Document:

Exhibit 10.1

 

FIRST AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

 

OF

 

POSTAL REALTY LP

(a Delaware limited partnership)

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I	DEFINED TERMS	1
	ARTICLE II	FORMATION OF THE PARTNERSHIP	11
	2.01	Formation of the Partnership	11
	2.02	Name	11
	2.03	Registered Office and Agent; Principal Office	11
	2.04	Term and Dissolution.	11
	2.05	Filing of Certificate and Perfection of Limited Partnership	12
	2.06	Certificates Describing Partnership Units	12
	ARTICLE III	BUSINESS OF THE PARTNERSHIP	13
	ARTICLE IV	CAPITAL CONTRIBUTIONS AND ACCOUNTS	13
	4.01	Capital Contributions	13
	4.02	Additional Capital Contributions and Issuances of Additional Partnership Units	13
	4.03	Additional Funding	16
	4.04	LTIP Units	16
	4.05	Conversion of LTIP Units	19
	4.06	Capital Accounts	22
	4.07	Percentage Interests	23
	4.08	No Interest on Contributions	23
	4.09	Return of Capital Contributions	23
	4.10	No Third-Party Beneficiary	23
	ARTICLE V	PROFITS AND LOSSES; DISTRIBUTIONS	24
	5.01	Allocation of Profit and Loss	24
	5.02	Distribution of Cash	26
	5.03	REIT Distribution Requirements	27
	5.04	No Right to Distributions in Kind	27
	5.05	Limitations on Return of Capital Contributions	27
	5.06	Distributions Upon Liquidation.	27
	5.07	Substantial Economic Effect	28
	ARTICLE VI	RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER	28
	6.01	Management of the Partnership	28
	6.02	Delegation of Authority	31
	6.03	Indemnification and Exculpation of Indemnitees	31
	6.04	Liability of the General Partner	32
	6.05	Partnership Obligations	33
	6.06	Outside Activities	34
	6.07	Employment or Retention of Affiliates	34
	6.08	General Partner Activities	34
	6.09	Title to Partnership Assets	34
	ARTICLE VII	CHANGES IN GENERAL PARTNER	35
	7.01	Transfer of the General Partner’s Partnership Interest	35
	7.02	Admission of a Substitute or Additional General Partner	37
	7.03	Effect of Bankruptcy, Withdrawal, Death or Dissolution of General Partner	37
	7.04	Removal of General Partner	38

 

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	ARTICLE VIII	RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS	39
	8.01	Management of the Partnership	39
	8.02	Power of Attorney	39
	8.03	Limitation on Liability of Limited Partners	39
	8.04	Common Unit Redemption Right	40
	8.05	Registration	42
	ARTICLE IX	TRANSFERS OF PARTNERSHIP INTERESTS	46
	9.01	Purchase for Investment	46
	9.02	Restrictions on Transfer of Partnership Units	47
	9.03	Admission of Substitute Limited Partner	48
	9.04	Rights of Assignees of Partnership Units	49
	9.05	Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner	49
	9.06	Joint Ownership of Partnership Units	49
	ARTICLE X	BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS	50
	10.01	Books and Records	50
	10.02	Custody of Partnership Funds; Bank Accounts	50
	10.03	Fiscal and Taxable Year	50
	10.04	Annual Tax Information and Report	50
	10.05	Partnership Representative; Tax Elections; Special Basis Adjustments	51
	ARTICLE XI	AMENDMENT OF AGREEMENT; MERGER	52
	11.01	Amendment of Agreement	52
	11.02	Merger of Partnership	53
	ARTICLE XII	GENERAL PROVISIONS	53
	12.01	Notices	53
	12.02	Survival of Rights	53
	12.03	Additional Documents	53
	12.04	Severability	53
	12.05	Entire Agreement	53
	12.06	Pronouns and Plurals	54
	12.07	Headings	54
	12.08	Counterparts	54
	12.09	Governing Law	54

 

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EXHIBITS

 

EXHIBIT A—Partners, Capital Contributions and Percentage
Interests

 

EXHIBIT B—Notice of Exercise of Common Unit Redemption
Right

 

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

 

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

 

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

 

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

 

     

     

    

 

FIRST AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP

OF

POSTAL REALTY LP

RECITALS

 

Postal Realty LP (the “Partnership”)
was formed as a limited partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed
with the Secretary of State of the State of Delaware on November 16, 2018 and an Agreement of Limited Partnership entered into
as of December 26, 2018 (the “Original Agreement”), by and between Postal Realty Trust, Inc., a Maryland corporation
(the “General Partner”), and Postal Realty Limited Partner LLC, a Delaware limited liability company (the “Original
Limited Partner”). This First Amended and Restated Agreement of Limited Partnership is entered into this 16th day of
May, 2019 among the General Partner and the Limited Partners set forth on Exhibit A hereto, for the purpose of amending
and restating the Agreement of Limited Partnership.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree to amend the Agreement of Limited Partnership to read in its entirety
as follows:

 

ARTICLE
I

DEFINED TERMS

 

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

 

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

 

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

 

“Additional Securities”
means any: (1) shares of capital stock of the General Partner now or hereafter authorized or reclassified that have dividend rights,
or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares (“Preferred Shares”),
(2) REIT Shares, (3) shares of capital stock of the General Partner now or hereafter authorized or reclassified that have dividend
rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares (“Junior Shares”)
and (4) (i) rights, options, warrants or convertible or exchangeable securities having the right to subscribe for or purchase REIT
Shares, Preferred Shares or Junior Shares, or (ii) indebtedness issued by the General Partner that provides any of the rights described
in clause (4)(i) of this definition (any such securities referred to in clause (4)(i) or (ii) of this definition, “New
Securities”).

 

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

 

     

     

    

 

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

 

“Affiliate” means, (i)
any Person that, directly or indirectly, controls or is controlled by or is under common control with such Person, (ii) any other
Person that owns, beneficially, directly or indirectly, 10% or more of the outstanding capital stock, shares or equity interests
of such Person, or (iii) any officer, director, employee, partner, member, manager or trustee of such Person or any Person controlling,
controlled by or under common control with such Person. For the purposes of this definition, “control” (including the
correlative meanings of the terms “controlled by” and “under common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, through the ownership of voting securities or partnership interests, contract or otherwise.

 

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

 

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

 

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

 

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

 

“Capital Account” has
the meaning set forth in Section 4.06 hereof.

 

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

 

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

 

“Cash Amount” means an
amount of cash per Common Unit equal to the Value of the REIT Shares Amount on the Specified Redemption Date.

 

    	 	2	 

     

    

 

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

 

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

 

“Code” means the Internal
Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision of the Code
shall mean that provision in the Code at the date hereof and any successor provision of the Code.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Common Unit” means either
a Class A Common Unit or a Class B Common Unit.

 

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

 

    	 	3	 

     

    

 

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

 

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

 

“Conversion Factor” means
a factor of 1.0, as such factor may be adjusted as provided in this definition and in Section 6.08. The Conversion Factor will
be adjusted in the event that the General Partner (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares
or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares
or (iii) combines its outstanding REIT Shares into a smaller number of REIT Shares. In each of such events, the Conversion Factor
shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of REIT Shares
issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes
that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall
be the actual number of REIT Shares (determined without the above assumption) issued and outstanding on such record date and, provided
further, that in the event that an entity other than an Affiliate of the General Partner shall become General Partner pursuant
to any merger, consolidation or combination of the General Partner with or into another entity (the “Successor Entity”),
the Conversion Factor shall be adjusted by multiplying the Conversion Factor by the number of shares of the Successor Entity into
which one REIT Share is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger,
consolidation or combination. Any adjustment to the Conversion Factor shall become effective immediately after the effective date
of such event retroactive to the record date, if any, for such event. If, however, the General Partner receives a Notice of Redemption
after the record date, if any, but prior to the effective date of such event, the Conversion Factor shall be determined as if the
General Partner had received the Notice of Redemption immediately prior to the record date for the event.

 

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

 

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

 

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

 

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

 

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

 

“Equity Incentive Plan”
means any equity incentive or compensation plan hereafter adopted by the Partnership or the General Partner, including, without
limitation, the General Partner’s 2019 Equity Incentive Plan.

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Indemnified Party” has
the meaning set forth in Section 8.05(f) hereof.

 

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

 

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

 

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

 

“Junior Shares” has the
meaning set forth in the definition of “Additional Securities.”

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

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

 

“Loss” has the meaning
set forth in Section 5.01(h) hereof.

 

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

 

“New Securities” has
the meaning set forth in the definition of “Additional Securities”.

 

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

 

“NYSE” means the New
York Stock Exchange.

 

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

 

“Offering” means the
underwritten initial public offering of REIT Shares.

 

“Original Date” means
December 26, 2019.

 

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

 

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

 

    	 	6	 

     

    

 

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

 

“Partnership” means Postal
Realty LP, a limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto.

 

“Partnership Interest”
means an ownership interest in the Partnership held by a 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 Class A Common Units, Class
B Common Units, LTIP Units or other Partnership Units.

 

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

 

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

 

“Partnership Record Date”
means the record date established by the General Partner for the distribution of cash pursuant to Section 5.02 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 Representative”
has the meaning set forth within Section 6223 of the Code.

 

“Partnership Unit” means
a fractional, undivided share of the Partnership Interests of all Partners issued hereunder, and includes Class A Common Units,
Class B Common Units, LTIP Units and any other class or series of Partnership Units that may be established after the date hereof
in accordance with the terms hereof. The number of Partnership Units outstanding and the Percentage Interests represented by such
Partnership Units are set forth on Exhibit A hereto, as it may be amended or restated from time to time.

 

“Partnership Unit Designation”
has the meaning set forth in Section 4.02(a)(i) hereof.

 

“Percentage Interest”
means (i) as to the Class A Common Units, the percentage determined by dividing the number of Class A Common Units of a Partner
by the aggregate number of Class A Common Units of all Partners, treating LTIP Units, in accordance with Section 4.04(a), as Class
A Common Units for this purpose (the “Class A Percentage Interest”), (ii) as to the Class B Common Units, the
percentage determined by dividing the number of Class B Common Units of a Partner by the aggregate number of Class B Common Units
of all Partners (the “Class B Percentage Interest”), and (iii) as to the Partnership, the percentage determined
by dividing the number of Class A and Class B Common Units of a Partner by the aggregate number of Class A and Class B Common Units
of all Partners, treating LTIP Units, in accordance with Section 4.04(a), as Class A Common Units for this purpose (the “Common
Percentage Interest”).

 

    	 	7	 

     

    

 

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

 

“Preferred Shares” has
the meaning set forth in the definition of “Additional Securities”.

 

“Profit” has the meaning
set forth in Section 5.01(h) hereof.

 

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

 

“Redeeming Limited Partner”
has the meaning set forth in Section 8.04(a) hereof.

 

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

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

“Rule 144” has the meaning
set forth in Section 8.05(c)(2) hereof.

 

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

 

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

 

“Safe Harbor Election”
has the meaning set forth in Section 11.01 hereof.

 

“Safe Harbor Interests”
has the meaning set forth in Section 11.01 hereof.

 

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

 

“Service” means the Internal
Revenue Service.

 

“Stock Ownership Limit”
has the meaning set forth in the Articles.

 

“Specified Redemption Date”
means the first business day of the calendar quarter that is at least 60 calendar days after the receipt by the General Partner
of a Notice of Redemption.

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	10	 

     

    

 

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

 

ARTICLE
II

FORMATION OF THE PARTNERSHIP

 

2.01         Formation
of the Partnership. The Partnership was formed as a limited partnership pursuant to the provisions of the Act and upon
the terms and conditions set forth in the Original Agreement. Concurrently with the execution of this Agreement, the Original Limited
Partner is withdrawing from the Partnership and relinquishing any and all rights or interest he may have in the Partnership other
than as set forth on Exhibit A, and the Partnership is continued without dissolution. Except as expressly provided herein
to the contrary, the rights and obligations of the Partners and 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.

 

2.02         Name.
The Name of the Partnership shall be “Postal Realty LP” and the Partnership’s business may be conducted under
any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof.
The words “Limited Partnership,” “LP,” “L.P.” or “Ltd.” or similar words or letters
shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction
that so requires. The General Partner in its sole and absolute discretion may change the name of the Partnership at any time and
from time to time and shall notify the Partners of such change in the next regular communication to the Partners; provided, however,
failure to so notify the Partners shall not invalidate such change or the authority granted hereunder.

 

2.03         Registered
Office and Agent; Principal Office. The registered office of the Partnership in the State of Delaware is located at 1675
South State Street, Suite B, Dover DE 19901 and the registered agent for service of process on the Partnership in the State of
Delaware at such registered office is Capitol Services, Inc. The principal office of the Partnership is located at 75Columbia Avenue,
Cedarhurst, NY 11516, or such other place as the General Partner may from time to time designate. Upon such a change of the principal
office of the Partnership, the General Partner shall notify the Partners of such change in the next regular communication to the
Partners; provided, however, failure to so notify the Partners shall not invalidate such change or the authority
granted hereunder. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as
the General Partner deems necessary or desirable.

 

2.04         Term
and Dissolution.

 

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

 

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

 

    	 	11	 

     

    

 

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

 

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

 

(iv)        the
dissolution of the Partnership upon election by the General Partner.

 

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

 

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

 

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

 

THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED
BY THIS CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH (A) THE PROVISIONS OF THE AGREEMENT OF LIMITED PARTNERSHIP
OF POSTAL REALTY LP, AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME, AND (B) ANY APPLICABLE FEDERAL OR STATE SECURITIES
OR BLUE SKY LAWS.

 

    	 	12	 

     

    

 

ARTICLE III

 

BUSINESS OF THE
PARTNERSHIP

 

The purpose and nature of the business of
the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the
Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General
Partner at all times to qualify as a REIT, unless the General Partner otherwise ceases to, or the Board of Directors determines,
pursuant to Section 5.7 of the Articles, that the General Partner shall no longer qualify as a REIT, (ii) to enter into any partnership,
joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged
in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and
without limiting the General Partner’s right in its sole and absolute discretion to cease qualifying as a REIT, the Partners
acknowledge that the General Partner intends to elect REIT status and the avoidance of income and excise taxes on the General Partner
inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners
agree that the General Partner may terminate or revoke its status as a REIT under the Code at any time. The General Partner shall
also be empowered to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified
as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code.

 

ARTICLE
IV

CAPITAL CONTRIBUTIONS
AND ACCOUNTS

 

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

 

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

 

    	 	13	 

     

    

 

(a)           Issuances
of Additional Partnership Units.

 

(i)          General.
As of the effective date of this Agreement, the Partnership shall have authorized three classes of Partnership Units, entitled
“Class A Common Units,” “Class B Common Units,” and “LTIP Units.” The General Partner is hereby
authorized to cause the Partnership to issue additional Partnership Interests, in the form of Partnership Units, for any Partnership
purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration
and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without
the approval of any Limited Partners. The General Partner’s determination that consideration is adequate shall be conclusive
insofar as the adequacy of consideration relates to whether the Partnership Units are validly issued and fully paid. Any additional
Partnership Units issued thereby may be issued in one or more classes, or one or more series of any of such classes, with such
designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers
and duties senior to the then-outstanding Partnership Units held by the Limited Partners, all as shall be determined by the General
Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law that cannot
be preempted by the terms hereof and as set forth in a written document hereafter attached to and made an exhibit to this Agreement
(each, a “Partnership Unit Designation”), which document shall include, without limitation, (i) the allocations
of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Units; (ii) the right
of each such class or series of Partnership Units to share in Partnership distributions; and (iii) the rights of each such class
or series of Partnership Units upon dissolution and liquidation of the Partnership; provided, however, that no additional
Partnership Units shall be issued to the General Partner (or any direct or indirect wholly-owned Subsidiary of the General Partner)
unless:

 

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

 

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

 

    	 	14	 

     

    

 

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

 

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

 

Without limiting the foregoing, the General Partner is expressly
authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner
concludes in good faith that such issuance is in the interests of the Partnership. Upon the issuance of any additional Partnership
Units, the General Partner shall amend Exhibit A as appropriate to reflect such issuance.

 

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

 

    	 	15	 

     

    

 

(b)          Certain
Contributions of Proceeds of Issuance of REIT Shares. In connection with any and all issuances of REIT Shares, the General
Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall make Capital Contributions to the Partnership
of the proceeds therefrom (if any), provided that if the proceeds actually received and contributed by the General Partner
(or any direct or indirect wholly owned Subsidiary of the General Partner) are less than the gross proceeds of such issuance as
a result of any underwriter’s discount, commissions, placement fees or other expenses paid or incurred in connection with
such issuance, then the General Partner (or any direct or indirect wholly owned Subsidiary of the General Partner) shall be deemed
to have made a Capital Contribution to the Partnership in the amount equal to the sum of the net proceeds of such issuance plus
the amount of such underwriter’s discount, commissions, placement fees or other expenses paid by the General Partner, and
the Partnership shall be deemed simultaneously to have reimbursed such discount, commissions, placement fees and expenses as an
Administrative Expense for the benefit of the Partnership for purposes of Section 6.05(b).

 

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

 

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

 

4.04         LTIP
Units.

 

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

 

    	 	16	 

     

    

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	18	 

     

    

 

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

 

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

 

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

 

4.05         Conversion
of LTIP Units.

 

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

 

(b)           A
holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Class A Common Units,
giving effect to all adjustments (if any) made pursuant to Section 4.04 hereof. Notwithstanding the foregoing, in no event may
a holder of Vested LTIP Units convert a number of Vested LTIP Units that exceeds (x) the Economic Capital Account Balance of such
Limited Partner, to the extent attributable to its ownership of LTIP Units, divided by (y) the Class A Common Unit Economic Balance,
in each case as determined as of the effective date of conversion (the “Capital Account Limitation”).

 

    	 	19	 

     

    

 

In order to exercise the Conversion Right,
an LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit D hereto
to the Partnership (with a copy to the General Partner) not less than ten nor more than 60 days prior to a date (the “Conversion
Date”) specified in such Conversion Notice; provided, however, that if the General Partner has not given
to the LTIP Unitholders notice of a proposed or upcoming Class A Common Unit Transaction (as defined in Section 4.05(f) hereof)
at least 30 days prior to the effective date of such Common Unit Transaction, then LTIP Unitholders shall have the right to deliver
a Conversion Notice until the earlier of (x) the tenth day after such notice from the General Partner of a Class A Common Unit
Transaction or (y) the third Trading Day immediately preceding the effective date of such Class A Common Unit Transaction. A Conversion
Notice shall be provided in the manner provided in Section 12.01 hereof. Each LTIP Unitholder covenants and agrees with the Partnership
that all Vested LTIP Units to be converted pursuant to this Section 4.05(b) shall be free and clear of all liens, claims and encumbrances.
Notwithstanding anything herein to the contrary, a holder of LTIP Units may deliver a Notice of Redemption pursuant to Section
8.04(a) hereof relating to those Class A Common Units that will be issued to such holder upon conversion of such LTIP Units into
Class A Common Units in advance of the Conversion Date; provided, however, that the redemption of such Class A Common
Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the
objective of this paragraph is to put an LTIP Unitholder in a position where, if such holder so wishes, the Class A Common Units
into which such holder’s Vested LTIP Units will be converted can be tendered to the Partnership for redemption simultaneously
with such conversion, with the further consequence that, if the General Partner elects to assume the Partnership’s redemption
obligation with respect to such Class A Common Units under Section 8.04(b) hereof by delivering to such holder the REIT Shares
Amount, then such holder can have the REIT Shares Amount issued to such holder simultaneously with the conversion of such holder’s
Vested LTIP Units into Class A Common Units. The General Partner and LTIP Unitholder shall reasonably cooperate with each other
to coordinate the timing of the events described in the foregoing sentence.

 

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

 

    	 	20	 

     

    

 

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

 

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

 

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

 

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

 

    	 	21	 

     

    

 

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

 

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

 

    	 	22	 

     

    

 

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

 

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

 

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

 

4.10         No
Third-Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right to
enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder
or at law or in equity, it being understood and agreed that the provisions of this Agreement, except as provided in Section 6.03(h),
shall be solely for the benefit of, and may be enforced solely by, the parties to this Agreement and their respective successors
and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership
shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations
be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation
of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited
Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction
holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property,
such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality
of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or
property of the Partnership.

 

    	 	23	 

     

    

 

ARTICLE V

 

PROFITS AND LOSSES;
DISTRIBUTIONS

 

5.01         Allocation
of Profit and Loss.

 

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

 

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

 

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

 

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

 

    	 	24	 

     

    

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

(i)            Preferred
Units. The General Partner shall amend this agreement from time to time to reflect the allocation of profit and loss in connection
with priority distributions on any preferred units of limited partnership interest issued by the Partnership.

 

5.02         Distribution
of Cash.

 

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

 

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

 

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

 

(d)           Notwithstanding
any other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary
or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal,
state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445, 1446, and 1471-1474 of the Code. To the
extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation
or distribution of income to a Partner or assignee (including by reason of Section 1446 of the Code), either (i) if the actual
amount to be distributed to the Partner (the “Distributable Amount”) equals or exceeds the Withheld Amount,
the entire Distributable Amount shall be treated as a distribution of cash to such Partner, or (ii) if the Distributable Amount
is less than the Withheld Amount, the excess of the Withheld Amount over the Distributable Amount shall be treated as a Partnership
Loan from the Partnership to the Partner on the day the Partnership pays over such amount to a taxing authority. A Partnership
Loan shall be repaid upon the demand of the Partnership or, alternatively, through withholding by the Partnership with respect
to subsequent distributions to the applicable Partner or assignee. In the event that a Limited Partner fails to pay any amount
owed to the Partnership with respect to the Partnership Loan within 15 days after demand for payment thereof is made by the Partnership
on the Limited Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership
on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have
extended a General Partner Loan to the Defaulting Limited Partner in the amount of the payment made by the General Partner and
shall succeed to all rights and remedies of the Partnership against the Defaulting Limited Partner as to that amount. Without limitation,
the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting
Limited Partner until such time as the General Partner Loan has been paid in full, and any such distributions so received by the
General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General
Partner.

 

    	 	26	 

     

    

 

Any amounts treated as a Partnership Loan
or a General Partner Loan pursuant to this Section 5.02(d) shall bear interest at the lesser of (i) 300 basis points above the
base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall
Street Journal or, if not so published, in any similar publication, or (ii) the maximum lawful rate of interest on such obligation,
such interest to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until
such loan is repaid in full.

 

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

 

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

 

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

 

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

 

5.06         Distributions
Upon Liquidation.

 

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

 

    	 	27	 

     

    

 

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

 

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

 

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

 

ARTICLE
VI

RIGHTS, OBLIGATIONS
AND POWERS OF THE GENERAL PARTNER

 

6.01         Management
of the Partnership.

 

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

 

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

 

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

 

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

 

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

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	30	 

     

    

 

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

 

6.03         Indemnification
and Exculpation of Indemnitees.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6.04         Liability
of the General Partner.

 

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

 

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

 

    	 	32	 

     

    

 

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

 

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

 

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

 

6.05         Partnership
Obligations.

 

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

 

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

 

    	 	33	 

     

    

 

 

6.06         Outside
Activities. Subject to Section 6.08 hereof, the Articles and any agreements entered into by the General Partner or its
Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the
General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in
addition to those relating to the Partnership, including business interests and activities substantially similar or identical to
those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement
in any such business ventures, interest or activities. None of the Limited Partners nor any other Person shall have any rights
by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities,
and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures,
interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character that, if presented
to the Partnership or any Limited Partner, could be taken by such Person.

 

6.07         Employment
or Retention of Affiliates.

 

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

 

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

 

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

 

6.08         General
Partner Activities. The General Partner agrees that, generally, all business activities of the General Partner, including
activities pertaining to the acquisition, development, ownership of or investment in real property or other property, shall be
conducted through the Partnership or one or more Subsidiaries of the Partnership; provided, however, that the General
Partner may make direct acquisitions or undertake business activities if such acquisitions or activities are made in connection
with the issuance of Additional Securities by the General Partner or the business activity has been approved by a majority of the
Independent Directors. If, at any time, the General Partner acquires material assets (other than Partnership Units or other assets
on behalf of the Partnership) without transferring such assets to the Partnership, the definition of “REIT Shares Amount”
may be adjusted, as reasonably determined by the General Partner, to reflect only the fair market value of a REIT Share attributable
to the General Partner’s Partnership Units and other assets held on behalf of the Partnership.

 

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

 

    	 	34	 

     

    

 

ARTICLE
VII

CHANGES IN GENERAL
PARTNER

 

7.01         Transfer
of the General Partner’s Partnership Interest.

 

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

 

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

 

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

 

(i)          the
consent of a Majority in Interest (excluding, for purposes of determining a Majority in Interest, Partnership Interests held by
the General Partner or any Subsidiary of the General Partner) is obtained;

 

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

 

    	 	35	 

     

    

 

(iii)        the
General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities
or other property in the Transaction or (B) all Limited Partners (other than the General Partner or any Subsidiary of the General
Partner, and, in the case of LTIP Unitholders, subject to the terms of any applicable Equity Incentive Plan or Vesting Agreement)
receive for each Partnership Unit an amount of cash, securities or other property equal or substantially equivalent in value, as
determined by the General Partner in good faith, to the product of the Conversion Factor and the greatest amount of cash, securities
or other property (expressed as an amount per REIT Share) received in the Transaction by any holder of REIT Shares in respect of
such holder’s REIT Shares.

 

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

 

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

 

    	 	36	 

     

    

 

(e)           Notwithstanding
anything in this Article VII,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	37	 

     

    

 

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

 

7.04         Removal
of General Partner.

 

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

 

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

 

    	 	38	 

     

    

 

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

 

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

 

ARTICLE
VIII

RIGHTS AND OBLIGATIONS
OF THE LIMITED PARTNERS

 

8.01         Management
of the Partnership. The Limited Partners shall not participate in the management or control of Partnership business nor
shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers
being vested solely and exclusively in the General Partner. The Limited Partners covenant and agree not to hold themselves out
in a manner that could reasonably be considered in contravention of the terms hereof by any third party.

 

8.02         Power
of Attorney. Each Limited Partner by entry into this Agreement through execution, execution by power of attorney or other
consent, hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner
and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the
appropriate public offices, any and all documents, certificates and instruments (including, without limitation, this Agreement
and all amendments or restatements thereof) as may be deemed necessary or desirable by the General Partner to carry out fully the
provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and
shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any
part or all of its Partnership Interest.

 

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

 

    	 	39	 

     

    

 

8.04         Common
Unit Redemption Right.

 

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

 

(b)           Notwithstanding
the provisions of Section 8.04(a) hereof, if a Limited Partner exercises the Common Unit Redemption Right by delivering to the
Partnership a Notice of Redemption, then the Partnership may, in its sole and absolute discretion, elect to cause the General Partner
to purchase directly and acquire some or all of, and in such event the General Partner agrees to purchase and acquire, such Common
Units by paying to the Redeeming Limited Partner either the Cash Amount or the REIT Shares Amount, as elected by the General Partner
(in its sole and absolute discretion) on the Specified Redemption Date, whereupon the General Partner shall acquire the Common
Units offered for redemption by the Redeeming Limited Partner and shall be treated for all purposes of this Agreement as the owner
of such Common Units.

 

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

 

    	 	40	 

     

    

 

Each Redeeming Limited Partner covenants
and agrees that all Common Units subject to a Notice of Redemption will be delivered to the Partnership or the General Partner
free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims or encumbrances exist or arise
with respect to such Common Units, neither the Partnership nor the General Partner shall be under any obligation to redeem or acquire
such Common Units.

 

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

 

(d)           Any
Cash Amount to be paid to a Redeeming Limited Partner pursuant to this Section 8.04 shall be paid on the Specified Redemption Date;
provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up
to an additional 90 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide
financing to be used to make such payment of the Cash Amount and may also delay such Specified Redemption Date to the extent necessary
to effect compliance with applicable requirements of the law. Any REIT Shares Amount to be paid to a Redeeming Limited Partner
pursuant to this Section 8.04 shall be paid on the Specified Redemption Date; provided, however, that the General
Partner may elect to cause the Specified Redemption Date to be delayed to the extent necessary to effect compliance with applicable
requirements of the law. Notwithstanding the foregoing, the General Partner agrees to use its commercially reasonable efforts to
cause the closing of the acquisition of redeemed Common Units hereunder to occur as quickly as reasonably possible.

 

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

 

    	 	41	 

     

    

 

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

 

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

 

(a)           Shelf
Registration of the REIT Shares. Following the date on which the General Partner becomes eligible to use a registration statement
on Form S-3 for the registration of securities under the Securities Act (the “S-3 Eligible Date”), the General
Partner shall use commercially reasonable efforts to file with the Commission a shelf registration statement under Rule 415 of
the Securities Act (the “Registration Statement”), or any similar rule that may be adopted by the Commission,
covering (i) the issuance of REIT Shares issuable upon redemption of the Common Units held by the Limited Partners as of the date
of this Agreement (“Redemption Shares”) and/or (ii) the resale by the holder of the Redemption Shares. In connection
therewith, the General Partner will:

 

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

 

(2)         to
use our commercially reasonable efforts to keep the Registration Statement continuously effective (including the preparation an
filing of any amendments and supplements necessary for that purpose) until the earlier of (i) the date that is two (2) years after
the date of the effectiveness of the Registration Statement, (ii) the date on which all the Redemption Shares registered on the
Registration Statement are eligible for sale without registration pursuant to Rule 144 under the Securities Act, or any successor
rule thereto (“Rule 144”) without volume limitations or other restrictions on transfer thereunder, or (iii)
the date on which all the Redemption Shares registered by the Registration Statement are sold;

 

    	 	42	 

     

    

 

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

 

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

 

The General Partner further agrees to use
commercially reasonable efforts to supplement or make amendments to the Registration Statement, if required by the rules, regulations
or instructions applicable to the registration form utilized by the General Partner or by the Securities Act or rules and regulations
thereunder for the Registration Statement. Each Limited Partner agrees to furnish to the General Partner, upon request, such information
with respect to the Limited Partner as may be required to complete and file the Registration Statement and to have the Registration
Statement declared effective by the SEC.

 

In connection with and as a condition to
the General Partner’s obligations with respect to the filing of the Registration Statement pursuant to this Section 8.05,
each Limited Partner agrees with the General Partner that:

 

(w)           it
will provide in a timely manner to the General Partner such information with respect to the Limited Partner as reasonably required
to complete the Registration Statement or as otherwise required to comply with applicable securities laws and regulations;

 

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

 

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

 

    	 	43	 

     

    

 

(z)           in
the case of the registration of any underwritten equity offering proposed by the General Partner (other than any registration by
the General Partner on Form S-8, or a successor or substantially similar form, of an employee stock option, stock purchase or compensation
plan or of securities issued or issuable pursuant to any such plan), each Limited Partner will agree, if requested in writing by
the managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of any REIT
Shares or Redemption Shares (or any option or right to acquire REIT Shares or Redemption Shares) during the period commencing on
the tenth day prior to the expected effective date (which date shall be stated in such notice) of the registration statement covering
such underwritten primary equity offering or, if such offering shall be a “take-down” from an effective shelf registration
statement, the tenth day prior to the expected commencement date (which date shall be stated in such notice) of such offering,
and ending on the date specified by such managing underwriter in such written request to the Limited Partners; provided,
however, that no Limited Partner shall be required to agree not to effect any offer, sale or distribution of its Redemption
Shares for a period of time that is longer than the greater of 90 days or the period of time for which any senior executive of
the General Partner is required so to agree in connection with such offering. Nothing in this paragraph shall be read to limit
the ability of any Limited Partner to redeem its Common Units in accordance with the terms of this Agreement.

 

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

 

(c)           Registration
Not Required. Notwithstanding the foregoing, the General Partner shall not be required to file or maintain the effectiveness
of a registration statement relating to Redemption Shares after the first date upon which, in the opinion of counsel to the General
Partner, all of the Redemption Shares covered thereby could be sold by the holders thereof either (i) pursuant to Rule 144 without
limitation as to amount or manner of sale or (ii) pursuant to Rule 144 in one transaction in accordance with the volume limitations
contained in Rule 144(e) under the Securities Act.

 

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

 

    	 	44	 

     

    

 

(e)           Indemnification.

 

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

 

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

 

    	 	45	 

     

    

 

(f)           Contribution.

 

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

 

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

 

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

 

ARTICLE
IX

TRANSFERS OF PARTNERSHIP
INTERESTS

 

9.01         Purchase
for Investment.

 

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

 

    	 	46	 

     

    

 

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

 

9.02         Restrictions
on Transfer of Partnership Units.

 

(a)           Subject
to the provisions of Sections 9.02(b) and (c) hereof, no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise
transfer all or any portion of such Limited Partner’s Partnership Units, or any of such Limited Partner’s economic
rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”)
without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided,
however, that the term Transfer does not include (a) any redemption of Common Units by the Partnership or the General Partner,
or acquisition of Common Units by the General Partner, pursuant to Section 8.04 or (b) any redemption of Partnership Units pursuant
to any Partnership Unit Designation. The General Partner may require, as a condition of any Transfer to which it consents, that
the transferor assume all costs incurred by the Partnership in connection therewith (including, but not limited to, cost of legal
counsel).

 

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

 

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

 

(d)           No
Transfer by a Limited Partner of its Partnership Units, in whole or in part, may be made to any Person if (i) in the opinion of
legal counsel for the Partnership, such Transfer would result in the Partnership being treated as an association taxable as a corporation
(other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code), (ii) in the opinion of legal counsel
for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the
General Partner to any additional taxes under Section 857 or Section 4981 of the Code, (iii) the General Partner determines, in
its sole and absolute discretion, that such Transfer, along or in connection with other Transfers, could cause the Partnership
Units to be treated as readily tradable on an “established securities market” or a “secondary market (or the
substantial equivalent thereof)” within the meaning of Section 7704 of the Code, or (iv) in the opinion of legal counsel
for the Partnership, such Transfer is reasonably likely to cause the Partnership to fail to satisfy the 90% qualifying income test
described in Section 7704(c) of the Code.

 

    	 	47	 

     

    

 

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

 

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

 

9.03         Admission
of Substitute Limited Partner.

 

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

 

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

 

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

 

(iii)        The
assignee shall have delivered a letter containing the representation set forth in Section 9.01(a) hereof and the agreement set
forth in Section 9.01(b) hereof.

 

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

 

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

 

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

 

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

 

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

 

    	 	48	 

     

    

 

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

 

9.04         Rights
of Assignees of Partnership Units.

 

(a)           Subject
to the provisions of Sections 9.01, 9.02 and 9.03 hereof, except as required by operation of law, the Partnership shall not be
obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Units until the Partnership
has received notice thereof.

 

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

 

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

 

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

 

    	 	49	 

     

    

 

ARTICLE
X

BOOKS AND RECORDS;
ACCOUNTING; TAX MATTERS

 

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

 

10.02       Custody
of Partnership Funds; Bank Accounts.

 

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

 

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

 

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

 

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

 

    	 	50	 

     

    

 

10.05       Partnership
Representative; Tax Elections; Special Basis Adjustments.

 

(a)           The
General Partner shall designate each year a Partnership Representative of the Partnership, which may be the General Partner and
shall be the General Partner if no other person is designated. As Partnership Representative, the General Partner shall have the
right and obligation to take all actions authorized and required of such position by Sections 6222 through 6241 of the Code and
any Treasury Regulations thereunder and comparable provisions of state and local law (the “Partnership Audit Rules”).
The General Partner shall have the right to retain professional assistance in respect of any audit of the Partnership by the Service
or to retain the services of a Partnership Representative, and all out-of-pocket expenses and fees incurred by the Partnership
Representative shall constitute Partnership expenses. Any person who serves as Partnership Representative shall not be liable to
the Partnership or any Partner for any action it takes or fails to take in such capacity, unless such action or failure to act
constitutes bad faith, willful misconduct, gross negligence, fraud or a material breach of this Agreement. Upon the Partnership’s
request, each Partner shall provide to the Partnership within the required time frame any information that the Partnership Representative
believes may be necessary or appropriate to resolve any tax issue relating to the Partnership or comply with or be eligible to
invoke any aspect of the Partnership Audit Rules. Notwithstanding any provision of this Agreement to the contrary, any taxes, penalties,
and interest payable by the Partnership under the Partnership Audit Rules shall be treated as attributable to the Partners, and,
to the extent possible, the Partnership Representative shall allocate the burden of any such amounts to those Partners to whom
such amounts are reasonably attributable. Any such amounts allocated to a Partner, at the option of the Partnership Representative,
shall (a) be promptly paid to the Partnership by such Partner or (b) be paid by reducing the amount of the current or next succeeding
distribution or distributions which would otherwise have been made to such Partner.  The obligations of each Partner (or former
Partner) under this Section 10.05(a) shall survive the Transfer by such Partner of its interest in the Partnership or the dissolution
of the Partnership.  In the event of a transfer of a Partner’s Interest, the transferee and transferor shall be jointly
and severally liable for any liability with respect to the obligations of the transferor Partner under the Partnership Audit Rules.
The Partnership shall indemnify Partnership Representative as provided in Section 6.03.

 

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

 

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

 

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

 

    	 	51	 

     

    

 

(e)           Each
Limited Partner shall be required to provide such information as reasonably requested by the Partnership in order to determine
whether such Limited Partner (i) owns, directly or constructively (within the meaning of Section 318(a) of the Code, as modified
by Section 856(d)(5) of the Code and Section 7704(d)(3) of the Code), five percent (5%) or more of the value of the Partnership
or (ii) owns, directly or constructively (within the meaning of Section 318(a) of the Code, as modified by Section 856(d)(5) of
the Code and Section 7704(d)(3) of the Code), ten percent (10%) or more of (a) the stock, by voting power or value, of a tenant
(other than a “taxable REIT subsidiary” within the meaning of Section 856(d) of the Code) of the Partnership that is
a corporation or (b) the assets or net profits of a tenant of the Partnership that is a noncorporate entity.

 

ARTICLE
XI

AMENDMENT OF AGREEMENT;
MERGER

 

11.01       Amendment
of Agreement.

 

The General Partner’s consent shall
be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this
Agreement in any respect; provided, however, that the following amendments shall require the consent of a Majority
in Interest (excluding, for purposes of determining a Majority in Interest, Partnership Interests held by the General Partner or
any Subsidiary of the General Partner):

 

(a)           any
amendment affecting the operation of the Conversion Factor or the Common Unit Redemption Right (except as otherwise provided herein)
in a manner that adversely affects the Limited Partners in any material respect;

 

(b)           any
amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder,
other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(c)           any
amendment that would alter the Partnership’s allocations of Profit and Loss to the Limited Partners, other than with respect
to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(d)           any
amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership;
or

 

(e)           any
amendment to this Article XI.

 

    	 	52	 

     

    

 

11.02       Merger
of Partnership.

 

The General Partner, without the consent
of the Limited Partners, may (i) merge or consolidate the Partnership with or into any other domestic or foreign partnership, limited
partnership, limited liability company or corporation or (ii) sell all or substantially all of the assets of the Partnership, in
each case in a transaction pursuant to which the Limited Partners (other than the General Partner or any Subsidiary of the General
Partner) receive consideration as set forth in Section 7.01(c)(ii) hereof or in a transaction that complies with the provisions
of Sections 7.01(c)(iii) or 7.01(d) hereof and may amend this Agreement in connection with any such transaction consistent with
the provisions of this Article XI; provided, however, that the consent of a Majority in Interest shall be required
in the case of any other (a) merger or consolidation of the Partnership with or into any other domestic or foreign partnership,
limited partnership, limited liability company or corporation or (b) sale of all or substantially all of the assets of the Partnership.

 

ARTICLE
XII

GENERAL PROVISIONS

 

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

 

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

 

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

 

12.04       Severability.
If any provision of this Agreement shall be declared illegal, invalid or unenforceable in any jurisdiction, then such provision
shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity
or unenforceability shall not affect the remainder hereof. To the extent permitted under applicable law, the severed provision
shall be interpreted or modified so as to be enforceable to the maximum extent permitted by law.

 

12.05       Entire
Agreement. This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all
prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof.

 

    	 	53	 

     

    

 

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

 

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

 

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

 

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

 

[Signature page follows.]

 

    	 	54	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
hereunder affixed their signatures to this First Amended and Restated Agreement of Limited Partnership, all as of the 16th day
of May, 2019.

 

	 	GENERAL PARTNER:
	 	 	 
	 	POSTAL REALTY TRUST, INC.
	 	 	 
	 		By:	 /s/ Andrew Spodek
	 	 	 	Andrew Spodek,
	 	 	 	Chief Executive Officer
	 	 	 
	 	LIMITED PARTNERS:
	 	 	 
	 	By:  	POSTAL REALTY LIMITED PARTNER LLC
	 	 	 
	 		By:	/s/ Andrew Spodek
	 	 	 
	 	By:  	Andrew Spodek
	 	 	 
	 	 	/s/ Andrew Spodek

 

 

 

    	 	55Exhibit
10.2

 

CONTRIBUTION
AGREEMENT

 

This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as of May 14, 2019 by and among Unlimited Postal
Holdings, LP, a Texas limited partnership, (“Contributor”), Postal Realty LP, a Delaware limited
partnership (the “Operating Partnership”), and Postal Realty Trust, Inc., a Maryland corporation (the“ REIT”),
the sole general partner of the Operating Partnership.

 

RECITALS

 

WHEREAS,
Contributor is the direct or indirect owner of the properties described on Exhibit A hereto (each a “Property”
and collectively, the “Properties” or the “Contributed Interests”);

 

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

 

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

 

ARTICLE
I

 

THE
CONTRIBUTION

 

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

 

1.2
Consideration.

 

(a)
Consideration Amount. The total consideration (the “Consideration”) for which Contributor agrees to
contribute, transfer and assign the Contributed Interests to the Operating Partnership, and for which the Operating Partnership
agrees to pay, issue or deliver to Contributor, subject to the terms of this Agreement, at Closing shall be the amount of cash
and number of common units of limited partnership interests of the Operating Partnership (“OP Units”) set forth
on Exhibit A as “Total Consideration.” The Consideration may be adjusted, upward or downward, by the amount
of any adjustments arising from the Prorations (as defined herein). Any decrease or increase in the Consideration as a result
of the Prorations will adjust the Consideration payable hereunder in the form of OP Units based on the IPO Price. 

 

     

     

    

 

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

 

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

 

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

 

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

 

“Contributor’s
Percentage Interest” means, with respect to each Contributed Interest, the percentage set forth on Exhibit A
hereto under the heading “Contributed Interest”, which reflects the Contributor’s percentage ownership interest
in each Property.

 

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

 

    2

     

    

 

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

 

“Post-Closing
Tax Period” means any taxable period that begins after the Closing Date. “Pre-Closing Tax Period”
means any taxable period (or portion thereof) ending on or

before
the end of the Closing Date.

 

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

 

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

 

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

 

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

 

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

 

“Representation,
Warranty and Indemnity Agreement” means the Representation, Warranty and Indemnity Agreement dated May 14, 2019 by
and among the REIT, the Operating Partnership and
Andrew Spodek.

 

    3

     

    

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

(h)
[Reserved]

 

(i)
Securities Law Matters.

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

Tax
Matters. (1) Contributor represents and warrants that it has obtained from its own tax advisors advice regarding the tax consequences
of (i) the transfer of the Contributed Interests to the Operating Partnership and the receipt of OP Units and/or cash or deemed
assumption of debt as the Consideration therefor, (ii) its admission as a limited partner of the Operating Partnership, if applicable,
(iii) any other transaction contemplated by this Agreement and (iv) ownership of OP Units, including the effect of Section 704(c)
of the Code. Neither the Operating Partnership nor the REIT has made any representation to Contributor regarding the tax treatment
of the transactions contemplated by this Agreement, and Contributor further represents and warrants that it has not relied on
the Operating Partnership or the Operating Partnership’s representatives or counsel for any tax advice.

 

		(2)	Contributor
represents and warrants to the Operating Partnership and the REIT to each of the representations and warranties set forth in Section
1.14 of the Representation, Warranty and Indemnity Agreement as if they were set forth herein.

 

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

    7

     

    

 

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

 

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

 

ARTICLE
III

 

INDEMNIFICATION

 

3.1
Survival of Representations and Warranties; Remedy for Breach.

 

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

 

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

 

3.2
General Indemnification.

 

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

 

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

 

    8

     

    

 

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

 

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

 

    9

     

    

 

3.4
Limitations on Indemnification Under Section 3.2(a).

 

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

 

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

 

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

 

3.5
Limitation Period.

 

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

 

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

 

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

 

    10

     

    

 

ARTICLE
IV

COVENANTS

 

4.1
Covenants of Contributor.

 

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

 

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

 

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

 

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

 

    11

     

    

 

4.2
Tax Matters.

 

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

 

(1)
all such Taxes resulting from a breach of any representation in Section 1.14 of the Representations, Warranty and Indemnity Agreement
or a breach of any provision of this Section 4.2; and

 

(2)
all Taxes resulting from, or imposed on, net or gross income, Taxes resulting from, or imposed on, any sale, receipt, use, transfer
or assignments of property or other asset, or Taxes resulting from, or imposed on, any payment or accrual of any amounts (including,
without limitation, dividends, interest, or wages), attributable to the period ending on the Closing Date.

 

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

 

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

 

    12

     

    

 

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

 

ARTICLE
V

 

CONDITIONS
PRECEDENT TO THE CLOSING

 

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

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

ARTICLE
VI

 

CLOSING
AND CLOSING DOCUMENTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    15

     

    

 

ARTICLE
VII

 

MISCELLANEOUS

 

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

 

Operating
Partnership:

 

Postal
Realty LP

75
Columbia Avenue

Cedarhurst,
NY 11516

Attention: Andrew Spodek

 

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

 

Hunton
Andrews Kurth LLP

Riverfront Plaza, East Tower

951 E. Byrd Street

Richmond, Virginia 23219

Attention:
James V. Davidson

Fax No.: 804-787-8035

 

Contributor:

 

Unlimited
Postal Holdings, LP

75 Columbia Avenue

Cedarhurst,
NY 11516

Attention: Andrew Spodek

 

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

 

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

 

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

 

7.4
Governing Law.

 

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

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

 

[Signature
Page Follows.]

 

    18

     

    

 

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

 

	 	CONTRIBUTOR:
	 	 	 	 	 
	 	UNLIMITED POSTAL HOLDINGS LP, a

 Texas limited partnership
	 	 	 	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name: Andrew Spodek
	 	 	 	Title: Managing Partner
	 	 	 	 	 
	 	OPERATING PARTNERSHIP:
	 	 	 	 	 
	 	POSTAL REALTY LP,

 a Delaware limited partnership
	 	 
	 	 	BY:	Postal Realty Trust, Inc.
	 	 	 	its general partner
	 	 	 	 	 
	 	 	 	By:	/s/
    Andrew Spodek
	 	 	 	 	Name:
    Andrew Spodek
	 	 	 	 	Title:
    Chief Executive Officer

 

{Signature
page to Unlimited Postal Holdings LP Contribution Agreement]

 

    19

     

    

 

Exhibit
A

 

Contributed
Interests and Property

 

	Contributor	 	Contributed
    Interest	 	Contributed
    Property
	Unlimited Postal	 	100%	 	Dallas, TX
	Holdings, LP	 	 	 	 
		 	 	 	San Antonio, TX
	 	 	 	 	 
	 	 	 	 	San Antonio, TX
	 	 	 	 	 
	 	 	 	 	Lindale, TX
	 	 	 	 	 
	 	 	 	 	Muleshoe, TX
	 	 	 	 	 
	 	 	 	 	Sinton, TX
	 	 	 	 	 
	 	 	 	 	Corpus Christi, TX
	 	 	 	 	 
	 	 	 	 	Dallas, TX
	 	 	 	 	 
	 	 	Total Consideration	 	 
	 	 	 	 	 
	 	 	194,960 OP Units	 	 

  

    20

     

    

 

Exhibit
B

 

Assignment

 

The
undersigned (“Assignor”), for good and valuable consideration paid to the Assignor by Postal Realty LP, a
Delaware limited partnership (“Assignee”), pursuant to the Contribution Agreement dated as of                   ,
2019, by and among Assignor, Assignee and Postal Realty Trust, Inc. (the “Agreement”), and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, does hereby sell, assign, transfer,
convey and deliver to the Assignee, its successors and assigns, good and indefeasible right, title and interest to the [partnership
or limited liability company interests/shares of common stock] described on Schedule A attached hereto,
including, without limitation, all right, title and interest, if any, of the undersigned in and to the assets of each such [partnership/limited
liability company/corporation] and the right to receive distributions of money, profits and other assets from each such
entity, presently existing or hereafter at any time arising or accruing, free and clear of all liens, encumbrances, security
interests, pledges, voting agreements, prior assignments or conveyances, conditions, restrictions, claims, and any other
matters affecting title thereto.

 

The
undersigned, for itself, its successors and assigns, hereby covenants and agrees that, at any time and from time to time after
the date hereof, upon the written request of Assignee, the undersigned will, without further consideration, do, execute, acknowledge,
and deliver or cause to be done, executed, acknowledged and delivered, each of and all of such further acts, deeds, assignments,
transfers, conveyances and assurances as may reasonably be required by Assignee in order to assign, transfer, set over, convey,
assure and confirm unto and vest in Assignee, its successors and assigns, title to the interests described in Schedule A attached
hereto.

 

Capitalized
terms used but not defined herein shall have the respective meanings ascribed to them in the Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Assignment to be signed by a duly authorized officer this                
day of           , 2019.

 

	 	___________, a
	 	_____	 ________________
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    21

     

    

 

Schedule
A

 

Contributed
Interests and Property

 

	Contributor	 	Contributed
    Interest	 	Contributed
    Property
	 	 	 	 	 

 

 

 

22

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