hypothetical sale of assets

 

    	B-1

    	 

    

 

2.          Regulatory
Allocations. Notwithstanding any provisions of paragraph 1 of this Exhibit B, the following special allocations shall be made.

 

(a)          Minimum
Gain Chargeback (Nonrecourse Liabilities). Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there
is a net decrease in Partnership Minimum Gain for any Partnership fiscal 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 to the extent required by Section 1.704-2(f) of the Regulations. The items to be
so allocated shall be determined in accordance with Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is intended
to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently
therewith. Allocations pursuant to this subparagraph 2(a) shall be made in proportion to the respective amounts required to be
allocated to each Partner pursuant hereto.

 

(b)          Partner
Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a net decrease
in Partner Nonrecourse Debt Minimum Gain during any fiscal year, each Partner who has a share of the Partner Nonrecourse Debt Minimum
Gain, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially allocated items of Partnership
income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Partner’s share of the net
decrease in the Partner Nonrecourse Debt Minimum Gain to the extent and in the manner required by Section 1.704-2(i) of the Regulations.
The items to be so allocated shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This
subparagraph 2(b) is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained
in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(b)
shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto.

 

(c)          Qualified
Income Offset. If a Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including
gross income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted
Capital Account Deficit as quickly as possible as required by the Regulations. This subparagraph 2(c) is intended to constitute
a “qualified income offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently
therewith.

 

(d)          Other
Chargeback of Impermissible Negative Capital Account. To the extent any Partner has an Adjusted Capital Account Deficit at
the end of any Partnership fiscal year, each such Partner shall be specially allocated items of Partnership income (including gross
income) and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this paragraph 2(d)
shall be made if and only to the extent that such Partner would have an Adjusted Capital Account Deficit after all other allocations
provided for in this Exhibit B have been tentatively made as if this paragraph 2(d) were not in the Agreement.

 

    	B-2

    	 

    

 

(e)          Nonrecourse
Deductions. Nonrecourse Deductions for any fiscal year or other applicable period shall be allocated to the Partners in accordance
with their respective Percentage Interests.

 

(f)          Partner
Nonrecourse Deductions. Partner Nonrecourse Deductions for any fiscal year or other applicable period with respect to a Partner
Nonrecourse Debt shall be specially allocated to the Partner that bears the economic risk of loss for such Partner Nonrecourse
Debt (as determined under Sections 1.704-2(b)(4) and 1.704-2(i)(1) of the Regulations).

 

(g)          Section
754 Adjustment. To the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section 734(b)
of the Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations, 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 gain or
loss shall be specially allocated among the Partners in a manner consistent with the manner in which each of their respective Capital
Accounts are required to be adjusted pursuant to such section of the Regulations.

 

3.          Curative
Allocations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations
or with special allocations of other items of Partnership income, gain, loss, or deduction pursuant to this paragraph 3. Therefore,
notwithstanding any other provision of this Exhibit B (other than the Regulatory Allocations and Tax Allocations), the General
Partner shall make such offsetting allocations of Partnership income, gain, loss or deduction in whatever manner the General
Partner determines appropriate so that, after such offsetting allocations are made, each Partner’s Capital Account balance
is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were
not part of this Agreement.

 

4.          Tax
Allocations.

 

(a)          Items
of Income or Loss. Except as is otherwise provided in this Exhibit B, an allocation of Partnership Net Income or Net Loss to
a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss, deduction and
item of tax-exempt income or Section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Regulations Section
1.704-1(b)(2)(iv)(i)) (“Tax Items”) that is taken into account in computing Net Income or Net Loss.

 

(b)          Section
1245/1250 Recapture. If any portion of gain from the sale of Partnership assets is treated as gain which is ordinary income
by virtue of the application of Code Sections 1245 or 1250 (“Affected Gain”), then such Affected Gain shall be allocated
among the Partners in the same proportion that the depreciation and amortization deductions giving rise to the Affected Gain were
allocated. This subparagraph 3(b) shall not alter the amount of Net Income (or items thereof) allocated among the Partners, but
merely the character of such Net Income (or items thereof). For purposes hereof, in order to determine the proportionate allocations
of depreciation and amortization deductions for each fiscal year or other applicable period, such deductions shall be deemed allocated
on the same basis as Net Income and Net Loss for such respective period.

 

    	B-3

    	 

    

 

(c)          Precontribution
Gain, Revaluations. With respect to any Contributed Property, the Partnership shall use any permissible method contained in
the Regulations promulgated under Section 704(c) of the Code selected by the General Partner, in its sole discretion, to take into
account any variation between the adjusted basis of such asset and the fair market value of such asset as of the time of the contribution
(“Precontribution Gain”). Each Partner hereby agrees to report income, gain, loss and deduction on such Partner’s
federal income tax return in a manner consistent with the method used by the Partnership. If any asset has a Gross Asset Value
which is different from the Partnership’s adjusted basis for such asset for federal income tax purposes because the Partnership
has revalued such asset pursuant to Regulations Section 1.704-1(b)(2)(iv)(f), the allocations of Tax Items shall be made in accordance
with the principles of Section 704(c) of the Code and the Regulations and the methods of allocation promulgated thereunder. The
intent of this subparagraph 3(c) is that each Partner who contributed to the capital of the Partnership a Contributed Property
will bear, through reduced allocations of depreciation, increased allocations of gain or other items, the tax detriments associated
with any Precontribution Gain. This subparagraph 3(c) is to be interpreted consistently with such intent.

 

(d)          Excess
Nonrecourse Liability Safe Harbor. Pursuant to Regulations Section 1.752-3(a)(3), solely for purposes of determining each Partner’s
proportionate share of the “excess nonrecourse liabilities” of the Partnership (as defined in Regulations Section 1.752-3(a)(3)),
the Partners’ respective interests in Partnership profits shall be determined under any permissible method reasonably determined
by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall be allocated,
to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such Partner
being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income pursuant to Section 704(c)
of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”). If there is an insufficient amount
of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to the Liability Shortfall, then
an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall be allocated to each
Partner.

 

(e)          References
to Regulations. Any reference in this Exhibit B or the Agreement to a provision of proposed and/or temporary Regulations shall,
if such provision is modified or renumbered, be deemed to refer to the successor provision as so modified or renumbered, but only
to the extent such successor provision applies to the Partnership under the effective date rules applicable to such successor provision.)

 

(f)          Successor
Partners. For purposes of this Exhibit B, a transferee of a Partnership Interest shall be deemed to have been allocated the
Net Income, Net Loss and other items of Partnership income, gain, loss, deduction and credit allocable to the transferred Partnership
Interest that previously have been allocated to the transferor Partner pursuant to this Agreement.

 

    	B-4

    	 

    

 

Exhibit C

 

Certificate of Limited Partnership

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